愛齊科技 (ALGN) 2023 Q1 法說會逐字稿

Greetings. Welcome to the Align First Quarter 2023 Earnings Call. (Operator Instructions) Please note this conference is being recorded. I'll now turn the conference over to your host, Shirley Stacy, with Align Technology. You may begin.

問候。歡迎來到 Align 2023 年第一季度財報電話會議。 （操作員說明）請注意正在錄製此會議。我現在將會議轉交給你的主持人 Shirley Stacy，來自 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.

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 first quarter 2023 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. The telephone replay will be available today by approximately 5:30 p.m. Eastern Time through 5:30 p.m. Eastern Time on May 10. To access the telephone replay, domestic callers should dial (833) 470-1428 with access code 635629. International callers should dial 44-204-525-0658 using the same access code.

我們今天通過美國商業資訊發布了 2023 年第一季度財務業績，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。電話重播將於今天下午 5 點 30 分左右提供。東部時間下午 5:30東部時間 5 月 10 日。要收聽電話重播，國內來電者應撥打 (833) 470-1428，接入碼為 635629。國際來電者應使用相同的接入碼撥打 44-204-525-0658。

As a reminder, the information provided and discussed today will include forward-looking statements, including statements about Align's future events, products and 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、產品和前景的陳述。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 first quarter 2023 conference call slides on our webcast under Quarterly Results. Please refer to these slides we filed 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），以及我們在季度業績下的網絡廣播中的 2023 年第一季度電話會議幻燈片。請參閱我們提交的這些幻燈片以獲取更多詳細信息。

With that, I'll turn the call over to Align Technology's President and CEO, Joe Hogan. Joe?

有了這個，我將把電話轉給 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 first 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 Q1 financial performance and comment on our views for the second quarter in 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，我將概述我們第一季度的業績，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。 John 將提供有關我們第一季度財務業績的更多詳細信息，並評論我們對 2023 年第二季度的看法。之後，我將回來總結幾個要點並開始提問。

Overall, I'm pleased to report better-than-expected first quarter revenues and earnings. The sequential increase in first quarter revenues of $943 million reflects stability across all regions for our Clear Aligner business and favorable average selling price for the Clear Aligner and Systems and Services segments.

總的來說，我很高興地報告第一季度的收入和收益好於預期。第一季度收入連續增長 9.43 億美元，反映了我們 Clear Aligner 業務在所有地區的穩定性以及 Clear Aligner 和系統和服務部門有利的平均售價。

Q1 sequential growth reflects an increase in non-case revenues, which also increased year-over-year, driven by continued growth from our Invisalign Doctor Subscription Program and Vivera retainers. In the teen segment, which represents the largest portion of the 21 million annual orthodontic case starts, 182,000 teens and kids started treatment with Invisalign clear aligners during the first quarter, increasing both sequentially and year-over-year, which is encouraging as we head into the important summer season for teens and kids. Overall, we remain confident in our large underpenetrated market opportunity globally and our ability to deliver digital products and technology that are helping doctors transform smiles and change lives for millions of people.

第一季度的環比增長反映了非案例收入的增長，該收入也同比增長，這得益於我們的 Invisalign 醫生訂閱計劃和 Vivera 保留者的持續增長。在青少年群體中，佔每年 2100 萬正畸病例開始的最大部分，第一季度有 182,000 名青少年和兒童開始使用 Invisalign 隱形矯正器治療，環比和同比均有所增加，這在我們前進時令人鼓舞進入對青少年和兒童重要的夏季。總的來說，我們對我們在全球範圍內巨大的未充分滲透的市場機會以及我們提供數字產品和技術的能力充滿信心，這些產品和技術正在幫助醫生改變微笑並改變數百萬人的生活。

For Systems and Services in Q1, revenues of $153.3 million were down 9.7% sequentially and 6.2% year-over-year. As expected, Q1 Systems and Services revenues decreased sequentially, consistent with seasonal capital equipment cycles compared to Q4. For Q1, Systems and Services revenues were sequentially lower primarily in the Americas and APAC regions, offset somewhat by an increase in EMEA.

對於系統和服務，第一季度的收入為 1.533 億美元，環比下降 9.7%，同比下降 6.2%。正如預期的那樣，與第四季度相比，第一季度系統和服務收入環比下降，與季節性資本設備週期一致。對於第一季度，系統和服務收入主要在美洲和亞太地區連續下降，但在一定程度上被歐洲、中東和非洲地區的增長所抵消。

For nonsystems scanner revenues, Q1 was up sequentially and year-over-year, reflecting increased scanner rentals, upgrades and certified preowned or CPO leasing programs. Q1 CPO sales include initial shipments of leasing units to Desktop Metal, who's supplying iTero Element Flex scanners to Desktop Labs, one of the largest lab networks in the United States serving general dentists. On a year-over-year basis, Q1 services revenues increased primarily due to higher subscription revenues resulting from a large number of iTero scanners in the field. We also had higher nonsystems revenues related to our scanner leasing and rental programs previously mentioned.

對於非系統掃描儀收入，第一季度同比增長，反映了掃描儀租賃、升級和認證二手或 CPO 租賃計劃的增加。第一季度 CPO 銷售額包括向 Desktop Metal 租賃設備的初始發貨，Desktop Metal 向 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。與去年同期相比，第一季度服務收入的增長主要是由於該領域大量 iTero 掃描儀帶來的更高訂閱收入。我們還有與前面提到的掃描儀租賃和租賃計劃相關的更高的非系統收入。

For Q1, total Clear Aligner revenues of $789.8 million was up sequentially and down year-over-year. Q1 sequential revenue growth reflects increases across the regions, driven by price increases, favorable foreign exchange and more additional aligners. Q1 non-case revenues were up sequentially and year-over-year, reflecting continued growth from DSP, Vivera retainers and commerce sales, which include everything from aligner cases to whitening and cleaning products. DSP has been very successful and is enabling doctors to purchase aligners on a subscription basis, giving them flexibility to treat simple touch-up cases or offer their patients a superior, flexible and convenient retention solution.

第一季度，Clear Aligner 總收入為 7.898 億美元，環比增長，同比下降。第一季度的連續收入增長反映了在價格上漲、有利的外彙和更多其他調整因素的推動下，各地區的收入增長。第一季度非案例收入環比和同比增長，反映了 DSP、Vivera 固定器和商業銷售的持續增長，其中包括從對準器案例到美白和清潔產品的所有產品。 DSP 非常成功，它使醫生能夠在訂閱的基礎上購買對準器，使他們能夠靈活地處理簡單的修補病例或為他們的患者提供卓越、靈活和方便的保留解決方案。

We introduced DSP in North America during the pandemic and are continuing to expand DSP offerings in EMEA region. The contribution of DSP to non-case revenues is important to understand, especially the impact to overall Clear Aligner volumes. While we don't report the number of DSP clear aligners shipped, and we don't include them in our total Clear Aligner volumes, if we were to calculate an equivalent case shipment for touch-up patients using our DSP aligners, we estimate those cases would increase approximately 25% sequentially.

我們在大流行期間在北美推出了 DSP，並繼續在 EMEA 地區擴展 DSP 產品。理解 DSP 對非案例收入的貢獻很重要，尤其是對整體 Clear Aligner 銷量的影響。雖然我們沒有報告出貨的 DSP 隱形矯治器數量，也沒有將它們計入我們的透明矯治器總銷量，但如果我們要計算使用 DSP 矯治器的修補患者的等效病例出貨量，我們估計這些案件將依次增加約 25%。

Q1 total Clear Aligner volumes of 575,400 were down slightly sequentially, reflecting stability across regions and improvements in consumer confidence as well as the easing of COVID restrictions recently in China. For the Americas, Q1 Clear Aligner volumes were up slightly sequentially, reflecting higher orthodontic cases, especially teen case starts, with growth in both Invisalign Teen case packs and Invisalign First treatment for kids as young as 6, offset primarily by a decrease in adult patients from the GP dental channel.

第一季度 Clear Aligner 總銷量為 575,400 件，環比略有下降，反映出各地區的穩定性和消費者信心的改善以及最近中國放寬了 COVID 限制。對於美洲，Q1 Clear Aligner 銷量環比略有上升，反映出較高的正畸病例，尤其是青少年病例開始，針對 6 歲兒童的 Invisalign Teen 病例包和 Invisalign First 治療均有所增長，主要被成人患者的減少所抵消來自 GP 牙科頻道。

Based on the most recent Gaidge practice analysis tool that collects and consolidates data from approximately 700 ortho practices in North America, overall, new patient flow and adult exams were lower this period, while teens outpaced adults. During this period, wires and brackets cases continue to grow ahead of clear aligners, although at a slower rate than in recent quarters. And Invisalign cases outpaced other clear aligner brands. The Gaidge report also included a few data points regarding no-shows in future exam schedules, which we believe may provide insight into consumer sentiment and macro conditions.

根據最新的 Gaidge 實踐分析工具，該工具收集並整合了北美大約 700 家矯形實踐的數據，總體而言，這一時期的新患者流量和成人檢查較低，而青少年超過了成年人。在此期間，線材和托槽案例繼續領先於隱形矯治器，儘管增速低於最近幾個季度。 Invisalign 隱形矯治器案例超過了其他透明矯治器品牌。 Gaidge 報告還包括一些關於未來考試日程中未出現的數據點，我們認為這些數據可以提供對消費者情緒和宏觀狀況的洞察。

Regarding no-shows, over the last 12 months, there's been a large increase in the number of patient no-shows. However, that rate appears to be stabilized. Conversely, over the last 12 months, future exams scheduled were negative year-over-year, but the rate has steadily improved in the most recent months covered by the report, which we believe may be a good gauge for consumer optimism.

關於未出現，在過去 12 個月中，患者未出現的數量大幅增加。但是，該比率似乎已趨於穩定。相反，在過去 12 個月中，未來考試的排期同比呈負增長，但在報告涵蓋的最近幾個月中，這一比例穩步提高，我們認為這可能是衡量消費者樂觀情緒的一個很好的指標。

For EMEA, Q1 Clear Aligner volumes include strong adoption of Invisalign Moderate across the region in both the adult and teen segments. Invisalign Moderate Package is a 20-stage treatment option designed for patients whose treatment goals fall between the existing Invisalign Lite and Invisalign Comprehensive packages.

對於 EMEA，第一季度 Clear Aligner 銷量包括在整個地區成人和青少年市場對 Invisalign Moderate 的大力採用。 Invisalign Moderate Package 是一個 20 階段的治療選項，專為治療目標介於現有 Invisalign Lite 和 Invisalign Comprehensive 套餐之間的患者而設計。

For APAC, Q1 Clear Aligner volumes reflect improvement in China, and continued growth in markets like Japan, Korea and India, with positive year-over-year growth, including teens.

對於亞太地區，第一季度 Clear Aligner 銷量反映了中國的改善，以及日本、韓國和印度等市場的持續增長，同比增長為正，其中包括青少年。

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 teen-specific sales and marketing programs and product features, including Invisalign First for kids as young as 6, which is up sequentially across all markets.

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針對青少年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，包括針對 6 歲兒童的 Invisalign First，它在所有市場中都在逐步上升。

For Q1, total Clear Aligner cases for teenagers were up sequentially and year-over-year, reflecting improving trends across the regions. On a sequential basis, growth was driven by increased submitters in the APAC and Americas region.

對於第一季度，青少年的 Clear Aligner 總病例數環比和同比上升，反映出各地區的改善趨勢。在連續的基礎上，增長是由亞太地區和美洲地區提交者的增加推動的。

On a year-over-year basis, teen case starts were up in EMEA region, reflecting increased utilization and the recent introduction of Invisalign Moderate across the region, which outpaced the year-over-year growth rate of Invisalign First, which also continues to perform very well across markets.

與去年同期相比，歐洲、中東和非洲地區的青少年案件開始增加，反映出使用率的提高以及最近在該地區推出的 Invisalign Moderate，這超過了 Invisalign First 的同比增長率，Invisalign First 也繼續跨市場表現非常出色。

Invisalign First was also up sequentially and year-over-year across all regions. Invisalign First is designed to treat a broad range of teeth straightening issues in growing children from simple to complex. And because Invisalign First is removable, it's easier for kids to brush and floss. There's also no discomfort from rubbing braces or poking wires from metal braces. These benefits, along with positive compliance experience, may also contribute to continued momentum for Invisalign First. In fact, the majority of surveyed Invisalign orthodontists agreed that their young patients are highly compliant with Invisalign First treatment, understanding that younger kids are highly compliant and Invisalign First provides an opportunity to support overall practice growth.

Invisalign First 在所有地區也環比增長。 Invisalign First 旨在治療成長中兒童從簡單到復雜的各種牙齒矯正問題。由於 Invisalign First 是可拆卸的，因此孩子們更容易刷牙和使用牙線。摩擦牙套或戳金屬牙套的金屬絲也不會感到不適。這些好處以及積極的合規經驗也可能有助於 Invisalign First 的持續發展勢頭。事實上，大多數接受調查的 Invisalign 正畸醫生都認為，他們的年輕患者對 Invisalign First 治療的依從性很高，他們了解年幼的孩子非常依從，Invisalign First 提供了支持整體實踐發展的機會。

The Q1 Clear Aligner volume from dental service organizations, or DSO customers, continued to outpace non-DSO customers. Q1 Clear Aligner volume from DSO customers increased sequentially, reflecting growth in the Americas region. DSOs make up approximately 20% of the dental market and represent one of the most important channels for digital orthodontics and restorative dentistry.

來自牙科服務組織或 DSO 客戶的 Q1 Clear Aligner 數量繼續超過非 DSO 客戶。來自 DSO 客戶的第一季度透明牙套銷量環比增長，反映了美洲地區的增長。 DSO 約佔牙科市場的 20%，是數字正畸和修復牙科最重要的渠道之一。

Through their network of doctors and systematic approach to clinical education and practice management, DSOs are uniquely positioned to drive adoption of new technologies and tools that increase practice efficiency and profitability and deliver a better patient experience. We have well-established relationships with many DSOs, especially in the United States, with DSOs such as Smile Docs and Heartland Dental. And we are continuously exploring collaboration with others that drive adoption of digital dentistry.

通過他們的醫生網絡和系統的臨床教育和實踐管理方法，DSO 具有獨特的優勢來推動新技術和工具的採用，從而提高實踐效率和盈利能力，並提供更好的患者體驗。我們與許多 DSO 建立了良好的關係，尤其是在美國，與 Smile Docs 和 Heartland Dental 等 DSO 建立了良好的關係。我們正在不斷探索與其他推動數字牙科採用的合作。

Each DSO has a different strategy and business model. And our focus is working with them and encouraging DSOs align with our vision, strategy and business model goals. One of the most digitally minded DSOs is Heartland Dental. And today, we announced a $75 million equity investment in Heartland.

每個 DSO 都有不同的戰略和業務模型。我們的重點是與他們合作，並鼓勵 DSO 與我們的願景、戰略和商業模式目標保持一致。 Heartland Dental 是最具數字化思維的 DSO 之一。今天，我們宣布對 Heartland 進行 7500 萬美元的股權投資。

Heartland is a multidisciplinary DSO with GP and ortho practices across the U.S. Their growth strategy includes Heartland's de novo dental practices, which feature modern technology, are located in areas with strong community need for dentistry, where Heartland provides practices with opportunities for mentorship, leadership training and continuing education.

Heartland 是一家多學科 DSO，在美國各地設有 GP 和正畸診所。他們的發展戰略包括 Heartland 的 de novo 牙科診所，該診所採用現代技術，位於社區對牙科有強烈需求的地區，Heartland 為診所提供指導和領導力培訓機會和繼續教育。

In the last 3 years, Heartland opened 188 state-of-the-art de novo practices across the United States and are planning to continue investing through more de novo openings. We have a shared sense of purpose with Heartland. Their mission is to help doctors, and their teams deliver the highest quality digital dental care to the communities they serve. Demand creation remains an important strategic growth driver, and we continue to invest in consumer marketing programs that create awareness of the Invisalign systems and that drive demand to Invisalign practices.

在過去的 3 年中，Heartland 在美國開設了 188 家最先進的從頭開業診所，併計劃通過更多從頭開業的門店繼續投資。我們與 Heartland 有著共同的使命感。他們的使命是幫助醫生，他們的團隊向他們所服務的社區提供最高質量的數字牙科護理。創造需求仍然是重要的戰略增長動力，我們繼續投資於消費者營銷計劃，以提高對 Invisalign 系統的認識並推動對 Invisalign 實踐的需求。

In Q1 '23, we delivered 7.8 billion impressions and had 22.1 million visits to our websites and continue to invest in top media platforms such as TikTok, Snapchat, Instagram and YouTube across markets. For more details on our programs and key Q1 performance metrics, please see our presentation slides on our website.

在 23 年第一季度，我們的網站獲得了 78 億次展示和 2210 萬次訪問，並繼續投資於 TikTok、Snapchat、Instagram 和 YouTube 等頂級媒體平台。有關我們計劃和第一季度關鍵績效指標的更多詳細信息，請參閱我們網站上的演示幻燈片。

We're also developing digital tools and apps for consumers, patients and for doctors. The Q1 adoption of the My Invisalign consumer and patient app continue to increase with 3.1 million-plus downloads to date and over 350,000 monthly active users, representing 28% year-over-year growth. Usage of our other digital tools includes ClinCheck Live Update, which is used by 38,000 doctors to reduce time spent modifying treatment plans of up to 13%, and Invisalign practice app with 58,000 doctors actively using this feature and uploading more than 5.1 million photos to date.

我們還在為消費者、患者和醫生開發數字工具和應用程序。 My Invisalign 消費者和患者應用程序在第一季度的採用率繼續增長，迄今為止下載量超過 310 萬次，月活躍用戶超過 350,000 人，同比增長 28%。我們其他數字工具的使用情況包括 ClinCheck Live Update，38,000 名醫生使用它來減少修改治療計劃所花費的時間高達 13%，以及 Invisalign 練習應用程序，58,000 名醫生積極使用此功能並上傳了超過 510 萬張照片。 .

Finally, in addition to our focus on consumer marketing and digital tools, we're committed to driving excellent treatment and Align innovation through industry and Align-hosted clinical education events. Our team has just participated in the annual AAO conference, which took place in Chicago, where we engaged with a broad range of orthodontists.

最後，除了我們對消費者營銷和數字工具的關注之外，我們還致力於通過行業和 Align 主辦的臨床教育活動來推動卓越的治療和 Align 創新。我們的團隊剛剛參加了在芝加哥舉行的年度 AAO 會議，我們在會上與範圍廣泛的正畸醫生進行了交流。

In March, we participated in IDS in Cologne, Germany, one of the largest dental shows in the world, focused on digital dentistry and the technologies shaping the industry. Earlier in the quarter, we hosted the second Align symposium on the digital practice, a smaller Align event from the most engaged and experienced Invisalign orthodontists in the world. It was an amazing opportunity to come together with long-term global partners and thought leaders in orthodontics to see how we are driving the digital transformation of dentistry together.

3 月，我們參加了在德國科隆舉行的 IDS，這是世界上最大的牙科展之一，重點關注數字牙科和塑造行業的技術。本季度早些時候，我們舉辦了第二屆關於數字實踐的 Align 研討會，這是一個規模較小的 Align 活動，來自世界上參與度最高、經驗最豐富的 Invisalign 正畸醫生。這是一個難得的機會，可以與長期的全球合作夥伴和正畸領域的思想領袖齊聚一堂，了解我們如何共同推動牙科的數字化轉型。

By our participation in each of these events and opportunities, we continue to reinforce the importance of peer-to-peer clinical education and our investments in the orthodontic specialty. We are grateful for all of our customers, GP orthodontists, corporate practices, but we know that the orthodontic specialty leads the way in adoption of digital orthodontics. We are excited about the future we see them in the orthodontic profession.

通過參與這些活動和機會，我們繼續加強對等臨床教育的重要性以及我們對正畸專業的投資。我們感謝我們所有的客戶、全科醫生正畸醫生、企業實踐，但我們知道正畸專業在採用數字正畸方面處於領先地位。我們對我們在正畸行業看到的未來感到興奮。

Align ably supports the orthodontic profession through education, grants and continued innovation. Our educational pathway was created to support recent graduates and early career doctors at critical career transition points. As a result of schooling and early career initiatives, graduates will be educated on digital dentistry and digital orthodontics, connected with and supported by colleagues, more experienced ortho experts in the Align team and engaged with Align Digital Platform. Align supports doctors throughout all stages of their career, from educating facility at dental schools and orthodontic programs to education for residents, early to mid-career providers and more seasoned professionals looking to expand their clinical capabilities and practices.

Align 通過教育、資助和持續創新為正畸專業提供有力支持。我們的教育途徑旨在支持處於關鍵職業過渡點的應屆畢業生和早期職業醫生。由於學校教育和早期職業計劃，畢業生將接受數字牙科和數字正畸學方面的教育，與同事、Align 團隊中更有經驗的正畸專家建立聯繫並得到他們的支持，並參與 Align Digital Platform。 Align 在醫生職業生涯的各個階段為他們提供支持，從牙科學校的教育設施和正畸計劃到住院醫生、早期到中期職業提供者以及更多希望擴展其臨床能力和實踐的經驗豐富的專業人士的教育。

Align is expanding its global footprint of education centers to provide a forum for hands-on learning and continued development in key cities across our regions. We are also focused on continuing to innovate in digital dentistry, scaling capacity to manage the millions of digital requests, patient scans and orders flowing through our systems, while also using technologies like AI and machine learning to increase efficiencies, speed treatment planning and quickly deliver products so patients can begin their paths to transforming their smiles.

Align 正在擴大其教育中心的全球足跡，以便在我們地區的主要城市提供實踐學習和持續發展的論壇。我們還專注於繼續創新數字牙科，擴大管理數百萬數字請求、患者掃描和流經我們系統的訂單的能力，同時還使用人工智能和機器學習等技術來提高效率、加快治療計劃并快速交付產品，以便患者可以開始他們改變笑容的道路。

In the next 1 to 2 or 3 years, Align believes our newest technologies and innovations will revolutionize our existing offerings in the ways in which doctors and their patients experience orthodontic treatment. Together with our customers, we are developing the future of digital dentistry and digital orthodontics, not just the technology that drives treatment, but the models reshaping how we interact with customers and deliver treatment experiences for their patients. We look forward to sharing more with you in the coming months.

在接下來的 1 到 2 或 3 年內，Align 相信我們的最新技術和創新將徹底改變我們現有的產品，改變醫生及其患者體驗正畸治療的方式。我們與客戶一起開發數字牙科和數字正畸學的未來，不僅是推動治療的技術，還有重塑我們與客戶互動方式以及為患者提供治療體驗的模型。我們期待在未來幾個月與您分享更多內容。

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

有了這個，我現在將它交給約翰。

Thanks, Joe. Now for our Q1 financial results. Total revenues for the first quarter were $943.1 million, up 4.6% from the prior quarter and down 3.1% from the corresponding quarter a year ago. On a constant currency basis, Q1 '23 revenues were impacted by favorable foreign exchange of approximately $25.8 million or approximately 2.8% sequentially and unfavorably impacted by approximately $34.9 million year-over-year or approximately 3.6%.

謝謝，喬。現在是我們第一季度的財務業績。第一季度的總收入為 9.431 億美元，比上一季度增長 4.6%，比去年同期下降 3.1%。按固定匯率計算，23 年第一季度的收入受到有利外彙的影響約 2580 萬美元或約 2.8%，同比不利影響約 3490 萬美元或約 3.6%。

For Clear Aligners, Q1 revenues of $789.8 million were up 7.9% sequentially, primarily from higher ASPs and higher non-case revenues, partially offset by lower volumes. On a year-over-year basis, Q1 Clear Aligner revenues were down 2.5%, primarily due to lower volumes, lower ASPs, including unfavorable foreign exchange, partially offset by higher non-case revenues.

對於 Clear Aligners，第一季度的收入為 7.898 億美元，環比增長 7.9%，主要來自更高的平均售價和更高的非案例收入，部分被銷量下降所抵消。與去年同期相比，第一季度 Clear Aligner 收入下降了 2.5%，這主要是由於銷量下降、平均售價下降（包括不利的外匯），部分被非病例收入增加所抵消。

For Q1, Invisalign ASPs for comprehensive treatment were up sequentially and decreased slightly year-over-year. On a sequential basis, ASPs reflect price increases, favorable foreign exchange and higher additional aligners, partially offset by product mix and larger discounts. On a year-over-year basis, the ASPs for our comprehensive treatment were almost flat, primarily due to product mix shift, unfavorable foreign exchange and higher discounts, mostly offset by price increases and higher additional aligners.

第一季度，用於綜合治療的 Invisalign ASP 環比上升，同比略有下降。在連續的基礎上，平均售價反映了價格上漲、有利的外彙和更高的附加調整，部分被產品組合和更大的折扣所抵消。與去年同期相比，我們綜合治療的平均售價幾乎持平，這主要是由於產品組合轉變、不利的外彙和更高的折扣，大部分被價格上漲和更高的附加調整所抵消。

For Q1, Invisalign ASPs for non-comprehensive treatment were up sequentially and year-over-year. On a sequential basis, the increase in ASPs reflect price increases, favorable foreign exchange and higher additional aligners, partially offset by higher discounts. On a year-over-year basis, the increase in ASPs reflect price increases and higher additional aligners, partially offset by product mix shift, unfavorable foreign exchange and higher discounts.

對於第一季度，用於非綜合治療的 Invisalign ASP 環比和同比都有所上升。按順序計算，ASP 的增加反映了價格上漲、有利的外彙和更高的額外調整，部分被更高的折扣所抵消。與去年同期相比，ASP 的增長反映了價格上漲和更高的附加調整，部分被產品組合轉變、不利的外彙和更高的折扣所抵消。

During the quarter, we've launched Invisalign Comprehensive [3 and 3] product in most markets. The 3 and 3 configuration offers our doctor customers our Invisalign Comprehensive treatment with 3 additional aligners included within 3 years of treatment end date instead of unlimited additional aligners within 5 years of the treatment end date at the 2022 Invisalign Comprehensive product price. Over time, we have come to learn that on average, Invisalign doctors complete a comprehensive Invisalign treatment with less than 2 additional aligners.

本季度，我們在大多數市場推出了 Invisalign Comprehensive [3 和 3] 產品。 3 和 3 配置為我們的醫生客戶提供我們的 Invisalign Comprehensive 治療，在治療結束日期後 3 年內包括 3 個額外的對準器，而不是在治療結束日期後 5 年內以 2022 Invisalign Comprehensive 產品價格提供無限的額外對準器。隨著時間的推移，我們了解到，Invisalign 隱適美醫生平均完成一次全面的 Invisalign 隱適美治療只需要不到 2 個額外的矯治器。

We are pleased with the initial adoption of the Invisalign Comprehensive 3 and 3 product and anticipate that its impact will be more meaningful, providing doctors the flexibility they desire and allowing us to recognize more revenue upfront, with deferred revenue being recognized over a shorter period of time compared to our traditional Invisalign Comprehensive product.

我們對 Invisalign Comprehensive 3 和 3 產品的初步採用感到高興，並預計其影響將更有意義，為醫生提供他們想要的靈活性，並允許我們提前確認更多收入，並在更短的時間內確認遞延收入與我們傳統的 Invisalign Comprehensive 產品相比的時間。

As revenues from subscription retainers and other ancillary products continue to grow globally, some of the historical metrics that only focus on case shipments are expected to account for a lesser percentage of our overall growth. In our earnings release and financial slides, you will see that we have added our total Clear Aligner revenue per case shipment, which we believe to be more indicative measure of our overall growth strategy. Clear Aligner deferred revenues on the balance sheet increased $32 million or up 2.6% sequentially and $150.9 million or up 13.6% year-over-year and will be recognized as the additional aligners are shipped.

隨著訂閱保留和其他輔助產品的收入在全球範圍內持續增長，一些僅關注案例出貨量的歷史指標預計將占我們整體增長的較小百分比。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，我們認為這是對我們整體增長戰略更具指示性的衡量標準。 Clear Aligner 資產負債表上的遞延收入環比增長 3200 萬美元或增長 2.6%，同比增長 1.509 億美元或增長 13.6%，並將在額外矯治器發貨時確認。

Q1 '23 Systems and Services revenue of $153.3 million were down 9.7% sequentially primarily due to the seasonally lower scanner volume, partially offset by higher services revenues from our larger base of scanners sold, higher revenues from our CPO and leasing rental programs and favorable ASPs, down 6.2% year-over-year primarily for the reasons just stated. Q1 '23 Systems and Services revenue was impacted from favorable foreign exchange of approximately $4 million or approximately 2.7% sequentially. On a year-over-year basis, System and Services revenues were unfavorably impacted by foreign exchange of approximately $5.8 million or approximately 3.6%.

23 年第一季度的系統和服務收入為 1.533 億美元，環比下降 9.7%，這主要是由於掃描儀銷量季節性下降，部分被我們更大的掃描儀銷售量帶來的服務收入增加、我們的 CPO 和租賃計劃帶來的收入增加以及有利的 ASP 所抵消，同比下降 6.2%，主要原因是剛才提到的原因。 23 年第一季度系統和服務收入受到約 400 萬美元或約 2.7% 的有利外匯影響。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 580 萬美元或約 3.6%。

Systems and Services deferred revenues on the balance sheet was down $2.2 million or 0.8% sequentially, primarily due to the decrease in scanner sales and deferred -- deferral of service revenues included with the scanner purchase, and up $24.2 million or 9.8% 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. As our scanner portfolio expands and we introduce new products, we increased the opportunities for customers to upgrade, make trade-ins and provide refurbished scanners for certain markets.

資產負債表上的系統和服務遞延收入環比下降 220 萬美元或 0.8%，這主要是由於掃描儀銷售和遞延 - 掃描儀採購中包含的遞延服務收入下降，同比增長 2420 萬美元或 9.8% -年，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的遞延，這將在服務期內按比例確認。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、以舊換新和為特定市場提供翻新掃描儀的機會。

As such, our model is changing. We expect to continue to roll out programs such as our certified preowned leasing and rental offerings to customers by possibly leveraging our balance sheet and selling the way our customers desire. Developing new capital equipment opportunities to meet the digital transformation needs of our customers and DSO partners is a natural progression for our equipment business with a large and growing base of scanners sold.

因此，我們的模型正在改變。我們希望通過可能利用我們的資產負債表並按照客戶期望的方式銷售，繼續向客戶推出我們經過認證的二手租賃和租賃產品等計劃。開發新的資本設備機會以滿足我們的客戶和 DSO 合作夥伴的數字化轉型需求是我們設備業務的自然發展，我們的掃描儀銷量龐大且不斷增長。

Moving on to gross margin. First quarter overall gross margin was 70%, up 1.5 points sequentially and down 2.9 points year-over-year. Overall gross margin was favorably impacted by foreign exchange by approximately 0.8 points sequentially and unfavorably impacted by approximately 1.1 points on a year-over-year basis.

轉向毛利率。第一季度整體毛利率為 70%，環比上升 1.5 個百分點，同比下降 2.9 個百分點。總體毛利率受到外彙的有利影響，環比受到約 0.8 個百分點的有利影響，同比受到約 1.1 個百分點的不利影響。

Clear Aligner gross margin for the first quarter was 71.7%, up 0.9 points sequentially due to higher ASPs, partially offset by higher manufacturing of (inaudible). Clear Aligner gross margin for the first quarter was down 3.1 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.

第一季度 Clear Aligner 毛利率為 71.7%，環比上升 0.9 個百分點，原因是 ASP 較高，部分被（聽不清）製造量增加所抵消。第一季度 Clear Aligner 毛利率同比下降 3.1 個百分點，這主要是由於較低的平均售價、隨著我們繼續增加波蘭新製造工廠的運營而增加的製造支出以及更高的額外對準器數量組合。

Systems and Services gross margin for the first quarter was 61.6%, up 2.8 points sequentially primarily from increased manufacturing efficiencies. Systems and Services gross margin for the first quarter was down 1.8 points year-over-year due to lower volumes, partially offset by higher services revenues and ASPs.

第一季度系統和服務毛利率為 61.6%，環比增長 2.8 個百分點，這主要得益於製造效率的提高。由於銷量下降，第一季度系統和服務毛利率同比下降 1.8 個百分點，部分被更高的服務收入和平均售價所抵消。

Q1 operating expenses were $527.1 million, up sequentially 4.4% and up 3.1% year-over-year. On a sequential basis, operating expenses were up $22.1 million, primarily from higher incentive compensation and consumer marketing spend, partially offset by restructuring and other charges not recurring in Q1. Year-over-year, operating expenses increased by $15.9 million, primarily due to higher incentive compensation and our continued investments in sales and R&D activities, partially offset by controlled spending on advertising and marketing as part of our efforts to proactively manage costs.

第一季度運營費用為 5.271 億美元，環比增長 4.4%，同比增長 3.1%。按順序計算，運營費用增加了 2210 萬美元，主要是由於更高的激勵薪酬和消費者營銷支出，部分被第一季度未發生的重組和其他費用所抵消。與去年同期相比，運營費用增加了 1590 萬美元，這主要是由於更高的激勵薪酬以及我們對銷售和研發活動的持續投資，部分被控制的廣告和營銷支出所抵消，這是我們主動管理成本的努力的一部分。

On a non-GAAP basis, excluding stock-based compensation and amortization of acquired intangibles related to certain acquisitions, partially offset by restructuring and other charges, operating expenses were $490.5 million, up 6.7% sequentially and up 2.1% year-over-year. Our first quarter operating income of $133.5 million resulted in an operating margin of 14.2%, up 1.7 points sequentially and down 6.2 points year-over-year. Operating margin was favorably impacted by approximately 1.5 points sequentially, primarily due to foreign exchange and higher gross margin. The year-over-year decrease in operating margin is primarily attributed to lower gross margins, investments in go-to-market teams and technology as well as unfavorable impact from foreign exchange by approximately 2 points.

在非美國通用會計準則的基礎上，不包括與某些收購相關的基於股票的薪酬和已收購無形資產的攤銷，部分被重組和其他費用抵消，運營費用為 4.905 億美元，環比增長 6.7%，同比增長 2.1%。我們第一季度的營業收入為 1.335 億美元，營業利潤率為 14.2%，環比上升 1.7 個百分點，同比下降 6.2 個百分點。營業利潤率環比受到約 1.5 個百分點的有利影響，這主要是由於外彙和較高的毛利率。營業利潤率同比下降主要是由於毛利率下降、對上市團隊和技術的投資以及外彙的不利影響約 2 個百分點。

On a non-GAAP basis, which excludes stock-based compensation, amortization of intangibles related to certain acquisitions, offset by restructuring and other charges, operating margin for the first quarter was 18.5%, up 0.2 points sequentially and down 5.5 points year-over-year. Interest and other income and expense net for the first quarter was an income of $1.1 million compared to an income of $2.7 million in the fourth quarter and a loss of $10.6 million in the first quarter a year ago, primarily due to net foreign exchange gains from the strengthening 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、與某些收購相關的無形資產攤銷，並被重組和其他費用抵消，第一季度營業利潤率為 18.5%，比上一季度上升 0.2 個百分點，比去年同期下降 5.5 個百分點-年。第一季度的利息和其他收入和支出淨額為 110 萬美元，而第四季度為收入 270 萬美元，一年前第一季度虧損 1060 萬美元，主要是由於淨外匯收益某些外幣兌美元走強。

The GAAP effective tax rate in the first quarter was 34.8% compared to 63.8% in the fourth quarter and 28.4% in the first quarter of the prior year. The first quarter GAAP effective tax rate was lower than the fourth quarter effective tax rate, primarily due to increased earnings in low tax jurisdictions in Q1 2023 and an audit settlement in Q4 2022. As a reminder, in Q4 2022, we changed our methodology for the computation of our non-GAAP effective tax rate to a long-term projected tax rate and have given effect to the new methodology from January 1, 2022, and recast previously reported quarterly periods in 2022. Our non-GAAP effective tax rate for the first quarter was 20%, reflecting the change in our methodology.

第一季度的 GAAP 有效稅率為 34.8%，第四季度為 63.8%，去年第一季度為 28.4%。第一季度 GAAP 實際稅率低於第四季度實際稅率，這主要是由於 2023 年第一季度低稅收管轄區的收益增加以及 2022 年第四季度的審計結算。提醒一下，在 2022 年第四季度，我們改變了我們的方法將我們的非 GAAP 有效稅率計算為長期預計稅率，並從 2022 年 1 月 1 日起實施新方法，並重鑄之前報告的 2022 年季度期間。我們的非 GAAP 有效稅率為第一季度為 20%，反映了我們方法的變化。

First quarter net income per diluted share was $1.14, up sequentially $0.60 and down $0.56 compared to the prior year. Our EPS was favorably impacted by $0.14 on a sequential basis and unfavorably impacted by $0.21 on a year-over-year basis due to foreign exchange. On a non-GAAP basis, net income per diluted share was $1.82 for the first quarter, up $0.09 sequentially and down $0.43 year-over-year. Note the prior year 2022 non-GAAP net income per diluted share and our prior year 2022 non-GAAP EPS reflects the Q4 2022 change in our methodology for the computation of the non-GAAP effective tax rate.

第一季度每股攤薄淨收益為 1.14 美元，環比上升 0.60 美元，比上年下降 0.56 美元。由於外匯，我們的每股收益環比受到 0.14 美元的有利影響，同比受到 0.21 美元的不利影響。按非美國通用會計準則計算，第一季度每股攤薄淨收益為 1.82 美元，比上一季度增長 0.09 美元，同比下降 0.43 美元。請注意，上一年的 2022 年非 GAAP 每股攤薄淨收入和我們上一年的 2022 年非 GAAP 每股收益反映了我們計算非 GAAP 有效稅率的方法在 2022 年第四季度發生的變化。

Moving on to the balance sheet. As of March 31, 2023, cash, cash equivalents and short-term and long-term marketable securities was $921.4 million, down sequentially $120.2 million and down $199.2 million year-over-year. Of the $921.4 million balance, $310.5 million was held in the U.S. and $610.9 million was held by our international entities. During Q1 2023, we purchased approximately 942,000 shares of our common stock at an average price of $307.74 per share for a total purchase price of $290 million, completing a $200 million accelerated share repurchase from Q4 2022, a $250 million ASR from Q1 2023 and our May 2021 $1 billion stock repurchase program.

轉到資產負債表。截至 2023 年 3 月 31 日，現金、現金等價物以及短期和長期有價證券為 9.214 億美元，環比下降 1.202 億美元，同比下降 1.992 億美元。在 9.214 億美元的餘額中，3.105 億美元由美國持有，6.109 億美元由我們的國際實體持有。 2023 年第一季度，我們以每股 307.74 美元的平均價格購買了約 942,000 股普通股，總購買價格為 2.9 億美元，完成了從 2022 年第四季度開始的 2 億美元加速股票回購、從 2023 年第一季度開始的 2.5 億美元 ASR 和我們的2021 年 5 月 10 億美元的股票回購計劃。

During Q1 2023, we announced that our Board of Directors authorized a new $1 billion stock repurchase program to succeed the 2021 $1 billion program. Currently, $1 billion remains available for repurchase under the 2023 $1 billion stock repurchase program. Q1 accounts receivable balance was $884 million, up sequentially. Our overall days sales outstanding was $83 (sic) 83 days, down approximately 2 days sequentially and down approximately 4 days as compared to Q1 last year. Cash flow from operations for the first quarter was $199.9 million. Capital expenditures for the first quarter were $64.1 million, primarily related to our continued investments to increase aligner manufacturing capacity and facilities. Free cash flow, defined as cash flow from operation less capital expenditures, amounted to $135.8 million.

2023 年第一季度，我們宣布董事會批准了一項新的 10 億美元股票回購計劃，以接替 2021 年的 10 億美元計劃。目前，根據 2023 年 10 億美元的股票回購計劃，仍有 10 億美元可供回購。第一季度應收賬款餘額為 8.84 億美元，環比上升。我們的總銷售額為 83 美元（原文如此）83 天，環比下降約 2 天，與去年第一季度相比下降約 4 天。第一季度的運營現金流為 1.999 億美元。第一季度的資本支出為 6410 萬美元，主要與我們為提高對準器製造能力和設施而進行的持續投資有關。自由現金流（定義為運營產生的現金流減去資本支出）為 1.358 億美元。

Now turning to our outlook. As Joe mentioned earlier, we are pleased with our Q1 results and what continues to be a more stable environment across all regions. We remain cautiously optimistic for continued stability as we move through the year. However, the macroeconomic environment remains uncertain. And given continued domestic and global challenges and unpredictability, we are not providing full year revenue guidance. We would like to see consistent improvements in the operating environment and consumer demand signals before revisiting our approach.

現在轉向我們的前景。正如 Joe 之前提到的，我們對第一季度的業績以及所有地區繼續保持更加穩定的環境感到滿意。我們對今年的持續穩定持謹慎樂觀態度。然而，宏觀經濟環境仍不明朗。鑑於持續的國內和全球挑戰和不可預測性，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持續改善。

We remain focused on making investments to drive growth and penetration into a huge untapped market opportunity, including our strategic investments in sales, marketing, technology and innovation. We are confident in our ability to address the massive opportunity for digital orthodontics and restorative dentistry, with our execution centered on our strategic initiatives. With this as a backdrop for Q2 2023, we anticipate Clear Aligner volume and ASPs to be up sequentially. We also anticipate Systems and Services revenue to be up sequentially.

我們仍然專注於進行投資以推動增長和滲透到巨大的未開發市場機會，包括我們在銷售、營銷、技術和創新方面的戰略投資。我們相信我們有能力抓住數字正畸和牙科修復的巨大機遇，我們的執行以我們的戰略舉措為中心。以此作為 2023 年第二季度的背景，我們預計 Clear Aligner 的銷量和平均售價將依次上升。我們還預計系統和服務收入將連續增長。

For Q2 2023, we anticipate revenues to be in the range of $980 million to $1 billion. We expect our Q2 2023 non-GAAP gross margins to be flat to slightly up from Q1 '23, and our Q2 2023 non-GAAP operating margin to be up by approximately 1 point sequentially as we continue to strategically prioritize our investments in go-to-market activities and R&D to drive growth.

對於 2023 年第二季度，我們預計收入將在 9.8 億美元至 10 億美元之間。我們預計我們的 2023 年第二季度非 GAAP 毛利率與 2023 年第一季度持平或略有上升，並且我們的 2023 年第二季度非 GAAP 營業利潤率將連續上升約 1 個百分點，因為我們繼續在戰略上優先考慮我們的投資-市場活動和研發以推動增長。

For full year 2023 and assuming no circumstances beyond our control, we reiterate our 2023 non-GAAP operating margin to be slightly above 20%. 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.

對於 2023 年全年，假設沒有我們無法控制的情況，我們重申我們 2023 年的非 GAAP 營業利潤率略高於 20%。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。

Finally, as it relates to the $75 million equity investment in Heartland Dental that Joe discussed, our investment is less than 5% of their company and Align has no oversight or involvement in management of Heartland Dental or its affiliates.

最後，由於涉及 Joe 討論的對 Heartland Dental 的 7500 萬美元股權投資，我們的投資不到他們公司的 5%，Align 沒有監督或參與 Heartland Dental 或其附屬公司的管理。

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 first quarter results that reflected an environment of continued stability for our doctor customers. However, degrees of uncertainty remain from market to market. We're confident in our durable competitive advantage as we continue to transform the orthodontic industry, bringing digital dentistry and clear aligner treatment to more doctors and the patients they serve, driven by our strategic initiatives of international expansion, orthodontist utilization, general dentist treatment and patient demand and conversion. We will continue to focus on the next phase of new platform innovations in scanning, software and direct 3D printing while prioritizing the needs of our customers for the ultimate benefit of their patients.

謝謝，約翰。最後，我們對第一季度的業績感到滿意，這反映了我們的醫生客戶持續穩定的環境。然而，市場之間仍存在一定程度的不確定性。我們對我們持久的競爭優勢充滿信心，因為我們繼續改變正畸行業，在我們的國際擴張、正畸醫生利用、普通牙醫治療和耐心的需求和轉化。我們將繼續專注於掃描、軟件和直接 3D 打印方面新平台創新的下一階段，同時優先考慮客戶的需求，以造福於他們的患者。

We are a purpose-driven organization with a tireless commitment to transform more smiles and change more lives. We're the only digital orthodontic company in the world today with the scale and reach to address the 500 million potential people that could benefit from teeth straightening within the Invisalign system.

我們是一個以目標為導向的組織，孜孜不倦地致力於改變更多的微笑和改變更多的生活。我們是當今世界上唯一一家具有規模和影響力的數字正畸公司，可以滿足 5 億可能受益於 Invisalign 系統牙齒矯正的潛在人群。

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.

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。現在我將把電話轉給接線員詢問問題。

(Operator Instructions) Our first question today comes from Jason Bednar from Piper Sandler.

（操作員說明）我們今天的第一個問題來自 Piper Sandler 的 Jason Bednar。

I wanted to start first maybe with the 2Q outlook. You're pointing to a sequential uplift in cases in the quarter. I think that's consistent with what we typically see in a normal year from first quarter to second quarter, I think it's normally a 5% to 10% uplift. So maybe a good sign if we're continuing to move back towards normal. I'm not sure if you're willing to touch that typical pattern there, Joe or John, just to comment on the second quarter. But regardless, can you elaborate maybe on the rhythm of activity you're seeing in the U.S. or international markets that's contributing to the visibility today and calling for those improved case volumes in the second quarter?

我想先從第二季度的展望開始。你指的是本季度病例數的連續上升。我認為這與我們通常在第一季度到第二季度的正常年份看到的情況一致，我認為通常會有 5% 到 10% 的提升。因此，如果我們繼續恢復正常，這可能是一個好兆頭。我不確定你是否願意觸及那裡的典型模式，Joe 或 John，只是為了評論第二季度。但無論如何，您能否詳細說明您在美國或國際市場上看到的活動節奏，這些活動有助於提高當今的知名度，並呼籲第二季度的案件數量有所增加？

Jason, it's Joe. First of all, I'd just describe what we have is stability right now. I mean you talk about the quarter-over-quarter seasonality of the business. We haven't really seen that for a long period of time. Obviously, that's embedded in our forecast right now. But I'd characterize again what we're seeing right now is stability, which I feel is good in the sense that we've had such instability over the number of years. And from quarter-to-quarter, we're seeing some consistency in that sense. And I think in this economic environment right now with the uncertainty in different aspects going on out there, I think the stability piece, and that's what we're leaning on as we move into Q2, is the right theme and the right kind of focus.

傑森，是喬。首先，我只想描述一下我們現在所擁有的穩定性。我的意思是你談論的是業務的季度季節性。我們已經很長一段時間沒有真正看到這一點了。顯然，這已嵌入我們的預測中。但我想再次描述我們現在看到的是穩定性，我覺得這很好，因為我們多年來一直存在這種不穩定。從一個季度到另一個季度，我們看到了某種意義上的一致性。而且我認為，在目前這種經濟環境中，不同方面都存在不確定性，我認為穩定性是我們進入第二季度時所依賴的，是正確的主題和正確的重點.

Okay. All right. Understood. Maybe to follow up and press a little bit more on maybe on the utilization side. Could you talk about maybe the puts and takes around some of the utilization metrics you're putting up here in the quarter? And as we think forward in the future, it seems like that ortho channel is seeing some good uplift, the first sequential improvement we've seen in over a year. International utilization did tick lower. But I'm wondering if there's a dynamic plan out there where some of your China doctors are coming back online and starting to do cases but not yet fully back up to normal.

好的。好的。明白了。也許會跟進並在利用率方面多加壓一點。你能談談你在本季度在這裡提出的一些利用率指標嗎？當我們展望未來時，似乎正通道正在看到一些良好的提升，這是我們一年多來看到的第一次連續改進。國際利用率確實有所下降。但我想知道是否有一個動態計劃，讓你們的一些中國醫生重新上線並開始做病例，但還沒有完全恢復正常。

So maybe just curious if you could unpack what you're seeing with utilization in those 2 channels, the North American ortho channel and your international customer base.

因此，也許只是好奇您是否可以通過利用這 2 個渠道、北美正交渠道和您的國際客戶群來解開您所看到的內容。

Yes. Utilization statistic is, Jason, obviously, important to us. Remember, it often gets somewhat muddled in the sense of DSO aggregation in different things, in different areas that we've had a report in an investment community at times. Your point on China is a good one. China was somewhat dark for us during the COVID piece, and we do see that coming back. The orthodontic piece is a good signal, too. So overall, I feel good about those -- the utilization numbers. I felt obviously good about the Gaidge data. I hate to see the wires and brackets moving up, but you could see we outperformed on the Clear Aligner segment on that piece, too. So we're seeing good doctor engagement, and that's on both the GP side and the ortho side.

是的。 Jason，利用率統計數據顯然對我們很重要。請記住，在 DSO 聚合的意義上，它經常在不同的事物中變得有些混亂，在我們有時在投資界有一份報告的不同領域。你對中國的看法很好。在 COVID 片期間，中國對我們來說有些黑暗，我們確實看到了它的回歸。正畸片也是一個很好的信號。所以總的來說，我對那些——利用率數字感覺很好。我顯然對 Gaidge 數據感覺良好。我討厭看到電線和支架向上移動，但您可以看到我們在那件產品上的 Clear Aligner 部分也表現出色。因此，我們看到了良好的醫生參與度，這在 GP 方面和矯正方面都是如此。

I think the overall piece here is you have to look at a continued challenge from an adult standpoint when you look at our numbers across the globe. And I think that's more reflective of the consumer index and confidence, things that we've talked about in the past. And the teens in that certain window of treatment are more certain when they seek treatment than some of the adults in those cases. I hope that addresses your question, Jason.

我認為這裡的整體內容是，當您查看我們在全球範圍內的數據時，您必須從成人的角度來看待持續的挑戰。我認為這更能反映消費者指數和信心，這些我們過去曾討論過。在某些情況下，處於特定治療窗口的青少年在尋求治療時比某些成年人更有把握。我希望這能解決你的問題，傑森。

Yes. Yes, definitely.

是的。當然是。

Our next question comes from Elizabeth Anderson from Evercore ISI.

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

So one, my first question would be, I know you said China is coming back. Are you seeing that continue to sort of improve as we think about the second quarter? I mean obviously, you're lapping some of the shutdowns last year, but I'd be curious about how that was improving. And then just two, I think you called out some broader utilization and improvements to help drive the margins higher in the second quarter and the guidance that you just gave. But could you go into a little bit more detail about what specifically is helping to push those up?

所以，我的第一個問題是，我知道你說過中國正在回歸。當我們考慮第二季度時，您是否看到這種情況繼續有所改善？我的意思是，很明顯，去年你正在處理一些停工，但我很好奇這是如何改善的。然後只有兩個，我認為你提出了一些更廣泛的利用和改進，以幫助提高第二季度的利潤率和你剛剛給出的指導。但是您能否更詳細地說明具體是什麼有助於推動這些增長？

I think, Elizabeth, I'll take the kind of the margin piece. This is John. We'll see improvements as we produce more product, sell more product. We talked about that being sequentially up from a volume standpoint and utilize our facilities, whether it's Clear Aligner or on the Systems and Services side. So that's definitely a help. And in particular, with some of the improvements that we're seeing with higher utilization in Poland, as that plant continues to ramp up, we see improvements in gross margin that way.

我想，伊麗莎白，我會選擇那種邊緣部分。這是約翰。隨著我們生產更多產品，銷售更多產品，我們會看到改進。我們談到了從數量的角度順序上升並利用我們的設施，無論是 Clear Aligner 還是在系統和服務方面。所以這絕對是一個幫助。特別是，隨著我們在波蘭的更高利用率看到的一些改進，隨著該工廠的繼續增加，我們看到毛利率有所改善。

Elizabeth, on China, I could -- it was kind of a difficult quarter in a sense of how it started. But we saw good unfolding as the quarter went forward. I'd say when I hear people say China returning, China is coming out of a COVID crisis. I think we see, obviously, across different industries, China improving in that sense. But I'd say no way is China back in the sense of we envision China 4 years ago or so before we went into this mess.

伊麗莎白，關於中國，我可以——從開始的意義上說，這是一個困難的季度。但隨著本季度的推進，我們看到了良好的發展。我會說，當我聽到人們說中國回歸時，中國正在走出 COVID 危機。我想我們顯然看到，在不同的行業中，中國在這方面有所改善。但我要說的是，在我們陷入這場混亂之前，中國絕不會回到我們 4 年前左右設想的那種意義上。

Right now, I'd say what we've seen in China the last few months is just stability, I'd say some stability and a more clear signal out of China than we've seen in the past, but nothing that we're ready to forecast through from an individual growth standpoint.

現在，我想說的是，過去幾個月我們在中國看到的只是穩定，我想說的是比過去看到的一些穩定和來自中國的更明確的信號，但沒有什麼是我們'準備好從個人成長的角度進行預測。

Our next question comes from Jon Block from Stifel.

我們的下一個問題來自 Stifel 的 Jon Block。

Maybe somewhat of a similar line of question, but I just want to stick to maybe the March quarter. So let's say, most of the [1Q '23] revenue be -- is specific to ASP related, if you would. So I'm curious how Invisalign cases trended throughout the March quarter. And if there's anything to call out within the different regions and how that played out, call it, from a Jan to a March. Because when you do start some of the implied math based on, John, your commentary where 1Q ASP was going to land, it seems like case falls were maybe on your number prior, not ahead. So again, just any color around case falls throughout the quarter and by region would be helpful.

也許有點類似的問題，但我只想堅持三月份的季度。所以比方說，如果你願意的話，[23 年第一季度] 的大部分收入都是與 ASP 相關的。所以我很好奇 Invisalign 案例在整個三月季度的趨勢如何。如果從 1 月到 3 月，不同地區有什麼要說的，以及結果如何，請說出來。因為當你開始一些隱含的數學時，約翰，你的評論 1Q ASP 將要降落的地方，似乎案例下降可能是在你之前的數字上，而不是提前。因此，在整個季度和按地區劃分的情況下，任何圍繞案例的顏色都會有所幫助。

Jon, this is John. So I would say in specific, as we said in China, we saw improvement in China. I mean it went from January with a lot of the COVID cases and February was better than January and March was better than February. We saw that. And then as Joe described, we've seen stability in a lot of the other markets where there's puts and takes, but overall, more stability throughout the quarter. And that's what kind of got us to our overall volume numbers.

喬恩，這是約翰。所以我想具體地說，正如我們在中國所說的那樣，我們看到了中國的進步。我的意思是，從 1 月開始，有很多 COVID 病例，2 月好於 1 月，3 月好於 2 月。我們看到了。然後正如喬所描述的那樣，我們已經看到許多其他市場的穩定性，但總體而言，整個季度都更加穩定。這就是讓我們獲得總銷量的原因。

Okay. So then I'll ask my follow-up and then I'll ask my second question. I think on the initial guide, China was supposed to be down Q-over-Q. Was China still down Q-over-Q, 4Q to 1Q based on your commentary? Or was that up and you gave it back a little bit somewhere else? That would just be the follow-up to the first question.

好的。那麼我會問我的後續行動，然後我會問我的第二個問題。我認為在最初的指南中，中國應該下降 Q-over-Q。根據您的評論，中國是否仍在下降 Q-over-Q、4Q 至 1Q？還是那件事發生了，你在其他地方把它還給了一點？那隻是第一個問題的後續問題。

The second question is just burning one on 2Q a little bit. When you say ASP up 2Q versus 1Q, is there a dart throw of maybe low single digits or 1% to 2%. I'm guessing you get the stub on the price increase, you get the full quarter in 2Q that you didn't get in 1Q. And maybe FX, as we sit here today, is more favorable for the June quarter versus March.

第二個問題只是在 2Q 上燒掉一點點。當你說 ASP 在 2Q 和 1Q 之間上漲時，是否有低個位數或 1% 到 2% 的飛鏢投擲。我猜你得到了價格上漲的存根，你在第二季度得到了你在第一季度沒有得到的整個季度。也許我們今天坐在這裡的外匯對 6 月季度比 3 月更有利。

Yes. Thanks, Jon. Yes, on China, we didn't specifically guide for China in Q1, and it played out as we described there. But that's what we saw in China, which adds to what Joe was talking about, just that stability that we saw there that we haven't seen in 3 years or so.

是的。謝謝，喬恩。是的，關於中國，我們在第一季度沒有專門針對中國進行指導，結果就像我們在那裡描述的那樣。但這就是我們在中國看到的情況，這增加了喬所說的內容，就是我們在那裡看到的穩定性，這是我們在 3 年左右的時間裡從未見過的。

On ASPs, you're right. We expect it to be slightly up over Q1. It's getting that full quarter of price change and so on the price increase we have and kind of taking the FX where it's at right now. So slightly up compared to what we saw in Q1.

在 ASP 上，你是對的。我們預計它會比第一季度略有上升。它正在經歷整個季度的價格變化，等等我們所擁有的價格上漲以及某種程度上將外匯帶到現在的位置。與我們在第一季度看到的相比略有上升。

Our next question comes from Jeff Johnson from Baird.

我們的下一個問題來自 Baird 的 Jeff Johnson。

Following up on Jon's question, I think he was trying to get up the same thing. But look, I mean, revenue in 1Q came in clearly ahead of what you guys were talking about. 2Q is at least being guided above the Street, which is obviously encouraging. You're talking about stability throughout the quarter. So I guess I'm trying to understand why isn't that translating to slightly better margins? I think your margin number in the 1Q was spot on with us. It was above the Street right on what we were thinking, but your full year guidance is staying the same. And it sounds like you feel a little better about the end markets. You're definitely translating that to better revenue. I would just think even with fixed cost leverage, maybe we would have seen a little bit better margin in the 1Q and a little bit more optimistic outlook for the year.

跟進 Jon 的問題，我認為他正試圖提出同樣的問題。但是，我的意思是，第一季度的收入明顯超過你們所說的。 2Q 至少在華爾街之上，這顯然是令人鼓舞的。你在談論整個季度的穩定性。所以我想我想知道為什麼這不能轉化為稍微好一點的利潤率？我認為您在第一季度的保證金數字與我們一致。它高於我們的想法，但您的全年指導保持不變。聽起來你對終端市場感覺好一點了。你肯定會把它轉化為更好的收入。我只是認為，即使有固定成本槓桿，也許我們會在第一季度看到更好的利潤率，並且今年的前景會更加樂觀。

I think, Jon, when you look at -- or sorry, Jeff, when you think of the total year, there's still uncertainty in the second half. So we tried to give a good view of where we think Q2 will be based on that guidance, but there's still uncertainty in the second half. And that's why we've stayed away from that revenue guide for the total year and kept our op margin that we talked about, the non-GAAP at 20% or slightly above kind of out there, just for that uncertainty still in the second half.

我想，喬恩，當你看到——或者抱歉，傑夫，當你想到全年時，下半年仍然存在不確定性。因此，我們試圖根據該指導很好地了解我們認為第二季度的位置，但下半年仍然存在不確定性。這就是為什麼我們一直遠離全年的收入指南，並保持我們談到的營業利潤率，非 GAAP 保持在 20% 或略高於那裡的水平，只是因為下半年仍然存在不確定性.

Okay. And then maybe a follow-up. I just want to make sure, on DSP, I think I know the answer to this. I don't want to expose my naïveté if it is that. But I know there's commercial product in there. I know obviously, there's Vivera in there. Do any cases get captured within DSP?

好的。然後也許是後續行動。我只是想確定，在 DSP 上，我想我知道這個問題的答案。如果是這樣的話，我不想暴露我的天真。但我知道那裡有商業產品。我很清楚，那裡有 Vivera。 DSP 是否捕獲了任何案例？

Obviously, as DSP is growing nicely, the 575,000 cases you did this quarter, the 598,000 cases you did last year in the first quarter. If we subtracted out DSP or if that didn't exist, would those case volumes be different at all? Is the down 3%, 4% year-over-year being impacted at all by more things moving to DSP? Just want to understand the impact that has as we look at these reported global case volumes.

顯然，由於 DSP 增長良好，您本季度完成的 575,000 個案例，去年第一季度完成的 598,000 個案例。如果我們減去 DSP 或者如果它不存在，那麼這些案例數量會完全不同嗎？同比下降 3%、4% 是否受到更多東西轉向 DSP 的影響？只是想了解在我們查看這些報告的全球案例量時所產生的影響。

No, you're right, Jeff. I mean so as DSP grows, there are some non-comprehensive typically cases that get caught in there. Those would be minor adjustments, minor movement cases that those doctors would want. Instead of going into a non-comprehensive case in ordering that, they're using DSP. And so therefore, DSP kind of includes it.

不，你是對的，傑夫。我的意思是，隨著 DSP 的發展，那裡會出現一些不全面的典型案例。這些將是那些醫生想要的微小調整，微小的運動案例。他們沒有在訂購時進入非綜合案例，而是使用 DSP。因此，DSP 有點包含它。

It's great revenue for us. It's additional revenue. That's why when you think of that other revenue piece of it, it's growing faster as DSP grows, and it's really fulfilling the way that doctors want to be sold to. But some of that case volume gets trapped within DSP.

這對我們來說是一筆可觀的收入。這是額外的收入。這就是為什麼當你想到它的其他收入部分時，它隨著 DSP 的增長而增長得更快，而且它確實實現了醫生希望被出售給的方式。但其中一些案例量被困在 DSP 中。

But Jeff, just to make sure we're talking kind of apples-to-apples, you asked if you stripped out those cases from our reported case volumes. They're not counted in the case volume is the point, and that was the comments that John made on the script about the implied impact of DSP revenue growth because those aren't counted in case shipments.

但是傑夫，為了確保我們談論的是同類問題，你問你是否從我們報告的案例數量中剔除了這些案例。它們不計入案例數量是重點，這就是約翰在腳本中關於 DSP 收入增長的隱含影響的評論，因為這些不計入案例出貨量。

Right. And as they're growing, then I'm assuming the 4% year-over-year case volume contraction you reported this year in the first quarter looks a little worse than it actually would have been if DSP wasn't out there. And that's what I'm trying to get at. Is there any way to quantify that? Would cases, if not for DSP, been closer to flat year-over-year? Or just any way to kind of guide us around about what that impact of DSP growing nicely year-over-year, but then that's capturing -- DSP is capturing more cases this quarter -- this year in the first quarter than it did last year in the first quarter.

正確的。隨著它們的增長，我假設你今年第一季度報告的 4% 的同比案例量收縮看起來比沒有 DSP 的實際情況要糟糕一些。這就是我想要達到的目的。有什麼方法可以量化嗎？如果不是 DSP，案例是否會同比持平？或者只是任何一種方式來指導我們了解 DSP 的影響逐年增長，但那是捕獲 - DSP 本季度捕獲了更多案例 - 今年第一季度比去年更多在第一季度。

Yes. We haven't broken that out, Jeff, within DSP, but you're right. The year-over-year case volume change would not have been down by as much. It would have been more -- it would have been adjusted because DSP is growing, and there's more cases that kind of get trapped within there. But as Shirley said, we don't report those DSP cases. They're not there. They just show up in our other revenue.

是的。傑夫，我們還沒有在 DSP 內部解決這個問題，但你是對的。同比案例數量變化不會下降那麼多。它本來會更多——它會被調整，因為 DSP 正在增長，而且有更多的案例被困在裡面。但正如雪莉所說，我們不報告那些 DSP 案例。他們不在那裡。他們只是出現在我們的其他收入中。

Our next question comes from Brandon Vazquez from William Blair.

我們的下一個問題來自威廉布萊爾的布蘭登巴斯克斯。

I think first, I just wanted to focus kind of on the adult side. The cases were down quarter-over-quarter. Those are the cases a little more exposed to the macro side. But you are also guiding to sequential improvements in volumes going forward. So just kind of curious if you can talk about that dynamic. Is teen quarter-over-quarter growth enough to kind of offset that? Are you expecting adults to also improve? Just kind of any dynamics around that would be helpful.

我想首先，我只是想把注意力集中在成人方面。案件環比下降。這些情況更容易受到宏觀方面的影響。但你也在指導未來數量的連續改進。所以，如果你能談談這種動態，那就有點好奇了。青少年季度環比增長足以抵消這一影響嗎？你希望成年人也能改善嗎？任何關於這方面的動態都會有所幫助。

Brandon, it's Joe. Look, I think when you look at adults, I look at that as really tied to the consumer confidence indices, particularly in the Western world that we can track. And look, I'm not -- we're not smart enough to predict where that's going. It looks like that's stable right now, too, when you look at the way those lines are trending in the United States and different parts of the Western world.

布蘭登，是喬。看，我認為當你看成年人時，我認為這確實與消費者信心指數有關，尤其是在我們可以追踪的西方世界。看，我不是——我們不夠聰明，無法預測事情的發展方向。當你看看這些線條在美國和西方世界不同地區的趨勢時，它看起來現在也很穩定。

On the teen side, our second quarter is a big teen season. In the Western world, third quarter is big teens for China. And so that's why we talked about it in my script is that we came out of the first quarter with really positive signs on teens. As we go into the quarter, we have some momentum in that sense. And so we stay focused on adults, and we'll execute well around adults. But in teen season 2, we keep a very sharp focus there because we think that demand equation is much more consistent.

在青少年方面，我們的第二季度是一個重要的青少年賽季。在西方世界，第三季度對中國來說是大十幾歲。所以這就是為什麼我們在我的劇本中談論它的原因是我們從第一季度開始就對青少年產生了非常積極的跡象。當我們進入本季度時，我們在這個意義上有一些勢頭。所以我們一直專注於成年人，我們會在成年人周圍表現出色。但在青少年第 2 季中，我們非常關注那裡，因為我們認為需求方程更加一致。

Okay. And then maybe I'll take us a step away from kind of the near-term stuff and just talk about higher-level strategy on the DSOs. It looks like you guys are having good progress there. Can you talk about are there any kind of like fundamental differences of going to that market? Any commercial strategy differences? Are there potential margin benefits because you're kind of dealing with one large organization that sells to bigger accounts? Anything you can call out there for us?

好的。然後也許我會讓我們遠離近期的事情，只談談 DSO 的更高層次的戰略。看起來你們在那裡取得了很好的進展。你能談談進入那個市場有什麼基本的區別嗎？任何商業策略差異？是否有潛在的利潤收益，因為您正在與一家向更大客戶銷售產品的大型組織打交道？你有什麼可以為我們打電話的嗎？

Yes, it's a good question. The DSOs, you're right. There's something we call OpEx, some cost aspects you don't have to have as high as the number of salespeople calling on that account. You organize resources differently to make sure you support a team like Heartland the way they need to be supported. What's really great is a very synergistic effect, too, in the sense of how they execute on their clinicals throughout their organization from an efficiency standpoint, how to teach our doctors to use our product to enhance what their capability is in the digital dentistry side.

是的，這是個好問題。 DSO，你是對的。有一些我們稱之為 OpEx 的東西，一些成本方面你不必像拜訪該客戶的銷售人員一樣多。你以不同的方式組織資源，以確保你以他們需要的方式支持像 Heartland 這樣的團隊。真正偉大的是一種非常協同的效果，從效率的角度來看，他們如何在整個組織中執行臨床，如何教我們的醫生使用我們的產品來增強他們在數字牙科方面的能力。

And so -- and then obviously, we help to teach through their teachers in the sense of how we train their doctors and all. So what we really like about with Heartland, and we have a good relationship with other DSOs. With Heartland, there's a really good focus from a digital standpoint and good execution around how they want to move that to the marketplace to their doctors. It's very professional, and that's why we've seen growth in that channel. And we see that with Smile Docs also. On the orthodontic side, they're a strong orthodontic DSO. And we're really, really happy to partner with them because we have the same vision and the same focus on expanding the marketplace for digital orthodontics.

所以 - 然後很明顯，我們通過他們的老師幫助他們進行教學，從我們如何培訓他們的醫生和所有人的意義上講。這就是我們真正喜歡 Heartland 的地方，並且我們與其他 DSO 有著良好的關係。有了 Heartland，從數字的角度來看，他們非常關注他們希望如何將其轉移到市場上，並很好地執行他們的醫生。它非常專業，這就是我們看到該渠道增長的原因。我們在 Smile Docs 中也看到了這一點。在正畸方面，它們是強大的正畸 DSO。我們真的非常高興與他們合作，因為我們擁有相同的願景並且同樣專注於擴大數字正畸市場。

Our next question comes from Nathan Rich from Goldman Sachs.

我們的下一個問題來自高盛的 Nathan Rich。

Maybe going back to China, if I could. Joe, is there any way to characterize kind of where case shipments were in March relative to maybe where the business was prior to the lockdowns? And can you maybe just talk generally how you feel about the consumer there and their kind of coming out of these lockdowns, willingness to spend on dental treatment?

如果可以的話，也許會回到中國。喬，有沒有什麼方法可以描述 3 月份的案例出貨量相對於封鎖前的業務狀況？你能不能大致談談你對那裡的消費者的看法，以及他們從這些封鎖中走出來的方式，願意花在牙科治療上的意願？

Well, I think we're coming out of a complete blackness, okay, when you get it. So Nate, it's really hard to pull a signal out of all that noise, except for we had a reasonable quarter, and you can see we're predicting that in the second quarter for China. That's kind of as far as I want to go.

好吧，我想我們正從完全的黑暗中走出來，好吧，等你明白了。所以內特，真的很難從所有這些噪音中提取信號，除了我們有一個合理的季度，你可以看到我們在第二季度預測中國。這就是我想去的地方。

When you think about China itself, from a consumer standpoint, you have to look at the private institution, you have to look at the public hospitals. And again, that data isn't clear enough for us in the sense of what the sustainability is on that piece. So we're just being cautious. I don't think China is going to revert back into a COVID kind of a shutdown. I think we all know that. But that economy is somewhat questionable right now in the sense of how fast it will rebound and in what direction it rebounds in. We're just being cautious in the sense of how we're going to forecast.

當你考慮中國本身時，從消費者的角度來看，你必須看看私人機構，你必須看看公立醫院。再說一次，就那件作品的可持續性而言，這些數據對我們來說還不夠清楚。所以我們只是保持謹慎。我不認為中國會恢復到 COVID 那種關閉狀態。我想我們都知道這一點。但就經濟反彈的速度和反彈方向而言，該經濟目前尚存疑慮。我們只是在預測方面持謹慎態度。

Okay. Sounds good. And then, John, maybe a follow-up for you. Could you maybe just help us get a sense of where the 3 by 3 case penetration was in 1Q? And it sounds like you're expecting a pretty meaningful step up in 2Q. I don't know if you can kind of put any numbers around that in terms of what that will do in terms of the revenue recognition that you'll get kind of incrementally relative to the first quarter as that penetration increases.

好的。聽起來不錯。然後，約翰，也許是你的後續行動。您能否幫助我們了解 3 乘 3 案例滲透率在 1Q 中的位置？聽起來你期待在第二季度有一個非常有意義的進步。我不知道你是否可以在收入確認方面做些什麼來圍繞它做一些數字，隨著滲透率的增加，你將獲得相對於第一季度的增量。

Well, I think first off, the [3 and 3], it's a great product that our customers want and they're utilizing. And so we're happy to see in the markets that we've released good adoption. Started in January for us, and we saw it progressively increase as we went through into the quarter. So every month got better. And it really gives doctors more options in terms of how they want to purchase our product. As I said in my remarks, many of our doctors -- most of our doctors don't do more than 2 refinements. So this is a product that's perfect for them, allows them to treat patients the way they can.

好吧，我認為首先，[3 和 3]，這是我們的客戶想要並且他們正在使用的好產品。因此，我們很高興在市場上看到我們已經發布了良好的採用情況。我們從 1 月份開始，隨著我們進入本季度，我們看到它逐漸增加。所以每個月都變得更好。就購買我們產品的方式而言，它確實為醫生提供了更多選擇。正如我在發言中所說，我們的許多醫生——我們的大多數醫生所做的改進不超過 2 次。所以這是一款非常適合他們的產品，可以讓他們盡其所能地治療患者。

And then from a revenue recognition standpoint, it helps us because we don't have -- we have pretty much a defined number of aligners, only up to 3 refinements. And it's over a 3-year period, so we're able to recognize revenue over a shorter period of time. And the adoption of this as well as other factors are in the overall Q2 guide.

然後從收入確認的角度來看，它對我們有幫助，因為我們沒有——我們有幾乎確定數量的校準器，最多只有 3 次改進。而且它超過了 3 年，所以我們能夠在更短的時間內確認收入。並且採用這個以及其他因素都在整個 Q2 指南中。

Our next question comes from Michael Ryskin from Bank of America.

我們的下一個問題來自美國銀行的 Michael Ryskin。

I want to follow up on an earlier question regarding what you saw in adult versus teens. I recognize your point on adult being a little bit more consumer exposed and maybe some of that is a little bit more macro driven. But just wondering, anything you can comment to in terms of how that progressed through the quarter? Or any difference you're seeing U.S. versus Europe versus EMEA, just given anything on progression there, things like that? Just circle that back to your comments on stability, it would be really helpful to bridge that.

我想跟進一個關於你在成人和青少年中看到的問題。我認識到你的觀點，即成人更多地接觸消費者，也許其中一些是宏觀驅動的。但只是想知道，關於本季度的進展情況，您有什麼可以評論的嗎？或者你看到美國與歐洲與 EMEA 之間的任何差異，只是考慮到那裡的進展情況，諸如此類？只需將其圈回您對穩定性的評論，這將非常有助於彌合這一點。

Michael, it's Joe. I mean if anything has been consistent, we have seen the pressure on adults during this whole downturn. Now we can see pressure on teens, too, but not to the same extent. These things vary by country in Europe. There's no Europe, you have to look at by country or whatever in the United States. But in general, we see very similar trends from an adult and teen standpoint. With more teen demand, not saying positive team demand, but stronger teen demand than we've seen with adults. So what we feel good about is that we're seeing decent stability in those numbers, and adult creep up a little bit. We saw our DSOs in the United States execute really well around adults, which shows you that if you have the right kind of focus, you can still have a good patient yield on the adult side if you're working that piece.

邁克爾，是喬。我的意思是，如果有什麼是一致的，我們已經看到了在整個經濟低迷時期成年人面臨的壓力。現在我們也可以看到青少年的壓力，但程度不同。這些事情因歐洲國家而異。沒有歐洲，你必須按國家或美國的任何地方來看。但總的來說，從成人和青少年的角度來看，我們看到了非常相似的趨勢。隨著更多的青少年需求，不是說積極的團隊需求，而是比我們看到的成年人更強烈的青少年需求。所以我們感到高興的是，我們看到這些數字相當穩定，而且成人人數略有上升。我們看到我們在美國的 DSO 在成人周圍表現得非常好，這表明如果你有正確的關注點，如果你正在做那件事情，你仍然可以在成人方面獲得良好的患者收益。

But in general, I think until we see significant economic improvement, I don't know if that adult-teen kind of ratio in the sense that we're seeing is going to change dramatically. I think we have to see a good upturn in consumer confidence before we see that reflected in adult volume. Doesn't mean that confidence doesn't affect teens, but it doesn't affect it to the same degree.

但總的來說，我認為在我們看到顯著的經濟改善之前，我不知道我們所看到的那種成人與青少年的比例是否會發生巨大變化。我認為我們必須先看到消費者信心的良好回升，然後才能看到成人消費量的反映。並不意味著自信不會影響青少年，但不會影響到同樣的程度。

Okay. All right. That's helpful. And then on the ASP front again, I know you guys just talked about the price hike for a while and you discussed some of the factors that led to the ASPs in 1Q and sort of the outlook for 2Q. I'm just wondering, we've always sort of debated price elasticity here or demand elasticity as it relates to price. I know there's a lot of debate on that earlier this year. Just wondering if now that you've got a full quarter under your belt, any additional learnings on price sensitivity in the market, ability to take more price through another price hikes? So what are your thoughts on that a couple of months in?

好的。好的。這很有幫助。然後再次在 ASP 方面，我知道你們剛剛談論了一段時間的價格上漲，你們討論了導致第一季度 ASP 的一些因素以及第二季度的前景。我只是想知道，我們一直在爭論價格彈性或與價格相關的需求彈性。我知道今年早些時候對此有很多爭論。只是想知道現在您是否已經有了一個完整的季度，是否有任何關於市場價格敏感性的額外知識，是否有能力通過另一次價格上漲來獲得更多價格？那麼幾個月後你對此有何看法？

I think price elasticity is a good question in this marketplace. Michael, I think we've always known it's been there. I mean we see -- our competitors don't necessarily compete at all on technology, they compete on price. And then we know that it's had a certain amount of success in a certain part of the marketplace, and that will always be there. But when you look at our price increase here, and I think you're associating our price increase with price elasticity and our volume is our 3 by 3, which we didn't increase and obviously, there's a limitation on additional aligners. It was really well-received by the marketplace and very from a GP standpoint and ortho standpoint, too. And our increase on our comprehensive was seen as fair and also the other parts. I would say not everybody loves a price increase, and we see our NPS score. But if I -- I've been here long enough to have enough data points to tell you that I think this price increase -- our pricing approach was received better by the marketplace than any other one that I've instituted since I've been here.

我認為價格彈性在這個市場上是一個很好的問題。邁克爾，我想我們一直都知道它在那裡。我的意思是我們看到——我們的競爭對手不一定在技術上競爭，他們在價格上競爭。然後我們知道它在市場的某個部分取得了一定的成功，而且會一直存在。但是當你在這裡看到我們的價格上漲時，我認為你將我們的價格上漲與價格彈性聯繫起來，我們的數量是 3 x 3，我們沒有增加，顯然，額外的對準器是有限制的。它確實受到了市場的歡迎，從 GP 的角度和 ortho 的角度來看也是如此。我們的綜合增長被認為是公平的，其他部分也是如此。我會說不是每個人都喜歡價格上漲，我們看到了我們的 NPS 分數。但如果我——我在這里工作的時間足夠長，有足夠的數據點可以告訴你我認為這次價格上漲——我們的定價方法比我自從我制定的任何其他方法都更受市場歡迎曾在這裡。

And so I feel good about it because I think it matched our customer expectations with what we need from a business standpoint. And so I don't think that, that elasticity was negative at all in the sense with the price increases here. And most of our competitors, they are truly competitors followed in that sense with price increases, too.

所以我對此感覺很好，因為我認為它符合我們客戶的期望和我們從業務角度所需要的。所以我不認為，在價格上漲的意義上，彈性根本不是負的。而我們的大多數競爭對手，從這個意義上講，他們也是真正的競爭對手，他們也跟著漲價。

Our next question comes from Erin Wright from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Erin Wright。

I'll ask my question both upfront here. But first on Heartland and the investment there. How does the relationship change now with the investment? And would this constrain any future relationships with DSO partners? Did you contemplate any sort of conflict of interest that could arise there?

我會在這裡提前問我的問題。但首先是關於 Heartland 和那裡的投資。現在這種關係隨著投資發生了怎樣的變化？這會限制未來與 DSO 合作夥伴的關係嗎？您是否考慮過那裡可能出現的任何利益衝突？

And then second question would be on the scanner business and how we should be thinking about the quarterly progression of the segment and stability across the business and how we're just thinking about just equipment demand trends in general overall with iTero.

然後第二個問題是關於掃描儀業務，我們應該如何考慮該細分市場的季度進展和整個業務的穩定性，以及我們如何只考慮 iTero 的整體設備需求趨勢。

Erin, it's Joe. I'll take them. On the DSO side, I don't see a conflict at all. We have DSOs that really want to address digital dentistry through digital orthodontics and they're excited about our -- obviously, our digital footprint and what we can offer from a platform standpoint. And so Heartland is helping the lead on the GP side in that sense, and I mentioned Smile Docs on the ortho side is there, too. So again, I don't expect this to be an issue within any of our accounts because we will engage with them and to help them on a demand equation if they want to be as aggressive and consistent, and this implementation is what Heartland has been and what Smile Docs have been, too.

艾琳，是喬。我會帶他們。在 DSO 方面，我根本看不到衝突。我們有真正希望通過數字正畸解決數字牙科問題的 DSO，他們對我們——顯然，我們的數字足跡以及我們從平台的角度可以提供的東西感到興奮。因此，從這個意義上說，Heartland 正在幫助 GP 方面的領先地位，我提到過鄰邊的 Smile Docs 也在那裡。再說一次，我不希望這會成為我們任何客戶的問題，因為如果他們想要積極進取和始終如一，我們將與他們接觸並在需求方程式上幫助他們，而這種實施就是 Heartland 一直以來的做法Smile Docs 也是如此。

And I don't see a conflict of interest at all. When I hear that term, my hair goes up in the air. I don't see anything that's conflicting at all. I think this is completely in line with what we believe in. We want to drive digital orthodontics as fast as we possibly can. And those DSOs and frankly, not just DSOs, just we have several doctors that have multiple practices that we engage with to try to expand those practices with them because we know they've committed to digital orthodontics and can drive those things forward. So I'd look at this as a positive statement that we're ready to engage and invest with our partners that share our vision.

我根本看不到利益衝突。當我聽到這個詞時，我的頭髮都豎了起來。我根本看不出有什麼矛盾之處。我認為這完全符合我們的信念。我們希望盡可能快地推動數字正畸。那些 DSO，坦率地說，不僅僅是 DSO，我們有幾位醫生，他們有多種實踐，我們參與其中，試圖與他們一起擴展這些實踐，因為我們知道他們致力於數字正畸並可以推動這些事情向前發展。因此，我認為這是一個積極的聲明，表明我們已準備好與擁有共同願景的合作夥伴進行接觸和投資。

And then secondly on the scanner business, I think you look at what happened between fourth quarter and first quarter. I think you have to take that in context. Fourth quarter is always a big capital equipment cycle, and first quarter is lower. This wasn't much different when you look at the numbers when you look at our overall services business through that business because we have such a broad installed base that held up very well.

其次是掃描儀業務，我想你看看第四季度和第一季度之間發生了什麼。我認為你必須結合上下文來考慮。第四季度始終是一個大的資本設備週期，而第一季度則較低。當你通過該業務查看我們的整體服務業務時，當你查看數字時，這並沒有太大的不同，因為我們擁有如此廣泛的安裝基礎，並且保持得很好。

So as I look at the scanner marketplace and where we stand today, I believe we have the largest installed base out there. We monetize that well from a services standpoint, we work with those accounts. When you look at our NPS scores of customers that use iTero, significantly higher customer satisfaction than ones that don't and try to use PVS impressions or something else, too.

因此，當我審視掃描儀市場和我們今天所處的位置時，我相信我們擁有最大的安裝基礎。從服務的角度來看，我們很好地從中獲利，我們與這些客戶合作。當您查看我們使用 iTero 的客戶的 NPS 分數時，客戶滿意度明顯高於那些不嘗試使用 PVS 印像或其他東西的客戶。

So when I look at our technology versus technology from competitors, I feel we lead, and we'll continue to lead in the marketplace. So our iTero scanner is critical for us going forward. It's a key part of our digital platform. Don't look at the fourth quarter and first quarter as any kind of a signal to say that we're losing momentum in that business. We always see that difference between fourth quarter and first quarter. John, you want add anything? You...

因此，當我比較我們的技術與競爭對手的技術時，我覺得我們處於領先地位，而且我們將繼續在市場上處於領先地位。因此，我們的 iTero 掃描儀對我們的發展至關重要。它是我們數字平台的關鍵部分。不要將第四季度和第一季度視為我們正在失去該業務勢頭的任何信號。我們總是看到第四季度和第一季度之間的差異。約翰，你想補充什麼嗎？你...

That's good. I mean it's very consistent.

那挺好的。我的意思是它非常一致。

Our final question today comes from Kevin Caliendo from UBS.

我們今天的最後一個問題來自瑞銀的 Kevin Caliendo。

I just want to go back to Heartland. Can you tell me how much volume you did with Heartland in '22? Is this going to potentially impact that going forward? Is there any guarantees or any buy-ins there? Or do you just -- maybe more contribute to their growth as they continue to grow? And I guess the follow-up to there is, how are you accounting for this? It says less than 5% ownership. I'm assuming that means whatever runs through the P&L would be a noncontrolling interest, right? And -- or is it somehow above the line? And is this impacting margins in any way, shape or form?

我只想回到哈特蘭。你能告訴我你在 22 年用 Heartland 製作了多少卷嗎？這是否會潛在地影響未來的發展？那裡有任何保證或任何買入嗎？或者你只是 - 也許隨著他們的繼續成長而為他們的成長做出更多貢獻？我想接下來的內容是，你是如何解釋的？它說不到 5% 的所有權。我假設這意味著任何貫穿損益表的東西都是非控制性利益，對吧？並且 - 或者它是否以某種方式超出了這條線？這是否會以任何方式、形狀或形式影響利潤率？

Kevin, I'll take the first one. John is our expert in accounting here. I'll let him take the next one, okay? So on Heartland, look, we don't give individual numbers like this, but you can guess Heartland is the biggest DSO in the world, and they're very effective DSO in that sense. And this is a meaningful investment, and we're seeing meaningful growth with those guys. And I think we're trying to model something. I think not just a model, it's a good relationship and has a good trajectory from a growth standpoint. John, accounting?

凱文，我要第一個。約翰是我們這裡的會計專家。我讓他接下一個，好嗎？所以在 Heartland 上，看，我們不會給出這樣的個人數字，但你可以猜到 Heartland 是世界上最大的 DSO，從這個意義上說，它們是非常有效的 DSO。這是一項有意義的投資，我們看到這些人取得了有意義的增長。而且我認為我們正在嘗試對某些東西進行建模。我認為不僅僅是一個模型，它是一種良好的關係，並且從增長的角度來看具有良好的軌跡。約翰，會計？

Yes. In terms of the investment, less than 5%. It doesn't show up in our op margin or anything of that nature. And it's an investment that we made, and it stays on our books that way. But there's nothing that would show up in our op margin or anything else related to that investment.

是的。在投資方面，不到5%。它不會出現在我們的營業利潤或任何類似性質的東西中。這是我們所做的一項投資，並以這種方式保留在我們的賬簿上。但是我們的營業利潤率或與該投資相關的任何其他內容都不會出現。

Kevin, also just as John was talking about, thinking of my comment to you is your comment might have inferred something like a quid pro quo or something like that. There's nothing like that. There's no piece of that. We have a joint vision in the sense of how we can move digital orthodontics through the general dentistry, and we share that and we're helping to invest in that so we can drive it forward. But there's no give and take in that sense.

凱文，正如約翰所說，考慮到我對你的評論，你的評論可能已經推斷出類似交換條件或類似的東西。沒有那樣的事。沒有那個東西。我們有一個共同的願景，即我們如何通過普通牙科移動數字正畸學，我們分享這一點，我們正在幫助投資，以便我們能夠推動它向前發展。但是在這個意義上沒有給予和接受。

Hopefully, it's a good financial investment. You make money as well as advanced digital dentistry. If I can ask a follow-up...

希望這是一項很好的金融投資。你賺錢以及先進的數字牙科。如果我可以問後續...

Oh no, we -- yes.

哦不，我們——是的。

U.S. case growth, do you expect U.S. cases to grow year-over-year beginning in 2Q? Is that part of the assumption or how we should think about that? Can you get down to that kind of granularity, U.S. or Americas? I guess just [Americas is a better way].

美國病例增長，您預計美國病例從第二季度開始同比增長嗎？這是假設的一部分還是我們應該如何考慮？你能細化到那種粒度，美國還是美洲？我想只是 [美洲是更好的方式]。

Yes. We're not at the -- we're just not giving that case growth numbers, we just kind of wanted to talk sequentially. But you would expect, as we've kind of said from Q1 to Q2, we would expect overall volumes to increase sequentially as you get into teen season and others, it's going to vary by region. But if you're talking specifically U.S., you start to get into more of a teen season basis, and that's the expectation for our overall numbers.

是的。我們不在——我們只是不提供案例增長數字，我們只是想按順序進行討論。但是你會期望，正如我們從第一季度到第二季度所說的那樣，我們預計隨著進入青少年季節和其他季節，整體銷量會依次增加，這會因地區而異。但如果你專門談論美國，你就會開始進入更多的青少年賽季，這就是我們對整體數據的期望。

Yes. Thanks, everyone. We appreciate your time today, and thank you for joining us. We look forward to speaking to you at upcoming financial conferences and meetings. If you have any follow-up questions, please contact Investor Relations. Have a great day.

是的。感謝大家。感謝您今天的寶貴時間，感謝您加入我們。我們期待在即將舉行的金融會議上與您交談。如果您有任何後續問題，請聯繫投資者關係部。祝你有美好的一天。

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

謝謝。今天的會議到此結束，您現在可以斷開電話線了。感謝您的參與。