愛齊科技 (ALGN) 2023 Q3 法說會逐字稿

Welcome to Align Technology's Third Quarter 2023 Earnings Call. (Operator Instructions) Please note that this conference call is being recorded.

歡迎參加 Align Technology 2023 年第三季財報電話會議。 （操作員說明）請注意，本次電話會議正在錄音。

I would now like to turn the conference over to your host, Shirley Stacy, with Align Technologies. You may begin.

現在，我想將會議轉交給您的主持人，Align Technologies 的雪莉·史黛西 (Shirley Stacy)。你可以開始了。

Thank you. 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.

謝謝。下午好，感謝您加入我們。我是雪莉‧史黛西，企業傳播與投資人關係副總裁。與我一起參加今天電話會議的是總裁兼執行長 Joe Hogan；和財務長約翰·莫里奇。

We issued third 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.

我們今天透過美國商業資訊發布了 2023 年第三季財務業績，該業績可在我們的網站 Investor.aligntech.com 上取得。今天的電話會議採用音訊網路直播，並將在我們的網站上存檔約 1 個月。

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 and that are described in more detail in our most recent periodic reports filed with the Securities and Exchange Commission available on our website and at sec.gov. Actual results may vary significantly, and Align expressly assumes no obligation to update any forward-looking statement.

提醒一下，今天提供和討論的資訊將包括前瞻性陳述，包括有關 Align 未來事件、產品和前景的陳述。這些前瞻性陳述僅是預測，涉及風險和不確定性，我們向美國證券交易委員會提交的最新定期報告中有更詳細的描述，可在我們的網站和 sec.gov 上取得。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聲明的義務。

We have posted historical financial statements, including the corresponding reconciliations, including our GAAP to non-GAAP reconciliation, if applicable. And our third quarter 2023 conference call slides on our website under quarterly results. Please refer to these files for more detail.

我們已發布歷史財務報表，包括相應的調整表，包括我們的 GAAP 與非 GAAP 調整表（如果適用）。我們的 2023 年第三季電話會議投影片顯示在我們網站上的季度業績下方。請參閱這些文件以了解更多詳細資訊。

Note, as of Q3 Invisalign DSP touch-up cases and associated revenues have been reclassified to the non-comprehensive clear aligner segment and are now reflected in our reported clear aligner case volumes, revenues and business metrics. Prior to this quarter, they were not reported in the non-case category. Unless otherwise stated, all metrics include DSP touch-up cases and reported clear aligner volumes.

請注意，截至第三季度，Invisalign 隱適美 DSP 修補案例和相關收入已重新分類到非綜合透明矯正器細分市場，現在已反映在我們報告的透明矯正器案例數量、收入和業務指標中。在本季之前，這些事件並未在非病例類別中進行報告。除非另有說明，所有指標均包括 DSP 修補案例和報告的透明對準器體積。

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

接下來，我會將電話轉給 Align Technology 的總裁兼執行長 Joe Hogan。喬？

Thanks, Shirley. Good afternoon, and thanks for joining us. On our call today, I'll provide an overview of our third 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 Q3 financial performance and comment on our views for the remainder of the year. Following that, we'll come back and summarize a few key points, and we'll take questions.

謝謝，雪莉。下午好，感謝您加入我們。在今天的電話會議上，我將概述我們第三季的業績，並討論我們兩個營運部門的一些亮點：系統和服務以及隱形矯正器。約翰將提供有關我們第三季度財務業績的更多詳細信息，並評論我們對今年剩餘時間的看法。接下來，我們會回來總結幾個要點，並回答問題。

Our third quarter results reflect lower-than-expected demand in a more difficult macro environment than we experienced in the first half of 2023. Dental practices and industry research firms have reported deteriorating trends, including decreased patient visits and increased patient cancellations, along with fewer orthodontic case starts overall, especially among adult patients.

我們第三季的業績反映出，在比2023 年上半年更加困難的宏觀環境中，需求低於預期。牙科診所和行業研究公司報告了惡化的趨勢，包括患者就診減少和患者取消增加，以及患者數量減少。正畸病例總體上開始，特別是在成年患者中。

The September Gaidge report, which reflects more than 1,200 North American Ortho Practices shows deceleration for orthodontic treatment and new orthodontic patient appointments were down 8.7% year-over-year, and ortho case starts were down 6.9% year-over-year, the biggest decrease in over a year.

9 月的 Gaidge 報告反映了超過 1,200 家北美正畸診所，該報告顯示，正畸治療減速，新正畸患者預約量同比下降 8.7%，正畸病例開工量同比下降 6.9%，為最大降幅。一畸。年多來減少。

Despite these headwinds, total Q3 worldwide revenues of $960 million were up 7.8% year-over-year with growth across all regions. For Q3, we had record clear aligner shipments to teenage and younger patients, which increased 10% sequentially and 8.4% year-over-year, driven by continued strength from Invisalign First.

儘管有這些不利因素，第三季全球總營收仍達到 9.6 億美元，年增 7.8%，所有地區均實現成長。第三季度，在 Invisalign First 持續強勁的推動下，我們向青少年和年輕患者的透明矯正器出貨量創歷史新高，環比增​​長 10%，同比增長 8.4%。

Q3 year-over-year revenue growth also reflects improvement in APAC, offset by more pronounced summer seasonality in EMEA and North America. Our Q3 Systems and Services revenues were up 4.9% year-over-year despite continued challenges for capital equipment, primarily due to higher iTero scanner volumes in the Americas and APAC regions, reflecting certified preowned or what we call CPO sales, scanner leasing and rental programs as well as increased services revenue.

第三季營收年增率也反映出亞太地區的改善，但被歐洲、中東和非洲和北美更明顯的夏季季節性因素所抵銷。儘管資本設備面臨持續挑戰，我們第三季的系統和服務收入仍同比增長4.9%，這主要是由於美洲和亞太地區iTero 掃描儀銷量增加，反映了經認證的二手設備或我們所說的CPO 銷售、掃描器租賃和租賃計劃以及增加的服務收入。

Q3 systems and services revenues were down sequentially, primarily due to a weaker capital equipment cycle as well as lower nonsystems revenues. This was partially offset by higher scanner volumes in the Americas, reflecting the increased mix of iTero 5D Plus scanners, including more trade and trade ups for DSO customer in Q3.

第三季系統和服務收入環比下降，主要是由於資本設備週期疲軟以及非系統收入下降。這部分被美洲掃描儀銷售的增加所抵消，反映出 iTero 5D Plus 掃描器組合的增加，包括第三季 DSO 客戶的更多貿易和貿易升級。

Q3 non-case revenues were up 13.5% year-over-year, primarily due to continued growth from Vivera retainers and increased adoption of Invisalign Doctor Subscription Program, or DSP, our monthly subscription-based clear aligner program, which includes retainers, low-stage touch up and clear aligner treatment.

第三季非個案收入年增13.5%，主要是由於Vivera 維持器的持續成長以及Invisalign 醫生訂閱計劃(DSP) 的採用增加，DSP 是我們基於每月訂閱的透明矯正器計劃，其中包括保持器、低舞台修飾和透明矯正器治療。

For Q3, we shipped over 19,000 DSP touch-up cases, primarily in North America, an increase of more than 70% year-over-year from Q3 '22.

第三季度，我們出貨了超過 19,000 個 DSP 修補箱，主要在北美，比 22 年第三季年增超過 70%。

DSP continues to be well received by our customers and is currently available in the U.S., Canada, Iberia and the Nordics. We are excited about the DSP is proving helpful to doctors and their patients. We're continuing to expand the program in EMEA and with certain DSO partners in Q4.

DSP 繼續受到客戶的好評，目前在美國、加拿大、伊比利亞半島和北歐地區可用。我們很高興 DSP 被證明對醫生及其患者有幫助。我們將在第四季度繼續在歐洲、中東和非洲地區以及與某些 DSO 合作夥伴一起擴展該計劃。

For Q3, total clear aligner volumes were down 3.3% sequentially and up 2.3% year-over-year, primarily reflecting weaker-than-expected demand for orthodontic treatment, especially for adult patients.

第三季度，透明矯正器總銷量較上月下降 3.3%，較去年同期成長 2.3%，主要反映了矯正治療的需求弱於預期，尤其是成年患者。

As I said earlier, despite soft consumer trends, our teen and younger patient business was strong across all regions, up both sequentially and year-over-year, primarily due to continued adoption of Invisalign First for kids as young as 6 years old.

正如我之前所說，儘管消費趨勢疲軟，但我們的青少年和年輕患者業務在所有地區均表現強勁，環比和同比均有所增長，這主要是由於 6 歲兒童持續採用 Invisalign First。

In terms of Invisalign submitters, the total number of doctors shipped for Q3 increased sequentially to approximately 85,200 doctors, the highest number in 2 years, driven by the Americas and APAC regions. From a channel perspective, orthodontist submitters were up year-over-year, especially from doctors submitting teenage cases, offset by fewer GP dentists year-over-year, particularly in the Americas.

就 Invisalign 隱適美提交者而言，在美洲和亞太地區的推動下，第三季度運送的醫生總數環比增加至約 85,200 名醫生，為兩年來的最高數字。從通路角度來看，正畸醫生提交者數量逐年增加，尤其是提交青少年病例的醫生，但被全科醫生牙醫逐年減少所抵消，尤其是在美洲。

On a geographic basis, Q3 clear aligner volumes reflect a sequential increase in Invisalign shipments from the APAC and Latin American regions as well as North American Invisalign teenage cases. This was offset by lower volume and more pronounced softness from summer seasonality in EMEA and North America, primarily Invisalign adult cases.

從地理來看，第三季隱形矯正器銷售量反映出亞太地區和拉丁美洲地區以及北美青少年 Invisalign 隱適美出貨量的環比成長。這被歐洲、中東和非洲和北美夏季季節性（主要是 Invisalign 隱適美成人病例）帶來的銷售下降和更明顯的疲軟所抵消。

For the Americas Invisalign case volume, Q3 '23 was down sequentially, primarily due to lower Invisalign adult shipments in the GP channel and slightly down year-over-year. Q3 '23 clear aligner volumes reflect increased submitters in the ortho channel with an increase in teen and younger case starts, driven by momentum from Invisalign First. This is reflected in the September Gaidge Data, which shows Invisalign Ortho starts perform better than wires and brackets and other clear aligners.

對於美洲 Invisalign 隱適美病例數量，23 年第 3 季環比下降，主要是由於 GP 通路的 Invisalign 成人隱適美出貨量下降，且較去年同期略有下降。 23 年第 3 季透明矯正器銷量反映出，在 Invisalign First 的推動下，矯正通路的提交者數量有所增加，青少年和更年輕的病例開始數量有所增加。這在 9 月的 Gaidge 數據中得到了體現，該數據顯示 Invisalign 隱適美矯正器的性能優於鋼絲、托架和其他透明矯正器。

In North America, adoption of Invisalign Comprehensive Three and Three product drove sequential volume growth in Q3 '23. Invisalign DSP touchup cases in North America also drove growth sequentially year-over-year.

在北美，Invisalign 綜合三號和三號產品的採用推動了 23 年第三季銷售的環比成長。北美的 Invisalign DSP 修補案例也推動了年成長。

For EMEA, Q3 clear aligner volumes were down sequentially, primarily from the impact of Q3 summer seasonality when doctors' offices are closed for summer vacations and more consumers are traveling. This was partially offset by sequential growth in Italy, Benelux, Turkey and the Middle East. Year-over-year, clear aligner volumes were up reflecting continued adoption of Invisalign Moderate, the Comprehensive Three and Three product as well as an increase in teen case starts, driven primarily by Invisalign First and our new Invisalign Teen case packs.

對於歐洲、中東和非洲地區，第三季透明矯正器銷量環比下降，主要是由於第三季夏季季節性的影響，當時醫生辦公室因暑假而關閉，而更多消費者外出旅行。這被義大利、比荷盧經濟聯盟、土耳其和中東的連續成長部分抵消。與去年同期相比，隱形矯正器銷售量有所成長，反映出Invisalign 中度、綜合三款和三款產品的持續採用，以及青少年案例的增加，這主要是由Invisalign First 和我們新的Invisalign 青少年案例包推動的。

For APAC, Q3 clear aligner volumes were up sequentially and up year-over-year, reflecting improving trends in China as well as other key markets like India, Taiwan, Korea, Japan and Thailand. Q3 APAC results also reflected increased Invisalign submitters and higher utilization, especially for teen patients, driven by growth from Invisalign First in the orthodontic channel during our typically strong teen season in China. Q3 APAC results also reflect growth in the GP channel with increased Invisalign submitters and higher utilization sequentially and year-over-year.

對於亞太地區，第三季透明矯正器銷售較上季成長，年成長，反映出中國以及印度、台灣、韓國、日本和泰國等其他主要市場的改善趨勢。第三季亞太地區的業績也反映了Invisalign 隱適美提交者的增加和利用率的提高，特別是對於青少年患者而言，這是由Invisalign First 在中國青少年旺季期間正畸渠道中的增長所推動的。第三季亞太地區的業績也反映出全科醫生通路的成長，Invisalign 隱適美提交者的增加以及連續和同比利用率的提高。

During Q3, we continued the rollout of Invisalign Comprehensive Three and Three product in APAC, most recently launched in China. Invisalign Comprehensive Three and Three is also available in Hong Kong, Korea, Taiwan and India. We are pleased with the adoption of the Three and Three product in APAC where the majority of cases treated are comprehensive, allowing our doctor customers more flexibility within Invisalign product portfolio.

第三季度，我們繼續在亞太地區推出 Invisalign 綜合三號和三號產品，最近在中國推出。隱適美綜合三號和三號也在香港、韓國、台灣和印度上市。我們很高興在亞太地區採用「三」和「三」產品，該地區治療的大多數病例都是綜合性的，使我們的醫生客戶在 Invisalign 隱適美產品組合中擁有更大的靈活性。

During the quarter, we also shipped to a record number of doctors in APAC, increasing both sequentially and year-over-year. Invisalign is the most trusted brand in the orthodontic industry globally and it's important that we continue to create demand for Invisalign clear aligners, especially given the macroeconomic pressures on doctors and their patients. In Q3, we delivered 11.1 billion impressions and had 27.7 million visits to our websites globally.

在本季度，我們向亞太地區的醫生發貨數量也創歷史新高，環比和同比均有所增加。 Invisalign 隱適美是全球矯正產業最值得信賴的品牌，我們持續創造對 Invisalign 隱適美透明矯正器的需求非常重要，特別是考慮到醫生及其患者面臨的宏觀經濟壓力。第三季度，我們在全球範圍內提供了 111 億次展示次數和 2770 萬次訪問我們的網站。

To increase awareness and educate young adults, parents of teens about the benefits of the Invisalign brand, we continue to invest and create campaigns in top media platforms such as TikTok, Instagram, YouTube, Snapchat, WeChat, and Douyin across markets. The underlying market opportunity for clear aligner treatment especially for teens and kids remains huge and significantly underpenetrated.

為了提高年輕人和青少年父母對Invisalign 隱適美品牌優勢的認識並對其進行教育，我們繼續在各個市場的TikTok、Instagram、YouTube、Snapchat、微信和抖音等頂級媒體平台上進行投資和開展活動。尤其對於青少年和兒童來說，透明矯正器治療的潛在市場機會仍然巨大，但滲透率明顯不足。

We know Invisalign clear aligner treatment is faster and more effective than braces, yet the vast majority of orthodontic cases are still treated using brackets and wires. Differentiation is key to increasing Invisalign's share of the orthodontic case starts, especially among teens and their parents. We are continuing to differentiate through novel campaigns, such as our new Invis is Drama Free teen campaign, which uses humor to juxtapose the significant benefits of Invisalign treatment over metal braces.

我們知道 Invisalign 隱適美透明矯正器治療比牙套更快、更有效，但絕大多數矯正病例仍使用矯正器和鋼絲進行治療。差異化是增加 Invisalign 隱適美在矯正病例中所佔份額的關鍵，尤其是在青少年及其父母中。我們繼續透過新穎的活動來實現差異化，例如我們新推出的 Invis is Drama Free 青少年活動，該活動利用幽默將 Invisalign 隱適美治療相對於金屬牙套的顯著優勢並列在一起。

Similarly, to differentiate Invisalign treatment for adults, we launched new campaigns globally using powerful patient stories that share how important a smile is and how Invisalign treatment increases self-confidence that transforms lives. Reaching young adults as well as teens and their parents also requires the right engagement to Invisalign influencers and creator-centric campaigns, which delivered 5.8 billion impressions in the Americas in Q3.

同樣，為了區分成人 Invisalign 隱適美治療，我們在全球範圍內發起了新的活動，利用強有力的患者故事來分享微笑的重要性以及 Invisalign 隱適美治療如何增強自信從而改變生活。要接觸年輕人、青少年及其父母，還需要與 Invisalign 隱適美影響者和以創作者為中心的活動進行適當的互動，該活動第三季度在美洲帶來了 58 億次展示。

Creators such as Michael Cimino, Jaylyn Hall, NFL player, Darren Waller and also Leilani Green showed their results and why they chose to transform their smiles with Invisalign aligners.

Michael Cimino、Jaylyn Hall、NFL 球員 Darren Waller 和 Leilani Green 等創作者展示了他們的成果以及為什麼他們選擇使用 Invisalign 隱適美矯正器來改變笑容。

In the EMEA region, we partnered with influencers to reach consumers across social media platforms, including TikTok and Meta and launched our global consumer campaign for teens and parents of teens, highlighting the benefits of Invisalign treatment versus braces.

在歐洲、中東和非洲地區，我們與有影響力的人士合作，透過TikTok 和Meta 等社群媒體平台接觸消費者，並針對青少年和青少年家長發起了全球消費者活動，強調Invisalign 隱適美療程相對於牙套的好處。

In Germany, we continue to see positive engagement with our patient testimonial campaigns launched in the previous quarter. Our consumer campaigns delivered more than 1.4 billion media impressions and 6.9 million visitors to our website.

在德國，我們繼續看到人們對上一季發起的患者推薦活動的積極參與。我們的消費者活動為我們的網站帶來了超過 14 億次媒體曝光和 690 萬訪客。

We continue to invest in consumer advertising across the APAC region, resulting in more than 3.9 billion impressions and 11.9 million visitors to our websites in the quarter. We expanded our reach in Japan and India via Meta and YouTube, and partner with key influencers to reach consumers across social media.

我們持續投資整個亞太地區的消費者廣告，本季我們網站的展示次數超過 39 億次，造訪量達到 1,190 萬。我們透過 Meta 和 YouTube 擴大了在日本和印度的影響力，並與主要影響者合作，透過社群媒體接觸消費者。

We saw increased brand interest from consumers as evidenced by an over 800% increase in unique visitors to our website in India and a 135% increase in Japan. Finally, digital tools such as My Invisalign consumer and patient app continued to increase with 3.4 million downloads to date and over 367,000 monthly active users, representing a 19% year-over-year growth.

我們看到消費者對品牌的興趣不斷增加，印度網站的獨立訪客數量增加了 800% 以上，日本增加了 135%。最後，My Invisalign 隱適美消費者和患者應用程式等數位工具持續成長，迄今下載量已達 340 萬次，每月活躍用戶超過 367,000 人，較去年同期成長 19%。

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

這樣，我現在會把電話轉給約翰。

Thanks, Joe. Now for our Q3 '23 financial results. Total revenues for the third quarter were $960.2 million, down 4.2% from the prior quarter and up 7.8% from the corresponding quarter a year ago. On a constant currency basis, Q3 revenues were impacted by unfavorable foreign exchange of approximately $2.7 million or approximately 0.3% sequentially and favorably impacted by approximately $4.2 million year-over-year or approximately 0.4%.

謝謝，喬。現在是我們 23 年第三季的財務表現。第三季總營收為 9.602 億美元，季減 4.2%，年增 7.8%。以固定匯率計算，第三季營收受到不利外匯影響約 270 萬美元，季減約 0.3%，年減約 420 萬美元，下降約 0.4%。

For clear aligners, Q3 revenues of $794.9 million were down 4.5% sequentially, primarily from lower volumes and lower ASPs. On a year-over-year basis, Q3 clear aligner revenues were up 8.5%, primarily due to higher ASPs, higher volumes and higher non-case revenues.

對於透明矯正器，第三季營收為 7.949 億美元，季減 4.5%，主要是由於銷量下降和平均售價下降。與去年同期相比，第三季透明矯正器收入成長了 8.5%，這主要是由於平均售價較高、銷量增加以及非病例收入增加。

For Q3, Invisalign ASPs for comprehensive treatment were down sequentially and up year-over-year. On a sequential basis, ASPs reflect larger discounts, product shift -- mix shift to lower-priced products and unfavorable foreign exchange, partially offset by higher additional aligners.

第三季度，Invisalign 隱適美綜合治療 ASP 較上季下降，較去年同期上升。按順序來看，平均售價反映了更大的折扣、產品轉變——轉向低價產品的混合以及不利的外匯，但部分被更高的額外調整所抵消。

On a year-over-year basis, the increase in comprehensive ASPs reflect higher additional aligners and price increases, partially offset by larger discounts and unfavorable product mix shift.

與去年同期相比，綜合平均售價的成長反映了更多的附加矯正器和價格上漲，但部分被更大的折扣和不利的產品組合轉變所抵消。

For Q3, Invisalign ASPs for noncomprehensive treatment were down sequentially and up year-over-year. On a sequential basis, the decrease in ASPs reflect larger discounts, higher sales credits and unfavorable product mix, partially offset by higher additional aligners and favorable foreign exchange.

第三季度，Invisalign 隱適美非綜合治療的 ASP 較上季下降，但較去年同期上升。從環比來看，平均售價的下降反映了更大的折扣、更高的銷售信貸和不利的產品組合，但部分被更高的附加調整和有利的外匯所抵消。

On a year-over-year basis, the increase in noncomprehensive ASPs reflects price increases, higher additional aligners and favorable foreign exchange, partially offset by product mix shift.

與去年同期相比，非綜合平均售價的成長反映了價格上漲、額外調整和有利的外匯，但部分被產品結構的轉變所抵消。

In Q1 '23, we launched the Invisalign Comprehensive Three and Three product. The Three and Three configuration offers our doctor customers Invisalign comprehensive treatment with 3 additional aligners included within 3 years of the treatment end date. Instead of unlimited additional aligners within 5 years of the treatment end date at the 2022 Invisalign Comprehensive product price.

在 23 年第一季度，我們推出了 Invisalign 綜合三和三產品。三加三配置為我們的醫生客戶提供 Invisalign 隱適美綜合治療，並在治療結束日期後 3 年內提供 3 個額外的矯正器。而非在療程結束日期後 5 年內以 2022 年 Invisalign 綜合產品價格無限量額外購買矯正器。

Invisalign Comprehensive Three and Three product is available in North America and in certain markets in EMEA and APAC, most recently launching in China, Korea, Hong Kong and Taiwan. We are pleased with the continued adoption of the Invisalign Comprehensive Three and Three product and anticipate it will continue to increase providing doctors the flexibility they want 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.

Invisalign 綜合三號和三號產品在北美以及歐洲、中東和非洲和亞太地區的某些市場有售，最近在中國、韓國、香港和台灣推出。我們對隱適美綜合三號和三號產品的持續採用感到高興，並預計它將繼續增加，為醫生提供他們想要的靈活性，並使我們能夠預先確認更多的收入，與我們的產品相比，遞延收入在更短的時間內確認。傳統的Invisalign 隱適美綜合產品。

As we begin to ship more additional aligners for Comprehensive Three and Three products, we expect to see an ASP benefit.

隨著我們開始為綜合三和三產品提供更多額外的對準器，我們預計將看到平均售價的好處。

As revenues from subscriptions, 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.

隨著訂閱、留任和其他輔助產品的收入在全球範圍內持續增長，一些僅關注出貨量的歷史指標預計在我們的整體成長中所佔的比例較小。

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 a more indicative measure of our overall growth strategy.

在我們的收益發布和財務幻燈片中，您會看到我們增加了每箱出貨量的透明矯正器總收入，我們認為這是對我們整體成長策略更具指示性的衡量標準。

Q3 '23 clear aligner revenues were impacted by unfavorable foreign exchange of approximately $2 million or approximately 0.3% sequentially. On a year-over-year basis, clear aligner revenues were favorably impacted by foreign exchange of approximately $3.8 million or approximately 0.5%.

23 年第 3 季透明矯正器收入受到不利外匯影響約 200 萬美元或比上一季約 0.3%。與去年同期相比，透明矯正器收入受到外匯的有利影響，約 380 萬美元，約 0.5%。

Clear aligner deferred revenues on the balance sheet increased $14.1 million or up 1.1% sequentially and up $116 million or up 9.9% year-over-year and will be recognized as the additional aligners are shipped.

資產負債表上的透明矯正器遞延收入比上一季增加 1,410 萬美元，成長 1.1%，年增 1.16 億美元，成長 9.9%，並將在額外的矯正器出貨時予以確認。

Q3 '23 Systems and Services revenues of $165.3 million were down 2.5% sequentially, mostly due to unfavorable ASPs and lower revenues from our certified preowned program, partially offset by higher scanner volume and higher services revenues.

23 年第3 季系統和服務收入為1.653 億美元，比上一季下降2.5%，這主要是由於不利的ASP 和我們認證的二手項目收入的減少，部分被掃描儀數量增加和服務收入增加所抵消。

On a year-over-year basis, Q3 '23 Systems and Services revenue were up 4.9% due to higher scanner volume, higher services revenue from our larger base of scanners sold and higher revenues from our certified preowned and leasing rental programs, partially offset by unfavorable ASPs. Q3 '23 Systems and Services revenues were impacted by unfavorable foreign exchange of approximately $0.7 million or approximately 0.4% sequentially.

與去年同期相比，23 年第3 季系統和服務收入成長了4.9%，原因是掃描器銷量增加、我們銷售的掃描儀基數增加帶來的服務收入增加以及我們經過認證的二手和租賃項目帶來的收入增加，但部分抵消了由不利的 ASP 造成。 23 年第 3 季系統和服務收入受到不利外匯影響約 70 萬美元，即季約 0.4%。

On a year-over-year basis, System and Services revenues were favorably impacted by foreign exchange of approximately $0.4 million or approximately 0.3%.

與去年同期相比，系統和服務收入受到外匯影響約 40 萬美元或約 0.3%。

Systems and Services deferred revenues on the balance sheet was down $4.4 million or 1.6% sequentially, primarily due to the decrease in the deferral of service revenues included with scanner purchases and essentially flat or up slightly to $0.1 million or 0.1% year-over-year.

資產負債表上的系統和服務遞延收入環比下降440 萬美元或1.6%，主要是由於掃描器採購中包含的服務遞延收入減少，與去年同期相比基本持平或小幅上升至10 萬美元或0.1% 。

Services deferred revenues will be recognized ratably over the service period.

服務遞延收入將在服務期間內按比例確認。

As our scanner portfolio expands and we introduce new products, we increased the opportunities for customers to upgrade, make trade-ins and purchase certified preowned scanners in certain markets, 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.

隨著我們的掃描器產品組合的擴大和新產品的推出，我們增加了客戶在某些市場升級、以舊換新和購買經過認證的二手掃描器的機會，開發新的資本設備機會，以滿足客戶和DSO合作夥伴的數位轉型需求這是我們設備業務的自然發展，我們銷售的掃描器基礎龐大且不斷成長。

Moving on to gross margin. Third quarter overall gross margin was 69.1%, down 2.1 points sequentially and down 0.5 points year-over-year. Overall gross margin was unfavorably impacted by foreign exchange by approximately 0.1 point on a sequential basis and favorably impacted by foreign exchange by approximately 0.1 point on a year-over-year basis.

轉向毛利率。第三季整體毛利率為69.1%，季減2.1個百分點，較去年同期下降0.5個百分點。整體毛利率受到匯率的不利影響，季減約0.1個百分點，較去年同期下降約0.1個百分點。

Clear aligner gross margin for the third quarter was 70.7%, down 1.7 points sequentially, primarily from higher manufacturing spend and a higher mix of additional aligner volume and lower ASPs.

第三季透明矯正器毛利率為 70.7%，比上一季下降 1.7 個百分點，這主要是由於製造支出增加以及矯正器銷量增加和平均售價下降所致。

Clear aligner gross margin for the third quarter was roughly flat year-over-year, primarily due to increased manufacturing spend as we continue to ramp up operations in our new manufacturing facility in Poland, partially offset by higher ASPs.

第三季透明矯正器的毛利率與去年同期大致持平，主要是由於我們繼續擴大波蘭新製造工廠的運營，導致製造支出增加，但平均售價的上升部分抵消了這一影響。

Systems and Services gross margin for the third quarter was 61%, down 4.1 points sequentially, primarily from lower ASPs, partially offset by favorable manufacturing variances, lower service and freight costs and higher services revenues.

第三季系統和服務毛利率為61%，比上一季下降4.1 個百分點，主要是由於平均售價下降，但部分被有利的製造差異、較低的服務和貨運成本以及較高的服務收入所抵消。

Systems and Services gross margin for the third quarter was down 2.3 points year-over-year, primarily from lower ASPs, partially offset by favorable manufacturing variances, lower service and freight costs, favorable foreign exchange and higher service revenues.

第三季系統和服務毛利率年減 2.3 個百分點，主要是由於平均售價下降，但部分被有利的製造差異、較低的服務和貨運成本、有利的外匯和較高的服務收入所抵銷。

Q3 '23 operating expenses were $496.7 million, down sequentially 8.3% and up 4.5% year-over-year. On a sequential basis, operating expenses were down $44.9 million, primarily from lower consumer marketing spend and lower incentive compensation.

23 年第三季營運支出為 4.967 億美元，季減 8.3%，年增 4.5%。營運費用較上季下降 4,490 萬美元，主要是因為消費者行銷支出減少和激勵薪酬減少。

Year-over-year operating expenses increased by $21.2 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.

營運費用年增 2,120 萬美元，主要是由於激勵薪酬的提高以及我們對銷售和研發活動的持續投資，但部分被我們主動管理成本而控制的廣告和行銷支出所抵消。

On a non-GAAP basis, excluding stock-based compensation and amortization of acquired intangibles related to certain acquisitions, operating expenses were $458.2 million, down 9.3% sequentially and up 3.3% year-over-year.

以非公認會計原則計算，不包括股票薪酬和與某些收購相關的無形資產攤銷，營運費用為 4.582 億美元，比上一季下降 9.3%，比去年同期增長 3.3%。

Our third quarter operating income of $166.3 million resulted in an operating margin of 17.3%, up 0.1 point sequentially and up 1.2 points year-over-year. Operating margin was unfavorably impacted by approximately 0.3 points sequentially primarily due to foreign exchange.

第三季營業收入為 1.663 億美元，營業利潤率為 17.3%，季增 0.1 個百分點，年增 1.2 個百分點。營業利潤率連續受到約 0.3 個百分點的不利影響，主要是由於外匯因素。

The year-over-year increase in operating margin is primarily attributable to operating leverage, partially offset by investments in our go-to-market teams and technology as well as unfavorable impact from foreign exchange by approximately 0.1 point. On a non-GAAP basis, which excludes stock-based compensation and amortization of intangibles related to certain acquisitions, operating margin for the third quarter was 21.8%, up 0.5 points sequentially and up 1.6 points year-over-year.

營業利潤率的年增率主要歸因於營業槓桿，但部分被我們對市場團隊和技術的投資以及外匯的不利影響約0.1個百分點所抵消。以非公認會計原則（不包括股票薪酬和與某些收購相關的無形資產攤銷）計算，第三季營業利潤率為 21.8%，環比增長 0.5 個百分點，年增 1.6 個百分點。

Interest and other income expense net for the third quarter was a loss of $4.2 million compared to a loss of $0.3 million in the second quarter and a loss of $21 million in the third quarter a year ago, primarily due to foreign exchange.

第三季的利息和其他收入支出淨虧損為 420 萬美元，而第二季的虧損為 30 萬美元，去年同期第三季的虧損為 2,100 萬美元，這主要是由於外匯造成的。

The GAAP effective tax rate for the third quarter was 25.1% lower than the second quarter effective tax rate of 34.8% and lower than the third quarter effective tax rate of 40.7% of the prior year.

第三季公認會計原則有效稅率比第二季34.8%的有效稅率低25.1%，也比去年第三季40.7%的有效稅率低。

The third quarter GAAP effective tax rate was lower than the second quarter effective tax rate, primarily due to the application of newly issued tax guidance and lower U.S. taxes on foreign earnings in Q3.

第三季公認會計準則有效稅率低於第二季有效稅率，主要是由於新發布的稅收指導方針的應用以及美國第三季海外收入稅率的降低。

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.

提醒一下，在 2022 年第四季度，我們將非 GAAP 有效稅率的計算方法更改為長期預計稅率，並於 2022 年 1 月 1 日起實施新方法，並重新制定了先前報告的季度報告2022 年期間。

Our non-GAAP effective tax rate in the third quarter was 20%, reflecting the change in our methodology. Third quarter net income per diluted share was $1.58, up sequentially $0.12 and up $0.65 compared to the prior year. Our EPS was unfavorably impacted by $0.08 on a sequential basis and unfavorably impacted by $0.05 on a year-over-year basis due to foreign exchange.

我們第三季的非 GAAP 有效稅率為 20%，反映了我們方法論的變化。第三季攤薄後每股淨利潤為 1.58 美元，較上一季成長 0.12 美元，比去年同期成長 0.65 美元。由於外匯影響，我們的每股盈餘環比受到 0.08 美元的不利影響，年比受到 0.05 美元的不利影響。

On a non-GAAP basis, net income per diluted share was $2.14 for the third quarter, down $0.08 sequentially and up $0.51 year-over-year.

以非公認會計準則計算，第三季攤薄後每股淨利為 2.14 美元，季減 0.08 美元，年增 0.51 美元。

Note the prior -- note that the prior year 2022 non-GAAP net income and prior year 2022 non-GAAP EPS reflects the Q4 '22 change in our methodology for the computation of our non-GAAP effective tax rate.

請注意之前的情況 - 請注意，上一年的 2022 年非 GAAP 淨利潤和上一年的 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 22 年第四季度的變化。

Moving on to the balance sheet. As of September 30, 2023, cash, cash equivalents and short and long-term marketable securities were $1,301.9 million, up sequentially $268.1 million and up $160.9 million year-over-year. Of our $1.3 billion balance, $381 million was held in the U.S. and $920.6 million was held by our international entities.

繼續看資產負債表。截至 2023 年 9 月 30 日，現金、現金等價物以及短期和長期有價證券為 13.019 億美元，環比增加 2.681 億美元，年增 1.609 億美元。在我們 13 億美元的餘額中，3.81 億美元由美國持有，9.206 億美元由我們的國際實體持有。

Q3 accounts receivable balance was $904.2 million, down sequentially. Our overall days sales outstanding was 84 days, up approximately 3 days sequentially and down approximately 2 days as compared to Q3 last year. Cash flow from our operations for the third quarter was $287.2 million.

第三季應收帳款餘額為 9.042 億美元，季減。我們的總銷售天數為 84 天，比上一季增加約 3 天，比去年第三季減少約 2 天。第三季營運現金流為 2.872 億美元。

Capital expenditures for the third quarter were $21.6 million primarily related to our continued investments to increase aligner manufacturing capacity and facilities.

第三季的資本支出為 2,160 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。

Free cash flow, defined as cash flow from operations less capital expenditures amounted to $265.6 million.

自由現金流（定義為營運現金流減去資本支出）為 2.656 億美元。

Now turning to our fourth quarter outlook. For Q4 '23, assuming no circumstances occur that are beyond our control, we anticipate our worldwide revenue to be in the range of $920 million to $940 million, down sequentially from Q3 of '23.

現在轉向我們的第四季展望。對於 23 年第 4 季度，假設沒有發生我們無法控制的情況，我們預計我們的全球收入將在 9.2 億美元至 9.4 億美元之間，比 23 年第 3 季有所下降。

We expect both clear aligner and Systems and Services revenues to be down sequentially, reflecting a more challenging macro environment for doctors and patients with fewer orthodontic case starts overall, unfavorable foreign exchange, given the strengthening of the U.S. dollar against key currencies and longer sales cycles for capital equipment purchases.

我們預期透明矯正器以及系統和服務收入將連續下降，反映出醫生和患者面臨的宏觀環境更具挑戰性，正畸病例總體較少，鑑於美元兌主要貨幣走強以及銷售週期較長，外匯不利用於資本設備採購。

For our clear aligner business, we expect clear aligner teen volume to be seasonally lower in Q4 of '23, and we don't anticipate improvement in adult volumes. For Q4 '23, we also expect clear aligner ASPs to be down sequentially, primarily due to the strengthening U.S. dollar.

對於我們的透明矯正器業務，我們預計青少年透明矯正器銷量將在 23 年第四季季節性下降，並且我們預計成人銷量不會有所改善。對於 23 年第 4 季度，我們也預期透明矯正器的平均售價將持續下降，這主要是由於美元走強。

For our Systems and Services business, we anticipate increasing headwinds from macro uncertainty and potential supply issues related to the war in the Middle East. We expect our Q4 '23 GAAP operating margin to be down sequentially from Q3 of '23 due to restructuring primarily related to severance as we adjust headcount for this environment. We anticipate our non-GAAP operating margin to be up sequentially from Q3 of '23.

對於我們的系統和服務業務，我們預期宏觀不確定性和與中東戰爭相關的潛在供應問題將帶來越來越大的阻力。我們預計我們的 23 年第 4 季 GAAP 營業利潤率將比 23 年第 3 季連續下降，原因是我們在這種環境下調整員工人數，主要與遣散費相關的重組。我們預計我們的非 GAAP 營業利潤率將比 23 年第三季連續上升。

During Q1 '23, 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 stock repurchase program. During Q4 '23, we expect to repurchase up to $250 million of our common stock through either or a combination of open market repurchases or an accelerated stock repurchase agreement.

在 23 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 10 億美元的計劃。目前，根據 2023 年股票回購計劃，仍有 10 億美元可供回購。在 23 年第四季度，我們預計將透過公開市場回購或加速股票回購協議或兩者結合的方式回購最多 2.5 億美元的普通股。

For full year 2023, assuming no circumstances occur that are beyond our control, we anticipate our 2023 worldwide revenue to be in the range of $3.83 billion to $3.85 billion. We also expect our full year 2023 GAAP operating margin to be roughly 1 point lower than 2022 and our 2023 non-GAAP operating margin to be slightly above 21%.

對於 2023 年全年，假設沒有發生我們無法控制的情況，我們預計 2023 年全球收入將在 38.3 億美元至 38.5 億美元之間。我們也預期 2023 年全年 GAAP 營業利潤率將比 2022 年低約 1 個百分點，2023 年非 GAAP 營業利潤率將略高於 21%。

For 2023, we expect investments in capital expenditures to be approximately $200 million. Capital expenditures are expected to primarily relate to building construction and improvements as well as manufacturing capacity in support of our continued international expansion.

2023 年，我們預計資本支出投資約為 2 億美元。資本支出預計主要涉及建築施工和改進以及製造能力，以支持我們持續的國際擴張。

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

這樣，我會將其轉回給喬以徵求最終意見。喬？

Thanks, John. While our third quarter results and fourth quarter outlook reflect weaker consumer sentiment and increased headwinds, including foreign exchange, Align is in a unique position to continue driving the digital revolution in the dental industry to help doctors transform and grow their practices with Invisalign clear aligners, iTero scanners and Align digital platform.

謝謝，約翰。雖然我們第三季的業績和第四季的前景反映了消費者信心的疲軟和外匯等不利因素的增加，但愛齊處於獨特的地位，可以繼續推動牙科行業的數位革命，幫助醫生利用Invisalign 隱適美隱形矯正器轉變和發展他們的實踐， iTero 掃描器和 Align 數位平台。

We're very excited about the recent innovations developed to further revolutionize digital treatment planning for orthodontics and also restorative dentistry by providing doctors with greater flexibility, real-time treatment plan modification capabilities and digital solutions to help improve practice productivity and patient experience, which are even more important to our customers in the current environment.

我們對最近開發的創新感到非常興奮，這些創新透過為醫生提供更大的靈活性、即時治療計劃修改能力和數位解決方案來進一步徹底改變正畸和修復牙科的數位化治療計劃，以幫助提高實踐效率和患者體驗，這些創新包括：在當前環境下，對我們的客戶來說更為重要。

This includes ClinCheck Live Update for 3D controls, Invisalign Practice App, Invisalign Personal Plan or IPP and Invisalign Smile Architect, iTero-exocad connector, Invisalign Outcome Simulator Pro and Invisalign Virtual Care AI software. These digital tools are continuing to gain adoption and help doctors gain efficiencies.

其中包括用於 3D 控制的 ClinCheck Live Update、Invisalign Practice App、Invisalign Personal Plan 或 IPP 和 Invisalign Smile Architect、iTero-exocad 連接器、Invisalign Outcome Simulator Pro 和 Invisalign Virtual Care AI 軟體。這些數位工具不斷被採用並幫助醫生提高效率。

In Q3, ClinCheck Live Update was used by 41,000 doctors on more than 560,000 cases, reducing time spent in modifying treatment by 21%. Invisalign Practice App is now actively used by about 87,000 doctors with over 5.2 million photos uploaded during the quarter via the Practice App.

第三季度，41,000 名醫生在超過 560,000 個病例中使用了 ClinCheck Live Update，將修改治療方法所花費的時間減少了 21%。 Invisalign 隱適美實踐應用程式現已被約 87,000 名醫生積極使用，本季透過實踐應用程式上傳了超過 520 萬張照片。

In addition, we will launch Invisalign palate expander, or IPE system in Canada this quarter, IPE is our first direct printed orthodontic device that provides a safe, comfortable and clinically effective alternative to metal palate expanders and boost our market opportunity in the teen market by addressing a portion of cases we couldn't otherwise treat without IPE.

此外，我們將於本季度在加拿大推出Invisalign 腭擴張器，即IPE 系統，IPE 是我們的首款直接打印正畸設備，它為金屬腭擴張器提供安全、舒適且臨床有效的替代方案，並通過以下方式增加我們在青少年市場的市場機會：解決了部分沒有 IPE 就無法治療的案例。

In summary, we're committed to balancing our investments in the near- and long-term growth drivers while delivering improved operating margin. As we navigate one of the most challenging operating environments in recent history with increasing macroeconomic pressure on doctors and their patients, we have an enormous opportunity to continue driving adoption of digital orthodontics and restorative dentistry and responsibility to optimize our investments for the current environment.

總之，我們致力於平衡對近期和長期成長動力的投資，同時提高營業利益率。隨著醫生及其患者的宏觀經濟壓力日益增大，我們面臨著近代歷史上最具挑戰性的營運環境之一，我們有巨大的機會繼續推動數位化矯正和修復牙科的採用，並有責任針對當前環境優化我們的投資。

Before turning the call over for questions, I'd like to address the war in the Middle East and our iTero scanner business. The situation continues to evolve and is very fluid. And we are monitoring developments closely. Our singular focus at this stage is on the safety and security of our employees and their families and our doctors and their staff and patients.

在轉交提問之前，我想先談談中東戰爭和我們的 iTero 掃描器業務。局勢不斷發展且非常不穩定。我們正在密切關注事態發展。現階段我們的唯一關注點是我們的員工及其家人、我們的醫生及其員工和病人的安全和保障。

Align offices and scanner manufacturing facility in Israel are currently open and operating. While we hope the situation will improve, we're preparing mitigation plans to ensure business continuity and will update our customers and other stakeholders as needed.

Align 位於以色列的辦事處和掃描儀製造工廠目前已開放並運作。雖然我們希望情況會有所改善，但我們正在製定緩解計畫以確保業務連續性，並將根據需要向我們的客戶和其他利害關係人通報最新情況。

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

現在我將把電話轉回給接線員詢問問題。操作員？

(Operator Instructions) And our first question comes from the line of Jason Bednar from Piper Sandler.

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

Operator, do you want to go to the next question and we'll come back?

接線員，您想進入下一個問題嗎？我們稍後再回來？

And our next question comes from the line of 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。

On the first one, maybe can we just start a little bit on -- it sounds like macro and given the data that you guys were talking about is probably getting a little worse into the end of the year. Maybe just talk about how that kind of trended through the quarter, how we're trending now. I think what a lot of us are trying to get our head around is what's the direction of macro in the dental space going into the end of the year and into 2024, especially as you look at kind of the consumer and then CapEx on scanner. So how are you guys seeing that from year-end right now?

關於第一個，也許我們可以開始一點——這聽起來像是宏觀的，考慮到你們談論的數據到年底可能會變得更糟。也許只是談談這個季度的趨勢如何，我們現在的趨勢如何。我認為我們很多人都在試圖了解的是，從今年年底到 2024 年，牙科領域的宏觀方向是什麼，尤其是當你專注於消費者類型以及掃描器上的資本支出時。那麼你們現在對年底的情況有何看法？

When you look at the fourth quarter and the way we have done our forecast overall, we felt great about teens in the third quarter and what we reported too. But adults were really highly affected. And when you run through the fourth quarter, it's primarily an adult season for us. And China is a big teen season in the third quarter, too.

當您查看第四季度以及我們整體預測的方式時，我們對第三季的青少年以及我們的報告感到非常滿意。但成年人確實受到了很大的影響。當你瀏覽第四季度時，這對我們來說主要是一個成人賽季。中國的第三季也是一個青少年賽季。

So our -- and when you look at the Gaidge data for September and what we see in October so far and even some of the consumer profiles around how they're feeling about their finances and all, we basically just projected what we've seen in September forward to the fourth quarter.

因此，當您查看 9 月的 Gaidge 數據以及我們在 10 月迄今為止所看到的數據，甚至一些關於他們對財務狀況的感受的消費者概況時，我們基本上只是預測了我們所看到的情況9月份推進到第四季。

Okay. And then maybe as a follow-up on the teen side. It sounds like the ortho channel based off the market data you have is the teens that are declining year-over-year, but you guys -- or at least sequentially, you guys are up both, it looks like. So are you guys taking share within the teen market? It's a little bit of a funny dynamic because I think earlier this year, as the ortho channel got a little weaker, they were going to wires and brackets, but it seems like now you're taking share. How durable is that? And what are you guys kind of seeing that's driving that in the underlying market?

好的。然後也許作為青少年方面的後續行動。聽起來，根據你們所掌握的市場數據，正向管道是青少年人數逐年下降，但你們——或者至少按順序來說，你們兩個都在上升，看起來。那麼你們在青少年市場上佔據了份額嗎？這是一個有點有趣的動態，因為我認為今年早些時候，隨著正交通道變得有點弱，他們開始使用電線和支架，但現在看來你正在搶佔份額。那有多耐用？你們認為是什麼推動了基礎市場的發展？

We were happy to see that change and the Gaidge data that showed wires and brackets going down and competitive aligners going down and us going up. But you can't draw a line through one dot. We feel good again about the technology and all that we're presenting, the efficiencies and all we offer to orthodontists, and we think that's a good stimulant in that sense. But right now, we're going to have to take this thing quarter to quarter.

我們很高興看到這種變化，Gaidge 數據顯示鋼絲和托槽下降，競爭性矯正器下降，而我們上升。但你不能透過一個點畫一條線。我們再次對我們所展示的技術和所有內容、效率以及我們為正牙醫生提供的一切感到滿意，我們認為從這個意義上來說這是一個很好的興奮劑。但現在，我們必須逐季處理這件事。

Jason Bednar from Piper Sandler. Shall I move on?

派珀·桑德勒的傑森·貝德納。我要繼續前進嗎？

Yes, please.

是的，請。

And our next question comes from the line of Jeff Johnson from Baird.

我們的下一個問題來自貝爾德 (Baird) 的傑夫·約翰遜 (Jeff Johnson)。

We'll go to our next question, our next question comes from the line of Jon Block from Stifel.

我們將討論下一個問題，我們的下一個問題來自 Stifel 的 Jon Block。

All right. So far, so good. Maybe a couple of questions. (inaudible) right now, you just seem highly tethered to the consumer. But in '24, you've got some incrementals, right? You just launched IPE in Canada. You've got remote monitoring. We think maybe you have a new scanner. So just like your thoughts on the ability for the company to manufacture more of your own growth in 2024. Any commitment to grow revenues year-over-year in '24? And where I'm going with that is, even the revised guidance, you'll grow year-over-year in 2H '23.

好的。到目前為止，一切都很好。也許有幾個問題。 （聽不清楚）現在，您似乎與消費者高度依賴。但在 24 年，你有了一些增量，對吧？您剛剛在加拿大推出了 IPE。你有遠端監控。我們認為您可能有一台新掃描器。就像您對公司在 2024 年實現更多成長的能力的看法一樣。您是否承諾在 24 年實現收入同比增長？我想說的是，即使是修訂後的指導，你也會在 2H '23 中逐年增長。

But if I annualize your 4Q number and just sort of run rate that, you arguably land down year-over-year with a, call it, a more dynamic set of innovation. So not asking for a number, but clearly, things are moving around. And how do we think about what that means, again, to manufacture your own growth in '24? And any commitment to have positive revenue growth in '24?

但如果我將你的第四季數據和運行率進行年度化，你可以說你會逐年下降，稱之為更具活力的創新。所以我不想問具體數字，但很明顯，事情正在改變。我們如何思考這意味著什麼，在 24 年實現自己的成長？是否承諾在 24 年實現積極的收入成長？

Jon, it's a good question. That's one of the things we talk about, obviously, here is with what we presented at the Investors Conference and the new technologies that we're offering, those are areas that we can really expand what we call our penetration in the marketplace and control a certain amount of our destiny.

喬恩，這是個好問題。這是我們談論的事情之一，顯然，這是我們在投資者大會上介紹的內容以及我們提供的新技術，這些領域是我們可以真正擴大我們所謂的市場滲透率並控制市場的領域。我們命運的一定程度。

I think you know as well as anybody, we can't fight a market. It's from (inaudible) standpoint in a sense of that, that won't affect us in some way.

我想你和其他人一樣清楚，我們不能對抗市場。從某種意義上說，從（聽不清楚）的角度來看，這不會以某種方式影響我們。

I would throw DSP into that whole question also because you see the continued growth in DSP and I'd say a business model change. And so those kinds of things, I feel like we can drive more demand in the marketplace as we get into 2024.

我會將 DSP 納入整個問題中，因為您會看到 DSP 的持續成長，而且我會說業務模式發生了變化。因此，我覺得進入 2024 年我們可以推動市場的更多需求。

I just can't preclude what that consumer sentiment is going to look like at that point in time. But it certainly gives us -- and also the efficiency gains that we show through the software that I just talked about in my script too with different orthodontists that seem to be taken hold and you pick up in your surveys also, Jon.

我只是無法排除到那時消費者情緒會是什麼樣子。但它確實為我們帶來了——以及我們透過我剛剛在我的腳本中與不同的正牙醫生討論過的軟體所展示的效率提升，這些提升似乎已經得到了控制，你也在你的調查中發現了，喬恩。

So we do feel good about that. It's just the uncertainty of this marketplace that obviously surprised us coming out of the third quarter. We're going to have to get through this quarter. And as we go into 2024, we can be more specific about what we think those -- what that opportunity is.

所以我們對此感覺很好。第三季的結果顯然讓我們感到驚訝的是這個市場的不確定性。我們必須度過這個季度。當我們進入 2024 年時，我們可以更具體地說明我們的想法——機會是什麼。

Okay. That was very helpful. And then maybe just to build on Brandon's question earlier. But when you guys guide, you've got almost half the quarter in the bag. So clearly, things changed notably in the last 7 weeks of the third quarter. I know you guys called out Gaidge's September data, Joe you referenced in October. What was the 3Q deviation?

好的。這非常有幫助。然後也許只是以布蘭登之前的問題為基礎。但當你們指導時，你們幾乎已經成功了一半。很明顯，第三季最後 7 週情況發生了顯著變化。我知道你們提到了蓋奇九月的數據，你們在十月提到了喬。第三季偏差是多少？

I mean it seems like it was largely North America and EMEA. Did APAC perform as expected? If you could answer that. And then I guess where I'm struggling is I think we all know it's not a robust consumer out there and that narrative around soft landing or not, if that holds true. But it doesn't seem like things changed all that dramatically in the last 7 weeks. And so anything you can give, Joe, to elaborate because clearly, the exit rate in the quarter was very different than the way things started out.

我的意思是，似乎主要是北美和歐洲、中東和非洲。亞太地區的表現是否符合預期？如果你能回答的話。然後我想我正在掙扎的地方是我想我們都知道這不是一個強大的消費者，並且關於軟著陸的敘述是否正確，如果這是真的。但過去 7 週內情況似乎並沒有太大變化。因此，喬，您可以提供任何詳細說明，因為顯然，本季的退出率與事情開始時的情況非常不同。

Yes, Jon. third quarters, I call our most nonlinear quarter, and it's the most difficult to predict. And -- and it's because it has 3 major components to it. One is obviously the seasonality of our European business because of the vacation base or whatever -- and the way that comes back is not always consistent, Jon. And in this case, it did not come back in the way that we had hoped it would. Secondly, as you count on a big China teen market, and we had -- we did well in China. I feel from a growth standpoint. But it wasn't to a point that it could offset a slower rebound overall from a European standpoint.

是的，喬恩。第三季度，我稱之為最非線性的季度，也是最難預測的。而且——這是因為它有 3 個主要組成部分。其中之一顯然是我們歐洲業務的季節性，因為度假基地或其他原因 - 而且回來的方式並不總是一致的，喬恩。在這種情況下，它並沒有像我們希望的那樣回來。其次，當你指望中國有一個巨大的青少年市場時，我們在中國做得很好。我從成長的角度感覺。但從歐洲的角度來看，這還不足以抵消整體較慢的反彈。

And the last thing is in the United States, that lack of adult cases. I mean, we did well on teen. That lack of adult patients that we went into September was really (inaudible). And so it's those 3 key variables that I think is how we came out of this differently than what we anticipated as we went in.

最後一件事是在美國，缺乏成人病例。我的意思是，我們在青少年方面做得很好。我們進入 9 月時確實缺乏成年患者（聽不清楚）。因此，我認為這 3 個關鍵變數是我們走出困境的方式與我們進入時的預期不同的原因。

(Operator Instructions) And our next question comes from the line of Elizabeth Anderson from Evercore ISI.

（操作員說明）我們的下一個問題來自 Evercore ISI 的 Elizabeth Anderson。

My question is, so if we think about -- like obviously, we're talking about consumer weakness and sort of the cyclical (inaudible) of the business. If we think about like sort of the headcount reduction and SG&A spend, can you help us like parse out like a little bit more about the cuts and how to think about how to sort of preserve margin as sort of we're seeing weaker demand. And then like how you need to invest again on the up cycle in order to like continue to push penetration in what's obviously a very like largely underpenetrated market over a longer period?

我的問題是，如果我們考慮一下——顯然，我們正在談論消費者的疲軟和業務的周期性（聽不清楚）。如果我們考慮裁員和銷售管理費用（SG&A）支出，您能否幫助我們解析更多關於裁員的問題，以及如何考慮如何在我們看到需求疲軟的情況下保持利潤率。然後，您需要如何在上升週期中再次進行投資，以便在較長時間內繼續推動滲透率明顯很高的市場滲透率？

Elizabeth, this is John. So as we go through our planning process, like we do every year, we're prioritizing investments that we can continue to invest to be able to help grow the business. So we look at some R&D and some of the investments that we make. We have a lot of new products coming to market, as we've talked about at Investor Day. We want to preserve that flow of product. We want to make sure we're properly reaching our customers.

伊麗莎白，這是約翰。因此，當我們像每年一樣進行規劃過程時，​​我們會優先考慮可以繼續投資的投資，以幫助發展業務。因此，我們會專注於一些研發和我們所做的一些投資。正如我們在投資者日所討論的那樣，我們有很多新產品即將上市。我們希望保留產品的流動。我們希望確保我們能夠正確地接觸客戶。

So we prioritize some of the sales and go-to-market activities that we have around that. But we're looking at all parts of the business to say, okay, what can we adjust? What can we make adjustments to, to still deliver on our priorities that we have as a business is to help try to grow with the means that we've seen, but then also deliver the profitability and being able to see this margin accretion. We've seen that all year as we've gone through. And essentially, what we're calling for in the fourth quarter is the continuation of that margin accretion. And that's just through a combination of just looking at those investments and making sure that we properly invest for the future.

因此，我們優先考慮圍繞此進行的一些銷售和上市活動。但我們正在審視業務的各個部分，然後說，好吧，我們可以調整什麼？為了仍然實現我們作為一家企業所擁有的優先事項，我們可以做出哪些調整，以幫助嘗試以我們已經看到的方式實現增長，但同時也實現盈利能力並能夠看到利潤的增加。我們一整年都看到了這一點。從本質上講，我們在第四季度所要求的是繼續提高利潤率。這只是透過專注於這些投資並確保我們為未來進行適當的投資來實現。

Got it. And maybe as a follow-up, obviously, I have hope for the safety of all of our employees in Israel. Can you talk about sort of the capacity of that organization is sort of things stay as they are? Is that something where you're sort of drawing down inventory elsewhere, not able to produce if any more details you could provide on that, obviously, unfortunate situation.

知道了。也許作為後續行動，顯然，我對我們在以色列的所有員工的安全抱有希望。您能談談該組織的能力是保持原樣嗎？是不是您在其他地方減少庫存，無法提供您可以提供的更多詳細信息，顯然，這是不幸的情況。

Back to Joe. We're producing over there right now. I don't give you this -- it's a reasonable amount of capacity. I've had other businesses in Israel at times like this, too, not this bad. But in those situations, I feel like where it is now we can manage it. As we talked about in the script, if things get worse or war over there, we can't guarantee what we have. But we have a terrific team there. It's a very dedicated team. They're working both sides of the angle right now. We're bringing in materials, we're converting those materials. We're shipping those out. So the business is operating fine right now, but we have to just wait in the upcoming weeks and to see what develops on their homeland.

回到喬。我們現在正在那裡生產。我不會給你這個——這是一個合理的容量。我在以色列也有過類似的經歷，但也沒有這麼糟糕。但在這些情況下，我覺得我們現在可以應付。正如我們在劇本中談到的，如果那裡的情況變得更糟或發生戰爭，我們就無法保證我們所擁有的東西。但我們那裡有一支很棒的團隊。這是一個非常敬業的團隊。他們現在正在處理角度的兩側。我們正在引進材料，我們正在轉換這些材料。我們正在把它們運出去。因此，目前業務運作良好，但我們必須等待接下來的幾週，看看他們的祖國會發生什麼事。

And Our next question comes from the line of Erin Wright from Morgan Stanley.

我們的下一個問題來自摩根士丹利的艾琳·賴特 (Erin Wright)。

I'm curious if you could break down a little bit the key components of the teen case volume trends you saw in the quarter by geography, specifically in the Americas region. And what's driving that? And I think you mentioned like Invisalign First and how we should be thinking about visibility across that patient cohort just given you have some more inherent control over maybe that segment in this sort of environment?

我很好奇您是否可以按地理位置（特別是美洲地區）對本季度青少年案件數量趨勢的關鍵組成部分進行一些細分。是什麼推動了這一點？我認為您提到了 Invisalign First 以及我們應該如何考慮該患者群體的可見性，因為您在這種環境中對該細分市場擁有更多固有的控制權？

And then second part of my question is just more of a clarification, I guess, in terms of the fourth quarter guidance, does it specifically assume that there's a further deterioration in the macro or just a continuation of what you saw in the September experience. And I just want to understand the buffers, I guess, you have in that expectation at this point.

然後我的問題的第二部分只是更多的澄清，我想，就第四季度的指導而言，它是否特別假設宏觀經濟進一步惡化，或者只是您在9 月份的經歷中看到的情況的延續。我只是想了解緩衝區，我猜，您此時已經有了這樣的期望。

As far as the teenage patients, again, we're really pleased with the growth that we saw in teens, and it's a very important teen season. I think the teen has performed extremely well. We saw strength across every geography, we saw in Europe, we saw in North America, and we also saw it in China. I think our portfolio helps us a lot. Invisalign First to be led with that. Remember, those are patients that are anywhere between 6 and 10 years old.

就青少年患者而言，我們對青少年的成長感到非常滿意，這是一個非常重要的青少年季節。我認為這個青少年的表現非常出色。我們在每個地區都看到了力量，我們在歐洲看到了，我們在北美看到了，我們也在中國看到了。我認為我們的投資組合對我們有很大幫助。 Invisalign 隱適美是第一個被引導的人。請記住，這些患者的年齡在 6 歲到 10 歲之間。

We really have terrific results in those areas. But also with permanent dentition. We saw some good growth, too. So overall, I feel like it's a strong indication in the sense that we're hitting the dot in the sense of where we want to with those specific consumers through the advertising programs that I talked about and also through our digital platform and then the specific products like Invisalign First and then IPE that rolls into Canada and then more broadly as we move into 2024. John?

我們在這些領域確實取得了出色的成果。而且還有恆牙列。我們也看到了一些良好的成長。因此，總的來說，我覺得這是一個強烈的跡象，從某種意義上說，我們正在透過我談論的廣告計劃以及透過我們的數位平台和特定的消費者與這些特定的消費者打交道。首先是 Invisalign 隱適美等產品，然後是 IPE 等產品，這些產品將進入加拿大，然後在進入 2024 年時會更廣泛地推出。約翰？

And just on the fourth quarter, Erin, we've really taken what we see in September. It continues into October. And we assume that things don't get better than what we saw in September. So it's a tough macro environment. There's less orthodontic case starts, lower patient traffic. And so we factor in all those based on what we saw and that's what our projection is for Q4.

就在第四季度，艾琳，我們真正吸收了九月的經驗。它持續到十月。我們認為情況不會比九月好。所以這是一個艱難的宏觀環境。正畸病例開始減少，患者流量也減少。因此，我們根據我們所看到的情況考慮所有這些因素，這就是我們對第四季度的預測。

And our next question comes from the line of Jeff Johnson from Baird.

我們的下一個問題來自貝爾德 (Baird) 的傑夫·約翰遜 (Jeff Johnson)。

And our next question comes from Jason Bednar from Piper Sandler.

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

That's strange. We certainly will follow up with both Jeff and Jason. Operator, do you mind just going to the next question, please?

真奇怪。我們當然會跟進傑夫和傑森。接線員，您介意直接進入下一個問題嗎？

Certainly. Our next question comes from the line of Nathan Rich from Goldman Sachs.

當然。我們的下一個問題來自高盛的內森·里奇（Nathan Rich）。

Joe, you mentioned the focus on delivering improved operating margins, and you guided to non-GAAP margins being up sequentially in the fourth quarter despite the reduction in the revenue guidance. I guess as we think about the business going forward, should we think about that 4Q margin as a good base level for the business? Even in an uncertain demand environment and are there additional actions you can take on the cost side to give yourself some additional cushion for margins going forward?

喬，您提到了重點是提高營業利潤率，並且儘管收入指導有所下降，但您仍指導第四季度的非公認會計原則利潤率連續上升。我想當我們考慮未來的業務時，我們是否應該將第四季的利潤率視為業務的良好基礎水準？即使在需求不確定的環境中，您是否可以在成本方面採取額外的行動，為自己未來的利潤提供一些額外的緩衝？

You've been watching us long enough to know that our -- each of our quarters have a certain personality in the sense of the kind of operating profit we deliver. You can see in the fourth quarter, but we feel good about where we stand right now and the levers that we can pull in order to deliver the operating margin that John talked about. So I just -- I think more than anything, I want the investors to understand that while we have this uncertain environment from a demand standpoint, we're going to be responsible on cost. We'll invest in technology, and we'll focus in those areas.

您已經觀察我們足夠長的時間了，知道我們的每個季度都有一定的個性，就我們提供的營業利潤而言。你可以在第四季度看到，但我們對目前的狀況以及我們可以利用的槓桿來實現約翰談到的營業利潤率感到滿意。所以我只是——我認為最重要的是，我希望投資者明白，雖然從需求的角度來看，我們面臨這種不確定的環境，但我們將對成本負責。我們將投資技術，並將重點放在這些領域。

But we're always looking closely in the sense of where we can rationalize also where we can prioritize in different areas that will help in that operating profit area. John, anything you want to add on?

但我們始終密切關注哪些領域可以合理化，哪些領域可以優先考慮，有助於實現營業利潤領域。約翰，你還有什麼要補充的嗎？

I mean that's it. So we'll see the benefit that we see in all year to be able to see that operating margin improvement. And -- but as Joe said, we're prioritizing our investments. We look at this time as we finalize our plan for next year. But we have got a lot of technology coming, and we want to make sure that we're properly invested there as well as being able to deliver like we can on a margin basis.

我的意思是就是這樣。因此，我們將看到全年的收益，即營業利潤率的提高。而且——但正如喬所說，我們正在優先考慮我們的投資。我們在敲定明年的計劃時會考慮這個時間。但我們已經有了很多技術，我們希望確保我們在這些技術上進行了適當的投資，並且能夠在保證金的基礎上提供我們可以做到的服務。

Okay. Great. And if I could just ask a follow-up on the 4Q guidance for clear aligner volumes. I think you had said that you don't expect improvement in adult and had talked about, I guess, modeling what you saw in September through the fourth quarter. I guess how should we think about adult cases relative to the 381,000. I guess, when we take that together, given how it sounds like September shaped up, should we expect a decline off of that 381,000 level in the fourth quarter for the adult cases specifically?

好的。偉大的。如果我可以詢問第四季度指南的後續情況，以了解明確的對準器數量。我認為您曾說過您不期望成人方面有所改善，並且我想您已經談到了對您在 9 月到第四季度所看到的情況進行建模。我想我們應該如何看待相對於 381,000 例的成人病例。我想，當我們綜合考慮時，考慮到 9 月的情況，我們是否應該預期第四季度成人病例數會從 381,000 例的水平下降？

I think when you look at things, Nathan, like I said, teen showed up well in the third quarter. We're pleased with that. Seasonally, it comes down in the fourth quarter. And based on what we saw in September and so far in October, I think you would expect to see adults down as well.

我認為當你看事情時，內森，就像我說的，青少年在第三季度表現得很好。我們對此感到滿意。從季節性來看，第四季會有所下降。根據我們在 9 月和 10 月迄今為止所看到的情況，我認為您也會看到成年人也會出現下滑。

And our next question comes from the line of Brandon Couillard from Jefferies.

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

Just a clarification, Joe or John, on the adult trends (inaudible). Is that predominantly in the U.S.? Or is it also extend outside the U.S. as well? And if you have any chance you're willing to take a stab at some of the factors behind that and whether or not student loan repayments may be contributing to some of the psyche sentiment in that customer base.

喬或約翰，只是對成人趨勢進行澄清（聽不清楚）。這主要是在美國嗎？還是它也延伸到美國境外？如果你有機會的話，你願意嘗試背後的一些因素，以及學生貸款償還是否可能會影響該客戶群的一些心理情緒。

Remember, third quarter is a big teen quarter, but adults are obviously a large component of that. We saw that adult (inaudible) in North America, but we saw it across each geography.

請記住，第三季度是青少年的重要季度，但成年人顯然是其中的重要組成部分。我們在北美看到了那個成年人（聽不清楚），但我們在每個地區都看到了它。

Okay. And then just a follow-up, John, on the fourth quarter margins, operating margins up with (inaudible) down sequentially. Is that all coming from OpEx? Or would you expect gross margins to bounce up sequentially as well?

好的。然後是後續行動，約翰，關於第四季的利潤率，營業利潤率連續上升（聽不清楚）。這一切都來自營運支出嗎？還是您預期毛利率也會連續反彈？

When we talked about down sequentially on op margin, that was down on a GAAP basis, we have some of the restructuring and other things that include -- we expect sequential improvement on a non-GAAP basis from Q3 to Q4. And we didn't give specific gross margin guidance, but we're working to try to make sure that we work on our gross margin as well. But right now, we've kind of given the guidance down to our margin.

當我們談到營業利潤率連續下降時，這是按公認會計原則計算的下降，我們進行了一些重組和其他事情，其中​​包括——我們預計從第三季度到第四季度，按非公認會計原則計算將連續改善。我們沒有給出具體的毛利率指導，但我們正在努力確保我們也能提高毛利率。但現在，我們已經將指導意見降低到了我們的利潤率。

And our next question comes from the line of Mike Ryskin from Bank of America.

我們的下一個問題來自美國銀行的 Mike Ryskin。

I got a couple of real quick here. First, hopefully, you can hear me. Great. First, I want to ask on sort of the rightsizing or some of the layoffs you discussed. I just want to -- I'm thinking back to 2020 sort of peak COVID when everyone one is panicking and some of your competitors or other players in the dental space announced some layoffs and you held fast and powered through and the argument was that you saw it as being transient and you wanted to invest in growth and sort of be ready for the rebound.

我在這裡很快就得到了一些。首先，希望你能聽到我的聲音。偉大的。首先，我想問您討論過的某種規模調整或裁員問題。我只是想——我回想起 2020 年新冠疫情高峰期，當時每個人都感到恐慌，你的一些競爭對手或牙科領域的其他參與者宣布了一些裁員，而你堅守崗位並堅持到底，理由是你認為這是暫時的，你想投資於成長並為反彈做好準備。

So just contrasting that with the decision to implement some cuts here. I mean, does that mean anything in terms of your thoughts on the duration of the macro slowdown. Why -- if this is just macro related and as you said, September slowed pretty suddenly, if there is a rebound, why not continue to invest given the balance sheet is strong, the free cash flow is strong? Just sort of compare and contrast and lay out your thinking on that.

因此，將其與此處實施一些削減的決定進行比較。我的意思是，這對於您對宏觀經濟放緩持續時間的看法是否意味著什麼？為什麼——如果這只是與宏觀相關，並且正如您所說，9 月份增長突然放緩，如果出現反彈，鑑於資產負債表強勁、自由現金流強勁，為什麼不繼續投資呢？只需進行比較和對比，然後闡述您的想法。

Mike, first of all, when you go back to 2020 that you referenced, we did power through that. Personally, what I looked at that as I looked at that as not an economic issue, that was obviously a pandemic kind of an issue. And I think it had -- I anticipated to have a clear beginning and a clear end. And so in that sense, it's -- I think it's easier to make that decision whether that's right or wrong with that kind of a thought process in mind.

麥克，首先，當你回到你提到的 2020 年時，我們透過這一點發揮了作用。就我個人而言，我認為這不是一個經濟問題，這顯然是一個流行病問題。我認為它有——我期望有一個明確的開始和一個明確的結束。因此，從這個意義上說，我認為，無論是對或錯，只要考慮到這種思考過程，就更容易做出決定。

In this case, we're seeing unprecedented change from an economic standpoint. We're seeing consumer sentiment down. I mean I'll have to go through all the economic data, you probably know this better than me. So there's a lot of uncertainty there.

在這種情況下，從經濟角度來看，我們看到了前所未有的變化。我們看到消費者信心下降。我的意思是我必須查看所有經濟數據，你可能比我更了解這一點。所以存在著很多不確定性。

But I don't want to be misinterpreted that we're going to disadvantage this company in a rebound, no way. We're going to make sure that we're responsible in the sense of the resources and the restructuring that John talked about, too. We're going to make sure that we're well positioned in the key areas, too, that if we have a rebound, we'll be able to respond with the right kind of capacity and the right kind of products. So I feel like we're balancing that well right now.

但我不想被誤解為我們會讓這家公司在反彈時處於不利地位，這是不可能的。我們將確保我們對約翰談到的資源和重組負責。我們還將確保我們在關鍵領域處於有利地位，如果我們出現反彈，我們將能夠以正確的產能和正確的產品做出回應。所以我覺得我們現在正在很好地平衡。

Okay. All right. I appreciate that. And then the second point, sort of piggybacking on I think it was Block's question earlier. I'm not going to ask you for the specifics on '24, but just thinking about this year, the price you took earlier this year certainly contributed to revenue growth. As we think forward to next year and your ability to take price again or potentially have to give price given how much the macro has changed and how the demand dynamics has changed. How do you feel about pricing and products, any opportunity to take that up again next year? Or on the flip side, are you potentially getting some pressure there or you even have to give a little bit.

好的。好的。我很感激。然後是第二點，我認為這是布洛克之前提出的問題。我不會問你 24 年的具體情況，但想想今年，你今年早些時候採取的價格肯定對收入成長做出了貢獻。當我們展望明年時，考慮到宏觀變化的程度以及需求動態的變化，您再次定價的能力或可能必須給出價格。您對定價和產品有何看法？明年有機會再做一次嗎？或者另一方面，你是否可能會受到一些壓力，或者你甚至必須付出一點。

Mike, I appreciate the question. But as far as price goes, we would make an announcement until our doctors really know in that sense. And we're still working through 2024.

麥克，我很欣賞這個問題。但就價格而言，我們會發佈公告，直到我們的醫生真正了解這一點為止。到 2024 年我們仍在努力。

This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Shirley Stacy for any further remarks.

今天節目的問答環節到此結束。我想將程序交還給雪莉·史黛西，以便進一步發表評論。

Thank you, operator, and thank you for joining the call today. We look forward to speaking to you at upcoming financial conferences and industry meetings. If you have any questions, please follow up with the Investor Relations team. And Jeff and Jason, we certainly will get back to you after the call and speak on our one-on-one. Thanks, everyone. Have a great day.

謝謝您，接線員，也謝謝您今天加入通話。我們期待在即將召開的金融會議和產業會議上與您交談。如果您有任何疑問，請與投資者關係團隊聯繫。傑夫和傑森，我們當然會在通話後回覆您並進行一對一的交談。感謝大家。祝你有美好的一天。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝你們參加今天的會議。這確實結束了該程式。您現在可以斷開連線。再會。