10X Genomics Inc (TXG) 2022 Q2 法說會逐字稿

Good afternoon. Thank you for attending the 10x Genomics Second Quarter Earnings Call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. I would now like to pass the conference over to your host, Cassie Corneau, with Investor Relations and Strategic Finance at 10x Genomics. Thank you. You may proceed.

下午好。感謝您參加 10x Genomics 第二季度財報電話會議。在通話的演示部分，所有線路都將靜音，最後有機會提問和回答。我現在想將會議轉交給您的主持人 Cassie Corneau，她負責 10x Genomics 的投資者關係和戰略財務。謝謝你。你可以繼續。

Thank you, and good afternoon, everyone. Earlier today, 10x Genomics released financial results for the second quarter ended June 30, 2022. If you have not received this news release or if you would like to be added to the company's distribution list, please send an e-mail to investors@10xgenomics.com. An archived webcast of this call will be available on the Investor tab of the company's website, 10xgenomics.com, for at least 45 days following this call.

謝謝大家，大家下午好。今天早些時候，10x Genomics 發布了截至 2022 年 6 月 30 日的第二季度財務業績。如果您尚未收到此新聞稿或希望被添加到公司的分發名單中，請發送電子郵件至 Investors@10xgenomics .com。本次電話會議後的至少 45 天內，將在公司網站 10xgenomics.com 的投資者選項卡上提供本次電話會議的存檔網絡廣播。

Before we begin, I'd like to remind you that management will make statements during this call that are forward-looking statements within the meaning of federal securities laws. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated, and you should not place undue reliance on forward-looking statements. Additional information regarding these risks, uncertainties and factors that could cause results to differ appears in the press release 10x Genomics issued today and in the documents and reports filed by 10x Genomics from time to time with the Securities and Exchange Commission.

在我們開始之前，我想提醒您，管理層將在本次電話會議期間發表聲明，這些聲明屬於聯邦證券法意義上的前瞻性聲明。這些陳述涉及可能導致實際結果或事件與預期存在重大差異的重大風險和不確定性，您不應過分依賴前瞻性陳述。有關這些風險、不確定性和可能導致結果不同的因素的更多信息，請參見 10x Genomics 今天發布的新聞稿以及 10x Genomics 不時向證券交易委員會提交的文件和報告。

10x Genomics disclaims any intention or obligation to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise.

10x Genomics 不承擔任何更新或修改任何財務預測或前瞻性陳述的意圖或義務，無論是因為新信息、未來事件或其他原因。

Joining the call today are Serge Saxonov, our CEO and Co-Founder; Justin McAnear, our Chief Financial Officer; and Jim Wilbur, our Chief Commercial Officer. With that, I will now turn the call over to Serge.

今天加入電話會議的是我們的首席執行官兼聯合創始人 Serge Saxonov；我們的首席財務官 Justin McAnear；和我們的首席商務官 Jim Wilbur。有了這個，我現在將把電話轉給 Serge。

Thanks, Cassie. Good afternoon, and thank you for joining us. Revenue for the second quarter declined 1% year-over-year, in line with our preannouncement in mid-July. Our results this quarter fell short of our expectations as we navigated challenges in both the macro environment and with our execution. While some of these issues are behind us, we expect others will persist into the back half of the year. Based on these lingering headwinds in our first half results, we now expect full year revenue in the range of $500 million to $520 million, representing growth of 2% to 6% over the prior year. While our top line growth this year will be slower than our previous expectations, we firmly believe the underlying opportunity for single cell and spatial technologies is as strong as ever.

謝謝，卡西。下午好，感謝您加入我們。第二季度收入同比下降 1%，與我們在 7 月中旬的預告一致。我們本季度的業績低於我們的預期，因為我們在宏觀環境和執行方面都面臨挑戰。雖然其中一些問題已經過去，但我們預計其他問題將持續到今年下半年。基於我們上半年業績中這些揮之不去的不利因素，我們現在預計全年收入在 5 億美元至 5.2 億美元之間，比上年增長 2% 至 6%。雖然我們今年的收入增長將低於我們之前的預期，但我們堅信單細胞和空間技術的潛在機會與以往一樣強大。

On our call today, I will focus on what we're doing to ready our organization for our next phase of growth. Justin will provide more details on specific impacts to our second quarter revenue and our outlook for the year as well as give additional color on steps we are taking to strengthen our financial profile.

在今天的電話會議上，我將重點關注我們正在做的事情，以使我們的組織為下一階段的增長做好準備。賈斯汀將提供更多關於對我們第二季度收入和我們今年展望的具體影響的詳細信息，並為我們為加強我們的財務狀況而採取的步驟提供額外的色彩。

I'm proud of our track record of product innovation and the growth we've delivered over the past few years. We have progressed at a truly rapid pace amidst a very challenging environment. And with that incredible speed, we have quickly outgrown some of the processes and systems that got us here. And while we have some work ahead of us, we're building from a great foundation. For starters, our fundamentals are incredibly strong. We are focusing on the strengths that have always differentiated us, driving our innovation engine, providing a superior customer experience in investing in the long term. In parallel, we will improve our execution and implement tools and processes so we can increase leverage to scale to the next level of growth. And finally, I continue to have full confidence in both our vision and our approach to achieving that vision.

我為我們在產品創新方面的記錄以及我們在過去幾年中實現的增長感到自豪。在充滿挑戰的環境中，我們取得了真正快速的進步。以這種令人難以置信的速度，我們很快就超越了一些讓我們來到這裡的流程和系統。雖然我們還有一些工作要做，但我們正在建立一個良好的基礎。首先，我們的基礎非常強大。我們專注於始終讓我們與眾不同的優勢，推動我們的創新引擎，為長期投資提供卓越的客戶體驗。同時，我們將改進我們的執行和實施工具和流程，以便我們可以增加槓桿以擴大到下一個增長水平。最後，我繼續對我們的願景和實現這一願景的方法充滿信心。

We have built leading platforms for single cell and spatial biology, and we're just getting started. As the only company to have the 3 fundamental technology approaches for single cell and spatial biology under one roof, we're uniquely positioned to be the best partner to help researchers around the world interrogate, resolve a master biology.

我們已經為單細胞和空間生物學建立了領先的平台，而我們才剛剛開始。作為唯一一家將單細胞和空間生物學的 3 種基本技術方法集中在一個屋簷下的公司，我們具有獨特的優勢，可以成為幫助世界各地的研究人員研究、解決主要生物學問題的最佳合作夥伴。

Now let me share a bit more about our progress in the pipeline in each of our 3 platforms. Starting with Chromium, which is the unambiguous leader in single cell analysis. During the quarter, we continue to see solid demand for Chromium X series instruments. We are proud of the broader deal and demonstrated success of the platform in its first full year since launch. Customers are enthusiastic about the new platform and its extended capabilities, including access to our fixed RNA profiling kit, which is exclusively available on the X Series.

現在讓我更多地分享一下我們在 3 個平台中的每個平台的進展情況。從 Chromium 開始，它是單細胞分析領域的明確領導者。在本季度，我們繼續看到對 Chromium X 系列儀器的強勁需求。我們為更廣泛的交易感到自豪，並在該平台推出後的第一個完整年度中展示了成功。客戶對新平台及其擴展功能充滿熱情，包括使用我們的固定 RNA 分析套件，該套件僅在 X 系列上提供。

Turning to consumables, where the breadth, performance and workflow of our broad menu of assays is an important differentiator for us and for our customers. As planned during the quarter, we began shipping 2 new kits designed to help make more samples and more sample types available for single cell analysis. It's been great to see the early energy for both our nuclei isolation kit and our fixed RNA profiling kit. The nuclei isolation kit, our first offering to help ease sample preparation, provides a simple, scalable workflow to make frozen tissues and previously challenging sample cuts more accessible for routine single cell analysis. This is a great example of how our continued innovation and workflow simplification will help expand our opportunity, bring new labs and researchers into the 10x ecosystem and increased utilization among existing customers. It's early, but we're really excited by the strong initial adoption of this kit.

談到消耗品，我們廣泛的檢測菜單的廣度、性能和工作流程是我們和我們的客戶的重要差異化因素。按照本季度的計劃，我們開始交付 2 個新試劑盒，旨在幫助提供更多樣品和更多樣品類型用於單細胞分析。很高興看到我們的細胞核分離試劑盒和我們的固定 RNA 分析試劑盒的早期能量。核分離試劑盒是我們第一個幫助簡化樣品製備的產品，它提供了一個簡單、可擴展的工作流程，使冷凍組織和以前具有挑戰性的樣品切割更容易用於常規單細胞分析。這是一個很好的例子，說明我們的持續創新和工作流程簡化將如何幫助擴大我們的機會，將新的實驗室和研究人員帶入 10 倍生態系統並提高現有客戶的利用率。現在還為時過早，但我們對這個套件的初步採用感到非常興奮。

We're also really pleased with the early feedback on our fixed RNA profiling kit, which we believe has the potential to be transformative to the Chromium franchise over the long term. This assay enables researchers to lock in cell states at the point of sample collection and removes time and transport constraints typically associated with single cell workflows. It also offers a number of significant advantages, including improved deal sensitivity, increased sequencing efficiency and built-in sample multiplexing to achieve lower price and scale.

我們也對我們的固定 RNA 分析試劑盒的早期反饋感到非常高興，我們相信它有可能在長期內對 Chromium 特許經營權產生變革。該測定使研究人員能夠在樣本收集點鎖定細胞狀態，並消除通常與單細胞工作流程相關的時間和運輸限制。它還具有許多顯著優勢，包括提高交易靈敏度、提高測序效率和內置樣本多路復用以實現更低的價格和規模。

While adopting a new workflow takes time, researchers have been running pilot experiments and side-by-side comparisons to see firsthand the performance of this assay. The feedback with (inaudible) has been universally positive.

雖然採用新的工作流程需要時間，但研究人員一直在進行試點實驗和並排比較，以直接了解該檢測的性能。帶有（聽不清）的反饋普遍是積極的。

At the AGBT conference in June, we demonstrated how our fixed RNA kit can also unlock for the first time ever FFPE preserved samples for single cell analysis. This is a groundbreaking capability that we believe has the potential to be a real game changer as it opens up vast volumes of archival samples.

在 6 月的 AGBT 會議上，我們展示了我們的固定 RNA 試劑盒如何首次解鎖 FFPE 保存的樣本用於單細胞分析。這是一項開創性的能力，我們相信它有可能成為真正的遊戲規則改變者，因為它打開了大量的檔案樣本。

Given that all the progress to date in single cell has been made using fresh or fresh frozen tissues, we expect this breakthrough capability should enable much more research, particularly in translational settings. Looking forward, we're excited about our Chromium pipeline. We're in trying to launch BEAM-Ab and BEAM-T by the end of the year.

鑑於迄今為止在單細胞方面的所有進展都是使用新鮮或新鮮冷凍組織取得的，我們預計這種突破性的能力應該能夠進行更多的研究，特別是在轉化環境中。展望未來，我們對我們的 Chromium 管道感到興奮。我們正試圖在今年年底之前推出 BEAM-Ab 和 BEAM-T。

Now turning to Visium. While we're still early in the Visium life cycle, we continue to be encouraged by the widest sustained adoption of the platform as the leading tool for our unbiased spatial discovery. In Q2, we saw increasing adoption of Visium FFPE, which exceeded fresh frozen and sales for the first time. To date, our customers have relied on Visium in almost 300 papers and pre preps. This is an important leading indicator and it also demonstrates the success the discovery and translational researchers are already having with the current Visium platform.

現在轉向 Visium。雖然我們仍處於 Visium 生命週期的早期階段，但該平台作為我們公正的空間發現的領先工具得到了最廣泛的持續採用，我們繼續受到鼓舞。在第二季度，我們看到 Visium FFPE 的採用率越來越高，首次超過新鮮冷凍和銷售額。迄今為止，我們的客戶在近 300 篇論文和預準備中都依賴於 Visium。這是一個重要的領先指標，它也證明了發現和轉化研究人員已經在當前的 Visium 平台上取得了成功。

In June, we began shipping Visium CytAssist, our first spatial instrument. While it's still very early, we are pleased with the initial response and demand we're seeing from customers. By addressing the key challenges our customers have faced with the Visium workload, CytAssist will enable more routine use of the Visium platform. It should also significantly expand the number of samples that can be run on Visium. We believe the ease-of-use, overall experience and performance is much better for customers and the data generated using the instrument is suburb. Benefits will be a key enabler for the Visium platform going forward.

6 月，我們開始出貨 Visium CytAssist，這是我們的第一款空間儀器。雖然現在還為時過早，但我們對客戶的初步反應和需求感到滿意。通過解決我們的客戶在 Visium 工作負載方面面臨的主要挑戰，CytAssist 將使 Visium 平台的日常使用成為可能。它還應該顯著增加可在 Visium 上運行的樣本數量。我們相信易用性、整體體驗和性能對客戶來說要好得多，並且使用該儀器生成的數據是郊區的。優勢將成為 Visium 平台向前發展的關鍵推動力。

In June, we also launched the second version of our Visium FFPE asset. We are making it available exclusively on CytAssist, so customers can take full advantage of the instruments ease-of-use and higher quality data. This new kit will give researchers higher performance and better and more reliable workflow and an added flexibility of larger captured areas.

6 月，我們還推出了 Visium FFPE 資產的第二版。我們僅在 CytAssist 上提供它，因此客戶可以充分利用儀器的易用性和更高質量的數據。這個新套件將為研究人員提供更高的性能和更好、更可靠的工作流程，並增加更大捕獲區域的靈活性。

I also want to provide an update on Visium HD and our work to develop a high-resolution whole transcriptome. This has grown to be a very ambitious undertaking, bringing up this new technology and associated manufacturing capabilities at the quality, scale and resolution our customers expect is taking more time than we anticipated.

我還想提供有關 Visium HD 的最新信息以及我們開發高分辨率全轉錄組的工作。這已經發展成為一項雄心勃勃的事業，以我們客戶期望的質量、規模和分辨率來提升這項新技術和相關製造能力所花費的時間比我們預期的要多。

As a result, we no longer expect to launch Visium HD this year. While we aren't providing an updated time line right now, we are fully committed to delivering this capability to researchers as soon as we can.

因此，我們不再期望今年推出 Visium HD。雖然我們現在沒有提供更新的時間表，但我們完全致力於盡快向研究人員提供這種能力。

Turning to Xenium. We continue to make great progress on the platform, which we expect to be shipping -- to begin shipping by the end of the year as planned. At AGBT, the energy interest and enthusiasm from customers was palpable and exciting to see so broadly. Internally, what has been particularly inspiring to our team is a strikingly powerful data we've been getting from our experiments, showing great levels of sensitivity, specificity and flags on challenging samples. This has been reinforced by the positive reactions of customers with whom we have shared the data.

轉向 Xenium。我們繼續在該平台上取得巨大進展，我們預計該平台將按計劃在年底前開始發貨。在 AGBT，客戶對能源的興趣和熱情是顯而易見的，而且如此廣泛地令人興奮。在內部，對我們的團隊特別鼓舞的是我們從實驗中獲得的非常強大的數據，在具有挑戰性的樣本上顯示出高水平的敏感性、特異性和標記。與我們共享數據的客戶的積極反應加強了這一點。

We built the Xenium platform with several key design principles in mind. The goal is to be able to determine cell types and cell states in the tissue of interest and measure what each cell is doing. The platform needs to work across a wide range of tissues, sample types, applications and biological systems. And importantly, Xenium was designed to enable routine use. We believe from launch, Xenium will have the highest throughput of any in-situ [instrumentation cost], enable the researchers to analyze the most tissue area of single molecule resolution in the least amount of time.

我們在構建 Xenium 平台時考慮了幾個關鍵設計原則。目標是能夠確定感興趣組織中的細胞類型和細胞狀態，並測量每個細胞在做什麼。該平台需要在廣泛的組織、樣本類型、應用和生物系統中工作。重要的是，Xenium 旨在實現日常使用。我們相信，從發布之日起，Xenium 將擁有任何原位 [儀器成本] 中最高的吞吐量，使研究人員能夠在最短的時間內分析最多的單分子分辨率的組織區域。

And finally, we design Xenium to scale with customers evolving research needs. [Mutual] kits will be able to support the measurement of thousands of genes and infectious proteins on the same section. We firmly believe in Xenium's differentiated position, both at launch and as we look ahead at our comprehensive long-term road map for the platform.

最後，我們設計 Xenium 以適應客戶不斷變化的研究需求。 [Mutual] 試劑盒將能夠支持在同一切片上測量數千個基因和感染性蛋白質。我們堅信 Xenium 的差異化地位，無論是在發佈時還是在我們展望該平台的全面長期路線圖時。

Our team has established collaborations with key opinion leaders to inform and validate the development of future gene panels. We are combining this customer with a wealth of single cell data to design a broad menu of high-quality curated gene panels, specific to both tissue type and application area.

我們的團隊與關鍵意見領袖建立了合作關係，為未來基因組的開發提供信息和驗證。我們將這位客戶與豐富的單細胞數據相結合，設計出針對組織類型和應用領域的高質量精選基因面板的廣泛菜單。

Researchers will also have the ability to add large numbers of custom genes. We believe our leadership in single cell and spatial transcriptomics gives us a particular advantage with Xenium because most in-situ experiments make use of single cell data to determine the genes of interest and to contextualize in-situ analysis.

研究人員還將有能力添加大量定制基因。我們相信我們在單細胞和空間轉錄組學方面的領先地位為我們提供了 Xenium 的特殊優勢，因為大多數原位實驗都利用單細胞數據來確定感興趣的基因並進行原位分析。

Stepping back, we continue to have every confidence in our technology leadership across each of our 3 platforms. We believe our cadence of technological advancement and velocity of new product launches is unrivaled. Our pipeline is exciting and ambitious, and it has already resulted in 5 major product launches this year. Looking forward, we're eager to build on this momentum and our track record of breakthrough technologies.

退後一步，我們繼續對我們在 3 個平台中的每一個平台的技術領先地位充滿信心。我們相信我們的技術進步節奏和新產品發布速度是無與倫比的。我們的產品線令人興奮且雄心勃勃，今年已經推出了 5 款主要產品。展望未來，我們渴望在這一勢頭和突破性技術的基礎上再接再厲。

Now let's spend a few minutes on commercial. Over the past few years, we've grown incredibly fast -- too fast, that the infrastructure would build didn't always scale with us, especially in commercial areas. In recent quarters, it's become clear that what guide us to this point of growth wasn't going to get us to the next. We're proud of the breadth and talent of our global commercial team. This is a group that has worked tirelessly to drive adoption of our technologies and support customers at every phase of the experiments.

現在讓我們花幾分鐘的時間在廣告上。在過去的幾年裡，我們的發展速度非常快——太快了，以至於基礎設施建設並不總是與我們一起擴展，尤其是在商業領域。最近幾個季度，很明顯，引導我們達到這一增長點的因素不會讓我們進入下一個增長點。我們為我們全球商業團隊的廣度和才能感到自豪。這是一個不知疲倦地努力推動我們的技術採用並在實驗的每個階段為客戶提供支持的團隊。

Our challenge and our opportunity is to make sure our team has the right leadership, tools and processes so we can increase leverage, scale to the next level of growth and unlock the massive opportunity we have ahead of us.

我們面臨的挑戰和機遇是確保我們的團隊擁有正確的領導力、工具和流程，以便我們能夠提高槓桿率、擴大到下一個增長水平並釋放我們面前的巨大機遇。

Implementing better systems and tools will help us improve both our commercial execution and the customer experience in a number of ways, and here a few I'd highlight. First, we'll reduce friction in the sales process and make ordering and reordering more efficient for our customers and our sales team. Second, we'll establish more rigorous and metric-driven sales tactics to consistently manage our customers through every step of the sales cycle. We'll do this by establishing universal processes, robust training programs and better analytics that help with customer outreach and engagement. And third, we believe the right processes and systems will help us improve visibility and information flows both within commercial and between commercial and the rest of 10x.

實施更好的系統和工具將幫助我們以多種方式改善我們的商業執行和客戶體驗，這裡我要強調一些。首先，我們將減少銷售過程中的摩擦，讓我們的客戶和銷售團隊更高效地訂購和重新訂購。其次，我們將建立更加嚴格和以指標為導向的銷售策略，以在銷售週期的每一步始終如一地管理我們的客戶。我們將通過建立通用流程、強大的培訓計劃和更好的分析來幫助客戶拓展和參與來做到這一點。第三，我們相信正確的流程和系統將幫助我們提高商業內部以及商業與其餘 10 倍之間的可見性和信息流。

Altogether, we believe these will help our sales team be more efficient and effective with their time and know how to prioritize their efforts to have the biggest impact. This is essential as we further expand the breadth and depth of our portfolio, increased adoption with existing customers and continue to maintain roads with new customer segments and applications.

總而言之，我們相信這些將幫助我們的銷售團隊更有效地利用他們的時間，並知道如何優先考慮他們的努力以產生最大的影響。這一點至關重要，因為我們進一步擴大了我們產品組合的廣度和深度，增加了現有客戶的採用率，並繼續維護新客戶群和應用程序的道路。

Now I'm really excited to have Jim Wilbur on board as our new Chief Commercial Officer to lead this work. Jim has dedicated his entire career to building transformational tools in the life sciences. He comes to us from Meso Scale Discovery, highly regarded global leader in instruments and assays that have revolutionized protein measurement. Jim understands and is passionate about sales craft, as both a strategic and a very granular level. He knows what drives customer and sales team behavior. He has a deep scientific and technical background, takes pride in developing high-performing teams and was fundamentally a builder, which excites me because we have so much more building ahead of us. He is a seamless fit for the 10x mission and culture and we're thrilled to have him here.

現在我真的很高興吉姆·威爾伯（Jim Wilbur）作為我們的新首席商務官來領導這項工作。 Jim 的整個職業生涯都致力於構建生命科學領域的轉型工具。他來自 Meso Scale Discovery，這是儀器和分析領域備受推崇的全球領導者，它徹底改變了蛋白質測量。 Jim 了解並熱衷於銷售技巧，無論是從戰略層面還是非常細化的層面。他知道是什麼驅動了客戶和銷售團隊的行為。他擁有深厚的科學和技術背景，以培養高績效團隊為榮，從根本上說，他是一名建設者，這讓我很興奮，因為我們還有更多的建設要做。他非常適合 10x 的使命和文化，我們很高興他能來到這裡。

Now I'll turn it over to Jim to say a few words.

現在我將把它交給吉姆說幾句話。

Thanks, Serge. I'm really excited to be here. What struck me about this opportunity is the scope and scale of what's possible. It's already well established that single cell analysis has been transformational in our understanding of biology.

謝謝，塞爾吉。我真的很高興來到這裡。這次機會讓我印象深刻的是可能性的範圍和規模。已經確定單細胞分析已經改變了我們對生物學的理解。

My belief and I know it's one you all share is that as big as single cell has become, it's really just getting started. I believe the future will bring an enormous expansion in the number and types of researchers and investigators using these tools and the types of questions that are going to get asked and answered.

我的信念，我知道這是你們所有人都同意的，就像單細胞一樣大，它真的才剛剛開始。我相信未來將帶來使用這些工具的研究人員和調查人員的數量和類型以及將被提出和回答的問題類型的巨大增長。

It's been an amazing start. It has absolutely exceeded my expectations. We're building on a great foundation and will give our talented team the resources and support they need to get absolutely everything out of the tremendous opportunity ahead. This journey towards ever higher levels of commercial excellence is going to be fun.

這是一個了不起的開始。它絕對超出了我的預期。我們正在建立一個良好的基礎，並將為我們才華橫溢的團隊提供他們需要的資源和支持，以從未來的巨大機遇中獲得絕對的一切。邁向更高水平商業卓越的旅程將會很有趣。

Thanks, Jim. In addition to our broad commercial reach and powerful innovation engine, we see our strong cash position as an important differentiator, especially in this environment. We will be deliberate in protecting it while also continuing to invest in our strategy and long-term growth.

謝謝，吉姆。除了我們廣泛的商業影響力和強大的創新引擎外，我們還認為我們強大的現金狀況是一個重要的差異化因素，尤其是在這種環境下。我們將謹慎保護它，同時繼續投資於我們的戰略和長期增長。

Last week we took action to reduce our global workforce by approximately 8%. You heard me say it's the people of 10x who make the magic happen, which is what makes decisions like these so difficult. While the actions we made affected every organization, there was less impact among our R&D and field-based customer-facing teams. The changes were made [when needed], especially for those directly impacted but they were necessary to make 10x more resilient in the current environment and more focused on our mission to drive our next phase of growth. We don't expect these changes to have a material impact on our near-term execution or our long-term growth trajectory.

上週，我們採取行動將我們的全球勞動力減少了大約 8%。你聽到我說是 10x 的人創造了奇蹟，這就是讓這樣的決定如此困難的原因。雖然我們採取的行動影響了每個組織，但對我們的研發和麵向客戶的現場團隊的影響較小。這些更改是 [在需要時] 進行的，特別是對於那些直接受到影響的人，但它們對於在當前環境中提高 10 倍的彈性並更加專注於我們推動下一階段增長的使命是必要的。我們預計這些變化不會對我們的近期執行或我們的長期增長軌跡產生重大影響。

Looking at the work ahead, we're incredibly grateful to our team for their dedication to our customers and tireless pursuit of our mission. To recognize their hard work and impact, we are making investments to further strengthen redemption and sustain the team's high engagement.

展望未來的工作，我們非常感謝我們的團隊對客戶的奉獻和對我們使命的不懈追求。為了表彰他們的辛勤工作和影響，我們正在投資以進一步加強贖回和維持團隊的高度參與。

As I shared within the (inaudible), during times of change, we are staying focused on what's constant, our mission and our opportunity. We expect that in the future, just about old tissue samples, whether for basic research or for clinical diagnostics, will need to be analyzed as single-cell resolution in spatial complex and at large scale.

正如我在（聽不清）中分享的那樣，在變革時期，我們始終專注於不變的事物、我們的使命和機遇。我們預計，在未來，無論是用於基礎研究還是用於臨床診斷，都需要將舊組織樣本作為空間複雜的單細胞分辨率進行大規模分析。

The endpoint is clear, but as 2022 has shown the path together is not linear. Yet through their research discoveries and publications, our customers remind us with increasing frequency of the tremendous potential of our technologies to accelerate the mastery of biology and ultimately advance human health.

終點很明確，但正如 2022 年所顯示的那樣，共同的路徑不是線性的。然而，通過他們的研究發現和出版物，我們的客戶越來越頻繁地提醒我們，我們的技術在加速掌握生物學並最終促進人類健康方面的巨大潛力。

Here are just a few of the recent discoveries and impressing questions we have inspired and motivated our team in recent months. In Time's magazine, we saw publications of the first large-scale cohort studies linking population genetics with single cell sequencing. These studies rebuild an extensive catalog of molecular signatures in autoimmune diseases, opening the door to a new era of functional genetics.

以下是我們最近幾個月啟發和激勵我們團隊的一些最新發現和令人印象深刻的問題。在時代雜誌上，我們看到了第一個將群體遺傳學與單細胞測序聯繫起來的大規模隊列研究的出版物。這些研究重建了自身免疫性疾病分子特徵的廣泛目錄，為功能遺傳學的新時代打開了大門。

Our tools enable the discoveries of molecular signatures in 2 recent studies of age-related macular degeneration and glaucoma. These studies will help with better diagnosis and treatment of these devastating eye diseases.

我們的工具能夠在最近 2 項年齡相關性黃斑變性和青光眼研究中發現分子特徵。這些研究將有助於更好地診斷和治療這些破壞性眼病。

One of the central questions in CAR-T therapy is teasing out what determines success and survival of injected CAR-T cells. Our customers are using our immune profiling and gene expression solutions to help answer that question in order to improve and help administrate T cell therapies.

CAR-T 療法的核心問題之一是找出決定注射 CAR-T 細胞成功和存活的因素。我們的客戶正在使用我們的免疫分析和基因表達解決方案來幫助回答這個問題，以改進和幫助管理 T 細胞療法。

And just last week Science published a large study of samples from patients who suffered heart failure. The research has performed single nucleus RNA sequencing on close to 1 million cells to reveal the underlying biology and point to interventional opportunities and personalized treatments.

就在上週，《科學》雜誌發表了一項針對心力衰竭患者樣本的大型研究。該研究對近 100 萬個細胞進行了單核 RNA 測序，以揭示潛在的生物學特性並指出乾預機會和個性化治療。

It is clear that discoveries like these have enormous potential to transform how we predict, diagnose, treat and ultimately cure disease. This is why we do what we do. This is why despite all the progress we've made, we believe it's still early days, and this is why we are so confident in the end point and that 10x is the best company to deliver on it.

很明顯，像這樣的發現具有巨大的潛力，可以改變我們預測、診斷、治療和最終治癒疾病的方式。這就是我們做我們所做的事情的原因。這就是為什麼儘管我們已經取得了所有進展，但我們認為這還處於早期階段，這就是為什麼我們對終點如此有信心並且 10x 是實現這一目標的最佳公司。

Now let me turn it over to Justin for more details on our financials.

現在讓我把它交給賈斯汀，了解我們財務的更多細節。

Thank you, Serge. Total revenue for the 3 months ended June 30, 2022, was $114.6 million compared to $115.8 million for the prior year period, representing a 1% decrease year-over-year. Revenue was flat compared to the first quarter of this year.

謝謝你，塞爾吉。截至 2022 年 6 月 30 日止 3 個月的總收入為 1.146 億美元，而去年同期為 1.158 億美元，同比下降 1%。與今年第一季度相比，收入持平。

Consumables revenue was $97.9 million, increasing 1% over the prior year period and flat compared to the first quarter of this year. Instrument revenue was $14.7 million, decreasing 13% from the prior year period and up 2% from the first quarter of this year. Service revenue was $1.9 million, increasing 7% over the prior year period.

消耗品收入為 9790 萬美元，比去年同期增長 1%，與今年第一季度相比持平。儀器收入為 1470 萬美元，比去年同期下降 13%，比今年第一季度增長 2%。服務收入為 190 萬美元，比去年同期增長 7%。

Our Q2 results were impacted by macro headwinds as well as some internal challenges. This was particularly evident outside of the U.S. Starting first with APAC. Revenue for the second quarter was $18.1 million, decreasing 15% from the prior year period and down 47% compared to the first quarter of this year. Revenues in the region were impacted by lockdowns in China that increased in scope and duration beyond the assumptions that we shared on our Q1 earnings call in early May. They extended into June and spread beyond the Shanghai area, impacting customer activity and resulting in lower sales.

我們的第二季度業績受到宏觀逆風以及一些內部挑戰的影響。這在美國以外尤其明顯，首先是亞太地區。第二季度收入為 1810 萬美元，比去年同期下降 15%，比今年第一季度下降 47%。該地區的收入受到中國封鎖的影響，其範圍和持續時間超出了我們在 5 月初第一季度財報電話會議上分享的假設。它們延續到 6 月並蔓延到上海地區以外，影響了客戶活動並導致銷售額下降。

Turning to EMEA. Revenue for the second quarter was $25.6 million, decreasing 11% from the prior year period and up 25% from the first quarter of this year. While revenues in the region improved sequentially, results were impacted by unfavorable currency fluctuations, delayed customer reorders related to the previously discussed cold-chain logistics issue and some execution challenges.

轉向歐洲、中東和非洲。第二季度收入為 2560 萬美元，比去年同期下降 11%，比今年第一季度增長 25%。儘管該地區的收入環比增長，但業績受到不利的貨幣波動、與先前討論的冷鏈物流問題相關的客戶重新訂購延遲以及一些執行挑戰的影響。

In the Americas, revenue for the second quarter was $70.9 million, increasing 8% over the prior year period and up 19% compared to the first quarter of this year.

在美洲，第二季度的收入為 7090 萬美元，比去年同期增長 8%，比今年第一季度增長 19%。

Turning to the rest of the income statement. Gross profit for the second quarter was $86.9 million compared to a gross profit of $110.9 million for the prior year period. As a reminder, in the second quarter of 2021, we booked a onetime reversal of $14.7 million of accrued royalties related to a litigation settlement.

轉向損益表的其餘部分。第二季度的毛利潤為 8690 萬美元，而去年同期的毛利潤為 1.109 億美元。提醒一下，在 2021 年第二季度，我們預訂了與訴訟和解相關的 1470 萬美元應計特許權使用費的一次性沖銷。

Gross margin for the second quarter was 76% compared to 96% in the prior year period. The decline in gross margin was primarily due to the accrued royalties reversal in Q2 2021 as well as changes in product mix and the increased manufacturing and logistics costs.

第二季度的毛利率為 76%，而去年同期為 96%。毛利率的下降主要是由於 2021 年第二季度的應計特許權使用費逆轉以及產品組合的變化以及製造和物流成本的增加。

Total operating expenses for the second quarter were $150 million, an increase of 24% from $121.3 million for the second quarter of 2021. The increase in operating expenses was primarily driven by higher personnel expenses, including stock-based compensation, increased research and development expenses and infrastructure costs, partially offset by a decrease in outside legal expenses.

第二季度的總運營費用為 1.5 億美元，比 2021 年第二季度的 1.213 億美元增長 24%。運營費用的增加主要是由於人員費用增加，包括股票薪酬、研發費用增加和基礎設施成本，部分被外部法律費用的減少所抵消。

R&D expenses for the second quarter were $70.7 million compared to $53.4 million for the second quarter of 2021. SG&A expenses for the second quarter were $79.3 million compared to $68.7 million for the second quarter of 2021. Operating loss for the second quarter was $63.1 million compared to a loss of $10.3 million for the second quarter of 2021, primarily due to the impact of increased personnel-related expenses. This includes $36.3 million of stock-based compensation for the second quarter of 2022 compared to $26.9 million for the second quarter of 2021.

第二季度的研發費用為 7,070 萬美元，而 2021 年第二季度為 5,340 萬美元。第二季度的 SG&A 費用為 7,930 萬美元，而 2021 年第二季度為 6,870 萬美元。第二季度的運營虧損為 6,310 萬美元2021 年第二季度虧損 1030 萬美元，主要是由於人事相關費用增加的影響。這包括 2022 年第二季度 3630 萬美元的股票薪酬，而 2021 年第二季度為 2690 萬美元。

Net loss for the period was $64.5 million compared to a net loss of $11.1 million for the second quarter of 2021. We ended the quarter with $500 million in cash and cash equivalents and marketable securities, net of restricted cash.

該期間的淨虧損為 6450 萬美元，而 2021 年第二季度的淨虧損為 1110 萬美元。本季度結束時，我們有 5 億美元的現金和現金等價物以及有價證券，扣除限制性現金。

As we are operating in a macro environment with increased economic uncertainty, we implemented a reduction in force of 8% of our global workforce to reduce spending, preserve cash and strengthen our financial profile. We estimate that we will incur between $5 million and $6 million of costs consisting primarily of cash severance, which we expect to recognize in the third quarter of 2022.

由於我們在經濟不確定性增加的宏觀環境中運營，我們裁減了 8% 的全球員工，以減少支出、保留現金並加強我們的財務狀況。我們估計我們將產生 500 萬至 600 萬美元的成本，主要包括現金遣散費，我們預計將在 2022 年第三季度確認。

In addition, we have canceled a number of open hiring requisitions and reduced our near-term hiring plan while implementing targeted reductions in non-headcount spend as well. Our goal is to be free cash flow positive by the end of 2023.

此外，我們取消了一些公開的招聘申請，並減少了我們的近期招聘計劃，同時還實施了有針對性的非員工支出削減。我們的目標是到 2023 年底實現自由現金流為正。

Over the next few quarters, we expect elevated levels of capital expenditures and subsequent cash burn as we finish construction of our operations facility in Pleasanton. Completion is expected at the end of Q1 2023 and we are evaluating options to finance the facility after completion.

在接下來的幾個季度中，隨著我們完成在普萊森頓的運營設施的建設，我們預計資本支出水平和隨後的現金消耗會增加。預計將於 2023 年第一季度末完成，我們正在評估完成後為該設施融資的選項。

Now turning to our revenue outlook for 2022. We now expect our full year 2022 revenue to be in the range of $500 million to $520 million, representing growth of 2% to 6% over full year 2021.

現在轉向我們對 2022 年的收入展望。我們現在預計 2022 年全年收入將在 5 億美元至 5.2 億美元之間，比 2021 年全年增長 2% 至 6%。

In the first half of the year, we experienced a slower-than-expected rebound as we emerge from the pandemic environment. This was driven in part by macro factors, some of which we expect to continue into the back half of the year. While we continue to have confidence in the tremendous opportunity our products are unlocking and the underlying demand for our technology, we are adjusting our expectations for the second half to reflect a more modest rate of increase and lingering macro headwinds.

今年上半年，隨著我們走出大流行環境，我們經歷了低於預期的反彈。這部分是由宏觀因素推動的，我們預計其中一些因素將持續到今年下半年。雖然我們繼續對我們的產品釋放的巨大機遇和對我們技術的潛在需求充滿信心，但我們正在調整對下半年的預期，以反映更溫和的增長率和揮之不去的宏觀逆風。

Thus, we expect Q3 revenue growth in the low to mid-teens percent over Q2, and we'd also expect Q4 to exhibit the same seasonality that we've seen in the past, barring any material changes to the macro environment.

因此，我們預計第三季度的收入增長將比第二季度低至百分之十左右，並且我們還預計第四季度將表現出與過去相同的季節性，除非宏觀環境發生任何重大變化。

We look forward to providing additional information on our business at an upcoming Investor Day planned for later this year. Stay tuned for more details to come.

我們期待在計劃於今年晚些時候舉行的投資者日上提供有關我們業務的更多信息。請繼續關注更多細節。

At this point, I'll turn it back to Serge.

在這一點上，我會把它轉回給 Serge。

Thanks, Justin. Before we start Q&A, I want to thank our team. The work we do at 10x is both challenging and exciting. And that's what makes it meaningful and worth it.

謝謝，賈斯汀。在我們開始問答之前，我要感謝我們的團隊。我們在 10x 所做的工作既具有挑戰性又令人興奮。這就是讓它有意義和值得的原因。

I'm so proud of this team and the tremendous impact you are making. I couldn't be more optimistic and confident about the future. Thank you for all you're doing every day to push 10x our mission and science forward.

我為這個團隊和你們所產生的巨大影響感到驕傲。我對未來充滿了樂觀和信心。感謝您每天為將我們的使命和科學向前推進 10 倍所做的一切。

With that, we will now open it up for questions. Operator?

有了這個，我們現在將打開它來提問。操作員？

(Operator Instructions) The first question is from the line of Matt Sykes with Goldman Sachs.

（操作員說明）第一個問題來自高盛的 Matt Sykes。

Maybe the first question, I really appreciate all the color on '22 and the macro factors involved there. I know it's -- you might give some more details later this year, but -- any kind of early view on how we should think about '23 just in terms of growth? You've got a lot of new products coming on. I know Visium HD has been delayed, but there's a number of new products coming on that could impact that growth rate. But in terms of rebound, if we assume some of the macro factors start to anticipate at the end of this year, any kind of color you can provide us with and what '23 may look like for you?

也許是第一個問題，我真的很欣賞 '22 的所有顏色以及其中涉及的宏觀因素。我知道這是 - 你可能會在今年晚些時候提供更多細節，但是 - 關於我們應該如何考慮 23 年的增長方面的任何早期觀點？你有很多新產品即將推出。我知道 Visium HD 已被推遲，但有許多新產品即將推出，可能會影響這一增長率。但就反彈而言，如果我們假設一些宏觀因素在今年年底開始預期，那麼您可以為我們提供什麼顏色，23 年對您來說會是什麼樣子？

Matt, first off, there's a lot to be excited about when we think about 2023. So as you mentioned, a lot of new products coming out, it's going to be the first full year of Xenium. It's going to be the first full year of CytAssist and fixed RNA as well. And I also think that we're going to start to see us reaping some of the benefits to improvements in just systems and tools and processes that we've spoken about on the commercial side as well.

馬特，首先，當我們想到 2023 年時，有很多令人興奮的事情。所以正如你提到的，很多新產品問世，這將是 Xenium 的第一個全年。這將是 CytAssist 和固定 RNA 的第一個全年。而且我還認為，我們將開始看到我們在改進系統、工具和流程方面獲得一些好處，我們在商業方面也談到了這些。

But as far as giving any color past that, right now, I think we'll get through Q3 and Q4 without forecasting too far ahead of what we're seeing. And we will share more of a view on the key drivers on 2023 later in the year in the Investor Day that we mentioned.

但就目前而言，就目前而言，我認為我們將度過第三季度和第四季度，而不會超出我們所看到的預測太遠。我們將在我們提到的今年晚些時候的投資者日上分享更多關於 2023 年關鍵驅動因素的觀點。

Got it. Appreciate it. And then maybe one for Jim or Serge. Just you talked a little bit about some of the commercial strategies you're going to put in place and harnessing the data analytics. Could you maybe give a little bit more color in terms of where you feel like the greatest areas of improvement could be, whether it's engagement with existing customers or maybe trying to penetrate new areas?

知道了。欣賞它。然後可能是吉姆或塞爾吉的一個。剛才您談到了一些您將要實施並利用數據分析的商業策略。您能否就您認為最大的改進領域提供更多色彩，無論是與現有客戶的互動還是嘗試滲透新領域？

And what type of efforts that you put together in terms of data analytics? How that could enhance that? I'm just trying to get a sense for -- from a timing perspective, how we could expect to see some of these changes you're going to do the commercial strategy start to take place?

您在數據分析方面付出了哪些努力？那怎麼能增強呢？我只是想了解——從時間的角度來看，我們如何期望看到你將要實施的商業戰略中的一些變化開始發生？

Yes. I would emphasize, maybe to step back a little bit, a lot of what we're going to be doing, a lot of what we're going to be implementing -- manages more around the mechanics of commercial execution, not the fundamentals of the strategy. We feel that we firmly feel that we -- confidence in our markets and in the customers that are out there and that we're approaching our markets with the right set of products and the right high-level strategy.

是的。我會強調，也許退後一點，我們將要做的很多事情，我們將要實施的很多事情——更多地圍繞商業執行的機制進行管理，而不是策略。我們認為我們堅信我們對我們的市場和客戶充滿信心，並且我們正在以正確的產品組合和正確的高級戰略進入我們的市場。

Now in terms of all the tools and the metrics that we're going to be and systems are going to be implementing. You kind of step back and think from first principles, we have -- you mentioned that we have to focus on adding new customers to the ecosystem. We also need to focus on increasing the usage with existing customers. And if you think about where -- how our business has evolved over the last several years, there's just been a huge increase in the complexity of our portfolio. And also in just the sheer number of customers that we have. And so it is on us to make it -- to give our teams, certainly our sales reps and others the tools, much better tools to -- for them to know how to best spend their time most effectively and most efficiently and have the right analytics, information flows and tools.

現在就我們將要使用的所有工具和指標以及系統將要實施的而言。你有點退後一步，從第一原則開始思考，我們已經 - 你提到我們必須專注於向生態系統添加新客戶。我們還需要專注於增加現有客戶的使用率。如果你想想過去幾年我們的業務在哪裡發展，我們的投資組合的複雜性就大大增加了。而且我們擁有的客戶數量眾多。因此，我們有責任做到這一點——為我們的團隊，當然是我們的銷售代表和其他人提供工具，更好的工具——讓他們知道如何最有效、最有效地利用他們的時間，並擁有正確的分析、信息流和工具。

So that's going to be the aim. I think there's a lot to be done across the board. It's not any specific area that I would point to. It's a huge opportunity, and it's not going to be the kind of thing where it just sort of flip us with necessarily, but over the coming quarters we should expect to see progress.

所以這將是目標。我認為有很多事情要做。這不是我要指出的任何特定領域。這是一個巨大的機會，它不會是那種必然會顛覆我們的事情，但在接下來的幾個季度裡，我們應該期待看到進展。

The next question is from the line of Derik De Bruin with Bank of America.

下一個問題來自美國銀行的 Derik De Bruin。

This is Mike Ryskin on for Derik. I want to follow up on Matt's second question there. Jim, I realized that you've only been in the role for a couple of weeks now, but wondering if you could give us a little bit more of an update on your thoughts on some of the commercial revamps going forward?

這是 Derik 的 Mike Ryskin。我想在那裡跟進馬特的第二個問題。吉姆，我意識到你現在只擔任這個角色幾個星期，但想知道你是否可以向我們提供更多關於你對未來一些商業改造的想法的更新？

How do you think about retention of the existing sales force versus some turnover that we've already seen and we could probably expect to continue to see. Can you give us a time line on how long you think until the organization will be in the right place to sort of implement the strategy? I guess put another word for -- how much longer is there going to be a revamp versus when will you be ready to go forward?

您如何看待現有銷售人員的保留與我們已經看到並且我們可能會繼續看到的一些營業額。您能否給我們一個時間表，說明您認為該組織將在正確的位置實施該戰略需要多長時間？我想換個說法——改造還有多久，你什麼時候準備好前進？

So Mike, let me pick up that question. As you alluded to, Jim, he has been here for all of its business days, so I want to be careful in terms of -- in terms of feel the pressure on the specifics here.

所以邁克，讓我來回答這個問題。正如你所提到的，吉姆，他所有工作日都在這裡，所以我想小心點——就感受這裡的細節壓力而言。

One thing I do want to emphasize, like I said in the previous answer is, the team is very strong. The commercial team all around is strong. And in terms of -- we believe in the team and what we have been focused on is bringing the new leadership and the new tools and the new systems and new processes, right?

我確實想強調一件事，就像我在上一個答案中所說的那樣，團隊非常強大。各地的商業團隊都很強大。就--我們相信團隊，我們一直關注的是帶來新的領導力、新的工具、新的系統和新的流程，對嗎？

So it is going to be a function of -- over the next several quarters as we proceed and implement those changes. I think -- I don't think there's a lot more to add. And I would caution against focusing too much on the team turnover, which has not really been the case at this point.

因此，在接下來的幾個季度中，隨著我們繼續實施這些變化，它將成為一個功能。我想——我不認為還有很多要補充的。我會告誡不要過分關注球隊的流動性，目前情況並非如此。

Okay. Great. And then maybe a follow-up. In the past couple of quarters, there's been a lot of discussion about Halo users and non-Halo users and sort of as the installed base has grown, how the divergence of some parts of the customer base and the utilization that comes with that. I was wondering if you could give us an update on that sort of -- are you noticing continuing trends there? Have some of the efforts you've taken to address that, has that improved? Just to give us a little bit of a sense of what's going on the pull-through per system or maybe on the utilization side of things.

好的。偉大的。然後可能是後續行動。在過去的幾個季度中，有很多關於 Halo 用戶和非 Halo 用戶的討論，以及隨著安裝基礎的增長，客戶群的某些部分的差異以及隨之而來的利用率。我想知道您是否可以向我們提供有關此類的最新信息-您是否注意到那裡的持續趨勢？您是否已經採取了一些措施來解決這個問題，是否有所改善？只是為了讓我們對每個系統的直通或事物的利用率方面有所了解。

So I wouldn't say there's been a huge change since when we talked about it earlier in the year. Those data does tend to be -- there's been a lot of puts and takes so far this year. So it's hard to, at this stage to make any confident statements around these kind of longer-term patterns, which you -- which makes more sense to summarize in the course of across more like a year [cadence]. Overall, some similar trends we've seen before where instrument owners have consistent usage and consistent brands and daily users tend to be more episodic and use the products less.

所以我不會說自從我們今年早些時候談論它以來發生了巨大的變化。這些數據確實傾向於 - 今年到目前為止有很多看跌期權。因此，在這個階段，很難就這些長期模式做出任何自信的陳述，你 - 在更像一年的過程中總結起來更有意義[節奏]。總體而言，我們之前看到的一些類似趨勢是，儀器所有者俱有一致的使用和一致的品牌，而日常用戶往往更頻繁地使用產品並且更少使用產品。

The next question is from the line of Dan Arias with Stifel.

下一個問題來自與 Stifel 的 Dan Arias。

I have a little problem with my phone here or hopefully that doesn't get in the way of -- going to able to ask these here. But Serge or Justin, maybe just back on new products but more focused on this year. Should we think about some of the key new portfolio elements there, fixed RNA side of things, et cetera, playing a role in the 3Q to 4Q step-up that you alluded to as a part of the outlook?

我的手機在這裡有一點問題，或者希望這不會妨礙我在這裡問這些問題。但是 Serge 或 Justin，也許只是回到新產品上，但更專注於今年。我們是否應該考慮那裡的一些關鍵的新投資組合元素，固定 RNA 方面等等，在您提到的作為前景的一部分的 3Q 到 4Q 升級中發揮作用？

Well, we do -- we certainly feel good about these products. I mentioned CytAssist there in particular, it's a new instrument. So there's quite robust demand we're seeing from customers.

嗯，我們這樣做了——我們當然對這些產品感覺很好。我特別提到了 CytAssist，它是一種新工具。因此，我們從客戶那裡看到了相當強勁的需求。

Certainly, as you've heard me saying multiple times now, fixed RNA profiling is a very exciting product. The one note of caution there is that it's a new workflow, it takes some amount of time for people to benchmark it against our previous workflows. So there's going to be some amount of ramp that we still need to kind of see how that performs. Yes.

當然，正如您現在多次聽到我所說的那樣，固定 RNA 分析是一個非常令人興奮的產品。需要注意的一點是，這是一個新的工作流程，人們需要花費一些時間來將其與我們以前的工作流程進行對比。所以會有一定數量的斜坡，我們仍然需要看看它的表現如何。是的。

And Dan, as far as the step up from Q3 -- as far as the step-up from Q3 to Q4 goes, what we're really getting across there is just we'd expect Q4 to exhibit the same type of seasonality that we've seen in the past. And then typically, with new products, we don't typically subscribe too much volume to new products right at launch or right after launch. And we're always launching new products, and they do typically take a number of quarters to get traction before they become meaningful.

丹，就第三季度的升級而言——就第三季度到第四季度的升級而言，我們真正遇到的只是我們希望第四季度表現出與我們相同的季節性'過去見過。然後通常，對於新產品，我們通常不會在發佈時或發布後立即訂閱太多新產品。而且我們一直在推出新產品，它們通常需要幾個季度才能獲得吸引力，然後才會變得有意義。

Okay. Maybe, Serge, just as a follow-up, I wanted to ask a question about CellPlex. As you've thought about the moving parts and the dynamics in the single cell market today, and you think about that product seemingly being important for the long-term adoption of single cell. I'm just curious if you think in the short term that there's any negative impact that you're seeing on consumables growth just from reducing the per sample cost but maybe not seeing the volume increases at the same magnitude this year?

好的。也許，Serge，作為後續，我想問一個關於 CellPlex 的問題。正如您已經考慮過當今單電池市場的動態部件和動態，並且您認為該產品似乎對單電池的長期採用很重要。我很好奇您是否認為在短期內您看到消耗品增長僅因降低每個樣品成本而產生任何負面影響，但今年的銷量可能沒有以同樣的幅度增長？

Yes, this is something that we've been watching, I would say, on several fronts. CellPlex is one high throughput, HD [kit] is another one that has sort of some of the similar dynamics of reducing price per data point in order to drive volume.

是的，這是我們一直在關注的，我想說，在幾個方面。 CellPlex 是一種高吞吐量的產品，HD [kit] 是另一種具有某種類似動態的產品，即降低每個數據點的價格以提高產量。

I would say so far, to the extent that we can tell it's been fairly minimal kind of the extent of cannibalization on that front. There was some, but it also has opened up some new projects and studies. So on the net, I don't think there's a material change yet that we're seeing.

到目前為止，我想說的是，在某種程度上，我們可以說它在這方面的蠶食程度相當小。有一些，但它也開闢了一些新的項目和研究。所以在網上，我認為我們還沒有看到實質性的變化。

The next question is from the line of Tejas Savant with Morgan Stanley.

下一個問題來自摩根士丹利的 Tejas Savant。

So Serge or Justin, perhaps, can you just share some color on trends in July and into August here? I'm just trying to sort of juxtapose what is essentially sort of a mid-teens miss for 2Q versus the $100 million plus that you're taking down the guide by? And any specific color on Americas growth here? Was that essentially related to commercial missteps year-over-year, 8% a little bit underwhelming?

所以，也許 Serge 或 Justin，你能在這里分享一些關於 7 月和 8 月趨勢的顏色嗎？我只是想將第二季度基本上是十幾歲的青少年錯過與你取消指南的 1 億美元以上並列？這裡有什麼關於美洲增長的具體顏色嗎？這是否與年復一年的商業失誤有關，8% 有點令人印象深刻？

As far as your first question goes on trends to date, when we gave our updated guidance, we also gave some color on how we expect Q3 to go with a low to mid-teens percent increase from Q2 to Q3. And so far this quarter, the trends that we're seeing support that view.

至於您的第一個問題是關於迄今為止的趨勢，當我們提供更新的指導時，我們還給出了一些顏色，說明我們預計第三季度如何從第二季度到第三季度增長低到百分之十。本季度到目前為止，我們看到的趨勢支持這一觀點。

And then as far as your second question, just around overall growth in the different regions. The biggest impacts that we've seen are in APAC and EMEA, to a lesser degree in AMR. But within all regions we have seen some degree of slowness coming out of the first part of the year.

然後就您的第二個問題而言，只是圍繞不同地區的整體增長。我們看到的最大影響是在亞太地區和歐洲、中東和非洲地區，在 AMR 方面影響較小。但在所有地區，我們都看到今年上半年出現了一定程度的放緩。

Got it. That's helpful. And then just as a follow-up. One of your peers in spatial here called out this mix shift, if you will, away from multicellular resolution platforms to single cell or subcellular imagers. What are you hearing from your customers? And what does that imply for your Visium platform going forward, particularly in terms of the HD slippage year into next year?

知道了。這很有幫助。然後只是作為後續行動。如果您願意的話，您在空間領域的一位同行將這種混合轉變稱為從多細胞分辨率平台到單細胞或亞細胞成像儀。您從客戶那裡聽到了什麼？這對您的 Visium 平台未來意味著什麼，特別是在 HD 滑到明年的情況下？

So we haven't seen, like, I would say, a material slowdown in Visium adoption. I think it's been sort of a different sort of use cases in many ways, and it's still quite early in that market. So it has -- the medium has been growing, especially Visium FFPE has been growing quite robustly.

所以我們還沒有看到，比如，我想說的是，Visium 採用的實質性放緩。我認為它在很多方面都是一種不同的用例，而且在那個市場上還很早。所以它 - 媒體一直在增長，尤其是 Visium FFPE 一直在強勁增長。

So from that perspective, I think we're feeling good about the Visium trajectory, especially now with CytAssist coming out, which should put an additional sort of acceleration to the platform.

所以從這個角度來看，我認為我們對 Visium 的發展軌跡感覺良好，尤其是現在 CytAssist 的推出，這應該會給平台帶來額外的加速。

But we absolutely see the excitement around in these approaches and you refer to what's happened at the AGBT and we're certainly investing very aggressively in Xenium. I'm really looking forward to launching that platform layer to see lots of interest from customers, a lot of excitement internally here as well.

但我們絕對看到這些方法令人興奮，您提到了 AGBT 發生的事情，我們肯定會非常積極地投資於 Xenium。我真的很期待推出該平台層，以看到客戶的極大興趣，以及內部的很多興奮。

The next question is from the line of Patrick Donnelly with Citi.

下一個問題來自花旗銀行的 Patrick Donnelly。

Maybe a similar ran to Tejas' first question there. Just in terms of visibility, Justin, can you talk about overall the visibility for this business? I mean, obviously, 3 months ago, you guys maintained the guidance. You kind of knew about the Europe and China headwinds where you were somewhat known. North America seems like it came in pretty light. Can you just talk about just the general trends, visibility into the overall business as we move forward here?

也許與 Tejas 的第一個問題類似。賈斯汀，就知名度而言，您能談談這項業務的整體知名度嗎？我的意思是，顯然，3 個月前，你們保持了指導。您對歐洲和中國的逆風有所了解，您對此有所了解。北美似乎很光明。您能否僅談談總體趨勢以及我們在此前進時對整體業務的可見性？

Patrick, sure. So I think -- before getting into the core of the question, I'll just talk a little bit about the drivers for Q2. The biggest drivers on the Q2 miss were the extended lockdowns in China and also the currency impact as well. So just a few things on that.

帕特里克，當然。所以我認為 - 在進入問題的核心之前，我將稍微談談 Q2 的驅動因素。第二季度業績不佳的最大驅動因素是中國的長期封鎖以及貨幣影響。所以只是一些事情。

On China, historically, China has been about 15% of our business. And when you look at Q2, they did a fraction of what they have done before. And when we did our earnings call in the last cycle, and we reiterated guidance, we also shared our assumptions for that guidance update, which had the China lockdown abating basically in May. And they didn't -- and they extended into June, and they also increased in scope as well.

在中國，從歷史上看，中國約占我們業務的 15%。當您查看第二季度時，他們所做的只是他們之前所做的一小部分。當我們在上一個週期召開財報電話會議並重申指引時，我們還分享了我們對該指引更新的假設，中國的封鎖在 5 月基本緩解。他們沒有 - 他們延長到六月，他們的範圍也擴大了。

And then currency. Currency was a material issue in Q2 as well. Keep in mind that 45% of our revenue is outside the U.S. And when you look at 2022 revenue, whereas about 17% is indirect foreign currency. We also have distributors that we sell through that so -- that we sell to you in U.S. dollars to sell to customers in the foreign currency. So I think the impact of currency as it shifted over the whole of Q2 impacted more than that 17% that's in the direct foreign currency. I think it extended past that as well.

然後是貨幣。貨幣也是第二季度的一個重大問題。請記住，我們 45% 的收入來自美國以外，而當您查看 2022 年的收入時，大約 17% 是間接外幣。我們也有分銷商，我們通過這種方式進行銷售——我們以美元出售給您，然後以外幣出售給客戶。所以我認為貨幣在整個第二季度轉移的影響超過了直接外幣的 17%。我認為它也超越了這一點。

And so then also you have the impact of China currency and then just the growth rates that we were expecting coming out of the pandemic environment. And it was a pretty depressed Q1 with the Omicron impact in the first quarter. And coming into Q2, into Q3 and Q4, we did expect a higher acceleration and we haven't seen that yet.

因此，您還會受到中國貨幣的影響，然後是我們預期從大流行環境中出現的增長率。由於第一季度的 Omicron 影響，第一季度非常低迷。進入第二季度、第三季度和第四季度，我們確實預計會有更高的加速，但我們還沒有看到。

And so really, while we're expecting a more modest increase today and still an improvement, it's not to the degree that we were expecting earlier in the year. And for right now, we're going to forecast what we're currently seeing with a more modest growth rate on top of that.

所以真的，雖然我們預計今天會有更溫和的增長並且仍然有所改善，但它並沒有達到我們今年早些時候預期的程度。目前，我們將預測我們目前看到的情況，除此之外，增長率會更加溫和。

Understood. Okay. And then one, Serge or Justin can answer this one. I mean just in terms of kind of the balancing of kind of growth and profitability, you guys came out of the IPO, obviously spent pretty aggressively going after this big opportunity, put up great results for a couple of years stress there. Now kind of pruning the workforce and being focused on profitability. Can you just talk about how you guys balance that internally, again, still talking about the opportunity being very significant at the same time focused on profitability.

明白了。好的。然後一個，Serge 或 Justin 可以回答這個問題。我的意思是，就增長和盈利能力的平衡而言，你們從 IPO 中走出來，顯然花了相當大的精力去追逐這個巨大的機會，在幾年的壓力下取得了不錯的成績。現在有點修剪勞動力並專注於盈利能力。你能否談談你們如何在內部平衡這一點，再次，仍然在談論機會非常重要，同時關注盈利能力。

So maybe just talk about how you find that balance where you kind of direct the incremental dollars from here and kind of think about chasing growth versus, I guess, profitable growth versus kind of any growth. Maybe just a little bit of color there.

所以也許只是談談你如何找到平衡，你可以從這裡引導增量資金，並考慮追逐增長與我猜是盈利增長與任何增長。也許那裡只是一點點顏色。

Yes. So I'll say like, first of all, at a very high level, we're still very much in growth mode. The opportunity is huge. It's actually grown larger than at the time of the IPO and have every confidence. This is as big a thing as it has ever existed in life science tools. And so it's our job to realize this opportunity. And that's our #1 priority.

是的。所以我會說，首先，在一個非常高的水平上，我們仍然處於增長模式。機會是巨大的。它實際上比 IPO 時的規模更大，並且充滿信心。這是生命科學工具中曾經存在的一件大事。所以我們的工作就是抓住這個機會。這是我們的第一要務。

Now stepping back, if you look at, again, what has happened since over the last couple of years, since that deal, we've doubled the size of the team in the last 2 years. And it's not just the size that we've increased, the team has also organizational complexity, more layers, more roles, sometimes over specialized roles.

現在退一步，如果你再看看過去幾年發生的事情，自從那筆交易以來，我們在過去兩年中將團隊規模擴大了一倍。不僅是我們增加了規模，團隊還具有組織複雜性、更多層次、更多角色，有時甚至超過了專業角色。

And so there's an element of streamlining the organization really reflecting on the current macroeconomic environment, reflecting our current revenue rate, doing some amount of adjustments to the organization and being more careful and deliberate with how we spend going forward.

因此，有一個精簡組織的要素，真正反映了當前的宏觀經濟環境，反映了我們當前的收入率，對組織進行了一些調整，並對我們未來的支出方式更加謹慎和深思熟慮。

And so it is definitely a balance, but the first order, like we're absolutely investing and expecting lots of growth. But now we're also doing it with a constraint that Justin put out there driving towards being free cash flow positive.

所以這絕對是一個平衡，但首先是，就像我們絕對投資並期待大量增長一樣。但現在我們也在這樣做，賈斯汀在那裡提出了一個限制，推動自由現金流為正。

The next question is from the line of Daniel Brennan with Cowen.

下一個問題來自 Daniel Brennan 和 Cowen 的對話。

Maybe the first one is on single cell. So you highlighted, Serge, upfront incredibly positive fundamental environment, but obviously the last couple of quarters hasn't been as evident to us. So can you just give us some insight on what the underlying market in single cell is growing at? Has there been any slowdown from 3D spatial cannibalization?

也許第一個是在單細胞上。所以你強調，Serge，前期非常積極的基本環境，但顯然過去幾個季度對我們來說並不那麼明顯。那麼，您能否讓我們了解一下單電池的潛在市場正在增長的情況？ 3D 空間蠶食是否有任何放緩？

And between the drag from the one-off factors and how your base business is doing, it'd be interested to get some more color there. I know there was a question earlier on the Halo effect. So maybe you can just give us a little more flavor there. And I have a follow-up.

在一次性因素的拖累和您的基礎業務如何運作之間，有興趣在那裡獲得更多色彩。我知道之前有一個關於光環效應的問題。所以也許你可以在那裡給我們更多的味道。我有一個後續行動。

Yes. So as far as -- trying to get this -- the first half of the year had a whole lot of different effects, puts and takes from different sizes. So it's a little hard to infer long-term thanks from just what happened in the last 2 quarters. We go back to first principles of the fundamentals. That has not changed. Like people need single solid resolution, they certainly need it for applications all across life sciences, all across biology. So no question around that.

是的。所以就 - 試圖做到這一點 - 今年上半年有很多不同的影響，不同規模的投入和投入。所以很難從過去兩個季度發生的事情中推斷出長期的感謝。我們回到基本原理的第一原則。這並沒有改變。就像人們需要單一的固體分辨率一樣，他們當然需要它用於生命科學、生物學的所有應用。所以毫無疑問。

As far as questions in terms of cannibalization for spatial -- 3D spatial, I don't think that can be a material effect at this point given that there is not really much of those technologies out there, and we certainly would be seeing that on our side as well as were happening. I think it's more broadly -- the slowdowns we've been seeing recently again these broad macroeconomic factors that -- just to mention and also generally, we're still -- everyone still trying to figure out what is the kind of the new world of research look-like coming out the pandemic environment over the last 2 years.

至於空間蠶食（3D 空間）方面的問題，鑑於目前還沒有太多這些技術，我認為這不會產生實質性影響，我們肯定會在我們身邊以及正在發生的事情。我認為這是更廣泛的 - 我們最近再次看到的放緩 這些廣泛的宏觀經濟因素 - 只是提一下，一般來說，我們仍然 - 每個人仍在試圖弄清楚新世界是什麼樣的的研究看起來像過去 2 年的大流行環境。

Okay. Got it. And then on 3D spatial, well, I know you haven't really broken out specifics on the business in the past. It would help to get some color around how we think about the relative size of that business and/or your share?

好的。知道了。然後是 3D 空間，嗯，我知道你過去沒有真正詳細介紹過業務。這將有助於了解我們如何看待該業務和/或您的份額的相對規模？

And when we think about, at least, if you're not going to share that, but at least if you would think about the new product impact '23 -- like is this an incremental driver to year-over-year growth or just potentially a material driver of growth?

當我們考慮時，至少，如果你不打算分享這一點，但至少如果你會考慮新產品的影響 '23 - 比如這是逐年增長的增量驅動力，還是只是潛在的增長的物質驅動力？

Hi Dan, I'll start with that. So we don't currently -- you're right. We don't currently break Visium out. We will talk more about our plans for that at the Analyst Day that we talked about in the prepared remarks. But I can tell you, as far as trends go, over the last few quarters, it's relative percent of overall revenue hasn't fluctuated too much, meaning it's been consistent volume-wise with the rest of the business.

嗨，丹，我將從這個開始。所以我們目前沒有——你是對的。我們目前沒有打破 Visium。我們將在準備好的評論中談到的分析師日上更多地討論我們的計劃。但我可以告訴你，就趨勢而言，在過去幾個季度中，它佔總收入的相對百分比並沒有太大波動，這意味著它與其他業務的銷量保持一致。

The next question is from the line of Julia Qin with JPMorgan.

下一個問題來自摩根大通的 Julia Qin。

First on Visium HD. Could you give us a little bit more color on the nature of the delay and give us a little more detail on what's the bottleneck that remains to be addressed? And how confident are you that it's going to be addressed in the route of near term?

首先是 Visium HD。您能否給我們更多關於延遲性質的信息，並給我們更多關於仍有待解決的瓶頸的詳細信息？您對近期解決該問題的信心如何？

Yes. So as I said, there is -- this is like a very ambitious undertaking. We've been involved new technology, new manufacturing capabilities. And while the initial data for [Visium] look really good, we run to some technical and manufacturing scheduled scaling those. So we are committed to delivering the capabilities. But -- and we know it can be -- fundamentally it can be done because we have the data to show that it can be done. But it will take more time. And we are adjusting our product development approach this year, but we're not ready yet to talk about the specifics or an updated time line.

是的。正如我所說，這就像一個非常雄心勃勃的事業。我們一直在參與新技術，新的製造能力。雖然 [Visium] 的初始數據看起來非常好，但我們會運行一些技術和製造計劃來擴展這些數據。因此，我們致力於提供這些功能。但是——我們知道它可以——從根本上說它是可以做到的，因為我們有數據表明它是可以做到的。但這需要更多時間。今年我們正在調整我們的產品開發方法，但我們還沒有準備好談論細節或更新的時間表。

Got it. And then Xenium, just making sure if you're still on track to launch that by year-end, and are you taking preorders to take advantage of this year's customer budget?

知道了。然後是 Xenium，只是確保您是否仍有望在年底前推出該產品，並且您是否正在預訂以利用今年的客戶預算？

Yes. So Xenium, we are on track to launch it before the end of the year, and we have started taking preorders at -- for these instruments -- precisely, partially for that reason.

是的。因此，Xenium，我們有望在今年年底之前推出它，並且我們已經開始接受這些儀器的預訂，確切地說，部分原因是這個原因。

The next question is from the line of Matt Larew with William Blair.

下一個問題來自馬特·拉魯（Matt Larew）和威廉·布萊爾（William Blair）。

I want to just quickly follow up there on Julia's first question. Could you just confirm -- is it technical feasibility issues that you're still working to address? Or are those issues that you solve and it's a matter of scale up and manufacturing where the quality and consistency needs to be maintained? Just trying to assess that whether this is a technical feasibility or feasibility at scale issue.

我想快速跟進 Julia 的第一個問題。您能否確認一下——您是否仍在努力解決技術可行性問題？還是您解決的那些問題是擴大規模和製造需要保持質量和一致性的問題？只是試圖評估這是否是技術可行性或規模問題的可行性。

Well, it is really feasibility at scale issue because, again, internally, we have shown that it works, we see in the data and then transitioning into a scale is where there have been new challenges that we have encountered.

嗯，這在規模問題上確實是可行的，因為在內部，我們再次證明它是有效的，我們在數據中看到，然後過渡到規模是我們遇到新挑戰的地方。

Okay. And you mentioned last quarter that the delays were HD were affecting current Visium to demand. Has that still been the case? And are you sensing that customers are trialing other products? Just curious what your conversations with customers have been about the delay?

好的。您在上個季度提到延遲是 HD 影響當前 Visium 的需求。情況仍然如此嗎？您是否感覺到客戶正在試用其他產品？只是好奇您與客戶的對話是關於延遲的嗎？

Well, it's still very early. So we'll have to see how that plays out with customers. Like I said last time, HD was stalling some customer sales. It may actually unlock some going forward, but it's too early to speak at this stage.

嗯，現在還很早。因此，我們必須看看這對客戶有何影響。就像我上次說的那樣，HD 阻礙了一些客戶的銷售。它實際上可能會釋放一些前進的動力，但在現階段談論還為時過早。

Okay. Justin, based on results year-to-date, are you still expecting to see year-over-year growth in Chromium instrument placements?

好的。 Justin，根據年初至今的結果，您是否仍然期望看到 Chromium 儀器放置的同比增長？

Matt, good question. Earlier, we had said that we expected to be roughly flat year-over-year. I think with what we've seen so far actualized in Q1 and Q2 and then just the adjusted expectations that we have for the back end of the year. I would say at this point, we'd expect it to be flat to slightly lower than last year.

馬特，好問題。早些時候，我們曾說過，我們預計與去年同期相比大致持平。我認為到目前為止，我們在第一季度和第二季度看到的情況已經實現，然後是我們對今年年底的調整預期。我會說，在這一點上，我們預計它會與去年持平或略低。

The next question is from the line of Kyle Mikson with Canaccord Genuity.

下一個問題來自於 Canaccord Genuity 的 Kyle Mikson。

Justin, you mentioned the goal to be free cash flow breakeven or positive by the end of '23. Obviously that's a quarterly number. It's not a strategy you can get there. Could you just talk about like the underlying assumptions behind the expectation, at least directionally, like the one you [still have], right?

賈斯汀，你提到了到 23 年底實現自由現金流盈虧平衡或正數的目標。顯然，這是一個季度數字。這不是你能做到的策略。你能談談期望背後的基本假設，至少是方向性的，就像你[仍然擁有的]，對嗎？

So as far as us putting out the goal to become free cash flow positive in 2023 -- by the end of 2023, we feel that hitting that -- it's an important milestone for us to hit to make sure that we have the right financial profile on our path to becoming a profitable company.

因此，就我們在 2023 年實現自由現金流為正的目標而言——到 2023 年底，我們認為實現這一目標——對我們來說是一個重要的里程碑，以確保我們擁有正確的財務狀況在我們成為一家盈利公司的道路上。

And so obviously, there's different revenue scenarios that we're looking at for 2023. As we've shown right now, we are adapting to the environment that we're in, and I expect that we will continue to do so to the degree that it makes sense without hurting our longer-term growth prospects.

很明顯，我們正在考慮 2023 年的不同收入情景。正如我們現在所展示的，我們正在適應我們所處的環境，我希望我們將繼續這樣做到一定程度在不損害我們長期增長前景的情況下，這是有道理的。

So we'll share more about, like I said, the drivers for the 2023 top line later in the year. But we are committed to making sure that our spend is appropriate to the top line that we're experiencing.

因此，正如我所說，我們將在今年晚些時候分享更多關於 2023 年收入增長的驅動因素。但我們致力於確保我們的支出適合我們正在經歷的收入。

And also, just a few other points that we made on the call, we are expecting elevated levels of CapEx over these next few quarters, but I do expect those to drop off. So just on the spend side, that's a key factor to understand that once that operations facility is complete in roughly the Q1 2023 time frame, you will see a drop off in the CapEx.

此外，我們在電話會議上提出的其他幾點，我們預計未來幾個季度的資本支出水平會上升，但我確實預計這些會下降。因此，僅在支出方面，這是了解一旦該運營設施在大約 2023 年第一季度的時間框架內完成的關鍵因素，您將看到資本支出下降。

And we expect to spend roughly $140 million to $150 million CapEx over the next 12 months, but a good portion of that is front-loaded into the next couple of quarters.

我們預計在未來 12 個月內將花費大約 1.4 億至 1.5 億美元的資本支出，但其中很大一部分是在接下來的幾個季度中預先加載的。

All right. That was great. And then for Serge, just given some of the departures recently among the commercial and the marketing leadership, as well as the reduction last week. I was just wondering if you could talk about what gives you optimism that you're not going to suffer from any brain drain or a slowdown in your trademark kind of product innovation pipeline strategy? You alluded to retention earlier in your prepared remarks. Just was wondering if you could kind of expand on that.

好的。那很棒。然後對於 Serge，剛剛考慮到最近商業和營銷領導層的一些離職，以及上週的裁員。我只是想知道您是否可以談談是什麼讓您樂觀地認為您不會遭受任何人才流失或您標誌性的產品創新管道戰略放緩的影響？您在準備好的評論中提到了保留。只是想知道您是否可以對此進行擴展。

Yes. So I just want to emphasize, the retention comment was made very much with forward -- with a forward lens. We have not had really material departures in terms of brain drain or -- in fact, I would say the level of talent in the company right now is as high as it has ever been, in fact, probably higher than it has ever been. So I feel very confident going forward, especially from that perspective.

是的。所以我只想強調，保留評論是非常用前向——用前向鏡頭提出的。在人才流失方面，我們並沒有真正發生實質性的變化，或者——事實上，我想說的是，公司現在的人才水平與以往一樣高，事實上，可能比以往任何時候都高。所以我對前進充滿信心，尤其是從這個角度來看。

That concludes the Q&A session and also concludes today's call. Thank you for your participation, and enjoy the rest of your day.

問答環節到此結束，今天的電話會議也結束了。感謝您的參與，祝您度過愉快的一天。