愛齊科技 (ALGN) 2021 Q4 法說會逐字稿

Greetings. Welcome to the Align Q4 '21 Earnings Call. (Operator Instructions) Please note this conference is being 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 Q4 '21 財報電話會議。 （操作員說明）請注意此會議正在錄製中。現在，我將通過 Align Technology 將會議轉交給您的主持人 Shirley Stacy。你可以開始了。

Thank you. Good afternoon, and thank you for joining us. I'm Shirley Stacy, Vice President of Corporate Communications and Investor Relations. Joining me for today's call is Joe Hogan, President and CEO; and John Morici, CFO. We issued fourth quarter and full year 2021 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 2021 年第四季度和全年財務業績，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. The telephone replay will be available today by approximately 5:30 p.m. Eastern Time through 5:30 p.m. Eastern Time on February 16. To access the telephone replay, domestic callers should dial (877) 660-6853 with conference number 13725950 followed by #. International callers should dial (201) 612-7415 with the same conference number.

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。電話重播將於今天下午 5:30 左右提供。東部時間到下午 5:30東部時間 2 月 16 日。要訪問電話重播，國內呼叫者應撥打 (877) 660-6853，會議號碼為 13725950，後跟 #。國際呼叫者應使用相同的會議號碼撥打 (201) 612-7415。

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

提醒一下，今天提供和討論的信息將包括前瞻性陳述，包括關於 Align 未來事件和產品前景的陳述。這些前瞻性陳述只是預測，涉及的風險和不確定性在我們最近提交給證券交易委員會的定期報告中有更詳細的描述，該報告可在我們的網站和 sec.gov 上查閱。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 fourth quarter and full year 2021 conference call slides on our webcast -- website under quarterly results. Please refer to these files for more detailed information.

我們已經發布了歷史財務報表，包括相應的對賬，包括我們的 GAAP 與非 GAAP 對賬（如果適用），以及我們的網絡廣播（季度業績下的網站）上的第四季度和 2021 年全年電話會議幻燈片。請參閱這些文件以獲取更多詳細信息。

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

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

Thanks, Shirley. Good afternoon, and thanks for joining us. On our call today, I'll provide some highlights from the fourth quarter, then briefly discuss the performance of our 2 operating segments, Services Systems and Clear Aligners. John will provide more detail on our financial results and discuss our outlook. Following that, I'll come back, summarize a few key points and open the call to questions.

謝謝，雪莉。下午好，感謝您加入我們。在我們今天的電話會議上，我將提供第四季度的一些亮點，然後簡要討論我們兩個運營部門的業績，即服務系統和 Clear Aligners。約翰將提供有關我們財務業績的更多細節並討論我們的前景。在那之後，我會回來，總結幾個關鍵點並打開問題電話。

Overall, I'm very pleased to report fourth quarter results and another record year -- full year for Align. Net revenues of $4 billion and operating margin of 24.7% were both at the high end of our guidance for fiscal 2021. For Systems and Services, full year revenues increased 90.4% over the prior year to a record $705.5 million. For Clear Aligners, full year revenues increased 54.5% over the prior year to a record $3.2 billion.

總的來說，我很高興報告第四季度的業績和另一個創紀錄的一年—— Align 的全年。 40 億美元的淨收入和 24.7% 的營業利潤率均處於我們 2021 財年指導的高端。對於系統和服務，全年收入比上年增長 90.4%，達到創紀錄的 7.055 億美元。對於 Clear Aligners，全年收入比上年增長 54.5%，達到創紀錄的 32 億美元。

During 2021, we achieved several major installed base milestones, including our 12 millionth Invisalign patient, 68,000 iTero scanners sold and 47,000 exocad software license install. Together, these elements are the foundation of the Align Digital Platform, 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.

2021 年，我們實現了幾個重要的安裝基礎里程碑，包括我們的第 1200 萬 Invisalign 患者、售出 68,000 台 iTero 掃描儀和 47,000 台 exocad 軟件許可安裝。這些元素共同構成了 Align 數字平台的基礎，該平台是軟件、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。

For Q4, revenues reflect continued strong growth and momentum from iTero scanner services revenues, particularly in North America, offset by lower-than-expected Invisalign Clear Aligner revenues. Through most of the fourth quarter, our Clear Aligner volumes were trending in line with our Q4 seasonality. However, the environment quickly changed in December with the rise of COVID-19 Omicron variant. We believe our Q4 Clear Aligner volumes were impacted by an increase in COVID-19 Omicron cases that caused customer lab shortages from a staff standpoint, practice closures or reduced hours and less patient traffic in December, and that continued into Q1.

對於第四季度，收入反映了 iTero 掃描儀服務收入的持續強勁增長和勢頭，尤其是在北美，但被低於預期的 Invisalign Clear Aligner 收入所抵消。在第四季度的大部分時間裡，我們的 Clear Aligner 銷量趨勢與我們的第四季度季節性一致。然而，隨著 COVID-19 Omicron 變體的興起，12 月環境迅速改變。我們認為，我們的第四季度 Clear Aligner 數量受到 COVID-19 Omicron 病例增加的影響，從員工的角度來看，這些病例導致客戶實驗室短缺、診所關閉或工作時間減少以及 12 月的患者流量減少，並且這種情況一直持續到第一季度。

This compounded an already slower seasonal period for many practices in which offices took time off in between the holidays. We estimate that our Q4 was negatively impacted by roughly 3 points of year-over-year revenue growth as a result of these factors.

對於許多辦公室在假期之間休假的做法來說，這加劇了本已較慢的季節性時期。我們估計，由於這些因素，我們的第四季度受到了大約 3 個百分點的同比收入增長的負面影響。

While there are some similarities to what we experienced 2 years ago when COVID-19 first appeared, especially in China, which currently has a 0 tolerance COVID policy, the environment today is different. There aren't broad government-mandated shutdowns, stay-at-home orders or extended quarantines, but there is more consumer caution, self-imposed quarantines, higher inflation, less economic stimulus and supply chain shortages, which makes it more difficult to predict when recovery may occur. Nonetheless, Invisalign doctor submitters and case submissions are improving. We're working closely with our customers to support their needs and protect the health and safety of our employees.

雖然與 2 年前 COVID-19 首次出現時我們所經歷的情況有一些相似之處，尤其是在目前對 COVID-19 實行 0 容忍政策的中國，但今天的環境有所不同。沒有廣泛的政府強制關閉、居家令或延長隔離，但有更多的消費者謹慎、自我隔離、更高的通脹、更少的經濟刺激和供應鏈短缺，這使得預測變得更加困難何時可能發生恢復。儘管如此，Invisalign 醫生提交者和案例提交正在改善。我們正在與客戶密切合作，以支持他們的需求並保護我們員工的健康和安全。

For Q4, Systems and Services revenues were up 61.3% year-over-year and up 21% sequentially, with strong revenue growth across all regions. Q4 results reflect the continued adoption of the iTero Element 5D Plus imaging system, which we launched last year and that features innovative technology like near-infrared technology which aids in the detection and monitoring of interproximal caries lesions or cavities above the gingiva without harmful radiation. The iTero Element 5D Plus imaging system represents 75% of iTero volumes in Q4.

第四季度，系統和服務收入同比增長 61.3%，環比增長 21%，所有地區的收入增長強勁。第四季度的結果反映了我們去年推出的 iTero Element 5D Plus 成像系統的持續採用，該系統採用了近紅外技術等創新技術，有助於檢測和監測牙齦上方的鄰間齲損或蛀牙，而不會受到有害輻射。 iTero Element 5D Plus 成像系統佔第四季度 iTero 體積的 75%。

In addition, over 50% of iTero scanner sales in Q4 were sold to first-time scanner buyers who are just beginning their Align Digital Platform journey. We also continue to see growth in our iTero scanner installed base with strong service revenues, which historically have been a leading indicator of increased digital adoption amongst doctors.

此外，第四季度超過 50% 的 iTero 掃描儀銷售額出售給了剛剛開始其 Align 數字平台之旅的首次掃描儀買家。我們還繼續看到 iTero 掃描儀安裝基礎的增長以及強勁的服務收入，這在歷史上一直是醫生數字化採用率增加的領先指標。

For Q4, Clear Aligner revenues were up 16.3% year-over-year with strong revenue growth across all regions and across the portfolio, including comprehensive and noncomprehensive products as well as Invisalign First, Invisalign Moderate and Invisalign Go products.

第四季度，Clear Aligner 收入同比增長 16.3%，所有地區和整個產品組合的收入增長強勁，包括綜合性和非綜合性產品以及 Invisalign First、Invisalign Moderate 和 Invisalign Go 產品。

Our fourth quarter revenues also include non-case revenue for clinical training and education, doctor prescribed retainer products and other dental consumables. During the quarter, we saw good performance from our retainer business overall, delivering strong revenue growth, along with increased enthusiasm for the doctor subscription program pilot in North America.

我們第四季度的收入還包括臨床培訓和教育、醫生開具的保持器產品和其他牙科消耗品的非病例收入。在本季度，我們的聘用業務整體表現良好，收入增長強勁，同時對北美醫生訂閱計劃試點的熱情增加。

As we mentioned last quarter, our share of the retention market is significantly under-penetrated, even more so than our share of the orthodontic case starts. We have been developing a robust retainer strategy, including a separate marketing team focused solely on driving adoption and increasing market share in the U.S.

正如我們上個季度提到的，我們在保留市場中的份額嚴重不足，甚至超過了我們在正畸病例中的份額。我們一直在製定強大的保留戰略，包括一個單獨的營銷團隊，專注於推動採用和增加美國的市場份額。

Our objective is to build brand awareness for Vivera retainers and drive engagement with doctors through clinical education and sales initiatives while connecting consumers to doctors through demand creation programs and our concierge service. We've also recently implemented social media campaigns featuring the benefit of Vivera from the makers of Invisalign Clear Aligners. We believe that incremental investments will increase value for Invisalign practices and contribute to growth consistent with our long-term financial model target.

我們的目標是為 Vivera 聘用者建立品牌知名度，並通過臨床教育和銷售計劃推動與醫生的互動，同時通過需求創造計劃和我們的禮賓服務將消費者與醫生聯繫起來。我們最近還實施了社交媒體活動，其中展示了 Invisalign Clear Aligners 製造商提供的 Vivera 的好處。我們相信，增量投資將增加 Invisalign 實踐的價值，並促進符合我們長期財務模型目標的增長。

Q4 non-case revenues also include accessories and consumables such as Aligner cases, clamshells, cleaning crystals, Invisalign Whitening Pen and other oral health products that are available on our e-commerce channel, including the Invisalign accessory store, Walmart.com and Amazon.com. We view these ancillary products as a natural brand extension, enabling patient and doctor behavior with the power of the Invisalign brand.

第四季度非保護套收入還包括配件和消耗品，例如 Aligner 保護套、翻蓋、清潔水晶、Invisalign Whitening Pen 以及我們的電子商務渠道（包括 Invisalign 配件商店、Walmart.com 和亞馬遜）上提供的其他口腔保健產品。 com。我們將這些輔助產品視為品牌的自然延伸，借助 Invisalign 品牌的力量促進患者和醫生的行為。

Our full year results reflect continued adoption and demand for both the Invisalign system and iTero systems and services and exocad CAD/CAM software as more doctors transform their practices to digital and more consumers seek to transform their smiles through doctor-directed Invisalign treatment.

我們的全年業績反映了對 Invisalign 系統和 iTero 系統和服務以及 exocad CAD/CAM 軟件的持續採用和需求，因為越來越多的醫生將他們的實踐轉變為數字化，並且越來越多的消費者尋求通過醫生指導的 Invisalign 治療來改變他們的笑容。

Now let's turn to the specifics around our fourth quarter results, starting with the Americas. For the Americas region, full year 2021 Invisalign case volumes were up 57.6%. For Q4, Invisalign case volumes were up 11.5% year-over-year, reflecting growth across the region, especially in LatAm. On a sequential basis, Americas shipments were down 7.9%, primarily reflecting the impact of Omicron previously described as well as a seasonally slower teen season from Q3 to Q4. We also saw higher GP and adult case volume and continued momentum from our doctor subscription plan pilot.

現在讓我們看看第四季度業績的具體細節，從美洲開始。對於美洲地區，2021 年全年 Invisalign 的病例數量增長了 57.6%。第四季度，Invisalign 隱適美案件量同比增長 11.5%，反映了整個地區的增長，尤其是在拉丁美洲。在環比的基礎上，美洲的出貨量下降了 7.9%，主要反映了之前描述的 Omicron 的影響以及從第三季度到第四季度的季節性放緩的青少年季節。我們還看到更高的全科醫生和成人病例數量，以及我們的醫生訂閱計劃試點的持續勢頭。

In Q4, we pledged a $1 million donation to the American Association of Orthodontists Foundation, the charitable arm of the American Association of Orthodontists in support of the science of orthodontics. We're also investing in education grants, programs to provide universities with greater access to all Align products for education and training purposes. Through these programs, our partnership with the Aligner Intensive Fellowship and the other in-person educational programs, we are investing in the orthodontic profession through the people who care for and treat patients directly.

在第四季度，我們承諾向美國正畸醫師協會基金會捐贈 100 萬美元，該基金會是美國正畸醫師協會的慈善機構，以支持正畸科學。我們還投資於教育補助金和計劃，以使大學能夠更多地訪問所有 Align 產品，用於教育和培訓目的。通過這些計劃、我們與 Aligner Intensive Fellowship 的合作以及其他面對面的教育計劃，我們正在通過直接照顧和治療患者的人們對正畸專業進行投資。

For Systems and Services, Q4 was a strong quarter for Americas, driven by continued adoption of iTero 5D Plus imaging system across customer channels, including our DSO partners. Services revenues continue to grow nicely, reflecting the growth of the iTero scanner installed base in North America.

對於系統和服務，第四季度是美洲地區表現強勁的季度，這得益於 iTero 5D Plus 成像系統在客戶渠道（包括我們的 DSO 合作夥伴）中的持續採用。服務收入繼續保持良好增長，反映了北美 iTero 掃描儀安裝基數的增長。

For the full year, international Invisalign case volume was up 51.6%. For our international business, Q4 Invisalign case volumes were up 10.7% year-over-year on tough comps compared to 2020. On a sequential basis, international shipments were up 1.7%. Notwithstanding the impact of Omicron in December, we still saw strong growth in EMEA, offset somewhat by a seasonally slower period primarily in China.

全年，國際 Invisalign 隱適美病例量增長了 51.6%。對於我們的國際業務，與 2020 年相比，第四季度 Invisalign 隱適美包裝箱數量同比增長 10.7%。國際出貨量環比增長 1.7%。儘管 12 月受到 Omicron 的影響，我們仍然看到歐洲、中東和非洲地區的強勁增長，但在一定程度上被主要在中國的季節性放緩時期所抵消。

For the full year, EMEA Invisalign volume was up 69.5%. For EMEA, Q4 Invisalign case volumes were up 14.9% year-over-year, with broad-based growth across all markets, led by Italy and Iberia, along with continued growth in our expansion markets in Turkey, Russia, CIS and Benelux. For Q4, year-over-year Invisalign case volume in EMEA was driven by increased submissions primarily from the orthodontist channel. On a sequential basis, despite the impact of Omicron, EMEA Invisalign case volume was up 13.6%, primarily as a result of strong ortho channel performance, especially in the teen market.

全年，EMEA Invisalign 的銷量增長了 69.5%。對於歐洲、中東和非洲地區，第四季度 Invisalign 案例量同比增長 14.9%，在意大利和伊比利亞的主導下，所有市場都實現了廣泛的增長，同時我們在土耳其、俄羅斯、獨聯體和比荷盧經濟聯盟的擴張市場也在持續增長。對於第 4 季度，EMEA 的 Invisalign 病例數量同比增長主要是來自正畸醫生渠道的提交量增加。儘管受到 Omicron 的影響，EMEA Invisalign 的案例量環比增長了 13.6%，這主要是由於正射通道表現強勁，尤其是在青少年市場。

During Q4, we began commercial operation in Africa, with our initial focus on North Africa and then plan to enter Sub-Sahara Africa and South Africa this year, further broadening our expansion markets in EMEA. It's exciting opportunity for Align in this untapped and expanding totally addressable market. We're also making great progress on building our Europe and manufacturing facility in Wroclaw, Poland, which will be our third global Aligner manufacturing operation.

在第四季度，我們開始在非洲開展商業運營，最初的重點是北非，然後計劃今年進入撒哈拉以南非洲和南非，進一步拓寬我們在 EMEA 的擴張市場。在這個尚未開發且不斷擴大的完全可尋址市場中，對於 Align 來說，這是一個令人興奮的機會。我們在波蘭弗羅茨瓦夫的歐洲和製造工廠的建設也取得了巨大進展，這將是我們在全球的第三個 Aligner 製造業務。

The Europe manufacturing facility is on track to go live during the first half of 2022, further increasing our ability to efficiently provide the Invisalign system to our valued doctor customers within the European region. For Q4, we saw strong scanner shipments during the quarter as more doctors in the EMEA region continue to digitize their practices.

歐洲製造工廠有望在 2022 年上半年投入使用，進一步提高我們向歐洲地區重要的醫生客戶有效提供 Invisalign 系統的能力。對於第四季度，我們看到本季度掃描儀出貨量強勁，因為歐洲、中東和非洲地區的更多醫生繼續將他們的實踐數字化。

Through a full year APAC, Invisalign case volume was up 27.1%. For Q4, APAC Invisalign case volumes led by Japan, Korea and India were up 3.4% year-over-year on tough comps despite continued COVID resurgences and lockdown sporadically impacting various APAC countries, including China. We also saw strength in the GP dentist channel with increased Invisalign submitters and in the teen market with increased submissions from the orthodontic channel.

在整個亞太地區，Invisalign 的案例量增長了 27.1%。對於第四季度，儘管 COVID 持續復甦和封鎖偶爾影響包括中國在內的多個亞太國家/地區，但以日本、韓國和印度為首的亞太地區 Invisalign 案例數量同比增長 3.4%。我們還看到 GP 牙醫渠道的實力，Invisalign 提交者增加，青少年市場的正畸渠道提交者增加。

On a sequential basis, APAC was down 15.4%, notwithstanding the impact of Omicron in December and Q4 seasonality in China. We had strong growth in Thailand, Southeast Asia, Taiwan. Overall, it was encouraging to see record numbers of shipments to those markets in APAC that were not as impacted by the most severe lockdowns. In Q4, Systems and Services in APAC saw the highest percentage of iTero scanners sold to new doctors.

儘管受到 12 月 Omicron 和中國第四季度季節性因素的影響，亞太地區環比下降 15.4%。我們在泰國、東南亞、台灣有強勁的增長。總體而言，令人鼓舞的是，向亞太地區那些沒有受到最嚴重封鎖影響的市場出貨量創歷史新高。在第四季度，亞太地區的系統和服務部門向新醫生出售的 iTero 掃描儀比例最高。

Today, we announced new Invisalign systems 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 innovations include ClinCheck Live Update for 3D controls; the Invisalign Practice App; Invisalign Personalized Plan, or IPP; and the Invisalign Smile Architect.

今天，我們宣布了針對 Align 數字平台的全新 Invisalign 系統創新，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。這些新的創新包括用於 3D 控件的 ClinCheck 實時更新； Invisalign 隱適美練習應用程序； Invisalign 個性化計劃，或 IPP；和 Invisalign 微笑建築師。

We believe they will revolutionize digital treatment planning for orthodontics and restorative dentistry by providing doctors with greater flexibility, consistency of treatment preferences and real-time treatment planning access and modification capabilities. Each of these innovations is designed to enhance Invisalign treatment planning quality, efficiency and scale and contribute to better doctor-patient engagement and treatment outcomes.

我們相信，它們將為醫生提供更大的靈活性、治療偏好的一致性以及實時治療計劃訪問和修改能力，從而徹底改變正畸學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，並有助於更好的醫患參與和治療結果。

ClinCheck Live Update for 3D controls enables real-time ClinCheck treatment plan modifications that improve practice productivity significantly while also improving quality of treatment plans. Invisalign Practice App provides mobile integration with the Invisalign Doctor Site or IDS. It enables doctors to manage their practices at their fingertips.

用於 3D 控制的 ClinCheck 實時更新可實現實時 ClinCheck 治療計劃修改，從而顯著提高實踐效率，同時也提高治療計劃的質量。 Invisalign Practice 應用程序提供與 Invisalign 醫生網站或 IDS 的移動集成。它使醫生能夠輕鬆管理他們的實踐。

Invisalign's Personal (sic) [Personalized] Plan, or IPP, automatically applies a doctor's specific treatment preferences for comprehensive cases, enhancing efficiency and step-changing treatment planning consistency. Invisalign Smile Architect software is designed for GP dentists to create and visualize orthodontic restorative treatment plans for their patients using iTero digital scans and wide smile photos on the Invisalign Go platform. The technical design assessment go-to-market is scheduled for Q4 '22.

Invisalign 的 Personal (sic) [Personalized] Plan，或 IPP，自動將醫生的特定治療偏好應用於綜合病例，提高效率和逐步改變治療計劃的一致性。 Invisalign Smile Architect 軟件專為 GP 牙醫設計，可在 Invisalign Go 平台上使用 iTero 數字掃描和寬微笑照片為患者創建和可視化正畸修復治療計劃。技術設計評估上市時間定於 22 年第 4 季度。

We know that every Invisalign trained doctor has distinct preferences. Every patient is unique, and every treatment plan can vary depending on a variety of factors such as the type of malocclusion, patient age and desired outcome. Because of that, doctors spend time planning, reviewing and modifying their ClinCheck plans, and it multiplies with practice growth. IPP and ClinCheck Live Update for 3D controls are game-changing innovations that represent a step-change in digital treatment planning to help doctors achieve more personalized ClinCheck treatment plans. By using 3D controls, doctors can see greater efficiency with changes reflected in real time.

我們知道，每位 Invisalign 隱適美訓練有素的醫生都有不同的偏好。每個患者都是獨一無二的，每個治療計劃都可能因咬合不正的類型、患者年齡和預期結果等多種因素而有所不同。正因為如此，醫生花時間計劃、審查和修改他們的 ClinCheck 計劃，並且隨著實踐的增長而倍增。用於 3D 控件的 IPP 和 ClinCheck 實時更新是改變遊戲規則的創新，代表了數字治療計劃的一步變化，可幫助醫生實現更個性化的 ClinCheck 治療計劃。通過使用 3D 控件，醫生可以通過實時反映的變化看到更高的效率。

Invisalign Smile Architect combines basically driven in ortho restorative treatment planning within the power of ClinCheck software, providing flexibility across treatment planning to address a variety of patient needs, whether it may be orthodontic, restorative or ortho restorative combined. It allows doctors to share their vision with patients and use digital technology and tools to achieve the best quality clinical outcomes for their patients.

Invisalign Smile Architect 在 ClinCheck 軟件的強大功能內基本結合了正畸修復治療計劃，提供了跨治療計劃的靈活性，以滿足各種患者的需求，無論是正畸、修復還是正畸組合。它允許醫生與患者分享他們的願景，並使用數字技術和工具為患者實現最優質的臨床結果。

It's through the convergence of advancements in digital technology, Align's unique capabilities and know-how and data from millions of Invisalign patients that we're able to bring these new Invisalign innovations to our customers this year. The journey to deliver a ClinCheck live update in Invisalign Personal (sic) Personalized Plan has taken thousands of combined person years of development, testing and learning. It is only possible through the experience, data and insights we have gained from over 12 million Invisalign cases.

正是通過融合數字技術的進步、Align 的獨特能力和專有技術以及來自數百萬 Invisalign 患者的數據，我們能夠在今年將這些新的 Invisalign 創新帶給我們的客戶。在 Invisalign Personal (sic) Personalized Plan 中提供 ClinCheck 實時更新的過程已經花費了數千人年的開發、測試和學習。只有通過我們從超過 1200 萬個 Invisalign 案例中獲得的經驗、數據和見解，才有可能實現這一目標。

Across our innovations, we're also using a combination of AI and automation to reimagine what the treatment planning experience looks like for our doctors, doctor customers and augmenting their expertise and experience to help them create and personalize and modify Invisalign treatment plans more efficiently and more consistently than ever before. What used to take several days can now be accomplished in just a few minutes. And it's a huge productivity win for doctors and their patients.

在我們的創新中，我們還結合使用人工智能和自動化來重新想像我們的醫生、醫生客戶的治療計劃體驗，並增強他們的專業知識和經驗，以幫助他們更有效地創建、個性化和修改 Invisalign 治療計劃，並比以往任何時候都更加一致。過去需要幾天才能完成的事情現在只需幾分鐘即可完成。這對醫生和他們的病人來說是一個巨大的生產力勝利。

Our consumer marketing is focused 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. Consumer interest in the Invisalign brand remains high, and we are continuing to invest in building the brand in key markets and customer segments. This includes investments in social media as an effective channel to increase awareness and interest for Invisalign treatment. We're continuing to work closely with our media partners to reach consumers with the right creative and compelling campaigns, optimize our buys and test new approaches.

我們的消費者營銷專注於向消費者宣傳 Invisalign 系統並推動對 Invisalign 醫生辦公室的需求，最終利用巨大的市場機會來改變 5 億個微笑。消費者對 Invisalign 品牌的興趣仍然很高，我們將繼續投資於在關鍵市場和客戶群中建立品牌。這包括投資社交媒體，作為提高對 Invisalign 隱適美治療的認識和興趣的有效渠道。我們將繼續與我們的媒體合作夥伴密切合作，通過合適的創意和引人注目的活動吸引消費者，優化我們的購買並測試新方法。

In Q4, we continued to build on our successful "Invis is" multimedia campaign across the Americas, EMEA and APAC and drove awareness and interest in Invisalign treatment with adult, teen and parent consumer segments. Globally, we delivered record impression volume with over 8 billion impressions, representing 84% year-over-year growth; and 21.7 million unique visitors to our website, a 127% increase year-over-year.

在第四季度，我們繼續在美洲、歐洲、中東和非洲和亞太地區成功開展“Invis is”多媒體活動，並提高成人、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，我們以超過 80 億次的展示量創造了創紀錄的展示量，同比增長 84%；我們網站的獨立訪客達到 2170 萬，同比增長 127%。

In the U.S., we amplified our campaigns across the top social media platforms such as TikTok, Snapchat, Instagram and YouTube to increase awareness with teens about Invisalign treatment. Our campaigns continue to feature some of the largest teen influencers from our Invisalign Smile Squad, such as Collins and Devan Key, Charli D'Amelio and Michael Le, each of whom share their personal experiences with Invisalign treatment and why they chose to transform their smiles with Invisalign aligners.

在美國，我們在 TikTok、Snapchat、Instagram 和 YouTube 等頂級社交媒體平台上擴大了我們的活動，以提高青少年對 Invisalign 治療的認識。我們的活動繼續邀請來自我們 Invisalign 微笑小隊的一些最有影響力的青少年，例如 Collins 和 Devan Key、Charli D'Amelio 和 Michael Le，他們每個人都分享了他們在 Invisalign 治療中的個人經歷以及他們選擇改變笑容的原因使用 Invisalign 隱形矯治器。

Our consumer marketing programs also include connecting with teams within gaming, specifically on Twitch, with a customized integration that was awarded the gold medal in the Annual Internationalist Awards for Innovation in digital Marketing Solutions (sic) [Annual Internationalist Awards for Innovative Digital Marketing Solutions].

我們的消費者營銷計劃還包括與遊戲內的團隊聯繫，特別是在 Twitch 上，通過定制的集成獲得數字營銷解決方案創新年度國際主義者獎 (原文如此) [年度國際主義者創新數字營銷解決方案獎] .

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 the power of Invisalign treatment transformation for every young adult's self-confidence. Our integrated media plans across YouTube, Snapchat, Instagram, Facebook and TikTok connected with young adults in the media channels they consume the most. In Brazil, we continue to amplify our "Invis is a Powerful Thing" campaign, featuring mega influencer, Taís Araujo, driving a 400% year-over-year increase in web traffic.

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，我們以成功的“Invis is a Powerful Thing”活動為基礎，該活動突出了 Invisalign 治療轉型對每個年輕成人的自信的力量。我們在 YouTube、Snapchat、Instagram、Facebook 和 TikTok 上的綜合媒體計劃與年輕人最常使用的媒體渠道建立聯繫。在巴西，我們繼續擴大我們的“Invis is a Powerful Thing”活動，邀請大型影響者 Taís Araujo 參與，推動網絡流量同比增長 400%。

In the EMEA region, we successfully expanded into new markets such as Italy and the Netherlands. To complement our integrated media plan with Google and YouTube, we also leveraged newer media channels such as TikTok and Snapchat to drive engagement with consumers, resulting in more than 170% year-over-year increase in unique visitors. We continue to expand our investment in consumer advertising across the APAC region, resulting in a 192% year-over-year increase in unique visitors and a 235% year-over-year increase in impressions.

在歐洲、中東和非洲地區，我們成功地擴展到了意大利和荷蘭等新市場。為了補充我們與 Google 和 YouTube 的整合媒體計劃，我們還利用 TikTok 和 Snapchat 等較新的媒體渠道來推動與消費者的互動，使獨立訪問者同比增長 170% 以上。我們繼續在亞太地區擴大對消費者廣告的投資，使獨立訪問者同比增長 192%，印像數同比增長 235%。

We continue to strengthen our investments in Australia, leveraging leading influencers featured in premium placements in TikTok and also YouTube. In Japan, we continue to see strong response from consumers, as evidenced by 117% year-over-year increase in unique visitors. Lastly, we expanded our advertising investments in India and Taiwan, which generated a strong consumer response. We saw 1,200% and 628% increase in impressions and a 470% and 116% increase in unique visitors to our website in India and Taiwan, respectively.

我們繼續加強在澳大利亞的投資，利用在 TikTok 和 YouTube 的優質廣告位中出現的領先影響者。在日本，我們繼續看到消費者的強烈反應，獨立訪問者同比增長 117% 就是明證。最後，我們擴大了在印度和台灣的廣告投資，引起了強烈的消費者反響。我們在印度和台灣看到我們網站的展示次數分別增加了 1,200% 和 628%，獨立訪問者分別增加了 470% 和 116%。

Adoption of our consumer and patient app, My Invisalign, continues to increase with 1.4 million downloads to date. Usage of our 4 digital tools continues to increase. For example, in addition to My Invisalign just mentioned, the Invisalign Virtual Appointment tool was used over 14,000 times, and our insurance verification feature was used 24,000 times in Q4. Further, globally, we received more than 45,000 patient photos in our Virtual Care feature globally, which continues to provide us with rich data to leverage our AI capabilities and improve our services for doctors and patients.

迄今為止，我們的消費者和患者應用程序 My Invisalign 的採用率繼續增加，下載量達到 140 萬次。我們的 4 種數字工具的使用量持續增加。例如，除了剛才提到的 My Invisalign，Invisalign 虛擬預約工具的使用次數超過 14,000 次，我們的保險驗證功能在 Q4 的使用次數達到 24,000 次。此外，在全球範圍內，我們在全球的虛擬護理功能中收到了超過 45,000 張患者照片，這些照片繼續為我們提供豐富的數據，以利用我們的人工智能能力並改善我們為醫生和患者提供的服務。

Our Systems and Services business, Q4 revenues grew 61.3% year-over-year, reflecting strong scanner shipments and services up 21% sequentially. This is the sixth consecutive quarter of sequential revenue growth for our Systems and Services business. And I as mentioned earlier, over 50% of scanner sales in Q4 went to first-time iTero scanner buyers. We're pleased to see doctors continue to go digital and invest in the Align Digital Platform.

我們的系統和服務業務第四季度收入同比增長 61.3%，反映出強勁的掃描儀出貨量和服務環比增長 21%。這是我們的系統和服務業務連續第六個季度實現收入連續增長。如前所述，第四季度超過 50% 的掃描儀銷售流向了首次購買 iTero 掃描儀的買家。我們很高興看到醫生繼續走向數字化並投資於 Align 數字平台。

The iTero Element 5D Plus imaging system continued to gain traction across all regions, with the most recent launch in China during Q4. The series expands the portfolio of iTero Element scanners and imaging systems to include new solutions that more broadly serve the needs of doctors and patients in the dental market.

iTero Element 5D Plus 成像系統繼續在所有地區獲得關注，最近一次是在第四季度在中國推出的。該系列擴展了 iTero Element 掃描儀和成像系統的產品組合，包括更廣泛地滿足牙科市場醫生和患者需求的新解決方案。

A strong indicator of digital acceleration within the dental offices is the number of intraoral digital scans used for Invisalign case submissions. Total worldwide intraoral digital scans submitted to start an Invisalign case in Q4 increased to 85.4% from 79.3% in Q4 last year. International intraoral digital scans for Invisalign case submissions increased 80.8%, up from 73.7% in the same quarter last year. For the Americas, 89.1% of the Invisalign cases were submitted using an intraoral digital scan compared to 84% in the same quarter last year. Cumulatively, over 50 million orthodontic scans and 10.3 million restorative scans have been performed with iTero scanners.

牙科診所數字化加速的一個強有力指標是用於 Invisalign 案例提交的口內數字掃描的數量。在第四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四季度的 79.3% 增加到 85.4%。 Invisalign 病例提交的國際口腔內數字掃描增加了 80.8%，高於去年同期的 73.7%。在美洲，89.1% 的 Invisalign 病例是使用口腔內數字掃描提交的，而去年同期為 84%。累計使用 iTero 掃描儀進行了超過 5000 萬次正畸掃描和 1030 萬次修復掃描。

With the continued growth of the iTero scanner at 68,000 scanners sold worldwide as of Q4, approximately 30% is services revenue, which includes reoccurring revenue subscriptions, CAD/CAM software and ancillary products. And we continue to make improvements in our scanner and imaging systems, making iTero systems and service an integral part of orthodontic and GP dentist workflow. For example, we streamlined the Invisalign case submission process with the iTero Element 5D imaging systems auto-upload functionality.

隨著 iTero 掃描儀的持續增長，截至第四季度在全球售出 68,000 台掃描儀，大約 30% 是服務收入，其中包括經常性收入訂閱、CAD/CAM 軟件和輔助產品。我們繼續改進我們的掃描儀和成像系統，使 iTero 系統和服務成為正畸和 GP 牙醫工作流程中不可或缺的一部分。例如，我們使用 iTero Element 5D 成像系統自動上傳功能簡化了 Invisalign 案例提交流程。

Turning to exocad. For Q4 Systems and Services, revenues also include exocad CAD/CAM products and services. exocad's expertise in restorative dentistry, implantology, guided surgery and smile design extends our digital dental solutions and broadens Align Digital Platform towards a fully integrated interdisciplinary end-to-end workflows.

轉向 exocad。對於第四季度的系統和服務，收入還包括 exocad CAD/CAM 產品和服務。 exocad 在修復牙科、種植學、引導手術和微笑設計方面的專業知識擴展了我們的數字牙科解決方案，並將 Align 數字平台擴展到完全集成的跨學科端到端工作流程。

Cumulatively, as of Q4, exocad now has over 47,000 software license worldwide. During the quarter, exocad announced the release of ChairsideCAD 3.0 Galway. It's a next generation of easy-to-use CAD software for single-visit dentistry. With this new release, exocad offers dentists design tools for a vast range of indications with a wide choice of integrated devices.

截至第四季度，exocad 累計在全球擁有超過 47,000 個軟件許可證。在本季度，exocad 宣布發布 ChairsideCAD 3.0 Galway。它是下一代易於使用的 CAD 軟件，適用於單次就診牙科。在這個新版本中，exocad 為牙醫提供了適用於各種適應症的設計工具，並提供多種集成設備選擇。

Also during the quarter, exocad announced the availability of ChairsideCAD 3.0 Galway software in the U.S. and Canada, where the software is now available in North America, EU and other selected markets. exocad's ChairsideCAD is groundbreaking open architecture CAD software for single-visit dentistry. It received the 2021 Cellerant Best of Class Technology Award from Cellerant Consulting Group during the quarter as well. This is the third consecutive year that ChairsideCAD has been recognized for this award.

同樣在本季度，exocad 宣佈在美國和加拿大推出 ChairsideCAD 3.0 Galway 軟件，該軟件現已在北美、歐盟和其他選定市場推出。 exocad 的 ChairsideCAD 是用於單次就診牙科的開創性開放式架構 CAD 軟件。它還在本季度獲得了 Cellerant Consulting Group 頒發的 2021 年 Cellerant 最佳技術獎。這是ChairsideCAD 連續第三年獲得該獎項。

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

有了這個，我現在將把它交給約翰。

Thanks, Joe. Now for our Q4 financial results. Total revenues for the fourth quarter were $1.031 billion, up 1.5% from the prior quarter and up 23.6% from the corresponding quarter a year ago. For Clear Aligners, Q4 revenues of $815.3 million were down 2.7% sequentially due to lower Invisalign volumes, partially offset by slightly higher ASPs; and up 16.3% year-over-year, reflecting Invisalign volume growth across all geographies and higher ASPs.

謝謝，喬。現在來看我們的第四季度財務業績。第四季度總收入為 10.31 億美元，比上一季度增長 1.5%，比去年同期增長 23.6%。對於 Clear Aligners，第四季度收入為 8.153 億美元，環比下降 2.7%，原因是 Invisalign 銷量下降，部分被略高的 ASP 所抵消；同比增長 16.3%，反映了 Invisalign 在所有地區的銷量增長和更高的 ASP。

In Q4, we shipped 631,100 Invisalign cases, a decrease of 3.7% sequentially, an increase of 11.1% year-over-year. In addition, we shipped to 83,500 Invisalign doctors worldwide, of which over 6,400 were to first-time customers.

第四季度，我們出貨了 631,100 個 Invisalign 案例，環比下降 3.7%，同比增長 11.1%。此外，我們向全球 83,500 名 Invisalign 醫生髮貨，其中超過 6,400 名是首次客戶。

Q4 comprehensive volume increased 13.1% year-over-year and decreased 4.5% sequentially. And Q4 noncomprehensive volume increased 6.6% year-over-year and decreased 1.7% sequentially. Q4 adult patients increased 10.4% year-over-year and increased 0.1% sequentially. In Q4, teens or younger patients increased 13% year-over-year and decreased 11.8% sequentially.

第四季度綜合交易量同比增長 13.1%，環比下降 4.5%。第四季度非綜合交易量同比增長 6.6%，環比下降 1.7%。第四季度成年患者同比增長 10.4%，環比增長 0.1%。第四季度，青少年或年輕患者同比增長 13%，環比下降 11.8%。

Clear Aligner revenues were unfavorably impacted by foreign exchange of approximately $11.4 million or approximately 1.4 points sequentially. On a year-over-year basis, Clear Aligner revenues were unfavorably impacted by foreign exchange of approximately $1.5 million or approximately 0.2 points.

Clear Aligner 收入受到約 1140 萬美元或約 1.4 個點的外彙的不利影響。與去年同期相比，Clear Aligner 收入受到約 150 萬美元或約 0.2 個點的外彙的不利影響。

For Q4, Invisalign comprehensive ASPs increased sequentially and year-over-year. On a sequential basis, Invisalign comprehensive ASPs reflect higher additional liners, partially offset by unfavorable foreign exchange and higher discounts. On a year-over-year basis, comprehensive ASPs reflect higher additional aligners, partially offset by higher discounts.

對於第四季度，Invisalign 綜合 ASP 環比和同比增長。在連續的基礎上，Invisalign 綜合 ASP 反映了更高的附加班輪，部分被不利的外彙和更高的折扣所抵消。與去年同期相比，綜合平均售價反映了更高的附加調整器，部分被更高的折扣所抵消。

Q4 Invisalign noncomprehensive ASPs decreased sequentially and increased year-over-year. On a sequential basis, Invisalign noncomprehensive ASPs were unfavorably impacted by foreign exchange, partially offset by higher additional aligners. On a year-over-year basis, Invisalign noncomprehensive ASPs reflect higher additional aligners and product mix, partially offset by higher discounts.

第四季度 Invisalign 非綜合 ASP 環比下降，同比增長。在連續的基礎上，Invisalign 非綜合 ASP 受到外彙的不利影響，部分被更高的附加校準器所抵消。與去年同期相比，Invisalign 非綜合 ASP 反映了更高的附加矯正器和產品組合，部分被更高的折扣所抵消。

Clear Aligner deferred revenues on the balance sheet increased $68.5 million or 6.9% sequentially and $332.9 million or 45.8% 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 6850 萬美元或 6.9%，同比增長 3.329 億美元或 45.8%，並將被確認為額外的校準器發貨。

Our Systems and Services revenues for the fourth quarter were a record $215.8 million, up 21% sequentially and up 61.3% year-over-year. This marks the sixth consecutive quarter of sequential revenue growth. The increase sequentially can be attributed to increased scanner shipments and increased service revenues from our larger installed base.

我們第四季度的系統和服務收入達到創紀錄的 2.158 億美元，環比增長 21%，同比增長 61.3%。這標誌著連續第六個季度連續收入增長。連續增長可歸因於掃描儀出貨量的增加和我們更大的安裝基礎增加的服務收入。

The increase year-over-year can be attributed to increased scanner shipments, increased service revenues from our larger installed base as well as higher ASPs from the favorable mix shift towards higher-priced iTero 5D scanners and imaging systems.

同比增長可歸因於掃描儀出貨量的增加、我們更大的安裝基礎帶來的服務收入增加，以及由於向更高價格的 iTero 5D 掃描儀和成像系統的有利組合轉變而導致的更高的 ASP。

Our Systems and Services deferred revenue on the balance sheet was up $42.6 million or 22.8% sequentially and up $116.2 million or 102.6% year-over-year, primarily due to the increase in scanner sales and the deferral of services revenues, 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 4260 萬美元或 22.8%，同比增長 1.162 億美元或 102.6%，主要是由於掃描儀銷售額的增加和服務收入的遞延，這將被確認可在服務期內。

Moving on to gross margin. Fourth quarter overall gross margin was 72.2%, down 2.1 points sequentially and down 0.9 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 72.6% for the fourth quarter, down 2.1 points sequentially and down 0.9 points year-over-year. Overall gross margin was unfavorably impacted by approximately 0.1 points on a year-over-year basis and by approximately 0.4 points sequentially due to foreign exchange.

繼續毛利率。四季度整體毛利率為72.2%，環比下降2.1個百分點，同比下降0.9個百分點。按非美國通用會計準則計算，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，第四季度整體毛利率為 72.6%，環比下降 2.1 個百分點，同比下降 0.9 個百分點。由於外匯，整體毛利率同比下降約 0.1 個百分點，環比下降約 0.4 個百分點。

Clear Aligner gross margin for the fourth quarter was 74.2%, down 2 points sequentially due to higher freight costs and additional aligners, along with lower primary shipments, partially offset by higher ASPs. Clear Aligner gross margin was down 0.6 points year-over-year due to higher additional aligners and higher freight costs, partially offset by higher ASPs and improved manufacturing absorption due to higher volumes.

第四季度 Clear Aligner 毛利率為 74.2%，環比下降 2 個百分點，原因是運費增加和額外的校準器，以及較低的初級出貨量，部分被較高的 ASP 所抵消。由於更高的附加校準器和更高的運輸成本，Clear Aligner 毛利率同比下降 0.6 個百分點，部分被更高的 ASP 和由於產量增加而提高的製造吸收所抵消。

Systems and Services gross margin for the fourth quarter was 64.7%, down 0.9 points sequentially, primarily due to higher freight costs and increased component costs, partially offset by higher ASP from 5D Plus mix and higher service revenues. Systems and Services gross margin was up 0.4 points year-over-year due to higher ASP from higher mix of iTero 5D Plus and higher service revenues, partially offset by higher freight costs and increased component costs.

第四季度的系統和服務毛利率為 64.7%，環比下降 0.9 個百分點，這主要是由於更高的貨運成本和增加的組件成本，部分被 5D Plus 組合帶來的更高的 ASP 和更高的服務收入所抵消。系統和服務毛利率同比增長 0.4 個百分點，原因是更高的 iTero 5D Plus 組合和更高的服務收入導致更高的平均售價，部分被更高的貨運成本和增加的組件成本所抵消。

We are actively engaged in activities to mitigate supply disruptions by expanding supplier communications, modifying our purchase order coverage and increasing inventory levels for key components.

我們通過擴大供應商溝通、修改我們的採購訂單覆蓋範圍和增加關鍵組件的庫存水平，積極參與緩解供應中斷的活動。

Q4 operating expenses were $523.7 million, up sequentially 6% and up 31.8% year-over-year. On a sequential basis, operating expenses were up by $29.7 million. Year-over-year operating expenses increased by $126.4 million, reflecting increased headcount and our continued investment in marketing, sales, in R&D activities and other investments commensurate with business growth.

第四季度運營費用為 5.237 億美元，環比增長 6%，同比增長 31.8%。在連續的基礎上，運營費用增加了 2970 萬美元。運營費用同比增長 1.264 億美元，這反映了員工人數的增加以及我們在營銷、銷售、研發活動和其他與業務增長相稱的投資方面的持續投資。

On a non-GAAP basis, excluding stock-based compensation and amortization of acquired intangibles related to certain acquisitions, operating expenses were $494.4 million, up sequentially 6.1% and up 32.8% year-over-year due to the reasons described earlier.

在非公認會計原則基礎上，不包括與某些收購相關的基於股票的補償和所購無形資產的攤銷，運營費用為 4.944 億美元，環比增長 6.1%，同比增長 32.8%，原因如前所述。

Our fourth quarter operating income of $220.9 million resulted in an operating margin of 21.4%, down 4.3 points sequentially and down 4.1 points year-over-year. The sequential and year-over-year decreases in operating margin are primarily attributed to lower gross margin, investments in our go-to-market teams and technology as well as unfavorable impact from foreign exchange.

我們第四季度的營業收入為 2.209 億美元，營業利潤率為 21.4%，環比下降 4.3 個百分點，同比下降 4.1 個百分點。營業利潤率的環比和同比下降主要歸因於毛利率下降、對我們的上市團隊和技術的投資以及外彙的不利影響。

On a non-GAAP basis, which excludes stock-based compensation and amortization of intangibles related to certain acquisitions, operating margin for the fourth quarter was 24.7%, down 4.1 points sequentially and down 4.3 points year-over-year.

按非公認會計原則計算，不包括基於股票的薪酬和與某些收購相關的無形資產攤銷，第四季度的營業利潤率為 24.7%，環比下降 4.1 個百分點，同比下降 4.3 個百分點。

Interest and other income and expense net for the fourth quarter was a loss of $0.9 million, down sequentially by $1.7 million and down year-over-year by $2.2 million. The GAAP tax rate for the fourth quarter was 13.2% compared to 30.9% in the third quarter and 25.9% in the fourth quarter of the prior year.

第四季度的利息和其他收入和支出淨額虧損 90 萬美元，環比下降 170 萬美元，同比下降 220 萬美元。第四季度的 GAAP 稅率為 13.2%，而去年第三季度為 30.9%，去年第四季度為 25.9%。

Our non-GAAP effective tax rate was 11.5% in the fourth quarter compared to 22.2% in the third quarter and 14.5% in the fourth quarter of the prior fourth quarter. The fourth quarter GAAP and non-GAAP effective tax rates reflected an out-of-period adjustment, which reduced our tax rates by 7.3% and 6.3%, respectively.

我們的非公認會計原則有效稅率在第四季度為 11.5%，而第三季度為 22.2%，上一季度第四季度為 14.5%。第四季度 GAAP 和非 GAAP 有效稅率反映了期外調整，分別將我們的稅率降低了 7.3% 和 6.3%。

Fourth quarter net income per diluted share was $2.40, up sequentially $0.12 and up $0.40 compared to the prior year. On a non-GAAP basis, net income per diluted share was $2.83 for the fourth quarter, down $0.04 sequentially and up $0.22 year-over-year. For the full year, net income per diluted share was $9.69, down $12.72 year-over-year due to the onetime tax benefit in 2020 of approximately $1.5 billion associated with our corporate structure reorganization completed during the first quarter of 2020. On a non-GAAP basis, net income per diluted share was $11.22 for the full year, up $5.97 year-over-year.

第四季度每股攤薄淨收益為 2.40 美元，比上年同期增長 0.12 美元和 0.40 美元。按非公認會計原則計算，第四季度每股攤薄淨收益為 2.83 美元，環比下降 0.04 美元，同比增長 0.22 美元。全年每股攤薄淨收益為 9.69 美元，同比下降 12.72 美元，原因是與 2020 年第一季度完成的公司結構重組相關的 2020 年一次性稅收優惠約 15 億美元。根據公認會計原則，全年每股攤薄淨收入為 11.22 美元，同比增長 5.97 美元。

Moving on to the balance sheet. As of December 31, 2021, cash, cash equivalents and short-term and long-term marketable securities were $1.3 billion, up sequentially $58.8 million and up $335.8 million year-over-year. Of our $1.3 billion balance, $582.9 million was held in the U.S. and $713.8 million was held by our international entities.

轉到資產負債表。截至 2021 年 12 月 31 日，現金、現金等價物以及短期和長期有價證券為 13 億美元，環比增長 5880 萬美元，同比增長 3.358 億美元。在我們 13 億美元的餘額中，5.829 億美元在美國持有，7.138 億美元由我們的國際實體持有。

Q4 accounts receivable balance was $897.2 million, up approximately 4.9% sequentially. Our overall days sales outstanding was 78 days, up approximately 3 days sequentially and up approximately 7 days as compared to Q4 last year. Cash flow from operations for the fourth quarter was $272.8 million. Capital expenditures for the fourth quarter were $109.1 million, primarily related to our continued investment in increasing aligner manufacturing capacity and facilities.

第四季度應收賬款餘額為 8.972 億美元，環比增長約 4.9%。我們的總銷售天數為 78 天，比去年第四季度增加約 3 天，增加約 7 天。第四季度的運營現金流為 2.728 億美元。第四季度的資本支出為 1.091 億美元，主要與我們對提高校準器製造能力和設施的持續投資有關。

Free cash flow, defined as cash flow from operations less capital expenditures, amounted to $163.8 million. In November 2021, we purchased $100 million of our common stock through an accelerated share repurchase, which was approximately 0.2 million shares at an average price of $666.53 per share. We have approximately $725 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 1.638 億美元。 2021 年 11 月，我們通過加速股票回購購買了 1 億美元的普通股，大約 20 萬股，平均價格為每股 666.53 美元。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 7.25 億美元可供回購。

Before I move to our outlook, I would like to make a few comments on our full year 2021 results. In 2021, we shipped a record 2.5 million Invisalign cases, up 54.8% year-over-year. This reflects 51.6% volume growth from our international doctors and 57.6% volume growth from our Americas doctors.

在談到我們的展望之前，我想對我們的 2021 年全年業績發表一些評論。 2021 年，我們出貨了創紀錄的 250 萬個 Invisalign 案例，同比增長 54.8%。這反映了我們國際醫生的 51.6% 的銷量增長和我們美洲醫生的 57.6% 的銷量增長。

Total revenues were a record $4 billion, up 59.9% year-over-year, with Clear Aligner revenues a record $3.2 billion, up 54.5% year-over-year. 2021 Systems and Services revenue were a record $705.5 million compared to $370.5 million in 2020, up 90.4% year-over-year. Full year 2021 GAAP operating income of $976.4 million was up 152.2% versus 2020, and operating margin at 24.7% versus 15.7% in 2020. On a non-GAAP basis, 2021 operating margin was 27.9% versus 20.3% in 2020.

總收入達到創紀錄的 40 億美元，同比增長 59.9%，Clear Aligner 的收入達到創紀錄的 32 億美元，同比增長 54.5%。 2021 年系統和服務收入達到創紀錄的 7.055 億美元，而 2020 年為 3.705 億美元，同比增長 90.4%。 2021 年全年 GAAP 營業收入為 9.764 億美元，比 2020 年增長 152.2%，營業利潤率為 24.7%，而 2020 年為 15.7%。按非公認會計原則計算，2021 年營業利潤率為 27.9%，而 2020 年為 20.3%。

2021 interest income and other income and expense net of $36 million included the SmileDirectClub arbitration award gain of $43.4 million. Excluding the SmileDirectClub arbitration award gain, interest and other income and expense was $7.4 million expense on a non-GAAP basis.

2021 年利息收入和其他收入和支出淨額為 3600 萬美元，其中包括 SmileDirectClub 仲裁裁決收益 4340 萬美元。不包括 SmileDirectClub 仲裁裁決的收益、利息和其他收入和費用為 740 萬美元，按非公認會計原則計算。

With regards to full year tax provision, our GAAP tax rate was 23.7%. The full year tax rate on a non-GAAP basis was 18.5% compared to 17.6% for 2020. 2021 diluted EPS was $9.69. On a non-GAAP basis, 2021 diluted EPS was $11.22. Free cash flow was $771.4 million for 2021, up $264.2 million versus 2020.

關於全年稅收撥備，我們的 GAAP 稅率為 23.7%。按非公認會計原則計算的全年稅率為 18.5%，而 2020 年為 17.6%。2021 年攤薄後每股收益為 9.69 美元。按非公認會計原則計算，2021 年攤薄後每股收益為 11.22 美元。 2021 年的自由現金流為 7.714 億美元，比 2020 年增加 2.642 億美元。

Overall, we are pleased with our Q4 results and another record year for Align. We delivered strong growth and profitability, in line with our guidance despite disruptions late in the quarter from Omicron and other factors. Our Q4 revenue year-over-year growth was within our long-term model despite disruptions impacting roughly 3 points of growth.

總體而言，我們對第四季度的業績和 Align 再創紀錄的一年感到滿意。儘管本季度末受到 Omicron 和其他因素的干擾，我們仍實現了強勁的增長和盈利能力，符合我們的指導。儘管中斷影響了大約 3 個增長點，但我們第四季度的收入同比增長在我們的長期模型內。

We continue to see strong momentum and demand for our Systems and Services throughout Q4, with the majority of scanners being sold to first-time buyers. We believe this is a good leading indicator of future Invisalign growth as our customers continue to invest in digital technology even during COVID.

在整個第四季度，我們繼續看到對我們的系統和服務的強勁勢頭和需求，大部分掃描儀都出售給了首次購買者。我們相信這是未來 Invisalign 增長的良好領先指標，因為我們的客戶即使在 COVID 期間也繼續投資於數字技術。

Let me turn to our outlook. We would normally expect sequentially higher Invisalign revenues and lower Systems and Services revenue, consistent with the typical Q1 seasonality. However, due to the continued impact of Omicron into Q1, we now expect our total Q1 revenue to be slightly down sequentially.

讓我談談我們的前景。我們通常預計 Invisalign 收入將依次增加，而係統和服務收入將下降，這與典型的第一季度季節性一致。然而，由於 Omicron 對第一季度的持續影響，我們現在預計第一季度的總收入將環比略有下降。

We remain confident in our strategy, our huge under-penetrated market opportunity, our industry leadership and our ability to execute. These factors have guided our approach throughout the pandemic, where we continued to invest in new technology, commercial expansion and manufacturing capabilities to drive our growth.

我們對我們的戰略、我們尚未充分滲透的巨大市場機會、我們的行業領導地位和我們的執行能力仍然充滿信心。這些因素在整個大流行期間指導了我們的方法，我們繼續投資於新技術、商業擴張和製造能力，以推動我們的增長。

We plan to continue these investments in Q1 and therefore expect our Q1 operating margin to be less than 20%. In addition, during Q1 2022, we expect to repurchase up to $75 million of our common stock through either a combination of open market repurchases or an accelerated stock repurchase agreement.

我們計劃在第一季度繼續這些投資，因此預計我們第一季度的營業利潤率將低於 20%。此外，在 2022 年第一季度，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 7500 萬美元的普通股。

Turning to full year 2022. Despite Omicron headwinds, we expect 2022 revenue growth to be in line with our long-term model range of 20% to 30%. Our 2022 guidance assumes no significant new COVID surges after the current wave, no meaningful practice disruptions, no material supply chain issues throughout the year.

轉向 2022 年全年。儘管 Omicron 面臨不利因素，但我們預計 2022 年的收入增長將符合我們 20% 至 30% 的長期模型範圍。我們的 2022 年指導假設在當前浪潮之後沒有顯著的新 COVID 激增，沒有有意義的實踐中斷，全年沒有重大供應鏈問題。

On a GAAP basis, we anticipate our 2022 operating margin to be around 24%. On a non-GAAP basis, we expect 2022 operating margin to be approximately 3 points higher than our GAAP operating margin after excluding stock-based compensation and intangible amortization from certain acquisitions.

根據公認會計原則，我們預計 2022 年的營業利潤率約為 24%。在非公認會計原則的基礎上，在排除基於股票的補償和某些收購的無形攤銷後，我們預計 2022 年的營業利潤率將比我們的公認會計原則營業利潤率高約 3 個百分點。

For 2022, we expect our investments in capital expenditures to exceed $350 million. Capital expenditures primarily relate to building construction and improvements as well as additional manufacturing capacity to support our international expansion. This includes our planned investment in a Clear Aligner manufacturing facility in Wroclaw, Poland, which is expected to begin serving doctors in 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 3.5 億美元。資本支出主要與建築建設和改進以及額外的製造能力有關，以支持我們的國際擴張。這包括我們計劃投資於波蘭弗羅茨瓦夫的 Clear Aligner 製造工廠，該工廠預計將於 2022 年開始為醫生提供服務，這是我們使運營設施更接近客戶的戰略的一部分。

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. Overall, despite the disruption from the Omicron in December, we delivered a record year with strong revenue growth and operating margin, in line with our guidance for the full year on top of a record Q4 and 2020 a year ago.

謝謝，約翰。總體而言，儘管 12 月受到 Omicron 的干擾，但我們實現了創紀錄的一年，收入增長和營業利潤率強勁，這與我們對一年前創紀錄的第四季度和 2020 年全年的指導一致。

As we look back, I wanted to take a moment to recognize our accomplishments and thank our employees and our customers for another remarkable year. In the face of ongoing challenges related to COVID-19 and economic uncertainty, we remain steadfast in our commitment to our employees, customers and the focused execution of our strategic initiatives. And our customers remain confident in our ability to support them.

回顧過去，我想花一點時間來表彰我們的成就，並感謝我們的員工和客戶又一個非凡的一年。面對與 COVID-19 和經濟不確定性相關的持續挑戰，我們將堅定不移地致力於我們的員工、客戶和重點執行我們的戰略計劃。我們的客戶仍然對我們支持他們的能力充滿信心。

Operating in this environment has not been easy, but after 2 years of navigating uncharted waters, the Align team is more agile and resilient than ever. In 2021, we met our goals and achieved numerous milestones. Globally, we delivered across each of our strategic priorities, which are highlighted in our Q4 '21 webcast slides. Our performance over the last year reaffirms the incredible size of our target market and demonstrates that our strategy and investment in recent years are validated by the trust and faith our customers place in us.

在這種環境中運營並非易事，但經過 2 年的未知水域航行，Align 團隊比以往任何時候都更加敏捷和有彈性。 2021 年，我們實現了目標，取得了許多里程碑。在全球範圍內，我們交付了每個戰略重點，這些重點在我們的 Q4 '21 網絡廣播幻燈片中進行了強調。我們去年的表現再次證明了我們目標市場的驚人規模，並表明我們近年來的戰略和投資得到了客戶對我們的信任和信任的驗證。

In 2022, we must continue to extend our leadership in digital orthodontics and restorative dentistry through relentless execution of our strategic initiatives, focusing on expanding our commercial, manufacturing, R&D, clinical, treatment planning and manufacturing operations and building our quality and regulatory muscle globally in existing and emerging markets, reaching millions of consumers who want to transform their smiles using the most advanced Clear Aligner systems in the world through the right investments in advertising, PR, digital, social media and influencer marketing to drive demand and conversion through Invisalign trained doctors.

2022 年，我們必須通過不懈地執行我們的戰略舉措，繼續擴大我們在數字正畸和修復牙科領域的領導地位，重點擴大我們的商業、製造、研發、臨床、治療計劃和製造業務，並在全球範圍內建立我們的質量和監管力量。現有和新興市場，通過對廣告、公關、數字、社交媒體和影響者營銷的正確投資，通過 Invisalign 訓練有素的醫生推動需求和轉化，接觸數百萬希望使用世界上最先進的 Clear Aligner 系統改變笑容的消費者.

Invisalign ortho adoption and teen utilization of Invisalign treatment and training and educating GP dentists on how the iTero Element family of intraoral scanners and imaging systems can propel today's dental practice into the future by enhancing patient experience and elevating clinical precision and on the benefits of digital dentistry with the Invisalign system trusted by more than 12 million people worldwide to transform smiles.

Invisalign Ortho 採用和青少年使用 Invisalign 治療和培訓以及教育 GP 牙醫了解 iTero Element 系列口內掃描儀和成像系統如何通過增強患者體驗和提高臨床精度以及數字牙科的好處推動當今的牙科實踐走向未來借助全球超過 1200 萬人信賴的 Invisalign 隱適美系統來改變笑容。

We remain mindful of the ongoing uncertainty surrounding COVID-19 and the challenges that go with it. While there is still uncertainty, it has become increasingly clear over the last year, with the first spread of the Delta variant and now Omicron, that COVID-19 may never fully go away and may be a virus that persists in one variant form or another for the foreseeable future. And like other viruses, new or different vaccines will be needed and new therapies will be developed to minimize the impact and treat COVID-19 more effectively in our most vulnerable populations.

我們仍然注意圍繞 COVID-19 的持續不確定性以及隨之而來的挑戰。儘管仍存在不確定性，但隨著 Delta 變體和現在 Omicron 的首次傳播，在過去一年中變得越來越清楚，COVID-19 可能永遠不會完全消失，並且可能是一種以一種或另一種變體形式存在的病毒在可預見的未來。與其他病毒一樣，將需要新的或不同的疫苗，並將開發新的療法，以盡量減少對我們最脆弱人群的影響並更有效地治療 COVID-19。

The reality of living with COVID is one of the government's businesses and communities all over the world are beginning to acknowledge and move towards. At Align, we will do the same.

與 COVID 一起生活的現實是世界各地政府的企業和社區開始承認並邁向的現實之一。在 Align，我們也會這樣做。

In closing, I'm going to share some thoughts that I expressed to our employees recently. What we learn in life, both in business and our personal lives, is that we're not fully in control of our environment and destiny. This is a fact of life that we face every day. But not being in control does not mean that we can't make good choices regardless of the situation or challenges we all face. We must look forward focused on the opportunities. Align has numerous growth drivers in a vastly under-penetrated market.

最後，我將分享一些我最近向我們的員工表達的想法。我們在生活中學到的東西，無論是在商業生活中還是在我們的個人生活中，我們都沒有完全控制我們的環境和命運。這是我們每天都要面對的生活事實。但不受控制並不意味著我們無法做出正確的選擇，無論我們面臨的情況或挑戰如何。我們必須著眼於前瞻機遇。 Align 在一個滲透率極低的市場中擁有眾多增長動力。

And while we continue to see some lasting impact and continued uncertainty due to COVID-19, we remain confident in both the enormous opportunity to lead the evolution of digital orthodontics and comprehensive dentistry. We never forget that digital orthodontics presents the fastest growing and largest market in the world of medical devices. We have the greatest Clear Aligner system, scanners, GP lab software in the world and the broadest and deepest digital dental platform.

儘管我們繼續看到 COVID-19 帶來的一些持久影響和持續的不確定性，但我們仍然對引領數字正畸學和綜合牙科發展的巨大機會充滿信心。我們永遠不會忘記，數字正畸是醫療器械領域增長最快、規模最大的市場。我們擁有世界上最強大的 Clear Aligner 系統、掃描儀、GP 實驗室軟件以及最廣泛和最深入的數字牙科平台。

We have the most recognized consumer brand in the largest direct sales force in the dental space with over 4,000 salespeople supporting over 212,000 doctors and labs and their staff who have incredible skills and dedication to their patients. We have an amazing team of employees committed to our purpose. It's a unique opportunity unlike anything I've ever seen in my career to both continue to grow Align and be part of the positively changing millions of lives by transforming their smiles.

我們在牙科領域最大的直銷隊伍中擁有最受認可的消費者品牌，擁有超過 4,000 名銷售人員，為超過 212,000 名醫生和實驗室及其員工提供支持，他們擁有令人難以置信的技能和對患者的奉獻精神。我們擁有一支出色的員工團隊，致力於實現我們的目標。這是一個獨一無二的機會，與我在職業生涯中見過的任何事情都不一樣，既可以繼續發展 Align，又可以通過改變他們的笑容來積極改變數百萬人的生活。

Thank you for your time today. We look forward to speaking to you again as the year progresses. Now I'll turn the call over to the operator. Operator?

謝謝你今天的時間。隨著時間的推移，我們期待著再次與您交談。現在我將把電話轉給接線員。操作員？

(Operator Instructions) Our first question comes from the line of Nathan Rich with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Nathan Rich。

Joe, thanks for all the details on the outlook. You called out the 300 basis point headwind from COVID in the quarter with the impact, I think, concentrated in December. So maybe a bit higher as we think about what the headwind was exiting the year. Could you maybe talk about how the impact in January as compared to what you experienced in December? And can you maybe elaborate on what you've seen in recent weeks? I'm just looking for a sense of maybe where January is trending and kind of what you're assuming for the balance of the quarter to get you to the guidance that you gave for 1Q?

喬，感謝您提供有關前景的所有詳細信息。您在本季度指出了 COVID 帶來的 300 個基點的逆風，我認為影響集中在 12 月。因此，當我們考慮今年的逆風存在時，可能會更高一些。您能否談談與 12 月相比，1 月的影響？您能否詳細說明您最近幾週看到的情況？我只是想了解一下 1 月份的趨勢，以及您對本季度剩餘時間的假設，以使您獲得您為 1Q 提供的指導？

Look, we saw what we talked about December, we had a rapid decrease through COVID. But what we've seen as we've gone into January is just progressive improvement. And we feel good about that. We feel it's moving in the right way. And it's in direct correlation. We track it around the country with what's going on with Omicron in certain states and certain regions. And remember, this isn't just United States. We've seen this all over the world. We see it in APAC, and we see it in Europe, too, when we track it.

看，我們看到了我們在 12 月談論的內容，我們通過 COVID 迅速減少了。但是我們在進入 1 月份時所看到的只是漸進式的改進。我們對此感覺良好。我們認為它正在朝著正確的方向發展。而且是直接相關的。我們在全國范圍內跟踪 Omicron 在某些州和某些地區的情況。請記住，這不僅僅是美國。我們在世界各地都看到了這一點。當我們跟踪它時，我們在亞太地區看到它，在歐洲也看到它。

Okay. And maybe just building on that at a high level, Joe, do you feel like the slowdown, I guess, is primarily a supply issue, just given the practice closures and lockdowns and staffing issues that you cited versus a demand issue? Because I think in your prepared remarks, you also mentioned some impacts from inflation and less stimulus. So I'd just be curious to kind of get your thoughts there.

好的。也許只是在高水平上建立，喬，你覺得放緩，我猜，主要是供應問題，只是考慮到你提到的實踐關閉和鎖定以及人員配備問題而不是需求問題？因為我認為在你準備好的發言中，你也提到了通貨膨脹和刺激措施減少的一些影響。所以我很想知道你的想法。

No, we don't see this as a demand issue. I mean we look at the market as we always have. That's why we reasserted our 20%, 30% growth rate for this year. So this is not a demand equation issue. You'd call it a supply, but I'd call it demand from a patient standpoint. We just see it's patients and doctors in the sense of cancellations, availability and all those things that COVID has impacted around. So we remain very confident.

不，我們不認為這是一個需求問題。我的意思是我們像往常一樣看待市場。這就是為什麼我們重申今年 20%、30% 的增長率。所以這不是需求方程問題。你可以稱之為供應，但從患者的角度來看，我稱之為需求。我們只是從取消、可用性以及 COVID 影響的所有這些方面看到它的患者和醫生。所以我們仍然非常有信心。

That's why you see us to continue to make investments, the things we announced today. We feel really good about the business. We just have to get through this first quarter and what we talked about, and we'll move on. We feel really good about it.

這就是為什麼你看到我們繼續進行投資，我們今天宣布的事情。我們對這項業務感覺非常好。我們只需要完成第一季度以及我們所談論的內容，然後我們將繼續前進。我們對此感覺非常好。

And our next question comes from the line of Matt Miksic with Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Matt Miksic。

Just maybe a follow-up on that, the question on planning assumptions around your Q1 comments and 2022 guidance. Maybe, Joe, if you could just give a sense as to how -- you mentioned improvements in early January. Is this kind of sluggish recovery wrapping up by the end of the quarter? Is Q2 the inflection to help you get to that 20% to 30% growth that you mentioned?

可能只是對此的跟進，即圍繞您的第一季度評論和 2022 年指導的規劃假設問題。也許，喬，如果你能說明一下 - 你在一月初提到了改進。這種緩慢的複蘇會在本季度末結束嗎？ Q2 是幫助你實現你提到的 20% 到 30% 增長的轉折點嗎？

And then just if I could also on a similar topic. Just the idea that somehow there is -- you've -- I think many of the folks on the call have heard this idea that somehow there was outsized growth during the pandemic and we're sort of digesting that somehow now, which I know is sort of one of the ways that folks look at Align and at aligners and so on.

然後，如果我也可以討論類似的話題。只是這個想法——你已經——我認為電話會議中的許多人都聽說過這個想法，即在大流行期間不知何故出現了巨大的增長，我們現在正在以某種方式消化它，我知道是人們看待 Align 和 aligners 等的一種方式。

If you could maybe just talk about your confidence that once we get through the staffing that the demand that's in front of you, the growth drivers that you're laying in on top of your core markets, that we're not looking to digest some sort of outsized growth during the pandemic here in '22, but we're getting back to a growth market that's still highly under-penetrated? Sorry for the lengthy 2-part question, but I would appreciate it.

如果你可以談談你的信心，一旦我們完成了人員配置，你面前的需求，你在核心市場之上的增長動力，我們不打算消化一些在 22 年的大流行期間出現了某種巨大的增長，但我們正在回到一個仍然高度滲透的增長市場？很抱歉這個冗長的兩部分問題，但我會很感激。

We understand the basis of your question, Matt. I mean that's not a problem in that sense. Look, as I mentioned before, we're really confident in demand equation in the sense of Clear Aligners and Invisalign. What we're experiencing right now is obviously somewhat of a slowdown in our order demand pattern based on what we see through the virus that's going on around the world. As soon as that clears and we see it clearing around the world, and as I mentioned, we see January improving over December, we're very confident in demand models that we've expressed for this business over the last several years.

我們理解你的問題的基礎，馬特。我的意思是，從這個意義上說，這不是問題。看，正如我之前提到的，我們對 Clear Aligners 和 Invisalign 的需求方程非常有信心。根據我們對世界各地正在發生的病毒的看法，我們現在所經歷的顯然是我們的訂單需求模式有所放緩。一旦清除並且我們看到它在世界範圍內清除，正如我所提到的，我們看到 1 月份比 12 月份有所改善，我們對過去幾年為這項業務表達的需求模型非常有信心。

And our next question comes from the line of Elizabeth Anderson with Evercore ISI.

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

I guess on the first side, I think you obviously talked about some of the increased investments that you're making on marketing and also in sales capacity, et cetera. How do we think about the conversion efforts of those initiatives versus sort of prior, and sort of where do you sort of see that hitting in terms of as we're thinking about the pacing of the year?

我想在第一方面，我認為您顯然談到了您在營銷和銷售能力等方面所做的一些增加的投資。我們如何看待這些舉措與之前的轉換工作，以及在我們考慮今年的節奏時，你認為在哪裡實現了這一目標？

Yes. I mean the pacing of the year -- I mean we continue to invest, as we mentioned, John mentioned, I mentioned, too, in marketing. Where we invest? We understand the returns that we get, no matter what the country is or what kind of media we use in order to go after consumers. So we've been very consistent in the sense of that investment. And we move money around based on where we see the most opportunity. John, anything to add?

是的。我的意思是今年的節奏——我的意思是我們繼續投資，正如我們提到的，約翰提到的，我也提到過，在營銷方面。我們在哪裡投資？我們了解我們獲得的回報，無論是哪個國家或我們使用什麼樣的媒體來追求消費者。因此，我們在投資方面一直非常一致。我們會根據我們認為最有機會的地方轉移資金。約翰，有什麼要補充的嗎？

And we -- as we mentioned, we added some sales resources in Q4 to get ahead of sales territories and changes and so on. We saw that show up in Q4, but it really gives us the opportunity then to be able to grow as we get into this year. So it's continued investments to drive the biggest return, and that's what we're continuing to do.

而且我們 - 正如我們所提到的，我們在第四季度添加了一些銷售資源，以領先於銷售區域和變化等。我們在第四季度看到了這種情況，但它確實讓我們有機會在進入今年時能夠成長。因此，持續投資以推動最大回報，這就是我們將繼續做的事情。

Okay. So it sounds like maybe no change in sort of the pacing that we've been seeing before. Maybe as a follow-up, I know you obviously highlighted that the total growth of the company would be in your 20% to 30% range. Do you also see that the case growth on a year-over-year basis would be above 20% as you look out at this point?

好的。所以聽起來我們之前看到的節奏可能沒有變化。也許作為後續行動，我知道你顯然強調了公司的總增長將在你的 20% 到 30% 的範圍內。您是否還看到，當您在這一點上看時，案件的同比增長將超過 20%？

We'd expect them to be similar. When we talk about 20% to 30%, we're talking about revenue for the entire company. But they would be similar from an outlook standpoint.

我們希望它們是相似的。當我們談論 20% 到 30% 時，我們談論的是整個公司的收入。但從前景的角度來看，它們將是相似的。

And our next question comes from the line of Jon Block with Stifel.

我們的下一個問題來自 Jon Block 和 Stifel 的台詞。

Maybe just the first one. The op margin compression year-over-year, the 24.7-ish gap that is to the 24%, maybe you could talk to that. John, I was thinking you were just going to say it's a gross margin thing with scanners likely to grow much faster than case. But to Elizabeth's question, it seems like you expect both to be within the guardrails of 20% to 30%. So is it more a function of you guys just sort of, call it, running a little bit harder on the OpEx line to drive that case volume? And why we would see that year-over-year OM compression. Again, I'm just sort of referring gap-to-gap for apples-to-apples?

也許只是第一個。營業利潤率同比壓縮，24.7 與 24% 的差距，也許你可以談談。約翰，我以為你只是要說這是毛利率問題，掃描儀的增長速度可能比案例快得多。但對於 Elizabeth 的問題，您似乎希望兩者都在 20% 到 30% 的範圍內。那麼，這是否更像是你們的一種功能，稱之為，在 OpEx 線上更努力地運行以推動該案例量？以及為什麼我們會看到年復一年的 OM 壓縮。再說一次，我只是在指蘋果對蘋果的差距？

I think, Jon, it's continued investments like we have with the story to continue to invest that we have and being able to be able to grow into this market. So I think when we look at it overall, we're kind of pegging the GAAP rate to be at 24% for 2022, and we'll evaluate and update as we go forward. But it's continuing to invest. We've got, as you know, our Poland facility going live in 2022. And we have some of those moving parts that will impact our gross margin slightly as a result of that. But -- and that translates to op margin. But those are the initiatives that we have, but nothing out of the ordinary that we've done in the past.

我認為，喬恩，它是像我們一樣繼續投資的故事，繼續投資我們擁有的並能夠成長為這個市場的故事。所以我認為，當我們從整體上看時，我們有點將 2022 年的 GAAP 比率固定為 24%，我們將在前進的過程中進行評估和更新。但它仍在繼續投資。如您所知，我們的波蘭工廠將於 2022 年投入使用。我們有一些活動部件將因此輕微影響我們的毛利率。但是——這轉化為營業利潤率。但這些都是我們所擁有的舉措，但我們過去所做的並沒有什麼特別之處。

Okay. Heads up, this next one is going to be long, probably 2 parts. But maybe can you just get people comfortable with the fact that if you look at your 2Q, 3Q, 4Q '21 case files and the implied guidance for 1Q, to get to 20% to 30% case volumes for the year, you're going to have to rip sequentially in 2Q, 3Q, 4Q of '22. Maybe if you could talk to that?

好的。注意，下一個會很長，可能是 2 個部分。但也許你能讓人們對這樣一個事實感到滿意，如果你查看你的 2Q、3Q、4Q '21 案例文件和對 1Q 的隱含指導，以達到今年 20% 到 30% 的案例量，你是將不得不在 22 年的 2Q、3Q、4Q 中按順序翻錄。也許如果你能和那個談談？

And then the other sort of third question, if you would, admittedly is I'm confused on the 3 points. So if 4Q was impacted by 3 points of growth, why don't we capture, I don't know, 2 or 3 points of that in 1Q '22? Where are those cases going if they're not showing up in the next possible quarter?

然後另一個類型的第三個問題，如果你願意的話，誠然，我對 3 點感到困惑。因此，如果 4Q 受到 3 個增長點的影響，我們為什麼不抓住 22 年 1Q 的 2 或 3 個點呢？如果這些案件沒有在下一個可能的季度出現，它們會去哪裡？

I think I'll maybe start with the last part of your question, Jon. When you think of what's happened in the world with Omicron and the effects of that, it's affecting parts of the world at different phases. You see it even within the U.S. Northeast maybe gets hit with it first. It starts to open up later. After that, maybe other parts of the country get impacted. So it's not like it just happens and you immediately get it back. It comes down to when people are able to go to work, in this case, at doctors' offices, to be able to provide care and then it comes down to when patients feel comfortable to be able to go back in.

我想我可能會從你問題的最後一部分開始，喬恩。當你想到 Omicron 在世界上發生的事情及其影響時，它會在不同階段影響世界的部分地區。即使在美國東北部，你也能看到它可能首先受到它的打擊。它稍後開始打開。在那之後，該國其他地區可能會受到影響。因此，它不會只是發生然後您立即將其取回。歸根結底是人們何時能夠上班，在這種情況下，在醫生辦公室，能夠提供護理，然後歸結為患者何時能夠感到舒適，能夠重返工作崗位。

And so it's not an immediate effect in how we look at it. So think of -- and what we've learned from kind of COVID 1.0, the first time we saw this, we know that there's an impact, and then there's a recovery period. And that's our best view of that recovery period.

因此，這並不是我們看待它的直接影響。所以想一想——我們從 COVID 1.0 中學到了什麼，我們第一次看到這種情況時，我們就知道會產生影響，然後會有一個恢復期。這是我們對恢復期的最佳看法。

John, on your other part about you have to writ the rest of the year, we understand that. I mean we've modeled it out. Remember, our comparisons are a little better second half than they were first half when you look at what we did in 2021 in the first half of the year. So look, we wouldn't make that prediction if we didn't think it was feasible based on what we've seen and what we've modeled.

約翰，另一方面，你必須寫下今年剩下的時間，我們理解這一點。我的意思是我們已經模擬出來了。請記住，當您查看我們在 2021 年上半年所做的事情時，我們下半年的比較比上半年要好一些。所以看，如果我們認為基於我們所見和建模的內容不可行，我們就不會做出這個預測。

Our next question comes from the line of Jeff Johnson with Robert W. Baird.

我們的下一個問題來自 Jeff Johnson 和 Robert W. Baird。

Just a couple of questions here from me. I guess one, John, in 2021, you guys were talking about being within your LRP, but at the upper end of that. Do you want to put any qualifiers on kind of the LRP for 2022? It feels like kind of low end, given where 1Q is starting. But one, do you want to put any qualifiers around where within that LRP you'd expect to be?

我這裡有幾個問題。我猜一個，約翰，在 2021 年，你們談論的是在你的 LRP 內，但在上端。你想在 2022 年的 LRP 上加上任何限定詞嗎？考慮到 1Q 的起點，感覺有點低端。但是，你想在你期望的 LRP 中的哪個位置放置任何限定符嗎？

And two, just to go back to the last 2 questions again. I feel like I'm talking to my 10-year-old kid here, so apologies. But I'm going to give you one more chance. Do you feel like case shipments can still grow within that LRP this year, too, not just revenue? Because you've got some of the new products you're selling, plus you've got faster iTero growth in that, but case shipments also can be within that 20% to 30% LRP. I just want to make sure I'm hearing that correctly.

第二，再次回到最後兩個問題。我覺得我在這里和我 10 歲的孩子說話，所以很抱歉。但我要再給你一次機會。您是否覺得今年的箱子出貨量仍然可以在 LRP 範圍內增長，而不僅僅是收入？因為你有一些你正在銷售的新產品，而且你有更快的 iTero 增長，但箱子出貨量也可以在 20% 到 30% 的 LRP 範圍內。我只是想確保我沒聽錯。

I can answer both of those, Jeff, in terms of the 20% to 30%. We're not going to call kind of high/low on that. We're reaffirming our 20% to 30%, similar to what we talked about at Investor Day despite some of the things that we've talked about here with Omicron and some of those COVID cases and so on. But when we look at Invisalign case volume, we would expect to be in and above that range. So nothing out of the ordinary from what we expect. We don't see -- our ASPs were very similar to what they were in the prior quarter. Provided that there's not FX or other things that we're not projecting now and if there's no change there, we would expect to be in that range as well.

我可以回答這兩個問題，傑夫，就 20% 到 30% 而言。我們不會在這方面稱其為高/低。我們重申我們的 20% 到 30%，類似於我們在投資者日所討論的內容，儘管我們在這裡與 Omicron 和一些 COVID 案例等討論了一些事情。但是，當我們查看 Invisalign 的案例量時，我們預計會在該範圍內或之上。因此，我們所期望的並沒有什麼不尋常的地方。我們沒有看到 - 我們的 ASP 與上一季度非常相似。假設沒有 FX 或其他我們現在沒有計劃的東西，如果那裡沒有變化，我們也希望在這個範圍內。

Fair enough. And then, Joe, maybe kind of just update us on kind of the competitive landscape. We've seen a couple of DSO contracts get announced here from others in the last few months and maybe some talk over in China about some growing competition or slowing end markets in that. But where do you see your end markets across the globe from a competitive standpoint? Would just love to hear your update there.

很公平。然後，喬，也許只是讓我們了解一下競爭格局。在過去的幾個月裡，我們已經看到其他人在這裡宣布了幾份 DSO 合同，也許在中國有些人談論了一些日益激烈的競爭或正在放緩的終端市場。但是，從競爭的角度來看，您如何看待您在全球的終端市場？很想在那裡聽到你的更新。

Jeff, I think from a competitive standpoint, nothing has really changed. As we look out there, you can see the tech we just announced this. We move on in the sense of our capabilities, what we can do. My position has always been that competition isn't really affecting us from a price standpoint. I think you see that and what we're doing. But they do serve to help to broaden the market and increase the market and make -- and increase the awareness.

傑夫，我認為從競爭的角度來看，沒有什麼真正改變。當我們向外看時，您可以看到我們剛剛宣布的技術。我們在能力的意義上繼續前進，我們可以做什麼。我的立場一直是，從價格的角度來看，競爭並沒有真正影響到我們。我想你看到了這一點以及我們正在做的事情。但它們確實有助於拓寬市場、增加市場和製造——並提高意識。

So we feel we are -- in this kind of competitive environment, we're doing well, and we lead in this sense. And there's nothing as we go into 2022 that I won't reflect on that's changed competitively than what I've seen over the last 3 years.

所以我們覺得我們 - 在這種競爭環境中，我們做得很好，我們在這個意義上領先。當我們進入 2022 年時，沒有什麼比我在過去 3 年中所看到的競爭性發生了變化。

And our next question comes from the line of John Kreger with William Blair.

我們的下一個問題來自 John Kreger 和 William Blair。

John, 2 quick ones for you. I think you said that the receivable DSOs were up about 7 days year-over-year. Can you just expand on that? Was that -- were you providing some extra inducements to practices or anything to be concerned about there?

約翰，給你 2 個快速的。我認為您說應收 DSO 同比增加了約 7 天。你能擴展一下嗎？那是 - 你是否提供了一些額外的練習或任何需要關注的東西？

Nothing to be concerned. We're in a fortunate cash position as a company to be able to generate a lot of CFOA and free cash flow. And in working with doctors to be able to give them more flexibility, sometimes we'll extend payments. But we've actually seen historically low amount of past dues as we've gone through this time period in 2021. So we feel very comfortable with that. It's just working with doctors to kind of meet their cash flow needs, but nothing out of the ordinary.

沒什麼好擔心的。作為一家能夠產生大量 CFOA 和自由現金流的公司，我們處於幸運的現金狀況。在與醫生合作以賦予他們更大的靈活性時，有時我們會延長付款期限。但是，在 2021 年的這段時間裡，我們實際上已經看到了歷史上最低的過去會費。所以我們對此感到非常滿意。它只是與醫生合作以滿足他們的現金流需求，但沒有什麼不尋常的。

Okay. Great. And then one other one to clarify. I think you said that you expect the EBIT margin to be under 20% in the first quarter. Was that GAAP or non-GAAP?

好的。偉大的。然後再澄清一個。我認為您說過您預計第一季度的息稅前利潤率將低於 20%。那是 GAAP 還是非 GAAP？

That's GAAP.

那是公認會計原則。

Our next question comes from the line of Jason Bednar with Piper Sandler.

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

Joe, just real quick, and I asked whether you can confirm, you said January improved over December. I thought I heard you say that earlier in the call. Or is it just that the January trend line showed improvement as the month unfolded? Sorry for just clarifying that something nuance like that here.

喬，真的很快，我問你是否可以確認，你說 1 月份比 12 月份有所改善。我想我在電話的早些時候聽到你這麼說。還是只是隨著月份的展開，1 月份的趨勢線顯示出改善？很抱歉在這裡澄清了類似的細微差別。

Yes. I think to clarify, Jason, the month end showed improvement versus December. It was -- it's how COVID spreads across, whether it's one country or parts of countries and so on and how it affects the staff and how it affects the patients in. But as we exited, we're in a better trend line than we started the month with.

是的。傑森，我想澄清一下，月末與 12 月相比有所改善。它是——它是 COVID 傳播的方式，無論是一個國家還是國家的一部分等等，以及它如何影響員工以及它如何影響患者。但是當我們退出時，我們處於比我們更好的趨勢線本月開始。

Okay. Understood. And then maybe as a follow-up to an earlier question, really for Joe or John. I know you often talk about the internal investments you keep making in the business. You talked about running a similar growth algorithm here in '22 as you have in the past. But we also have 2 different case examples here of the market. With pre-COVID, a lot of those resources were helping funding faster growth in your team business. And then the last 18 months during the pandemic, adult demand has really taken off and growing faster than teens.

好的。明白了。然後也許是對先前問題的跟進，真的是針對喬或約翰。我知道您經常談論您在業務中不斷進行的內部投資。您談到在 22 年在這裡運行與過去類似的增長算法。但我們也有兩個不同的市場案例。在 COVID 之前，其中很多資源都在幫助您的團隊業務更快地增長。然後在大流行期間的最後 18 個月，成年人的需求確實起飛並且比青少年增長得更快。

So I guess my question here is, as you went through your year-end planning and you're obviously resourcing this business in another significant way here in '22, how do you approach it for this year? Is it from a sales force add, marketing plan and whatnot? Is it -- are you -- really with respect to how you're thinking about the adult and teen mix that you're expecting for this year?

所以我想我的問題是，當你進行年終計劃時，你顯然在 22 年以另一種重要方式為這項業務提供資源，今年你如何處理它？是來自銷售人員的補充、營銷計劃等等嗎？是不是 - 你 - 真的是關於你如何看待你今年所期待的成人和青少年組合？

I mean we're -- it's Joe, Jason. I mean there's no big change in the sense of what we think the critical drivers are that we have to invest in to drive growth. Where we invest and how we invest is really important. When you look at technology, when you look at consumer pieces, however parts of those demand inflations you want to go to. But remember, there are certain ratios that we always hold to in this business is that what we invest in. And we hold ourselves accountable for those ratios and that performance from a profitability standpoint. But I can't overstate the importance of having a strong sales force.

我的意思是我們是——是喬，傑森。我的意思是，我們認為我們必須投資以推動增長的關鍵驅動因素沒有太大變化。我們在哪裡投資以及如何投資非常重要。當您查看技術時，當您查看消費品時，無論您想要達到的需求膨脹的部分。但請記住，我們在這項業務中始終堅持的某些比率就是我們所投資的。從盈利能力的角度來看，我們對這些比率和業績負責。但我不能誇大擁有強大銷售隊伍的重要性。

We talked about additional salespeople we're putting in place. Our consumer brand means a lot in the sense of our growth. And that's becoming more and more sophisticated in the sense of where we spend those dollars and how we spend those dollars. But leading in technology, you have to have technology in this business. And that's why we're excited to really announce what we did today. We've been working on these programs for 3 years or more. And these are game-breakers in the sense of how you interface with a doctor and how a doctor interfaces with patients.

我們談到了我們正在安排的額外銷售人員。我們的消費品牌對我們的成長意義重大。在我們將這些錢花在哪里以及如何花掉這些錢的意義上，這變得越來越複雜。但是在技術上領先，你必須在這個行業擁有技術。這就是為什麼我們很高興能夠真正宣布我們今天所做的事情。我們已經在這些程序上工作了 3 年或更長時間。從您如何與醫生互動以及醫生如何與患者互動的意義上來說，這些都是遊戲破壞者。

And I would just add to that, Jason. We're investing with that return on investment in mind. That's how we look at our long-term growth model. And when we make investments, we have that in mind. In some countries, you're going deeper, you're adding more salespeople to get closer to doctors and really trying to drive that utilization. In other areas where you don't have a direct sales force, you're just adding and just trying to get the breadth in there.

我想補充一點，傑森。我們在投資時考慮到了投資回報。這就是我們如何看待我們的長期增長模式。當我們進行投資時，我們會牢記這一點。在一些國家，你會走得更深，你會增加更多的銷售人員以更接近醫生，並真正努力推動這種利用。在您沒有直接銷售人員的其他領域，您只是在添加並試圖擴大那裡的廣度。

And then we've been talking about a lot of the marketing activities and other things that we do to drive that awareness in some of those markets and coupled with the research and development investments. Some of it operations, again, to get closer to our customers like in Poland. So it's a multitude of investments, but we look at it with how do we generate the best return, and there's multiple different ways that we do it across these functions.

然後我們一直在談論很多營銷活動和我們為在其中一些市場上提高這種意識所做的其他事情，以及研發投資。再次，它的一些操作是為了更接近我們的客戶，比如在波蘭。因此，這是一項多項投資，但我們會從如何產生最佳回報的角度來看待它，並且我們有多種不同的方式可以在這些功能中做到這一點。

Thanks, Jason. Operator, we'll take one more call, please?

謝謝，傑森。接線員，我們再接一個電話好嗎？

Sure. The last question we have is from the line of Brandon Couillard with Jefferies.

當然。我們的最後一個問題來自 Brandon Couillard 和 Jefferies 的觀點。

John, you've talked about freight costs for a few quarters now. Any chance you're planning a list price increase this year to help offset some of that? It's been a few years since you've taken less pricing?

約翰，你已經談了幾個季度的運費了。您是否有計劃在今年提高標價以幫助抵消其中的一部分？您已經有幾年沒有採取較低的定價了？

Yes, it's a good question. We are seeing freight -- it looks like many companies have. We have a lot of plans in place to drive productivity. The operating team is very aware of our cost inputs and where we can drive productivity, getting closer to our customers, like we talk in Poland. Once we get there, that will be a freight savings. And once we're operational there, and that will help. But we haven't really finalized any plans on a price increase.

是的，這是個好問題。我們看到了貨運——看起來很多公司都有。我們制定了很多計劃來提高生產力。運營團隊非常了解我們的成本投入以及我們可以在哪些方面提高生產力，更接近我們的客戶，就像我們在波蘭所說的那樣。一旦我們到達那裡，這將節省運費。一旦我們在那裡開始運作，那將有所幫助。但我們還沒有真正敲定任何提價計劃。

We'll evaluate as we go through. And the first people that we talk to would be our customers. But you're right, we understand the price is important, but we're also very sensitive to our customers and what they've had to go through as we've been on this COVID journey. So nothing in the works now.

我們將在進行過程中進行評估。我們首先與之交談的人將是我們的客戶。但你說得對，我們知道價格很重要，但我們也對我們的客戶以及他們在這次 COVID 之旅中所經歷的事情非常敏感。所以現在什麼都沒有。

Okay. And then Joe, on iTero, I appreciate the detail as far as more than 50% of placements being new buyers. I would actually expect that to be normally the case. So what's the relevancy of that metric? Is that up a lot compared to historical levels? And what percent of those placements are being used for Invisalign case submissions?

好的。然後喬，在 iTero 上，我很欣賞超過 50% 的展示位置是新買家的細節。我實際上希望通常情況如此。那麼該指標的相關性是什麼？與歷史水平相比，這是否上升了很多？這些展示位置中有多少百分比用於 Invisalign 案例提交？

Over the years, Brandon, we've obviously seen that correlation, and we've communicated it to you in the sense if you sell more iTero scanners, you sell more Invisalign. And that's obviously the front end of our digital system, and it works for us really well. We just [set aside] the 50% because, one, you saw we had a very strong fourth quarter for iTero. And we always have strong fourth quarters. So this was exceptional in that sense.

多年來，Brandon，我們顯然已經看到了這種相關性，並且我們已經將其傳達給您，如果您銷售更多 iTero 掃描儀，您就會銷售更多 Invisalign。這顯然是我們數字系統的前端，它對我們非常有效。我們只是 [擱置] 50%，因為，一個，你看到 iTero 第四季度的表現非常強勁。我們總是有強勁的第四季度。所以從這個意義上說，這是例外。

And it was a good signal from the practices that we're dealing with that this had to do with the day-to-day flow that you see from an Invisalign patient standpoint. It had nothing to do with their enthusiasm in the sense of embracing the digital environment that we're talking about. So to see the number of sales that we had really in the last couple of weeks of the quarter, it was just a good signal for us. And we wanted to share that with you is that this market is embracing digital even when it's under pressure. And we're performing really well in that area.

從我們正在處理的實踐中，這是一個很好的信號，這與您從 Invisalign 患者的角度看到的日常流程有關。在擁抱我們正在談論的數字環境的意義上，這與他們的熱情無關。因此，要查看我們在本季度最後幾週的實際銷售數量，這對我們來說是一個很好的信號。我們想與您分享的是，即使面臨壓力，這個市場也在擁抱數字化。我們在這方面的表現非常好。

As far as 50%, whatever and how -- I don't know exactly what the historical percentages are in that way. But we're -- obviously, what we're excited about is once those scanners are in place, it gives us a good foundation to sell Invisalign.

至於 50%，不管怎樣——我不知道這種方式的歷史百分比究竟是多少。但我們 - 顯然，我們感到興奮的是，一旦這些掃描儀到位，它為我們銷售 Invisalign 提供了良好的基礎。

And we have reached the end of our question and session. I now turn the call back over to Shirley Stacy for closing remarks.

我們的問題和會議已經結束。我現在將電話轉回給雪莉·斯泰西（Shirley Stacy）以作結束語。

Thank you. Thanks, everyone, for joining us today. We look forward to speaking to you at upcoming financial conferences and industry meetings. If you have any questions or follow-up, please contact our Investor Relations team. Have a great day.

謝謝你。謝謝大家，今天加入我們。我們期待在即將舉行的金融會議和行業會議上與您交談。如果您有任何問題或跟進，請聯繫我們的投資者關係團隊。祝你有美好的一天。

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

今天的會議到此結束，此時您可以斷開線路。感謝您的參與。