愛齊科技 (ALGN) 2022 Q1 法說會逐字稿

Greetings. Welcome to the Align Q1 '22 Earnings Call. (Operator Instructions) Please note this conference will be recorded. I will now turn the conference over to your host, Shirley Stacy with Align Technology. You may begin.

問候。歡迎參加 Align Q1 '22 財報電話會議。 （操作員說明）請注意本次會議將被錄音。我現在將把會議轉交給您的主持人，Align Technology 的 Shirley Stacy。你可以開始了。

Thank you. Good afternoon. Thank you for joining us. I'm Shirley Stacy, Vice President of Corporate Communications and Investor Relations. Joining me for today's call is Joe Hogan, President and CEO; and John Morici, CFO. We issued first quarter 2022 financial results today via GlobeNewswire, which is available on our website at investor.aligntech.com.

謝謝你。下午好。感謝您加入我們。我是企業傳播和投資者關係副總裁 Shirley Stacy。和我一起參加今天電話會議的是總裁兼首席執行官喬霍根；和首席財務官約翰莫里奇。我們今天通過 GlobeNewswire 發布了 2022 年第一季度財務業績，該業績可在我們的網站investor.aligntech.com 上查閱。

Today's conference call is being audio webcast and will be archived on our website for approximately 1 month. A telephone replay will be available today by approximately 5:30 p.m. Eastern Time through 5:30 p.m. Eastern Time on May 11. To access the telephone replay, domestic callers should dial (866) 813-9403 with access code 335004. International callers should dial (929) 458-6194 using the same access code.

今天的電話會議是網絡音頻廣播，將在我們的網站上存檔大約 1 個月。今天下午 5:30 左右將提供電話重播。東部時間到下午 5:30美國東部時間 5 月 11 日。要訪問電話重播，國內呼叫者應使用接入代碼 335004 撥打 (866) 813-9403。國際呼叫者應使用相同的接入代碼撥打 (929) 458-6194。

As a reminder, the information provided and discussed today will include forward-looking statements, including statements about Align's future events and product outlook. These forward-looking statements are only predictions and involve risks and uncertainties that are described in more detail in our form -- in our most recent periodic reports filed with the Securities and Exchange Commission available on our website and at sec.gov. Actual results may vary significantly, and Align expressly assumes no obligation to update any forward-looking statements.

提醒一下，今天提供和討論的信息將包括前瞻性陳述，包括關於 Align 未來事件和產品前景的陳述。這些前瞻性陳述只是預測，涉及的風險和不確定性在我們的表格中有更詳細的描述——在我們最近提交給證券交易委員會的定期報告中，可在我們的網站和 sec.gov 上找到。實際結果可能會有很大差異，Align 明確不承擔更新任何前瞻性陳述的義務。

We've posted historical financial statements, including the corresponding reconciliations, including our GAAP to non-GAAP reconciliation, if applicable, and our first quarter 2022 conference call slides on our website under Quarterly Results. Please refer to these files for more detailed information.

我們已經在我們網站的季度業績下發布了歷史財務報表，包括相應的對賬，包括我們的 GAAP 與非 GAAP 對賬（如果適用），以及我們的 2022 年第一季度電話會議幻燈片。請參閱這些文件以獲取更多詳細信息。

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

有了這個，我想把電話轉給 Align Technology 的總裁兼首席執行官 Joe Hogan。喬？

Thanks, Shirley. Good afternoon, and thanks for joining us. On our call today, I'll provide an overview of our Q1 results and discuss the performance of our 2 operating segments: Systems and Services and Clear Aligners. John will provide more detail on our financial performance and our view for the remainder of the year. Following that, I'll come back and summarize a few key points and open the call to questions.

謝謝，雪莉。下午好，感謝您加入我們。在今天的電話會議上，我將概述我們的第一季度業績，並討論我們兩個運營部門的業績：系統和服務以及 Clear Aligners。約翰將提供更多關於我們的財務業績和我們對今年剩餘時間的看法的細節。在那之後，我會回來總結幾個關鍵點，然後打開提問電話。

Overall, the first quarter proved to be a tougher-than-expected operating environment globally. And we believe our results primarily reflect 3 key factors: the continued impact of COVID-19 waves in every region and especially in China, with its restrictions and lockdowns under their zero-COVID policy; a weaker economic environment and waning consumer confidence driven by increasing inflationary pressures and supply chain disruptions; and the military conflict in the Ukraine and fallout across Europe.

總體而言，第一季度的全球經營環境比預期的要艱難。我們認為，我們的結果主要反映了 3 個關鍵因素：COVID-19 浪潮在每個地區，尤其是中國的持續影響，以及在其零 COVID 政策下的限制和封鎖；通脹壓力增加和供應鏈中斷導致經濟環境疲軟和消費者信心減弱；以及烏克蘭的軍事衝突和整個歐洲的後果。

In addition, with approximately half our business occurring outside the United States, unfavorable foreign exchange rates negatively impacting our revenues, margins and EPS. Notwithstanding these headwinds, Q1 '22 total revenues of $973.2 million were up 8.8% year-over-year compared to Q1 '21 revenues of $894 million with a growth rate of 62% year-over-year. Our Q1 '22 operating income was $198 million, and operating margin was 20.4%.

此外，由於我們大約一半的業務發生在美國以外，不利的外匯匯率對我們的收入、利潤率和每股收益產生了負面影響。儘管存在這些不利因素，但 22 年第一季度的總收入為 9.732 億美元，同比增長 8.8%，而 21 年第一季度的收入為 8.94 億美元，同比增長率為 62%。我們 22 年第一季度的營業收入為 1.98 億美元，營業利潤率為 20.4%。

In Q1, Systems and Services revenues were up 15.6% year-over-year, but down 24% sequentially, coming off our sixth consecutive quarter of sequential growth and record scanner and services revenue. Sequential results primarily reflect lower volumes from our aforementioned headwinds and from seasonality as Q4 is historically a stronger capital equipment sales quarter.

在第一季度，系統和服務收入同比增長 15.6%，但環比下降 24%，這是我們連續第六個季度連續增長以及創紀錄的掃描儀和服務收入。連續結果主要反映了我們上述不利因素和季節性因素導致的銷量下降，因為第四季度歷來是資本設備銷售強勁的季度。

For Q1, Clear Aligner revenues were up 7.5% year-over-year, reflecting revenue growth across regions and products, and were down slightly sequentially from Q4 at minus 0.7%.

對於第一季度，Clear Aligner 收入同比增長 7.5%，反映了跨地區和產品的收入增長，並且比第四季度略有下降，為負 0.7%。

In the teen segment, 175,000 teens started treatment with Invisalign aligners, up 6% year-over-year. Invisalign First for kids as young as 6 years old grew sequentially year-over-year and was strong across all regions.

在青少年部分，175,000 名青少年開始使用 Invisalign 隱形矯正器進行治療，同比增長 6%。 Invisalign First 為年僅 6 歲的兒童提供了同比增長，並且在所有地區都表現強勁。

Q1 non-case revenues, which include doctor-prescribed retention products, clinical training and education and other dental consumables, performed well and grew both year-over-year and sequentially. Our Doctor Subscription Plan (sic) [Doctor Subscription Program], or DSP, pilot was launched last year in the United States and Canada, and it continues to ramp nicely, driving strong revenue growth.

第一季度非病例收入，包括醫生處方保留產品、臨床培訓和教育以及其他牙科消耗品，表現良好，同比和環比均增長。我們的醫生訂閱計劃（原文如此）[Doctor Subscription Program] 或 DSP 試點於去年在美國和加拿大啟動，並且繼續穩步增長，推動了強勁的收入增長。

DSP is a monthly subscription program designed for a segment of experienced Invisalign doctors who are not regularly using our retainers or low-stage aligners. We're very excited about the feedback and uptake we're seeing, and we'll expand the program into other markets this year.

DSP 是一項每月訂閱計劃，專為不經常使用我們的保持器或低階矯治器的經驗豐富的 Invisalign 隱適美醫生的一部分而設計。我們對看到的反饋和採納感到非常興奮，今年我們將把該計劃擴展到其他市場。

Here are just a few things some doctors are saying about DSP. Dr. Drew Ferris in Santa Barbara, California, "We have shifted our retention model and workflow. We really like the material, the fit and the precision of the product and having everything in Align systems versus printing in-house and having to maintain it ourselves." Dr. Sandra Tai in Vancouver, Canada, "This program fits my business model very well. I'm able to pass savings to patients."

以下是一些醫生對 DSP 的看法。加利福尼亞州聖巴巴拉的 Drew Ferris 博士說：“我們已經改變了我們的保留模式和工作流程。我們非常喜歡產品的材料、合身性和精度，並且在 Align 系統中擁有一切，而不是在內部打印並且必須維護它我們自己。”加拿大溫哥華的 Sandra Tai 博士說：“這個項目非常適合我的商業模式。我能夠將儲蓄轉嫁給患者。”

Now let's turn to the specifics around the first quarter results, starting with the Americas. For Q1, Invisalign case volumes were down 1.5% year-over-year. On a sequential basis, Americas case volumes were down 4.3%, primarily reflecting the impact from the COVID-19 waves, first experienced in North America beginning in Q4 '21 and continuing to Q1 and later in Latin America, causing consumers customer staffing shortages and practice closures as well as decreased patient traffic and increased appointment cancellations.

現在讓我們看看第一季度業績的具體情況，從美洲開始。第一季度，Invisalign 隱適美病例數量同比下降 1.5%。美洲病例數量環比下降 4.3%，主要反映了 COVID-19 浪潮的影響，該浪潮從 21 年第 4 季度開始在北美首次出現，並持續到第 1 季度，隨後在拉丁美洲，導致消費者客戶人員短缺和診所關閉以及減少患者流量和增加預約取消。

The latest data from the Gaidge practice analysis tool that collect and consolidates data from about 700 ortho practices, covering more than 1,000 orthodontists across 1,600 locations in the United States and Canada, showed weakening underlying patient demand trends in the first quarter for both adult and teens and across wires and brackets and clear aligner products. New patient visits were down 7.6% year-over-year, and ortho starts were down 7.2% year-over-year.

Gaidge 實踐分析工具的最新數據收集和整合了來自美國和加拿大 1,600 個地點的 1,000 多名正畸醫生的約 700 次正畸實踐的數據，顯示第一季度成人和青少年的潛在患者需求趨勢減弱並穿過電線和支架以及清晰的矯正器產品。新患者就診量同比下降 7.6%，正畸開始率同比下降 7.2%。

In the DSO channel, in Q1 '22, DSO practices grew faster than non-DSO practices, with utilization led by Heartland and Smile Doctors. Earlier this month, we announced a new DSO partnership with dentalcorp, Canada's largest and fastest growing network of dental practices. dentalcorp plans to extend its offering of Invisalign brand clear aligner treatment to Canadians nationwide through its Ortho Acceleration Program. This strategic collaboration also provides dentalcorp's network of doctors across nearly 460 practices with access to enhanced benefits, dedicated learning opportunities and treatment planning support for the Invisalign system.

在 DSO 渠道中，在 22 年第一季度，DSO 實踐的增長速度快於非 DSO 實踐，其利用率由 Heartland 和 Smile Doctors 領導。本月早些時候，我們宣布與加拿大最大、發展最快的牙科診所網絡牙科公司建立新的 DSO 合作夥伴關係。 Dentalcorp 計劃通過其 Ortho Acceleration Program 將其 Invisalign 品牌透明矯正器治療產品擴展到全國的加拿大人。這項戰略合作還為 Dentalcorp 的近 460 家診所的醫生網絡提供了針對 Invisalign 系統的增強福利、專門的學習機會和治療計劃支持。

Also this month, we launched a new Invisalign Teen Subscription Program in the United States and Canada to help unlock the massive opportunity from teen orthodontics, which makes up approximately 75% of the 5 million annual case starts in North America. The Teen Subscription Program enables orthodontists to buy clear aligners in case packs in advance, much like the way they buy wires and brackets today, offering simple and more predictable billing for doctors.

同樣在本月，我們在美國和加拿大推出了一項新的 Invisalign 青少年訂閱計劃，以幫助釋放青少年正畸的巨大機會，這佔北美每年 500 萬例病例的約 75%。青少年訂閱計劃使正畸醫生能夠提前購買裝在包裝盒中的透明矯正器，就像他們今天購買電線和支架的方式一樣，為醫生提供簡單且更可預測的賬單。

It also includes exclusive practice development benefits with the Invisalign brand and requires an incremental volume commitment from doctors. The timing of the new teen program coincides with the beginning of the summer teen season, and we're excited to continue partnering with doctors to grow their practice with Invisalign treatment. With less than 10% share of teen case starts, the Teen Subscription Program has the potential to help accelerate Invisalign adoption in the largest segment of the orthodontic market, teens.

它還包括 Invisalign 品牌獨有的實踐發展優勢，並需要醫生增加數量的承諾。新青少年計劃的時間恰逢夏季青少年季節的開始，我們很高興能繼續與醫生合作，通過 Invisalign 治療擴大他們的實踐。由於青少年病例開始的份額不到 10%，青少年訂閱計劃有可能幫助加速 Invisalign 在正畸市場的最大部分青少年中的採用。

For our international business, Q1 Invisalign case volumes were up 3% year-over-year. On a sequential basis, international case volumes were down 6.1%, primarily reflecting the headwinds described earlier, especially the impact of COVID-19 restrictions and lockdowns in China and the fallout across Europe from the military conflict in Ukraine.

對於我們的國際業務，第一季度 Invisalign 案例數量同比增長 3%。國際病例數環比下降 6.1%，主要反映了前面描述的不利因素，尤其是中國 COVID-19 限制和封鎖的影響以及烏克蘭軍事衝突對整個歐洲的影響。

For EMEA, Q1 Invisalign case volumes were up 2.1% year-over-year, with core -- growth in our core markets led by Italy and Germany and DACH, along with the growth expansion markets led by Turkey and MEA. The Q1 year-over-year Invisalign case volume in EMEA was driven by increased submissions, primarily from the orthodontist channel, especially in the teen market.

對於歐洲、中東和非洲地區，第一季度 Invisalign 案例數量同比增長 2.1%，其中核心——意大利和德國以及 DACH 引領我們的核心市場的增長，以及土耳其和 MEA 引領的增長擴張市場。歐洲、中東和非洲地區第一季度 Invisalign 病例數量的同比增長是由提交的增加推動的，主要來自正畸醫生渠道，尤其是在青少年市場。

During the quarter, we launched our first ever direct-to-teen campaign in EMEA focused on educating teens about the benefits of Invisalign treatment over traditional wires and brackets; increasing consumer demand as part of our wider teen growth plan, combined with our Parent of Teen campaign; and to help give teens critical influence in the parent decision by driving peer word-of-mouth.

在本季度，我們在歐洲、中東和非洲地區發起了首次直接面向青少年的活動，重點是讓青少年了解 Invisalign 隱適美治療相對於傳統鋼絲和托槽的好處；作為我們更廣泛的青少年成長計劃的一部分，結合我們的青少年家長活動，增加消費者需求；並通過推動同齡人的口碑，幫助青少年對父母的決定產生關鍵影響。

More recently, we launched the Invisalign Go Express system, the latest addition to the Invisalign Go portfolio for general dentists. First launched in EMEA in 2016 as a 20-stage aligner treatment offering, the Invisalign Go portfolio system is designed for general dentists to treat mild to moderate malocclusions and to integrate tooth alignment into restorative and comprehensive dental care. Additionally, building of our European manufacturing facility in Wroclaw, Poland remains on track to go live this quarter, increasing our flexibility and timeliness in supporting our valued doctor customers across the EMEA region.

最近，我們推出了 Invisalign Go Express 系統，這是面向普通牙醫的 Invisalign Go 產品組合的最新成員。 Invisalign Go 產品組合系統於 2016 年首次在歐洲、中東和非洲地區推出，作為 20 階段的矯正器治療產品，專為普通牙醫設計，用於治療輕度至中度咬合不正，並將牙齒矯正整合到修復性和綜合性牙科護理中。此外，我們在波蘭弗羅茨瓦夫的歐洲製造工廠的建設仍有望在本季度投入使用，從而提高了我們在支持我們在 EMEA 地區尊貴的醫生客戶方面的靈活性和及時性。

Turning to APAC for Q1. APAC Invisalign case volumes were up 4.7% year-over-year with strength in the GP dentist channel, primarily through increased Invisalign submissions with the Invisalign Go product and, in the teen market with increased submissions from the orthodontic channel.

第一季度轉向亞太地區。亞太地區 Invisalign 病例數量同比增長 4.7%，GP 牙醫渠道表現強勁，主要是通過 Invisalign Go 產品提交的 Invisalign 增加，以及來自正畸渠道提交的青少年市場增加。

On a sequential basis, APAC was down 2.6%, reflecting a larger impact from surges in new COVID-19 cases that led to significant lockdowns in China. Alternatively, despite headwinds, Japan and Taiwan performed well and we had strong growth in emerging markets like Korea and India and Thailand on a year-over-year basis.

亞太地區環比下降 2.6%，反映出新的 COVID-19 病例激增導致中國出現重大封鎖的更大影響。或者，儘管逆風，日本和台灣表現良好，我們在韓國、印度和泰國等新興市場同比增長強勁。

Earlier this month, we expanded the Invisalign Clear Aligner product portfolio with new offerings that better serve the expanding market in China. The 2 new products, Invisalign Adult and Invisalign Standard clear aligners are designed for more specific types of malocclusion cases and private (sic) [provide] doctors and their patients with a more clinical and affordable options for moderate to complex cases. Invisalign Adult and Invisalign Standard clear aligners built on our proven technology for a wider range and scope of malocclusion.

本月早些時候，我們擴展了 Invisalign Clear Aligner 產品組合，推出了更好地服務於不斷擴大的中國市場的新產品。 2 款新產品 Invisalign Adult 和 Invisalign Standard 透明矯治器專為更具體類型的咬合不正病例和私人（原文如此）[提供] 醫生及其患者為中度到復雜病例提供更多臨床和負擔得起的選擇。 Invisalign Adult 和 Invisalign Standard 透明矯治器基於我們久經考驗的技術，適用於更廣泛和範圍更廣的咬合不正。

During the quarter, we announced new Invisalign innovations for the Align Digital Platform, a proprietary combination of software, systems and services designed to provide a seamless experience and workflow that integrates and connects all users, doctors, labs, patients and consumers. These new Invisalign innovations include ClinCheck Live Update, the Invisalign Practice App, Invisalign Personalized Plan or IPP, Invisalign Smile Architect and the Cone Beam Computed Tomography, CBCT, integration feature for ClinCheck digital treatment planning software.

在本季度，我們宣布了針對 Align 數字平台的新 Invisalign 創新，這是一種軟件、系統和服務的專有組合，旨在提供無縫體驗和工作流程，集成和連接所有用戶、醫生、實驗室、患者和消費者。這些新的 Invisalign 創新包括 ClinCheck 實時更新、Invisalign 實踐應用程序、Invisalign 個性化計劃或 IPP、Invisalign Smile Architect 和錐形束計算機斷層掃描、CBCT、ClinCheck 數字治療計劃軟件的集成功能。

These innovations will revolutionize digital treatment planning for orthodontics and restorative dentistry by providing doctors with greater flexibility and real-time treatment plan access and modification capabilities. Each of these innovations is designed to enhance Invisalign treatment planning quality, efficiency and scale and contribute to a better doctor-patient experience.

這些創新將為醫生提供更大的靈活性以及實時治療計劃訪問和修改能力，從而徹底改變正畸和修復牙科的數字治療計劃。這些創新中的每一項都旨在提高 Invisalign 治療計劃的質量、效率和規模，並有助於改善醫患體驗。

More recently, we introduced a new enhancement for the Invisalign system with mandibular advancement feature. The Invisalign system with mandibular advancement is the only clinically proven clear aligner product in the world today that addresses Class II correction with simultaneous alignment. Using feedback from customers, we've enhanced the original design with new enhanced precision wings that provide increased durability and comfort as well as great overlap to help ensure that the aligners remain seated and properly engaged to more effectively address Class II malocclusions in growing preteen and teen patients.

最近，我們推出了具有下頜前移功能的 Invisalign 隱適美系統的新增強功能。具有下頜前移功能的 Invisalign 系統是當今世界上唯一經過臨床驗證的透明矯治器產品，可同時對位進行 II 類矯正。根據客戶的反饋，我們使用新的增強型精密翼片增強了原始設計，提供更高的耐用性和舒適度以及更大的重疊，以幫助確保矯治器保持就位和正確接合，以更有效地解決生長中的 II 類錯牙合畸形和青少年患者。

Our consumer marketing focuses on educating consumers about the Invisalign system and driving that demand to Invisalign doctors' offices, ultimately capitalizing on the massive market opportunity to transform 500 million smiles. In Q1, we built on a successful Invis Is multimedia campaign across the Americas, EMEA and APAC, driving awareness and interest in Invisalign treatment with adult, teen and parent consumer segments. Globally, we delivered strong impression volume with over 23.7 million visits to our websites, 113% year-over-year increase and over 7.8 billion impressions delivered, representing a 32% year-over-year increase.

我們的消費者營銷專注於對消費者進行有關 Invisalign 系統的教育，並將這種需求推向 Invisalign 醫生辦公室，最終利用巨大的市場機會來改變 5 億個微笑。在第一季度，我們在美洲、歐洲、中東和非洲和亞太地區成功開展了 Invis Is 多媒體活動，提高了成人、青少年和父母消費者群體對 Invisalign 治療的認識和興趣。在全球範圍內，我們的網站訪問量超過 2370 萬次，同比增長 113%，展示量超過 78 億次，同比增長 32%。

In the U.S., we continue to amplify our campaigns across the top social platforms such as TikTok, Snapchat, Instagram and YouTube to increase the awareness of Invisalign brand with young adults and teens. Our campaigns featured collaborations with some of the largest influencers in social media, including Charli D'Amelio, Lana Candor, Devan Key, Michael Le and Josh Richards. Each of these creators shared their personal experience with Invisalign treatment and why they chose to transform their smiles with Invisalign aligners.

在美國，我們繼續在 TikTok、Snapchat、Instagram 和 YouTube 等頂級社交平台上擴大我們的活動，以提高 Invisalign 品牌在年輕人和青少年中的知名度。我們的活動以與社交媒體上一些最有影響力的人的合作為特色，包括 Charli D'Amelio、Lana Candor、Devan Key、Michael Le 和 Josh Richards。這些創作者中的每一位都分享了他們使用 Invisalign 隱適美治療的個人經驗，以及他們選擇使用 Invisalign 隱形矯正器改變笑容的原因。

To continue growing our young adult business across the Americas, EMEA and APAC, we built upon our successful "Invis is a Powerful Thing" campaign, which highlights how powerful the smile transformation with Invisalign treatment can be for even young adults' self-confidence. We leveraged top influencers like Leilani Green and Lana Candor in integrated media campaigns. Further, we are expanding our collaboration with influencers globally and are excited to welcome Olympic Gold Medalist, Suni Lee, and creators Josh Richards, Hyram Yarbro and Scarlett Estevez who have chosen to shape their smiles with Invisalign treatment.

為了繼續在美洲、歐洲、中東和非洲和亞太地區發展我們的年輕成人業務，我們建立在我們成功的“Invis is a Powerful Thing”活動的基礎上，該活動強調了 Invisalign 治療的微笑轉變對於甚至年輕成人的自信有多麼強大。我們在綜合媒體活動中利用了 Leilani Green 和 Lana Candor 等頂級影響者。此外，我們正在擴大與全球影響者的合作，並很高興地歡迎奧運會金牌得主 Suni Lee 以及創作者 Josh Richards、Hyram Yarbro 和 Scarlett Estevez，他們選擇通過 Invisalign 隱適美治療來塑造自己的笑容。

In the EMEA region, we accelerated our media investments across digital media platforms, including YouTube, TikTok, Meta and Snapchat and expanded our Invisalign Smile Squad roster with new influencers. Additionally, we launched a pilot in the U.K. to reach teens with special campaigns to create awareness of the unique benefits of Invisalign treatment. Our consumer campaigns delivered more than 8.8 million unique visitors to our website, representing 170% increase year-over-year with over 2.5 billion media impressions.

在 EMEA 地區，我們加快了對包括 YouTube、TikTok、Meta 和 Snapchat 在內的數字媒體平台的媒體投資，並通過新的影響者擴大了我們的 Invisalign Smile Squad 名冊。此外，我們在英國開展了一項試點，通過特別活動覆蓋青少年，以提高對 Invisalign 隱適美治療獨特益處的認識。我們的消費者活動為我們的網站帶來了超過 880 萬的獨立訪問者，同比增長 170%，媒體印象超過 25 億。

We continue to expand our investment in consumer advertising across the APAC region, excluding China, resulting in a 278% increase year-over-year in unique visitors and a 265% year-over-year increase in impressions. We continued to strengthen our investments in Australia by expanding our reach via social media platforms such as TikTok, Meta and YouTube. In Japan, we built upon our successful consumer campaigns by expanding into Twitter and continue to see strong response from consumers, as evidenced by a 373% increase in unique visitors to our site.

我們繼續在亞太地區（不包括中國）擴大對消費者廣告的投資，導致獨立訪問者同比增長 278%，印像數同比增長 265%。我們通過 TikTok、Meta 和 YouTube 等社交媒體平台擴大影響力，繼續加強在澳大利亞的投資。在日本，我們在成功的消費者活動的基礎上擴展至 Twitter，並繼續看到消費者的強烈反響，我們網站的獨立訪問者增加了 373% 就是明證。

For our Systems and Services business, Q1 revenues were up 15.6% year-over-year, reflecting strong scanner shipments and services; and down 24.2% sequentially, primarily reflecting lower volumes from the previous mentioned headwinds and capital equipment seasonality.

對於我們的系統和服務業務，第一季度的收入同比增長 15.6%，反映出強勁的掃描儀出貨量和服務；環比下降 24.2%，主要反映了前面提到的逆風和資本設備季節性導致的銷量下降。

During the quarter, we saw continued adoption of the iTero Element 5D Plus imaging system we launched last year that features innovative technology like Near Infra-Red technology that we call NIRI, which aids in detection and monitoring of interproximal caries lesions or cavities without -- above the gingiva without harmful radiation.

在本季度，我們看到了我們去年推出的 iTero Element 5D Plus 成像系統的持續採用，該系統採用了我們稱之為 NIRI 的近紅外技術等創新技術，它有助於檢測和監測鄰間齲損或蛀牙，而無需——牙齦上方無有害輻射。

A strong indicator of the digital adoption within dental offices is the number of intraoral scans used for Invisalign case submissions. Total worldwide intraoral digital scans submitted to start an Invisalign case in Q1 increased to 87.1% from 80.9% in Q1 last year. International intraoral digital scans for Invisalign case submissions increased to 83%, up from 75% in Q1 last year.

牙科診所採用數字化技術的一個重要指標是用於 Invisalign 案例提交的口內掃描數量。在第一季度提交的用於啟動 Invisalign 案例的全球口內數字掃描總數從去年第一季度的 80.9% 增加到 87.1%。 Invisalign 病例提交的國際口內數字掃描從去年第一季度的 75% 增加到 83%。

For the Americas, 91% of Invisalign cases were submitted using an intraoral digital scan compared to 85.5% in Q1 of last year. Cumulatively, over 54.9 million orthodontic scans and over 11.4 million restorative scans have been performed with iTero scanners.

在美洲，91% 的 Invisalign 病例是使用口腔內數字掃描提交的，而去年第一季度這一比例為 85.5%。累計使用 iTero 掃描儀進行了超過 5490 萬次正畸掃描和超過 1140 萬次修復掃描。

During the quarter, the iTero Element 5D Plus won the Best New Imaging or CAD/CAM Product from DrBicuspid.com, a Cuspie award. The award reflects our commitment to develop innovative solutions that help doctors transform lives by improving patients' journey to a healthy, beautiful smile. We are pleased to share that the iTero Element scanner received an Orthotown 2021 Townie Choice Award, which seeks to recognize the top peer-recommended products and services in dentistry. We're proud that the iTero Element 5D Plus imaging system provides dental practices with latest in imaging technology, cutting-edge enhanced chairside visualizations and applications that can drive practice growth and treatment acceptance.

在本季度，iTero Element 5D Plus 獲得了 DrBicuspid.com 頒發的 Cuspie 獎的最佳新成像或 CAD/CAM 產品。該獎項反映了我們致力於開發創新解決方案，幫助醫生通過改善患者獲得健康、美麗笑容的旅程來改變生活。我們很高興地分享，iTero Element 掃描儀獲得了 Orthotown 2021 Townie 選擇獎，該獎旨在表彰牙科領域同行推薦的頂級產品和服務。我們感到自豪的是，iTero Element 5D Plus 成像系統為牙科診所提供了最新的成像技術、尖端增強的椅旁可視化和應用程序，可以推動診所的發展和治療的接受度。

Continued growth in the iTero scanner installed base is driving increased services revenues as well as exocad CAD/CAM software solutions that integrate workflows to the dental labs and dental practices.

iTero 掃描儀安裝基數的持續增長推動了服務收入的增長，以及將工作流程集成到牙科實驗室和牙科診所的 exocad CAD/CAM 軟件解決方案。

Our Q1 exocad CAD/CAM products and services, which include restorative dentistry, implantology, guided surgery and smile design offerings, are included in Scanner and Services revenues and are helping extend our digital dental solutions and broaden Align Digital Platform towards fully integrated interdisciplinary end-to-end workflows.

我們的第一季度 exocad CAD/CAM 產品和服務，包括修復牙科、種植學、引導手術和微笑設計產品，都包含在掃描儀和服務收入中，並有助於擴展我們的數字牙科解決方案並擴大 Align Digital Platform 以實現完全集成的跨學科終端-到終端的工作流程。

As we continue to lead the evolution of digital orthodontics and restorative dentistry, our goal is to make orthodontics a pillar of dentistry. April 2 marked our second anniversary since welcoming exocad into the Align family. And together, we're working to ensure that every dental technician and every dentist planning a restorative treatment considers the benefits of digital orthodontics first. We're continuing to focus on integration and road map development to strengthen the Align Digital Platform by addressing restorative needs to facilitate both ortho restorative and comprehensive dentistry.

隨著我們繼續引領數字正畸和修復牙科的發展，我們的目標是使正畸成為牙科的支柱。 4 月 2 日是我們歡迎 exocad 加入 Align 大家庭的第二個週年紀念日。我們一起努力確保每位牙科技師和每位計劃進行修復治療的牙醫首先考慮數字正畸的好處。我們將繼續專注於整合和路線圖開發，通過滿足修復需求來加強 Align 數字平台，以促進正畸修復和綜合牙科。

Two years after exocad joined Align, we are more excited than ever about the opportunities ahead to shape the dental industry and with technology and expertise that complement the many benefits of the Align Digital Platform and bringing all key stakeholders together, doctor, customers, labs, partners and users as we continue transforming smiles and changing lives.

在 exocad 加入 Align 兩年後，我們比以往任何時候都更興奮的是，我們對未來塑造牙科行業的機會以及與 Align 數字平台的眾多優勢相輔相成的技術和專業知識感到興奮，並將所有關鍵利益相關者聚集在一起，醫生、客戶、實驗室、合作夥伴和用戶，因為我們繼續改變微笑和改變生活。

During the quarter, exocad participated in the 2022 Dental South China show in Guangzhou, China, showcasing its newest software release, DentalCAD 3.0 Galway plus other open software solutions like innovative smile design program called Smile Creator. The show allowed the exocad team to deepen their relationships with the dental community to discover new trends emerging in the growing dental market in China. Attendees at booth experienced firsthand how exocad's wizard-guided workflows and easy online communication programs streamline the treatment journey from consultation to final restoration.

本季度，exocad 參加了在中國廣州舉行的 2022 年華南牙科展，展示了其最新版本的軟件 DentalCAD 3.0 Galway 以及其他開放軟件解決方案，例如名為 Smile Creator 的創新微笑設計程序。該展會讓 exocad 團隊加深了與牙科界的關係，以發現中國不斷增長的牙科市場中出現的新趨勢。展台上的與會者親身體驗了 exocad 的嚮導式工作流程和簡單的在線交流程序如何簡化從諮詢到最終修復的治療過程。

Finally, this quarter, exocad is opening its new headquarters in Seoul, South Korea, which provides a robust high-tech infrastructure to a key region of our business. exocad has been working with a growing number of Korean manufacturers for many years, and this location help facilitate strategic relationships in the region.

最後，本季度，exocad 將在韓國首爾開設新總部，該總部為我們業務的關鍵區域提供強大的高科技基礎設施。 exocad 多年來一直與越來越多的韓國製造商合作，這個地點有助於促進該地區的戰略關係。

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

有了這個，我現在將把電話轉給約翰。

Thanks, Joe. Now for our Q1 financial results. Total revenues for the first quarter were $973.2 million, down 5.6% from the prior quarter and up 8.8% from the corresponding quarter a year ago. For Clear Aligners, Q1 revenues of $809.7 million were down 0.7% sequentially due to lower Invisalign case volumes, partially offset by higher ASPs and up 7.5% year-over-year, reflecting higher ASPs and non-case revenues.

謝謝，喬。現在來看我們的第一季度財務業績。第一季度總收入為 9.732 億美元，比上一季度下降 5.6%，比去年同期增長 8.8%。對於 Clear Aligners，第一季度收入為 8.097 億美元，環比下降 0.7%，原因是 Invisalign 案例數量減少，部分被較高的 ASP 所抵消，同比增長 7.5%，反映了較高的 ASP 和非案例收入。

In Q1, Invisalign case volume were down 5.1% sequentially and up 0.5% year-over-year. In addition, we shipped Clear Aligners to 82,400 Invisalign doctors worldwide, of which over 5,000 were first-time customers. Q1 comprehensive volume increased 2.4% year-over-year and decreased 5% sequentially. Q1 non-comprehensive volume decreased 4% year-over-year and decreased 5.4% sequentially. Q1 adult patients decreased 1.6% year-over-year and decreased 5.7% sequentially. In Q1, teens or younger patients increased 6% year-over-year and decreased 3.6% sequentially.

第一季度，Invisalign 隱適美病例數環比下降 5.1%，同比增長 0.5%。此外，我們向全球 82,400 名 Invisalign 隱適美醫生運送了 Clear Aligners，其中超過 5,000 名是首次客戶。一季度綜合成交量同比增長2.4%，環比下降5%。第一季度非綜合交易量同比下降 4%，環比下降 5.4%。 Q1 成年患者同比下降 1.6%，環比下降 5.7%。在第一季度，青少年或更年輕的患者同比增長 6%，環比下降 3.6%。

Clear Aligner revenues were unfavorably impacted by foreign exchange of approximately $6.5 million or approximately 0.8 points sequentially. On a year-over-year basis, Clear Aligner revenues were unfavorably impacted by foreign exchange of approximately $24 million or approximately 3.2 points.

Clear Aligner 收入受到約 650 萬美元或約 0.8 個點的外彙的不利影響。與去年同期相比，Clear Aligner 收入受到約 2400 萬美元或約 3.2 個點的外彙的不利影響。

For Q1, Invisalign comprehensive ASPs increased sequentially and year-over-year. On a sequential basis, Invisalign comprehensive ASPs reflect per order processing fees charged on most Clear Aligner shipments, lower discounts and higher additional aligners, partially offset by unfavorable foreign exchange. On a year-over-year basis, comprehensive ASPs reflect higher additional aligners and per order processing fees, partially offset by unfavorable foreign exchange.

對於第一季度，Invisalign 綜合 ASP 環比和同比增長。 Invisalign 綜合 ASP 依次反映了對大多數 Clear Aligner 發貨收取的每筆訂單處理費、較低的折扣和較高的附加對準器，部分被不利的外匯所抵消。與去年同期相比，綜合 ASP 反映了更高的附加調整器和每筆訂單處理費，部分被不利的外匯所抵消。

Q1 Invisalign non-comprehensive ASPs increased sequentially and year-over-year. On a sequential basis, Invisalign non-comprehensive ASPs were favorably impacted by per order processing fees and lower discounts, partially offset by unfavorable foreign exchange. On a year-over-year basis, Invisalign non-comprehensive ASPs reflect per order processing fees, higher additional aligners, partially offset by foreign exchange.

第一季度 Invisalign 非綜合 ASP 環比和同比增長。在連續的基礎上，Invisalign 非綜合 ASP 受到每筆訂單處理費和較低折扣的有利影響，部分被不利的外匯所抵消。與去年同期相比，Invisalign 非綜合 ASP 反映了每筆訂單的處理費用、更高的附加校準器，部分被外匯抵消。

Clear Aligner deferred revenues on the balance sheet increased $53 million or 5% sequentially and $307.1 million or 38.1% year-over-year and will be recognized as the additional aligners are shipped.

資產負債表上的 Clear Aligner 遞延收入環比增長 5300 萬美元或 5%，同比增長 3.071 億美元或 38.1%，並將被確認為額外的校準器發貨。

Our Systems and Services revenue for the first quarter were $163.5 million, down 24.2% sequentially and up 15.6% year-over-year. The decrease sequentially can be attributed to lower scanner volume following a strong Q4 and consistent with seasonality in the capital equipment business, coupled with the headwinds described earlier. The increase year-over-year can be attributed to increased services revenue from our larger installed base as well as slightly higher scanner volume.

我們第一季度的系統和服務收入為 1.635 億美元，環比下降 24.2%，同比增長 15.6%。環比下降可歸因於第四季度強勁的掃描儀數量下降，並且與資本設備業務的季節性一致，再加上前面描述的逆風。同比增長可歸因於我們更大的安裝基礎帶來的服務收入增加以及掃描儀數量略高。

Our Systems and Services deferred revenues on the balance sheet was up $16.5 million or 7.2% sequentially and up $114.9 million or 87.6% year-over-year, primarily due to the increase in scanner sales and the deferral of service revenue included with our -- with the scanner purchase, which will be recognized ratably over the service period.

我們在資產負債表上的系統和服務遞延收入環比增長 1650 萬美元或 7.2%，同比增長 1.149 億美元或 87.6%，這主要是由於掃描儀銷售額的增加和我們的服務收入遞延——掃描儀購買，將在服務期內按比例確認。

Moving on to gross margin. First quarter overall gross margin was 72.9%, up 0.7 points sequentially and down 2.8 points year-over-year. On a non-GAAP basis, excluding stock-based compensation expense and amortization of intangibles related to acquisitions, overall gross margin was 73.3% for the first quarter, up 0.7 points sequentially and down 2.8 points year-over-year. Overall gross margin was unfavorably impacted by approximately 0.8 points on a year-over-year basis and by approximately 0.2 points sequentially due to foreign exchange.

繼續毛利率。一季度整體毛利率為72.9%，環比上升0.7個百分點，同比下降2.8個百分點。按非公認會計原則計算，不包括基於股票的薪酬費用和與收購相關的無形資產攤銷，第一季度整體毛利率為 73.3%，環比增長 0.7 個百分點，同比下降 2.8 個百分點。由於外匯，整體毛利率同比下降約 0.8 個百分點，環比下降約 0.2 個百分點。

Clear Aligner gross margin for the first quarter was 74.8%, up 0.6 points sequentially due to higher ASPs, partially offset by higher mix of additional aligner volume and higher freight costs. Clear Aligner gross margin was down 2.8 points year-over-year due to higher mix of additional aligner volume and higher freight costs, partially offset by higher ASPs.

第一季度 Clear Aligner 毛利率為 74.8%，環比增長 0.6 個百分點，原因是 ASP 較高，但部分被額外的 aligner 數量和更高的運費成本組合所抵消。 Clear Aligner 毛利率同比下降 2.8 個百分點，原因是額外的 aligner 數量和更高的運費成本組合增加，部分被更高的 ASP 所抵消。

Systems and Services gross margin for the first quarter was 63.4%, down 1.3 points sequentially due to lower volume and lower ASPs, partially offset by lower freight costs. Systems and Services gross margin was down 2 points year-over-year due to higher manufacturing inefficiencies, partially offset by a higher mix of service revenues and increased ASPs.

第一季度系統和服務毛利率為 63.4%，環比下降 1.3 個百分點，原因是銷量下降和平均售價下降，部分被較低的運費成本所抵消。由於製造效率較低，系統和服務毛利率同比下降 2 個百分點，部分被服務收入組合的增加和 ASP 增加所抵消。

Q1 operating expenses were $511.3 million, down sequentially 2.4% and up 13.2% year-over-year. On a sequential basis, operating expenses were down $12.4 million. Year-over-year, operating expenses increased by $59.6 million, reflecting increased headcount and our continued investment in marketing, sales and R&D activities and investments commensurate with business growth.

第一季度運營費用為 5.113 億美元，環比下降 2.4%，同比增長 13.2%。在連續的基礎上，運營費用減少了 1240 萬美元。與去年同期相比，運營費用增加了 5960 萬美元，這反映了員工人數的增加以及我們對營銷、銷售和研發活動的持續投資以及與業務增長相稱的投資。

On a non-GAAP basis, excluding stock-based compensation, amortization of acquired intangibles related to certain acquisitions and acquisition costs, operating expenses were $480.2 million, down sequentially 2.9% and up 13.1% year-over-year due to the reasons described above.

在非公認會計準則基礎上，不包括基於股票的薪酬、與某些收購和收購成本相關的收購無形資產攤銷，由於上述原因，運營費用為 4.802 億美元，環比下降 2.9%，同比增長 13.1% .

Our first quarter operating income of $198.1 million resulted in an operating margin of 20.4%, down 1.1 points sequentially and down 4.8 points year-over-year. The year-over-year decrease in operating margin is primarily attributed to lower gross margin, investments in our go-to-market teams and technology as well as unfavorable impact from foreign exchange. On a non-GAAP basis, which excludes stock-based compensation, amortization of intangibles related to certain acquisitions and acquisition costs, operating margin for the first quarter was 24%, down 0.7 points sequentially and down 4.6 points year-over-year.

我們第一季度的營業收入為 1.981 億美元，營業利潤率為 20.4%，環比下降 1.1 個百分點，同比下降 4.8 個百分點。營業利潤率同比下降的主要原因是毛利率下降、對我們的上市團隊和技術的投資以及外彙的不利影響。按非公認會計原則計算，不包括股票薪酬、與某些收購相關的無形資產攤銷和收購成本，第一季度的營業利潤率為 24%，環比下降 0.7 個百分點，同比下降 4.6 個百分點。

Interest and other income and expense, net for the first quarter, was a loss of $10.6 million, down sequentially by $9.7 million and down year-over-year by $46.8 million. Q1 of 2021 included the SEC arbitration award gain of $43.4 million.

第一季度的利息和其他收入和支出淨額虧損 1060 萬美元，環比下降 970 萬美元，同比下降 4680 萬美元。 2021 年第一季度包括 4340 萬美元的 SEC 仲裁裁決收益。

The GAAP effective tax rate for the first quarter was 28.4% compared to 13.2% in the fourth quarter and 23.4% in the first quarter of the prior year. Our non-GAAP effective tax rate was 24.2% in the first quarter compared to 11.5% in the fourth quarter and 20.2% in the first quarter of the prior year. The first quarter GAAP and non-GAAP effective tax rates were higher than fourth quarter effective tax rates, primarily due to tax benefits related to expiration of statutes of limitations for timely asserting claims and an out-of-period adjustment recorded last quarter.

第一季度的 GAAP 有效稅率為 28.4%，而去年第四季度為 13.2%，去年第一季度為 23.4%。我們第一季度的非公認會計原則有效稅率為 24.2%，而去年第四季度為 11.5%，去年第一季度為 20.2%。第一季度 GAAP 和非 GAAP 有效稅率高於第四季度有效稅率，這主要是由於與及時提出索賠的時效到期和上季度記錄的期外調整相關的稅收優惠。

First quarter net income per diluted share was $1.70, down sequentially $0.70 and down $0.81 compared to the prior year. Our EPS was unfavorably impacted by $0.13 on a sequential basis and $0.28 on a year-over-year basis due to foreign exchange. On a non-GAAP basis, net income per diluted share was $2.13 for the first quarter, down $0.70 sequentially and down $0.36 year-over-year.

第一季度每股攤薄淨收益為 1.70 美元，環比下降 0.70 美元，與去年同期相比下降 0.81 美元。由於外匯，我們的每股收益環比受到 0.13 美元的不利影響，同比受到 0.28 美元的不利影響。按非公認會計原則計算，第一季度每股攤薄淨收益為 2.13 美元，環比下降 0.70 美元，同比下降 0.36 美元。

Moving on to the balance sheet. As of March 31, 2022, cash, cash equivalents and short-term and long-term marketable securities were $1.1 billion, down sequentially $176.1 million and down $11.1 million year-over-year. Of our $1.1 billion balance, $453 million was held in the U.S. and $667.6 million was held by our international entities.

轉到資產負債表。截至 2022 年 3 月 31 日，現金、現金等價物以及短期和長期有價證券為 11 億美元，環比下降 1.761 億美元，同比下降 1110 萬美元。在我們 11 億美元的餘額中，4.53 億美元在美國持有，6.676 億美元由我們的國際實體持有。

Q1 accounts receivable balance was $950.9 million, up approximately 6% sequentially. Our overall days sales outstanding was 87 days, up approximately 9 days sequentially and up approximately 15 days as compared to Q1 last year. Cash flow from operations for the first quarter was $30.5 million. Capital expenditures for the first quarter were $87.3 million, primarily related to our continued investment to increase aligner manufacturing capacity and facilities.

第一季度應收賬款餘額為 9.509 億美元，環比增長約 6%。我們的總銷售天數為 87 天，比去年第一季度增加約 9 天，比去年第一季度增加約 15 天。第一季度的運營現金流為 3050 萬美元。第一季度的資本支出為 8730 萬美元，主要與我們繼續投資以提高校準器製造能力和設施有關。

Free cash flow, defined as cash flow from operations less capital expenditures, amounted to negative $56.8 million. In February, we repurchased $75 million of our common stock through open market repurchases of approximately 143,600 shares at an average price of $522.61 per share. We have approximately $650 million remaining available for repurchase under our May 13, 2021, $1 billion repurchase program.

自由現金流（定義為運營現金流減去資本支出）為負 5680 萬美元。 2 月份，我們通過公開市場回購約 143,600 股股票，以每股 522.61 美元的平均價格回購了 7500 萬美元的普通股。根據我們 2021 年 5 月 13 日的 10 億美元回購計劃，我們還有大約 6.5 億美元可供回購。

As described during our Q4 2021 earnings call, we provided our fiscal year 2022 outlook with revenue growth in line with our long-term revenue range of 20% to 30%. This revenue growth assumed no significant new COVID surges after current wave, no meaningful practice disruption nor material supply chain issues throughout the year.

正如我們在 2021 年第四季度財報電話會議中所述，我們提供了與 20% 至 30% 的長期收入範圍一致的 2022 財年收入增長前景。這一收入增長假設在當前浪潮之後沒有顯著的新 COVID 激增，全年沒有有意義的實踐中斷或重大供應鏈問題。

At that time, we were seeing some recovery as Omicron headwinds began to ease and COVID restrictions were relaxing. However, later in the quarter, unfavorable impacts on our business occurred, driven by China lockdowns, weaker consumer confidence, inflationary pressures and the Russia-Ukraine conflict. For April, we have not seen momentum return as the headwinds previously mentioned persist.

當時，隨著 Omicron 的不利因素開始緩解並且 COVID 限制正在放鬆，我們看到了一些復甦。然而，在本季度晚些時候，由於中國的封鎖、消費者信心減弱、通脹壓力和俄羅斯與烏克蘭的衝突，對我們的業務產生了不利影響。 4 月份，由於前面提到的逆風持續存在，我們還沒有看到勢頭恢復。

Now turning to full year 2022. We remain confident in the huge under-penetrated market, our technology and industry leadership and our ability to execute and make progress toward our long-term model of 20% to 30% revenue growth. At the same time, the headwinds we're experiencing, which include increased COVID waves and significant China lockdowns, weaker consumer confidence, inflation pressures and the Russia-Ukraine conflict, have increased uncertainty across all markets. We also anticipate capital equipment sales will be increasingly constrained throughout the year as practices adjust to these headwinds.

現在轉向 2022 年全年。我們對巨大的滲透率不足的市場、我們的技術和行業領先地位以及我們執行和朝著實現 20% 至 30% 收入增長的長期模式取得進展的能力充滿信心。與此同時，我們正在經歷的不利因素，包括 COVID 浪潮的增加和中國的重大封鎖、消費者信心減弱、通脹壓力和俄羅斯-烏克蘭衝突，增加了所有市場的不確定性。我們還預計，隨著實踐適應這些不利因素，全年資本設備銷售將受到越來越多的限制。

Given less visibility and an increasing unpredictable operating environment, we are not providing revenue guidance for the year. However, assuming no additional material disruptions or circumstances beyond our control, our goal for fiscal 2022 is to deliver GAAP operating margin above 20%, while making strategic investments in sales, marketing, R&D and operations.

鑑於可見度降低和越來越不可預測的經營環境，我們不提供今年的收入指導。然而，假設沒有超出我們控制的其他重大中斷或情況，我們 2022 財年的目標是實現 20% 以上的 GAAP 營業利潤率，同時對銷售、營銷、研發和運營進行戰略投資。

In addition, during Q2 '22, we expect to repurchase up to $200 million of our common stock through either a combination of open market repurchases or an accelerated stock repurchase agreement.

此外，在 22 年第二季度，我們預計將通過公開市場回購或加速股票回購協議的組合回購高達 2 億美元的普通股。

For 2022, we expect our investments in capital expenditures to exceed $300 million. Capital expenditures primarily relate to building construction and improvements as well as digital manufacturing capacity to support our international expansion. This includes our investment in an aligner fabrication facility in Wroclaw, Poland, which is expected to begin serving doctors in the second quarter of 2022 as part of our strategy to bring operational facilities closer to customers.

到 2022 年，我們預計我們的資本支出投資將超過 3 億美元。資本支出主要與建築建設和改進以及數字製造能力有關，以支持我們的國際擴張。這包括我們對位於波蘭弗羅茨瓦夫的矯正器製造設施的投資，該設施預計將於 2022 年第二季度開始為醫生提供服務，這是我們使運營設施更貼近客戶的戰略的一部分。

As we continue growing, we intend to expand our investments in research and development, manufacturing, treatment planning, sales and marketing operations to meet the actual and anticipated local and regional demands.

隨著我們的不斷發展，我們打算擴大在研發、製造、治療計劃、銷售和營銷運營方面的投資，以滿足當地和區域的實際和預期需求。

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

有了這個，我會把它交給喬做最後的評論。喬？

Thanks, John.

謝謝，約翰。

Excuse me. Joe Hogan, are you there?

打擾一下。喬霍根，你在嗎？

Thanks, John. I'll run by this again. Okay. That was my fault. Overall, our first quarter results reflect a more challenging environment than expected. We know that COVID lockdowns, weaker consumer confidence, inflationary pressures and the Russia-Ukraine conflict have created headwinds. But we remain excited and committed to realizing the enormous opportunity in front of us to lead the evolution of digital orthodontics and comprehensive dentistry.

謝謝，約翰。我會再次運行這個。好的。那是我的錯。總體而言，我們的第一季度業績反映了比預期更具挑戰性的環境。我們知道，新冠疫情封鎖、消費者信心減弱、通脹壓力和俄羅斯-烏克蘭衝突造成了不利因素。但我們仍然興奮並致力於實現我們面前的巨大機會，以引領數字正畸學和綜合牙科的發展。

With less than 10% share of the 21 million orthodontic case starts each year with over 500 million people globally who can benefit from a healthy, beautiful smile, our market is as large as ever. No other company is as well positioned as us to take advantage of that potential as the environment improves and growth trends return.

在每年 2100 萬個正畸病例中，只有不到 10% 的份額，全球有超過 5 億人可以從健康、美麗的微笑中受益，我們的市場與以往一樣大。隨著環境的改善和增長趨勢的回歸，沒有其他公司能像我們一樣充分利用這一潛力。

We will continue to focus on the execution of our strategic growth drivers while managing investments in the near term to account for the headwinds and uncertainty, and we remain confident in our long-term revenue growth model of 20% to 30%.

我們將繼續專注於執行我們的戰略增長動力，同時管理短期內的投資以應對逆風和不確定性，我們對 20% 至 30% 的長期收入增長模式仍然充滿信心。

Before we open the call to questions, I want to address the military conflict in the Ukraine and our operations in Russia. It's a human tragedy for all people involved, and our thoughts go out to everyone impacted and especially to those with personal connections who are undoubtedly concerned with their families and loved ones. Our primary concern remains the safety and security of our employees and their families, our doctors, their staff and patients. We have nothing to do with this conflict.

在我們開始提問之前，我想先談談烏克蘭的軍事衝突和我們在俄羅斯的行動。這對所有相關人員來說都是一場人間悲劇，我們的想法傳達給所有受影響的人，尤其是那些有個人關係的人，他們無疑關心他們的家人和親人。我們最關心的仍然是我們的員工及其家人、我們的醫生、他們的員工和患者的安全和保障。我們與這場衝突無關。

As a global medical device provider of doctor-prescribed products, continuity of care is critical to the doctors and their patients in orthodontic treatment. We discontinued commercial activities in Russia that are not essential to providing continuity of care to patients. Our focus on only essential activities is consistent with our values and ethical responsibility to patients in treatment.

作為醫生處方產品的全球醫療器械供應商，護理的連續性對於正畸治療中的醫生及其患者至關重要。我們停止了在俄羅斯的商業活動，這些活動對於為患者提供連續性護理並不重要。我們只關注基本活動符合我們的價值觀和對接受治療的患者的道德責任。

In the process, we're also adhering to the international sanctions that have been imposed. Our IT infrastructure, including code and intellectual property, is hosted outside of Russia. Prior to the conflict, we had begun expanding our R&D teams in Darmstadt, Germany; Madrid, Spain; Toronto, Canada and Austin, Texas. And we're prudently working with the team on the ground in Russia on work visas.

在此過程中，我們也遵守已實施的國際制裁。我們的 IT 基礎設施（包括代碼和知識產權）託管在俄羅斯境外。在衝突之前，我們已經開始在德國達姆施塔特擴大我們的研發團隊；西班牙馬德里;加拿大多倫多和德克薩斯州奧斯汀。我們正在與俄羅斯當地的團隊進行工作簽證方面的謹慎合作。

A number of our Russian employees have already transitioned and are in various stages of transitioning their families to Armenia, where we've set up an R&D center in Yerevan to support those who choose to relocate. At the same time, it's humbling to see the tremendous outpouring of kindness and support throughout the company as our employees respond to the humanitarian needs of the crisis.

我們的一些俄羅斯員工已經過渡，並且正處於將他們的家人轉移到亞美尼亞的不同階段，我們在埃里溫設立了一個研發中心，以支持那些選擇搬遷的人。與此同時，在我們的員工響應危機的人道主義需求時，看到整個公司都表現出巨大的善意和支持，這令人感到羞恥。

Our Polish team members has set up donation centers at our facilities where employees are contributing food, clothing, supplies and human care. Many are also taking Ukrainian refugees into their homes. And we're proud of the tremendous initiative by our colleagues and are grateful for their actions.

我們的波蘭團隊成員在我們的設施中設立了捐贈中心，員工在那裡捐贈食物、衣服、用品和人類關懷。許多人還將烏克蘭難民帶回家。我們為同事們的巨大倡議感到自豪，並對他們的行動表示感謝。

In addition to our employees' efforts, Align is donating $300,000 to support humanitarian relief efforts through organizations providing shelter, food, medicines and vital supplies. We can only hope that the conflict in Ukraine will end soon, that the ongoing impact of the pandemic will lessen for good and that economic factors facing many customers and consumers will abate. But these things are beyond our control, so we will continue to prioritize the health and safety of employees, customers and patients and will stay focused on strategic initiatives.

除了我們員工的努力之外，Align 還捐贈 300,000 美元，通過提供庇護所、食品、藥品和重要物資的組織支持人道主義救援工作。我們只能希望烏克蘭的衝突能夠盡快結束，疫情的持續影響將永遠減輕，許多客戶和消費者面臨的經濟因素將會減弱。但這些事情超出了我們的控制範圍，因此我們將繼續優先考慮員工、客戶和患者的健康和安全，並將繼續專注於戰略舉措。

In closing, April 3 marked the 25th anniversary of the founding of Align Technology and, shortly thereafter, the launch of the Invisalign system. Over the past 25 years, we've transformed the orthodontic industry with a passion for innovation as we've evolved from leading the evolution from digital appliances to digital platform. We've created an incredible company unlike any other.

最後，4 月 3 日標誌著 Align Technology 成立 25 週年，此後不久，Invisalign 系統推出。在過去的 25 年中，隨著我們從引領從數字設備到數字平台的演變，我們以對創新的熱情改變了正畸行業。我們創建了一家與眾不同的公司。

Invisalign is a unique mass customization business operating in real time with no inventory or distribution at the front end of our market. Consequently, fluctuations in the macroeconomic environment are felt faster at Align than I've ever experienced anywhere in my career. And we monitor these trends to make adjustments in our business when needed. Our success is a result of our vision and purpose and resolve.

Invisalign 是一項獨特的大規模定制業務，實時運營，在我們的市場前端沒有庫存或分銷。因此，我在 Align 感受到的宏觀經濟環境波動比我職業生涯中任何時候都快。我們監控這些趨勢，以便在需要時對我們的業務進行調整。我們的成功源於我們的遠見、目標和決心。

Thanks to our employees and our doctor customers around the world who took a chance on a Silicon Valley startup and risked everything. Today, Align is the largest 3D printing operation in the world, producing 1 million customized aligners each day based on the learnings gained from nearly 13 million Invisalign patients and 60 million iTero digital scans. Our global team of over 25,000 employees support more than 250,000 doctors and labs in more than 150 countries.

感謝我們在世界各地的員工和醫生客戶，他們抓住了矽谷創業的機會，冒了一切風險。今天，Align 是世界上最大的 3D 打印企業，基於從近 1300 萬 Invisalign 患者和 6000 萬次 iTero 數字掃描中獲得的經驗，每天生產 100 萬個定制的矯正器。我們由 25,000 多名員工組成的全球團隊為 150 多個國家的 250,000 多名醫生和實驗室提供支持。

There are more than 500 million people in the world that can benefit from orthodontic procedures. It's huge. And you can only address opportunities of that size with digital orthodontics. It could never happen using old analog methods. As we have digitized that capability, it has opened up a market broadly for orthodontic treatment to the masses.

全世界有超過 5 億人可以從正畸手術中受益。它超大。你只能通過數字正畸來解決這種規模的機會。使用舊的模擬方法永遠不會發生這種情況。隨著我們將這種能力數字化，它為大眾正畸治療開闢了廣闊的市場。

It's hard to believe that after 25 years, we're still in the early phases of transforming the orthodontic market. We look forward to sharing more milestones over the next 25 years as we continue to lead the digital evolution of orthodontics and dentistry, deliver great treatment outcomes and treatment experiences to doctors and patients around the world.

很難相信，25 年後，我們仍處於改變正畸市場的早期階段。我們期待在未來 25 年內分享更多里程碑，因為我們將繼續引領正畸學和牙科的數字化發展，為世界各地的醫生和患者提供出色的治療結果和治療體驗。

Thank you for your time today. I'll now turn it over to the operator for questions. Operator?

謝謝你今天的時間。我現在把它交給接線員提問。操作員？

(Operator Instructions) The first question is from the line of Jason Bednar with Piper Sandler.

（操作員說明）第一個問題來自 Jason Bednar 和 Piper Sandler。

So Joe, I guess, just to start with you, I mean, you and John called out the consumer confidence items and the inflationary pressures impacting the business. The wind shifting pretty abruptly on you. I guess, are there tools you have at your disposal to manage through these pressures? Or is this a matter of just keeping your head down, waiting for the macro environment to settle down? I guess really just trying to get a sense of how we should be moderating expectations from what's typical sequential growth we would see from the business?

所以喬，我想，首先從你開始，我的意思是，你和約翰提到了消費者信心項目和影響業務的通脹壓力。風向你突然轉變。我想，您是否可以使用工具來應對這些壓力？還是只是低著頭，等待宏觀環境安定下來？我想真的只是想了解我們應該如何從業務中看到的典型連續增長中緩和預期？

Yes, Jason, good question. I'd say being a global business, we talked about having 50% of our revenues outside, it just gives us good scope in the sense to take advantage where opportunities are. And so I feel really good about the company in that sense. And we've made great development over the last 3 years from an international standpoint.

是的，傑森，好問題。我想說的是，作為一家全球性企業，我們談到了將 50% 的收入放在外部，這只是為我們提供了很好的空間，可以利用機會所在的地方。所以從這個意義上說，我對公司感覺很好。從國際的角度來看，我們在過去 3 年中取得了很大的發展。

We also have a great portfolio. We have iTero scanners. We talked about some reluctance in the sense that we saw at the end of the first quarter of some doctors to really commit to it. But I mean that demand is still out there. When you look at iTero scanners are so under-penetrated still when you look at digital dentistry and what the future really brings. And so pushing that and pushing it in the right places, and also, you see the expansion of our Invisalign technology and what we're doing in different areas, too.

我們也有很棒的投資組合。我們有 iTero 掃描儀。我們談到了一些不情願，因為我們在第一季度末看到了一些醫生真正致力於它。但我的意思是需求仍然存在。當您查看 iTero 掃描儀時，當您查看數字牙科以及未來真正帶來的東西時，它的滲透率仍然很低。因此，推動這一點並將其推到正確的地方，而且，你會看到我們 Invisalign 技術的擴展以及我們在不同領域所做的事情。

So I feel like we have a lot of levers that we can pull, but we are constrained by these headwinds that we've seen. And obviously, we'll respect those and make the kind of adjustments needed to make sure this business stays on track. But look, I love our portfolio. I love our position. I see a great future. We'll manage our way through this, Jason.

所以我覺得我們有很多可以拉動的槓桿，但我們受到我們所看到的這些逆風的限制。顯然，我們會尊重這些並進行必要的調整，以確保這項業務保持在正軌上。但是看，我喜歡我們的投資組合。我喜歡我們的位置。我看到了美好的未來。我們會設法解決這個問題，傑森。

Okay. All right. That's helpful. And then maybe shifting over to the margin side. You're not stepping off the gas with spending. I wouldn't expect you to, given the opportunity that you're talking about here today and you've talked about for quite some time. But I guess, are you still comfortable with that long-term model of 25% plus operating margins?

好的。好的。這很有幫助。然後可能會轉移到邊緣。你不會因為支出而放棄油門。考慮到你今天在這裡談論的機會並且你已經談論了很長時間，我不希望你這樣做。但我想，你仍然對 25% 加上營業利潤率的長期模式感到滿意嗎？

I know we've seen that for some select periods for the business. But is that the right margin level to think about for the business when you're driving towards that 20% top line growth? Just can you truly balance that? Or do you have to sacrifice one for the other, again, thinking longer term here?

我知道我們已經在業務的某些特定時期看到了這一點。但是，當您推動實現 20% 的收入增長時，是否應該為業務考慮正確的利潤率水平？你真的能平衡嗎？或者你必須為另一個犧牲一個，再一次，在這裡考慮長遠？

I think, Jason, honestly, I think we've managed that well over the years. I mean you can see how well we did last year in the sense of that operating profit has been squarely on top of that piece. And I think we've managed it within that bandwidth very well, and that's -- this current situation is not going to change that.

我認為，傑森，老實說，我認為這些年來我們做得很好。我的意思是你可以看到我們去年的表現如何，因為營業利潤完全在這塊之上。而且我認為我們已經在該帶寬內很好地管理了它，這就是 - 目前的情況不會改變這一點。

The next question is from the line of Jeff Johnson with Baird.

下一個問題來自 Jeff Johnson 和 Baird。

So Joe, let me just pick up on that last point. I mean you said you've managed OpEx well over the years in that. I guess, let me just be direct on it. I mean if end markets are cyclically slowing, that's kind of out of your control, do you put the gas pedal down to the accelerator? Do you say, "Look, there's not a whole lot that, that's going to accomplish? So I kind of protect margins here in the short run." Just what's your OpEx outlook kind of in the near term -- near to intermediate term, I guess, given some of this macro uncertainty?

所以喬，讓我談談最後一點。我的意思是你說你多年來一直很好地管理運營支出。我想，讓我直接說吧。我的意思是，如果終端市場週期性地放緩，那是你無法控制的，你會把油門踩到油門上嗎？您是否會說，“看，這並沒有很多事情會完成？所以我在短期內會保護這裡的利潤。”鑑於某些宏觀不確定性，我猜您的 OpEx 前景在短期內是什麼樣的 - 接近中期？

Jeff, it's more the latter of your question. It's just you take off the accelerator. And we know -- John and I know where to adjust that won't hurt the business. We continue to invest in innovation in different areas, too. But there are several areas of short-term investments that aren't going to help us in this current crisis that we'll obviously lean into and make sure that we preserve margins as much as we can.

傑夫，你的問題更像是後者。就是你把油門卸下來。我們知道——約翰和我知道在哪裡進行調整不會損害業務。我們還將繼續投資於不同領域的創新。但是，在當前的危機中，有幾個短期投資領域對我們沒有幫助，我們顯然會傾向於這些領域，並確保我們盡可能地保持利潤率。

But with those investments, yes, it will be -- when we talked about the 20-plus percent on a GAAP basis, that's the trade-off that we'll have. We'll invest where we can see a return and based on the volume that we expect, but deliver 20-plus percent op margin.

但是有了這些投資，是的，這將是——當我們談到基於 GAAP 的 20% 以上時，這就是我們將要進行的權衡。我們將根據我們預期的數量在我們可以看到回報的地方進行投資，但提供 20% 以上的營業利潤率。

And then a follow-up question, I guess, just on the Gaidge data, you talked about down 7% case starts ortho year-to-date. I'm hearing that through April, not just through March. But I don't get the whole Gaidge data set, but what I've seen is that the adult data is worse than the teen data, which would make sense to me. Everybody sitting at home, all the adults sitting home last year with the Zoom effect going on at this point and stimulus checks sitting in pockets and all that. So that all makes sense.

然後是一個後續問題，我猜，就 Gaidge 數據而言，您談到年初至今的病例開始下降 7%。我在四月聽到這個消息，而不僅僅是到三月。但是我沒有得到整個 Gaidge 數據集，但我所看到的是成人數據比青少年數據差，這對我來說是有意義的。每個人都坐在家裡，去年所有的成年人都坐在家裡，此時縮放效應正在發生，刺激檢查坐在口袋裡等等。所以這一切都是有道理的。

But just what's the tenor in North America or in those markets that aren't impacted by China and Russia, Ukraine in that, what's the tenor of the teen business? And is the core, that part of the business, still doing better than you've just got real tough comps because all those adults were coming in last year as they were sitting at home and had nothing better to do than go get clear aligners?

但是，在北美或那些不受中國和俄羅斯、烏克蘭影響的市場中，青少年業務的基調是什麼？業務的核心部分是否仍然比您剛剛獲得真正艱難的比賽做得更好，因為去年所有這些成年人都坐在家裡，沒有什麼比去獲得清晰的矯正器更好的事情可做？

Jeff, it's Joe. Look, the teen market, you're good to focus on that. I mean that's -- we look at that as a fairly secure market. Obviously, it can move up and down, but it won't have the volatility that you've seen in the adult market. And you comparing it against last year is a good way to look at it, given the Zoom effect and things we talked about before. So -- I mean, Jeff, that's why you see us launching these teen products right now and getting ready from a summer time standpoint.

傑夫，是喬。看，青少年市場，你最好專注於它。我的意思是——我們認為這是一個相當安全的市場。顯然，它可以上下波動，但不會像成人市場那樣出現波動。考慮到縮放效果和我們之前談到的事情，你將它與去年進行比較是一個很好的看待它的方法。所以 - 我的意思是，傑夫，這就是為什麼你看到我們現在推出這些青少年產品並從夏季時間的角度做好準備。

We want to take advantage of that demand as much as we possibly can, especially in times like this. We know the adult market is going to be pressured. And I'm talking about the U.S. right now, but let's leave China out, because China is in a unique position in the sense of a lockdown that they're going through. But we're -- you're going to see us take the same tact in Europe also. And you saw our teen volume in Europe was actually pretty good in the first quarter.

我們希望盡可能多地利用這種需求，尤其是在這樣的時代。我們知道成人市場將面臨壓力。我現在說的是美國，但讓我們把中國排除在外，因為從他們正在經歷的封鎖的意義上說，中國處於一個獨特的位置。但我們——你會看到我們在歐洲也採取同樣的策略。你看到我們在歐洲的青少年銷量在第一季度實際上相當不錯。

What about that teen volume in the U.S., Joe?

喬，美國的那本青少年卷怎麼樣？

We expect that teen volume to be good. Summer seasonality is there. And it's funny, there's a window for teens to really have their teeth treated. And we've known that here for years, and that's why we've prepared for teen season. And this year, honestly, Jeff, I feel better about our positioning for teens in United States and also in Europe than I have any time since I've been here, with these teen packs that we just talked about and how we'll go about it. I think we're well positioned to make further penetration in the teen market versus wires and brackets.

我們預計青少年的數量會很好。夏季季節性在那裡。有趣的是，有一個讓青少年真正接受牙齒治療的窗口。多年來我們已經知道這一點，這就是我們為青少年賽季做準備的原因。今年，老實說，傑夫，自從我來到這里以來，我對我們在美國和歐洲的青少年定位感覺更好，有了我們剛剛談到的這些青少年包以及我們將如何去關於它。我認為我們有能力進一步滲透到青少年市場，而不是電線和支架。

The next question is from the line of Jonathan Block with Stifel.

下一個問題來自 Jonathan Block 和 Stifel。

A good segue, I'll start with the teen case packs. We picked up on that program right after April. Quite honestly, unfortunately, I'm old enough to remember your teens pack programs internationally from like a decade ago. And if I remember those correctly, Joe, it is just hard to collect, if you would, if someone did below their threshold. And hopefully, I'm making some sense. So maybe just talk to us -- here you are going after it and you're going after teens, not overall. You're launching it. What's going to be different this go-round?

一個很好的選擇，我將從青少年案例包開始。我們在四月之後就開始了該計劃。老實說，不幸的是，我已經足夠大，可以記住十年前你們的青少年在國際上打包節目。如果我沒記錯的話，喬，如果你願意的話，如果有人在他們的門檻以下收集的話，那就很難收集了。希望我能說得通。所以也許只是和我們談談——在這裡你要追求它，你要追求青少年，而不是整體。你正在啟動它。這次輪迴會有什麼不同？

When someone commits to a 50-case pack or a 100-case pack, let's go with 100, they do 88 and you've got to go out there and say, "Hey, look, it's a use it or lose it. We've got to collect for you." And then also just keep the tenor of the relationship or the goodwill of the relationship intact, because now, arguably, they even have more options to go somewhere else versus what they were staring down a decade ago. So maybe if you could talk to that and just the timing behind kicking off the program, that would be a great place to start.

當有人承諾購買 50 箱或 100 箱的包裝時，讓我們選擇 100 箱，他們會選擇 88 箱，而你必須走出去說：“嘿，看，要么用，要么丟。我們得給你收集。”然後也只是保持關係的基調或關係的善意完好無損，因為現在，可以說，與十年前他們盯著的地方相比，他們甚至有更多的選擇去其他地方。所以也許如果你能談談這個，以及啟動該計劃的時間，那將是一個很好的起點。

So you're like an Align historian, that's a good question, right? Because I can tell you, I wasn't here when that happened in Europe, but it's legendary here. But if you go back in time, I think our business in Europe was less than $10 million back then, okay? Now it's over $1 billion. And I think the whole world is much more acquainted with clear aligners than when it was back then. We were really pioneers at that point in time.

所以你就像一個 Align 歷史學家，這是一個很好的問題，對吧？因為我可以告訴你，當那件事發生在歐洲時，我並不在這裡，但這裡卻是傳奇。但如果你回到過去，我認為我們在歐洲的業務當時還不到 1000 萬美元，好嗎？現在已經超過 10 億美元。而且我認為整個世界都比當時更熟悉清晰的矯正器。在那個時候，我們真的是先驅。

If you look at our DSP program, it's basically the same thing. They make commitments of how many aligners they're going to buy over a certain period of time. We haven't had any issues in DSP with having customers regress or not making those benchmarks. So we feel pretty good about where we are. I mean will we run into a few situations, I think we will. I think they'll be outliers, and we'll deal with them in time.

如果你看一下我們的 DSP 程序，它基本上是一樣的。他們承諾在一定時期內將購買多少矯正器。我們在 DSP 中沒有遇到任何客戶退步或不進行這些基準測試的問題。所以我們對自己所處的位置感覺很好。我的意思是我們會遇到一些情況，我想我們會的。我認為它們會是異常值，我們會及時處理它們。

Okay. Fair enough. And I just might go back to sort of where Jason started a little bit. There's going to be a lot of questions on 2022 and pulling the top line guidance. So let me just throw out a couple of things, and we could sort of work through it. If I look back to the past 5 to 6 years, the first quarter was about 22% of total revenue. And if you run that exercise for this year, you get about 11% or 12% year-over-year revenue growth and you've got an incremental FX headwind. So should we throw a dart at 10%? And what's wrong with that thought process in getting to, call it, low double-digit 10%, 12% top line growth for '22?

好的。很公平。我可能會回到傑森開始的地方。關於 2022 年將會有很多問題，並拉動最高線指導。所以讓我扔掉一些東西，我們可以解決它。如果我回顧過去的 5 到 6 年，第一季度大約佔總收入的 22%。如果您今年進行該練習，您將獲得約 11% 或 12% 的同比收入增長，並且您會遇到遞增的外匯逆風。那麼我們應該在 10% 時投擲飛鏢嗎？這個思維過程有什麼問題，稱之為 22 年低兩位數的 10%、12% 的頂線增長？

I think -- Jon, this is John. As we talked about that last earnings, there was a lot of changes that have happened in the marketplace and in the world. And as a result of that, we pulled the top line guidance until we get further clarity as to how things are going to shake out. What we have committed to is being able to grow in a profitable way, in a way that you would expect us to be responsible being at 20-plus percent. But we pulled that guidance because of the uncertainty.

我想——喬恩，這是約翰。當我們談到最後的收益時，市場和世界發生了很多變化。因此，我們取消了最重要的指導，直到我們進一步明確事情將如何擺脫。我們所承諾的是能夠以一種盈利的方式增長，你會期望我們負責 20% 以上的增長。但由於不確定性，我們取消了該指導。

Jon, just to add to John's comments, too, is that as we look at April versus March, we haven't seen any momentum from an April standpoint, too. And we start from that standpoint also.

喬恩，也只是為了補充約翰的評論，當我們看 4 月與 3 月的對比時，從 4 月的角度來看，我們也沒有看到任何勢頭。我們也從這個角度出發。

The next question is from the line of Erin Wright with Morgan Stanley.

下一個問題來自摩根士丹利的 Erin Wright。

In the Americas -- good to hear from you. So in the Americas, can you parse out a little bit about what you're seeing in terms of macro headwinds compared to maybe some of the lingering COVID impact? And does it seem like some -- I mean it doesn't seem like some of these cases are coming back from maybe Omicron delays. But what are you seeing in terms of the dynamics there? Just trying to kind of parse out. Last quarter, you did break out kind of a COVID impact, but could you do that this quarter?

在美洲——很高興收到您的來信。因此，在美洲，與可能揮之不去的 COVID 影響相比，您能否從宏觀逆風方面分析一下您所看到的情況？看起來是不是有些——我的意思是，這些案例中的一些似乎並不是因為 Omicron 的延誤而恢復過來的。但是你在動態方面看到了什麼？只是試圖解析出來。上個季度，您確實爆發了某種 COVID 影響，但您可以在本季度做到這一點嗎？

It's hard to be very discrete in the sense of what that impact is, Erin. But I'd say we obviously faced staffing shortages and things at different doctors in the first part of the first quarter that affected us. I'd say that drifted through to basically late February, early March. After that, you can -- if you watch the consumer confidence statistics in the United States, they've gone down pretty dramatically. And we started getting a lot of reports from our doctors that a patient is not saying no, but the patient is not as quick to say, yes, that they want a treatment.

艾琳，很難從影響的意義上說非常離散。但我想說，在第一季度的第一部分，我們顯然面臨人員短缺和不同醫生的問題，這影響了我們。我會說，基本上一直持續到 2 月下旬，3 月初。在那之後，你可以——如果你看一下美國的消費者信心統計數據，它們已經大幅下降。我們開始從我們的醫生那裡得到很多報告，說病人沒有說不，但病人並沒有那麼快地說，是的，他們想要治療。

And we hear that both in the GP segment and the orthodontic segment. So you can call that what you want to, okay? But we see some reticence in the marketplace to move forward with treatment. And again, it's not binary. It's not everybody is saying no, like in the heart of a deep recession or something we saw back in '07 or '08. It's just more cautiousness from people about their personal finances.

我們在 GP 部分和正畸部分都聽到了這一點。所以你可以把它叫做你想要的，好嗎？但我們看到市場對推進治療有些沉默。再說一次，它不是二進制的。並不是每個人都在說不，就像在深度衰退的中心或者我們在 07 年或 08 年看到的那樣。人們對個人財務狀況更加謹慎。

Okay. Great. And then on ASPs for the balance of the year, I guess, how should we be thinking about that and the levers, I guess, you can pull on that front?

好的。偉大的。然後是今年餘下時間的 ASP，我想，我們應該如何考慮這一點以及槓桿，我想，你可以在這方面發揮作用嗎？

Erin, this is John. From an overall ASP standpoint, we don't have anything unusual from a promotion standpoint or anything else that would affect us. Obviously, notwithstanding FX, we've seen unfavorable FX as we've gone through this year so far. But notwithstanding FX, we wouldn't expect anything dramatically different from an ASP standpoint.

艾琳，這是約翰。從整體 ASP 的角度來看，從促銷的角度來看，我們沒有任何不尋常的事情或任何會影響我們的事情。顯然，儘管有外匯，但到目前為止，我們已經看到了不利的外匯。但是，儘管有 FX，但我們不會期望從 ASP 的角度來看會有什麼顯著不同。

The next question is from the line of Kevin Caliendo with UBS.

下一個問題來自瑞銀的 Kevin Caliendo。

So I guess the question I have is -- the first one is really why have the doc starts been so sluggish? Is it demand-driven? Is it competitive positioning? Is it -- I would just love to hear sort of why, in the U.S. especially, the sort of doc adds have been flattish for the last couple of quarters? If there's anything, if it's macro or micro or competitive?

所以我想我的問題是——第一個問題是為什麼文檔開始如此緩慢？是需求驅動的嗎？是競爭定位嗎？是嗎 - 我很想听聽為什麼，尤其是在美國，過去幾個季度添加的那種文檔一直很平淡？如果有什麼，是宏觀的、微觀的還是競爭性的？

Well, I think I read your question. I think you're asking if it's competitive, because I mean, we're pretty clear on what we've been seeing around the globe and the United States from a macro standpoint, Kevin. So I just -- look, from a competition standpoint, we don't see any major issue with competition in the sense of being a factor in this demand cycle that we're talking about.

好吧，我想我讀到了你的問題。我想你是在問它是否具有競爭力，因為我的意思是，從宏觀的角度來看，我們非常清楚我們在全球和美國看到的情況，凱文。所以我只是 - 從競爭的角度來看，我們認為競爭沒有任何重大問題，因為它是我們正在談論的這個需求週期中的一個因素。

And when we try to think about the impacts here that are driving all of this, how much do you -- have you guys been able to ascertain how much of this is economic-driven? You're talking about decisions taking longer and people being more hesitant and volumes being down. How much of that is economic versus COVID versus other?

當我們試圖考慮推動這一切的影響時，你們有多少——你們能夠確定其中有多少是經濟驅動的？你說的是決策需要更長時間，人們更猶豫，交易量下降。其中有多少是經濟與 COVID 與其他？

Like have you been able to just parse out what's really driving it as a percentage? Is it mostly simply, listen, we're in an inflationary environment, people don't have as much to spend, consumers aren't spending as much broadly versus just an overall demand for your products and/or COVID, like those 3 things, if you were to group them?

就像您是否能夠解析出真正推動它的百分比？是不是很簡單，聽著，我們處於通貨膨脹的環境中，人們沒有那麼多錢可以花錢，消費者的支出沒有那麼廣泛，而不僅僅是對您的產品和/或 COVID 的整體需求，就像這三件事一樣，如果你將它們分組？

Kevin, our announcement and the way we communicate to the marketplace, we talk about this huge market, right? We're totally under-penetrated in the orthodontic segment, less than 10% of 21 million case starts a year, talk about what we see through the 500 million patients. So there's not a lack of demand out there and the lack of opportunity. There's not a competitive issue that we think is affecting our growth or our earnings.

凱文，我們的公告以及我們與市場溝通的方式，我們談論這個巨大的市場，對嗎？我們在正畸領域完全滲透不足，每年 2100 萬例病例中不到 10%，談談我們通過 5 億患者看到的情況。因此，那裡並不缺乏需求和缺乏機會。我們認為沒有競爭問題會影響我們的增長或收益。

And so obviously, COVID is part of this thing. Part of what we see in Europe was the Ukraine conflict that's going on today. And I think a significant amount of it is, too, is what we're seeing in the marketplace, too, from a consumer standpoint. I can't put any weighted averages on these things to give you an example.

很明顯，COVID 是其中的一部分。我們在歐洲看到的部分情況是今天正在發生的烏克蘭衝突。從消費者的角度來看，我認為其中很大一部分也是我們在市場上看到的。我不能在這些事情上放任何加權平均值來給你舉個例子。

And I think -- if I compare to -- when we last talked to you at the first couple of days of February, the way things have changed, those variables in that equation, I think, have changed pretty dramatically. So it's really hard to say going forward what that might be.

我認為——如果我比較一下——當我們上次在二月的前幾天與你交談時，事情已經發生了變化，我認為那個等式中的那些變量已經發生了相當大的變化。所以真的很難說未來會是什麼。

Are there any goals that you have -- one last one from me. Are there any goals that you have for this year in terms of quantifiable goals in terms of whether it be doc adds or utilization uptick or -- I mean I know those are the things you were focused on when you talked about increasing your spend. Like what are you targeting at this point? Is there anything that we can sort of put a stick in the ground and say, "Okay, here is something that the company is hoping to achieve in 2022 in terms of a quantifiable number."

你有什麼目標嗎——我的最後一個。您今年是否有任何可量化的目標，無論是增加文檔還是提高利用率，或者-我的意思是我知道這些是您在談論增加支出時所關注的事情。比如你現在的目標是什麼？有沒有什麼我們可以把一根棍子放在地上，然後說，“好吧，這是公司希望在 2022 年實現的可量化數字。”

Kevin, this is a growth company, and it never leaves our thought process. So what are we trying to do? We're trying to run the play we always do. We're running these plays in a much more difficult market with more headwinds. That's all. And so we'll move these plays around. We'll look at them by country. We'll see what makes the most sense. We still keep a good strong focus on how we can grow and where we can grow, and we'll find those ways.

凱文，這是一家成長型公司，它永遠不會離開我們的思考過程。那麼我們想要做什麼呢？我們正在努力運行我們一直在做的事情。我們在一個更加困難的市場和更多的逆風中運行這些遊戲。就這樣。所以我們將移動這些戲劇。我們將按國家/地區查看它們。我們將看看什麼是最有意義的。我們仍然非常關注我們如何成長以及我們可以在哪裡成長，我們會找到這些方法。

The next question is from the line of Michael Ryskin of Bank of America.

下一個問題來自美國銀行的 Michael Ryskin。

I've got 2 I want to touch on. Can you hear me?

我有 2 個我想談一談。你能聽到我嗎？

Yes.

是的。

One is just sort of talking through some of the dynamics we're talking to -- you talked for the quarter. I think we can all kind of see that a lot of it is macro-driven, a lot of it's global-driven and each of these events that we're following, whether it's the China lockdowns or the conflict in Europe or even things like FX are going to be more temporary than others. I know your long-term outlook is still there for the 20% to 30% volume growth and revenue growth. But what about sort of catch-up spend on these things?

一個只是通過我們正在談論的一些動態進行討論 - 你在本季度進行了討論。我認為我們都可以看到，其中很多是宏觀驅動的，很多是全球驅動的，以及我們正在關注的每一個事件，無論是中國的封鎖還是歐洲的衝突，甚至是諸如此類的事情外匯將比其他外匯更臨時。我知道你的長期前景仍然存在 20% 到 30% 的銷量增長和收入增長。但是在這些事情上的追趕支出呢？

Is there an expectation somewhere -- and you kind of touched on this when you talked about your spend and your expectations on investment this year. As we go through the next couple of months, next couple of quarters as some of these things start to fade, are you expecting another bolus of catch-up as these cases come back like we saw in 2020 and 2021? Anything you can sort of comment on that? And then I've got a follow-up.

在某個地方是否有期望——當您談到今年的支出和對投資的期望時，您有點提到這一點。在接下來的幾個月，接下來的幾個季度中，隨著其中一些事情開始消退，隨著這些案件像我們在 2020 年和 2021 年看到的那樣捲土重來，您是否期待再次出現追趕？你有什麼可以對此發表評論的嗎？然後我有一個跟進。

I think a bolus you talked about -- I mean, that was interesting is what we saw after the last downturn, it was first like COVID. I mean I look at that, Mike, overall, is it just shows you the demand out there for our kind of procedures. So it's there. And so John and I aren't sitting here, predicting another bolus or a wave or whatever, but I think it just shows you the demand that exists in this business, and it can be pent up at times. We'll just have to see how the headwinds that we see filter through the marketplace and how it affects consumers and doctors.

我認為你談到的一個推注——我的意思是，有趣的是我們在上次經濟低迷之後看到的，它首先像 COVID。我的意思是，邁克，總的來說，它只是向您展示了對我們這種程序的需求。所以它就在那裡。所以約翰和我並沒有坐在這裡，預測另一次推注或浪潮或其他什麼，但我認為它只是向你展示了這項業務中存在的需求，而且它有時會被壓抑。我們只需要看看我們看到的逆風如何通過市場過濾，以及它如何影響消費者和醫生。

And then the follow-up, you touched on this in an answer earlier when you sort of referenced the 2007, 2008 downturn. Obviously, hopefully, we're not going to something quite like that in the coming year, too. But there's still a lot of talk about recession and sort of what the impact of prolong inflation is going to be on the consumer. Could you talk us through your plans if things do continue to deteriorate on that front?

然後是後續行動，您在早些時候提到 2007 年、2008 年的經濟低迷時提到了這一點。顯然，希望我們在來年也不會發生類似的事情。但仍有很多關於衰退的討論，以及延長通脹將對消費者產生的影響。如果這方面的情況確實繼續惡化，你能告訴我們你的計劃嗎？

I mean we're not there yet, but 6 months from now, a year from now, things are still heading in that direction, sort of what are your internal plans for adjusting both on operations side? How will you sort of position yourself for growth in that kind of environment? Because if you look back at 2007, '08, '09, there was a protracted period of essentially flat growth. So could you compare and contrast that?

我的意思是我們還沒有，但是從現在開始的 6 個月，從現在開始的一年後，事情仍在朝著這個方向發展，您在運營方面有什麼內部調整計劃？在那種環境下，你將如何為自己的成長定位？因為如果你回顧 2007 年、08 年、09 年，有一段長期基本持平的增長期。那麼你能比較和對比嗎？

Yes, it's Joe again. I just -- we have a really strong balance sheet to start with. It's great to have a strong balance sheet and really no net debt from a company standpoint. So look, I'm not an economist, but I'm not predicting a meltdown of our financial system like we saw in 2007, 2008. Depending on what Federal Reserve does or whatever, how we're going to see this adjustment as they try to attack inflation.

是的，又是喬。我只是 - 我們有一個非常強大的資產負債表開始。從公司的角度來看，擁有強大的資產負債表並且實際上沒有淨債務真是太好了。所以看，我不是經濟學家，但我並沒有預測我們的金融體系會像 2007 年和 2008 年那樣崩潰。取決於美聯儲的所作所為或其他什麼，我們將如何看待這種調整，因為他們試圖打擊通貨膨脹。

So look, we -- this business is incredibly healthy. It generates a lot of cash. It's extremely international now. And we have a lot of levers to pull and a lot of things to do to keep this business going. So -- but if something dire did happen, I feel we've got a balance sheet to be able to cover it, too, and we'll manage the business responsibly that way.

所以看，我們 - 這項業務非常健康。它產生大量現金。現在非常國際化。我們有很多槓桿可以拉動，還有很多事情要做來保持這項業務的發展。所以 - 但如果確實發生了可怕的事情，我覺得我們也有一個能夠涵蓋它的資產負債表，我們將以這種方式負責任地管理業務。

So I'd just tell you, don't give up on us, okay? We love this business. We love the position that it's in. We're confident about the future. We're just going to see how these headwinds hit and how they subside, and we'll be ready on either end of that to be able to position this company to do well.

所以我只想告訴你，不要放棄我們，好嗎？我們喜歡這項業務。我們喜歡它所處的位置。我們對未來充滿信心。我們只是要看看這些逆風是如何來襲以及它們是如何消退的，我們將在這兩端做好準備，以使這家公司能夠做得很好。

And I might add, just we are a different business than we were back in 2007, 2008. We didn't have iTero. We have iTero, much more of a global business, better products, much further along in the teen market, more consumer awareness. All the things that we've done over this time period now being 25 years, we've evolved over time and created a business where we're very mindful of what is happening from a demand standpoint, and we can do a lot of things from a leverage standpoint in order to drive that right amount of profitability.

我可以補充一下，只是我們的業務與 2007 年、2008 年不同。我們沒有 iTero。我們擁有 iTero，更像是一家全球性企業，擁有更好的產品，在青少年市場上走得更遠，消費者意識更高。我們在這段時間裡所做的所有事情現在已經 25 年了，我們隨著時間的推移而發展並創建了一個業務，我們非常注意從需求的角度發生的事情，我們可以做很多事情從槓桿的角度來看，以推動適當的盈利能力。

The next question is from the line of Nathan Rich with Goldman Sachs.

下一個問題來自高盛的 Nathan Rich。

I wanted to follow up on your commentary on April and not seeing momentum return. I was just wondering if there's any parameters you could put around that relative to maybe what you've seen in the first quarter? I guess like would that sort of mean volumes more flattish, anything that you could do to kind of help us think about how the business kind of exited the first quarter and where the current run rate is would be helpful.

我想在 4 月跟進你的評論，但沒有看到勢頭回歸。我只是想知道相對於你在第一季度看到的情況，你是否可以設置任何參數？我想這種平均交易量會更加平緩，你可以做的任何事情來幫助我們思考第一季度的業務是如何退出的，以及當前的運行率在哪裡都會有所幫助。

Yes. Nate, I'll give you a quick rundown, and John can give you specifics, too. Look, we -- this is flattish to use your term. When you look at between March and April is more flattish than anything. But just remember, we have -- China is still our second biggest country in the world. It's locked down. Shanghai -- Beijing is going into lockdown. And that's not the first lockdown we've seen in China.

是的。內特，我會給你一個簡短的概述，約翰也可以給你具體的。看，我們——用你的術語來說太平淡了。當你在 3 月和 4 月之間看時，它比任何東西都更平淡。但請記住，我們有——中國仍然是我們在世界上的第二大國。它被鎖定了。上海——北京即將封城。這不是我們在中國看到的第一次封鎖。

Remember, there are several provinces that were locked down before that, too. So that part of our business has really been impacted in a big way, and that's part of that flattishness that we're talking about, too. So we're seeing impact in every region of the world, but in different ways. And on the APAC side, particularly with China, it's dramatic.

請記住，在此之前也有幾個省份被封鎖。因此，我們業務的這一部分確實受到了很大的影響，這也是我們正在談論的那種扁平化的一部分。因此，我們在世界每個地區都看到了影響，但方式不同。在亞太地區，尤其是在中國，情況非常引人注目。

I don't have much -- anything to add to it. It's just -- a lot has changed, as we've seen, over the last couple of months, and we're responding to that change.

我沒有太多 - 任何要添加的東西。只是——正如我們所見，在過去幾個月裡發生了很多變化，我們正在應對這種變化。

Makes sense. And I guess, I'd be curious just to get your thoughts on sort of the consumer environment. I know it's been touched on in other questions. But Invisalign treatment is a higher ticket purchase, and we've kind of always thought of it as catering to a more affluent consumer.

說得通。我想，我很想知道你對某種消費環境的看法。我知道它在其他問題中被觸及。但是 Invisalign 治療是一種更高的票價，我們一直認為它是為了迎合更富裕的消費者。

I guess is there anything that you've seen kind of between higher-end consumer versus lower-end consumer? And they're going back to, I think, the way you framed it, kind of the reticence to start treatment. Any difference that you've seen among maybe the different segments of the population that could be considering treatment?

我猜你在高端消費者和低端消費者之間看到了什麼？我認為，他們會回到你構建它的方式，開始治療時保持沉默。您在可能正在考慮治療的不同人群中看到的任何差異？

I commented back to the other question, was asked about teens, right? The teen aspect in the orthodontic segment is pretty resilient, and that is a certain demographic that's always existed in the sense of the parents that they can afford that kind of treatment for young children. The adult segment, it's all over the place depending on -- sometimes, it's just teeth straightening. Some of the times, it's a broad orthodontic correction of what's going on.

我評論了另一個問題，被問到關於青少年的問題，對吧？正畸領域的青少年方面非常有彈性，這在父母的意義上一直存在，他們可以為幼兒提供這種治療。成人部分，它無處不在，取決於——有時，它只是牙齒矯正。有時，這是對正在發生的事情的廣泛正畸矯正。

We don't have any data in that adult segment to say that a certain score of certain -- by the score of certain much -- a certain amount would be fewer people taking treatment or whatever. I don't have that data. I don't know if John has seen it either. But you'd have to guess that the more your finances are impacted, the less you're going to sign up for a $3,500 to $7,000 treatment depending on what you want or how you're in a contract for it. So it's logical that certain demographics would be less willing at this point in time.

我們在該成人細分市場中沒有任何數據可以說明一定的分數 - 一定的分數 - 一定的分數會減少接受治療或其他任何事情的人。我沒有那個數據。我也不知道約翰有沒有看到。但是您必須猜測，您的財務受到的影響越大，您註冊 3,500 至 7,000 美元的治療費用就越少，具體取決於您想要什麼或您如何簽訂合同。因此，在這個時間點，某些人口統計數據不太願意是合乎邏輯的。

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

接線員，請我們再回答一個問題。

Absolutely. The next question is from the line of Elizabeth Anderson with Evercore ISI.

絕對地。下一個問題來自 Elizabeth Anderson 和 Evercore ISI。

So maybe one question on the iTero scanner growth. Obviously, we saw a deceleration quarter-over-quarter, but still year-over-year growth there. When you sort of talk about how providers are looking at demand -- and I realize that not all of that is like pure like iTero sales. How do we think about sort of what's driving the purchases in the first quarter?

所以也許是關於 iTero 掃描儀增長的一個問題。顯然，我們看到季度環比減速，但仍同比增長。當您談到供應商如何看待需求時，我意識到並非所有這些都像 iTero 銷售那樣純粹。我們如何看待推動第一季度購買的某種因素？

Obviously, there is some seasonality. But if you like, overall visits, maybe ex clear aligners are not -- has -- maybe haven't been quite as impacted. Are we seeing sort of a reticence to spend? Is it sort of interest rates going up and people worried about sort of equipment financing? Could you walk us through some of the puts and takes of the demand drivers there?

顯然，有一些季節性。但是，如果您願意，總體訪問，也許前明確的對齊者沒有 - 已經 - 可能沒有受到那麼大的影響。我們是否看到了一種不願花錢的態度？是利率上升，人們擔心設備融資嗎？你能帶我們了解一下那裡的需求驅動因素嗎？

Elizabeth, it's Joe. I'd start with, still the market is broadly unpenetrated from a scanner standpoint. GP side, the ortho side. In ortho, that does a lot of Invisalign. They can have 4, 5, 6 scanners overall. So look, I've been with the GE Healthcare for years, ABB. I understand the capital equipment cycle. There is a true cycle in capital equipment. When people get concerned, they'll delay those kinds of purchases.

伊麗莎白，是喬。首先，從掃描儀的角度來看，市場仍然廣泛未滲透。 GP側，鄰位。在 Ortho 中，Invisalign 做了很多工作。他們總共可以有 4、5、6 台掃描儀。所以看，我在 GE 醫療保健公司工作多年，ABB。我了解資本設備週期。資本設備有一個真正的循環。當人們擔心時，他們會推遲這類購買。

And I think, obviously, we have, what I would talk about, 250,000 doctors that we service today. Some of them are going to be worried about what their cash flow is going to look like. They're going to be reticent in the sense of saying they want to sign up for a scanner that can cost anywhere between $15,000 to $35,000 right now and what we sell.

而且我認為，很明顯，我們有，我想說的是，我們今天服務的 250,000 名醫生。他們中的一些人會擔心他們的現金流會是什麼樣子。他們會保持沉默，說他們想註冊一台掃描儀，現在價格在 15,000 美元到 35,000 美元之間，而且我們銷售的產品。

So I can't tell you by country or by region or whatever, but we didn't see things shut off. We just saw things, as the quarter got through, we just didn't have as strong as demand for iTero than we anticipated. So we'll have to -- obviously, we get into this quarter. We'll continue to watch it and see which way it goes. But there's going to be some more scrutiny, I think, around capital investment if doctors are seeing less traffic through their practices.

所以我不能按國家或地區或其他什麼來告訴你，但我們沒有看到事情被關閉。我們只是看到了一些事情，隨著季度的過去，我們對 iTero 的需求沒有我們預期的那麼強勁。所以我們必須 - 顯然，我們進入本季度。我們將繼續觀察它，看看它會走向何方。但我認為，如果醫生通過他們的實踐看到更少的流量，那麼圍繞資本投資將會有更多的審查。

Yes. It's just the delays that they put to not close unnecessarily within the quarter. It's not going away, but it's just a delay. And we have to work to try to get them to say yes.

是的。這只是他們在本季度內不必要地關閉的延遲。它不會消失，而只是延遲。我們必須努力讓他們同意。

And you're not having any supply chain issues on that side in terms of being able to manufacture the equipment?

就能夠製造設備而言，您在這方面沒有任何供應鏈問題嗎？

We didn't have any in the first quarter. We won't have any in the second quarter either.

第一季度我們沒有。第二季度我們也沒有。

Okay. And one more quick follow-up. In terms of the gross margin impact of the new Poland facility, can you remind us about the cadence of the gross margin pressure when you open a new facility as it scales? I'm just trying to be able to parse that out versus maybe some of the deleveraging impact of some of the volume shifts versus that.

好的。還有一個快速跟進。關於新波蘭設施對毛利率的影響，您能否提醒我們當您開設新設施時，毛利率壓力的節奏會隨著規模的擴大而變化？我只是想能夠解析出這一點，也許是一些交易量變化對去槓桿化的影響。

Yes, Elizabeth. What we'll see is we'll go live in the second quarter here, and that does have a gross margin impact. It really comes down to trying to get as much utilization through the plant as possible, moving those countries and doctors through the plant. And then once that utilization increases, then you start to see some of that productivity. So it hits about a quarter, maybe a little bit more than a quarter, and then it subsides and then it gets more on a regular operating basis.

是的，伊麗莎白。我們將看到我們將在第二季度上線，這確實會對毛利率產生影響。這真的歸結為試圖通過工廠獲得盡可能多的利用率，讓這些國家和醫生通過工廠。然後，一旦利用率增加，您就會開始看到一些生產力。所以它達到了大約四分之一，也許比四分之一多一點，然後它會消退，然後它會在正常運營的基礎上得到更多。

Thanks, Elizabeth. Well, thank you, everyone, for joining us today. This concludes our conference call. We look forward to speaking to you at upcoming conferences and industry meetings. And if you have any questions, please contact Investor Relations. And have a great day.

謝謝，伊麗莎白。好吧，謝謝大家今天加入我們。我們的電話會議到此結束。我們期待在即將舉行的會議和行業會議上與您交談。如果您有任何問題，請聯繫投資者關係部。祝你有美好的一天。

This concludes today's conference. You may now disconnect your line at this time. Thank you for your participation.

今天的會議到此結束。您現在可以在此時斷開您的線路。感謝您的參與。