Beauty Health Co (SKIN) 2022 Q4 法說會逐字稿

Good morning, and welcome to The Beauty Health Company's Fourth Quarter and Fiscal Year 2022 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

早上好，歡迎來到 The Beauty Health Company 的第四季度和 2022 財年收益電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Eduardo Rodriguez, Senior Director of M&A and Investor Relations. Please go ahead.

我現在想把會議轉交給併購和投資者關係高級總監 Eduardo Rodriguez。請繼續。

Thank you, operator, and good morning, everyone. Thank you for joining The Beauty Health Company's conference call to discuss the company's fourth quarter and full year 2022 financial results, which were released this morning and can be found on our website at beautyhealth.com. Also available on our website is an investor presentation that will be referenced during this call.

謝謝接線員，大家早上好。感謝您參加 The Beauty Health Company 的電話會議，討論公司今天上午發布的第四季度和 2022 年全年財務業績，這些業績可以在我們的網站 beautyhealth.com 上找到。我們的網站上還提供了一份投資者介紹，將在本次電話會議期間作為參考。

With me on the call today are Beauty Health's President and Chief Executive Officer, Andrew Stanleick; and Chief Financial Officer, Liyuan Woo.

今天與我通話的有 Beauty Health 總裁兼首席執行官 Andrew Stanleick；首席財務官 Liyuan Woo。

Before we get started, I would like to remind you of the company's safe harbor language. Management may make forward-looking statements, including guidance and underlying assumptions. Forward-looking statements are based on expectations that involve risks and uncertainties that could cause actual results to differ materially. For a further discussion of risks related to our business, see our filings with the SEC.

在我們開始之前，我想提醒您公司的安全港語言。管理層可能會做出前瞻性陳述，包括指導和基本假設。前瞻性陳述基於涉及風險和不確定性的預期，這些風險和不確定性可能導致實際結果存在重大差異。有關與我們業務相關的風險的進一步討論，請參閱我們向美國證券交易委員會提交的文件。

This call will present non-GAAP financial measures such as adjusted gross margin and adjusted EBITDA. Reconciliation of these non-GAAP measures to the most comparable GAAP measures are included in the earnings release furnished to the SEC and available on our website.

本次電話會議將介紹非 GAAP 財務指標，例如調整後的毛利率和調整後的 EBITDA。這些非 GAAP 措施與最具可比性的 GAAP 措施的對賬包含在提供給 SEC 的收益發布中，並可在我們的網站上查閱。

I will now turn the call over to Andrew.

我現在將把電話轉給安德魯。

Thank you, Eduardo. Good morning, everyone, and thank you for joining Beauty Health's Fourth Quarter and Full Year 2022 Earnings Call. To begin, I will discuss our performance and accomplishments for the year, my first serving as CEO of this incredible category-creating company. I am extremely proud of the progress of our team in these past 12 months, and I am pleased to share the results with you today. I will also discuss our outlook for 2023 before Liyuan provides more detail on the numbers. We will then be happy to take your questions.

謝謝你，愛德華多。大家早上好，感謝您參加 Beauty Health 的第四季度和 2022 年全年收益電話會議。首先，我將討論我們今年的業績和成就，這是我第一次擔任這家令人難以置信的類別創造公司的首席執行官。我為我們團隊在過去 12 個月中取得的進步感到非常自豪，今天我很高興與大家分享成果。在力源提供更多數字細節之前，我還將討論我們對 2023 年的展望。我們將很樂意回答您的問題。

As always, I want to start by thanking our incredible Beauty Health one team. Our teams around the world worked tirelessly over the past 12 months to execute our strategy and deliver incredible growth and momentum amid uncertainty in the operating environment. Despite the macro backdrop, we delivered a year of record revenue. We launched the biggest product innovation in our company's history with Syndeo, our next-generation Hydrafacial delivery system. We continue to build the world's premier skincare booster portfolio, partnering with the best in the industry from Murad to JLO Beauty. We open more doors than any year before with exciting retail partnerships and expansive growth in the booming MedSpa channel, not to mention continued solid growth in our core medical channel.

與往常一樣，我首先要感謝我們令人難以置信的 Beauty Health 團隊。在過去的 12 個月裡，我們遍布全球的團隊孜孜不倦地執行我們的戰略，並在運營環境不確定的情況下實現了令人難以置信的增長和勢頭。儘管有宏觀背景，我們還是實現了創紀錄的一年收入。我們推出了公司歷史上最大的產品創新——Syndeo，我們的下一代 Hydrafacial 輸送系統。我們與從 Murad 到 JLO Beauty 的業內最佳公司合作，繼續打造世界一流的護膚助推器產品組合。我們通過令人興奮的零售合作夥伴關係和蓬勃發展的 MedSpa 渠道的擴張性增長打開了比以往任何一年都多的大門，更不用說我們核心醫療渠道的持續穩健增長。

Our loyal provider community and consumer fan base remains highly engaged and is growing around the world. The planned investments we have made to scale our business over the last 2 years are driving strong top line growth and position us for margin expansion in 2023 and beyond.

我們忠實的供應商社區和消費者粉絲群保持高度參與，並在全球範圍內不斷壯大。我們在過去兩年中為擴大業務而進行的計劃投資正在推動強勁的收入增長，並為我們在 2023 年及以後的利潤率擴張做好準備。

Let's now look at the results on Slide 5. In Q4 2022, we reported net sales of $98.1 million, our eighth consecutive quarter of delivering mid-double-digit top line year-on-year growth and of beating expectations. For the full year, our planned strategic investments, paired with continued consumer and provider demand, drove strong sales growth of 41% year-over-year to $365.9 million. This growth represents the resiliency of our business and the increasing demand for Hydrafacial despite the challenging macro backdrop.

現在讓我們看看幻燈片 5 上的結果。在 2022 年第四季度，我們報告的淨銷售額為 9810 萬美元，這是我們連續第八個季度實現中等兩位數的同比增長並超出預期。全年，我們計劃的戰略投資，加上消費者和供應商的持續需求，推動銷售額同比強勁增長 41% 至 3.659 億美元。儘管宏觀背景充滿挑戰，但這種增長代表了我們業務的彈性以及對 Hydrafacial 不斷增長的需求。

In particular, foreign exchange headwinds in Europe were significantly impactful, and China's zero COVID policy delayed return on our planned investment in our China infrastructure buildup. Notwithstanding these challenges, we delivered adjusted EBITDA of $47.7 million for the full year, up 46% year-over-year. I'm also pleased to report that we achieved double-digit growth in all 3 of our operating regions in 2022. Year-over-year, the Americas grew 44%; APAC increased 24%; and EMEA was up 46%. These strong growth numbers are in reported currency. On a local or constant currency basis, the results are even stronger.

特別是，歐洲的外匯逆風產生了重大影響，而中國的零 COVID 政策延遲了我們計劃在中國基礎設施建設中的投資回報。儘管面臨這些挑戰，我們全年實現了 4770 萬美元的調整後 EBITDA，同比增長 46%。我也很高興地報告，到 2022 年，我們在所有 3 個運營區域都實現了兩位數的增長。美洲同比增長 44%；亞太地區增長 24%；歐洲、中東和非洲地區增長了 46%。這些強勁的增長數字是以報告的貨幣計算的。在當地或固定貨幣的基礎上，結果甚至更強。

Our strong growth is nothing new. We have averaged 48% growth per year since 2018 when excluding 2020 for COVID. Our period of planned heavy investment is now behind us. As a new public company, our global infrastructure build is largely complete and ready to scale. Our business model remains agile, and we have strong fundamentals in place to capture the large profitable growth opportunities ahead of us.

我們的強勁增長並不是什麼新鮮事。自 2018 年以來，如果不考慮 2020 年的 COVID，我們平均每年增長 48%。我們計劃的大量投資時期現在已經過去了。作為一家新的上市公司，我們的全球基礎設施建設已基本完成並準備好擴展。我們的商業模式仍然靈活，我們擁有強大的基礎，可以抓住我們面前巨大的盈利增長機會。

As a result of our momentum, we have full conviction in our long-range plan to deliver $600 million to $700 million net sales and adjusted EBITDA margin in the range of 25% to 30% by 2025, targets we first shared at our Beauty Health Investor Day last fall.

由於我們的發展勢頭，我們對我們的長期計劃充滿信心，即到 2025 年實現 6 億至 7 億美元的淨銷售額和調整後的 EBITDA 利潤率在 25% 至 30% 的範圍內，這些目標是我們在 Beauty Health 上首次分享的目標去年秋天的投資者日。

If 2022 is about establishing a new foundation, the focus of 2023 and beyond is about accelerating profitable growth. We will launch Syndeo internationally in the second quarter of 2023. We have taken lessons learned from our highly successful U.S. launch last year and look forward to growing Syndeo's soon-to-be global footprint.

如果說 2022 年是建立新的基礎，那麼 2023 年及以後的重點是加速盈利增長。我們將於 2023 年第二季度在國際上推出 Syndeo。我們吸取了去年在美國非常成功推出的經驗教訓，並期待擴大 Syndeo 即將在全球範圍內的足跡。

We will build our portfolio of products to sell to Hydrafacial providers, adding strategic and (inaudible) to our portfolio of personalized treatment options as well as through strategic M&A. We will expand our business in China as zero COVID policies ease and consumer activities returns, and we remain optimistic on the outlook and our long-term opportunity in the strategic market.

我們將建立我們的產品組合以銷售給 Hydrafacial 供應商，增加戰略和（聽不清）到我們的個性化治療選擇組合以及通過戰略併購。隨著零 COVID 政策的放鬆和消費者活動的恢復，我們將擴大在中國的業務，我們對前景和我們在戰略市場的長期機會保持樂觀。

As you would expect, we will remain nimble and are able to quickly pull levers to protect our margin should on-the-ground conditions in China deteriorate. In totality, I am confident in our ability to generate net sales of $450 million to $470 million and to deliver an adjusted EBITDA margin in the range of 18% to 20% for 2023.

正如您所期望的那樣，如果中國的實際情況惡化，我們將保持靈活，並能夠迅速採取槓桿措施來保護我們的利潤率。總的來說，我相信我們有能力在 2023 年實現 4.5 億至 4.7 億美元的淨銷售額，並實現 18% 至 20% 的調整後 EBITDA 利潤率。

Turning to Slide 7. We continue to make strong progress against our five point master plan, which you are all familiar with. Our strategy to expand our footprint and increase provider and consumer access to Hydrafacial is working. In fact, we have continued to expand our position as the market leader, with some research estimating our market share to be around 85%. It is hard to displace the go-to brand, and Hydrafacial has become an eponym for the category it created.

轉到幻燈片 7。我們繼續在你們都熟悉的五點總體規劃方面取得重大進展。我們擴大足跡並增加供應商和消費者使用 Hydrafacial 的戰略正在奏效。事實上，我們繼續擴大我們作為市場領導者的地位，一些研究估計我們的市場份額約為 85%。很難取代首選品牌，Hydrafacial 已成為其創建的類別的同名詞。

In 2022, we delivered a record 8,492 Hydrafacial systems globally, which includes 1,793 trade-up units to Syndeo. This represents a 37% increase from 2021, highlighting consumer and provide resiliency and increasing demand globally for our products.

2022 年，我們在全球交付了創紀錄的 8,492 套 Hydrafacial 系統，其中包括向 Syndeo 提供的 1,793 套以舊換新設備。這比 2021 年增長了 37%，突出了消費者和提供彈性以及全球對我們產品的需求增加。

Across distribution channels, we continue to see provide a preference for the Hydrafacial treatment and device. In fact, just last week, we received 2 Aestheticians' Choice Awards from DERMASCOPE Magazine, the best hydradermabrasion machine for Syndeo and favorite signature treatment for Hydrafacial. The validation of our aesthetician community is more meaningful than anything else, and we wear this badge with great pride.

在整個分銷渠道中，我們繼續看到人們對 Hydrafacial 治療和設備的偏好。事實上，就在上週，我們獲得了 DERMASCOPE 雜誌頒發的 2 項美容師選擇獎、Syndeo 最好的水磨機和最受喜愛的 Hydrafacial 招牌護理。我們的美容師社區的認可比其他任何事情都更有意義，我們非常自豪地佩戴這個徽章。

I am thrilled with the expansion we saw in 2022. And more importantly, we continue to have a massive, underpenetrated growth runway in front of us to capture. We believe all of our providers should be on Syndeo. And as you saw in 2022, we employed a strategy to push our provider network to upgrade to Syndeo, and you can expect us to continue this approach in 2023. Syndeo is our next-generation connected system, provides us with rich data insights into trends and consumer preferences that we have never had before, once again pushing the category forward.

我對我們在 2022 年看到的擴張感到興奮。更重要的是，我們面前仍然有一條巨大的、滲透率低的增長跑道需要抓住。我們相信我們所有的提供商都應該使用 Syndeo。正如您在 2022 年看到的那樣，我們採用了一項策略來推動我們的提供商網絡升級到 Syndeo，您可以期待我們在 2023 年繼續採用這種方法。Syndeo 是我們的下一代連接系統，為我們提供了豐富的趨勢數據洞察力和我們以前從未有過的消費者偏好，再次推動該品類向前發展。

Ultimately, we envision that Beauty Health can become one of the largest sources of skin health data on the planet, and that is a powerful and compelling proposition.

最終，我們設想 Beauty Health 可以成為地球上最大的皮膚健康數據來源之一，這是一個強大而引人注目的提議。

Turning to Slide 9. We are driving consumable sales and recruiting new consumers into our brand with a steady pipeline of innovation, delivering regular upgrades to our booster portfolio and treatment protocols.

轉到幻燈片 9。我們正在推動消耗品銷售，並通過穩定的創新渠道吸引新消費者加入我們的品牌，定期升級我們的助推器產品組合和治療方案。

With our portfolio of approximately 20 skincare boosters and a wide range of treatment tips, including a wide head body tip and our patented wet diamond abrasion tip, Hydrafacial has never been more customizable for the consumer, with each treatment delivered by our patented Magic Wand hand piece. We view this as a key competitive advantage. Our aestheticians are trained to tailor every treatment to a client's personal skincare needs, a differentiator that builds affinity for our brand. No other device in our category delivers a level of customization and personalization to the consumer, and this is the feature of skin health.

Hydrafacial 擁有大約 20 種護膚助推器和各種治療技巧，包括寬頭體技巧和我們獲得專利的濕金剛石磨頭，Hydrafacial 從未如此適合消費者定制，每次治療都由我們獲得專利的魔術棒手進行片。我們認為這是一個關鍵的競爭優勢。我們的美容師接受過培訓，可以根據客戶的個人護膚需求量身定制每項護理，這是為我們的品牌建立親和力的差異化因素。我們類別中沒有其他設備能夠為消費者提供一定程度的定制和個性化，而這正是皮膚健康的特點。

Each booster is developed with careful attention paid to ingredients, and our products are validated with clinical studies and overseen by our Chief Medical Officer. We lead with this science-backed approach for our own Hydrafacial boosters and also for those that we co-create with, with other world-leading skincare experts. This allows us to accelerate our R&D, capitalizing on the combined strength of our (inaudible) together with our partners. The Hydrafacial ecosystem that we have created with the partner brands and providers is a unique model in the industry.

每種助推器的開發都非常注重成分，我們的產品經過臨床研究驗證並由我們的首席醫療官監督。我們以這種以科學為後盾的方法引領我們自己的 Hydrafacial 助推器，也適用於我們與其他世界領先的護膚專家共同創造的產品。這使我們能夠加速我們的研發，利用我們（聽不清）與我們的合作夥伴的綜合實力。我們與合作夥伴品牌和提供商創建的 Hydrafacial 生態系統是業內獨一無二的模式。

What's more, our partnerships with notable brands are key recruitment tools that bring new consumers into the Hydrafacial brand. We saw the success of this approach with JLO Beauty, our biggest ever booster launch in the U.S. last fall, and we are preparing to expand JLO to EMEA and APAC during the first half of this year.

此外，我們與著名品牌的合作夥伴關係是將新消費者帶入 Hydrafacial 品牌的重要招募工具。我們在 JLO Beauty 中看到了這種方法的成功，這是我們去年秋天在美國推出的有史以來最大的助推器，我們正準備在今年上半年將 JLO 擴展到 EMEA 和 APAC。

Last week, we announced our latest booster and protocol with prestige skincare brand Omorovicza, which speaks to a most discerning consumer. And finally, we are bolstering our treatment innovation pipeline with HydraBody treatments, new protocols and tips that give providers the ability to use their delivery systems on other parts of the body beyond the face.

上週，我們宣布了與知名護膚品牌 Omorovicza 合作的最新助推器和協議，該品牌面向最挑剔的消費者。最後，我們正在通過 HydraBody 治療、新方案和技巧來加強我們的治療創新管道，使提供者能夠在面部以外的身體其他部位使用他們的輸送系統。

Importantly, these treatments represent a promising source of consumables growth for us, covering larger treatment areas as well as offering providers new revenue streams from their existing Hydrafacial systems, and this is yet another win-win experience for our providers and us.

重要的是，這些治療代表了我們消耗品增長的一個有前途的來源，涵蓋了更大的治療領域，並為供應商提供了他們現有的 Hydrafacial 系統的新收入來源，這對我們的供應商和我們來說是另一種雙贏的體驗。

Hydrafacial is among the world's top educators of aestheticians, and we continue to invest in our providers as a key pillar of our 5-point master plan. Investments in our growing and loyal community, what we call the Hydrafacial Nation, continue to drive brand awareness, earned media value and, ultimately, sales growth.

Hydrafacial 是世界頂級美學家教育機構之一，我們繼續投資於我們的供應商，作為我們 5 點總體規劃的關鍵支柱。對我們不斷壯大的忠誠社區（我們稱之為 Hydrafacial Nation）的投資將繼續推動品牌知名度、贏得媒體價值並最終推動銷售增長。

In addition to our renowned HFX trainings, we also regularly engage with our providers at high-profile trade shows. Here on Slide 10, you can see our impressive presence at January's IMCAS trade show in Paris, an event which brings together the top doctors, aestheticians and skin health leaders from across the globe.

除了我們著名的 HFX 培訓外，我們還定期與我們的供應商在備受矚目的貿易展覽會上進行交流。在幻燈片 10 上，您可以看到我們在 1 月於巴黎舉行的 IMCAS 貿易展上令人印象深刻的展示，該活動匯集了來自全球的頂級醫生、美容師和皮膚健康領導者。

Across the globe, we see the love for our brand growing exponentially. On Slide 11, you can see 2 metrics we follow as indicators of brand awareness among providers and consumers, earned media value and Google search trends. In 2022, we grew earned media by 85% year-over-year driven by an exponential jump in influencer and press activity. In 2022, we were the fastest-growing brand in terms of EMV of any aesthetics brand measured by Tribe Dynamics. Additionally, our worldwide Google search activity has continued to trend meaningfully upward over the last 4 years. Indeed, in 2022, we established a new higher baseline for performance.

在全球範圍內，我們看到對我們品牌的熱愛呈指數級增長。在幻燈片 11 上，您可以看到我們遵循的 2 個指標，作為提供商和消費者中品牌知名度、贏得媒體價值和 Google 搜索趨勢的指標。 2022 年，在有影響力的人和媒體活動呈指數級增長的推動下，我們的免費媒體同比增長了 85%。 2022 年，我們是 Tribe Dynamics 衡量的所有美容品牌中 EMV 增長最快的品牌。此外，我們在全球範圍內的 Google 搜索活動在過去 4 年中繼續呈顯著上升趨勢。事實上，在 2022 年，我們為績效建立了一個新的更高基準。

In all of our storytelling, we remain anchored in science, which is our touchstone and represents the core of our brand DNA. It is from science where Hydrafacial created the hydradermabrasion category and is where we continue to lead the industry and remains unrivaled by competitors.

在我們所有的故事講述中，我們始終立足於科學，這是我們的試金石，代表著我們品牌 DNA 的核心。正是基於科學，Hydrafacial 創造了水磨磨皮類別，並且我們繼續引領行業並保持競爭對手無可匹敵的地位。

A new clinical study published in the peer-reviewed Journal of Clinical and Aesthetic Dermatology found that Hydrafacial clarifying treatments improve acne concerns for 100% of study participants. It is a secret our aestheticians have long known and are further validated with clinical results.

發表在同行評審的臨床和美容皮膚病學雜誌上的一項新臨床研究發現，Hydrafacial 淨化療法可改善 100% 研究參與者的痤瘡問題。這是我們的美容師早就知道的秘密，並通過臨床結果進一步驗證。

The study results generated widespread interest from providers and consumers alike, with media coverage across beauty titles and broadcast, chatter on social and a spike in orders for our clarifying boosters.

研究結果引起了供應商和消費者的廣泛興趣，媒體對美容標題和廣播進行了報導，在社交媒體上喋喋不休，我們的澄清促進劑的訂單激增。

Interest in Hydrafacial science and story doesn't stop with providers. Consumers are increasingly interested, too, as they look to step beyond the wellness trends of past years and seek our position or scientific endorsement of their beauty and aesthetic choices. It is a trend we call a medicalization of beauty, a long-term shift in consumer mindset that Beauty Health and Hydrafacial are intrinsically poised to capture. Indeed, we see an embrace of this idea by the earliest adopters and tastemakers in beauty and aesthetics, influencers and celebrities. To this end, we are partnering with a diverse range of influencers and celebrities to rapidly scale the Hydrafacial message.

對 Hydrafacial 科學和故事的興趣不會因提供者而停止。消費者也越來越感興趣，因為他們希望超越過去幾年的健康趨勢，尋求我們對他們的美容和審美選擇的立場或科學認可。這是一種我們稱之為美容醫學化的趨勢，是 Beauty Health 和 Hydrafacial 本質上準備捕捉的消費者心態的長期轉變。事實上，我們看到了美容和美學領域最早的採用者和時尚引領者、影響者和名人對這一想法的接受。為此，我們正在與各種有影響力的人和名人合作，以迅速擴大 Hydrafacial 的信息。

Among the recent fans to profess their love for Hydrafacial, Lilly Collins, aka Emily in Paris, shared the secret of Hydrafacial in Vogue France. [Bertucci], a social media megastar with more than 13 million followers, showed her treatment in progress on her channels. Luis de Javier, an up-and-coming designer, prepped all 38 of his models with a Hydrafacial before they walk the runway at New York Fashion Week. And of course, JLo remains a most vocal supporter.

在最近表白對水光面部護理的熱愛的粉絲中，Lilly Collins（在巴黎又名 Emily）在 Vogue France 上分享了水光面部護理的秘密。 [Bertucci] 是一位擁有超過 1300 萬粉絲的社交媒體巨星，她在自己的頻道上展示了她正在進行的治療。路易斯·德·哈維爾 (Luis de Javier) 是一位嶄露頭角的設計師，他的 38 位模特在紐約時裝週走秀前都使用了水光面部護理。當然，JLo 仍然是最直言不諱的支持者。

Moving to Slide 13. We continue to innovate our partnership model. Just yesterday, we announced a new partnership with the iconic Dior Beauty. Together, we have developed a Dior powered by Hydrafacial experience, which includes a custom protocol and co-branded booster that will be available exclusively in our Dior spas around the world later in 2023. Partnership incorporates the best of Dior's skincare with Hydrafacial technology and promises to resonate with a sophisticated beauty consumer. We are yet again setting our brand apart and extending our competitive moat with this prestige beauty powerhouse.

轉到幻燈片 13。我們繼續創新我們的合作模式。就在昨天，我們宣布與標誌性的 Dior Beauty 建立新的合作夥伴關係。我們共同開發了由 Hydrafacial 體驗提供動力的 Dior，其中包括定制方案和聯名助推器，將於 2023 年晚些時候在我們世界各地的 Dior 水療中心獨家提供。合作夥伴關係將 Dior 最好的護膚品與 Hydrafacial 技術相結合，並承諾與成熟的美容消費者產生共鳴。我們再次讓我們的品牌脫穎而出，並通過這個享有盛譽的美容巨頭擴大我們的競爭優勢。

Turning to Slide 14. The acceleration that we are seeing in our business is thanks to the planned investment we made in infrastructure and capabilities during the past 2 years. Since joining the company last year, I made several additions to fortify our executive leadership team, and I'm confident that we now have the right team in place to drive our strategy forward and deliver profitable growth.

轉到幻燈片 14。我們在業務中看到的加速要歸功於我們在過去 2 年中對基礎設施和功能進行的計劃投資。自去年加入公司以來，我多次增加人員以加強我們的執行領導團隊，我相信我們現在擁有合適的團隊來推動我們的戰略向前發展並實現盈利增長。

We opened key training and education centers in New York, London, Paris and Singapore and made planned investments in our provider community to drive loyalty and awareness. We also invested in foundational operational initiatives and infrastructure builds that we expect will deliver future leverage. These included progress on in-region production in China, setting up a 3PL partner in Europe and rolling out global ERP and CRM platforms.

我們在紐約、倫敦、巴黎和新加坡開設了重要的培訓和教育中心，併計劃對我們的供應商社區進行投資，以提高忠誠度和知名度。我們還投資於基礎運營計劃和基礎設施建設，我們希望它們能提供未來的影響力。其中包括在中國的區域內生產取得進展、在歐洲建立 3PL 合作夥伴以及推出全球 ERP 和 CRM 平台。

Moving to M&A on Slide 15. As we progress into 2023, we remain committed to creating value for shareholders through disciplined capital allocation. M&A remains a priority, and we maintain a strong cash position to pursue opportunities to accelerate the platform.

轉到幻燈片 15 上的併購。隨著我們進入 2023 年，我們仍然致力於通過有紀律的資本分配為股東創造價值。併購仍然是重中之重，我們保持著強勁的現金狀況，以尋求加速平台發展的機會。

We continue to evaluate options specifically those opportunities or brands that provide a differentiated product or service with a high Net Promoter Score, are complementary to our existing platform and community, leveraging decision core point and are financially accretive with compelling revenue growth and additive to our profitability.

我們繼續評估選項，特別是那些提供具有高淨推薦值的差異化產品或服務的機會或品牌，與我們現有的平台和社區互補，利用決策核心點，並通過令人信服的收入增長和增加我們的盈利能力來增加財務.

Today, I'm excited to announce a key strategic acquisition that will immediately build our product portfolio for providers while providing Beauty Health with a future second profitable growth revenue stream in a large and growing market. Beauty Health has signed an agreement to acquire SkinStylus, an FDA-cleared microneedling device. Including all potential royalties and milestones, the transaction is valued at approximately $15 million. Microneedling is a rapidly growing nonsurgical procedure performed by qualified providers, including dermatologists, plastic surgeons and aestheticians. The treatment uses an array of tiny needles to create micropunctures in the skin to stimulate the body's natural wound response, which is associated with the creation of new collagen and smoother therma even-toned skin.

今天，我很高興地宣布一項重要的戰略收購，它將立即為供應商建立我們的產品組合，同時為 Beauty Health 在一個龐大且不斷增長的市場中提供未來第二個盈利增長的收入來源。 Beauty Health 已簽署協議，收購經 FDA 批准的微針設備 SkinStylus。包括所有潛在的特許權使用費和里程碑，交易價值約為 1500 萬美元。微針是一種快速發展的非手術手術，由合格的提供者執行，包括皮膚科醫生、整形外科醫生和美容師。該療法使用一系列細針在皮膚上形成微孔，以刺激身體的自然傷口反應，這與新膠原蛋白的產生和更光滑的熱均勻膚色有關。

Today, the microneedling market size is around $540 million in the U.S. alone. Industry estimates put the growth rate at a high single-digit CAGR to reach an expected $1 billion by 2030. Microneedling is one of the top co-treatments for Hydrafacial, making a perfect fit to sell alongside Hydrafacial.

如今，僅在美國，微針市場規模就約為 5.4 億美元。行業估計，到 2030 年，複合年增長率將達到很高的個位數，預計將達到 10 億美元。微針是 Hydrafacial 的頂級聯合治療之一，非常適合與 Hydrafacial 一起銷售。

Many of our dermatologists, plastic surgeons and aestheticians recommend Hydrafacial as a pretreatment to ensure the skin is clean and in its optimal state before microneedling. Indeed, when I'm in the field with our providers, it is one of the most requested tools our aestheticians ask us to bring to market.

我們的許多皮膚科醫生、整形外科醫生和美容師都推薦 Hydrafacial 作為預處理，以確保皮膚清潔並在微針之前處於最佳狀態。事實上，當我在現場與我們的提供商一起工作時，它是我們的美容師要求我們推向市場的最受歡迎的工具之一。

Consequently, microneedling represents a significant growth opportunity for Beauty Health given the complementarity of the service to Hydrafacial in our existing distribution core point. What's more, SkinStylus also seamlessly fits into our existing razor blade commercial infrastructure. The SkinStylus business model consists of the SkinStylus device, along with single-use cartridges containing the needle arrays to operate the device as a recurring revenue stream.

因此，鑑於我們現有分銷核心點的 Hydrafacial 服務的互補性，微針代表了 Beauty Health 的重要增長機會。此外，SkinStylus 還可以無縫融入我們現有的剃須刀片商業基礎設施。 SkinStylus 商業模式包括 SkinStylus 設備，以及包含針陣列的一次性墨盒，以將設備作為經常性收入流來運營。

We have been actively looking in this space for over a year. And after extensive research and analysis, we are highly confident that in the SkinStylus device, we have found the best-in-class technology to add to our portfolio and to create sustained long-term shareholder value. Having carefully studied the category, we believe skin SkinStylus offers providers an innovation that is new, better and different to anything else on the market.

一年多來，我們一直在積極尋找這個領域。經過廣泛的研究和分析，我們非常有信心，在 SkinStylus 設備中，我們找到了一流的技術，可以添加到我們的產品組合中，並創造持續的長期股東價值。在仔細研究了該類別後，我們相信 skin SkinStylus 為供應商提供了一種全新、更好且不同於市場上任何其他產品的創新。

Specifically, SkinStylus is the only device with multiple arrays of needles at differing heights to achieve optimal outcomes. Additionally, it offers a superior user experience to the provider with a patented design to prevent cross contamination and the flexibility to operate it with or without a cord for maximum provider flexibility.

具體而言，SkinStylus 是唯一一種在不同高度具有多個針頭陣列以實現最佳效果的設備。此外，它還通過專利設計為供應商提供卓越的用戶體驗，以防止交叉污染，並且可以靈活地使用或不使用電源線來操作它，從而最大限度地提高供應商的靈活性。

Looking forward, we intend to make modest investments to seek key regulatory approvals to expand the use of SkinStylus for additional indications and to markets outside of the U.S. As SkinStylus is an emerging technology at the beginning of its journey, the revenue will be limited in 2023. However, we expect upside from this acquisition in 2024 and beyond as we seek to leverage the Beauty Health infrastructure and sales and marketing capabilities to capture share in this large and growing market.

展望未來，我們打算進行適度投資以尋求關鍵的監管批准，以擴大 SkinStylus 在其他適應症和美國以外市場的使用。由於 SkinStylus 是一項處於起步階段的新興技術，因此 2023 年的收入將有限然而，我們預計此次收購將在 2024 年及以後帶來好處，因為我們尋求利用 Beauty Health 基礎設施以及銷售和營銷能力在這個不斷增長的龐大市場中佔據份額。

We could not be more excited for the opportunity to bundle Hydrafacial together with the SkinStylus device. It's a clear step towards realizing our vision to become the world's leading beauty, health and wellness platform fueled by a community of engaged providers, aestheticians and consumers. We will share more about our plans as we work towards completing a successful integration of SkinStylus into the Beauty Health portfolio.

我們很高興有機會將 Hydrafacial 與 SkinStylus 設備捆綁在一起。這是朝著實現我們的願景邁出的明確一步，即成為世界領先的美容、健康和保健平台，由參與的供應商、美容師和消費者組成的社區推動。在我們努力完成將 SkinStylus 成功整合到 Beauty Health 產品組合的過程中，我們將分享更多有關我們計劃的信息。

And finally, before I turn it over to Liyuan, I want to again thank our teams around the world and reiterate how proud I am of what we accomplished in 2022. We drove strong top line and profitability growth, launched a groundbreaking technological innovation in Syndeo and now marquee booster partnerships continue to expand our global retail footprint and grew consumer and provider interest in demand around the world. With our planned investment phase largely behind us, we can now as intended turn to driving profitable growth in 2023 and beyond. And we will continue to lead the way in this booming category beauty, aesthetics, wellness and health. I couldn't be more excited about the future of Beauty Health.

最後，在我把它交給力源之前，我想再次感謝我們在世界各地的團隊，並重申我對我們在 2022 年取得的成就感到非常自豪。我們推動了強勁的收入和盈利增長，在 Syndeo 推出了突破性的技術創新現在，大型助推器合作夥伴關係繼續擴大我們的全球零售足跡，並提高了全球消費者和供應商對需求的興趣。由於我們計劃的投資階段已經基本過去，我們現在可以按預期轉向推動 2023 年及以後的盈利增長。我們將繼續引領這一蓬勃發展的美容、美學、保健和健康類別。我對 Beauty Health 的未來感到無比興奮。

And with that, I will now turn the call to Liyuan.

有了這個，我現在將電話轉給 Liyuan。

Thank you, Andrew, and thank you, everyone, for joining the call. I would also like to take a moment to thank our teams and partners around the world. We exceeded top line expectations for the eighth consecutive quarter, and we continue to see momentum building across the business despite macroeconomic uncertainty. Today, I will walk you through our fourth quarter and full year results, cost and balance sheet highlights, and finally, our outlook for 2023.

謝謝安德魯，也謝謝大家加入電話會議。我還想花點時間感謝我們在世界各地的團隊和合作夥伴。我們連續第八個季度超出預期，儘管宏觀經濟存在不確定性，但我們繼續看到整個企業的發展勢頭。今天，我將向您介紹我們的第四季度和全年業績、成本和資產負債表要點，最後是我們對 2023 年的展望。

Turning to net sales on Slide 18. We delivered net sales of $98.1 million in the fourth quarter, up 26% year-over-year. This was driven by continued strong global demand for both delivery systems and consumables. As you can see, despite the negative impact of China's shutdown and foreign exchange headwinds, we have seen sequential net sales growth throughout the year when excluding the significant trade-up sales from the Syndeo launch during the second quarter.

轉向幻燈片 18 的淨銷售額。我們在第四季度實現了 9810 萬美元的淨銷售額，同比增長 26%。這是由全球對輸送系統和消耗品的持續強勁需求推動的。正如您所看到的，儘管受到中國停工和外匯逆風的負面影響，但在排除第二季度 Syndeo 推出帶來的大量以舊換新銷售後，我們全年的淨銷售額連續增長。

For the full year, we achieved net sales of $365.9 million, up 41% year-over-year or up 32% year-over-year when excluding the Q2 trade-up sales from Syndeo's U.S. launch.

全年，我們實現了 3.659 億美元的淨銷售額，同比增長 41%，如果不包括 Syndeo 在美國推出的第二季度以舊換新銷售額，則同比增長 32%。

On Slide 19, you will see we drove strong double-digit growth across all 3 of our regions in '22.

在幻燈片 19 上，您會看到我們在 22 年的所有 3 個地區都實現了強勁的兩位數增長。

Looking at the fourth quarter. In the Americas, we continued our expansion, growing 29% year-over-year, driven by the continued success of both new Syndeo placements and trade-ups. In APAC, we grew 33% year-over-year, highlighting once again our team's resourcefulness in China while operating the business in a difficult environment.

看第四季度。在美洲，我們繼續擴張，同比增長 29%，這得益於新的 Syndeo 配售和換購的持續成功。在亞太地區，我們同比增長 33%，再次凸顯了我們團隊在中國艱難環境下經營業務的足智多謀。

In the fourth quarter, there was a surge of COVID infections shortly after reopening, resulting in China effectively shutting down again. Post-Chinese New Year, with China reopening and the infected population largely recovered, we're starting to see increasing demand with our providers.

第四季度，重新開放後不久 COVID 感染激增，導致中國實際上再次關閉。農曆新年過後，隨著中國重新開放，受感染人口基本恢復，我們開始看到對供應商的需求不斷增加。

In EMEA, fourth quarter net sales grew 12% year-over-year. The growth would have been even stronger if not for an approximately $2 million constant currency foreign exchange headwind during the quarter.

在 EMEA，第四季度淨銷售額同比增長 12%。如果本季度沒有大約 200 萬美元的固定貨幣外匯逆風，增長會更加強勁。

Sentiment to start the year is strong, and we expect this to continue throughout the region in 2023. Given the promising trend, we're seeing in APAC and EMEA. We look forward to launching Syndeo internationally in the second quarter 2023.

今年年初的情緒很強勁，我們預計這種情況將在 2023 年在整個地區持續下去。鑑於有希望的趨勢，我們在亞太地區和歐洲、中東和非洲看到了這一趨勢。我們期待在 2023 年第二季度在國際上推出 Syndeo。

Briefly touching on our KPIs on Slide 20. We ended the year with a net installed base of 25,336 delivery systems, an increase of 24% year-over-year. We shipped 2,067 delivery systems in the fourth quarter. Nearly 10% of those system sales were trade-ups, which is an increase compared to the third quarter due to testing slightly deeper promotions in Q4 versus Q3.

在幻燈片 20 上簡要介紹我們的 KPI。我們在年底的淨安裝基數為 25,336 個交付系統，同比增長 24%。我們在第四季度交付了 2,067 個交付系統。這些系統銷售額中有近 10% 是換購，與第三季度相比有所增加，因為與第三季度相比，第四季度測試了稍微深入的促銷活動。

As Andrew mentioned, we believe all our providers should be using Syndeo. With Syndeo set to be global this year, we expect to continue promoting Syndeo adoption amongst our existing provider base with trade-up efforts in 2023.

正如安德魯提到的，我們相信我們所有的供應商都應該使用 Syndeo。隨著 Syndeo 今年將走向全球，我們預計將在 2023 年通過以舊換新的努力繼續在我們現有的供應商群體中推廣 Syndeo 的採用。

We have experienced no issue with our pricing power across delivery systems and consumables. The average selling price or ASP of our delivery system for the quarter was 24,408. The blended ASP for 2022 was 23,832, representing an 8% year-over-year increase versus 2021, in line with our high single-digit expectation. Lastly, delivery systems revenue for the quarter was $50.7 million, resulting in 19% year-over-year growth. And consumables revenue came in at $47.4 million, growing 35% year-over-year.

我們在交付系統和消耗品方面的定價能力沒有遇到任何問題。本季度我們交付系統的平均售價或 ASP 為 24,408。 2022 年的混合平均售價為 23,832，比 2021 年同比增長 8%，符合我們高個位數的預期。最後，本季度交付系統收入為 5070 萬美元，同比增長 19%。耗材收入為 4740 萬美元，同比增長 35%。

I want to take a moment on Slide 21 to discuss how we evaluate the performance of our consumables. As you can see from the chart on the left, we have demonstrated a sustained upward trajectory in consumables revenue quarter after quarter. On the right of the slide, you can see why. There is a high correlation between execution in expanding our footprint and pull-through of the consumable revenue.

我想在幻燈片 21 上花點時間討論一下我們如何評估耗材的性能。正如您從左側圖表中看到的那樣，我們已經展示了耗材收入逐季持續上升的軌跡。在幻燈片的右側，您可以看到原因。在擴大我們的足跡方面的執行與消耗品收入的拉動之間存在高度相關性。

Things will continue to be in the high-growth phase of rapidly expanding and selling new systems. We view total consumables net sales growth as a better measurement than a per system utilization metric for our business. As a reminder, we include one quarter's worth of consumables in the form of training kits for both new and trade-up Syndeo. Additionally, we have previously mentioned the longer run and, therefore longer tail of provider consumables consumption.

事情將繼續處於快速擴展和銷售新系統的高增長階段。我們認為總消耗品淨銷售額增長是比我們業務的每個系統利用率指標更好的衡量標準。提醒一下，我們以培訓套件的形式為新的和以舊換新的 Syndeo 提供了四分之一的消耗品。此外，我們之前已經提到了供應商耗材消耗的長期運行和更長的尾巴。

To feel an increase in that lifetime value, we're confidently introducing innovative new boosters and other product line extensions to stay nimble and increase the value delivered to consumers at each visit.

為了感受終身價值的增加，我們自信地推出創新的新助推器和其他產品線擴展，以保持靈活性並增加每次訪問時交付給消費者的價值。

Moving to Slide 22. For the fourth quarter, we reported a GAAP gross margin of 66.4% or 72.3% on an adjusted basis. For the full year, GAAP gross margin was 68.4% or 73% on an adjusted basis. These margins declined year-over-year on a GAAP and adjusted basis driven by trade-up mix, costs associated with Syndeo's U.S. launch and international launch readiness, including trade-up volumes and premiums paid on accelerated manufacturing and shipping, global supply chain challenges, inflationary pressures and foreign exchange headwinds.

轉到幻燈片 22。第四季度，我們報告的 GAAP 毛利率為 66.4% 或調整後的 72.3%。全年，GAAP 毛利率為 68.4% 或調整後的 73%。這些利潤率在 GAAP 和調整後的基礎上同比下降，原因是交易組合、與 Syndeo 在美國上市和國際上市準備相關的成本，包括交易量和為加速製造和運輸支付的溢價、全球供應鏈挑戰、通脹壓力和外匯逆風。

Most first-generation IoT products require continuous improvement based upon user experience. From our Syndeo launch, we gained valuable insights through provider feedback. Because our providers are always our #1 priority, we implemented a program to replace all systems regardless of issue until October 2022. As a result of this onetime program, we incurred $2.4 million in nonrecurring logistics and servicing costs in 2022. Through the program, we have also optimized the deal in preparation for our international launch in the second quarter of 2023.

大多數第一代物聯網產品都需要根據用戶體驗不斷改進。從我們的 Syndeo 發布開始，我們通過供應商的反饋獲得了寶貴的見解。因為我們的供應商始終是我們的第一要務，所以我們實施了一項計劃，在 2022 年 10 月之前更換所有系統，無論出現什麼問題。由於這個一次性計劃，我們在 2022 年產生了 240 萬美元的非經常性物流和服務成本。通過該計劃，我們還優化了交易，為 2023 年第二季度的國際發布做準備。

As we have mentioned previously, we have been value engineering and optimizing Syndeo for its international launch. As part of this optimization process, we increased our raw material inventory write-offs and warranty reserves for the fourth quarter, which negatively impacted the quarter's gross margin by approximately 2%.

正如我們之前提到的，我們一直在為 Syndeo 的國際發布進行價值工程和優化。作為此優化過程的一部分，我們增加了第四季度的原材料庫存註銷和保修準備金，這對該季度的毛利率產生了約 2% 的負面影響。

As we mentioned previously, we expect to drive gross margin expansion in 2023 as part of our journey towards an 18% to 20% 2023 EBITDA margin. Even the similar dynamic at play with Syndeo international launch, we expect the gross margin for the first 2 quarters of 2023 to be similar to their respective quarters in 2022, with expansion occurring sequentially in the second half of 2023 post international Syndeo launch.

正如我們之前提到的，我們預計將在 2023 年推動毛利率增長，作為我們實現 2023 年 18% 至 20% EBITDA 利潤率的一部分。即使與 Syndeo 國際發布產生類似的動態，我們預計 2023 年前兩個季度的毛利率也將與 2022 年各自的季度相似，並在 2023 年下半年 Syndeo 國際發布後依次擴張。

Moving to the bottom right. We delivered adjusted EBITDA of $16.3 million for the fourth quarter and $47.7 million for the full year. As Andrew mentioned, our profitability was impacted by FX headwinds and zero COVID policy in China in 2022. To help contextualize our China headwind, we invested $17 million into our APAC operations in 2022, much of which was not productive due to the shutdown. The advantage is that we now have the team and the infrastructure in place ready to seize the opportunity of the reopening.

移動到右下角。我們第四季度的調整後 EBITDA 為 1630 萬美元，全年為 4770 萬美元。正如安德魯提到的那樣，我們的盈利能力受到了 2022 年中國的外匯逆風和零 COVID 政策的影響。為了幫助將我們的中國逆風背景化，我們在 2022 年向我們的亞太地區業務投資了 1700 萬美元，其中大部分由於停工而沒有生產。好處是我們現在有團隊和基礎設施準備好抓住重新開放的機會。

We also incurred onetime expenses of around $3.8 million in patent litigation expenses and approximately $3.6 million in reorganization expenses for the year.

我們還一次性支付了約 380 萬美元的專利訴訟費用和約 360 萬美元的重組費用。

I want to spend a few moments on Slide 23 to remind you of the seasonality in our business. On the left, you see our sequential net sales growth pattern. The year typically starts with a Q1 that is lower than the previous year's Q4, and results in Q1 being the lowest dollar revenue quarter of the year.

我想在幻燈片 23 上花點時間提醒您我們業務的季節性。在左側，您可以看到我們連續的淨銷售額增長模式。這一年通常以低於前一年第四季度的第一季度開始，導致第一季度成為一年中美元收入最低的季度。

The second quarter gained momentum from the marketing activities conducted in the first quarter, which typically results in a heavy sequential increase in revenue from Q1 to Q2. In 2022, the second quarter benefited from Syndeo U.S. launch and the trade-up program. We anticipate a similar tailwind this year when we launched Syndeo in our international regions in the second quarter 2023.

第二季度從第一季度進行的營銷活動中獲得了動力，這通常會導致從第一季度到第二季度的收入連續大幅增長。 2022年第二季度受益於Syndeo美國上市和以舊換新計劃。當我們於 2023 年第二季度在我們的國際地區推出 Syndeo 時，我們預計今年也會出現類似的順風。

The third quarter sees growth a bit at a more moderated level relative to Q2 due to the seasonal summer slowdown experienced across the beauty sector, especially in EMEA.

由於整個美容行業，尤其是歐洲、中東和非洲地區經歷了季節性的夏季放緩，第三季度的增長相對於第二季度有所放緩。

Lastly, the fourth quarter is typically our highest dollar revenue quarter of the year as holiday promotions, seasonally peak consumer consumption and the desire to exhaust CapEx budgets drive higher demand. Importantly, we made planned strategic investments in marketing early in the year to boost our productivity and support the stronger sales and margins seen in the second half. On the right-hand slide, you can see how this translates to a quarterly cadence of our adjusted EBITDA generation.

最後，第四季度通常是我們一年中美元收入最高的季度，因為假日促銷、季節性消費者消費高峰以及用盡資本支出預算的願望推動了更高的需求。重要的是，我們在年初對營銷進行了有計劃的戰略投資，以提高我們的生產力並支持下半年更強勁的銷售和利潤率。在右側幻燈片上，您可以看到這如何轉化為我們調整後的 EBITDA 生成的季度節奏。

The seasonality we just walked through naturally makes us a back half-weighted business, and we expect the quarterly EBITDA contribution in 2023 to be similarly weighted as it was in 2022.

我們剛剛經歷的季節性自然使我們的業務權重減半，我們預計 2023 年季度 EBITDA 貢獻的權重與 2022 年相似。

I will now turn to Slide 24 to walk through our cost details. Selling and marketing expenses for the fourth quarter were $39 million compared to $37.1 million in the fourth quarter last year. The increase is primarily due to sales commissions associated with higher revenue. Importantly, selling and marketing expenses as a percentage of revenue decreased 781 basis points year-over-year, demonstrating increased cost efficiency via operating leverage from higher revenue.

我現在將轉向幻燈片 24 來瀏覽我們的成本細節。第四季度的銷售和營銷費用為 3900 萬美元，而去年第四季度為 3710 萬美元。增加的主要原因是與收入增加相關的銷售佣金。重要的是，銷售和營銷費用佔收入的百分比同比下降了 781 個基點，表明通過收入增加帶來的運營槓桿提高了成本效率。

Fourth quarter G&A expenses of $28.5 million were $3.4 million higher year-over-year, primarily as a result of increased stock-based compensation, personnel-related expenses as we scale and professional fees relating to our SOX implementation, partially offset by fixed cost leverage. Lastly, R&D costs of $1.4 million decreased approximately $0.4 million from Q4 2021 to Q4 2022 as we lapped Syndeo development cost partially offset by planned investments in our data infrastructure.

第四季度 G&A 費用為 2850 萬美元，同比增加 340 萬美元，這主要是由於股票薪酬增加、我們規模擴大時的人員相關費用以及與我們的 SOX 實施相關的專業費用，部分被固定成本槓桿所抵消.最後，從 2021 年第四季度到 2022 年第四季度，140 萬美元的研發成本減少了約 40 萬美元，因為我們對 Syndeo 的開發成本部分被我們對數據基礎設施的計劃投資所抵消。

I will now move to our balance sheet highlights on Slide 25. We ended the year with roughly $568.2 million in cash and cash equivalents. Our first of $200 million accelerated share repurchase programs launched in September was completed during the quarter and retired a total of 9.3 million shares. Our (inaudible) million accelerated share repurchase program announced in November is expected to be completed by the end of the second quarter of this year.

我現在將轉到幻燈片 25 上的資產負債表亮點。我們在年底擁有大約 5.682 億美元的現金和現金等價物。我們於 9 月啟動的 2 億美元加速股票回購計劃中的第一個已在本季度完成，共回購 930 萬股。我們在 11 月宣布的（聽不清）百萬加速股票回購計劃預計將在今年第二季度末完成。

We remain well capitalized to execute on our growth initiatives while keeping strategic M&A opportunities actionable. To that end, we are excited by our M&A announcement today with SkinStylus and continuing to build on the promise of a connected portfolio of BeautyHealth brands to serve our customers and consumers while keeping the majority of our dry powder for future growth.

我們保持充足的資本來執行我們的增長計劃，同時保持戰略併購機會的可操作性。為此，我們對今天與 SkinStylus 的併購公告感到興奮，並繼續建立 BeautyHealth 品牌的關聯組合的承諾，為我們的客戶和消費者提供服務，同時保留我們的大部分乾粉用於未來增長。

To prepare for our international Syndeo launch, we invested significant working capital in anticipation of strong trade-up demand, similar to what we experienced at the on-site of the U.S. Syndeo launch. We anticipate lower working capital levels in the second half of 2023.

為了準備 Syndeo 的國際發布，我們投入了大量營運資金以應對強勁的換購需求，這與我們在美國 Syndeo 發布現場所經歷的情況類似。我們預計 2023 年下半年的營運資金水平會降低。

We continue to carry $750 million of 1.25% convertible notes due 2026 on the balance sheet, which we opportunistically raised for M&A, among other uses. Our $50 million revolving credit facility remains undrawn. Finally, our current shares outstanding are approximately 132.2 million.

我們繼續在資產負債表上持有 7.5 億美元的 2026 年到期的 1.25% 可轉換票據，我們趁機籌集這些票據用於併購等用途。我們的 5000 萬美元循環信貸額度仍未動用。最後，我們目前的已發行股票約為 1.322 億股。

Turning to Slide 26. Following two years of planned elevated investments to achieve scale, our goal and strategic focus now shifts to generating operating leverage and accelerating growth in China. We are proud of how fast we scale the business while simultaneously achieving strong net sales and profitability growth in 2022 despite the macro headwinds.

轉到幻燈片 26。經過兩年的計劃增加投資以實現規模化，我們的目標和戰略重點現在轉移到產生經營槓桿和加速在中國的增長。儘管存在宏觀逆風，但我們為在 2022 年實現強勁的淨銷售額和盈利增長同時實現業務增長的速度感到自豪。

With continued momentum in delivery system sales, the international launch of Syndeo in the second quarter and resilient consumer demand around the world, we estimate to deliver net sales of $450 million to $470 million for 2023 or 23% to 28% growth versus 2022. With our foundation set, we're confident in our ability to deliver an adjusted EBITDA margin of 18% to 20% for 2023.

憑藉交付系統銷售的持續增長勢頭、第二季度 Syndeo 的國際推出以及全球消費者需求的彈性，我們估計 2023 年的淨銷售額將達到 4.5 億至 4.7 億美元，與 2022 年相比增長 23% 至 28%。我們的基礎設施，我們有信心在 2023 年實現 18% 至 20% 的調整後 EBITDA 利潤率。

The chart on the right-hand side of Slide 26 demonstrates how we expect to realize this margin expansion. As you can see, we expect to leverage our fixed operating cost base to generate margin expansion, which you already started to see in the 2022 fourth quarter results.

幻燈片 26 右側的圖表展示了我們期望如何實現這種利潤率擴張。如您所見，我們希望利用我們的固定運營成本基礎來擴大利潤率，您已經在 2022 年第四季度的業績中開始看到這一點。

Moving to gross margin expansion. As mentioned during our Investor's Day, we believe we have substantial gross margin expansion opportunity to capture through value engineering efforts. However, similar to what we saw in the first half of 2022, we expect the impact of trade-ups and Syndeo launch-related promotions to create a temporary headwind to our first half 2023 gross margins. Despite this, we expect our continued value engineering progress in 2023 were shown in the results in the second half of the year and result in full year gross margin expansion versus 2022.

轉向毛利率擴張。正如我們在投資者日提到的那樣，我們相信我們有大量的毛利率擴張機會可以通過價值工程的努力來抓住。然而，與我們在 2022 年上半年看到的情況類似，我們預計以舊換新和 Syndeo 發布相關促銷活動的影響會對我們 2023 年上半年的毛利率造成暫時的不利影響。儘管如此，我們預計我們在 2023 年的持續價值工程進展將在今年下半年的業績中得到體現，並導致全年毛利率與 2022 年相比有所擴大。

We continue to remain disciplined, cautious and measured on performance in China. And should the region accelerate faster than currently anticipated, we're cautiously optimistic about achieving a 2023 adjusted EBITDA margin towards the higher end of our guided range.

我們繼續對中國的業績保持紀律、謹慎和審慎。如果該地區的增長速度快於目前的預期，我們對 2023 年調整後的 EBITDA 利潤率達到我們指導範圍的高端持謹慎樂觀態度。

While 2022 was a year of great achievement, it was made more remarkable by the fact that we overcame macroeconomic headwinds beyond our control. Our business overall continued to grow, and our consumers around the world showcased their resilience.

雖然 2022 年是取得巨大成就的一年，但由於我們克服了無法控制的宏觀經濟逆風，這一年更加引人注目。我們的整體業務持續增長，我們在世界各地的消費者展現了他們的韌性。

I'm very proud of what we accomplished in 2022, and we look forward to continuing to execute on our strategy to drive profitable growth in 2023 and beyond.

我為我們在 2022 年取得的成就感到非常自豪，我們期待繼續執行我們的戰略，以推動 2023 年及以後的盈利增長。

Andrew and I will now gladly take your questions. Operator?

安德魯和我現在很樂意回答您的問題。操作員？

(Operator Instructions) The first question is from Oliver Chen of Cowen.

（操作員說明）第一個問題來自 Cowen 的 Oliver Chen。

(inaudible) on for Oliver. Congratulations on the acquisition. Just wanted to get more color on the potential synergies you expect from the new acquisition. And also in terms of China, I know you're giving a range in terms of EBITDA. But in your model, how are you thinking about sort of the recovery trend in China?

（聽不清）奧利弗。恭喜收購。只是想對您期望從新收購中獲得的潛在協同效應有更多的了解。而且就中國而言，我知道你在 EBITDA 方面給出了一個範圍。但在您的模型中，您如何看待中國的複蘇趨勢？

Thank you. Thanks for the question. I will kick off. First of all, we're very excited, of course, to announce this morning the acquisition of SkinStylus, an FDA-cleared microneedling device. And as I said in my prepared remarks, with our customer base, microneedling is the most complementary service towards Hydrafacial.

謝謝。謝謝你的問題。我將開始。首先，當然，我們很高興今天早上宣布收購 SkinStylus，這是一種 FDA 批准的微針設備。正如我在準備好的發言中所說，對於我們的客戶群，微針是對 Hydrafacial 最補充的服務。

In fact, many of our providers actively recommend or prescribe Hydrafacial to prepare consumers for microneedling to make sure their skin is clean in its optimal state. So for us, it's an absolutely complementary and perfect fit for the company because it really leverages our existing call points. So immediately, we can have leverage to our sales team as they can put this product, SkinStylus, in the bundle with Hydrafacial.

事實上，我們的許多供應商都積極推薦或開 Hydrafacial 處方，讓消費者做好微針治療的準備，以確保他們的皮膚在最佳狀態下保持清潔。所以對我們來說，這絕對是公司的補充和完美契合，因為它真正利用了我們現有的呼叫點。因此，我們可以立即對我們的銷售團隊產生影響，因為他們可以將這款產品 SkinStylus 與 Hydrafacial 捆綁在一起。

So whilst -- as we've just announced the deal, we'll be working on integration. Revenue in 2023 will be limited, but we expect upside in 2024 and beyond. I couldn't be more excited.

因此，雖然 - 正如我們剛剛宣布的交易一樣，我們將致力於整合。 2023 年的收入將有限，但我們預計 2024 年及以後會有上行空間。我非常興奮。

And Liyuan, I'll hand over to you for the second part of the question regarding how we see China and that 18% to 20%.

Liyuan，關於我們如何看待中國以及 18% 到 20% 的問題的第二部分，我將交給你。

Absolutely. Thanks. Yes. So we're actually quite excited about some of the trends we're looking at right now from a consumer demand opening point of view. But for model assumptions, we assumed a very gradual opening. And part of the emphasis we're putting out there is if it does come back stronger, that's where you see potential upside. Otherwise, we model it based on gradual.

絕對地。謝謝。是的。所以我們實際上對我們現在從消費者需求開放的角度來看的一些趨勢感到非常興奮。但是對於模型假設，我們假設開放非常緩慢。我們強調的部分重點是，如果它確實強勢回歸，那就是你看到潛在上漲空間的地方。否則，我們基於漸進建模。

The next question is from Bruce Jackson of The Benchmark Company.

下一個問題來自 The Benchmark Company 的 Bruce Jackson。

On the last conference call, you were discussing about moving some of your manufacturing, and developing a more global supply chain. Just I wondered if we could get a quick update.

在上次電話會議上，您討論了轉移您的部分製造業務以及開發更全球化的供應鏈。我只是想知道我們是否可以快速更新。

Bruce, thank you very much for the question. Yes, as we spoke before in previous calls, 2021 and 2022, really, as we're a new public company, were those years of elevated investment when we were setting out systems and infrastructure, a new EPL in Europe. As well as during Q4, we completed the in-market manufacturing in China for the APAC region, which we're very excited about. As we look to enhance our margin from this year and the coming years ahead, that will be an important component. So we completed that during Q4, Bruce.

布魯斯，非常感謝你提出這個問題。是的，正如我們之前在之前的電話會議中所說的那樣，2021 年和 2022 年，實際上，因為我們是一家新的上市公司，那是我們在歐洲建立系統和基礎設施（歐洲新的 EPL）時增加投資的那些年。除了在第四季度，我們還完成了亞太地區在中國的市場製造，我們對此感到非常興奮。當我們希望從今年和未來幾年提高利潤率時，這將是一個重要組成部分。所以我們在第四季度完成了，Bruce。

The next question is from Jon Block of Stifel.

下一個問題來自 Stifel 的 Jon Block。

Liyuan, the systems delivered in the quarter was 2,067, essentially is right in line with our estimate, but I believe the ending installed base was below. I think the trade-ups were a bit higher based on your commentary, but maybe if you can just detail for us, did the retirements pick up a bit to get to that ending installed base?

Liyuan，本季度交付的系統為 2,067，基本上符合我們的估計，但我認為最終安裝基數低於預期。我認為根據您的評論，折衷方案要高一些，但也許如果您能為我們詳細說明，退役是否有所增加以達到最終的安裝基礎？

And sort of a tack on to that question would just be, can you discuss the fourth quarter system ASP? I believe that was down sequentially. So I'm not talking about year-over-year FX, just again to be clear. That was down Q-over-Q. But I also think per the comments last quarter, you took price recently on the system. So please provide just color on the 3Q to 4Q ASP move, and I'll stop there.

解決這個問題的方法就是，你能討論一下第四季度的系統 ASP 嗎？我相信這是連續下降的。所以我不是在談論同比外匯，只是再次明確。那是 Q-over-Q 的下降。但我也認為根據上個季度的評論，你最近在系統上定價。所以請只提供 3Q 到 4Q ASP 移動的顏色，我就到此為止。

Absolutely. In terms of the net installed base, Jon, as you know, we do calculate the churn based on purchase patterns. And given the shutdown period for China specifically and some of the other APAC region countries, that negatively impacted the net installed base. That's one of the biggest factors, obviously, we continue to look at across the globe as well as we measure the churn.

絕對地。就淨安裝基數而言，喬恩，如你所知，我們確實根據購買模式計算客戶流失率。考慮到中國和其他一些亞太地區國家的停產期，這對淨裝機量產生了負面影響。這是最大的因素之一，顯然，我們繼續在全球範圍內觀察並衡量流失率。

Secondly, I think your second question -- sorry. Remind me again, the second question was on...

其次，我認為你的第二個問題——抱歉。再次提醒我，第二個問題是關於...

Just the ASP 4Q '22 versus 3Q '22 was down sequentially in light of what I think it was recent price increases. Maybe if you can just reconcile that for us.

鑑於我認為最近的價格上漲，ASP 22 年第四季度與 22 年第三季度的價格連續下降。也許如果你能為我們協調一下。

Absolutely, Bruce. So the ASP, as we mentioned, they actually did go hand in hand with the gross margin trend as well. As we test and learn on the promotion for trade-up, right -- remember, we talked about we went aggressive with trade-up when we launched, and then we went very shallow in terms of the promotion in Q3. As we test more in Q4, giving a slightly deeper discount, we saw it does move the needle. But obviously, that negatively impact the ASP as well as gross margin.

當然，布魯斯。因此，正如我們提到的，ASP 實際上也與毛利率趨勢齊頭並進。當我們測試和了解以舊換新的促銷活動時，對 - 記住，我們談到我們在推出時積極進行以舊換新，然後我們在第三季度的促銷活動中變得非常膚淺。當我們在第 4 季度進行更多測試時，折扣會略有增加，我們看到它確實起到了推動作用。但顯然，這對平均售價和毛利率產生了負面影響。

There's also partially -- as you recall, we're also marketing these refurbished leads, the last generation system, to different regions. So between distributor sales, given the shutdown in China and some of these refurbished resell in addition to the trade-up, those were the drivers actually move the needle when it comes to ASP for Q4.

還有部分 - 正如你記得的那樣，我們也在向不同地區銷售這些翻新的線索，即上一代系統。因此，在經銷商銷售之間，考慮到中國的停工和其中一些翻新轉售以及交易，這些驅動因素實際上推動了第四季度 ASP 的發展。

The next question is Olivia Tong of Raymond James.

下一個問題是 Raymond James 的 Olivia Tong。

Can you talk about the launch of Syndeo internationally? Maybe compare and contrast your plans relative to the U.S. launch because obviously, it's a very different environment now versus last year when you launch in the U.S. And then just your thoughts on the contribution from U.S. in year two of Syndeo.

您能談談 Syndeo 在國際上的推出嗎？也許比較和對比你的計劃與美國的發射，因為很明顯，現在的環境與去年你在美國發射時截然不同，然後只是你對美國在 Syndeo 第二年的貢獻的看法。

Thank you for your question. Yes, we're excited to launch Syndeo in Q2 of 2023. I think the benefit of us waiting a year is that we've got all the benefits from the learning and the optimizations we've made to our playbook from the U.S. So we're excited to launch it out sequentially globally from Q2 onwards, a rolling launch focused on key markets, first of all. So we're excited about that.

謝謝你的問題。是的，我們很高興在 2023 年第二季度推出 Syndeo。我認為我們等待一年的好處是我們從美國的學習和優化中獲得了所有好處所以我們很高興從第二季度開始在全球範圍內依次推出，首先是針對主要市場的滾動發布。所以我們對此感到興奮。

And for the second part of the question, Liyuan?

而對於問題的第二部分，Liyuan？

The second part of the question in terms of the...

問題的第二部分就...而言

U.S. contribution.

美國的貢獻。

Yes. So Olivia, as we model out the year, U.S. growth continue to be top of mind for us. And we kind of emphasize the fact that everybody is shooting on Syndeo. This is precisely the reason why we've been testing trade-up program.

是的。所以奧利維亞，當我們為今年建模時，美國的增長仍然是我們的首要考慮。我們有點強調每個人都在 Syndeo 上拍攝的事實。這正是我們一直在測試以舊換新計劃的原因。

As we're launching globally, the fact that we are value engineering, we're optimizing, we actually learned a lot with this IoT product, we continue to believe U.S. play a very significant part. As we emphasize a lot of the upside actually really truly depends on the APAC region, how strongly it comes back. So that's where really the potential upside will lay for the year.

當我們在全球推出時，我們正在進行價值工程，我們正在優化，我們實際上從這個物聯網產品中學到了很多東西，我們仍然相信美國發揮著非常重要的作用。正如我們強調的那樣，很多上行空間實際上真的取決於亞太地區，它的回歸強度有多大。因此，這才是今年真正潛在的上行空間。

The next question is from Margaret Kaczor of William Blair.

下一個問題來自威廉·布萊爾的瑪格麗特·卡佐爾。

I thought I would start maybe with the gross or operating margins. Just kind of doubling down, I guess, on the cadence during the year. Should we assume kind of adjusted EBITDA maybe is below the range in the first half? And would it be anywhere near as much below kind of the 2022 numbers and then above the range in the second half? All of that leading to this question of, could you reach, I guess, even the mid-20s to finish the year this year?

我想我可能會從毛利率或營業利潤率開始。我想，只是在這一年的節奏上翻了一番。我們是否應該假設某種調整後的 EBITDA 可能低於上半年的範圍？它會不會比 2022 年的數字低很多，然後在下半年高於這個範圍？所有這些導致了這個問題，我猜你能達到 20 多歲的年齡來完成今年的學業嗎？

To answer that question, we really wanted to be clear in terms of the seasonality. When you look at Q1 being the lowest quarter of the year and the fact that we're launching globally Syndeo in Q2, I think -- and with all the investment we're going to be making on marketing to support the growth, all of which will speak to the higher investment for the first half of the year. And that also goes hand in hand with margin -- gross margin, right?

要回答這個問題，我們真的很想弄清楚季節性。當你看到第一季度是一年中最低的季度以及我們將在第二季度在全球推出 Syndeo 的事實時，我認為 - 我們將在營銷方面進行所有投資以支持增長，所有這將說明今年上半年的投資增加。這也與利潤密切相關——毛利率，對吧？

The fact that we're going to push trade-up, we emphasized this whole year last year. As you add trade-up, it's incrementally have a positive flow through. But from a gross margin percent point of view, it will give you a temporary negative impact. So with that in mind, absolutely to confirm your comment, it's going to be very much (inaudible) heavy for 2023.

事實上，我們將推動以舊換新，我們去年全年都強調了這一點。當您添加折價交易時，它會逐漸產生積極的影響。但是從毛利率百分比來看，它會給你帶來暫時的負面影響。因此，考慮到這一點，絕對要確認你的評論，2023 年將非常（聽不清）沉重。

The next question is from Allen Gong of JPMorgan.

下一個問題來自摩根大通的Allen Gong。

I just wanted to follow up on a question that was asked earlier on the call just in terms of, I guess, the mix of new systems and churn in the quarter. You highlighted that China was one of the challenges there. So when I think about the trends you're seeing from China so far in the first quarter, it sounds like -- is it appropriate to think that we're seeing that more gradual improvement that you're assuming near the bottom end of your guidance?

我只是想跟進一個問題，這個問題是早些時候在電話會議上提出的，我猜是關於本季度新系統和客戶流失的組合。你強調說中國是那裡的挑戰之一。因此，當我考慮你在第一季度到目前為止從中國看到的趨勢時，聽起來 - 認為我們正在看到你在你的底部附近假設的更漸進的改善是否合適指導？

And then also when I think broadly about your assumptions for the year, when I think about that $450 million to $470 million, how should we think about that when it comes to the mix of growth you're seeing between systems and consumables?

然後，當我廣泛考慮您對今年的假設時，當我考慮 4.5 億至 4.7 億美元時，我們應該如何考慮您在系統和消耗品之間看到的增長組合？

Thanks for your question. I'll start with China and then hand off to Liyuan. I think, look, what we're seeing is, obviously, we're in constant contact with our team on the ground in China. I think what we're hearing is that after an initial surge in COVID infections after reopening, as we get into late February, the market now is pretty much fully open.

謝謝你的問題。我將從中國開始，然後交給梨園。我想，看，我們所看到的顯然是，我們與我們在中國的實地團隊保持著不斷的聯繫。我認為我們聽到的是，在重新開放後 COVID 感染率最初激增之後，隨著我們進入 2 月下旬，市場現在幾乎完全開放。

And in fact, during the last two or three weeks, you've seen traffic gradually pick up. And our team estimates it's about 80% free COVID levels at this stage. So with that, we've taken a measured approach factoring in a limited contribution from China in the earlier part of the year, but we remain cautiously optimistic about Q2 and beyond. And of course, we're excited to launch Syndeo in that market during Q2.

事實上，在過去的兩三週內，您已經看到流量逐漸增加。我們的團隊估計現階段大約有 80% 的免費 COVID 水平。因此，我們採取了謹慎的方法，考慮到今年早些時候中國的貢獻有限，但我們對第二季度及以後仍持謹慎樂觀態度。當然，我們很高興在第二季度在該市場推出 Syndeo。

And of course, if the rebound in China is more accelerated than originally anticipated in the second half of the year, as Liyuan stated earlier, that's when we'd be looking at more of the 20% higher range of our adjusted EBITDA guidance for 2023. Moreover, should the market deteriorate, we'll quickly take steps to adjust levers of investments to protect the bottom line.

當然，如果今年下半年中國的反彈速度比原先預期的更快，就像李源之前所說的那樣，那時候我們將看到我們 2023 年調整後 EBITDA 指引的 20% 以上的範圍. 此外，如果市場惡化，我們將迅速採取措施調整投資槓桿以保護底線。

Yes. Allen, I think that's well summarized. I think the motto just confirms that, right? Q1 is almost over the fact that nothing really happens to after Chinese New Year kind of give you the sense of why we emphasize the gradual reopening. And you have to keep in mind, even the providers are very much focused on hiring, engaging their consumers and utilizing whatever the inventory they have at hand. So we took that into consideration. Hence, both of the revenue upside and EBITDA upside tie pretty closely to how robust the reopening will be.

是的。艾倫，我認為總結得很好。我認為座右銘只是證實了這一點，對吧？ Q1 幾乎結束了，春節過後什麼都沒有發生，這讓你明白了為什麼我們強調逐步重新開放。你必須記住，即使是供應商也非常關注招聘、吸引消費者和利用他們手頭的任何庫存。所以我們考慮到了這一點。因此，收入增長和 EBITDA 增長都與重新開放的強勁程度密切相關。

The next question is from Korinne Wolfmeyer of Piper Sandler.

下一個問題來自 Piper Sandler 的 Korinne Wolfmeyer。

Congrats on the quarter. So first, I'd like to touch on you -- spend a lot of time overseas the past year, really understanding the market and preparing them for Syndeo. Can you just talk about what visibility you have into system placements in these international markets once you do launch in the second quarter? And I assume some of the partnerships you've developed will help here, but any color there would be helpful.

祝賀這個季度。所以首先，我想談談你——過去一年在海外度過了很多時間，真正了解市場並為 Syndeo 做好準備。您能否談談在第二季度推出後您對這些國際市場的系統佈局有何了解？我假設你建立的一些合作夥伴關係會在這裡有所幫助，但那裡的任何顏色都會有所幫助。

And then secondly, just on marketing, can you just expand a bit on your ability to flex on marketing dollars that we do head into a tougher downturn or China goes back into lockdown? Can you just talk about your ability to be flexible with that marketing spend to maintain the margins?

然後其次，就營銷而言，你能不能稍微擴大一下你的能力，以便在我們確實進入更嚴重的低迷時期或中國重新進入封鎖狀態時靈活利用營銷資金？您能否談談您靈活處理營銷支出以維持利潤率的能力？

Thanks for the question. Great to speak to you. So once again, I will kick off and then hand over to Liyuan for the second part of the question. I mean, clearly, despite the economic backdrop of last year, we're extremely pleased with the way our international markets perform, particularly our [16] direct markets. If you consider EMEA, plus 46% up for the year despite the war, despite the FX headwinds would have even more if we are factoring constant currency. APAC, despite China with zero COVID policy, we grew 24%. So clearly, we're extremely excited to bring that Syndeo innovation during Q2.

謝謝你的問題。很高興和你說話。因此，我將再次開始，然後將問題的第二部分交給Liyuan。我的意思是，很明顯，儘管去年的經濟背景不佳，但我們對國際市場的表現非常滿意，尤其是我們的 [16] 直接市場。如果你考慮歐洲、中東和非洲地區，儘管有戰爭，但今年增長了 46%，如果我們考慮固定匯率，儘管外匯不利因素會更多。亞太地區，儘管中國實行零 COVID 政策，但我們增長了 24%。很明顯，我們非常高興能在第二季度帶來 Syndeo 的創新。

I think all the work we've done in the last two years, in '21 and '22, investing in that planned infrastructure build of teams, people, training, education center systems (inaudible) the manufacturing in China, I must say we're really excited and cautiously optimistic about the year overseas. And despite that, if we -- we obviously expect a strong year in the U.S. where we have a booming medical spa channel. So it's -- we're very cautiously optimistic about the year.

我認為我們在過去兩年中所做的所有工作，在 21 年和 22 年，投資於計劃中的團隊、人員、培訓、教育中心系統（聽不清）和中國製造的基礎設施建設，我必須說我們對海外的這一年感到非常興奮和謹慎樂觀。儘管如此，如果我們 - 我們顯然預計美國將迎來強勁的一年，我們擁有蓬勃發展的醫療水療渠道。所以它 - 我們對這一年非常謹慎樂觀。

Liyuan, why don't you talk about the leads, which can flex if this doesn't plan out?

梨園，你怎麼不說說主線呢，這個不計劃的話還能變通？

Yes. Absolutely. And then just to add on to even Andrew mentioned, I think there were a bit more of the recession's peak when they come to the end of the year. But it's just lessening to the team around the world, it seems that it turned to be a bit more positive. But again, we're being cautious, and we're going to continue to observe.

是的。絕對地。然後再加上安德魯提到的，我認為當他們來到今年年底時，經濟衰退的高峰期會更多一些。但它只是減少了世界各地的團隊，似乎它變得更加積極了。但同樣，我們保持謹慎，我們將繼續觀察。

Precisely as we shared before, Korinne, we're sort of 50-50 split when it comes to fixed and variable. And even on the fixed side of the equation, it's a lot of people cost. So to Andrew's point, if the market shut down, that's a lever you can't still pull. When it comes to variable, it's very much under our control. There are certain (inaudible) locked in terms of investment, but we can pull that lever quite flexible around the globe.

正如我們之前分享的那樣，Korinne，我們在固定和可變方面有 50-50 的分歧。即使在等式的固定方面，這也是很多人的成本。所以對於安德魯的觀點，如果市場關閉，那是你仍然無法拉動的槓桿。當談到變量時，它在我們的控制之下。在投資方面有某些（聽不清）鎖定，但我們可以在全球範圍內非常靈活地拉動槓桿。

The next question is from Ashley Helgans of Jefferies.

下一個問題來自 Jefferies 的 Ashley Helgans。

It's Blake on for Ashley. I might have missed it, but I was wondering if you could provide any commentary on your revenue contribution from Syndeo for new placements versus trade-ups throughout fiscal year 2023. Just was wondering how to think about that. If we could get any kind of commentary there. And then also just wondering if we could get an update on what are you seeing in terms of the health of your end consumer here in the U.S., and how that trended throughout the quarter.

布萊克替阿什莉上場。我可能錯過了它，但我想知道您是否可以就整個 2023 財年 Syndeo 對新配售與折價交易的收入貢獻發表任何評論。只是想知道如何考慮這一點。如果我們能在那裡得到任何評論。然後也只是想知道我們是否可以了解您在美國最終消費者健康方面所看到的情況，以及整個季度的趨勢。

Thank you, Blake. I'll kick off with the second part of the question and then Liyuan handle the first part. I must say, while no business is totally recession or economic uncertain proof, we found that our consumer and our provider has been extremely resilient. And we've seen -- as you've seen in our results, no slowdown in the demand for Hydrafacial. And as a proof point, you see that in our results.

謝謝你，布萊克。我將從問題的第二部分開始，然後由 Liyuan 處理第一部分。我必須說，雖然沒有企業是完全衰退或經濟不確定的證據，但我們發現我們的消費者和我們的供應商一直非常有彈性。我們已經看到 - 正如您在我們的結果中看到的那樣，對 Hydrafacial 的需求沒有放緩。作為證據，您可以在我們的結果中看到這一點。

And I think there's obviously a few factors behind that. I think, first of all, if you consider our channels, our products are extremely democratic place when compared to other aesthetic services in many of our customers. So we're really active that gateway product for entering aesthetics. And we do a little bit, I think, of trade down from higher-priced products into Hydrafacial. I think consumers are maybe cutting back in other areas, but certainly not willing to cut back in that monthly Hydrafacial. It's an investment in their self-care, their confidence.

我認為這背後顯然有幾個因素。我認為，首先，如果你考慮我們的渠道，與我們許多客戶的其他美容服務相比，我們的產品是非常民主的地方。所以我們真的很活躍進入美學的門戶產品。我認為，我們做了一些從高價產品到 Hydrafacial 的交易。我認為消費者可能會在其他方面削減開支，但肯定不願意削減每月一次的 Hydrafacial。這是對他們的自我保健和信心的投資。

So to date, we've seen no slowdown. I think we're benefiting really from the zoom boom and other broader ships something I talked on the call about this medicalization of beauty where consumers are increasingly interested to stop beyond perhaps the wellness trends of the past, the years and seek out a position and scientific endorsed products such as Hydrafacial. And we're really well captured to -- really well positioned to capture that shift.

所以到目前為止，我們沒有看到放緩。我認為我們真正受益於變焦熱潮和其他更廣泛的船隻，我在電話會議上談到了這種美容醫學化，消費者越來越有興趣停止超越過去、這些年的健康趨勢，尋找一個位置和Hydrafacial 等科學認可的產品。我們真的很好地抓住了——真的很好地抓住了這種轉變。

I think the final piece for the U.S., the med spa channel is booming. It's a key channel for us. AMSTAR recently published that between 2018 and 2022, the med spa channel in the U.S. grew [62%], significant growth, and we're -- it's a big part of our business, and we're on that journey with all of our providers growing as they grow. Liyuan?

我認為美國的最後一塊，醫療水療頻道正在蓬勃發展。這是我們的關鍵渠道。 AMSTAR 最近發布的數據顯示，從 2018 年到 2022 年，美國的醫療水療渠道增長了 [62%]，增長顯著，而且我們 - 這是我們業務的重要組成部分，我們正與我們的所有人員一起踏上這段旅程供應商隨著他們的成長而成長。梨園？

Yes. In terms of trade-up, we actually called out the dollar pretty specifically for the second quarter. It's over $20 million, and that's the biggest quarter that we had the trade-up impact. When you sit back and just think about how many systems we sold in terms of a percentage, it's roughly about 20% for the year of 2022.

是的。在交易方面，我們實際上特別為第二季度調出了美元。它超過 2000 萬美元，這是我們產生折價影響的最大季度。如果您坐下來想想我們售出的系統數量（按百分比），到 2022 年大約是 20%。

The next question is from Kyle Rose of Canaccord.

下一個問題來自 Canaccord 的 Kyle Rose。

I wanted to just touch on two things. One, the acquisition. I wonder if you could give us just an expectation for how we should think about the revenue contribution over the near to medium term as it folds in.

我只想談兩件事。一、收購。我想知道您是否可以給我們一個預期，即我們應該如何考慮近期和中期的收入貢獻。

And then secondarily, you really impressive leverage in the Q4. Obviously, it's seasonally strong with the revenue number there. But just was impressed by sales and marketing leverage given all of the initiatives you have going on. So it would just be helpful to understand how we should think about some of those incremental spend as we move through 2023.

其次，你在第四季度的影響力確實令人印象深刻。顯然，那裡的收入數字季節性很強。但考慮到您正在進行的所有計劃，銷售和營銷槓桿給人留下了深刻的印象。因此，了解我們在 2023 年之前應該如何考慮其中一些增量支出會很有幫助。

Thanks for your question. I will kick off in terms of SkinStylus. So clearly, we've just announced it. We're very excited about it. We absolutely convinced that this microneedling device is new, better, different than anything else in the market, but it's an early emerging stage technology.

謝謝你的問題。我將從 SkinStylus 開始。很明顯，我們剛剛宣布了它。我們對此感到非常興奮。我們絕對相信這種微針設備是新的、更好的，與市場上的任何其他設備都不一樣，但它是一項早期新興技術。

So I think what you'll find is that we'll have, in 2023, limited revenue upside, but we have obviously significant plans for this ahead for 2024 and beyond. And I think in the coming months during later calls, I'll update you on the successful integration and what more you can expect from SkinStylus. But it's the perfect fit for our business. It's so complementary to Hydrafacial, our sales team, our BDM team. It's a really great fit for us. Liyuan?

所以我認為你會發現，到 2023 年，我們的收入增長空間有限，但我們顯然在 2024 年及以後為此制定了重大計劃。我想在接下來的幾個月裡，在以後的電話會議中，我會向您介紹成功集成的最新情況以及您對 SkinStylus 的更多期望。但它非常適合我們的業務。它與 Hydrafacial、我們的銷售團隊、我們的 BDM 團隊非常互補。這真的很適合我們。梨園？

So when it comes to marketing, last year, we've been emphasizing our own seasonality. We always invest heavier in the beginning of the year, and we anticipate the leverage to pay out in the second half. And you've sort of seen that during the fourth quarter.

因此，在營銷方面，去年，我們一直在強調我們自己的季節性。我們總是在年初投入更多資金，預計下半年槓桿將得到回報。你已經在第四季度看到了這一點。

When it comes to 2023, clearly, there's committed events that we invest upfront. You can see (inaudible) as Andrew was sharing. Especially with the second quarter of launch, there's a lot of preplanned events around the globe at play. But when you look at the second half, there's a lot of leverage we can pull and lever we can pull as we double down and getting more at least in order to convert, but then we can really decide on how big or small we can go when it comes to trade shows and other more physical activation.

談到 2023 年，很明顯，我們預先投資了一些承諾的事件。你可以看到（聽不清）安德魯正在分享。特別是在第二季度發佈時，全球有很多預先計劃好的活動在上演。但是當你看下半場時，我們可以拉動很多槓桿，我們可以拉動槓桿，因為我們加倍努力，至少為了轉換而獲得更多，但之後我們才能真正決定我們能做多大或多小當涉及到貿易展覽和其他更多的身體活動時。

The next question is from Navann Ty of BNP Paribas.

下一個問題來自法國巴黎銀行的 Navann Ty。

Just a question on China. There's a comment on the related return on investment. So shall we see further investment in China? And if yes, what's the timing of investments?

只是一個關於中國的問題。對相關的投資回報有評論。那麼我們是否會看到對中國的進一步投資？如果是，投資的時機是什麼？

In the U.S., my second question is, have you seen -- or do you expect a change in competitive pressure? And just a final quick one. Do you plan similar acquisitions in the low double-digit range in 2023?

在美國，我的第二個問題是，您是否看到——或者您是否預計競爭壓力會發生變化？最後一個快速的。您是否計劃在 2023 年進行類似的低兩位數收購？

Thank you. Thanks for your question. There's a lot in there. So let me start, first of all, with China. If you're relatively newer to our story, we've said that '21 and '22 as a new public company were our years of elevated investment where we set up globally our infrastructure systems and local manufacturing, training, education and teams, which we did in '21 and '22 and especially in 2022 in China. So the -- predominantly, the bulk of our investment is done in China, and that's where we're so well positioned now to capture the opening growth as this market starts to open, especially as we launched Syndeo in Q2 across the region.

謝謝。謝謝你的問題。裡面有很多。因此，讓我首先從中國開始。如果您對我們的故事比較陌生，我們已經說過，作為一家新的上市公司，21 和 22 年是我們加大投資的幾年，我們在全球範圍內建立了我們的基礎設施系統和本地製造、培訓、教育和團隊，這我們在 21 年和 22 年做了，尤其是 2022 年在中國。因此，我們的大部分投資主要是在中國進行的，這就是我們現在處於有利地位的地方，可以在這個市場開始開放時抓住開放增長，尤其是當我們在第二季度在該地區推出 Syndeo 時。

Yes. I think the other question that you had in terms of acquisition, we've always looked through those three criteria that Andrew has mentioned. It has to be accretive to the bottom line and need not to be a fad, and they need to have a common call point. And we continue to be very mindful and thoughtful in terms of our execution.

是的。我認為你在收購方面提出的另一個問題是，我們一直在研究安德魯提到的這三個標準。它必須增加利潤，而不是一時興起，他們需要有一個共同的呼籲點。我們在執行方面繼續非常謹慎和周到。

And then the final question I'll take. You asked about the guidance for the year. Yes, I want to reiterate, we absolutely confident to deliver between the 18% and 20% adjusted EBITDA guidance we gave for 2023. The upper limit, as we discussed earlier, will be really dependent on China and also just reaffirming our long-term 2025 guidance, which we gave during Investor Day. Thank you.

然後是我要回答的最後一個問題。您詢問了當年的指導。是的，我想重申，我們絕對有信心實現我們為 2023 年提供的 18% 至 20% 的調整後 EBITDA 指引。正如我們之前討論的那樣，上限將真正取決於中國，也只是重申我們的長期目標2025 年指導，我們在投資者日期間給出。謝謝。

The next question is from Linda Bolton-Weiser of D.A. Davidson.

下一個問題來自 D.A. 的 Linda Bolton-Weiser。戴維森。

Sorry if I missed this, but can you give an operating cash flow number for 2022? And then I know you kind of mentioned some investment in working capital. Is there some kind of a rough outlook that you have for operating cash flow in 2023?

對不起，如果我錯過了這個，你能給出 2022 年的運營現金流量嗎？然後我知道你提到了一些營運資金投資。您對 2023 年的經營現金流有某種粗略的展望嗎？

And then my second question is, what are you seeing or learning so far regarding the connectivity and the data and analytics you're able to have now with the connectivity of that new Syndeo device? What are you seeing or learning so far with that?

然後我的第二個問題是，到目前為止，關於新 Syndeo 設備的連接性以及您現在能夠擁有的數據和分析，您看到或學到了什麼？到目前為止，您看到或學到了什麼？

I'll address the free cash flow question first. We had spoken about we invested in working capital heavily in 2022 as we're getting ready to launch Syndeo globally. As we learned, if you recall, when we launched in the U.S., we run out of inventory. We were very quickly trying to speed up and really shift the units out. So we're in a really good position as you can observe our inventory balance.

我將首先解決自由現金流問題。我們曾談到我們在 2022 年投入了大量資金，因為我們正準備在全球推出 Syndeo。據我們了解，如果您還記得，當我們在美國推出時，我們的庫存用完了。我們很快就試圖加快速度並真正將單位轉移出去。所以我們處於非常有利的位置，因為您可以觀察我們的庫存餘額。

Obviously, if you look at us, we pay about $10 million in terms of interest. We pay about $20 million CapEx, if you assume the EBITDA margin will be guaranteeing for 2023. That by definition should be in a cash flow positive position. So then they all boil down to working capital.

顯然，如果你看看我們，我們支付了大約 1000 萬美元的利息。如果您假設 EBITDA 利潤率將在 2023 年得到保證，我們將支付大約 2000 萬美元的資本支出。根據定義，這應該處於正現金流狀態。因此，它們都歸結為營運資金。

So once we launch globally in the second quarter, Linda, our expectations really managing that working capital closely, and you should see more of a beneficial trend coming through the second half of 2023. We feel positive about cash flow generation starting at the end of 2023.

因此，一旦我們在第二季度在全球推出 Linda，我們的預期就會真正密切地管理營運資金，你應該會看到更多的有利趨勢將持續到 2023 年下半年。我們對從年底開始產生現金流感到樂觀2023.

Thanks, Linda. And in terms of what we're learning, coming up for nearly a year since we launched Syndeo in the U.S., we're learning a lot. I think we're learning, adjusting. It's giving us a number of insights, firstly, on the consumer and the number of sort of more depth of knowledge on the consumer. It's helping us develop new products and protocols such as body, which is obviously going to be a key strategically for us this year.

謝謝，琳達。就我們正在學習的內容而言，自從我們在美國推出 Syndeo 以來將近一年，我們學到了很多東西。我認為我們正在學習、調整。它為我們提供了一些見解，首先是關於消費者以及對消費者更深入的知識排序的數量。它正在幫助我們開發新產品和協議，例如身體，這顯然將成為我們今年的戰略關鍵。

Also, we're learning how to improve the system and the software. And we're always iterating and learning and improving the system based on provider feedback, based on what we're learning of that data. And that's why, again, I think it's another advantage why we waited for a year before launching internationally. We're able to take all of those learnings and optimize that for that launch in Q2 overseas. And I think in coming quarters, we'll share more insights with you on what we're learning.

此外，我們正在學習如何改進系統和軟件。我們總是根據提供者的反饋，根據我們對數據的了解，迭代、學習和改進系統。這就是為什麼，我認為這是我們等了一年才在國際上推出的另一個優勢。我們能夠吸取所有這些經驗教訓，並針對第二季度在海外的發布進行優化。我認為在接下來的幾個季度中，我們將與您分享更多關於我們正在學習的見解。

This concludes our question-and-answer session. I would like to turn the conference back over to Andrew Stanleick for closing remarks.

我們的問答環節到此結束。我想將會議轉回給 Andrew Stanleick 作閉幕詞。

Well, thank you, everyone, for your questions. Just to close, I'll reiterate our confidence in the path forward. I think with our investments now already complete, we have the infrastructure in place to deliver on our profitable growth strategy. I think we have an exciting year ahead with Syndeo's Q2 international launch, differentiated partnerships to drive consumable sales and recruit new consumers to the brand, China's reopening and the integration of SkinStylus.

嗯，謝謝大家的提問。最後，我要重申我們對前進道路的信心。我認為我們的投資現在已經完成，我們擁有實施盈利增長戰略的基礎設施。我認為，隨著 Syndeo 的第二季度國際發布、差異化合作夥伴關係推動消費品銷售並為該品牌招募新消費者、中國重新開放以及 SkinStylus 的整合，我認為我們將迎來激動人心的一年。

So we look forward to continue to execute and further our category leadership in 2023 and beyond. The team will be available today for any additional questions you have. Once again, thank you, and have a great day ahead.

因此，我們期待在 2023 年及以後繼續執行並進一步鞏固我們的品類領導地位。該團隊今天可以回答您的任何其他問題。再次感謝您，祝您有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。