Progyny Inc (PGNY) 2025 Q1 法說會逐字稿

Good day ladies and gentlemen, and welcome to the Progeny Inc. first quarter 2025 earnings conference call. [Operator Instructions].

女士們、先生們，大家好，歡迎參加 Progeny Inc. 2025 年第一季財報電話會議。[操作員指示]。

It is now my pleasure to turn the floor over to your host James Hart. James, the floor is yours.

現在我很高興將發言權交給主持人詹姆斯哈特。詹姆斯，現在輪到你了。

Thank you, Tom, and good afternoon everyone. Welcome to our first quarter conference call. With me today are Peter Anevski; CEO of Progeny, Michael Sturmer; President, and Mark Livingston; CFO. We will begin with some prepared remarks before we open the call for your questions.

謝謝你，湯姆，大家午安。歡迎參加我們的第一季電話會議。今天與我一起的有 Progeny 執行長 Peter Anevski、總裁 Michael Sturmer 和財務長 Mark Livingston。在開始回答您的問題之前，我們將先發表一些準備好的演講。

Before we begin, I'd like to remind you that our comments and responses to your questions today reflect management's views as of today only, and we'll include statements related to our financial outlook for both the second quarter and full year 2025.

在我們開始之前，我想提醒您，我們今天對您的問題的評論和回應僅反映了管理層截至今天的觀點，並且我們將包括與第二季度和 2025 年全年財務展望相關的聲明。

Any assumptions and drivers underlying such guidance, our anticipated number of clients and covered lives for 2025, the demand for our solutions, our expectations for our selling season for 2026 launches, anticipated employment levels of our clients and the industries that we serve. The timing of client decisions, our expected utilization rates and mix, the potential benefits of our solution, our ability to acquire new clients and retain and upsell existing clients, our market opportunity, and our business strategy, plans, goals and expectations concerning our market position, future operations, and other financial and operating information.

該指導背後的任何假設和驅動因素、我們預計 2025 年的客戶數量和受保人次、對我們解決方案的需求、我們對 2026 年銷售季節的預期、我們客戶的預期就業水平以及我們所服務的行業。客戶決策的時間、我們預期的利用率和組合、我們解決方案的潛在優勢、我們獲取新客戶以及留住和追加銷售現有客戶的能力、我們的市場機會以及我們的業務戰略、計劃、目標和有關我們市場地位、未來運營以及其他財務和運營信息的期望。

Which are forward-looking statements under the Federal securities law. Actual results may differ materially from those contained in or implied by these forward-looking statements due to risks and uncertainties associated with our business, as well as other important factors. For a discussion of the material risks, uncertainties, assumptions, and other important factors. That could impact our actual results, please refer to our SEC filings in today's press release, both of which can be found on our investor relations website.

根據聯邦證券法，這些都是前瞻性的陳述。由於與我們的業務相關的風險和不確定性以及其他重要因素，實際結果可能與這些前瞻性陳述中包含或暗示的結果有重大差異。討論重大風險、不確定性、假設和其他重要因素。這可能會影響我們的實際結果，請參閱我們今天新聞稿中的美國證券交易委員會文件，這兩份文件都可以在我們的投資者關係網站上找到。

Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events. During the call, we will also refer to non-gap financial measures such as adjusted EBITDA.

我們在本次電話會議上所做的任何前瞻性陳述均基於今天的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。在電話會議中，我們也將參考調整後的 EBITDA 等非差距財務指標。

And adjusted EBITDA dot margin and incremental revenue. More information about these non-gap financial measures, including reconciliations with the most comparable GAAP measures, are available in the press release, which is available at investors.progeny.com. I would now like to turn the call over to Pete.

並調整了 EBITDA 點利潤率和增量收入。有關這些非缺口財務指標的更多信息，包括與最具可比性的 GAAP 指標的對賬，請參閱新聞稿，該新聞稿可在 investors.progeny.com 上找到。現在，我想將電話轉給 Pete。

Thanks, Jamie. Thanks everyone for joining us today. Pleased to report we've had a good start to the year, double digit growth in both revenue and adjusted EBITDA over the prior year period, yielding record quarterly results for both of those, as well as gross margin expansion and the generation of significant quarterly cash flow.

謝謝，傑米。感謝大家今天的參與。很高興地報告，我們今年開局良好，收入和調整後 EBITDA 與去年同期相比均實現兩位數增長，創下季度業績新高，毛利率也得到擴大，並產生了可觀的季度現金流。

In addition, we also made meaningful progress in laying the foundation for future growth through both our channel partnerships as well as the previously announced investments to expand our product portfolio and platform, enhance our member experience, and extend our leading position in women's health and family building.

此外，我們還透過通路合作以及先前宣布的投資，為未來成長奠定基礎，取得了有意義的進展，以擴大我們的產品組合和平台，增強我們的會員體驗，並鞏固我們在女性健康和家庭建設方面的領先地位。

As the second quarter begins, we're seeing that member engagement remains consistent with first quarter levels, both in terms of utilization as well as art cycle consumption. Following this strong start, we're pleased to be able to raise our full year guidance. The guidance for the remainder of the year continues to reflect a range of engagement and activity taking into account both what we experienced in 2024, as well as the uncertainty in the macro environment, which Mark will detail for you shortly.

隨著第二季的開始，我們看到會員參與度與第一季的水平保持一致，無論是在利用率方面還是在藝術週期消費方面。在這一強勁開局之後，我們很高興能夠提高全年業績預期。今年剩餘時間的指導將繼續反映一系列的參與和活動，同時考慮到我們在 2024 年所經歷的情況以及宏觀環境的不確定性，馬克將很快為您詳細介紹。

The forces driving member demand are reflected in the latest market data. The CDC recently reported that birth rates for women 25 and younger are now at record lows, while the rates for women between 30 and 44 continue to increase. To put that into perspective. Although the absolute number of babies born in the US was down nearly 8% over the last 10 years, the number of babies born to women 30 or over was up 15%.

推動會員需求的力量反映在最新的市場數據中。美國疾病管制與預防中心最近報告稱，25 歲及以下女性的生育率目前處於歷史最低水平，而 30 歲至 44 歲女性的生育率則持續上升。客觀地看待這一點。儘管過去10年美國出生嬰兒的絕對數量下降了近8%，但30歲及以上女性所生嬰兒的數量卻增加了15%。

This divergence has been happening for decades now, literally, and it clearly shows that people are increasingly deferring family building to later in life. A different statistic that sharply highlights the significance of this shift is that more than 51% of all births in the US now come from women aged 30 or older. Not even a generation ago, it was closer to one-third.

事實上，這種分歧已經持續了幾十年，它清楚地表明人們越來越多地將家庭建設推遲到晚年。另一項統計數據也凸顯了這項轉變的重要性，那就是目前美國超過 51% 的新生兒來自 30 歲或以上的女性。甚至不到一代人之前，這個數字還接近三分之一。

That's a massive difference over a relatively short period of time and illustrates how for many family building has moved out of our 20s and into our 30s and beyond. The biological reality is that natural conception does become more difficult as we age, which helps to explain the increasing prevalence of infertility across our society, as well as the greater need for medical care and support.

在相對較短的時間內，這是一個巨大的差異，表明許多人的家庭建設已經從 20 多歲轉移到 30 多歲甚至更大。生物學現實是，隨著年齡的增長，自然受孕確實變得更加困難，這有助於解釋我們社會不孕症現象的日益普遍，以及對醫療保健和支持的需求的增加。

And the consequences of this shift reach even further as maternal age increases. Employers often see increases in their maternity costs as well, given that age is a contributing factor to high risk pregnancies, high risk deliveries, and ongoing neonatal care. Employers can proactively manage these risks through Progeny's comprehensive solution. Our maternity solution, for example, focuses on whole person care and high cost claims avoidance through high touch clinical management, ensuring that the right care gets delivered to the member at the time that's right for them.

隨著母親年齡的增長，這種轉變的影響將更為深遠。由於年齡是導致高風險妊娠、高風險分娩和持續新生兒護理的因素，雇主通常也會看到產婦成本的增加。雇主可以透過 Progeny 的綜合解決方案主動管理這些風險。例如，我們的產科解決方案專注於透過高接觸臨床管理提供全人護理和避免高成本索賠，確保在合適的時間為會員提供正確的護理。

This then naturally extends into perimenopause and menopause, where early intervention and specialized symptom management can significantly improve the employee's quality of life while also avoiding unnecessary costs for the employers from unproductive rounds of care. At this time of year, HR leaders have begun to consider their near and long term benefit strategies, determining what their employee population need and evaluating solutions to address what's most critical.

這自然會延伸到圍絕經期和更年期，早期幹預和專門的症狀管理可以顯著改善員工的生活質量，同時還可以避免雇主因無效的護理而產生不必要的費用。每年的這個時候，人力資源領導者都會開始考慮他們的近期和長期福利策略，確定員工群體的需求並評估解決方案以解決最關鍵的問題。

Given the backdrop I just described, it isn't surprising to see that women's health continues to be a priority for all types of employers. One reason is that employers recognize the commitment they've made with the workforce to provide health care coverage for the diseases and conditions affecting them.

鑑於我剛才描述的背景，女性健康繼續成為各類雇主的優先考慮也就不足為奇了。原因之一是，雇主認識到他們對員工的承諾，即為影響他們的疾病和狀況提供醫療保險。

Another is the employment market remains highly competitive and employers want to recruit and retain the best possible talent. This can be seen in the most recent jobs report. The economy has added nearly 600,000 jobs just since January, which comes on top of the 2 million created in 2024, and the unemployment rate has remained at or around 4% for nearly a year.

另一個原因是就業市場競爭仍然激烈，雇主希望招募並留住最優秀的人才。從最新的就業報告中可以看出這一點。自 1 月以來，美國經濟已增加了近 60 萬個就業崗位，而 2024 年則創造了 200 萬個就業崗位，失業率近一年來一直維持在 4% 左右。

Digging into this more specifically, even though our client base is exceptionally well diversified across 45 different industries, the sectors of the economy that have been driving much of this job growth over the past year, including healthcare, transportation, financial services, and manufacturing. Have been ongoing areas of strength for us. Past success isn't necessarily a predictor of the future, we enter this season feeling well positioned, and at this point in the year we're pleased with the level of activity and engagement we've seen thus far.

更具體地說，儘管我們的客戶群分佈在 45 個不同的行業，但在過去一年中推動大部分就業成長的經濟部門包括醫療保健、交通、金融服務和製造業。一直是我們的優勢領域。過去的成功並不一定能預示未來，我們以良好的狀態進入這個賽季，並且在今年的這個時候，我們對迄今為止所看到的活動和參與程度感到滿意。

Pipeline in terms of dollars and number of opportunities is comparable to where it was a year ago, even though the average number of lives is lower at this point. The comparable dollars versus prior year are due to the composition of industries and utilization profiles for those prospects. Contact pipeline is still building at this time of year and historically continues to do so through the third quarter.

儘管目前的平均生命人數較低，但就美元和機會數量而言，管道與一年前相當。與前一年相比，美元金額可比，這是由於產業組成和這些前景的利用情況所致。每年的這個時候，聯繫管道仍在建設中，而且從歷史上看，這種狀況會持續到第三季。

We create pipeline through a number of channels including our partner relationships which now include Cigna as our first national health plan, as well as a number of large regional plans such as Blue Cross Blue Shield of North Carolina and Blue Cross Blue Shield of Alabama, as well as our long standing partners CVS and Evernorth.

我們透過多種管道創建管道，包括我們的合作夥伴關係，現在包括 Cigna 作為我們的第一個國家健康計劃，以及一些大型區域計劃，如北卡羅來納州藍十字藍盾和阿拉巴馬州藍十字藍盾，以及我們的長期合作夥伴 CVS 和 Evernorth。

New pipeline is also built through conferences, events, inbounds from the benefit consultants, and direct outreach. Early commitments thus far are comparable to prior year. In every season our earliest sales activity tends to be driven mostly by the not nows that have carried over from the prior year. That's been the case this year as well. These are companies who may have had competing priorities that prevented them from making a decision about the benefit last year, but who are in a better position to do so now.

也透過會議、活動、福利顧問的來訪和直接外展建立了新的管道。迄今為止的早期承諾與去年相當。在每個季節，我們最早的銷售活動往往主要受到前一年遺留下來的銷售活動的推動。今年的情況也是如此。這些公司可能因為其他優先事項而無法在去年就福利做出決定，但現在他們更有能力做出決定。

And while new sales are important to our growth, so too is expanding our relationship with existing clients. In any given year, we've typically seen 20% to 25% of the base take additional services with us, such as progenyRX, additional smart cycles, or other fertility services such as donor tissue. Last year, 30% of the base expanded in some way with the increment being driven by our newer services in maternity, postpartum, and menopause.

雖然新銷售對我們的成長很重要，但擴大與現有客戶的關係也同樣重要。在任何一年中，我們通常都會看到 20% 到 25% 的用戶選擇我們的額外服務，例如 progenyRX、額外的智慧週期或其他生育服務，例如捐贈組織。去年，30% 的客戶群以某種方式擴大，這一成長主要得益於我們在孕產、產後和更年期領域的新服務。

We are in our first year with these programs and are pleased with the enthusiasm we're seeing in the market. Though these services are expected to contribute up to 10% of revenue by 2028, we aren't expecting a meaningful contribution in the near term while we continue to penetrate our base and build awareness. Nonetheless, we believe these services over time will meaningfully increase the diversity in our portfolio and deepen our relationship with clients.

我們實施這些計畫的第一年就看到了市場熱情，對此我們感到非常高興。儘管預計到 2028 年這些服務將貢獻高達 10% 的收入，但在我們繼續滲透基礎並建立知名度的同時，我們並不期望在短期內做出有意義的貢獻。儘管如此，我們相信，隨著時間的推移，這些服務將顯著增加我們產品組合的多樣性，並加深我們與客戶的關係。

So far in 2025 we've expanded the solution even further, adding dual services to our comprehensive maternity offering and launching a parent and child well-being program to provide one on one guidance for child development, return to work assistance, and support work-life balance. In short, for this renewal and upsell season, we're in the market with a broader portfolio of services that enable employers to customize a robust women's health benefits strategy. Let me now turn the call over to Mark to walk you through the quarter. Mark.

到 2025 年為止，我們進一步擴展了解決方案，在我們全面的產婦服務中增加了雙重服務，並推出了親子健康計劃，為兒童發展提供一對一指導、重返工作崗位援助並支持工作與生活的平衡。簡而言之，在這個更新和追加銷售季節，我們向市場提供了更廣泛的服務組合，使雇主能夠客製化強有力的女性健康福利策略。現在，讓我將電話轉給馬克，讓他向您介紹本季的情況。標記。

Thank you, Pete, and good afternoon, everyone. I'll begin with our first quarter results and then provide our expectations for the second quarter and full year. First quarter revenue grew 16.5% to USD324 million, primarily due to an increase in the number of clients and covered lives as compared to a year ago.

謝謝你，皮特，大家下午好。我將從第一季的業績開始，然後提供對第二季和全年的預期。第一季營收成長 16.5% 至 3.24 億美元，主要原因是與去年同期相比客戶數量和受保人數增加。

The growth rate this quarter was somewhat enhanced by the unfavorable treatment mix shift that we highlighted to you a year ago. Though this was short lasting and only impacted the first quarter last year, there was a negative USD15 million dollar impact, as we disclosed to you at the time. If we were to normalize for this USD15 million revenue this quarter still grew at a double digit rate.

本季的成長率在一定程度上受到我們一年前向您強調的不利治療組合轉變的推動。雖然這種情況持續時間很短，僅影響了去年第一季度，但正如我們當時向您披露的那樣，造成了 1500 萬美元的負面影響。如果我們將這 1500 萬美元的收入標準化，本季仍將以兩位數的速度成長。

As discussed last quarter, revenue for the first half of 2025 will include a large former client who has provided for an extended transition period for members meeting certain criteria. In the first quarter, this contributed approximately USD31 million slightly more than the approximately USD28 to USD30 million that we had anticipated.

正如上個季度所討論的，2025 年上半年的收入將包括一位大型前客戶，該客戶為符合特定標準的成員提供了延長的過渡期。在第一季度，這貢獻了約 3,100 萬美元，略高於我們預期的約 2,800 萬至 3,000 萬美元。

Excluding the impact of this client from both 2024 and 2025, first quarter revenue increased 19%. If we further normalize the year ago period for the USD15 million in unfavorable mix from the prior year, revenue this quarter increased more than 12%. In short, whichever way you prefer to look at it, this year has begun with solid growth in our core business. As of March 301, we had 532 clients with at least 1,000 lives, representing an average of 6.7 million covered lives in the quarter. This is consistent with what we had expected coming out of the most recent selling season.

排除該客戶 2024 年和 2025 年的影響，第一季營收成長了 19%。如果我們將去年同期的 1,500 萬美元不利組合進一步正常化，本季的營收將成長 12% 以上。簡而言之，無論您如何看待，今年我們的核心業務都實現了穩健成長。截至 3 月 30 日，我們擁有 532 名客戶，其生命人數至少為 1,000 人，這意味著本季平均受保生命人數為 670 萬人。這與我們對最近一個銷售季的預期一致。

I'll note that members this quarter do not include the large client under the transition of care agreement. This compares to 451 clients and an average of 6.35 million covered lives in the first quarter a year ago, highlighting how even with the loss of that large client, our member base is still up year over year as expected, reinforcing both the scale of the business as well as our diversification.

我要指出的是，本季的成員不包括護理過渡協議下的大客戶。相較之下，去年第一季我們擁有 451 名客戶，平均受保人數為 635 萬人，這表明，即使失去了這個大客戶，我們的會員數量仍按預期同比增長，從而增強了業務規模和多元化。

The substantial majority of our newest clients in lives, one in the 2024 selling season, have already launched at this point, and though a handful of relatively small clients are expected to launch in Q2 and Q3. Turning now to our member engagement metrics, female utilization was 0.46% in the quarter, consistent with the first quarter a year ago.

我們最新客戶中的絕大多數（其中一位處於 2024 年銷售季）目前都已推出產品，不過，少數相對較小的客戶預計將在第二季和第三季推出產品。現在來看看我們的會員參與度指標，本季女性利用率為 0.46%，與去年同期第一季一致。

Utilization this quarter does not include the large client under the transition of care agreement, as only a limited number of members meeting certain criteria are eligible to use the benefit, which is not comparable and compatible with how we report the members from every other client. Of course this client's volume is reflected in our reported ART cycles, which will also enable you to continue modeling our volumes and revenue as you've always done.

本季的使用率不包括護理過渡協議下的大客戶，因為只有有限數量符合特定條件的會員才有資格使用該福利，這與我們報告其他每個客戶會員的方式不具有可比性且不相容。當然，該客戶的數量反映在我們報告的 ART 週期中，這也使您能夠像往常一樣繼續對我們的數量和收入進行建模。

On that basis, art cycles this quarter were 16,160, which is our highest quarterly total ever and reflects 9% growth over the year ago period. Today's press release includes a table to also report art cycles per unique female utilizer. You'll see 0.51 in the first quarter, which is consistent with how 2022 and 2023 began, though down slightly as expected from how 2024 began.

在此基礎上，本季的藝術週期為 16,160，這是我們有史以來最高的季度總數，比去年同期增加了 9%。今天的新聞稿中還包含一個表格，用於報告每個女性使用者的藝術週期。您將在第一季看到 0.51，這與 2022 年和 2023 年的開局情況一致，但與 2024 年的開局情況相比略有下降，正如預期的那樣。

As one measure that we're seeing engagement return to more typical levels, I'd highlight that the year over year differential in art cycles per per unique has been lessening. For example, in Q3 of last year, this metric was 0.52, which was 4 basis points below where it was in Q3 of 2023 at 0.56. Then, as of this most recent quarter, that year over year differential halved to two basis points, [5.51] this quarter versus 0.53 in the year ago period.

作為我們看到參與度回歸到更典型水平的一個指標，我想強調的是，人均藝術週期的同比差異一直在縮小。例如，去年第三季度，該指標為0.52，比2023年第三季的0.56低4個基點。而截至最近一個季度，年比差距縮小至兩個基點，本季為5.51，而去年同期為0.53。

With respect to the components of the top line, fertility revenue increased 22% in the quarter to USD206 million while pharmacy revenue increased 9% to USD118 million. That the differential in growth rates reflects a comparatively lower proportion of treatments requiring a pharmacy component versus the prior year period, which you can also see reflected in the lower art cycles per unique.

就營業收入的組成部分而言，本季生育收入成長 22%，達到 2.06 億美元，而藥品收入成長 9%，達到 1.18 億美元。成長率的差異反映出與去年同期相比，需要藥房成分的治療比例相對較低，這也可以從每個獨特治療的較低藝術週期中反映出來。

Turning now to our margins and operating expenses, gross profit increased 21% from the first quarter last year to USD76 million. This yielded a 23.4% gross margin, an improvement from the 22.4% margin in the prior year period due to the impact of the unfavorable mix shift in the year ago period, as well as some other timing items. For the full year, we expect gross margin expansion over 2024, although not quite at the same level as we saw in Q1 due to additional hiring and other investments contemplated in the plan.

現在談談我們的利潤率和營運費用，毛利比去年第一季成長了 21%，達到 7,600 萬美元。毛利率為 23.4%，較去年同期的 22.4% 有所提高，這歸因於去年同期不利的產品組合變化以及其他一些時間因素的影響。我們預計 2024 年全年毛利率將有所擴大，但由於計劃中考慮的額外招聘和其他投資，毛利率不會達到第一季的水平。

Sales and marketing expense was 5.5% of revenue, reflecting a modest improvement from the year ago period as our economies and scale are helping to offset the investments we're making to expand our go to market resources and channel partnership relationships. GNA was 10.4% in the quarter, slightly higher than the first quarter a year ago, reflecting the previously disclosed investments we've begun to make to expand our product platform and integrate our research.

銷售和行銷費用佔收入的 5.5%，較去年同期略有改善，因為我們的經濟和規模有助於抵消我們為擴大市場資源和通路合作夥伴關係所做的投資。本季 GNA 為 10.4%，略高於去年同期第一季度，反映了我們先前揭露的為擴展產品平台和整合研究而進行的投資。

We expect these investments will continue to ramp in the second quarter and continue over the remainder of the year. Although dollars of adjusted EBITDA grew 15% to USD58 million the impact of our investments is seen as expected in the adjusted IBITDA margin, which declined modestly from the year ago period to 17.8%. Net income was USD15.1 million or USD0.17 per diluted share in the quarter. This compared to net income of USD16.9 million or USD0.17 per share in the year ago period.

我們預計這些投資將在第二季繼續增加，並在今年剩餘時間內持續下去。儘管調整後的 EBITDA 成長了 15%，達到 5,800 萬美元，但我們的投資對調整後的 IBITDA 利潤率的影響是意料之中的，該利潤率較去年同期略有下降，為 17.8%。本季淨收入為 1,510 萬美元，即每股收益 0.17 美元。相比之下，去年同期的淨收入為 1,690 萬美元，即每股 0.17 美元。

The decrease was primarily due to a higher provision for income taxes, including the impact of discrete tax items which more than offset the higher operating profitability. Adjusted EPS was USD0.48 in the quarter, which compares to USD0.39 in the year period. Turning now to our cash flow and balance sheet, we generated nearly USD50 million of operating cash flow in the first quarter, nearly double the prior year period. The increase is due to the higher profitability, as well as the timing of certain working capital items in both periods and reflects our high rate of conversion of adjusted EBITDA to operating cash flow.

下降的主要原因是所得稅準備金增加，其中包括單獨稅項的影響，這超過了營業獲利能力的提高。本季調整後每股收益為 0.48 美元，去年同期為 0.39 美元。現在來看看我們的現金流量和資產負債表，我們在第一季產生了近 5,000 萬美元的營運現金流，幾乎是去年同期的兩倍。成長是由於獲利能力提高，以及兩個期間某些營運資本項目的時間安排，並反映了我們調整後的 EBITDA 向經營現金流的高轉換率。

Looking beyond operating cash flow, you'll see we incurred USD2 million in incremental CapEx this quarter as compared to the year ago period. This was expected and reflects the investments we described to you last quarter in our member experience at acquisition, integration activities. We continue to expect the incremental CapEx for these projects to be approximately USD15 million over our 2024 spent.

除了經營現金流之外，您會發現與去年同期相比，本季我們的資本支出增加了 200 萬美元。這是預料之中的，反映了我們上個季度在收購、整合活動方面的會員體驗投資。我們繼續預計這些項目的增量資本支出將比我們 2024 年的支出增加約 1500 萬美元。

As of March 31st, we had total working capital of USD331 million reflecting USD256 million in cash equivalents and marketable securities, and no debt. As compared to the year ago period, DSO improved by 14 days, reflecting our ongoing discipline and revenue cycle management. Though DSO did increase as usual on a sequential basis due to the ordinary seasonality that we see at the beginning of the year driven by the timing of treatments, client starts, and other factors.

截至 3 月 31 日，我們的總營運資金為 3.31 億美元，其中現金等價物和有價證券為 2.56 億美元，沒有債務。與去年同期相比，DSO 改善了 14 天，反映了我們持續的紀律和收入週期管理。不過，由於我們在年初看到的受治療時間、客戶開始時間和其他因素影響的正常季節性，DSO 確實像往常一樣連續增加。

Turning now to our expectations for the second quarter in the year, as the second quarter begins, we've continued to see member engagement at levels that are consistent with the historical range. Nevertheless, given the unexpected variability we experienced at certain times in 2024, the assumptions we're making today reflect the possibility that we'll see further variability in activity and treatments in the future.

現在談談我們對今年第二季的預期，隨著第二季的開始，我們繼續看到會員參與度與歷史範圍一致的水平。儘管如此，考慮到我們在 2024 年某些時候經歷的意外變化，我們今天所做的假設反映了未來我們將看到活動和治療進一步變化的可能性。

As you can see in the table on the last page of today's press release, we continue to expect that full year utilization will remain at 1.02% at the low end and 1.04% at the high end. In terms of consumption, even though the year has begun slightly better than we had originally expected, we're maintaining our assumption on our cycles per unique at 0.89 at the low end of the range and 0.91 at the high end.

正如您在今天的新聞稿最後一頁的表格中所看到的，我們仍然預計全年利用率將保持在低端 1.02% 和高端 1.04%。在消費方面，儘管今年的開局比我們最初預期的要好一些，但我們仍維持對每個唯一周期的假設，低端為 0.89，高端為 0.91。

With these assumptions we're projecting between USD310 million to USD325 million in second quarter revenue, reflecting growth of 2% to 7%. This includes between USD12.7 million and USD14.7 million in contribution from the client under the transition of care arrangement. If we exclude that client's contribution from both periods, second quarter revenue growth is expected to be between 11% and 16%.

根據這些假設，我們預計第二季營收將在 3.1 億美元至 3.25 億美元之間，成長率為 2% 至 7%。其中包括客戶在過渡護理安排下繳納的 1,270 萬美元至 1,470 萬美元的款項。如果我們從兩個期間排除該客戶的貢獻，預計第二季營收成長將在 11% 至 16% 之間。

On profitability, we expect between USD49 million to USD53 million in adjusted EBITDA in the second quarter along with net income of between USD11.5 million to USD14.5 million. This equates to USD0.13 and USD0.16 of earnings per share, or USD0.40 and USD0.43 of adjusted EPS on the basis of approximately 91 million fully diluted shares.

在獲利能力方面，我們預計第二季調整後的 EBITDA 將在 4,900 萬美元至 5,300 萬美元之間，淨收入將在 1,150 萬美元至 1,450 萬美元之間。這相當於每股收益 0.13 美元和 0.16 美元，或基於約 9,100 萬股完全稀釋股份的調整後每股收益 0.40 美元和 0.43 美元。

Given our strong start to the year, we're pleased to be in a position to raise our full year guidance. We now project revenue of between USD1.185billion to USD1.235 billion, reflecting growth of between 1.5% and 5.8%. This assumes a contribution of USD44 million to USD46 million of revenue from the large client under the transition of care agreement. If we exclude that client from both years, our full year revenue growth is estimated to be 11% to 15%.

鑑於我們今年的強勁開局，我們很高興能夠提高全年業績預期。我們現在預計營收在 11.85 億美元至 12.35 億美元之間，成長率在 1.5% 至 5.8% 之間。假設根據護理過渡協議，大客戶將貢獻 4,400 萬至 4,600 萬美元的收入。如果我們將該客戶排除在兩年之外，我們全年的收入成長預計為 11% 至 15%。

We also expect between USD190 million to USD203 million in adjusted EBITDA with net income of between USD42.4 million to USD 51.8 million. This equates to USD0.46 and USD0.56 earnings per diluted share and USD1.54 and USD1.64 of adjusted EPS on the basis of approximately 92 million fully diluted shares for the year. And with that we'd like to now open the call for questions. Operator, can you please provide the instructions?

我們也預計調整後的 EBITDA 將在 1.9 億美元至 2.03 億美元之間，淨收入將在 4,240 萬美元至 5,180 萬美元之間。這相當於在全年約 9,200 萬股完全稀釋股份的基礎上，每股攤薄收益為 0.46 美元和 0.56 美元，調整後每股收益為 1.54 美元和 1.64 美元。現在我們開始回答問題。接線員，您能提供一下指示嗎？

Thank you very much. [Operator Instructions]

非常感謝。[操作員說明]

Your first question is coming from Anne Samuel of JP Morgan. Anne, your line is live.

您的第一個問題來自摩根大通的安妮·塞繆爾 (Anne Samuel)。安妮，你的線路正在運行。

Great, thanks. Congrats on the great print tonight and Pete, congratulations on your Time Time Magazine recognition. Really great to see, the emphasis there on fertility benefits as well. If I were to look at, historical seasonality of cycles per utilizer, you tend to have a step up in 2Q from 1Q, but when we look at the guide, it implies, kind of a more similar rate in 2Q to 1Q. So I was just curious, is that, kind of to account for some of the uncertainty that you mentioned? Or is there something else going on that might change, kind of how we should be thinking about the normal seasonality of utilization.

太好了，謝謝。恭喜你今晚的出色表現，皮特，恭喜你獲得《時代》雜誌的認可。真的很高興看到，他們也強調生育益處。如果我看一下每個使用者的周期歷史季節性，你會發現第二季度的成長率往往會比第一季有所上升，但當我們查看指南時，它意味著第二季度與第一季的成長率更為相似。所以我只是好奇，這是否可以解釋您提到的一些不確定性？或者是否有其他可能發生變化的情況，我們應該如何考慮利用率的正常季節性。

Hi, Annie, and thanks so much. Yeah, we're excited for the for the recognition. We're proud of what we're doing here, so it's great to see that. As it relates to your question, it is more around, having the guidance reflect the uncertainty that it is something that we're seeing is a simple answer.

你好，安妮，非常感謝。是的，我們很高興獲得認可。我們為我們在這裡所做的事情感到自豪，所以很高興看到這一點。就您的問題而言，更多的是圍繞著指導來反映我們所看到的不確定性，這是一個簡單的答案。

Helpful, thank you. And then maybe just one more, you called out the gross margin expansion this quarter and it was up really nicely. I was just wondering, can you speak to the drivers there and just how we should be thinking about that line for the rest of the year. Thanks.

有幫助，謝謝。然後也許還有一點，您提到本季的毛利率擴大了，而且成長得非常好。我只是想知道，您能否與那裡的司機談談，以及我們應該如何考慮今年剩餘時間的那條線路。謝謝。

Yeah, so yeah, as I said in my prepared comments, I think you have to take into consideration. Last year was a bit suppressed given the the revenue shortfall from the mix issue. Again, we typically are leveraging, our internal folks as revenue grows, and that was an unexpected reduction. In revenue, so we were a bit suppressed last year and we had a good quarter this year.

是的，是的，正如我在準備好的評論中所說的那樣，我認為你必須考慮。由於混合問題導致的收入不足，去年的情況有點低迷。再說一次，隨著收入的成長，我們通常會利用內部人員的力量，但這是意外的減少。就收入而言，去年我們的收入受到了一些抑制，但今年的一個季度我們的收入表現不錯。

I think again as we continue to make some of the investments that we've been highlighting, a portion of those do actually hit in our cost of services area and will, bring gross margins down. We haven't necessarily guided to a specific number for the year, but we do expect it to expand for the full year versus the full year of 24'. I hope that's helpful.

我認為，隨著我們繼續進行一些我們一直強調的投資，其中一部分確實會影響我們的服務成本，並會降低毛利率。我們不一定能預測今年的具體數字，但我們確實預計全年數字將比 24 全年有所擴大。我希望這有幫助。

Very helpful. Thank you.

非常有幫助。謝謝。

Thank you very much. Your next question is coming from Jalendra Singh of Tourist Securities. Jalendra, your line is live.

非常感謝。您的下一個問題來自旅遊證券公司的 Jalendra Singh。Jalendra，您的線路已通電。

Thank you and congrats in a strong quarter and congrats on the recognition. I want to follow up on your comments around the 2026 selling scene. I know you guys noted that it is still early and the most sales, most of sales have been not now from last year.

謝謝您，並祝賀您本季表現強勁，並祝賀您獲得認可。我想跟進您對 2026 年銷售情況的評論。我知道你們注意到了，現在還為時過早，而且大部分銷售額都比去年同期有所下降。

But outside of that, are you seeing any indications of employers? Putting the RSP process on hold things taking longer, which could mean that decision making could be a little delayed this year. And related to that, you also talked about the sales goal for the year. Is your sales goal similar to your historical target of adding as many lives as the year prior? Of course it's 1.1 million lives excluding Amazon.

但除此之外，您是否看到任何雇主的跡象？暫停 RSP 流程將花費更長時間，這可能意味著今年的決策可能會略有延遲。與此相關，您也談到了今年的銷售目標。您的銷售目標是否與歷史目標相似，即增加與前一年一樣多的生命？當然，不包括亞馬遜，這數字是 110 萬人。

Yeah, hey, it's Michael. Thanks for the question. So first, yeah, our sales goal is the same as it is every year, we're trying to, bring on as much new business as we can. And as we said on an investor day last summer, we're targeting at least to add a million new lives each year, so that's unchanged, as for the pipeline, you sort of you sort of referenced it certainly is early and there's, certainly a lot more pipeline months ahead of us that we continue to bring on new opportunities and important sort of from a comparable perspective.

是的，嘿，我是麥可。謝謝你的提問。首先，是的，我們的銷售目標與每年相同，我們正在努力帶來盡可能多的新業務。正如我們去年夏天在投資者日所說的那樣，我們的目標是每年至少增加 100 萬人的生命，所以這一點沒有改變。至於管道，您提到現在還為時過早，而且在未來的幾個月裡，我們肯定會有更多的管道，我們將繼續帶來新的機會，從可比的角度來看，這些機會很重要。

The number of opportunities and dollars are comparable to prior year while we're seeing the average lives of lagging a little bit over from last year that that could be a lot of factors that could be the timing, certainly some of the, macro macro environment, macroeconomic environment aspects could be driving a little bit of that and a little bit of uncertainty in some businesses. But we're certainly seeing, a wide array and diversity within employers that we have in the pipeline.

機會和資金的數量與去年相當，但我們發現平均壽命比去年略有滯後，這可能是很多因素造成的，可能是時機問題，當然，一些宏觀環境、宏觀經濟環境方面可能會造成一些影響，也給一些企業帶來一些不確定性。但我們確實看到，我們招募的雇主種類繁多，形式多元。

And then yeah, specifically to your question, we, we're not seeing a slowdown in or sort of pauses if you will, the way you were describing it in in RFP activities or sort of processes that are started. That's not what we're seeing and so I just wanted to make sure we just, answer that question specifically.

是的，具體到您的問題，我們並沒有看到您在 RFP 活動或已啟動的流程中描述的那樣出現放緩或暫停的情況。這不是我們所看到的，所以我只是想確保我們能夠具體地回答這個問題。

Okay, and in my follow up, I want to ask about the 16.3% incremental adjusted EBITDA margin on incremental revenue in the quarter. Can you share some thoughts on that metric? Where do you see that metric trending near term, and how do you think about the path to getting that metric back to that historical 20% plus longer term?

好的，在我的後續問題中，我想問一下本季增量營收的 16.3% 增量調整後 EBITDA 利潤率。您能分享一下對該指標的一些看法嗎？您認為該指標的近期趨勢為何？您認為如何才能使該指標長期恢復到歷史水準的 20% 左右？

Yes, so we had talked about it in at our previous call a year and when we put out our guidance for the year overall. The the expectation for this year in particular due to the incremental investment. That is going to hit the P&L as well as incremental investment, which we call that that'll be higher cap X is, I'll call it one time if you will, right?

是的，我們在去年的上次電話會議上以及全年的指導方針中討論過這個問題。由於投資增加，今年的預期尤其高。這將影響損益表以及增量投資，我們稱之為更高的上限 X，如果你願意的話，我會一次性地稱呼它，對嗎？

So overall USD15 million of incremental P&L expense relative to the investments in the platform and the product expansion and the investments in the acquisitions that we've made is going to hit the P&L this year makes a big difference relative to marginal incremental revenue. So when you talk about the short term, that's sort of how you should look at the year, but those are all really important initiatives that will continue to position us and hold our position as the leader in the space.

因此，相較於平台投資、產品擴展和收購投資，整體而言，1,500 萬美元的增量損益支出將對今年的損益表產生重大影響，相對於邊際增量收入而言。因此，當你談論短期時，你應該這樣看待今年，但這些都是非常重要的舉措，將繼續鞏固我們在該領域的領先地位。

Thanks a lot.

多謝。

Thank you very much. Your next question is coming from Michael Churney of Larin Partners. Michael, your line is life.

非常感謝。您的下一個問題來自 Larin Partners 的 Michael Churney。邁克爾，你的路線就是生命。

Good afternoon. This is Ahmed on for my attorney. Congrats on the great quarter. If I could ask about the new modules that you've been adding, I appreciate the color you guys gave, but if you could double click on that, which modules are getting the most interest right now, we'd love to get any additional color and how you think about how they will eventually ramp longer term to your longer range targets.

午安.這是我的律師艾哈邁德 (Ahmed)。恭喜本季取得如此出色的成績。如果我可以詢問您添加的新模組，我很欣賞您們給出的顏色，但如果您可以雙擊它，哪些模組現在最受關注，我們很樂意獲得任何額外的顏色，以及您如何看待它們最終將如何長期提升到您的長期目標。

Yeah, I think, well, it depends on how you define interest from a sales perspective. Last year and so far early this year, all of the modules that you are getting interest where we had, 20% of clients overall last year and as the sales year starting this year by one or more of the of the new modules as it relates to engagement with the modules. There's a higher level of engagement.

是的，我認為，這取決於你如何從銷售角度定義興趣。去年以及今年年初到目前為止，您感興趣的所有模組，去年總體上有 20% 的客戶感興趣，而今年開始的銷售年度則由一個或多個新模組組成，因為它與模組的參與有關。參與度更高了。

With the menopause, product, and that the reason for that is that it's a much larger addressable audience, vis the maternity product, and so that's probably, that's the easiest answer.

對於更年期產品來說，原因在於它擁有更大的目標受眾，相比孕婦產品，所以這可能是最簡單的答案。

Got it, thank you. And if I could ask another one, are you noticing any incremental concerns from employers in your conversations with them about 2026? I know you commented about the selling season, it's really early, but just any sort of hesitation there?

知道了，謝謝。如果我可以再問一個問題，在與雇主談論 2026 年時，您是否注意到他們有逐漸增加的擔憂？我知道您評論了銷售季節，現在確實為時過早，但是還有任何猶豫嗎？

I think, again, sort of, as I was referencing, earlier. There, there's certainly opportunities and dollars are comparable to last year and again lives are average lives are lagging a little bit again, it's hard to speculate at this time, but certainly there could be a little bit of the macro environment.

我認為，就像我之前提到的。那裡肯定有機會，美元與去年相當，而且平均生活水平再次落後了一點，現在很難推測，但肯定會有一點宏觀環境的影響。

As a fact creating some uncertainty with some businesses though it's certainly not all businesses and that's also why you know it's important as you look at our book and with over you know clients in over 45 different industries, right, that diversification really comes in in into play here and we're seeing that in the pipeline as well.

事實上，這給一些企業帶來了一些不確定性，但肯定不是所有企業都面臨這種不確定性，這也是為什麼你知道這一點很重要，當你看我們的書時，你知道我們的客戶來自 45 多個不同的行業，對吧，多樣化確實在這裡發揮了作用，我們也在籌劃中看到了這一點。

Great thank you congrats.

非常感謝，恭喜。

Thank you very much. [Operator Instructions]. Your next question is coming from David Larson of BTIG. David, your line is life.

非常感謝。[操作員指示]。您的下一個問題來自 BTIG 的 David Larson。大衛，你的路線就是生命。

Hi, congratulations on the good quarter and the sort of resurgence in revenue growth. Can you talk about potential impact tariffs on your book of business? Could that possibly increase your cost of goods for your members for like the specialty medications or not? And would you be able to sort of pass those along to customers or not? Just any color there in terms of your own cost base and then what you might be hearing from clients, customers, health plans, is this even a topic of discussion or not? Thank you.

您好，恭喜本季業績良好，營收成長復甦。您能談談關稅對您的業務的潛在影響嗎？這是否會增加您為會員提供的諸如特種藥物之類的商品成本？您是否能夠將這些傳遞給客戶？就您自己的成本基礎而言，任何顏色都可能存在，然後您可能會從客戶、顧客、健康計劃那裡聽到什麼，這是否是一個討論的話題？謝謝。

Relative to existing tariffs that are announced, not really an impact for us on costs relative to comments that are out there around potential tariffs on pharmaceuticals based on what's been discussed to date.

相對於已宣布的現有關稅，根據迄今為止的討論，相對於有關藥品潛在關稅的評論，這對我們的成本並沒有真正的影響。

End-state drugs don't appear to be something that's being considered in terms of tariffs, but tariffs on potentially materials that go into drug manufacturing. So hard to say to be hard to say if it will have an impact. We do have flexibility in our arrangements with our clients. Should there be an increase, but that's not the only lever that we have. We would also work with our industry partners to mitigate collectively the impact to plant sponsors is essentially how I think about it.

最終藥品似乎不是在關稅方面被考慮的對象，而是對用於藥品製造的潛在材料徵收關稅。很難說它是否會產生影響。我們與客戶的安排確實具有彈性。是否應該增加，但這不是我們唯一的手段。我的想法是，我們也將與產業合作夥伴共同努力，共同減輕對工廠贊助商的影響。

Okay, and then just another quick one. It seems to me like with the 100 basis point increase in the unemployment rate that we saw last year, the last year and a half with rising interest rates, that may have been a factor in in like the temporary slowdown of 24, but it seems to me like that's really stabilized now that we're post-election. Just any thoughts on Trump's views on, fertility. I think he said he wanted health plans to cover IVF. Just any thoughts there, will that have an impact or not? Thanks.

好的，然後再快速說一次。在我看來，去年失業率上升了 100 個基點，過去一年半利率上升，這可能是導致經濟暫時放緩 24 的一個因素，但在我看來，現在我們已經過了大選，這種情況已經真正穩定下來了。只是對川普對生育的看法有什麼看法。我認為他說他希望健康計劃能夠涵蓋 IVF。只是有什麼想法，這會產生影響嗎？謝謝。

Well, there's an executive order that was put out in February asking for a recommendation around both protecting access as well as addressing affordability. The readout from that executive order is expected unless it moves, it's expected May 19th and so from that perspective, the spirit of the order is positive relative to those two things.

嗯，二月發布了一項行政命令，要求就保護醫療機會和解決負擔能力問題提出建議。除非情況發生變化，否則預計該行政命令將於 5 月 19 日發布，因此從這個角度來看，該命令的精神相對於這兩件事而言是積極的。

Besides that, there's very little information being leaked or otherwise in terms of what direction that recommendation may go. Hard for me to say, how positive it may be or not. A relative to what that executive order would recommend, but it's recommendations, policy recommendations, it's not legislation as it sits now in terms of how the executive order was written, so we'll see what happens. But again, I start out with my first statement that the spirit of the order is positive relative to IVF.

除此之外，關於該建議可能走向何方的資訊外洩或其他資訊非常少。我很難說它是否是積極的。與行政命令所建議的內容有關，但就行政命令的寫法而言，這只是建議、政策建議，而不是立法，所以我們將拭目以待。但是，我首先要聲明的是，該命令的精神相對於 IVF 而言是積極的。

Okay, thanks very much. Congrats on a good quarter. I'll hop back in the queue.

好的，非常感謝。恭喜本季取得良好業績。我會重新回到隊列中。

Thank you very much. Your next question is coming from Sarah James of Cantor Fitzgerald. Sarah, your line is.

非常感謝。您的下一個問題來自 Cantor Fitzgerald 的 Sarah James。莎拉，你的台詞是。

Thank you. You mentioned not anticipating the gross margin beat to continue through the year due to investments, but given the size of the beat, it implies a pretty sizable investment. So could you go into a little bit more detail on what those are, how much is hiring, and what are the non-staff related investments?

謝謝。您提到由於投資的原因，預計毛利率不會在全年持續超出預期，但考慮到超出預期的幅度，這意味著一筆相當大的投資。那麼，您能否更詳細地介紹一下這些是什麼，招募金額是多少，以及與員工無關的投資有哪些？

Yeah, so overall we talked about the incremental investment related to both the platform as well as the product capabilities and expansion and and the investments in the acquisitions to be, that's going to hit the P&L to be roughly overall USD15 million. The details of it, I'm not sure would be constructive relative to how much of that is hiring versus other things, but nonetheless, we had sized it and that and that number is still our estimate of the impact for this year.

是的，總的來說，我們討論了與平台、產品功能和擴展相關的增量投資，以及收購投資，這將對損益產生約 1500 萬美元的影響。我不確定它的細節是否會具有建設性，相對於其中有多少是招聘而不是其他事情，但儘管如此，我們已經對其進行了規模估算，而且這個數字仍然是我們對今年影響的估計。

Got it. And then one follow up on the tariff discussion, if there are tariffs on some of the ingredients, do you anticipate it could have any impact on the timing of drug shipments or availability?

知道了。然後關於關稅的討論，如果對某些成分徵收關稅，您是否預計這會對藥品的運輸時間或供應產生任何影響？

I again, without any more visibility into what might happen, I don't anticipate that. I'm not sure why a tariff might impact timing of shipments, but beyond that, I can't speculate.

我再說一遍，由於對可能發生的事情沒有任何進一步的了解，所以我不認為會發生這種情況。我不確定為什麼關稅可能會影響發貨時間，但除此之外，我無法推測。

Thank you.

謝謝。

Thank you very much. Our next question is coming from Dev Wirauria, and she's from Bank of America. Dev, your line is life.

非常感謝。下一個問題來自美國銀行的 Dev Wirauria。Dev，你的路線就是生命。

Hey, thanks for taking my question. Dev on here for Alan Latts. I'm just trying to understand a little bit about, pricing benefits, in the guide and in the quarter here. Could you just remind us, how much, if at all, of a pricing benefit is expected, in art cycles for the year, what you're seeing here early on in Q1.

嘿，謝謝你回答我的問題。艾倫·拉茨 (Alan Latts) 的開發人員就在這裡。我只是想了解一下指南和本季的定價優勢。您能否提醒我們，在今年的藝術週期中，預計定價效益會有多大，以及您在第一季初看到的情況。

And just maybe just, that was like typical inflation and IVF procedures and cost, versus kind of historical ranges, and then I got one more follow up. Thank you.

這也許只是典型的通貨膨脹和 IVF 程序和成本，與歷史範圍相比，然後我又進行了一次跟進。謝謝。

Yeah, I think you're referring to the growth and how much of the growth is driven by price. The answer is not really any. So, it's all a function of, engagement, and consumption and activity, with the benefit as opposed to, price.

是的，我認為您指的是成長以及成長中有多少是由價格推動的。答案是沒有。所以，這一切都取決於參與、消費和活動，其結果是利益而非價格。

Okay, great. And is that does the same hold for I guess the pharmacy benefit? I'm just curious how, a drug price, branded versus a genetic inflation, layers into that. For the quarter and I guess expectations for the year there as well. Thank you.

好的，太好了。我猜藥局福利也是同樣的情況嗎？我只是好奇，品牌藥品價格與基因藥品價格的通膨是如何形成的。對於本季以及全年的預期，我猜也是如此。謝謝。

Yes, but the pharmacy benefit it's very little. There are moderate drug price increases to certain drugs that are incorporated in it, but again, the majority of it is due to, the larger number of lives under management and the activity within those members.

是的，但是藥局的福利很少。其中某些藥物的價格有適度上漲，但主要原因是管理的生命數量增加以及這些成員的活動增加。

Great, thank you.

太好了，謝謝。

Thank you very much. At this time, I don't see any further questions in the queue. I will now hand back over to James for any further comments.

非常感謝。目前，我沒有看到隊列中有任何其他問題。現在我將把發言權交還給詹姆斯，請他發表進一步的評論。

Thank you so much, Jenny. Thanks everyone for joining us this afternoon. Please feel free to reach out to me in the next few days or otherwise, I'm sure we'll see many of you next week at the Bank of America conference. Thanks again for your time.

非常感謝，珍妮。感謝大家今天下午加入我們。請在接下來的幾天內隨時與我聯繫，否則，我相信我們會在下週的美國銀行會議上見到你們。再次感謝您的時間。

Thank you very much. That does conclude today's conference call. You may disconnect your phone lines at this time and have a wonderful rest of the day. We thank you for your participation.

非常感謝。今天的電話會議到此結束。您現在可以斷開電話線並享受美好的一天剩餘時間。我們感謝您的參與。