Omnicell Inc (OMCL) 2023 Q1 法說會逐字稿

Good afternoon. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Omnicell First Quarter 2023 Financial Results Conference Call. (Operator Instructions)

下午好。我叫艾比，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 Omnicell 2023 年第一季度財務業績電話會議。 （操作員說明）

Thank you. Ms. Kathleen Nemeth, Senior Vice President of Investor Relations, you may begin your conference.

謝謝。投資者關係高級副總裁 Kathleen Nemeth 女士，您可以開始您的會議。

Good afternoon, and welcome to the Omnicell First Quarter 2023 Financial Results Conference Call. On the call with me today are Randall Lipps, Omnicell Chairman, President, CEO and Founder; Scott Seidelmann, Executive Vice President and Chief Commercial Officer; and Peter Kuipers, Executive Vice President and Chief Financial Officer.

下午好，歡迎來到 Omnicell 2023 年第一季度財務業績電話會議。今天與我通電話的是 Omnicell 董事長、總裁、首席執行官兼創始人蘭德爾·利普斯 (Randall Lipps)； Scott Seidelmann，執行副總裁兼首席商務官；執行副總裁兼首席財務官 Peter Kuipers。

This call will contain forward-looking statements, including statements related to financial projections or other statements regarding Omnicell's plans, objectives, expectations, cost savings actions or outlook that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied. For a more detailed description of the risks that impact these forward-looking statements, please refer to the information in our press release issued today in the Omnicell annual report on Form 10-K filed with the SEC on March 1, 2023, and in other more recent reports filed with the SEC.

此電話會議將包含前瞻性陳述，包括與財務預測相關的陳述或有關 Omnicell 的計劃、目標、期望、成本節約行動或前景的其他陳述，這些陳述受風險、不確定性和其他因素的影響，這些因素可能導致實際結果與實際結果存在重大差異那些明示或暗示的。有關影響這些前瞻性陳述的風險的更詳細描述，請參閱我們今天發布的新聞稿中的信息，該新聞稿載於 2023 年 3 月 1 日向美國證券交易委員會提交的 10-K 表格的 Omnicell 年度報告，以及其他最近向美國證券交易委員會提交的報告。

Please be aware that you should not place undue reliance on any forward-looking statements made today. All forward-looking statements speak only as of the date hereof or the date specified on the call. Except as required by law, we do not assume any obligation to update or otherwise release publicly any revisions to our forward-looking statements. Our results were released this afternoon and are posted in the Investor Relations section of our website at ir.omnicell.com.

請注意，您不應過分依賴今天所做的任何前瞻性陳述。所有前瞻性陳述僅在本協議簽署之日或電話會議上指定的日期發表。除非法律要求，否則我們不承擔任何更新或以其他方式公開發布對我們前瞻性陳述的任何修訂的義務。我們的結果於今天下午發布，並發佈在我們網站 ir.omnicell.com 的投資者關係部分。

Additionally, we would like to remind you that during this call, we will discuss some non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most comparable GAAP financial measures are included in our financial results press release issued today. With respect to forward-looking non-GAAP measures, we do not provide a reconciliation of forward-looking non-GAAP measures to the comparable GAAP measures on a forward-looking basis as these items are inherently uncertain and difficult to estimate and cannot be predicted without unreasonable effort.

此外，我們想提醒您，在本次電話會議期間，我們將討論一些非 GAAP 財務措施。這些非 GAAP 措施與最具可比性的 GAAP 財務措施的對賬包含在我們今天發布的財務業績新聞稿中。關於前瞻性非 GAAP 措施，我們不提供前瞻性非 GAAP 措施與前瞻性可比 GAAP 措施的調節，因為這些項目本質上是不確定的，難以估計且無法預測沒有不合理的努力。

With that, I will turn the call over to Randall. Randall?

有了這個，我會把電話轉給蘭德爾。蘭德爾？

Good afternoon, and thank you for joining us today. Our team had a solid start to the year, and we continue to advance our strategy to transform the pharmacy care delivery model and deliver mission-critical medication and management solutions for our customers.

下午好，感謝您今天加入我們。我們的團隊今年開局良好，我們將繼續推進我們的戰略，以轉變藥房護理服務模式並為我們的客戶提供關鍵任務藥物和管理解決方案。

I'd like to begin with an update on what we are currently seeing in the overall health care industry and medication management space and then walk through our high-level financial results and key highlights from the first quarter.

我想首先介紹一下我們目前在整個醫療保健行業和藥物管理領域所看到的最新情況，然後介紹我們第一季度的高水平財務業績和主要亮點。

Starting with the market environment. Our customers are continuing to face challenges due to labor constraints, and they remain mindful of their capital budgets. While we are seeing some stabilization throughout the industry, we expect the labor and salary cost pressures that hospitals saw in 2022 to continue throughout this year. In our view, these trends underscore the need to automate and modernize the medication management process. And as the industry continues to navigate these challenges, we believe Omnicell is an important part of the solution.

從市場環境入手。由於勞動力限制，我們的客戶繼續面臨挑戰，他們仍然注意自己的資本預算。雖然我們看到整個行業有所穩定，但我們預計醫院在 2022 年看到的勞動力和工資成本壓力將在今年持續。我們認為，這些趨勢強調了藥物管理流程自動化和現代化的必要性。隨著行業繼續應對這些挑戰，我們相信 Omnicell 是解決方案的重要組成部分。

As discussed last quarter, we remain focused on taking what we think is a cautious approach to managing the business and have taken decisive action in line with this approach. In February, we announced plans to reduce our workforce across many of our functions in order to lower our cost structure. We have also reduced our real estate footprint to align with our broader hybrid work strategy and in an effort to further reduce costs.

正如上個季度所討論的那樣，我們仍然專注於採取我們認為謹慎的方法來管理業務，並根據這種方法採取了果斷的行動。 2 月，我們宣布計劃減少我們許多職能部門的員工隊伍，以降低我們的成本結構。我們還減少了我們的房地產足跡，以配合我們更廣泛的混合工作戰略，並努力進一步降低成本。

We continue to execute on our expense containment efforts. And in the first quarter, we incurred approximately $14 million of nonrecurring restructuring and related charges, including $8 million of impairment and abandonment charges of operating lease right-of-use assets and other assets and $5 million of employee restructuring.

我們繼續執行我們的費用控制工作。在第一季度，我們產生了大約 1400 萬美元的非經常性重組和相關費用，包括 800 萬美元的經營租賃使用權資產和其他資產的減值和放棄費用以及 500 萬美元的員工重組。

Since the inception of our cost containment plan in November of 2022, we brought our office space square footage down by 21%, and our headcount reduction is tracking to our plan, which was originally announced in November 2022 and updated in February 2023. We also continue to anticipate that the annualized savings from operating expenses will be around $50 million for 2023, which does not include the expected volume-based reductions within our cost of sales.

自 2022 年 11 月開始實施我們的成本控制計劃以來，我們將辦公空間面積減少了 21%，我們的裁員與我們最初於 2022 年 11 月宣布並於 2023 年 2 月更新的計劃保持一致。我們還繼續預計 2023 年運營費用的年化節省額約為 5000 萬美元，這不包括我們銷售成本中基於數量的預期減少。

Now turning to our high-level financial results for the first quarter. We think our results reflect our team's operational execution and financial discipline as we navigated another quarter of macroeconomic uncertainty. We exceeded our first quarter 2023 guidance ranges for total product and service revenues, non-GAAP EBITDA and non-GAAP EPS. We generated total revenues of $291 million, non-GAAP EBITDA of $27 million and non-GAAP earnings per share of $0.39.

現在轉向我們第一季度的高級財務業績。我們認為我們的結果反映了我們團隊在應對宏觀經濟不確定性的另一個季度時的運營執行和財務紀律。我們超過了 2023 年第一季度產品和服務總收入、非 GAAP EBITDA 和非 GAAP 每股收益的指導範圍。我們的總收入為 2.91 億美元，非 GAAP EBITDA 為 2700 萬美元，非 GAAP 每股收益為 0.39 美元。

Our solid first quarter performance was primarily driven by the timing impact of revenue, cost and expense within the year, and we expect to continue executing through the uncertain macroeconomic environment as we progress through 2023. Peter will speak to the key drivers of the quarter in his remarks and provide further details on our financial performance.

我們穩健的第一季度業績主要受到年內收入、成本和費用的時間影響的推動，我們預計隨著我們在 2023 年的進展，將繼續在不確定的宏觀經濟環境中執行。彼得將在他的評論並提供有關我們財務業績的更多詳細信息。

Moving on to the current customer landscape. Quarter-to-quarter, it becomes increasingly clear to us that despite a challenging macroeconomic environment, customers continue to choose Omnicell. We are pleased to note a new Central Pharmacy Dispensing Service win, which includes the XR2 robot with the University of Iowa to support central pharmacy operations.

轉到當前的客戶環境。從季度到季度，我們越來越清楚，儘管宏觀經濟環境充滿挑戰，但客戶繼續選擇 Omnicell。我們很高興地註意到中央藥房配藥服務贏得了一項新的勝利，其中包括與愛荷華大學合作的 XR2 機器人，以支持中央藥房的運營。

Additionally, a Southern California-based not-for-profit health care system signed up for CPDS, including the XR2 robot. A New York state health care enterprise plans to convert their automated dispensing system footprint across the 4 hospital systems to Omnicell XT cabinets, while also upgrading to Central Pharmacy Dispensing Service. And a major Illinois health system, along with a Texas-based medical center, chose to partner with Omnicell to establish a new specialty pharmacy services program.

此外，位於南加州的一家非營利性醫療保健系統簽署了 CPDS，包括 XR2 機器人。一家紐約州醫療保健企業計劃將其 4 個醫院系統中的自動配藥系統足跡轉換為 Omnicell XT 機櫃，同時還升級到中央藥房配藥服務。伊利諾斯州的一個主要衛生系統以及德克薩斯州的一個醫療中心選擇與 Omnicell 合作建立一個新的專業藥房服務項目。

We have also made meaningful progress on integrating our recent acquisitions, and the pipeline for our Advanced Services portfolio remains strong. Scott will speak about these integrations shortly, and we are confident Omnicell is well positioned for growth in the future.

我們在整合我們最近的收購方面也取得了有意義的進展，我們的高級服務組合的管道仍然很強大。 Scott 將很快談到這些整合，我們相信 Omnicell 在未來的發展中處於有利地位。

Now I'd like to briefly discuss our strategic alliance with Long Island University and the opening of the Center for Innovation Medication Management, or CIMM, that we announced recently.

現在我想簡要討論一下我們與長島大學的戰略聯盟以及我們最近宣布的創新藥物管理中心 (CIMM) 的成立。

As we continuously discuss, we find there is a significant burden put upon nurses and pharmacists that handle the bulk of the administrative work. This strategic alliance is intended to modernize and standardize pharmacy education as health systems start to embrace automation in order to foster a safer and more efficient pharmacy.

在我們不斷討論的過程中，我們發現處理大部分行政工作的護士和藥劑師負擔沉重。該戰略聯盟旨在隨著衛生系統開始採用自動化以培養更安全、更高效的藥房，實現藥房教育的現代化和標準化。

The CIMM is a state-of-the-art laboratory with a working fleet of Omnicell devices, and it is designed to provide an immersive pharmacy technology and analytics experience for LIU pharmacy students. Through the CIMM, LIU pharmacy students have early access and exposure to Omnicell devices and should enter the workforce with a competitive edge as well as hands-on experience with Omnicell's innovative technology.

CIMM 是一個最先進的實驗室，擁有一系列 Omnicell 設備，旨在為 LIU 藥學專業的學生提供身臨其境的藥學技術和分析體驗。通過 CIMM，LIU 藥學專業的學生可以及早接觸和接觸 Omnicell 設備，並且應該以競爭優勢和 Omnicell 創新技術的實踐經驗進入勞動力市場。

The CIMM will also host Omnicell customers for product demonstrations and diligence and will serve as a training facility for our Advanced Services operational teams, who will then go to implement this technology at customer sites. We're excited to invest in the future of Omnicell through this important initiative with LIU, and we believe it will bring increased awareness to Omnicell's devices.

CIMM 還將接待 Omnicell 客戶進行產品演示和盡職調查，並將作為我們高級服務運營團隊的培訓設施，他們隨後將在客戶現場實施該技術。我們很高興通過與 LIU 的這一重要舉措投資於 Omnicell 的未來，我們相信它將提高人們對 Omnicell 設備的認識。

I also want to highlight that in April, we published our 2022 ESG Report, which many of you have hopefully had the chance to see. If you have not yet read it, I encourage you to take a look at the full report on our website.

我還想強調的是，我們在 4 月發布了 2022 年 ESG 報告，希望你們中的許多人有機會看到該報告。如果您還沒有閱讀它，我鼓勵您查看我們網站上的完整報告。

As noted in the report, we have taken steps to bolster our internal systems in order to protect patient data, execute critical efforts to further harden our identity computing environments and implement various human capital initiatives to foster a culture of inclusivity, well-being and belonging. As we strive to build a healthier world, we are dedicated to furthering our ESG journey through purposeful action.

正如報告中指出的那樣，我們已採取措施加強我們的內部系統以保護患者數據，採取關鍵措施進一步加強我們的身份計算環境並實施各種人力資本計劃以培養包容、幸福和歸屬感的文化.在我們努力建設一個更健康的世界時，我們致力於通過有目的的行動來推進我們的 ESG 之旅。

Before I turn it over to Scott, I want to touch on our search for Omnicell's next CFO. As mentioned on last quarter's call, Peter will be stepping down at the beginning of July, and a national search for our next CFO is well underway. I want to reiterate my thanks to Peter for the significant contributions he has made to Omnicell as well as his commitment to making this a seamless transition process. We'll provide additional updates as appropriate.

在我把它交給斯科特之前，我想談談我們對 Omnicell 下一任首席財務官的尋找。正如在上一季度的電話會議上提到的那樣，彼得將在 7 月初卸任，我們正在全國范圍內尋找下一任首席財務官。我想再次感謝 Peter 為 Omnicell 做出的重大貢獻，以及他對實現無縫過渡過程的承諾。我們將酌情提供其他更新。

Now with that, I'll turn it over to Scott.

現在，我將把它交給斯科特。

Thank you, Randall. As Randall noted, with health care labor shortages persisting, our pipeline for our automated and modernized medication management solutions is strong. Advanced Services are a key part of our intelligent infrastructure, which is intended to help customers address problems in their medication management processes from the inpatient bed and acute care setting to the home.

謝謝你，蘭德爾。正如 Randall 指出的那樣，由於醫療保健勞動力短缺持續存在，我們自動化和現代化藥物管理解決方案的管道非常強大。高級服務是我們智能基礎設施的關鍵部分，旨在幫助客戶解決從住院病床和急症護理環境到家庭的藥物管理過程中的問題。

We are pleased to report that we have made notable progress integrating our recent acquisitions and expanding our Advanced Services solutions to ensure Omnicell is well positioned to meet pharmacy and hospital needs.

我們很高興地報告，我們在整合我們最近的收購和擴展我們的高級服務解決方案方面取得了顯著進展，以確保 Omnicell 能夠很好地滿足藥房和醫院的需求。

Over the past few years, we have made 3 key acquisitions intended to enhance our Advanced Services offerings: ReCept, a specialty pharmacy services management provider; FDS Amplicare, a leading pharmacy SaaS solutions provider; and MarkeTouch Media, a pharmacy technology solutions provider. From an administrative perspective, the integration of all 3 acquisitions is largely complete, and we are now actively executing our go-to-market commercial strategy.

在過去的幾年裡，我們進行了 3 次重要收購，旨在增強我們的高級服務產品：專業藥房服務管理提供商 ReCept； FDS Amplicare，領先的藥房 SaaS 解決方案提供商；和製藥技術解決方案提供商 MarketTouch Media。從行政角度來看，所有 3 項收購的整合已基本完成，我們現在正在積極執行我們的上市商業戰略。

ReCept has been rebranded as Omnicell Specialty Pharmacy Services and was introduced to the market in late 2022. In 2023, we plan to focus on integrating customer success functions into our broader organizational structure.

ReCept 已更名為 Omnicell Specialty Pharmacy Services，並於 2022 年底推向市場。2023 年，我們計劃專注於將客戶成功職能整合到我們更廣泛的組織結構中。

FDS Amplicare and MarkeTouch Media are now fully functionalized within EnlivenHealth, and we are currently working on merging the technology platforms of all 3 companies into one connected experience.

FDS Amplicare 和 MarketTouch Media 現已在 EnlivenHealth 中完全發揮作用，我們目前正致力於將所有 3 家公司的技術平台合併為一種互聯體驗。

340B is now part of Omnicell's Inventory Optimization Service. We continue to further integrate the solution to provide our customers better visibility into ordering, procurement and medication analytics at an enterprise level. We now have a robust portfolio that we believe is uniquely positioned to support pharmacy care across the entire care continuum.

340B 現在是 Omnicell 庫存優化服務的一部分。我們繼續進一步整合該解決方案，讓我們的客戶在企業層面更好地了解訂購、採購和藥物分析。我們現在擁有一個強大的產品組合，我們相信它具有獨特的優勢，可以支持整個護理連續體的藥房護理。

Now let's walk through a few of our recent wins that we believe highlight the power of our offerings. First, a New York health system with 4 hospitals plans to convert its automated dispensing system footprint across its 4 hospital systems to Omnicell XT cabinets while also upgrading the Central Pharmacy Dispensing Service in an effort to support enhanced patient safety and dispensing accuracy. Combining these offerings is anticipated to drive visibility and efficiency for dispensing medications across the health system.

現在讓我們來看看我們最近取得的一些勝利，我們認為這些勝利突出了我們產品的力量。首先，擁有 4 家醫院的紐約衛生系統計劃將其 4 個醫院系統中的自動配藥系統足跡轉換為 Omnicell XT 機櫃，同時升級中央藥房配藥服務，以支持增強患者安全和配藥准確性。預計結合這些產品將提高整個衛生系統配藥的知名度和效率。

We find that health systems are choosing Central Pharmacy Dispensing Service to optimize pharmacy labor and workflows through robotics and optimization tools that are intended to help reduce the amount of time pharmacists spend on drug distribution tasks. This technology is designed to support a variety of health systems pharmacy settings as evidenced by being chosen to support central pharmacy operations for a comprehensive academic health system in Iowa as well as a Southern California-based not-for-profit health system.

我們發現衛生系統正在選擇 Central Pharmacy Dispensing Service 通過機器人技術和優化工具來優化藥房勞動力和工作流程，這些工具旨在幫助減少藥劑師在藥物分配任務上花費的時間。該技術旨在支持各種衛生系統藥房設置，這一點已被選中支持愛荷華州綜合學術衛生系統以及南加州非營利衛生系統的中央藥房運營。

Our specialty pharmacy service also continues to gain market traction as health systems seem to be recognizing the value of launching an entity-owned specialty pharmacy operation. In the first quarter, a major Illinois health system and a Texas-based medical center engaged Omnicell to establish new specialty pharmacy programs, citing our strong infrastructure and expertise and delivering speed to market for clinical and revenue goals as key drivers for their decisions.

我們的專業藥房服務也繼續獲得市場吸引力，因為衛生系統似乎正在認識到開展實體擁有的專業藥房業務的價值。第一季度，伊利諾斯州的一個主要衛生系統和德克薩斯州的一個醫療中心聘請 Omnicell 建立新的專業藥房項目，引用我們強大的基礎設施和專業知識，並以臨床和收入目標的速度將其推向市場作為他們決策的關鍵驅動因素。

As we continue to build strong relationships in the retail pharmacy market, we are also excited to announce that a large national chain has signed a 5-year agreement to implement EnlivenHealth's advanced technology solutions in order to increase patient medication adherence.

隨著我們繼續在零售藥店市場建立牢固的關係，我們也很高興地宣布，一家大型全國連鎖店已簽署一項為期 5 年的協議，以實施 EnlivenHealth 的先進技術解決方案，以提高患者的用藥依從性。

As Randall mentioned earlier, on April 20, we were pleased to join the Long Island University College of Pharmacy and Health Sciences for the grand opening of the Center for Innovative Medication Management. Omnicell is proud of the strategic alliance we have established with LIU to launch an immersive pharmacy technology and analytics experience that should provide the next generation of pharmacy leaders early access and exposure to evolving aspects of pharmacy technology.

正如 Randall 之前提到的，4 月 20 日，我們很高興與長島大學藥學與健康科學學院一起參加創新藥物管理中心的盛大開幕式。 Omnicell 為我們與 LIU 建立的戰略聯盟感到自豪，以推出沉浸式藥學技術和分析體驗，為下一代藥學領導者提供早期訪問和接觸藥學技術不斷發展的方面。

To conclude, we believe we have made significant strides this past quarter, and we are confident we are well positioned for the future.

總而言之，我們相信我們在上個季度取得了重大進展，並且我們相信我們為未來做好了準備。

I will now turn it over to Peter. Peter?

我現在將其轉交給彼得。彼得？

Thank you, Scott. As we navigate through the ongoing macroeconomic challenges, I'm pleased with the results that we delivered for the first quarter of 2023, which exceeded our guidance ranges.

謝謝你，斯科特。在我們應對持續的宏觀經濟挑戰時，我對我們在 2023 年第一季度交付的結果感到滿意，這些結果超出了我們的指導範圍。

Our first quarter performance was driven by strong execution, disciplined cost management and revenue timing. I'm proud of our approximately 3,800 Omnicell team members that continue to deliver for our customers, particularly in this challenging macroeconomic environment.

我們第一季度的業績是由強大的執行力、嚴格的成本管理和收入時機推動的。我為我們大約 3,800 名 Omnicell 團隊成員感到自豪，他們繼續為我們的客戶提供服務，尤其是在這個充滿挑戰的宏觀經濟環境中。

Turning now to our financial results. Our first quarter 2023 total GAAP revenues were $291 million, a decrease of $7 million or down 2% over the prior quarter and a decrease of $28 million or down 9% over the first quarter of 2022. The year-over-year decrease reflects lower point-of-care revenues as a result of ongoing health systems' capital budget constraints.

現在轉向我們的財務業績。我們 2023 年第一季度的 GAAP 總收入為 2.91 億美元，比上一季度減少 700 萬美元或下降 2%，比 2022 年第一季度減少 2800 萬美元或下降 9%。同比下降反映了較低的由於持續的衛生系統資本預算限製而導致的即時護理收入。

Services revenues for the first quarter were $105 million, an increase of 12% over the first quarter of 2022, underscoring that our digital transformation strategy is working. Total revenues in the quarter were $8 million above the top end of our previously disclosed first quarter 2022 guidance range, primarily due to timing of revenue, mostly within Advanced Services, and certain other favorable items in the quarter.

第一季度的服務收入為 1.05 億美元，比 2022 年第一季度增長 12%，表明我們的數字化轉型戰略正在發揮作用。本季度的總收入比我們之前披露的 2022 年第一季度指導範圍的上限高出 800 萬美元，這主要是由於收入的時間安排，主要是在高級服務和本季度的某些其他有利項目中。

Non-GAAP gross margin for the first quarter of 2023 was 44.8%, a decrease of 50 basis points from the prior quarter, primarily due to lower revenue volume leverage. As we noted on our February 2022 earnings call, we expect to see the full benefit of recent cost actions as we move into the second quarter of 2023 and volume leverage begins to return by the fourth quarter of 2023 as revenue is projected to grow throughout the year.

2023 年第一季度的非美國通用會計準則毛利率為 44.8%，比上一季度下降 50 個基點，這主要是由於收入量槓桿率較低。正如我們在 2022 年 2 月的財報電話會議上指出的那樣，隨著我們進入 2023 年第二季度，我們預計將看到近期成本行動的全部好處，並且隨著整個收入預計將在整個季度增長，銷量槓桿將在 2023 年第四季度開始回歸年。

A full reconciliation of our GAAP to non-GAAP results is included in our first quarter 2023 earnings press release and is posted on our Investor Relations website. Our first quarter 2023 earnings per share in accordance with GAAP were a loss of $0.33 per share compared to a loss of $0.64 per share in the prior quarter and income of $0.70 per share in the first quarter of 2022. Our first quarter 2023 GAAP earnings per share includes the impact of $5 million for severance-related expenses and the impact of $8 million for the impairment and abandonment charges of operating lease right-of-use and other assets as we continue to rationalize our office space as part of our efforts to align with our broader hybrid work strategy and to further reduce costs.

我們的 GAAP 與非 GAAP 結果的全面對賬包含在我們 2023 年第一季度的收益新聞稿中，並發佈在我們的投資者關係網站上。根據 GAAP，我們 2023 年第一季度的每股收益為每股虧損 0.33 美元，而上一季度為每股虧損 0.64 美元，2022 年第一季度為每股收益 0.70 美元。我們 2023 年第一季度的 GAAP 每股收益份額包括 500 萬美元的遣散費影響以及 800 萬美元的經營租賃使用權和其他資產的減值和放棄費用的影響，因為我們繼續合理化我們的辦公空間，作為我們努力調整的一部分與我們更廣泛的混合工作策略並進一步降低成本。

Our first quarter 2023 non-GAAP earnings per share were $0.39 per share compared to $0.33 per share in the prior quarter and $0.83 per share in the same period last year. First quarter non-GAAP EBITDA was $27 million, an increase of $1 million compared to the previous quarter and a decrease of $24 million when compared to the same period last year.

我們 2023 年第一季度的非 GAAP 每股收益為 0.39 美元，而上一季度為每股 0.33 美元，去年同期為每股 0.83 美元。第一季度非美國通用會計準則 EBITDA 為 2700 萬美元，比上一季度增加 100 萬美元，比去年同期減少 2400 萬美元。

First quarter 2023 non-GAAP EBITDA and non-GAAP earnings per share exceeded our expectations due to revenue timing, favorable product and services mix, expense timing and solid execution. At the end of the first quarter of 2023, our cash balance was $340 million, up from $330 million as of December 31, 2022.

由於收入時機、有利的產品和服務組合、支出時機和穩健的執行，2023 年第一季度非 GAAP EBITDA 和非 GAAP 每股收益超出了我們的預期。截至 2023 年第一季度末，我們的現金餘額為 3.4 億美元，高於 2022 年 12 月 31 日的 3.3 億美元。

As of March 31, 2023, we have $500 million of availability under our revolving credit facility. The amount of credit availability is dependent on certain financial covenants, such as total leverage ratio and secured net leverage ratio.

截至 2023 年 3 月 31 日，我們的循環信貸額度下有 5 億美元的可用資金。可用信貸量取決於某些財務契約，例如總槓桿率和擔保淨槓桿率。

Free cash flow during the first quarter of 2023 was $1 million use of cash as a result of timing of cash collections and restructuring-related employee compensation payments. We expect free cash flow levels to return to positive as we progress through the year.

2023 年第一季度的自由現金流量為 100 萬美元，這是由於現金回收和與重組相關的員工薪酬支付的時間安排所致。我們預計隨著今年的進展，自由現金流水平將恢復為正值。

In terms of accounts receivables, days sales outstanding for the first quarter of 2023 was 102 days, an increase of 9 days over the prior quarter, primarily due to the timing of invoicing within the quarter. Inventories as of March 31, 2023, were $141 million, a decrease of $6 million from the prior quarter, reflecting strong inventory management. This is in part due to the strong efforts of our team as they continue to execute and make progress on our global supply chain process improvements and inventory management initiatives.

在應收賬款方面，2023 年第一季度的銷售未清天數為 102 天，比上一季度增加 9 天，這主要是由於在本季度內開具發票的時間。截至 2023 年 3 月 31 日的庫存為 1.41 億美元，比上一季度減少 600 萬美元，反映出強大的庫存管理。這在一定程度上是由於我們團隊的巨大努力，因為他們繼續執行我們的全球供應鏈流程改進和庫存管理計劃並取得進展。

Now moving on to our full year and second quarter 2023 guidance. As Randall mentioned earlier, we remain focused on taking what we believe is a cautious approach to managing the business. We are pleased to reaffirm our full year 2023 guidance for bookings, revenues, non-GAAP EBITDA and non-GAAP EPS, reflecting our view of a healthy backlog and our expectations for sequential revenue growth from the first half to the second half of the year and prudent cost management.

現在繼續我們的全年和 2023 年第二季度指南。正如蘭德爾之前提到的，我們仍然專注於採取我們認為謹慎的方式來管理業務。我們很高興重申我們對 2023 年全年預訂量、收入、非 GAAP EBITDA 和非 GAAP 每股收益的指導，反映了我們對健康積壓的看法以及我們對今年上半年至下半年連續收入增長的預期和審慎的成本管理。

As we noted earlier in the call, our solid first quarter performance was primarily driven by the timing impact of revenue and expense within the year, and we expect to continue executing through the uncertain macroeconomic environment as we progress through the year. Given the ongoing macroeconomic uncertainty, we are managing expenses in a manner that we believe is prudent while continuing to invest in innovation.

正如我們早些時候在電話會議中指出的那樣，我們第一季度的穩健業績主要是由年內收入和支出的時間影響推動的，我們預計隨著我們在這一年的進展，將繼續在不確定的宏觀經濟環境中執行。鑑於持續存在的宏觀經濟不確定性，我們正在以我們認為謹慎的方式管理費用，同時繼續投資於創新。

As noted on the February 2023 earnings call, the majority of the approximately $50 million of anticipated annual operating expense savings expected to be derived from the recent reductions in force and other expense containment efforts is from functions included in SG&A. The expected 2023 operating expense annual savings will be largely offset by the impact of year-over-year inflation in employee salaries and increases in expected performance-based compensation, [trending] cost increases and investments in research and development.

正如在 2023 年 2 月的財報電話會議上指出的那樣，預計因最近的裁員和其他費用控制措施而產生的約 5000 萬美元的預期年度運營費用節省中的大部分來自 SG&A 中包含的職能。預計 2023 年的運營費用年度節省將在很大程度上被員工工資同比通脹和預期基於績效的薪酬增加、[趨勢] 成本增加以及研發投資的影響所抵消。

We expect non-GAAP operating expenses in total to be flat to down year-over-year with non-GAAP SG&A down, modestly offset by a slight increase in non-GAAP R&D, which reflects our focus on cost savings while continuing to invest in our growth agenda. For the full year of 2023, we are assuming an effective blended tax rate of approximately 6% in our non-GAAP earnings per share guidance.

我們預計非 GAAP 運營費用總額同比持平或下降，非 GAAP SG&A 下降，被非 GAAP 研發的小幅增長適度抵消，這反映了我們在繼續投資於成本節約的同時關注我們的增長議程。對於 2023 年全年，我們假設我們的非 GAAP 每股收益指引中的有效混合稅率約為 6%。

For the second quarter of 2023, we are providing the following guidance: we expect total second quarter 2023 revenues to be between $278 million and $288 million, the product revenues to be between $181 million and $186 million and service revenues to be between $97 million and $102 million.

對於 2023 年第二季度，我們提供以下指導：我們預計 2023 年第二季度的總收入將在 2.78 億美元至 2.88 億美元之間，產品收入將在 1.81 億美元至 1.86 億美元之間，服務收入將在 9700 萬美元至 9700 萬美元之間。 1.02億美元。

The second quarter revenues guidance reflects a modest decrease from the first quarter performance due to the timing shift of revenues into the first quarter and nonrecurring items, which benefited the first quarter of 2023. We expect sequential revenue growth from the first half to the second half of the year. We expect second quarter 2023 non-GAAP EBITDA to be between $22 million and $28 million, and we expect second quarter 2023 non-GAAP earnings per share to be between $0.25 per share and $0.35 per share.

由於收入時間轉移到第一季度和非經常性項目，第二季度收入指引較第一季度略有下降，這使 2023 年第一季度受益。我們預計上半年到下半年的收入將連續增長的一年。我們預計 2023 年第二季度非 GAAP EBITDA 將在 2200 萬美元至 2800 萬美元之間，我們預計 2023 年第二季度非 GAAP 每股收益將在每股 0.25 美元至 0.35 美元之間。

In summary, we are pleased with our results for the first quarter of 2023 and believe we're executing well as it continues to be a challenging macroeconomic environment. We remain confident in the opportunities we see ahead as we aim to deliver long-term value for all of our stakeholders. We look forward to updating you on our progress in the coming quarters.

總而言之，我們對 2023 年第一季度的業績感到滿意，並相信我們的執行情況良好，因為宏觀經濟環境仍然充滿挑戰。我們對未來的機會充滿信心，因為我們的目標是為所有利益相關者創造長期價值。我們期待在未來幾個季度向您通報我們的進展情況。

With that, we would like to open the call for questions.

有了這個，我們想打開問題的電話。

(Operator Instructions) Your first question comes from the line of Stan Berenshteyn from Wells Fargo.

（操作員說明）您的第一個問題來自富國銀行的 Stan Berenshteyn。

First, I'd like to maybe start with your point-of-care XT product line. It seems like you're still kind of in the same replacement cycle kind of life products. I'm just wondering, if we're thinking about demand from end-of-life upgrades over the next couple of years, we just think about that cohort of just end-of-life, do you expect any choppiness in that demand over the next couple of years that maybe could create demand surges or demand slowdowns from these upgrades?

首先，我想從你們的床旁 XT 產品線開始。看起來您仍然處於生命產品的相同更換週期中。我只是想知道，如果我們考慮未來幾年報廢升級的需求，我們只是考慮那些剛剛報廢的人群，你預計這種需求會不會有任何波動未來幾年這些升級可能會導致需求激增或需求放緩？

Stan, this is Peter. So for the upgrade cycle for the XT Series, we are in the second half of the upgrade cycle. We have some choppiness during the pandemic and demand for bookings, but we expect, going forward, a relatively stable continuation of the upgrade cycle.

斯坦，這是彼得。因此對於 XT 系列的升級週期，我們處於升級週期的後半部分。在大流行和預訂需求期間，我們有一些波動，但我們預計，展望未來，升級週期將相對穩定地延續。

Okay. And then maybe a quick follow-up here. So you've implemented cost cuts. It seems like you're still doing that. But going forward, is there any change in your philosophy in terms of how you're going to be adding headcount going forward? Are you planning to rely more on 1099 workforce as opposed to full time? Any type of insight you can give us there?

好的。然後可能在這裡進行快速跟進。所以你已經實施了成本削減。看來你還在這樣做。但展望未來，您在未來如何增加員工人數方面的理念是否有任何變化？您是否打算更多地依賴 1099 員工而不是全職員工？您可以在那裡給我們任何類型的見解嗎？

Well, I think we, of course, are cautious about adding permanent headcount as we move forward. We want to be careful about that. But I think we have used some flexible workforces as we add on for demand, particularly in the implementation area. We'll continue to use those where they fit best. But I think for the most part, we're not seeing a big increase in our workforce for this year.

好吧，我認為我們當然會在前進的過程中對增加永久員工持謹慎態度。我們要小心。但我認為我們在增加需求時使用了一些靈活的勞動力，特別是在實施領域。我們將繼續在最適合的地方使用它們。但我認為，在大多數情況下，我們今年的員工人數沒有大幅增加。

Your next question comes from the line of Scott Schoenhaus from KeyBanc.

您的下一個問題來自 KeyBanc 的 Scott Schoenhaus。

Congrats on the strong quarter. So you had really nice growth in services revenue this quarter. Can you talk about what the biggest contribution was? Was it mostly from the XR2 robot?

祝賀強勁的季度。所以你本季度的服務收入增長非常好。能談談最大的貢獻是什麼嗎？它主要來自 XR2 機器人嗎？

Scott, it's Peter. Well, a variety of drivers really in the services, both in technical services -- not necessarily specifically only the XR2 robot or CPDS as we market it now.

斯科特，是彼得。好吧，服務中確實有各種各樣的驅動程序，包括技術服務——不一定只是我們現在銷售的 XR2 機器人或 CPDS。

Yes. I think as I mentioned -- this is Scott. As I've mentioned in my script, we're seeing very nice demand from health systems regarding setting up and operating in-house specialty pharmacies. And that's been driving some nice growth for our specialty pharmacy service.

是的。正如我所提到的，我認為這是 Scott。正如我在腳本中提到的那樣，我們看到衛生系統對建立和運營內部專業藥房的需求非常大。這一直在推動我們的專業藥房服務取得一些不錯的增長。

Great. And then just as a follow-up, what are you seeing in your EnlivenHealth platform? Are you seeing any areas of strength or weaknesses versus last quarter or prior expectations?

偉大的。然後作為後續行動，您在 EnlivenHealth 平台上看到了什麼？與上一季度或之前的預期相比，您是否看到任何優勢或劣勢？

Sure. It's Scott again. I think we are. We're very enthusiastic about Enliven and the demand there. The general thesis is that as health care shifts outside of the hospital to the home, in the importance of managing the total cost of care, the pharmacist has to get much more engaged. And they're going to need tools regarding digital engagement. And they're going to need tools around medical billing.

當然。又是斯科特。我想我們是。我們對 Enliven 及其需求充滿熱情。總的論點是，隨著醫療保健從醫院轉移到家庭，鑑於管理總醫療費用的重要性，藥劑師必須更多地參與。他們將需要有關數字參與的工具。他們將需要有關醫療賬單的工具。

And the Enliven platform is very uniquely positioned with a full complement of those tools to really enable pharmacists to deliver care in that type of setting. So we're really excited about the demand there.

Enliven 平台具有非常獨特的定位，具有這些工具的完整補充，真正使藥劑師能夠在那種類型的環境中提供護理。所以我們對那裡的需求感到非常興奮。

Your next question comes from the line of Matt Hewitt from Craig-Hallum.

您的下一個問題來自 Craig-Hallum 的 Matt Hewitt。

Congratulations on the strong start to the year. Maybe first up on the specialty services side. Could you update us on the pipeline for the specialty pharma and kind of where things sit with the 340B opportunity?

祝賀今年開局強勁。也許首先是在專業服務方面。您能否為我們更新專業製藥的管道以及 340B 機會的情況？

Sure. Matt, it's Scott Seidelmann. Yes. So we closed the ReCept acquisition at the very end of 2021 and spent 2022 really focused on integrating that acquisition. We rebranded the product or the platform as Omnicell specialty service.

當然。馬特，我是斯科特·塞德爾曼。是的。因此，我們在 2021 年底結束了對 ReCept 的收購，並在 2022 年真正專注於整合該收購。我們將產品或平台重新命名為 Omnicell 專業服務。

And in addition to the back office types of things around integration, the real key there was integrating it into our go-to-market and channel function because the real demand is coming from health systems and hospitals that, given some of the changes that manufacturers have put in place regarding use of contract pharmacies, that's created a nice tailwind of demand for hospitals and health systems to want to stand up and operate specialty pharmacies.

除了圍繞集成的後台類型之外，真正的關鍵是將其集成到我們的上市和渠道功能中，因為真正的需求來自衛生系統和醫院，考慮到製造商的一些變化關於合同藥房的使用已經到位，這為醫院和衛生系統的需求創造了一個很好的順風，希望站起來經營專業藥房。

The challenge for them is doing so is a very different skill set and it's difficult to do. So it's a natural fit for us given the sort of comprehensive nature of the medication management infrastructure that we provide to offer that as a service. And so we really got that integrated in '22. And now we're seeing a really healthy growth in top of the funnel pipeline of demand. So we're really excited there.

對他們來說，這樣做的挑戰是一套非常不同的技能，而且很難做到。因此，考慮到我們提供的作為服務提供的藥物管理基礎設施的綜合性，它很適合我們。所以我們真的在 22 年將其整合。現在我們看到需求漏斗頂部的真正健康增長。所以我們真的很興奮。

Great. And then maybe a follow-up. Regarding the large retail win, congratulations on that. So it's a 5-year agreement. Maybe walk us through the process, the courting, if you will, with that customer. And is this more of a hunting license? Or is this entire chain going to be adopting the platform?

偉大的。然後也許是後續行動。關於大型零售業的勝利，對此表示祝賀。所以這是一份為期 5 年的協議。也許可以引導我們完成整個過程，如果您願意的話，可以與該客戶進行求愛。這更像是狩獵許可證嗎？還是整個鏈條都將採用該平台？

Yes. In general, it was Enliven -- I'll talk -- generally, it was Enliven. Those relationships are not hunting licenses. These are Enliven as a SaaS platform that has various modules. And the business model for that is, generally speaking, you pay for each of those modules x dollars per store per month, like a very traditional SaaS.

是的。總的來說，它是 Enliven——我來談談——總的來說，它是 Enliven。這些關係不是狩獵許可證。這些是作為具有各種模塊的 SaaS 平台的 Enliven。其商業模式是，一般來說，您每月為每家商店的每個模塊支付 x 美元，就像非常傳統的 SaaS 一樣。

And so when a customer enters into that level of contract, they're committing for utilization of the platform across x number of stores. And in this particular case, it is a commitment to deploy some of the modules across their -- the breadth of their stores.

因此，當客戶簽訂該級別的合同時，他們承諾在 x 家商店中使用該平台。在這種特殊情況下，承諾在他們的商店範圍內部署一些模塊。

Your next question comes from the line of Jessica Tassan from Piper Sandler.

你的下一個問題來自 Piper Sandler 的 Jessica Tassan。

Congratulations on the quarter. So I think first off, we were just interested -- if you could help us understand the implied sequential decline in adjusted EBITDA margin. Is that conservatism? Or what's driving that 50 basis points or so of sequential margin degradation?

祝賀這個季度。所以我認為首先，我們只是感興趣——如果你能幫助我們理解調整後的 EBITDA 利潤率的隱含連續下降。那是保守主義嗎？或者是什麼推動了連續利潤率下降 50 個基點左右？

Yes. Thank you, Jess, for the question. So like we said in the prepared remarks, it's mostly timing on revenue and expense within the year. So looking at the total of the first quarter and the second quarter combined from revenue, that is mostly revenue timing.

是的。傑西，謝謝你提出這個問題。所以就像我們在準備好的評論中所說的那樣，這主要是一年內收入和支出的時間安排。因此，從收入來看第一季度和第二季度的總和，主要是收入時間。

On a profitability basis, about 2/3 -- about 60% or 2/3 of the favorable EBITDA, also revenue timing within the year, and a big part of that favorable revenue timing came from a lease buyout, which flows through at 100% margin to EBITDA. As you know, we think we have a lease portfolio in point-of-care, mostly with the government. And from time to time, we see buyout or renewals of these leases. And the remaining favorability was in Advanced Services and higher technical services revenue. So from a total revenue perspective, yes, there is a decline from the first quarter to the second quarter guide. But the vast, vast majority of that is revenue timing.

在盈利能力的基礎上，大約 2/3 - 大約 60% 或 2/3 的有利 EBITDA，也是年內的收入時間，並且大部分有利的收入時間來自租賃收購，其流量為 100 EBITDA 利潤率百分比。如您所知，我們認為我們在護理點有租賃組合，主要是與政府合作。我們不時看到這些租約的買斷或續約。剩下的優勢在於高級服務和更高的技術服務收入。所以從總收入的角度來看，是的，從第一季度到第二季度的指導有所下降。但其中絕大多數是收入時機。

Okay. That makes a lot of sense. And then just our quick follow-up would be in light of the macro backdrop, what's your confidence in just the ability to book and implement new product sales within the year? What we're trying to understand is just how to get comfortable with the slightly lower coverage ratio of short-term products backlog relative to forward products revenue guidance in 2023 versus 2022.

好的。這很有意義。然後我們的快速跟進將根據宏觀背景，您對年內預訂和實施新產品銷售的能力有何信心？我們試圖了解的是，如何接受相對於 2023 年和 2022 年的遠期產品收入指導而言，短期產品積壓的覆蓋率略低。

Yes. Jess, I think one of the things that we've seen in the profile of our customer base is a steep reduction in temporary nursing health or contract nursing health to moving back to more full-time permanent nursing. So we've seen some of the pressures in labor come off. We've seen a slight increase in utilization activity, mostly in elective, and less COVID-related utilization. So it's more like a prepandemic profile, getting closer to that.

是的。傑西，我認為我們在客戶群的概況中看到的一件事是臨時護理健康或合同護理健康急劇減少，轉而轉向更多的全職永久護理。所以我們已經看到一些分娩壓力減輕了。我們看到使用活動略有增加，主要是選修課，與 COVID 相關的使用較少。所以它更像是大流行前的概況，越來越接近那個。

And because of that, we think that the ability to schedule and secure those slots and timing with customers has improved and has given us a much better sense that the backlog we have can be scheduled and customers can compete -- meet those dates.

正因為如此，我們認為與客戶安排和確保這些時段和時間安排的能力已經提高，並且讓我們更好地意識到我們可以安排積壓工作，客戶可以競爭 - 滿足這些日期。

And I think last year, at the height of that, customers just didn't have the people even to be on site when -- to receive the equipment and assist in the installation in doing their part. And for the most part, we've seen that dissipate as well as customers agreeing and making their firm commitments on our plans.

而且我認為去年，在最高峰時，客戶甚至沒有人在現場 - 接收設備並協助安裝以完成他們的工作。在大多數情況下，我們已經看到這種情況已經消散，客戶也同意我們的計劃並做出堅定的承諾。

Your next question comes from the line of Stephanie Davis from SVB.

你的下一個問題來自 SVB 的 Stephanie Davis。

Congrats on the quarter. I was hoping you can give us some updates from the field. We've been getting some mixed data points this earnings season around hospital spend. Are we seeing frozen budgets start to thaw as all these labor headwinds begin to ease? Or is it still many quarters away just given their priorities?

祝賀這個季度。我希望你能給我們一些現場的最新消息。在本財報季，我們在醫院支出方面得到了一些好壞參半的數據。隨著所有這些勞動力逆風開始緩解，我們是否看到凍結的預算開始解凍？或者只是考慮到他們的優先事項，距離還有很多地方？

Well, I think it's slow, incrementally improving. You see some people, particularly the public providers, maybe a little ahead of the game. But we really feel that there's small incremental improvements. The market has stabilized. But there's still uncertainties. I think some of the indicators and some of the research we're looking at, at the end of the year, we see stronger commitments to spending more for capital. But I would say it's a pretty slow process with small increments every month. And everything helps, but no major shifts or changes.

好吧，我認為它是緩慢的，逐漸改進的。你會看到一些人，尤其是公共提供者，可能有點領先於遊戲。但我們真的覺得有一些小的增量改進。市場趨於穩定。但仍有不確定性。我認為我們正在研究的一些指標和一些研究，在今年年底，我們會看到更堅定的承諾，即增加資本支出。但我會說這是一個相當緩慢的過程，每個月都有小幅增加。一切都有幫助，但沒有重大轉變或變化。

Understood. With that in mind, is there an opportunity outside of retail pharmacies for EnlivenHealth to become much bigger, just given engagement in outpatient foot traffic are now becoming just that much more important for the hospitals?

明白了。考慮到這一點，EnlivenHealth 在零售藥店之外是否有機會變得更大，只是考慮到門診客流量的參與現在對醫院來說變得越來越重要？

This is Scott Seidelmann. Look, I think you're seeing, in general, a significant shift from -- of patient care and some of the lower acuity settings and health systems and hospitals to the home. And I think there's a lot of -- there are a lot of folks in health care and constituents that are engaging around that.

我是斯科特·塞德爾曼。看，我認為你看到了，一般來說，從病人護理和一些較低的敏銳度設置和衛生系統和醫院到家庭的重大轉變。而且我認為有很多 - 有很多醫療保健人員和選民正在參與其中。

And I think given the importance of medication management and more importantly, the impact of taking the right meds, taking them correctly, et cetera, on managing health care, but more importantly, managing downstream spend, I think the pharmacist is going to get increasingly important in sort of this next evolution of health care, which is why you've seen some of the acquisitions you've seen recently with the larger public retail pharmacies.

而且我認為鑑於藥物管理的重要性，更重要的是，服用正確藥物、正確服用藥物等對管理醫療保健的影響，但更重要的是，管理下游支出，我認為藥劑師將越來越多在某種程度上對醫療保健的下一次發展很重要，這就是為什麼你看到了你最近看到的一些大型公共零售藥店的收購。

And so Enliven is an incredibly well positioned to enable pharmacists to transform and start to provide different types of care, and that -- the participants there could be retail pharmacies, it could be hospitals, it could be payers, et cetera. So again, early days, but we feel excited about where the business is positioned.

因此，Enliven 處於一個令人難以置信的有利位置，可以使藥劑師轉變並開始提供不同類型的護理，而且 - 參與者可能是零售藥店，可能是醫院，可能是付款人，等等。再次，早期，但我們對業務定位感到興奮。

Your next question comes from the line of Allen Lutz from Bank of America.

你的下一個問題來自美國銀行的 Allen Lutz。

One for Peter. EBITDA exceeded the guide by more than $15 million at the midpoint. I guess how much of the EBITDA contribution was from lease buyouts in 1Q? And then how much was from timing?

一個給彼得。 EBITDA 在中點時超過指南超過 1500 萬美元。我想 EBITDA 貢獻中有多少來自第一季度的租賃收購？然後有多少來自計時？

Yes. So we consider the vast majority of the revenue exceed to be timing in the year. So from time to time, we do have lease buyout. So we're contemplating that in the full year. So that is timing as well. I would say, on the EBITDA side, about 60% of the EBITDA exceed is driven by revenue timing, and the remaining 40% is driven mostly by expense timing.

是的。因此，我們認為絕大部分收入超出了當年的時間。所以有時，我們確實有租賃買斷。所以我們正在考慮全年。所以這也是時機。我想說，在 EBITDA 方面，大約 60% 的 EBITDA 超出是由收入時間驅動的，其餘 40% 主要是由費用時間驅動的。

Great. And then one for Scott. Scott, you talked about building relationships with retail pharmacies. And the services business had a really good sequential quarter, especially versus where the guide was. Can you talk about what part of Enliven is resonating the most with retail pharmacies? Basically, is there a specific solution that you guys are leading with to get your foot in the door?

偉大的。然後一個給斯科特。斯科特，你談到了與零售藥店建立關係。服務業務的連續季度表現非常好，尤其是與指南所在的位置相比。您能談談 Enliven 的哪一部分最能引起零售藥店的共鳴嗎？基本上，你們是否有一個特定的解決方案可以幫助您邁出第一步？

Sure. Sure. Sure. So patient engagement in general, sort of how do these retail pharmacies engage patients outside. And they're really sort of focused on the chronic patients, the polymed. And so simply using a telephone to contact them is not the most efficient way, particularly given, and I'm sure you experience it, you go to any retail pharmacy and now the pharmacist has a 2-hour lunch break, et cetera.

當然。當然。當然。所以一般來說患者參與，這些零售藥店如何吸引外面的患者。他們真的有點專注於慢性病患者，即 Polymed。因此，簡單地使用電話聯繫他們並不是最有效的方式，特別是考慮到這一點，我相信你會體驗到，你去任何一家零售藥店，現在藥劑師有 2 小時的午休時間，等等。

So anything that a pharmacy can do ultimately to provide more leverage to its pharmacists to actually start to engage patients, to make sure they're on the right meds, make sure they're following up, making sure that they're getting -- they're following through med adherence regimens and they're on the right meds, et cetera. So that really resonates.

因此，藥房最終可以做的任何事情都可以為其藥劑師提供更多影響力，讓他們真正開始與患者互動，確保他們服用正確的藥物，確保他們跟進，確保他們得到——他們遵循藥物依從性方案，並且使用正確的藥物，等等。所以這真的引起了共鳴。

And also increasingly, I would say that pharmacists in many states now is starting to provide different types of care. And now what you're doing is you're really talking about medical billing. And so that's really a greenfield opportunity, and that's exciting because they're really -- today, the retail pharmacies don't have great solutions for [rep] cycle for pharmacy.

而且越來越多的是，我會說許多州的藥劑師現在開始提供不同類型的護理。現在你正在做的是你真的在談論醫療賬單。所以這真的是一個全新的機會，這很令人興奮，因為他們真的——今天，零售藥店沒有很好的藥房 [rep] 週期解決方案。

Your next question comes from the line of David Larsen from BTIG.

你的下一個問題來自 BTIG 的 David Larsen。

Can you talk a little bit about your expectation for inflation trends in 2023? I think you had $18 million of semiconductors in inventory at 12/31. Is that enough to get you through the year? And then I think there was like a $26 million inflation impact in '22. What sort of headwind might there be in '23? And how are you thinking about that?

您能談談您對2023年通脹趨勢的預期嗎？我認為您在 12 月 31 日有 1800 萬美元的半導體庫存。這足以讓你度過這一年嗎？然後我認為 22 年的通貨膨脹影響約為 2600 萬美元。 23 年會有什麼樣的逆風？你怎麼想的？

Yes. Thank you, Dave, for the question. So there's 2 parts there, right? The $18 million of semiconductor inventory [we buy] previously will cover most of the year for '23. So we feel very confident in the ability to have semiconductors on hand for mostly our connected devices.

是的。戴夫，謝謝你提出這個問題。所以那裡有 2 個部分，對嗎？ [我們購買] 之前 1800 萬美元的半導體庫存將覆蓋 23 年的大部分時間。因此，我們非常有信心能夠為我們的大多數連接設備準備好半導體。

From an inflation perspective, what we said in earlier earnings calls is that we do expect the pricing impact on the year from a financial perspective to exceed the inflation. And we're tracking to that as well, slightly favorable in the quarter on a net basis.

從通貨膨脹的角度來看，我們在早些時候的財報電話會議上說過，我們確實預計從財務角度來看定價對今年的影響將超過通貨膨脹。我們也在跟踪這一點，在淨基礎上本季度略有優勢。

Okay. Great. And then you've mentioned a couple of times on the call, revenue timing. How much revenue impact was there in 1Q from, I guess, this timing lease buyout activity? And then related to that, how is your backlog trending as we head into like almost midyear? Is your -- I guess, what I'm asking is did you pull a significant amount of revenue out of the backlog? Or is your backlog and your bookings continuing to increase on a sequential basis as we progress through the year?

好的。偉大的。然後你在電話中多次提到收入時間。我猜，這種定時租賃收購活動對第一季度的收入有多大影響？然後與此相關的是，當我們接近年中時，您的積壓趨勢如何？你的 - 我想，我想問的是你是否從積壓中提取了大量收入？或者隨著我們這一年的進展，您的積壓訂單和預訂量是否繼續按順序增加？

Yes. So thanks, David. So we see that, if you look at first, the top end of the revenue guide for the first quarter, we exceeded revenue by $8 million. Roughly half of that is the lease buyout, and the other half is revenue -- other revenue timing favorability. So the lease buyout does not come out of backlog, technical services and Advanced Services revenue timing, and most of that also does not come out of backlog.

是的。所以謝謝，大衛。所以我們看到，如果你首先看一下第一季度收入指南的頂端，我們超過了 800 萬美元的收入。其中大約一半是租賃買斷，另一半是收入——其他收入時機的好感度。因此，租賃買斷不是來自積壓、技術服務和高級服務收入的時間安排，而且其中大部分也不是來自積壓。

Okay. So the quality of the top line to you was actually high. Okay. And just my last question. 9% reduction in force, but your OpEx are expected to remain sort of flat from '22 to '23. I mean it seems a little bit unusual to me. I mean just any more color there would be very helpful. I would expect your OpEx to decline by a pretty significant amount.

好的。所以對你來說，頂線的質量實際上很高。好的。還有我的最後一個問題。力量減少 9%，但您的 OpEx 預計從 22 年到 23 年保持平穩。我的意思是這對我來說似乎有點不尋常。我的意思是只要有更多的顏色就會非常有幫助。我預計您的 OpEx 會大幅下降。

Yes. The underlying -- as the risk impact, as the cost comes off payroll, if you will, we see that impact in the second quarter -- from the first quarter to the second quarter. The second (inaudible) that we announced in February last quarter, also that cost is coming off roughly in the middle of the second quarter.

是的。潛在的 - 作為風險影響，因為成本來自工資單，如果你願意的話，我們會在第二季度看到這種影響 - 從第一季度到第二季度。我們在上個季度 2 月宣布的第二個（聽不清）成本也大致在第二季度中期下降。

So we see -- definitely see the step down in operating expenses going from the first quarter to the second quarter and from the second quarter going through the third quarter. An offset, though, we have is the inflation that we have ourselves for our own employee costs for payroll. And then we're modestly investing in R&D as we discussed prior as well to support our innovation [and all that].

所以我們看到 - 肯定會看到從第一季度到第二季度以及從第二季度到第三季度的運營費用下降。但是，我們擁有的抵消是我們自己的員工工資成本的通貨膨脹。然後，正如我們之前討論的那樣，我們也在適度投資研發，以支持我們的創新 [以及所有這些]。

Your final question comes from the line of Anne Samuel from JPMorgan.

你的最後一個問題來自摩根大通的 Anne Samuel。

I had maybe one follow-up on the prior inflation question. You had spoken previously to pricing as a key inflation offset. So I was just hoping maybe you could speak to how much pricing contributed to margin performance in the quarter or how much it's offsetting?

我可能對先前的通貨膨脹問題進行了一次跟進。您之前曾說過定價是抵消通脹的關鍵。所以我只是希望你能談談定價對本季度利潤率的貢獻有多大，或者抵消了多少？

Yes. So the first quarter, the inflationary impact is slightly lower than the pricing impact for the quarter. And in the second quarter, the pricing impact will exceed inflationary impact that we see. They're on the crossover point right now.

是的。所以第一季度，通貨膨脹的影響略低於該季度的定價影響。在第二季度，定價影響將超過我們看到的通脹影響。他們現在正處於交叉點。

Okay. That's very helpful. And then you spoke to the guide embedding a second half sequential increase. I was just hoping you could maybe touch on how much of that is maybe just easier compares versus an assumption for underlying demand improvement.

好的。這很有幫助。然後您與嵌入下半年順序增長的指南交談。我只是希望你能談談與潛在需求改善的假設相比，其中有多少可能更容易。

Yes. So as we talked about in the prepared remarks, we have assumed that we have seen in the fourth quarter and the first quarter and so far in the second quarter, relatively stable demand environment. So as we look at the revenue growth that we see from the first half to the second half, the vast majority of that is already in backlog.

是的。因此，正如我們在準備好的評論中談到的那樣，我們假設我們在第四季度和第一季度以及第二季度到目前為止看到了相對穩定的需求環境。因此，當我們查看上半年到下半年的收入增長時，其中絕大多數已經積壓。

And then -- plus then also, of course, what we see in the pipeline as far as bookings that are further along in the sale stages. So it's fairly steady, to make that (inaudible) as well.

然後 - 當然，還有我們在銷售階段看到的預訂。所以它也相當穩定，也可以做到這一點（聽不清）。

There are no further questions at this time. Mr. Randall Lipps, I turn the call back over to you.

目前沒有其他問題。蘭德爾利普斯先生，我把電話轉給你。

Thank you for joining us for the call today. It has been an interesting last 2 years. I want to really thank our employees for working hard, getting us through these times and arriving to a new year and a new go forward, and really looking forward to continuing to work with all of you as we move forward.

感謝您今天加入我們的電話會議。過去兩年很有趣。我真的要感謝我們的員工努力工作，讓我們度過了這些時期，迎接新的一年和新的前進，我真的很期待在我們前進的過程中繼續與你們所有人合作。

But I'd be remiss not to thank Peter Kuipers for the many years of great service and value-add he has done for this company over his tenure to make us from a kind of 1-horsepower company to an enterprise go-to-market powerhouse. So thank you, Peter, and best of luck in your next adventure. Cheers.

但如果不感謝 Peter Kuipers，他在任期內為這家公司提供了多年的優質服務和增值，使我們從一家只有 1 馬力的公司變成了一家進入市場的企業強國。所以謝謝你，彼得，祝你在下一次冒險中好運。乾杯。

Thank you.

謝謝。

Thank you.

謝謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。