Rapid Micro Biosystems Inc (RPID) 2023 Q3 法說會逐字稿

Thank you for holding, and welcome, everyone to the Rapid Micro Biosystems Third Quarter 2023 earnings call. All lines have been placed on mute to prevent any background noise. (Operator Instructions) Thank you. I'll now turn the call over to Michael Beaulieu, Investor Relations. Mr. Beaulieu, go ahead.

感謝您召開並歡迎大家參加 Rapid Micro Biosystems 2023 年第三季財報電話會議。所有線路均已靜音，以防止任何背景噪音。 （操作員說明）謝謝。我現在將把電話轉給投資者關係部的 Michael Beaulieu。博利厄先生，請繼續。

Good morning, and thank you for joining the Rapid Micro Biosystems Third Quarter 2023 earnings call. Joining me on the call are Rob Spignesi, the President and Chief Executive Officer, and Sean Wirtjes, Chief Financial Officer.

早安，感謝您參加 Rapid Micro Biosystems 2023 年第三季財報電話會議。與我一起參加電話會議的還有總裁兼執行長 Rob Spignesi 和財務長 Sean Wirtjes。

Earlier today, we issued a press release announcing our third quarter 2023 financial results. A copy of the release is available on the Company's website at Rapidmicrobio.com under Investors and the News and Events section.

今天早些時候，我們發布了一份新聞稿，宣布了 2023 年第三季的財務表現。新聞稿的副本可在公司網站 Rapidmicrobio.com 的投資者和新聞與活動部分取得。

Before we begin, I'd like to remind you that many statements made during this call may be considered forward-looking statements within the meaning of federal securities laws, which are made pursuant to the Safe Harbor provisions of the Securities Private Securities Litigation Reform Act of 1995. Any statements contained in this call that relate to expectations or predictions of future events. Results or performance are forward-looking statements, including, but not limited to.

在我們開始之前，我想提醒您，本次電話會議中所做的許多陳述可能被視為聯邦證券法含義內的前瞻性陳述，這些陳述是根據《證券私人證券訴訟改革法案》的安全港條款制定的1995 年。本次電話會議中包含的與對未來事件的預期或預測相關的任何陳述。結果或績效屬於前瞻性陳述，包括但不限於。

Statements relating to rapid Micros financial condition anticipated year-end cash balance, cash runway, future revenue and system placements, expectations for and planned activities related to the Company's business development and growth, customer interest and adoption of the Growth Direct system expectations for RMB Nucleus mold alarm and rapid sterility and the potential impact of macroeconomic uncertainty on Rapid Micro's business.

有關快速 Micros 財務狀況、預期年終現金餘額、現金跑道、未來收入和系統安置、與公司業務發展和增長相關的預期和計劃活動、客戶興趣以及採用 Growth Direct 系統對人民幣核心的預期的報表黴菌警報和快速無菌以及宏觀經濟不確定性對Rapid Micro 業務的潛在影響。

Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors. For a list and description of the risks and uncertainties associated with Rapid Micro's business, please refer to the Risk Factors section of our annual report on Form 10K filed with the Securities and Exchange Commission on March 10th, 2023, as amended as such, risk factors are updated in our subsequent filings with the SEC.

由於多種因素，實際結果可能與前瞻性聲明中明示或暗示的結果有重大差異。有關與 Rapid Micro 業務相關的風險和不確定性的清單和描述，請參閱我們於 2023 年 3 月 10 日向美國證券交易委員會提交的 10K 表格年度報告中的風險因素部分（經修訂），風險因素我們隨後向SEC 提交的文件中對此進行了更新。

We urge you to consider these factors, and you should be aware that these statements should be considered estimates only and are not a guarantee of future performance. This conference call contains time-sensitive information and is accurate only as of the live broadcast today, November 3, 2023.

我們敦促您考慮這些因素，並且您應該意識到這些陳述僅應被視為估計，而不是未來績效的保證。本次電話會議包含時效性訊息，僅截至今天（2023 年 11 月 3 日）直播時準確。

Rapid Micro disclaims any intention or obligation, except as required by law to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise. And with that, I'll turn the call over to Rob.

Rapid Micro 不承擔任何意圖或義務，除非法律要求更新或修改任何財務預測或前瞻性陳述，無論是因為新資訊、未來事件或其他原因。然後，我會將電話轉給 Rob。

Thank you, Mike. Good morning, everyone, and thank you for joining us to review our third quarter 2023 results. I will begin this morning's call with an overview of our third quarter performance, followed by a review of the progress we have made in advancing our growth strategy.

謝謝你，麥克。大家早安，感謝您與我們一起回顧我們的 2023 年第三季業績。我將在今天早上的電話會議中概述我們第三季的業績，然後回顧我們在推動成長策略方面取得的進展。

I will then turn the call over to Sean for a more detailed review of our financial results and outlook. Total revenue was $6.1 million, representing a 30% increase compared to Q3 last year and above our guidance for the third consecutive quarter.

然後我會將電話轉給肖恩，以更詳細地審查我們的財務表現和前景。總營收為 610 萬美元，比去年第三季成長 30%，連續第三季高於我們的指引。

'The strength was broad-based with growth of approximately 30% in both product and service revenue for the second consecutive quarter. Based on our solid year-to-date results and supported by a strong balance sheet, we are reaffirming our guidance of at least $22 million in revenue, representing approximately 30% growth for the full year.

「這種優勢是廣泛的，產品和服務收入連續第二季成長約 30%。基於我們今年迄今穩健的業績並在強勁的資產負債表的支持下，我們重申收入至少為 2200 萬美元的指導，相當於全年增長約 30%。

During the third quarter, we placed five Growth Direct systems, including at least one in each of North America, Europe and Asia, this included the placement of a system with a knew, top five global pharma customer.

在第三季度，我們部署了五個 Growth Direct 系統，其中在北美、歐洲和亞洲各部署至少一個系統，其中包括與已知的全球前五大製藥客戶部署一個系統。

As a result, our customer base now includes two-thirds of the global top 20 pharmaceutical manufacturers. We also completed four validations in the quarter. With all three sales regions staffed, our funnel has expanded meaningfully since the start of the year and is well balanced geographically.

因此，我們的客戶群現在包括全球 20 強製藥製造商中的三分之二。我們還在本季完成了四項驗證。隨著所有三個銷售區域都配備了人員，我們的漏斗自今年年初以來已經顯著擴大，並且在地理上實現了良好的平衡。

Biologics and cell and gene therapy customers remain our largest opportunity. As the growth rate is ideally suited for the high volume testing, full automation, robust data integrity and fast turnaround time required in these segments.

生物製品以及細胞和基因治療客戶仍然是我們最大的機會。由於成長率非常適合這些細分市場所需的大批量測試、完全自動化、強大的資料完整性和快速週轉時間。

That being said, we also have meaningful opportunities in segments such as small molecule and sterile injectable manufacturing where our global commercial presence is providing insight and access to new opportunities.

話雖如此，我們在小分子和無菌注射劑製造等領域也擁有有意義的機會，我們的全球商業存在為這些領域提供了洞察力和獲得新機會的機會。

As many of you are aware, there are several thousand clinical trials for biologics and approximately 1,000 clinical trials for cell and gene therapies ongoing today. With the growth direct, customers going to faster time to results, improved data integrity, enhanced accuracy, and greater sample capacity than current methods.

正如你們許多人所知，目前正在進行數千項生物製劑臨床試驗和大約 1,000 項細胞和基因療法臨床試驗。隨著直接成長，客戶將比目前方法更快獲得結果、提高資料完整性、提高準確性和更大的樣本容量。

In the high-value segments, the value proposition of using the only fully automated rapid detection platform for microbial quality control clearly resonates with this customer base. In fact, the Growth Direct is currently being used in the manufacture of five of the six commercially approved CAR T therapies and expect to place a system with the one remaining therapy later this quarter.

在高價值領域，使用唯一的全自動快速檢測平台進行微生物品質控制的價值主張顯然引起了該客戶群的共鳴。事實上，Growth Direct 目前正在用於製造六種商業批准的 CAR T 療法中的五種，並預計在本季度稍後將與剩餘一種療法一起安裝一個系統。

We also have a significant footprint within biologic manufacturing, which remains our largest segment for system placements. Notably, according to the FDA, there are close to 700 licensed biologic therapies currently on the market which creates a large growth opportunity.

我們在生物製造領域也佔有重要地位，這仍然是我們最大的系統佈局領域。值得注意的是，根據 FDA 的數據，目前市場上有近 700 種獲得許可的生物療法，這創造了巨大的成長機會。

Our significant progress and penetration into the commercial cell and gene and biologics market, combined with our presence within the majority of the global top 20 pharma companies speaks to the value proposition of the Growth Direct.

我們在商業細胞、基因和生物製劑市場的重大進展和滲透，加上我們在全球 20 強製藥公司中的大多數的存在，都說明了 Growth Direct 的價值主張。

We are proud to be trusted partners on these critical life-saving therapies and believe that this level of success keeps us on a path to establishing the Growth Direct as the industry standard for Former Microbial QC testing globally.

我們很自豪能夠成為這些關鍵救命療法值得信賴的合作夥伴，並相信這種程度的成功使我們能夠將 Growth Direct 建立為全球前微生物 QC 測試的行業標準。

As we continue to focus on our commercial execution and specifically on accelerating system placements. One of our objectives is to increase opportunity generation and the velocity of our funnel to direct customer engagements.

我們繼續專注於商業執行，特別是加速系統佈局。我們的目標之一是增加機會的產生和直接客戶參與的漏斗速度。

We recently opened a growth direct demonstration lab in our Lexington, Massachusetts facility and have already hosted several prospective customers. This new lab complements our state-of-the-art automated consumable manufacturing line and provides a platform to showcase our comprehensive set of manufacturing and operations capabilities to customers.

我們最近在馬薩諸塞州列剋星敦工廠開設了直接生長示範實驗室，並接待了幾位潛在客戶。這個新實驗室補充了我們最先進的自動化耗材生產線，並提供了一個向客戶展示我們全面的製造和營運能力的平台。

During these tailored customer interactions we include detailed discussions about professional services, which include validation and system integration support. This high-touch approach to selling instills confidence in our customers and reinforces our position as a trusted, long-term strategic partner of choice.

在這些客製化的客戶互動過程中，我們包括有關專業服務的詳細討論，其中包括驗證和系統整合支援。這種高接觸性的銷售方式為我們的客戶注入了信心，並鞏固了我們作為值得信賴的長期策略夥伴的地位。

Additionally, we continue to use our customer demonstration lab in Munich, Germany to host high-value events for our European customers. In early October, we again participated as a platinum sponsor at the annual PTA Pharmaceutical Microbiology Conference.

此外，我們繼續使用位於德國慕尼黑的客戶演示實驗室為歐洲客戶舉辦高價值活動。 10月初，我們再次作為白金贊助商參加了年度PTA製藥微生物學會議。

In addition to the conference, we hosted an invite only event where prospective and existing customers are paired with members of our commercial and executive leadership team. To enable deeper engagement with key users and decision-makers over the three-day conference and including our customer event, we generate numerous high-quality leads.

除了會議之外，我們還舉辦了一場僅限受邀者參加的活動，潛在客戶和現有客戶與我們的商業和執行領導團隊的成員進行配對。為了在為期三天的會議（包括我們的客戶活動）中與關鍵用戶和決策者進行更深入的互動，我們產生了大量高品質的潛在客戶。

And finally, in late November, Johnson & Johnson will host a multi-day Growth Direct event at their site in Schaffhausen, Switzerland. The purpose of this event is to facilitate collaboration and education by bringing together industry thought leaders, customers, and prospective customers to discuss current business goals and to share best practices.

最後，強生將於 11 月底在瑞士沙夫豪森工廠舉辦為期多天的 Growth Direct 活動。活動的目的是透過將行業思想領袖、客戶和潛在客戶聚集在一起討論當前的業務目標並分享最佳實踐來促進協作和教育。

We anticipate that over 60 customer participants will attend, and the event will feature expert panel discussions on topics such as automation and regulatory approaches using the Growth Direct. In addition, participants will tour a local customer site that includes a fully validated Growth Direct System in a GMP environment.

我們預計將有超過 60 名客戶參與者參加，該活動將包括專家小組討論，主題包括使用 Growth Direct 的自動化和監管方法等。此外，參與者還將參觀當地客戶現場，其中包括在 GMP 環境中經過充分驗證的生長直接系統。

New product development is another important component of our growth strategy. Our goal is to innovate new products that solve customer challenges, create meaningful differentiation and competitive advantage, strengthen partnerships, and enhance the growth of Rex value proposition.

新產品開發是我們成長策略的另一個重要組成部分。我們的目標是創新新產品，解決客戶挑戰，創造有意義的差異化和競爭優勢，加強合作關係，並促進 Rex 價值主張的成長。

Additionally, we expect innovative products such as mold alarm and rapid sterility to become new sources of revenue growth and drive margin expansion. With respect to rapid sterility, we continue to increase focus on commercialization and expect to be able to provide a more significant update next quarter.

此外，我們預計黴菌警報和快速滅菌等創新產品將成為新的收入成長來源並推動利潤率擴張。關於快速無菌，我們繼續加大對商業化的關注，並期望能夠在下個季度提供更重要的更新。

In summary, we continue to make good progress against our growth strategy. Accelerating system placement remains our highest priority. Despite the ongoing challenges posed by the macro-economic environment, we have achieved nearly 30% growth year to date through Q3, which demonstrate that the actions we have been taking to improve our commercial execution and enhance customer experience are gaining traction.

總而言之，我們的成長策略持續取得良好進展。加速系統部署仍然是我們的首要任務。儘管宏觀經濟環境持續帶來挑戰，但我們今年第三季迄今仍實現了近 30% 的成長，這表明我們為改善商業執行和增強客戶體驗而採取的行動正在獲得牽引力。

Additionally, we are focused on leveraging internal cost initiatives, which combined with the scale we are beginning to achieve, will continue to drive gross margin improvement. And with that, I'll now turn the call over to Sean to discuss our third quarter performance. Sean?

此外，我們專注於利用內部成本計劃，再加上我們開始實現的規模，將繼續推動毛利率的提高。現在，我將把電話轉給肖恩，討論我們第三季的業績。肖恩？

Thanks, Rob, and good morning, everyone. I'll start with a recap of our third quarter 2023 results, followed by our updated outlook. Q3 revenue increased 30% to $6.1 million compared to $4.7 million in Q3 2022. We placed five Growth Direct system in the third quarter this year compared to three in Q3 last year.

謝謝羅布，大家早安。我將首先回顧我們 2023 年第三季的業績，然後是我們更新的展望。第三季營收成長 30%，達到 610 萬美元，而 2022 年第三季為 470 萬美元。我們在今年第三季放置了 5 個成長直接系統，而去年第三季為 3 個。

Product revenue, which is comprised of systems and consumables, increased 31% to $4.2 million in Q3 compared to $3.2 million last year. The growth in revenue was primarily driven by the two additional system placements in the quarter.

由系統和耗材組成的產品收入第三季成長了 31%，達到 420 萬美元，而去年為 320 萬美元。營收的成長主要是由本季新增的兩個系統佈局所推動的。

Consumable revenue increased on a year-over-year basis but was down slightly on a sequential basis following a record second quarter, due mainly to the timing of customer shipments between Q2 and Q3, both this year and last year.

消耗品收入年增，但繼第二季創紀錄之後較上季略有下降，這主要是由於今年和去年第二季和第三季之間的客戶出貨時間。

Service revenue increased 27% to $1.9 million in the third quarter compared to $1.5 million last year. The increase was largely driven by higher recurring service contract revenue, which grew almost 40% in the quarter.

第三季服務收入成長 27%，達到 190 萬美元，去年同期為 150 萬美元。這一增長主要是由經常性服務合約收入增加推動的，該收入在本季度增長了近 40%。

Third quarter recurring revenue increased 17% to $3.4 million compared to $2.9 million last year, driven by the growth in both consumables and service contract revenue. Nonrecurring revenue was $2.7 million in Q3 compared to $1.8 million in the prior year quarter.

在消耗品和服務合約收入成長的推動下，第三季經常性收入成長 17%，達到 340 萬美元，而去年為 290 萬美元。第三季的非經常性收入為 270 萬美元，而去年同期的非經常性收入為 180 萬美元。

Turning to gross margins, product margins were negative $1.5 million in Q3 compared to negative $2.4 million in the third quarter last year. The improvement was mainly due to higher placements and production volumes in systems and favorable consumables product mix in Q3 this year, as well as the onetime write-off of expired materials and consumables in Q3 last year.

談到毛利率，第三季的產品利潤率為負 150 萬美元，而去年第三季的產品利潤率為負 240 萬美元。這項改善主要是由於今年第三季系統投放量和產量增加以及有利的耗材產品組合，以及去年第三季一次性核銷過期材料和耗材。

This improvement was partially offset by the impact of planned downtime on our automated consumables manufacturing line to implement enhancements that will benefit future margins as we discussed on our last earnings call, these enhancements are now substantially complete. And we expect them to start making a meaningful contribution to improved consumables margins beginning in the fourth quarter of this year.

正如我們在上次財報電話會議上所討論的那樣，這項改進被計劃停機對我們的自動化耗材生產線的影響所部分抵消，以實施增強功能，這將有利於未來的利潤率，這些增強功能現已基本完成。我們預計他們將從今年第四季開始為提高消耗品利潤率做出有意義的貢獻。

Service margins were negative $0.1 million in Q3 compared to negative $0.4 million last year. Leveraged from higher revenues and better productivity drove the improvement in service margins in the quarter.

第三季服務利潤為負 10 萬美元，而去年為負 40 萬美元。由於收入的增加和生產力的提高，推動了本季服務利潤率的提高。

On a combined basis, our third quarter gross margin percentage was negative 27%, representing an 11%-point improvement on a sequential basis and a 32%-point improvement compared to the third quarter last year.

綜合來看，我們第三季的毛利率為負 27%，季增 11 個百分點，與去年第三季相比提高 32 個百分點。

Looking at margin improvement another way, our total cost of revenue only increased 3% year over year compared to the 30% increase in total revenue we realized in the same period. This illustrates the progress we are making in implementing manufacturing efficiencies and cost reductions across both products and services as well as the benefits of higher revenue, increasing production volumes and tight control of overhead costs. We are laser focused on the activities we believe will drive significant long-term and sustainable improvement in our gross margins.

從另一個角度來看利潤率的改善，我們的總收入成本比去年同期僅成長了 3%，而同期我們實現的總收入成長了 30%。這說明了我們在提高產品和服務的製造效率和降低成本方面所取得的進展，以及增加收入、增加產量和嚴格控制間接成本的好處。我們高度關注我們相信將推動毛利率長期、可持續顯著改善的活動。

Continuing down the P&L, total operating expenses were $12.8 million in the third quarter, consisting of $3.5 million in sales and marketing, $3.1 million in R&D and $6.2 million in G&A. This compares to total operating expenses of $14.1 million in the third quarter of 2022.

繼續以損益表計算，第三季總營運費用為 1,280 萬美元，其中包括 350 萬美元的銷售和行銷費用、310 萬美元的研發費用和 620 萬美元的一般管理費用。相比之下，2022 年第三季的總營運費用為 1,410 萬美元。

The decrease was largely due to non-recurring costs incurred in the third quarter last year associated with the strategic review process initiated by our Board of Directors in that period. Net loss was $13.4 million in Q3. This compares to a net loss of $16.3 million in Q3 last year. This improvement was largely due to higher revenue, better gross margins, and lower operating expenses in Q3 this year. Net loss per share was $0.31 in Q3 compared to net loss per share of $0.38 in the prior year quarter.

減少的主要原因是去年第三季發生的與董事會同期啟動的策略審查流程相關的非經常性費用。第三季淨虧損為 1,340 萬美元。相比之下，去年第三季淨虧損 1,630 萬美元。這項改善主要歸功於今年第三季的營收增加、毛利率提高和營運費用降低。第三季每股淨虧損為 0.31 美元，去年同期每股淨虧損為 0.38 美元。

With respect to non-cash expenses and capital expenditures, depreciation and amortization was $0.8 million. Stock compensation expense was $1.3 million and capital expenditures were $0.5 million in the third quarter.

在非現金支出和資本支出方面，折舊和攤提為 80 萬美元。第三季股票補償費用為 130 萬美元，資本支出為 50 萬美元。

I'll now turn to our outlook. We are once again reaffirming our previous full year 2023 revenue guidance of at least $22 million, which represents growth of at least 30% and assumes we will place at least 15 systems. Compared to Q3 we expect Q4 system revenue to be relatively consistent consumable revenue to be slightly lower, due mainly to shipment timing and service revenue be higher due to increased validation activity.

我現在談談我們的前景。我們再次重申先前 2023 年的全年收入指引至少為 2,200 萬美元，這意味著至少成長 30%，並假設我們將部署至少 15 個系統。與第三季相比，我們預計第四季系統收入將相對穩定，消耗品收入將略低，這主要是由於出貨時間安排和服務收入因驗證活動增加而較高。

We expect to complete at least five validations in the fourth quarter, which is consistent with our prior guidance. In light of the current macroeconomic environment, our customers continue to scrutinize the timing and scale of purchase decisions. And while our guidance continues to reflect this uncertainty and our teams continue to effectively navigate this environment. We expect these headwinds to persist through the end of the year.

我們預計在第四季度至少完成五項驗證，這與我們先前的指導一致。鑑於當前的宏觀經濟環境，我們的客戶繼續檢視購買決策的時機和規模。雖然我們的指導繼續反映這種不確定性，但我們的團隊繼續有效地應對這種環境。我們預計這些不利因素將持續到今年年底。

Shifting to gross margins, we expect sequential improvement in Q4 as we benefit from higher production volumes and cost reduction activities and consumables as well as the benefit of higher revenue and increased productivity and service.

轉向毛利率，我們預計第四季度將連續改善，因為我們受益於更高的產量和成本降低活動和消耗品，以及更高的收入和提高的生產力和服務的好處。

Gross margin improvement continues to be a top strategic objective for us. We are focused on driving cost reduction and increasing manufacturing efficiency in products and increasing productivity and services. We continue to expect these actions as well as the benefit of higher sales volumes to lead us to positive gross margins in 2024 with expansion to 50% to 60% as the business continues to scale over time.

毛利率改善仍然是我們的首要策略目標。我們致力於降低成本、提高產品製造效率、提高生產力和服務。我們仍然預計，隨著業務隨著時間的推移不斷擴大，這些行動以及更高銷量的好處將使我們在 2024 年實現正毛利率，並擴大到 50% 至 60%。

We expect Q4 operating expenses to be between $12 million to $13 million. Finally, we finished Q3 with approximately $104 million in cash, cash equivalents and investments. Cash burn was approximately $9 million in the period.

我們預計第四季營運支出將在 1,200 萬美元至 1,300 萬美元之間。最後，我們在第三季結束時擁有約 1.04 億美元的現金、現金等價物和投資。期內現金消耗約 900 萬美元。

In the fourth quarter, we expect cash burn to be slightly less than Q3 as we realize cash benefits from working capital management. As a result, we expect to end 2023 with cash investments slightly below $100 million and remain confident that this will provide us with cash runway at least into 2026. That concludes my comments. So at this point, we'll open the call up for questions. Operator,

在第四季度，我們預計現金消耗將略低於第三季度，因為我們從營運資本管理中實現了現金收益。因此，我們預計到 2023 年年底現金投資將略低於 1 億美元，並且仍然有信心這將為我們提供至少到 2026 年的現金跑道。我的評論到此結束。現在，我們將開始提問。操作員，

(Operator Instructions)

（操作員說明）

Tejas Savant, Morgan Stanley.

Tejas Savant，摩根士丹利。

Good morning, guys.

早上好傢伙。

This is Edmund on for Tejas. Thank you for taking my questions. Just to start with five systems placed in the quarter. Your guidance implies for the remainder in 4Q or just wondering what under why is your confidence in being able to deliver that in 4Q? And what do you currently have baked into your guidance in terms of a year-end budget flush?

我是埃德蒙 (Edmund) 代表光輝號 (Tejas) 發言。感謝您回答我的問題。首先是本季放置的五個系統。您的指導意味著第四季度的剩餘時間，或者只是想知道為什麼您有信心在第四季度實現這一目標？您目前在年終預算衝刺方面有何指引？

Yes, this is Rob Spinelli. Thanks for the question. Admin, really our confidence in delivering the full delivering our guidance comes from a couple of areas, the first of which we've got a full team staffed. As I discussed in the remarks globally, we've got good penetration into the top customers, global top 20, we've got increasing senior access into the senior leadership of the top 20.

是的，我是羅布·斯皮內利。謝謝你的提問。管理員，實際上，我們對全面交付指導的信心來自於幾個領域，第一個領域是我們擁有一支完整的團隊。正如我在全球演講中所討論的，我們已經很好地滲透到了頂級客戶、全球前 20 名客戶中，我們越來越多地進入了前 20 名的高級領導層。

And notably that the conversations that we're having, gives us confidence and insight into the purchasing approaches and timing within these large customers are the funnel, notably and importantly, looks the way we want it to look to give us confidence in our outlook.

值得注意的是，我們正在進行的對話讓我們對這些大客戶的購買方式和時間安排充滿信心和洞察力，特別是和重要的是，它看起來像我們希望的那樣，讓我們對我們的前景充滿信心。

And another strong leading indicator we look at is customer experience, which we measure closely, and it is quite high. So the combination of these elements is what gives us confidence in our in our outlook.

我們關注的另一個強有力的領先指標是客戶體驗，我們對此進行了密切衡量，而且它相當高。因此，這些因素的結合使我們對自己的前景充滿信心。

Now with regard to Q4 budget flush, yeah, we're not ,A we're not seeing it. And B, we don't expect the traditional if you will budget flush, nor are we seeing what I would call a budget freeze. So it's been fairly consistent with what we've seen in previous quarters that we had.

現在，關於第四季的預算充裕，是的，我們沒有，我們沒有看到它。 B，我們不期望傳統的預算充裕，也不會看到我所說的預算凍結。因此，這與我們在前幾個季度所看到的情況相當一致。

We've mentioned so it really is a customer-by-customer situation. And in some cases, not all, in some cases, the growth rate has been prioritized as a corporate level initiative. So it's a bit more resilient to come to the current budget environment, although in some cases, we've seen customers push projects to the right into 2024. So the combined elements of all the above is what gives us confidence in our outlook for Q4.

我們已經提到過，這確實是一個逐個客戶的情況。在某些情況下，並非全部，在某些情況下，成長率已被優先考慮為公司層面的舉措。因此，目前的預算環境更具彈性，儘管在某些情況下，我們看到客戶將專案推遲到 2024 年。因此，上述所有因素的結合使我們對第四季度的前景充滿信心。

Great, Ron, thank you for the detail. That's super helpful. And then on in terms of a project RAPID for certain validation platform. I was wondering if you could help us benchmark how the project is performing? And are you seeing the same magnitude of impact between both existing customers and new customers? And finally, if you could remind us on aside from dedicated project managers, what are some of the other areas of opportunity that you guys are leveraging assortment shorten the wrap-up?

太好了，羅恩，謝謝你的詳細資料。這非常有幫助。然後是針對某些驗證平台的 RAPID 項目。我想知道您是否可以幫助我們衡量該專案的執行情況？您是否發現現有客戶和新客戶之間的影響程度相同？最後，如果您能提醒我們，除了專門的專案經理之外，您還利用哪些其他領域的機會來縮短總結時間？

Yes, we are seeing we are seeing broad-based performance with new and existing and for those that are that are listening that aren't aware of it. I'll just I'll just back up project RAPID is a is a project, a designation for an umbrella, set of activities that we have to accelerate our validation processes.

是的，我們看到新的和現有的以及那些正在傾聽但沒有意識到的人的廣泛表現。我只是支持項目 RAPID 是一個項目，是一個繖形項目的名稱，是我們必須加速驗證過程的一組活動。

There're multiple elements that that we need to work through with our customers under good manufacturing principles that go from an installation to the system of record through various validation processes to ensure the system is validated for use in a manufacturing environment.

我們需要在良好的製造原則下與客戶一起解決多個要素，從安裝到記錄系統，透過各種驗證過程，以確保系統經過驗證，可以在製造環境中使用。

So overtime, we've improved our capability in this regard. We have over 100 systems validated globally in GMP environments, and we've learned with our customers, not only to accelerate the process, but also to harmonize the process.

所以經過一段時間的努力，我們提升了這方面的能力。我們有 100 多個系統在全球 GMP 環境中經過驗證，並且我們與客戶一起學習，不僅加快了流程，而且協調了流程。

And we've worked hand in glove on the most exciting things we've done as a company is harmonized our global validation processes with our large customers and both our existing customers, as I touched on, in our new customers benefit from that. So some of the activities that help to accelerate our validation on our project RAPID has been touched on. We've got project management in place. So this is dedicated global product management.

作為一家公司，我們攜手合作，完成了最令人興奮的事情，即與我們的大客戶和我們的現有客戶協調我們的全球驗證流程，正如我所提到的，我們的新客戶也從中受益。因此，我們涉及了一些有助於加速我們對 RAPID 專案進行驗證的活動。我們已經實施了專案管理。這就是專門的全球產品管理。

This is effectively a project management process to get from an installation to validations. We've got dedicated product managers. We have very experienced validation personnel who go in on-site with customers. We've improved our documentation in our data. So we're able to bring data to bear and to accelerate the process versus generating data on site.

這實際上是一個從安裝到驗證的專案管理流程。我們有專門的產品經理。我們擁有經驗豐富的驗證人員，他們會與客戶一起進行現場驗證。我們改進了資料文檔。因此，與現場生成數據相比，我們能夠利用數據並加速流程。

And we just are down the learning curve. We understand where our validation processes can be accelerated, where they typically slow down where customer challenges are as we're able to come in with a deep experience base in order to accelerate the process. And we do this globally across all the sites that we interact with. [Some of you is one of] our fulcrum capabilities, and that's one of the areas that our customers strongly appreciate our capabilities.

我們正處於學習曲線的下游。我們了解哪些地方可以加速我們的驗證流程，哪些地方通常可以減緩客戶面臨的挑戰，因為我們能夠憑藉深厚的經驗基礎來加速這項流程。我們在全球所有與之互動的網站上都這樣做。 [你們中的一些人是]我們的支點能力之一，這是我們的客戶強烈讚賞我們能力的領域之一。

Great, Rob, thank you. For the answers and the time today.

太好了，羅布，謝謝你。今天的答案和時間。

Dan Arias with Stifel.

丹·阿里亞斯和斯蒂菲爾。

Good morning, guys. Thanks for the questions. Rob, maybe just to follow up on your new versus existing customer comment there. When you think about the sales funnel that will translate to orders and revenue next year, how does the mix look when it comes to placements at those new accounts versus repeat purchases.

早上好傢伙。感謝您的提問。羅布，也許只是為了跟進您的新客戶評論與現有客戶評論。當您考慮明年將轉化為訂單和收入的銷售管道時，這些新帳戶的展示位置與重複購買的組合看起來如何。

And then as a follow-up to that, on the cell and gene therapy side, you sound kind of positive there. Can you just talk about how those conversations are going. And obviously there are some ups and downs with some of those companies and the things that they're experiencing these days and just the spending level that you might expect there. So how does visibility compare there to the other parts of the market?

然後作為後續行動，在細胞和基因治療方面，你聽起來有點積極。能談談這些對話的進展嗎？顯然，其中一些公司以及他們這些天正在經歷的事情以及您可能期望的支出水平存在一些起伏。那麼，與市場其他部分相比，該地區的知名度如何？

Well, yes, and thanks for the question.

嗯，是的，謝謝你的提問。

So on that note, with regard to new versus existing it down. It's an it's balanced on we it would be weighted towards existing customers, as you may imagine, and you heard we brought a new one on. So as we continue to chip away some of the larger customers out there are for our funnel. Our outlook and our funnel is weighted in that direction.

因此，在這一點上，關於新的與現有的它。正如您可能想像的那樣，這是我們的平衡，它會偏向現有客戶，並且您聽說我們推出了新客戶。因此，當我們繼續從我們的漏斗中剔除一些較大的客戶時。我們的前景和管道都是朝著這個方向發展的。

Given our land and expand strategy that being said, again, as with us with a full team out there across North America, Europe, and Asia, we are generating new opportunities kind of across our segments that include both new and existing. So we like the way our funnel looks with regard to both new and existing.

鑑於我們的土地和擴張策略，正如我們在北美、歐洲和亞洲擁有一支完整的團隊一樣，我們正在跨越我們的細分市場（包括新的和現有的）創造新的機會。因此，我們喜歡新漏斗和現有漏斗的外觀。

And as I mentioned from a from -- we're excited about what we're hearing and seeing with some of our larger customers and getting better insight into their rollout plans and budgets against those.

正如我在一位人士中提到的，我們對從一些大客戶那裡聽到和看到的情況感到興奮，並更好地了解他們的推出計劃和預算。

On the cell therapy front, I think you heard with regard to CAR T in particular for cell and gene generally and CAR T in particular, we've done well there. Our value proposition resonates quite well. So I think that's a it's a situation where our particular technology fits their manufacturing needs quite well.

在細胞治療方面，我想您聽說過 CAR T，特別是針對細胞和基因的 CAR T，特別是 CAR T，我們在這方面做得很好。我們的價值主張引起了很好的共鳴。所以我認為在這種情況下，我們的特殊技術非常適合他們的製造需求。

And it's really the in our view, the only real fully automated system that can serve their needs. They are more broadly in cell and gene therapy. We are active with CDMOs who operate in that space. That CMO business is healthy as well as, obviously the broader ecosystem with Plaza manufacturers and other, we're going to be helping as well. So we're obviously watching it.

在我們看來，這確實是唯一真正能夠滿足他們需求的全自動系統。它們更廣泛地應用於細胞和基因治療。我們積極與在該領域運營的 CDMO 合作。 CMO 業務很健康，顯然，與 Plaza 製造商和其他公司的更廣泛的生態系統，我們也將提供協助。所以我們顯然正在關注它。

We're strong in the space broadly.

我們在這個領域很廣泛。

And but as I mentioned on the call as well, we've got a good footprint in biologics manufacturing, which is our largest segment, our small molecule as well. So we watch our segment mix carefully. And while we're strong in cell and gene therapy, it certainly isn't the only segment that we're that we're focused on playing against. It's important to note that biologics is our is our largest segment.

但正如我在電話會議上提到的，我們在生物製劑製造領域取得了良好的進展，這是我們最大的細分市場，也是我們的小分子領域。因此，我們仔細觀察我們的細分市場組合。雖然我們在細胞和基因治療方面實力雄厚，但它肯定不是我們重點關注的唯一領域。值得注意的是，生物製品是我們最大的細分市場。

Yes.

是的。

Okay. And then, Sean, on consumables. How do you think pull through tracks on an annualized per system basement into year end? And then can you just touch on why consumables will be down next quarter? I think that's actually two sequential down quarters yet.

好的。然後，肖恩，關於消耗品。您認為如何將按系統年化的地下室的軌道拖到年底？那麼您能談談為什麼下個季度消耗品會下降嗎？我認為這實際上是兩個連續下降的季度。

Seems like you feel pretty good about momentum. So maybe just touch on how consumables faces over the next one to two quarters.

看來你對勢頭感覺很好。因此，也許只需談談未來一到兩個季度的消費品面臨的情況。

Sure. Yes. So I didn't break it that we still expect to grow single digits in year over year, pull through effectively. When we look at the full year, I think -- do we get the high single digits, but we may have a few headwinds that may keep us from getting quite to where we thought we'd get to a couple of quarters ago, but it's mainly due to timing.

當然。是的。所以我沒有打破我們仍然期望同比增長個位數，有效地渡過難關。當我們審視全年時，我想——我們是否獲得了較高的個位數，但我們可能會遇到一些阻力，可能會阻止我們完全達到幾個季度前我們認為會達到的水平，但這主要是由於時機。

So but you kind of break down Q3 and Q4. Q3, a couple of things working against us in terms of the year-over-year growth. One is that we had some a couple hundred thousand dollars' worth of shipments pushed from Q2 to Q3 last year.

所以，你可以分解第三季和第四季。第三季度，有幾件事對我們的年成長不利。一是我們去年從第二季到第三季的出貨量大約有幾十萬美元。

And with our record quarter last quarter, we pulled probably a somewhat similar amount from Q3 this year into Q2 this year. So that comp is challenge both directions. As a result of that, I'm thinking about Q4, Q4 is actually kind of the opposite of systems in the sense that most of our customers tend to shut down mid-December in terms of receiving new material.

鑑於上季創紀錄的季度業績，我們從今年第三季到今年第二季的營收可能有些相似。所以這個比賽是對兩個方向的挑戰。因此，我正在考慮第四季度，第四季度實際上與系統相反，因為我們的大多數客戶傾向於在 12 月中旬關閉以接收新資料。

So it tends to be a little bit of a lighter quarter on a relative basis. So I'd say that that and some of you have some kind of more transient timing issues in terms of shipments are really driving what we expect to see in Q4.

因此，相對而言，這個季度的情況往往會稍微清淡一些。所以我想說的是，你們中的一些人在發貨方面遇到了某種更短暫的時間問題，這確實推動了我們預期在第四季度看到的情況。

I think as we go forward from there, it's really -- we do continue to expect to see that pull through number move up, and we're working very hard. And Rob talked about project rapid kind of moving customers, not only through validation but also into routine use of those systems. And pulling through the consumables. And we've got to we've got a kind of a full-court press on that front and that gives us confidence that we'll see that sequential growth pick up again in 2024.

我認為，當我們從那裡繼續前進時，我們確實繼續期望看到拉動數字上升，而且我們正在非常努力地工作。 Rob 談到了專案快速移動客戶的方式，不僅透過驗證，而且透過這些系統的日常使用。並拉動消耗品。我們必須在這方面擁有全場緊迫盯人，這讓我們有信心在 2024 年看到連續成長再次加速。

Okay. Okay. If I could sneak one more in here. Just on gross margins, do you think the improvement that you see over the next couple of quarters I think is something you're looking for, is that going to be driven more by the product side and or the services side? And then on gross margin positivity for next year, is the latest thought that you've sort of, you crossover to positivity at the end of the year to exit 2024? Could that happen sooner?

好的。好的。如果我能再偷偷溜進這裡就好了。就毛利率而言，您認為在接下來的幾個季度中看到的改善是否是您所尋求的，這是否會更多地由產品方面和/或服務方面推動？然後，關於明年毛利率的積極性，您最近的想法是，您會在年底轉向積極性，以退出 2024 年嗎？這能早點發生嗎？

Yes. So I expect improvement to be both product and services. We talked a little bit about productivity and service. There was an improvement, a pretty good improvement this quarter in service. And I think as I think everything kind of comes from system placements. And as we're getting back on a trajectory now where placements are stepping up, it's going to drive more validation opportunities for us.

是的。所以我希望產品和服務都能改進。我們討論了一些關於生產力和服務的問題。本季的服務有所改善，相當不錯的改善。我認為一切都來自系統佈局。隨著我們現在重新回到放置位置不斷增加的軌道，這將為我們帶來更多的驗證機會。

And the other one that I never lose sight of is service contracts. Almost every month now we have new customers moving into a situation where they need to start buying service contracts from us so that we expect those two things to drive growth in services.

我從未忽視的另一項是服務合約。現在幾乎每個月都有新客戶進入需要開始從我們這裡購買服務合約的情況，因此我們期望這兩件事能夠推動服務的成長。

And then I talked in the call a bit about products across both systems and consumables, but consumables in particular is an area where we're investing a lot of time and energy. As you know, we did some things on the line over the past couple of quarters that we expect to yield benefits starting this quarter. So I'd expect that to come the improvement to come from both areas within the business.

然後我在電話中談到了跨系統和消耗品的產品，但特別是消耗品是我們投入大量時間和精力的領域。如您所知，我們在過去幾個季度中做了一些事情，我們預計將從本季開始產生效益。因此，我預計業務的兩個領域都會得到改善。

I guess you look at what I expect to happen over the coming quarters on margin. I mean, thinking about Q4, we improved 11% points from Q2 to Q3. That's probably not a bad way to think about what we expect our to happen based on our outlook at this point. And we've also talked about the fact that a couple more system placements getting us up into high single digits could get us the positivity. And I think that's still true.

我想你會看看我預計未來幾季的利潤率會發生什麼。我的意思是，考慮到第四季度，我們比第二季度到第三季度提高了 11%。根據目前的前景來思考我們期望發生的事情，這可能是個不錯的方式。我們也討論了這樣一個事實，即更多的系統放置使我們達到高個位數可以讓我們獲得積極性。我認為這仍然是事實。

Ao I didn't give you a couple of points to triangulate on their relative to Q4 margin expectations. And then if we assume just that for argument's sake, our typical kind of quarterly trend within a year, we typically step down in placements from Q4 to Q1.

我沒有給你一些要點來對他們相對於第四季利潤率的預期進行三角測量。然後，如果我們只是為了論證而假設，我們典型的一年內季度趨勢，我們通常會從第四季下降到第一季。

So that obviously puts some negative pressure on margin. So we'll talk about guidance when we announce Q4. But I would expect that we'll see revenues step down. Placements typically step down in Q1 unless we see some other things happening, and we'll talk more about that when we give guidance.

因此，這顯然給利潤率帶來了一些負面壓力。因此，當我們宣布第四季度時，我們將討論指導。但我預計我們會看到收入下降。除非我們看到其他事情發生，否則展示位置通常會在第一季下降，當我們提供指導時，我們會更多地討論這一點。

But if we assume the normal, the normal trend, I'd expect that you be, you probably be negative in Q1 from there on out, it really depends on the ramp on placements and business activity. So latter part of the year is more likely adding. Could we get there kind of middle of the year possibly. But we'll give you more color on that. We're ready to give guidance for next year.

但如果我們假設正常的、正常的趨勢，我預計從第一季開始，你可能會出現負值，這實際上取決於安置和業務活動的成長。因此今年下半年更有可能增加。我們可能會在年中到達那裡嗎？但我們會給你更多的資訊。我們已準備好為明年提供指導。

Yes. Okay. I can work with that. Thanks a lot guys.

是的。好的。我可以處理這個問題。非常感謝大家。

Steven Mah with TD Kelly.

史蒂文·馬（Steven Mah）和 TD 凱利（TD Kelly）。

Great.

偉大的。

Thanks for taking the question. Can you give us an update on the timelines on the Rapid Sterility offering. It's been in beta testing for some time now. And then also, have you been getting any early inbounds on the rapid sterility offering from either new or existing customers and can you discuss the impact on how you think about your sales funnel in 2024.

感謝您提出問題。您能給我們提供有關快速無菌產品時間表的最新資訊嗎？它已經進行 Beta 測試一段時間了。另外，您是否從新客戶或現有客戶那裡獲得了快速無菌產品的任何早期資訊？您能否討論一下這對您如何看待 2024 年銷售管道的影響。

Yes, thanks. Thanks for the question. It's Rob. So we have not given a time line on Rapid Sterility, like we have mentioned in the past couple of calls that we're increasing our focus on commercialization.

對了謝謝。謝謝你的提問。是羅布。因此，我們沒有給出快速無菌的時間表，就像我們在過去幾次電話會議中提到的那樣，我們正在加強對商業化的關注。

So we'll let you know that it should be a bit of indicated you're going to you're going to how we're tracking through the development process development's gone well, we're incredibly encouraged in what we're seeing as far as our internally generated data feedback from our feedback from our beta customer, and it's given us the confidence to focus increasingly on commercialization activities.

因此，我們會讓您知道，這應該表明您將了解我們如何跟踪開發過程，開發進展順利，我們對所看到的情況感到非常鼓舞就我們內部根據測試版客戶的反饋生成的數據反饋而言，這讓我們有信心越來越多地關注商業化活動。

As I mentioned, we'll have a more significant and robust update for everyone next quarter, and we'll be excited for that discussion.

正如我所提到的，我們將在下個季度為每個人提供更重要、更強大的更新，我們將為這次討論感到興奮。

With regard to inbound of we're not commercially, it's not being commercially marketed currently. So I'm clearly there's a moat. There is interest in a rapid reality offering. We've done we've done meaningful voice of customer work and believe we have the right features and benefits and value proposition that this market is looking for.

關於入境，我們還沒有商業化，目前還沒有商業化銷售。所以我很明顯有一條護城河。人們對快速現實產品感興趣。我們已經完成了有意義的客戶聲音工作，並相信我們擁有這個市場正在尋找的正確功能、優勢和價值主張。

All under that under the umbrella and ages of our Growth Direct system with data integrity and full automation. So we're very excited about the commercial potential of for the for the system. But again, we haven't been marketing it and we're not done. We're not we're not in that mode right now, but more to follow as we as we move through time here.

所有這些都在我們具有資料完整性和完全自動化的成長直接系統的保護傘和時代之下。因此，我們對該系統的商業潛力感到非常興奮。但同樣，我們還沒有對其進行行銷，而且我們的工作還沒有完成。我們現在還沒有處於這種模式，但隨著時間的推移，我們會遵循更多的模式。

Okay. Yes, great. Thanks for the color of a question actually for Sean now, on the on the ASP.'s, it looks like they've normalized in Q3 versus Q2. Maybe you can discuss some of the trends there? And then a question maybe for Rob. Do you expect to have to give, multipacks some either promotions or discounts or is that going to be part of your sales and marketing strategy?

好的。對，很好。感謝 Sean 現在在 ASP 上提出的問題，看起來他們在第三季與第二季已經正常化。也許您可以討論那裡的一些趨勢？然後可能會問羅布一個問題。您是否期望必須給予合裝包一些促銷或折扣，或者這將成為您的銷售和行銷策略的一部分？

Yes. Hi, Steve. its John, are you talking about systems specifically?

是的。嗨，史蒂夫。是約翰，您具體是在談論系統嗎？

Yes.

是的。

Yes. So I think this may lead into Rob's question, so he'll have comments to come.

是的。所以我認為這可能會引發羅布的問題，所以他將會發表評論。

Yes, I think we yes, I wouldn't necessarily tie directly to multi-system deals, but we obviously look at strategic customers. There are times that we will do certain things for specific customers from a pricing standpoint to get them onboard, kind of get them on the team and that happens with some variability so that can impact how ASPs move from quarter to quarter. So that's clearly not the norm. We're happy overall with where we are in ASPs this year. And our expectation is we're going to continue to look at opportunities to move them up as we go forward.

是的，我認為我們是的，我不一定會直接與多系統交易聯繫起來，但我們顯然會專注於策略客戶。有時，我們會從定價的角度為特定客戶做某些事情，以吸引他們加入，有點讓他們加入團隊，這種情況會發生一些變化，因此可能會影響 ASP 在每個季度的變化。所以這顯然不是常態。我們對今年 ASP 的整體狀況感到滿意。我們的期望是，隨著我們的前進，我們將繼續尋找提升他們的機會。

Yes, Steve.

是的，史蒂夫。

So I think as it is in many markets with the higher the volume opportunity, the price will that be an area of focus? And one of the one of the elements of our business is moving through, as we become a larger and larger piece of enterprise discussions and enterprise rollouts, especially in big pharma.

因此，我認為，由於在許多市場中，成交量機會較大，因此價格會成為關注的焦點嗎？隨著我們成為企業討論和企業推廣中越來越大的一部分，特別是在大型製藥公司，我們業務的要素之一正在不斷發展。

We will engage with the procurement teams and have those discussions about price and volume. So that's in the ordinary course of Sean touched on were, you know, we watch ASPs carefully and we're happy with what we're where we are and where we're trending with them. And we always endeavor to make sure we're getting we're getting paid for the value that we provide. But certainly with larger enterprise rollouts, the pricing's going to be a bit different than a smaller one-off sale for sure.

我們將與採購團隊合作，並就價格和數量進行討論。所以，在肖恩談到的日常過程中，我們仔細觀察 ASP，我們對我們的現狀以及我們與他們的趨勢感到滿意。我們始終努力確保我們因提供的價值而獲得報酬。但可以肯定的是，隨著規模更大的企業推出，定價肯定會與規模較小的一次性銷售有所不同。

Okay, great. Thanks. That's helpful.

好的，太好了。謝謝。這很有幫助。

And if I can sneak one last question. You talked a lot about your marketing activities. What would your demo labs in Germany? And then Vet Street, when I look at your sales and marketing spend looks to be relatively flat from 2022, how should we think about sales and marketing OpEx going forward is going to be sort of a [steady stage] or it's not going to be (inaudible)?

我能否偷偷提最後一個問題。您談了很多關於您的行銷活動的內容。您在德國的演示實驗室是什麼樣的？然後 Vet Street，當我看到你們的銷售和行銷支出從 2022 年開始相對持平時，我們應該如何考慮未來的銷售和行銷營運支出將是一個[穩定階段]，或者不會是（聽不清楚） ？

Yes, I think year over year comparison, Steve, last Q3 last year was a bit of an anomaly. We had a restructuring that we executed on then, a number of things came out of that that were kind of onetime. So I'd say where we are now fully staffed, as Rob mentioned, it is more where I'd expect to be. So I think the comp was impacted by that.

是的，我認為逐年比較，史蒂夫，去年第三季有點反常。我們當時進行了一次重組，其中產生了很多一次性的事情。所以我想說，正如羅布所提到的，我們現在人員配備齊全，這更符合我的預期。所以我認為公司受到了影響。

We've increased spend kind of on the base organization and activities since last year. And I would think about that it is us being fully staffed and we'll continue to invest in that area. But I wouldn't expect to see large increases in that spend in the near term at this point.

自去年以來，我們增加了在基礎組織和活動上的支出。我認為我們的人員配備齊全，我們將繼續在該領域進行投資。但目前我預計短期內該支出不會大幅增加。

Okay, great. Thank you.

好的，太好了。謝謝。

Thanks for the question, Steve, and thank you all for your time.

謝謝你的提問，史蒂夫，也謝謝大家抽出寶貴的時間。

We we're going to wrap up the live call now.

我們現在要結束現場通話。

This concludes today's call, and we thank you for your participation. You may now disconnect.

今天的電話會議到此結束，我們感謝您的參與。您現在可以斷開連線。