OptimizeRx Corp (OPRX) 2025 Q3 法說會逐字稿

Good afternoon, everyone, and thank you for joining OptimizeRx's third quarter fiscal year 2025 earnings conference call. With us today is Chief Executive Officer, Steve Silvestro. He is joined by Chief Financial and Strategic Officer, Ed Stelmakh; Chief Legal and Administrative Officer, Marion Odence-Ford; and Chief Business Officer, Andrew D'Silva.

各位下午好，感謝各位參加 OptimizeRx 2025 財年第三季財報電話會議。今天和我們在一起的是執行長史蒂夫·西爾維斯特羅。與他一同加入的還有財務與策略長 Ed Stelmakh；首席法律與行政官 Marion Odence-Ford；以及首席商務官 Andrew D'Silva。

At the conclusion of today's call, I will provide some important cautions regarding the forward-looking statements made by management during today's call. The company will also be discussing certain non-GAAP financial measures, which it believes are useful in evaluating the company's operating results. A reconciliation of such non-GAAP financial measures is included in the company -- in the earnings release the company issued this afternoon as well as in the Investor Relations section of the company's website.

在今天的電話會議結束時，我將就管理階層在今天的電話會議中所作的前瞻性陳述提出一些重要的注意事項。該公司還將討論一些非GAAP財務指標，該公司認為這些指標有助於評估公司的營運表現。本公司已在今天下午發布的獲利報告中以及公司網站的投資者關係部分公佈了此類非GAAP財務指標的調節表。

I would like to remind everyone that today's call is being recorded and will be made available for replay on audio recording of the conference call on the Investor Relations section of the company's website.

我想提醒大家，今天的電話會議正在錄音，錄音將在公司網站的投資者關係版塊提供回放。

Now I'd like to turn the call over to OptimizeRx's CEO, Steve Silvestro. Mr. Silvestro, please go ahead.

現在我想把電話交給 OptimizeRx 的執行長 Steve Silvestro。西爾維斯特羅先生，請繼續。

Thank you, operator, and good afternoon to everyone joining our third quarter 2025 earnings call. We had a strong third quarter with results ahead of both consensus estimates and our internal expectations. Our Q3 revenues increased 22% year-over-year to $26.1 million, and our adjusted EBITDA was $5.1 million, an improvement of over $2 million from the same period last year. Our contracted revenue remains well ahead of last year's pace, underscoring the success of our focus on operational excellence, our dedication to delighting customers and deepening relationships with trusted partners.

謝謝接線員，各位下午好，歡迎參加我們2025年第三季財報電話會議的各位。第三季業績表現強勁，超越市場普遍預期及我們內部預期。第三季營收年增 22% 至 2,610 萬美元，調整後 EBITDA 為 510 萬美元，比去年同期成長超過 200 萬美元。我們的合約收入仍然遠超去年同期水平，這凸顯了我們專注於卓越營運、致力於讓客戶滿意以及深化與值得信賴的合作夥伴的關係所取得的成功。

Before we move on, I want to take a moment to thank the OptimizeRx team. We deeply appreciate their dedication and hard work as we navigate an increasingly complex and rapidly evolving digital pharma marketing landscape. The industry is in the midst of a major transformation and the company's products and services are positioned to fundamentally redefine how pharmaceutical companies, patients and prescribers connect. Our mission-driven culture fuels this progress and enables us to attract, retain and strengthen the relationships that make us a trusted and enduring technology partner.

在繼續之前，我想花一點時間感謝 OptimizeRx 團隊。我們非常感謝他們的奉獻和辛勤工作，因為我們正努力應對日益複雜且快速發展的數位醫藥行銷環境。該行業正處於重大變革之中，而該公司的產品和服務旨在從根本上重新定義製藥公司、患者和處方醫生之間的聯繫方式。我們以使命為導向的企業文化推動了這一進步，並使我們能夠吸引、留住和加強與合作夥伴的關係，使我們成為值得信賴且持久的技術合作夥伴。

With that said, I'm happy to report we are increasing our guidance for the year and are looking for revenue to come in between $105 million and $109 million, with adjusted EBITDA to be between $16 million and $19 million. Moreover, while it is still very early, we are seeing favorable RFP trends for 2026. As a result, we are introducing initial fiscal year guidance 2026 with revenue expected to be between $118 million and $124 million and adjusted EBITDA expected to be between $19 million and $22 million.

儘管如此，我很高興地宣布，我們提高了今年的業績預期，預計營收將在 1.05 億美元至 1.09 億美元之間，調整後的 EBITDA 將在 1,600 萬美元至 1,900 萬美元之間。此外，雖然現在還為時過早，但我們看到 2026 年的 RFP 趨勢是有利的。因此，我們推出 2026 財年初步業績指引，預計營收將在 1.18 億美元至 1.24 億美元之間，調整後 EBITDA 預計將在 1,900 萬美元至 2,200 萬美元之間。

In addition, subsequent to the end of our third quarter, we paid down an additional $2 million of our term loan principal on top of the debt payment schedule. At this time, given the cash flow we are seeing, we intend to continue to pay down our debt at an accelerated rate and do not believe we will need to access the equity capital markets for the foreseeable future. As evidenced by our strong results, we are firmly hitting our stride. Disciplined cost management and targeted cross-selling strategies grounded in enabling customers to optimize budget allocation and maximize script lift are driving sustained momentum into Q4 2025 and beyond.

此外，在第三季結束後，除了債務償還計劃外，我們還額外償還了 200 萬美元的定期貸款本金。鑑於我們目前的現金流狀況，我們打算繼續加快償還債務的速度，並認為在可預見的未來我們不需要進入股權資本市場。從我們所取得的優異成績可以看出，我們正穩步地邁向成功。嚴格的成本管理和有針對性的交叉銷售策略，旨在幫助客戶優化預算分配並最大限度地提高銷售業績，從而推動業務在 2025 年第四季及以後持續成長。

Our strong third quarter performance makes it clear that our goal of becoming a sustained Rule of 40 company is within our sights. Perhaps most notably, average revenue for our five largest customers over the last 12 months continues to grow and now stands at over $11 million. We believe OptimizeRx is uniquely positioned to drive meaningful long-term growth and sustainable shareholder value. With one of the nation's largest point-of-care networks, we provide pharmaceutical manufacturers the ability to reach health care providers directly at the moments that matter most.

我們強勁的第三季業績表明，我們成為一家持續獲利的「40法則」公司的目標指日可待。最值得注意的是，在過去 12 個月裡，我們五大客戶的平均收入持續成長，目前已超過 1,100 萬美元。我們相信 OptimizeRx 擁有獨特的優勢，能夠推動有意義的長期成長和可持續的股東價值。我們擁有全國最大的即時醫療服務網絡之一，使製藥廠商能夠在最關鍵的時刻直接聯繫到醫療保健提供者。

Building on this foundation, we've developed a purpose-built omnichannel technology platform that integrates advanced patient finding tools like DAAP and micro neighborhood targeting. These capabilities are redefining how pharmaceutical companies, physicians and patients connect, communicate and act, helping to improve patient outcomes while transforming engagement across the health care ecosystem. Our reach across both the point-of-care and direct-to-consumer channels provides a durable and defensible competitive advantage.

在此基礎上，我們開發了一個專門構建的全通路技術平台，該平台整合了先進的患者查找工具（如 DAAP）和微社區定位。這些能力正在重新定義製藥公司、醫生和患者之間的聯繫、溝通和行動方式，有助於改善患者的治療效果，同時改變整個醫療保健生態系統的參與方式。我們在醫療服務點和直接面向消費者的管道上的覆蓋範圍，為我們提供了持久且可捍衛的競爭優勢。

OptimizeRx is the only player with the scale, technology and data integration to engage providers and patients seamlessly, enabling us to deliver the industry's most comprehensive commercialization platform. This allows us to support customers across the full product life cycle, deepen client relationships and capture greater share of long-term value. As we've discussed on previous calls, a key focus moving forward is to further showcase our reach, scalability and our role as a trusted strategic partner, helping pharma manufacturers address some of their most pressing commercialization challenges. These include enhancing brand visibility, reducing script abandonment, improving interoperability and supporting the growing shift toward complex specialty medications.

OptimizeRx 是唯一一家擁有規模、技術和數據整合能力，能夠無縫連接醫療服務提供者和患者的公司，使我們能夠提供業界最全面的商業化平台。這使我們能夠為客戶提供貫穿產品整個生命週期的支持，加深客戶關係，並獲得更大的長期價值份額。正如我們在先前的電話會議中所討論的那樣，未來重點是進一步展示我們的覆蓋範圍、可擴展性以及我們作為值得信賴的戰略合作夥伴的角色，幫助製藥企業應對一些最緊迫的商業化挑戰。這些措施包括提高品牌知名度、減少處方棄用、提高互通性以及支持向複雜專科藥物的轉變。

I believe our success in helping our customers address these challenges is best evidenced by our strong ability to build on the relationships and increase our engagements with our largest customers. I'm confident that continued execution in these areas, combined with our ability to deliver strong ROI and drive impact and script lift for our customers will translate into meaningful long-term shareholder value. We believe our momentum positions us to capture greater market share and expand our participation in the pharma industry's multibillion-dollar digital ecosystem.

我認為，我們幫助客戶應對這些挑戰所取得的成功，最好地體現在我們能夠鞏固與最大客戶的關係並加強與他們互動的能力上。我相信，在這些領域持續推進，再加上我們為客戶帶來強勁的投資報酬率、影響力以及提升績效的能力，將轉化為有意義的長期股東價值。我們相信，憑藉我們目前的勢頭，我們能夠獲得更大的市場份額，並擴大我們在價值數十億美元的醫藥行業數位生態系統中的參與度。

Our customers remain deeply connected with our integrated HCP and DTC offerings, and our goal is to keep them engaged across the full patient care journey.

我們的客戶與我們整合的 HCP 和 DTC 產品保持緊密的聯繫，我們的目標是讓他們在整個患者護理過程中保持參與。

And with that, I'd like to turn the call over to our CFSO, Ed Stelmakh, who will walk us through our financial results. Ed?

接下來，我想把電話交給我們的財務長艾德‧斯特爾馬克，他將為我們介紹我們的財務表現。艾德？

Thanks, Steve, and good afternoon, everyone. A press release was issued with the financial results of our third quarter ended September 30, 2025. A copy is available for viewing and may be downloaded from the Investor Relations section of our website, and additional information can be obtained through our forthcoming 10-Q.

謝謝你，史蒂夫，大家下午好。我們發布了新聞稿，公佈了截至 2025 年 9 月 30 日的第三季財務業績。投資者關係網站提供副本供查閱和下載，更多資訊可透過我們即將發布的 10-Q 表格取得。

Third quarter revenue was $26.1 million, an increase of 22% from $21.3 million during the same period in 2024. Gross margin for the quarter increased from 63.1% in the quarter ended September 30, 2024, to 67.2% in the quarter ended September 30, 2025. Year-on-year gross margin expansion is tied to a favorable product mix, economies of scale as well as a favorable channel partner mix. Our operating expenses for the quarter ended September 30, 2025, decreased by $6.5 million year-over-year to $15.5 million as the third quarter of last year was impacted by a $7.5 million impairment charge.

第三季營收為 2,610 萬美元，比 2024 年同期的 2,130 萬美元成長了 22%。本季毛利率從截至 2024 年 9 月 30 日的季度的 63.1% 增長至截至 2025 年 9 月 30 日的季度的 67.2%。毛利率逐年成長與有利的產品組合、規模經濟以及有利的通路夥伴組合有關。截至 2025 年 9 月 30 日的季度，我們的營運支出年減了 650 萬美元，至 1,550 萬美元，原因是去年第三季受到 750 萬美元減損支出的影響。

Meanwhile, our cash OpEx increased to $12.4 million from $10.8 million, largely due to higher bonus and commission payouts, which is directly tied to the company's strong year-to-date performance. As a result, we had a GAAP net income of $0.8 million or $0.04 per basic and fully diluted share for the three months ended September 30, 2025, as compared to a GAAP net loss of $9.1 million or $0.50 per basic and fully diluted share for the same three-month period in 2024.

同時，我們的現金營運支出從 1,080 萬美元增加到 1,240 萬美元，這主要是由於獎金和佣金支出增加，而這又與公司今年迄今為止強勁的業績直接相關。因此，截至 2025 年 9 月 30 日止的三個月，我們按美國通用會計準則 (GAAP) 計算的淨收入為 80 萬美元，即每股基本和完全攤薄收益 0.04 美元，而 2024 年同期按美國通用會計準則 (GAAP) 計算的淨虧損為 910 萬美元，即每股收益基本攤薄。

On a non-GAAP basis, our net income for the third quarter of 2025 was $3.9 million or $0.20 per fully diluted share outstanding as compared to a non-GAAP net income of $2.3 million or $0.12 per fully diluted share outstanding in the same year ago period. Our adjusted EBITDA came in at $5.1 million for the third quarter of 2025 compared to $2.7 million during the third quarter of 2024. Operating cash flow was $11.6 million for the first nine months of 2025, and we ended the quarter with $19.5 million cash balance as compared to $13.4 million on December 31, 2024. The remaining principal on our term loan debt financing at the end of the third quarter was $28.8 million. And subsequent to the quarter's end, we paid down an additional $2 million in principal with our total principal paydown for the year standing at $7.5 million.

以非GAAP準則計算，我們2025年第三季的淨收入為390萬美元，即每股完全稀釋後股份0.20美元，而去年同期非GAAP淨收入為230萬美元，即每股完全稀釋後股份0.12美元。2025 年第三季度，我們調整後的 EBITDA 為 510 萬美元，而 2024 年第三季為 270 萬美元。2025 年前九個月的經營現金流為 1,160 萬美元，季度末現金餘額為 1,950 萬美元，而 2024 年 12 月 31 日為 1,340 萬美元。截至第三季末，我們的定期貸款債務融資剩餘本金為 2,880 萬美元。季度結束後，我們又償還了 200 萬美元的本金，使本年度本金償還總額達到 750 萬美元。

At this time, we intend to pay down the principal on our term loan faster than originally expected as we look to continuously lower our cost of capital. With that said, we continue to believe that our healthy balance sheet will help us execute against our operational goals.

目前，我們計劃加快償還定期貸款本金的速度，比原計劃更快，以不斷降低我們的資金成本。儘管如此，我們仍然相信，我們健康的資產負債表將有助於我們實現營運目標。

Now let's turn to our KPIs for the third quarter of 2025. Average revenue per top 20 pharmaceutical manufacturer now stands at $3.1 million as compared to $2.9 million for the third quarter of 2024. Net revenue retention rate remained strong at 120% Meanwhile, revenue per FTE came in at $820,000, topping the $732,000 we posted in the third quarter of 2024. We're encouraged by the improvements of our KPIs as we continue to execute against our strategy of driving profitable growth as a leader in our space.

現在讓我們來看看2025年第三季的關鍵績效指標。前 20 大製藥企業的平均收入目前為 310 萬美元，而 2024 年第三季則為 290 萬美元。淨收入留存率維持在 120% 的強勁水準。同時，每位全職員工的收入達到 82 萬美元，超過了我們在 2024 年第三季公佈的 73.2 萬美元。我們正努力推動我們的策略，力爭成為所在領域的領導者，並實現獲利成長，而我們關鍵績效指標的改善也令我們倍感鼓舞。

Now with that, I'll turn the call back over to Steve. Steve?

現在，我把電話轉回給史蒂夫。史蒂夫？

Thank you, Ed. Operator, now let's move to Q&A.

謝謝，艾德。接線員，現在我們進入問答環節。

(Operator Instructions) Ryan Daniels, William Blair.

（操作說明）瑞安·丹尼爾斯，威廉·布萊爾。

Sorry, guys, can you hear me now? Yes. Can you guys hear me now?

抱歉，各位，現在能聽到我說話嗎？是的。你們現在聽得到我說話嗎？

We can hear you, Ryan.

我們能聽到你說話，瑞恩。

Okay. Sorry, about that. Congrats on the strong print. I want to start with the 2026 outlook. It's nice to see that so early in the year, one of the few companies doing that.

好的。抱歉。恭喜你取得了優異的成績。我想先展望一下2026年。很高興看到今年年初就有這樣的公司，他們是少數幾家這樣做的公司之一。

And I'm curious if you could just offer a little bit more color there on why you're providing it at this time. I assume it's due to some enhanced visibility with the contracts. And then maybe question number two, you mentioned the strong RFP activity being part of that. Are you just seeing more new clients? Is it more shift towards digital, more omnichannel, more shift towards HCP given some of the D2C challenges? Any color on what's driving that? Congrats again.

我很好奇您能否再詳細解釋一下，為什麼您選擇在這個時候提供這些資訊。我猜想這是由於合約的透明度提高了。然後，關於第二個問題，您提到了積極的 RFP 活動也是其中的一部分。你是不是看到新客戶越來越多了？鑑於 D2C 面臨的一些挑戰，是更多地轉向數位化、全通路，還是更多地轉向 HCP？有沒有人知道背後的原因？再次恭喜。

Thanks, Ryan. Good to hear your voice. So I'll start with the first one. We've been really articulating to the Street and also to our clients and investors that we're going to give more visibility on our visibility into the future as we've been migrating more toward a predictive model we've quoted in the past, subscripted momentum. And so we're going to continue to push that throughout the remainder of the year.

謝謝你，瑞恩。很高興聽到你的聲音。那我就從第一個開始吧。我們一直在向華爾街、客戶和投資者明確表示，我們將更清楚地展現我們對未來的預測，因為我們一直在向過去提到的預測模型——動量模型——轉型。因此，我們將在今年餘下的時間裡繼續推進這項工作。

And as a result of that, we're now getting more visibility into the out years, including 2026.

因此，我們現在對未來幾年，包括 2026 年，有了更清晰的了解。

In terms of the RFP situation, Ryan, RFP season has been very strong for the business. We do see more people coming into the digital space and making investments on the client side. And we're seeing equal parts, HCP and DTC at this point, interest in the RFP cycle. I would say the parts of DTC that we cover at OptimizeRx are CTV, ATV, the pieces that you're aware of. And in the event that we have a linear television ban or reduction or any of those pieces, our view and thesis is that our solutions that will continue to benefit disproportionately from those types of moves.

就 RFP 情況而言，Ryan，RFP 季節對該公司來說非常強勁。我們確實看到越來越多的人進入數位領域，並在客戶端進行投資。目前我們看到，無論是 HCP 還是 DTC，對 RFP 週期都表現出同樣的興趣。我認為 OptimizeRx 涵蓋的 DTC 部分包括 CTV、ATV 以及您所了解的部分。如果真的出現線性電視禁令或削減措施，或類似的任何情況，我們的觀點和論點是，我們的解決方案將繼續從這些舉措中不成比例地受益。

So I would say, at this point, both DTC and HCP are looking very healthy. I appreciate the question.

所以我覺得，目前來看，DTC 和 HCP 兩大產業的發展狀況都非常健康。感謝您的提問。

Richard Baldry, ROTH Capital.

理查德·鮑德里，羅斯資本。

When you look at the implied guidance for fourth quarter revenue, it'd be actually slightly down year-over-year at the top end of guidance. Talk about either any onetime year-ago issues or other things because your net retention would argue that, that's sort of difficult to do.

如果看一下第四季度營收的隱含預期，實際上，即使按照預期上限計算，也會比去年同期略有下降。談談一年前發生的任何一次性問題或其他事情，因為你的淨留存率表明，這樣做有點困難。

Yes. Thanks for the question, Rich. Good to hear from you. So I mean, what we're looking at is really a full year guide at this point and trying to give a good range of what we believe will come in at. We moved away from quoting pipeline as everybody on the call knows and have moved principally towards contracted revenue and what our real visibility is.

是的。謝謝你的提問，里奇。很高興收到你的來信。所以我的意思是，我們現在看到的實際上是一整年的指導方針，並試圖給出我們認為最終價格範圍的合理預測。我們已經不再像電話會議上的每個人都知道的那樣引用銷售管道信息，而是主要轉向合約收入以及我們真正的可見性。

And so the new guidance that we've updated with is truly what our visibility is. It doesn't count bluebirds that might happen, buy-ups that might happen that are not accounted for right now where we don't have visibility in years past, we would have thought about that more in terms of on pipeline and probabilities.

因此，我們更新後的新指南真正體現了我們的可見性。它沒有考慮到可能發生的意外之喜，也沒有考慮到目前我們無法預見的收購機會。在過去幾年裡，我們會更從專案儲備和機率的角度來考慮這些情況。

But what you're seeing in the guidance now is, I think, reflective of our true visibility that we know we can deliver on. Again, we're going to continue to be very transparent, very conservative, not sandbagging, but look to beat the numbers that we put out there every time. So hopefully, you appreciate the transparency and conservatism.

但我認為，您現在在指導意見中看到的內容，反映了我們真正的可見性，即我們知道我們能夠兌現承諾。我們將繼續保持高度透明、非常保守的態度，不會弄虛作假，而是力爭每次都超越我們公佈的數字。所以，希望您能欣賞這種透明度和保守主義。

Just to add a little bit. As Steve said, I think we do need to look at it on a full year basis rather than quarter-by-quarter. As you know, Q1, Q2, and Q3 have been extremely strong. So it is more of a smoother sort of phasing this year than it was in the past. So again, I would just encourage you to look at the full year performance versus last year.

補充一點。正如史蒂夫所說，我認為我們需要從全年的角度來看待這個問題，而不是按季度來看待。如您所知，第一季、第二季和第三季業績都非常強勁。所以今年的過渡階段比以往更加平穩。所以，我再次建議您看看全年業績與去年的業績對比。

And part of it is the enhancement to the revenue model, right, Rich, part of it is we've been successful at migrating away from periodic revenue drops and getting to a more smooth revenue model. And so that's what Ed is referring to there.

部分原因是收入模式的改進，對吧，Rich，部分原因是我們成功地擺脫了週期性的收入下降，並轉向了更平穩的收入模式。所以這就是艾德所指的。

Got it. It's just implicitly a little hard to look at it as a full year, you only have 90 days left. So same question I think I'm going to get a similar answer. But if you look at the adjusted EBITDA guidance, you'd have an up revenue quarter, maybe 10% plus sequentially, but the adjusted EBITDA either be slightly down to narrowly possibly up Again, is there any like onetime expenses year-end things that true up higher that create more of a headwind because it wouldn't -- it'd still be down year-over-year as well.

知道了。只是很難把它看作一整年，因為你只剩下 90 天了。所以，同樣的問題，我想我也會得到類似的答案。但如果你看一下調整後的 EBITDA 指引，你會發現營收季度環比增長可能超過 10%，但調整後的 EBITDA 要么略微下降，要么可能略微增長。此外，是否存在一些類似一次性支出或年末項目，這些支出可能會大幅增加，從而造成更大的不利影響，因為即使沒有這些項目，調整後的 EBITDA 仍然會比去年同期下降。

Sure. Ed, do you want to take that one?

當然。艾德，你想接那個任務嗎？

Yes, I can take that one. Yes, look, I mean, we're assuming a conservative gross margin number. There's nothing really in the operating expense line that's going to pop. So it's more of just being a little bit more conservative on what you think is going to happen with the channel and product mix. We do believe that we were shooting for hitting or beating the top end of the range.

是的，我可以接受。是的，你看，我的意思是，我們假設的是一個保守的毛利率數字。營運費用方面沒有特別突出的項目。所以，關鍵在於對通路和產品組合的發展趨勢持更保守的態度。我們確實相信，我們的目標是達到或超過最高射擊水平。

David Grossman, Stifel Financial.

David Grossman，Stifel Financial。

Maybe we could just expand a little bit on the line of questioning you just went through. And maybe, Steve take a minute just to remind us fundamentally, what may be going on in the business that maybe smoothing out the quarters or maybe giving you better visibility? And then I have another question after that, but just curious, again, fundamentally, some of the changes that you guys have made that may be creating a little better visibility and again, giving you the confidence, for example, to guide to 2026 at this point.

或許我們可以稍微展開一下你剛才提出的問題。史蒂夫，或許您可以花點時間提醒我們一下，公司裡究竟發生了什麼，可能會使季度業績更加平穩，或者讓您對公司營運有更清晰的了解？然後我還有一個問題，只是出於好奇，從根本上來說，你們做出的一些改變可能會帶來更好的可見性，並再次讓你們有信心，例如，在目前這個階段指導 2026 年的發展。

Sure. Yes, happy to talk to it and then Andy and Ed can chime in also. But I mean, if you think about our business data the way that we've talked about it over time, you've got our audience businesses, which is GAAP principally, and then you've got micro neighborhood audience, which is that targeting capability for DTC. Both of those are data-driven technologies that are -- lend themselves to becoming more subscriptive in nature. Then you've got our execution functions, both at point of care and the other omnichannel components for HCP and you've got that for DTC.

當然。是的，我很樂意和大家討論，然後安迪和艾德也可以參與討論。但我的意思是，如果你按照我們一直以來談論的方式來思考我們的業務數據，你會發現我們有受眾業務（主要依據 GAAP），然後還有微型社群受眾，這是 DTC 的定向能力。這兩種技術都是數據驅動型技術，它們本身就具有更強的規範性。然後，我們有了我們的執行功能，包括護理點功能和其他面向醫療保健專業人員的全通路組件，以及面向直接面向消費者的功能。

And those are obviously going to be transactional largely because that's the way that component of not just our business, but the ecosystem operates.

顯然，這些交易主要都是交易性的，因為不僅我們的業務，而且整個生態系統都是這樣運作的。

And so what we've seen is outsized growth in DAAP, like we've talked about in months past, and we've seen a resurgence of micro neighborhood audience growth. And so those pieces not only give us a smoothing of the revenue because of the revenue models, but they also give us a renewable view into what 2026 will look like and those contracts start earlier than we would normally do for transaction level contracting. So that's the big part of it. Andy, Ed, feel free to chime in if you want to add more.

因此，我們看到了DAAP的超額成長，就像我們過去幾個月一直在談論的那樣，我們也看到了微型社群受眾成長的復甦。因此，這些部分不僅透過收入模型使我們的收入趨於平穩，而且還讓我們對 2026 年的情況有了更清晰的了解，而且這些合約的生效時間比我們通常進行的交易級合約要早。這就是其中最重要的部分。安迪、艾德，如果你們想補充什麼，請隨時表達意見。

Yes. I mean, it's really -- go ahead, Ed.

是的。我的意思是，真的——請繼續，艾德。

No, I was going to say, I mean, as you guys know, I mean, vast majority of our business comes from renewals. So if you take that into account and then add some of the successes that drove this year, on top of it with more visibility into next year in terms of signed contracts as we sit here today, we feel like we're in a position to say, right, looking at next year, we can start to make at least a general guide around bookends that we're going to shoot for. And as things progress forward, we'll continue to tighten that range. Yes, go ahead, Andy, you can add to that.

不，我本來想說，我的意思是，你們也知道，我們絕大部分的業務都來自續約。因此，考慮到這些因素，再加上今年取得的一些成功，以及我們今天對明年已簽署合約的更多了解，我們覺得我們有能力說，展望明年，我們可以開始製定一個大致的目標框架，作為我們努力的方向。隨著事態發展，我們將繼續收緊這一範圍。好的，安迪，你可以補充。

No, you got it. You both you nailed it.

不，你答對了。你們倆都做得太棒了。

So thanks for all those details. So if I recall, like last quarter, we talked about these managed services type of contracts that come in. How much of that was present in the third quarter? And are you kind of making the same assumption that you did last quarter where you're not assuming any of that comes to bear in the fourth quarter in terms of the guidance that you provided as well as the outlook for '26. Is that the way to think about it?

非常感謝您提供的所有細節。如果我沒記錯的話，上個季度我們討論過這些託管服務類型的合約。第三季有多少這樣的情況？您是否和上個季度一樣，做出了同樣的假設，即您提供的業績指引以及對 2026 年的展望，都不會對第四季度產生任何影響？是這樣想的嗎？

Yes. Andy, why don't you take that one?

是的。安迪，你為什麼不接下那個任務呢？

Yes. So it went back to more of a normalized rate in the third quarter as it relates to that managed services business. The only thing that we're including in the forecast period for managed services business is stuff that we've already won and is starting to burn into revenue right now. We're not really including anything that's in pipeline and we don't have visibility to. So again, we're taking a very conservative approach to providing guidance with bookings that we feel very comfortable with.

是的。因此，就管理服務業務而言，第三季其成長率恢復到了較正常的水平。在預測期內，我們只把已經贏得並開始轉化為收入的託管服務業務納入預測範圍。我們實際上並沒有把那些正在籌備中且我們無法了解的項目納入考慮範圍。因此，我們再次採取非常保守的方式提供指導，只提供我們感覺非常合適的預訂服務。

Right. So as we kind of think of your guidance for '26, can you help us kind of bracket the kind of retention that is the baseline, if you will, to achieve that range?

正確的。所以，當我們考慮您對 2026 年的指導意見時，您能否幫助我們大致確定一下，要達到該目標範圍，需要達到的基準留存率是多少？

Yes. So historically, between 5% and 15% of our business comes from new logos every year. So the remaining would be what you would consider net revenue retention on a normalized basis.

是的。因此，從歷史上看，我們每年有 5% 到 15% 的業務來自新商標。因此，剩餘部分就是您以正常水準計算的淨收入留存率。

Okay. And that's the same assumption underlying your '26 guidance?

好的。而這和你2026年的指導意見所依據的假設是一樣的嗎？

It is.

這是。

Yes. We don't really guide based on net revenue retention, right, but that's kind of how it just shakes out as every year progresses.

是的。我們其實並不以淨收入留存率為指導原則，對吧，但隨著時間的推移，情況就逐漸朝著這個方向發展了。

And David, on that note, just one other quick bullet for you. Just -- and you and I spoke about this last time we were together. We are seeing good growth in the mid-tier segment of our business, meaning the mid-tier segment of clients coming to the table who may not be in that top 20, 25, 30 manufacturers that are coming in with outsized spend, mostly because we're able to provide capabilities that can supplement -- not just supplement, frankly, replace a lot of the stuff that they can't afford to do internally. . Whereas the big manufacturers might have kind of Cadillac support, so to speak, the mid-tier businesses do not.

大衛，說到這兒，我再給你補充一點。就是——你我上次見面的時候也談到了這件事。我們看到業務的中端市場成長良好，這意味著前來洽談的中端客戶可能並非前 20、25、30 名製造商，這些製造商的支出可能非常龐大，這主要是因為我們能夠提供可以補充——坦白說，不僅僅是補充，而是取代他們內部無力承擔的許多工作的能力。。大型製造商或許能獲得某種程度的「凱迪拉克」式支持，但中型企業卻沒有。

But using the technology that we've got allows them to compete on level ground. And so that's why we're seeing such a drive there. In our commercial organization, that Theresa is leading, has done a wonderful job of driving that. So I just wanted to call that out as a key point.

但是，利用我們現有的技術，他們可以在公平的競爭環境中競爭。所以，這就是為什麼我們看到那裡出現瞭如此強勁的勢頭。在我們商業組織中，特蕾莎領導的團隊在這方面做得非常出色。所以我想特別指出這一點。

Eric Martinuzzi, Lake Street.

埃里克·馬丁努齊，湖街。

I wanted to dive in on the RFP trends. You 0talked about they are improved. I was just curious, though, is that your win rate is the same and the number of RFPs has improved? Or is your win rate improving on a flat RFP trend? What can you tell us there?

我想深入了解 RFP 的發展趨勢。你提到過它們有所改進。我只是好奇，你們的得標率是否保持不變，而收到的投標邀請書數量是否有所增加？或者，在 RFP 趨勢趨於平穩的情況下，您的中標率是否反而有所提高？您能告訴我們些什麼嗎？

Yes, I'll start, and then I'll have Andy chime in, too. But all of the above, Eric, we're seeing more RFPs coming and the RFPs are more directly pointed at what we want them to be, which I think is good. The market is seeing what we are shifting the business model to over time. So the RFPs are definitely reflective of what we're providing the market, providing our clients. And I would say our win rate as a result of that is getting better.

好的，我先開始，然後安迪也插幾句。但艾瑞克，綜上所述，我們看到越來越多的招​​標書，而這些招標書更直接指向我們想要的方向，我認為這是件好事。市場正逐漸看到我們商業模式的轉變。因此，這些招標書確實反映了我們向市場和客戶提供的產品和服務。因此，我認為我們的勝率正在提高。

Again, I want to give some credit to our commercial team. They're doing an excellent job of getting out ahead of all of this stuff and engaging with clients. And when you're engaging with clients more intimately, you can tend to drive the crafting of the RFPs so that they get written at an appropriate level to something that you can respond versus just a random spray and pray request for information, right? And when we get those, the hit rate will be lower because there was no prior engagement. So hats off to Jen Dwyer, Theresa Greco and the entire commercial team for doing a great job there.

再次感謝我們的商務團隊。他們在這方面做得非常出色，能夠提前應對所有這些事情並與客戶互動。當你與客戶進行更密切的互動時，你就能更好地掌控 RFP 的撰寫，使其達到合適的水平，以便你能做出回應，而不是隨意地、漫無目的地索取信息，對吧？而當我們收到這些郵件時，命中率會更低，因為之前沒有任何互動。所以，向 Jen Dwyer、Theresa Greco 和整個商業團隊致敬，他們做得非常出色。

Right. And then you talked about the smoothing of the business. Maybe I could use a brief tutorial on the transactional where you said that those started later in the year as opposed to the DAAP and the micro neighborhood that are more sort of level loaded that kicks off to each of those types of campaigns.

正確的。然後你談到如何讓業務更加順暢。也許我可以請您簡要介紹一下交易型行銷，您提到這些行銷活動是在一年中較晚的時候開始的，而 DAAP 和微型社群行銷則更像是分級加載的，會針對每種類型的行銷活動啟動。

Sure. Yes, happy to talk about it. I mean you think about what DAAP and what MNT or MNA does, it's principally audience creation and it's the data that drives all of the campaigns, right? It's the technology that's producing -- finding those patients wherever they're going to be. And so because that is more of a software-like play that lends itself to a normal planning cycle where renewals are going to happen earlier.

當然。是的，我很樂意談論這個話題。我的意思是，想想DAAP、MNT或MNA是做什麼的，它們主要都是創建受眾群體，而且是數據驅動著所有的行銷活動，對吧？是科技在發揮作用──無論病人身在何處，都能找到他們。因此，因為這更像是一種軟體式的操作，更適合正常的規劃週期，續約也會提前發生。

That's the way pharma manages that segment of their budget and then the transactional components, which is typically message distribution, whether it's at an HCP level or if it's something that's going through DSP like a trade desk or some other way, typically is budgeted and accounted for on a quarterly basis, and it's based on performance and driven that way.

這就是製藥公司管理其預算中這部分內容的方式，而交易部分（通常是資訊分發，無論是在醫療保健專業人員層面，還是透過交易平台等需求方平台或其他方式）通常按季度進行預算和核算，並且以績效為基礎並以此為驅動。

So bringing DAAP to the table and getting it more mature, which we've been working very hard on, as you know, over the last several years since we launched it, and now bringing in what we acquired through the Medicx acquisition with MNT, that has really started to transform the profile of the business, and that's what you're seeing reflected in the performance of this year as well. You're seeing it front and center, but it will reflect into 2026 as well. That's given us great visibility. I think everyone feels better about what we're doing there. We're significantly up year-over-year on visibility for next year.

因此，我們一直在努力將 DAAP 引入市場並使其更加成熟，正如您所知，自從我們推出 DAAP 以來，過去幾年我們一直在為此付出巨大努力。現在，我們又透過收購 Medicx 和 MNT 獲得了相關技術，這真正開始改變公司的面貌，而您也從今年的業績中看到了這一點。你現在看到的是它最明顯的樣子，但它的影響也會延續到 2026 年。這大大提升了我們的知名度。我認為大家對我們在那裡所做的事情感覺更好了。我們對明年的預期比去年同期大幅提高。

Is there -- what's the right way to think about the percentage of the revenue in 2025 versus the percentage of the revenue in 2026 between those 2 buckets?

是否存在－對於 2025 年收入佔比與 2026 年收入佔比之間這兩個區間的百分比，正確的思考方式是什麼？

We don't break it out. We don't break it out at a product level.

我們不把它拿出來。我們不會在產品層面進行細分。

Anderson Schock, B. Riley Securities.

安德森·肖克，B.萊利證券。

Congratulations on another really strong quarter. So first, could you provide some color on the partnership with Lamar Advertising and on the size of the opportunity here? And I guess, will this gradually roll out in specific regions? Or is this going live across their entire national inventory?

恭喜你們又取得了一個非常出色的季度業績。首先，您能否詳細介紹一下與 Lamar Advertising 的合作情況，以及此次合作帶來的機會規模？我想，這項措施會逐步在特定地區推廣嗎？還是說這項措施將在他們的全國庫存中全面實施？

Yes. Happy to talk about it. Great to hear from you. So the whole idea with Lamar is they're looking to transform their business model, right? And their current business model is billboards.

是的。我很樂意談論這個話題。很高興收到你的來信。所以 Lamar 的整個理念是他們希望改變其商業模式，對嗎？他們目前的商業模式是廣告看板。

One of the things that OptimizeRx does really well, which you're acutely aware of is patient finding and an ability to be more precise in the way that we deploy messages across our omnichannel ecosystem.

OptimizeRx 的一項非常出色的功能（您也深有體會）是尋找患者，並且能夠更精準地在我們的全通路生態系統中部署資訊。

So think about the capability of doing that to enable a screen that's in a desperate location that might move from a random billboard to maybe a digital screen that's large, right? And that's really what Lamar is after there.

所以想想看，如果能做到這一點，就能讓一個位置很偏僻的螢幕，從隨機的廣告看板變成一個大型的數位螢幕，對吧？而這正是拉馬爾真正想要達到的目的。

The size of the opportunity is very large. I'm not going to take a stab at the TAM because it's not might take a stab at, it's really theirs. But the partnership is going to start rolling out pretty rapidly, I would say. And it's still early for us to start quoting projections on what we think it will do. It's really piloting at this point, but we're feeling pretty optimistic about the initial testing that we've done.

機會非常大。我不會對 TAM 妄加評論，因為這並非我可以評論的內容，而是他們的事情。但我認為，這項合作很快就會開始全面展開。現在就對它將產生的影響做出預測還為時過早。目前還處於試點階段，但我們對已進行的初步測試結果相當樂觀。

And we'll release more information on it as we get some more results, but early stages look pretty encouraging.

隨著我們獲得更多結果，我們會發布更多信息，但早期階段看起來相當令人鼓舞。

Got it. And then I guess this current guidance that you've provided for 2026 factoring any contributions from this partnership?

知道了。那麼，我想您目前針對 2026 年提供的指導意見，是否考慮到了此次合作帶來的任何貢獻呢？

No, zero, nothing. Too early for us to start factoring into forecast. We're just not going to do it yet.

不，零，什麼都沒有。現在開始將其納入預測還為時過早。我們現在還不打算這麼做。

And then could you talk about the gross margin expansion in the third quarter? What really drove this? And how should we be thinking about margins going forward in the fourth quarter and also into 2026?

那麼，您能否談談第三季的毛利率成長？究竟是什麼原因促成了這件事？那麼，我們該如何看待第四季以及2026年的利潤率呢？

Sure. Ed, do you want to take that one?

當然。艾德，你想接那個任務嗎？

Yes, sure. Yes. So look, I mean, it's typically driven by our product mix or solution mix and the channel partner mix. As we said before, as we scale the business, we have much more ability to negotiate more favorable deals with our channel partners, so that's reflecting yourself in the numbers as well as growth in DAAP and the DTC platform. So those two things together contributed to where we are right now for the year in Q4.

當然可以。是的。所以你看，我的意思是，這通常是由我們的產品組合或解決方案組合以及通路合作夥伴組合所驅動的。正如我們之前所說，隨著業務規模的擴大，我們更有能力與通路合作夥伴協商更有利的交易，這體現在 DAAP 和 DTC 平台的績效成長上。因此，這兩件事共同促成了我們今年第四季目前的狀況。

Going forward, I would say we're kind of stabilizing in that upper 50s to low 60s range from a guidance perspective. But you can see there's certainly upside to that number as the year progresses.

展望未來，從指引的角度來看，我認為我們的目標價位正在趨於穩定在 50 多到 60 分出頭的區間。但隨著時間的推移，這個數字肯定有上升的空間。

I'll add just one quick thing to that there, Anderson. So we also, in the third quarter, had a lot more -- in the second quarter had a lot more managed services revenue and we did not have nearly as much in the third quarter and managed services revenue is our lowest margin product. .

安德森，我再補充一點。因此，我們在第三季也獲得了更多——第二季我們的託管服務收入要多得多，而第三季則少得多，託管服務收入是我們利潤率最低的產品。。

(Operator Instructions) Jeff Garro, Stephens.

（操作說明）傑夫·加羅，史蒂芬斯。

I want to ask on the 2026 guide and the profitability side. If I calculate it, right, at the midpoint, I see about 60 basis points of EBITDA margin expansion. I was hoping you could talk about the mix of gross margin expansion may be dependent on channel mix versus operating leverage? And then any areas of potential variability that could lead to more or less margin expansion than what we see at the midpoint there?

我想問一下關於 2026 年的指導方針以及盈利能力方面的問題。如果我計算一下，對吧，在中間點，我看到 EBITDA 利潤率大約會提高 60 個基點。我希望您能談談毛利率擴張可能取決於通路組合還是經營槓桿？那麼，是否存在任何潛在的變動因素，可能導致利潤率擴張幅度大於或小於我們目前在中點看到的水平？

Jeff, I'm happy to answer it topically, and we won't get too deep into 2026, but happy to answer it topically. And what Andy just said is really a clear articulation of the dynamics of the business that really govern it, right? So as we continue to see our audiences grow over time through the DAAP and MNT products, margin expansion will continue to be front and center we will also manage the channel partner mix on the other side of that looking for optimal margin and that gives us the dynamic of being able to continue to improve over time.

傑夫，我很樂意就此主題作答，我們不會深入探討2026年，但我很樂意就此主題作答。安迪剛才所說的，確實清晰地闡述了真正支配該行業發展的動態，對吧？隨著 DAAP 和 MNT 產品的用戶群不斷增長，利潤擴張將繼續是我們的首要任務。另一方面，我們也將管理通路合作夥伴組合，尋求最佳利潤，這使我們能夠隨著時間的推移不斷改進。

Execution will be what it's going to be, as you know, from this business, and that's fairly predictable on the highs and lows. But those are the dynamics that are sort of shaping how we're thinking about 2026 gross margin expansion opportunities and where we've landed. Hopefully, that's helpful.

正如你在這個行業所了解的，執行情況如何，其高峰和低谷都是相當可預測的。但正是這些動態因素在某種程度上影響著我們對 2026 年毛利率擴張機會的思考以及我們最終的結論。希望這能有所幫助。

Maybe a follow-up on the operating leverage side of things. You have certainly seen, I think, a quarter-over-quarter decline in adjusted operating expenses this quarter, seeing really good leverage and maybe not expecting that to be the persistent trend over the next five or so quarters, but just a little more color commentary on your ability to drive additional operating leverage in the business would be helpful.

或許可以就經營槓桿方面做個後續報道。我認為，您肯定已經看到本季調整後的營運費用環比下降，槓桿作用非常顯著，或許您並不認為這會是未來五到五個季度的持續趨勢，但如果您能就您推動業務進一步提升運營槓桿的能力提供更多細節評論，那就太好了。

Yes, no problem. We're going to consistently -- go ahead, Ed. Yes, why don't you take it? Go ahead.

好的，沒問題。我們會一直這樣做——繼續吧，艾德。是的，為什麼不拿呢？前進。

Yes. So OpEx, as we said before, I mean, we have a highly leverageable business model as it is now. So as I said, on a cash basis, that was actually a bit of an increase, about $2 million versus last year. And that most of that is driven by the fact that our bonuses and variable comp are tracking our overperformance on the top line this year. So once you dial that back, you can pretty much assume a relatively stable operating expense run rate on a cash basis.

是的。所以，正如我們之前所說，營運支出方面，我們目前擁有一個高度可利用的商業模式。正如我所說，以現金計算，這實際上比去年略有增長，大約增長了 200 萬美元。而這主要是因為我們今年的獎金和浮動薪酬與我們超額完成的營收績效掛鉤。所以一旦你降低了成本，你就可以基本假設現金基礎上的營運費用運行率相對穩定。

And this concludes our question-and-answer session. I will turn the conference back over to Steve Silvestro for any closing comments.

我們的問答環節到此結束。我將把會議交還給史蒂夫·西爾維斯特羅，請他作總結發言。

Thank you, operator, and thank you all for joining us today. We're pleased to be building on a strong operational and financial momentum. Our foundation is solid, our patient-focused strategy is working, and we're confident in the path ahead. What you heard today reinforces our belief in our ability to achieve both our near-term goals and our long-term growth objectives. I remain deeply optimistic about the future of our business and the opportunities before us.

謝謝接線員，也謝謝各位今天收看我們的節目。我們很高興能夠保持強勁的營運和財務勢頭。我們的基礎穩固，以患者為中心的策略行之有效，我們對未來的道路充滿信心。今天大家聽到的內容更加堅定了我們實現近期目標和長期成長目標的信心。我對我們公司的未來以及我們面臨的機會仍然充滿信心。

We look forward to speaking with all of you again on the next earnings call and meeting many of you in the upcoming investor conferences and one-on-one meetings in the coming weeks. Wishing everyone a wonderful rest of your day and a wonderful holiday season with your families and friends.

我們期待在下次財報電話會議上再次與各位交流，並期待在接下來的幾周里，在即將舉行的投資者會議和一對一會議中與各位見面。祝大家今天餘下的時間過得愉快，並祝福大家與家人朋友度過一個美好的假期。

Thank you, Mr. Silvestro. Before we conclude today's call, I would like to provide the company's safe harbor statement that includes important cautions regarding forward-looking statements made during today's call. Statements made by management during today's call may include forward-looking statements within the definition of Section 27A and the Securities Act of 1993, as amended, and Section 21E of the Securities Act of 1934 as amended. These forward-looking statements would not be used -- should not be used to make investment decisions.

謝謝你，西爾維斯特羅先生。在今天的電話會議結束之前，我想提供公司的安全港聲明，其中包含對今天電話會議中作出的前瞻性陳述的重要注意事項。管理階層在今天的電話會議上發表的聲明可能包含《1993 年證券法》（經修訂）第 27A 條和《1934 年證券法》（經修訂）第 21E 條所定義的前瞻性聲明。這些前瞻性陳述不應被用於—也不應被用於做出投資決策。

The words anticipate, estimate, expect, possible and seeking and similar expressions identify forward-looking statements. They may speak only to the date that such statements are made.

「預期」、「估計」、「期望」、「可能」、「尋求」等詞語以及類似表達方式均用於識別前瞻性陳述。他們只能就發表此類聲明之日的情況作出解釋。

Forward-looking statements in this call include statements made defining how pharmaceutical companies, patients and prescribers connect, our value, our growth plans, creating shareholder value, becoming a Rule of 40 company, estimated 2025 revenue and adjusted EBITDA ranges, capturing greater market share, expanding our participation in the pharma industry's digital ecosystem, our technology and growth opportunities and building a strong operational and financial momentum.

本次電話會議中的前瞻性聲明包括：定義製藥公司、患者和處方醫生如何聯繫、我們的價值、我們的增長計劃、創造股東價值、成為一家符合“40 法則”的公司、預計 2025 年收入和調整後 EBITDA 範圍、獲取更大的市場份額、擴大我們在製藥行業數字生態系統中的參與、我們的技術和增長機會以及建立強大的運營和財務發展。

Forward-looking statements also include the management's expectations for the rest of the year. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or qualified. Future events and actual results could differ materially from those set forth in, contemplated by or underlying these forward-looking statements.

前瞻性陳述還包括管理階層對今年剩餘時間的預期。本公司不承擔因新資訊、未來事件或其他原因而公開更新或修改任何前瞻性聲明的義務。前瞻性陳述本身存在風險和不確定性，其中一些風險和不確定性是無法預測或限定的。未來的事件和實際結果可能與這些前瞻性聲明中闡述、設想或所依據的內容有重大差異。

The risks and uncertainties to which forward-looking statements are subject to include, but are not limited to, the effects of government regulation, compensation, dependence on a concentrated group of customers, cybersecurity incidents that could disrupt operations, the ability to keep pace with growing and evolving technology, the ability to maintain contact with electronic prescription platforms and electronic health records networks and other material risks discussed in the company's annual report Form 10-K for the year ended December 31, 2024, and in other filings the company has made and may make with the SEC in the future. These filings, when made, are available on the company's website and on the SEC website at sec.gov.

前瞻性陳述所面臨的風險和不確定性包括但不限於：政府監管的影響、補償、對單一客戶群的依賴、可能中斷運營的網絡安全事件、跟上不斷發展和演變的技術的能力、與電子處方平台和電子健康記錄網絡保持聯繫的能力，以及公司截至 2024 年 12 月 31 日止年度的 10-K 報告的 10-K 年度報告中可能提交給美國證券委員會的其他 10-K 年度數據委員會以及其他可能向美國證券委員會提交的這些文件提交後，可以在公司網站和美國證券交易委員會網站 sec.gov 上查閱。

Before we end today's conference, I would like to remind everyone that an audio recording of this conference call will be available for replay starting later this evening running through for a year on the Investors section of the company's website. Thank you for joining us today. This concludes today's conference, and you may now disconnect your lines.

在今天的會議結束之前，我想提醒大家，本次電話會議的錄音將於今晚晚些時候開始在公司網站的投資者關係版塊提供回放，有效期為一年。感謝您今天蒞臨。今天的會議到此結束，您可以斷開線路了。