愛齊科技 (ALGN) 2022 Q3 法說會逐字稿

Greetings. Welcome to the Align Q3 2022 Earnings Call. (Operator Instructions) Please note this conference is being recorded. I would now like to turn the conference over to our host, Shirley Stacy, with Align Technology. You may begin.

問候。歡迎參加 Align 2022 年第三季度財報電話會議。 （操作員說明）請注意此會議正在錄製中。我現在想將會議轉交給我們的主持人 Shirley Stacy 和 Align Technology。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. We issued third 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.

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。我們今天通過美國商業資訊發布了 2022 年第三季度財務業績，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。

A telephone replay will be available today by approximately 5:30 p.m. Eastern time through 5:30 p.m. Eastern time on November 9. To access the telephone replay, domestic callers should dial (866) 813-9403 with access code 119351. International callers should dial (929) 458-6194 using the same access code.

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 11 月 9 日。要訪問電話重播，國內呼叫者應使用接入代碼 119351 撥打 (866) 813-9403。國際呼叫者應使用相同的接入代碼撥打 (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 and 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.

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進行了更詳細的描述，該報告可在我們的網站和 sec.gov 上查閱。

Actual results may vary significantly, and Align expressly assumes no obligation to update any forward-looking statements. We have posted historical financial statements, including the corresponding reconciliations, including our GAAP to non-GAAP reconciliations, if applicable, and our third quarter 2022 conference call slides on our website under quarterly results. Please refer to these files for more detailed information.

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。我們已經在我們網站的季度業績下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），以及我們的 2022 年第三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 Q3 results and discuss the performance of our 2 operating segments, System 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, 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，我將概述我們的第三季度業績，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，總結幾個關鍵點並打開問題電話。

Our third quarter results reflect the continued macroeconomic uncertainty and weaker consumer confidence as well as significant impact from unfavorable foreign exchange rates across currencies that affect our operations. On a constant currency basis, total Q3 revenues were reduced by $25 million or 2.7% sequentially and $57.4 million or 6.1% year-over-year, one of the largest quarterly foreign exchange impacts in our history. We remain confident in the execution of our strategic growth drivers despite the continuing economic headwinds.

我們的第三季度業績反映了持續的宏觀經濟不確定性和疲軟的消費者信心，以及影響我們運營的各種貨幣不利匯率的重大影響。按固定匯率計算，第三季度總收入環比減少 2500 萬美元或 2.7%，同比減少 5740 萬美元或 6.1%，這是我們歷史上最大的季度外匯影響之一。儘管經濟持續逆風，我們仍然對執行我們的戰略增長動力充滿信心。

In Q3, we reached our 14 millionth Invisalign patient milestone during the quarter, which includes nearly 4 million teenagers and kids as young as 6 years old, who have been treated with Invisalign clear aligners. In Q3, teen case starts of 200,000 were up 13% sequentially and just off slightly compared to Q3 '21 a year ago with a record 206,000 teenagers started Invisalign treatment. We're also excited to be launching significantly new products and technologies that further enhance the Align Digital Platform, leading the digital transformation are the practice of dentistry.

在第三季度，我們在本季度達到了第 1400 萬 Invisalign 患者的里程碑，其中包括近 400 萬青少年和年僅 6 歲的兒童，他們接受了 Invisalign 透明矯治器的治療。在第三季度，200,000 名青少年病例開始數環比增長 13%，與一年前的 21 年第三季度相比略有下降，創紀錄的 206,000 名青少年開始接受 Invisalign 隱適美治療。我們也很高興能夠推出顯著的新產品和技術，進一步增強 Align 數字平台，引領牙科實踐的數字化轉型。

During the quarter, we also began to commercialize ClinCheck Live Update software, Invisalign Practice App, Invisalign Personal Plan, Invisalign Smile Architect, the Invisalign Outcome Simulator Pro with in-face visualization, Cone Beam Computed Tomography with ClinCheck software Invisalign, Virtual AI software and iTero-exocad Connector.

在本季度，我們還開始商業化 ClinCheck Live Update 軟件、Invisalign Practice App、Invisalign Personal Plan、Invisalign Smile Architect、具有面部可視化功能的 Invisalign Outcome Simulator Pro、帶有 ClinCheck 軟件 Invisalign 的錐形束計算機斷層掃描、虛擬 AI 軟件和iTero-exocad 連接器。

These technology advancements represent an important expansion of our digital platform that we believe will help our doctor customers increase treatment efficiency and deliver superior clinical outcomes and patient experiences, positioning us to drive growth when the market inevitably rebounds. We'll be showcasing these innovations next month at the Invisalign Ortho Summit, Las Vegas, the premier education and networking experience for Invisalign practices with the most peer-to-peer presentations of any Invisalign education event.

這些技術進步代表了我們數字平台的重要擴展，我們相信這將幫助我們的醫生客戶提高治療效率並提供卓越的臨床結果和患者體驗，使我們能夠在市場不可避免地反彈時推動增長。我們將在下個月在拉斯維加斯舉行的 Invisalign Ortho 峰會上展示這些創新，這是 Invisalign 實踐的首要教育和網絡體驗，以及任何 Invisalign 教育活動中最多的點對點演示。

Through Q3, Systems and Services, interest in our iTero scanners was good with increased product demos across the regions. Doctors are increasingly recognizing the substantial benefits of intraoral scanning and end-to-end digital workflows with the iTero scanner and imaging systems. At the same time, increasing inflation, rising interest rates and less patient traffic and dental practices are lengthening sales cycles and conversion time.

在第三季度的系統和服務中，隨著各地區產品演示的增加，人們對我們的 iTero 掃描儀產生了濃厚的興趣。醫生們越來越認識到使用 iTero 掃描儀和成像系統的口內掃描和端到端數字工作流程的巨大好處。與此同時，通貨膨脹加劇、利率上升以及患者流量和牙科診所減少正在延長銷售週期和轉換時間。

For Q3, System and Services revenues of $157.5 million were down sequentially year-over-year. On a constant currency basis, unfavorable foreign exchange reduced Q3 '22 Systems and Services revenues by approximately $4.1 million or 2.5% sequentially and approximately $9.9 million or 5.9% year-over-year. For Q3, scanner services year-over-year revenue growth was strong across all regions, particularly due to increased subscription revenue driven by growth of the installed base of iTero scanners.

第三季度，系統和服務收入為 1.575 億美元，同比下降。按固定匯率計算，不利的外匯使 22 年第三季度系統和服務收入環比減少約 410 萬美元或 2.5%，同比減少約 990 萬美元或 5.9%。對於第三季度，所有地區的掃描儀服務收入同比增長強勁，特別是由於 iTero 掃描儀安裝基數增長推動訂閱收入增加。

Year-over-year growth also reflects increased sales of iTero warranties and continued growth of our scanner leasing rental programs. We continue to work closely with our doctor customers to support their practice growth and digital transformation goals. This includes understanding different ways to enable them to navigate to more uncertain economic environment. Over the past year, we've had good success rolling out new leasing programs in Latin America and certified preowned or CPO, as we call it, options in India and North America.

同比增長還反映了 iTero 保修銷售的增長以及我們的掃描儀租賃計劃的持續增長。我們將繼續與我們的醫生客戶密切合作，以支持他們的實踐增長和數字化轉型目標。這包括了解使他們能夠適應更加不確定的經濟環境的不同方法。在過去的一年裡，我們在拉丁美洲推出了新的租賃計劃，並在印度和北美成功地推出了認證二手或 CPO，我們稱之為選擇權。

We're also looking at new opportunities on the capital equipment side for our DSO partners. This is a natural progression in an equipment business with a large and growing installed base. As we introduce new products, there are more opportunities for customers to upgrade to make trade-ins and to provide refurbished scanners for emerging markets, too. We expect to continue to roll out programs that are especially helpful for customers in the current macroeconomic environment.

我們還在為我們的 DSO 合作夥伴尋找資本設備方面的新機會。這是擁有龐大且不斷增長的安裝基礎的設備業務的自然發展。隨著我們推出新產品，客戶也有更多機會進行升級以進行以舊換新並為新興市場提供翻新掃描儀。我們希望繼續推出在當前宏觀經濟環境下對客戶特別有幫助的計劃。

It's selling the way doctors and customers want to do business and leveraging our balance sheet. We're still early, we're pleased with the contribution of margin accretion we're seeing.

它正在銷售醫生和客戶希望開展業務的方式並利用我們的資產負債表。我們還為時過早，我們對所看到的利潤增長的貢獻感到滿意。

For our Clear Aligner segment, macroeconomic uncertainty and waiting consumer confidence continues to impact the dental market overall, making for a challenging operating environment across the board. For Q3, third-party reports indicate there are fewer new patient visits, less traffic flow and lower orthodontic case starts overall.

對於我們的 Clear Aligner 細分市場，宏觀經濟的不確定性和等待消費者的信心繼續影響整個牙科市場，使整個運營環境充滿挑戰。對於第三季度，第三方報告顯示，新患者就診次數減少，交通流量減少，整體正畸病例開始減少。

Our Clear Aligner volumes further reflect the underlying orthodontic market trends and a shift away from adults toward teens in Q3. Q3 Clear Aligner revenues were down 8.2% sequentially and down 12.5% year-over-year compared to Q3 '21 year-over-year revenue growth rates of plus 35%. On a constant currency basis, Q3 '22 Clear Aligner revenues were reduced by unfavorable foreign exchange of approximately $21 million or approximately 2.8% sequentially and approximately $47.4 million or approximately 6.1% year-over-year.

我們的 Clear Aligner 數量進一步反映了潛在的正畸市場趨勢以及第三季度從成人向青少年的轉變。第三季度 Clear Aligner 收入環比下降 8.2%，同比下降 12.5%，而 21 季度第三季度收入同比增長 35%。在固定貨幣基礎上，22 年第三季度 Clear Aligner 收入因不利的外匯而減少，環比減少約 2100 萬美元或約 2.8%，同比減少約 4740 萬美元或約 6.1%。

For the quarter, Q3 Aligner volumes reflect a sequential increase in Invisalign shipments from Asia Pacific and Latin America as well as North America Invisalign teen cases offset by lower volume in EMEA and North America, primarily Invisalign adult cases. For Q3, Invisalign First for kids as young as 6 grew year-over-year and was strong across all regions. On a trailing 12-month basis, as of Q3, Invisalign Clear Aligner shipments for teens and young kids using Invisalign First up year-over-year to over 734,000 cases.

在本季度，第三季度 Aligner 的銷量反映了來自亞太地區和拉丁美洲以及北美 Invisalign 青少年病例的連續增長，被 EMEA 和北美（主要是 Invisalign 成人病例）銷量下降所抵消。在第三季度，針對年僅 6 歲兒童的 Invisalign First 服務同比增長，並且在所有地區都表現強勁。在過去 12 個月的基礎上，截至第三季度，使用 Invisalign First 的青少年和幼兒的 Invisalign Clear Aligner 出貨量同比增長超過 734,000 箱。

For Q3, the total number of new Invisalign trained doctors increased sequentially 8.5% driven by North America and Asia Pacific. In terms of Invisalign submitters, the total number of doctors shipped to for Q3 increased sequentially to 84,400 doctors, the second highest number this year, driven by Asia Pacific and the Americas. From a channel perspective, ortho submitters were slightly year-over-year up, especially from doctors submitting teen cases, offsetting -- offset by a few GP dentists year-over-year, especially in EMEA.

第三季度，在北美和亞太地區的推動下，受過 Invisalign 培訓的新醫生總數環比增長 8.5%。在 Invisalign 提交者方面，在亞太地區和美洲的推動下，第三季度運送到的醫生總數環比增加至 84,400 名，是今年第二高的數字。從渠道的角度來看，正畸提交者同比略有上升，特別是來自提交青少年病例的醫生，抵消了 - 被一些 GP 牙醫同比抵消，特別是在 EMEA 地區。

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, Q3 revenues were up both sequentially and year-over-year. This reflects strong growth in retainers sequentially and year-over-year growth across all regions, driven by more submitters.

對於其他非案例收入，包括保留產品，如 Vivera 固定器、臨床培訓和教育、配件、電子商務和我們的新訂閱計劃，如我們的 DSP，第三季度收入環比和同比均增長。這反映了在更多提交者的推動下，所有地區的保留者連續增長和同比增長強勁。

In U.S., revenues for our doctor subscription program increased sequentially and year-over-year. I'm very pleased to see continued momentum in non-case revenues driven by subscription-based programs that we expect to continue to expanding across the business.

在美國，我們的醫生訂閱計劃的收入環比和同比增長。我很高興看到基於訂閱的計劃推動的非案例收入持續增長，我們預計這些計劃將繼續在整個業務中擴展。

Now let's turn to the specifics around the third quarter results, starting with the Americas. The Q3 Invisalign case volumes for Americas were down sequentially single-digit percentages and primarily due to lower Invisalign bulk shipments. The environment remains challenging and feedback from our customers indicates consumer financing and patient no shows affecting their practices in Q3, especially with adult patients. Q3 Invisalign volume also reflects increased case submissions from orthodontic channel and sequential growth in the teen segment.

現在讓我們看看第三季度業績的細節，從美洲開始。美洲的第三季度 Invisalign 案例數量連續下降個位數百分比，主要是由於 Invisalign 大宗出貨量下降。環境仍然充滿挑戰，我們客戶的反饋表明，消費者融資和患者沒有出現影響他們在第三季度的實踐，尤其是成年患者。第三季度 Invisalign 的數量也反映了正畸渠道提交的病例增加和青少年部分的連續增長。

For Q3, teen patients were most resilient, reflecting continued momentum in younger patients with Invisalign First as well as the new Invisalign Teen case pack. During Q3, Invisalign Teen case packs grew both sequentially and year-over-year.

對於第三季度，青少年患者的複原力最強，這反映了 Invisalign First 以及新的 Invisalign 青少年病例包在年輕患者中的持續勢頭。在第三季度，Invisalign 青少年案例包連續和同比增長。

As a reminder, Invisalign Teen case packs, a new subscription program that enables orthodontists to buy clear aligners and packs in advance. They also include exclusive practice development benefits with the Invisalign brand and require an incremental volume commitment from doctors. Teen case packs are currently available in the U.S., Canada and France, and we expect to be expanded more in EMEA region.

提醒一下，Invisalign 青少年病例包是一項新的訂閱計劃，使正畸醫生能夠提前購買透明矯正器和包裝。它們還包括 Invisalign 品牌的獨家實踐發展優勢，並需要醫生增加數量的承諾。青少年案例包目前在美國、加拿大和法國有售，我們預計將在 EMEA 地區進行更多擴展。

Turning to our international business for Q3, Invisalign Clear Aligner volume was down very slightly sequentially, 1.4%, with strong sequential growth for APAC, offset by lower volume in EMEA. For EMEA, Q3 operating environment was challenging. Inflation in the Eurozone is more than 10% and global macroeconomic factors weighed on consumer sentiment and purchasing decisions, especially for adult patients, which compounded the impact of Q3 summer seasonality. Similar to the Americas, doctors in EMEA also reported increased appointment cancellations and the impact of less patients financing their purchases.

談到我們第三季度的國際業務，Invisalign Clear Aligner 的銷量環比小幅下降 1.4%，亞太地區的環比增長強勁，但被 EMEA 的銷量下降所抵消。對於 EMEA，第三季度的運營環境充滿挑戰。歐元區的通貨膨脹率超過 10%，全球宏觀經濟因素對消費者情緒和購買決定造成壓力，尤其是對成年患者而言，這加劇了第三季度夏季季節性的影響。與美洲類似，歐洲、中東和非洲地區的醫生也報告了預約取消的增加以及為購買提供資金的患者減少的影響。

EMEA teen patients also resilient in Q3 increased sequentially in Iberia as well as France, where we introduced teen case packs during the quarter. In APAC, Q3 sequential growth was led by China, Japan and ANZ despite ongoing COVID restrictions and lockdowns in parts of China and Japan. On a year-over-year basis, Invisalign case volumes reflected increased shipments across almost all markets, led by Taiwan, Thailand, India and Korea, driven by increased submitters.

EMEA 青少年患者在第三季度也有彈性，在伊比利亞和法國，我們在該季度推出了青少年病例包。在亞太地區，第三季度環比增長由中國、日本和澳新銀行引領，儘管中國和日本部分地區持續實施 COVID 限制和封鎖。與去年同期相比，Invisalign 案例數量反映了幾乎所有市場的出貨量增加，其中以台灣、泰國、印度和韓國為首，這是由提交者增加推動的。

In Q3, APAC sequential growth also reflects strong demand from our expanded Invisalign clear aligner product portfolio in China. Recall in late April, Q2, we introduced 2 new products that better serve the expanding market in China. Invisalign Adult and Invisalign Standard clear aligners leverage our proven technology while broadening our appeal to more consumer segments. Q3 was the first full quarter offering these new products that provide doctors and patients in China with broader clinical and affordable options for moderate-to-complex adult cases.

在第三季度，亞太地區的環比增長也反映了我們在中國擴大的 Invisalign 隱形矯治器產品組合的強勁需求。回想 4 月下旬的第二季度，我們推出了 2 款更好地服務於中國不斷擴大的市場的新產品。 Invisalign Adult 和 Invisalign Standard 透明矯治器利用我們成熟的技術，同時擴大我們對更多消費者群體的吸引力。第三季度是第一個提供這些新產品的完整季度，這些新產品為中國的醫生和患者提供了針對中度至複雜成人病例的更廣泛的臨床和負擔得起的選擇。

Finally, I'm pleased to share that the Invisalign system was recently awarded the Good Design Award for 2022, making it the first orthodontic appliance to win the prestigious award in Japan. In the judge's assessment of the Invisalign system, they emphasized that the opportunity for teeth straightening is high in Japan and cited the barrier to adoption by Japanese consumers is resistance to metal braces and praised the Invisalign system as an orthodontic solution that can improve the quality of life during treatment.

最後，我很高興地與大家分享，Invisalign 隱適美系統最近獲得了 2022 年優秀設計獎，成為日本第一款獲得該獎項的正畸矯治器。在評委對 Invisalign 系統的評估中，他們強調日本牙齒矯正的機會很高，並指出日本消費者採用的障礙是對金屬牙套的抵抗力，並稱讚 Invisalign 系統是一種可以提高牙齒質量的正畸解決方案。治療期間的生活。

We certainly recognize the importance of the Japanese market for digital orthodontics and is one of the reasons we opened our first office in Tokyo nearly 15 years ago and established treatment planning operations in Yokohama a few years ago.

我們當然認識到日本市場對數字正畸的重要性，這也是我們近 15 年前在東京開設第一家辦事處並於幾年前在橫濱建立治療計劃業務的原因之一。

Turning to new innovations, we continue to deliver our technology road map. As I mentioned earlier, during the quarter, we began to commercialize several new products and services that we previously announced would come to market in the second half of 2022. These technology advancements illustrate our commitment to continuous innovation in digital orthodontics, and we remain excited about the transformational projects that we're working on as we continue to drive the evolution of our industry.

轉向新的創新，我們繼續提供我們的技術路線圖。正如我之前提到的，在本季度，我們開始將我們之前宣布將於 2022 年下半年上市的幾款新產品和服務商業化。這些技術進步表明了我們對數字正畸持續創新的承諾，我們仍然很興奮關於我們在繼續推動行業發展的過程中正在進行的轉型項目。

No other dental company has the experience, including over 14 million patients treated to date to lead the transformation of the practice of dentistry. Our consumer marketing focus on educating consumers about the Invisalign system and driving that demand to Invisalign doctor's offices ultimately capitalize on the massive market opportunity to transform 500 million smiles globally. In Q3, we built on our successful Invis Is media campaign and continued our launch of the Invis is Drama Free, targeted at teens and Invis When Everything Clicks, targeted at adults.

沒有其他牙科公司擁有這樣的經驗，迄今為止，超過 1400 萬患者接受了治療，引領了牙科實踐的變革。我們的消費者營銷專注於向消費者宣傳 Invisalign 系統並推動對 Invisalign 醫生辦公室的需求，最終利用巨大的市場機會來改變全球 5 億個微笑。在第三季度，我們以成功的 Invis Is 媒體活動為基礎，繼續推出針對青少年的 Invis is Drama Free，以及針對成年人的 Invis When Everything Clicks。

Our teen campaign, Invis is Drama Free highlights the benefits of Invisalign while humorously juxtaposing them with the significant trade-offs involved with using braces. Our Invis is When Everything Clicks campaign showcases Invisalign treatment transforming smiles and the resulting confidence it gives to young adults.

我們的青少年活動 Invis is Drama Free 突出了 Invisalign 的好處，同時幽默地將它們與使用牙套所涉及的重大權衡並列。我們的 Invis is When Everything Clicks 活動展示了 Invisalign 治療改變微笑以及由此給年輕人帶來的信心。

During Q3, we had over 4.3 billion impressions delivered in 14 million visits to our website, a 1.6% year-over-year increase as a result of rightsizing our media investments. We're also rightsizing our consumer media investments across all core EMEA markets, impacting the impressions and unique visits.

在第三季度，我們的網站在 1400 萬次訪問中獲得了超過 43 億次展示，由於調整了我們的媒體投資規模，同比增長 1.6%。我們還在歐洲、中東和非洲所有核心市場調整我們的消費媒體投資規模，影響印象和獨特訪問量。

In U.S., we continued our influencer and creator-centric campaigns, partnering with leading smile squad creators like Olympic Gold Medalist, Suni Lee, Michael Le, Josh Richards and Marsai Martin. Each of these creators shared their personal experience of Invisalign treatment and why they chose to transform their smile with Invisalign aligners.

在美國，我們繼續開展以影響者和創作者為中心的活動，與奧運金牌得主、Suni Lee、Michael Le、Josh Richards 和 Marsai Martin 等領先的微笑小隊創作者合作。這些創作者中的每一位都分享了他們對 Invisalign 隱適美治療的個人體驗，以及他們選擇使用 Invisalign 矯正器改變笑容的原因。

Most recently, Suni Lee shared her positive experience with Invisalign in major media programming include Good Morning America, people.com, resulting in over 93 million impressions. We continue to invest in consumer advertising across APAC region, resulting in a 72% year-over-year increase in impressions and 29% year-over-year increase in unique visitors.

最近，Suni Lee 分享了她在 Invisalign 主要媒體節目中的積極經驗，包括早安美國、people.com，獲得超過 9300 萬次印象。我們繼續投資於亞太地區的消費者廣告，使展示次數同比增長 72%，獨立訪問者同比增長 29%。

Our ongoing campaigns were omnipresent across the top social media platforms such as TikTok, Snapchat, Instagram, and YouTube to increase the awareness of the Invisalign brand with young adults and teens. In Q3, we launched a global plot on the Roblox platform within the popular game LiveTopia creating a fun experience for players to learn about the benefits of Invisalign treatment.

我們正在進行的活動在 TikTok、Snapchat、Instagram 和 YouTube 等頂級社交媒體平台上無處不在，以提高 Invisalign 隱適美品牌在年輕人和青少年中的知名度。在第三季度，我們在熱門遊戲 LiveTopia 中在 Roblox 平台上推出了一個全球情節，為玩家創造了一個有趣的體驗，讓他們了解 Invisalign 治療的好處。

To date, we had over 5.9 million impressions delivered in over 2.6 million unique visitors on the game experience. Adoption of My Invisalign Consumer and Patient app continues to increase with 2 plus 2 million (sic) [2.2 plus million] downloads to date. Usage of our key digital tools also continued to increase. Live update was used by 41,000 doctors or more than 395,000 cases, reduced time spent in modifying treatment by 18%. Invisalign Practice app has been downloaded 314,000 times to date.

迄今為止，我們在遊戲體驗中為超過 260 萬獨立訪問者提供了超過 590 萬次展示。迄今為止，My Invisalign Consumer and Patient 應用程序的採用率繼續增加，下載量為 2 加 200 萬（原文如此）[2.2 加百萬]。我們的主要數字工具的使用量也繼續增加。 41,000 名醫生或超過 395,000 例病例使用了實時更新，將修改治療所花費的時間減少了 18%。迄今為止，Invisalign Practice 應用程序已被下載 314,000 次。

Further, we received more than 110,000 patient photos in our virtual care capability to date, providing rich global data to leverage our AI capabilities and improve our services for doctors and patients. The investments that we make to drive patient demand and conversion to support our doctor customers is unparalleled in our industry, leveraging the global recognition of the Invisalign system.

此外，迄今為止，我們在虛擬護理能力中收到了超過 110,000 張患者照片，提供了豐富的全球數據，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。我們為推動患者需求和轉化以支持我們的醫生客戶所做的投資在我們的行業中是無與倫比的，這得益於 Invisalign 系統的全球認可。

No other dental company equals our brand strength today. For more details on our consumer marketing programs, please see our Q3 '22 earnings and conference slides.

今天沒有其他牙科公司能與我們的品牌實力相提並論。有關我們的消費者營銷計劃的更多詳細信息，請參閱我們的 22 年第三季度收益和會議幻燈片。

Turning to exocad. Overall, I'm very pleased with our progress with the exocad business and its leadership and restorative dentistry. In addition to the iTero-exocad Connector, I mentioned previously, during the quarter, we also introduced iTero NIRI, NIRI is near infrared technology intraoral camera images and are now automatically imported into dental CAD when designing restorations, enabling technicians to visualize the internal and external tooth structure and optimize the process of margin line tracing.

轉向 exocad。總體而言，我對我們在 exocad 業務及其領導力和修復牙科方面取得的進展感到非常滿意。除了我之前提到的 iTero-exocad 連接器，在本季度，我們還推出了 iTero NIRI，NIRI 是近紅外技術口腔內攝像頭圖像，現在在設計修復體時會自動導入牙科 CAD，使技術人員能夠可視化內部和外齒結構和優化邊緣線跟踪的過程。

The new xSnap module is a model attachment for a printable 3D articulated system, featuring a spherical head, which allows a precisely executed movement. And Ivoclar's Ivotion Dental System, a complete workflow for digital production of high-quality removable dentures is now available on exocad. Together, the iTero and exocad product portfolios help accelerate the digital transformation of dental practices by facilitating the way doctors and labs collaborate to deliver better care for their patients.

新的 xSnap 模塊是用於可打印 3D 關節系統的模型附件，具有球形頭，可以精確執行運動。 Ivoclar 的 Ivotion 牙科系統現在可以在 exocad 上使用，這是一個用於數字化生產高質量可摘義齒的完整工作流程。 iTero 和 exocad 產品組合通過促進醫生和實驗室的協作方式為患者提供更好的護理，幫助加速牙科實踐的數字化轉型。

As part of the Align Digital platform, the integration of iTero's digital scanning and exocad's complete software solution delivers seamless end-to-end digital workflows from diagnosis to treatment, planning and then fabrication. Customers are already utilizing the automated workflows, unlocking efficiencies and productivities, which are more important than ever in the current economic climate.

作為 Align Digital 平台的一部分，iTero 的數字掃描和 exocad 的完整軟件解決方案的集成提供了從診斷到治療、規劃和製造的無縫端到端數字工作流程。客戶已經在使用自動化工作流程，提高效率和生產力，這在當前的經濟環境中比以往任何時候都更加重要。

With the recent integration of iTero NIRI and intraoral camera images unique to iTero Element 5D imaging systems and exocad Rijeka software release, Align is redefining restorative visualization and treatment planning for the doctors and labs.

隨著最近 iTero NIRI 和 iTero Element 5D 成像系統獨有的口內相機圖像的集成以及 exocad Rijeka 軟件的發布，Align 正在重新定義醫生和實驗室的修復可視化和治療計劃。

We are committed to continuing and innovating in the dental industry to drive efficiency and clinical excellence for the benefit of our customers and their patients.

我們致力於在牙科行業繼續和創新，以提高效率和臨床卓越性，從而造福我們的客戶及其患者。

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

有了這個，我現在把它交給約翰。

Thanks, Joe. Now for our Q3 financial results. Total revenues for the third quarter were $890.3 million, down 8.2% from the prior quarter and down 12.4% from the corresponding quarter a year ago. On a constant currency basis, Q3 2022 unfavorable foreign exchange reduced Q3 revenues by approximately $25.1 million sequentially and approximately $57.4 million year-over-year.

謝謝，喬。現在來看我們的第三季度財務業績。第三季度總收入為 8.903 億美元，比上一季度下降 8.2%，比去年同期下降 12.4%。按固定匯率計算，2022 年第三季度不利的外匯使第三季度收入環比減少約 2510 萬美元，同比減少約 5740 萬美元。

For Clear Aligners, Q3 revenues of $732.8 million were down 8.2% sequentially primarily due to lower volumes, unfavorable foreign exchange, higher promotions and discounts and product mix shift, partially offset by higher additional aligners. On a year-over-year basis, Q3 clear aligner revenue were down 12.5%, primarily reflecting the aforementioned items, offset somewhat by per order processing fees and higher non-case revenues.

對於 Clear Aligners，第三季度收入為 7.328 億美元，環比下降 8.2%，這主要是由於銷量下降、不利的外匯、更高的促銷和折扣以及產品組合轉變，部分被更高的額外對準器抵消。與去年同期相比，第三季度透明校準器收入下降了 12.5%，主要反映了上述項目，但在一定程度上被每筆訂單處理費和更高的非案件收入所抵消。

On a constant currency basis, Q3 '22 unfavorable foreign exchange reduced Q3 Clear Aligner revenues by approximately $21 million or approximately 2.8% sequentially and approximately $47.4 million or approximately 6.1% year-over-year. For Q3, Invisalign ASPs for both comprehensive and non-comprehensive treatment decreased sequentially and year-over-year. On a sequential basis, decline in ASPs reflect unfavorable impact from foreign exchange that Joe described earlier as well as higher discounts and product mix shift, partially offset by higher additional aligners.

在固定貨幣基礎上，22 年第三季度不利的外匯使第三季度 Clear Aligner 收入環比減少約 2100 萬美元或約 2.8%，同比減少約 4740 萬美元或約 6.1%。第三季度，綜合治療和非綜合治療的隱適美 ASPs 環比和同比下降。在連續的基礎上，平均售價的下降反映了喬之前描述的外彙的不利影響，以及更高的折扣和產品組合的轉變，部分被更高的附加調整器所抵消。

On a year-over-year basis, the decline in ASPs reflect the significant impact of unfavorable foreign exchange, product mix shift and higher discounts, partially offset by the higher additional aligners and per order processing fees. As our revenues from subscription, retainers and other ancillary products continue to grow and expand globally, some of the historical metrics that focus only on case shipments do not account for our overall growth.

與去年同期相比，平均售價的下降反映了不利的外匯、產品組合轉變和更高的折扣的重大影響，部分被更高的附加校準器和每筆訂單處理費所抵消。隨著我們來自訂閱、固定器和其他輔助產品的收入在全球範圍內持續增長和擴張，一些僅關注案例出貨量的歷史指標並不能說明我們的整體增長。

In our earnings release and financial slides, you will see that we have added our total clear aligner revenue per case shipment which is more indicative of our overall growth strategy. Clear aligner deferred revenues on the balance sheet increased $37 million or 3.3% sequentially and $184 million or up 18.6% year-over-year and will be recognized as the additional aligners are shipped.

在我們的收益發布和財務幻燈片中，您會看到我們增加了每箱出貨量的透明矯正器總收入，這更能反映我們的整體增長戰略。資產負債表上的 Clear aligner 遞延收入環比增長 3700 萬美元或 3.3%，同比增長 1.84 億美元或 18.6%，並將被確認為額外的校準器發貨。

During the 3 months ended September 30, 2022, we recognized $137.2 million that was included in the clear aligner deferred revenue balance at December 31, 2021. The Q3 Systems and Services revenue of $157.5 million were down 8% sequentially, primarily due to lower scanner volume, partially offset by higher services revenues from our larger installed base and were down 11.7% year-over-year, primarily due to lower scanner volume and lower ASP, partially offset by higher services revenue from our larger installed base.

在截至 2022 年 9 月 30 日的 3 個月中，我們確認了 1.372 億美元，包括在 2021 年 12 月 31 日的 clear aligner 遞延收入餘額中。第三季度系統和服務收入為 1.575 億美元，環比下降 8%，主要是由於掃描儀下降量，部分被我們更大的安裝基礎帶來的服務收入增加所抵消，同比下降 11.7%，主要是由於掃描儀數量減少和 ASP 降低，部分被我們更大的安裝基礎帶來的服務收入增加所抵消。

Q3 '22, Systems and Services revenue were unfavorably impacted by foreign exchange of approximately $4.1 million or approximately 2.5% sequentially. On a year-over-year basis, System and Services revenues were unfavorably impacted by foreign exchange of approximately $9.9 million or approximately 5.9%. Systems and Services deferred revenues on the balance sheet was up $4.1 million or 1.6% sequentially and up $76.5 million or 40.9% 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.

22 年第 3 季度，系統和服務收入受到約 410 萬美元或約 2.5% 的外彙的不利影響。與去年同期相比，系統和服務收入受到外匯約 990 萬美元或約 5.9% 的不利影響。資產負債表上的系統和服務遞延收入環比增長 410 萬美元或 1.6%，同比增長 7650 萬美元或 40.9%，這主要是由於掃描儀銷售額的增加和掃描儀購買中包含的服務收入遞延，在服務期內按比例確認。

During the 3 months ended September 30, 2022, we recognized $13.3 million that was included in the Systems and Services deferred revenues balance as of December 31, 2021.

在截至 2022 年 9 月 30 日的 3 個月中，我們確認了 1330 萬美元，包括在截至 2021 年 12 月 31 日的系統和服務遞延收入餘額中。

Moving on to gross margin. Third quarter overall gross margin was 69.5%, down 1.4 points sequentially and down 4.8 points year-over-year. Overall gross margin was unfavorably impacted by approximately 0.8 points sequentially and 1.8 points on a year-over-year basis due to the impact of foreign exchange on our revenues.

繼續毛利率。三季度整體毛利率為69.5%，環比下降1.4個百分點，同比下降4.8個百分點。由於外匯對我們收入的影響，整體毛利率環比下降約 0.8 個百分點，同比下降約 1.8 個百分點。

Clear Aligner gross margin for the third quarter was 70.9% down 2.4 points sequentially due to lower ASPs and increased manufacturing spend as we continue to ramp up operations at our new manufacturing facility in Poland. Clear Aligner gross margin for the third quarter was down 5.3 points year-over-year due to increased manufacturing spend for the reasons stated previously, higher freight and a higher mix of additional aligner volume and lower ASPs.

由於我們繼續擴大波蘭新製造工廠的運營，由於平均售價下降和製造支出增加，第三季度 Clear Aligner 毛利率為 70.9%，環比下降 2.4 個百分點。由於前面所述的原因導致製造支出增加、運費增加以及額外的校準器數量增加以及平均售價降低，第三季度 Clear Aligner 毛利率同比下降 5.3 個百分點。

Systems and Services gross margin for the third quarter was 63.3%, up 3.6 points sequentially due to improved manufacturing absorption and lower freight costs. Systems and Services gross margin for the third quarter was down 2.3 points year-over-year due to higher inventory costs and manufacturing inefficiencies coupled with lower ASPs, partially offset by higher service revenues. Q3 operating expenses were $475.5 million, down sequentially 4.8% and down 3.7% year-over-year.

第三季度系統和服務毛利率為 63.3%，環比增長 3.6 個百分點，原因是製造吸收的改善和運輸成本的降低。第三季度系統和服務毛利率同比下降 2.3 個百分點，原因是庫存成本增加和製造效率低下，加上平均售價下降，部分被服務收入增加所抵消。第三季度運營費用為 4.755 億美元，環比下降 4.8%，同比下降 3.7%。

On a sequential basis, operating expenses were down $23.9 million, mainly due to controlled spend on advertising and marketing as part of our efforts to proactively manage costs. Year-over-year, operating expenses decreased by $18.5 million for the same reasons as sequential as well as lower incentive compensation. On a non-GAAP basis, excluding stock-based compensation and amortization of acquired intangibles related to certain acquisitions, operating expenses were $443.4 million, down sequentially 4.8% and down 4.9% year-over-year.

運營費用環比下降 2390 萬美元，主要是由於我們為主動管理成本而控制的廣告和營銷支出。與去年同期相比，運營費用減少了 1850 萬美元，原因與連續性和較低的激勵薪酬相同。在非公認會計原則的基礎上，不包括與某些收購相關的基於股票的補償和所購無形資產的攤銷，運營費用為 4.434 億美元，環比下降 4.8%，同比下降 4.9%。

Our third quarter operating income of $143.7 million resulted in an operating margin of 16.1%, down 3.3 points sequentially and down 9.6 points year-over-year. Operating margin was unfavorably impacted by approximately 1.6 points sequentially due to foreign exchange and lower gross margin. The year-over-year decrease in operating margin is primarily attributed to lower gross margin, investments in our go-to-market teams and technology as well as unfavorable impact from foreign exchange by approximately 3.5 points.

我們第三季度的營業收入為 1.437 億美元，營業利潤率為 16.1%，環比下降 3.3 個百分點，同比下降 9.6 個百分點。由於外彙和較低的毛利率，營業利潤率依次受到約 1.6 個百分點的不利影響。營業利潤率同比下降主要歸因於毛利率下降、對我們的上市團隊和技術的投資以及外彙的不利影響約 3.5 個百分點。

On a non-GAAP basis, which excludes stock-based compensation and amortization of intangibles related to certain acquisition, the operating margin for the third quarter was 20.2%, down 3 points sequentially and down 8.6 points year-over-year. Interest and other income and expense net for the third quarter was a loss of $21 million compared to a loss of $14.6 million in Q2 and an income of $0.8 million in Q3 of '21, primarily due to larger net foreign exchange losses from the weakening of certain foreign currencies against the U.S. dollar.

按非美國通用會計準則計算，不包括基於股票的薪酬和與某些收購相關的無形資產攤銷，第三季度的營業利潤率為 20.2%，環比下降 3 個百分點，同比下降 8.6 個百分點。第三季度的利息和其他收入和支出淨額虧損 2100 萬美元，而第二季度虧損 1460 萬美元，而 21 年第三季度的收入為 80 萬美元，這主要是由於外匯走弱導致外匯淨損失增加。某些外幣兌美元。

The GAAP effective tax rate for the third quarter was 40.7% and compared to 35% in the second quarter and 30.9% in the third quarter of the prior year. The third quarter GAAP effective tax rate was higher than the second quarter effective tax rate, primarily due to the decrease in profits and changes in jurisdictional mix of income, resulting in lower tax benefits from foreign income tax at different rates and higher than in the U.S.

第三季度的 GAAP 有效稅率為 40.7%，而去年第二季度為 35%，去年第三季度為 30.9%。第三季度 GAAP 有效稅率高於第二季度有效稅率，主要是由於利潤下降和管轄收入組合的變化，導致不同稅率的外國所得稅的稅收優惠較低，高於美國。

On a non-GAAP -- our non-GAAP effective tax rate was 33.1% in the third quarter compared to 25.6% in the second quarter and 22.2% in the third quarter of the prior year. Third quarter net income per diluted share was $0.93, down sequentially $0.51 and down $1.35 compared to the prior year. Our EPS was unfavorably impacted by $0.30 on a sequential basis and $0.48 on a year-over-year basis due to foreign exchange.

在非公認會計原則上——我們的非公認會計原則有效稅率在第三季度為 33.1%，而第二季度為 25.6%，去年第三季度為 22.2%。第三季度每股攤薄淨收益為 0.93 美元，環比下降 0.51 美元和 1.35 美元。由於外匯，我們的每股收益連續受到 0.30 美元和同比 0.48 美元的不利影響。

On a non-GAAP basis, net income per diluted share was $1.36 for the third quarter, down $0.64 sequentially and down $1.51 year-over-year.

按非公認會計原則計算，第三季度每股攤薄淨收益為 1.36 美元，環比下降 0.64 美元，同比下降 1.51 美元。

Moving on to the balance sheet. As of September 30, 2022, cash, cash equivalents and short-term and long-term marketable securities were $1.1 billion, up sequentially $163.8 million and down $96.8 million year-over-year. Of the $1.1 billion balance, $471 million was held in the U.S. and $670 million was held by our international entities.

轉到資產負債表。截至 2022 年 9 月 30 日，現金、現金等價物以及短期和長期有價證券為 11 億美元，環比增加 1.638 億美元，同比減少 9680 萬美元。在 11 億美元的餘額中，4.71 億美元在美國持有，6.7 億美元由我們的國際實體持有。

Q3 accounts receivable balance was $859.6 million, down approximately 7.8% sequentially. Our overall days sales outstanding was 86 days, flat sequentially and up approximately 11 days as compared to Q3 last year. Cash flow from operations for the third quarter was $266.5 million. Capital expenditures for the third quarter were $75.3 million, primarily related to our continued investments to increase aligner manufacturing capacity and facilities.

第三季度應收賬款餘額為 8.596 億美元，環比下降約 7.8%。我們的總銷售天數為 86 天，環比持平，與去年第三季度相比增加了約 11 天。第三季度的運營現金流為 2.665 億美元。第三季度的資本支出為 7530 萬美元，主要與我們為提高校準器製造能力和設施的持續投資有關。

Free cash flow, defined as cash flow from operations less capital expenditures amounted to $191.1 million. We are well capitalized to continue to invest for growth while managing through these challenging market conditions, exiting the quarter with over $1 billion in cash on the balance sheet and 0 debt.

自由現金流（定義為運營現金流減去資本支出）為 1.911 億美元。我們有足夠的資本繼續投資以實現增長，同時在這些充滿挑戰的市場條件下進行管理，在本季度結束時資產負債表上有超過 10 億美元的現金和零債務。

Now turning to full year 2022 and the factors that influence our views on our business outlook.

現在轉向 2022 年全年以及影響我們對業務前景看法的因素。

Underlying market dynamics as well as the reactions to macroeconomic headwinds by central banks, governments and consumers remain uncertain. We will continue to focus on those matters that have been central to our historically successful business strategies by managing those things within our control. This includes maintaining fiscal controls and focused delivery on our business model so that we are positioned for success once the difficult operating environment ultimately abates.

潛在的市場動態以及中央銀行、政府和消費者對宏觀經濟逆風的反應仍然不確定。我們將繼續關注那些對我們歷史上成功的業務戰略至關重要的事項，方法是在我們的控制範圍內管理這些事項。這包括維持財政控制和專注於我們的業務模式，以便一旦困難的經營環境最終消退，我們就能取得成功。

We remain confident in the huge underpenetrated market for the digital orthodontics and restorative dentistry, our technology and industry leadership and our ability to execute and make progress toward our long-term model of 20% to 30% revenue growth. We expect to be below our fiscal 2022 GAAP operating margin target of 20%, which includes the impact from the current unfavorable foreign exchange of approximately 2 to 3 points that was not factored into our operating margin guidance for the fiscal year 2022 when we gave an update on the Q1 '22 earnings call in April.

我們對數字正畸和修復牙科這個巨大的未被充分滲透的市場、我們的技術和行業領先地位以及我們執行和朝著我們的收入增長 20% 至 30% 的長期模式取得進展的能力充滿信心。我們預計將低於我們的 2022 財年 GAAP 營業利潤率目標 20%，其中包括當前不利外匯對大約 2 到 3 個百分點的影響，當我們給出 2022 財年的營業利潤率指導時，該影響沒有考慮在內在 4 月的 22 年第一季度財報電話會議上更新。

For 2022, we expect our investments in capital expenditures to exceed $300 million. Capital expenditures primarily relate to building construction and improvements as well as additional manufacturing capacity to support our international expansion. This includes our investment in the aligner fabrication facility in Wroclaw, Poland, which began servicing doctors in the second quarter of 2022.

到 2022 年，我們預計我們的資本支出投資將超過 3 億美元。資本支出主要與建築建設和改進以及額外的製造能力有關，以支持我們的國際擴張。這包括我們在波蘭弗羅茨瓦夫的矯正器製造設施的投資，該設施於 2022 年第二季度開始為醫生提供服務。

In addition, during Q4 2022, we expect to repurchase up to $200 million of our common stock through either -- or a combination of open market repurchases or an accelerated stock repurchase agreement.

此外，在 2022 年第四季度，我們預計將通過公開市場回購或加速股票回購協議的組合回購高達 2 億美元的普通股。

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. As we continue to navigate a macroeconomic uncertainty, weaker consumer confidence and the lingering impacts of COVID-19 shutdowns primarily in China and Japan, we remain focused on our strategic initiatives as well as the incredible market opportunity for digital dentistry and our products.

謝謝，約翰。隨著我們繼續應對宏觀經濟的不確定性、消費者信心減弱以及主要在中國和日本關閉 COVID-19 的揮之不去的影響，我們仍然專注於我們的戰略舉措以及數字牙科和我們的產品令人難以置信的市場機會。

We believe our unwavering drive to transform smiles and change lives for millions of people around the world is on one other clear aligner company can match and positions us to better address this market opportunity. Regardless of the operating environment, we are committed to balancing investments to drive growth and long-term strategic priorities that will transform the practice of dentistry and strengthen our business.

我們相信，我們堅定不移地為世界各地數百萬人改變微笑和改變生活的動力來自另一家明確的 aligner 公司可以匹配並定位我們以更好地應對這一市場機會。無論經營環境如何，我們都致力於平衡投資以推動增長和長期戰略重點，從而改變牙科實踐並加強我們的業務。

These are uncertain times. Every business is being impacted by macroeconomic environmental uncertainty. In addition, as a multinational company based in the United States with roughly half of our sales outside the country, the negative impact from unfavorable foreign exchange has been like anything I've ever seen in my career.

這是不確定的時期。每個企業都受到宏觀經濟環境不確定性的影響。此外，作為一家總部設在美國的跨國公司，我們大約一半的銷售額在國外，不利的外匯帶來的負面影響是我職業生涯中從未見過的。

We will continue to invest in digital solutions and demand creation to help doctors and their patients. We are committed to doctor-directed care and transforming the industry together while working through these global macro-economic challenges.

我們將繼續投資於數字解決方案和需求創造，以幫助醫生及其患者。在應對這些全球宏觀經濟挑戰的同時，我們致力於以醫生為導向的護理並共同改變行業。

Thank you for your time today. We look forward to updating you on our next earnings call. Now I'll turn the call over to the operator for questions. Operator?

謝謝你今天的時間。我們期待在下一次財報電話會議上更新您的信息。現在我將把電話轉給接線員提問。操作員？

(Operator Instructions)

（操作員說明）

Our first question comes from Jason Bednar with Piper Sandler.

我們的第一個問題來自 Jason Bednar 和 Piper Sandler。

Joe, from what we've seen and heard in the market, I think it goes without saying that monthly demand has just been quite choppy here in the U.S. I think July and September were pretty darn soft, August, maybe not as weak, but still not great. I guess, did you see a similar level of uneven demand when we look outside the U.S. and I guess is there anything you'd call out geographically or in any of your channels that was maybe less bad than what you were prepared for 3 months ago? .

喬，從我們在市場上看到和聽到的情況來看，我認為毫無疑問，美國的月度需求非常不穩定。我認為 7 月和 9 月非常疲軟，8 月，也許沒有那麼弱，但是仍然不是很好。我猜，當我們在美國以外的地方看時，您是否看到類似程度的不均衡需求？我猜您是否會在地理上或在您的任何渠道中提出任何可能比您 3 個月前準備的更糟糕的事情? .

Jason, we started with not high expectations to begin with, all right? But I would say the U.S. market panned out the way we thought overall, maybe a little more strength in Latin America, a little momentum despite the elections and some economics there.

傑森，我們一開始的期望並不高，好嗎？但我想說的是，美國市場的走勢完全符合我們的總體預期，拉丁美洲可能會更加強勁，儘管有選舉和那裡的一些經濟情況，但仍有一點動力。

Europe just wasn't quite as strong as what we thought. And as we tried to explain in my notes that I really feel it's just -- it's the uncertainty that circulates Europe right now and Ukraine situation doesn't help either. From an Asia standpoint, we're affected by COVID again. We saw it in China, even though we had growth in China, which was respectable and in Japan also, but we saw the market impact in those 2 areas, too.

歐洲並沒有我們想像的那麼強大。正如我們試圖在我的筆記中解釋的那樣，我真的覺得這只是 - 現在歐洲普遍存在不確定性，烏克蘭局勢也無濟於事。從亞洲的角度來看，我們再次受到 COVID 的影響。我們在中國看到了這一點，儘管我們在中國和日本都有增長，這是可觀的，但我們也看到了這兩個領域的市場影響。

I felt great about it's a smaller part of the business, but Korea, Taiwan, Thailand and other businesses that were up significantly, but our major 3 were still affected, primarily the 3 is Australia and China and Japan with some COVID issues. So it's a way of saying, I think in general, we anticipated where we are, we were hoping for the best year. But what really grabs me to, Jason, maybe I'm giving you too much for your call is that the teen demand, we felt good about overall across the globe in the United States, too.

我覺得它是業務的一小部分，但韓國、台灣、泰國和其他業務大幅增長，但我們的主要 3 仍然受到影響，主要是 3 是澳大利亞、中國和日本，有一些 COVID 問題。所以這是一種說法，我認為總的來說，我們預計我們現在的位置，我們希望這是最好的一年。但真正吸引我的是，傑森，也許我給你的電話太多了，因為青少年的需求，我們對美國的全球整體感覺也很好。

The teen packs did well overall. And obviously, we'll roll that out in other parts of the world, too. The adult -- the impact on the adult cases is what was -- to me, is astounding in the sense, and you see that flow through the orthodontic community, the GP community too. And that's not just in the United States, we see that all over the world.

青少年包總體表現良好。很明顯，我們也會在世界其他地方推廣它。成人——對成人病例的影響是——對我來說，在某種意義上是令人震驚的，你會看到這種情況流經正畸界，全科醫生界也是如此。這不僅在美國，我們在全世界都看到。

Okay. All right. That's really helpful. Maybe Joe or John, just on the margin topic, you are backing away from that 20% margin floor commentary that you had given previously. Fully understanding part of this is FX related. But maybe can you talk about how much of it's tied to the decremental impact from lower volumes. And then you fully understand this is a tough macro environment to forecast. But a lot of investors right now are really trying to get comfortable with how defensible margins and profitability are as we look out to 2023, which I hope it's not, but it could very well be another tough year for the business just given the global macro environment we're in.

好的。好的。這真的很有幫助。也許喬或約翰，只是在保證金主題上，您正在放棄您之前給出的 20% 保證金底線評論。完全理解這部分是與 FX 相關的。但也許你能談談其中有多少與交易量減少帶來的影響有關。然後你就完全明白這是一個難以預測的宏觀環境。但是現在很多投資者都在努力適應我們展望 2023 年時的利潤率和盈利能力如何，我希望不是這樣，但鑑於全球宏觀經濟形勢，這很可能是該業務又一個艱難的一年我們所處的環境。

So just -- are you willing to provide any guardrails around what we can consider for 2023 margins? Or maybe talk about how much flexibility you have in the P&L to offset pressures from lower volumes?

所以只是 - 你願意為我們可以考慮的 2023 年利潤率提供任何護欄嗎？或者可以談談您在損益表中有多大的靈活性來抵消交易量減少帶來的壓力？

Jason, it's a fair question. First of all, I'll turn it over to John, but I'm the one that gave that 20% operating margin piece. I had no idea, you'd see international currency swings and the way we've seen it. I've been in these jobs for a long time and you don't expect 25% decreases year-over-year in currency. And so obviously, we had to back up on that piece. I feel good about the way we managed our cost I feel good about where we're investing and where we continue to rightsize. John will give you more specifics.

傑森，這是一個公平的問題。首先，我將把它交給約翰，但我是那個給出 20% 營業利潤率的人。我不知道，你會看到國際貨幣波動以及我們看到的方式。我從事這些工作已經很長時間了，您不會期望貨幣同比下降 25%。很明顯，我們必須支持那件作品。我對我們管理成本的方式感覺良好 我對我們在哪裡投資以及我們繼續在哪裡調整規模感覺良好。約翰會給你更多的細節。

So on a constant currency basis, we expect to be at that 20% or above. It's just like Joe said, it's pretty dramatic to see the FX changes that we have. As noted in the comments, we said it going to affect the year by 2 to 3 points. So there's no -- there's a commitment to that margin, and we're investing based on volume that we see and other priorities that we have on R&D and go-to-market activities and so on. But it's just that FX piece that we're calling out. But on a constant currency basis, we feel that that number of 20% still holds from earlier.

因此，在固定貨幣基礎上，我們預計會達到 20% 或更高。就像喬說的那樣，看到我們所擁有的 FX 變化非常引人注目。正如評論中所指出的，我們說它將對年度產生 2 到 3 個百分點的影響。所以沒有 - 對這個利潤有承諾，我們根據我們看到的數量以及我們在研發和上市活動等方面的其他優先事項進行投資。但這只是我們要喊出的那個 FX 片段。但在不變的貨幣基礎上，我們認為這個 20% 的數字仍然保持著之前的水平。

Our next question comes from Brandon Vazquez with William Blair.

我們的下一個問題來自 Brandon Vazquez 和 William Blair。

I wanted to go -- I'd like to go back for a second kind of to the monthly progression just to -- I think what might be helpful to kind of understand underlying market dynamics and maybe you can tease it out a little bit in Americas versus international. Just -- what were you seeing through the quarter when you -- did you exit the quarter and going into Q4, were things stabilizing? Were they getting better? Were they getting worse? Any kind of color you can give us around what the situation is like as we go forward from Q3?

我想去 - 我想回到第二種每月進展只是為了 - 我認為這可能有助於了解潛在的市場動態，也許你可以稍微梳理一下美洲與國際。只是-當您退出本季度並進入第四季度時，您在本季度看到了什麼，情況是否穩定？他們變得更好了嗎？他們變得更糟了嗎？當我們從第三季度開始時，您可以給我們任何顏色嗎？

Again, like on the last call, Brandon, I think it played out the way our expectations, I think were formatted. We talked about teens in the third quarter. And obviously, that's teen season. That played out well from what we anticipated. And as we mentioned before, we think teens are somewhat shielded -- not completely, but shielded from the economic environment because of the time window for treatment and parents that want to help their teens through that whole process.

再一次，就像上次通話一樣，布蘭登，我認為這符合我們的預期，我認為是格式化的。我們在第三季度談到了青少年。顯然，那是青少年的季節。這與我們預期的一樣好。正如我們之前提到的，我們認為青少年在某種程度上受到了保護——不是完全的，而是因為治療的時間窗口和希望在整個過程中幫助他們的青少年的父母而不受經濟環境的影響。

The adult segment was the -- we saw the most volatility in for sure, both in the United States, Europe and in Asia. It's hard for me to tell you that we're -- there's any kind of change from month-to-month or quarter-to-quarter. It was pretty consistent from what we've seen. John, would you add anything else?

在美國、歐洲和亞洲，成人部分無疑是波動最大的部分。我很難告訴你，我們是 - 每個月或每個季度都有任何變化。這與我們所看到的非常一致。約翰，你會補充什麼嗎？

I mean that's how we saw it.

我的意思是我們就是這麼看的。

Okay. And then internationally, you guys sound pretty excited about kind of the new product launches within China, specifically offering that new maybe lower-tier product. Can you just talk a little bit about what you're seeing there? How strong has the recovery been in China? How much of that recovery has come from really opening up the product portfolio there? And how should that kind of continue going forward?

好的。然後在國際上，你們聽起來對在中國推出的新產品感到非常興奮，特別是提供新的可能更低端的產品。你能談談你在那裡看到的東西嗎？中國的複蘇有多強勁？這種複蘇有多少來自真正開放那裡的產品組合？這種應該如何繼續前進？

Thanks, Brandon. That's a good question. I mean, China is a very important market for us. As we talked about on other calls, those Tier 3 and Tier 4 cities have been an important target for us. We've known for about 2 years, we have a hole in our portfolio in those areas, particularly with -- we have comprehensive on top, and then we have a moderate product between it.

謝謝，布蘭登。這是個好問題。我的意思是，中國對我們來說是一個非常重要的市場。正如我們在其他電話會議上談到的那樣，那些 3 線和 4 線城市一直是我們的重要目標。我們已經知道大約 2 年了，我們在這些領域的產品組合中有一個漏洞，特別是 - 我們在上面有全面的產品，然後我們在它之間有一個中等的產品。

So we announced Invisalign Standard, Invisalign Adult. And what this does is it just helps us segment the market. These are not -- they can't handle -- these products can have -- handle cases like Invisalign First scan or mandibular advancement or some of the sophisticated cases we have out there. We don't offer CBCT, 5-minute ClinCheck and those kind of things around those products, too. So we tailor those products for more moderate kinds of cases in those specific areas where public hospitals have been strong.

所以我們宣布了 Invisalign Standard，Invisalign Adult。而這樣做只是幫助我們細分市場。這些不是 - 他們無法處理 - 這些產品可以 - 處理 Invisalign First 掃描或下頜前移等案例或我們現有的一些複雜案例。我們也不提供 CBCT、5 分鐘 ClinCheck 以及與這些產品相關的那些東西。因此，我們為那些公立醫院實力雄厚的特定領域中更溫和的病例量身定制了這些產品。

And we -- really good results from the standpoint of what we saw in the uptake that we saw over this last quarter, and we'll continue with that strategy. We feel good about it.

而且我們 - 從我們在上個季度看到的吸收的角度來看，我們看到了非常好的結果，我們將繼續採用該策略。我們對此感覺良好。

And it's about market expansion there. We're selling to more doctors than we've sold to in the past with these products. So we're really trying to capture more of that market, as Joe said, into Tier 3, Tier 4 cities, and we saw good uptake from that. And it's something that we know to go to the market and be able to reach these potential customers. These are the types of products that we need.

這是關於那裡的市場擴張。我們賣給的醫生比過去用這些產品賣給的醫生還要多。因此，正如喬所說，我們真的在努力將更多的市場佔領到三四線城市，我們看到了很好的吸收。我們知道進入市場並能夠接觸到這些潛在客戶。這些是我們需要的產品類型。

Yes. So Brandon, I think honestly, I feel really good about our positioning there. China did perform well from a volume standpoint, and we'll continue to update on progress.

是的。所以布蘭登，老實說，我對我們在那裡的定位感覺非常好。從數量的角度來看，中國確實表現良好，我們將繼續更新進展情況。

Our next question comes from Jon Block with Stifel.

我們的下一個問題來自於 Stifel 的 Jon Block。

Maybe just first one for me. The 3Q '22 ASP of $1,150 versus $1,220, so I'm counting down 6% Q-over-Q. Some of that's FX, but I think if I look at your comments, it seems like half of that 6% headwind is FX. And John, I know you said mix, but I'm counting that teen was about 35% of your 3Q '22 cases versus 30% of your 2Q '22 cases and teen is a high acuity comprehensive ASP. I would think DSP is also helping pull out some of the lower ASP cases as DSP ramps quarter in, quarter out. So can you just help me with the ASP movement, what else was it outside of FX? And if it was mix, why mix based on my teen commentary?

也許對我來說只是第一個。 22 年第三季度的 ASP 分別為 1,150 美元和 1,220 美元，因此我計算的是 6% Q-over-Q。其中一些是 FX，但我認為如果我查看您的評論，似乎 6% 的逆風中有一半是 FX。約翰，我知道你說的是混合，但我計算的是，青少年在 22 年第三季度的病例中約佔 35%，而在 22 年第二季度的病例中佔 30%，青少年是高敏度綜合 ASP。我認為 DSP 也在幫助拉出一些較低的 ASP 案例，因為 DSP 季度進出。所以你能幫我處理一下 ASP 運動嗎，FX 之外還有什麼？如果是混音，為什麼要根據我的青少年評論混音？

Yes, I think you've hit the major pieces, Jon. When you look at it majority was FX. We saw the dollar strengthening, that obviously hits our numbers. And then you look at the other parts, we do have a higher proportion of teen in the third quarter, and that's a help. We also have things that we've done like we answered on the previous call about mix in China and expansion out, and there's offsets to that. But it's primarily FX and then you have some mix. But from a discounting standpoint, or other things, there was really no overall change to how we've done stuff. It's primarily the FX piece and the mix.

是的，我認為你已經完成了主要工作，喬恩。當你看它時，大多數是外匯。我們看到美元走強，這顯然打擊了我們的數據。然後你看看其他部分，我們在第三季度確實有更高的青少年比例，這是一個幫助。我們也有我們已經做過的事情，就像我們在之前關於在中國的混合和擴張的電話中回答的那樣，並且有抵消。但它主要是 FX，然後你有一些混合。但從折扣的角度或其他方面來看，我們做事的方式確實沒有整體變化。它主要是 FX 部分和混音。

John, one other thing to add to that, too, on the DSP program, we look at that as incremental, not as replacing other business that we've had in the past. So like we feel good that's an expansion play for us. And I think you see that in the numbers, too.

約翰，還有一件事要補充，關於 DSP 計劃，我們將其視為增量，而不是取代我們過去擁有的其他業務。因此，就像我們感覺良好一樣，這對我們來說是一種擴展遊戲。我認為您也可以從數字中看到這一點。

Okay. So maybe just quickly on that last point, Joe. Question 1B would be, you don't really think any cases are being pulled out of the case volume number into DSP that's actually having an incremental negative impact to '22? Do you think those are just truly largely incremental. That was 1B, just to be clear.

好的。所以也許就在最後一點上很快，喬。問題 1B 是，您真的認為沒有任何案件從案件數量中被拉到 DSP 中，這實際上對 22 年產生了增量負面影響？你認為這些只是在很大程度上是增量的。那是1B，只是為了清楚。

Yes, I think you learn a business, Jon, never be binary, either or. I'd say the majority of those cases, if you look at it, we're picking up from an ortho standpoint, a lot of retention we never had before. We see orthos doing touch-up cases and all that might have been done in-house at times. So I'm not saying that there's absolutely nothing that would transpose from one to another, but I'd say primarily, we're looking at that as a growth opportunity for us.

是的，我認為你學習一門生意，喬恩，永遠不會是二元的，要么。我會說大多數情況下，如果你看一下，我們會從一個正統的角度來看，我們以前從未有過很多保留。我們看到 Orthos 正在做修補案例，所有這些有時都可能在內部完成。所以我並不是說絕對沒有什麼可以從一個轉移到另一個，但我主要說的是，我們將其視為我們的增長機會。

Okay, helpful. And then the last question, and it's just where I struggle the most. I think sort of who cares, but my view on teen versus how you guys have positioned it with all due respect. And I get the teen 2Q to 3Q had a good sequential growth rate, but the 1Q to 3Q because 2Q was weak, was actually below trend on a 4-year average throwing out 2020. And Joe, just -- if we can go down that road a little bit more, teen case vols were still down 3% year-over-year. This whole story is about taking maybe 200 bps of share every year in this market. What do you think overall teen case volume was globally if you guys were down 3%? And maybe just really the questions about market share gains and if you still feel like you've got the momentum there or if that has slowed as of late and what can reaccelerate it?

好的，有幫助。然後是最後一個問題，這正是我最掙扎的地方。我認為誰在乎，但我對青少年的看法與你們如何以應有的尊重定位。我得到青少年 2Q 到 3Q 的連續增長率不錯，但由於 2Q 疲軟，1Q 到 3Q 實際上低於 2020 年 4 年平均水平的趨勢。喬，只是 - 如果我們能下降這條路多一點，青少年案件數量仍同比下降 3%。整個故事是關於每年在這個市場上獲得大約 200 個基點的份額。如果你們下降了 3%，你認為全球青少年案件總量是多少？也許真的只是關於市場份額增長的問題，如果你仍然覺得你在那裡有動力，或者最近是否已經放緩，什麼可以重新加速？

Yes, Jon, again, that's a good question. I think when you talk about first quarter to second quarter, the rhythm that we had there, remember, the normal rhythms we've seen in this business, is seasonality, we call it. We have not seen that since really 2019. And so we had muted signals on teens through 2020, '21. Just -- it wasn't the same.

是的，喬恩，這又是一個好問題。我認為當你談論第一季度到第二季度時，我們在那裡的節奏，記住，我們在這項業務中看到的正常節奏，是季節性的，我們稱之為。自 2019 年以來，我們還沒有看到過這種情況。因此，到 2020 年，21 年，我們對青少年的信號已經減弱。只是——不一樣。

What I liked about -- what I saw in the third quarter was we saw teens come back in the sense of in a pattern of what you'd expect in teen season, Q3, Q4. It's too early for me to dig out the data and tell you how much share we're gaining against wires and brackets. Well, Jon, we don't talk about a lot or products like -- and we highlighted it here today, when you look at the Invisalign First product line, we're really getting tremendous results out there on young patients, 6 to 9 years old, the Phase I, Phase II treatments, where often the Phase II can be a lot less extensive than what the Phase I was with wires and brackets.

我喜歡的是——我在第三季度看到的是我們看到青少年以一種你在青少年季節、第三季度、第四季度所期望的模式回歸。我現在挖掘數據並告訴你我們在電線和支架方面獲得了多少份額還為時過早。好吧，喬恩，我們不談論太多或產品之類的東西——今天我們在這裡重點介紹了它，當您查看 Invisalign First 產品線時，我們確實在 6 至 9 歲的年輕患者身上取得了巨大的成果多年前，第一階段，第二階段治療，通常第二階段可能比第一階段使用電線和支架的範圍要小得多。

So our different extension devices, so we see a big uptake in that product line from a teen standpoint. We see that as penetration too. We've seen consistent growth from a share standpoint in those teen cases in Americas globally. So -- we just introduced curved wings mandibular advancement too that's having a really good start in the market, too, to address some cases that mandibular advancement couldn't get in the past.

所以我們有不同的擴展設備，所以從青少年的角度來看，我們看到了該產品線的巨大吸收。我們也將其視為滲透。從份額的角度來看，我們在全球美洲的這些青少年案件中看到了持續的增長。所以 - 我們剛剛推出了彎曲翼下頜骨推進術，這在市場上也有一個非常好的開端，以解決一些過去無法實現的下頜骨推進術的案例。

So Jon both with technology, with our advertising campaigns, the teen packs and whatever, I continue to feel good about our movement. We'll have more as we analyze the trends, the share trends and stuff that we'll be able to share with you, but I do like our position in the marketplace in teens.

所以喬恩無論是在技術方面，還是在我們的廣告活動、青少年包等等方面，我都對我們的運動感覺很好。當我們分析趨勢、分享趨勢和我們將能夠與您分享的東西時，我們將擁有更多，但我確實喜歡我們在青少年市場中的地位。

Our next question comes from Brandon Couillard with Jefferies.

我們的下一個問題來自 Brandon Couillard 和 Jefferies。

Just a question on just OpEx and how you're managing headcount, whether you pulled back in any parts of the business globally? And maybe just talk about the levers that might be at your disposal if the environment continues to deteriorate and maybe if there are some areas that would be ring-fenced as far as the potential cuts.

只是一個關於運營支出的問題，以及您如何管理員工人數，您是否在全球業務的任何部分撤回？如果環境繼續惡化，或者如果有一些領域可能會被圍起來，就可能削減而言，也許只是談談您可以使用的槓桿。

Brandon, it's Joe. Look, first of all, what I protect with my life here are our direct salespeople and also our technology and our engineering team and what we focus on. And so we've made sure that we continue to reinforce those. There's just other parts of our business, too, that we rightsized. I mean, obviously, this business is used to growing 20%, 30%. And so we kind of came into the year with that mindset. We quickly realized it wasn't and so we've taken actions in order to do that. But you see that throughout the business.

布蘭登，是喬。看，首先，我在這裡用生命保護的是我們的直銷人員，還有我們的技術和工程團隊，以及我們所關注的。因此，我們確保我們繼續加強這些。我們業務的其他部分也進行了適當的調整。我的意思是，很明顯，這項業務習慣於增長 20%、30%。所以我們帶著這種心態進入了這一年。我們很快意識到事實並非如此，因此我們採取了行動來做到這一點。但你會在整個業務中看到這一點。

Don't forget, we also have really strong productivity programs, in manufacturing and all, that really help us during these times. Emory and his team do a terrific job, they help to drive that. John will give you another insight in a sense of how we're managing OpEx across the business.

不要忘記，我們在製造業等方面也有非常強大的生產力計劃，這在這些時期對我們很有幫助。埃默里和他的團隊做得非常好，他們幫助推動了這一點。 John 將為您提供關於我們如何管理整個業務的 OpEx 的另一種見解。

So we have good insight into our P&Ls across the world. So we looking at country by country in certain regions and so on. And like Joe said, from an overall focus, we want to make sure that we're going to market and protecting the sales, make sure our R&D technology is putting out the best products and the best technology going forward, so we protect that.

因此，我們對我們在全球的損益有很好的了解。因此，我們在某些地區逐個國家查看，等等。就像喬說的那樣，從整體上看，我們要確保我們要進入市場並保護銷售，確保我們的研發技術正在推出最好的產品和最好的技術，所以我們要保護它。

And then we look at what expenses make sense in the short and long term in various regions, various campaigns that we have to make sure that we're getting the return that's appropriate given the market conditions. So we're constantly iterating and changing things, it's no different on the other side of things. When a year ago, we were looking at the growth opportunities.

然後我們看看在各個地區的短期和長期哪些費用是有意義的，我們必須確保我們在市場條件下獲得適當的回報的各種活動。所以我們不斷地迭代和改變事物，在事物的另一面也沒有什麼不同。一年前，我們正在尋找增長機會。

We're looking at it the same type of way kind of on a country-by-country, market-by-market basis is just the other way as it is now. So we feel like we have a good understanding of our return on investment and a good understanding of the levers that we need to pull or not pull given these conditions.

我們在逐個國家、逐個市場地看待它的方式與現在不同。所以我們覺得我們對我們的投資回報有很好的理解，並且很好地理解了在這些條件下我們需要拉動或不拉動的槓桿。

And then John, just one follow-up. Can you help me just kind of understand what's going on with the inventory line and why that continues to grow year-over-year and sequentially. Is there something tied to the new European fab facility that may be driving that? And what we should expect on that line in the next few quarters?

然後是約翰，只是一個後續行動。你能幫我了解一下庫存線的情況，以及為什麼它會繼續同比增長。是否有與新的歐洲晶圓廠設施相關的東西可能推動了這一點？在接下來的幾個季度裡，我們應該期待什麼？

Yes. I think we're kind of getting to -- we kind of get to a point where some of that is due to just the fact that you have a third manufacturing site, and you're going to have raw materials related to that and other in-process inventory and so on there. So you're going to have some of that. Some of it is also on the iTero side where you're manufacturing and you're doing some things where you're securing supply.

是的。我認為我們已經達到了 - 我們達到了一個地步，其中一些原因僅僅是因為你有第三個生產基地，你將擁有與那個和其他相關的原材料在製品庫存等等。所以你會得到一些。其中一些也在 iTero 方面，您正在製造並且您正在做一些確保供應的事情。

I mean there's been a lot of talk and we feel good about our supply to be able to components and so on. We've purchased several components just to make sure that we had adequate supply for our forecast and so on. But nothing out of the ordinary other than some expansion that we have with new manufacturing and then making sure that we secured our supply lines, and that's what we've seen in our numbers.

我的意思是有很多談話，我們對我們的供應感覺很好，能夠生產組件等等。我們購買了幾個組件只是為了確保我們有足夠的供應來進行我們的預測等等。但是，除了我們通過新的製造進行一些擴張，然後確保我們確保我們的供應線安全之外，沒有什麼不尋常的，這就是我們在數據中看到的。

Our next question comes from Jeff Johnson with Baird.

我們的下一個問題來自 Jeff Johnson 和 Baird。

So Joe, I want to pin you down a little bit on a couple of things, if I could here, that questions that have been asked. And on the teen packs especially, I mean, look, we know there were so many adult cases last year with the (inaudible) factor, whatever we want to call it and stimulus spending and all that. But the teen number is obviously the important number. I think we're all trying to focus on here.

喬，如果可以的話，我想在一些事情上給你一些建議，那些已經被問到的問題。尤其是在青少年群體中，我的意思是，看，我們知道去年有很多成人病例與（聽不清）因素有關，無論我們怎麼稱呼它，刺激性支出等等。但青少年數字顯然是重要的數字。我想我們都在努力專注於這裡。

The down 3%, I think is what you said year-over-year, up sequentially. That down 3% year-over-year on teen cases globally, I mean, how do you feel like that compares to the overall ortho market? Were you better or worse than other teen cases done with brackets and wires when you throw in other clear aligners from the competitors, things like that? Just how are you competing in that teen market right now?

我認為下降 3% 就是你所說的同比增長，環比上升。全球青少年病例同比下降 3%，我的意思是，與整個正畸市場相比，你覺得這如何？當您從競爭對手那里扔進其他透明矯正器時，您是否比其他使用支架和電線完成的青少年案例更好或更差，諸如此類？你現在如何在那個青少年市場上競爭？

Jeff, it's a fair question. I'd first take it to Europe. I mean Europe was down substantially for us, too. So I don't think we've got a clear signal out of there because of the economics and in general. I mean we did fairly well in -- from a European standpoint. But third quarter in Europe is never a particularly strong quarter, we're going to pull a signal out of. When you look at the United States, you go to Gaidge data. And you'll see that inside Gaidge Data aligners were down but Invisalign was actually above what the generic aligners are reported in Gaidge data, which says we continue to do well with our teen portfolio and what we do.

傑夫，這是一個公平的問題。我會先把它帶到歐洲。我的意思是歐洲對我們來說也大幅下滑。所以我不認為我們已經從那裡得到了一個明確的信號，因為經濟和一般情況。我的意思是，從歐洲的角度來看，我們在這方面做得相當不錯。但歐洲第三季度從來都不是一個特別強勁的季度，我們要從中提取信號。當您查看美國時，您會訪問 Gaidge 數據。您會看到 Gaidge Data 內部校準器下降了，但 Invisalign 實際上高於 Gaidge 數據中報告的通用校準器，這表明我們在青少年產品組合和我們所做的事情上繼續做得很好。

You see wires and brackets cases actually expanded. But what that is, is you see if they're doing more -- fewer adults -- and you know how orthos have held on to teens for a long time, you get a mix phenomenon there where it looks like they're doing more wires and brackets, but they're not. They're just doing fewer adults, and they mix down in that sense. So -- and then move over to Asia, I've always felt good about Asia is different by country.

您會看到電線和支架的情況實際上擴大了。但那是什麼，你看看他們是否做得更多 - 更少的成年人 - 你知道 Orthos 是如何長期吸引青少年的，你會看到一種混合現象，看起來他們做得更多電線和支架，但它們不是。他們只是在做更少的成年人，在這個意義上他們混為一談。所以——然後轉到亞洲，我一直覺得亞洲因國家而異。

But the COVID overlay in Japan in particular, but also China. I thought the teen case volume was still reasonable. But it's still hard to pull a signal out of a lot of noise with the COVID shutdowns in all of those countries. So again, just like in John's question, Jeff, is I do feel great about our portfolio. I feel good about how we're positioning the product. I think the teen packs are a way to sell the way doctors want to commit in this area, I think we'll continue to get strong there. The future of those teen cases, there's no question it's digital. It's just how we approach it, the products we launch and convincing doctors more and more that teens will use these and showing them the results that we're seeing all over the world.

但尤其是日本的 COVID 覆蓋，還有中國。我認為青少年案件的數量仍然是合理的。但是，隨著所有這些國家的 COVID 關閉，仍然很難從大量噪音中提取信號。再說一次，就像約翰的問題一樣，傑夫，我對我們的投資組合感覺很好。我對我們如何定位產品感覺很好。我認為青少年包是一種推銷醫生希望在該領域投入的方式的方式，我認為我們將繼續在那裡變得強大。這些青少年案件的未來，毫無疑問是數字化的。這就是我們處理它的方式，我們推出的產品以及越來越多地說服醫生青少年會使用這些產品並向他們展示我們在世界各地看到的結果。

Yes. Fair enough. All right. And then I'm going to jam 2 questions together, kind of [a la] Jon Block, here I'd call it, 2A and 2B and other separate questions. But any update on volume-based procurement in China, how we should think about that? And then I didn't see a breakout for Americas versus international doctors shipped to. You provided that in the past. Any way we could get that number this time?

是的。很公平。好的。然後我將把 2 個問題擠在一起，有點像 [a la] Jon Block，在這裡我稱之為 2A 和 2B 以及其他單獨的問題。但是關於中國基於數量的採購的任何更新，我們應該如何看待呢？然後我沒有看到美洲與運送到的國際醫生之間的突破。你過去提供了。這次我們有什麼辦法可以得到這個數字？

Well, on the doctor shipped to, what we've done is consolidated them together to a total. And what we saw, if you looked at international versus domestic, they're both up. And the numbers that we had -- this is actually our second highest ever from a shipped to standpoint. But we decided to consolidate those together, without giving too much more details on that. But they're both up.

好吧，在運送到的醫生身上，我們所做的就是將它們合併在一起。而我們所看到的，如果你看看國際與國內，他們都在上升。而我們擁有的數字——從發貨的角度來看，這實際上是我們有史以來的第二高。但我們決定將它們整合在一起，但沒有提供太多細節。但他們倆都起來了。

Is that sequentially, John, just to be clear.

是按順序排列的嗎，約翰，為了清楚起見。

Yes. Yes.

是的。是的。

John, both up sequentially. Sorry, Joe.

約翰，都依次上升。對不起，喬。

Yes, yes, correct.

是的，是的，沒錯。

Yes, on sequential, yes. on the volume-based purchasing in China, we have our eyes all over it, Jeff, as you can guess. It represents anywhere between 15% and 18% of our business there. The way they're setting this up, pretty much in what we recall, in not our main areas in where we do business in China. I think we've positioned ourselves for this. Strategically, I feel we can make the right move here.

是的，按順序，是的。 Jeff，正如你所猜想的那樣，關於中國的基於數量的採購，我們都在關注它。它代表了我們在那裡業務的 15% 到 18% 之間的任何地方。他們設置這個的方式，幾乎在我們記憶中，而不是我們在中國開展業務的主要領域。我認為我們已經為此做好了定位。從戰略上講，我覺得我們可以在這裡做出正確的舉動。

Look, I have friends and other medical device businesses, I was in the medical devices for a while. We know what this did to stents and hip transplants and different things. I feel like the way they set this up, one is 70% of it will be [BBP] in those areas, 30% will still be up to the doctors in the sense of what they want to use and how they want to use it. So what's key here is that we exercise our portfolio and the capacity that we have over there to just have a strategic positioning in that. So I don't expect any major differences as we move into 2023. We'll just have to wait to see how that goes. And as we move into 2024, 2025, how the government -- which way the government moves.

你看，我有朋友和其他醫療器械業務，我在醫療器械有一段時間。我們知道這對支架和髖關節移植以及不同的事情有什麼影響。我覺得他們設置的方式，其中 70% 將是這些區域的 [BBP]，30% 仍然取決於醫生，他們想使用什麼以及如何使用它.所以這裡的關鍵是我們運用我們的投資組合和我們在那裡擁有的能力，以便在其中擁有戰略定位。因此，隨著我們進入 2023 年，我預計不會有任何重大差異。我們只需要等待，看看情況如何。隨著我們進入 2024 年、2025 年，政府將如何行動——政府採取何種行動方式。

Our next question comes from Elizabeth Anderson with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Elizabeth Anderson。

I guess my first question is just on equipment line. I noticed you sort of talking more about leased equipment in the quarter. Can you sort of talk about how that's been growing and sort of what contribution that made to the equipment revenues in the quarter?

我想我的第一個問題只是在設備線上。我注意到你在本季度更多地談論租賃設備。你能談談它是如何增長的，以及對本季度設備收入的貢獻嗎？

Yes, I can start with that. It's obviously a strategy that we have. We've got great equipment, great products, and we want to be able to get those to our customers in a way that they want to buy. Sometimes those doctors of ours don't necessarily want to purchase it outright. They want to try other things. And so we've tested in certain markets, just alternatives, kind of the rental model and so on.

是的，我可以從那開始。這顯然是我們的策略。我們擁有出色的設備和出色的產品，我們希望能夠以客戶想要購買的方式將這些產品提供給他們。有時我們的那些醫生不一定想直接購買它。他們想嘗試其他的東西。因此，我們已經在某些市場進行了測試，只是替代品、租賃模式的種類等等。

And we see good uptake. We see them these doctors now wanting to get a scanner to be able to digitize their practice. So it's really at early stage right now, Elizabeth, but it is something that when we think about how we want to go to market, we want to offer alternatives such as leasing or expanding rental or other parts of our business are going to see the certified preowned where you have upgrades and other things that happen as we have a larger and larger installed base, we're going to get some of that equipment back.

我們看到了良好的吸收。我們看到他們這些醫生現在想要一台掃描儀，以便能夠將他們的實踐數字化。所以現在真的處於早期階段，伊麗莎白，但是當我們考慮如何進入市場時，我們希望提供替代方案，例如租賃或擴大租賃或我們業務的其他部分將會看到經過認證的二手設備，隨著我們的安裝基數越來越大，您有升級和其他事情發生，我們將收回部分設備。

We want to be able to have a mechanism to be able to use that equipment, use it in other places, and give our customers alternatives, both in terms of the equipment that they can purchase from us and then how they purchase and use that equipment from a financing or maybe leasing or rental options. And we think that they'll end up using our equipment more and more. And then we know that helps from a digital standpoint when they use their equipment and then they'll end up using more Invisalign. So it all kind of works from an ecosystem standpoint.

我們希望能夠有一種機制來使用該設備，在其他地方使用它，並為我們的客戶提供替代方案，無論是他們可以從我們那裡購買的設備，還是他們如何購買和使用該設備來自融資或租賃或租賃選擇。我們認為他們最終會越來越多地使用我們的設備。然後我們知道，當他們使用他們的設備時，從數字的角度來看，這會有所幫助，然後他們最終會使用更多的 Invisalign。因此，從生態系統的角度來看，這一切都是可行的。

Got it. And then just in terms of on the P&L, like one of the things that, obviously, saw the change in SG&A spend in the quarter and how you pulled back on spending there. What about on the R&D line? Do you sort of see an opportunity to pull back on R&D as well going forward? Or is that something you're sort of keener to defend going forward?

知道了。然後就損益表而言，很明顯，其中一件事是看到本季度 SG&A 支出的變化，以及你如何撤回那裡的支出。研發線上呢？您是否認為有機會在研發方面有所回落？或者這是你更熱衷於捍衛的東西？

Elizabeth, it's Joe. We want to defend R&D. Very important part of the business. You can see the programs are rolling out. The programs we're rolling out, we didn't do them this year, right? Some of these are 3-year old programs that we've been working on. And so I don't want to stop the momentum on those.

伊麗莎白，是喬。我們要捍衛研發。業務中非常重要的部分。您可以看到程序正在推出。我們正在推出的項目，我們今年沒有做，對吧？其中一些是我們一直在研究的已有 3 年曆史的程序。所以我不想阻止這些勢頭。

I mean obviously, we'll take any steps here to preserve the cash flow and integrity of this business that we have to do. But our front lines are our sales organization and technology. And before we go anywhere near those, we want to make sure we do everything we can, then rightsize the business in other areas.

我的意思很明顯，我們將在這裡採取任何措施來保持我們必須做的這項業務的現金流和完整性。但我們的前線是我們的銷售組織和技術。在我們接近這些之前，我們要確保我們盡我們所能，然後在其他領域調整業務規模。

Got it. And then just in terms of my 2B question, in terms of like what you're seeing through the month of October so far, if we're sort of thinking about how the cadence of 4Q is shaping up, would you then expect like the cases to be sort of flat sequentially at this point based on what you're seeing? Or like how do we think about sort of where we are now? .

知道了。然後就我的 2B 問題而言，就目前為止 10 月份你所看到的情況而言，如果我們在考慮第 4 季度的節奏是如何形成的，那麼你會期望像根據您所看到的情況，此時案件是否會按順序排列？或者像我們如何看待我們現在所處的位置？ .

Kind of anticipating that question is, we're not seeing any major change, I'd say, from the momentum that we saw in the second quarter.

有點預料到這個問題是，我想說，從我們在第二季度看到的勢頭來看，我們沒有看到任何重大變化。

You mean the third quarter?

你是說第三季？

I'm sorry, third quarter. That's right, a little bit in [arrears].

對不起，第三季。沒錯，有點[欠款]。

Our next question comes from Erin Wright with MS.

我們的下一個問題來自 MS 的 Erin Wright。

Great. So how should we think about underlying ASPs going forward, excluding the FX dynamics from here just given some of the mix dynamics you noted. And FX is FX, and that's understandable. But if we do continue to see what we're seeing in terms of the macro environment, what do we think about in terms of trough margins from here? And do you see an opportunity for a sort of recovery near term? Or any sort of margin expansion? Anything you can give us on that front would be helpful. .

偉大的。那麼我們應該如何考慮未來的潛在 ASP，不包括這裡的外匯動態，剛剛給出了你提到的一些混合動態。 FX 就是 FX，這是可以理解的。但是，如果我們確實繼續從宏觀環境的角度來看我們所看到的，那麼我們從這裡的低谷利潤率方面會怎麼想？您是否看到近期復甦的機會？或者任何形式的利潤擴張？您可以在這方面給我們的任何東西都會有所幫助。 .

Yes. Obviously, Erin, this is John. Obviously, gross margin, op margins is a primary concern for us. We want to make sure that we manage things appropriately. From an ASP standpoint, take FX out of this and really FX out of our margin because it's hard to so much coming through from a P&L standpoint. But we're always looking at productivity to be able to help drive the business. And as we scale up Poland is a great example, we'll become more productive there, and that will help our margin. It's kind of in our margins right now as an impact, but it will get better over time through utilization.

是的。顯然，艾琳，這是約翰。顯然，毛利率、營業利潤率是我們最關心的問題。我們要確保我們妥善管理事情。從 ASP 的角度來看，將 FX 排除在外，真正將 FX 排除在我們的利潤之外，因為從損益表的角度來看，很難做到這麼多。但我們一直在關註生產力，以幫助推動業務發展。隨著我們擴大波蘭的規模就是一個很好的例子，我們將在那裡變得更有效率，這將有助於我們的利潤。它現在有點影響我們的利潤，但隨著時間的推移，它會通過利用變得更好。

We look at the technology that we have in the business and what it means from an ASP standpoint. And our customers understand that. There's always going to be geographical mix shifts that happen. Certain parts of the world are at different times throughout the year. But I don't expect a dramatic shift in our overall ASPs. Take FX out of it from an overall ASP standpoint and then we're really focused on what can we do to look at savings that help us from a gross margin standpoint and see that. And then also on an op margin standpoint for all the OpEx things that we previously talked about.

我們從 ASP 的角度來看我們在業務中擁有的技術以及它的含義。我們的客戶明白這一點。總是會發生地理混合變化。世界上某些地區全年處於不同的時間。但我預計我們的整體 ASP 不會發生巨大變化。從整體 ASP 的角度來看，將 FX 排除在外，然後我們真正專注於我們可以做些什麼來查看從毛利率的角度幫助我們的節省並看到這一點。然後從我們之前談到的所有 OpEx 的運營利潤率的角度來看。

Okay. And then just going back to Elizabeth's question on the quarterly cadence. Just in the teen market, in particular, what are you seeing in terms of typical seasonality there? And did you see some of that momentum continuing here into the fourth quarter in that particular segment? Or how should we be thinking about the quarter-to-quarter cadence given -- relative to what you typically see from a seasonal standpoint.

好的。然後回到伊麗莎白關於季度節奏的問題。尤其是在青少年市場中，就典型的季節性而言，您看到了什麼？您是否看到該特定部分的某些勢頭持續到第四季度？或者我們應該如何考慮給定的季度節奏——相對於你通常從季節性的角度看到的節奏。

The teen market predominantly, if we look at the third quarter. Obviously it bleeds some into the fourth quarter, whatever, but I wouldn't take anything we're seeing right now and project it into the future to change what the normal fourth quarter sequence could be. So like I said previously on the question as far as when you look at third quarter moving in the fourth quarter, we're not seeing any meaningful change one way or another.

如果我們看第三季度，主要是青少年市場。顯然它會在第四季度流血，無論如何，但我不會把我們現在看到的任何東西預測到未來來改變正常的第四季度序列可能是什麼。所以就像我之前在這個問題上所說的那樣，當你看到第三季度在第四季度的變化時，我們並沒有看到任何有意義的變化。

Our next question comes from Nathan Rich with Goldman Sachs.

我們的下一個問題來自高盛的 Nathan Rich。

If I could go back to margins for a minute. You mentioned not changing the target for this year on a constant currency basis. I guess -- if I could maybe ask the question this way, if we don't see further changes to FX or the kind of overall demand environment, do you think the 16% margin that you saw this quarter on a GAAP basis is indicative of what we should assume going forward, again, kind of -- assuming no kind of changes in the underlying environment?

如果我能回到邊緣一分鐘。您提到在不變的貨幣基礎上不改變今年的目標。我猜——如果我可以這樣問這個問題，如果我們沒有看到外匯或整體需求環境的進一步變化，你認為你在 GAAP 基礎上看到的本季度 16% 的利潤率是否具有指示性我們應該假設什麼，再一次，假設底層環境沒有任何變化？

I wouldn't take that. I think when we're talking about for the full year, we're kind of looking at kind of that on a constant currency basis, that 20%. And I think Q3, you have impacts with Poland startup and some other things in the quarter that are impacting that. But when we look at the 20% and what we were calling earlier in the year, we were thinking about that less about the quarters, but on a -- more on a total year basis on a constant currency basis.

我不會接受的。我認為，當我們談論全年時，我們會在固定貨幣的基礎上考慮這種情況，即 20%。我認為第三季度，你對波蘭初創公司以及本季度其他一些影響它的事情產生了影響。但是，當我們查看 20% 以及我們在今年早些時候所說的情況時，我們考慮的不是季度，而是 - 更多的是在固定貨幣基礎上的全年基礎上。

Okay. And the FX headwind for the year on margins is that 2% to 3%?

好的。今年的外匯逆風是 2% 到 3% 嗎？

That's the way to look at it, Nate. It's -- we're kind of looking at -- as best as we can call it now, we're kind of using the latest FX rates that you have now. It's up to predict what's going to happen in the next 2 months. But if you took kind of currently and kind of what we've done throughout the year and then use the current FX rates, we think that's a 2- to 3-point impact. And without that FX rates, we -- our GAAP numbers would have been up to 20%, like we called.

這就是看待它的方式，內特。這是 - 我們正在研究 - 盡我們所能稱呼它，我們正在使用您現在擁有的最新外匯匯率。這取決於預測未來 2 個月會發生什麼。但是，如果您採用當前和我們全年所做的事情，然後使用當前的匯率，我們認為這會產生 2 到 3 個百分點的影響。如果沒有該匯率，我們的 GAAP 數字將高達 20%，就像我們所說的那樣。

Okay. If I could just ask a quick follow-up. Joe, I think you had noted less willingness of consumers to finance treatments in both the U.S. and Europe. How big is that as a percent of case volumes in terms of what's typically financed? And then how much in particular kind of might have [dissuade] on demand? And I guess, bigger picture, are there ways kind of in this environment that you kind of see as kind of maybe being best able to stimulate demand just in terms of how you might either help customers or doctors in this environment?

好的。如果我能要求快速跟進。喬，我想你已經註意到美國和歐洲的消費者都不太願意為治療提供資金。就通常資助的項目而言，這佔案件數量的百分比有多大？然後有多少特定類型的可能會根據需求[勸阻]？而且我想，從更大的角度來看，在這種環境下，有沒有一種方法可以讓你認為最能刺激需求，就你如何在這種環境下幫助客戶或醫生而言？

Yes, Nathan, I think what we gave you is basically data that we receive from the marketplace. It's what we're hearing from orthodontists and dentists in general in treatment. We don't have any quantification to say so many patients were seeking funding, they didn't get it or there's so many losses in that sense. That's pretty much listed as the reasons why patients have refused treatment or thinking about treatment in the financial considerations of it. John, would you?

是的，內森，我認為我們給你的基本上是我們從市場收到的數據。這是我們在治療中從正畸醫生和牙醫那裡聽到的。我們沒有任何量化可以說有這麼多患者在尋求資金，他們沒有得到資金，或者在這個意義上有這麼多的損失。這幾乎被列為患者拒絕治療或出於財務考慮考慮治療的原因。約翰，你願意嗎？

No, I think you're always going to have a mix of -- some patients, they'll pay for it all upfront. Some will finance either through the doctor or some outside group. And I think you're constantly going to have that. We do think as much as we can with our doctors to give them some of the financial flexibility, so that as they maybe have additional terms where they pay us, the doctors, they can maybe apply some of that to their patients, and they can help their patients as well, manage some of the cash flow.

不，我認為你總是會遇到一些病人，他們會預先支付所有費用。有些人將通過醫生或外部團體資助。我認為你會不斷地擁有它。我們確實盡可能多地與我們的醫生一起考慮給他們一些財務靈活性，以便他們可能有額外的條款來支付我們，醫生，他們可以將其中一些條款應用到他們的病人身上，他們可以也幫助他們的病人，管理一些現金流。

So we're aware of it. We do as much as we can. It's just kind of out there. And like Joe said, we don't have a quantification of it, but in tougher economic times, we know that patients will be looking for different alternatives.

所以我們意識到了這一點。我們盡我們所能。它只是在那裡。就像喬說的那樣，我們沒有對其進行量化，但在經濟困難時期，我們知道患者會尋找不同的替代方案。

And the other part of your question, Nate, about how do we help accounts. We watch payments, we try to help in that sense at times. We try to drive direct Invisalign docs to do a lot of Invisalign. And obviously, our advertising is extremely important to them. So we have our whole lead program to help them drive those things. We just want to be as close to our customers as possible because they're feeling what we feel. And we have strong relationships with many of them, and they're part of the family here. And we work it country by country, doctor by doctor, region by region to see how we can help.

Nate，您的問題的另一部分是關於我們如何幫助客戶。我們關注付款，有時我們會嘗試在這個意義上提供幫助。我們嘗試推動直接 Invisalign 文檔做很多 Invisalign。顯然，我們的廣告對他們來說非常重要。所以我們有我們的整個領導計劃來幫助他們推動這些事情。我們只想盡可能地貼近我們的客戶，因為他們能感受到我們的感受。我們與他們中的許多人有著牢固的關係，他們是這裡的家庭的一部分。我們逐個國家、逐個醫生、逐個地區地開展工作，看看我們能如何提供幫助。

Operator, we'll take 1 more question, please.

接線員，請我們再回答 1 個問題。

Our final question comes from Kevin Caliendo with UBS.

我們的最後一個問題來自瑞銀的 Kevin Caliendo。

So may have found a little bit on the comment around October, saying that the momentum continued. If we think about that, that was sort of down 12%, right, year-over-year. I think what we're all looking for is we saw cases flat Q1 to Q2. And then we saw a step down in Q3 despite a stronger teen season. So I think what we're all trying to figure out here is adjusting for the third quarter strength, seasonality in teen, when do you actually expect to see stabilization globally in cases, meaning either sequentially or year-over-year flatness? Like when do you actually expect that, that could happen?

所以可能在 10 月左右的評論中發現了一點，說勢頭仍在繼續。如果我們考慮到這一點，那就是同比下降了 12%。我認為我們都在尋找的是我們看到第一季度到第二季度的病例持平。然後，儘管青少年賽季表現強勁，但我們在第三季度看到了下滑。所以我認為我們在這裡都想弄清楚的是調整第三季度的實力，青少年的季節性，你真正預計什麼時候會在全球範圍內看到穩定，這意味著連續或同比持平？就像你真正期望的那樣，這可能會發生嗎？

Kevin, it's Joe. Look, I think we can sit here and tell you, I think we're in pretty volatile economic times. I can't tell you what the dollar is going to be in 3 months. I don't know what's going to happen in Europe. I don't know how bad COVID hits China. I don't know what it does in Japan. So I know exactly what you're asking for and every investor is asking for.

凱文，是喬。聽著，我想我們可以坐在這裡告訴你，我認為我們正處於非常動蕩的經濟時期。我不能告訴你美元在 3 個月後會是多少。我不知道歐洲會發生什麼。我不知道COVID對中國的打擊有多嚴重。我不知道它在日本有什麼作用。因此，我確切地知道您的要求以及每個投資者的要求。

And we'd give you that data if we thought we had it, but we are in such a volatile time right now. We're just working this thing from month to month. As I mentioned, as we go into the fourth quarter, obviously, there's a rhythm between teens and adults from the third quarter to the fourth quarter. What I mentioned from a continuation standpoint is we haven't seen much of a change between the third and the fourth right now as we move into it.

如果我們認為我們擁有這些數據，我們會為您提供這些數據，但我們現在正處於如此動蕩的時期。我們只是每個月都在做這件事。正如我所提到的，當我們進入第四節時，很明顯，從第三節到第四節，青少年和成年人之間存在節奏。我從延續的角度提到的是，當我們進入第三個和第四個時，我們現在還沒有看到太大的變化。

That's about as well as I can tell you of what we're seeing and what we're experiencing, trying to forecast what's going to happen toward the end of the quarter, next quarter, I can't do that. I don't think anybody here can.

這就是我可以告訴你我們所看到的和正在經歷的事情，試圖預測本季度末會發生什麼，下個季度，我不能那樣做。我認為這裡沒有人可以。

And if I can just ask a follow-up. There's been a lot of talk about spending and margins in 20% and everything else. And historically, in the past, you guys always just invested to grow. Is it now given the uncertainty of everything that you're just going to manage through a margin or try to manage to the 20% margin ex FX? Or -- I mean, is that the strategy? Or is it still to try to get back to the -- what you would need to do normally to hit certain growth targets that you've had? .

如果我可以要求跟進。有很多關於 20% 的支出和利潤率以及其他方面的討論。從歷史上看，在過去，你們總是只是為了成長而投資。現在是否考慮到您將通過保證金管理或嘗試管理至 20% 的外匯保證金的所有不確定性？或者——我的意思是，這就是策略嗎？或者它是否仍然試圖回到你需要做的正常工作才能達到你已經擁有的某些增長目標？ .

It's a growth business, Kevin. If we had good economic times here, I can tell you, we'd be having a much different conversation. So the challenge with this business is how are we responsible on cost and obviously, a challenged demand environment, but to keep this company very strong because when this market comes back, you just go back in history and take a look, it comes back and it comes back hard. And we've got to make sure that we're in a good position to be able to field that when it does occur.

這是一個成長型企業，凱文。我可以告訴你，如果我們在這裡的經濟狀況良好，我們的談話就會大不相同。因此，這項業務面臨的挑戰是我們如何對成本負責，顯然，這是一個充滿挑戰的需求環境，但要保持這家公司非常強大，因為當這個市場回來時，你只需回顧歷史看看，它就會回來並且它很難回來。而且我們必須確保我們處於有利位置，以便能夠在它發生時進行部署。

So you'll see us be, what I call, fiscally responsible, but we'll continue to make sure that we invest and make as many changes as we can around different areas of OpEx, but to protect those key areas where our customer interface and the development of our technology. And actually, the operations capacity we need in this business when this thing does bring back. And that's not just in manufacturing aligners. That's in being able to service customers across the board. So you'll see us balance that well as we should do from a leadership standpoint.

所以你會看到我們，我所說的，在財政上負責，但我們將繼續確保我們圍繞 OpEx 的不同領域進行投資並做出盡可能多的改變，但要保護那些與我們的客戶接觸的關鍵領域以及我們技術的發展。實際上，當這件事確實帶回來時，我們在這項業務中需要的運營能力。這不僅僅是在製造矯正器中。那就是能夠為客戶提供全面的服務。所以你會看到我們從領導的角度來看我們應該做的很好的平衡。

Well, thank you, everyone, for joining us today. We appreciate your time and look forward to speaking with you at upcoming financial conferences and industry meetings, including the Ortho Summit in Las Vegas next month. If you have any further questions or follow-up, please contact our Investor Relations team. Have a great day.

好吧，謝謝大家今天加入我們。我們感謝您的寶貴時間，並期待在即將舉行的金融會議和行業會議上與您交談，包括下個月在拉斯維加斯舉行的 Ortho 峰會。如果您有任何進一步的問題或跟進，請聯繫我們的投資者關係團隊。祝你有美好的一天。

That concludes the conference call. Thank you for your participation. You may now disconnect your lines.

電話會議就此結束。感謝您的參與。您現在可以斷開線路。