愛齊科技 (ALGN) 2022 Q4 法說會逐字稿

Greetings, welcome to the Align Fourth Quarter and 2022 Earnings Call. (Operator Instructions) Please note, this conference is being recorded.

您好，歡迎來到 Align 第四季度和 2022 年財報電話會議。 （操作員說明）請注意，正在錄製此會議。

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

我現在將會議轉交給您的主持人 Shirley Stacy，來自 Align Technology。你可以開始了。

Thank you. Good afternoon. 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.

謝謝你。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。與我一起參加今天電話會議的是總裁兼首席執行官 Joe Hogan；和首席財務官 John Morici。

We issued fourth quarter and full year 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 by approximately 5:30 p.m. Eastern time through 5:30 p.m. Eastern time on February 15. To access the telephone replay, domestic callers should dial (866)-813-9403 with access code 328900. International callers should dial (929)458-6194 using the same access code.

我們今天通過美國商業資訊發布了第四季度和 2022 年全年財務業績，可在我們的網站 investor.aligntech.com 上獲取。今天的電話會議正在通過音頻網絡直播，並將在我們的網站上存檔大約 1 個月。電話重播將在下午 5 點 30 分左右提供。東部時間下午 5:30。東部時間 2 月 15 日。要收聽電話重播，國內來電者應撥打 (866)-813-9403，接入碼為 328900。國際來電者應使用相同的接入碼撥打 (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，涉及風險和不確定性，我們在我們的網站和 sec.gov 上向證券交易委員會提交的最新定期報告中更詳細地描述了這些風險和不確定性。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 fourth quarter and full year 2022 conference call slides on our website under Align 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）。以及我們網站上對齊季度業績下的第四季度和 2022 年全年電話會議幻燈片。請參閱這些文件以獲取更多詳細信息。

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 fourth quarter results and discuss a few highlights from our 2 operating segments, Systems and Services and Clear Aligners. John will provide more detail on our Q4 financial performance and comment on our views for 2023. 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。在我們今天的電話會議上，我將概述我們第四季度的業績，並討論我們 2 個運營部門、系統和服務以及 Clear Aligners 的一些亮點。約翰將提供有關我們第四季度財務業績的更多詳細信息，並評論我們對 2023 年的看法。之後，我將回來總結幾個要點並開始提問。

You'll note that we have shortened our formal remarks in order to leave more time for Q&A. Overall, I'm pleased to report fourth quarter results that reflect a more stable environment for doctors and their patients than the recent quarters, especially in the Americas and EMEA regions, as well as parts of APAC. For Q4, trends in consumer interest for orthodontic treatment, patient traffic in doctors' practices and iTero scanner demos improved. However, the unfavorable effect of foreign exchange on our fourth quarter and full year 2022 results reduced our revenues and margins significantly.

您會注意到我們縮短了正式發言時間，以便為問答留出更多時間。總的來說，我很高興地報告第四季度的結果，它反映了醫生和他們的病人比最近幾個季度更穩定的環境，特別是在美洲和 EMEA 地區，以及亞太地區的部分地區。對於第四季度，消費者對正畸治療的興趣趨勢、醫生診所的患者流量和 iTero 掃描儀演示都有所改善。然而，外匯對我們第四季度和 2022 年全年業績的不利影響顯著降低了我們的收入和利潤率。

Despite the large impact of unfavorable foreign exchange, Q4 revenues of $901.5 million, increased sequentially from Q3, reflecting growth in Systems and Services as well as a slight increase in Clear Aligner shipments. This is the first quarter in a year that our total revenues and Clear Aligner volumes increased sequentially. As we move through 2023 and hopeful that we'll see continued stability in an improving operating environment, but remind everyone that the macroeconomic situation remains fragile. Regardless, we are confident in our large untapped market opportunity for digital orthodontics and restorative dentistry. We anticipate 2023 will be an exciting year for new innovation at Align, and we'll begin to commercialize one of the largest new product and technology cycles in our 25-year history.

儘管不利的外匯影響很大，但第四季度的收入為 9.015 億美元，比第三季度環比增長，反映出系統和服務的增長以及 Clear Aligner 出貨量的小幅增長。這是一年中我們的總收入和 Clear Aligner 銷量連續增長的第一季度。隨著我們邁向 2023 年，我們希望在改善的經營環境中看到持續穩定，但提醒大家宏觀經濟形勢仍然脆弱。無論如何，我們對數字正畸和牙科修復的巨大未開發市場機會充滿信心。我們預計 2023 年將是 Align 新創新激動人心的一年，我們將開始將我們 25 年曆史上最大的新產品和技術週期之一商業化。

The Q4 Systems and Services revenue of $169.9 million were up 7.8% sequentially and down 21.3% year-over-year. On a constant currency basis, Q4 Systems and Services revenues were impacted by unfavorable foreign exchange of approximately $2.7 million or 1.5% sequentially and approximately $11.2 million or 6.2% year-over-year. For Q4, Systems and Services revenues increased sequentially, driven by growth in the Americas and EMEA regions, reflecting continued sales of intraoral scanners, especially the iTero 5D. Q4 sequential growth also reflects continued growth of our scanner rental programs as well as initial deployment of a certified preowned, what we call CPO scanner leasing rental program with desktop metal, that I'll describe in more detail shortly.

第 4 季度系統和服務收入為 1.699 億美元，環比增長 7.8%，同比下降 21.3%。按固定匯率計算，Q4 系統和服務收入受到不利外彙的影響，環比下降約 270 萬美元或 1.5%，同比下降約 1120 萬美元或 6.2%。對於第四季度，系統和服務收入在美洲和 EMEA 地區的增長推動下環比增長，反映了口腔內掃描儀的持續銷售，尤其是 iTero 5D。第 4 季度的連續增長也反映了我們掃描儀租賃計劃的持續增長以及經過認證的二手設備的初步部署，我們稱之為桌面金屬 CPO 掃描儀租賃租賃計劃，我將在稍後詳細介紹。

We continue to develop new capital equipment opportunities to meet the digital transformation needs of our customers, and DSO partners, which is a natural progression for our equipment business with a large and growing base of scanners sold. As our scanner portfolio expands and we introduce new products, we increased the opportunities for customers to upgrade to make trade-ins to provide refurbished scanners for emerging markets. We expect to continue rolling out programs such as leasing and rental offerings that help customers in the current macroeconomic environment by leveraging our balance sheet and selling the way our customers want to buy.

我們繼續開發新的資本設備機會，以滿足客戶和 DSO 合作夥伴的數字化轉型需求，這是我們設備業務的自然發展，已售出大量且不斷增長的掃描儀。隨著我們掃描儀產品組合的擴展和新產品的推出，我們增加了客戶升級的機會，以舊換新為新興市場提供翻新掃描儀。我們希望繼續推出租賃和租賃產品等計劃，通過利用我們的資產負債表並以客戶想要購買的方式銷售，在當前的宏觀經濟環境中幫助客戶。

On a year-over-year basis, Q4 services revenues increased primarily due to increased subscription revenue, resulting in a larger number of field scanners. We also had higher non-case systems revenues related to our scanner leasing rental programs previously mentioned. To help accelerate the adoption of digital orthodontics and restorative dentistry, in Q4, we announced a strategic collaboration with Desktop Metal to supply iTero Element Flex scanners to Desktop Labs, one of the largest lab networks in the U.S. serving general dentists.

與去年同期相比，第四季度服務收入增長主要是由於訂閱收入增加，導致現場掃描儀數量增加。我們還獲得了與前面提到的掃描儀租賃計劃相關的更高的非案例係統收入。為了幫助加速數字正畸和修復牙科的採用，在第四季度，我們宣布與 Desktop Metal 進行戰略合作，為 Desktop Labs 提供 iTero Element Flex 掃描儀，Desktop Labs 是美國最大的為普通牙醫提供服務的實驗室網絡之一。

The iTero Element Flex is now the preferred restorative scanner for desktop labs and will connect dentists directly to a suite of offerings from desktop labs that simplifies the digital design and manufacture restorations with both traditional and digital technologies.

iTero Element Flex 現在是桌面實驗室的首選修復掃描儀，它將牙醫直接連接到桌面實驗室的一套產品，從而簡化數字設計並使用傳統和數字技術製造修復體。

Our collaboration with Desktop Metal reflects our commitment to a relationship we expect will evolve and expand to being advanced restorative workflows to market. We see significant opportunities to enable dentists to use scan data directly order restorative services or printed ready digital files from Desktop Labs that can be used for 3D printing in their offices. In addition to iTero scanners, we're also excited about extending the benefits of the Align Digital Platform, including the Invisalign System and Exocad software to Desktop Labs' customers as well.

我們與 Desktop Metal 的合作反映了我們對這種關係的承諾，我們希望這種關係能夠發展和擴展，成為推向市場的先進修復工作流程。我們看到了重要的機會，使牙醫能夠使用掃描數據直接訂購修復服務或從桌面實驗室打印準備好的數字文件，這些文件可用於在他們的辦公室進行 3D 打印。除了 iTero 掃描儀，我們也很高興將 Align 數字平台的優勢擴展到 Desktop Labs 的客戶，包括 Invisalign 系統和 Exocad 軟件。

For Q4, total Clear Aligner revenues of $731.7 million were down slightly, 0.2% sequentially and down 10.3% year-over-year. On a constant currency basis, for Q4 Clear Aligner revenues were impacted by unfavorable foreign exchange of $13.4 million or 1.8% sequentially and $56.4 million or 7.2% year-over-year. Q4 total Clear Aligner volumes of $583,000 was up slightly sequentially, reflecting growth in the Americas and EMEA regions, offset by lower APAC volumes primarily in China.

第四季度，Clear Aligner 總收入為 7.317 億美元，環比下降 0.2%，同比下降 10.3%。按固定匯率計算，第四季度 Clear Aligner 的收入受到不利外彙的影響，環比下降 1340 萬美元或 1.8%，同比下降 5640 萬美元或 7.2%。第 4 季度 Clear Aligner 總銷量為 583,000 美元，環比略有上升，反映出美洲和 EMEA 地區的增長，被主要在中國的亞太地區銷量下降所抵消。

For the Americas, Q4 Clear Aligner volumes were down slightly sequentially, reflecting lower ortho cases, especially teen starts as compared to the typical higher teen season in Q3. Offset primarily by an increase in adult patients from the GP dentist channel. For Q4, Clear Aligner volume from DSO customers continue to outpace non-DSO customers.

對於美洲，第 4 季度 Clear Aligner 銷量環比略有下降，反映出較低的正畸病例，尤其是與第 3 季度典型的較高青少年季節相比，青少年開始使用。主要被全科醫生牙醫渠道的成年患者增加所抵消。對於第四季度，來自 DSO 客戶的 Clear Aligner 銷量繼續超過非 DSO 客戶。

For EMEA, Q4 Clear Aligner volume increased sequentially in all markets and across products, especially recently launched Invisalign Moderate, iGO Plus and iGO Express, which enabled GP dentists to treat a broader range of cases, mild-to-moderate types of malocclusions and can easily be integrated in a wide range of restorative treatments in a dental practice. EMEA had a strong sequential growth in the teen market segment with continued demand for Invisalign Teen case packs, which are available in France and Iberia as well as Invisalign's first treatment for kids as young as 6 years old.

對於歐洲、中東和非洲地區，Q4 Clear Aligner 的銷量在所有市場和產品中都出現了連續增長，尤其是最近推出的 Invisalign Moderate、iGO Plus 和 iGO Express，這使全科醫生能夠治療更廣泛的病例、輕度到中度類型的咬合不正，並且可以很容易被整合到牙科診所的各種修復治療中。歐洲、中東和非洲地區在青少年市場領域連續增長強勁，對 Invisalign 青少年套裝的需求持續增長，這些套裝在法國和伊比利亞都有售，而且 Invisalign 首次為 6 歲兒童提供治療。

APAC, Q4 Clear Aligner volumes were lower sequentially due primarily to China, which continues to be impacted by COVID. In Q4, ongoing COVID restrictions and lockdowns in China persisted throughout the quarter. Outside of China, APAC volumes increased sequentially led by Japan, Taiwan, India and Southeast Asia markets.

亞太地區第 4 季度透明牙套銷量環比下降主要是由於中國繼續受到 COVID 的影響。在第四季度，中國持續進行的 COVID 限制和封鎖持續了整個季度。在中國以外，亞太地區的銷量在日本、台灣、印度和東南亞市場的帶動下依次增長。

On a year-over-year basis, Q4 Clear Aligner case volumes reflected increased shipments led by Korea, India, Japan, Taiwan and Vietnam. While the easing of COVID restrictions in China and the more recent downward trend in COVID infection rates are encouraging, many uncertainties remain, including the lingering impacts from COVID across the population and the time and effort needed to restore consumer confidence.

與去年同期相比，第四季度透明牙套案例數量反映出以韓國、印度、日本、台灣和越南為首的出貨量增長。儘管中國放鬆對 COVID 的限制以及最近 COVID 感染率的下降趨勢令人鼓舞，但仍存在許多不確定性，包括 COVID 對人群的揮之不去的影響以及恢復消費者信心所需的時間和努力。

For the other non-case revenues, which include retention products such as our Vivera Retainers, clinical training and education, accessories, e-commerce, and a new subscription programs such as our DSP, fourth quarter revenues were down slightly sequentially and up double digits year-over-year. For retention and e-commerce products, Q4 revenues were relatively unchanged from Q3. We are pleased with our subscription-based programs like DSP, which increased sequentially and year-over-year and expect to continue expanding DSP offerings in other regions.

對於其他非案例收入，包括我們的 Vivera 保持器等保留產品、臨床培訓和教育、配件、電子商務以及我們的 DSP 等新訂閱計劃，第四季度收入環比略有下降，但增長了兩位數年復一年。對於留存和電子商務產品，第四季度的收入與第三季度相比基本沒有變化。我們對 DSP 等基於訂閱的計劃感到滿意，這些計劃按順序和同比增長，並期望繼續在其他地區擴展 DSP 產品。

For Q4, the total number of new Invisalign trained doctors decreased sequentially due primarily to fourth quarter being a seasonally slower period for clinical education with holidays, et cetera, as well as fewer trainings in China and Brazil.

對於第四季度，新接受 Invisalign 培訓的醫生總數環比下降，這主要是由於第四季度是臨床教育季節性較慢的時期，假期等，以及中國和巴西的培訓較少。

This was offset by somewhat significantly higher numbers of new Invisalign doctors trained in EMEA. Teen orthodontic treatment is the largest segment of the orthodontic market worldwide and represents our largest opportunity for Clear Aligner sales to orthos. We continue to focus on gaining share from traditional metal braces through team specific sales and marketing programs and product features, including Invisalign First for kids, as young as 6, which was up sequentially across all markets. For Q4, total Clear Aligner teen cases were down sequentially due primarily to the impact of COVID in China as well as seasonally fewer team starts in North America as compared to Q3.

這被在 EMEA 接受培訓的新 Invisalign 醫生數量明顯增加所抵消。青少年正畸治療是全球正畸市場中最大的部分，代表了我們將 Clear Aligner 銷售給矯正器的最大機會。我們繼續專注於通過團隊特定的銷售和營銷計劃以及產品功能從傳統金屬牙套中獲得份額，其中包括針對 6 歲兒童的 Invisalign First，它在所有市場中都依次上升。與第三季度相比，第四季度 Clear Aligner 青少年病例總數環比下降，這主要是由於 COVID 在中國的影響以及北美團隊啟動的季節性減少。

According to the December gauge report, which tracks approximately 1,000 orthos in the United States and Canada, new patient exams for teens slowed in Q4, while new patient exams for adults improved slightly. A smaller pool of potential teen patients may put pressure on traditional orthos and cause them to go between clear aligners and wires and brackets, especially those practices that have failed to understand the significant benefits of adopting more efficient digital workflows, believing metal braces are more profitable.

根據 12 月跟踪美國和加拿大大約 1,000 名矯形器的報告，第 4 季度青少年新患者檢查放緩，而成人新患者檢查略有改善。較小的潛在青少年患者群體可能會對傳統矯形器施加壓力，並導致他們在清晰的對準器和電線和托架之間徘徊，尤其是那些未能理解採用更高效的數字工作流程的顯著好處、認為金屬牙套更有利可圖的做法.

In EMEA, Q4 was a record quarter for teen case starts. On a year-over-year basis, Q4 teen case starts were relatively unchanged. For Q4, Invisalign First increased year-over-year and was strong across all regions. Invisalign First Clear Aligner treatment is designed for predictive results and a positive experience while addressing the unique needs of growing children from as young as 6 to treat Phase I.

在歐洲、中東和非洲地區，第 4 季度是青少年案件啟動的創紀錄季度。與去年同期相比，第 4 季度青少年案件的啟動情況相對沒有變化。對於第四季度，Invisalign First 同比增長並且在所有地區都表現強勁。 Invisalign First Clear Aligner 治療專為預測結果和積極體驗而設計，同時滿足成長中兒童從 6 歲到治療 I 期的獨特需求。

For the full year, Invisalign Clear aligner shipments for teens and young kids was approximately 733,000 cases, our teen case mix overall was a record 31% of Invisalign cases shipped for the year.

全年，針對青少年和幼兒的 Invisalign Clear 矯治器出貨量約為 733,000 箱，我們的青少年病例組合佔全年出貨量的 31%，創歷史新高。

Finally, in Q4, the total number of doctors shipped was 82, 900 doctors, a slight decrease due primarily to the impact of COVID in China and off our Q3 '22 high point, which included a major DSO onboarding in North America. For the full year 2023, we also shipped to the highest cumulative number of Invisalign trained doctors over 124,000 doctors, reinforcing our commitment to doctor-directed care for Clear Aligner treatment to achieve the safest and best possible clinical treatment outcomes for patients.

最後，在第四季度，運送的醫生總數為 82 名，即 900 名醫生，略有下降，這主要是由於 COVID 在中國的影響以及我們在 22 年第三季度的高點，其中包括北美的主要 DSO 入職。在 2023 年全年，我們還向累計超過 124,000 名接受過 Invisalign 培訓的醫生運送了最多數量的醫生，加強了我們對 Clear Aligner 治療的醫生指導護理的承諾，從而為患者實現最安全和最佳的臨床治療結果。

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

有了這個，我現在將電話轉給約翰。

Thanks, Joe. Before I go through the details of our Q4 results, I want to comment on 2 items in our fourth quarter financial results. Restructuring and other charges, during Q4 2022, we incurred a total of $14.3 million of restructuring and other charges, of which $2.9 million was included in the cost of net revenues and $11.5 million included in operating expenses. Restructuring and other charges included $8.7 million of severance-related costs and $5.6 million of certain lease terminations and asset impairments, primarily related to rightsizing operations in Russia in light of business needs.

謝謝，喬。在詳細介紹我們第四季度的業績之前，我想對我們第四季度財務業績中的兩個項目發表評論。重組和其他費用，在 2022 年第四季度，我們共發生了 1430 萬美元的重組和其他費用，其中 290 萬美元計入淨收入成本，1150 萬美元計入運營費用。重組和其他費用包括 870 萬美元的遣散費和 560 萬美元的某些租賃終止和資產減值，主要與根據業務需求在俄羅斯調整業務規模有關。

Second, non-GAAP tax rate. In Q4 2022, we changed to a long-term projected tax rate for our non-GAAP provision for income taxes. Our previous methodology for calculating our non-GAAP effective tax rates included certain nonrecurring and period-specific items. That produced fluctuating effective tax rates that management does not believe are reflective of the company's long-term effective tax rate. We have recast non-GAAP results for our provision for income taxes. Effective tax rate, net income and diluted net income per share for each reporting period in 2022 to reflect this change. We did not make any changes to the results reported for 2021 as reflecting the change in our methodology for the computation of the non-GAAP effective tax rate was immaterial to our 2021 results.

第二，非公認會計原則稅率。 2022 年第四季度，我們將非 GAAP 所得稅準備金改為長期預計稅率。我們以前計算非 GAAP 有效稅率的方法包括某些非經常性和特定時期的項目。這產生了波動的有效稅率，管理層認為這不能反映公司的長期有效稅率。我們已針對所得稅撥備重新計算非 GAAP 結果。 2022 年每個報告期的有效稅率、淨收入和每股攤薄淨收入以反映這一變化。我們沒有對 2021 年報告的結果進行任何更改，因為我們計算非 GAAP 有效稅率的方法的變化對我們 2021 年的結果並不重要。

Refer to the section in our Q4 press release titled Recast financial measures for prior periods in 2022 for a tax rate change under unaudited GAAP to non-GAAP reconciliation for further information.

請參閱我們第四季度新聞稿中題為“重鑄 2022 年前期財務措施”的部分，了解未經審計的 GAAP 與非 GAAP 對賬下的稅率變化，以獲取更多信息。

Now for our Q4 financial results. Total revenues for the fourth quarter were $901.5 million, up 1.3% from the prior quarter and down 12.6% from the corresponding quarter a year ago. On a constant currency basis, Q4 2022 revenues were impacted by unfavorable foreign exchange of approximately $16 million or approximately 1.7% sequentially and approximately $67.6 million year-over-year or approximately 7%.

現在是我們第四季度的財務業績。第四季度總收入為 9.015 億美元，比上一季度增長 1.3%，比去年同期下降 12.6%。按固定匯率計算，2022 年第四季度的收入受到不利外彙的影響，環比約為 1600 萬美元或約 1.7%，同比約為 6760 萬美元或約 7%。

For Clear Aligners, Q4 revenues of $731.7 million were flat sequentially, primarily from lower ASPs, mostly offset by higher volumes. On a year-over-year basis, Q4 Clear Aligner revenues were down 10.3% and primarily due to lower volumes and lower ASPs, partially offset by higher non-case revenues. For Q4, Invisalign ASPs for comprehensive treatment were flat sequentially and decreased year-over-year. On a sequential basis, ASPs reflect the unfavorable impact from foreign exchange, partially offset by higher additional aligners and product mix shift.

對於 Clear Aligners，第 4 季度的收入為 7.317 億美元，環比持平，主要來自較低的平均售價，但大部分被較高的銷量所抵消。與去年同期相比，第四季度 Clear Aligner 收入下降了 10.3%，這主要是由於銷量下降和平均售價下降，部分被非病例收入增加所抵消。對於第四季度，用於綜合治療的 Invisalign ASP 環比持平，同比下降。按順序計算，ASP 反映了外彙的不利影響，部分被更高的附加對齊器和產品組合轉變所抵消。

On a year-over-year basis, the decline in comprehensive ASPs reflect the significant impact of unfavorable foreign exchange, product mix shift and higher discounts partially offset by higher additional aligners and per order processing fees. For Q4, Invisalign ASPs for noncomprehensive treatment decreased sequentially and year-over-year. On a sequential basis, the decline in ASPs reflect product mix shift, unfavorable impact from foreign exchange and higher discounts, partially offset by higher additional aligners.

與去年同期相比，綜合 ASP 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，部分被更高的額外校準器和每個訂單處理費所抵消。對於第四季度，用於非綜合治療的 Invisalign ASP 環比和同比下降。按順序計算，ASP 的下降反映了產品組合的變化、外彙的不利影響和更高的折扣，部分被更高的附加對齊器所抵消。

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 higher additional aligners and per order processing fees. As we mentioned last quarter, as our revenues from subscriptions, 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，ASP 的下降反映了不利的外匯、產品組合轉變和更高折扣的重大影響，部分被更高的額外校準器和每個訂單處理費所抵消。正如我們上個季度提到的那樣，隨著我們來自訂閱、保留和其他輔助產品的收入在全球範圍內繼續增長和擴張，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've added our total Clear Aligner revenue per case shipment, which is more indicative of our overall growth strategy. Clear Aligner's deferred revenues on the balance sheet increased $56.4 million or 4.8% sequentially and $171.9 million or up 16.2% 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，您會看到我們添加了每箱出貨量的 Clear Aligner 總收入，這更能說明我們的整體增長戰略。 Clear Aligner 資產負債表上的遞延收入環比增長 5640 萬美元或 4.8%，同比增長 1.719 億美元或增長 16.2%，並將在額外矯治器發貨時確認。

Q4 2022 Systems and Services revenues of $169.9 million were up 7.8% sequentially, primarily due to higher scanner volume, services and exocad revenues, partially offset by lower ASPs and were down 21.3% year-over-year primarily due to lower scanner volume and ASPs, partially offset by higher services revenue from our larger installed base of scanners and increased nonsystem revenues related to our certified preowned and leasing and rental programs. Q4 2022 Systems and Services revenue were unfavorably impacted by foreign exchange of approximately $2.7 million or approximately 1.5% sequentially.

2022 年第四季度系統和服務收入為 1.699 億美元，環比增長 7.8%，這主要是由於掃描儀數量、服務和 exocad 收入增加，部分被較低的平均售價所抵消，同比下降 21.3%，這主要是由於掃描儀數量和平均售價較低，部分被我們更大的掃描儀安裝基礎帶來的更高服務收入以及與我們認證的二手和租賃計劃相關的非系統收入增加所抵消。 2022 年第四季度系統和服務收入受到外彙的不利影響約為 270 萬美元或環比下降約 1.5%。

On a year-over-year basis, System and Services revenue were unfavorably impacted by foreign exchange of approximately $11.2 million or approximately 6.2%. The Systems and Services deferred revenues on the balance sheet was up $9 million or 3.4% sequentially and up $42.9 million or 18.7% 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.

與去年同期相比，系統和服務收入受到外彙的不利影響約為 1120 萬美元或約 6.2%。資產負債表上的系統和服務遞延收入環比增長 900 萬美元或 3.4%，同比增長 4290 萬美元或 18.7%，這主要是由於掃描儀銷售額的增加和掃描儀採購中包含的服務收入遞延, 將在服務期內按比例確認。

Moving on to gross margin. Fourth quarter overall gross margin was 68.5%, down 1 point sequentially and down 3.7 points year-over-year. Overall, gross margin was unfavorably impacted by foreign exchange on our revenues by approximately 0.6 points sequentially and 2.2 points on a year-over-year basis.

轉向毛利率。第四季度整體毛利率為 68.5%，環比下降 1 個百分點，同比下降 3.7 個百分點。總體而言，毛利率受到外匯對我們收入的不利影響，環比下降約 0.6 個百分點，同比下降 2.2 個百分點。

Clear Aligner gross margin for the fourth quarter was 70.8%, down 0.1 point sequentially due to lower ASPs and higher warranty and restructuring costs, partially offset by improved manufacturing absorption and lower training costs. Clear Aligner gross margin for the fourth quarter was down 3.4 points year-over-year, primarily due to lower ASPs, increased manufacturing spend as we continue to ramp up operations at our new manufacturing facility in Poland and a higher mix of additional aligner volume.

第四季度 Clear Aligner 毛利率為 70.8%，環比下降 0.1 個百分點，原因是平均售價較低以及保修和重組成本較高，但部分被製造吸收改善和培訓成本降低所抵消。 Clear Aligner 第四季度的毛利率同比下降 3.4 個百分點，這主要是由於平均售價較低、製造支出增加（因為我們繼續擴大波蘭新製造工廠的運營）以及更多的額外對準器數量組合。

Systems and Services gross margin for the fourth quarter was 58.8%, down 4.6 points sequentially due to lower ASPs and higher inventory costs and manufacturing inefficiencies, partially offset by higher services revenues and lower freight costs. Systems and Services gross margin for the fourth quarter was down 5.9 points year-over-year for the reasons stated previously.

第四季度系統和服務毛利率為 58.8%，環比下降 4.6 個百分點，原因是平均售價較低、庫存成本較高以及製造效率低下，但部分被較高的服務收入和較低的貨運成本所抵消。由於上述原因，第四季度系統和服務毛利率同比下降 5.9 個百分點。

Q4 operating expenses were $505 million, up sequentially 6.2% and down 3.6% year-over-year. On a sequential basis, operating expenses were up $29.5 million, mainly due to restructuring and other charges and our continued investment in sales and R&D activities, along with higher consulting expenses. Year-over-year, operating expenses decreased by $18.6 million primarily due to controlled spend on advertising and marketing as part of our efforts to proactively manage costs as well as lower incentive compensation, partially offset by restructuring and other charges.

第四季度運營費用為 5.05 億美元，環比增長 6.2%，同比下降 3.6%。按順序計算，運營費用增加了 2950 萬美元，這主要是由於重組和其他費用以及我們對銷售和研發活動的持續投資，以及更高的諮詢費用。與去年同期相比，運營費用減少了 1860 萬美元，這主要是由於控制廣告和營銷支出，作為我們主動管理成本的努力的一部分，以及較低的激勵薪酬，部分被重組和其他費用抵消。

On a non-GAAP basis, excluding stock-based compensation, restructuring and other charges and amortization of acquired intangibles related to certain acquisitions, operating expenses were up were $459.7 million, up 3.7% sequentially and down 7% year-over-year. Our fourth quarter operating income of $112.7 million resulted in an operating margin of 12.5%, down 3.6 points sequentially and down 8.9 points year-over-year. Operating margin was unfavorably impacted by 0.9 points sequentially, primarily 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 4.2 points.

在非美國通用會計準則的基礎上，不包括基於股票的薪酬、重組和其他費用以及與某些收購相關的無形資產攤銷，運營費用增加了 4.597 億美元，比上一季度增長 3.7%，同比下降 7%。我們第四季度的營業收入為 1.127 億美元，營業利潤率為 12.5%，環比下降 3.6 個百分點，同比下降 8.9 個百分點。營業利潤率環比受到 0.9 個百分點的不利影響，這主要是由於外彙和較低的毛利率。營業利潤率同比下降主要是由於毛利率下降、對我們進入市場的團隊和技術的投資以及外彙的不利影響約 4.2 個百分點。

On a non-GAAP basis, which excludes stock-based compensation, restructuring and other charges and amortization of intangibles related to certain acquisitions. Operating margin for the fourth quarter was 18.3%, down 1.9 points sequentially and down 6.4 points year-over-year. Interest and other income expense net for the fourth quarter was income of $2.7 million compared to a loss of $21 million in the third quarter and a loss of $0.9 million in Q4 of 2021, primarily due to net foreign exchange gains from the strengthening of certain foreign currencies against the U.S. dollar.

基於非公認會計原則，不包括與某些收購相關的股票補償、重組和其他費用以及無形資產攤銷。第四季度營業利潤率為 18.3%，環比下降 1.9 個百分點，同比下降 6.4 個百分點。第四季度的利息和其他收入支出淨額為收入 270 萬美元，而第三季度為虧損 2100 萬美元，2021 年第四季度為虧損 90 萬美元，這主要是由於某些外國業務的加強帶來的淨外匯收益貨幣兌美元。

The GAAP effective tax rate in the fourth quarter was 63.8% compared to 40.7% in the third quarter and 13.2% in the fourth quarter of the prior year. The fourth quarter GAAP effective tax rate was higher than the third quarter effective tax rate primarily due to decreased earnings in low tax jurisdictions as -- and an increase in the amount of U.S. minimum tax on foreign earnings.

第四季度的 GAAP 有效稅率為 63.8%，而第三季度為 40.7%，去年第四季度為 13.2%。第四季度 GAAP 實際稅率高於第三季度實際稅率，這主要是由於低稅收管轄區的收益下降——以及美國對外國收益徵收的最低稅額增加。

Our non-GAAP effective tax rate was 20% in the fourth quarter and reflects the change in our methodology that was discussed earlier. Our non-GAAP effective tax rate was 11.5% in the fourth quarter of the prior year in 2021, which does not reflect the change in our methodology.

我們在第四季度的非 GAAP 有效稅率為 20%，反映了我們之前討論的方法的變化。我們在 2021 年第四季度的非公認會計原則有效稅率為 11.5%，這並未反映我們方法的變化。

Fourth quarter net income per diluted share was $0.54, down sequentially $0.39 and down $1.86 compared to the prior year. Our earnings per share was unfavorably impacted by $0.04 on a sequential basis and $0.22 on a year-over-year basis due to foreign exchange. On a non-GAAP basis, net income per diluted share was $1.73 for the fourth quarter, up $0.10 sequentially and down $1.10 year-over-year. Note that the prior year 2021 non-GAAP net income per diluted share or prior year 2021 EPS does not reflect the Q4 2022 change in our methodology for the computation of the non-GAAP effective tax rate.

第四季度每股攤薄淨收益為 0.54 美元，環比下降 0.39 美元，與去年同期相比下降 1.86 美元。由於外匯，我們的每股收益環比受到 0.04 美元的不利影響，同比受到 0.22 美元的不利影響。按非美國通用會計準則計算，第四季度每股攤薄淨收益為 1.73 美元，環比增長 0.10 美元，同比下降 1.10 美元。請注意，上一年的 2021 年非 GAAP 每股攤薄淨收入或上一年的 2021 年每股收益並未反映我們計算非 GAAP 有效稅率的方法在 2022 年第四季度的變化。

Moving on to the balance sheet. As of December 31, 2022, cash and cash equivalents and short-term and long-term marketable securities were $1 billion, down sequentially $99.5 million and down $255.1 million year-over-year. Of our $1 billion balance $387.9 million was held in the U.S. and $653.7 million was held by our international entities.

轉到資產負債表。截至 2022 年 12 月 31 日，現金和現金等價物以及短期和長期有價證券為 10 億美元，環比下降 9950 萬美元，同比下降 2.551 億美元。在我們的 10 億美元餘額中，3.879 億美元由美國持有，6.537 億美元由我們的國際實體持有。

In October 2022, we purchased approximately 848,000 shares of our common stock at an average price of $188.62 per share through a $200 million accelerated share repurchase under our May 2021, $1 billion stock repurchase program. We have $250 million remaining available for repurchase under this program, and we plan to repurchase this remaining amount starting in Q1 2023 through either -- either or a combination of open market repurchases or an accelerated stock repurchase agreement, completing the repurchases in Q2 of 2023.

2022 年 10 月，我們根據 2021 年 5 月 10 億美元的股票回購計劃，通過 2 億美元的加速股票回購，以每股 188.62 美元的平均價格購買了約 848,000 股普通股。根據該計劃，我們還有 2.5 億美元可用於回購，我們計劃從 2023 年第一季度開始通過公開市場回購或加速股票回購協議中的一種或組合來回購剩餘金額，並在 2023 年第二季度完成回購.

Q4 accounts receivable balance was $859.7 million, flat sequentially. Our overall days sales outstanding was 85 days, down 1 day sequentially and up approximately 7 days as compared to Q4 last year. Cash flow from operations for the fourth quarter was $144.7 million, Capital expenditures for the fourth quarter were $53.2 million, primarily related to our continued investment to increase aligner manufacturing capacity and facilities. Free cash flow, defined as cash flow from operations less capital expenditures, amounted to $91.5 million.

第四季度應收賬款餘額為 8.597 億美元，環比持平。我們的總銷售未完成天數為 85 天，環比下降 1 天，與去年第四季度相比增加約 7 天。第四季度的運營現金流為 1.447 億美元，第四季度的資本支出為 5320 萬美元，主要與我們繼續投資以提高對準器製造能力和設施有關。自由現金流（定義為運營產生的現金流減去資本支出）為 9150 萬美元。

We exited fiscal 2022 with a strong balance sheet, including $1 billion in cash and investments, a healthy cash flow position and no long-term debt. As we announced with our earnings, Align's Board of Directors has authorized a new $1 billion stock repurchase program to succeed the current $1 billion program. This new $1 billion program reflects the strength of our balance sheet and our cash flow generation as well as management and our board's continued confidence in our ability to capitalize on large market opportunities in our target markets and trajectory for growth while concurrently returning capital to our shareholders.

我們以強勁的資產負債表結束了 2022 財年，包括 10 億美元的現金和投資、健康的現金流狀況並且沒有長期債務。正如我們在收益中宣布的那樣，Align 的董事會已批准一項新的 10 億美元股票回購計劃，以接替當前的 10 億美元計劃。這個新的 10 億美元計劃反映了我們資產負債表和現金流產生的實力，以及我們的董事會對我們在目標市場和增長軌跡中利用巨大市場機會的能力的持續信心，同時將資本返還給我們的股東.

Now turning to our outlook. As Joe mentioned earlier, we are pleased with our Q4 results and what appears to be a more stable environment in North America and EMEA. We are cautiously optimistic for continued stability and improving trends as we move through the year. However, the macroeconomic environment remains fragile. And given continued global challenges in the and uncertainty, we are not providing full year revenue guidance. We would like to see improvements in the operating environment and consumer demand signals, including stability in China before revisiting our approach.

現在轉向我們的前景。正如喬之前提到的，我們對我們第四季度的業績以及北美和歐洲、中東和非洲似乎更加穩定的環境感到滿意。我們對今年的持續穩定和改善趨勢持謹慎樂觀態度。然而，宏觀經濟環境依然脆弱。鑑於持續的全球挑戰和不確定性，我們不會提供全年收入指導。在重新審視我們的方法之前，我們希望看到運營環境和消費者需求信號的改善，包括中國的穩定性。

At the same time, we are confident in our large, untapped market opportunity for digital orthodontics and restorative dentistry and our ability to make progress towards our strategic initiatives. We intend to focus on the things we can control and influence, which includes strategic investments in sales, marketing, technology and innovation.

與此同時，我們對數字正畸和修復牙科方面尚未開發的巨大市場機會以及我們在實現戰略舉措方面取得進展的能力充滿信心。我們打算專注於我們可以控制和影響的事情，包括對銷售、營銷、技術和創新的戰略投資。

For full year 2023, assuming no additional material disruptions or circumstances beyond our control, we anticipate our 2023 non-GAAP operating margin to be slightly above 20%.

對於 2023 年全年，假設沒有額外的重大中斷或我們無法控制的情況，我們預計我們 2023 年的非 GAAP 營業利潤率將略高於 20%。

With this backdrop for Q1 2023, we anticipate Clear Aligner volumes to be down sequentially, primarily due to weakness in China from COVID, partially offset by some stability from our Americas and EMEA regions. We anticipate Clear Aligner ASPs to be up from Q4 2022, primarily due to higher pricing and non-favorable and favorable foreign exchange rates. We anticipate iTero scanner and services revenue to be down sequentially as the business follows a more typical capital equipment cycle.

在 2023 年第一季度的這種背景下，我們預計 Clear Aligner 銷量將連續下降，這主要是由於 COVID 在中國的疲軟，部分被我們美洲和 EMEA 地區的一些穩定所抵消。我們預計 Clear Aligner ASP 將從 2022 年第四季度開始上升，這主要是由於更高的定價以及不利和有利的匯率。我們預計 iTero 掃描儀和服務收入將連續下降，因為該業務遵循更典型的資本設備週期。

Taken in total, we expect Q1 2023 revenues to be about flat to Q4 of 2022. We expect our Q1 2023 non-GAAP operating margin to be consistent with our Q4 2022 non-GAAP operating margin as we continue to make investments in R&D and other go-to-market activities.

總的來說，我們預計 2023 年第一季度的收入將與 2022 年第四季度基本持平。我們預計 2023 年第一季度的非 GAAP 營業利潤率將與 2022 年第四季度的非 GAAP 營業利潤率保持一致，因為我們將繼續對研發和其他領域進行投資上市活動。

For 2023, we expect our investments in capital expenditures to exceed $200 million. Capital expenditures primarily relate to building construction and improvements as well as additional manufacturing capacity to support our international expansion.

到 2023 年，我們預計我們的資本支出投資將超過 2 億美元。資本支出主要與建築施工和改進以及支持我們國際擴張的額外製造能力有關。

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

有了這個，我會把它轉回給 Joe 以徵求最終意見。喬？

Thanks, John. In closing, we're pleased with our fourth quarter results and the improved trends in sequential growth we saw in the Americas and EMEA regions and parts of APAC that reflect a more stable environment for doctors and their patients. While still very early and many uncertainties remain, we're hopeful that we'll see continued stability across the business and regions, especially in China. As we continue to work through these challenges, we're confident in our ability to focus on our customers and deliver key technology and innovation that furthers our leadership position in digital orthodontics and restorative dentistry.

謝謝，約翰。最後，我們對第四季度的業績以及我們在美洲和 EMEA 地區以及亞太地區部分地區看到的連續增長趨勢的改善感到滿意，這反映了醫生及其患者的環境更加穩定。雖然仍處於早期階段且存在許多不確定性，但我們希望我們能看到整個業務和地區的持續穩定，尤其是在中國。隨著我們繼續應對這些挑戰，我們相信我們有能力專注於我們的客戶並提供關鍵技術和創新，以進一步鞏固我們在數字正畸和修復牙科領域的領導地位。

We are balancing investments to deliver shareholder value through transformative digital orthodontic solutions unique to Align. Align is a purpose-driven business, and we are committed to helping doctors transform smiles and change lives of millions of people around the world.

我們正在平衡投資，以通過 Align 獨有的變革性數字正畸解決方案為股東創造價值。 Align 是一家以目標為導向的企業，我們致力於幫助醫生改變笑容，改變全球數百萬人的生活。

Over the last year, we have flooded our customer base with a lot of new technology that represents one of the largest new product cycles in our history. But there is still a great deal of room for innovation. In the next 1 to 3 years, you should expect to see new platforms from us that will continue to revolutionize doctors' practices and patients' expectations for doctor-led treatment. And scanning, making it simpler and faster. In software, saving both doctors and patients more time with improved clinical outcomes. In direct 3D printing, an evolution in both product and material science.

在過去的一年裡，我們用大量新技術湧入我們的客戶群，這是我們歷史上最大的新產品週期之一。但仍有很大的創新空間。在接下來的 1 到 3 年內，您應該期待看到我們的新平台，這些平台將繼續徹底改變醫生的做法和患者對醫生主導治療的期望。和掃描，使其更簡單、更快捷。在軟件中，通過改善臨床結果為醫生和患者節省更多時間。在直接 3D 打印中，產品科學和材料科學的發展。

These 3 platforms will give doctors tools only dreamt of before with a singular focus to make the Invisalign system the standard of orthodontic and restorative care, and we couldn't be more excited about it. Thank you for your time today. We look forward to updating you on our next earnings call.

這 3 個平台將為醫生提供以前夢寐以求的工具，專注於使 Invisalign 系統成為正畸和修復護理的標準，我們對此感到無比興奮。謝謝你今天的時間。我們期待在下一次財報電話會議上向您通報最新情況。

Now I'll turn the call back over to the operator for questions. Operator?

現在我將把電話轉回接線員詢問問題。操作員？

(Operator Instructions) The first call is from Jason Bednar with Piper Sandler.

（操作員說明）第一個電話來自 Jason Bednar 和 Piper Sandler。

Joe and John, congrats on seeing the stability return to the business. Maybe I'll start with that point. If you could talk about maybe what's changed versus, say, 3 to 6 months ago, the adult part of the market still sounds maybe a little sluggish, but you also saw that sequential improvement. Teens are holding in. Could you maybe speak to the visibility you have today versus where you sat last summer or in the fall? What has led to the greater confidence in demand forecasting?

Joe 和 John，祝賀業務恢復穩定。也許我將從這一點開始。如果你能談談與 3 到 6 個月前相比發生了什麼變化，成人市場聽起來可能仍然有點低迷，但你也看到了連續的改善。青少年正在堅持。你能談談你今天的能見度與你去年夏天或秋天坐的地方嗎？是什麼導致了對需求預測的更大信心？

Jason, it's Joe. First of all, I think we have a more stable macroeconomic environment. Mean obviously, 2022 was pretty unprecedented when you think about China situation, Ukraine situation in Europe, the rapid increase federal reserve rates that really put the economy in a lot of ways. So I mean we're working from a better platform in that sense.

傑森，是喬。首先，我認為我們有一個更穩定的宏觀經濟環境。意思很明顯，當你想到中國的情況、歐洲的烏克蘭情況、聯邦儲備利率的快速上升，這確實對經濟產生了很多影響時，2022 年是前所未有的。所以我的意思是，從這個意義上說，我們是在一個更好的平台上工作。

And I think, obviously, Powell's comments today and 0.25 increase in all. I mean it shows a little bit of confidence on the Fed's partners and what they're seeing and what they're directing to. So I'd just say, Jason, from a broad standpoint, we feel really good about our portfolio. We feel good about the technology we talk about and all those things. We're just looking for a stable platform from an economic standpoint to operate from.

而且我認為，很明顯，鮑威爾今天的評論和 0.25 一起增加了。我的意思是，這顯示出對美聯儲合作夥伴的一點信心，以及他們所看到的和他們的方向。所以我只想說，傑森，從廣泛的角度來看，我們對我們的投資組合感覺非常好。我們對我們談論的技術和所有這些事情感覺良好。從經濟角度來看，我們只是在尋找一個穩定的平台來運營。

Okay. No, that's helpful. It definitely sounds more macro related than anything else. But that's helpful. And then maybe, Joe, I wanted to pick up on one point you mentioned regarding the bracket and wire piece. It sure seems like maybe a profit motivated decision for docs, maybe shortsighted, but still profit motivated as they focus on the cost of brackets and wires versus that Clear Aligner lab fee.

好的。不，那很有幫助。這聽起來絕對比其他任何事情都更宏觀。但這很有幫助。然後，也許，喬，我想談談你提到的關於支架和線段的一點。對於醫生來說，這似乎是一個出於利益驅動的決定，也許是短視的，但仍然是出於利益驅動，因為他們關注的是支架和電線的成本，而不是 Clear Aligner 實驗室費用。

Maybe what do you think it's going to take to reverse that trend back to Clear Aligners picking up meaningful share I guess, especially with teens, do market volumes need to come back in a bigger way to convince doctors to free up more chair time with Clear Aligners? Or is there something you can do on your end to really stimulate that shift back towards Invisalign?

也許您認為需要採取什麼措施才能扭轉這種趨勢，讓 Clear Aligners 獲得有意義的份額，我想，尤其是對於青少年，市場容量是否需要以更大的方式恢復，以說服醫生使用 Clear 騰出更多的就診時間對準器？或者您可以做些什麼來真正刺激這種向 Invisalign 隱適美的轉變？

Jason, that's a great question. First of all, I mean, doctors are doing what they think are in their best financial interest and from a patient standpoint, too. A stronger economic environment will help in that sense, because they'll have a higher patient traffic and the trade-off won't be as severe in that sense because of the patient throughput. But where we help us in technology and that's why we emphasize the technology developments and the investments that we're making that are really significant as we launch in this year. And like I talked about with just software alone to pick one in the sense of being able to move patients through faster being able to have doctors really do cases a lot faster before with our products like IPP in different areas.

傑森，這是一個很好的問題。首先，我的意思是，醫生正在做他們認為最符合他們最大經濟利益的事情，也是從病人的角度來看。從這個意義上說，更強大的經濟環境會有所幫助，因為他們會有更高的病人流量，而且由於病人的吞吐量，權衡不會那麼嚴重。但是我們在技術方面幫助我們的地方，這就是為什麼我們強調我們在今年推出時非常重要的技術發展和投資。就像我談到的那樣，只用軟件來選擇一個能夠讓病人更快通過的感覺，能夠讓醫生在不同領域使用我們的產品（如 IPP）之前真正更快地做病例。

So those technology advancements are really important. And then how we put those together in business models like our digital subscription programs really help doctors get over that line, too. So I feel we have a good format to be able to address that going forward. But again, I'll emphasize, we need a market that we can stand on in the sense and predict.

所以這些技術進步真的很重要。然後我們如何將這些整合到商業模式中，比如我們的數字訂閱計劃，這也真正幫助醫生剋服了這條線。所以我覺得我們有一個很好的格式來解決這個問題。但我要再次強調，我們需要一個我們可以在某種意義上站穩腳跟並進行預測的市場。

Appreciate it. Next question, please.

欣賞它。請下一個問題。

Absolutely. The next question comes from Jeff Johnson with Baird.

絕對地。下一個問題來自 Jeff Johnson 和 Baird。

Joe, I just want to ask a couple of questions here. I guess, one, just on the Clear Aligner volume guidance for 1Q. It sounds like it's because China, incrementally weaker stability in Americas and the EMEA, you kind of had that in the press release. You got some hedging words in there about primarily due to weakness in China and some stability in the Americas and EMEA. I mean, should we be thinking at this point that your Americas and the EMEA are kind of a baseline here?

喬，我只想在這裡問幾個問題。我想，一個，就在 1Q 的 Clear Aligner 體積指南上。這聽起來像是因為中國、美洲和歐洲、中東和非洲地區的穩定性逐漸減弱，你在新聞稿中提到了這一點。主要是由於中國的疲軟以及美洲和 EMEA 的一些穩定，你在那裡有一些對沖的話。我的意思是，此時我們是否應該考慮您的美洲和 EMEA 是這裡的基線？

And I know, obviously, macro can change from here, but assuming that macro change away, are we kind of at a baseline level now in absolute volumes for Americas and the EMEA? And do you think China, could it be a recovery play throughout this year? Are you seeing any early signs of some pickup in some of those big dental hospitals or the new adult standard product there or anything?

而且我知道，顯然，宏觀可以從這裡改變，但假設宏觀改變了，我們現在美洲和 EMEA 的絕對數量是否處於基線水平？你認為中國，今年會是一場復甦嗎？您是否看到一些大型牙科醫院或那裡的新成人標準產品或其他任何東西出現了一些早期跡象？

Jeff, first of all, on the front end with the Western economies is we just see stability. That's what we talked about. That's what we see versus before we saw the market falling away from us. So right now, we see it being stable. And feel better about that point. On China, I mean, uncertainty in China is incredible when you think about billion people being sick there right now or have been sick over the last couple of weeks. And Jeff, I refuse to give a forecast over a number of quarters now because a lot of it has to do with the uncertainty that we see in China and specifically, which our second biggest market in the world.

傑夫，首先，在西方經濟的前端，我們只看到穩定性。這就是我們談到的。這就是我們看到的情況與我們看到市場遠離我們之前的情況。所以現在，我們看到它很穩定。並且對這一點感覺更好。關於中國，我的意思是，當你想到數十億人正在那裡生病或在過去幾週內已經生病時，中國的不確定性是令人難以置信的。傑夫，我現在拒絕給出幾個季度的預測，因為這在很大程度上與我們在中國看到的不確定性有關，特別是我們在世界上的第二大市場。

So I don't want to try to forecast China right now. I can tell you now it's a blur for us and very difficult, but just we feel good about where we stand with EMEA and the States from a stability standpoint. We try to reflect as much in our words, what we see for the first quarter for you, too.

所以我現在不想嘗試預測中國。我現在可以告訴你，這對我們來說很模糊而且非常困難，但從穩定性的角度來看，我們對我們與 EMEA 和美國的立場感覺良好。我們也試圖用我們的話來反映我們對第一季度的看法。

Understood. And I'm sure there's going to be a lot more questions here on the short-term things. I don't want to look or ask you about the Desktop Metal deal, though. On that, right now, is it all for kind of milling using iTero to connect to the lab there for milling and/or 3D printing of just restorations. Are you guys doing any early work with them on 3D printing of Clear Aligners?

明白了。而且我敢肯定，這裡會有更多關於短期問題的問題。不過，我不想查看或詢問您有關 Desktop Metal 交易的信息。就此而言，現在，是否全部用於使用 iTero 連接到那裡的實驗室進行銑削和/或 3D 打印修復體的銑削。你們有沒有和他們一起在 Clear Aligners 的 3D 打印方面進行早期工作？

And just kind of again kind of update us maybe with your most recent thoughts on when we might start seeing 3D printing of the aligners in the office and kind of your competitive advantages you think you can -- as Align carve out in that kind of setting?

再次告訴我們您最近的想法，關於我們什麼時候可以開始在辦公室看到矯治器的 3D 打印，以及您認為可以的競爭優勢——正如 Align 在這種環境中開闢的？

Yes, Jeff, that's a good question. The Desktop Metals is primarily we think about a restorative play, how labs play a huge role and restore a dentistry with general dentists. I mean, they're really strong partners in that sense. What Desktop Metal represents is you see a lot of 3D printing going on. There's some really great resin development around restorative types of things, dentures, different areas the Desktop Metal leads in and our iTero scanner can really help with that, too.

是的，傑夫，這是個好問題。 Desktop Metals 主要是我們考慮修復遊戲，實驗室如何發揮巨大作用，並與普通牙醫一起修復牙科。我的意思是，從這個意義上說，他們是非常強大的合作夥伴。 Desktop Metal 代表的是您看到大量 3D 打印正在進行中。圍繞修復類型的東西、假牙、Desktop Metal 進入的不同區域有一些非常好的樹脂開發，我們的 iTero 掃描儀也可以真正幫助解決這個問題。

Also, we have a vision of ortho restorative where you use our orthodontic procedures in order to reduce the amount of tooth loss mass that often comes with restorative procedures, too, that we'll work together with Desktop about. The idea of printing aligners and standard types of STL kind of processes from a 3D standpoint. I don't see that. And honestly, Jeff, I'm not one to think that doctors should turn their offices into production facilities. 3D printing is hard. The materials are difficult. There's a lot of doctors actually trying it, but I feel like doctors are much better being physicians and doctors in that sense than trying to run a manufacturing operation.

此外，我們對正畸修復有一個願景，您可以在其中使用我們的正畸程序來減少通常伴隨修復程序而來的牙齒脫落量，我們將與 Desktop 合作。從 3D 的角度打印對準器和標準類型的 STL 類流程的想法。我不這麼認為。老實說，傑夫，我不認為醫生應該把他們的辦公室變成生產設施。 3D打印很難。材料很難。實際上有很多醫生在嘗試它，但我覺得從這個意義上說，醫生比嘗試經營製造業務要好得多。

Even in that first case to try to seal the deal and really lock that patient in as a pain customer?

即使在第一種情況下嘗試達成交易並真正將患者鎖定為痛苦的客戶？

Jeff, I just think there are some things that kind of make sense from a productivity standpoint and some things that don't. Maybe the technology changes to the point, Jeff, will have a different conversation. But as it stands today, I really don't believe that.

傑夫，我只是認為從生產力的角度來看，有些事情是有意義的，而有些事情則沒有。也許技術改變到點，傑夫，會有不同的談話。但就今天的情況來看，我真的不相信。

Our next question comes from Elizabeth Anderson with Evercore.

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

I was wondering if you could talk about, one, how you sort of think about the OpEx spend in terms of particularly sales and marketing in this environment? Do you sort of -- obviously, with the uncertain demand profile, are there things that you're doing incrementally in fourth quarter and the first quarter that sort of switch that spend around?

我想知道你是否可以談談，一個，你如何看待在這種環境下特別是銷售和營銷方面的 OpEx 支出？您是否有點 - 顯然，由於需求狀況不確定，您是否在第四季度和第一季度逐步做的事情會發生這種變化？

Yes, I think what we always look at, Elizabeth, this is John. We're always looking at trying to find the right return on investment. So as you see some of the markets stabilize and start to come back that we see, that's where we'll continue to make investments. And as we see volumes come back, we'll invest even more. Like we talked about some of the stability in Americas and EMEA.

是的，我認為我們一直在看什麼，伊麗莎白，這是約翰。我們一直在努力尋找合適的投資回報。因此，當您看到一些市場穩定下來並開始恢復時，我們將繼續在這些市場進行投資。當我們看到銷量回升時，我們將投資更多。就像我們談到美洲和 EMEA 的一些穩定性一樣。

So we'll also look at trying to find the right return on investment. And as those markets stabilize and come back, you'll see us continue to invest in there. And as we said, last year, we kind of had to pair some of that back based on the conditions. And ideally, we could be in a better situation where we can make additional investments this year.

因此，我們還將著眼於尋找合適的投資回報。隨著這些市場穩定下來並回歸，你會看到我們繼續在那裡投資。正如我們所說，去年，我們不得不根據情況將其中一些配對。理想情況下，我們可以處於更好的境地，我們可以在今年進行額外投資。

That makes sense. And maybe I was wondering if you could talk a little bit more about the GP demand profile, because it was interesting how that was sort of holding up on a relative basis. I heard what you said, obviously, about the teen commentary. Is it something about that market or maybe the lower price point per case or anything like that, that would sort of be impacting that? I'd be just curious to get more color on that.

這就說得通了。也許我想知道你是否可以多談談 GP 需求概況，因為有趣的是，這在相對基礎上是如何保持的。很明顯，我聽到了你所說的關於青少年評論的內容。是關於那個市場的東西，還是每箱較低的價格點或類似的東西，這會有點影響嗎？我只是想在上面塗上更多顏色。

Elizabeth, it's Joe. Could you restate that question? I didn't quite get the entire question.

伊麗莎白，是喬。你能重申一下這個問題嗎？我不太明白整個問題。

I think in your prepared remarks, you talked about the GP dentist sort of strength versus the ortho on a relative basis in the quarter. So I was wondering if you could talk more about sort of the underlying color about why that -- why you sort of think that is at this point?

我想在你準備好的發言中，你談到了 GP 牙醫在本季度的相對基礎上相對於正畸牙醫的力量。所以我想知道你是否可以更多地談談關於為什麼會這樣的潛在顏色 - 為什麼你認為此時是這樣？

Yes, that's a good question. When you think about it, we have -- we're an elective procedure, right? And so someone is going to go to an orthodontist on a procedure like this to have teeth straighten. With the GP dentist, there is patient traffic there constantly with cleaning and restorations and different things. And so just it's an area right now where -- since it's not just elective procedures there, we feel GPs are just seeing more patients than an ortho would when you compare period to period.

是的，這是個好問題。當你想到它時，我們有 - 我們是一個選擇性程序，對嗎？所以有人會去牙齒矯正醫生那裡做這樣的手術來矯正牙齒。對於 GP 牙醫，那裡不斷有病人來往，進行清潔和修復以及其他事情。所以現在這是一個領域——因為那裡不僅僅是選擇性手術，我們覺得當你比較不同時期時，全科醫生看到的病人比正畸醫生多。

The following question comes from Jon Block with Stifel.

以下問題來自 Stifel 的 Jon Block。

Maybe for the first one, John or Joe, can you just talk about the 5.5% price increase for 2023? The 1Q guidance is lower cases, lower scanner and services but revs flat. So clearly, ASP benefits. And I think you realized the 5.5%, the doc stays on comprehensive or goes to 3 x 3. But how do we think about what flows to realized ASP, John, is that sort of a, I don't know, a plus 2% or 3% from the 4Q '22 levels when we think about 1Q '23 and into the balance of '23?

也許對於第一個，約翰或喬，你能談談 2023 年 5.5% 的價格上漲嗎？第一季度的指導是小寫字母、較低的掃描儀和服務，但速度持平。很明顯，ASP 的好處。我認為你實現了 5.5%，文檔保持全面或達到 3 x 3。但我們如何考慮流向實現 ASP 的內容，約翰，是那種，我不知道，加 2當我們考慮 23 年 1 季度和 23 年的餘額時，22 年 4 季度水平的百分比或 3%？

That's a good way to look at it, John, because you're going to have some cases that kind of carry over where they kind of order them and they get shipped a little bit later. And then you're right, you're going to have some mix shift between the 3x3, which is kind of the same price and then the full comprehensive. So 2% to 3% in that first quarter is about in that range. Okay. Go ahead, Jon.

約翰，這是一個很好的看待它的方式，因為你會有一些案例在他們訂購的地方結轉，他們會晚一點發貨。然後你是對的，你將在 3x3 之間進行一些混合轉換，這是一種相同的價格，然後是全面的。所以第一季度的 2% 到 3% 大約在這個範圍內。好的。去吧，喬恩。

I'm sorry, I know it was to clarify. That was just 2% to 3% sequential, John, correct from the 4Q to 1Q?

對不起，我知道這是為了澄清。這只是連續的 2% 到 3%，約翰，從第四季度到第一季度是正確的嗎？

Yes, that's correct. Okay.

對，那是正確的。好的。

Okay. And sorry, the second question, just on the op margin, I think you said 18% non-GAAP for 1Q greater than 20% for the year. I'll just sort of load up a modeling question here. Do we think about a sequential improvement for each of the quarters throughout 2023? And then -- that might be for John.

好的。抱歉，第二個問題，就營業利潤率而言，我想你說第一季度的 18% 非 GAAP 大於全年的 20%。我將在這裡加載一個建模問題。我們是否考慮在整個 2023 年對每個季度進行連續改進？然後——這可能是給 John 的。

And Joe for you. Just talk to us on how you're comfortable on that OM guide, when you still have a lot of moving parts with the economy, you've got what's going on in China? I think you framed it as a fragile environment. How do you get comfortable with that OM guide there's enough wiggle room, I suppose, in the OpEx where you feel you could titrate spend accordingly?

還有喬。只需與我們談談您對 OM 指南的滿意程度，當您仍然對經濟有很多變動的部分時，您了解中國正在發生的事情嗎？我認為你把它描述為一個脆弱的環境。你如何適應 OM 指南？我想，在 OpEx 中有足夠的迴旋餘地，你覺得你可以相應地調整支出？

Yes, I'll take the modeling question, John. Yes, you would expect that just like we have in maybe prior years and so on, as you start to get that volume leverage, you'll start to see some of that margin improvement as you go throughout the year. So kind of starts at that lower point and you would model it to see some improvement as you go through the year. And like we said, total year slightly above the 20%.

是的，我會回答建模問題，約翰。是的，你會期望就像我們在前幾年等那樣，當你開始獲得這種數量槓桿時，你會開始看到全年利潤率有所提高。所以有點從那個較低的點開始，你會對其進行建模，以便在你經歷這一年時看到一些改進。正如我們所說，全年略高於 20%。

And John, on the OM guide and the confidence is related to what we see right now and what we think is some macro trends that are much more stable than what we've experienced before. So from that, we understand our costs, and we know what we have give and take. And John and I watch it closely and we obviously manage it as a percentage of the total revenues are 2. So revenues have to adjust. We have to adjust to. But again, I think we know what the levers are in this business. And within the context of stability, we feel we can manage to the numbers that we've given.

約翰，在 OM 指南上，信心與我們現在所看到的以及我們認為的一些宏觀趨勢有關，這些趨勢比我們以前經歷過的要穩定得多。因此，我們從中了解我們的成本，我們知道我們付出了什麼和付出了什麼。約翰和我密切關注它，我們顯然將其管理為總收入的百分比為 2。因此收入必須調整。我們必須適應。但同樣，我認為我們知道這項業務的槓桿是什麼。在穩定的背景下，我們覺得我們可以達到我們給出的數字。

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。

Joe, I just wanted to kind of follow up on your comments about starting to commercialize. Obviously, product and technology cycle that you seem very excited about in that sort of ortho and restorative vision. I guess could you maybe just kind of help crystallize that for us in terms of how that kind of come to market in 2023 and the kind of type of investment that the company needs to make to kind of go after that opportunity?

喬，我只是想跟進你關於開始商業化的評論。顯然，您似乎對那種矯正和恢復性願景非常興奮的產品和技術週期。我想您能否就 2023 年如何進入市場以及公司為抓住這個機會需要進行的投資類型為我們具體說明一下？

Nathan, overall, obviously, we do spend a significant amount on R&D in the business. And the foundation of that is the history of Align because basically we realize we're a revolutionized digital orthodontics overall. But what we see is it's not just invention for inventions sake, we're always after, how can we do these cases faster, how do we do them more predictably, how do we make it simpler for doctors, a better treatment for patients overall and experience? And just to give you one statistic, right? So versus wires and brackets, which you talked about in the script.

內森，總的來說，很明顯，我們確實在業務研發上投入了大量資金。而這一切的基礎是 Align 的歷史，因為基本上我們意識到我們是一個全面的數字正畸革命。但我們看到的是，這不僅僅是為了發明而發明，我們一直在追求，我們如何才能更快地處理這些病例，我們如何更可預測地處理它們，我們如何讓醫生更簡單，為患者提供更好的治療和經驗？只是給你一個統計數據，對吧？因此，與您在腳本中談到的電線和支架相比。

On an average, we do patient cases 5 months fast and 35% fewer visits to a doctor. And you do that from technology, right? You do that through remote monitoring, you do that through the consistency of your algorithms and moving teeth and knowing when those seats are going to land as long as patients were. And so the technology I talked about in those 3 areas, first of all, whether it's scanning, we get better on scanning every year. AI is a real important part of that because through AI, you can anticipate a lot of things move these scans through a lot faster. Inventions last year like IPP, Invisalign Personal Plan, those kinds of technologies really reduce the traffic and communications between a doctor and us in the sense of setting up treatment plans.

平均而言，我們處理患者病例的速度快了 5 個月，看醫生的次數減少了 35%。你是通過技術來做到這一點的，對吧？你可以通過遠程監控來做到這一點，你可以通過算法的一致性和移動牙齒來做到這一點，並且知道這些座位何時會像病人一樣落地。所以我在這 3 個領域談到的技術，首先，無論是掃描，我們每年都在掃描方面做得更好。 AI 是其中非常重要的一部分，因為通過 AI，您可以預見很多事情可以更快地完成這些掃描。去年的發明，如 IPP、Invisalign Personal Plan，這些技術在製定治療計劃的意義上確實減少了醫生與我們之間的交流和溝通。

And lastly, 3D printed devices, as I mentioned, has always been the holy grail because we're the biggest 3D printer in the world, but we don't really 3D print devices, we print molds, which you vacuum form over top of it. When you vacuum-form over top of a mold, you can't control wall thickness as you can in 3D printing. And all think this is really critical to move teeth. So all these inventions take a lot of time and money overall, but we just see a huge opportunity for us to be able to increase clinical efficacy, efficiency for doctors and patient experience, and that's why we're so excited about it.

最後，正如我提到的，3D 打印設備一直是聖杯，因為我們是世界上最大的 3D 打印機，但我們並不是真正的 3D 打印設備，我們打印模具，您可以在上面真空成型它。當您在模具頂部真空成型時，您無法像在 3D 打印中那樣控制壁厚。所有人都認為這對移動牙齒非常重要。所以所有這些發明總的來說需要花費大量的時間和金錢，但我們只是看到了一個巨大的機會，可以提高臨床療效、醫生的效率和患者的體驗，這就是我們對此如此興奮的原因。

Okay. Great. And then just a quick clarification. On the adult side, cases were up 7% sequentially and it sounds like you saw a modest improvement in North America. I think that was the case in APAC as well. I guess I didn't hear reference to adult as you're talking about EMEA. I guess, was the -- kind of adult dynamic kind of more in -- when thinking about the Western economy is more in North America. Just curious if you also saw the same thing play out in EMEA as well?

好的。偉大的。然後只是一個快速的澄清。在成人方面，病例數環比上升了 7%，聽起來您在北美看到了適度的改善。我認為亞太地區也是如此。我想當您談論 EMEA 時，我沒有聽到提到成人。我想，當西方經濟更多地出現在北美時，那種成年人的活力更多地出現在北美。只是好奇您是否也看到同樣的事情在 EMEA 上演？

If I get the question right, Nathan, I mean, EMEA was great, both adults and teens. We felt good about it. They came -- you always go around, I call it, the dark side of the moon in Europe in the third quarter, right? But when they came out from the third quarter, we had a good fourth quarter from that. And so we felt good on both the adult side and the teen side in Europe.

如果我答對了問題，Nathan，我的意思是，EMEA 很棒，無論是成人還是青少年。我們對此感覺很好。他們來了——你總是四處轉轉，我稱之為第三季度歐洲月球的陰暗面，對吧？但是當他們從第三節出來時，我們從那以後有一個很好的第四節。因此，我們在歐洲的成人和青少年方面都感覺良好。

Our next question comes from Kevin Caliendo with UBS.

我們的下一個問題來自瑞銀的 Kevin Caliendo。

I always struggle with this number that you really haven't grown the number of docs and it's been a while. And I understand that when demand is down, you don't ship to docs every quarter. But even the ones that are registered Invisalign users haven't really grown. And I guess my question is, is there an issue with that? Like why hasn't that number really expanded over the last 4 to 5 quarters? And do you need it as part of your growth algorithm to keep expanding the number of doctors? Is it just a change in culture in the world right now? Or is it competitive pressures? Or is it just harder to find docs, who are willing to do this? Because the penetration of Clear Aligners would suggest there's a lot of doctors out there that could be doing this.

我一直在為這個數字而苦惱，因為您確實沒有增加文檔的數量，而且已經有一段時間了。而且我知道當需求下降時，您不會每季度都向文檔發貨。但即使是 Invisalign 註冊用戶也沒有真正增長。我想我的問題是，這有什麼問題嗎？比如為什麼這個數字在過去 4 到 5 個季度沒有真正擴大？您是否需要將其作為增長算法的一部分來不斷擴大醫生的數量？現在只是世界文化的變化嗎？還是競爭壓力？還是更難找到願意這樣做的文檔？因為 Clear Aligners 的普及表明有很多醫生可以這樣做。

I mean, doctors both on the orthodontic side and on the GP side. I mean, obviously, you're right about that. And obviously, we expand a lot globally, too. So everything you said is true. I'll just give you one word on your questions on China. China is China is like -- it's down. We ship the thousands of doctors in China, we can't ship to right now. And that's the answer to your question since why it's gone down. There's no systemic overall issue in the sense of us being penetrated to the point that we can't buy more doctors, it's just we can't escape the downdraft of China right now.

我的意思是，正畸方面和全科醫生方面的醫生。我的意思是，很明顯，你是對的。顯然，我們也在全球範圍內進行了大量擴張。所以你說的都是真的。關於你關於中國的問題，我只給你一個字。中國就是中國，就像——它倒下了。我們在中國運送了成千上萬的醫生，我們現在無法運送到。這就是你的問題的答案，因為它為什麼會下降。我們被滲透到買不到更多醫生的意義上，沒有系統性的整體問題，只是我們現在無法擺脫中國的下行趨勢。

And your equation is right. It's new doctors, doctors ship to as well as utilization. That is -- those are 2 key metrics that help us grow our business.

你的等式是正確的。這是新醫生，醫生運送到以及利用。也就是說 - 這些是幫助我們發展業務的 2 個關鍵指標。

Can I ask a quick follow-up? You talk about the need to see consumer demand signals improving. And how far ahead can you actually see that? Meaning -- is it -- is there something in ordering and planning? Like can you see 3 months ahead or 6 months ahead in terms of you're starting to see demand increase? Or is it really real time, like we've made -- we're starting to see an inflection point? I guess it gets to the point of like what do you need to see in terms of consumer demand? How far forward can you look before you can really feel comfortable that there's been an inflection plan?

我可以問一個快速跟進嗎？您談到需要看到消費者需求信號有所改善。您實際上能看到多遠？意思是——是嗎——在訂購和計劃中有什麼東西嗎？就您開始看到需求增加而言，您能看到提前 3 個月或 6 個月嗎？或者它真的是實時的，就像我們所做的那樣——我們開始看到一個拐點？我想這已經到了你需要在消費者需求方面看到什麼的地步？在您真正對已經有一個拐點計劃感到舒服之前，您可以向前看多遠？

Kevin, when we look at things, we're a real-time business, obviously, when you have 3D freebies like we do what we make. And there's no leading indicator that would say it hasn't or squared of overnight, 90%. But what we watch closely are the consumer confidence indices in the States and Europe where we can get good wins. Now they're more confirming than they are predictive in what we're seeing but they reflect the, I think, best from a demand standpoint of what we can expect in the consumer confidence indices that we see both in Europe and the States have flattened out or turned slightly positive in the last month or so.

凱文，當我們看待事物時，我們顯然是一個實時業務，當你有 3D 免費贈品時，就像我們做我們做的一樣。並且沒有領先指標表明它沒有或在一夜之間平方，90%。但我們密切關注的是美國和歐洲的消費者信心指數，我們可以在這些地方取得不錯的成績。現在，它們比我們所看到的預測更能證實我們所看到的，但我認為，從需求的角度來看，它們最好地反映了我們在歐洲和美國看到的消費者信心指數已經趨於平緩的預期在過去一個月左右的時間裡出局或略微轉為積極。

Next question please.

請下一個問題。

Absolutely. Our next one comes from Brandon Vazquez with William Blair.

絕對地。我們的下一個來自 Brandon Vazquez 和 William Blair。

I wanted to ask one to kind of go back to a couple of us, who are trying to get at. You guided to a full year op margin above 20%, and you're a little bit below that now, of course, probably transient. The question being, do you need sequential improvements in sales to then drive the sequential improvements in op margins through the year? Like how should we be thinking about that? Or are you prepared to kind of deliver that 20% even if let's say, were just stable through the rest of the year rather than improving?

我想請一個人回到我們中的幾個人，他們正在努力爭取。你指導全年營業利潤率超過 20%，而你現在略低於該水平，當然，這可能是短暫的。問題是，您是否需要連續提高銷售額才能推動全年營業利潤率連續提高？比如我們應該如何考慮？或者你是否準備好交付那 20%，即使我們說，在今年餘下的時間裡我們只是保持穩定而不是有所改善？

Yes, it's a good question. I mean we would expect as we start to see demand as it stabilized as things change in the world and give us a better operating environment, we would expect to see some sequential improvement in revenue as you go through the year. And that would help us get some of the leverage that we need from an op margin standpoint.

是的，這是個好問題。我的意思是，隨著世界形勢的變化，我們開始看到需求趨於穩定，並為我們提供更好的運營環境，我們預計在這一年中收入會出現一些環比改善。這將幫助我們從運營利潤率的角度獲得一些我們需要的槓桿作用。

Next question please.

請下一個問題。

Absolutely. The next question comes from Erin Wright with Morgan Stanley.

絕對地。下一個問題來自摩根士丹利的 Erin Wright。

Great. Just a follow-up to that last question, just to clarify, I understand you're not giving the full year guidance from a volume perspective. But if you do continue to see the environment is what you're saying sustained where it is today or get slightly better? You are in a position to grow volume year-over-year in 2023.

偉大的。只是對最後一個問題的跟進，只是為了澄清，我知道你沒有從數量的角度給出全年指導。但是，如果你繼續看到你所說的環境是維持在今天的狀態還是略有好轉？您可以在 2023 年實現銷量同比增長。

And then just a separate question on subscription offerings, particularly in retainers. And I'm curious how that's resonating with customers today as another revenue driver for the practice. And when do you think that, that will be material in terms of contribution?

然後只是一個關於訂閱產品的單獨問題，特別是在保留者方面。我很好奇這如何與今天的客戶產生共鳴，成為這種做法的另一個收入驅動因素。你認為什麼時候，這在貢獻方面會很重要？

I can start on the volume. I mean we would expect -- we're watching a lot of the signals closely. We tried to give more color around Q1 and the rest of the year will play out as things as things in the world change to the situation. So we'll watch volume closely. But like I said, we would expect some sequential improvement as you go forward through the year. But -- we're not getting into the specifics of what it is for total.

我可以從音量開始。我的意思是我們會期待 - 我們正在密切關注很多信號。我們試圖在第一季度周圍提供更多色彩，今年餘下的時間將隨著世界形勢的變化而發揮作用。所以我們會密切關注成交量。但就像我說的那樣，我們希望隨著你在今年的前進，會有一些連續的改進。但是 - 我們沒有詳細說明它的總數。

It's Joe, on the DSP program, originally, that was targeted primarily at retainers or orthodontists because a lot of orthodontists are making their own retainers in the back room and picking up for wires and brackets. And so we signed up, we also obviously do the touch-up cases with that too is 10 aligners less. That's worked out well. And we -- I think what you're referring to in the end is that's a subscription program to the doctor but we also have a subscription program we offer from the doctor through the patients, and we're implementing that now. There's a lot of enthusiasm from our doctors about that because it becomes a reoccurring revenue stream for them that they haven't many of them haven't tapped into before. And so we feel good about that. And we'll be working closely with our doctors to implement that more fully this year.

Joe，在 DSP 項目中，最初主要針對固定器或正畸醫生，因為許多正畸醫生在後面的房間裡製作他們自己的固定器，並挑選電線和支架。所以我們註冊了，我們也很明顯地做了補牙，也少了 10 個對準器。結果很好。我們——我想你最後指的是醫生的訂閱計劃，但我們也有一個從醫生到病人提供的訂閱計劃，我們現在正在實施。我們的醫生對此充滿熱情，因為這對他們來說是一個經常性的收入來源，他們中的很多人以前都沒有利用過。所以我們對此感覺很好。我們將與我們的醫生密切合作，以在今年更充分地實施該計劃。

Next question, please.

請下一個問題。

Absolutely. The next question comes from Michael Ryskin with Bank of America.

絕對地。下一個問題來自美國銀行的 Michael Ryskin。

Also on a couple of just real quick, some are very fast. First, on China. I think you mentioned that you used the word on more, which is kind of understandable. But any updated thoughts on [BPP] or any (inaudible) Can you tell what's going on there while the COVID situation is ongoing? Or is it just kind of a box. And then I also wanted to ask on the tax rate, the non-GAAP tax rate, you called out 20% in 4Q, should we sort of assume that the tax rate go forward?

還有一些非常快，有些非常快。首先，關於中國。我想你提到你用了更多這個詞，這是可以理解的。但是關於 [BPP] 的任何最新想法或任何（聽不清）你能告訴我在 COVID 情況下發生了什麼嗎？或者它只是一種盒子。然後我還想問一下稅率，非 GAAP 稅率，你在第四季度提到了 20%，我們是否應該假設稅率向前發展？

So Michael, this is John. On tax rate for the non-GAAP tax rate assumed 20% going forward.

邁克爾，這是約翰。非 GAAP 稅率假設未來稅率為 20%。

On China, [BPP], I mean, obviously, that program over there, we talked about it several times, it's in Tier 3, Tier 4 cities. It's really not in the middle of our portfolio. It was picked up by some Chinese competitors. We're primarily private over there. We will sell the public hospitals. The program is not exclusive in that sense, too. So may we feel like we can manage in China right now around this fine.

關於中國，[BPP]，我的意思是，很明顯，那邊的那個項目，我們談過好幾次，它在三四線城市。它真的不在我們的投資組合中。它被一些中國競爭對手收購。我們在那裡主要是私人的。我們將出售公立醫院。從這個意義上說，該程序也不是排他性的。所以我們可能覺得我們現在可以在中國解決這個問題。

Well, thank you, everyone. We appreciate your time today. This concludes our conference call. We look forward to speaking to you at upcoming financial conferences and industry meetings, including Chicago Midwinter, IDS and AAO. If you have any follow-up questions, please contact our Investor Relations line. Have a great day.

嗯，謝謝大家。感謝您今天的寶貴時間。我們的電話會議到此結束。我們期待在即將舉行的金融會議和行業會議上與您交談，包括芝加哥仲冬節、IDS 和 AAO。如果您有任何後續問題，請聯繫我們的投資者關係熱線。祝你有美好的一天。

This concludes today's conference. Thank you for your participation. You may now disconnect your lines.

今天的會議到此結束。感謝您的參與。您現在可以斷開線路。