Owlet Inc (OWLT) 2023 Q4 法說會逐字稿

Hello, everyone. Thank you for attending today's Owlet fourth quarter 2023 earnings call. My name is Thea, and I will be your moderator for today. (Operator Instructions) I would now like to pass the conference over to our host, Mike Cavanaugh, Investor Relations.

大家好。感謝您參加今天的 Owlet 2023 年第四季財報電話會議。我叫西婭，我將擔任今天的主持人。（操作員指示）我現在想將會議轉交給我們的東道主投資者關係部門的 Mike Cavanaugh。

Thank you, operator. And good afternoon, everyone, and thank you for joining us today for Owlet Baby Care fourth quarter 2023 earnings call. We appreciate your time and interest in our Company.

謝謝你，接線生。大家下午好，感謝您今天參加我們的 Owlet Baby Care 2023 年第四季財報電話會議。感謝您對我們公司的關注與關注。

Earlier today, Owlet released financial results for the quarter and full year ended December 31, 2023. The release is currently available on the company's website at www.investors.owletcare.com.

今天早些時候，Owlet 發布了截至 2023 年 12 月 31 日的季度和全年財務業績。目前該新聞稿可在本公司網站 www.investors.owletcare.com 上取得。

Our speakers for today's call are Kurt Workman, Owlet's Co-Founder and Chief Executive Officer; and Kate Scolnick, our Chief Financial Officer. Kurt will begin with an overview of our performance and key developments. Followed by Kate, who will provide a detailed review of our financial results. Following their remarks, we will open the call for your questions.

今天電話會議的發言人是 Owlet 聯合創始人兼執行長 Kurt Workman；和我們的財務長 Kate Scolnick。庫爾特將首先概述我們的業績和主要發展。接下來是凱特，她將對我們的財務表現進行詳細審查。在他們發表講話後，我們將開始電話詢問您的問題。

Before we get started, we'd like to remind participants that today's discussion will contain forward-looking statements based on current expectations. These statements are only predictions and are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.

在開始之前，我們想提醒參與者，今天的討論將包含基於當前預期的前瞻性陳述。這些陳述只是預測，存在某些風險和不確定性，可能導致實際結果與此類陳述明示或暗示的結果有重大差異。

These risks and uncertainties include but are not limited to those described in our most recent filings with the SEC and in the risk factors section of our annual report in Form 10-K for the fiscal year ended December 31, 2023. Please note that the company assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

這些風險和不確定性包括但不限於我們最近向 SEC 提交的文件以及我們截至 2023 年 12 月 31 日的財年 10-K 表格年度報告的風險因素部分中描述的風險和不確定性。請注意，本公司不承擔更新任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因，除非法律要求。

With that I would, now I'd like to turn the call over to our CEO, Kurt Workman.

現在我想將電話轉給我們的執行長 Kurt Workman。

Good afternoon, everyone, and thank you for joining Owlet's Earnings Call. 2023 was a transformative year for Owlet. We set out with three key goals. Secure FDA clearances, achieve adjusted EBITDA and year breakeven exiting 2023 and revitalize our channel health. I'm incredibly pleased to announce that we achieved all three.

大家下午好，感謝您參加 Owlet 的財報電話會議。 2023 年對 Owlet 來說是改變的一年。我們制定了三個關鍵目標。獲得 FDA 批准，實現調整後的 EBITDA 和 2023 年的年度收支平衡，並重振我們的通路健康。我非常高興地宣布我們實現了這三項目標。

These accomplishments are a testament to our team's dedication, the strength of our product portfolio and the large community of parents, health professionals and partners that believe deeply in the importance and mission of Owlet. Most importantly, though, these achievements position Owlet for substantial growth in 2024.

這些成就證明了我們團隊的奉獻精神、產品組合的實力以及深信 Owlet 重要性和使命的家長、健康專業人士和合作夥伴組成的廣大社區。但最重要的是，這些成就使 Owlet 能夠在 2024 年實現大幅成長。

Now let me talk about each. Our recent FDA clearance was a pivotal moment for the business, and by launching BabySat and DreamSock with medical-grade features. We redefined consumer health monitoring and redesigned the market for Owlet.

現在讓我逐一談談。我們最近獲得 FDA 批准對於我們的業務來說是一個關鍵時刻，我們推出了具有醫療級功能的 BabySat 和 DreamSock。我們重新定義了消費者健康監測，並重新設計了 Owlet 的市場。

Let me explain why this is so significant. First, it removes purchasing obstacles, FDA clearance, addressed the key customer concerns around regulatory status and the efficacy of our products and firmly. Specifically, for DreamSock, we added features such as live vital sign displays and health alarms giving medical-grade comfort to parents wishing to monitor and protect their children.

讓我解釋為什麼這麼重要。首先，它消除了採購障礙、FDA 許可，堅定地解決了客戶對監管狀況和我們產品功效的擔憂。具體來說，對於 DreamSock，我們添加了即時生命徵象顯示和健康警報等功能，為希望監控和保護孩子的父母提供醫療級的舒適度。

I'm excited to report that parents responded in kind in Q4 as evidenced by the doubling of our sell through during the recent holiday period and our DreamSock sell-through has continued to maintain double-digit growth over prior periods.

我很高興地向大家報告，家長們在第四季度做出了同樣的回應，最近的假期期間我們的銷量翻了一番，而且我們的DreamSock 銷量比之前的時期繼續保持兩位數的增長就證明了這一點。

Second, it solidifies our market leadership. Owlet is now the first and only FDA-cleared baby monitor in its category setting us apart from competitors who are basic consumer products and further distinguishing our category from traditional sound and video monitors also allowing us to draw direct comparisons to trusted hospital grade technology.

其次，它鞏固了我們的市場領導地位。Owlet 現在是該類別中第一個也是唯一一個獲得FDA 批准的嬰兒監視器，使我們與基本消費產品的競爭對手區分開來，並進一步將我們的類別與傳統的聲音和視頻監視器區分開來，也使我們能夠與值得信賴的醫院級技術進行直接比較。

Third, it opened the market for medical expansion. These clearances paved the way for our BabySat product to enter healthcare distribution, allowing us to improve the standard of care of monitoring for higher-risk babies. It also allows paediatricians to prescribe Owlet instead of the traditional intrusive and clunky hospital monitoring solutions that increase risk with wires going into the crib.

三是打開醫療拓展市場。這些許可證為我們的 BabySat 產品進入醫療保健分銷領域鋪平了道路，使我們能夠提高高風險嬰兒的監測護理標準。它還允許兒科醫生開出 Owlet，而不是傳統的侵入式且笨重的醫院監控解決方案，這些解決方案會增加電線進入嬰兒床的風險。

These new channels increase our distribution strengthen in our consumer and medical brand and improve margins. Alongside our FDA success, we've dramatically improved financial efficiency through a combination of strategic actions since the launch of Dream Sock in 2022, we reduced operating expenses by nearly 60%, including consolidating vendors and eliminating unnecessary costs.

這些新管道增強了我們在消費者和醫療品牌方面的分銷實力，並提高了利潤率。除了 FDA 的成功外，自 2022 年推出 Dream Sock 以來，我們還透過一系列策略行動顯著提高了財務效率，營運費用減少了近 60%，包括整合供應商和消除不必要的成本。

Over the same timeframe, we significantly reduced marketing expenses by over 70% and we've been able to effectively maintain those marketing spends levels while still driving a 20% increase in sell-through in 2023. This was done by focusing on targeted channels on social media, specific partnerships, product satisfaction initiatives, and leveraging our credibility behind our FDA clearances.

在同一時間段內，我們將行銷費用大幅減少了 70% 以上，並且能夠有效維持這些行銷支出水平，同時仍推動 2023 年銷售額成長 20%。這是透過關注社交媒體上的目標管道、特定合作夥伴關係、產品滿意度計劃以及利用我們 FDA 許可背後的信譽來實現的。

Our marketing chief team drove over 100 million unique video views and increased our social media falling to 1.3 million pair seltzer growth in 2023 and significant year-over-year improvement post-FDA clearance demonstrates that we can grow without significantly increasing marketing spend.

我們的行銷首席團隊帶來了超過1 億次的獨特影片觀看次數，並將我們的社群媒體數量增加至2023 年的130 萬對蘇打水成長，並且FDA 批准後的同比顯著改善表明，我們可以在不大幅增加行銷支出的情況下實現成長。

We also improved gross margins to 47% in Q4, a 1,900 basis point improvement year over year and would have delivered over 50% and adjusted EBITDA positive, if not for the one-time impact of our former Amazon partner going out of business. The improvement in margins during the year were due to warehouse changes, improving our channel mix, PPV reduction, and the onboarding of Amazon 1P.

第四季我們的毛利率也提高到了47%，年比提高了1,900 個基點，如果不是我們的前亞馬遜合作夥伴倒閉的一次性影響，我們的毛利率將超過50%，調整後的EBITDA 為正值。這一年利潤率的提高是由於倉庫的變化、通路組合的改善、PPV 的減少以及亞馬遜 1P 的加入。

These were significant operational achievements for our small operations team. These combined efforts of expense reduction, marketing efficiency, and margin improvement, brought Owlet to adjusted EBITDA near breakeven and the most efficient operating position in our history.

對於我們的小型營運團隊來說，這些都是重大的營運成就。這些降低費用、提高行銷效率和提高利潤率的綜合努力，使 Owlet 的調整後 EBITDA 接近盈虧平衡，並成為我們歷史上最高效的營運狀況。

At the start of 2023, we focused intensely on channel health. Key channels like Amazon, Target, and Walmart saw significant reductions in weeks on hand, while sell-through improved getting to a healthier channel position. An additional 800 WalMart doors fueled over 100% growth in sell through year-over-year. We added distribution of our Duo 2 products to Dreamsock in all Best Buy stores and onboarded Amazon 1P.

2023 年初，我們高度關注通路健康狀況。亞馬遜、塔吉特和沃爾瑪等主要管道的庫存量在幾週內大幅減少，而銷售率則有所提高，達到了更健康的通路地位。沃爾瑪新增 800 家門市，推動銷售額年增超過 100%。我們在所有百思買商店和亞馬遜 1P 上增加了對 Dreamsock 的 Duo 2 產品的分銷。

The combined sales effort helped fuel the sell-through needed to improve our channel health at retail. We also addressed imbalanced international inventory with strong sell through in the second half, reducing weeks on hand to manageable levels. Overall, our weeks on hand are now healthy.

綜合銷售努力有助於提高我們零售通路健康狀況所需的銷售量。我們也透過下半年的強勁銷售解決了國際庫存不平衡問題，將庫存週數減少到了可管理的水平。總體而言，我們現有的幾週時間是健康的。

Owlet navigated this even while overcoming the Buybuy Baby bankruptcy where liquidations temporarily impacted other channels. Overall, across 2023, we improved weeks on hand with our retailers by over 45% from the beginning of 2023, setting us up for strong revenue growth in 2024.

Owlet 在克服 Buybuy Baby 破產（清算暫時影響其他管道）的同時也克服了這個問題。總體而言，在 2023 年，我們與零售商的庫存週數比 2023 年初增加了 45% 以上，為我們在 2024 年實現強勁的收入成長做好了準備。

As we enter 2024, Owlet has the best product portfolio in the industry, strong sales momentum, healthy level of channel inventory, scalable operations, and FDA clearance. We're now focused on rapidly expanding medical distribution, elevating our retail presence, all while maintaining our operational and financial efficiency and discipline.

進入 2024 年，Owlet 擁有業內最佳的產品組合、強勁的銷售勢頭、健康的通路庫存水準、可擴展的營運以及 FDA 的許可。我們現在專注於快速擴大醫療分銷，提升我們的零售業務，同時保持我們的營運和財務效率和紀律。

In addition, we're eyeing two important milestones ahead of us to further unlock growth and market access. First, European expansion, CE. medical clearance a focus for early 2024, will propel continued European momentum and open new markets.

此外，我們也關注前方的兩個重要里程碑，以進一步釋放成長和市場准入。首先，歐洲擴張，CE。醫療檢查是 2024 年初的重點，將推動歐洲持續發展勢頭並打開新市場。

Second, software and services, providers are now able to use our data to better enable care at home. And Owlet will be developing software and services behind this new theme that will empower parents with new insights and better close the loop between healthcare and the home.

其次，在軟體和服務方面，提供者現在能夠使用我們的數據來更好地實現家庭護理。Owlet 將開發這個新主題背後的軟體和服務，為家長提供新的見解，並更好地關閉醫療保健和家庭之間的循環。

These new services will be introduced in 2024 and begin to shape our revenue and margin story in 2025. I'm incredibly proud of our team's perseverance and the amazing work done in 2023. Our mission to empower parents fuels our dedication during challenging times. This was evident in our donation to our foundation partners of over $1.4 million worth of DreamSocks to families in need.

這些新服務將於 2024 年推出，並在 2025 年開始影響我們的收入和利潤。我為我們團隊的毅力和 2023 年所完成的出色工作感到無比自豪。我們賦予父母權力的使命激發了我們在充滿挑戰的時期的奉獻精神。我們向基金會合作夥伴捐贈了價值超過 140 萬美元的 DreamSocks 給有需要的家庭，這一點就體現在這一點上。

In addition, fundraising for SIDS research, which raised over $150,000 and support for grieving parents where Owlet and our partners donated and planted trees, over 500 trees in memory of these parents precious little ones.

此外，我們還為 SIDS 研究籌款，籌集了超過 150,000 美元，並為悲傷的父母提供支持，Owlet 和我們的合作夥伴捐贈並種植了 500 多棵樹，以紀念這些父母珍貴的孩子。

We are dedicated to serving the families and communities who need Owlet the most. And I'm grateful and proud of the team that took time to give back while also pulling Owlet through very difficult times. I'm incredibly excited about the growth and opportunity we've unlocked for 2024 and beyond. I've been on this journey with Owlet and our community of over 2 million parents for over 10 years now. And I can tell you Owlet has never been in a better market position.

我們致力於為最需要 Owlet 的家庭和社區提供服務。我對團隊表示感激和自豪，他們花時間回饋社會，同時也幫助 Owlet 度過了非常困難的時期。我對我們在 2024 年及以後釋放的成長和機會感到非常興奮。十多年來，我一直與 Owlet 以及我們超過 200 萬家長組成的社區一起踏上這段旅程。我可以告訴您，Owlet 處於前所未有的市場地位。

Our time is now. Thank you, Kate, over to you for the financial highlights.

我們的時間就是現在。謝謝凱特，現在請介紹財務要點。

Thank you, Kurt. Thanks to everyone joining us today. In Q4 2023, Owlet demonstrated strong financial performance. I'll spend the next few minutes walking through key financial metrics and providing some additional detail. Gross billings for the fourth quarter were $32.9 million. Product promotions and discounts were $5.9 million and returns and allowances reserves were $5.7 million. Within this, $3.1 million was related to the transition of our business on the Amazon platform.

謝謝你，庫爾特。感謝今天加入我們的大家。2023 年第四季度，Owlet 展現了強勁的財務表現。我將在接下來的幾分鐘內詳細介紹關鍵的財務指標並提供一些額外的細節。第四季的總營收為 3,290 萬美元。產品促銷和折扣為 590 萬美元，退貨和津貼儲備為 570 萬美元。其中，310萬美元與我們在亞馬遜平台上的業務轉型有關。

Excluding the Amazon platform, returns and allowances were approximately 8% of gross billing within our average range Q4 revenue, which excludes returns and sales discounts, was $21 million. Gross billings for the full year 2023 were $73.2 million. Revenue, which excludes returns and sales discounts was $54 million.

不包括亞馬遜平台，退貨和津貼約占我們平均範圍內總帳單的 8%。第四季收入（不包括退貨和銷售折扣）為 2,100 萬美元。2023 年全年的總營收為 7,320 萬美元。不包括退貨和銷售折扣的收入為 5,400 萬美元。

Entering into 2023, our sell-in to distributors had outpaced sell through to consumers and during the course of the year, our partners were able to work through their excess inventory, bringing sell-in and sell-through into a healthy balance.

進入 2023 年，我們對經銷商的銷售量超過了對消費者的銷售量，在這一年中，我們的合作夥伴能夠處理掉多餘的庫存，使銷售量和銷售量達到健康的平衡。

By year-end, Q4 sell through units were up 32% sequentially, demonstrating a fourth consecutive quarter of sell-through growth in 2023. We ended 2023 with overall sell-through increasing 27% year-over-year at the top four retailers. Our gross margin for the fourth quarter was over 47%, a significant increase from 27.8% in the same period last year.

到年底，第四季度的銷量環比增長 32%，顯示 2023 年銷量連續第四個季度增長。截至 2023 年，四大零售商的整體銷售量較去年同期成長 27%。我們第四季的毛利率超過47%，比去年同期的27.8%大幅成長。

Gross margin for the full year 2023 was 41.8%, a significant improvement over margins of 33.7% from 2022. Our strategies to expand gross margins have been multifaceted. We've been focused on improving our sales product mix and optimizing our promotional strategy. We've also been working diligently to reduce our cost of goods sold where possible, including negotiating better terms with our suppliers and improving our shipping and warehouse processes.

2023 年全年毛利率為 41.8%，較 2022 年 33.7% 的利潤率顯著改善。我們擴大毛利率的策略是多方面的。我們一直致力於改善我們的銷售產品組合併優化我們的促銷策略。我們也一直在努力盡可能降低銷售成本，包括與供應商談判更好的條款以及改善我們的運輸和倉儲流程。

Operating expenses in the fourth quarter were $13 million, including stock-based compensation of $2.3 million, representing a 46% decrease of $11.1 million year-over-year. Excluding stock-based compensation, Q4 operating expenses were $10.7 million. Within these expenses, we accounted for a net $1.3 million bad debt expense regarding our former Amazon distribution partners.

第四季營運費用為 1,300 萬美元，其中股票薪酬為 230 萬美元，年減 1,110 萬美元，下降 46%。不包括股票薪酬，第四季營運費用為 1,070 萬美元。在這些費用中，我們計入了與我們前亞馬遜分銷合作夥伴相關的淨壞帳費用 130 萬美元。

For the full year, operating expenses were $51.2 million, including stock-based compensation of $9.9 million, representing a 53% decrease of $56.7 million year over year. Excluding stock based compensation, 2023, operating expenses were $41.3 million. The year-over-year decrease in operating expenses was primarily due to employee-related costs and marketing spend.

全年營運費用為 5,120 萬美元，其中股票報酬為 990 萬美元，年減 5,670 萬美元，下降 53%。不包括股票薪酬，2023 年營運費用為 4,130 萬美元。營運費用較去年同期下降主要是由於員工相關成本和行銷支出。

The measurable progress towards operating profitability in 2023 is an important foundational shift for all of its business. Fourth quarter net loss was $6.9 million for the quarter, a 65% decrease from $19.5 million in Q4 2022. For the full year net loss was $32.9 million, a decrease of $46.4 million year over year. Adjusted EBITDA loss for the fourth quarter was approximately $0.7 million, down 95% from $15.2 million year-over-year. For the full year, adjusted EBITDA loss of $16.3 million compared to $68.3 million in 2022.

2023 年營運獲利能力的顯著進展對其所有業務來說都是一個重要的基礎性轉變。第四季淨虧損為 690 萬美元，比 2022 年第四季的 1,950 萬美元減少 65%。全年淨虧損為 3,290 萬美元，年減 4,640 萬美元。第四季調整後 EBITDA 虧損約 70 萬美元，較去年同期的 1,520 萬美元下降 95%。全年調整後 EBITDA 虧損為 1,630 萬美元，而 2022 年為 6,830 萬美元。

In terms of our balance sheet and cash flow, we ended the year with $16.6 million in cash and cash equivalents. Coupled with our recent $9 million financing announced in February, we're beginning the year with good financial flexibility to invest in our 2024 growth initiatives and the necessary working capital resources to meet growing customer demand for FDA cleared products.

就我們的資產負債表和現金流而言，我們年底的現金和現金等價物為 1,660 萬美元。加上我們最近在2 月宣布的900 萬美元融資，我們在新年伊始就擁有良好的財務靈活性，可以投資於我們的2024 年增長計劃和必要的營運資本資源，以滿足客戶對FDA 批准產品不斷成長的需求。

We remain focused on executing our strategic initiatives to further strengthen our commercial and financial performance in 2024. With revenue growth, sustained gross margins and controlled expense management, we believe we can continue to drive shareholder value.

我們仍然專注於執行我們的策略性舉措，以進一步加強我們在 2024 年的商業和財務表現。憑藉著收入成長、持續的毛利率和受控的費用管理，我們相信我們可以繼續推動股東價值。

2024 is off to a strong start. Looking ahead we will again refrain from providing specific quarterly guidance. We are focused on executing on the core business activities in 2024 that will maximize supporting dream product commercialization and driving continual balance of sell-in and sell-through retail inventory.

2024 年有一個好的開始。展望未來，我們將再次避免提供具體的季度指引。我們的重點是在 2024 年執行核心業務活動，以最大限度地支援夢想產品商業化並推動零售庫存的持續平衡。

From a linearity perspective, we anticipate a seasonal sell in step down in Q1 from Q4 and particularly with the strong Amazon one-piece sales this past Q4 fall by a sequentially Strong sell-in Q2 for Mother's Day holiday promotions and Prime Day.

從線性角度來看，我們預計第一季的季節性銷售將比第四季度有所下降，特別是在過去第四季度亞馬遜單品銷售強勁的情況下，母親節假期促銷和Prime Day 的第二季度的強勁銷售會連續下降。

Second half sell-in for the November, December holiday promotions usually take place in Q3, making strides in ramping BabySat commercialization with new DME partnerships BabySat revenue will begin ramping as we develop our important long-term DME partnerships in 2024 and align for revenue model impact in 2025.

11 月、12 月假期促銷活動的下半年銷售通常在第三季度進行，透過新的DME 合作夥伴關係，BabySat 商業化取得了長足進步隨著我們在2024 年建立重要的長期DME 合作夥伴關係並調整收入模式，BabySat 收入將開始大幅成長2025年的影響。

Driving gross margins within our target range of 45% to 50% through unit volume, product mix and ongoing operational efficiencies and driving our operational planning towards breakeven and sustainable profitability. We are targeting operating expenses, excluding stock-based compensation, between $10 million to $20 million per quarter.

透過單位產量、產品組合和持續的營運效率，將毛利率提高到 45% 至 50% 的目標範圍內，並推動我們的營運規劃實現損益兩平和永續獲利。我們的目標是每季 1,000 萬至 2,000 萬美元的營運支出（不包括股票薪酬）。

With that, I will turn the call over to the Q&A portion. Operator, please open up the call to questions.

這樣，我將把電話轉到問答部分。接線員，請打開電話提問。

(Operator Instructions)

（操作員說明）

Our first question today comes from Charles Rhyee with PD Cowen. Please proceed.

我們今天的第一個問題來自 Charles Rhyee 和 PD Cowen。請繼續。

Thanks, and congratulations, guys, on ending the year strong here. Kate or Kurt, maybe just touch on Amazon a little bit here. Obviously, the direct selling to Amazon, what's the importance of that and what you what why should we view this as a real significant step forward for the Company?

謝謝，並祝賀你們，你們在這裡強勁地結束了這一年。凱特或庫爾特，也許在這裡稍微談談亞馬遜。顯然，向亞馬遜進行直銷，其重要性是什麼？為什麼我們應該將其視為公司向前邁出的真正重要一步？

Yeah, thanks, Charles, for the question. I think one of the big things to note is that Amazon is our largest channel. Something close to 30% of our revenue is driven through Amazon, so this is a really important channel for us. And traditionally, we've been working with third-party sellers on Amazon that help manage the logistics and compliance with Amazon's fulfilment process.

是的，謝謝查爾斯提出的問題。我認為值得注意的一件大事是亞馬遜是我們最大的管道。我們近 30% 的收入是透過亞馬遜實現的，因此這對我們來說是一個非常重要的管道。傳統上，我們一直與亞馬遜上的第三方賣家合作，幫助管理物流並遵守亞馬遜的履行流程。

And then they also help with some of the marketing on Amazon for us. As we progressed through 2023, we realized that Owlet sell-through was growing. We were getting into a healthier position. We were worried about some of the partner's financial strength. And at the same time, Amazon approached us.

然後他們也幫助我們在亞馬遜上進行一些行銷。隨著 2023 年的進展，我們意識到 Owlet 的銷量正在成長。我們正在進入一個更健康的情況。我們擔心一些合作夥伴的財務實力。與此同時，亞馬遜找到了我們。

They usually work with kind of the top 70 brands in every category of the kind of the top brands in every category. And Owlet was one of the brands that they weren't working with the top in our in the baby category.

他們通常與每個類別中排名前 70 的品牌合作。Owlet 是他們沒有與我們嬰兒類別中的頂級品牌合作的品牌之一。

And so we're really excited about the opportunity. What it provides is better financial stability, better margins, the unit economics through Amazon are better. And then going through third party distribution, we get additional placements as part of our agreement for advertising and marketing to give us better elevation.

所以我們對這個機會感到非常興奮。它提供的是更好的財務穩定性、更好的利潤率，亞馬遜的單位經濟效益也更好。然後透過第三方分銷，作為廣告和行銷協議的一部分，我們獲得了額外的展示位置，以為我們帶來更好的提升。

And so all of that combined puts a much better margin profile for the business, specifically within that channel as we move into 2024. And then combining that with the FDA clearance of this channel is one, we expect to see a lot of growth.

因此，所有這些加在一起為業務帶來了更好的利潤狀況，特別是在進入 2024 年時在該管道內。再加上 FDA 對該管道的許可，我們預計會看到很大的成長。

Yeah. And maybe just to begin with the clearance, obviously, you're the only FDA cleared product that's available in stores. Maybe talk a little bit about the competitive landscape? I know Mossmell has a product out there or and maybe just give us an update on what you're seeing in the rest the market?

是的。也許只是從許可開始，顯然，您是商店中唯一獲得 FDA 許可的產品。或許可以談談競爭格局？我知道 Mossmell 有一款產品，或者只是給我們介紹一下您在市場其他產品中看到的最新情況？

Yes. I would say that the number one concern our customers had heading into Q4 was around the confusion with the FDA. And so being able to announce that Owlet is the first and only FDA-cleared monitor for over-the-counter use, that's still the case today. There's no other monitor that has FDA approval to sell over the counter and through retail channels to empower parents directly with all of the health information.

是的。我想說，進入第四季度，我們的客戶最擔心的問題是與 FDA 的混淆。因此，能夠宣布 Owlet 是第一個也是唯一一個獲得 FDA 批准的非處方監測儀，至今仍然如此。沒有其他顯示器獲得 FDA 批准可以在櫃檯和零售通路銷售，使父母能夠直接獲得所有健康資訊。

So Owlet's in that position. And what we saw as a result of that is that it opened up the bottom of the funnel, the top of the funnel has been pretty healthy. The awareness around Owlet's been really good. And there's just been this question mark around, is Owlet FDA approved?

所以貓頭鷹就處於這個位置。我們看到的結果是，它打開了漏斗的底部，漏斗的頂部非常健康。人們對 Owlet 的認識非常好。一直有問號，Owlet FDA 批准了嗎？

Should I buy this from my baby? And we were able to answer that very clearly for consumers in Q4 and responded. That's why our sell were doubled during that holiday period year-over-year with that specific messaging and the press around that.

我應該買這個給我的寶寶嗎？我們能夠在第四季度為消費者非常清楚地回答這個問題並做出回應。這就是為什麼我們的銷量在那個假期期間同比翻了一番，因為有特定的資訊和媒體報導。

We're really excited about that opportunity. I think this year, Owlet's been put into a new category. We are the only FDA-cleared monitor on shelves. Our retail partners are really excited about that. They're giving outlet more shelf space. They're differentiating Owlet from the competition. And we're able to do that through our marketing and labeling, which is really, really exciting. So what we're seeing is now Owlet was the number one monitor in the category, and we expect that distance to continue to increase in 2024.

我們對這個機會感到非常興奮。我想今年，Owlet 被歸類在一個新類別了。我們是貨架上唯一獲得 FDA 批准的監測儀。我們的零售合作夥伴對此感到非常興奮。他們為商店提供了更多的貨架空間。他們正在將 Owlet 與競爭對手區分開來。我們能夠透過我們的行銷和標籤來做到這一點，這真的非常令人興奮。因此，我們現在看到的是 Owlet 是該類別中排名第一的顯示器，我們預計這一距離將在 2024 年繼續增加。

That's great. maybe switching over to BabySat a little bit quickly on this one. I think you had talked about partnering with a direct medical equipment distributor. Maybe give us an update there where you're at with that? I think you had already selected one or you've been you partnered with one. Maybe give us a little bit more details there.

那太棒了。也許在這個上切換到 BabySat 會稍微快一些。我想您已經討論過與直接醫療設備經銷商合作。也許可以提供我們一下您的最新情況嗎？我認為您已經選擇了其中之一，或者您已經與其中之一合作了。也許可以給我們更多的細節。

Yeah, of course. We partner, we announced a partnership with Adapt Health at the beginning of January. Adapt is a nationwide distributor of medical devices. They have relationships with every national insurance payer in the United States. They're in a big portion of the hospitals throughout the country. And so they're the perfect partner for Owlet to go to market with as we begin to sell BabySat.

嗯，當然咯。我們是合作夥伴，我們在一月初宣布與 Adapt Health 建立合作夥伴關係。Adapt 是一家全國性的醫療設備經銷商。他們與美國的每個國家保險付款人都有關係。他們遍佈全國大部分醫院。因此，當我們開始銷售 BabySat 時，它們是 Owlet 進入市場的完美合作夥伴。

They're integrating with all the insurance companies. They've integrated with our website as that the checkout experience through our website is seamless for our customers. They do all of the prescription verification, all of the insurance verification. They've got a sales group of hundreds of sales reps that are taking our lead now to and to hospitals.

他們正在與所有保險公司整合。他們已與我們的網站集成，以便我們的客戶透過我們的網站獲得無縫的結帳體驗。他們負責所有的處方驗證和保險驗證。他們有一個由數百名銷售代表組成的銷售團隊，現在正在帶領我們往返醫院。

It's obviously a channel that takes a little bit of time to build things move a little bit more slowly. But we're really excited about that partnership deal. You'll hear more partnerships announced probably every quarter this year as we're building out that medical distribution. But we're really excited about this first step into-- that into medical distribution.

顯然，這是一個需要一點時間才能建立的管道，進展速度會慢一些。但我們對這項合作協議感到非常興奮。隨著我們正在建立醫療分銷，您可能會在今年每個季度聽到更多宣布的合作夥伴關係。但我們對邁向醫療分配的第一步感到非常興奮。

Great, sorry. Maybe two more questions for me. The first one on international, that's you kind of moved into Europe early on before some of the things that kind of got delayed here. Maybe give us an update on where you are for the CE mark. And when you get the CE mark, is that for an over-the-counter product or is that for a prescription product? Just curious on the distinction.

太好了，抱歉。也許還有兩個問題想問我。第一個關於國際的，那就是在一些事情在這裡被推遲之前，你很早就搬到了歐洲。也許可以向我們提供有關您獲得 CE 標誌的最新資訊。當您獲得 CE 標誌時，是非處方產品還是處方產品？只是好奇其中的差別。

Good question. It's for an over-the-counter product, Europe's a little bit different in terms of their we have prescription and over-the-counter here for pulse oximetry. There, you can get medical distribution and have an over-the-counter product. But it is specifically for over-the-counter use.

好問題。這是一種非處方產品，歐洲的情況有點不同，我們這裡有處方藥和非處方藥用於脈搏血氧飽和度測定。在那裡，您可以獲得醫療分發併購買非處方產品。但它是專門供非處方藥使用的。

We'll be able to sell it through all of our retail channels that we've set up there. And we think it's going to have a huge impact on not only the expanded distribution that we've been working on, but also the same thing, the opening up the bottom part of the funnel. We've worked hard for a few years to build awareness. And we believe this is going to drive additional conversion and more partnership opportunities.

我們將能夠透過我們在那裡設立的所有零售通路銷售它。我們認為這不僅會對我們一直在努力的擴大分銷產生巨大影響，而且也會對開放漏斗底部的事情產生巨大影響。我們花了幾年的時間努力提高人們的認識。我們相信這將推動更多的轉化和更多的合作機會。

So we're very close to it, we've been able to leverage a lot of work the and a lot of the work in a lot of the studies that we did for FDA clearances. And we feel like we're in the kind of final steps to getting clearance.

所以我們非常接近它，我們已經能夠利用我們為獲得 FDA 許可所做的大量研究中的大量工作。我們覺得我們正處於獲得許可的最後一步。

Great. And maybe my last question, Kate, if we kind of look at the quarter here and we kind of background sort of the one-time modems that you kind of noted with particularly with the shift to Amazon, it would look like gross margins were north of 50% and adjusted EBITDA would have been positive for the quarter. I know you're not really giving forward guidance per se, but maybe you could help us think through sort of how margins how you're thinking about margin progression and sort of if we move the profitability here?

偉大的。也許我的最後一個問題，凱特，如果我們看一下這裡的季度，以及您提到的一次性調製解調器的背景，特別是轉向亞馬遜，那麼毛利率看起來會很高50%，調整後的EBITDA 本季度將為正值。我知道您本身並沒有真正提供前瞻性指導，但也許您可以幫助我們思考一下利潤率如何，您如何考慮利潤率進展，以及如果我們將盈利能力轉移到這裡？

Yeah. As I said, we're looking at the trajectory that we have through the year. What we're trying to get to our long-term model is really margin between 45% and 50%. Some of the undulation just kind of comes with the pace through the years. As we talked about the Q1 being a step down from Q4 just given volumes and then as it ramps up in Q2, Q3 with the different holidays and the promotions and prime days.

是的。正如我所說，我們正在研究這一年的發展軌跡。我們的長期模型試圖實現的實際上是 45% 到 50% 之間的利潤率。有些波動只是隨著多年來的步伐而出現的。正如我們所討論的，第一季比第四季度有所下降，只是給定了銷量，然後隨著第二季、第三季的銷量增加，有不同的假期、促銷和黃金日。

I think that what we're seeing is the more gravitation that we have towards our Sock product that is obviously the hero product as it relates to margins. So, mix moving towards there is a benefit. Looking further out, as I mentioned, as BabySap ramps out further into 2025, that will be a bargain benefit to the model as well.

我認為我們看到的是我們對 Sock 產品的吸引力更大，這顯然是英雄產品，因為它與利潤有關。因此，混合發展是有好處的。展望未來，正如我所提到的，隨著 BabySap 在 2025 年進一步發展，這對該模型來說也將是一個便宜的好處。

In terms of adjusted EBITDA, we're not changing our profile as it relates to expense. So, excluding stock-based compensation, operating expense being between $10 million to $12 million per quarter, we're looking at leverage in the model that way. You know, depending on where the revenue kind of lands each quarter, we'll see that improving too. Our goal is to be in a sustainably profitable company, and I think the benefits of 2023 that we made in taking as much expense as we did out, we don't want to lose that momentum that we have.

就調整後的 EBITDA 而言，我們不會改變與費用相關的概況。因此，排除基於股票的薪酬、每季 1,000 萬至 1,200 萬美元的營運費用，我們正在以這種方式考慮模型中的槓桿率。你知道，根據每季的收入情況，我們也會看到這種情況的改善。我們的目標是成為一家可持續盈利的公司，我認為 2023 年我們透過付出盡可能多的費用所獲得的好處，我們不想失去我們所擁有的動力。

So, it's the opportunities that we have to put our working capital towards the FDA-declared products this year, having revenue growth that will get us to that over the sustainable line-- if you will, in 2024 and beyond to make this really a company that is focused on being that independent growth company with a profitability lens. So, still some work to do in 2024, but I think what you'll see is that improvement continues as we go through the year.

因此，今年我們必須將營運資金投入 FDA 申報的產品，收入成長將使我們能夠在可持續的路線上實現這一目標——如果你願意的話，在 2024 年及以後，使這真正成為一個公司專注於成為具有獲利能力的獨立成長型公司。因此，2024 年仍有一些工作要做，但我認為您會看到，隨著這一年的過去，改進仍在繼續。

That's great. I'm sorry-- Maybe one more here. You talked about opening at the bottom of the funnel, and you saw that kind of double here in the fourth quarter. Can you give us a sense on what that trend looks like on the sell-through here in the first quarter so far? Are we still seeing the same kind of momentum?

那太棒了。抱歉——也許這裡還有一個。你談到了在漏斗底部的開局，你在第四節看到了這種雙打。您能否讓我們了解一下迄今為止第一季的銷售趨勢？我們是否仍然看到同樣的動力？

Yeah, for sure. Yeah, I would say not. It hasn't been a double kind of in the first quarter of 2024, but we've seen definitely double-digit growth year over year for DreamSock, which is part of the sales mix that's really starting to outperform, and Duo's close to that. So, we have seen sustained sell-through lift that's really promising as we go into 2024 that we can build on, and it's significant.

耶，當然了。是的，我會說不是。2024 年第一季的銷量並不是翻倍，但我們已經看到 DreamSock 的同比增長率絕對是兩位數，這是真正開始跑贏大盤的銷售組合的一部分，而 Duo 也接近這一數字。因此，我們看到了持續的銷售提升，當我們進入 2024 年時，這確實是有希望的，我們可以在此基礎上繼續前進，而且意義重大。

Great. Appreciate all the questions. Thank you.

偉大的。感謝所有的問題。謝謝。

Thanks, Charles.

謝謝，查爾斯。

Thank you for your question. There are no further questions in queue. So I will now pass the conference back over to Mike Cavanagh for further questions that came in via e-mail.

謝謝你的問題。隊列中沒有其他問題。因此，我現在將把會議轉回麥克·卡瓦納 (Mike Cavanagh)，以解答透過電子郵件提出的進一步問題。

Thanks very much, operator. Yeah, we did have we have received some questions from investors and particularly some of our retail investors that wanted to share during the Q&A session today.

非常感謝，接線生。是的，我們確實收到了投資者的一些問題，特別是一些散戶投資者希望在今天的問答環節中分享的問題。

So, the first one, congratulations, team, on 13 trillion heartbeats. Are there efforts to identify potential correlations between heartbeats and various medical conditions or sleep quality? And what can you tell us about the product roadmap and some of the other products like Band and Crib? Considering both FDA clearances and your extensive data set compared to competitors, that should be an advantage for you.

所以，第一個，恭喜團隊，心跳達到 13 兆次。是否正在努力確定心跳與各種醫療狀況或睡眠品質之間的潛在相關性？關於產品路線圖以及 Band 和 Crib 等其他一些產品，您能告訴我們什麼嗎？考慮到 FDA 的許可以及與競爭對手相比您的廣泛數據集，這對您來說應該是一個優勢。

Yeah, I'll take this one. Yeah, Owlet has one of the largest data sets of infant health at home and a fantastic data science team. We've known for a long time that the potential of our data and our technology and the value we can drive from those insights is immense. We've really been limited for years, you know, just being a consumer device and limitations around being in the consumer device space.

是的，我就拿這個。是的，Owlet 擁有國內最大的嬰兒健康數據集之一和出色的數據科學團隊。我們很早就知道，我們的數據和技術的潛力以及我們可以從這些見解中獲得的價值是巨大的。你知道，多年來我們確實受到限制，只是作為一種消費性設備以及消費性設備領域的限制。

So, now with FDA clearance, we can really start to unleash our data and technology for parents and providers. That's a big part of this year. I talked a little bit about software and services. So, our focus in 2024 is really two things. It's to drive adoption of our medical devices, and we're seeing the momentum in that area, and launching software and services to leverage Owlet's data.

因此，現在透過 FDA 的批准，我們可以真正開始為父母和提供者釋放我們的數據和技術。這是今年的一個重要部分。我談了一些關於軟體和服務的內容。所以，我們 2024 年的重點其實是兩件事。這是為了推動我們的醫療設備的採用，我們看到了該領域的勢頭，並推出了軟體和服務來利用 Owlet 的數據。

So, we really do believe that there's significant revenue and margin growth as we progress here by focusing on those two specific areas. With about 140 million babies born globally, we're just scratching the surface of Owlet's long-term potential. So, stay tuned for more. This is a really exciting area that we'll be sharing more and more about.

因此，我們確實相信，隨著我們專注於這兩個特定領域，我們將取得顯著的收入和利潤成長。全球約有 1.4 億個嬰兒出生，我們才剛觸及 Owlet 長期潛力的冰山一角。所以，請繼續關注更多資訊。這是一個非常令人興奮的領域，我們將對此進行越來越多的分享。

Okay. Thanks, Kurt. The next question, as an investor, I appreciate the strong support from Eclipse, as well as the active participation of the board in the recent offering. That clearly demonstrates confidence in Owlet going forward. With the public float at only about 20% of total shares, do you have any thoughts on the best way to build shareholder value? And then, in the current macro environment, how does Owlet push forward and stick out from the others?

好的。謝謝，庫爾特。下一個問題，身為投資者，我感謝Eclipse的大力支持，以及董事會對最近發行的積極參與。這清楚地表明了 Owlet 對未來的信心。由於公眾持股量僅佔總股本的20%左右，您對建立股東價值的最佳方式有何想法？那麼，在當前的宏觀環境下，Owlet該如何脫穎而出，脫穎而出呢？

Yeah. I can take that question. You know, as a micro-cap company, I think, along with others, we've been impacted by these conditions of the capital markets, especially since they've continued to be drawn out over what seems like a long period of time. We've had the financial support of our largest investors and our banking and trade partners, so we've been able to continue to also execute against our mission and vision.

是的。我可以回答這個問題。你知道，作為一家微型公司，我認為我們和其他公司一樣，都受到了資本市場這些狀況的影響，特別是因為它們在似乎很長一段時間內持續被拉長。我們得到了最大投資者以及銀行和貿易合作夥伴的財務支持，因此我們能夠繼續執行我們的使命和願景。

I think this support has been really helpful in our ability to deliver against our business and operational plans in 2023 that we've just spent time discussing today, and these accomplishments set us up for even more success in 2024. So, we believe that, you know, the execution of last year and also the executional plans that we talked about for 2024 is what puts us in the best position to continue to build shareholder value right now.

我認為這種支援對於我們實現我們今天剛花時間討論的 2023 年業務和營運計劃的能力非常有幫助，這些成就為我們在 2024 年取得更大的成功奠定了基礎。因此，我們相信，去年的執行情況以及我們討論的 2024 年執行計劃使我們處於繼續創造股東價值的最佳位置。

Okay. Thanks, Kate. Next question. Does Owlet plan to launch in India or other Asian countries? And if so, what is the potential timeline for that?

好的。謝謝，凱特。下一個問題。Owlet 計劃在印度或其他亞洲國家推出嗎？如果是這樣，可能的時間表是什麼？

Yeah. I mentioned that we're very close on the CMS clearance. I'm really proud of the team's work there. That's the near-term focus. But there are 140 million babies born across the world every single year, and parenting really has universal needs.

是的。我提到我們非常接近 CMS 許可。我對團隊在那裡的工作感到非常自豪。這是近期的重點。但全世界每年有 1.4 億個嬰兒出生，育兒確實有普遍的需求。

There's-- it doesn't matter where your baby's born, parents care about their child's safety and their health and them being able to get a good night's sleep. And so, our technology has a really big opportunity to have an impact across the globe. We're really excited about this.

無論您的寶寶在哪裡出生，父母都關心孩子的安全和健康以及他們是否能睡個好覺。因此，我們的技術有很大的機會在全球範圍內產生影響。我們對此感到非常興奮。

In 2024, our specific focus is on expansion of Owlet's medical device in Europe. There's a lot of room for growth there, and then we'll open up other geographies in coming years.

2024 年，我們的具體重點是 Owlet 醫療設備在歐洲的擴張。那裡有很大的成長空間，然後我們將在未來幾年開放其他地區。

Great. Thanks, Kurt. Next question. Given the demographic of Owlet's target market, how important is social media and influencer marketing? Can we expect celebrity-type marketing of the Owlet Sock in the future?

偉大的。謝謝，庫爾特。下一個問題。考慮到 Owlet 目標市場的人口結構，社群媒體和影響者行銷有多重要？我們能否期待 Owlet Sock 未來的名人式行銷？

So, we work really hard to meet parents really where they're at with messages that resonate with them in channels that, you know, they spend their time. And one shining example for us recently is the TikTok strategy that we've put in place. Put a large emphasis on getting Owlet's stories out into the communities.

因此，我們非常努力地在家長們花時間的管道中與他們真正接觸，傳達與他們產生共鳴的訊息。最近我們實施的 TikTok 策略就是一個光輝的例子。專注於將 Owlet 的故事傳播到社區。

And those stories include really fun and creative content about parenting, very serious and emotional content around, you know, the parent or the child's story, their health journey, or Owlet detecting that the baby had low oxygen and parents being able to intervene in time.

這些故事包括關於育兒的非常有趣和有創意的內容，非常嚴肅和情感化的內容，你知道，父母或孩子的故事，他們的健康之旅，或者貓頭鷹檢測到嬰兒缺氧並且父母能夠及時幹預。

That, you know, those stories have a big impact. We've even had, you know, a lot of user-generated stories and partner stories. Somebody wrote a song about Owlet or about their child, and they included Owlet in it. So, we do a lot of work on social. We had over 100 million video views and engagements last year.

你知道，這些故事有很大的影響。你知道，我們甚至有很多用戶生成的故事和合作夥伴的故事。有人寫了一首關於貓頭鷹或他們的孩子的歌曲，他們把貓頭鷹包括在裡面。所以，我們在社交方面做了很多工作。去年我們的影片瀏覽量和參與度超過 1 億次。

And we want to be a very authentic connection with parents. And it's obvious that, you know, parents telling real stories and real-life examples and the word of mouth behind our product is always meaningful to Owlet. It's been a big part of growing our brand and our awareness and being able to do that also while cutting marketing expenses.

我們希望與父母建立非常真實的聯繫。很明顯，父母講述的真實故事和現實生活中的例子以及我們產品背後的口碑對 Owlet 總是有意義的。這是提高我們的品牌和知名度的重要組成部分，並且能夠在削減行銷費用的同時做到這一點。

So, a lot of opportunities with that and there are a lot of celebrities who use Owlet organically and share about Owlet because they absolutely love the product. And so, we feel like that's the approach that resonates the best with parents.

因此，這方面有很多機會，而且有很多名人有機地使用 Owlet 並分享 Owlet，因為他們絕對喜歡這個產品。因此，我們認為這是最能引起家長共鳴的方法。

All right, great. And we have one final question that we received. I noticed there was a PR firm, that is a public relations firm, hired toward the end of the year. Can you speak to that and the strategy behind it?

好吧，太好了。我們收到了最後一個問題。我注意到有一家公關公司，即公共關係公司，是在年底聘用的。您能談談這一點及其背後的策略嗎？

Yeah, I would just simply say that Owlet, really, again, we're in a first and only position. We are the first and omni-approved FDA monitor for over-the-counter distribution. And we're taking advantage of that in the market today by driving awareness and cleaning up any confusion in the market that's existed.

是的，我只想簡單地說，貓頭鷹，真的，我們再次處於第一也是唯一的位置。我們是第一個獲得 FDA 全面批准的非處方藥分銷監測機構。我們正在利用當今市場的這一點，提高人們的意識並消除市場上存在的任何混亂。

We've had hundreds of articles written about Owlet in just the last few months. Millions of parents engaging with that message. Thanks to our social and our PR team that's doing a fantastic job. And that's a big reason why we're seeing this organic lift in sell-through. People now know that Owlet is in that position and we're the best available option. So, this is a massive year for us.

在過去的幾個月裡，我們已經寫了數百篇關於 Owlet 的文章。數以百萬計的家長都在關注這項訊息。感謝我們的社交和公關團隊做得非常出色。這就是我們看到銷售有機提升的一個重要原因。人們現在知道 Owlet 處於這個位置，而我們是最好的選擇。所以，今年對我們來說是重要的一年。

All right, I think that's it for our supplemental questions. Operator?

好的，我想我們的補充問題就到此為止。操作員？

Thank you. I'll now pass the conference over to Kurt Workman for closing remarks.

謝謝。現在我將把會議交給庫爾特·沃克曼（Kurt Workman）做閉幕詞。

Thank you. Yeah, as we look ahead, we're excited about the opportunities that are ahead of us. We're focused on expanding our product footprint, driving revenue growth, improving operating leverage and achieving further profitability. Our strategies and initiatives are designed to capitalize on those and to continue to deliver value to our shareholders.

謝謝。是的，當我們展望未來時，我們對眼前的機會感到興奮。我們專注於擴大產品覆蓋範圍、推動收入成長、提高營運槓桿並實現進一步獲利。我們的策略和舉措旨在利用這些優勢並繼續為股東創造價值。

In conclusion, I want to express my sincere gratitude to our shareholders, to our clients, and our dedicated employees for their unwavering support and loyalty. And your belief in our mission and commitment to our vision has been instrumental in our achievements this past year.

最後，我要向我們的股東、客戶和敬業的員工表達衷心的感謝，感謝他們堅定不移的支持和忠誠。您對我們使命的信念和對我們願景的承諾對我們去年的成就發揮了重要作用。

Thank you. As we look forward to 2024, we are energized by our progress and the momentum that we've built over the last few years. We're excited to continue our journey with all of you.

謝謝。展望 2024 年，我們對過去幾年所取得的進展和勢頭感到振奮。我們很高興能與大家一起繼續我們的旅程。

Thank you once again for your continued support and for joining us on this call today.

再次感謝您的持續支持並參加我們今天的電話會議。

That will conclude today's conference call. Thank you all for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝大家的參與。現在您可以斷開線路。