Paysign Inc (PAYS) 2023 Q4 法說會逐字稿

Good afternoon. My name is Kevin, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Paysign fourth-quarter and full-year 2023 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

午安.我叫凱文，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Paysign 第四季和 2023 年全年財報電話會議。（操作員說明）謹此提醒，本次電話會議正在錄音。

For comments on today's call regarding Paysign's financial results will be on a GAAP basis unless otherwise noted. Paysign's during the earnings release was disseminated to the SEC earlier today and can be found on the Investor Relations section of our website paysign.com, which includes reconciliations of non-GAAP measures to GAAP reported amounts.

除非另有說明，否則今天關於 Paysign 財務業績的電話會議的評論將基於 GAAP 基礎。Paysign 在今天稍早向美國證券交易委員會發布了收益發布期間的信息，並且可以在我們網站 paysign.com 的投資者關係部分找到，其中包括非 GAAP 指標與 GAAP 報告金額的對帳。

Additionally, as set forth in more detail in our earnings release, I'd like to remind everyone that today's call will include forward-looking statements regarding Paysign's future performance. Actual performance could differ materially from these forward-looking statements. Information about the factors that could affect future performance are summarized at the end of Paysign's earnings release and in our recent SEC filings.

此外，正如我們的收益報告中更詳細所述，我想提醒大家，今天的電話會議將包括有關 Paysign 未來業績的前瞻性陳述。實際表現可能與這些前瞻性陳述有重大差異。有關可能影響未來業績的因素的資訊在 Paysign 收益發布的末尾和我們最近向 SEC 提交的文件中進行了總結。

Lastly, a replay of this call will be available until June 26, 2024, please see Paysign's, fourth-quarter and full- year earnings call announcement for details on how to access the replay.

最後，本次電話會議的重播將持續到 2024 年 6 月 26 日，請參閱 Paysign 第四季和全年財報電話會議公告，以了解有關如何存取重播的詳細資訊。

It's now my pleasure to turn the call over to Mr. Mark Newcomer, CEO. Please go ahead.

現在我很高興將電話轉給執行長馬克紐科默先生。請繼續。

Thank you, Kevin. Good afternoon, everyone, and thank you for joining our earnings call. Today we're thrilled to discuss Paysign's performance for the fourth-quarter and the full-year 2023. I'm Mark Newcomer, President and Chief Executive Officer, joining me today is Jeff Baker, our Chief Financial Officer. Additionally, Matt Turner, our President of patient affordability, and Matt Lanford, our Chief Payments Officer, will also be joining us for the Q&A session.

謝謝你，凱文。大家下午好，感謝您參加我們的財報電話會議。今天，我們很高興討論 Paysign 第四季和 2023 年全年的表現。我是總裁兼執行長馬克紐科默 (Mark Newcomer)，今天加入我的是我們的財務長傑夫貝克 (Jeff Baker)。此外，我們的病患負擔能力總裁 Matt Turner 和我們的首席支付長 Matt Lanford 也將參加我們的問答環節。

Earlier today, we announced our 2023 fourth-quarter and full-year financial results. We are extremely pleased with our performance as we continued to grow revenue, net income and adjusted EBITDA. Our fourth-quarter revenue grew to $13.7 million, a robust 29% increase year-over-year. For the full-year, we saw 24% revenue growth to $47.3 million. Most notably, our net income increased by 528% to $6.5 million or $0.12 per fully diluted share from $1 million or $0.02 per fully diluted share at the prior year.

今天早些時候，我們公佈了 2023 年第四季和全年財務業績。我們對我們的業績非常滿意，因為我們的收入、淨利潤和調整後的 EBITDA 持續成長。我們第四季的營收成長至 1,370 萬美元，較去年同期強勁成長 29%。全年營收成長 24%，達到 4,730 萬美元。最值得注意的是，我們的淨利潤從上一年的 100 萬美元或完全稀釋每股 0.02 美元增加到 650 萬美元或完全稀釋每股 0.12 美元，增加了 528%。

Full year adjusted EBITDA also saw an increase of 21% from $5.5 million in 2022 to $6.7 million in 2023. Our plasma donor compensation business continued its strong performance, contributing $42 million in 2023 versus $34.7 million in 2022, up 21% from 2022. The fourth-quarter alone showed a 14% increase in the average revenue per center from $7,293 in Q4 2022 to $8,297 in Q4 of 2023, and we expect this ongoing expansion of the revenue per center to continue.

全年調整後 EBITDA 也成長了 21%，從 2022 年的 550 萬美元增加到 2023 年的 670 萬美元。我們的血漿捐贈者補償業務持續保持強勁表現，2023 年貢獻 4,200 萬美元，而 2022 年為 3,470 萬美元，比 2022 年增長 21%。光是第四季度，每個中心的平均收入就成長了 14%，從 2022 年第四季的 7,293 美元增至 2023 年第四季的 8,297 美元，我們預計每個中心收入的持續成長將持續下去。

In 2023, we expanded our reach to 464 centers. We onboarded 38 centers and lost 18 centers. 14 of the 18 lost centers were closures and the remaining four were sales to non-client plasma collection companies. Following an extended period of rapid growth in new centers. In 2023, our plasma clients began to shift their focus from new center openings to increasing plasma yield per center, concentrating on donor acquisition and retention.

2023 年，我們將業務範圍擴大到 464 個中心。我們加入了 38 個中心，並失去了 18 個中心。 18 個遺失的中心中有 14 個已關閉，其餘 4 個則出售給非客戶血漿採集公司。經過一段時間的新中心快速成長。2023 年，我們的血漿客戶開始將重點從開設新中心轉向提高每個中心的血漿產量，重點是捐贈者的獲取和保留。

As a result, we are expecting 15 to 25 new centers in 2024. The patient affordability segment has emerged as a significant growth engine for the company as we launch programs for some of the world's largest pharmaceutical manufacturers.

因此，我們預計 2024 年將新建 15 至 25 個中心。隨著我們為一些全球最大的製藥製造商推出項目，患者負擔能力部分已成為該公司的重要成長引擎。

In 2023, we launched 24 net new programs and ended the year with 43 active programs, marking a 126% increase over the prior year. This segment saw 122% rise in claims volume for 2023 with even higher expectations for 2024. Fourth-quarter claims volume increased 215% from the same period the previous year.

2023 年，我們淨推出了 24 個新項目，年底有 43 個活躍項目，比上年增長 126%。該細分市場 2023 年的索賠量增加了 122%，對 2024 年的預期甚至更高。第四季理賠量較去年同期成長 215%。

Our sales cycle remained in the 90 to 120 day range, a marked improvement from prior years, and our pipeline remains extremely robust. Patient affordability revenue increased 172% year-over-year. We expect patient affordability revenue to continue to grow at triple digit rates in 2024.

我們的銷售週期保持在 90 至 120 天範圍內，比往年有顯著改善，我們的通路仍然非常強勁。患者負擔能力收入較去年同期成長 172%。我們預計 2024 年患者負擔能力收入將繼續以三位數的速度成長。

I would like to add some additional context regarding our claim volumes as it is a key performance indicator for patient affordability business. In simple terms, we receive medical and pharmacy claims. Medical claims are typically submitted by a doctor's office, practice or hospital and can be for physician administered or infused drugs.

我想補充一些關於我們的索賠量的額外背景，因為它是患者負擔能力業務的關鍵績效指標。簡而言之，我們收到醫療和藥品索賠。醫療索賠通常由醫生辦公室、診所或醫院提交，並且可以針對醫生施用或輸注的藥物。

Pharmacy claims are dispensed by a pharmacy and include retail claims, which are claims that originate from retail brick and mortar corner, drug stores and specialty claims, which are being filled by mail-order pharmacies that work with high cost drugs such as biologics. A well-rounded portfolio is key to addressing long-term growth as drugs gain approval or lose exclusivity.

藥房索賠由藥房發放，包括零售索賠，這些索賠來自零售實體店、藥房和專業索賠，這些索賠由銷售生物製劑等高成本藥物的郵購藥房填寫。隨著藥物獲得批准或失去排他性，全面的產品組合是實現長期成長的關鍵。

To build a well-diversified revenue model we pursue programs in all three categories. In 2024, we expect to see an increase in retail claims, helping us diversify the balance of our mix of claims. During the fourth- quarter, we onboarded a total of nine net new patient affordability programs. Of note, we successfully transitioned the oncology portfolio of a major pharmaceutical manufacturer consisting of four programs.

為了建立多元化的收入模式，我們在所有三個類別中推行計劃。到 2024 年，我們預計零售索賠將會增加，這有助於我們實現索賠組合的平衡多元化。在第四季度，我們總共啟動了九個淨新病患負擔能力計畫。值得注意的是，我們成功地轉變了一家主要製藥製造商的腫瘤學產品組合，其中包括四個項目。

These are mature programs that deliver claims immediately upon onboarding. We also launched two additional programs for this client, and they have already awarded us three more programs in 2024. It should be noted that transition programs, which is an existing program service by another vendor out numbers, our program launch of new to market drugs.

這些都是成熟的計劃，可在入職後立即提供索賠。我們也為該客戶啟動了另外兩個項目，他們已經在 2024 年授予了我們另外三個項目。應該指出的是，過渡計劃是另一家供應商提供的現有計劃服務，其數量超過了我們推出新上市藥物的計劃。

It is very important to call out that transition programs are far more difficult to win. Transitioning a patient affordability program requires a detailed and comprehensive approach with zero margin for error. As a seamless transition is of the utmost importance to the program sponsor and the patients that rely on a well-run program. We are pleased that we have been able to provide solutions where the value offered is so compelling that our clients are willing to change mid program.

非常重要的是要指出，過渡計劃的獲勝要困難得多。轉變病患負擔能力計畫需要採取詳細、全面、零誤差的方法。對於專案發起人和依賴良好運作專案的患者來說，無縫過渡至關重要。我們很高興能夠提供具有如此引人注目的價值的解決方案，以至於我們的客戶願意在計劃中進行更改。

I want to take a moment to talk about the recent disruptions to the patient affordability sector. On February 21, there was an unprecedented cyber attack on the US health system and the changed healthcare claims and payment infrastructure. This had a substantial impact to consumers providers and many of our competitors leaving their pharmaceutical manufacturer clients scrambling for a solution to the prolonged outage.

我想花點時間談談最近患者負擔能力領域受到的干擾。2 月 21 日，美國醫療系統遭受前所未有的網路攻擊，醫療保健索賠和支付基礎設施也發生了變化。這對消費者提供者和我們的許多競爭對手產生了重大影響，使他們的製藥製造商客戶爭先恐後地尋求解決長期停電的方案。

As a result of the fallout, we were able to secure and launch eight new programs from two manufacturers in less than 10 days, adding substantial revenue and approximately 1 million additional claims to our 2024 claims volume. We are confident that this will lead to additional programs in 2024 from these and other manufacturers as we continue to assist our current partners and field new requests.

由於此次事件的影響，我們在不到 10 天內獲得併啟動了兩家製造商的 8 個新項目，增加了可觀的收入，並為我們 2024 年的索賠量增加了約 100 萬件索賠。我們相信，隨著我們繼續協助現有合作夥伴並滿足新的要求，這些製造商和其他製造商將在 2024 年推出更多計劃。

Much like our payment platform, our patient affordability platform has been purpose-built for high availability and utilizes multiple redundant network connections to assure continuity. These multiple processor connections enabled us to quickly move to other processors not impacted by this event. To catapult pay signs innovative fintech solutions to the forefront of patient affordability in the health care ecosystem.

與我們的支付平台非常相似，我們的患者負擔能力平台專為高可用性而構建，並利用多個冗餘網路連接來確保連續性。這些多處理器連接使我們能夠快速轉移到不受此事件影響的其他處理器。將支付標誌創新的金融科技解決方案推向醫療保健生態系統中病患負擔能力的最前線。

We made a number of executive changes, which we believe both sharpen our focus on the accelerating growth of our patient affordability segments and better enable us to enter new markets. This year, Matt Turner assumed leadership of the patient affordability segment being promoted to President of Patient Affordability.

我們進行了一系列高階主管變動，我們相信這些變動既使我們更加關注患者負擔得起的細分市場的加速成長，又使我們能夠更好地進入新市場。今年，馬特·特納 (Matt Turner) 擔任患者負擔能力部門的領導，並晉升為患者負擔能力部門總裁。

We appointed Cosimo Cambi to the position of Chief Operating Officer, leveraging his 12 years of experience in both the patient affordability and fintech space. Most recently as Director of data science and Vice President of Operations here at Paysign.

我們任命 Cosimo Cambi 擔任首席營運官，充分利用他在患者負擔能力和金融科技領域 12 年的經驗。最近擔任 Paysign 的數據科學總監和營運副總裁。

Mr. Cambi succeeds Matt Lanford, who transitioned to the newly formed position of Chief Payments Officer, where he will rely on his 35 years experience in payments to lead our new product and project management office. Mr. Lanford, for its fintech expertise, leadership and guidance will be instrumental in the development of new products and the opening of new markets.

Cambi 先生接替 Matt Lanford，後者調任新設立的首席支付官職位，他將憑藉自己 35 年的支付經驗來領導我們的新產品和專案管理辦公室。蘭福德先生的金融科技專業知識、領導力和指導將有助於新產品的開發和新市場的開拓。

In summary, we are pleased with our 2023 result as we reported another year of strong growth. We are especially pleased with the trajectory of our patient affordability segment, as we continue to execute on our mission to bring innovative fintech solutions to the forefront of the patient affordability and health care ecosystem. We believe we have assembled an excellent team coupled with what we believe to be a truly disruptive product portfolio that continues to gain acceptance in the industry.

總而言之，我們對 2023 年的業績感到滿意，因為我們又報告了強勁成長的一年。我們對患者負擔能力領域的發展軌跡感到特別滿意，因為我們將繼續履行我們的使命，將創新的金融科技解決方案帶到患者負擔能力和醫療保健生態系統的最前沿。我們相信，我們已經組建了一支優秀的團隊，加上我們認為真正顛覆性的產品組合，並將繼續獲得業界的認可。

Our plasma segment continues to grow at a steady pace, and we believe this will continue for the foreseeable future. We will continue to invest in our people and systems to meet the rapidly growing demand for our services, and I believe we are well positioned to capitalize on the many opportunities that lie ahead of us.

我們的血漿業務持續穩定成長，我們相信在可預見的未來這種情況將持續下去。我們將繼續投資於我們的人員和系統，以滿足對我們服務的快速增長的需求，我相信我們處於有利位置，可以利用擺在我們面前的許多機會。

Jeff, over to you for more insight into our financials for the quarter and year end.

傑夫，請您更深入地了解我們季度和年末的財務狀況。

Thank you, Mark. Good afternoon, everyone. As Mark said, we closed 2023 with a solid fourth-quarter, capping off what was a nice 2023. Ever since exiting from COVID. Getting our plasma business back to pre-COVID results was the focus of the investment thesis, and that has materialized as expected.

謝謝你，馬克。大家下午好。正如馬克所說，我們以穩健的第四季結束了 2023 年，為美好的 2023 年畫下了圓滿的句點。自從退出新冠疫情以來。讓我們的血漿業務恢復到新冠疫情前的業績是投資主題的重點，而這一點已經如預期實現。

We also have been telling investors that we were committed to investing in other attractive vertical markets such as our fast-growing pharma patient affordability business to help diversify the financial concentration we had with our plasma business. Today, I can tell you that thesis has also materialized as expected. Our plasma business was 84% of total revenue in the fourth-quarter of 2023 versus 91% compared to the same period last year. And we expect that business mix shift to continue in 2024.

我們也一直告訴投資者，我們致力於投資其他有吸引力的垂直市場，例如我們快速成長的製藥患者負擔能力業務，以幫助我們實現血漿業務的財務集中度多元化。今天，我可以告訴大家，論文也如期實現了。2023 年第四季度，我們的血漿業務佔總收入的 84%，而去年同期為 91%。我們預期業務結構轉變將在 2024 年持續。

Looking more closely at our plasma business, we experienced strong growth in gross dollars loaded to cards, total number of loads, gross spend volume and the average revenue per plasma center for the fourth- quarter, gross dollars loaded to cards increased 9% total number of loads increased 14%. Gross spend volume increased 8% and the average revenue per plasma center increased 14% to $8,297.

更仔細地觀察我們的血漿業務，我們在第四季度的卡充值總額、總負荷數、總支出量和每個血漿中心的平均收入方面經歷了強勁增長，卡充值總額增長了 9%負載增加了14%。總支出增加了 8%，每個血漿中心的平均收入成長了 14%，達到 8,297 美元。

Fourth-quarter plasma revenues increased 19% to $11.5 million, and we added two net new plasma centers during the quarter, exiting the year with 464 plasma centers. This equates to a 39% US market share at year end. As Mark mentioned, we have seen a strategic shift by our plasma partners from opening new centers to increasing the plasma yield per center as financing rates remain elevated compared to the previous 10 years. The guidance for 2024 that I will provide in just a moment reflects the strategic shift.

第四季血漿收入成長 19%，達到 1,150 萬美元，本季我們淨增加了兩個血漿中心，全年血漿中心數量達到 464 個。這相當於年底時在美國的市佔率為 39%。正如馬克所提到的，我們看到我們的血漿合作夥伴進行了策略轉變，從開設新中心轉向提高每個中心的血漿產量，因為融資利率與過去 10 年相比仍然較高。我稍後將提供的 2024 年指導意見反映了這一策略轉變。

Moving to our pharma patient affordability business. You heard Mark talk about the traction we experienced in 2023, which has continued into 2024. Fourth-quarter pharma patient affordability revenues of $1.7 million or 12% of total revenue versus 5% during the same period last year. We launched 9 net new programs in the fourth-quarter, exiting the year with 43 pharma patient affordability programs and have already launched an additional 10 new programs in the first-quarter of 2024.

轉向我們的製藥患者負擔能力業務。您聽到 Mark 談論了我們在 2023 年經歷的牽引力，這種牽引力一直持續到 2024 年。第四季製藥患者負擔能力收入為 170 萬美元，佔總收入的 12%，去年同期為 5%。我們在第四季度淨推出了 9 個新項目，今年結束時共有 43 個藥物患者負擔能力項目，並已在 2024 年第一季度另外推出了 10 個新項目。

With the hyper growth we have experienced in our pharma patient affordability business. We expect they will continue to make up a greater percentage of total revenue in 2024. As in previous calls, with all of the details we provided in the press release and that will be available in our 10-K filing tomorrow morning, I will simply hit the financial highlights for the fourth-quarter of 2023 versus the same period last year.

隨著我們的製藥患者負擔能力業務的高速成長。我們預計 2024 年它們將繼續在總收入中佔據更大的比例。與之前的電話會議一樣，我們在新聞稿中提供了所有詳細信息，並將在明天早上的 10-K 文件中提供，我將簡單介紹 2023 年第四季度與去年同期相比的財務亮點。

Fourth-quarter 2023 total revenues of $13.7 million increased $3.1 million or 28.9%. Gross profit margin for the quarter was 52.2% versus 51.9% during the same period last year, which marks the first-quarter in which we have seen gross profit margin expansion since exiting our pharma prepaid business in 2022.

2023 年第四季總營收為 1,370 萬美元，增加了 310 萬美元，成長 28.9%。本季毛利率為 52.2%，去年同期為 51.9%，這是我們自 2022 年退出藥品預付費業務以來毛利率擴張的第一季。

SG&A for the quarter increased 23.2% to $4.6 million, with total operating expenses increasing 25.3% to $6.5 million. We have made significant investments in IT and employees over the past year to support the continued growth of our business exiting this year with 123 employees versus 110 during the same period last year.

該季度的銷售、管理及行政費用 (SG&A) 成長 23.2%，達到 460 萬美元，總營運支出成長 25.3%，達到 650 萬美元。過去一年，我們在 IT 和員工方面進行了大量投資，以支持我們業務的持續成長，今年我們的員工人數為 123 名，而去年同期為 110 名。

For the quarter, we posted a net income of $5.6 million or $0.1 per fully diluted share versus $713,000 or $0.01 per fully diluted share for the same period last year. We recorded a tax benefit of $4.3 million during the quarter, as we release the valuation allowance on our deferred tax assets related to both federal and state taxes. Without this benefit, net income would have been $1.4 million or $0.03 per fully diluted share, an increase of over 90% versus the prior year period.

本季度，我們公佈的淨利潤為 560 萬美元，或完全稀釋每股 0.1 美元，而去年同期為 713,000 美元，或完全稀釋每股 0.01 美元。由於我們發布了與聯邦稅和州稅相關的遞延稅資產的估值津貼，我們在本季度獲得了 430 萬美元的稅收優惠。如果沒有這項收益，淨利潤將為 140 萬美元或完全稀釋每股 0.03 美元，比上年同期增長 90% 以上。

The fourth-quarter adjusted EBITDA, which is a non-GAAP measure that add back stock compensation to EBITDA, was $2.5 million, or $0.05 per diluted share versus $1.7 million or $0.03 per diluted share for the same period last year. This equates to a 43% year-over-year growth in our adjusted EBITDA. The fully diluted share count for both quarters used in calculating the per-share amounts was 53.8 million in both periods.

第四季調整後 EBITDA 為 250 萬美元，即稀釋後每股 0.05 美元，去年同期為 170 萬美元，即稀釋後每股 0.03 美元。這相當於我們調整後的 EBITDA 年成長 43%。用於計算每股金額的兩個季度的完全稀釋後的股數均為 5,380 萬股。

Regarding the health of our company, we exited the year with $17 million in unrestricted cash and zero debt, a $7.3 million increase over year end 2022. We did not complete any share repurchases during the fourth- quarter, but we did use $1.1 million to repurchase almost 395,000 shares during the year.

就我們公司的健康狀況而言，我們以 1700 萬美元的無限制現金和零債務結束了這一年，比 2022 年底增加了 730 萬美元。第四季我們沒有完成任何股票回購，但這一年我們確實用了 110 萬美元回購了近 395,000 股股票。

Now turning your attention to our initial guidance for 2024. We expect total revenues to be in the range of $54.5 million to $56.7 million, reflecting year-over-year growth of 15% to 20% with plasma making up between 80% and 85% of total revenue. Pharma revenue is expected to grow at least 100% year-over-year as we receive a full year benefit for all pharma patient affordability programs added in 2023, and continue to add new pharma patient affordability programs throughout 2024.

現在請您關注我們對 2024 年的初步指導。我們預計總收入將在 5,450 萬美元至 5,670 萬美元之間，年增 15% 至 20%，其中血漿佔總收入的 80% 至 85%。製藥收入預計將年增至少 100%，因為我們將獲得 2023 年新增的所有製藥患者負擔能力計劃的全年福利，並在 2024 年繼續增加新的製藥患者負擔能力計劃。

Full year gross profit margins are expected to be between 52% and 54%, reflecting increased revenue contribution from our pharma patient affordability business and stable plasma gross margins. Operating expenses are expected to be between $29 million and $31 million as we continue to make investments in people and technology.

全年毛利率預計在 52% 至 54% 之間，反映出我們的藥物患者負擔能力業務收入貢獻增加以及穩定的血漿毛利率。隨著我們繼續對人員和技術進行投資，預計營運費用將在 2,900 萬至 3,100 萬美元之間。

All this amount depreciation and amortization are expected to be between $6 million and $6.5 million, while stock-based compensation is expected to be between $2.7 million and $3 million. Given our large unrestricted and restricted cash balances and the current interest rate environment, we expect to generate interest income of $2.6 million to $2.9 million.

所有這些金額的折舊和攤銷預計將在 600 萬至 650 萬美元之間，而股票薪酬預計將在 270 萬至 300 萬美元之間。鑑於我們大量的不受限制和受限的現金餘額以及當前的利率環境，我們預計將產生 260 萬至 290 萬美元的利息收入。

Taking all of the factors above into consideration, we expect net income to be in the range of $2 million to $3 million or $0.04 to $0.06 per diluted share. And adjusted EBITDA to be in the range of $8 million to $9 million or $0.15 to $0.17 per diluted share.

考慮到上述所有因素，我們預計淨利潤將在 200 萬至 300 萬美元之間，即稀釋後每股收益 0.04 至 0.06 美元之間。並將 EBITDA 調整為 800 萬至 900 萬美元，或稀釋後每股 0.15 至 0.17 美元。

For the first-quarter of 2024, we expect total revenue to be in the range of $12 million to $13 million, reflecting the seasonal impact of tax refunds on our plasma business, offset with a strong start to the year with our patient affordability business.

對於 2024 年第一季度，我們預計總收入將在 1,200 萬美元至 1,300 萬美元之間，反映了退稅對我們血漿業務的季節性影響，並被我們患者負擔能力業務今年的強勁開局所抵消。

Gross profit margins are projected to be between 52% and 53%, driven largely by an increased revenue contribution from our pharma patient affordability business. Operating expenses are expected to be between $7 million to $7.5 million, of which depreciation and amortization will be approximately $1.3 million. This reflects investments largely required to support our pharma patient affordability growth. Adjusted EBITDA is expected to be in the range of $1.2 million and $1.5 million.

毛利率預計在 52% 至 53% 之間，主要是由於我們的製藥患者負擔能力業務收入貢獻增加。營運費用預計在700萬至750萬美元之間，其中折舊和攤提約為130萬美元。這反映出主要需要支持我們的藥物患者負擔能力成長所需的投資。調整後的 EBITDA 預計在 120 萬美元至 150 萬美元之間。

With that, I would like to turn the call back over to Kevin for question and answers.

至此，我想將電話轉回凱文以進行問答。

(Operator Instructions)

（操作員說明）

Peter Heckmann, D.A. Davidson.

彼得‧赫克曼，D.A.戴維森。

Good afternoon, gentlemen. A great results and good to see the strong guidance for 2024.

下午好，先生們。取得了很好的成果，很高興看到 2024 年的強力指導。

Yes.

是的。

I want to dig into patient affordability a little bit more and maybe there isn't an average program but could you talk a little bit about it kind of how you would explain an Investor Day the range of sizes of programs, the average term, how long they last and then if you could go over that statistic you made less competitive takeaways versus new programs and some of the competitive advantages that allows you to do that?

我想進一步深入了解患者的承受能力，也許沒有一個平均的計劃，但您能否談談如何在投資者日解釋計劃的規模範圍、平均期限、如何它們持續多久，然後如果您可以查看該統計數據，與新計劃相比，您獲得的競爭力較低，以及允許您做到這一點的一些競爭優勢？

Hey, Peter, How come? So that's a long-winded question. So let me start to answer all your points.

嘿，彼得，怎麼會這樣？所以這是一個冗長的問題。那麼讓我開始回答你的所有觀點。

Number one, the size of the programs can vary all over the board. We have some programs, not many, but we have some programs who have a co-pay program in place just as an insurance policy. And we may not do any claims with them. And we just received monthly management fees. We have some programs that are generating quite the extensive number of claims that we get paid every month on top of management claims. So there is no average unfortunately, I wish it was that easy.

第一，程式的大小可能因整體而異。我們有一些計劃，但數量不多，但我們有一些計劃有共同支付計劃，就像保險單一樣。我們不得向他們提出任何索賠。我們剛剛收到每月的管理費。我們有一些項目產生了大量的索賠，除了管理索賠之外，我們每個月都會收到這些索賠。不幸的是，沒有平均值，我希望這很容易。

Jeff, in my opinion, I can give some more color here, too, if you'd like me to.

傑夫，在我看來，如果你願意的話，我也可以在這裡提供更多的色彩。

Yes, go ahead.

好，去吧。

Yeah. So the -- and I think we've talked about this kind of on previous calls, kind of going back into last year, there isn't as you look at kind of the plasma business. One of the metrics we talk about is how much a plasma center is worth, kind of on average, unfortunately with affordability programs, right it's just like drugs, you have a drug that's a rare orphan drug, and you may have 50 people in the country that have that disease state and need that drug and then you could end up with something like a blockbuster drug, right?

是的。所以，我想我們在之前的電話會議中已經討論過這種情況，可以追溯到去年，正如你所看到的那樣，等離子業務並不存在。我們談論的指標之一是血漿中心的平均價值是多少，不幸的是，有負擔能力計劃，就像毒品一樣，你有一種罕見的孤兒藥，你可能有 50 個人在血漿中心。那些患有這種疾病並需要這種藥物的國家，那麼你最終可能會得到類似重磅藥物的東西，對吧？

Like an ENBREL and HUMIRA, right. Those can do, tens to hundreds of thousands of claims a month. So there's not really an example of, hey, here's what an average program looks like. And I think the when we when we look at the business, we do evaluate kind of what's the long-term profitability of a program versus, with one that is more transactionally based versus one that's more kind of admin fees based. Does that kind of help there?

就像 ENBREL 和 HUMIRA 一樣，對吧。這些可以每月處理數萬到數十萬的索賠。所以並沒有真正的例子，嘿，這是一個普通程序的樣子。我認為，當我們審視業務時，我們確實會評估一個項目的長期盈利能力，以及一個更多基於交易的項目和一個更多基於管理費的項目。這樣有幫助嗎？

Yeah, it does.

是的，確實如此。

Yeah. And it is also on a rephrasing that in second half of the question there?

是的。問題的後半部也有重新表述？

There just trying to talk them through the term I remember some of the older programs that were one or two years. Can you talk about kind of how you expect these terms to average? And should we think about you have some programs rolling off and then having to replace from others.

只是試著向他們講述這個學期，我記得一些較舊的計畫已經有一兩年了。您能談談您期望這些術語的平均情況嗎？我們是否應該考慮您有一些程式正在滾動，然後必須從其他程式中替換。

Yeah. So --.

是的。所以--.

I'll take that.

我會接受的。

Okay

好的

Let me get that. So the most of these contracts are typically a stub period if they come in during the year and then they'll have a full year after that with Evergreen terms app for years beyond that. Our -- honestly, say we have not lost a program to competition yet knock on wood the only program. And it's I think it's one is that we had a provider that decided that they were no aren't going to offer a co-pay program because their drug went generic.

讓我來了解一下。因此，如果這些合約在一年內簽訂，那麼大多數合約通常都是存續期，然後他們將在之後的幾年內使用常青條款應用程式擁有一整年的合約。老實說，我們還沒有在競爭中失去一個項目，但卻是唯一的項目。我認為其中一個原因是我們的醫療服務提供者決定他們不會提供共同支付計劃，因為他們的藥物已經成為仿製藥。

But those are far slim and far between. So it's like anything else. If you do a good job for your partners, they're going to stay with you. And if you don't, then they won't be here and we earn their business every day and every year, and hopefully, we'll continue those relationships for a long time.

但這些都非常渺茫。所以它就像其他任何事情一樣。如果你為你的合作夥伴做得很好，他們就會和你在一起。如果你不這麼做，那麼他們就不會在這裡，我們每天、每年都會贏得他們的業務，希望我們能長期維持這些關係。

Got it. And then a follow-up I'll get back in the queue.

知道了。然後我會回到隊列中進行後續跟進。

Yeah, I was I did take note of that changed health care, security breach and some of the ramifications. Can you talk a little bit more about how you work around that, whether that was partners or proprietary network?

是的，我確實注意到醫療保健的變化、安全漏洞和一些後果。您能否多談談您是如何解決這個問題的，無論是合作夥伴還是專有網路？

Yeah.

是的。

Matt, you want to take that?

馬特，你想接受嗎？

Yeah. So we were in a really good position kind of going out the door there. To our knowledge, we are the only vendor in the space that had three processor connections. So we had a very diverse network that we could leverage to stand up programs for new clients to be able to get them onboard very quickly. We've also worked really hard to kind of it develops better partnerships with these processors than a lot of other people have.

是的。所以我們處於一個非常好的位置，可以走出去。據我們所知，我們是該領域唯一擁有三個處理器連接的供應商。因此，我們擁有一個非常多樣化的網絡，我們可以利用它為新客戶制定計劃，以便能夠很快讓他們加入。我們也非常努力地與這些處理器建立比許多其他人更好的合作夥伴關係。

And that really paid off here in spades because we had an existing client that had their business split between us and another company. And we were able to go over and while their current vendor was kind of floundering for lack of a better way to put it. We were able to walk in the door and say, hey, we can get this set up we get that quick, do you just want to go and move the business over.

這確實得到了回報，因為我們有一個現有客戶，他們的業務由我們和另一家公司分割。我們能夠過去，而他們目前的供應商卻因缺乏更好的方式而陷入困境。我們可以走進門說，嘿，我們可以把這個設定好，我們很快就能完成，你想不想把業務轉移過來嗎？

So yeah, the disruption for us was minimal on our side. We did have a few programs over on the chain side that were very small. We had all those programs transitioned over fairly quickly. And then we immediately started working on kind of the new business wins that came in. So the disruption was there, but again, for us, very minimal.

所以，是的，對我們來說，幹擾很小。我們確實在鏈上有一些非常小的程式。我們很快就完成了所有這些項目的過渡。然後我們立即開始致力於新的業務勝利。因此，幹擾是存在的，但對我們來說，幹擾非常小。

All right. That's helpful. Thank you.

好的。這很有幫助。謝謝。

Gary Prestopino, Barrington Research.

加里‧普雷斯托皮諾，巴靈頓研究中心。

Hi, good afternoon all. Could you on this patient affordability business because I'm still kind of fuzzy on it. Could you give an example how this works? I mean, does this start in the actual doctor's office where they put a prescription in and they give some kind of voucher and then you processes in pharmacy. Can you just maybe just very simply walk us through what you're doing?

嗨，大家下午好。你能談談這個耐心負擔得起的生意嗎，因為我對此仍然有點模糊。您能舉個例子嗎？我的意思是，這是否從實際的醫生辦公室開始，他們開出處方並提供某種憑證，然後您在藥房進行處理。您能否簡單地向我們介紹一下您正在做的事情？

Yeah. So it does kind of initiate at the doctor's office at the time a prescription is written. There's a little bit of kind of variance there as to whether it's a specialty drug or a retail drug, right. So again, going back to Mark's comments, a specialty drug like up SKYRIZI, ENBREL, HUMIRA still are a very expensive drug ship and mail-order.

是的。因此，它確實是在開處方時在醫生辦公室啟動的。至於它是特種藥物還是零售藥物，存在一些差異，對吧。再次回到馬克的評論，像 SKYRIZI、ENBREL、HUMIRA 這樣的特殊藥物仍然是非常昂貴的藥物運輸和郵購。

That often happens like at the doctor's office, they say, hey, we need to put you on this drug because you have rheumatoid arthritis or whatever else, and hey, there's a co-brand coupon that's going to help buy down your insurance amounts. Retail drugs, not always the same thing, right? You may be written a prescription for retail drug in the example I give people is, your kid gets written Vyvanse because they have [ADDADH].

這種情況經常發生在醫生辦公室，他們說，嘿，我們需要讓你服用這種藥物，因為你患有類風濕性關節炎或其他疾病，嘿，有一張聯合品牌優惠券可以幫助你購買保險金額。零售藥品並不總是一樣的，對吧？在我給人們的例子中，您可能會收到零售藥品的處方，您的孩子會收到 Vyvanse，因為他們有[ADDADH]。

You probably don't know there's a coupon out there, but the pharmacist does. So when you take the prescription in the pharmacy or comes in through. Sure, scripts, they immediately go and pull a coupon down on.

您可能不知道那裡有優惠券，但藥劑師知道。所以當你在藥局拿處方或進來的時候。當然，腳本，他們立即去拉一張優惠券。

Okay.

好的。

And so it offsets your insurance co-payments. So if you had a $2,000 deductible, right, this depending on the program, it may pay all $2,000 that it may pay a portion of it. But the ultimate goal of co-pay assistance programs is to remove the financial barriers associated with patients accessing and remaining on therapy. That's the number one thing we solve for is financial barriers for patients to gain and stay on expensive drug.

因此它可以抵消您的保險自付費用。因此，如果您有 2,000 美元的免賠額，對吧，這取決於計劃，它可能支付全部 2,000 美元，也可能支付其中的一部分。但共同支付援助計劃的最終目標是消除與患者接受和繼續治療相關的財務障礙。我們要解決的第一件事是患者獲得並繼續使用昂貴藥物的經濟障礙。

Okay. So years ago, I'm quoting this because my wife used to sell from Merck, the doctors, they would leave, let's say, a typical prescription drugs. They would leave samples at a doctor's office. Is this kind of taking the place of that in a sense of that now the pharmaceuticals have a better way to track where these prescription drugs be in specialty or just normal prescription drugs are going?

好的。幾年前，我引用這一點是因為我的妻子曾經從默克公司出售藥物，醫生們會留下，比方說，一種典型的處方藥。他們會將樣本留在醫生辦公室。從某種意義上說，這種方式是否會取代這種方式，因為現在製藥公司有更好的方法來追蹤這些處方藥的專業用途或普通處方藥的去向？

So yes and no. The genesis of where all this started was on the sample side. Interestingly enough, if you go back and pay science history back to the 3P days, there's running of a very large sample program for Schedule II ADHD drug. And it was because it was pretty dangerous to have a sales rep driving around with a carton full of Schedule 2 drugs on the back of their tariffs are popping up to a doctor's office.

所以是和不是。這一切的起源是在樣本方面。有趣的是，如果你回顧科學史，回到 3P 時代，你會發現正在運行一個非常大的針對 Schedule II ADHD 藥物的樣本程序。這是因為，讓一名銷售代表開著一箱裝滿附表 2 藥品、貼著關稅的標籤開到醫生辦公室是相當危險的。

So they came out with cards to utilize the pharmacy network to essentially be able to get the Schedule II drugs in the hands of the people who need it. Then everybody kind of started to figure out all what, hey, we can start buying down the cost in other areas of the Affordable Care Act gets passed. And now everybody or not everybody, but a good chunk of Americans now have health insurance and they have co-pays and deductibles and out-of-pocket maximums.

因此，他們推出了卡片，利用藥房網路基本上能夠將附表 II 藥物送到需要的人手中。然後每個人都開始想辦法，嘿，我們可以開始降低《平價醫療法案》其他領域的成本獲得通過。現在每個人，或不是每個人，但很大一部分美國人現在都有健康保險，他們有自付費用、免賠額和自付費用上限。

And so they started utilizing coupons to offset that. There are some specific examples where samples have been replaced, but it is not the most common type of co-pay program, right. I would say is probably less than 10% to 15% of all the available co-pay programs out there or what we call voucher products, which would be like a sample, our first fill type product.

所以他們開始利用優惠券來抵銷這一點。有一些範例已被替換的具體範例，但這不是最常見的共同支付計劃類型，對吧。我想說的是，可能不到所有可用的共同支付計劃或我們所說的優惠券產品的 10% 到 15%，這就像一個樣本，我們的第一個填充型產品。

It's mainly because of the expense, right? If you leave a sample in a doctor's office, you're out the cost of producing the pills and the packaging and driving it over there which, maybe about $10 for, you know, a pill or a capsule or something along those lines.

主要是因為費用吧？如果你把一個樣品留在醫生的辦公室，你就省去了生產藥丸、包裝以及將其運送到那裡的成本，你知道，一粒藥丸或一粒膠囊或類似的東西大約需要 10 美元。

If that drug is $800, then you're going to have to pay the pharmacy $800 for that product. So there's a cost differentiator there. So that's why what we would call vouchers, which is what you're referring to in the sample scenario is a much smaller portion of the market, but we do run at several voucher programs that are designed to replace samples and first fill.

如果該藥物的價格為 800 美元，那麼您需要為該產品向藥房支付 800 美元。因此，這裡存在成本差異。因此，這就是為什麼我們所說的代金券（也就是您在示例場景中所指的代金券）所佔的市場份額要小得多，但我們確實運行了多個旨在替換樣品和首次填充的代金券計劃。

Okay. If you look at the market, can you size the market for us in terms of network, in terms of potential revenue?

好的。如果您觀察市場，您能否從網路、潛在收入方面為我們確定市場規模？

Yeah, I'm going to let Jeff answer that one. But I can say that we've kind of discussed this in the past, and I think my initial commentary before getting Jeff and Mark to weigh in here would be that every new to market drugs, almost every new-to-market drugs, obviously every but almost every new-to-market drug is going to have some kind of a patient affordability program.

是的，我會讓傑夫來回答這個問題。但我可以說，我們過去已經討論過這個問題，我認為在讓傑夫和馬克在這裡發表意見之前，我的最初評論是，每一種新上市的藥物，幾乎每一種新上市的藥物，顯然幾乎所有新上市藥物都會有某種病患負擔能力計畫。

So if the FDA approves 100 drugs in 2024, pretty good chance, that's 100 new programs coming in market. And that grows every year, so and as far as the size, I mean, I don't know that we can put a number on it, but I'll let Jeff and Mark jump in here and see if they have a a number answer for you.

因此，如果 FDA 在 2024 年批准 100 種藥物，那麼很有可能會有 100 個新項目進入市場。而且每年都在增長，所以就規模而言，我的意思是，我不知道我們可以在上面加上一個數字，但我會讓傑夫和馬克跳到這裡，看看他們是否有一個數字答案為你。

Hey, Gary, we don't really know how big the market is. We do know it's bigger than the plasma market. The TAM there. It's kind of complicated because the competitors that we're winning business from offer other services that we don't, and we're focused on the payment and claims processing side of it where they may be doing other services like getting a drug to market or marketing that drug or whatever.

嘿，加里，我們真的不知道市場有多大。我們確實知道它比等離子市場更大。那裡的 TAM。這有點複雜，因為我們贏得業務的競爭對手提供了我們不提供的其他服務，而我們專注於支付和索賠處理方面，他們可能會提供其他服務，例如將藥物推向市場或營銷該藥物或其他什麼。

So what we do know is that it is bigger than the plasma TAM, which is around the [120 million] of hard to guess right now, what the patient affordability just on a on the payments and claims side as a stand alone basis is.

所以我們所知道的是，它比血漿 TAM 更大，目前很難猜測大約 [1.2 億]，患者在支付和索賠方面的承受能力是獨立的。

Okay. Thanks

好的。謝謝

(Operator Instructions)

（操作員說明）

Jon Hickman, Ladenburg Thalmann.

喬恩希克曼，拉登堡塔爾曼。

Hi. I think nice quarter guys. Could you I was just wondering if you could talk a little bit about the competition in the plasma side, has anything changed there with the refocus from the the guys who run the centers?

你好。我覺得夥計們都不錯。我只是想知道您是否可以談論等離子方面的競爭，隨著中心管理人員的重新關注，那裡有什麼變化嗎？

No, you said, I don't believe so. I mean, really what we have going on in that space is we've been we've seen this over the course of the year is, we've seen the cost of money increase. We've seen people take more of an approach to bring efficiencies to the way their centers are operating and tried to derive more plasma in that manner, rather than just going out and the like past days past years where they would a lot there was a lot of new center ability. And I think we've seen a focus toward moving away from that and trying to improve the efficiencies of their existing centers. And that's kind of what I think is going on there.

不，你說，我不相信。我的意思是，我們在這個領域所發生的事情是，我們在這一年中已經看到了這一點，我們看到了資金成本的增加。我們看到人們採取了更多的方法來提高中心的運作效率，並試圖以這種方式獲得更多的血漿，而不是像過去幾年那樣僅僅出去，在那裡他們會經常有很多新的中鋒能力。我認為我們已經看到了焦點正在擺脫這一點並試圖提高現有中心的效率。我認為這就是那裡正在發生的事情。

(multiple speakers) John, I'd add to that also, I mean, I'm not mentioning any names. These are public companies you go do your own research, but one company recently hired a CEO, new CEO within the past year with the plan to reduce costs and improve yield. There is another public company out there who's installing new technology to improve yield by 20% per donation. So that seems to be on the minds of the plasma companies today.

（多名發言者）約翰，我還要補充一點，我的意思是，我沒有提及任何名字。這些都是你自己研究的上市公司，但有一家公司最近聘請了一位首席執行官，過去一年內新任首席執行官計劃降低成本並提高產量。還有另一家上市公司正在安裝新技術，將每次捐贈的收益提高 20%。所以這似乎是當今等離子公司的想法。

As far as the competition, it really hasn't changed. There's a handful of people that are out there. It's the same people we've seen one bank leave we saw a new bank come in. They've been in and out of it before. There's us and the usual suspects we talked about in the past, but no real change from a competitive perspective.

就競爭而言，它確實沒有改變。那裡有少數人。我們看到一家銀行離開的正是這些人，我們看到一家新銀行進來的也是這些人。他們以前曾經進出過。有我們和我們過去談論過的常見嫌疑人，但從競爭的角度來看並沒有真正的改變。

Okay. Thank you.

好的。謝謝。

Gary Prestopino, Barrington Research.

加里‧普雷斯托皮諾，巴靈頓研究中心。

Yeah, Mark, you mentioned and I couldn't write it down quick enough. What was the growth in claims processed and the amount of claims year-over-year and that would be for the full-year and then for Q4 to Q4?

是的，馬克，你提到過，但我無法快速寫下來。全年以及第四季到第四季的處理索賠數量和索賠金額年增率是多少？

Yeah, for Q4, it was 215% quarter-over-quarter growth. And for 2023, we saw you're talking I'm sorry, John, let me just clarify. You're talking claims, right?

是的，第四季環比成長 215%。對於 2023 年，我們看到你在說對不起，約翰，讓我澄清一下。你說的是索賠吧？

Right. Patient affordability business, right, that we would that's where you would have a claim. So what I'm trying to get at what was the growth? What was the raw number that you process for the whole year?

正確的。患者負擔能力業務，對吧，我們會在那裡提出索賠。那我想要了解的成長是什麼？您全年處理的原始數字是多少？

I don't believe we gave the raw number for the entire year, we gave a 122% rise in claim volume for 2023, and we gave a 215% claim volume rise from fourth-quarter of '22 to fourth-quarter of '23.

我不相信我們給出了全年的原始數據，我們給出了 2023 年索賠量增長 122% 的數據，並且我們給出的索賠量從 22 年第四季度到 23 年第四季度增長了 215% 。

Okay. That's good enough growth. I guess the question I would have is you're showing some really good growth here. You obviously have competitors in the market. Why are you winning?

好的。這已經夠好的成長了。我想我要問的問題是你們在這裡表現出了一些非常好的成長。顯然，您在市場上有競爭對手。你為什麼贏？

I believe, and I'll let Matt address some of this. But from my perspective, we're winning because we've put up some disruptive products. We've gone up with much like our 4A into the plasma market when we got involved there. The market was a bit stagnant. There wasn't a whole lot of people doing anything innovative in that space. And what we did is we came in with a fresh look tried to make some changes, some new offers, and those were received very well.

我相信，我會讓馬特解決其中的一些問題。但從我的角度來看，我們正在獲勝，因為我們推出了一些顛覆性產品。當我們涉足等離子市場時，我們已經像我們的 4A 一樣進入了那裡。市場有點停滯。沒有很多人在這個領域做任何創新。我們所做的是，我們以全新的面貌進來，嘗試做出一些改變，提供一些新的報價，這些都得到了很好的反響。

I believe that we're having the exact same acceptance of our products here in this space. And I believe that we're going to continue to see this into the future. There's a lot of excitement from a lot of the players. And I think really it's become, some of the existing providers, just they're not taking care of their clients. And I think that always leaves an opening.

我相信我們在這個領域對我們的產品有著完全相同的接受度。我相信我們將在未來繼續看到這一點。許多玩家都感到非常興奮。我認為，一些現有的提供者確實已經成為這樣，只是他們沒有照顧他們的客戶。我認為這總是會留下一個空缺。

(multiple speakers)

（多個發言者）

Yeah. So I just kind of want to add in something here that I think is pretty important that, a lot of the other players in the space have attempted to diversify their offer. To the point that they have watered down every and we were at a conference last week and we had a client tell us well, ask in certain name of this competitor to come up and pitch at the same time as we were thinking about bringing you on and we had a very specific need.

是的。所以我想在這裡補充一些我認為非常重要的內容，即該領域的許多其他參與者都試圖使他們的產品多樣化。以至於他們已經淡化了一切，我們上週在一次會議上，我們有一位客戶告訴我們，在我們考慮邀請您的同時，以該競爭對手的特定名義要求上台並進行推介我們有一個非常具體的需求。

And you guys came in and you spent an hour talking about the very specific need and you've established you were experts in that. They came in and spent 7 minutes talking about the need and then trying to tell us about all the stuff they love themselves.

你們進來了，花了一個小時討論非常具體的需求，並且你們已經確定自己是這方面的專家。他們進來花了 7 分鐘討論需求，然後試著告訴我們他們自己喜歡的一切。

If you kind of look at the marketing campaign that we're in now, you'll notice like the theme is the return of expertise in the market that we're in. It has all but left everybody is trying to go out and buy another company to kitted up to make themselves look a little better or have a stronger offering and things like that. And look, big box store serve a purpose.

如果您看一下我們現在正在進行的行銷活動，您會發現主題是我們所在市場的專業知識的回歸。這幾乎讓每個人都試圖出去收購另一家公司，讓自己看起來更好一點，或擁有更強大的產品，諸如此類。看，大賣場是有目的的。

But we're selling to a niche market that has incredibly specific deliverables and the balance of these brands, sometimes hang in the affordability program. We saw when they change health care that happened, we had no clients that have come on board. Now that said, we immediately saw a 20% loss in revenue overnight.

但我們正在向利基市場銷售產品，該市場具有令人難以置信的具體交付成果，而這些品牌的平衡有時取決於負擔能力計劃。我們看到，當他們改變醫療保健時，我們沒有客戶加入。話雖如此，我們立即發現一夜之間收入損失了 20%。

And it was because there with a big box provider that wants to sell them all sorts of other things, but has no expertise that when something happens, they can move quickly to address their issues.

這是因為有一家大型盒子供應商想要向他們出售各種其他東西，但沒有專業知識，因此當發生問題時，他們可以迅速採取行動解決問題。

And then Mark talked about the disruptive offerings where we brought on some technological stuff that we're doing and our processors to identify accumulators and maximizes and to save our clients tens of millions of dollars that the other vendors in the space weren't able to do. So we again, took a fresh look dove into something because this is the sole focus for us and expertise for us.

然後馬克談到了顛覆性的產品，我們帶來了一些我們正在做的技術和我們的處理器來識別累加器和最大化，並為我們的客戶節省了數千萬美元，這是該領域其他供應商無法做到的做。因此，我們再次以全新的眼光投入某件事，因為這是我們唯一的焦點和我們的專業知識。

And it has certainly led to us getting in the door with some manufacturers that probably would not have looked at us in the past because of our size. And now we've been able to demonstrate results over the last two quarters and now they're starting to move more business our way.

這無疑地讓我們進入了一些製造商的大門，而這些製造商過去可能不會因為我們的規模而關注我們。現在我們已經能夠展示過去兩個季度的成果，現在他們開始以我們的方式推動更多業務。

So yeah, I think also we'd like to add. Hey, Matt, let's talk also a little bit. It will just go ahead and address the fact that we brought pricing transparency, which is a huge, of huge event to this this space in previous to us doing that, there was not a whole lot of pricing transparency. As matter of fact, there was a lot of people just being misled. So I think that it's kind of akin to Black box interchange type. And Jeff, you mentioned this earlier about the black box. I believe that this is opening up a bit for us to take some new businesses.

是的，我想我們也想補充一下。嘿，馬特，我們也談談吧。它將繼續解決這樣一個事實，即我們帶來了定價透明度，這是一個巨大的事件，在我們這樣做之前，沒有太多的定價透明度。事實上，很多人都被誤導了。所以我認為這有點類似於黑盒子交換類型。傑夫，你之前提到過關於黑盒子的事情。我相信這為我們開展一些新業務打開了空間。

Okay. And if there was the one thing I was going to ask is there a technological mode here?

好的。如果我要問一件事，這裡是否存在著一種技術模式？

You've kind of maybe said, yes, with what you're developing, but then you also just talked about identifying accumulators and maximizers are these middlemen that are in the system that are making the prices go higher? I mean this is not the first time I've heard of this so if you don't mind me asking --

您可能會說，是的，您正在開發的產品，但您也剛剛談到了識別累加器和最大化器，這些中間商是系統中導致價格上漲的中間商嗎？我的意思是這不是我第一次聽說這個所以如果你不介意我問--

That's a very -- it's a tough -- I mean, we I don't think we have the time to get into that on this call. But it's certainly something we can get on a call and discuss some. It is very complex. And most of what we've done is based around technology. We've developed in algorithms we've developed in-house, and I'll kind of leave it at that.

這是一個非常——這是一個艱難的——我的意思是，我認為我們沒有時間在這次電話會議上討論這個問題。但這當然是我們可以透過電話進行討論的事情。這是非常複雜的。我們所做的大部分工作都是基於技術。我們已經開發了我們內部開發的演算法，我就這樣吧。

Okay. So there is some technological -- there's a technological mode there?

好的。所以有一些技術——有一種技術模式嗎？

Yeah absolutely.

是的，絕對是。

Okay. Thank you.

好的。謝謝。

You're welcome.

不客氣。

Thank you. We've reached the end of our question-and-answer session. I'd like to turn the floor back over to Mark Newcomer for further closing comments.

謝謝。我們的問答環節已經結束。我想將發言權轉回馬克紐科默以進一步發表結束評論。

Thanks, Kevin. And I'd like to thank everybody for joining us today a special thanks goes out to all of our employees and our Board for the hard work and support that they've exhibited throughout the year. I believe that 2024 will be a very exciting year for Paysign, and we're looking forward to updating everyone on the next call. Thank you very much and have a great day.

謝謝，凱文。我要感謝今天加入我們的所有人，特別感謝我們所有的員工和董事會一年來的辛勤工作和支持。我相信 2024 年對 Paysign 來說將會是非常令人興奮的一年，我們期待在下次電話會議上向大家通報最新情況。非常感謝您，祝您有美好的一天。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路廣播到此結束。此時您可以斷開線路並度過美好的一天。我們感謝您今天的參與。