Rxsight Inc (RXST) 2022 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the RxSight Fourth Quarter Earnings Conference Call. (Operator Instructions) Please be advised that today's conference call is being recorded.

美好的一天，謝謝你的支持。歡迎來到 RxSight 第四季度收益電話會議。 （操作員說明）請注意，今天的電話會議正在錄製中。

I would now like to propound the conference over to your speaker today, Alex Huang, Investor Relations. Please go ahead.

我現在想把今天的會議交給您的發言人，來自投資者關係部的 Alex Huang。請繼續。

Thank you, operator. Presenting today are RxSight President and Chief Executive Officer, Ron Kurtz and the Chief Financial Officer, Shelley Thunen. Earlier today, RxSight released financial results for the three months and fiscal year ended December 31,2022. A copy of the press release is available on the company's website.

謝謝你，運營商。今天出席的有 RxSight 總裁兼首席執行官 Ron Kurtz 和首席財務官 Shelley Thunen。今天早些時候，RxSight 發布了截至 2022 年 12 月 31 日的三個月和財政年度的財務業績。新聞稿的副本可在公司網站上獲取。

Before we begin, I would like to inform you that the comments and responses to your questions during today's call, reflect management's views as of today, March 6, 2023 and will include forward-looking statements and opinion statements, including predictions, estimates, plans, expectations and other information. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. These risks and uncertainties are more fully described in our press release issued earlier today and in our filings with the Securities and Exchange Commission or SEC.

在我們開始之前，我想通知您，在今天的電話會議中對您問題的評論和回答反映了管理層截至 2023 年 3 月 6 日的觀點，並將包括前瞻性陳述和意見陳述，包括預測、估計、計劃、期望和其他信息。由於某些風險和不確定性，實際結果可能與明示或暗示的結果存在重大差異。這些風險和不確定性在我們今天早些時候發布的新聞稿以及我們向美國證券交易委員會或 SEC 提交的文件中有更全面的描述。

Our SEC filings can be found on our website or on the SEC's website. Investors are cautioned not to place undue reliance on forward-looking statements. We disclaim any obligation to update or revise these forward-looking statements. We will also discuss certain non-GAAP financial measures, disclosures regarding these non-GAAP financial measures, including reconciliations with the most comparable GAAP measures can be found in the press release. Please note that this conference call will be available for audio replay on our website.

我們的 SEC 文件可以在我們的網站或 SEC 的網站上找到。提醒投資者不要過分依賴前瞻性陳述。我們不承擔任何更新或修改這些前瞻性陳述的義務。我們還將討論某些非 GAAP 財務措施，有關這些非 GAAP 財務措施的披露，包括與最具可比性的 GAAP 措施的對賬，可在新聞稿中找到。請注意，本次電話會議將在我們的網站上提供音頻重播。

With that, I'll turn the call over to President and CEO, Dr. Ron Kurtz.

有了這個，我將把電話轉給總裁兼首席執行官 Ron Kurtz 博士。

Good afternoon and thank you for joining us. The RxSight team finished strongly in 2022 and entered 2023 with favorable trends and signal accelerating adoption of the Light Adjustable Lens, the only premium cataract solution that enables doctors to customize patients vision after surgery and consistently deliver superior, high-quality outcomes. We are working closely with an expanding number of doctors and practices to leverage the unique advantages of our technology and grow the premium cataract market through multiple mechanisms. I'll speak more about these efforts in a few minutes, but first Shelley will review our fourth quarter and full 2022 results, discuss recent actions to further strengthen our balance sheet and summarize our 2023 guidance.

下午好，感謝您加入我們。 RxSight 團隊在 2022 年取得了強勁的成績，並以有利的趨勢進入了 2023 年，並發出了光可調鏡片加速採用的信號，這是唯一一種優質的白內障解決方案，使醫生能夠在手術後定制患者的視力，並始終如一地提供卓越、高質量的結果。我們正在與越來越多的醫生和診所密切合作，以利用我們技術的獨特優勢，並通過多種機制發展高端白內障市場。我將在幾分鐘內詳細介紹這些努力，但雪萊首先將回顧我們的第四季度和 2022 年的全部業績，討論近期為進一步加強我們的資產負債表而採取的行動，並總結我們的 2023 年指導方針。

Thank you, Ron and good afternoon, everyone. Consistent with our January pre-announcement, RxSight reported fourth quarter revenue of $16.1 million, up 91% compared to $8.4 million in the year ago quarter and up 28% compared to $12.6 million in the third quarter of 2022. Growth was broad-based, reflecting both continued expansion of our installed base of Light Delivery devices and a sharp increase in LAL procedure volumes.

謝謝羅恩，大家下午好。與我們 1 月份的預先公告一致，RxSight 報告第四季度收入為 1610 萬美元，與去年同期的 840 萬美元相比增長 91%，與 2022 年第三季度的 1260 萬美元相比增長 28%。增長是廣泛的，反映了我們光傳輸設備安裝基礎的持續擴展和 LAL 程序量的急劇增加。

These positive trends reflect rising surgeon recognition of tangible clinical and economic benefit that our RxSight system delivers, as well as the high-touch support we provide to ensure new practices can offer the LAL solution in a smooth and efficient manner. We sold 57 LDDs in the fourth quarter of 2022, up 27% compared to the 45 units in the year-ago period and up 16% compared to the 49 units in the third quarter of 2022, when strong LDD unit growth overcame the third quarter's usual seasonality expectations for slower capital equipment purchases.

這些積極趨勢反映了外科醫生越來越認識到我們的 RxSight 系統提供的有形臨床和經濟效益，以及我們提供的高接觸支持以確保新實踐能夠以平穩有效的方式提供 LAL 解決方案。我們在 2022 年第四季度售出了 57 台 LDD，與去年同期的 45 台相比增長了 27%，與 2022 年第三季度的 49 台相比增長了 16%，當時強勁的 LDD 銷量增長超過了第三季度的增長通常對資本設備採購放緩的季節性預期。

Fourth quarter 2022 LDD unit placements generated $6.6 million in revenue, up 24% versus the year-ago quarter and up 16% versus the third quarter of 2022. We ended 2022 with an LDD installed base of 400 units, up 94% versus year end 2021 and up 28% versus the end of the third quarter of 2022. LAL sales continued to rise in the fourth quarter of 2022, reflecting surgeons and patients growing preference for the superior clinical performance of our customizable IOL.

2022 年第四季度 LDD 單元配售產生了 660 萬美元的收入，比去年同期增長 24%，比 2022 年第三季度增長 16%。到 2022 年底，我們的 LDD 安裝基數為 400 個單元，比年底增長 94%到 2021 年，比 2022 年第三季度末增長 28%。LAL 銷售額在 2022 年第四季度繼續增長，反映出外科醫生和患者越來越喜歡我們可定制 IOL 的卓越臨床性能。

We sold 9,123 LALs in the period, up 208% from the 2,959 units in the fourth quarter of 2021 and up 38% from 6,595 units in the third quarter of 2022. These procedure volumes translated into LAL revenue of $9 million in the fourth quarter of 2022, up 210% compared to the $2.9 million in the year-ago quarter and up 38% compared to $6.5 million in the third quarter of 2022.

在此期間，我們售出了 9,123 台 LAL，比 2021 年第四季度的 2,959 台增長了 208%，比 2022 年第三季度的 6,595 台增長了 38%。這些程序量在第四季度轉化為 900 萬美元的 LAL 收入到 2022 年，與去年同期的 290 萬美元相比增長 210%，與 2022 年第三季度的 650 萬美元相比增長 38%。

Higher LAL volumes also drove a shift in mix with LAL revenue representing 56% of total revenue, compared to 34% in the fourth quarter of 2021 and 52% in the third quarter of 2022. The same dynamic help to expand our gross margin to 46.1% in the fourth quarter of 2022, compared to 34% in the fourth quarter of 2021 and 42.5% in the third quarter of 2022.

更高的 LAL 數量也推動了組合轉變，LAL 收入佔總收入的 56%，而 2021 年第四季度和 2022 年第三季度分別為 34% 和 52%。同樣的動態有助於將我們的毛利率擴大到 46.1 2022 年第四季度的百分比，而 2021 年第四季度為 34%，2022 年第三季度為 42.5%。

Fourth quarter 2022 SG&A expenses were $15.7 million, up 35% versus $11.6 million in the year ago quarter, higher cost associated with new sales, marketing and commercial personnel, we hired in latter part of 2021 and early 2022 drove the increase. On a sequential basis, SG&A expenses rose 5% from $14.9 million in the third quarter of 2022 due primarily to major professional meeting, increased travel and increased incentive compensation on higher revenue.

2022 年第四季度的 SG&A 費用為 1570 萬美元，比去年同期的 1160 萬美元增長 35%，與我們在 2021 年下半年和 2022 年初招聘的新銷售、營銷和商務人員相關的成本增加推動了這一增長。按順序計算，SG&A 費用較 2022 年第三季度的 1,490 萬美元增長了 5%，這主要是由於大型專業會議、差旅增加以及收入增加導致的激勵性薪酬增加。

Research and development expenses for the fourth quarter of 2022 were $6.7 million, up 13% compared to $5.9 million in the year-ago quarter and up 5% compared to $6.4 million in the third quarter of 2022. These fluctuations in R&D costs which include clinical and regulatory are typical for our business and reflect primarily quarter-to-quarter changes in material utilization and timing of clinical studies.

2022 年第四季度的研發費用為 670 萬美元，比去年同期的 590 萬美元增長 13%，比 2022 年第三季度的 640 萬美元增長 5%。這些研發成本的波動包括臨床和監管對於我們的業務來說是典型的，主要反映材料利用和臨床研究時間的季度變化。

We reported a net loss in the fourth quarter of 2022 of $15.6 million or a loss of $0.56 per basic and diluted share using weighted-average shares outstanding of 28 million shares. In the year-ago quarter, our net loss was $15.7 million or $0.58 per share on a basic and diluted basis. Note also that stock-based compensation in the fourth quarter of 2022 was $3 million, resulting in a non-GAAP loss of $12.6 million or a loss of $0.45 per basic and diluted share, a non-GAAP disclosure is included in today's press release to provide useful comparative information for investors.

我們報告了 2022 年第四季度的淨虧損 1560 萬美元，或者使用 2800 萬股的加權平均流通股每股基本和稀釋後虧損 0.56 美元。去年同期，我們的淨虧損為 1570 萬美元或每股 0.58 美元（按基本和攤薄計算）。另請注意，2022 年第四季度基於股票的薪酬為 300 萬美元，導致非 GAAP 虧損 1260 萬美元或每股基本股和稀釋股虧損 0.45 美元，非 GAAP 披露包含在今天的新聞稿中為投資者提供有用的比較信息。

In the interest of time, I'll provide a very brief recap of full-year 2022 results compared to 2021. Revenue rose 117% to $49 million, driven by a 63% and 206% increase in LDD and LAL revenue respectively. Our 2022 gross margin was 43.5% versus 20% in 2021. SG&A expenses rose 79% to $58.7 million, due primarily to investments made to expand the spice and scope of our commercial organization, resumption of in-person ophthalmic meetings and increased travel.

為了節省時間，我將簡要回顧與 2021 年相比的 2022 年全年業績。收入增長 117% 至 4900 萬美元，這主要受 LDD 和 LAL 收入分別增長 63% 和 206% 的推動。我們 2022 年的毛利率為 43.5%，而 2021 年為 20%。SG&A 費用增長了 79%，達到 5870 萬美元，這主要是由於為擴大我們的商業組織的規模和範圍而進行的投資、恢復面對面的眼科會議和增加旅行。

R&D expenses rose 6% to $26 million. We reported a net loss in 2022 of $66.8 million versus a net loss of $48.7 million in 2021, reflecting primarily increased spending on SG&A to execute our growth strategy. Excluding the $11.4 million in stock based compensation in 2022, our non-GAAP loss was $55.4 million or $2 per basic and diluted share.

研發費用增長 6% 至 2600 萬美元。我們報告 2022 年的淨虧損為 6680 萬美元，而 2021 年的淨虧損為 4870 萬美元，這主要反映了為執行我們的增長戰略而增加的 SG&A 支出。不包括 2022 年 1140 萬美元的股票薪酬，我們的非 GAAP 虧損為 5540 萬美元或每股基本股和稀釋股 2 美元。

Moving to the balance sheet, we ended the year with $105.8 million in cash, cash equivalents and short-term investments, including $6 million in net proceeds from the sale of our common stock through an at the market offering in the fourth quarter. At year end 2022, long-term debt was $40.2 million. In the first quarter of 2023 to date, we raised approximately $64.8 million net of expenses and fees through additional ATM sales of our common stock and a public offering of 4.6 million shares of our common stock at $12.50 per share before underwriting discounts and commissions and offering expenses.

轉到資產負債表，我們在年底擁有 1.058 億美元的現金、現金等價物和短期投資，其中包括第四季度通過公開發售普通股而獲得的 600 萬美元淨收益。到 2022 年底，長期債務為 4020 萬美元。截至目前為止，在 2023 年第一季度，我們通過額外的 ATM 銷售我們的普通股以及以每股 12.50 美元的價格公開發行 460 萬股我們的普通股（不包括承銷折扣和佣金以及發行）籌集了約 6,480 萬美元的費用和費用。花費。

Rolling our cash, cash equivalents and short-term investments at December 31st and the approximate $64.8 million in net proceeds from our ATM and public offering, our adjusted cash balance was $170.6 million before use of cash in the first quarter of 2023. For those of you making modeling updates, we estimate our weighted-average shares outstanding to be approximately 33.8 million in the first quarter of 2023.

滾動我們截至 12 月 31 日的現金、現金等價物和短期投資以及我們的 ATM 和公開發售的約 6480 萬美元淨收益，我們在 2023 年第一季度使用現金之前調整後的現金餘額為 1.706 億美元。對於那些如果您進行模型更新，我們估計 2023 年第一季度我們的加權平均流通股約為 3380 萬股。

Our 2023 guidance is for revenue to be in the range of $78 million to $83 million implying year-over-year growth of 59% to 69%. We expect to see sequential growth quarterly with some seasonality expected in the first and third quarters, primarily related to capital equipment sales. We expect our gross margin to expand to a range of 52% to 54%, reflecting an increased revenue contribution from the higher margin LAL procedure volumes, partially offset by LDD sales, which carry a much lower gross margin due in-part to lingering supply-chain constraints and inflationary pressures.

我們 2023 年的指引是收入在 7800 萬美元到 8300 萬美元之間，這意味著同比增長 59% 到 69%。我們預計第一季度和第三季度將出現季度環比增長，預計會出現一些季節性，這主要與資本設備銷售有關。我們預計我們的毛利率將擴大至 52% 至 54%，這反映出較高利潤率的 LAL 手術量對收入貢獻的增加，部分被 LDD 銷售所抵消，後者的毛利率要低得多，部分原因是揮之不去的供應-鏈約束和通脹壓力。

We continue to anticipate the launch of our lower-cost to manufacture LDD sometime in the second half of 2023, depending on reliable availability of components and parts. We expect operating expense to be between USD105 million and USD108 million, which represents an increase of 24% to 28% over 2022 and reflects the ongoing investments we're making to establish a large and durable post-operative life treatment infrastructure to support sustained LAL procedure growth.

我們繼續預計在 2023 年下半年的某個時候推出我們的低成本 LDD 製造，具體取決於組件和零件的可靠可用性。我們預計運營費用將在 1.05 億美元至 1.08 億美元之間，比 2022 年增長 24% 至 28%，這反映了我們為建立大型持久的術後生命治療基礎設施以支持持續的 LAL 而進行的持續投資程序增長。

Included in our cost primarily in operating expense is non-cash stock-based compensation expense of $15 million to $16 million. We expect that interest expense on our $40 million debt will largely offset by interest income due to our higher cash, cash equivalent and marketable securities, with the ATM and offering proceeds. Based on these projections, we anticipate decreasing cash used on a quarterly basis, except for the first quarter of 2023, where we expect higher cash use as we pay expenses accrued all year for incentive compensation and other accrued expenses. In addition, we do not anticipate the need to raise additional capital or incur additional debt in order to reach profit from operations.

我們的成本主要包括在運營費用中的是 1500 萬至 1600 萬美元的非現金股票補償費用。我們預計我們 4000 萬美元債務的利息支出將在很大程度上被利息收入所抵消，因為我們的現金、現金等價物和有價證券以及 ATM 和發行收益增加了。根據這些預測，我們預計每季度使用的現金都會減少，但 2023 年第一季度除外，我們預計現金使用量會增加，因為我們支付了全年應計的激勵補償費用和其他應計費用。此外，我們預計不需要籌集額外資金或承擔額外債務以從運營中獲利。

With that, I'll turn the call back to Ron.

有了這個，我會把電話轉回給羅恩。

Thank you, Shelley. I'd like to begin by thanking both our RxSight team members and our partner practices for all their efforts in Q4 and throughout 2022 that resulted in our very strong financial performance. As Shelly outlined in our guidance, we are confident that RxSight will continue robust revenue growth in 2023 and believe that this will overtime also expand the overall market for premium cataract surgery.

謝謝你，雪萊。首先，我要感謝我們的 RxSight 團隊成員和我們的合作夥伴實踐，感謝他們在第四季度和整個 2022 年所做的所有努力，使我們取得了非常強勁的財務業績。正如 Shelly 在我們的指南中概述的那樣，我們相信 RxSight 將在 2023 年繼續強勁的收入增長，並相信這將加班也將擴大優質白內障手術的整體市場。

In contrast to nonadjustable intraocular lenses that rely on preoperative predictions, the LAL uniquely enables doctors to optimize and customize a patient's vision after cataract surgery, when an individual specific refractive targets can be accurately determined. Doctors then use the office-based LDD to noninvasively achieve these targets, with significantly higher precision than nonadjustable IOLs.

與依賴術前預測的不可調節人工晶狀體相比，LAL 獨特地使醫生能夠在白內障手術後優化和定制患者的視力，此時可以準確確定個體特定的屈光目標。然後，醫生使用基於辦公室的 LDD 以無創方式實現這些目標，其精度明顯高於不可調節的 IOL。

Importantly, patients can test drive their vision after a late treatment and modify their targets if needed, flexibility that was utilized by about 2/3 of LAL patients in our most recent Phase IV study. In this same study, over 90% of LAL patients achieved 2020 or better binocular distance vision without glasses, while over 90% also were able to read the 5.0 font typically used in footnotes. Importantly, the LAL is not associated with increased rates of glare, halo or loss of contrast vision, all of which are commonly reported with premium multifocal IOLs.

重要的是，患者可以在後期治療後測試他們的視力，並在需要時修改他們的目標，在我們最近的 IV 期研究中，大約 2/3 的 LAL 患者利用了這種靈活性。在同一項研究中，超過 90% 的 LAL 患者在不戴眼鏡的情況下實現了 2020 或更好的雙眼遠距離視力，而超過 90% 的患者也能夠閱讀腳註中通常使用的 5.0 字體。重要的是，LAL 與眩光、光暈或對比度視力喪失的發生率增加無關，所有這些通常都與優質多焦點 IOL 相關。

The combination of high quality, customizable vision appeals to a broad range of patients, including those who typically choose or are guided to a nonpremium or lower-priced premium IOL. A recent third-party survey of 50 practices offering RxSight technology found that 40% of patients who are implanted with an LAL would have otherwise received a nonpremium monofocal IOL, a number that approximates the fraction of cataract patients reported to have concurrent ocular conditions such as previous corneal refractive surgery or glaucoma that many doctors believe make them less than ideal candidates for premium multifocal IOLs.

高質量、可定制視力的組合吸引了廣泛的患者，包括那些通常選擇或被指導使用非優質或低價優質 IOL 的患者。最近對提供 RxSight 技術的 50 家診所進行的第三方調查發現，40% 植入 LAL 的患者本來會接受非優質單焦點人工晶狀體，這一數字接近報告患有並發眼部疾病的白內障患者的比例，例如許多醫生認為，既往經歷過角膜屈光手術或青光眼，使他們無法成為優質多焦點 IOL 的理想人選。

Since nonpremium monofocal IOL procedures pay doctors only the amount reimbursed by Medicare and other third-party payers, the conversion of these patients to premium LAL procedures substantially increases private pay revenue to the doctor and practice. This survey also found that about 1/3 of LAL patients would have received a nonadjustable premium astigmatism correcting or a Toric IOL, which make up about half of all premium IOL procedures, but deliver modest clinical benefits particularly for the majority of patients with low levels of astigmatism that are difficult to predict preoperatively.

由於非優質單焦點 IOL 手術僅向醫生支付 Medicare 和其他第三方付款人報銷的金額，因此將這些患者轉換為優質 LAL 手術大大增加了醫生和實踐的私人支付收入。該調查還發現，大約 1/3 的 LAL 患者會接受不可調節的高級散光矯正或 Toric IOL，這約佔所有高級 IOL 程序的一半，但提供適度的臨床益處，特別是對於大多數低水平患者術前難以預測的散光。

Nonadjustable toric procedures also deliver about half the private pay revenue to the doctor and practice compared to LAL procedures. The final quarter of LALs replaced premium presbyopia correcting or multifocal IOLs, taken together, this distribution translated into an average additional revenue of nearly $1,700 per LAL implanted and a payback period of just nine months for the LDD based on an average of nine LALs implanted per month at these practices.

與 LAL 程序相比，不可調整的複曲面程序還為醫生和診所提供了大約一半的私人薪酬收入。 LAL 的最後一個季度取代了高級老花眼矯正或多焦點 IOL，總的來說，這種分佈轉化為平均每植入一個 LAL 近 1,700 美元的額外收入，並且 LDD 的投資回收期僅為九個月（基於平均每個植入九個 LAL）月在這些做法。

This data indicates that adding the LAL to practices already performing significant numbers of premium IOL procedures provides very significant economic benefits by moving more patients from non-premium or lower priced premium procedures to the LAL, while also providing a high-quality alternative to premium multifocal IOLs.

該數據表明，將 LAL 添加到已經執行大量高級 IOL 程序的實踐中，通過將更多患者從非高級或低價高級程序轉移到 LAL，提供了非常顯著的經濟效益，同時還提供了高級多焦點的高質量替代方案人工晶狀體。

While these higher-volume, premium practices continue to be the primary targets for our sales force, the clinical and economic benefits of the LAL is even stronger for practices that have not adopted premium IOLs in large numbers. Many of these practices do not offer corneal refractive surgeries such as LASIK and therefore have been handicapped in their ability to fix unhappy nonadjustable premium IOL patients, since such postoperative LASIK procedures if needed are generally included in the premium IOL procedure price paid by the patient.

雖然這些高容量、優質的實踐仍然是我們銷售人員的主要目標，但對於尚未大量採用優質 IOL 的實踐，LAL 的臨床和經濟效益甚至更強。許多這些做法不提供角膜屈光手術，如 LASIK，因此在修復不滿意的不可調節高級 IOL 患者的能力方面存在障礙，因為如果需要，此類術後 LASIK 手術通常包含在患者支付的高級 IOL 手術價格中。

The LAL largely obviates the need for postoperative LASIK corrections since patients automatically undergo refractive optimization with the LDD. Once the LAL is introduced into a practice, another potential growth opportunity opens up as other surgeons in the practice can tap into the now established light treatment infrastructure and deliver the same high-quality premium results as their colleagues who are primarily focused on premium cataract surgery.

LAL 在很大程度上避免了術後 LASIK 矯正的需要，因為患者會自動通過 LDD 進行屈光優化。一旦將 LAL 引入實踐，另一個潛在的增長機會就會打開，因為該實踐中的其他外科醫生可以利用現已建立的光治療基礎設施，並提供與主要專注於高級白內障手術的同事相同的高質量優質結果.

These additional LAL procedures benefit patients, these new LAL surgeons and the practice, which may receive additional revenue for providing the light treatment service and can establish a reputation for consistent high-quality customized outcomes. In summary, we believe there are multiple mechanisms for LAL procedural growth, including new LDD placements at high and low-volume premium practices, as well as the increased conversion of conventional and lower-priced premium IOLs to LAL procedures by both higher volume premium surgeons and their lower premium volume colleagues.

這些額外的 LAL 程序使患者、這些新的 LAL 外科醫生和實踐受益，這些實踐可能會因提供光治療服務而獲得額外收入，並可以建立一致的高質量定制結果的聲譽。總之，我們認為 LAL 程序增長有多種機制，包括在高容量和低容量優質實踐中放置新的 LDD，以及高容量優質外科醫生將傳統和低價優質 IOL 轉換為 LAL 手術的增加和他們的保費較低的同事。

Increased premium procedural revenue is critically important to most, if not all, ophthalmic practices, as it is one of the only avenues available to them that mitigates the continued reductions in reimbursements for a nonpatient pay procedures. As an ophthalmologist, I enjoy meeting with our current and future customers at their practices, at informal dinners and at professional meetings. One observation that has been reinforced by these encounters is that just like patients, each doctor in practice is unique, requiring a customized approach.

增加保費程序收入對大多數（如果不是全部）眼科實踐至關重要，因為它是他們可用的唯一途徑之一，可以減輕非患者付費程序報銷的持續減少。作為一名眼科醫生，我喜歡在診所、非正式晚宴和專業會議上與我們當前和未來的客戶會面。這些遭遇強化了一個觀察結果，就像患者一樣，實踐中的每位醫生都是獨一無二的，需要定制方法。

To accomplish this, we deploy an experienced team of clinical field and customer service personnel to complete installation of the LDD and provide training, both in the operating room where the LAL implantations are performed and in the office where LDD treatments occur. These experts work cooperatively with our LAL and LDD sales professionals to provide ongoing, strategic, clinical and marketing support to the practice.

為實現這一目標，我們部署了一支經驗豐富的臨床現場和客戶服務人員團隊來完成 LDD 的安裝，並在進行 LAL 植入的手術室和進行 LDD 治療的辦公室提供培訓。這些專家與我們的 LAL 和 LDD 銷售專業人員合作，為實踐提供持續的、戰略性的、臨床和營銷支持。

Together, the RxSight team is developing close relationships with doctors and practices, which is a major reason why we receive world-class ratings for willingness to recommend both our technology and company. We also continue to make investments that drive high-quality product improvements and manufacturing capacity, vital efforts that are now safeguarded by our strengthened balance sheet.

RxSight 團隊正在與醫生和實踐建立密切的關係，這是我們因願意推薦我們的技術和公司而獲得世界級評級的主要原因。我們還繼續進行投資，以推動高質量的產品改進和製造能力，這些至關重要的努力現在得到了我們加強的資產負債表的保障。

Relying on decades of experience, establishing successful private pay businesses in ophthalmology, we believe the RxSight team is building a durable high-margin business, with the goal of becoming the standard for premium cataract surgery. Our performance throughout 2022 demonstrates the early progress that we've made by addressing the needs of doctors and their premium cataract patients.

憑藉數十年的經驗，在眼科領域建立成功的私人支付業務，我們相信 RxSight 團隊正在建立持久的高利潤業務，目標是成為優質白內障手術的標準。我們在整個 2022 年的表現表明，我們在滿足醫生及其優質白內障患者的需求方面取得了早期進展。

So far in 2023, positive awareness of our unique technology continues to grow, reflecting our laser focus on the core strengths that set us apart in the industry, high-quality, fully customized clinical results that meet the exacting expectations of patients and deliver clear economic advantages to doctors and practices.

到 2023 年為止，對我們獨特技術的積極認識持續增長，反映出我們專注於使我們在行業中脫穎而出的核心優勢、高質量、完全定制的臨床結果，以滿足患者的嚴格期望並提供明確的經濟效益對醫生和實踐的優勢。

With that, I'll ask the operator to open the call for questions.

有了這個，我會要求接線員打開問題電話。

Thank you. (Operator Instructions) The first question will be coming from Craig Bijou of Bank of America.

謝謝。 （操作員說明）第一個問題將來自美國銀行的 Craig Bijou。

Just want to start with the revenue guidance and I wanted to see if you guys could provide a little bit more detail in terms of expectations for LDD growth and LAL growth. And then Shelley, I heard your comments on some seasonality on the system sales. But I wanted to see if you guys could give a little bit more color on how to think about utilization seasonality. You guys ramped nicely throughout the year in '22. So should we expect a similar level of sequential improvement for utilization in '23? And or are there kind of other factors to consider?

只想從收入指導開始，我想看看你們是否可以提供更多關於 LDD 增長和 LAL 增長預期的細節。然後是 Shelley，我聽到了您對系統銷售的某些季節性的評論。但我想看看你們是否可以就如何考慮利用季節性給出更多的顏色。你們在 22 年全年都表現出色。那麼我們是否應該期望 23 年的利用率有類似水平的連續改進？或者還有其他因素需要考慮嗎？

I'll start with the revenue guidance, while we don't break out the LDD revenue from the LAL revenue and our guidance, I think though one of the things that I said is that we're going to continue to have margin expansion and margin expansion is driven by LAL sales. They were 56% of revenue in the fourth quarter and a very strong quarter for LDD sales. So we will expect to see the LAL sales continue to increase and be more than 50% of the overall total revenue even with expanding LDD sales as well. And I think that's important to both our margin as well as our revenue guidance.

我將從收入指導開始，雖然我們不會從 LAL 收入和我們的指導中分解出 LDD 收入，但我認為儘管我說過的其中一件事是我們將繼續擴大利潤率並且利潤增長是由 LAL 銷售推動的。它們佔第四季度收入的 56%，是 LDD 銷售非常強勁的一個季度。因此，我們預計 LAL 銷售額將繼續增長，佔總收入的 50% 以上，即使 LDD 銷售額也在擴大。我認為這對我們的利潤率和收入指引都很重要。

And then you asked a little bit about seasonality. And so typically, what you see, although we do not see last year at all, is that you see a little bit of heavier revenue for capital equipment sales in the second and fourth quarter, with a little bit lower in the first and the third. In the first, it's just that people are getting, going on their capital equipment allocations for the year and starting up their practice. In the third quarter, it tends to be a little lower, although we did not see it this year with very heavy LDD sales, as doctors and patients are on vacation, so they're not as focused on capital.

然後你問了一些關於季節性的問題。因此，通常情況下，儘管我們去年根本沒有看到，但您看到的是第二和第四季度資本設備銷售收入略有增加，第一和第三季度略有下降.首先，只是人們獲得了當年的資本設備分配並開始了他們的實踐。在第三季度，它往往會略低一些，儘管我們今年沒有看到 LDD 銷售量很大，因為醫生和患者都在休假，所以他們不那麼關注資本。

LDD revenue and our LAL revenue in our case continues to grow really from two sources. One is, as we sell more LDDs, we continue to sell more LALs. And then the other thing that we're focused on with our professional team is for practices, both new and existing, to increase the number of LALs that they're doing pretty consistently as well. And so we're very focused on that. We saw sequential growth quarter-over-quarter in 2022 and because we're continuing to grow, that's a more realistic expectation, but the percentage growth quarter-over-quarter can be variable and it's variable for two reasons. One is that you've got some seasonality, particularly in the third quarter, but also a little bit of math, right? CFO, the more LDDs that you place in a quarter than the previous quarter, you still have expansion from them, but the number of LALs per LDD may not be growing as quickly as it would in another quarter.

在我們的案例中，LDD 收入和我們的 LAL 收入實際上從兩個來源繼續增長。一是，隨著我們銷售更多的 LDD，我們將繼續銷售更多的 LAL。然後我們的專業團隊關注的另一件事是新的和現有的實踐，以增加他們一直在做的 LAL 的數量。所以我們非常專注於此。我們在 2022 年看到了環比增長，因為我們在繼續增長，這是一個更現實的預期，但環比增長百分比可能是可變的，它的可變性有兩個原因。一是你有一些季節性，特別是在第三季度，還有一點數學，對吧？ CFO，你在一個季度放置的 LDD 比上一季度多，你仍然可以從中擴展，但每個 LDD 的 LAL 數量可能不會像另一個季度那樣快速增長。

And so I think that's everything you asked, Craig. Did I cover everything?

所以我想這就是你問的一切，克雷格。我涵蓋了所有內容嗎？

Yes, you got it, Shelly. And then maybe I can ask on gross margin. Obviously, you're looking for a pretty big step up in '23 and I appreciate your comments on the mix benefit driving that step-up. I did want to see, have you contemplated or are you assuming any benefit from the launch of the lower cost -- cost to manufacture LDD. And maybe if you can just give a little bit of color on what that lower cost to manufacture LDD could provide from a margin benefit perspective going forward?

是的，你明白了，雪莉。然後也許我可以詢問毛利率。顯然，您正在尋找 23 年的一大進步，我感謝您對推動這一進步的混合效益的評論。我確實想看看，你有沒有考慮過或者你是否假設從推出較低成本 - 製造 LDD 的成本中獲益。也許如果你能從未來的利潤率角度來看，製造 LDD 的較低成本可以提供什麼？

As we've said before, our goal for capital equipment is to get a margin of 20% to 30%, right, a reasonable margin for the company, but not so high that it holds customers out from purchasing the LDD. Today, we're well underneath that 20% and that's really been driven by the fact that we've had these tremendous supply chain shortages and of course then people are charging more for the material and the LDD is very material intensive in terms of its overall cost.

正如我們之前所說，我們的資本設備目標是獲得 20% 到 30% 的利潤率，對公司來說這是一個合理的利潤率，但又不會高到讓客戶無法購買 LDD。今天，我們遠低於 20%，這實際上是由於我們有這些巨大的供應鏈短缺，當然人們對材料收取更高的費用，而 LDD 就其材料而言是非常材料密集型的總成本。

What we expect with the lower cost to manufacture LDD is that we would be able to get our gross margin into the 20% to 30% range again, which is pretty normalized. But we don't expect much benefit from that in 2023. I think we'll get the full benefit of that in 2024.

我們期望製造 LDD 的成本更低，我們將能夠將我們的毛利率再次提高到 20% 到 30% 的範圍內，這是相當正常的。但我們預計 2023 年不會從中受益太多。我認為我們將在 2024 年充分受益。

Thank you. One moment while we prepare for the next question. Our next question is coming from Robbie Marcus of J.P. Morgan.

謝謝。一會兒我們準備下一個問題。我們的下一個問題來自摩根大通的羅比馬庫斯。

Maybe to start, Shelley, I just want to be clear on the seasonality comment. Do you expect first quarter '23 to be up sequentially versus fourth quarter?

也許首先，雪萊，我只想澄清一下季節性評論。您是否預計 23 年第一季度會比第四季度有所上升？

Typically it is, but you wouldn't see a large step up and that would really primarily be driven by LAL that you typically would not see much if anything in the first quarter just because LDD sales are anticipated to not be as heavy as they are in the fourth quarter and they're a bigger ticket item.

通常是這樣，但你不會看到大幅上漲，這實際上主要是由 LAL 驅動的，你通常不會在第一季度看到太多，因為 LDD 銷售預計不會像現在那麼重在第四季度，他們是一個更大的門票項目。

Maybe to follow up on Craig's question, maybe I could push you little bit on how to think about LAL versus LDD because you've been seeing a little bit of sequential increase on LDD revenues each quarter. So one, tell me if it's a correct statement that your LDD growth will be well below the 60-something percent growth implied in guidance? And then if that's correct and it will predominantly come from LAL given the margin commentary, how do you think about where you're going to be exiting the year in terms of utilization, whether it's by account or by LDV, what does that represent for the average practice that you're at? And how high do you see that in, let's say, your top 1/3 of accounts or however you can segment it now? Just so we could get a sense of is that a reasonable assumption?

也許為了跟進 Craig 的問題，也許我可以向您介紹一下如何考慮 LAL 與 LDD，因為您已經看到 LDD 每個季度的收入都有一點連續增長。那麼，告訴我您的 LDD 增長將遠低於指導中暗示的 60% 左右的增長是否正確？然後，如果這是正確的，並且考慮到保證金評論，它將主要來自 LAL，那麼你如何看待你將在利用率方面退出這一年的地方，無論是按帳戶還是按 LDV，這代表什麼你的平均水平是多少？在您的前 1/3 帳戶中，您認為它有多高，或者您現在可以對其進行細分？這樣我們就可以了解這是一個合理的假設嗎？

I'm going to answer the first question and kind of turn over how we manage our accounts to Ron a little bit. We do expect to have increases in our LDD sales, but like 2022, obviously the acceleration was primarily in LAL and that's very typical of any kind of razorblade model as well. And it's a large focus for the company to continue to make our customers more and more successful. In the fourth quarter, our average customer, and of course, there's a lot of variability in that number, right? It's macro number is they were doing about nine LAL implants per month during the fourth quarter.

我將回答第一個問題，然後稍微將我們如何管理我們的賬戶交給羅恩。我們確實希望我們的 LDD 銷售額有所增加，但與 2022 年一樣，顯然加速主要是在 LAL 中，這對於任何一種剃須刀片模型來說都是非常典型的。繼續讓我們的客戶越來越成功是公司的一大重點。在第四季度，我們的普通客戶，當然，這個數字有很大的變化，對吧？這是一個宏觀數字，他們在第四季度每月進行大約九次 LAL 植入。

And we had pretty good sequential growth in that metric, but really where we focus the business is on the individual practice and how we can help them become more successful. And I also think one of the things Ron talked about was our strong clinical staff as well. What we've seen is our new customers continue get to the same place as our existing customers, customers who might have signed in 2020 and 2021 faster. They kind of get to the same place they end up in the same range, but they get there a little faster. And we think part of it is just that we continue to learn things, best tips and best practices.

我們在該指標上取得了很好的連續增長，但實際上我們關注業務的地方是個人實踐以及我們如何幫助他們變得更加成功。我還認為 Ron 談到的其中一件事就是我們強大的臨床人員。我們看到的是，我們的新客戶繼續與我們的現有客戶到達同一個地方，這些客戶可能會在 2020 年和 2021 年更快地簽約。他們有點到達相同的地方，最終在相同的範圍內，但他們到達那裡的速度要快一些。我們認為其中一部分只是我們繼續學習東西、最佳技巧和最佳實踐。

And so our goal, while we don't state a specific goal that way, it is to increase the volume at each practice.

因此，我們的目標，雖然我們沒有以這種方式陳述具體目標，但它是增加每次練習的音量。

Do you have anything to add to that Ron in terms of how we do that or anything like that?

關於我們如何做或類似的事情，你有什麼要補充給羅恩的嗎？

Yeah, the only thing I would say is that while you can look at an average number across the installed base and you can calculate that and at the end of the fourth quarter, I think we were just below 9 LALs per LDD per month. There can be some variability in that number as we continue to add practices depending on the number of LDDs that we're adding, depending on the types of customers, so that if they're high-volume cataract surgery or high-volume premium and we're trying to penetrate the entire market. So that number can fluctuate a little bit.

是的，我唯一要說的是，雖然您可以查看已安裝基礎的平均數量，並且可以計算出第四季度末的數量，但我認為我們每月每個 LDD 的 LAL 數量略低於 9。隨著我們繼續增加實踐，這個數字可能會有一些變化，這取決於我們添加的 LDD 的數量，取決於客戶的類型，所以如果他們是大批量白內障手術或大批量保費和我們正試圖滲透整個市場。所以這個數字可能會有點波動。

But generally, our goal, as Shelley mentioned is for that number to go up and we manage the business by our LAL account managers really and the rest of the team looking at each one of the accounts and looking at those things that they can do to increase utilization at each and every account.

但總的來說，正如 Shelley 提到的那樣，我們的目標是讓這個數字上升，我們實際上是由我們的 LAL 客戶經理管理業務，而團隊的其他成員會查看每個客戶並查看他們可以做的事情提高每個帳戶的利用率。

Thank you. One moment while we prepare for the next question. And our next question will be coming from Ryan Zimmerman of BTIG.

謝謝。一會兒我們準備下一個問題。我們的下一個問題將來自 BTIG 的 Ryan Zimmerman。

And let me echo congrats on the progress this year, guys. Everyone asked about margins, asked about revenue, but expense guidance was certainly above where we expected to be for '23. And so Shelley, can you take us through kind of where you're stepping on the spend specifically? And what kind of expectations we should see out of that? It's still providing really nice leverage, I think relative to your revenue guidance for '23, but certainly ahead of where we thought. And then I have a follow-up.

伙計們，讓我對今年的進步表示祝賀。每個人都詢問利潤率，詢問收入，但費用指導肯定高於我們對 23 年的預期。那麼 Shelley，你能帶我們了解一下你具體在什麼地方花錢嗎？我們應該從中看到什麼樣的期望？它仍然提供了非常好的槓桿作用，我認為相對於你 23 年的收入指導，但肯定領先於我們的想法。然後我有一個後續行動。

Yeah, last year, SG&A was about 70% of our total OpEx in R&D, which includes our clinical and regulatory about 30%. And we kind of expect that split to be around the same in 2023, both grow, somewhat it is also just the higher expenses of running the company. But also, while we're not adding significantly to the sales force like we did in '21 and '22, we will add a few people, but we also have clinical people paced with our LDD revenue. And that's because they work very closely both with our LAL salespeople and with practice as well, so we'll do that.

是的，去年，SG&A 約占我們研發總運營支出的 70%，其中包括我們的臨床和監管約 30%。我們預計 2023 年的拆分將大致相同，兩者都會增長，這在某種程度上也只是運營公司的更高費用。而且，雖然我們沒有像 21 年和 22 年那樣大量增加銷售人員，但我們會增加一些人，但我們也有臨床人員與我們的 LDD 收入同步。那是因為他們與我們的 LAL 銷售人員和實踐密切合作，所以我們會這樣做。

We have a lot more in-person shows, we're looking forward to that. We think that the in-person meetings are very effective for us and that will be part of what's going up in that. And then, of course, out of the total OpEx, you see that it's about a $3 million to $4 million guidance increase in the noncash stock-based compensation and that just comes from issuing more stock options to our employees primarily as well.

我們有更多的現場表演，我們很期待。我們認為面對面的會議對我們來說非常有效，這將成為其中的一部分。然後，當然，在總運營支出中，你會看到基於非現金股票的薪酬增加了大約 300 萬至 400 萬美元的指導，而這也主要來自向我們的員工發行更多股票期權。

And then on R&D, we always have some continued increase, it doesn't necessarily grow as fast as SG&A, but we continue to work on our products. We continue to do clinical work as well. And so that's where the expense increases come through as well. And that's about $20 million to $23 million in aggregate compared to 2022. We did spend quite a bit less in 2022 than we expected. We try and be careful with our expenses, but this is what we expect going into the year and then without the increase in noncash stock-based compensation, it would be about $19 million to $20 million increase as compared to last year.

然後在研發方面，我們總是有一些持續的增長，它不一定像 SG&A 那樣快速增長，但我們繼續致力於我們的產品。我們也繼續做臨床工作。因此，這也是費用增加的地方。與 2022 年相比，總計約為 2000 萬至 2300 萬美元。我們在 2022 年的支出確實比我們預期的要少得多。我們盡量謹慎地控制開支，但這是我們今年的預期，如果不增加非現金股票薪酬，與去年相比將增加約 1900 萬至 2000 萬美元。

And then one of my second question and I want to squeeze in two here. Number one, we continue to survey the ophthalmic community, really good growing awareness amongst the community on LALs. And I guess, Ron, as you think about the incremental customer that's coming on in terms of adoption, how does utilization or how do utilization patterns differ from, say, the incremental buyer of an LDD versus some of your earlier adoptees? And then my second question, unrelated to this, but I want to squeeze it in, is just, should we expect any price degradation in the LDD this year with the low-cost LDD coming online?

然後是我的第二個問題之一，我想在這裡擠兩個。第一，我們繼續調查眼科社區，社區對 LAL 的認識非常好。我想，羅恩，當你考慮在採用方面出現的增量客戶時，利用率或使用模式與 LDD 的增量買家與你早期採用的一些人有何不同？然後我的第二個問題，與此無關，但我想把它擠進去，只是，隨著低成本 LDD 的上線，我們是否應該預期今年 LDD 的價格會下降？

Yeah, why don't we start with your second question first, Ryan. And no, we don't -- we expect pricing to be consistent with what we saw in 2022. It's kind of stayed between $1,000 to $2,000 quarter-to-quarter about the same.

是的，為什麼我們不先從你的第二個問題開始，Ryan。不，我們沒有——我們預計定價將與我們在 2022 年看到的一致。它有點保持在每季度 1,000 美元到 2,000 美元之間，大致相同。

And then going back to your first question, Ryan, about, is there any difference in our more recent accounts versus our earlier ones? And as Shelley mentioned, really, we see them all getting to about the same level on average utilization, if you look at them as a class. But the newer accounts we're getting there more quickly and that's likely has to do with both us and them, we're better. We've learned a lot over the last several years in how to bring customers up faster. And then these customers that are coming on, they tend not to be the innovators or the early adopters, they're more in the early majority range. And so they're more focused on making sure that they get the economic value as quickly as possible from the purchase of the LDD.

然後回到你的第一個問題，Ryan，關於我們最近的賬戶與我們之前的賬戶有什麼不同嗎？正如 Shelley 所提到的，如果您將它們視為一個類別，我們確實看到它們的平均利用率都達到了大致相同的水平。但是我們更快地到達那裡的新帳戶，這可能與我們和他們都有關，我們更好。在過去的幾年裡，我們在如何更快地吸引客戶方面學到了很多東西。然後這些正在湧現的客戶，他們往往不是創新者或早期採用者，他們更多地屬於早期大眾範圍。因此，他們更加專注於確保盡快從 LDD 的購買中獲得經濟價值。

So there's still lot of variability in terms of the practice types that are coming on. And again, we have very large practices that have joined us recently, as well as practices that have not done a lot of premium in the past. So it's still quite lot of variation.

因此，就即將到來的實踐類型而言，仍然存在很多差異。再一次，我們有最近加入我們的非常大的實踐，以及過去沒有做過很多溢價的實踐。所以它仍然有很多變化。

Thank you. One moment, while we prepare for the next question. Our next question is coming from David Saxon of Needham.

謝謝。一會兒，當我們準備下一個問題時。我們的下一個問題來自 Needham 的 David Saxon。

Maybe to start on the sales force. I think where Shelley you talked about how reps continue to mature and know the business and the sales cycle. I was wondering if you could talk about where productivity is, maybe what inning we're at? And then where productivity can go over the next couple of years?

也許從銷售人員開始。我想 Shelley 你談到了銷售代表如何繼續成熟並了解業務和銷售週期。我想知道你是否可以談談生產力在哪裡，也許我們在哪一局？那麼在接下來的幾年裡，生產力會走向何方？

I sometimes struggle with the productivity question, as you know, right, overall because productivity by salesperson really depends on their region and what we expected them, right? While we try and make it perfect and give everybody about the same number of potential, it can vary person-by-person. And I also don't think about it as a max, I think about it as are we getting the right customers and do we continue to grow the number of LDD sales. And that's more of a metric we look at. And then the other metric we have is how productive those accounts get. Would you add anything to that, Ron?

總的來說，如您所知，我有時會為生產力問題而苦惱，因為銷售人員的生產力確實取決於他們所在的地區以及我們對他們的期望，對嗎？雖然我們努力讓它變得完美並給每個人大約相同數量的潛力，但它可能因人而異。而且我也不認為它是最大值，我認為它是因為我們獲得了合適的客戶並且我們是否繼續增加 LDD 的銷售數量。這更像是我們關注的一個指標。然後我們擁有的另一個指標是這些帳戶的生產率。羅恩，你能補充點什麼嗎？

No. Again, I would just echo that we are pleased with the salesforce that we've been able to attract and put in place and they continue to make strong progress in the field.

不，我再次重申，我們對我們能夠吸引和部署的銷售人員感到滿意，他們繼續在該領域取得長足進步。

And then when I talk to doctors, sometimes I hear they're doing 20%, 25% of their IOLs or LALs. So I wanted to ask or see if you could give some details on what you're seeing with maybe some of the more mature accounts? How much of those IOLs are your LALs and maybe where you think your share can go over time?

然後，當我與醫生交談時，有時我聽說他們正在做 20%、25% 的 IOL 或 LAL。所以我想問或看看你是否可以提供一些細節，說明你在一些更成熟的賬戶中看到的情況？這些 IOL 中有多少是您的 LAL？也許您認為隨著時間的推移您的份額可以到達哪裡？

So again, every -- there's a lot of variability in the percentage of their premiums that are LALs, it depends a lot on the practice. Some high-volume practices, we can be a high percentage of their premiums and or we can be lower and middle in lower and similarly in lower-volume practices. So there's really flexibility there. And over time, of course, our goal is to grow the percentage of procedures that are LAL and we think that both the clinical and the economic benefits argue for that, so that over time, we would anticipate that those numbers would continue to increase.

所以，再一次，每一個——他們的保費中 LAL 的百分比有很多變化，這在很大程度上取決於實踐。一些大批量的做法，我們可以佔他們保費的很大比例，或者我們可以在較低的和中等的較低和類似的較低數量的做法中。所以那裡真的很靈活。當然，隨著時間的推移，我們的目標是增加 LAL 程序的百分比，我們認為臨床和經濟效益都支持這一點，因此隨著時間的推移，我們預計這些數字將繼續增加。

Thank you. And that concludes today's Q&A session.

謝謝。今天的問答環節到此結束。

Great. Thank you all for your time and attention today. We appreciate your interest in RxSight and look forward to updating you on our progress in the future quarters. Good afternoon.

偉大的。感謝大家今天的時間和關注。我們感謝您對 RxSight 的興趣，並期待在未來幾個季度向您更新我們的進展。下午好。

That concludes today's conference call. You may all hang up and everyone have a good evening.

今天的電話會議到此結束。你們都可以掛斷了，大家晚上好。