愛齊科技 (ALGN) 2022 Q2 法說會逐字稿

Greetings. Welcome to the Align Q2 '22 earnings call. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎參加 Align Q2 '22 財報電話會議。 （操作員說明）請注意此會議正在錄製中。

I will now turn the conference over to your host, Shirley Stacy, with Align Technology. You may begin.

現在，我將通過 Align Technology 將會議轉交給您的主持人 Shirley Stacy。你可以開始了。

Good afternoon, and thank you for joining us. I'm Shirley Stacy, Vice President of Corporate Communications and Investor Relations. Joining me for today's call is Joe Hogan, President and CEO; and John Morici, CFO.

下午好，感謝您加入我們。我是企業傳播和投資者關係副總裁 Shirley Stacy。和我一起參加今天電話會議的是總裁兼首席執行官喬霍根；和首席財務官約翰莫里奇。

We issued second quarter 2022 financial results today via Business Wire, which is available on our website at investor.aligntech.com. Today's conference call is being audio webcast and will be archived on our website for approximately 1 month. A telephone replay will be available today by approximately 5:30 p.m. Eastern Time through 5:30 p.m. Eastern Time on August 10.

我們今天通過美國商業資訊發布了 2022 年第二季度財務業績，該業績可在我們的網站investor.aligntech.com 上查閱。今天的電話會議是網絡音頻廣播，將在我們的網站上存檔大約 1 個月。今天下午 5:30 左右將提供電話重播。東部時間到下午 5:30東部時間 8 月 10 日。

To access as a telephone replay, domestic callers should dial (866) 813-9403 with access code 137829. International callers should dial (929)458-6194 using the same access code.

要作為電話重放訪問，國內呼叫者應使用訪問代碼 137829 撥打 (866) 813-9403。國際呼叫者應使用相同的訪問代碼撥打 (929)458-6194。

As a reminder, the information provided and discussed today will include forward-looking statements, including statements about Align's future events and product outlook. These forward-looking statements are only predictions, and involve risks and uncertainties that are described in more detail in our most recent periodic reports filed with the Securities and Exchange Commission available on our website and at sec.gov. Actual results may vary significantly, and Align expressly assumes no obligation to update any forward-looking statements.

提醒一下，今天提供和討論的信息將包括前瞻性陳述，包括關於 Align 未來事件和產品前景的陳述。這些前瞻性陳述只是預測，涉及的風險和不確定性在我們最近提交給證券交易委員會的定期報告中有更詳細的描述，該報告可在我們的網站和 sec.gov 上查閱。實際結果可能會有很大差異，Align 明確不承擔更新任何前瞻性陳述的義務。

We have posted historical financial statements, including the corresponding reconciliations, including our GAAP to non-GAAP reconciliation, if applicable, and our second quarter 2022 conference call slides on our website under quarterly results. Please refer to these files for more detailed information.

我們已經發布了歷史財務報表，包括相應的對賬，包括我們的 GAAP 與非 GAAP 對賬（如果適用），以及我們網站上季度業績下的 2022 年第二季度電話會議幻燈片。請參閱這些文件以獲取更多詳細信息。

And with that, I'd like to turn the call over to Align Technology's President and CEO, Joe Hogan. Joe?

有了這個，我想把電話轉給 Align Technology 的總裁兼首席執行官 Joe Hogan。喬？

Thanks, Shirley. Good afternoon, and thanks for joining us. On our call today, I'll provide an overview of our Q2 results and discuss the performance of our 2 operating segments, Systems and Services and Clear Aligners. John will provide more detail on our financial performance and our view for the remainder of the year. Following that, I'll come back and summarize a few key points and open the call to questions.

謝謝，雪莉。下午好，感謝您加入我們。在今天的電話會議上，我將概述我們的第二季度業績，並討論我們兩個運營部門的業績，即係統和服務以及 Clear Aligners。約翰將提供更多關於我們的財務業績和我們對今年剩餘時間的看法的細節。在那之後，我會回來總結幾個關鍵點，然後打開提問電話。

I'm pleased to report solid second quarter results with top line revenues relatively unchanged from Q1, and an operating margin of approximately 20%, despite unfavorable foreign exchange. The underlying market for orthodontics continues to be impacted by macroeconomic environment factors and lingering effects of COVID-19 variants in certain markets.

我很高興地報告穩健的第二季度業績，儘管外匯不利，但收入與第一季度相比保持相對不變，營業利潤率約為 20%。正畸的潛在市場繼續受到宏觀經濟環境因素和 COVID-19 變體在某些市場中揮之不去的影響的影響。

Notwithstanding these headwinds, we've remained focused on achieving our strategic initiatives, including opening new offices in the Middle East and Africa and our new manufacturing facility in Poland, launching new solutions to better support the way our customers want to do business. such as a Doctor Subscription Program, and Teen case packs, and announcing new products and innovation to help our doctors and their patients. These new innovations are revolutionizing the digital treatment planning and helping to drive the evolution of digital orthodontics and comprehensive dentistry.

儘管存在這些不利因素，我們仍然專注於實現我們的戰略計劃，包括在中東和非洲開設新辦事處以及在波蘭開設新的製造工廠，推出新的解決方案以更好地支持我們的客戶開展業務的方式。例如醫生訂閱計劃和青少年病例包，並宣布新產品和創新以幫助我們的醫生及其患者。這些新的創新正在徹底改變數字治療計劃，並有助於推動數字正畸和綜合牙科的發展。

Align is well positioned to withstand the current market conditions to lead a digital revolution in orthodontics and dentistry as the environment and growth trends improve. For Systems and Services , Q2 revenues were up 4.7% sequentially and up slightly year-over-year compared to Q2 '21 year-over-year growth of 215%. Q2 Systems and Services revenues increased sequentially driven by scanner volume growth in the Americas and APAC, partially offset by lower volume in EMEA, and unfavorable impact of foreign exchange. The iTero Element 5D imaging system continues to represent the majority of our scanner volume as doctors recognize the benefits of going digital.

隨著環境和增長趨勢的改善，Align 能夠很好地承受當前的市場條件，引領正畸學和牙科領域的數字革命。對於系統和服務，與 21 年第二季度 215% 的同比增長相比，第二季度收入環比增長 4.7%，同比略有增長。第二季度系統和服務收入在美洲和亞太地區掃描儀銷量增長的推動下環比增長，部分被歐洲、中東和非洲地區銷量下降以及外彙的不利影響所抵消。隨著醫生認識到數字化的好處，iTero Element 5D 成像系統繼續佔據我們掃描儀體積的大部分。

In APAC, the iTero entry-level Flex scanner offering was up sequentially in Q2, reflecting increased adoption. I'm also pleased with sequentially increasing services revenues in Q2, reflecting growth from the installed base. Services revenues represent approximately 40% of our Systems and Services business. For our Clear Aligner segment, Q2 revenues were down slightly sequentially and down 5.1% year-over-year compared to our Q2 '21 record year-over-year revenue growth of 182%.

在亞太地區，iTero 入門級 Flex 掃描儀產品在第二季度環比增長，反映出採用率增加。我也對第二季度服務收入的連續增長感到高興，這反映了安裝基數的增長。服務收入約占我們系統和服務業務的 40%。對於我們的 Clear Aligner 部門，與我們 21 年第二季度創紀錄的 182% 的收入同比增長相比，第二季度的收入環比略有下降，同比下降 5.1%。

For the quarter, Q2 Clear Aligner volumes reflect sequential growth across the Americas and parts of EMEA, partially offset by China and U.K. Q2 Invisalign case starts for teens and younger patients was 177,300 up slightly sequentially and down 2.1% year-over-year compared to Q2 last year when our Teen case shipment growth rate was an all-time high. For Q2, Invisalign First for kids as young as 6 years old, grew year-over-year and was strong across all regions.

本季度，第二季度 Clear Aligner 銷量反映了美洲和歐洲、中東和非洲部分地區的連續增長，部分被中國和英國抵消。第二季度青少年和年輕患者的 Invisalign 病例開始數為 177,300 例，環比略有增長，同比下降 2.1%去年第二季度，我們的青少年箱出貨量增長率創歷史新高。對於第二季度，Invisalign First 適用於 6 歲的兒童，同比增長，並且在所有地區都很強勁。

During Q2, we introduced Invisalign Teen packs in the U.S. and Canada and France. Teen packs is our new subscription program, which enables orthodontists to buy clear aligners and packs in advance, similar to the way they buy wires and brackets today. Our Teen case pack simplified the ordering process and make the billing more predictable for doctors. Teen case packs also include exclusive practice development benefits with the Invisalign brand and requires an incremental volume commitment from doctors.

在第二季度，我們在美國、加拿大和法國推出了 Invisalign 青少年套裝。 Teen packs 是我們的新訂閱計劃，它使正畸醫生能夠提前購買透明矯治器和牙套，類似於他們今天購買電線和支架的方式。我們的青少年病例包簡化了訂購流程，使醫生的計費更加可預測。青少年病例包還包括 Invisalign 品牌的獨家實踐發展優勢，並且需要醫生增加數量的承諾。

To date, enrollment has been encouraging with early adoptions highest among doctors who have not historically used Invisalign aligners to treat their teen patients. For other non-case revenues, which include retention products such as Vivera Retainers, clinical training and education, accessories, e-commerce and our new subscription programs such as our DSP revenues, were up both sequentially and year-over-year. For retainers, Q2 shipments had strong momentum with sequential and year-over-year growth across all regions driven by both submitters and utilization.

迄今為止，註冊人數一直令人鼓舞，在歷史上沒有使用 Invisalign 矯正器治療青少年患者的醫生中，早期採用率最高。對於其他非病例收入，包括 Vivera Retainers 等保留產品、臨床培訓和教育、配件、電子商務以及我們的新訂閱計劃（例如我們的 DSP 收入），環比和同比均有所增長。對於保留者，第二季度的出貨量勢頭強勁，在提交者和利用率的推動下，所有地區的連續和同比增長。

Momentum in our Doctor Subscription Program continued and Q2 revenues increased over 60% sequentially.

我們的醫生訂閱計劃繼續保持勢頭，第二季度收入環比增長超過 60%。

Now let's turn to the specifics around our second quarter results, starting with the Americas. For the Americas region, Q2 Invisalign case volumes were up sequentially, reflecting increased submissions from the orthodontic channel and increased utilization from the GP channel. From a product standpoint, Q2 sequential Invisalign case growth reflects increases in both comprehensive and noncomprehensive products, including Invisalign First and Invisalign Moderate. Q2 also benefited from increased utilization in the DSO channel.

現在讓我們看看第二季度業績的具體細節，從美洲開始。對於美洲地區，第二季度 Invisalign 的病例數量環比上升，這反映了正畸渠道提交的數量增加和 GP 渠道的利用率增加。從產品的角度來看，第二季度 Invisalign 病例的連續增長反映了綜合和非綜合產品的增長，包括 Invisalign First 和 Invisalign Moderate。第二季度還受益於 DSO 渠道的利用率增加。

Our international Clear Aligners, Q2 Invisalign case volumes were down 1.7% sequentially, primarily as a result of the headwinds described previously. For EMEA, Q2 Invisalign case volumes were down slightly primarily reflecting a slight increase in Iberia and Italy, offset primarily by slightly lower sequential volumes in the U.K. and France. For Q2, expansion market shipments declined sequentially. Q2 Invisalign teen patients increased sequentially driven by an increase in the number of doctors submitting teen cases.

我們的國際 Clear Aligners，第二季度 Invisalign 案例量環比下降 1.7%，主要是由於前面描述的逆風。對於歐洲、中東和非洲地區，第二季度 Invisalign 案例數量略有下降，主要反映了伊比利亞和意大利的小幅增長，主要被英國和法國的環比數量略有下降所抵消。第二季度，擴展市場出貨量環比下降。 Q2 Invisalign 青少年患者在提交青少年病例的醫生數量增加的推動下依次增加。

Turning to APAC. Invisalign case volumes were down slightly, reflecting a full quarter effect of continued lockdowns in China. For Q2, Taiwan, Hong Kong, Japan and India performed well during the quarter. On a year-over-year basis, Invisalign case shipments growth was strong in Japan, India, Taiwan, Thailand and Korea. The APAC teen case volume increased year-over-year, primarily driven by increased doctor submitters.

轉向亞太地區。 Invisalign 隱適美病例數量略有下降，反映出中國持續封鎖整整一個季度的影響。第二季度，台灣、香港、日本和印度在該季度表現良好。與去年同期相比，日本、印度、台灣、泰國和韓國的 Invisalign 保護套出貨量增長強勁。亞太地區青少年病例數量同比增加，主要是由於醫生提交者增加。

Turning to new innovations. The Align Digital Platform is an integrated suite of proprietary technologies and services delivered as a seamless end-to-end solution to customers that connects all users, doctors, labs patients and consumers to transform smiles, and change lives. Our technology advancements help our doctor customers deliver superior clinical outcomes, treatment efficiency and also superior patient experience.

轉向新的創新。 Align 數字平台是一套集成的專有技術和服務，作為無縫的端到端解決方案提供給客戶，連接所有用戶、醫生、實驗室患者和消費者，以改變微笑和改變生活。我們的技術進步幫助我們的醫生客戶提供卓越的臨床結果、治療效率和卓越的患者體驗。

In Q2, we introduced Invisalign Outcome Simulator Pro and Cone Beam Computed Tomography systems integration for ClinCheck software, building on several new innovations announced last quarter that we'll begin rolling out across the regions in August. Invisalign Outcome Simulator Pro, the next-generation patient communication tool that empowers doctors to help patients visualize their potential new smile after Invisalign treatment. Use in-phase visualization in 3D dentition view, all done chairside in minutes.

在第二季度，我們為 ClinCheck 軟件引入了 Invisalign Outcome Simulator Pro 和錐形束計算機斷層掃描系統集成，建立在上個季度宣布的幾項新創新的基礎上，我們將於 8 月開始在各個地區推出。 Invisalign Outcome Simulator Pro，下一代患者溝通工具，使醫生能夠幫助患者在 Invisalign 治療後想像他們潛在的新笑容。在 3D 牙列視圖中使用同相可視化，一切都在幾分鐘內完成。

Cone Beam Computed Tomography systems, or what we call CBCT, integration for ClinCheck software is designed to deliver a complete view of a patient's roots, crown and jawbone. CBCT integration for ClinCheck software enables doctors to confidently deliver a more informed Invisalign clear liner treatment plan or a wide range of cases. The user-friendly interface makes it easy for doctors to see their patients root, crown and jawbone and 1 automatically digitally fused 3D model. This allows doctors to tailor their treatment, plan based on their experience and their patients' needs. CBCT integration for ClinCheck software gives doctors the control and confidence to expand treatment planning to a broad range of mal inclusions, including surgical, restorative, expansion, extraction as well as teen cases with impacted or unerupted teeth.

錐形束計算機斷層掃描系統，或我們所說的 CBCT，與 ClinCheck 軟件的集成旨在提供患者牙根、牙冠和顎骨的完整視圖。 ClinCheck 軟件的 CBCT 集成使醫生能夠自信地提供更明智的 Invisalign 透明襯裡治療計劃或廣泛的病例。用戶友好的界面使醫生可以輕鬆查看患者的牙根、牙冠和顎骨以及 1 個自動數字融合的 3D 模型。這使醫生可以根據他們的經驗和患者的需求來定制他們的治療和計劃。與 ClinCheck 軟件的 CBCT 集成使醫生能夠控制並有信心將治療計劃擴展到廣泛的惡性內含物，包括手術、修復、擴張、拔牙以及牙齒受阻或未萌出的青少年病例。

While it's still early in the commercialization of these new products, initial feedback from doctors is encouraging. We are excited to begin scaling them across our customer base in the second half of 2022. Also, during the quarter, we awarded 11 new research grants totaling $275,000 to universities around the world. Through our annual research awards program, we help advance orthodontic and dental research, furthering our commitment to the future of digital orthodontics and restorative dentistry.

雖然這些新產品的商業化仍處於早期階段，但醫生的初步反饋令人鼓舞。我們很高興在 2022 年下半年開始在我們的客戶群中擴展它們。此外，在本季度，我們向世界各地的大學授予了 11 項新的研究資助，總額為 275,000 美元。通過我們的年度研究獎勵計劃，我們幫助推進正畸和牙科研究，進一步致力於數字正畸和修復牙科的未來。

Our consumer marketing is focused on educating consumers about the Invisalign system, and driving that demand to Invisalign doctors offices, ultimately capitalizing on the massive market opportunity to transform 500 million smiles. For Q2, we had over 16.2 million visits to our websites, a 15% year-over-year increase, and delivered over 6.3 billion impressions. Both metrics were lower versus Q1 as we chose to rightsize our size and media spend in Q2 given the macroeconomic environment.

我們的消費者營銷專注於向消費者宣傳 Invisalign 系統，並將這種需求推向 Invisalign 醫生辦公室，最終利用巨大的市場機會來改變 5 億個微笑。第二季度，我們的網站訪問量超過 1620 萬次，同比增長 15%，展示次數超過 63 億次。鑑於宏觀經濟環境，我們選擇在第二季度調整規模和媒體支出，這兩個指標均低於第一季度。

During the quarter, we built on our successful "Invis is" multimedia campaign and launched in the U.S. the next evolution with 2 new campaigns, "Invis is trauma-free", targeted at teens, and "Invis is when everything clicks", targeted at adults. Our Invis is trauma-free campaign highlights the benefits of Invisalign treatment, while numerously juxtaposing teens with the significant hassles involved with using braces. Our Invis is when everything clicks campaign showcases of Invisalign treatment transforming smiles and the resulting confidence it gives to young adults. Both campaigns will be rolled out to markets around the world in Q3.

在本季度，我們以成功的“Invis is”多媒體活動為基礎，並在美國推出了下一個演進的 2 個新活動，“Invis 是無創傷的”，針對青少年，以及“Invis is when everything clicks”，針對在成年人。我們的 Invis 無創傷活動突出了 Invisalign 治療的好處，同時將青少年與使用牙套所涉及的重大麻煩並列在一起。我們的 Invis 是當一切都在點擊活動時展示 Invisalign 治療改變微笑以及由此給年輕人帶來的信心。這兩項活動都將在第三季度向全球市場推出。

Advancing of our consumer patient app, My Invisalign, continued to increase with 1.8 million downloads to date. Uses of our 4 digital tools continues to increase, for example, Invisalign virtual appointment tool was used over 12,000 times, and our insurance verification feature was used 36,000 times in Q2. Further, we received more than 91,000 patient photos in our virtual care feature globally, which continues to provide us with rich data to leverage our artificial intelligence capabilities and improve our services for doctors and patients. Additional consumer demand metrics are included in our Q2 earnings slides posted on our website.

我們的消費者患者應用程序 My Invisalign 的發展繼續增長，迄今為止下載量達到 180 萬次。我們 4 種數字工具的使用量持續增加，例如 Invisalign 虛擬預約工具的使用次數超過 12,000 次，我們的保險驗證功能在第二季度使用了 36,000 次。此外，我們在全球的虛擬護理功能中收到了超過 91,000 張患者照片，這將繼續為我們提供豐富的數據，以利用我們的人工智能能力並改善我們對醫生和患者的服務。其他消費者需求指標包含在我們網站上發布的第二季度收益幻燈片中。

We are pleased with our Q2 Systems and Services revenues, which were up 5% sequentially and up 1% year-over-year. Q2 sequential growth primarily reflects higher scanner volumes in the Americas and APAC, in increased subscriptions. Year-over-year results primarily reflect increased scanner revenues in the Americas, offset by lower volume in APAC and EMEA. Growth of our iTero scanner installed base is driving an increase in services revenue.

我們對第二季度的系統和服務收入感到滿意，該收入環比增長 5%，同比增長 1%。第二季度的連續增長主要反映了美洲和亞太地區掃描儀數量增加，訂閱量增加。同比結果主要反映了美洲掃描儀收入的增加，但被亞太地區和歐洲、中東和非洲地區的銷量下降所抵消。我們 iTero 掃描儀安裝基礎的增長正在推動服務收入的增長。

On a year-over-year basis, Systems and Services growth reflects increased service revenues from our largest scanner installed base, higher subscription revenues and increased sales of scanner once leased. The number of intraoral digital scans used for Invisalign case submissions in Q2 reflect continued adoption of our digital scanners and our larger installed base. Total worldwide intraoral digital scan submitted to start an Invisalign case in Q2 increased 88.4% from 82.2% in Q2 of last year.

與去年同期相比，系統和服務的增長反映了我們最大的掃描儀安裝基礎服務收入的增加、訂閱收入的增加以及掃描儀租賃後銷售額的增加。第二季度用於 Invisalign 案例提交的口內數字掃描的數量反映了我們數字掃描儀的持續採用和我們更大的安裝基礎。第二季度提交的用於啟動 Invisalign 案例的全球口內數字掃描總數比去年第二季度的 82.2% 增加了 88.4%。

International intraoral digital scans for Invisalign case submissions increased 84.4%, up from 76.2% in Q2 of last year. For the Americas, 91.4% of Invisalign cases were submitted using an intraoral digital scan compared to 87% in Q2 last year. Cumulatively, over 60.4 million orthodontic scans and over 12.6 million restorative scans have been performed with iTero scanners.

用於 Invisalign 病例提交的國際口腔內數字掃描增加了 84.4%，高於去年第二季度的 76.2%。在美洲，91.4% 的 Invisalign 病例是使用口腔內數字掃描提交的，而去年第二季度這一比例為 87%。累計使用 iTero 掃描儀進行了超過 6040 萬次正畸掃描和超過 1260 萬次修復掃描。

Our Q2 exocad CAD/CAM products and services, which include restorative dentistry, implantology, guided surgery and smile design offerings are included in our Systems and Services revenue. Exocad products and services are helping extend our digital dental solutions and broaden the aligned digital platform towards fully integrated interdisciplinary end-to-end workflows. During the quarter, exocad released dental CAD 3.1 Rijeka in the new powerful lab software, which saves design time and offers more intuitive workflows along the designs earning from CAD to CAM.

我們的第二季度 exocad CAD/CAM 產品和服務，包括修復牙科、種植學、引導手術和微笑設計產品，都包含在我們的系統和服務收入中。 Exocad 產品和服務正在幫助擴展我們的數字牙科解決方案，並將對齊的數字平台擴展到完全集成的跨學科端到端工作流程。在本季度，exocad 在新的功能強大的實驗室軟件中發布了牙科 CAD 3.1 Rijeka，它可以節省設計時間，並在從 CAD 到 CAM 的設計中提供更直觀的工作流程。

In addition, the release -- the exocad release launched the new, myexocad, portal, introducing mandatory end-user software use registration that for the first time, allows exocad to collect information about who and how customers are using the software. This expands the opportunities for future product improvements. Also during the quarter, we signed a new long-term contract with exocad largest customer, (inaudible), further strengthening our relationship.

此外，exocad 版本推出了新的 myexocad 門戶，首次引入了強制性的最終用戶軟件使用註冊，允許 exocad 收集有關客戶使用該軟件的人員和方式的信息。這擴大了未來產品改進的機會。同樣在本季度，我們與 exocad 最大客戶（聽不清）簽署了一份新的長期合同，進一步加強了我們的關係。

Finally, we continue to execute our strategy of geographic expansion. In June, our European manufacturing facility in Wroclaw, Poland, began manufacturing clear aligners for the EMEA region, locally, for the first time. We also continued our operational expansion in Poland with our latest treatment planning facility.

最後，我們繼續執行我們的地域擴張戰略。 6 月，我們位於波蘭弗羅茨瓦夫的歐洲製造工廠首次開始在當地為 EMEA 地區製造透明矯正器。我們還通過我們最新的治療計劃設施繼續在波蘭的業務擴展。

Our expanded operation in Poland supports Invisalign doctors in local languages, increases our flexibility and timeliness in supporting our doctor customers across the region, and we expect will positively influence the quality and time of preparation of ClinCheck treatment plans and provide our doctor customers with benefits of digital orthodontics with the Invisalign system. We are uniquely positioned with manufacturing and treatment planning in all 3 regions, and no other clear aligner manufacturer has our global footprint and capabilities.

我們在波蘭的擴展業務以當地語言為 Invisalign 醫生提供支持，提高了我們為該地區醫生客戶提供支持的靈活性和及時性，我們預計將對 ClinCheck 治療計劃的準備質量和時間產生積極影響，並為我們的醫生客戶提供以下好處使用 Invisalign 系統進行數字正畸。我們在所有 3 個地區的製造和治療計劃方面都處於獨特的地位，沒有其他任何透明矯治器製造商擁有我們的全球足跡和能力。

With that, I'll now turn the call over to John.

有了這個，我現在將把電話轉給約翰。

Thanks, Joe. Now for our Q2 financial results. Total revenues for the second quarter were $969.6 million, down 0.4% from the prior quarter and down 4.1% from the corresponding quarter a year ago. This is compared to Q2 '21 revenues of $1 billion, which had a year-over-year growth rate of 186.9%. For clear aligners, Q2 revenues of $798.4 million were down 1.4% sequentially, due primarily to product mix and unfavorable foreign exchange, partially offset by higher non-case revenues, and down 5.1% year-over-year, primarily reflecting lower volumes, unfavorable impact from foreign exchange and product mix shift, partially offset by higher additional aligners, per order processing fees and higher non-case revenues.

謝謝，喬。現在來看我們的第二季度財務業績。第二季度總收入為 9.696 億美元，比上一季度下降 0.4%，比去年同期下降 4.1%。相比之下，21 年第二季度的收入為 10 億美元，同比增長率為 186.9%。對於透明矯正器，第二季度收入為 7.984 億美元，環比下降 1.4%，主要是由於產品組合和不利的外匯，部分被較高的非病例收入所抵消，同比下降 5.1%，主要反映了銷量下降、不利外彙和產品組合轉變的影響，部分被更高的附加調整器、每筆訂單處理費和更高的非案件收入所抵消。

Q2 '22 Clear Aligner revenues were unfavorably impacted by foreign exchange of approximately $12.3 million or approximately 1.5% sequentially, and approximately $32.9 million or approximately 4% year-over-year. For Q2, Invisalign comprehensive ASPs decreased sequentially and increased year-over-year. On a sequential basis, the decline in comprehensive ASPs reflect higher discounts and unfavorable impact from foreign exchange, partially offset by higher additional aligners.

22 年第二季度，Clear Aligner 收入受到外彙的不利影響，其環比約為 1230 萬美元或約 1.5%，同比約為 3290 萬美元或約 4%。對於第二季度，Invisalign 綜合 ASP 環比下降，同比增長。從環比來看，綜合平均售價的下降反映了更高的折扣和外彙的不利影響，部分被更高的附加調整器所抵消。

On a year-over-year basis, higher comprehensive ASPs reflect the impact of higher additional aligners and per order processing fees, partially offset by the impact of unfavorable foreign exchange and higher discounts. Q2 Invisalign noncomprehensive ASPs increased sequentially and year-over-year.

與去年同期相比，更高的綜合 ASP 反映了更高的附加校準器和每筆訂單處理費的影響，部分被不利的外彙和更高折扣的影響所抵消。第二季度 Invisalign 非綜合 ASP 環比和同比增長。

On a sequential basis, Invisalign noncomprehensive ASPs were favorably impacted by lower discounts, partially offset by product mix and unfavorable foreign exchange. On a year-over-year basis, higher Invisalign noncomprehensive ASPs reflect lower discounts, per order processing fees and higher additional aligners, partially offset by the impact of unfavorable foreign exchange and product mix shift.

在連續的基礎上，Invisalign 非綜合 ASP 受到較低折扣的有利影響，部分被產品組合和不利的外匯所抵消。與去年同期相比，Invisalign 非綜合 ASP 較高反映了較低的折扣、每筆訂單處理費和較高的附加校準器，部分被不利的外彙和產品組合轉變的影響所抵消。

Clear Aligner of deferred revenues on the balance sheet increased $25.4 million or 2.3% sequentially and $231 million or up 25.5% year-over-year, and will be recognized as the additional aligners are shipped. Q2 '22 Systems and Services revenue of $171.2 million were up 4.7% sequentially, primarily due to higher scanner volume and ASP, and were up slightly by 0.8% year-over-year, primarily from higher services revenues from our larger installed base, partially offset by lower scanner volume and lower ASP.

資產負債表上遞延收入的 Clear Aligner 環比增長 2540 萬美元或 2.3%，同比增長 2.31 億美元或 25.5%，並將被確認為額外的校準器發貨。 22 年第二季度系統和服務收入為 1.712 億美元，環比增長 4.7%，主要是由於掃描儀銷量和 ASP 增加，同比小幅增長 0.8%，主要是由於我們更大的安裝基礎帶來的服務收入增加，部分原因是由較低的掃描儀體積和較低的 ASP 抵消。

Systems and Services revenue were unfavorably impacted by foreign exchange of approximately $2.9 million, or approximately 1.7% sequentially. On a year-over-year basis, Systems and Services revenue were unfavorably impacted by foreign exchange of approximately $7 million or approximately 3.9%. Systems and Services deferred revenues on the balance sheet was $13.3 million or 5.4% sequentially, and up $99.6 million or 62.3% year-over-year primarily due to the increase in scanner sales and the deferral of service revenues included with the scanner purchase, which will be recognized ratably over the service period.

系統和服務收入受到約 290 萬美元外彙的不利影響，環比下降約 1.7%。與去年同期相比，系統和服務收入受到約 700 萬美元或約 3.9% 的外彙的不利影響。資產負債表上的系統和服務遞延收入為 1330 萬美元，環比增長 5.4%，同比增長 9960 萬美元或 62.3%，這主要是由於掃描儀銷售額的增長和掃描儀購買中包含的服務收入遞延，這將在服務期內按比例確認。

Moving on to gross margin. Second quarter overall gross margin was 70.9%, down 2 points sequentially and down 4.1 points year-over-year. Overall, gross margin was unfavorably impacted by approximately 0.5 points sequentially and 1.1 points on a year-over-year basis due to foreign exchange. Clear Aligner gross margin for the second quarter was 73.3%, down 1.5 points sequentially due to lower ASPs and higher freight costs. Clear Aligner gross margin was down 3.6 points year-over-year due to a higher mix of additional aligner volume, higher freight and manufacturing spend, partially offset by higher ASPs.

繼續毛利率。第二季度整體毛利率為70.9%，環比下降2個百分點，同比下降4.1個百分點。總體而言，由於外匯，毛利率受到不利影響，環比下降約 0.5 個百分點，同比下降約 1.1 個百分點。 Clear Aligner 第二季度毛利率為 73.3%，環比下降 1.5 個百分點，原因是平均售價下降和運費上漲。 Clear Aligner 毛利率同比下降 3.6 個百分點，原因是額外的 aligner 數量、更高的運費和製造支出的組合增加，部分被更高的 ASP 所抵消。

Systems and Services gross margin for the second quarter was 59.8%, down 3.6 points sequentially due to higher manufacturing variances and freight costs partially offset by higher ASPs. Systems and Services gross margin was down 6.1 points year-over-year due to lower ASPs and higher manufacturing variances, partially offset by higher service mix.

第二季度的系統和服務毛利率為 59.8%，環比下降 3.6 個百分點，原因是較高的製造差異和運費成本部分被較高的 ASP 所抵消。由於較低的平均售價和較高的製造差異，系統和服務毛利率同比下降 6.1 個百分點，部分被較高的服務組合所抵消。

Q2 operating expenses were $499.4 million, down sequentially 2.3% and up 2% year-over-year. On a sequential basis, operating expenses were down by $11.9 million mainly due to lower incentive compensation and controlled spend on advertising and marketing as part of our efforts to proactively manage costs. Year-over-year, operating expenses increased by $9.7 million, reflecting our continued investment in marketing, sales and R&D activities and investments commensurate with business growth.

第二季度運營費用為 4.994 億美元，環比下降 2.3%，同比增長 2%。在連續的基礎上，運營費用減少了 1190 萬美元，這主要是由於我們積極管理成本的努力的一部分，激勵性薪酬降低以及廣告和營銷支出受到控制。與去年同期相比，運營費用增加了 970 萬美元，這反映了我們對營銷、銷售和研發活動的持續投資以及與業務增長相稱的投資。

On a non-GAAP basis, excluding stock-based compensation, amortization of acquired intangibles related to certain acquisitions and acquisition costs, operating expenses were $466 million down sequentially 3% and up 1% year-over-year. Our second quarter operating income of $188.2 million resulted in an operating margin of 19.4%, down 0.9 points sequentially and down 7.2 points year-over-year. Operating margin was unfavorably impacted by approximately 1.1 points sequentially due to foreign exchange. The year-over-year decrease in operating margin is primarily attributable to lower gross margin, investments in our go-to-market teams and technology as well as unfavorable impact from foreign exchange by approximately 2.4 points.

在非公認會計準則基礎上，不包括基於股票的薪酬、與某些收購和收購成本相關的收購無形資產攤銷，運營費用為 4.66 億美元，環比下降 3%，同比增長 1%。我們第二季度的營業收入為 1.882 億美元，營業利潤率為 19.4%，環比下降 0.9 個百分點，同比下降 7.2 個百分點。由於外匯，營業利潤率依次受到約 1.1 個百分點的不利影響。營業利潤率同比下降主要是由於毛利率下降、對我們的上市團隊和技術的投資以及外彙的不利影響約 2.4 個百分點。

On a non-GAAP basis, which excludes stock-based compensation, amortization of intangibles related to certain acquisitions and acquisition costs, operating margin for the second quarter was 23.3%, down 0.7 points sequentially and down 6.5 points year-over-year.

按非公認會計原則計算，不包括股票薪酬、與某些收購相關的無形資產攤銷和收購成本，第二季度的營業利潤率為 23.3%，環比下降 0.7 個百分點，同比下降 6.5 個百分點。

Interest and other income expense net for the second quarter was a loss of $14.6 million, down sequentially by $4 million and down year-over-year by $14.5 million, primarily due to larger net foreign exchange losses from the weakening of certain foreign currencies against the U.S. dollar.

第二季度的利息和其他收入支出淨額虧損 1460 萬美元，環比下降 400 萬美元，同比下降 1450 萬美元，主要是由於某些外幣兌美元匯率走弱導致匯兌損失增加。美元。

The GAAP effective tax rate in the second quarter was 35% compared to 28.4% in the first quarter and 25.7% in the second quarter of the prior year. Our non-GAAP effective tax rate was 25.6% in the second quarter compared to 24.2% in the first quarter and 19.5% in the second quarter of the prior year. The second quarter GAAP effective tax rate was higher than the first quarter effective tax rate primarily due to foreign income tax at different rates and lower excess tax benefits from stock-based compensation.

第二季度的 GAAP 有效稅率為 35%，而去年第一季度和第二季度分別為 28.4% 和 25.7%。第二季度我們的非公認會計原則有效稅率為 25.6%，而去年第一季度和第二季度分別為 24.2% 和 19.5%。第二季度 GAAP 有效稅率高於第一季度有效稅率，主要是由於不同稅率的外國所得稅和股票補償的超額稅收優惠較低。

Second quarter net income per diluted share was $1.44, down sequentially $0.26 and down $1.07 compared to the prior year. Our EPS was unfavorably impacted by $0.26 on a sequential basis and $0.42 on a year-over-year basis due to foreign exchange. On a non-GAAP basis, net income per share was $2 for the second quarter, down $0.13 sequentially and down $1.04 year-over-year.

第二季度攤薄後每股淨收益為 1.44 美元，環比下降 0.26 美元和 1.07 美元。由於外匯，我們的每股收益連續受到 0.26 美元和同比 0.42 美元的不利影響。按非公認會計原則計算，第二季度每股淨收益為 2 美元，環比下降 0.13 美元，同比下降 1.04 美元。

Moving on to the balance sheet. As of June 30, 2022, cash, cash equivalents and short- and long-term marketable securities were $977.2 million, down sequentially $143.4 million and down $109.2 million year-over-year. Of our $977.2 million balance, $251.4 million was held in the U.S. and $725.8 million was held by our international entities.

轉到資產負債表。截至 2022 年 6 月 30 日，現金、現金等價物以及短期和長期有價證券為 9.772 億美元，環比下降 1.434 億美元，同比下降 1.092 億美元。在我們 9.772 億美元的餘額中，2.514 億美元在美國持有，7.258 億美元由我們的國際實體持有。

Q2 accounts receivable balance was $931.9 million, down approximately 2% sequentially. Our overall days sales outstanding was 85 days, down approximately 2 days sequentially and up approximately 13 days as compared to Q2 last year. Cash flow from operations for the second quarter was $127 million. Capital expenditures for the second quarter were $76 million, primarily related to our continued investments to increase aligner manufacturing capacity and facilities.

第二季度應收賬款餘額為 9.319 億美元，環比下降約 2%。與去年第二季度相比，我們的總銷售天數為 85 天，環比下降約 2 天，上升約 13 天。第二季度的運營現金流為 1.27 億美元。第二季度的資本支出為 7600 萬美元，主要與我們繼續投資以提高校準器製造能力和設施有關。

Free cash flow, defined as cash flow from operations less capital expenditures amounted to $51 million. In Q2, we purchased $200 million of our common stock through an accelerated stock repurchase program, receiving approximately 757,000 shares at an average price of $264.37 per share. We are over halfway through our May 2021 $1 billion repurchase program, and have approximately $450 million remaining available for purchase.

自由現金流（定義為運營現金流減去資本支出）為 5100 萬美元。在第二季度，我們通過加速股票回購計劃購買了 2 億美元的普通股，以每股 264.37 美元的平均價格獲得了大約 757,000 股股票。我們已完成 2021 年 5 月 10 億美元的回購計劃的一半，還有大約 4.5 億美元可供購買。

Now turning to full year 2022 and the factors that influence our views on our business outlook. Overall, our Q2 results were solid, and we feel good about the execution across the business, especially in an increasingly challenging global economic environment. Delivering revenues and volumes relatively unchanged from Q1 and down only slightly year-over-year despite unfavorable impacts from foreign exchange speak to the strength of our underlying products and services and the size of our market opportunity. We remain confident in the huge underpenetrated market for digital orthodontics and restorative dentistry, our technology and our industry leadership and our ability to execute and make progress towards our long-term model of 20% to 30% revenue growth.

現在轉向 2022 年全年以及影響我們對業務前景看法的因素。總體而言，我們的第二季度業績穩健，我們對整個業務的執行感覺良好，尤其是在日益具有挑戰性的全球經濟環境中。儘管受到外彙的不利影響，但與第一季度相比，收入和銷量相對保持不變，同比僅略有下降，這說明了我們基礎產品和服務的實力以及我們市場機會的規模。我們仍然對數字正畸和修復牙科這個巨大的未充分滲透市場、我們的技術和行業領先地位以及我們執行和朝著我們 20% 至 30% 的收入增長的長期模式取得進展的能力充滿信心。

We also remain committed to our goal for fiscal 2022 to deliver GAAP operating margins above 20%, while making strategic investments in sales, marketing, R&D and operations, notwithstanding the impact from unfavorable foreign exchange, which was not factored into our operating margin guidance for the full year.

我們還繼續致力於實現 2022 財年的目標，即實現 20% 以上的 GAAP 營業利潤率，同時在銷售、營銷、研發和運營方面進行戰略投資，儘管受到不利外彙的影響，我們的營業利潤率指導中沒有考慮到這一點全年。

Capital expenditures primarily relate to building construction and improvements as well as a digital manufacturing capacity to support our international expansion. For 2022, we expect our investment in capital expenditures to exceed $300 million. This includes our investment in our aligner fabrication facility in Wroclaw, Poland.

資本支出主要與建築建設和改進以及支持我們國際擴張的數字製造能力有關。到 2022 年，我們預計我們對資本支出的投資將超過 3 億美元。這包括我們對位於波蘭弗羅茨瓦夫的矯正器製造廠的投資。

In times like these, our strong fundamental Business differentiates Align, and we are grateful to have a profitable underlying business model that generates strong cash flow as well as a healthy balance sheet that provides flexibility to invest in our growth while supporting our employees, customers and shareholders.

在這種情況下，我們強大的基礎業務使 Align 脫穎而出，我們很高興擁有一個能夠產生強勁現金流的盈利基礎業務模式以及一個健康的資產負債表，為我們的增長投資提供靈活性，同時支持我們的員工、客戶和股東。

As we move into the second half of the year, we will continue to manage our investments to account for headwinds and uncertainty while focusing on successfully delivering on our strategic growth drivers.

隨著我們進入下半年，我們將繼續管理我們的投資以應對逆風和不確定性，同時專注於成功實現我們的戰略增長動力。

With that, I'll turn it back over to Joe for final comments. Joe?

有了這個，我會把它交給喬做最後的評論。喬？

Thanks, John. Closing Q2 in the first half of 2022 has proved to be tougher than we expected. As we continue to navigate macroeconomic uncertainty and weaker consumer confidence and impacts related to COVID-19 variance, we cannot lose sight of the strong fundamentals of our business and the enormous market opportunity for digital orthodontics and restorative dentistry.

謝謝，約翰。事實證明，在 2022 年上半年結束第二季度比我們預期的要艱難。隨著我們繼續應對宏觀經濟的不確定性和消費者信心減弱以及與 COVID-19 變化相關的影響，我們不能忽視我們業務的強勁基本面以及數字正畸和修復牙科的巨大市場機會。

The decisions we make this year will have lasting strategic implications for the future of our industry and the competitive landscape. We are holding true to our business strategy, and making good progress in a very difficult operating environment. We remain committed to balancing investments to drive growth and long-term strategic priorities with near-term headwinds while acting with a sense of urgency to ensure that we're ready to capitalize and extend our global innovation leadership as growth resumes.

我們今年做出的決定將對我們行業的未來和競爭格局產生持久的戰略影響。我們堅持我們的經營戰略，在非常艱難的經營環境中取得了良好的進展。我們仍然致力於平衡投資以推動增長和長期戰略重點與近期不利因素，同時以緊迫感採取行動，以確保我們準備好在增長恢復時利用並擴大我們的全球創新領導地位。

Thanks for your time today. We look forward to updating you on our next earnings call.

感謝您今天的時間。我們期待在下一次財報電話會議上更新您的信息。

With that, I'll turn it over to the operator. Operator?

有了這個，我會把它交給操作員。操作員？

(Operator Instructions) The first question is from Nathan Rich with Goldman Sachs.

（操作員說明）第一個問題來自高盛的 Nathan Rich。

I guess I wanted to start high level. Joe, you kind of highlighted the consistent kind of case in revenue trends in the second quarter relative to the first. But within the context of a challenging macro environment, I guess, how does that influence your thinking on the trajectory of the business? And have you seen an impact on patient traffic to dental practices or treatment acceptance rates that's kind of driving that commentary?

我想我想從高水平開始。喬，你強調了第二季度相對於第一季度收入趨勢的一致情況。但在充滿挑戰的宏觀環境下，我想，這將如何影響您對業務發展軌蹟的思考？您是否看到了對牙科診所的患者流量或治療接受率的影響，從而推動了該評論？

Nate, it's a -- if you look at this from a domestic standpoint, you can pull out some signal, but I think you have to when you're asking a demand question like that, you have to look at this globally. And I think like John and I were just clear in our introduction that basically, if you took Asia, COVID-19 impacted us pretty tremendously in Asia. Japan for a little bit in the first part of the quarter and China almost throughout the quarter. So it was really a COVID discussion there, and it's hard to pull a demand signal out.

Nate，這是一個——如果你從國內的角度來看，你可以發出一些信號，但我認為當你提出這樣的需求問題時，你必須在全球範圍內看待這個問題。我認為就像約翰和我在我們的介紹中一樣，基本上，如果你選擇亞洲，COVID-19 在亞洲對我們的影響非常大。日本在本季度的第一部分有一點點，而中國幾乎在整個季度。所以那裡真的是一場關於 COVID 的討論，很難發出需求信號。

In the United States, I mean, if you look at the data that we do, you'll see from a general practitioner standpoint or whatever, some stability in patient vision to what's going on. Our concern here is, obviously, this is a product where -- like a cap or a crown or cleaning or something that needs to be done, it's somewhat discretionary. And we see that from an adult standpoint, more variability in adult selection than in teens. Teens have been pretty stable in that way if we talked about before.

在美國，我的意思是，如果您查看我們所做的數據，您會從全科醫生的角度或其他角度看到，患者視力的穩定性與正在發生的事情有關。顯然，我們在這裡擔心的是，這是一種產品——比如帽子、皇冠、清潔或需要做的事情，它在某種程度上是自由裁量的。我們看到，從成年人的角度來看，成年人的選擇比青少年的變化更大。如果我們之前談到過，青少年在這種情況下已經相當穩定了。

Moving over to Europe. We're working off 300% growth rates in Europe last year, okay, which you kind of have to internalize that. It's a pretty big comparison year-on-year. And there weren't standard vacations being taken in Europe to the beginning of the end of the second quarter and the third quarter.

搬到歐洲。去年我們在歐洲實現了 300% 的增長率，好吧，你必須將其內部化。與去年同期相比，這是一個相當大的比較。在第二季度末和第三季度開始之前，歐洲沒有標准假期。

So overall, I'd say, as you look around the globe, I fee like -- I felt good, as we mentioned in the script, about Q1 versus Q2 and pretty much the same kind of demand pattern. But right now, I can't really give you a trajectory for the third quarter and the fourth quarter because of the macro environment, concerns again in China from another COVID shutdown and those types of things. I hope that makes sense, Nate.

所以總的來說，我想說，當你環顧全球時，我覺得 - 正如我們在腳本中提到的，關於第一季度與第二季度以及幾乎相同的需求模式，我感覺很好。但現在，由於宏觀環境、中國再次因新冠病毒關閉以及類似的事情而再次引發擔憂，我無法真正為您提供第三季度和第四季度的軌跡。我希望這是有道理的，內特。

Yes, definitely. And maybe just a quick follow-up. -- were you, I guess, able to size kind of the headwind from the lockdowns in China? And with that -- in that market specifically, have you started to see those volumes recover as we're starting to see those lockdowns ease?

當然是。也許只是一個快速的跟進。 ——我猜，你是否能夠估計中國封鎖帶來的阻力？有了這個——特別是在那個市場，當我們開始看到這些封鎖有所緩解時，你是否開始看到這些交易量恢復？

For sure. I mean it's direct correlation there as soon as they let Shanghai open again, we saw it reflected in our order rates there. And look, we continue to feel good about China in a stable market. It's just the dramatic way that China continues to address COVID cases by major cities. This just creates a huge amount of uncertainty as when the next lockdown will be.

當然。我的意思是，一旦他們讓上海重新開放，這就是直接相關，我們看到它反映在我們在那裡的訂單率上。看，在穩定的市場中，我們繼續對中國感覺良好。這只是中國繼續在主要城市處理 COVID 病例的戲劇性方式。這只會產生巨大的不確定性，例如下一次鎖定的時間。

The next question is from the line of Elizabeth Anderson with Evercore.

下一個問題來自 Elizabeth Anderson 與 Evercore 的對話。

One thing I was wondering if you could comment about -- I know in the sort of fourth quarter of last year, and into the first quarter, you did increase the sales hiring, sequentially and year-over-year. Could you sort of talk through sort of the impact of those salespeople? Where are they in the ramp process? And how do you -- should we think about their potential for contributing in the back half of the year?

我想知道您是否可以評論一下-我知道在去年第四季度到第一季度，您確實增加了銷售招聘，順序和同比。你能談談這些銷售人員的影響嗎？他們在斜坡過程中處於什麼位置？您如何 - 我們應該考慮他們在下半年做出貢獻的潛力？

That's a good question, Elizabeth. Obviously, in our sales force -- being a direct sales force is really important to us in that way. And so the way we do this, obviously, as you indicated, we hire a lot of salespeople upfront. We have sales training programs too that help to initiate them as they come into the corporation.

這是個好問題，伊麗莎白。顯然，在我們的銷售隊伍中——作為直銷隊伍對我們來說非常重要。所以我們這樣做的方式，顯然，正如你所指出的，我們預先僱傭了很多銷售人員。我們也有銷售培訓計劃，有助於在他們進入公司時啟動他們。

But I would tell you, depending on where you are around the globe, there is a 6-month and 9-month burn-in period before you really feel that they're up to speed. They understand the Invisalign system, the digital platform and those types of things. So I would say in some simpler kinds of situations geographically, it could be 6 months. But in general, it's 9 months or so before we have confidence that they're going to be really good on their feet as they talk to our doctors.

但我會告訴你，根據你在全球的哪個地方，在你真正感覺到他們跟上進度之前，有 6 個月和 9 個月的磨合期。他們了解 Invisalign 隱適美系統、數字平台和這些類型的東西。所以我會說在地理上一些更簡單的情況下，可能是 6 個月。但總的來說，我們需要 9 個月左右的時間才能確信他們在與我們的醫生交談時會表現得非常好。

Got it. That's helpful. And then 1 thing that depressed me in the quarter a little bit was about the tea number. I know that sometimes it's been off because of COVID in terms of seasonality, and it's not necessarily always the strongest quarter for teeth. But how are you thinking about that versus the economic sensitivity of adult cases and sort of how -- do you expect that to sort of trend in the sort of near term?

知道了。這很有幫助。然後在本季度讓我有點沮喪的一件事是關於茶的數量。我知道有時它會因為季節性的 COVID 而關閉，而且它不一定總是牙齒最強勁的季度。但是，您如何看待這一點與成人案件的經濟敏感性以及如何 - 您預計這種趨勢在短期內會出現某種趨勢嗎？

Yes. Keep in mind, we see a lot more concern from an adult standpoint, when you look year-over-year in the sense of our order growth in adults, I mean it's been affected Elizabeth, and there's a lot of data that we produce that will show you that. On the teen side, it's hard to pull a lot of the second quarter because it really starts in the third quarter. But I felt overall good about it, but again, not surprised because we've always felt that teens have a certain window of time from a treatment standpoint. And so it's not necessarily an emotional purchase in a way, it's usually planned for and anticipated. And what we saw between the second quarter and beginning of the third quarter, it really bears that out.

是的。請記住，從成年人的角度來看，我們看到了更多的擔憂，當您從我們的成年人訂單增長的角度來看逐年增長時，我的意思是它受到了伊麗莎白的影響，我們產生了很多數據會告訴你的。在青少年方面，第二季度很難拉很多，因為它真的從第三季度開始。但我對此總體感覺良好，但同樣，並不感到驚訝，因為從治療的角度來看，我們一直認為青少年有一定的時間窗口。因此，在某種程度上，它不一定是情感購買，它通常是有計劃和預期的。我們在第二季度和第三季度初看到的情況確實證明了這一點。

Our next question is from the line of Jon Block with Stifel.

我們的下一個問題來自 Jon Block 和 Stifel。

Great. I'll follow up on teen, maybe just to go there. I think worldwide teen was down year-over-year. And I believe, Joe, you mentioned that teen and APAC was up year-over-year, which sort of implies that North American teen was down maybe a decent amount. So anything to call out there? Why do we see that maybe specific to North America? And then more importantly, you did have some positive commentary around teen case packs, you talked about enrollment. So maybe just talk to us on how long it might take for the teen case pack program in North America to give that segment a shot in the arm and then your plans to roll that out internationally. I've got a follow-up.

偉大的。我會跟進青少年，也許只是去那裡。我認為全球青少年人數逐年下降。我相信，喬，你提到青少年和亞太地區的人數同比增長，這在某種程度上暗示北美青少年的人數可能下降了很多。那麼有什麼可以叫的嗎？為什麼我們看到這可能是北美特有的？然後更重要的是，您確實對青少年案例包有一些積極的評論，您談到了入學。因此，也許只是與我們談談北美的青少年裝箱計劃可能需要多長時間才能為該細分市場提供一劑強心針，然後您計劃在國際上推出該計劃。我有後續行動。

Jon, on the teen side, remember, we kind of lost -- or we had a muted signal on the teen side. It needs to be very clear from quarter-to-quarter before COVID. If you remember last year, it was much more muted. This year, we're hoping to see a less muted cycle. And I think we're starting to feel that, Jon. So it's -- I don't think you can look too much between -- what we're doing between the first quarter and second quarter and pull a clear teen signal out of there.

喬恩，在青少年方面，請記住，我們有點迷路了——或者我們在青少年方面有一個靜音信號。在 COVID 之前，每個季度都需要非常清楚。如果你還記得去年，它就安靜多了。今年，我們希望看到一個不那麼平靜的周期。我想我們開始感覺到了，喬恩。所以 - 我認為你不能看太多 - 我們在第一季度和第二季度之間所做的事情並從中提取出明確的青少年信號。

The other thing on teen too is there's always competitive concern with other clear aligner whatever. But basically, this is a wires and brackets competition with us. It's always been and continues to be that way. And in new products that we're launching these teen packs, we feel good about them. They've been -- as I mentioned in my script too, they've been received well. And it's been with the lower-end orthodontics from our standpoint that haven't done a lot of teen cases in the past. And that's a segment that we were fishing for to give them more confidence to be able to move in with teens.

青少年的另一件事也總是與其他清晰的矯正器存在競爭問題。但基本上，這是與我們的電線和支架比賽。它一直是並且將繼續如此。在我們推出這些青少年包的新產品中，我們對它們感覺良好。他們一直——正如我在劇本中提到的那樣，他們受到了好評。從我們的角度來看，低端正畸在過去沒有做過很多青少年病例。這是我們一直在尋找的一個細分市場，讓他們更有信心與青少年同居。

So we're not declaring victory, but we feel we have a good product that's timed well. And we're not seeing the cycles in the teen marketplace as we're seeing in the adult marketplace. And obviously, Jon, as we get through the third quarter, we'll have a much better understanding of how we turn out that way. But I didn't pull anything out between the first and the second quarter that concerned me.

所以我們並沒有宣布勝利，但我們覺得我們有一個時機很好的好產品。而且我們沒有看到青少年市場的周期，就像我們在成人市場看到的那樣。顯然，喬恩，當我們度過第三季度時，我們將對我們的結果有更好的了解。但在第一季度和第二季度之間，我沒有拿出任何與我有關的東西。

Got it. Helpful. And then for my second one, let me try to maybe jam 2 in 1 and hopefully not make a mess of it. So just for us on the 3Q versus 2Q overall case volumes, China is reopened. China is a decent chunk of business for you guys. So if China snaps back, you talked about Shanghai, then maybe talk to us on why we wouldn't see you guys resume some sequential growth 3Q versus 2Q? I know there's many other markets.

知道了。有幫助。然後對於我的第二個，讓我嘗試將 2 合 1 即興演奏，希望不要把它弄得一團糟。因此，僅就我們而言，就第三季度與第二季度的總體案件量而言，中國已重新開放。中國對你們來說是一個不錯的生意。因此，如果中國反彈，您談到了上海，那麼也許可以和我們談談為什麼我們不會看到你們在第三季度和第二季度恢復一些連續增長？我知道還有很多其他市場。

And then maybe just to stick with China. I just love your thoughts on what's going on over there, maybe in terms of market share, your main competitor had some quasi numbers out recently. It looked like they were down mid-single digits in [cases] 1H22 year-over-year, which quite honestly, I actually thought that was a good number considering the environment. So I would love your thoughts on just China and your ability to hold share on what's going on from a market share perspective?

然後也許只是堅持中國。我只是喜歡你對那裡發生的事情的看法，也許就市場份額而言，你的主要競爭對手最近有一些準數字。看起來他們在 [cases] 1H22 年同比下降了中個位數，老實說，考慮到環境，我實際上認為這是一個很好的數字。所以我會喜歡你對中國的看法以及你從市場份額的角度掌握正在發生的事情的能力？

Yes. I'll start with the China and kind of move backwards, Jon. And I'll get John involved here, too. But from the China side, obviously, we saw what you published there, whatever, but I looked at a Angelalign numbers, and it's basically same thing we experienced. I mean, we experienced a shutdown of Shanghai, slowdowns in some other regions, and there was nothing in those numbers that really surprised me. As I look at China, our ability to compete there. I feel great about it. And again, our investments we've made there in treatment planning and manufacturing. We've only added to that. The efficiency of those organizations have done well.

是的。我將從中國開始，然後倒退，喬恩。我也會讓約翰參與進來。但在中國方面，很明顯，我們看到了你在那裡發表的內容，無論如何，但我查看了時代天使的數字，這與我們經歷的基本相同。我的意思是，我們經歷了上海的關閉，其他一些地區的放緩，這些數字中沒有什麼讓我感到驚訝。當我看中國時，我們有能力在那裡競爭。我對此感覺很好。再說一次，我們在治療計劃和製造方面的投資。我們只是添加了它。這些組織的效率做得很好。

Our product is great for that marketplace, and some of the most difficult cases that we encounter exist there, too. So I feel good about our ability to compete in that market against Angel or anyone else who's there. We just need a stable marketplace that we can operate in, and it hasn't been stable for -- goodness what -- it's been, what, almost 2 years.

我們的產品非常適合那個市場，我們遇到的一些最困難的案例也在那裡。所以我對我們在那個市場上與天使或其他任何人競爭的能力感到滿意。我們只需要一個穩定的市場，我們可以在其中運營，而且它一直不穩定 - 天哪 - 它已經，什麼，差不多 2 年了。

And I mean I just read this morning, the Wuhan's looking at the close down. So I mean, Jon, there's a lot of variability there, a concern with COVID and shutdowns, particularly in the second half of this year in China, but I continue to be concerned about that can disrupt the marketplace. But if that stays clear, we're going to have China in the second half that we can operate from. To answer your question, I feel good about our competitive position there, our ability to compete against with anyone.

我的意思是我今天早上剛讀到，武漢正在關閉。所以我的意思是，喬恩，那裡有很多變化，對 COVID 和停工的擔憂，特別是在今年下半年在中國，但我仍然擔心這會擾亂市場。但如果這一點保持明確，我們將在下半年擁有中國，我們可以在其中開展業務。為了回答你的問題，我對我們在那裡的競爭地位以及與任何人競爭的能力感到滿意。

And we should see some of the sequential history that we normally see in our business. It goes to what Joe said that there's just some unforeseen variables that are still there. If there is a shutdown in China, that will impact our numbers. If there's no shutdown, we should see sequential improvement. And then you have some of the other macro economics that we've talked about in terms of potential recession or other things that people are concerned about, that affects their decisions on whether they go into treatment. But we're watching closely to see how sequentially things are behaving and making investments appropriate based on what we see.

我們應該看到一些我們通常在業務中看到的連續歷史。正如喬所說的那樣，仍然存在一些不可預見的變量。如果中國停工，那將影響我們的數據。如果沒有關閉，我們應該會看到連續改進。然後你有一些其他的宏觀經濟學，我們已經討論過潛在的衰退或人們擔心的其他事情，這會影響他們是否接受治療的決定。但我們正在密切關注事情的順序，並根據我們所看到的情況進行適當的投資。

And Jon, sorry, just staying back to your second question...

喬恩，對不起，回到你的第二個問題......

Sorry. if I can just jump in...

對不起。如果我能跳進去...

Go ahead, Jon.

去吧，喬恩。

Sorry, Joe. I was just going to say, John and Joe, maybe to follow up on that lasts comment just for clarity purposes because I think it's an important one. Are you guys saying sort of as you sit here today, who the heck knows what's going on with Wuhan or I don't know, something worse incrementally with the economy. But as we sit here today in late July, you're expecting the resumption of sequential growth off the 2Q number, this evening?

對不起，喬。我只是想說，John 和 Joe，為了清楚起見，也許會跟進最後的評論，因為我認為這是一個重要的評論。你們今天坐在這裡是在說，誰知道武漢發生了什麼，或者我不知道，隨著經濟的發展，事情變得更糟了。但是，當我們今天在 7 月下旬坐在這裡時，您預計今晚將恢復第二季度的連續增長嗎？

Well, I'd say, Jon, expecting anything in this market might be a sign of a low IQ. When you look at what's going on in China, I'm not going to sit here and tell you I expect a stable market in the second half based on their COVID policies. So I hope -- from the United States standpoint, there's a lot going on, trying to explain to the teen market overall outside of China, I feel is the most stable market we have, and the one that we're ready to compete with, and we're moving into seasonality, what really makes a difference.

好吧，我想說，喬恩，期待這個市場上的任何東西可能是低智商的標誌。當您查看中國正在發生的事情時，我不會坐在這裡告訴您，根據他們的 COVID 政策，我預計下半年市場會穩定。所以我希望——從美國的角度來看，有很多事情正在發生，試圖向中國以外的整個青少年市場解釋，我覺得這是我們擁有的最穩定的市場，也是我們準備與之競爭的市場，我們正在進入季節性，真正有所作為。

We have -- we're positioned well with products. But as you know, Jon, as well as anybody, that's always been a wires and brackets marketplace. We've been taking share 1.5 points, 2 points a year. We're hoping some moves we make can make that better, but we'll know a lot more when the third quarter is over in that sense.

我們有——我們的產品定位很好。但如你所知，Jon 和任何人一樣，這一直是一個電線和支架市場。我們一直在分享 1.5 分，每年 2 分。我們希望我們採取的一些舉措可以使情況變得更好，但是從這個意義上說，當第三季度結束時，我們會知道更多。

Our next question comes from the line of Jeff Johnson with Baird.

我們的下一個問題來自 Jeff Johnson 和 Baird。

Joe, so I just wanted to talk maybe on the doctor shipped to that number this quarter. It's trended down each of the last couple of quarters. this quarter in the Americas, it did trend back up just a touch. What are your views on what that means? Is that a -- market stabilized a little bit? Is that maybe the competitive positioning is stabilizing a little bit? Just how do you view that number in the Americas? And is there room left in the Americas for that number over the next couple of years to keep moving higher? Are you kind of at a point where you've saturated kind of the Americas market with a number of doctors who are going to be performing in these cases?

喬，所以我只想談談本季度運送到那個號碼的醫生。最近幾個季度都呈下降趨勢。本季度在美洲，它確實有一點點回升的趨勢。你對這意味著什麼有什麼看法？那是——市場穩定了一點嗎？是不是競爭定位有點穩定了？您如何看待美洲的這個數字？在接下來的幾年裡，美洲是否還有空間讓這個數字繼續走高？你是不是已經到了美洲市場飽和的地步，有許多醫生將在這些情況下進行治療？

Just to answer your last part of your question first, Jeff. No, we have a lot of room to grow in the Americas, too, in United States, Canada, but also you have to throw in Latin America and Brazil in that. There's a lot of growth, John and I have ported over these numbers a lot.

傑夫，先回答你問題的最後一部分。不，我們在美洲也有很大的發展空間，在美國、加拿大，但你也必須在其中投入拉丁美洲和巴西。有很多增長，約翰和我已經移植了很多這些數字。

What happens -- I feel, if you back these numbers up before really the big surge in orders that we had before, we can draw a line through these things. It doesn't upset us. You have to split orthos and GPs very clearly. Remember, you have some GPs that do like 3 cases a year. As things kind of slow down, they'll be out of the circulation for a while and then they order another and whatever. And these numbers will go up 81,000, 82,000, we'll see them go up and down. But don't look at this in any way as that we're saturated in this marketplace, both from an orthodontic standpoint and a GP standpoint.

會發生什麼——我覺得，如果你在我們之前的訂單大幅激增之前支持這些數字，我們可以通過這些事情劃清界限。它不會讓我們感到不安。您必須非常清楚地劃分正畸和全科醫生。請記住，您有一些 GP 每年會處理 3 例病例。隨著事情的發展放緩，他們會暫時停止流通，然後他們會訂購另一個或其他任何東西。這些數字會上升 81,000、82,000，我們會看到它們上升和下降。但是不要以任何方式看待這一點，因為我們在這個市場上已經飽和了，無論是從正畸的角度還是從 GP 的角度來看。

Jeff, the other thing too, I think, that people forget from an orthodontic standpoint is that our orthodontists who do teens. These are orthodontists that are really committed to Invisalign for the most part, and they do a lot of teens. But we still have a significant amount of orthodontists who do Invisalign almost exclusively for adults. And so you'll see that whole piece from a utilization standpoint as we increase our team penetration, you should see the utilization rates there improve.

傑夫，我認為，從正畸的角度來看，人們忘記的另一件事是我們做青少年的正畸醫生。這些是大多數真正致力於 Invisalign 的正畸醫生，他們為很多青少年做。但是我們仍然有大量的正畸醫生幾乎專門為成年人做 Invisalign。因此，隨著我們提高團隊滲透率，您將從利用率的角度看到整個部分，您應該會看到那裡的利用率有所提高。

Yes, that's helpful. And then maybe kind of a follow-up on all that a 2-parter, just the international number again, kind of did tick down a little bit that number of doctors shipped to internationally. One, I would assume you think there's a lot more room even there to saturate that market over the next few years, that would seem to make sense to me anyway.

是的，這很有幫助。然後可能是對所有 2-parter 的跟進，再次只是國際號碼，確實減少了運送到國際的醫生數量。一，我假設你認為在接下來的幾年裡甚至還有更多的空間可以讓這個市場飽和，無論如何這對我來說似乎是有道理的。

But is there any way to look at what that number did in China? And was there sequential decline largely driven by the shutdowns in China? Or ex China, would that number have been up? And then I was a little surprised to hear cases down, I think you said in U.K. year-over-year. Is that just a tough comp? Or what's going on in the U.K.? I think we are all aware of China pressures in early, Japan pressures or early quarter Japan pressures, but U.K. caught me off guard a little bit there.

但是有什麼辦法可以看看這個數字在中國做了什麼？主要是由於中國的停工造成的連續下降嗎？或者在中國之前，這個數字會上升嗎？然後我聽到案件下降讓我有點驚訝，我想你在英國是這麼說的。這只是一場艱難的比賽嗎？或者英國發生了什麼？我想我們都知道早期中國的壓力，日本的壓力或日本的早期壓力，但英國讓我有點措手不及。

I'll answer the U.K. piece first. The U.K. was outstanding for us last year. Remember, Europe grew 300% for us last year, Jeff, right? The U.K. led that. So I'm sure that U.K. number is higher than what that aggregate number is. And so what you're seeing is kind of adult kind of a retrenchment in the U.K. from an order standpoint, but not an indication of a utilization issue that I'd say, across the doctor base that we have in the U.K. John, I don't know...

我會先回答英國的文章。去年，英國對我們來說非常出色。記住，去年歐洲為我們增長了 300%，傑夫，對吧？英國領導了這一點。所以我確信英國的數字高於那個總數。因此，從訂單的角度來看，您在英國看到的是一種成人式的裁員，但並不是我所說的在我們在英國擁有的醫生基地中存在利用率問題的跡象。約翰，我不知道...

And just on the China piece or the APAC piece for international. So that was certainly an impact in terms of the lockdowns, and doctors just not being able to transact and therefore, don't have shipped to. So the international side of the doctor shipped to was certainly impacted by COVID. We won't break it out by kind of the subregions. But that was an impact that -- look, as those offices open up, as those lockdowns are minimized, we would expect that to increase from a shipped to standpoint.

就在中國版或亞太地區的國際版上。因此，就封鎖而言，這肯定是一個影響，而醫生只是無法進行交易，因此沒有發貨。因此，運送到的醫生的國際方面肯定受到了 COVID 的影響。我們不會按分區分類。但這是一種影響——看，隨著這些辦公室的開放，隨著這些鎖定的最小化，我們預計從發貨的角度來看，這種影響會增加。

Our next question is from the line of Justin Lin with William Blair.

我們的下一個問題來自賈斯汀·林（Justin Lin）和威廉·布萊爾（William Blair）。

Can you just touch on your sales and marketing spending strategy a little bit in the short term and longer term? I guess, when can you sort of decide to flip the switch?

您能否在短期和長期內稍微談談您的銷售和營銷支出策略？我想，你什麼時候可以決定撥動開關？

You mean flip the switch as far as up or down?

你的意思是向上或向下撥動開關？

Yes. Yes.

是的。是的。

Yes. I mean, obviously, obviously, we saw our adults dramatically decreased. And so the return on investment in some specific geographies. John and I take a look at it, and we don't eliminate it, but we reduce it in accordance with what we think the demand pattern is. And we spread it around into other countries that we feel we can get a higher return on. And we're just basically sizing our advertising to what we think the demand patterns are around the business in different areas.

是的。我的意思是，很明顯，很明顯，我們看到我們的成年人急劇減少。所以在某些特定地區的投資回報。約翰和我看了一下，我們並沒有消除它，而是根據我們認為的需求模式來減少它。我們將其傳播到其他我們認為可以獲得更高回報的國家。而且我們基本上只是根據我們認為不同領域業務的需求模式來調整我們的廣告規模。

And so I wouldn't look at this as any way that we'll continue to advertise aggressively and promote our brand and to drive value in our change to bring customers to our doctor base, but we can be responsible to we can advertise at the rate that we did last year when we were growing at over 100% in a lot of these regions, we have to modify it somewhat in order to address that demand pattern.

因此，我不會將此視為我們將繼續大力宣傳並推廣我們的品牌並推動我們的變革價值以將客戶帶到我們的醫生基地的任何方式，但我們可以負責我們可以在我們去年在許多這些地區的增長率超過 100% 時所做的比率，我們必須對其進行一些修改以解決這種需求模式。

And we adjust into the market. So keep the overall brand awareness, keep that averages. Remember, still sudden spending even as we rightsize things, hundreds of millions of dollars in marketing and media to be able to go to market, drive that awareness. But then in certain markets, if there's COVID or if there's economic concerns and so on, we're adjusting things to make sure that we rightsize and continue to make sure that we make the right trade-off between how we're investing in go-to-market, and continue to invest in the rest of the business like R&D and operations.

我們適應市場。所以保持整體品牌知名度，保持平均值。請記住，即使我們調整規模，仍然會突然支出數億美元的營銷和媒體，以便能夠進入市場，推動這種意識。但是在某些市場中，如果有 COVID 或存在經濟問題等等，我們正在調整事情以確保我們調整規模並繼續確保我們在投資 go 的方式之間做出正確的權衡上市，並繼續投資於研發和運營等其他業務。

Got it. That's very helpful. And I guess just pivoting to a more sort of higher-level question. Any update on commercial operations in sort of your emerging markets like Brazil, India, Africa, what would you say current penetration levels are over there? And I guess, realistically, how much revenue can you capture from those regions in the next, let's say, 5 to 10 years?

知道了。這很有幫助。我想只是轉向一個更高級的問題。您在巴西、印度、非洲等新興市場的商業運營有什麼更新，您認為目前的滲透水平如何？而且我想，實際上，在接下來的 5 到 10 年內，您可以從這些地區獲得多少收入？

And the region that you mentioned were really underpenetrated, huge opportunity. I mean we've seen great progress in Brazil. We're seeing good progress in India. Reported in -- I mean, it's -- when we talk about those 500 million patients, they're out there. And the way to get them is we do -- we put salespeople in place. We put the right kind of capability on the ground. This is a direct sales force that you have to have in order to sell our product line.

你提到的那個地區真的沒有被充分滲透，巨大的機會。我的意思是我們在巴西看到了巨大的進步。我們在印度看到了良好的進展。據報導——我的意思是——當我們談論那 5 億患者時，他們就在那裡。獲得它們的方法是我們做的——我們讓銷售人員到位。我們將正確的能力放在了地面上。為了銷售我們的產品線，您必須擁有一支直銷隊伍。

But to answer your specific question, the penetration rates aren't even close. And that's -- again, you can see that in our script, that's how we remain so confident that in a stable environment, we'll continue to perform really well.

但是要回答您的具體問題，滲透率甚至還沒有接近。這就是 - 再次，您可以在我們的腳本中看到，這就是我們保持如此自信的方式，在穩定的環境中，我們將繼續表現得非常好。

And we're built as a company to really expand into those markets. We've got that global footprint for manufacturing now in all 3 geographies. We've got treatment planning. We've got that go-to-market sales force -- direct sales force with great products. So we're built in all those markets. We like the dynamics of these markets where you have a growing middle class, big population. You've got people who want to straighten their teeth, and we've got a great way for them to get to that. So all the markets you described as well as many others, those are where we think of some of the investments because it's a great return on those investments.

我們作為一家公司建立起來是為了真正擴展到這些市場。我們現在在所有 3 個地區都擁有全球製造足跡。我們有治療計劃。我們擁有進入市場的銷售隊伍——擁有出色產品的直銷隊伍。所以我們建立在所有這些市場中。我們喜歡這些市場的動態，在這些市場中，中產階級不斷壯大，人口眾多。有些人想要矯正牙齒，我們有一個很好的方法讓他們做到這一點。因此，您所描述的所有市場以及許多其他市場，都是我們考慮進行一些投資的地方，因為這是對這些投資的巨大回報。

Our next question is from the line of Jason Bednar with Piper Sandler.

我們的下一個問題來自 Jason Bednar 和 Piper Sandler。

Yes. So Joe, I'll go big picture here in the U.S. market, and maybe go back to clarifying point on Jon Block's question earlier. I mean on one hand, demand in the category broadly just did seem to show some signs of moderation in the second half of last year. relation to a bit of a leading indicator in other parts of high end dental on the help of the average consumer.

是的。所以喬，我將在美國市場上大展拳腳，也許會回到之前澄清喬恩布洛克問題的觀點。我的意思是，一方面，該類別的需求似乎在去年下半年出現了一些放緩的跡象。關係到高端牙科其他領域的領先指標對普通消費者的幫助。

I mean this needs are going to be coming into some easier absolute comparisons as we head into the back half of this year, which I don't know, maybe helps reverse this downtrend in Invisalign case growth. But I guess we're also in the early days of what still could be some more pain coming for the consumer. So I guess what dominates in your opinion? Do the easier comps dominate? Or does it more challenge on consumer dominate? And again, just thinking about the domestic market here and ignoring again some of that China and predictability that's out there.

我的意思是，隨著我們進入今年下半年，這種需求將進入一些更容易的絕對比較，我不知道，這可能有助於扭轉 Invisalign 案例增長的這種下降趨勢。但我想我們還處於對消費者來說可能會帶來更多痛苦的早期階段。所以我猜你認為什麼占主導地位？更容易的比賽占主導地位嗎？還是對消費者主導的挑戰更大？再一次，只考慮這裡的國內市場，再次忽略一些中國和那裡的可預測性。

Yes. I'll let John take a shot at this, too. But I would say, I mean, obviously, you talk about easier comps. I mean when you're comping against 300% growth, like we just talked about, it's one of the tougher comps on a large number I've had in my business career. And so obviously, when you get some light on that line, it helps somewhat. But consumer confidence, I'd say, outside of the COVID, the way I'd look at the business again is COVID affected Asia in a big way.

是的。我也會讓約翰試一試。但我想說，我的意思是，很明顯，你談論的是更容易的組合。我的意思是，當你面對 300% 的增長時，就像我們剛才談到的那樣，這是我在商業生涯中遇到的大量困難之一。很明顯，當你對那條線有所了解時，它會有所幫助。但是，我想說的是，在 COVID 之外，我再次看待業務的方式是 COVID 對亞洲的影響很大。

We had some COVID staffing issues or whatever, but predominantly in the West, it's consumer confidence that we look at. And so those consumer confidence numbers start to equalize, start to get better. Some of the ones we look in Europe are all-time lows. I feel that means a lot. It means that means more to meet in those comparisons years from here. We would report more confidence in consumers in a trend where in that kind of environment, we think we see the adult cases resume at a pace that we'd be equal to our long-term growth rate.

我們遇到了一些 COVID 人員配置問題或其他問題，但主要是在西方，我們關注的是消費者信心。因此，這些消費者信心數據開始趨於平衡，開始變得更好。我們在歐洲看到的一些是歷史最低點。我覺得這意味著很多。這意味著這意味著從這裡開始的那些比較中會遇到更多。我們將報告消費者對在這種環境下的趨勢更有信心，我們認為我們看到成人病例的恢復速度與我們的長期增長率相當。

Yes. It's consumer confidence overall, and in certain cases (inaudible)

是的。這是消費者的整體信心，在某些情況下（聽不清）

I guess just real quick, I guess I would -- Yes. I guess I was just focusing more on the U.S. market. And I totally understand Europe and China and APAC and all the different dynamics there. But just in within the U.S. market, I mean, the comps do get easier, absolute comps -- they did tick down starting in the second half of last year. So just that would be where I'd be focusing the question here, sorry to interrupt.

我想真的很快，我想我會- 是的。我想我只是更多地關注美國市場。我完全了解歐洲、中國和亞太地區以及那裡的所有不同動態。但就在美國市場，我的意思是，比賽確實變得更容易，絕對的比賽——他們確實從去年下半年開始下降。所以這就是我在這里關注問題的地方，抱歉打斷。

Yes. No, Jason, that's okay. I look at the United States too is -- I just give you consumer confidence more than anything. Not just saying that there's no big variant issue or something that happens with COVID. We're all kind of have PTSD in that sense and what we experienced over the last 2 years. But yes, I like the comparison year-over-year. That's going to be helpful. But those consumer confidence numbers, whether I'm talking about Europe or I'm talking about the States, those are the ones that we stay glued to that we think are a really good indicator in the sense of our market, and that adult market that we appeal to, both in the GP segment in the adult market and the orthodontic segment, too. John, anything?

是的。不，傑森，沒關係。我看美國也是——我只是給你消費者信心比什麼都重要。不僅僅是說沒有大的變異問題或 COVID 發生的事情。從這個意義上說，我們都有 PTSD 以及我們在過去 2 年中所經歷的情況。但是，是的，我喜歡逐年比較。這會很有幫助。但是這些消費者信心數據，無論我是在談論歐洲還是在談論美國，這些都是我們一直關注的數據，我們認為這些數據對於我們的市場和成人市場來說是一個非常好的指標我們在成人市場的 GP 細分市場和正畸細分市場都呼籲這一點。約翰，什麼？

And the piece that I would add to the U.S. is just that as we get into teen season now as we go from Q2 to Q3. Teens will be important to see. We've got great products. We've got great go-to-market opportunities to be able to grow in those markets and get more market share. When we think of teens everywhere in the world, it's single digit and even in the U.S. So we look at growth opportunities that will be teens, maybe a little bit less of more resistant to maybe some of that consumer concerns that they have. Consumer concerns certainly show up on the adult side, but we think teams can help offset that just a bit because it's less discretionary.

我要添加到美國的部分就是我們現在從第二季度到第三季度進入青少年季節。青少年將很重要。我們有很棒的產品。我們有很好的進入市場的機會，能夠在這些市場中發展並獲得更多的市場份額。當我們想到世界各地的青少年時，它是個位數，甚至在美國也是如此。所以我們著眼於青少年的增長機會，也許對他們所擁有的一些消費者擔憂的抵抗力可能會少一點。消費者的擔憂肯定會出現在成人方面，但我們認為團隊可以幫助抵消這一點，因為它不那麼隨意。

Okay. That's helpful. And maybe just a quick follow-up here. A lot of questions out there right now from investors on the decremental margin impact for the business with volumes and revenue doing what it's doing here. You added a lot of head count. It's significantly expanded branding and advertising efforts during the pandemic really helped to widen the competitive moat, so really impressive. It sounds like some of that marketing though has been recalibrated here. Are there further resets that -- with the OpEx structure that might be necessary in this environment? And I guess, what's the trigger for you to decide that a further rightsizing is necessary?

好的。這很有幫助。也許只是這裡的快速跟進。投資者現在提出了很多問題，即利潤減少對業務量和收入的影響正在做它在這裡所做的事情。你增加了很多人頭。它在大流行期間顯著擴大了品牌推廣和廣告工作，確實有助於擴大競爭護城河，令人印象深刻。聽起來有些營銷在這裡已經重新校準。是否有進一步的重置——在這種環境中可能需要使用 OpEx 結構？我想，是什麼觸發了您決定進一步調整規模的必要性？

I mean rightsizing, when I hear words like that, it means that we've gone to the layoffs, so we haven't laid anything off. Remember, we -- any one off in that sense. We normally hire to a 20% to 30% growth rate. And so -- and we -- our OpEx spend is in that range, too. So obviously, we didn't -- we couldn't hire in that range. And so if you call that a cutback, it's a cutback from our normal OpEx.

我的意思是調整規模，當我聽到這樣的話時，這意味著我們已經進行了裁員，所以我們沒有裁員。請記住，我們 - 在這個意義上的任何人。我們通常以 20% 到 30% 的增長率招聘。所以——我們——我們的運營支出也在這個範圍內。所以很明顯，我們沒有——我們不能在那個範圍內招聘。因此，如果您將其稱為削減，那就是我們正常運營支出的削減。

What we do is we normally balance OpEx to revenue at about a 50% range, and there's a lot of variables in that line from an OpEx standpoint that we can go about. Remember, our most important areas that we want to make sure we take care of is our commercial team, our engineering effort and also our marketing. We know those are really key. And we focus on those, and we balance the business around them. John, anything you want to add?

我們所做的是，我們通常將運營支出與收入平衡在大約 50% 的範圍內，從運營支出的角度來看，我們可以解決很多變量。請記住，我們要確保我們照顧的最重要領域是我們的商業團隊、我們的工程工作以及我們的營銷。我們知道這些真的很關鍵。我們專注於這些，我們圍繞它們平衡業務。約翰，你有什麼要補充的嗎？

It's a balance, both short and long term. So as we balance out our plans, we look to -- the growth opportunities we have, we want to make sure we continue to invest in those growth opportunities. But then obviously, we have to be mindful of the current conditions that we're in, and we'll adjust as needed to still maximize the return on investments that we're making.

這是一個短期和長期的平衡。因此，當我們平衡我們的計劃時，我們期待 - 我們擁有的增長機會，我們希望確保我們繼續投資於這些增長機會。但顯然，我們必須注意我們所處的當前條件，我們將根據需要進行調整，以最大限度地提高我們所做的投資回報。

Our next question is from the line of Erin Wright with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Erin Wright。

Great. And I wanted to ask another Americas teen question here. But just given the seasonality and given this is an area where you should have some better visibility. I just want to clarify, does this mean you're going to see a meaningful sequential pickup in the coming quarter? Or why would that not happen for you? And just given that should be an area more under your control here.

偉大的。我想在這裡問另一個美洲青少年問題。但只是考慮到季節性，並且考慮到這是一個你應該有更好能見度的區域。我只是想澄清一下，這是否意味著您將在下一季度看到有意義的連續回升？或者為什麼這不會發生在你身上？只是考慮到這應該是一個更受您控制的區域。

Our normal growth pattern between the second quarter and the third quarter is flat to down 1 percentage point or so. John can confirm that. So the second quarter to third quarter is a big teen season, but there's other parts of our portfolio that kind of balance out with that. It's not traditionally a jump from second to third quarter. But again, we're focused on teens because we feel teens have a lot less elasticity than what adults have right now based on the consumer confidence level.

我們二季度到三季度的正常增長模式是持平到下降1個百分點左右。約翰可以證實這一點。所以第二季度到第三季度是一個重要的青少年賽季，但我們投資組合的其他部分也能與之平衡。傳統上，這不是從第二季度到第三季度的跳躍。但是，我們再次關注青少年，因為根據消費者的信心水平，我們認為青少年的彈性比現在的成年人要小得多。

So I just -- but I'd just caution you here. Remember, this is a wires and brackets play. It's something that's systemic that we have worked on for years. We have many new products like Invisalign First, Mandibular Advancement and several new teen products that help us with this. The new teen packs help also. We think we're well positioned, but we have to get into the quarter and be able to assess how well that market is actually holding up. John, anything...

所以我只是 - 但我只是在這裡提醒你。請記住，這是一個電線和支架的遊戲。這是我們多年來一直致力於的系統性工作。我們有許多新產品，例如 Invisalign First、Mandibular Advancement 和一些新的青少年產品，可以幫助我們解決這個問題。新的青少年包也有幫助。我們認為我們處於有利位置，但我們必須進入本季度並能夠評估該市場的實際支撐情況。約翰，什麼...

But specifically in the U.S., U.S. teen, we should see sequential improvement as we get into teen season, going from Q2 to Q3, notwithstanding any occurrences that happened from an economic standpoint, but the expectation is given our products, given the opportunity, given the utilization that we have, we should be able to see growth. Now with that, anything else that gets in our way.

但特別是在美國，美國青少年，隨著我們進入青少年季節，從第二季度到第三季度，我們應該看到連續改善，儘管從經濟角度來看發生了任何事情，但是我們的產品，給定的機會，給定的期望我們擁有的利用率，我們應該能夠看到增長。現在有了它，任何其他阻礙我們的東西。

Okay. And then ASPs for the balance of the year, how should we be thinking about that and the FX impact?

好的。然後是今年剩餘時間的平均售價，我們應該如何考慮這一點和外匯影響？

Erin, FX, obviously, Q1 to Q2 was a big impact in FX. We see it in the numbers from revenue all the way down to our EPS. I would think of -- it's tough to forecast where FX is going to go. Certainly, dollar has strengthened. I think you kind of take the numbers that they're at now and kind of play that forward for the rest of the year is how we look at that. I think from an overall ASP standpoint, there's always going to be puts and takes.

Erin，外匯，顯然，第一季度到第二季度對外匯產生了重大影響。我們從收入一直到每股收益的數字中都看到了這一點。我會想到 - 很難預測外匯將走向何方。當然，美元已經走強。我認為你會接受他們現在的數字，並在今年餘下的時間裡繼續向前推進，這就是我們的看法。我認為從整體 ASP 的角度來看，總會有投入和投入。

So we're not doing anything different from a discounting standpoint, how we're going to market and so on. You might have some mix effects that come through. But I take the FX rates kind of as they are now, project those forward and then ASP should be too much different than what you see now notwithstanding any FX.

因此，從折扣的角度來看，我們沒有做任何不同的事情，我們將如何進入市場等等。您可能會獲得一些混合效果。但我採用現在的外匯匯率，將它們向前預測，然後 ASP 應該與你現在看到的有很大不同，儘管有任何外匯。

The next question is from the line of Brandon Couillard with Jefferies.

下一個問題來自 Brandon Couillard 和 Jefferies 的觀點。

John, a quick follow-up on that FX question. I appreciate all the details in the deck. It is very, very helpful. Just curious, what is the estimated impact of currency on the operating margin for the year now in the ballpark?

約翰，對那個 FX 問題的快速跟進。我很欣賞甲板上的所有細節。這是非常非常有幫助的。只是好奇，貨幣對今年營業利潤率的估計影響是什麼？

Well, ballpark, I would look at that is about 1 point -- maybe just over 1 point of impact. We saw that 1.1 point impact from Q1 to Q2 in op margin. I would kind of look at the full year and about the same.

好吧，大概，我認為這大約是 1 分——也許只是超過 1 分的影響。我們看到從第一季度到第二季度的營業利潤率下降了 1.1 個百分點。我會看看全年的情況，大致相同。

And then Joe, on the scanner business, any color between the North American segment and international in terms of growth rate, how would you sort of characterize the capital spending environment in those 2 regions, specifically?

然後喬，關於掃描儀業務，就增長率而言，北美市場和國際市場之間的任何顏色，你如何描述這兩個地區的資本支出環境，特別是？

Yes. I'll start with -- I mean, obviously, we had trouble selling scanners in China because China shut down. And China is one of our bigger markets, it's between China and Japan and Asia. So I didn't look at that so much as and overall market problem, I looked at that as more of a COVID problem. And so hopeful of, as I mentioned before, if that COVID stays clear, that will write itself.

是的。我先說——我的意思是，很明顯，我們在中國銷售掃描儀時遇到了麻煩，因為中國關閉了。中國是我們更大的市場之一，它位於中國、日本和亞洲之間。因此，我並沒有將其視為整體市場問題，而是將其更多地視為COVID問題。正如我之前提到的，如果 COVID 保持清晰，那麼它就會自己寫出來。

United States, just a good job by the team, strong demand there. 5D plus tends to be the really strong scanner out there. On the restorative side, dentists liking the NIRI, the near-infrared technology for caries detection and orthodontists continue like the exactness of how our workflows at all from an overall iTero standpoint. So I feel good about the Americas and what the performance was in that piece. And as I mentioned in my script, is 40% with a large installed base now, 40% is services, too, which is really helpful in that business overall.

美國隊，剛剛好工作，需求旺盛。 5D plus 往往是那裡真正強大的掃描儀。在修復方面，喜歡 NIRI（用於齲齒檢測的近紅外技術）的牙醫和正畸醫生繼續喜歡從 iTero 的整體角度來看我們工作流程的準確性。所以我對美洲以及那首曲子的表現感覺很好。正如我在腳本中提到的，現在有 40% 的安裝基數很大，40% 也是服務，這對整個業務非常有幫助。

And look, I feel good about -- again, our scanners in Europe compared to get some pretty big numbers again last year. So I wouldn't be blinded by the year-over-year number in that sense. But Europe has the added pressure right now from a Ukraine standpoint. It's just -- it wears on the consumer sentiment piece. I think it makes doctors a little more reluctant and -- but there's -- I feel good about our position in Europe from a scanner standpoint. And as the market hopefully starts to stabilize here, we'll see that business that we had return loans.

看，我感覺很好 - 再次，我們在歐洲的掃描儀與去年再次獲得一些相當大的數字相比。因此，從這個意義上說，我不會被同比數字蒙蔽。但從烏克蘭的角度來看，歐洲現在面臨著額外的壓力。只是——它體現在消費者情緒方面。我認為這讓醫生有點不情願，而且——但有——從掃描儀的角度來看，我對我們在歐洲的地位感覺很好。隨著市場希望在這裡開始穩定，我們將看到我們有償還貸款的業務。

Our next question is from the line of Kevin Caliendo with UBS.

我們的下一個問題來自瑞銀的 Kevin Caliendo。

So just want to think about how -- or what it would take for you guys to feel comfortable with providing guidance again, or feeling comfortable that you can hit your longer-term targets rather than making progress towards it. Do we need to see consumer confidence go back above 99 or something like that? Or I mean, at the beginning of the year, you caveated and said, listen, if there's no more COVID outbreaks, we'd still be able to do this.

因此，只想想想你們如何——或者怎樣才能讓你們再次提供指導感到自在，或者對實現長期目標而不是朝著它取得進展感到自在。我們是否需要看到消費者信心回到 99 以上或類似的水平？或者我的意思是，在今年年初，你警告說，聽著，如果沒有更多的 COVID 爆發，我們仍然能夠做到這一點。

What do you need to see before you can come to us and say, "hey, we're back on track or we think we can do this." So we feel comfortable. We're going to be able to grow at ex rate going forward, even be able to provide guidance for like a quarter going forward, even if it's not for the full year. What needs to happen, in your mind?

在您來找我們說“嘿，我們回到正軌或者我們認為我們可以做到”之前，您需要看到什麼。所以我們感覺很舒服。我們將能夠以未來的匯率增長，甚至能夠為未來的一個季度提供指導，即使不是全年。在你的腦海中需要發生什麼？

I'll turn it over to John. But first of all is, remember, we don't carry inventory in this business outside of scanners. So it's a real-time business. We don't have any inventory to reflect from or any -- very little business from a week-to-week standpoint. So I'll move it over to John, but keep that in mind that we kind of feel these trends early on both ends. As the economy picks up, we'll probably feel it first. And as it turns down, we feel it by just the nature of the business first.

我會把它交給約翰。但首先，請記住，我們不會在掃描儀之外進行這項業務的庫存。所以這是一項實時業務。從每週的角度來看，我們沒有任何庫存可以反映或任何 - 很少的業務。所以我將把它轉移給約翰，但請記住，我們在兩端都早早地感受到了這些趨勢。隨著經濟回暖，我們可能會首先感受到它。當它下降時，我們首先會從業務的性質上感受到它。

It really comes down to, Kevin, more just having more predictability on a macro basis, understanding as we mentioned COVID and thinking that we're through it, then you have China lockdowns or some of the consumer sentiment and things that come up that are outside of our control. We feel very good about being able to control what we can control, making the right investments as we go to market or adding investments in R&D to better our products and so on, and drive that return.

這真的歸結為，凱文，更多的是在宏觀基礎上具有更多的可預測性，理解我們提到的 COVID 並認為我們已經度過了它，然後你會看到中國的封鎖或一些消費者情緒以及出現的一些事情在我們的控制之外。我們能夠控制我們可以控制的東西，在我們進入市場時進行正確的投資或增加研發投資以改善我們的產品等，並推動回報，我們感覺非常好。

And therefore, like I said, we can manage to that 20%. That's something that we can manage as we go through the quarter. It really comes down to having more predictability on a macro basis. And once we get confidence in that, and we work our way to that understanding -- look, the economies are going to do what they're going to do. They're going to go up or down. But if I have more predictability on the direction that they're going and how they're going to go, then we can give a good forecast.

因此，就像我說的，我們可以達到 20%。這是我們在整個季度中可以管理的事情。這實際上歸結為在宏觀基礎上具有更多的可預測性。一旦我們對此充滿信心，並且我們會努力實現這種理解-看，經濟體將做他們將要做的事情。他們會上升或下降。但是，如果我對他們前進的方向和前進方式有更多的可預測性，那麼我們可以給出一個很好的預測。

Our next question is from the line of Michael Ryskin with Bank of America.

我們的下一個問題來自美國銀行的 Michael Ryskin。

I have kind of a follow-up to one of the earlier ones, and some that Kevin just asked sort of on the moving pieces going forward. I mean we spent a lot of time talking about China lockdowns and the impact that had, and there was some discussion on consumer confidence as well. But it was sort of brought up in the sense of, well, what happens when things improve.

我對前面的一個有一些跟進，還有一些凱文剛剛問到的關於未來發展的部分。我的意思是，我們花了很多時間談論中國的封鎖及其產生的影響，還討論了消費者信心。但它是從某種意義上提出的，嗯，當事情好轉時會發生什麼。

I hate to be the pessimist here, but can we talk about the other side of things as inflation is 1 thing and consumer sentiment and consumer confidence is another thing. But recessionary impact, if unemployment goes higher, if job losses start to accelerate, there is a scenario where things are -- should get worse for the next couple of quarters before they get better.

我不想在這裡成為悲觀主義者，但我們能否談談事情的另一面，因為通貨膨脹是一回事，消費者情緒和消費者信心是另一回事。但是經濟衰退的影響，如果失業率上升，如果失業開始加速，那麼情況可能會在接下來的幾個季度變得更糟，然後才會好轉。

So can you talk through sort of how you view the likelihood of that happening, the impact you think it will have on the business? And also sort of what's your response going to be, what's the game plan? You talked a little bit about controlling costs in the quarter already. What would be the other levers you would pull if things for the consumer in the Americas and in Europe get materially worse over the next 3 to 6 to 9 months?

那麼，您能否談談您如何看待這種情況發生的可能性，以及您認為它將對業務產生的影響？還有你的反應是什麼，遊戲計劃是什麼？您已經在本季度談到了控製成本。如果美洲和歐洲消費者的情況在接下來的 3 到 6 到 9 個月內變得更糟，您還會採取哪些其他措施？

It's Joe. Look, I think you've seen that -- I feel we've been responsible in the sense of adjusting the business to a lower demand signal than the business is used to having. I think you saw us respond the same way when COVID hit in March of 2020, and how we ran the business. If it gets worse, and it could get worse is the way -- I mean from the standpoint of whatever happens from an economic standpoint.

是喬。聽著，我想你已經看到了——我覺得我們有責任將業務調整到比業務習慣更低的需求信號。我想你看到我們在 2020 年 3 月 COVID 襲擊時做出了同樣的反應，以及我們如何經營業務。如果情況變得更糟，那麼情況可能會變得更糟——我的意思是從經濟角度來看發生的任何事情。

I'd just say that, look, John and I come from businesses where we've been through these cycles. We know how to operate in a down cycle. We run a business that way. This is a growth business, and we'll treat it as a growth business, but we're responsible from a standpoint of making sure that we adjust this business to whatever economic conditions that we see out there.

我只想說，看，約翰和我來自我們經歷過這些週期的企業。我們知道如何在下行週期中運作。我們以這種方式經營業務。這是一項增長業務，我們將其視為增長業務，但我們有責任確保我們根據我們看到的任何經濟狀況調整這項業務。

And as a result, we've been able to make these adjustments. We're fortunate as a company to have the cash position, the balance sheet that we have and all these other. And in the end, you know the story, we have a huge opportunity to be able to grow. You just have this in our way. And like Joe said, and what many others say is it could get worse. We have to be able to be able to balance those short-term worse to with our long-term goal of being able to make Invisalign the standard of care. And that's what we're balancing right now, and that could play out -- that will play out in the next -- whatever, a year to 18 months, things will evolve.

因此，我們能夠進行這些調整。作為一家公司，我們很幸運擁有現金狀況、我們擁有的資產負債表以及所有其他這些。最後，你知道這個故事，我們有一個巨大的成長機會。你只是有這個在我們的方式。就像喬說的那樣，許多其他人說的情況可能會變得更糟。我們必須能夠平衡那些短期惡化與我們能夠使 Invisalign 成為護理標準的長期目標。這就是我們現在正在平衡的內容，這可能會發揮作用——這將在未來發揮作用——無論如何，從一年到 18 個月，事情都會發展。

We hope that the economies improve. We hope that a lot of this has just got a short term and things get better. And when things do get better, we're well positioned to be able to grow into this market, but we just have to be based on the realities of what's happening in short term.

我們希望經濟有所改善。我們希望其中很多只是短期的，事情會變得更好。當事情變得更好時，我們已經做好了進入這個市場的準備，但我們只需要基於短期內正在發生的事情的現實。

Great. And a quick follow-up, if I can. On 1Q, you kind of gave some comments on pacing through the quarter, and gave some comments on April as it relates to March. Kind of get the sense that things probably slowed down at the end of 2Q little bit in June, both between FX and China lockdowns being worse. Any sense you can give on sort of the progression through the course of 2Q? And just any early signs you've seen from July, again, realize that walk-down in China and FX is playing a big role. But maybe if you could just focus on America's trends through the quarter, and July. That will be helpful.

偉大的。如果可以的話，可以快速跟進。在第一季度，您就本季度的節奏發表了一些評論，並在 4 月發表了一些與 3 月相關的評論。有點感覺，在 6 月的第二季度末，情況可能會有所放緩，外彙和中國的封鎖都變得更糟。在 2Q 的過程中，你能給出某種進展嗎？您從 7 月開始看到的任何早期跡象，再次意識到中國和外匯市場的退出正在發揮重要作用。但也許你可以只關注整個季度和 7 月的美國趨勢。這會很有幫助。

Yes. No, it's a good question. So if you think like an overall picture, you hit some of the FX and so on, you look -- everybody can look at FX rates and see the changes and so on, you can project based on those. When you talk about a COVID lockdown or talk specifically in China, there was an impact for us. And we've seen that in the first quarter, we saw it in the second quarter, but it's -- happens in China. It happens in every place that we see where there's a lockdown, we have a reduction in volume. When that lockdown goes away, the volume starts to come back.

是的。不，這是個好問題。因此，如果您從整體上思考，您會觸及一些外匯等等，您會看 - 每個人都可以查看外匯匯率並看到變化等等，您可以根據這些進行預測。當您談論 COVID 封鎖或專門在中國談論時，對我們產生了影響。我們在第一季度已經看到，我們在第二季度也看到了，但它 - 發生在中國。它發生在我們看到有鎖定的每個地方，我們的數量減少了。當鎖定消失時，音量開始恢復。

So I would say when you think of China, as you go from lockdown to not lockdown, that's favorable for us. We start to see some of the volume come back. And I think when you look at -- I think part of your question is around the U.S. I think what do you see for the U.S. is it's -- maybe things stabilizing a little bit more. You're not seeing -- maybe it's pretty similar to what we exited Q2 into Q3. And I think when you look at the teen benefit that ideally comes through with some of the products and programs that we have in teen in the U.S. and other places, but focus on the U.S. We think that's helpful for us as we go from Q2 to Q3.

所以我想說，當你想到中國時，當你從封鎖到不封鎖時，這對我們有利。我們開始看到一些成交量回來了。而且我認為，當您查看時-我認為您的部分問題與美國有關。我認為您對美國的看法是-也許事情會更加穩定一些。你沒有看到 - 也許它與我們從第二季度到第三季度的情況非常相似。而且我認為，當您看到理想情況下通過我們在美國和其他地方的青少年中獲得的一些產品和計劃所帶來的青少年利益時，但專注於美國。我們認為這對我們從第二季度到第二季度有幫助Q3。

We have reached the end of our question-and-answer session. I will now turn the call back over to Shirley Stacy for closing remarks.

我們的問答環節已經結束。我現在將把電話轉回給雪莉·斯泰西（Shirley Stacy）做閉幕詞。

Thank you, operator, and thank you, everyone, for joining us today. We look forward to speaking to you at upcoming financial conferences and industry meetings. And if you have any follow-up questions, please contact our Investor Relations team. Have a great day.

謝謝接線員，謝謝大家今天加入我們。我們期待在即將舉行的金融會議和行業會議上與您交談。如果您有任何後續問題，請聯繫我們的投資者關係團隊。祝你有美好的一天。

Thank you. This concludes today's conference, and you may now disconnect your lines at this time. Thank you for your participation.

謝謝你。今天的會議到此結束，您現在可以在這個時候斷開您的線路。感謝您的參與。