愛齊科技 (ALGN) 2020 Q4 法說會逐字稿

Greetings, and welcome to the Align 4Q and Fiscal Year Earnings 2020 Call.

您好，歡迎來到 Align 4Q 和 2020 財年收益電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Shirley Stacy.

提醒一下，這次會議正在錄製中。現在我很高興向您介紹主持人 Shirley Stacy。

Thank you, Shirley. You may begin.

謝謝你，雪莉。你可以開始了。

Good afternoon. Thank for joining us. I'm Shirley Stacy, Vice President of Corporate Communications and Investor Relations. Joining me for today's call is Joe Hogan, President and CEO; and John Morici, CFO.

下午好。感謝您加入我們。我是企業傳播和投資者關係副總裁 Shirley Stacy。與我一起參加今天電話會議的是總裁兼首席執行官 Joe Hogan；和首席財務官 John Morici。

We issued fourth quarter and full year 2020 financial results today via Globe Newswire, which is available on our website at investor.aligntech.com.

我們今天通過 Globe Newswire 發布了 2020 年第四季度和全年財務業績，可在我們的網站 investor.aligntech.com 上獲取。

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 February 17. To access the telephone replay, domestic callers should dial (877) 660-6853 with conference number 13714292 followed by pound. International callers should dial (201) 612-7415 with the same conference number.

今天的電話會議正在通過音頻網絡直播，並將在我們的網站上存檔大約 1 個月。今天下午 5 點 30 分左右將提供電話重播。東部時間下午 5:30東部時間 2 月 17 日。要收聽電話重播，國內來電者應撥打 (877) 660-6853，會議號碼為 13714292，然後按英鎊。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.

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，涉及風險和不確定性，這些風險和不確定性在我們最近提交給美國證券交易委員會的定期報告中有更詳細的描述，可在我們的網站和 sec.gov 上獲取。

Actual results may vary significantly, and Align expressly assumes no obligation to update any forward-looking statements. We have posted historical financial statements, including the corresponding reconciliations, including our GAAP to non-GAAP reconciliation, if applicable, and our fourth quarter and full year 2020 conference call slides on our website under quarterly results.

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。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），以及我們網站上季度業績下的第四季度和 2020 年全年電話會議幻燈片。

Please refer to these files for more detailed information. And with that, I'd like to turn the call over to Align Technology's President and CEO, Joe Hogan. Joe?

請參閱這些文件以獲取更多詳細信息。說到這裡，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 some highlights from the fourth quarter and full year, then briefly discuss the performance of our 2 operating segments, Clear Aligner and Systems and Services.

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，我將提供第四季度和全年的一些亮點，然後簡要討論我們兩個運營部門的表現，即 Clear Aligner 和系統和服務。

John will provide more detail on our financial results and share additional color on business trends. Following that, I'll come back and summarize a few key points and open the call to questions.

約翰將提供有關我們財務業績的更多詳細信息，並分享有關業務趨勢的更多信息。之後，我會回來總結幾個要點，然後開始提問。

Our fourth quarter was a strong finish to the year, with record revenues and volumes from both Invisalign aligners and iTero scanners, as well as increased gross margins, operating margins, EPS and cash flow. Our fourth quarter performance was driven by strong year-over-year growth across customer channels and regions and continued momentum sequentially.

我們的第四季度以強勁的表現結束了這一年，Invisalign 矯治器和 iTero 掃描儀的收入和銷量均創下歷史新高，毛利率、營業利潤率、每股收益和現金流也有所增加。我們第四季度的業績受到跨客戶渠道和地區的強勁同比增長以及持續的增長勢頭的推動。

During the quarter, we achieved a major milestone in EMEA, with a shipment to our 2 millionth Invisalign patient that will be amplified with the EMEA-wide campaign that will launch next month. This milestone for EMEA reflects strong acceleration in Invisalign adoption and growth.

在本季度，我們在 EMEA 取得了一個重要的里程碑，向我們的第 200 萬名 Invisalign 患者發貨，這將通過下個月啟動的 EMEA 範圍內的活動得到擴大。 EMEA 的這一里程碑反映了 Invisalign 的採用和增長的強勁加速。

For Q4, total revenues were $834.5 million, up 13.7% sequentially and up 28.4% year-over-year. Q4 '20 Clear Aligner revenues of $700.7 million were up 12.9% sequentially and increased 28.9% year-over-year. In Q4, we shipped a record 568,000 Invisalign cases, an increase of 14.5% sequentially and 37.3% year-over-year.

第四季度總收入為 8.345 億美元，環比增長 13.7%，同比增長 28.4%。 20 年第四季度 Clear Aligner 收入為 7.007 億美元，環比增長 12.9%，同比增長 28.9%。第四季度，我們出貨了創紀錄的 568,000 件隱適美牙套，環比增長 14.5%，同比增長 37.3%。

Q4 reflects increased Invisalign adoption from both adults and teenagers, which are up 36.7% and 38.7% year-over-year, respectively. Our teen and mom-focused consumer campaign generated 77% year-over-year increase in unique visitors to our website and 76% increase in lead generation.

第四季度反映出成人和青少年對 Invisalign 的採用有所增加，分別同比增長 36.7% 和 38.7%。我們以青少年和媽媽為中心的消費者活動使我們網站的獨立訪問者同比增長 77%，潛在客戶增長 76%。

In addition, Invisalign social media influencers like Charli D'Amelio, Marsai Martin, Christina Milian, Tisha Campbell-Martin, Rachel Zoe, Tiffany Ma and Tahj Mowry, continue to deliver exciting new content and increased engagement for the Invisalign brand with consumers and among their millions of followers.

此外，Charli D'Amelio、Marsai Martin、Christina Milian、Tisha Campbell-Martin、Rachel Zoe、Tiffany Ma 和 Tahj Mowry 等 Invisalign 社交媒體影響者繼續提供令人興奮的新內容，並增加 Invisalign 品牌與消費者和其他人的互動他們數百萬的追隨者。

Our Digital Platform continues to gain traction as doctors' usage of iTero scanners increase. Our consumer and patient app was rolled out to more than 50 markets, resulting in more than a 2.5x increase in apps download and monthly active users in 2020 versus a year ago.

隨著醫生對 iTero 掃描儀的使用增加，我們的數字平台繼續受到關注。我們的消費者和患者應用程序已推廣到 50 多個市場，與一年前相比，2020 年應用程序下載量和月活躍用戶數增加了 2.5 倍以上。

Our patient feature usage continues to increase. For example, Invisalign virtual appointment was used 68,000 times. Our insurance verification feature was used 26,000 times and more than 30,000 patients enrolled in Invisalign Virtual Care in 2020. Our new consumer website was rolled out to more than 40 markets around the world and is driving increased effectiveness in lead generation. We also launched an improved new doctor recruitment website in the U.S. and Canada to support our digital conversion journey. This will be expanded to other markets in the next few months.

我們對患者功能的使用持續增加。例如，Invisalign 虛擬預約使用了 68,000 次。 2020 年，我們的保險驗證功能被使用了 26,000 次，有超過 30,000 名患者註冊了 Invisalign Virtual Care。我們的新消費者網站已在全球 40 多個市場推出，並正在提高潛在客戶生成的有效性。我們還在美國和加拿大推出了一個改進的新醫生招聘網站，以支持我們的數字轉換之旅。這將在未來幾個月內擴展到其他市場。

From a product perspective, growth was strong across the Invisalign portfolio, especially for noncomprehensive cases, including Invisalign Go and Invisalign Moderate. There are also more doctors engaging with us through the Aligned Digital and Practice Transformation, or ADAPT program, as more practices are moving towards digital practice optimization.

從產品的角度來看，Invisalign 產品組合的增長強勁，特別是對於非綜合案例，包括 Invisalign Go 和 Invisalign Moderate。隨著越來越多的實踐轉向數字實踐優化，也有更多的醫生通過對齊的數字和實踐轉型 (ADAPT) 計劃與我們合作。

As you'll recall, ADAPT was piloted over 2 years ago and is being commercialized as a standalone service, providing the relevant workforce, clinical and marketing support to enable doctors to digitally transform their practices. In Q4, we shipped a record 77,000 Invisalign doctors worldwide, of which a record 7,300 were first time customers. We also trained over 6,400 new docs in Q4, including over 3,900 international doctors.

您可能還記得，ADAPT 在兩年多前進行了試點，目前正在作為一項獨立服務進行商業化，提供相關的勞動力、臨床和營銷支持，使醫生能夠對他們的實踐進行數字化轉型。在第四季度，我們向全球運送了創紀錄的 77,000 名 Invisalign 醫生，其中創紀錄的 7,300 名是首次客戶。我們還在第四季度培訓了 6,400 多名新醫生，其中包括 3,900 多名國際醫生。

Q4 '20 System and Services revenues of $133.8 million were up 18% sequentially, driven by momentum in the Americas and EMEA, and up 26% year-over-year, reflecting strong growth in EMEA and Asia Pacific. Our results reflect continued strong uptake of the iTero Element 5D, the only inter oral scanner with caries detection, which is scaling rapidly across each region and represented approximately 1/3 of iTero volumes in Q4.

20 年第四季度系統和服務收入為 1.338 億美元，環比增長 18%，受美洲和 EMEA 增長勢頭的推動，同比增長 26%，反映出 EMEA 和亞太地區的強勁增長。我們的結果反映了 iTero Element 5D 的持續強勁使用，這是唯一一款具有齲齒檢測功能的口腔內掃描儀，它在每個地區都迅速擴大，佔第四季度 iTero 銷量的大約 1/3。

Innovation remains a cornerstone of our business. Today, we announced the availability of the iTero Element Plus series, which expands our portfolio of iTero Element scanners and Imaging Systems to include new solutions that serve a broader range of the dental marketplace.

創新仍然是我們業務的基石。今天，我們宣布推出 iTero Element Plus 系列，它擴展了我們的 iTero Element 掃描儀和成像系統產品組合，包括服務於更廣泛牙科市場的新解決方案。

The new iTero Element plus series of scanners and Imaging Systems builds on the success of the award-winning iTero Element family and offers in all the existing orthodontic and restorative digital capabilities, doctors have come to rely on, plus faster processing time and advanced visualization capabilities for a seamless scanning experience in a new sleek, ergonomically designed package.

新的 iTero Element plus 系列掃描儀和成像系統建立在屢獲殊榮的 iTero Element 系列的成功基礎之上，提供醫生所依賴的所有現有正畸和修復數字功能，以及更快的處理時間和先進的可視化功能在符合人體工程學設計的全新時尚包裝中獲得無縫掃描體驗。

We announced the launch of our next-gen ClinCheck Pro 6.0 proprietary treatment planning software with in-face visualization, and our Invisalign G8 improved predictability in our last earnings call, we announced. Their availability is being expanded across all regions.

我們宣布推出具有面部可視化功能的下一代 ClinCheck Pro 6.0 專有治療計劃軟件，我們宣佈在上次財報電話會議上我們的 Invisalign G8 提高了可預測性。它們的可用性正在所有地區擴展。

Further, we launched several enhancements to our treatment planning including improved final teeth position and auto segmentation. We also added several new features to our virtual care tool.

此外，我們對我們的治療計劃進行了多項改進，包括改進最終牙齒位置和自動分割。我們還為我們的虛擬護理工具添加了幾項新功能。

For the full year 2020, total net revenues were a record $2.5 billion, up 2.7% year-over-year. Clear Aligner revenues of $2.1 billion were up 3.7%, reflecting a record 1.6 million Invisalign shipments and growth of 7.9%. During the year, 30.3% of total Invisalign cases or nearly 0.5 million teens or younger started Invisalign treatment. This is up 11.5% from 2019. System and Services revenues were down slightly compared to 2019.

2020 年全年，總淨收入達到創紀錄的 25 億美元，同比增長 2.7%。 Clear Aligner 收入為 21 億美元，增長 3.7%，反映出創紀錄的 160 萬件 Invisalign 出貨量和 7.9% 的增長。在這一年中，Invisalign 隱適美病例總數的 30.3% 或近 50 萬青少年或更年輕的人開始了 Invisalign 隱適美治療。這比 2019 年增長了 11.5%。與 2019 年相比，系統和服務收入略有下降。

2020 was a year unlike any other we've experienced. The COVID-19 pandemic and its impact have been life changing, marked by loss and separation, recovery and renewal, record highs and lows and significant milestones and accomplishments. Even at a time of huge disruption, we all had to adapt, evaluate priorities and develop new ways of doing things, both personally and professionally. Through it all, Align's priority has been the health and well-being of our employees and their families and our doctor customers and their staff, and that remains a constant.

2020 年與我們經歷過的任何一年都不一樣。 COVID-19 大流行及其影響改變了生活，其特點是失去和分離、恢復和更新、創紀錄的高點和低點以及重要的里程碑和成就。即使在一個巨大的混亂時期，我們都必須適應、評估優先事項並開發新的做事方式，無論是個人還是專業。自始至終，Align 的首要任務一直是我們的員工及其家人以及我們的醫生客戶及其員工的健康和福祉，而且這一點始終如一。

Despite the swift onset of the pandemic and the uncertainty through 2020, we didn't halt our plans or change our strategy for continued growth. We completed the acquisition of exocad, accelerated our investments in marketing to create Invisalign brand awareness and drive consumer demand for our doctors' offices, accelerated new technology to market with virtual tools that enable our doctors to stay connected with their patients, provided PPE to those in need and supported doctors and their teams with online education and digital forms that went beyond products to help them navigate the uncertainty of the pandemic. As a result of our continued strategic focus and investments, we exited the year stronger than we started and 2021 is off to a great start.

儘管大流行病的迅速爆發和到 2020 年的不確定性，我們並沒有停止我們的計劃或改變我們的持續增長戰略。我們完成了對 exocad 的收購，加快了對營銷的投資，以建立 Invisalign 品牌知名度並推動消費者對我們醫生辦公室的需求，通過虛擬工具加速新技術上市，使我們的醫生能夠與患者保持聯繫，為那些有需要的醫生和他們的團隊提供在線教育和數字形式，這些形式超越了產品，幫助他們應對大流行的不確定性。由於我們持續的戰略重點和投資，我們以比年初更強勁的表現結束了這一年，2021 年有了一個良好的開端。

Now let's turn to the specifics around our fourth quarter, starting with the Americas. For the Americas region, Q4 Invisalign case volume was up 12.7% sequentially and up 34.1% year-over-year, reflecting increased utilization of Invisalign treatment for both orthodontic and GP channels. Our continued investments in digital marketing and sales programs and focus on market segmentation are helping drive strong growth of Invisalign clear aligners and iTero products.

現在讓我們從美洲開始談談第四季度的具體情況。在美洲地區，第四季度 Invisalign 病例數環比增長 12.7%，同比增長 34.1%，反映出 Invisalign 治療在正畸和 GP 渠道中的使用率增加。我們對數字營銷和銷售計劃的持續投資以及對市場細分的關注正在幫助推動 Invisalign 隱形矯治器和 iTero 產品的強勁增長。

During the quarter, we continued offering sales initiatives to our doctor partners to help drive adoption of Invisalign and iTero products. The Bracket Buy Back - Switch program, which we launched in North America in Q2 '20, continues to drive conversions from wires and brackets to Invisalign clear aligners.

在本季度，我們繼續向我們的醫生合作夥伴提供銷售計劃，以幫助推動 Invisalign 和 iTero 產品的採用。我們於 20 年第二季度在北美推出的支架回購 - 轉換計劃繼續推動從線材和支架到 Invisalign 透明對準器的轉換。

During Q4, and this program resulting -- has resulted in about 10,000 new cases, similar to Q3. We believe it's also causing a halo effect with patients switching from wires and brackets to Invisalign clear aligners with increased awareness of the benefits of Invisalign treatment and how it is less disruptive to their lives with the outcome of a beautiful smile through an Invisalign-trained doctor.

在第四季度期間，這個項目產生了大約 10,000 個新病例，與第三季度類似。我們認為這也會導致光環效應，患者從線材和支架轉向 Invisalign 隱形矯治器，提高了對 Invisalign 治療的好處的認識，以及它如何減少對他們生活的干擾，並通過 Invisalign 訓練有素的醫生帶來美麗的笑容.

The Teen Awesomeness Centers programs, direct patients to Invisalign doctors who are experts at treating teens, and are seen as the go-to docs for treatment. We continue to see growth with Invisalign First for treatment in younger kids, driving increased comprehensive treatments within North America ortho channel.

Teen Awesomeness Centers 計劃將患者引導至 Invisalign 醫生，他們是治療青少年的專家，被視為治療的首選醫生。我們繼續看到 Invisalign First 在年幼兒童治療方面的增長，推動了北美正通道綜合治療的增加。

Latin American volume was also up year-over-year, led by strong growth in Brazil and Mexico. We believe the market for orthodontic treatment is huge in Latin America as we continue to grow our presence across the region. We saw increased utilization in the GP channel with Invisalign Go and the continued adoption of Moderate. The GP Accelerator program, designed exclusively for general practitioner dentists, provides an all-encompassing support plan based on practice needs that is centered around maximizing iTero integration, clinical support needs and implementing new marketing strategies.

在巴西和墨西哥的強勁增長帶動下，拉丁美洲的銷量也同比增長。我們相信，隨著我們在該地區的業務不斷擴大，拉丁美洲的正畸治療市場是巨大的。我們看到 Invisalign Go 在 GP 渠道中的利用率有所提高，並且繼續採用 Moderate。 GP Accelerator 計劃專為全科醫生牙醫設計，提供基於實踐需求的全方位支持計劃，其中心是最大限度地實現 iTero 集成、臨床支持需求和實施新的營銷策略。

We also see increased utilization with GP dentists that have enrolled in the iPro program as well as with doctors that have installed the iTero scanner. DSO utilization also increased and continues to be a strong growth driver, led by Heartland and Smile docs. For the full year, Americas Invisalign volume was up 3.6%.

我們還看到已加入 iPro 計劃的 GP 牙醫以及安裝了 iTero 掃描儀的醫生的使用率有所提高。在 Heartland 和 Smile docs 的帶動下，DSO 的利用率也有所增加並繼續成為強勁的增長動力。全年，美洲 Invisalign 銷量增長 3.6%。

For international business, Q4 Invisalign case volume was up sequentially 6.7%, led by strong growth in EMEA as doctors returned from summer holiday season, offset somewhat by seasonally slower period in China. On a year-over-year basis, international shipments were up 41.1%, reflecting increases throughout both EMEA and APAC. For the full year, International Invisalign volume was up 13.3%.

對於國際業務，第四季度 Invisalign 病例量環比增長 6.7%，這主要是由於 EMEA 的強勁增長，因為醫生從暑假季返回，在一定程度上被中國的季節性放緩期所抵消。與去年同期相比，國際出貨量增長了 41.1%，反映出整個 EMEA 和亞太地區的增長。全年，國際 Invisalign 銷量增長 13.3%。

For EMEA, Q4 volumes were up sequentially 47.9% and 48.3% on a year-over-year basis across all markets, with strong performance across both ortho and GP channels. Within the GP channel specifically, we saw acceleration in both utilization and shipments with Invisalign Go.

對於歐洲、中東和非洲地區，第四季度所有市場的銷量同比分別增長 47.9% 和 48.3%，直銷和 GP 渠道均表現強勁。具體而言，在 GP 渠道內，我們看到 Invisalign Go 的利用率和出貨量都在加速。

We also saw acceleration in both core and expansion markets with growth in our core markets led by Iberia, U.K. and France, along with continued growth in our expansion markets led by Central and Eastern Europe and the Benelux. We introduced the Ortho Recovery 360 program in EMEA last quarter to support our orthodontist as they started reopening their businesses. As of Q4, 3,200 orthodontists have enrolled in the program.

我們還看到核心市場和擴展市場都在加速增長，以伊比利亞、英國和法國為首的核心市場實現增長，同時以中東歐和比荷盧經濟聯盟為首的擴展市場持續增長。上個季度，我們在歐洲、中東和非洲地區推出了 Ortho Recovery 360 計劃，以支持我們的正畸醫生開始重新開業。截至第 4 季度，已有 3,200 名正畸醫生參加了該計劃。

During the quarter, we launched a Recovery II program with a refreshed website featuring all digital tools, growth programs and education events for EMEA doctors to support their relief efforts during COVID-19. We also held our Digital Innovation Forum at the beginning of December, where approximately 900 doctors, both ortho and GP, attended the 2-day forum event with keynotes on the digitization of dental practices. We also continued our digital excellence series of webinars launched by the iTero team.

在本季度，我們推出了 Recovery II 計劃和更新後的網站，為 EMEA 醫生提供所有數字工具、成長計劃和教育活動，以支持他們在 COVID-19 期間的救災工作。我們還在 12 月初舉辦了數字創新論壇，大約 900 名正畸醫生和全科醫生參加了為期 2 天的論壇活動，並發表了關於牙科實踐數字化的主題演講。我們還繼續舉辦由 iTero 團隊發起的數字卓越系列網絡研討會。

Throughout the quarter, the following digital innovations were also launched across EMEA: Invisalign G8; ClinCheck Pro 6.0; and Invisalign Go Plus to help drive Invisalign clear aligner utilization. To support our GP doctors, we launched our GP Recovery 360 program last quarter, with over 2,700 GPs enrolled so far. We continue to offer online and on-demand education events, which reached over 15,000 GPs cumulatively. For the full year, EMEA Invisalign volume was up 12.6%.

在整個季度，EMEA 還推出了以下數字創新產品：Invisalign G8；臨床檢查專業版 6.0；和 Invisalign Go Plus，以幫助提高 Invisalign 隱形矯治器的利用率。為了支持我們的 GP 醫生，我們在上個季度啟動了 GP Recovery 360 計劃，到目前為止已有 2,700 多名 GP 註冊。我們繼續提供在線和按需教育活動，累計覆蓋超過 15,000 名 GP。全年，EMEA Invisalign 銷量增長 12.6%。

For APAC, Q4 volumes were down sequentially, 14.7%. Notwithstanding typical Q4 seasonality in China, following a strong Q3, we had strong growth in Japan and ANZ and Southeast Asia. On a year-over-year basis, APAC was up 30% compared to the prior year, reflecting continued strong growth across the region. We were pleased to see the growth in the adult segment with noncomprehensive cases with the Invisalign Moderate product in the GP channel.

對於亞太地區，第四季度銷量環比下降 14.7%。儘管中國第四季度具有典型的季節性，但在強勁的第三季度之後，我們在日本、澳新銀行和東南亞實現了強勁增長。與去年同期相比，亞太地區比上一年增長了 30%，反映了該地區持續強勁的增長。我們很高興看到 GP 渠道中使用 Invisalign Moderate 產品的非綜合病例在成人市場的增長。

In the teen segment, we also saw an increase in utilization amongst Invisalign doctors, and we saw continued acceleration from Japan and ANZ. For the full year, APAC Invisalign volume was up 14.3%. Last year, we launched a new and improved digital learning environment for our doctors offering a comprehensive learning platform with role-specific content for orthos, GPS and their teams.

在青少年群體中，我們還看到 Invisalign 醫生的使用率有所提高，並且我們看到日本和澳新銀行的使用率持續加速。全年，亞太地區 Invisalign 銷量增長 14.3%。去年，我們為我們的醫生推出了一個新的和改進的數字學習環境，為矯形器、GPS 及其團隊提供了一個包含特定角色內容的綜合學習平台。

The improved functionality enables more online learning opportunities with spotlight features for what's trending now, recommended learning path based on doctors' experiences and expanded categories including digital treatment planning, comprehensive dentistry and team education.

改進的功能提供了更多的在線學習機會，包括針對當前趨勢的聚焦功能、基於醫生經驗的推薦學習路徑以及包括數字治療計劃、綜合牙科和團隊教育在內的擴展類別。

For the year, over 127,000 doctors have accessed recorded lectures, completed self-paced learning modules and watched how-to videos with new certified doctors viewing more than 1.4 million pages of content. Among the ortho channel, over 47,000 unique users have engaged with the digital learning site, with an additional 80,000 unique users from the GP channel.

這一年，超過 127,000 名醫生訪問了錄製的講座，完成了自定進度的學習模塊，並觀看了指導視頻，新獲得認證的醫生觀看了超過 140 萬頁的內容。在 ortho 頻道中，超過 47,000 名獨立用戶參與了數字學習網站，另外還有 80,000 名獨立用戶來自 GP 頻道。

As we've mentioned, we are seeing good adoption of the ADAPT program, which is an expert and independent fee-based business consulting service offered by Align to optimize clinics' operational workflow and processes to enhance the patient's experience and customer and staff satisfaction, which will, in turn, translate into higher growth and greater efficiencies for orthodontic practices.

正如我們所提到的，我們看到 ADAPT 計劃得到了很好的採用，這是一項由 Align 提供的專家和獨立的收費業務諮詢服務，旨在優化診所的運營工作流程和流程，以提高患者的體驗以及客戶和員工的滿意度，反過來，這將轉化為正畸實踐的更高增長和更高效率。

As a result, the ADAPT service -- participating process in Q4 improved profitability significantly after implementation. Our consumer marketing is focused on capitalizing on the massive market opportunity to transform 500 million smiles, educating consumers about the Invisalign system and driving that demand to our Invisalign doctor offices.

因此，ADAPT 服務——第四季度的參與流程在實施後顯著提高了盈利能力。我們的消費者營銷專注於利用巨大的市場機會來改變 5 億人的笑容，向消費者宣傳 Invisalign 系統並推動對我們 Invisalign 醫生辦公室的需求。

In Q4, we saw strong digital engagement globally, with more than a 77% increase in unique visitors, a 108% increase in doc locator searches and 76% increase in leads created, driven by our global adult- and mom-focused campaigns and teen-focused influencer content. Our U.S. mom/teen multi-touch multimillion-dollar campaign, with influencer-led YouTube videos, a mom-focused TV spot, a custom Twitch activation, and mega teen sensation, Charli D'Amelio, continued to perform very well and garnered 2.7 billion impressions in Q4. The statistics I shared previously speak to the successful reach of this marketing campaign is having to not only drive demand with consumers but also in educating them on the benefits of Invisalign treatment through a doctor's office.

在第四季度，我們在全球範圍內看到了強大的數字參與度，在我們以成人和媽媽為重點的全球活動和青少年的推動下，獨立訪客增加了 77% 以上，文檔定位器搜索增加了 108%，創造的潛在客戶增加了 76% - 專注於影響者的內容。我們耗資數百萬美元的美國媽媽/青少年多點觸控活動，包括有影響力的 YouTube 視頻、一個以媽媽為中心的電視廣告、一個定制的 Twitch 活動和超級青少年明星 Charli D'Amelio，繼續表現出色並獲得 2.7十億印像在第四季度。我之前分享的統計數據表明，這項營銷活動的成功影響不僅要推動消費者的需求，還要通過醫生辦公室向他們宣傳 Invisalign 隱適美治療的好處。

In Q4, we also launched media tests in the EMEA region, in the U.K., Germany and France, and in the APAC region in Australia and Japan. These have worked very well and resulted in more than a 6x increase in leads in EMEA and a 3x increase in leads in APAC. Several key metrics that show increased activity and engagement with the Invisalign brand are included in our Q4 quarterly presentation slides available on our website.

在第四季度，我們還在 EMEA 地區、英國、德國和法國以及亞太地區的澳大利亞和日本開展了媒體測試。這些措施非常有效，導致歐洲、中東和非洲地區的銷售線索增加了 6 倍以上，亞太地區的銷售線索增加了 3 倍。顯示 Invisalign 品牌活動和參與度增加的幾個關鍵指標包含在我們網站上提供的第 4 季度季度演示幻燈片中。

Align is always looking for new opportunities to reach consumers and be relevant to potential patients, wherever they work, live and play, which is why we announced the Invisalign brand is the official clear aligner sponsor of the National Football League, the NFL, and 11 NFL teams, including the Tampa Bay Buccaneers and Kansas City Chiefs.

Align 一直在尋找新的機會來接觸消費者並與潛在患者相關，無論他們在哪里工作、生活和娛樂，這就是為什麼我們宣布 Invisalign 品牌是美國國家橄欖球聯盟、NFL 和 11 的官方隱形矯治器贊助商NFL 球隊，包括坦帕灣海盜隊和堪薩斯城酋長隊。

The NFL league partnership, designed to expand our reach with consumers, generated over 150 million impressions in 2020, helping to drive awareness of Invisalign clear aligner treatment at a national level, while the team agreements are designed to help us engage within key markets and connect consumers with doctors in those markets.

NFL 聯盟合作夥伴關係旨在擴大我們與消費者的聯繫，在 2020 年產生了超過 1.5 億次印象，有助於在全國范圍內提高對 Invisalign 隱形矯治器治療的認識，而團隊協議旨在幫助我們參與關鍵市場並建立聯繫那些市場上有醫生的消費者。

For our Systems and Services business, Q4 revenues were up 18% sequentially due to higher shipments and services revenue. We continue to see momentum, with the iTero Element 5D Imaging System gaining traction in all regions with significant Element Flex sales in EMEA.

對於我們的系統和服務業務，由於出貨量和服務收入增加，第四季度收入環比增長 18%。我們繼續看到勢頭，iTero Element 5D 成像系統在歐洲、中東和非洲地區的 Element Flex 銷量顯著，在所有地區都獲得了關注。

On a year-over-year basis, Systems and Services revenues were up 26% due to higher shipments and services. For the year, our System and Services total revenues were down 2.8% year-over-year, cumulatively over 3.1 -- 31.4 million orthodontic scans and 6.7 million restorative scans have been performed with iTero scanners.

由於出貨量和服務的增加，系統和服務收入同比增長 26%。今年，我們的系統和服務總收入同比下降 2.8%，累計超過 3.1%——使用 iTero 掃描儀進行了 3140 萬次正畸掃描和 670 萬次修復掃描。

For Q4, total Invisalign cases submitted with a digital scanner in the Americas increased to 84% from 79.5% in Q4 of last year. International scans increased to 73.7%, up 64.7% in the same quarter last year.

對於第四季度，美洲使用數字掃描儀提交的 Invisalign 隱適美案例總數從去年第四季度的 79.5% 增加到 84%。國際掃描增加到 73.7%，比去年同期增長 64.7%。

We're pleased to see that within the Americas, 94.8% of cases submitted by North American orthodontists were submitted digitally. We're also proud to share that iTero Element intraoral scanners are the winners of the 2020 Dentaltown Townie Choice award for Digital Impressioning category.

我們很高興地看到，在美洲，北美正畸醫生提交的病例中有 94.8% 是通過數字方式提交的。我們也很自豪地宣布，iTero Element 口內掃描儀是 2020 年 Dentaltown Townie Choice 數字印模類別的獲獎者。

Also during the quarter, the National Association of Dental Laboratories judging panel selected the iTero Element 5D as the winner of the 2020 Journal of Dental Technology WOW! Award. The award represents a recognition of our commitment to enhancing patient engagement and communications that support efficient laboratory production.

同樣在本季度，美國牙科實驗室協會評審團將 iTero Element 5D 選為 2020 年牙科技術雜誌 WOW！獎。該獎項代表了對我們致力於加強支持高效實驗室生產的患者參與和溝通的承諾的認可。

For exocad, during the quarter, we launched 2 of the largest software releases in history, DentalCAD and exoplan. Dental CAD 3.0 Galway includes over 90 new features and over 80 enhanced functionalities with significant improvements to reduce design time, such as Instant Anatomic Morphing. Exoplan 3.0 Galway includes over 40 new features and over 60 enhanced functionalities that support planning of edentulous cases, including the design of surgical guides. During the quarter, exocad also added 2 new large implant manufacturers as OEMs for exoplan in Brazil.

對於 exocad，在本季度，我們推出了歷史上最大的兩個軟件版本，DentalCAD 和 exoplan。 Dental CAD 3.0 Galway 包括 90 多項新功能和 80 多項增強功能，並通過重大改進縮短了設計時間，例如 Instant Anatomic Morphing。 Exoplan 3.0 Galway 包括 40 多項新功能和 60 多項增強功能，支持無牙頜病例的規劃，包括手術導板的設計。本季度，exocad 還增加了 2 家新的大型植入物製造商作為巴西 exoplan 的 OEM。

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

有了這個，我現在將它交給約翰。

Thanks, Joe. Now for our Q4 financial results. Total revenues for the fourth quarter were $834.5 million, up 13.7% from the prior quarter and up 28.4% from the corresponding quarter a year ago. For clear aligners, Q4 revenues of $700.7 million were up 12.9% sequentially and up 28.9% year-over-year, reflecting Invisalign volume growth in all regions, partially offset by lower ASPs.

謝謝，喬。現在是我們第四季度的財務業績。第四季度總收入為 8.345 億美元，比上一季度增長 13.7%，比去年同期增長 28.4%。對於隱形矯治器，第四季度收入為 7.007 億美元，環比增長 12.9%，同比增長 28.9%，反映出所有地區隱適美銷量的增長，部分被較低的平均售價所抵消。

Clear aligner revenues growth was favorably impacted by foreign exchange of approximately $5 million or approximately 0.8 points sequentially, and on a year-over-year basis by approximately $10.3 million or approximately 1.9 points. Q4 Invisalign ASPs were down sequentially $15, primarily due to increased revenue deferrals related to a higher mix of new cases versus additional aligners, partially offset by favorable foreign exchange and lower promotional discounts.

清晰對準器的收入增長受到外彙的有利影響，環比增長約 500 萬美元或約 0.8 個百分點，同比增長約 1030 萬美元或約 1.9 個百分點。第 4 季度 Invisalign 平均銷售價格環比下降 15 美元，這主要是由於新病例與額外對準器的更多組合相關的收入遞延增加，部分被有利的外彙和較低的促銷折扣所抵消。

As we mentioned last quarter, we did not implement a price increase in 2020, given our continued commitment to helping our customers in their recovery efforts during the pandemic.

正如我們在上個季度提到的那樣，鑑於我們在大流行期間繼續致力於幫助我們的客戶恢復工作，我們沒有在 2020 年實施價格上漲。

On a year-over-year basis, Q4 Invisalign ASPs decreased approximately $75, primarily due to our decision not to raise prices last summer, increased revenue deferrals for new cases versus additional aligners and higher promotional discounts, partially offset by favorable foreign exchange. As a result, clear aligner deferred revenue on the balance sheet increased $83 million sequentially and $195 million year-over-year and will be recognized as the additional aligners are shipped.

與去年同期相比，第 4 季度 Invisalign ASP 下降了約 75 美元，這主要是由於我們去年夏天決定不提價、新病例的收入遞延增加與額外對準器和更高的促銷折扣，部分被有利的外匯抵消。因此，資產負債表上的透明對準器遞延收入環比增加 8300 萬美元，同比增加 1.95 億美元，並將在額外對準器發貨時確認。

Total Q4 clear aligner shipments of 568,000 cases were up 14.5% sequentially and up 37.3% year-over-year. Our System and Services revenues for the fourth quarter was $133.8 million, up 18% sequentially due to an increase in scanner sales and increased services revenues from our larger installed base and higher ASPs.

第 4 季度隱形矯治器總出貨量為 568,000 箱，環比增長 14.5%，同比增長 37.3%。我們第四季度的系統和服務收入為 1.338 億美元，環比增長 18%，這是由於我們更大的安裝基礎和更高的平均售價帶來的掃描儀銷售增長和服務收入增加。

Year-over-year, Systems and Services revenue was up 26% due to higher scanner sales, services revenue and the inclusion of exocad's CAD/CAM services, partially offset by lower scanner ASPs. Imaging Systems and CAD/CAM services deferred revenue was up 30% sequentially and up 69% year-over-year, primarily due to the increase in scanner sales and the deferral of service revenues, which we recognize ratably over the service period.

系統和服務收入同比增長 26%，原因是掃描儀銷售額、服務收入增加以及包含 exocad 的 CAD/CAM 服務，部分被較低的掃描儀平均售價所抵消。成像系統和 CAD/CAM 服務遞延收入環比增長 30%，同比增長 69%，這主要是由於掃描儀銷售額的增長和服務收入的遞延，我們在服務期間確認了這一點。

Moving on to gross margin. Fourth quarter overall gross margin was 73.2%, up 0.4 points sequentially and up 0.5 points year-over-year. On a non-GAAP basis, excluding stock-based compensation expense and amortization of intangibles related to exocad, overall gross margin was 73.6% for the fourth quarter, up 0.3 points sequentially and up 0.7 points year-over-year.

轉向毛利率。第四季度整體毛利率為 73.2%，環比上升 0.4 個百分點，同比上升 0.5 個百分點。在非美國通用會計準則的基礎上，不包括基於股票的補償費用和與 exocad 相關的無形資產攤銷，第四季度整體毛利率為 73.6%，環比上升 0.3 個百分點，同比上升 0.7 個百分點。

Clear aligner gross margin for the fourth quarter was 74.9%, up 0.1 points sequentially due to lower additional aligner volume, partially offset by higher warranty, other manufacturing costs and lower ASPs. Clear aligner gross margin was up 0.7 points year-over-year, primarily due to favorable product mix from increased iTero scanner absorption as a result of increased manufacturing volumes, partially offset by lower ASPs, higher warranty costs and other manufacturing costs.

第四季度隱形矯治器毛利率為 74.9%，環比上升 0.1 個百分點，原因是額外矯治器銷量下降，部分被更高的保修、其他製造成本和更低的平均售價所抵消。隱形矯治器毛利率同比增長 0.7 個百分點，這主要是由於製造量增加導致 iTero 掃描儀吸收增加帶來的有利產品組合，部分被較低的平均售價、較高的保修成本和其他製造成本所抵消。

Systems and Services gross margin for the fourth quarter was 64.2%, up 2.2 points sequentially, primarily due to higher ASPs and increased manufacturing efficiencies from higher production volumes. Systems and Services gross margin was down 0.7 points year-over-year due to lower ASPs, higher freight and other manufacturing costs, partially offset by higher services revenue.

第四季度系統和服務毛利率為 64.2%，比上一季度增長 2.2 個百分點，這主要是由於更高的平均銷售價格以及產量增加帶來的製造效率提高。由於較低的平均售價、較高的運費和其他製造成本，系統和服務毛利率同比下降 0.7 個百分點，部分被較高的服務收入所抵消。

Q4 operating expenses were $397.3 million, up sequentially 11.3% and up 23.8% year-over-year. The sequential increase in operating expenses is due to increased marketing and media spend and spending commensurate with business growth. Year-over-year, operating expenses increased by $76.5 million, reflecting our continued investment in sales and marketing, R&D activities and manufacturing operations.

第四季度運營費用為 3.973 億美元，環比增長 11.3%，同比增長 23.8%。營業費用的環比增長是由於營銷和媒體支出的增加以及與業務增長相稱的支出。與去年同期相比，運營費用增加了 7650 萬美元，反映了我們對銷售和營銷、研發活動和製造業務的持續投資。

On a non-GAAP basis, operating expenses were $372.3 million, up sequentially 12.1% and up 23.4% year-over-year due to the reasons as described earlier. Our fourth quarter operating income of $213.2 million resulted in an operating margin of 25.5%, up 1.4 points sequentially and up 2.3 points year-over-year. The sequential and year-over-year increases in operating income and the operating margin are primarily attributed to higher gross margin and operating leverage.

按非美國通用會計準則計算，由於上述原因，營業費用為 3.723 億美元，環比增長 12.1%，同比增長 23.4%。我們第四季度的營業收入為 2.132 億美元，營業利潤率為 25.5%，環比增長 1.4 個百分點，同比增長 2.3 個百分點。營業收入和營業利潤率的環比和同比增長主要歸因於較高的毛利率和經營槓桿。

On a non-GAAP basis, which excludes stock-based compensation, amortization of intangibles related to exocad and acquisition-related costs, operating margin for the fourth quarter was 28.9%, up 0.9 points sequentially and up 2.5 points year-over-year. Interest and other income expense, net for the fourth quarter was a benefit of $1.4 million, primarily driven by favorable foreign exchange.

按非美國通用會計準則計算，不包括基於股票的薪酬、與 exocad 相關的無形資產攤銷和收購相關成本，第四季度營業利潤率為 28.9%，環比上升 0.9 個百分點，同比上升 2.5 個百分點。第四季度的利息和其他收入支出淨額為 140 萬美元，主要受有利外彙的推動。

With regards to the fourth quarter tax provision, our GAAP tax rate was 25.9%, which includes tax benefits of approximately $11 million related to adjustments in prior year's unrecognized tax positions. The fourth quarter tax rate on a non-GAAP basis was 14.5% compared to 16.6% in prior quarter and 20.9% in the same quarter a year ago. The fourth quarter non-GAAP tax rate was lower than the third quarter's rate, primarily due to the reasons previously stated.

關於第四季度的稅收撥備，我們的 GAAP 稅率為 25.9%，其中包括與前一年未確認稅收狀況調整相關的約 1100 萬美元的稅收優惠。第四季度非公認會計原則稅率為 14.5%，上一季度為 16.6%，去年同期為 20.9%。第四季度的非公認會計原則稅率低於第三季度的稅率，這主要是由於前面所述的原因。

Fourth quarter net income per diluted share was $2, up $0.24 sequentially and up $0.47 compared to the prior year. On a non-GAAP basis, net income per diluted share was $2.61 for the fourth quarter, up $0.37 sequentially and up $0.85 year-over-year.

第四季度每股攤薄淨收益為 2 美元，比上一季度增長 0.24 美元，比去年同期增長 0.47 美元。按非美國通用會計準則計算，第四季度每股攤薄收益為 2.61 美元，比上一季度增長 0.37 美元，同比增長 0.85 美元。

Moving on to the balance sheet. As of December 31, 2020, cash and cash equivalents were $960.8 million, an increase of approximately $345.3 million from the prior quarter, which is primarily due to higher cash flow from operations. Of our $960.8 million of cash and cash equivalents, $548.3 million was held in the U.S. and $412.5 million was held by our international entities.

轉到資產負債表。截至 2020 年 12 月 31 日，現金及現金等價物為 9.608 億美元，比上一季度增加約 3.453 億美元，這主要是由於運營產生的現金流量增加。在我們 9.608 億美元的現金和現金等價物中，5.483 億美元由美國持有，4.125 億美元由我們的國際實體持有。

Q4 accounts receivable balance was $657.7 million, up approximately 5% sequentially. Our overall days sales outstanding was 71 days, down approximately 6 days sequentially and down approximately 5 days as compared to Q4 last year due to strong cash collections. Cash flow from operations for the fourth quarter was $381.4 million. Capital expenditures for the fourth quarter were $53.2 million, primarily related to our continued investment in increasing aligner capacity and facilities. Free cash flow, defined as cash flow from operations less capital expenditures, amounted to $328.3 million. Under our May 2018 repurchase program, we have $100 million still available for repurchase of our common stock.

第四季度應收賬款餘額為 6.577 億美元，環比增長約 5%。由於現金回款強勁，我們的總銷售未付天數為 71 天，環比下降約 6 天，與去年第四季度相比下降約 5 天。第四季度的運營現金流為 3.814 億美元。第四季度的資本支出為 5320 萬美元，主要與我們對增加對準器產能和設施的持續投資有關。自由現金流（定義為運營現金流減去資本支出）為 3.283 億美元。根據我們 2018 年 5 月的回購計劃，我們仍有 1 億美元可用於回購我們的普通股。

Before we move to the outlook, I would like to make a few comments on the full year 2020 results. In 2020, we shipped a record 1.6 million Invisalign cases, up 7.9% year-over-year. This reflects 13.3% volume growth from our international doctors and 3.6% volume growth from our Americans doctors.

在我們轉向展望之前，我想對 2020 年全年的業績發表一些評論。 2020 年，我們出貨了創紀錄的 160 萬個 Invisalign 病例，同比增長 7.9%。這反映了我們國際醫生的銷量增長了 13.3%，美國醫生的銷量增長了 3.6%。

Systems and Services volumes were down 12% compared to 2019, reflecting the impact of COVID-19 pandemic on equipment sales. Total revenue was a record $2.5 billion, up 2.7% year-over-year, with clear aligner revenues, a record $2.1 billion, up 3.7% year-over-year. 2020 Systems and Services revenue were $370.5 million, including exocad revenues from April 1, 2020 forward, compared to $381 million in 2019.

與 2019 年相比，系統和服務銷量下降了 12%，反映出 COVID-19 大流行對設備銷售的影響。總收入達到創紀錄的 25 億美元，同比增長 2.7%，其中矯正器收入達到創紀錄的 21 億美元，同比增長 3.7%。 2020 年系統和服務收入為 3.705 億美元，包括 2020 年 4 月 1 日以後的 exocad 收入，而 2019 年為 3.81 億美元。

Full year 2020 operating income of $387.2 million, down 28.6% versus 2019, and operating margin at 15.7% versus 22.5% in 2019. 2019 operating income included a litigation benefit of $51 million and Invisalign store closures of $23 million for net benefit on operating margin of 1.1%.

2020 年全年營業收入為 3.872 億美元，比 2019 年下降 28.6%，營業利潤率為 15.7%，而 2019 年為 22.5%。2019 年營業收入包括 5100 萬美元的訴訟收益和 2300 萬美元的 Invisalign 門店關閉收益淨收益1.1%。

With regards to full year tax provision, our GAAP tax rate was negative 368.6%, which includes a onetime tax benefit of approximately $1.5 billion, net of current year amortization associated with the recognition of a deferred tax asset related to intra-entity sale of certain intellectual property rights resulting from our corporate structure reorganization completed in the first quarter of 2020.

關於全年稅收撥備，我們的 GAAP 稅率為負 368.6%，其中包括約 15 億美元的一次性稅收優惠，扣除與確認與某些實體內部銷售相關的遞延稅資產相關的當年攤銷2020年第一季度完成公司架構重組所產生的知識產權。

Excluding the tax benefit related to our corporate structure reorganization and the related tax effects of stock-based compensation and other non-GAAP adjustments, the full year tax rate on a non-GAAP basis was 17.6% compared to 22% for 2019. 2020 diluted EPS was $22.41. On a non-GAAP basis, 2020 diluted EPS was $5.25. Free cash flow was $507.3 million for 2020, down $90.3 million versus 2019.

不包括與我們的公司結構重組相關的稅收優惠以及基於股票的薪酬和其他非公認會計原則調整的相關稅收影響，按非公認會計原則計算的全年稅率為 17.6%，而 2019 年為 22%。2020 年攤薄每股收益為 22.41 美元。按非美國通用會計準則計算，2020 年攤薄後每股收益為 5.25 美元。 2020 年的自由現金流為 5.073 億美元，比 2019 年減少 9030 萬美元。

Now let me turn to our outlook. Overall, we are very pleased with our Q4 performance and the strong momentum in our business, which has continued through January for both clear aligners and Systems and Services. As we discussed at our Investor Day in November, we are committed to making significant investments to drive growth, and we are seeing good return on these investments across all regions and customer channels.

現在讓我談談我們的前景。總的來說，我們對我們第四季度的表現和我們業務的強勁勢頭感到非常滿意，這種勢頭一直持續到一月份，包括透明對準器和系統和服務。正如我們在 11 月的投資者日討論的那樣，我們致力於進行重大投資以推動增長，並且我們在所有地區和客戶渠道中都看到了這些投資的良好回報。

These strong returns give us confidence to continue investing in sales, marketing, innovation and manufacturing capacity to accelerate adoption in a huge under-penetrated market. These investments, coupled with typically higher seasonal operating expenses as a percentage of revenue, are expected to result in sequentially lower operating margin percent in Q1 as we have historically seen.

這些強勁的回報讓我們有信心繼續投資於銷售、營銷、創新和製造能力，以加速在一個巨大的未充分滲透的市場中採用。這些投資，加上通常較高的季節性運營費用佔收入的百分比，預計將導致第一季度的營業利潤率連續下降，正如我們以往所見。

While the global operating environment surrounding the pandemic remains uncertain, we will continue to focus on what we can control, and we are confident in our ability to continue to execute. Our responsibility is to continue driving innovation and delivering on the needs of our customer, doctors and their patients.

儘管圍繞大流行的全球運營環境仍然不確定，但我們將繼續專注於我們可以控制的事情，我們對我們繼續執行的能力充滿信心。我們的責任是繼續推動創新並滿足我們的客戶、醫生及其患者的需求。

Over the past 24 years, Align has invested billions in technology, innovation, consumer marketing and demand creation to connect millions of consumers with our doctor customers. We will continue to invest in this business to drive demand and drive adoption of the Align Digital Platform, including manufacturing and operational expansion.

在過去的 24 年裡，Align 在技術、創新、消費者營銷和需求創造方面投入了數十億美元，以將數百萬消費者與我們的醫生客戶聯繫起來。我們將繼續投資這項業務，以推動需求並推動 Align 數字平台的採用，包括製造和運營擴張。

We will always be responsible. Just like we've done in the past, we make investments to drive growth and maximize ROI. We remain committed to our long-term target model of 20% to 30% revenue growth for clear aligners and Systems and Services and operating margin of 25% to 30%.

我們將永遠負責。就像我們過去所做的那樣，我們進行投資以推動增長和最大化投資回報率。我們仍然致力於我們的長期目標模型，即透明對準器和系統和服務的收入增長 20% 至 30%，營業利潤率達到 25% 至 30%。

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

有了這個，我會把它轉回給 Joe 以徵求最終意見。喬？

Thanks, John. The choices we made in 2020 to protect employees, support customers and press forward on our strategy for growth, were possible because of the strength of our balance sheet and the confidence we have in our business model.

謝謝，約翰。我們在 2020 年做出的保護員工、支持客戶和推進增長戰略的選擇之所以成為可能，是因為我們的資產負債表實力雄厚，而且我們對自己的商業模式充滿信心。

Our actions reflect our conviction in the enormous opportunity we have to transform smiles and change lives. With 15 million orthodontic cases starts annually and more than 500 million consumers who can benefit from a better smile, the market for digital orthodontics and restorative dentistry is massive and has been unleashed by the need for digital.

我們的行動反映了我們堅信我們擁有改變微笑和改變生活的巨大機會。每年有 1500 萬個正畸病例開始，超過 5 億消費者可以從更好的笑容中受益，數字正畸和修復牙科的市場是巨大的，並且已經被數字化需求所釋放。

In a macro sense, COVID-19 has accentuated the benefits and pervasiveness of the digital economy. From an Align standpoint, practices across every region are embracing digital treatment in new ways and more purposefully than ever before. Invisalign providers are using our virtual tools to minimize in-office appointments and deliver doctor-directed personalized treatment that meets the needs of the moment, and that will reshape the future of treatment.

從宏觀上講，COVID-19 凸顯了數字經濟的好處和普及性。從 Align 的角度來看，每個地區的實踐都比以往任何時候都更有目的地以新的方式接受數字治療。 Invisalign 供應商正在使用我們的虛擬工具來最大限度地減少辦公室預約，並提供醫生指導的個性化治療，以滿足當下的需求，這將重塑治療的未來。

Digital acceleration is not just around Invisalign treatment. It includes digital workflows around iTero scanners and general dentistry. Doctors tell us that the iTero scanner is central to their practice and their practice workflows, and it's key to driving digital treatment.

數字加速不僅僅圍繞 Invisalign 治療。它包括圍繞 iTero 掃描儀和普通牙科的數字工作流程。醫生告訴我們，iTero 掃描儀是他們實踐和實踐工作流程的核心，也是推動數字化治療的關鍵。

We've also known this, iTero and now exocad are core components of the Align Digital Platform. Our integrated suite of unique proprietary technologies and services delivered as a seamless end-to-end solution for patients and consumers, orthodontists and GP dentists and lab partners.

我們也知道這一點，iTero 和現在的 exocad 是 Align 數字平台的核心組件。我們的獨特專有技術和服務集成套件作為無縫的端到端解決方案提供給患者和消費者、正畸醫生和 GP 牙醫以及實驗室合作夥伴。

And particularly, we now have all the building blocks to create digital workflows, leveraging the combined power of Invisalign treatment, iTero scanners and exocad software to become more relevant to the GP market, which is critical to accessing the $500 million consumer opportunity.

特別是，我們現在擁有創建數字工作流程的所有構建塊，利用 Invisalign 治療、iTero 掃描儀和 exocad 軟件的綜合力量，與 GP 市場更加相關，這對於獲得 5 億美元的消費者機會至關重要。

Align is a growth business with huge opportunities, but the environment remains uncertain due to COVID-19. Our plan is still to counter uncertainty by staying focused on our long-term strategy, living our values, supporting our employees and customers and keeping in mind the demand drivers we've identified over the past year.

Align 是一家擁有巨大機遇的成長型企業，但由於 COVID-19，環境仍然不確定。我們的計劃仍然是通過專注於我們的長期戰略、踐行我們的價值觀、支持我們的員工和客戶並牢記我們在過去一年中確定的需求驅動因素來應對不確定性。

The redirection of disposable income for many consumers; channel focus that allows us to reach and support a wider range of customers within each channel; and most importantly, the digital mindset that's taking hold with more and more of our customers and that we are supporting through innovative products and programs that can help support their digital transformation.

許多消費者可支配收入的重新定向；渠道重點使我們能夠在每個渠道中接觸和支持更廣泛的客戶；最重要的是，越來越多的客戶開始接受數字化思維，我們通過創新產品和計劃支持這種思維方式，以幫助支持他們的數字化轉型。

We are not ignoring the reality of COVID-19 and how long it may be part of our lives. But we're also not going to stop driving the business forward for the good of the customers and their patients, our employees and our stakeholders.

我們並沒有忽視 COVID-19 的現實以及它可能成為我們生活的一部分。但我們也不會為了客戶及其患者、我們的員工和利益相關者的利益而停止推動業務向前發展。

In closing, I want to leave you with a few thoughts as we begin the new year. While there is considerable amount of turmoil in the world, our focus is on what we can control as a company. We have strong momentum. We'll stay focused on our strategic priorities, international expansion, patient demand and conversion, orthodontist utilization and GP dentist treatment.

最後，在我們開始新的一年之際，我想給大家留下一些想法。雖然世界上存在相當大的動盪，但我們的重點是我們作為一家公司可以控制的事情。我們勢頭強勁。我們將繼續專注於我們的戰略重點、國際擴張、患者需求和轉換、正畸醫生的利用和 GP 牙醫治療。

In summary, we're very pleased with the fourth quarter and the full year results of 2020, during a remarkable year with events beyond our control as a result of COVID-19. It is during times such as this when having a solid strategy, combined with focused execution, can lead to outcomes that support growth, not only for Align's business, but also practice growth for Align's customers, which also leads to more and more Invisalign smiles.

總而言之，我們對 2020 年第四季度和全年的業績感到非常滿意，這是非凡的一年，由於 COVID-19，事件超出了我們的控制範圍。正是在這樣的時期，擁有堅實的戰略與專注的執行相結合，才能帶來支持增長的成果，不僅是為了 Align 的業務，也是為了 Align 的客戶實踐增長，這也會帶來越來越多的 Invisalign 微笑。

With that, turn it over to the operator and we'll take calls.

有了這個，把它交給接線員，我們會接聽電話。

(Operator Instructions)

（操作員說明）

Our first question comes from Ravi Misra with Berenberg Capital Markets.

我們的第一個問題來自 Berenberg Capital Markets 的 Ravi Misra。

So I just wanted to maybe start one. I'll let the others maybe talk about the quarterly trends. But one of the things that kind of stood out to me was, you're driving extremely strong volume growth amidst what's kind of a stable to slightly declining pricing environment. Just curious first, when do you think you'll be able to go back to the kind of prior model where you're able to take pricing? Is that still in the cards?

所以我只是想開始一個。我會讓其他人談談季度趨勢。但對我來說最突出的一件事是，在一種穩定到略有下降的定價環境中，你正在推動極其強勁的銷量增長。首先只是好奇，您認為什麼時候可以回到可以定價的先前模型？那還在卡片上嗎？

And then secondly, I think the teen market is an area that we've kind of always been looking at as the next leg of growth, the kind of huge market that's out there and you're talking about some of the conversion and the lead generations. Can you help us understand some of the conversion rates around the leads that you generate in terms of timing and how long this takes to get the ROI that is put in to the advertising that you're putting out there?

其次，我認為青少年市場是我們一直將其視為下一個增長點的領域，這是一個巨大的市場，你正在談論一些轉變和領先優勢幾代人。您能否幫助我們了解您在時間方面產生的潛在客戶的一些轉化率，以及需要多長時間才能獲得投入到您投放的廣告中的投資回報率？

Ravi, first of all, I guess, your first question is on average selling prices. We try to communicate this as strongly as we can is to keep your eyes on gross margin because we have huge mix, whether it's international mix or it's product mix, you see a lot of progress in iGo and products like Moderate and Invisalign First and those products. They carry actually lower average selling prices, but higher margins. And so you could often mix up on those things.

拉維，首先，我想你的第一個問題是平均售價。我們試圖盡可能強烈地傳達這一點，讓您關注毛利率，因為我們有巨大的組合，無論是國際組合還是產品組合，您會看到 iGo 和 Moderate 和 Invisalign First 等產品取得了很大進步產品。它們的平均售價實際上較低，但利潤率較高。所以你經常會混淆這些東西。

So I'd say, as we keep emphasizing, is don't be overly concerned about ASPs or focused on ASPs. Like John said, we didn't increase ASPs this year because we're interested in supporting our customers and making sure that this is difficult -- a really difficult transition for many practices right now and instituting a price increase just wouldn't have been responsible in that sense.

所以我想說，正如我們一直強調的那樣，不要過分關注 ASP 或專注於 ASP。正如 John 所說，我們今年沒有提高 ASP，因為我們有興趣支持我們的客戶並確保這很困難——對於現在的許多實踐來說，這是一個非常困難的過渡，而提價是不可能的在這個意義上負責。

But at the same time, we drove incredible productivity across the business, and we were able to show those kind of gross margins. So I hope you and the rest of the analyst community out there can actually see that. We've been talking about this for a few years, but actually taken place.

但與此同時，我們在整個業務中推動了令人難以置信的生產力，並且我們能夠展示那種毛利率。所以我希望你和其他分析師社區能夠真正看到這一點。我們已經談論這件事好幾年了，但實際上已經發生了。

On the teen side, in the conversions from an advertising standpoint, I mean we come at this from a lot of different ways and a lot of different areas. And we -- if we're going to start teen season, you really have to start in February in the United States, and you have to really work through a lot of different aspects of social media. You advertise differently for moms than you do teens and different things like that.

在青少年方面，從廣告的角度來看，我的意思是我們從很多不同的方式和很多不同的領域來實現這一點。而我們——如果我們要開始青少年賽季，你真的必須從 2 月在美國開始，你必須真正通過社交媒體的許多不同方面來工作。你為媽媽做的廣告和為青少年做的廣告不同，諸如此類。

So I can't give you a correlation coefficient in the sense of here we invest and how much we get back. But we understand as well as a business. We've been doing it for years. We understand the timing of it and more and more we become more specific on the social advertising pieces and how to implement that properly. And John, do you have anything you want to add?

所以我不能給你一個我們在這裡投資和我們得到多少回報的相關係數。但我們和企業一樣了解。我們已經這樣做多年了。我們了解它的時機，並且越來越多地對社交廣告作品以及如何正確實施它變得更加具體。約翰，你有什麼要補充的嗎？

No, that's just it. I mean, there's others that are in the equation. You have to reach the teen, as Joe described, and we talked about social influencers and so on. You have to reach the parents, and we try that and then also have the right formula with the doctor. So getting those 3 to think about going into treatment is really the key.

不，僅此而已。我的意思是，還有其他人在等式中。正如喬所描述的那樣，你必須接觸到青少年，我們談到了社會影響者等等。你必須聯繫父母，我們嘗試這樣做，然後與醫生一起制定正確的配方。因此，讓這 3 個人考慮接受治療才是真正的關鍵。

Okay. Then maybe one last one, if I can ask one more. Just on the reopening and vaccination progress and kind of volumes, how are you guys kind of thinking about the consumer spending environment as the options that the patients going to have start increasing? I mean, is that going to require more investment here in the near term? Or do you think kind of where we're at a baseline where you've kind of gotten the ramp where things are starting to really click here with the advertisings that you're doing as is?

好的。那麼也許是最後一個，如果我可以再問一個。就重新開放和疫苗接種的進展以及數量而言，你們如何看待消費者支出環境作為患者開始增加的選擇？我的意思是，這是否需要在短期內在這裡進行更多投資？或者你認為我們在某種程度上處於基線，你已經獲得了斜坡，在那裡事情開始真正點擊這裡與你正在做的廣告一樣？

Yes, Ravi, it's a good question. I mean, look, we're always looking to maximize our return on investment. We talk about that to grow in this vastly under-penetrated market. In some countries, like in the U.S., it's just a matter of refining how we spend. We talk about the influencers, talk about NFL and other things.

是的，拉維，這是個好問題。我的意思是，看，我們一直在尋求最大化我們的投資回報。我們談論的是在這個滲透率極低的市場中發展。在一些國家，比如在美國，這只是改進我們消費方式的問題。我們談論有影響力的人，談論 NFL 和其他事情。

And in other countries, we've really started spending some of that consumer advertising, and we see a great response, and we see a strong return. And those are areas that as we see that response, we see it turn into volume. Those are areas that will continue. So we're always looking at return on investment, and we'll find ways to be able to grow our volume that way.

在其他國家，我們真的開始花費一些消費者廣告，我們看到了很好的反響，我們看到了強勁的回報。當我們看到這種反應時，這些領域就會變成數量。這些領域將繼續下去。因此，我們一直在關注投資回報，我們將找到能夠以這種方式增加銷量的方法。

Our next question comes from Jon Block with Stifel.

我們的下一個問題來自 Stifel 的 Jon Block。

Joe, you mentioned 2021 is off to a great start. From 2015 to 2019, so I'm sort of isolating pre-COVID, management guidance for 1Q cases -- the guidance for 1Q cases were up pretty consistently, just low single digits off of what you did in the fourth quarter. And I guess where I'm going with this is, at a high level, what's the expectation for case growth sequentially? And I'm just trying to level set as the back part of 2020 likely benefited from some pent-up demand. So just how we should think about the trend line, if you would, into the early part of 2021?

喬，你提到 2021 年是一個良好的開端。從 2015 年到 2019 年，所以我有點孤立 COVID 之前，第一季度案例的管理指導——第一季度案例的指導相當一致地上升，與第四季度的情況相比只有低個位數。而且我想我要去的地方是，在高層次上，對案件連續增長的預期是什麼？而且我只是試圖將水平設定為 2020 年後期可能受益於一些被壓抑的需求。那麼，如果您願意的話，我們應該如何考慮到 2021 年初的趨勢線？

Jon, I'll let John have the specifics of it. I'd just tell you that January was a really strong orders quarter. So that momentum really continues.

喬恩，我會讓約翰了解具體情況。我只想告訴你，一月份是一個非常強勁的訂單季度。所以這種勢頭真的會持續下去。

And look, Jon, I think as we've said, and we're controlling what we can control, making investments that help drive this business. We look at -- as Joe said, we felt really good about how we exited Q4. We saw that in January as well. And we don't want to guide, we specifically haven't because there's things that are outside of our control. And we'll leave that as it is. What we're trying to give you is kind of the latest information without projecting forward.

看，喬恩，我認為正如我們所說的那樣，我們正在控制我們可以控制的東西，進行有助於推動這項業務的投資。我們看著 - 正如喬所說，我們對退出第四季度的方式感覺非常好。我們在一月份也看到了這一點。而且我們不想指導，我們特別沒有，因為有些事情是我們無法控制的。我們將保持原樣。我們試圖給你的是一種最新的信息，但沒有前瞻性的預測。

Okay. Fair enough. And I'll ask a quick 2-parter for the second one. EMEA was just gangbusters. I mean, I think it was up 48% off a 32% comp, shout out to markets. But anything to call out there? I mean, the number was huge.

好的。很公平。我會要求一個快速的 2-partner 作為第二個。歐洲、中東和非洲 (EMEA) 可謂風頭正勁。我的意思是，我認為它比 32% 的公司高出 48%，向市場大聲疾呼。但是有什麼要說的嗎？我的意思是，這個數字很大。

And then the second part is, teen up almost 40%, Joe, what do you think the underlying ortho market was growing? Where I'm going with this is just your conviction of short of maybe a type of inflection point, if you would, with teen share of share?

然後第二部分是，青少年增長了近 40%，喬，你認為潛在的矯形器市場在增長嗎？我要說的只是你對缺乏可能是一種拐點的信念，如果你願意的話，青少年份額？

Jon, I appreciate you bringing up EMEA. I mean, that was just an amazing performance, when you see that. I've been doing business in Europe since last 30 years, and you see growth like that by countries, it's amazing. And I think that's -- to me, that was really a story on the fourth quarter too, was the breadth of that growth. It wasn't just North America, it wasn't just Asia, it was -- it was deep, it was across segments, across GPs, across orthos.

喬恩，感謝你提到 EMEA。我的意思是，當你看到它時，那真是一場了不起的表演。過去 30 年來，我一直在歐洲開展業務，您看到各個國家/地區都實現了這樣的增長，這令人驚嘆。而且我認為那是 - 對我來說，這也是第四季度的一個故事，是增長的廣度。不僅僅是北美，不僅僅是亞洲，它是——它很深，它跨部門、跨全科醫生、跨矯形器。

So Jon, I'm not ready to talk about an inflection point. All I can say is when you think about, we had 77,000 doctors that ordered, that I talked about in my script, and then 7,200 to 7,300 more doctors, so that's 10% more doctors. That's a record for us, too. So when we see Invisalign, this digital treatment really catching on in a big way, and it's meaningful. Look, we're gearing up for it. We're obviously advertising to drive that demand, and we'll stay focused on just executing, Jon, right now.

所以喬恩，我還沒準備好談論拐點。我只能說，當你想一想時，我們有 77,000 名醫生訂購，我在我的劇本中談到了這一點，然後又增加了 7,200 到 7,300 名醫生，所以醫生數量增加了 10%。這對我們來說也是一個記錄。因此，當我們看到 Invisalign 時，這種數字治療真的大受歡迎，而且很有意義。看，我們正在為此做準備。我們顯然正在做廣告來推動這種需求，我們將繼續專注於執行，Jon，現在。

Our next question comes from Steve Beuchaw with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Steve Beuchaw。

I wanted to try to understand a little bit better the relationship between some of the things that you flagged, John, in your prepared remarks as it relates to deferrals and ASP. I certainly agree with the view that gross margins are really the critical metric. But I'm sure we're going to get a lot of questions about ASP tonight and over the next couple of days.

我想嘗試更好地理解您在準備好的發言中標記的一些事情之間的關係，因為它與延期和 ASP 相關。我當然同意毛利率確實是關鍵指標的觀點。但我敢肯定，今晚和接下來幾天我們會收到很多關於 ASP 的問題。

So I wonder if you could help us understand a little bit more deeply, one, why would we be seeing more deferred revenue here, both on aligners and on scanners? What's the relationship to ASP? And do we see that reverse?

所以我想知道你是否可以幫助我們更深入地理解，一個，為什麼我們會在這裡看到更多的遞延收入，包括對準器和掃描儀？與ASP有什麼關係？我們看到這種情況了嗎？

Yes. Steve, the basic way to think about this is as we look at our revenue, we've got revenue on a new case that we ship out, and there's a certain amount that you recognize on that shipment based on our rev rec. And then there's a certain amount for future aligners or future modifications that are needed, that will be deferred revenue.

是的。史蒂夫，考慮這一點的基本方法是，當我們查看我們的收入時，我們已經從我們發貨的新箱子中獲得了收入，並且根據我們的 rev rec，您在該批次中確認了一定數量。然後有一定數量的未來對準器或未來需要的修改，這將是遞延收入。

And then you also get into your revenue, so those deferrals that you've made for maybe previous quarters or even previous year, that as they -- that doctor needs to use that additional aligners, you're going to get revenue for that.

然後你也會進入你的收入，所以你可能為前幾個季度甚至前一年做出的那些延期，因為他們 - 醫生需要使用額外的對準器，你將為此獲得收入。

When you have a mix like we have, where there's much more, there's a demand for future volume for new cases, you get a mix where we just have a lot more as a percentage of new cases and that's what impacts ASPs. When we look at that from a margin standpoint, it's margin accretive.

當你有像我們這樣的組合時，有更多的地方需要新案例的未來數量，你會得到一個組合，我們只有更多的新案例百分比，這就是影響 ASP 的原因。當我們從利潤率的角度來看時，它會增加利潤率。

We're getting that as new cases. Many of the cases that we get back from a deferred revenue standpoint, where there's refinements, we just don't make as much margin on that. You get the deferred revenue, but you don't get as much of the margin. So there's those dynamics that we have. We saw just when you have a significant volume increase like we saw in our third and fourth quarter.

我們把它當作新病例。我們從遞延收入的角度回來的許多案例，在有改進的地方，我們只是沒有賺那麼多的利潤。你得到了遞延收入，但你沒有得到那麼多的利潤。所以我們有那些動力。我們看到，就像我們在第三和第四季度看到的那樣，您的銷量出現了顯著增長。

Okay. And then I wanted to follow-up about the GP channel. GP has been just gangbusters here lately. I wonder if I could try to understand that a little bit more deeply. One is, do you think it continues to grow at the sort of clip, relative to the ortho channel? Maybe two, do you think exocad has been a driver of incremental growth in that channel at this point?

好的。然後我想跟進GP頻道。 GP最近在這裡很厲害。我想知道我是否可以嘗試更深入地理解這一點。一是，你認為相對於正交渠道，它會繼續以這種速度增長嗎？也許兩個，你認為 exocad 目前是該渠道增量增長的驅動力嗎？

And then lastly, should we think about the shift to DSO as being a variable one way or another? And I apologize for my kids screaming in the background.

最後，我們是否應該將向 DSO 的轉變視為一種或另一種方式的變量？我為我的孩子在後台尖叫而道歉。

That's the life we live now. Steve, we understand it. It happens on like every call. From a GP channel standpoint, I mean, 3 years ago, when we first started segmenting in Europe and now we are doing in the states, and we do it all over the world. And then we introduced products like iGo that were specific to it.

這就是我們現在的生活。史蒂夫，我們明白了。它就像每次通話一樣發生。從 GP 渠道的角度來看，我的意思是，3 年前，當我們第一次在歐洲開始細分時，現在我們在美國做，我們在全世界做。然後我們推出了專門針對它的產品，例如 iGo。

And just -- and a sales force that can communicate with GPs because it's a different conversation than with orthos. Steve, I can't tell you where it's going. But when we talk about that 500 million patients like I did in my script, that's where they are. And that's where you touch them. And it's a different -- it's not a big teen market. It's a lot of adults, but it has to have a workflow that's specific to a GP.

而且只是 - 以及可以與全科醫生溝通的銷售人員，因為這是與矯形器不同的對話。史蒂夫，我不能告訴你它的去向。但當我們像我在劇本中那樣談論 5 億患者時，他們就在那裡。這就是您觸摸它們的地方。這是一個不同的 - 它不是一個大的青少年市場。這是很多成年人，但它必須有一個特定於 GP 的工作流程。

And that's why we drive our products. It's why iTero is so important from a front-end standpoint. Your question on exocad is we think that's going to be a big GP driver for us. It's a big legitimate piece for us. But I don't think it's adding to volume right now. We're just rolling out these new products. We're just starting to integrate that kind of software code into iTero and into our programs, and that certainly will drive increased penetration in the future.

這就是我們推動我們的產品的原因。這就是為什麼 iTero 從前端的角度來看如此重要。您關於 exocad 的問題是我們認為這將成為我們的一個重要 GP 驅動程序。這對我們來說是一個很大的合法作品。但我認為它現在不會增加交易量。我們剛剛推出這些新產品。我們剛剛開始將這種軟件代碼集成到 iTero 和我們的程序中，這肯定會在未來推動更高的滲透率。

Our next question comes from Jeff Johnson with Robert W. Baird & Co.

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

I wanted to start with -- I know it's tough, and maybe there's not even a way to do it. But any way to think about, especially over the last 2 quarters, how much of this patient volume has been backlog versus the Zoom effect versus true kind of accelerating penetration of clear aligners versus brackets and wires? Just is there any way to bucket or what -- any metrics you're looking at that tells you this is truly kind of that secular uptick we've all been waiting for versus backlog and some of the Zoom effect?

我想開始——我知道這很難，也許甚至沒有辦法做到這一點。但是有什麼方法可以考慮，尤其是在過去的兩個季度裡，有多少患者數量是積壓的，有多少是 Zoom 效應，有多少是透明對準器的真正加速滲透，有多少是支架和電線？只是有什麼方法可以解決問題嗎？您正在查看的任何指標都可以告訴您，這確實是我們一直在等待的長期增長，而不是積壓和一些縮放效應？

I think as we get further and further from the second quarter, obviously, the backlog question becomes less and less as part of the noise of the structure, right? I feel a lot of analysts, Jeff, they wonder, hey, we had a great third quarter, obviously, and it was -- well, how much of that was really the second quarter that was rolled into the third. We really don't know what that was. We don't. And our doctors don't know it either as we talk to them.

我認為隨著我們離第二季度越來越遠，很明顯，積壓問題作為結構噪音的一部分變得越來越少，對吧？我覺得很多分析師，傑夫，他們想知道，嘿，我們有一個很棒的第三季度，顯然，而且它是 - 好吧，其中有多少是真正進入第三季度的第二季度。我們真的不知道那是什麼。我們沒有。當我們與他們交談時，我們的醫生也不知道。

The fourth, obviously, had less of that. And we really felt good about our orders in January, too. So I think we're really moving away from that question here soon. The number of docs, like I just quoted, with over 7,000 new docs ordering from us, 77,000 in total shows you the breadth of what's going on.

顯然，第四個更少。我們對 1 月份的訂單也非常滿意。所以我認為我們真的很快就會遠離這個問題。文檔的數量，就像我剛才引用的那樣，從我們這裡訂購了 7,000 多份新文檔，總共 77,000 份，向您展示了正在發生的事情的廣度。

And what's really struck me in this entire thing too, Jeff, is really the -- this is not just the United States, this is all over the world. It's Latin America, it's APAC, it's tremendous growth in Japan and ANZ and traditional markets, in China, in Europe. So there's breadth to this and then the segments we talked about, both GPs and orthos. So look, there has to be backlog in the third quarter. There has to be some backlog in the fourth quarter, whatever, but we don't think that's the overriding story here.

傑夫，在這整件事中真正讓我印象深刻的是——這不僅僅是美國，全世界都是如此。它是拉丁美洲，它是亞太地區，它在日本和澳新銀行以及傳統市場、中國和歐洲都有巨大的增長。所以這有廣度，然後是我們談到的部分，包括全科醫生和矯形器。所以看，第三季度必須有積壓。無論如何，第四季度肯定會有一些積壓，但我們認為這不是這裡最重要的故事。

Yes, that's fair. And then one other kind of maybe more conceptual question. Just as I think about it through your advantages program, but are you seeing doctors that are the high-volume guys, the Platinum guys moving up to Diamond and Double Diamond? Is it the lower Bronze or Gold guys moving up to Platinum? Does it matter to you which it is?

是的，這很公平。然後是另一種可能更具概念性的問題。正如我通過您的優勢計劃所考慮的那樣，但是您是否看到醫生是高容量的人，白金人上升到鑽石和雙鑽石？是較低的青銅級或黃金級玩家升級到白金級嗎？它是什麼對你重要嗎？

But more importantly, conceptually, is it getting those low volume guys to really go all in here or the high-volume guys to convert completely to Invisalign? And I'm sure you're going to tell me it's a mix of both that, but just kind of what you're seeing would be helpful there on your own customer base.

但更重要的是，從概念上講，它是讓那些低產量的人真正全力以赴還是讓高產量的人完全轉換為 Invisalign？而且我相信你會告訴我這是兩者的結合，但你所看到的只是對你自己的客戶群有幫助。

Yes. You helped me answer that question, Jeff. It is a mix. But it is really broad. I mean we see it in the Bronze accounts and Golds and all the way to Diamond and Diamond Plus, and we see growth in all those segments.

是的。你幫我回答了那個問題，傑夫。這是一個混合。但它真的很廣泛。我的意思是我們在青銅賬戶和金賬戶中看到了它，一直到鑽石和鑽石高級賬戶，我們在所有這些領域都看到了增長。

And I think it's kind of logical, right? The people that know how to digital are going to expand on it because digital really allows them to function in this COVID environment in a way that allows them fewer customer touches and they can actually carry on their practices in a normal way.

我認為這是合乎邏輯的，對吧？知道如何數字化的人將對其進行擴展，因為數字化確實允許他們在這種 COVID 環境中以一種允許他們減少客戶接觸的方式運作，並且他們實際上可以以正常的方式進行他們的實踐。

Other doctors actually see the advantages of that. They have patients asking for them and they start to move toward a digital kind of a platform. So and overall, again, it's a breadth discussion. It's not just one area. It's not just one country, it's about one segment of the advantage program. We've just been seeing adoption across the board. And John, anything to add onto that?

其他醫生實際上看到了這樣做的好處。他們有病人要求他們，他們開始轉向數字平台。因此，總的來說，這是一次廣泛的討論。這不僅僅是一個領域。這不僅僅是一個國家，而是關於優勢計劃的一部分。我們剛剛看到全面採用。約翰，還有什麼要補充的嗎？

No. I'd echo this, the breadth. I mean, you have new doctors, like Joe said, 7,000 new doctors that come in with -- and want to do cases that come into our ecosystem and start cases. You see doctors who have done just a few cases really start to accelerate.

不，我會回應這個，廣度。我的意思是，你有新醫生，就像喬說的那樣，有 7,000 名新醫生 - 並且想做進入我們生態系統的案例並開始案例。你看到只做過幾個病例的醫生真的開始加速了。

And then at the top of the pyramid, you have people that are doing a lot of cases and they do even more cases. So that's part of when we talk about the breadth of this growth and what makes us excited. And it's, like Joe said, not just a U.S. phenomenon. It's pretty much everywhere.

然後在金字塔的頂端，你有做很多案例的人，他們做的案例更多。因此，這就是我們談論這種增長的廣度以及讓我們興奮的原因的一部分。正如喬所說，這不僅僅是美國現象。它幾乎無處不在。

And Jeff, the last thing you said is, do you care? Which I thought was kind of interesting is like we really don't care. We just want to serve the doctors who want to work with us. We see this market. We talk about how large this market is and how under-penetrated it is, and we just want to see wherever that growth is. That's great. Because on the low end, that's terrific, so on the high end, that's terrific. We set this company up to be able to service either side and to work well with them.

傑夫，你最後說的是，你在乎嗎？我認為這有點有趣，但我們真的不在乎。我們只是想為願意與我們合作的醫生服務。我們看到了這個市場。我們談論這個市場有多大，滲透率有多低，我們只想看看增長在哪裡。那太棒了。因為在低端，那太棒了，所以在高端，那太棒了。我們成立這家公司是為了能夠為任何一方提供服務並與他們良好合作。

Our next question comes from Elizabeth Anderson with Evercore.

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

I have this question. Obviously, the one of the many nice parts of the quarter was the scanner and CAD/CAM revenue. Can you talk a little bit about what you sort of see as sort of market growth there?

我有這個問題。顯然，本季度許多不錯的部分之一是掃描儀和 CAD/CAM 收入。你能談談你認為那裡的市場增長嗎？

Like where are you taking share? Is it in the GP? More in the ortho channel? Is it orthodontists adding their third scanner? Is it people finally saying, yes, I'll go digital? Obviously, the total number of cases submitted digitally was very high. Any other color you could provide there would be really helpful.

比如你在哪里分享？是在GP嗎？更多在正交通道？是牙齒矯正醫生添加了他們的第三台掃描儀嗎？是不是人們終於說，是的，我會去數字化？顯然，以數字方式提交的案件總數非常高。您可以提供的任何其他顏色都會非常有幫助。

Elizabeth, it's -- you could work for us, okay, you kind of described exactly how that demand is. It's coming from all these different places. And a lot of it -- when you say where you're taking share, a lot of it is just analog share, there's so much of dentistry still just completely analog. They're still doing impressions and different pieces. And so it's -- the growth has been tremendous in that sense.

伊麗莎白，它是——你可以為我們工作，好吧，你準確地描述了這種需求是怎樣的。它來自所有這些不同的地方。還有很多——當你說你在哪里分享時，很多只是模擬分享，有很多牙科仍然完全是模擬的。他們仍在做印象和不同的作品。因此，從這個意義上講，增長是巨大的。

Your question about orthodontists that start to move up and do a significant part of their practice being Invisalign, you see a scanner at every chair. And they use these things constantly. It's part of what they do.

你的問題是關於牙齒矯正醫生的問題，他們開始向上移動並在 Invisalign 中做他們練習的重要部分，你會在每把椅子上看到一個掃描儀。他們不斷地使用這些東西。這是他們工作的一部分。

And what we see on the GP segment is the communication tool ends up being the scanner and the front of the scanner. Because in the past, they'd hold up a mirror and say, Can you see that second molar back there and you'd say, yes, but you really couldn't, right? Now you throw it on a screen, it's live.

我們在 GP 部分看到的是通信工具最終成為掃描儀和掃描儀的前端。因為在過去，他們會舉起一面鏡子說，你能看到後面的第二顆磨牙嗎，你會說，是的，但你真的看不到，對吧？現在你把它扔到屏幕上，它是活的。

You can see exactly what's going on. It becomes an incredible patient communication tool in a sense of where is your dentition? What needs to be done? And it helps to convince patients of what the doctor wants to do and the validity of that kind of treatment.

你可以清楚地看到發生了什麼。就您的牙列在哪里而言，它成為了一種令人難以置信的患者溝通工具？需要做什麼？它有助於讓患者相信醫生想要做什麼以及這種治療的有效性。

So that -- this is where dentistry is going. And when you look at iTero, it is arguably the highest performing scanner in the world, the speed of it, the exactness of it, color rendering and also with NIRI technology, be able to see caries or cavities is a real benefit. Even the orthodontist, who want to make sure that before you start the treatment that, that dentition is in good enough shape to be the -- accept that kind of movement. So that's just -- this is the time for digitization inside of dentistry, and iTero plays a big role in that, and it front ends our Digital Platform.

所以——這就是牙科的發展方向。當你看 iTero 時，它可以說是世界上性能最高的掃描儀，它的速度、準確性、顯色性以及 NIRI 技術，能夠看到齲齒或蛀牙是一個真正的好處。即使是正畸醫生，他們也想在開始治療之前確保牙列的形狀足夠好，可以接受這種移動。所以這就是——這是牙科內部數字化的時代，iTero 在這方面發揮了重要作用，它是我們數字平台的前端。

Especially in a COVID environment, given the fact that you don't want to have as much time for impressions and so on, and you want to be able to have something that's fast and really be part of that digital workflow, this iTero lends itself well.

尤其是在 COVID 環境中，考慮到您不想有太多時間進行印像等，並且您希望能夠擁有快速且真正成為數字工作流程一部分的東西，這個 iTero 適合自己出色地。

Okay. That's super helpful. And just -- like just a follow-up, more housekeeping questions. One, obviously, you announced the new products today, and I imagine that, that's something you'll be talking about as sort of the virtual Chicago mid-winter and what you would have discussed a lot of it IDS. Is there anything we should keep in mind in terms of the ramp of sort of new products or impact from IDS moving to the back half of the year?

好的。這非常有幫助。只是 - 就像後續行動一樣，更多的內務管理問題。第一，很明顯，你今天宣布了新產品，我想，這就是你將要談論的東西，就像虛擬的芝加哥仲冬一樣，你會討論很多 IDS。關於新產品的增加或 IDS 移動到今年下半年的影響，有什麼我們應該記住的嗎？

And then on the other side, obviously, we saw your announcement about the move to Arizona. Sounds exciting. I just didn't know if that had any impact in terms of something we should model in on taxes or anything else, just to touch on that as well?

然後在另一邊，很明顯，我們看到了你們關於搬到亞利桑那州的公告。聽起來很令人興奮。我只是不知道這是否對我們應該在稅收或其他方面建模的事情有任何影響，只是想談談這個問題嗎？

Yes. I think I can answer the tax piece of it now. Really not a tax impact. It really came down to when we look at the campus that we have in San Jose and the expansion that we have from a technology center, we become space constrained. And so we want to keep that technology center, that innovation center in San Jose and expand that out and add more to help with that innovation and then moving to here in Tempe for kind of that head office just made sense to us.

是的。我想我現在可以回答其中的稅項了。真的不是稅收影響。這真的歸結為當我們看到我們在聖何塞的校園以及我們從技術中心進行的擴展時，我們變得空間受限。因此，我們希望保留那個技術中心，那個位於聖何塞的創新中心，並將其擴展並增加更多以幫助實現創新，然後搬到坦佩這裡，這樣的總部對我們來說很有意義。

Yes. And Elizabeth, on the new product pieces, keep in mind, we talked about we spend $0.5 billion a year on advertising and also new product development, you'll see a lot of new products. We don't pace ourselves on those introductions based on IDS. And that's why we, obviously, announced a new iTero scanner.

是的。伊麗莎白，關於新產品，請記住，我們談到我們每年在廣告和新產品開發上花費 5 億美元，你會看到很多新產品。我們不會根據那些基於 IDS 的介紹來調整自己的步伐。顯然，這就是我們宣布推出新的 iTero 掃描儀的原因。

We talked about the new 6.0 software that we have. A lot of changes to BiPAP, which is our final positioning aspect of dentition. We had the plus product from iGo, the in-face visualization. This is a digital business, and it requires constant iterations in products.

我們談到了我們擁有的新 6.0 軟件。 BiPAP 有很多變化，這是我們牙列的最終定位方面。我們有來自 iGo 的 plus 產品，即面部可視化。這是一項數字業務，需要不斷迭代產品。

I mean -- and obviously, mid-winter and those things were great places to highlight it, but our innovation, we looked at it as agile not waterfall anymore. And then since waterfall used to be invent during the year, release one period of the year. More and more, you'll see us just monthly, just rolling out new products as we adapt to a more kind of an agile philosophy of development than a waterfall type of, if that's what you're asking, Elizabeth.

我的意思是 - 顯然，仲冬和那些事情是突出它的好地方，但我們的創新，我們將其視為敏捷而不是瀑布。然後由於瀑布過去是在一年中發明的，所以發布一年中的一個時期。越來越多，你會看到我們每個月都會推出新產品，因為我們適應了一種更敏捷的開發哲學，而不是瀑布式的，如果你問的是什麼，伊麗莎白。

Our next question comes from Richard Newitter with SVB Leerink.

我們的下一個問題來自 SVB Leerink 的 Richard Newitter。

Just maybe to start off, the Switch program, which has clearly been extremely successful for you. I'm curious to know how much more runway there is associated program? And maybe if you could just comment on kind of how you're at least thinking about that from your internal modeling?

也許只是開始，Switch 程序，它顯然對您來說非常成功。我很想知道還有多少 runway 有關聯的程序？也許你可以評論一下你至少是如何從你的內部建模中思考這個問題的？

Yes. Look, I think it has a huge amount of breadth to it. I mean, it's not just U.S. We started this in Japan actually years ago, introduced in the United States. And you think about -- it's just a great winner, detaching those wires and brackets from people's teeth, using Invisalign, understanding, like we said in our script, just how much more simple it is and better for people and comfortable for people to go with our product lines. So we think it's -- we have a lot of room to grow, and we're going to keep supporting it.

是的。看，我認為它有很大的廣度。我的意思是，不僅僅是美國。實際上，我們幾年前就在日本開始了這項工作，並在美國推出。你想一想——它只是一個偉大的勝利者，使用 Invisalign 從人們的牙齒上拆下那些電線和支架，理解，就像我們在我們的腳本中所說的那樣，它是多麼簡單，對人們來說更好，對人們來說更舒適與我們的產品線。所以我們認為它 - 我們有很大的成長空間，我們將繼續支持它。

Yes. And Rich, this is John. I mean, we are always looking at those types of promotions for an ROI. And in these cases, many cases, looking at it from an incremental standpoint, nothing could be more incremental than it was glued on to someone's teeth, and now they come off and they go to Invisalign. So we like those dynamics and it sends a great message.

是的。里奇，這是約翰。我的意思是，我們一直在關注這些類型的促銷活動以獲得投資回報率。在這些情況下，很多情況下，從漸進的角度來看，沒有什麼比粘在某人的牙齒上更漸進的了，現在它們脫落了，他們去了 Invisalign。所以我們喜歡這些動態，它發出了一個很好的信息。

And those people who had wires and brackets on their teeth can talk about their experience with Invisalign. So there's a lot of positives to it. And as Joe said, it started in Japan, and we've seen great success in the U.S., and we look to other places as well.

那些牙齒上有鋼絲和托槽的人可以談談他們使用 Invisalign 的經歷。所以它有很多積極因素。正如喬所說，它始於日本，我們在美國看到了巨大的成功，我們也在關注其他地方。

Got it. Helpful. And Joe, you said a few times how encouraging the trends have been in January. I'm just curious, understanding it's only one month. But all else equal, if the trends that you're seeing now were to hold kind of -- for a good portion of the year, where in your long-term -- kind of long-range plan of 20% to 30%, do you think you'd be falling towards the mid to upper end? I'm just trying to get a sense for kind of what you are thinking there?

知道了。有幫助。喬，你多次說過 1 月份的趨勢是多麼令人鼓舞。我只是好奇，了解它只有一個月。但在其他條件相同的情況下，如果你現在看到的趨勢在一年中的大部分時間裡保持不變，在你的長期計劃中——20% 到 30% 的長期計劃，你認為你會走向中高端嗎？我只是想了解一下您在那裡的想法？

Nice try, Rich. We're -- look, we're very committed to our long-term growth model, 20% to 30%. That's really all I can say right now. Rich, we're in a really uncertain environment. We're happy about January. And this is why we're not giving guidance. We're all living with volatility right now. We'll just continue to execute and keep our heads down. But we're committed to that 20% to 30% growth model that we've been talking about for several years.

不錯的嘗試，里奇。我們——看，我們非常致力於我們的長期增長模式，20% 到 30%。這就是我現在能說的。 Rich，我們處在一個非常不確定的環境中。我們對一月份感到高興。這就是我們不提供指導的原因。我們現在都生活在波動之中。我們只是繼續執行並保持低調。但我們致力於我們多年來一直在談論的 20% 到 30% 的增長模式。

Our next question comes from John Kreger with William Blair.

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

Just sticking with that answer, you were, obviously, above that in terms of volumes in the -- in the fourth quarter. How do you feel about your ability to deliver on that if the order flow were sustained in terms of fabrication and fulfillment? How do those metrics holding up at this point?

只要堅持這個答案，顯然，就第四季度的銷量而言，你要高於這個答案。如果訂單流在製造和履行方面得到維持，您如何看待您的交付能力？這些指標在這一點上表現如何？

Our supply chains, we try to keep ahead in that sense. So I feel we have adequate plans and capacity right now to be handling a surge in demand.

我們的供應鏈，我們試圖在這個意義上保持領先。所以我覺得我們現在有足夠的計劃和能力來應對需求激增。

Great. Okay. And then, John, I think you've talked about in the past, a reasonable assumption is kind of a flattish ASP and I realize there's a lot of puts and takes. But is that still a reasonable kind of planning thing for us or are you guys thinking less on the pricing front and therefore, maybe more of a downward trend over the coming year?

偉大的。好的。然後，約翰，我想你過去曾說過，一個合理的假設是一種平坦的 ASP，我意識到有很多投入和投入。但這對我們來說仍然是一種合理的計劃嗎？還是你們在定價方面考慮得更少，因此，來年可能會有更多的下降趨勢？

It's tough because it really becomes kind of the end result because if you have more primary cases, as I spoke, compared to secondaries, you can get to see some of these impacts in ASPs. I think in general, there's not a significant change that we would expect in some of the mix or some of that pricing. So that being said, you wouldn't expect too much fluctuations in ASPs. But like I said, it depends on that demand that comes forward from our doctors.

這很難，因為它確實成為了最終結果，因為如果你有更多的主要案例，就像我所說的那樣，與次要案例相比，你可以在 ASP 中看到其中的一些影響。我認為總的來說，我們預期某些組合或某些定價不會發生重大變化。話雖這麼說，您不會期望 ASP 有太大波動。但就像我說的，這取決於我們醫生提出的要求。

Got it. Okay. And then one more. Joe, so in a typical year, we'd assume kind of teens would be big in Q3 and adults would be bigger in Q4. Is that same sort of seasonal pattern likely do you think in '21, given what we know now? Or would you expect kind of teen order flow to be more kind of spread evenly throughout the year?

知道了。好的。然後再來一個。喬，所以在典型的一年裡，我們假設青少年在第三季度會變大，而成年人在第四季度會變大。鑑於我們現在所知道的情況，您認為 21 年可能會出現同樣的季節性模式嗎？或者您是否希望青少年訂單流量在全年更均勻地分佈？

Yes, John, we don't know. But I'd tell you, it did -- it became muted this year. Obviously, we saw a much stronger fourth quarter in the United States in teens than we saw -- it's that you normally see from a season standpoint, it gets continued. So I think all of us are expecting summer and fall months as COVID has started to retreat a little bit. That might take us back to the patterns that we had before, but I don't think it's going to be binary. I really don't.

是的，約翰，我們不知道。但我會告訴你，確實如此——今年它變得柔和了。顯然，我們在美國青少年時期看到的第四節比我們看到的要強得多——從賽季的角度來看，你通常會看到，它會繼續下去。因此，我認為隨著 COVID 開始有所消退，我們所有人都在期待夏季和秋季的到來。這可能會讓我們回到以前的模式，但我認為這不會是二元的。我真的不知道。

I think this could have changed the pattern. We're going to have to just ride the curve here and see how it goes. But we'll continue to advertise through this, execute on the plays that we talked about in our scripts, and we really feel confident we can continue to drive significant teen demand.

我認為這可能會改變模式。我們將不得不在這裡沿著曲線行駛，看看它是如何發展的。但我們將繼續通過這個做廣告，執行我們在劇本中談到的劇本，我們真的有信心我們可以繼續推動顯著的青少年需求。

Operator, we'll take 1 or 2 more questions, please.

接線員，請再回答 1 或 2 個問題。

Our next question comes from Jason Bednar with Piper Sandler.

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

Congrats on another really strong quarter. I appreciate all the details you discussed. Maybe building off some of the real-time commentary you shared in your prepared remarks there, Joe. Just curious if you can expand on what you're seeing in January from maybe a utilization perspective? Maybe in the context of where we were October through December? Any notable call-outs in January from like a geographic perspective or teens or adults?

祝賀又一個非常強勁的季度。我很欣賞你討論的所有細節。喬，也許可以建立你在準備好的發言中分享的一些實時評論。只是好奇您是否可以從利用率的角度擴展您在 1 月份看到的內容？也許在我們 10 月到 12 月的情況下？從地理角度或青少年或成人角度來看，一月份有什麼值得注意的呼籲嗎？

I think the call out, Jason, really is just the breadth of it, really. There wasn't any geography in particular that dominated or it was just in segment 2, GP and ortho continue to be strong. So when you exit a year and you enter a new year, you're obviously glue to that month to see, especially in a business like this, what the momentum is. And we just see a continuation of the strong momentum that we had in the fourth quarter that's -- John, anything you can add on...

我認為 Jason 的呼籲真的只是它的廣度，真的。沒有任何地理位置特別占主導地位，或者只是在第 2 部分，GP 和 ortho 繼續保持強勁。因此，當你退出一年並進入新的一年時，你顯然會緊盯著那個月，看看，尤其是在這樣的企業中，勢頭如何。我們只是看到第四季度強勁勢頭的延續——約翰，你可以補充的任何東西……

Yes. I think the breadth of it is my note on this that we have across geographies between GP and orthos. And what we've described is a lot of doctors that are higher up in the tier, they are continuing to do a lot of volume. And then a lot of new doctors that come in, that come in with cases in hand, and we can get them to start the Invisalign system into our digital ecosystem. So that continued from Q4 into Q1.

是的。我認為它的廣度是我對此的說明，我們在 GP 和 orthos 之間跨越了不同的地域。我們所描述的是很多級別更高的醫生，他們正在繼續做大量的工作。然後有很多新醫生進來，他們手頭有病例，我們可以讓他們在我們的數字生態系統中啟動 Invisalign 系統。因此，這種情況從第四季度持續到第一季度。

Okay. That's helpful, guys. And then just focusing on China here just for a quick moment. There wasn't a great deal of discussion, probably less in this call than maybe any other call in recent memory, in China, in particular. But I appreciate the seasonality that happens here in the fourth quarter. But maybe just wondering if you can expand on what you're seeing with your business in the clear aligner market in China specifically and maybe compare that against some of your other APAC markets?

好的。這很有幫助，伙計們。然後只是暫時關注中國。沒有太多的討論，這次電話會議可能比最近記憶中的任何其他電話會議都要少，尤其是在中國。但我很欣賞第四季度這裡發生的季節性。但也許只是想知道您是否可以擴展您在中國透明矯正器市場的業務，並將其與其他一些亞太市場進行比較？

We felt good about our growth in China, 26% for the quarter overall. China is -- we see shutdowns periodically, issues in Shanghai or different places. The Chinese are pretty draconian. I'd use -- the move is when they see COVID, they move pretty quickly. The public hospitals have been throttled to a certain extent on elective procedures.

我們對我們在中國的增長感到滿意，整個季度增長了 26%。中國是——我們定期看到停工，在上海或其他地方出現問題。中國人相當嚴厲。我會使用 - 移動是當他們看到 COVID 時，他們移動得非常快。公立醫院在擇期手術方面受到了一定程度的限制。

So -- but we felt good about the quarter. And we feel -- honestly, our investments in China, we really feel good about those. The manufacturing piece helps legitimizes us -- our IT systems from a data protection standpoint have to be geared towards China. We're in good shape with that. We're assembling iTero there now. We feel great about our training centers, great about our treatment planning capabilities.

所以 - 但我們對本季度感覺良好。我們覺得 - 老實說，我們在中國的投資，我們真的感覺很好。製造部分有助於使我們合法化——從數據保護的角度來看，我們的 IT 系統必鬚麵向中國。我們的狀態很好。我們現在正在那裡組裝 iTero。我們對我們的培訓中心感覺很好，對我們的治療計劃能力也很滿意。

So overall, we remain bullish on China, and we think that China will start to -- with the rest of the world, will start to recover in the second half of next year, too, and we expect to be a big part of that.

所以總的來說，我們仍然看好中國，我們認為中國將與世界其他地區一起在明年下半年開始復蘇，我們預計將在其中發揮重要作用.

Operator, we'll take one more question, please. And then we'll run over.

接線員，我們再回答一個問題。然後我們會跑過去。

Okay. Our last question comes from Nathan Rich with Goldman Sachs.

好的。我們的最後一個問題來自高盛的 Nathan Rich。

Obviously, results over the past couple of quarters have been really strong. I guess when we look out to 2021, tough to know what happens with COVID, but hopefully, we'll start to get back to normal life later this year or 2022. I think as we look at where consensus is modeled, I think kind of high teens revenue growth, it seems like you still feel comfortable with the 20% to 30% target.

顯然，過去幾個季度的業績非常強勁。我想當我們展望 2021 年時，很難知道 COVID 會發生什麼，但希望我們能在今年晚些時候或 2022 年開始恢復正常生活。我認為，當我們研究共識的建模方式時，我認為很好十幾歲的收入增長，你似乎仍然對 20% 到 30% 的目標感到滿意。

So do you feel like we should be expecting that type of growth in line with the long-term range off of this, like this new higher level of volumes that you're starting to see in the back half of this year?

那麼你覺得我們是否應該期待這種類型的增長符合長期範圍，就像你在今年下半年開始看到的這種新的更高水平的銷量？

Nathan, that's -- we try to emphasize as much as we can, we feel very confident about those 20% to 30% range of growth and continuing to target 25% to 30% operating profit, too, in order to do that. So you'll see us -- in the investment rates that we -- John talked about, we're putting in place to drive that demand. So we make -- we remain committed to that modeled growth.

內森，那是——我們盡可能多地強調，我們對 20% 到 30% 的增長范圍非常有信心，並繼續將營業利潤目標定為 25% 到 30%，以便做到這一點。所以你會看到我們 - 在我們 - 約翰談到的投資率中，我們正在實施以推動這種需求。所以我們——我們仍然致力於這種模式化的增長。

And it starts with a vastly under-penetrated market and the investment opportunity, we talked about. We tried to give you kind of the breadth of all the different levers that we have to pull to be able to drive that return. And we continue to make that changes over time in terms of how we invest and where and so on, but that belief is still there. And when we make those forward investments, we're investing into that under-penetrated market that we think we can grow 20% to 30% in and do it at a 25-plus percent of margin rate.

我們談到，它始於一個滲透率極低的市場和投資機會。我們試圖為您提供我們必須拉動的所有不同槓桿的廣度，以便能夠推動回報。隨著時間的推移，我們會繼續在投資方式、投資地點等方面做出改變，但這種信念仍然存在。當我們進行這些遠期投資時，我們正在投資那個我們認為我們可以增長 20% 到 30% 並以 25% 以上的保證金率增長的滲透率較低的市場。

Well, thank you, everyone, for joining us today. This concludes our earnings call. If you have any follow-up questions, please contact our Investor Relations department. And we look forward to following up with you in upcoming conferences and virtual events. Have a great day.

好吧，謝謝大家今天加入我們。我們的財報電話會議到此結束。如果您有任何後續問題，請聯繫我們的投資者關係部門。我們期待在即將舉行的會議和虛擬活動中跟進您。祝你有美好的一天。

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

今天的會議到此結束。此時您可以斷開線路。感謝您的參與，祝您度過一個愉快的夜晚。