愛齊科技 (ALGN) 2024 Q4 法說會逐字稿

Greetings.

問候。

Welcome to the Align fourth-quarter and full-year 2024 earnings call.

歡迎參加 Align 2024 年第四季和全年財報電話會議。

At this time, all participants are on a listen-only mode.

此時，所有參與者都處於只聽模式。

A question-and-answer session will follow the formal presentation.

正式演講結束後將進行問答環節。

Please note this conference is being recorded.

請注意，本次會議正在錄音。

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

現在，我將會議交給主持人，Align Technology 的 Shirley Stacy。

You may begin.

你可以開始了。

Good afternoon and thank you for joining us.

下午好，感謝您加入我們。

I'm Shirley Stacy, Vice President of Corporate Communications and Investor Relations.

我是雪莉‧史泰西 (Shirley Stacy)，企業傳播與投資者關係副總裁。

Joining me for today's call is Joe Hogan, President and CEO; and John Morici, CFO.

參加今天電話會議的還有總裁兼執行長喬·霍根 (Joe Hogan)；以及財務長 John Morici。

We issued fourth quarter and full year 2024 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 one month.

我們今天透過 Business Wire 發布了 2024 年第四季和全年財務業績，可在我們的網站 investor.aligntech.com 上查閱。今天的電話會議將透過音訊網路直播，並將在我們的網站上存檔約一個月。

As a reminder, the information provided and discussed today will include forward-looking statements, including statements about Align's future events and product outlook.

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 未來事件和產品展望的陳述。

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.

這些前瞻性陳述僅是預測，涉及風險和不確定性，這些風險和不確定性在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 上查閱。

Actual results may vary significantly and Align expressly assumes no obligation to update any forward-looking statement.

實際結果可能有很大差異，Align 明確承擔更新任何前瞻性聲明的義務。

We have posted historical financial statements with corresponding reconciliations including our GAAP to Non-GAAP reconciliation if applicable and our fourth-quarter and full-year 2024 conference call slides on our website under Quarterly Results.

我們已在網站的「季度業績」下發布了歷史財務報表和相應的對帳表，包括我們的 GAAP 與非 GAAP 對帳表（如適用）以及我們的 2024 年第四季度和全年電話會議幻燈片。

Please refer to these files for more detailed information.

請參閱這些文件以獲取更多詳細資訊。

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

說完這些，我將把電話轉給 Align Technology 總裁兼執行長 Joe Hogan。

Joe?

喬？

Thanks, Shirley.

謝謝，雪莉。

Good afternoon, and thanks for joining us today.

下午好，感謝您今天加入我們。

On our call today, I'll provide an overview of our fourth quarter and full year results and discuss a few highlights from our two operating segments, System Services and Clear Aligners.

在今天的電話會議上，我將概述我們第四季度和全年的業績，並討論我們的兩個營運部門（系統服務和透明矯正器）的一些亮點。

John will provide more detail on our financial performance and comment on our views for 2025.

約翰將詳細介紹我們的財務業績，並對我們對 2025 年的看法發表評論。

Following that, I'll come back and summarize a few key points and open the call to questions.

接下來，我將回過頭來總結幾個要點，並開始提問。

I'm pleased to report that Q4 total revenues, Clear Aligner volumes, Systems and Services revenues were in line with our Q4 outlook, and both GAAP and non-GAAP operating margins were better than our Q4 outlook.

我很高興地報告，第四季度的總收入、透明矯正器銷售、系統和服務收入與我們的第四季度預期一致，且 GAAP 和非 GAAP 營業利潤率均優於我們的第四季度預期。

Q4 Clear Aligner ASPs were lower than our Q4 outlook due primarily to the impact of unfavorable foreign exchange from the strengthening of the U.S. dollar against major currencies from late October through December, as John will explain in his remarks.

Q4 透明矯正器的平均售價低於我們的第四季度預期，這主要歸因於 10 月下旬至 12 月美元兌主要貨幣走強帶來的不利外匯影響，正如約翰將在其演講中解釋的那樣。

On a year-over-year basis, fourth quarter revenues of $995 million increased 4%, reflecting 14.9% growth from Systems and Services revenues and 1.6% growth from Clear Aligner revenues.

與去年同期相比，第四季營收 9.95 億美元，成長 4%，其中系統和服務收入成長 14.9%，透明矯正器營收成長 1.6%。

On a year-over-year basis, Clear Aligner volumes grew 6.1%, driven by increased shipments across all regions, with strength in EMEA, APAC, and LatAm regions, and stability in North America.

與去年同期相比，透明矯正器銷量成長了 6.1%，這得益於所有地區出貨量的增加，其中歐洲、中東和非洲地區、亞太地區和拉丁美洲地區表現強勁，北美地區表現穩定。

From a channel perspective, Clear Aligner volumes in the ortho and GP channels were up a year-over-year basis, with a number of submitters and utilization amongst the highest in the past few years.

從通路角度來看，矯正和全科醫生通路的透明矯正器銷量較去年同期成長，提交者數量和利用率在過去幾年中名列前茅。

On a sequential basis, fourth quarter revenue growth of 1.8% reflects continued momentum from sales of iTero Lumina scanners and increased Invisalign Clear Aligner volumes in the EMEA region, especially from teens and growing patients as well as growth from the LatAm regions.

以環比計算，第四季度收入增長 1.8%，反映了 iTero Lumina 掃描儀銷售的持續增長勢頭以及 EMEA 地區的 Invisalign Clear Aligner 銷量增長，尤其是來自青少年和不斷增長的患者群體以及拉美地區的增長。

Across the orthodontists and GP dentists offset by Clear Aligner seasonality in APAC, mostly in China, which had a strong teen quarter in Q3.

在亞太地區，牙齒矯正醫師和全科牙醫受到透明矯正器季節性的影響，主要是在中國，第三季青少年牙齒矯正表現強勁。

For the Americas, Q4 Clear Aligner volumes reflect a seasonally soft orthodontic channel, offset somewhat by strength in the GP channel in the adult segment.

對於美洲地區，第四季度的透明矯正器銷售量反映了矯正通路的季節性疲軟，但在一定程度上被成人市場 GP 通路的強勁表現所抵消。

For the full year 2024, total revenues of $4 billion and Clear Aligner volumes of 2.5 million cases were both up 3.5% year-over-year.

2024 年全年總營收為 40 億美元，透明矯正器銷量為 250 萬例，較去年同期成長 3.5%。

We delivered fiscal 2024 non-GAAP operating margin of 21.8%, above fiscal 2023 and in line with our 2024 outlook.

我們實現的 2024 財年非 GAAP 營業利益率為 21.8%，高於 2023 財年並符合我們的 2024 年展望。

As of Q4 '24, we achieved several cumulative milestones, including 272,000 active Invisalign trained practitioners, 19.5 million Invisalign patients, including over 5.6 billion teens and kids, and over 2 billion clear aligners manufactured worldwide.

截至 2024 年第四季度，我們已實現多個累積里程碑，包括全球範圍內有 272,000 名活躍的 Invisalign 培訓從業人員、1,950 萬名 Invisalign 患者（其中包括超過 56 億青少年和兒童）以及生產了超過 20 億個透明矯正器。

For clear aligners in Q4, year-over-year volume growth in the Americas reflects strength in Latin America as well as improving trends in North America, especially for GP dentists.

對於第四季度的透明矯正器而言，美洲地區銷售同比增長反映了拉丁美洲的強勁增長以及北美地區的改善趨勢，尤其是對於全科醫生而言。

In the EMEA region, Q4 year over year Clear Aligner volume growth reflects increased volumes from core Europe as well as strong growth from EMEA, Eastern Europe, Middle East, and Africa markets.

在 EMEA 地區，第四季度透明矯正器銷量年增率反映了歐洲核心市場的銷量成長以及 EMEA、東歐、中東和非洲市場的強勁成長。

From a channel perspective, EMEA Clear Aligner growth reflects strength in both ortho and GP as well as teens, kids, and adult patients.

從通路角度來看，EMEA 透明矯正器的成長反映了矯正和全科醫生以及青少年、兒童和成年患者的強勁成長。

In APAC region, Q4 year over year Clear Aligner volume growth was driven by China and Japan, as well as strong growth from our emerging APAC countries led by India, Thailand, and Korea.

在亞太地區，第四季透明矯正器銷售年增主要得益於中國和日本，以及印度、泰國和韓國等新興亞太國家的強​​勁成長。

For Q4, APAC growth also reflects increased utilization and submitters in both doctor channels and growth in both patient segments.

對於第四季度，亞太地區的成長也反映了醫生管道的使用率和提交者的增加以及患者群體的成長。

Q4, we had 85,700 doctors submitters worldwide, a record total in the fourth quarter, primarily reflecting a sequential increase in clear aligner volume for adults and noncomprehensive cases.

第四季度，我們在全球擁有 85,700 名醫生提交者，創下了第四季度的總數，主要反映了成人和非綜合病例的透明矯正器數量的連續增加。

In the adult clear aligner segment, we're pleased to see both year over year and sequential growth across all regions.

在成人透明矯正器領域，我們很高興看到所有地區的同比增長和連續增長。

In the teen and growing kids segments, approximately 216,000 teens and kids started treatment with Invisalign Clear Aligners during the fourth quarter, a decrease of 8.6% sequentially off a record Q3 teen season and an increase of 9.8% year-over-year, reflecting growth across regions, especially from Invisalign First in the APAC and EMEA regions.

在青少年和成長型兒童領域，第四季度約有 216,000 名青少年和兒童開始使用 Invisalign 透明牙套進行治療，較第三季度青少年季的創紀錄水平環比下降 8.6%，同比增長 9.8%，反映了各地區的增長，尤其是亞太地區和歐洲、中東和非洲地區的 Invisalign First。

For Q4, number of doctors submitting cases starts for teens and kids was up 6.2% year-over-year, led by continued strength from doctors treating young kids or growing patients.

第四季度，提交青少年和兒童病例的醫生數量同比增長 6.2%，這主要得益於治療幼兒或成長中患者的醫生繼續保持強勁增長。

For fiscal 2024, total Invisalign Clear Aligner shipments for teens and kids reached a record total of 868,000 Invisalign cases and shipped up to -- a year up to 7.7% compared to the prior year and comprising approximately 35% of the 2.5 million total Clear Aligner case shipments for the year.

2024 財年，針對青少年和兒童的 Invisalign 透明矯正器總出貨量達到了創紀錄的 868,000 例，年出貨量與上一年相比增長了 7.7%，約佔全年 250 萬例透明矯正器總出貨量的 35%。

Teen-specific consumer marketing and sales programs, along with the continued momentum for Invisalign First for kids as young as 6 and Invisalign Palatal Expander systems, help drive adoption globally.

針對青少年的消費者行銷和銷售計劃，以及針對 6 歲以下兒童的 Invisalign First 和 Invisalign Palatal Expander 系統的持續發展勢頭，有助於推動全球範圍內的採用。

During the quarter, we continued to commercialize the Invisalign Palatal Expander with steady momentum for doctors submitters and shipments.

在本季度，我們繼續將 Invisalign 腭擴張器商業化，醫生提交量和出貨量保持穩定成長。

In its first full year of availability in North America, Invisalign Palatal Expander adoption was followed by similar trajectory in Invisalign First, which launched in 2017.

Invisalign 腭擴張器在北美上市的第一年，其普及程度與 2017 年推出的 Invisalign First 的普及程度相似。

But Invisalign First did not require regional or country-specific regulatory approvals like Invisalign Palatal Expander is required.

但 Invisalign First 並不像 Invisalign Palatal Expander 那樣需要地區或國家特定的監管批准。

In Q4, we received the CE mark under the medical device regulation to market the Invisalign Palatal Expander system in most of Europe and also completed registration with the Medicines and Healthcare Products Regulatory Agency for the United Kingdom and overseas territory.

在第四季度，我們獲得了醫療器材法規下的 CE 標誌，可以在歐洲大部分地區銷售 Invisalign 顎部擴張器系統，並且還完成了在英國和海外領土藥品和保健產品管理局的註冊。

Both approvals are for broad patient applicability, including growing children, teens and adults with surgery or other techniques.

兩項批准均適用於廣泛的患者，包括成長中的兒童、青少年和接受手術或其他技術的成年人。

These approvals mark a significant milestone in our efforts to enhance clinical outcomes and efficiency in orthodontics and enable us to commercialize the Invisalign Palatal Expander across most of the major EMEA region in 2025.

這些批准標誌著我們在提高矯正臨床效果和效率方面努力的一個重要里程碑，並使我們能夠在 2025 年在大部分主要的 EMEA 地區將 Invisalign 腭擴張器商業化。

We are continuing to make progress in establishing the clinical efficacy and improved patient experience of Invisalign Palatal Expander, which recently made the cover of the Journal of Clinical Orthodontics, or JCO, and an article published by Dr. Jonathan Nicozisis.

我們在確認 Invisalign 腭擴張器的臨床療效和改善患者體驗方面不斷取得進展，該產品最近登上了《臨床正畸學雜誌》（JCO）的封面，並由 Jonathan Nicozisis 博士發表了一篇文章。

There have been multiple peer review studies published on the effectiveness of the Invisalign Palatal Expander as well as mandibular advancement.

目前已有多項同行評審研究發表了關於 Invisalign 腭擴張器以及下顎推進器的有效性。

We also are receiving positive parental feedback, as reflected in the article, 7 Reasons Parents Love the Invisalign Palatal Expander System.

我們也收到了家長們的正面回饋，正如文章《家長喜愛 Invisalign 腭擴張器的 7 個理由》中所反映的那樣。

Overall, the Invisalign Palatal Expander system is gaining traction among orthodontists and patients due to its innovative design and user-friendly feature.

總體而言，Invisalign 腭擴張器系統因其創新的設計和用戶友好的功能而越來越受到牙齒矯正醫生和患者的青睞。

As more clinical data becomes available and practitioners gain experience with the device and parents become informed, we believe adoption will continue to grow.

隨著越來越多的臨床數據可用、醫生使用該設備的經驗不斷累積以及家長對該設備越來越了解，我們相信採用該設備的情況將會持續增長。

Q4 non-case revenues were up year over year, primarily due to continued growth in retainers and our Doctor Subscription Program, or DSP, including non-Invisalign patients at getting retainers.

Q4 非病例收入年增，主要由於維持器費用和醫生訂閱計畫 (DSP) 的持續成長，包括非隱適美患者獲得維持器的費用。

Non-case revenues, including our Vivera Retainers, retention aligners ordered to our Doctor Subscription Program, clinical training, education, accessories, and e-commerce.

非病例收入，包括我們的 Vivera 維持器、根據我們的「醫生訂閱計畫」訂購的維持器、臨床培訓、教育、配件和電子商務。

DSP also includes Invisalign touch-up cases, which includes up to 14 stages and is currently available in North America and certain countries in Europe and was most recently launched in Brazil.

DSP 還包括 Invisalign 修補案例，該案例包含多達 14 個階段，目前已在北美和歐洲部分國家上市，最近已在巴西推出。

For Q4, total Invisalign DSP touch-up cases were up nearly 37% year-over-year to more than 27,000 cases.

第四季度，Invisalign DSP 補妝案例總數較去年同期成長近 37%，達 27,000 多例。

For fiscal 2024, total DSP touch-up cases shipped were over 100,000, up 37% compared to 2023. 224 clear aligner volume from DSO customers increased sequentially and year-over-year, reflecting growth across all regions.

2024 財年，DSP 補妝案例總出貨量超過 100,000 件，較 2023 年增長 37%。

The DSO business continues to outpace our retail doctors globally.

在全球範圍內，DSO 業務繼續超過我們的零售醫生。

And in the US, it's driven by our largest DSO partners, Smile Doctors and Heartland Dental, and also had strong growth in iTero scanner sales as DSO invested in their members' practices end-to-end digital workflows.

在美國，這得益於我們最大的 DSO 合作夥伴 Smile Doctors 和 Heartland Dental，同時由於 DSO 對其成員的端到端數位工作流程進行投資，iTero 掃描器的銷量也實現了強勁增長。

In December, we completed $30 million equity investment in Smile Doctors, the largest orthodontic focused DSO in the US with more than 450 locations in 32 states.

12 月，我們完成了對 Smile Doctors 的 3000 萬美元股權投資，Smile Doctors 是美國最大的正畸 DSO，在 32 個州擁有 450 多家門市。

Smile Doctors has a rich history of developing and growing affiliated practices by providing tools and technology that allow their orthodontists to focus entirely on patient care, and we are continuously exploring collaboration with DSOs that share our vision of furthering the adoption of digital dentistry.

Smile Doctors 在發展和壯大附屬診所方面有著豐富的經驗，他們透過提供工具和技術讓牙齒矯正醫師能夠完全專注於患者護理，並且我們也在不斷探索與 DSO 的合作，以分享我們進一步應用數位化牙科的願景。

Each DSO has a different strategy and business model.

每個 DSO 都有不同的策略和商業模式。

We're focused on working and with encouraging the DSOs aligned with our vision strategy and business model goals.

我們專注於工作並鼓勵 DSO 與我們的願景策略和商業模式目標保持一致。

Those DSOs that recognize the benefits of digital workflows enabled by our portfolio of products and services that make up the Align digital platform, including increased practice efficiency and profitability, as well as delivering a better patient experience for shorter cycle times and proximity to their customers.

這些 DSO 認識到由我們的 Align 數位平台產品和服務組合所實現的數位化工作流程帶來的好處，包括提高實踐效率和盈利能力，以及在更短的周期時間和更接近客戶的情況下提供更好的患者體驗。

Turning to Systems and Services.

轉向系統和服務。

Q4 was another strong quarter, with year-over-year revenue growth of 14.9%.

第四季又是一個強勁的季度，營收年增 14.9%。

On a sequential basis, Q4 Systems and Services revenues were up 5.2%.

按季度計算，第四季度系統和服務收入成長 5.2%。

In Q1 '24, we launched the iTero Lumina with orthodontic workflows as a new standalone scanner or as a wand upgrade from our iTero Element 5D Plus scanner.

24 年第一季度，我們推出了具有矯正工作流程的 iTero Lumina，作為新的獨立掃描器或作為 iTero Element 5D Plus 掃描器的掃描棒升級版。

Overall, we continue to be very pleased with the ongoing adoption of iTero Lumina scanner, and we're looking forward to building on its success with the launch of the iTero Lumina scanner with restorative capabilities.

總體而言，我們對 iTero Lumina 掃描儀的持續採用感到非常高興，並且我們期待透過推出具有修復功能的 iTero Lumina 掃描器來鞏固其成功。

During the fourth quarter, we began a limited market release of our restorative software on the iTero Lumina scanner, and doctor feedback has been outstanding.

在第四季度，我們開始在 iTero Lumina 掃描儀上有限地推出我們的修復軟體，醫生的回饋非常出色。

Our iTero Lumina innovation represents continuous advancement in our mission to deliver unparalleled value to customers and dental professionals worldwide.

我們的 iTero Lumina 創新代表著我們在為全球客戶和牙科專業人士提供無與倫比的價值的使命上不斷進步。

Doctors can continue to purchase the current version of iTero Lumina scanner today, knowing that it will automatically update to the new version free of charge once it becomes available at the end of March.

醫生今天可以繼續購買當前版本的 iTero Lumina 掃描儀，並且知道一旦 3 月底新版本上市，它將自動免費更新到新版本。

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

說完這些，我現在將電話轉給約翰。

Thanks, Joe. Now for our Q4 financial results.

謝謝，喬。現在來看看我們的第四季財務業績。

Total revenues for the fourth quarter were $995.2 million, up 1.8% from the prior quarter and up 4% from the corresponding quarter a year ago.

第四季總營收為 9.952 億美元，較上一季成長 1.8%，較去年同期成長 4%。

This reflects an increase in Clear Aligner volumes up 1.9% sequentially and 6.1% year-over-year and revenue growth from Systems and Services of 5.2% sequentially and 14.9% year-over-year.

這反映了透明矯正器銷量環比增長 1.9%，年增 6.1%，系統和服務收入環比增長 5.2%，同比增長 14.9%。

On a constant currency basis, Q4 '24 revenues were favorably impacted by approximately $0.8 million or approximately 0.1% sequentially and were unfavorably impacted by approximately $0.9 million year-over-year or approximately 0.1%.

以固定匯率計算，24 年第四季的營收環比受到約 80 萬美元或約 0.1% 的正面影響，年比受到約 90 萬美元或約 0.1% 的不利影響。

For Clear Aligners, Q4 '24 revenues of $794.3 million were up 0.9% sequentially, primarily from higher volumes, geographic mix shift to higher-priced countries and lower net revenue deferrals, partially offset by product mix shift to lower-priced products and higher discounts.

對於透明矯正器而言，24 年第四季的收入為 7.943 億美元，環比增長 0.9%，主要原因是銷量增加、地域組合向高價國家轉移以及淨收入遞延減少，但產品組合向低價產品轉移和折扣增加部分抵消了這一影響。

Q4 Clear Aligner revenues were favorably impacted by approximately $0.7 million or approximately 0.1% from foreign exchange sequentially.

第四季透明矯正器營收受到外匯影響，季增約 70 萬美元，約 0.1%。

Q4 '24 Clear Aligner per case shipment of $1,265 was lower by $10 on a sequential basis, primarily due to product mix shift and higher discounts, partially offset by favorable geography mix and lower net deferrals.

24 年第四季每箱透明矯正器的出貨量為 1,265 美元，季減 10 美元，主要由於產品組合變化和折扣增加，但有利的地域組合和較低的淨遞延部分抵消了這一影響。

Even though FX had a minor impact on our reported quarter-over-quarter results, our Q4 guidance did not forecast any substantial change from the October spot rate foreign exchange rates.

儘管外匯對我們報告的季度業績影響較小，但我們的第四季度指引並未預測十月份即期外匯匯率會發生任何重大變化。

However, the U.S.

然而，美國

dollar unexpectedly strengthened in November and December.

美元在11月和12月意外走強。

If foreign exchange rates in October had remained constant for November and December, then Clear Aligner ASPs would have increased approximately $10 quarter-over-quarter, or the equivalent of $14 million.

如果 10 月的外匯匯率與 11 月和 12 月的匯率保持不變，那麼透明矯正器的平均售價將比上一季增加約 10 美元，相當於 1,400 萬美元。

On a year-over-year basis, Q4 Clear Aligner revenues were up 1.6%, primarily from higher volumes, lower net deferrals, price increases and higher non-case revenues, partially offset by lower ASPs, reflecting the impact from unfavorable foreign exchange of $0.7 million or approximately 0.1% product mix shift to lower-priced products and geographic mix.

與去年同期相比，第四季透明矯正器收入成長了 1.6%，主要原因是銷量增加、淨遞延減少、價格上漲和非病例收入增加，但被平均售價下降部分抵消，反映了 70 萬美元的不利外匯影響或約 0.1% 的產品組合轉向低價產品和地理組合。

Q4 '24 Clear Aligner per case shipment of $1,265 was down $55 on a year-over-year basis due to the impact of UK VAT of $13, product and geographic mix and higher discounts, partially offset by lower net revenue deferrals and price increases.

24 年第四季每箱透明矯正器的出貨量為 1,265 美元，年減 55 美元，原因是英國增值稅 13 美元、產品和地理組合以及折扣增加的影響，但淨收入遞延減少和價格上漲部分抵消了這一影響。

During Q4, we reached a favorable outcome with the UK tax authorities regarding cumulative assessments of approximately $100 million for unpaid VAT related to certain clear aligner sales made during the period of October 2019 through October 2023.

在第四季度，我們與英國稅務機關就 2019 年 10 月至 2023 年 10 月期間銷售的某些透明矯正器相關的累計約 1 億美元未付增值稅的評估​​達成了有利結果。

In Q4, we received a full refund of this $100 million from UK tax authorities.

第四季度，我們從英國稅務機關收到了這1億美元的全額退款。

This settlement also relieved us of any potential assessments for sales through mid-October 2023.

此和解也免除了我們在 2023 年 10 月中旬之前的任何潛在銷售評估。

As a result, we have approximately $7 million of VAT paid for periods up to December 2023 that are still in dispute.

因此，截至 2023 年 12 月，我們支付的約 700 萬美元增值稅仍有爭議。

We expect a ruling by the UK courts in the first half of 2024 for this remaining VAT amount.

我們預計英國法院將在 2024 年上半年對這筆剩餘的增值稅金額作出裁決。

This ruling will also give clarity whether a 20% VAT is required to be applied to all clear aligner sales in the UK going forward.

該裁決也將明確說明今後是否需要對英國所有透明矯正器銷售徵收 20% 的增值稅。

We believe that clear aligners should continue to be exempt from that.

我們認為，透明矯正器應該繼續免受此影響。

Clear Aligner deferred revenues on the balance sheet as of December 31, 2024, decreased $51.3 million or 4.1% sequentially and decreased $92.1 million or 7% year over year, and will be recognized as the additional aligners are shipped under each sales contract.

截至 2024 年 12 月 31 日，資產負債表上的透明矯正器遞延收入比上一季減少 5,130 萬美元或 4.1%，比去年同期減少 9,210 萬美元或 7%，並將在每個銷售合約下運送額外的矯正器時確認。

Q4 '24 Systems and Services revenues of $200.9 million were up 5.2% sequentially, primarily due to higher scanner volumes, higher non-systems revenue driven by iTero Lumina upgrades, partially offset by lower scanner ASPs.

24 年第四季系統和服務收入為 2.009 億美元，環比增長 5.2%，主要由於掃描器銷量增加，iTero Lumina 升級推動非系統收入增加，但掃描器平均售價下降部分抵消了這一影響。

Q4 '24 Systems and Services revenue were up 14.9% year-over-year, primarily due to higher scanner volumes, higher ASP and increased nonsystems revenues, mostly related to upgrades and leasing rental programs.

24 年第四季系統和服務收入年增 14.9%，主要原因是掃描器數量增加、平均售價上漲以及非系統收入增加，主要與升級和租賃計劃有關。

Q4 '24 Systems and Services revenue impact by foreign exchange was approximately $0.1 million, flat sequentially.

24 年第四季系統和服務收入受外匯影響約為 0.1 百萬美元，與上一季持平。

On a year-over-year basis, Systems and Services revenues were unfavorably impacted by foreign exchange of approximately $0.2 million or approximately 0.1%.

與去年同期相比，系統和服務收入受到外匯約 0.2 百萬美元或約 0.1% 的不利影響。

Systems and Services deferred revenue on the balance sheet was down $4.1 million or 1.8% sequentially and down $40.3 million or 15.5% year over year, primarily due to the recognition of service revenues which are recognized ratably over the service period.

資產負債表上的系統和服務遞延收入比上一季下降 410 萬美元，或 1.8%，比去年同期下降 4,030 萬美元，即 15.5%，這主要是由於服務收入的確認是在服務期間按比例確認的。

The decline in deferred revenues, both sequentially and year over year, primarily reflects the shorter duration of service contracts applicable to initial scanner purchases.

遞延收入的下降（無論是環比還是同比）主要反映了適用於初始掃描器購買的服務合約期限較短。

Moving on to gross margin.

繼續討論毛利率。

Fourth quarter overall gross margin was 70%, up 0.3 points sequentially and flat year over year.

第四季整體毛利率為70%，季增0.3個百分點，較去年同期持平。

Overall, total gross margin was not significantly impacted by foreign exchange sequentially or on a year-over-year basis.

整體而言，總毛利率並未受到外匯因素的顯著影響，無論是環比或同比。

Clear Aligner gross margin for the fourth quarter was 70.2%, down 0.1 points sequentially due primarily to lower ASPs and restructuring costs, partially offset by lower manufacturing costs.

第四季 Clear Aligner 毛利率為 70.2%，較上一季下降 0.1 個百分點，主要原因是平均售價下降和重組成本降低，但製造成本下降部分抵消了這一影響。

Clear Aligner gross margin for the fourth quarter was down 1 point year over year due primarily due to lower ASP and restructuring costs, partially offset by lower additional aligners.

第四季透明矯正器毛利率年減 1 個百分點，主要原因是平均售價下降和重組成本降低，但附加矯正器數量減少部分抵銷了這一影響。

Overall, Clear Aligner gross margin was not significantly impacted by foreign exchange sequentially or on a year-over-year basis.

總體而言，無論是按季度還是按年，Clear Aligner 的毛利率均未受到外匯的顯著影響。

The Systems and Services gross margin for the fourth quarter was 69.4%, up 1.9 points sequentially due to lower manufacturing and freight costs, partially offset by lower scanner ASPs.

第四季系統與服務毛利率為 69.4%，比上一季增加 1.9 個百分點，原因是製造和運費成本下降，但掃描器平均售價下降部分抵消了這一影響。

Systems and Services gross margin for the fourth quarter was up 4.7 points year over year due to manufacturing efficiencies and lower freight costs and service costs and higher scanner ASPs.

由於製造效率提高、運費和服務成本降低以及掃描器平均售價上漲，第四季度系統和服務毛利率年增 4.7 個百分點。

Overall, Systems and Services gross margin was not impacted by foreign exchange sequentially or on a year-over-year basis.

整體而言，系統和服務毛利率並未受到外匯的連續或較去年同期影響。

Q4 operating expenses were $552.8 million, up 6.4% sequentially and up 11% year-over-year.

第四季營運費用為 5.528 億美元，季增 6.4%，年增 11%。

On a sequential basis, operating expenses were $33.3 million higher due primarily to restructuring costs.

與上一季相比，營業費用增加了 3,330 萬美元，主要原因是重組成本。

Year-over-year operating expenses increased by $54.8 million, primarily due to restructuring, advertising, and marketing expenses.

年比營業費用增加了 5,480 萬美元，主要原因是重組、廣告和行銷費用。

Q4 restructuring charges related to severance for impacted employees were higher than anticipated.

與受影響員工遣散費相關的第四季重組費用高於預期。

On a non-GAAP basis, operating expenses were $474.7 million, up 0.4% sequentially and up 6.3% year-over-year.

以非公認會計準則計算，營業費用為 4.747 億美元，季增 0.4%，年增 6.3%。

Our fourth quarter operating income of $144.1 million resulted in an operating margin of 14.5%, down 2.1 points sequentially and down 3.4 points year-over-year.

我們第四季的營業收入為 1.441 億美元，營業利潤率為 14.5%，較上季下降 2.1 個百分點，較去年同期下降 3.4 個百分點。

Operating margin was favorably impacted by foreign exchange of approximately 0.1 point sequentially and unfavorably impacted by 0.2 point year-over-year.

外匯對營業利潤率產生了約 0.1 個百分點的正面影響，但對去年同期產生了約 0.2 個百分點的不利影響。

The effective restructuring on GAAP operating margin was approximately 3.7 points.

重組對 GAAP 營業利潤率的有效影響約為 3.7 個百分點。

Q4 non-GAAP operating margin was 23.2%, up 1.1 points sequentially and down 0.6 point year over year.

第四季非公認會計準則營業利益率為 23.2%，季增 1.1 個百分點，年減 0.6 個百分點。

Interest and other income and expense net for the fourth quarter was an expense of $3.4 million compared to income of $3.6 million in Q3 '24, primarily due to unfavorable foreign exchange movements of $15.3 million, partially offset by higher interest income and gain on investments.

第四季的利息和其他收入及支出淨額為 340 萬美元，而 24 年第三季的收入為 360 萬美元，這主要是由於 1,530 萬美元的不利外匯變動，但利息收入和投資收益的增加部分抵消了這一影響。

On a year-over-year basis, Q4 '24 interest and other income and expense was unfavorable compared to income of $1.3 million in Q4 2023, primarily due to unfavorable foreign exchange movements, partially offset by higher interest income and gain on investments.

與去年同期相比，2024 年第四季的利息和其他收入和支出與 2023 年第四季的 130 萬美元收入相比表現不佳，這主要是由於不利的外匯走勢，但利息收入和投資收益的增加部分抵消了這一影響。

The GAAP effective tax rate in the fourth quarter was 26.3% compared to 30.1% in the third quarter and 28.3% in the fourth quarter of the prior year.

第四季的 GAAP 有效稅率為 26.3%，第三季為 30.1%，去年同期為 28.3%。

The fourth quarter GAAP effective tax rate was lower than the third quarter effective tax rate primarily due to the release of uncertain tax position reserves, partially offset by onetime deferred tax adjustments in certain foreign jurisdictions.

第四季 GAAP 有效稅率低於第三季有效稅率，主要由於釋放了不確定的稅務狀況儲備，但部分被某些外國司法管轄區的一次性遞延稅項調整所抵消。

The fourth quarter GAAP effective tax rate was lower than the fourth quarter effective tax rate of the prior year, primarily due to the release of certain tax position reserves, partially offset by onetime deferred tax adjustments in certain foreign jurisdictions.

第四季的 GAAP 有效稅率低於去年同期第四季的有效稅率，主要由於釋放了某些稅務狀況儲備，但部分被某些外國司法管轄區的一次性遞延稅項調整所抵消。

Our non-GAAP effective tax rate in the fourth quarter was 20%, which reflects our long-term projected tax rate.

我們第四季的非公認會計準則有效稅率為 20%，這反映了我們的長期預期稅率。

Fourth quarter net income per diluted share was $1.39, down $0.16 sequentially and $0.25 compared to the prior year.

第四季每股攤薄淨利潤為 1.39 美元，較上一季下降 0.16 美元，比去年同期下降 0.25 美元。

Our Q4 '24 EPS was unfavorably impacted by a stronger US dollar, which amounted to approximately $0.14 per diluted share to net foreign exchange losses related to the revaluation of certain balance sheet accounts.

美元走強對我們的 24 年第四季每股收益產生了不利影響，與某些資產負債表帳戶重估相關的淨外匯損失約為每股 0.14 美元。

On a non-GAAP basis, Q4 '24 net income per diluted share was $2.44 for the fourth quarter, up $0.9 sequentially and up $0.02 year over year.

基於非公認會計準則，24 年第四季每股攤薄淨利潤為 2.44 美元，季增 0.9 美元，年增 0.02 美元。

Moving on to the balance sheet.

繼續討論資產負債表。

As of December 31, 2024, cash and cash equivalents were $1,043.9 million, up sequentially $2 million and down $106.4 million year over year.

截至 2024 年 12 月 31 日，現金及現金等價物為 10.439 億美元，季增 200 萬美元，年減 1.064 億美元。

Of our $1,043.9 billion balance, $188.7 million was held in the US and $855.2 million was held by our international entities.

在我們的 10,439 億美元餘額中，1.887 億美元由美國持有，8.552 億美元由我們的國際實體持有。

During Q4 '24, we initiated a plan to repurchase $275 million of our common stock through open market repurchases.

在24年第四季度，我們啟動了一項計劃，透過公開市場回購回購2.75億美元的普通股。

As of December 31, 2024, we had purchased approximately 0.9 million shares at an average price of $222.94 per share for an aggregate of approximately $202.9 million.

截至 2024 年 12 月 31 日，我們以每股 222.94 美元的平均價格購買了約 90 萬股，總計約 2.029 億美元。

The remaining $72.1 million of the $275 million was completed in January of 2025.

2.75 億美元中的剩餘 7,210 萬美元將於 2025 年 1 月完成。

As of January 30, 2025, $225 million remains available for repurchases of our common stock under our stock repurchase program approved in January of 2023.

截至 2025 年 1 月 30 日，根據我們 2023 年 1 月批准的股票回購計劃，仍有 2.25 億美元可用於回購我們的普通股。

As Joe mentioned earlier, during the quarter, we completed a $30 million equity investment in Smile Doctors, the largest ortho-focused dental support organization in the US.

正如喬之前提到的，在本季度，我們完成了對美國最大的矯正牙科支持機構 Smile Doctors 3000 萬美元的股權投資。

Q4 accounts receivable balance was $995.7 million, down sequentially.

第四季應收帳款餘額為 9.957 億美元，季減。

Our overall days sales outstanding was 90 days, down approximately three days sequentially and up approximately five days as compared to Q4 last year.

我們的整體應收帳款週轉天數為 90 天，比上一季減少約三天，比去年第四季增加約五天。

Cash flow from operations for the fourth quarter was $286.1 million.

第四季經營活動現金流為2.861億美元。

Capital expenditures for the fourth quarter were $23 million, primarily related to investments in our manufacturing capacity and facilities.

第四季的資本支出為 2,300 萬美元，主要用於對我們的製造能力和設施的投資。

Free cash flow, defined as cash flow from operations less capital expenditures, amounted to $263 million.

自由現金流（即經營活動產生的現金流量減去資本支出）為 2.63 億美元。

Before I turn to our Q1 and fiscal 2025 outlook, I'd like to provide the following context around pricing and potential new tariffs.

在談到我們第一季和 2025 財年的展望之前，我想先介紹一下有關定價和潛在新關稅的背景資訊。

On March 1, 2025, we will raise the list price of clear aligners by about 3% on average in the Americas and EMEA regions.

2025 年 3 月 1 日，我們將在美洲和 EMEA 地區將透明矯正器的標價平均提高約 3%。

At the same time, we will remove the $10 to $15 per order processing fee for all new Clear Aligner orders, all new Clear Aligner refinement orders from past cases and non-DSP Vivera cases.

同時，我們將取消所有新的透明矯正器訂單、所有來自過去案例的新的透明矯正器改進訂單以及非 DSP Vivera 案例的每筆訂單 10 至 15 美元的處理費。

We expect the net effect from these 2 actions on ASPs to be 0 for 2025.

我們預計，到 2025 年，這兩項措施對 ASP 的淨效應將為 0。

We currently manufacture clear aligners in Mexico and ship them to the US primarily for our US customers, with the remainder eventually shipping to other international locations.

我們目前在墨西哥生產透明矯正器，並主要將其運送到美國供美國客戶使用，剩餘部分最終將運送到其他國際地點。

The US-Mexico tariff situation remains very fluid, and we are unable to predict whether new tariffs will go into effect in the future.

美墨關稅情勢仍然非常不穩定，我們無法預測未來是否會有新的關稅生效。

We are monitoring events closely.

我們正在密切監視事態發展。

Our Clear Aligner COGS include material, labor, overhead and freight costs.

我們的透明矯正器銷貨成本包括材料成本、人力成本、間接成本和運費。

We expect an incremental tariff, if implemented, to be applied to transfer prices from Mexico shipments to the US.

我們預計，如果實施增量關稅，將適用於從墨西哥運往美國的貨物的轉移價格。

These transfer prices would not include treatment planning costs, freight and other overhead and similar costs.

這些轉讓價格不包括治療計畫費用、運費和其他間接費用及類似費用。

Align's global operations have evolved significantly over the past several years, and we have greater flexibility to support our global business.

Align 的全球業務在過去幾年中取得了長足的發展，我們擁有更大的靈活性來支持我們的全球業務。

However, assuming a new 25% tariff on shipments to the US from Mexico, we believe it still would be more economically viable to ship clear aligners to the US for Mexico due to a variety of factors, including the incremental additional freight costs incurred, where we shipped from our Polish facility.

然而，假設對從墨西哥到美國的貨物徵收 25% 的新關稅，我們認為，由於多種因素，包括從我們在波蘭的工廠發貨產生的增量額外運費成本，將透明矯正器運往墨西哥到美國仍然更經濟可行。

Regarding China, we currently manufacture our products in China for the benefit of our customers in China.

至於中國，我們目前在中國生產我們的產品，以造福中國客戶。

With that as a backdrop, assuming no circumstances occur beyond our control, including foreign exchange and new tariffs, for Q1 2025 and fiscal 2025 we provide the following outlook.

在此背景下，假設沒有發生任何超出我們控制範圍的情況，包括外匯和新關稅，對於 2025 年第一季和 2025 財年，我們做出以下展望。

We expect Q1 worldwide revenues to be in the range of $965 million to $985 million, down sequentially from Q4, primarily due to the impact from foreign exchange rates at current spot rates and lower capital equipment sales, reflecting historical Q1 seasonality.

我們預計第一季全球營收將在 9.65 億美元至 9.85 億美元之間，較第四季有所下降，這主要由於當前現貨匯率的影響以及資本設備銷售額下降，反映了歷史上第一季度的季節性。

We expect Q1 Clear Aligner volume to be up slightly sequentially and expect Q1 Clear Aligner ASPs to be down sequentially, primarily due to unfavorable foreign exchange at current spot rates as well as continued product mix shift to noncomprehensive Clear Aligners.

我們預計第一季透明矯正器的銷量將環比小幅上升，而第一季透明矯正器的平均售價將環比下降，這主要是由於當前現貨匯率不利以及產品結構持續轉向非綜合性透明矯正器。

In addition to seasonality, we expect Q1 Systems and Services revenue to be down sequentially due to the timing of commercial availability of our iTero Lumina scanner with restorative software, which is expected at the end of March.

除了季節性因素外，我們預計第一季的系統和服務收入將環比下降，原因是我們的 iTero Lumina 掃描器和修復軟體預計將於 3 月底上市。

We expect our Q1 2025 GAAP operating margin to be below Q1 2024 GAAP operating margin by approximately 2 points, primarily due to unfavorable foreign exchange at current spot rates.

我們預計 2025 年第一季的 GAAP 營業利潤率將比 2024 年第一季的 GAAP 營業利潤率低約 2 個百分點，這主要是由於當前即期匯率不利。

We expect our Q1 2025 non-GAAP operating margin to be below Q1 2024 non-GAAP operating margin by approximately 1 point, primarily due to unfavorable foreign exchange at current spot rates.

我們預計 2025 年第一季非 GAAP 營業利潤率將比 2024 年第一季非 GAAP 營業利潤率低約 1 個百分點，主要原因是當前即期匯率不利。

For fiscal 2025, we expect 2025 year over year revenue growth to be in the low single digits, which reflects approximately 2 points of unfavorable foreign exchange at current spot rates.

對於 2025 財年，我們預計 2025 年同比營收成長率將處於低個位數，這反映了當前現貨匯率約 2 個點的不利外匯影響。

We expect 2025 Clear Aligner volume growth to be up approximately mid-single digits year-over-year compared to up 3.5% year-over-year in 2025.

我們預計 2025 年透明矯正器的銷售成長率將達到約中個位數，而 2025 年的成長率為 3.5%。

We expect 2025 Clear Aligner ASPs to be down year-over-year due to unfavorable foreign exchange at current spot rates and continued product mix shift to noncompetitive, noncomprehensive clear aligners.

我們預計，由於當前現貨匯率不利，且產品組合持續轉向非競爭性、非全面的透明矯正器，2025 年透明矯正器的平均售價將同比下降。

We expect 2025 Systems and Services year-over-year revenues to grow faster than Clear Aligner revenues.

我們預計 2025 年系統和服務的年收入成長速度將快於 Clear Aligner 的收入。

We expect 2025 GAAP operating margin to be approximately 2 points above 2024 GAAP operating margin, and we expect 2025 non-GAAP operating margin to be approximately 22.5%, which both reflect the impact of unfavorable foreign exchange at current spot rates, partially offset by the benefits from restructuring actions we took in Q4 to improve profitability and give us margin accretion in 2025, even as we scale our next-generation direct 3D printing fabrication manufacturing.

我們預計 2025 年 GAAP 營業利潤率將比 2024 年 GAAP 營業利潤率高出約 2 個百分點，我們預計 2025 年非 GAAP 營業利潤率約為 22.5%，這均反映了當前即期匯率不利外匯的影響，但部分抵消了我們在第四季度的利潤製造規模。

We expect our investments in capital expenditures for fiscal 2025 to be between $100 million and $150 million.

我們預計 2025 財年的資本支出將在 1 億至 1.5 億美元之間。

Capital expenditures primarily relate to building construction and improvements, as well as manufacturing capacity in support of our continued expansion.

資本支出主要涉及建築施工和改進以及支持我們持續擴張的製造能力。

Overall, I am pleased with our fourth quarter and fiscal 2024 results, particularly the year-over-year Clear Aligner volume growth, the record number of submitters, the continued momentum from our Systems and Services business, and our operating margin improvement.

總體而言，我對我們的第四季度和 2024 財年的業績感到滿意，特別是透明矯正器銷量的同比增長、提交者數量的創紀錄、系統和服務業務的持續增長以及我們的營業利潤率的提高。

After repurchasing $353 million of our Align common stock during 2024, we concluded the year with no debt and approximately $1.044 billion in cash and cash equivalents.

在 2024 年回購了價值 3.53 億美元的 Align 普通股後，我們在當年結束時沒有債務，且擁有約 10.44 億美元的現金和現金等價物。

Our goal, as always, is to deliver value to our shareholders.

一如既往，我們的目標就是為股東創造價值。

Now I'll turn it back over to Joe for final comments.

現在我將把話題交還給喬，請他發表最後的評論。

Joe?

喬？

Thanks, John.

謝謝，約翰。

In closing, 2024 was a year of solid progress across the business.

總而言之，2024 年是整個業務取得穩定進展的一年。

Record full year total worldwide revenues of $4 billion, record full year total worldwide System and Services revenue of $769 million, record teen shipments and growth in both teens and adult markets, record 130,400 doctors shipped to, 19.5 million total patients treated with 5.6 million teens in kids.

全年全球總收入創紀錄，達到 40 億美元；全年全球系統和服務總收入創紀錄，達到 7.69 億美元；青少年出貨量創紀錄，青少年和成人市場均實現增長；發貨給醫生的人數創紀錄，達到 130,400 人；共治療患者 1,950 萬，其中兒童患者 560 萬。

We ended the year with over $1 billion in cash and equivalents after repurchasing 1.5 million shares for $353 million.

在以 3.53 億美元回購 150 萬股股票後，我們截至年底擁有超過 10 億美元的現金和等價物。

In another year where the dental industry is down and we continue to grow, I feel good about where we ended the year, and I'm excited to kick off 2025 with a team focused on building the innovations introduced in 2024 that drive efficiency and growth for practices and that are committed in delivering the best customer and patient experiences in the industry.

在牙科行業低迷而我們繼續增長的又一年裡，我對這一年結束的感到很滿意，我很高興能與一支團隊一起開啟 2025 年，該團隊專注於構建 2024 年推出的創新，推動實踐效率和增長，並致力於提供業內最佳的客戶和患者體驗。

I want to highlight just a few of the Align innovations that we introduced in 2024 that we believe will continue to drive adoption and utilization.

我想強調我們在 2024 年推出的一些 Align 創新，我們相信這些創新將繼續推動採用和利用。

In January 2024, we unveiled a breakthrough technology, the iTero Lumina intraoral scanner with 3X wider field of capture and a 50% smaller wand that delivers faster scanning, higher accuracy and superior visualization for greater practice efficiency and with orthodontic workflows.

2024 年 1 月，我們推出了一項突破性技術——iTero Lumina 口內掃描儀，其捕捉範圍擴大了 3 倍，掃描桿體積縮小了 50%，掃描速度更快、準確度更高、可視化效果更佳，從而提高了實踐效率並改善了正畸工作流程。

We look forward to introducing at the end of Q1 '25, the iTero Lumina intraoral scanner with software capabilities to enable efficient restorative and ortho restorative workloads to help general practitioner dentists deliver exceptional restorative outcomes.

我們期待在 2025 年第一季末推出 iTero Lumina 口內掃描儀，該掃描儀具有軟體功能，可實現高效的修復和正畸修復工作量，幫助全科醫生提供卓越的修復效果。

The iTero scanner is the front end of the Align digital platform, designed to give doctors the capability to run simulations and communicate with patients so the patients can see their smiles and the time that it would take them to get that outcome.

iTero 掃描儀是 Align 數位平台的前端，旨在讓醫生能夠運行模擬並與患者溝通，以便患者能夠看到他們的笑容以及獲得該結果所需的時間。

It's also a big part of our growth algorithm, and we've had good accretive margin on the iTero Lumina scanner product since its launch.

這也是我們成長演算法的重要組成部分，自 iTero Lumina 掃描器產品推出以來，我們一直擁有良好的增值利潤。

We also started rolling out ClinCheck in minutes, delivering ClinCheck treatment plans based on doctors building personalized treatment preferences for almost touchless digital workflows, which we'll expand to more doctors this year, bringing an unprecedented level of speed and customization to digital treatment planning.

我們也在幾分鐘內開始推出 ClinCheck，根據醫生為幾乎無接觸的數位化工作流程建立的個人化治療偏好提供 ClinCheck 治療計劃，今年我們將擴展到更多醫生，為數位化治療計劃帶來前所未有的速度和客製化水平。

Changing the paradigm for how doctors can treat growing patients is one of our biggest opportunities.

改變醫生治療成長型患者的方式是我們最大的機會之一。

As we continue to deliver innovations that help doctors achieve more of a treatment at younger ages, potentially decreasing the amount of orthodontic treatment that younger and teen patients need overall.

隨著我們不斷推出創新技術，幫助醫生在更年輕的時候實現更多的治療，從而有可能減少年輕和青少年患者整體上所需的正畸治療量。

As we continue to commercialize the Invisalign Palatal Expander system, Align's first direct 3D-printed device that provides doctors with a solution set to treat the most common skeletal and dental malocclusions in growing children, we anticipate introducing the next in a series of direct 3D-printed devices with a pilot for Invisalign First direct printed retainers in the first half of 2025.

隨著我們繼續將 Invisalign 腭擴張器系統商業化，Align 的首款直接 3D 列印設備可為醫生提供一套解決方案，用於治療成長兒童中最常見的骨骼和牙齒錯頜畸形，我們預計將在 2025 年上半年推出下一系列直接 3D 打印設備，並試用 Invisalign First 直接打印保持器。

We have also have Invisalign mandibular advancement with the occlusal blocks now in limited market release, giving doctors and patients a better option for Class II correction in younger patients while simultaneously strengthening their teeth.

目前，我們還在市場上限量發售了配備咬合塊的 Invisalign 下顎前移器，為醫生和患者提供了更好的選擇，可對年輕患者進行 II 類矯正，同時強化他們的牙齒。

We're also excited about the future of digital orthodontics focused on growth opportunities as a company while driving margin improvement, and our unique ability to leverage aggregated and anonymized data from approximately 19.5 million Invisalign cases to continue to gain more knowledge about the science of orthodontics to move the industry forward.

我們也對數位正畸的未來感到興奮，專注於公司的成長機會，同時提高利潤率，以及我們利用來自大約 1950 萬個 Invisalign 病例的匯總和匿名數據的獨特能力，繼續獲得更多關於正畸科學的知識，推動行業向前發展。

And while we're now in our 28th year, in the same way we're just at the beginning.

雖然我們現在已經成立 28 年了，但同樣，我們才剛開始。

It's that motivating and exciting for the whole Align team.

這對整個 Align 團隊來說是一種激勵和興奮。

With that, I thank you for your time today.

最後，感謝您今天抽出時間。

I look forward to updating you on our continued progress over the coming quarters.

我期待在接下來的幾個季度向您通報我們持續取得的進展。

Now I'll turn the call back to the operator for your questions.

現在我將把電話轉回給接線員以回答您的問題。

Operator?

操作員？

(Operator Instructions)

（操作員指令）

Michael Cherny, Leerink Partners.

Leerink Partners 的 Michael Cherny。

Good afternoon and thank you for a ton of detail already.

下午好，感謝您提供如此詳細的資訊。

Maybe if I could just dive in a bit to the guidance, especially on the Clear Aligner side.

也許我可以深入了解一些指導，特別是關於透明矯正器方面。

Is there any way to give a little bit more of a breakdown as you think about the dynamics on volume versus price?

當您思考成交量與價格的動態變化時，有沒有什麼方法可以給出更詳細的細分？

Hear you loud and clear on the ASP impact from FX but curious how to think about the growth dynamics on Aligners as a whole, especially coming off of the mix of obviously easier comps in '24 versus what's still a uncertain macro environment.

我清楚地聽到了您關於 FX 對 ASP 的影響的意見，但我好奇如何看待 Aligners 整體的成長動態，尤其是在 24 年明顯更容易比較的情況下，以及宏觀環境仍然不確定的情況下。

Thank you.

謝謝。

Michael, this is John.

邁克爾，這是約翰。

When we talk about the -- kind of give the picture for the total year.

當我們談論——時，請給出全年的情況。

We're looking at volume for Clear Aligner at up mid single digits and that's how we look at that.

我們認為 Clear Aligner 的銷售量大約在個位數左右，這就是我們對此的看法。

It'll vary.

它會有所不同。

It varies like it does across different regions and different times of the year and so on.

它會隨著地區不同、一年中不同時間等的變化而改變。

But we've looked at it that way, and that's the perspective that we have for the year.

但我們以這種方式看待問題，而這也是我們今年的觀點。

We were pleased with how we exited in 2024 with the volumes that we had.

我們對 2024 年的退出以及當時的交易量感到很滿意。

And that's the overall guidance that we have for the year.

這就是我們對今年的整體指導。

And just along those lines on the volumes, mid-digits obviously really solid number, how do you think about the competitive dynamics in the market now?

就銷售量而言，中間數字顯然是非常可靠的，您如何看待現在市場的競爭態勢？

And are there opportunities either in terms of other competitors exiting?

其他競爭對手退出的情況是否也有機會？

Or how do you think about the components of what drives that in terms of market dynamics, competitive dynamics share gains?

或者您如何看待從市場動態、競爭動態份額成長的角度看推動這一趨勢的因素？

Anything more to break down that obviously strong number would be great as well.

如果能有任何其他辦法來分解這個顯然很強大的數字就更好了。

Thank you so much.

太感謝了。

Michael, it's Joe. I think on the competitive dynamics, I don't see a big change in the dynamics when you look at 2024 and 2025.

麥可，我是喬。我認為，就競爭態勢而言，展望 2024 年和 2025 年，我不會看到態勢有重大變化。

Overall, we feel our new innovation and it continues to put us ahead.

總體而言，我們感受到了新的創新，並且它繼續推動我們前進。

Obviously, the mini ClinCheck really drives our super users to a level of productivity they haven't had before.

顯然，迷你 ClinCheck 確實將我們的超級用戶的工作效率提升到了前所未有的水平。

So I feel really good about our competitive ability all around the world, including China, including some specific areas about it.

因此，我對我們在世界各地，包括中國，包括一些特定領域的競爭力感到非常滿意。

So as we move into 2025, I really feel that we're gaining momentum in that sense.

因此，當我們進入 2025 年時，我真的感覺到我們在這方面正在獲得動力。

Elizabeth Anderson, Evercore ISI.

伊麗莎白·安德森（Elizabeth Anderson），Evercore ISI。

I was wondering if you could talk about two things.

我想知道您是否可以談兩件事。

Maybe as regards to the Lumina and sort of the scanner business more broadly, it looked like you were -- you obviously have the launch coming up in the first quarter.

也許就 Lumina 以及更廣泛的掃描器業務而言，看起來你們——顯然將在第一季推出該產品。

So if you could talk a little bit on sort of your expectations for that, maybe given what you've learned on the ortho side for Lumina?

因此，您是否可以稍微談一談您對此的期望，也許考慮到您在 Lumina 矯正方面所學到的知識？

And then two, you talked about sort of the impact, obviously, of more leases and things like that versus perhaps capital equipment sales.

其次，您談到了更多租賃等與資本設備銷售相比顯然產生的影響。

Can you talk about sort of help us understand maybe on a unit basis, how you're thinking about the growth in that business?

您能否從單位角度談談，幫助我們了解您如何看待該業務的成長？

I think that would be one thing that would be helpful.

我認為那會是一件有幫助的事。

And then maybe if you could also help us sort of understand a little bit better that maybe some of the growth dynamics, particularly in North America, sort of DSO versus non-DSO customers.

然後也許您可以幫助我們更了解一些成長動態，特別是在北美，DSO 與非 DSO 客戶之間的成長動態。

Elizabeth, it's Joe. I'll take the first part of your question.

伊莉莎白，我是喬。我來回答你問題的第一部分。

When you look at what we learned in the orthodontic release of Lumina was a product was everything we hoped it would be.

從我們在 Lumina 正畸產品發布中了解到的情況來看，該產品完全符合我們的期望。

I talked about the wider field of view, the speed.

我談到了更廣闊的視野和速度。

I didn't talk a lot about the optics.

我沒有談論太多有關光學的事情。

So the image quality is fantastic on the product line.

因此該產品系列的圖像品質非常出色。

The lightness of the wand and all that was really important for the technicians that use that wand day in and day out because in the past, we had a lot of complaints in the sense of the heaviness and kind of bulkiness of the wands that are in the marketplace right now, particularly on the confocal imaging side.

對於每天使用掃描棒的技術人員來說，掃描棒的輕盈性非常重要，因為過去我們收到很多投訴，表示目前市場上的掃描棒太重、太笨重，特別是在共焦成像方面。

So as we move that into more of the restorative marketplace, remember, we had a good take-up of GPs using that product line last year, too.

因此，當我們將其推向更多的修復市場時，請記住，去年使用該產品線的全科醫生也表現出色。

This will complete the whole system for GPs because they can do the restorative work they had on it and not just the orthodontic side.

這將完善全科醫生的整個系統，因為他們可以進行修復工作，而不僅僅是牙齒矯正方面。

So we're excited about it.

所以我們對此感到很興奮。

We're looking forward to it.

我們對此充滿期待。

Obviously, we'll talk about it coming up at the IDS, and we look forward to launching it in March and then bringing it through the second quarter.

顯然，我們會在 IDS 上討論這個主題，我們期待在三月推出它，然後在第二季推出它。

And as Joe said, kind of to your second part of the question, Elizabeth, look, this rounds out our portfolio.

正如喬對你問題的第二部分所說的那樣，伊麗莎白，看，這完善了我們的投資組合。

We've got a complete portfolio from the most advanced scanner and the latest with Lumina to all the other types of products that we have, all the way down to certified preowned.

我們擁有完整的產品組合，從最先進的掃描器和最新的 Lumina 到我們擁有的所有其他類型的產品，直到經過認證的二手產品。

And so that portfolio is rounded up, but we also, as you mentioned, the leasing and other rental.

這樣，這個投資組合就完成了，但正如您所提到的，我們還有租賃和其他租賃。

We offer a lot of options for our customers.

我們為客戶提供很多選擇。

Some customers want to buy, and they want that legacy equipment, that's great, and they'll buy that new equipment, do trade-ins or just add another scanner and so on.

有些客戶想要購買，他們想要那些傳統設備，這很好，他們會購買新設備，進行以舊換新或只是添加另一台掃描器等等。

But some also don't want to put that capital up, especially in this environment.

但有些人也不願意投入這些資金，尤其是在這種環境下。

So we offer them a lot of different opportunities to lease that equipment to use external financing that gets them at a good rate for external financing to purchase, or some just want to rent it.

因此，我們為他們提供了許多不同的機會來租賃這些設備，以使用外部融資，讓他們以優惠的外部融資價格購買，或者有些人只是想租用它。

And so we feel like we can offer that customer any which way that they want to be able to utilize our equipment.

因此，我們覺得我們可以為客戶提供他們想要的任何使用我們設備的方式。

And as we continue to release new products, we keep to certify pre-owned in and so on.

隨著我們不斷發布新產品，我們也會繼續對二手產品進行認證等等。

We're just expanding our base, which is helpful for our overall business.

我們正在擴大我們的基礎，這對我們的整體業務有幫助。

Glen Santangelo, Jefferies.

傑富瑞的格倫桑坦傑洛。

Joe, I also want to follow up on this volume issue because it seems like in the fourth quarter and into 2025, you're forecasting some pretty decent volumes.

喬，我也想跟進這個銷售問題，因為似乎在第四季和 2025 年，你預測的銷售量會相當不錯。

And I'm kind of curious, could you put that in the context of where you think the overall ortho industry is now?

我有點好奇，您能否將其放在您認為目前整個正畸行業的背景下？

Do you feel like you're kind of getting some share back because in '24, in '23, the theme was macro uncertainty, but you're not really talking about that anymore.

您是否覺得自己正在收回一些份額，因為在 24 年、23 年，主題是宏觀不確定性，但您現在不再談論這個了。

And I'm just kind of curious if you think maybe the industries get a little bit better?

我只是有點好奇，您是否認為這些行業可能會變得更好一些？

Or is some of these DTC offerings that may be faded into the background, like what's enabling you to improve your volume, you think?

或者其中一些 DTC 產品可能會逐漸淡出人們的視線，例如，您認為什麼能讓您提高銷售量？

And then I just had a follow-up for John.

然後我就跟進了約翰的情況。

Yes, Glen, it's a good question.

是的，格倫，這是個好問題。

I think we've been talking about stability for a while now, too.

我想我們也已經談論穩定性有一段時間了。

And again, I think we stand on that platform also.

而且我認為我們也站在那個平台上。

Each one of these regions are different from what we've seen.

每個地區都與我們所見的不同。

We felt good about Europe in the fourth quarter.

我們對第四季的歐洲表現感到滿意。

We saw some momentum there, felt reasonable about APAC in a sense, I mentioned China and Japan.

我們在那裡看到了一些發展勢頭，從某種意義上說，對亞太地區的看法是合理的，我提到了中國和日本。

And increases in Thailand and different in China and different -- I mean, in different parts of the APAC region.

泰國和中國的成長幅度不同，而且亞太地區不同地區的成長幅度也不同。

When you come to the United States, the orthodontic marketplace, Glen, has really been flat for the last three years.

當你來到美國時，牙齒矯正市場，格倫，在過去三年裡確實一直很穩定。

Now I think we made progress, good progress with the new products that we've had.

現在我認為我們在新產品的研發上取得了進展，並且取得了良好的進展。

But we've been challenged in that segment.

但我們在該領域遇到了挑戰。

And I wouldn't call it so much competition as I would -- it's been a wires and brackets kind of regression in that marketplace because of when doctors are seeing less patient throughput, they're looking to save margin, and it's difficult to really appeal to them with Clear Aligners when they're not at capacity in that sense.

我不會稱之為競爭，因為我認為——這是一個鋼絲和托槽市場的一個倒退，因為當醫生看到病人吞吐量減少時，他們就想節省利潤，而當他們的產能不足時，透明矯正器很難真正吸引他們。

But on the counter of that, Glen, we've seen really good progress in GPs and good growth in not just in the US but all over the world, and that's really helped us.

但與此相反，格倫，我們看到全科醫生取得了非常好的進步，而且不僅在美國，而且在世界各地都取得了良好的成長，這對我們確實有幫助。

And so remember, we changed our channel strategy years ago to make sure that we went to the GP channel with the GP sales force and ortho, with ortho sales force, too.

所以請記住，我們幾年前就改變了我們的通路策略，以確保我們能夠與 GP 銷售人員以及正交銷售人員一起進入 GP 頻道。

And I think that's really helped us to give us insight into the industry and position our products properly for both those areas.

我認為這確實幫助我們深入了解該行業，並在這兩個領域正確定位我們的產品。

So I hope that helps to answer your question.

我希望這有助於回答您的問題。

I think our new technology, too, gives us a lot of confidence.

我認為我們的新技術也給了我們很大的信心。

Specifically in the orthodontic channel since offering differentiation, those early patients that we talked about.

具體來說，在正畸渠道中，由於提供差異化，我們談到的那些早期患者。

We feel we have the three products I mentioned in my script.

我們覺得我們有我在腳本中提到的三種產品。

We feel we have something that's special in the orthodontic community in a sense of that younger patient piece, and you'll see us push that really hard as we move into 2025.

我們覺得，在矯正領域，我們在年輕患者群體方面擁有一些特殊之處，隨著我們邁入 2025 年，您會看到我們在這方面做出巨大努力。

That's awesome.

太棒了。

And John, maybe if I could just follow up with you on this ASP issue, right?

約翰，也許我可以跟您繼續討論這個 ASP 問題，對嗎？

I mean, obviously, everyone is focused on the fact that ASPs will be down.

我的意思是，顯然每個人都專注於 ASP 將會下降的事實。

And you highlighted FX and you highlighted mix shift.

你強調了 FX 和混合轉換。

I was wondering if you could just unpack that a little bit to tell us -- and I'm sorry if I missed this, exactly how much FX is playing a role here on that ASP number in '25?

我想知道您是否可以稍微解釋一下這個問題，如果我錯過了，很抱歉，外匯在 25 年的 ASP 數字中到底發揮了多大作用？

Yes.

是的。

Yes.

是的。

That's a good question, Glen.

這是個好問題，格倫。

Overall, when we look at 2025 in terms of how we've guided, we have about 2 points of FX headwind on a year-over-year basis.

總體而言，當我們按照預期展望 2025 年時，我們會發現與去年同期相比，外匯逆風增加了約 2 個百分點。

It's just the strengthening of the dollar.

這只是美元的走強。

We saw that as it came out of October and it continues to be strong November, December, January.

我們看到，從十月開始，這種勢頭在十一月、十二月和一月份持續保持強勁。

We're basically forecasting what we see now on a spot rate standpoint and expecting it to be strong, and that impact is about 2 points unfavorable on a year-over-year basis.

我們基本上是從現貨匯率的角度來預測目前的情況，並預計其將會強勁，而且與去年同期相比，這種影響大約不利於 2 個百分點。

Jon Block, Stifel.

喬恩·布洛克（Jon Block），斯蒂費爾（Stifel）。

Hey, Joe. First one, the [125] revenue guidance is down around 2% at the midpoint.

嘿，喬。首先，[125] 收入預期中間值下降了約 2%。

The full year revenue guidance is up low single digits.

全年收入預期僅上漲個位數。

And I think some of that is the 1Q comp, I believe also the scanner timing, if you would, due to the (inaudible) launch.

而且我認為其中部分原因是第一季的比較，我也相信掃描器的時間安排，如果你願意的話，是由於（聽不清楚）的發布。

But I think it's an important question, Joe.

但我認為這是一個重要的問題，喬。

Can you talk about other reasons why the rest of the year, you're arguably up, call it like low to mid-single digits versus the down 2% and 1Q '25, again it's a guide?

您能否談談其他原因，說明為什麼今年剩餘時間的銷售額可能會上漲，大概是低到中等個位數，而 2025 年第一季的銷售額則下降了 2%，這又是一個指導性數據？

And then I think what people are going to be worried about is, is there an embedded assumption that things pick up in the guide?

然後我認為人們會擔心的是，是否存在一個根深蒂固的假設，即事情會在指南中得到改善？

Or is it just sort of the moving parts again of the comp, the Resto launch, et cetera?

或者它只是電腦的移動部件、Resto 啟動等等？

And I'll sort of pause there and then I'll ask my follow-up.

我會在那裡暫停一下，然後再問後續問題。

Jon, I'd say we obviously introducing the restorative scanner in March, we don't get the full benefit of that in the first quarter, and you're accurate in the sense of reflecting that in your comments overall.

喬恩，我想說的是，我們顯然在三月推出了修復掃描儀，但在第一季我們並沒有充分享受它帶來的好處，而你在整體評論中準確地反映了這一點。

I would say we're not talking about a build as we go through the year.

我想說的是，我們談論的不是全年的建設。

I think you have to look at exchange on a whole thing, and John can explain that in a sense of how we've baked that in overall.

我認為你必須從整體上看待交流，約翰可以從某種意義上解釋我們如何整體地融入這一點。

But obviously, you have a full year of IPE coming in this year.

但顯然，今年將有整整一年的 IPE 活動。

We have the regulatory approvals for that going into Europe and different parts of Asia, too, and we think we'll hit mainstream in that end too.

我們也已獲得進入歐洲和亞洲不同地區的監管部門的批准，我們認為我們最終也會在這些地區進入主流。

And may deal with advancement with the occlusal blocks too is another one that we think is going to be a specific grower for us also.

並且可能處理咬合塊的進步也是我們認為對我們來說也將是一個特定的增長點的另一個方面。

So I mean, that's how I'd pretty much tackle that is that we have new technology rolling in.

所以我的意思是，我解決這個問題的方法就是讓我們的新技術不斷出現。

You have the iTero restorative coming in also.

您也使用了 iTero 修復劑。

And John, what would you add?

約翰，您還有什麼要補充的嗎？

And we're not expecting, Jon, any real overall improvement in the macroeconomy.

喬恩，我們並不期待宏觀經濟會出現任何真正的整體改善。

If it happens, great.

如果發生的話，那就太好了。

That would be good for the entire business.

這對整個企業來說都是有益的。

But we're not expecting an overall improvement there.

但我們並不期望那裡會出現整體改善。

We did see, as we came out of Q4, I mean just the 6% growth in volume in Q4.

我們確實看到，隨著我們走出第四季度，我的意思是第四季度的銷量僅增長了 6%。

That's the highest growth that we've seen in three years on a year-over-year basis.

以年比成長來看，這是我們三年來看到的最高成長。

So that's good to see.

我很高興看到這一點。

We want to continue to see that momentum.

我們希望繼續看到這種勢頭。

And like Joe said, we're doing everything we can with new products, new innovations, new ways to go to market, to be able to continue that.

正如喬所說，我們正在竭盡全力推出新產品、新創新、以新方式進入市場，以便能夠繼續保持這一勢頭。

Yes.

是的。

No, beat on basin, got it head on balls for 1Q.

不，擊中盆地，將球頂在頭上，獲得 1Q。

I get that.

我明白。

And then just second question is, I think, Joe, this one's for you.

那麼第二個問題是，喬，我想這個問題是問你的。

But for a couple of quarters now, at least two, maybe more, we've heard you detail, call it, the faster growth from the DSOs.

但現在幾個季度以來，至少兩個季度，甚至更多，我們聽到您詳細介紹了 DSO 的更快成長。

And so a couple of questions here.

這裡有幾個問題。

Joe, what is what are the DSOs, call it, as a part of your North American business, if you could just give us a rough number?

喬，作為您北美業務的一部分，DSO 是什麼？

But more importantly, the plays that you run with the DSOs -- and we've heard of some of those, the marketing support -- pardon -- this is my language, not your -- they might be more sophisticated with your help.

但更重要的是，您與 DSO 合作開展的業務——我們聽說過其中一些，行銷支援——對不起——這是我的語言，不是您的——在您的幫助下，它們可能會更加複雜。

Are those transferable to the fragmented GP market?

這些可以轉移到分散的 GP 市場嗎？

And if so, how long does that take to go ahead and manifest on your part?

如果是的話，您需要花多長時間才能實現這一目標？

Because clearly, if you could extrapolate that faster growth to the individual practices, that would be certainly a positive and something to get excited about.

因為很明顯，如果你可以將這種更快的成長推斷到個人實踐中，那肯定是一件積極的、令人興奮的事情。

So maybe your comments on, again, the percent of their weighting of your bids?

那麼，您是否可以再次評論他們對您的出價的權重百分比？

And more importantly, can you see yourself running the same plays with the individual practices?

更重要的是，你是否能看到自己在個人訓練中運用同樣的方法？

Jon, it's a great question.

喬恩，這個問題問得很好。

Really, first of all, I look at -- I talk about it internally too, I look at DSOs as a force multiplier.

真的，首先，我看到——我也在內部談論這個問題，我將 DSO 視為一種力量倍增器。

They can actually take our technology, what we learned in a sense of efficiency, what we learned from a sense of brand, from a demographic zone brand you can apply to.

他們實際上可以藉鏡我們的技術、我們在效率方面學到的東西、我們在品牌方面學到的東西以及從可以應用的人口統計區域品牌方面學到的東西。

And they just have an ability to be able to disseminate that within their teams, much better than doing that individually door-to-door like we do with our normal sales force, which is kind of obvious.

他們有能力在團隊內部傳播這一點，這比我們正常的銷售團隊挨家挨戶地進行宣傳要好得多，這是顯而易見的。

But that doesn't preclude us from what we're taking to the DSOs in the sense of what we know and what they incorporate.

但這並不妨礙我們把我們所知道的和他們所包含的內容帶到 DSO 中。

Our salespeople are -- many of them have been with us many years, they understand that also.

我們的銷售人員 - 其中許多人已經與我們合作多年，他們也了解這一點。

They just have to find the right orthodontists and the right general dentists to really want to implement those procedures in their marketplace.

他們只需要找到合適的牙齒矯正醫師和合適的全科牙醫，並真正希望在他們的市場上實施這些程序。

That's why I -- talking about the sales kickoff the other day down in Dallas, and it said that we have the longest or the hardest last mile of any company I've ever worked with because you are calling on these individual family-driven practices.

這就是為什麼我——前幾天在達拉斯談論銷售啟動時說，我們擁有我合作過的所有公司中最長或最艱難的最後一英里，因為你們呼籲這些由家庭驅動的個體實踐。

And not that they're stupid or anything, they are very smart.

並不是說他們笨或什麼的，他們非常聰明。

But they're very -- they're not necessarily business minded always.

但他們並不一定總是具有商業頭腦。

They're clinically minded, and it takes a while to gain their confidence and move it forward.

他們具有臨床經驗，需要一段時間才能獲得信心並繼續前進。

DSOs help to accelerate that, Jon, is the best way I can explain that.

DSO 有助於加速這一進程，喬恩，這是我能解釋這一點的最好方式。

Jon, you can you

喬恩，你可以

--

--

David Saxon, Needham.

大衛薩克森，尼德漢姆。

Yes, I had a couple of follow-ups on the guide for Clear Aligner.

是的，我對 Clear Aligner 的指南進行了一些跟進。

So mid-single-digit volume growth for Clear Aligners.

因此，透明矯正器的銷售量將呈現中等個位數成長。

Joe, based on your answer to a previous question, it sounds like US volume growth should probably be slower than international, but I just wanted to confirm that's how you're thinking about it?

喬，根據您對先前問題的回答，聽起來美國的銷售成長可能應該比國際成長慢，但我只是想確認您是這麼想的嗎？

And then on the ASP side, to down year on year for the full year, first quarter ASPs look to be down high single digits year on year based off of the first quarter ASP guidance.

然後在 ASP 方面，全年同比下降，根據第一季 ASP 指導，第一季的 ASP 看起來比去年同期下降了個位數。

But you have this price increase starting in second quarter.

但從第二季開始價格上漲。

So just I'd love to hear how we should think about pricing in quarters two through four on a year-over-year basis?

所以我很想聽聽我們應該如何看待第二季到第四季與去年同期相比的定價？

David, I'll take the first part of your question, which yes, our forecast for next year does imply a slower US than the rest of the world.

大衛，我來回答你問題的第一部分，是的，我們對明年的預測確實顯示美國的經濟成長將低於世界其他地區。

And that's -- to me, that's -- we're just projecting what we saw in 2024 into 2025.

對我來說，我們只是將 2024 年的情況預測到 2025 年。

But we don't have any data right now that would make us change that in some way from a consumer confidence.

但目前我們還沒有任何數據可以幫助我們從消費者信心的角度改變這種狀況。

And to see or any kind of change in the last several quarters, I would say that it would be different going.

而如果觀察過去幾季的任何變化，我會說情況將會有所不同。

As far as ASPs go

就 ASP 而言

--

--

ASPs, they're heavily impacted with our business, over 50% of it outside the US.

ASP 對我們的業務影響很大，其中 50% 以上的業務在美國以外。

They're impacted by a stronger dollar.

他們受到美元走強的影響。

And I just tried to make it very clear in terms of our guidance based on what those spot rates are as of now and saying this is how it's going to play out in the future.

我只是試著根據目前的現貨匯率清楚地說明我們的指導方針，並說明未來的走勢。

Obviously, it changes.

顯然，它發生了變化。

But at least give you a reference point to jump off of.

但至少能給你一個參考點。

So when you look at Q1, you'd see that ASPs will be down.

因此，當您查看第一季時，您會發現 ASP 將會下降。

It's a reflection of the foreign exchange, and that's the primary driver of that.

這是外匯的反映，也是外匯的主要驅動因素。

It will change as it goes through each of the quarters.

隨著每個季度的過去，它會發生變化。

I mean, by the end of the year, it kind of catches up, and that strength of the dollar that we saw in November and December won't have as much of a year-over-year impact.

我的意思是，到今年年底，美元匯率就會回升，而我們在 11 月和 12 月看到的美元走強不會對同比產生太大的影響。

But in Q1, it has that impact.

但在第一季度，它產生了這種影響。

Okay.

好的。

All right.

好的。

That's helpful.

這很有幫助。

And then maybe sticking with you, John.

然後也許會繼續和你在一起，約翰。

So operating margin down year on year in the first quarter, but guiding to expansion for the full year.

因此，第一季營業利潤率年減，但全年將實現擴張。

So I'd love to just hear kind of the puts and takes that drive that ramp?

所以我很想聽聽推動這項進程的具體因素是什麼？

And maybe it would be great if you could talk about quarterly cadence.

如果您能談談季度節奏那就太好了。

Yes.

是的。

When you think of the op margin that we'll have, we did actions last year to be able to get our op margin in a place from a cost standpoint to be able to provide that margin accretion.

當您想到我們將擁有的營業利潤率時，我們去年採取了行動，以便從成本的角度將我們的營業利潤率保持在一定水平，從而能夠實現利潤率的增長。

The first quarter is one where, as you start to ramp up, usually first quarter op margin is and at a rate standpoint, the lowest or one of the lowest for the quarters and it builds as you go through the year.

第一季是業務開始加速發展的階段，通常第一季的營業利潤率，從利率的角度來看，是各季度中最低的，或者是最低之一，隨著一年的推移，這一數字會逐漸上升。

It's based on volume.

它是基於體積的。

As we have more volume coming through our facilities, we generate additional productivity, and that shows up.

隨著我們工廠的生產量不斷增加，我們的生產力也隨之提高，這一點已經顯現出來。

We have new products, as Joe described, with the Lumina Restorative, different products where we're expanding out and so on that help us drive additional margin as we go through.

正如喬所描述的，我們推出了新產品，包括 Lumina Restorative，以及我們正在擴展的不同產品等等，這些產品有助於我們在發展過程中增加利潤。

So we've got the levers that we can pull and adjust as we go through the year to be able to generate that margin accretion on a year-over-year basis.

因此，我們擁有可以在一年當中不斷調整和利用的槓桿，以便能夠逐年實現利潤的成長。

And that is margin accretion that we talked about at 22.5%.

這就是我們所說的利潤率成長22.5%。

That's despite unfavorable FX on a year-over-year basis.

儘管與去年同期相比外匯表現不利，但情況仍然如此。

So you can tell some of that margin accretion that we're talking about.

因此，您可以說出我們正在談論的一些利潤成長。

But it's all about driving productivity through volume that you have and being smart about the other investments that you're making.

但這一切都是為了透過您擁有的數量來提高生產力，並明智地進行其他投資。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

So look, we're all dancing around kind of this 1Q, trying to understand it relative to the rest of the year.

所以看，我們都在關注這個第一季的情況，試圖將其與今年剩餘時間的情況進行比較。

The one thing I haven't heard and maybe I just missed it, but you guys are talking about a 200-basis-point headwind for the year from currency.

有一件事我還沒聽到，也許我只是錯過了，但你們正在談論今年貨幣面臨的 200 個基點的逆風。

I think that is pretty much flow through to ASP as well, about a 2-point headwind to ASP for the year as well on the Clear Aligner side.

我認為這對 ASP 也有很大影響，今年 Clear Aligner 方面的 ASP 也面臨約 2 個百分點的逆風。

But I haven't heard you quantify Q1.

但我還沒聽過你量化 Q1。

My math and my currency math is terrible, but my math would put currency at almost a 3, 3.5 point headwind in 1Q to both ASPs and global revenue.

我的數學和貨幣數學都很糟糕，但我的計算表明，第一季貨幣對 ASP 和全球收入來說都將面臨近 3 到 3.5 個百分點的逆風。

Am I close on that?

我接近這個了嗎？

Is it bigger in 1Q?

第一季的增幅更大嗎？

Yes.

是的。

That's the right way to phrase it, Jeff.

傑夫，這才是正確的表述方式。

It is bigger just based on what the dollar was doing last year compared to this year.

僅根據去年美元的走勢來看，這一數字比今年更高。

So there is a bigger currency effect in Q1 than on average for the year.

因此，第一季的貨幣效應比全年平均值要大。

Ballpark, am I close on that, 3, 3.5?

大概數字，我猜是 3 還是 3.5？

Yes, you're close.

是的，你很接近了。

Okay.

好的。

And then just my other question is really kind of the same kind of FX question, but on the gross margin side -- sorry, on the company margin side, on the operating margin side.

然後我的另一個問題實際上與外匯問題類似，但是是關於毛利率方面 - 抱歉，是關於公司利潤率方面，關於營業利潤率方面。

You're guiding to 70 basis points of year-over-year improvement at the op margin line on a non-GAAP basis.

您預計非 GAAP 基礎上的營業利潤率將比去年同期提高 70 個基點。

How much is currency weighing on -- I don't care if it's gross margin or operating margin, however you want to provide the answer.

貨幣影響有多大——我不關心它是毛利率還是營業利潤率，無論你想如何提供答案。

But how much is currency weighing there?

但是那裡的貨幣有多重呢？

And then how much of the incremental direct fab investments potentially weighing this year on gross or overall margin?

那麼，今年晶圓廠直接增加投資中有多少可能會對毛利或整體利潤產生影響？

Just -- it seems like this could have been a year if currency neutral and you didn't have the direct fab incremental investments that we really would have started to see a recapture back towards those pre-COVID numbers.

只是——如果貨幣保持中性並且沒有直接的晶圓廠增量投資，那麼今年似乎可能會是這樣的一年，我們真的會開始看到數據重新回到 COVID 之前的狀態。

So just trying to understand all those moving pieces.

所以只是想了解所有這些活動的部分。

Yes.

是的。

Jeff, when you talk about the FX impact on op margins, over 1 point, you're right, it's 2 points at revenue on a year-over-year basis, falls to just over 1 point on an op margin basis.

傑夫，當您談到外匯對營業利潤率的影響時，超過 1 個百分點，您是對的，按年收入計算是 2 個百分點，按營業利潤率計算則下降到略高於 1 個百分點。

So a large part of that falls through.

因此，很大一部分都失敗了。

So you're right, calling a 70-basis-point improvement year over year.

所以您說的對，年比增長了 70 個基點。

That's despite having 1 point of op margin pressure from an FX standpoint.

儘管從外匯角度來看，營業利潤率壓力有 1 點。

And then, of course, all the other things that we're doing to invest in.

然後，當然，我們還在進行其他投資。

So and there's some offsets to that in terms of scaling up our growth platforms and so on.

因此，在擴大我們的成長平台等方面存在一些補償。

But that's all in the number that we have at the 22.5%.

但這就是我們所掌握的 22.5% 的數字。

So if FX was going the other way, you would see even more margin accretion and we'll see how that foreign exchange plays out as we go through the rest of the year.

因此，如果外匯走勢相反，你會看到更多的保證金成長，我們將看到外匯在今年剩餘時間內如何發揮作用。

Brandon Vazquez, William Blair.

布蘭登·巴斯克斯、威廉·布萊爾。

Joe, maybe for you on the IPE side, I think we're a little bit over a year after the launch of that product now.

喬，也許對於 IPE 方面的您來說，我認為我們現在距離該產品的推出已經過去了一年多的時間。

Curious if you could comment on maybe two things.

好奇您是否可以對兩件事發表評論。

One, what's the adoption curve looking like relative to your expectations now that we're about a year in?

首先，現在我們已經進入了大約一年的時間，相對於您的預期，採用曲線看起來怎麼樣？

And then two, is this a product that could maybe be a catalyst within the teen market to let you get that next incremental leg of adoption given that that's kind of the third year end market that you guys are underpenetrated in?

第二，考慮到這是你們滲透不足的第三年末市場，這種產品是否可能成為青少年市場的催化劑，讓你們獲得下一階段的增量採用？

Yes.

是的。

Brandon, first of all the adoption curve has been good, as I mentioned in my script.

布蘭登，首先，正如我在腳本中提到的那樣，採用曲線一直很好。

It follows Invisalign First.

它遵循 Invisalign First。

Invisalign First is what we call a dental expansion product.

Invisalign First 就是我們所謂的牙齒擴展產品。

It's kind of moving your teeth, but it's not moving bone in that sense.

這有點像移動你的牙齒，但從某種意義上來說它並不是移動骨頭。

In this case with IPE, we're moving bone.

在這個 IPE 案例中，我們正在移動骨頭。

And so that's why the regulatory things and all that I mentioned that we have to go through each region in order to move that through.

這就是為什麼監管事宜以及我提到的所有內容，我們必須經過每個地區才能完成。

I feel really good about it.

我對此感覺非常好。

It's such a breakthrough product and a different product.

這是一個突破性的產品，也是一個與眾不同的產品。

It takes doctors a while in a number of cases to become comfortable with it.

在很多情況下，醫生需要一段時間才能適應它。

We have a wonderful feedback from patients in the sense of the comfort of the product line.

我們收到了患者對於產品系列舒適度的良好回饋。

And many of the patients have parents who have gone through the [high recs] device and the wrench and those kind of things.

許多病人的父母都曾使用過（高強度刺激）裝置、扳手和諸如此類的東西。

And that makes parents a little more susceptible to wanting the Invisalign Palatal Expander too.

這也讓家長更傾向於購買 Invisalign 腭擴張器。

So I feel good about it.

所以我感覺很好。

We've had some things too on the release.

我們在發佈時也遇到了一些事情。

We didn't have full visualization from a scanning standpoint when we first started.

當我們剛開始時，我們並沒有從掃描的角度進行完整的視覺化。

There were some attachment pieces that we had to improve in the sense of how you attach.

有一些附件件，我們需要在連接方式上進行改進。

And then there's also some just wearability aspects about how long you wear this.

然後還有一些關於佩戴時間的可穿戴性方面的問題。

But we've come over those and we're making good progress in it.

但我們已經克服了這些問題，並且取得了良好的進展。

So I'm very optimistic about it.

所以我對此非常樂觀。

And it's great to see it really go from a regional standpoint to a global standpoint now.

我很高興看到它現在真正從區域視角轉向全球視角。

But we have a great one-two punch in that marketplace with Invisalign First.

但我們憑藉 Invisalign First 在市場上打出了強大的組合拳。

And that's also, Brandon, worth mentioning, too, we're seeing many doctors, as they do the upper palate expansion, they use Invisalign First on the bottom in order to expand the teeth to make sure that they're in line with the sense of the bite that they're setting in their upper arch, too.

布蘭登，也值得一提的是，我們看到很多醫生在進行上顎擴張時，他們在下顎使用 Invisalign First 來擴張牙齒，以確保它們與他們在上顎弓中設置的咬合感一致。

So it's good to see a synergistic effect on those two products.

因此很高興看到這兩種產品產生協同效應。

I hope I answered your question, but that's the momentum that we're talking about.

我希望我回答了你的問題，但這就是我們正在談論的勢頭。

Yes.

是的。

Maybe as a quick follow-up on a separate note, international has been more durable for you guys than in the Americas these days.

也許作為對另一點的快速跟進，如今國際市場對你們來說比在美洲市場更為艱難。

Is that simply a result of just being earlier in the adoption curve?

這只是因為採用曲線較早嗎？

And so things are doing a little bit better there or is macro international just doing a little bit better than the America is trying to understand how durable international outperforming should be as we go into '25 even if macro in Americas stays relatively muted.

因此，那裡的情況稍微好一些，或者說國際宏觀經濟表現只是比美國好一些，我們試圖了解，當我們進入25年時，即使美洲的宏觀經濟保持相對低迷，國際表現的持久性應該有多大。

Thanks.

謝謝。

It's hard to be discrete on that answer.

這個問題很難謹慎回答。

Overall, Brandon, I would say there are certain areas where, obviously, it's the initial penetration of our product line in certain area, but I certainly wouldn't say that about Latin America.

總的來說，布蘭登，我想說，在某些地區，顯然這是我們的產品線在某個地區的初步滲透，但我絕對不會對拉丁美洲這麼說。

We've been now for many years. and we see continued growth in that sense.

我們已經在一起很多年了。我們看到，從這個意義上來說，成長仍在持續。

Middle East, Africa in those areas too, some of the places of Africa are new, and they'll hit a certain inflection point.

中東、非洲這些地區也是如此，非洲的一些地方是新的，它們將達到某個轉折點。

But overall, I feel like we face better economies in those regions.

但整體而言，我覺得這些地區的經濟狀況會更好。

They didn't necessarily, I think, overextend their economies, the way we saw in the Western world and which has affected a large part of Western Europe and also in the United States.

我認為，他們不一定會像西方世界那樣過度擴張經濟，而這種過度擴張已經影響了西歐大部分地區以及美國。

And specifically in Asia, outside of China, the other countries in Asia just came back out of COVID in a better position than we were before.

特別是在亞洲，除中國外，亞洲其他國家才剛擺脫疫情，狀況也比以前更好。

But some of those countries are penetration.

但其中一些國家正在滲透。

Some of those countries are just expansion too.

其中一些國家也正在擴張。

So I think overall, there's just a good mix there, Brandon.

因此我認為總體來說，這是一個很好的組合，布蘭登。

And I like that.

我喜歡這樣。

It's good to have.

有就好。

And then as you roll out these new technologies, remember it offers you new opportunities in those countries, too.

當你推出這些新技術時，請記住它也為你在這些國家提供了新的機會。

So that expansion piece can continue.

這樣擴充部分就可以繼續。

Thanks, Brandon.

謝謝，布蘭登。

Hey operator, we want to try and get through the covering analysts that are still on the line and if I can ask the folks to limit to one question so we can get through everyone's questions, please.

嘿，接線員，我們想嘗試讓仍然在線的覆蓋分析師接聽，如果我可以要求大家將問題限制在一個範圍內，以便我們能夠解答所有人的問題，謝謝。

Jason Bednar, Piper Sandler.

傑森·貝德納，派珀·桑德勒。

I really want to ask on just maybe thematically reducing frictions -- I'm sorry, trailing to pack kind of a combo in here, but is there a way to reduce frictions within the teen channel and really address what has been maybe a bit of a challenge or sluggish ortho environment?

我真的很想問一下，也許從主題上來說，可以減少摩擦——抱歉，這裡可能有點組合，但是有沒有辦法減少青少年渠道內的摩擦，真正解決可能有點挑戰或低迷的正交環境？

Anything that you can do from a marketing initiative to really create better demand pull effect?

您可以從行銷措施中採取什麼措施來真正創造更好的需求拉動效應？

And then also on the friction side, maybe help with the business rationale, removing that $10 to $15 processing fee, all neutralizing it with price increases.

然後從摩擦方面來看，也許有助於商業理性，取消 10 到 15 美元的手續費，並透過提高價格來中和它。

Have you had pushback on the processing fees?

你們有沒有遇過關於手續費的反對？

Has this caused friction with doctors that you're trying to remove?

這是否導致了你與醫生之間的摩擦，並試圖消除這種摩擦？

Yes, Jason, that's a good question.

是的，傑森，這是個好問題。

First of all, the friction in teen channel is -- a lot of it has to do with the economics in the orthodontists office today.

首先，青少年管道中的摩擦很大程度上與當今牙齒矯正診所的經濟狀況有關。

We talked about the orthodontic offices in the United States haven't really -- in North America haven't seen really any substantial growth in the last three years.

我們談到了美國的牙齒矯正診所實際上——在北美，過去三年並沒有出現任何實質的成長。

And so again, there are individual practices, and I think they're trying to maximize their bottom line as much as they can.

再次強調，存在著個體做法，我認為他們正在盡可能地最大化自己的底線。

And so I think they've been very cautious from a business standpoint.

因此我認為從商業角度來看他們非常謹慎。

The friction you talked about with our processing fees and all, those are real.

您談到的與我們的手續費等有關的摩擦都是真實存在的。

We have a pushback, not as much in Asia.

我們遇到了阻力，但在亞洲沒有那麼大。

We had a lot of pushback in Europe and in the US on that.

我們在歐洲和美國對此遭遇了許多阻力。

And we decided to roll that back with that aggregate price increase.

我們決定透過總價格上漲來扭轉這一局面。

And we have a good response from our doctors in order to do that.

為了做到這一點，我們的醫生們做出了積極的反應。

And that is a friction piece.

這是一個摩擦片。

And it was -- to me, it was an annoyance to the sales team to have to kind of fight through that when they had to talk to doctors in either joining what we were doing or having been with us for a while and explaining those things.

對我來說，當銷售團隊需要與醫生交談，或者需要加入我們的工作，或者需要和我們在一起一段時間並解釋這些事情時，他們必須經歷這種鬥爭，這很煩人。

So I think that's very helpful.

所以我認為這非常有幫助。

John?

約翰？

I mean in the end, we want to focus on driving this business, driving this category, driving our products too and less about some of the other minor things like this with processing fees and so on.

我的意思是，最終我們希望專注於推動這項業務、推動這個類別、推動我們的產品，而不是專注於諸如手續費等其他一些小事。

So this is a good opportunity to kind of put this together, get it in the right place and talk about the future of the business versus some of the other past expenses like this.

因此，這是一個很好的機會來把這些整合在一起，放在正確的位置，並討論業務的未來以及過去的一些其他開支。

Steven Valiquette, Mizuho.

瑞穗的史蒂文‧瓦利奎特 (Steven Valiquette)。

Obviously, there's a lot of puts and takes related to the evolving tariff situation.

顯然，不斷變化的關稅情況帶來很多爭論。

But one area I was just hoping to get your thoughts on is given that there's a large competitor Chinese base as some investors are watching closely as that competitor tries to establish a larger market share in the US market, really with this new political backdrop for the next four years under the new administration, I'm wondering whether some practitioners in the US may be a little more hesitant to want to buy into the ecosystem of really any competitors that are headquartered or based outside the US, just given the heightened risk of trade wars, et cetera.

但我希望聽聽您對中國市場的看法，因為中國市場擁有龐大的競爭對手，一些投資者正密切關注該競爭對手試圖在美國市場上佔據更大的市場份額，在新政府執政的未來四年新的政治背景下，我想知道，鑑於貿易戰風險加劇等，美國的一些從業者可能會不太願意加入總部設在美國境外的競爭對手的生態系統。

So perhaps I could play into your hands favorably, at least in the US market, which I think it's still your biggest market.

因此，也許我可以對你有利，至少在美國市場，我認為它仍然是你最大的市場。

So just at a high level, just curious to get your thoughts on that potential dynamic?

所以從高層次來看，我只是好奇想知道您對這種潛在動態的看法？

Steven, it is, just to confirm, the US is still our biggest market in the world in that sense.

史蒂文，從這個意義上來說，美國仍然是我們在全球最大的市場。

Remember, I just talked about the orthodontic market not really growing for the last three years, too.

記住，我剛才談到，過去三年牙齒矯正市場也沒有真正成長。

So we have had competition.

因此，我們就有競爭。

Obviously, we know that your comments really refer to angel aligner or maybe some other Chinese suppliers coming in.

顯然，我們知道您的評論實際上是指天使對準器或可能是其他一些中國供應商的進入。

I think overall, you first win with customer service and you win with technology, you win with relationships, and that's what our sales force is really talking about.

我認為總的來說，您首先要靠客戶服務取勝，然後靠技術取勝，再靠關係取勝，這正是我們的銷售人員真正談論的。

We felt that the Chinese have come in on unsustainable prices.

我們感覺中國的價格已經難以為繼。

When you look at -- we kind of know the prices you have to charge in order to have a decent return.

當你看到——我們就知道為了獲得可觀的回報你必須收取的價格。

And we think that always takes care of itself one way or another, and we've seen that with other competitors in the marketplace also.

我們認為，不管怎樣，事情總是會自行解決，而且我們在市場上的其他競爭對手身上也看到了這一點。

I can't really speak for 10,000 orthos or GPs that are around the United States and how they feel about international politics or anything they do.

我實際上無法代表美國各地 10,000 名正畸醫生或全科醫生談論他們對國際政治或他們所做任何事情的看法。

But our job is to make sure that we keep our heads down.

但我們的工作是確保我們保持低調。

We deliver the best technology, best productivity, the best brand, all those things to make sure we win in the marketplace, and we'll let that other piece decide for itself.

我們提供最好的技術、最好的生產力、最好的品牌，所有這些東西都是為了確保我們在市場上獲勝，而我們會讓其他部分自己做出決定。

Kevin Caliendo, UBS.

瑞銀的凱文‧卡利恩多 (Kevin Caliendo)。

(Inaudible) on for Kevin.

（聽不清楚）凱文上場。

A quick question on direct fabrication.

關於直接製造的一個快速問題。

You guys previously have talked to potentially commercializing products this year, I believe, starting with the retainer product.

我相信，你們之前已經討論過今年可能商業化的產品，首先是保持器產品。

So any update there on commercialization of products?

那麼，產品商業化有什麼最新進展嗎？

And maybe detail on the P&L too into both revenue and investment into costs, into the manufacturing capabilities that you can call out?

也許損益表上還應該詳細說明收入、投資、成本以及您可以指出的製造能力？

First of all, I'd say our IPE device is 3D printed, but it's not the Cubicure process and it's not the resin that we use in the Cubicure process.

首先，我想說我們的 IPE 設備是 3D 列印的，但它不是 Cubicure 工藝，也不是我們在 Cubicure 工藝中使用的樹脂。

So as I mentioned in my script, we will begin to -- just with limited release, an Invisalign First retainer.

因此，正如我在腳本中提到的那樣，我們將開始 - 僅有限地發布 Invisalign First 保持器。

Invisalign First retainer is a very complicated -- it has to have a high modulus.

Invisalign First 維持器非常複雜——它必須具有高模量。

It has to have a huge amount of variability in the sense of how you structure that depending on where that person's arch is at that point in time.

它必須具有極大的可變性，即如何根據當時某人的足弓位置來建構它。

And it's the perfect fit for us as we try to ramp up and we ramp up our new Cubicure process with our new resin too.

這對我們來說是完美的選擇，因為我們試圖提高產量，我們也使用新樹脂提高了我們的新 Cubicure 製程。

So again, like I mentioned, you'll see just the beginning of that in the first half of this year.

所以，就像我剛才提到的那樣，今年上半年你們只會看到這個趨勢的開始。

And in the second half of this year, we should begin to get ourselves more ready for general release in third and fourth quarters of that product line.

今年下半年，我們應該開始為該產品線在第三季和第四季的全面發布做好更多準備。

That's the beginning.

這才是開始。

After that, we'll move into what we call mandibular advancement.

之後，我們將進入所謂的下顎前移階段。

But any kind of aligners that have auxiliary types of things that you would have to have printed on those or difficult cases where wall thicknesses need to be different in some ways.

但是，任何類型的矯正器如果帶有輔助類型的東西，就必須在其上印上內容，或者在困難的情況下，壁厚需要在某些方面有所不同。

So we're really excited about the efficiency of that particular technology, but also the design and incredible design capability and design freedom orthodontists will have in order to do that.

因此，我們對這項特殊技術的效率感到非常興奮，同時也對牙齒矯正師為此所擁有的設計和令人難以置信的設計能力和設計自由感到非常興奮。

So that's about as well as I can do for you now.

這就是我現在能為您做的最好的事了。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

Just one quick one for me, hopefully.

希望對我來說這只是一個簡單的問題。

John, I appreciate the commentary you had on tariffs to Mexico and realize there's still a lot of moving pieces, but I just want to make sure I understood that.

約翰，我很欣賞你對墨西哥關稅的評論，並意識到還有很多不確定因素，但我只是想確保我理解了這一點。

Just a comment on transfer prices.

只是對轉讓價格的評論。

I mean, I hear you on overhead and freight costs, treatment planning not being included.

我的意思是，我聽說您的管理費用和運費不包括在治療計劃中。

How should we think of it as a percent of your COGS?

我們應該如何將其視為 COGS 的百分比？

I think if you just go through the P&L with something like $375 COGS per case roughly?

我認為，如果您只看損益表，每箱貨物的銷售成本約為 375 美元？

Is the transfer -- like how much would be impacted?

轉移會受到多大影響？

Is it 50% to 75% of that?

是其中的 50% 到 75% 嗎？

And just walk us through the transfer price math, just so we can

給我們講一下轉移價格計算，這樣我們就可以

--

--

No, it's a good question,.

不，這是個好問題。

And you're right.

你說得對。

I tried to give a perspective of, look, you start with COGS and then there's some hard COGS that have nothing to do with what we're doing in Mexico freight.

我試著給一個觀點，你看，你從銷貨成本開始，然後有一些硬性銷貨成本與我們在墨西哥貨運所做的無關。

And treatment planning and other things, specifically the value add and the work that's being done there than that transfer price.

以及治療計劃和其他事項，特別是增值和在那裡所做的工作，而不是轉移價格。

I guess to put it in perspective in terms of -- there's been a lot of people thinking about what this could be, just based on your question and so on.

我想從這個角度來看待這個問題——很多人只是基於你的問題等等在思考這可能是什麼。

But like on an average month, that tariff, that 25% might impact us $4 million to $5 million of cost.

但就像平均一個月一樣，25%的關稅可能會影響我們400萬到500萬美元的成本。

Or that might be the cost perspective of this.

或者這可能是從成本角度來看的。

So that gives you an idea of like how this kind of fits into this.

這可以讓你了解這種情況是如何適應的。

This is something, as I said in my prepared remarks -- look, if at that amount of tariffs, 25%, if that ever was implemented, it's not a big enough cost on tariff for us to switch some of the manufacturing and move from perhaps manufacturing in Mexico to Poland.

正如我在準備好的演講中所說的那樣，如果徵收 25% 的關稅，如果真的實施，那麼關稅成本不足以讓我們將部分製造業從墨西哥轉移到波蘭。

But we'll evaluate that as we go forward.

但我們會在後續過程中對此進行評估。

But I just want to kind of size that for you.

但我只是想為您大致了解一下尺寸。

We'll evaluate as we go forward, we'll understand more as these days come about.

我們會在前進的過程中進行評估，隨著這些日子的到來，我們會了解更多。

We hope there's not anything, but we have a perspective in terms of what it means from a cost standpoint, and we will make decisions based on that.

我們希望不會發生任何事情，但我們從成本的角度來了解這意味著什麼，並會據此做出決定。

And that will impact us what we do in the short and long term.

這將對我們的短期和長期行為產生影響。

Erin Wright, Morgan Stanley.

摩根士丹利的艾琳·賴特。

Just a follow-up on that last one.

這只是最後一個問題的後續。

Just to clarify, so there's no buffer kind of embedded in your guidance as it stands today from a tariff perspective?

只是為了澄清一下，從關稅角度來看，您目前的指導中是否存在任何緩衝？

And just on China, just the environment there, not necessarily from a tariff perspective, but just more so from demand trends.

就中國而言，那裡的環境不一定是從關稅的角度，而更多的是從需求趨勢的角度。

And even China from a competitive standpoint, I guess, expectations for the balance of the year, if you could touch on those?

甚至從競爭的角度來看中國，我想，對於今年剩餘時間的預期，您能談談這些嗎？

That's great, Erin.

太好了，艾琳。

I'll take the first one on tariffs.

我首先要問的是關稅問題。

So we're not in our forecast and what we've given for guidance at that op margin of 22.5%.

因此，我們的預測和給出的 22.5% 的營業利潤率均不在其範圍內。

There's no additional new tariffs that we've contemplated in that number.

我們沒有考慮徵收任何新的關稅。

So we'll see how things come about.

因此我們看看事情將如何發展。

But in the framework, if there is a tariff, and it should be 25% from Mexico to the US, it's $4 million to $5 million depending on volume per month from an expense standpoint.

但在該框架下，如果徵收關稅，那麼從墨西哥到美國的關稅應該是 25%，從費用角度來看，這將達到 400 萬到 500 萬美元，具體取決於每月的數量。

And then on China, I don't know if you want to give, Joe, any other perspective on the kind of the market there?

然後關於中國，喬，我不知道您是否想就那裡的市場提供其他看法？

I'd say the China market, we were pleased with the third quarter.

我想說的是，我們對中國市場第三季的表現感到滿意。

The fourth quarter, obviously, is always less in China what the third quarter was.

顯然，中國第四季的銷售額總是低於第三季。

There was nothing in that quarter that made me think that anything was different in China and since its trajected the business, from what we've seen.

從我們看到的情況來看，那個季度沒有任何事情使我認為中國市場及其業務發展方向有什麼不同。

So overall, I'd call China stable right now.

所以總體來說，我認為中國目前是穩定的。

And I will now turn the call over back to Shirley Stacy for any closing remarks.

現在我將把電話轉回給雪莉‧史泰西 (Shirley Stacy)，請她做最後發言。

Well, thank you, everyone, for joining our call today.

好吧，感謝大家今天參加我們的電話會議。

We appreciate it.

我們對此表示感謝。

If you have any follow-up questions, please reach out to Investor Relations.

如果您有任何後續問題，請聯絡投資者關係部。

We look forward to seeing you at our next industry event, including the Chicago Midwinter Dental Show coming up here later in February.

我們期待在下一次行業活動中見到您，包括二月下旬即將舉行的芝加哥冬季牙科展。

I hope everyone has a great day.

我希望每個人都度過愉快的一天。

This concludes today's conference.

今天的會議到此結束。

You may now disconnect your lines at this time.

現在您可以斷開您的線路了。

Thank you for your participation.

感謝您的參與。

Everyone, have a great day.

祝大家有個愉快的一天。