百特醫療 (BAX) 2022 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Baxter International's Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this call is being recorded by Baxter and is copyrighted material. It cannot be recorded or rebroadcast without Baxter's permission. If you have any objections, please disconnect at this time.

女士們先生們，早上好，歡迎來到百特國際 2022 年第四季度收益電話會議。 （操作員說明）提醒一下，此通話由 Baxter 錄製，是受版權保護的材料。未經 Baxter 許可，不得錄製或轉播。如果您有異議，請此時斷開連接。

I would now like to turn the call over to Ms. Clare Trachtman, Vice President, Investor Relations at Baxter International. Ms. Trachtman, you may begin.

我現在想把電話轉給 Baxter International 投資者關係副總裁 Clare Trachtman 女士。 Trachtman 女士，您可以開始了。

Good morning. and welcome to our fourth quarter 2022 earnings conference call. Joining me today are Joe Almedia, Baxter's Chairman and Chief Executive Officer; and Jay Saccaro, Baxter's Chief Financial Officer.

早上好。歡迎參加我們 2022 年第四季度的收益電話會議。今天加入我的是百特董事長兼首席執行官 Joe Almedia；和百特的首席財務官 Jay Saccaro。

On the call this morning, we will be discussing Baxter's fourth quarter and full year 2022 financial results, along with our financial outlook for 2023.

在今天上午的電話會議上，我們將討論百特的第四季度和 2022 年全年財務業績，以及我們對 2023 年的財務展望。

With that, let me start our prepared remarks by reminding everyone that this presentation, including comments regarding our financial outlook for the first quarter and full year 2023, new product development, the potential impact of recently announced strategic actions, proposed pricing actions, business development and regulatory matters contain forward-looking statements that involve risks and uncertainties. And of course, our actual results could differ materially from our current expectations. Please refer to today's press release and our SEC filings for more detail concerning factors that could cause actual results to differ materially.

因此，讓我開始準備好的發言，提醒大家本次演講，包括對我們 2023 年第一季度和全年財務展望、新產品開發、最近宣布的戰略行動的潛在影響、擬議的定價行動、業務發展的評論和監管事項包含涉及風險和不確定性的前瞻性陳述。當然，我們的實際結果可能與我們目前的預期存在重大差異。請參閱今天的新聞稿和我們向美國證券交易委員會提交的文件，了解有關可能導致實際結果出現重大差異的因素的更多詳細信息。

In addition, on today's call, non-GAAP financial measures will be used to help investors understand Baxter's ongoing business performance. A reconciliation of the non-GAAP financial measures being discussed today to the comparable GAAP financial measures is included in our earnings release issued this morning and available on our website.

此外，在今天的電話會議上，非 GAAP 財務指標將用於幫助投資者了解百特的持續經營業績。我們今天上午發布的收益報告中包含今天討論的非 GAAP 財務指標與可比的 GAAP 財務指標的對賬，並可在我們的網站上查閱。

On the call this morning, we will be discussing operational sales growth, which for the fourth quarter and full year 2022, adjust for the impact of foreign exchange and the acquisition of Hillrom.

在今天上午的電話會議上，我們將討論第四季度和 2022 年全年的營業銷售增長，該增長將根據外彙和收購 Hillrom 的影響進行調整。

Now I'd like to turn the call over to Joe. Joe?

現在我想把電話轉給喬。喬？

Thank you, Clare, and good morning, everyone. We appreciate you taking the time to join us. I will begin with a brief overview of Baxter's performance for the quarter and year, and then provide some additional information on the strategic road map we announced on January 6. These actions, further outlined in this morning's press release, will help Baxter to emerge as a more agile, innovative market responsive enterprise with expanded opportunities to create long-term shareholder value. Jay will follow with a deeper dive on our 2022 results and outlook for 2023, and we will close with Q&A.

謝謝你，克萊爾，大家早上好。感謝您抽出寶貴時間加入我們。我將首先簡要概述 Baxter 本季度和年度的業績，然後提供一些關於我們在 1 月 6 日宣布的戰略路線圖的額外信息。今天上午的新聞稿中進一步概述的這些行動將幫助 Baxter 脫穎而出，成為一個更加敏捷、創新的市場響應企業，擁有更多機會創造長期股東價值。隨後，Jay 將更深入地探討我們 2022 年的業績和 2023 年的展望，我們將以問答結束。

Starting with our financial results. Sales for the fourth quarter 2022 were $3.9 billion, growing 11% on a reported basis, 17% at constant currency and 2% on an operational basis. Fourth quarter adjusted earnings per share were $0.88 came in below our expectations, primarily driven by foreign exchange losses and product mix in the quarter. For the full year sales of $15.1 billion advanced 18% on a reported basis, 23% at constant currency and 2% on an operational basis.

從我們的財務業績開始。 2022 年第四季度銷售額為 39 億美元，按報告基礎增長 11%，按固定匯率計算增長 17%，按運營基礎增長 2%。第四季度調整後每股收益為 0.88 美元，低於我們的預期，這主要是由於本季度的匯兌損失和產品組合所致。全年銷售額為 151 億美元，按報告基礎增長 18%，按固定匯率計算增長 23%，按運營基礎增長 2%。

Adjusted earnings per share for the year were $3.50. Jay will provide more granularity on the numbers, but some themes are clear. Demand across our portfolio remains solid and sales rose across the majority of our legacy Baxter and Hillrom businesses, offsetting modest or expected declines in others, driven by factors such as generic competition or challenging year-over-year comparisons.

全年調整後每股收益為 3.50 美元。 Jay 將提供更詳細的數字，但有些主題很明確。我們投資組合的需求依然強勁，我們大部分傳統 Baxter 和 Hillrom 業務的銷售額都出現增長，抵消了其他業務的適度或預期下降，這是由仿製藥競爭或具有挑戰性的同比比較等因素推動的。

As we've discussed previously, this top line growth was offset by weighing of macroeconomic and supply chain factors that has continued to put pressure on the cost of doing business. And as I have stressed many times, we will never pursue reduced costs in ways that could compromise our fundamental mission to save and sustain lives. But even factoring in these headwinds, we did not perform at the level we expected and demand of ourselves.

正如我們之前所討論的那樣，這一收入增長被宏觀經濟和供應鏈因素的權衡所抵消，這些因素繼續對經營成本施加壓力。正如我多次強調的那樣，我們追求降低成本的方式絕不會損害我們拯救和維持生命的基本使命。但即使考慮到這些不利因素，我們的表現也沒有達到我們對自己的預期和要求。

And our ability to advance our mission is grounded, first and foremost, in our capacity to deliver steady, solid performance as a sustainable corporate enterprise. This is precisely why, earlier this year, we announced plans to accelerate our transformation journey, the actions we announced on January 6, and are expanding on today are as necessary as they are timely.

我們推進使命的能力首先是基於我們作為可持續發展企業提供穩定、可靠績效的能力。這就是為什麼我們在今年早些時候宣布了加速轉型之旅的計劃，我們在 1 月 6 日宣布並在今天擴大的行動既必要又及時。

As I shared in January, we spent the latter part of 2022 undertaking a comprehensive review of our operations focused keenly on opportunities to improve our commercial responsiveness, reinvigorate our innovation engine and streamline our operations. This work led to last month's announcement of our intention to spin off a new kidney care company, explore options for our BioPharma Solutions contract manufacturing business and implement a new operating model for our remaining Baxter businesses. These are 3 distinct initiatives with a single agenda, increase stakeholder impact with improved long-term shareholder value.

正如我在 1 月份分享的那樣，我們在 2022 年下半年對我們的運營進行了全面審查，重點關注提高我們的商業響應能力、重振我們的創新引擎和簡化我們的運營的機會。這項工作導致上個月宣布我們打算分拆一家新的腎臟護理公司，探索我們的生物製藥解決方案合同製造業務的選擇，並為我們剩餘的百特業務實施新的運營模式。這是具有單一議程的 3 項不同舉措，通過提高長期股東價值來增加利益相關者的影響。

Cutting across these actions are common goals, enhancing refining strategic clarity, increased accountability and line of sight, enhance agility and bring our global businesses even closer to the patients, clinicians and customers they serve. Today, I will share the next level of detail on the Baxter business model, we expect to begin implementing next quarter.

貫穿這些行動的是共同目標，即提高戰略清晰度、增強問責制和視線、提高敏捷性並使我們的全球業務更貼近他們所服務的患者、臨床醫生和客戶。今天，我將分享 Baxter 商業模式的下一級細節，我們預計將在下個季度開始實施。

This work entails a fundamental reconfiguration of how we operate and deliver products to the customers and markets we serve. This new operating model is focused on 4 vertically integrated global business units, or GBUs, grouped along general therapeutic areas encompassing multiple sites of care. These GBUs, which will become Baxter's core operating and reporting segments when implemented, include medical products and therapies, comprising our current Medication Delivery, Advanced Surgery and Clinical Nutrition portfolios.

這項工作需要對我們的運營方式和向我們服務的客戶和市場交付產品的方式進行根本性的重新配置。這種新的運營模式專注於 4 個垂直整合的全球業務部門 (GBU)，這些業務部門按照包括多個護理地點的一般治療領域進行分組。這些 GBU 在實施後將成為百特的核心運營和報告部門，包括醫療產品和療法，包括我們目前的藥物輸送、高級手術和臨床營養產品組合。

Healthcare Systems and Technologies comprising our legacy. Hillrom businesses, including Patient Support Systems, Global Surgical Solutions and Front Line Care, pharmaceuticals, which will include our current pharma portfolio as well as our BioPharma Solutions business until its potential separation. And finally, Kidney Care comprising our current Renal Care and Acute Therapies businesses to reiterate our intention subject to satisfaction of customary conditions used to spin Kidney Care into an independent publicly traded company in the next 12 to 18 months. Until then, this GBU will benefit from the strategic work we are doing right now helping to hone a well-focused and streamlined entity in preparation for its anticipated launch as a stand-alone company.

醫療保健系統和技術構成了我們的遺產。 Hillrom 業務，包括患者支持系統、全球外科解決方案和前線護理、製藥，這將包括我們目前的製藥產品組合以及我們的生物製藥解決方案業務，直至其可能分離。最後，腎臟護理包括我們目前的腎臟護理和急性治療業務，重申我們的意圖是滿足在未來 12 至 18 個月內將腎臟護理轉變為獨立上市公司的慣例條件。到那時，這個 GBU 將受益於我們目前正在做的戰略工作，幫助磨練一個專注和精簡的實體，為預期作為獨立公司的推出做準備。

In this way, we can think of Baxter as having 4 GBU structure, or perhaps a 3 plus 1 GBU structure once the model is in place later this year. Each new GBU will have its own President, reporting directly to me. Each will have full global P&L accountability. We will begin to realign our current 3 region global commercial structures. So the global commercial teams will report directly into each GBU.

通過這種方式，我們可以將 Baxter 視為具有 4 GBU 結構，或者一旦該模型在今年晚些時候到位，則可能是 3 加 1 GBU 結構。每個新的 GBU 都有自己的總裁，直接向我匯報。每個人都將承擔全面的全球損益責任。我們將開始重新調整我們目前的 3 個區域全球商業結構。因此，全球商業團隊將直接向每個 GBU 報告。

The dedicated R&D manufacturing and supply chain and functional support teams will also be embedded by GBU to optimize visibility and oversight. This restructure is designed to generate more direct, clear accountability across each business and promote more agile decision-making across sales, marketing, manufacturing, distribution and innovation.

專門的研發製造和供應鏈以及職能支持團隊也將由 GBU 嵌入，以優化可見性和監督。這種重組旨在在每個業務中產生更直接、更明確的問責制，並促進銷售、營銷、製造、分銷和創新方面更靈活的決策。

So what you see upon completion of this process is that each of the GBUs will have more autonomy and agility than the current businesses do today. GBUs will be able to respond to market dynamics faster, more effectively, accelerate commercial investments, design and produce products and prioritize R&D spending, all to help meet critical market needs and accelerate business performance.

因此，您在完成此過程後看到的是，每個 GBU 都將比當前的業務擁有更多的自主權和敏捷性。 GBU 將能夠更快、更有效地響應市場動態，加快商業投資、設計和生產產品並優先考慮研發支出，所有這些都有助於滿足關鍵的市場需求並加快業務績效。

From a manufacturing perspective, Baxter will become more nimble with manufacturing sites mapped directly to each GBU leading to an optimized manufacturing footprint in a more resilient supply chain. Preparation for the new operating model is already surfacing opportunities for streamlining and efficiency that are intended to further bolster bottom line performance. The redesign being contemplated, coupled with additional actions the company has undertaken to enhance performance, are expect to deliver more than $300 million in total savings during 2023 and a workforce reduction of less than 5%. We plan to begin implementing our new operating model early in the second quarter.

從製造的角度來看，百特將變得更加靈活，製造站點直接映射到每個 GBU，從而在更具彈性的供應鏈中優化製造足跡。新運營模式的準備工作已經出現了精簡和提高效率的機會，旨在進一步提高底線績效。正在考慮的重新設計，加上公司為提高績效而採取的其他行動，預計將在 2023 年實現總節省超過 3 億美元，並減少不到 5% 的勞動力。我們計劃在第二季度初開始實施我們的新運營模式。

Looking ahead to 2023. More broadly, we expect to continue navigating a challenging operational environment, hand-in-hand with our transformation effort. We have been taking a hard look at our forecasting models and processes as we reflect on our performance last year and the lessons learned in an era of unprecedented macroeconomic challenges.

展望 2023 年。更廣泛地說，我們希望繼續在充滿挑戰的運營環境中前行，並與我們的轉型工作攜手並進。在我們反思去年的表現以及在前所未有的宏觀經濟挑戰時代吸取的教訓時，我們一直在認真審視我們的預測模型和流程。

We have taken the stance of incorporating more financial downside risks into our financial outlook for 2023. Jay will provide additional details on our outlook and various assumptions included.

我們已採取將更多金融下行風險納入 2023 年財務展望的立場。Jay 將提供有關我們展望和各種假設的更多詳細信息。

Before I pass it out to Jay, I want to close by reinforcing my confidence and optimism for the future in our commitment to continue to maintain the important work we do every day. Baxter holds a fundamental place in global health care, with a durable portfolio of essential products, market-leading position and passionate employees who bring our mission to life.

在我將它傳遞給 Jay 之前，我想通過加強我對未來的信心和樂觀來結束我們的承諾，以繼續維持我們每天所做的重要工作。百特在全球醫療保健領域佔據著舉足輕重的地位，擁有經久耐用的基本產品組合、市場領先地位和熱情的員工，他們將我們的使命付諸實踐。

We're setting out on a well-considered plan to redefine our operations and potential in pursuit of incremental long-term value for the stakeholders and shareholders that rely on us. 2023 now becomes a pivotal year. We are on our way to creating -- to leading health care companies with robust portfolios and strong market momentum. We look forward to sharing our progress and performance in the quarters to come.

我們正在製定一項經過深思熟慮的計劃，以重新定義我們的運營和潛力，為依賴我們的利益相關者和股東追求增量的長期價值。 2023年現在成為關鍵的一年。我們正在創建具有強大產品組合和強勁市場勢頭的領先醫療保健公司。我們期待在未來幾個季度分享我們的進展和表現。

With that, I'll pass it over to Jay.

有了這個，我會把它傳遞給傑伊。

Thanks, Joe, and good morning, everyone. Despite in line sales results, our fourth quarter earnings performance came in below our expectations. This variance was primarily driven by foreign exchange losses and product mix in the quarter.

謝謝，喬，大家早上好。儘管銷售業績符合預期，但我們第四季度的盈利表現低於我們的預期。這一差異主要是由本季度的匯兌損失和產品組合造成的。

As Joe mentioned, we're not satisfied with our results, and as such, we're taking a number of actions to improve our performance. Some of these initiatives are already underway and will be further enhanced with the cost reduction program that we are in the process of finalizing, in parallel with our operating model redesign. These actions are necessary and are expected to accelerate future performance.

正如喬提到的，我們對我們的結果不滿意，因此，我們正在採取一些行動來提高我們的表現。其中一些舉措已經在進行中，並將隨著我們正在完成的成本削減計劃以及我們重新設計的運營模式而得到進一步加強。這些行動是必要的，並且有望加速未來的表現。

Collectively, these actions are expected to deliver more than $300 million in savings in 2023.

總的來說，這些行動預計將在 2023 年節省超過 3 億美元。

Turning to our financial performance. Fourth quarter 2022 global sales of $3.9 billion, advanced 11% on a reported basis, 17% on a constant currency basis and 2% operationally. Sales performance in the quarter continues to underscore the strength of our broad portfolio of core therapy and connected care offerings across the care continuum.

轉向我們的財務業績。 2022 年第四季度全球銷售額為 39 億美元，報告增長 11%，按固定匯率計算增長 17%，運營增長 2%。本季度的銷售業績繼續凸顯了我們在整個護理過程中廣泛的核心治療和相關護理產品組合的實力。

As we've discussed previously, supply for select products remains constrained, and we estimate that these constraints impacted our revenues by approximately $50 million in the quarter or approximately 140 basis points. These supply constraints are a mixture of electromechanical components and shortages from other third-party suppliers.

正如我們之前所討論的那樣，特定產品的供應仍然受到限制，我們估計這些限制對我們本季度的收入產生了大約 5000 萬美元的影響，即大約 140 個基點。這些供應限制是機電元件和其他第三方供應商短缺的混合體。

On the bottom line, adjusted earnings decreased 15% to $0.88 per share outside our guidance range of $0.92 to $0.99 per share.

最重要的是，調整後的收益下降 15% 至每股 0.88 美元，超出了我們每股 0.92 美元至 0.99 美元的指導範圍。

As mentioned earlier, this was due to unfavorable product mix and an approximate $0.04 headwind from foreign exchange losses on balance sheet positions, primarily due to the devaluation of the Russian ruble during the quarter.

如前所述，這是由於不利的產品組合和資產負債表頭寸的外匯損失約 0.04 美元的逆風，主要是由於本季度俄羅斯盧布貶值。

Now I'll walk through performance by our regional segments and key product categories. Note that constant currency growth is equal to operational sales growth for all global businesses, in Baxter's 3 legacy geographic regions.

現在我將通過我們的區域細分和主要產品類別來介紹性能。請注意，在 Baxter 的 3 個傳統地理區域中，貨幣的持續增長等於所有全球業務的營業銷售額增長。

Starting with sales by operating segment. Sales in the Americas were flat to the prior year on a constant currency basis. Sales in Europe, Middle East and Africa grew 5% on a constant currency basis, and sales in our APAC region increased 2% constant currency.

從營業部門的銷售額開始。按固定匯率計算，美洲的銷售額與上一年持平。歐洲、中東和非洲的銷售額按固定匯率計算增長 5%，亞太地區的銷售額按固定匯率計算增長 2%。

Quarterly sales in the region reflected strength in geographic segment sales offset by relatively flat growth in China due to the impact from various government-based procurement initiatives being implemented in that market.

該地區的季度銷售額反映了地理區域銷售額的強勁增長，但由於中國市場實施的各種基於政府的採購計劃的影響，該地區的銷售增長相對平穩。

Moving on to performance by key product category. Global sales for Renal were $981 million, increasing 3% on a constant currency basis. Performance in the quarter was driven by solid growth in our PD business, where we observed an increase in PD patients globally, particularly in the U.S., which saw a sequential improvement in growth of 100 basis points and ended the year with patient growth of approximately 4%.

繼續按關鍵產品類別查看性能。 Renal 的全球銷售額為 9.81 億美元，按固定匯率計算增長 3%。本季度的業績是由我們 PD 業務的穩健增長推動的，我們觀察到全球 PD 患者的增加，特別是在美國，其增長連續改善了 100 個基點，到年底患者增長了約 4 %。

Mid-single-digit PD growth in the quarter benefited from incremental revenues of nearly $20 million, resulting from a customer that was looking to build out a new business and did not meet its contractual minimum purchase requirements. This arrangement has been terminated and the related revenues will not recur in future periods.

本季度中等個位數的 PD 增長得益於近 2000 萬美元的增量收入，這是由於一位客戶希望建立新業務但未滿足其合同最低採購要求。該安排已終止，相關收入將不會在未來期間再次產生。

Performance in the quarter was partially offset by lower in-center HD sales due to HD monitor and associated consumable component supply challenges. Sales in Medication Delivery of $745 million declined 2% on a constant currency basis. Performance in the quarter was affected by a difficult comparison to the prior year, which benefited from higher levels of infusion pump placements.

由於高清顯示器和相關的耗材供應挑戰，中心高清銷售額的下降部分抵消了本季度的業績。按固定匯率計算，藥物遞送銷售額為 7.45 億美元，下降 2%。本季度的業績受到與去年同期比較困難的影響，這得益於更高水平的輸液泵安置。

Demand remains strong for Baxter's smart infusion pumps, and as we have discussed, is currently outpacing our ability to supply, given continued challenges sourcing components. Our IV therapy portfolio grew low single digits globally, driven by strong demand internationally. During the quarter, we did not see pronounced impact from flu-related cases, which, although reported case numbers were high, did not translate into increased hospital admissions.

鑑於採購組件的持續挑戰，對百特智能輸液泵的需求依然強勁，正如我們所討論的那樣，目前的需求超過了我們的供應能力。在國際強勁需求的推動下，我們的 IV 治療產品組合在全球範圍內增長了低個位數。在本季度，我們沒有看到流感相關病例的明顯影響，儘管報告的病例數很高，但並未轉化為住院人數增加。

Pharmaceutical sales of $552 million declined 1% on a constant currency basis. Performance in the quarter reflects the continued impact of generic competition in the U.S., which was partially offset by increased demand for our drug compounding portfolio internationally.

按固定匯率計算，藥品銷售額為 5.52 億美元，下降 1%。本季度的業績反映了美國仿製藥競爭的持續影響，這部分被國際上對我們的藥物複合產品組合的需求增加所抵消。

Moving to Clinical Nutrition. Total sales were $243 million, increasing 6% on a constant currency basis. Performance in the quarter was driven by demand for our broad multi-chamber bags and vitamins product portfolio. Sales in Advanced Surgery were $260 million, advancing 8% on a constant currency basis. Growth in the quarter reflects an improvement of electric procedures globally. Surgical volume recovery was strong across all regions.

轉向臨床營養。總銷售額為 2.43 億美元，按固定匯率計算增長 6%。本季度的業績是由對我們廣泛的多室袋和維生素產品組合的需求推動的。 Advanced Surgery 的銷售額為 2.6 億美元，按固定匯率計算增長 8%。本季度的增長反映了全球電子程序的改進。所有地區的手術量恢復都很強勁。

Sales in our Acute Therapies business were $182 million, declining 3% on a constant currency basis and reflecting a tough comparison to the prior year, where we had experienced elevated demand for CRRT given the rise in COVID cases. BioPharma Solutions sales in the quarter were $153 million, increasing 12% on a constant currency basis. Demand for non-COVID services more than offset the decline in COVID vaccine-related revenue compared to the same period last year. COVID vaccine sales for the quarter totaled $22 million.

我們急性治療業務的銷售額為 1.82 億美元，按固定匯率計算下降 3%，這反映出與上一年的艱難對比，由於 COVID 病例的增加，我們對 CRRT 的需求增加了。本季度生物製藥解決方案銷售額為 1.53 億美元，按固定匯率計算增長 12%。與去年同期相比，對非 COVID 服務的需求足以抵消 COVID 疫苗相關收入的下降。本季度 COVID 疫苗銷售額總計 2200 萬美元。

Legacy Hillrom contributed $734 million in sales in the quarter compared to $212 million in the prior year period after the acquisition closed on December 13, 2021. Hillrom sales included $360 million of sales in Patient Support Systems, $293 million of sales in Front Line Care and $81 million of sales in Global Surgical Solutions. Legacy Hillrom sales grew mid-single digits on a pro forma and FX-neutral basis as compared to Q4 2021.

在 2021 年 12 月 13 日收購結束後，Legacy Hillrom 在本季度貢獻了 7.34 億美元的銷售額，而去年同期為 2.12 億美元。Hillrom 的銷售額包括 3.6 億美元的患者支持系統銷售額、2.93 億美元的前線護理銷售額和全球外科解決方案的銷售額為 8100 萬美元。與 2021 年第四季度相比，Legacy Hillrom 銷售額在備考和外匯中性基礎上增長了中個位數。

This growth reflects demand for the physical assessment and cardiology portfolios within the Front Line Care business. Within the quarter, we were able to secure some additional electromechanical components on the spot market, which enabled us to address a portion of the backlog associated with the Front Line Care business.

這一增長反映了前線護理業務對身體評估和心髒病學產品組合的需求。在本季度內，我們能夠在現貨市場上獲得一些額外的機電組件，這使我們能夠解決與前線護理業務相關的部分積壓問題。

Sales in Patient Support Systems declined low single digits in the quarter, primarily driven by lower rental revenues in the quarter as the prior year period benefited from more than $10 million in sales due to COVID-related rentals.

本季度患者支持系統的銷售額下降了低個位數，這主要是由於本季度租金收入下降，因為上年同期受益於 COVID 相關租金帶來的超過 1000 萬美元的銷售額。

Moving through the rest of the P&L. Adjusted gross margin of 41.6% decreased 270 basis points versus the prior year, reflecting increased cost of goods sold, primarily driven by the factors we've discussed around inflation, freight and supply chain constraints. Adjusted SG&A of $797 million represented 20.5 as a percentage of sales, an increase of 30 basis points versus the prior year, driven by the addition of Hillrom as well as higher freight expenses.

瀏覽其餘的損益表。調整後的毛利率為 41.6%，比上年下降 270 個基點，反映了銷售成本的增加，這主要是由我們討論過的有關通貨膨脹、運費和供應鏈限制的因素推動的。調整後的 SG&A 為 7.97 億美元，佔銷售額的 20.5%，比上年增加 30 個基點，這主要是由於 Hillrom 的加入以及更高的運費。

Adjusted R&D spending in the quarter of $157 million represented 4% of sales, an increase of 10 basis points versus prior year. Both SG&A and adjusted R&D reflected a benefit from lower bonus accruals under our annual employee incentive compensation plans, which are directly tied to Baxter's performance. These factors resulted in an adjusted operating margin in the quarter of 17.1%, a decrease of 310 basis points versus the prior year.

本季度調整後的研發支出為 1.57 億美元，佔銷售額的 4%，比去年同期增加 10 個基點。 SG&A 和調整後的研發都反映了我們年度員工激勵補償計劃下應計獎金減少帶來的好處，這與百特的業績直接相關。這些因素導致本季度調整後的營業利潤率為 17.1%，較上年同期下降 310 個基點。

Adjusted net interest expense totaled $117 million in the quarter, an increase of $73 million versus the prior year, driven by higher outstanding debt balances related to the acquisition of Hillrom and the impact of interest rates on the variable rate debt. Adjusted other nonoperating expense totaled $12 million in the quarter, a decrease of $9 million versus the prior year, driven primarily by amortization of pension benefits. As I mentioned earlier, nonoperating expenses were unfavorable to our expectations primarily due to foreign exchange losses.

本季度調整後的淨利息支出總計 1.17 億美元，比上年增加 7300 萬美元，原因是與收購 Hillrom 相關的未償債務餘額增加以及利率對可變利率債務的影響。本季度調整後的其他非營業費用總計 1200 萬美元，比上年減少 900 萬美元，主要受養老金福利攤銷的推動。正如我之前提到的，營業外支出不符合我們的預期主要是由於匯兌損失。

The adjusted tax rate in the quarter was 16.1% compared to 18.6% in the prior year period. The year-over-year decrease was primarily driven by statute expirations on certain tax positions, partially offset by an increase due to a change in geographic earnings mix following the Hillrom acquisition. And as previously mentioned, adjusted earnings of $0.88 per share declined 15% versus the prior year period. Earnings in the quarter reflected the increase of cost of raw materials, freight and labor as well as the impact of rising interest rates and foreign exchange headwinds.

本季度調整後的稅率為 16.1%，而去年同期為 18.6%。同比下降的主要原因是某些稅收狀況的法規到期，部分被 Hillrom 收購後地域收益組合變化導致的增長所抵消。如前所述，調整後每股收益為 0.88 美元，較上年同期下降 15%。本季度的收益反映了原材料、運費和勞動力成本的增加以及利率上升和外匯逆風的影響。

Turning to full year 2022. Sales of $15.1 billion increased by 18% on a reported basis, 23% on a constant currency basis and 2% operationally. Legacy Hillrom's Front Line Care, Patient Support Systems and Global Surgical Solutions businesses contributed $2.9 billion to full year sales on a reported basis. On a pro forma basis and after adjusting for foreign exchange, full year legacy Hillrom sales were flat as compared to the prior year period, primarily reflecting the impact of supply constraints for electromechanical components.

轉向 2022 年全年。151 億美元的銷售額在報告基礎上增長了 18%，在固定匯率基礎上增長了 23%，在運營基礎上增長了 2%。根據報告，Legacy Hillrom 的前線護理、患者支持系統和全球外科解決方案業務為全年銷售額貢獻了 29 億美元。在備考基礎上並針對外匯進行調整後，Hillrom 全年的傳統銷售額與去年同期持平，主要反映了機電元件供應限制的影響。

On the bottom line, Baxter's adjusted earnings decreased 3% to $3.50 per diluted share, reflecting the impacts we just highlighted. On a full year basis, we generated operating cash flow from continuing operations of $1.2 billion and free cash flow of $532 million. Throughout 2022, we remain focused on debt repayment following our Hillrom acquisition with 900 million paid boards deleveraging. We also returned approximately $600 million to shareholders through dividends and share repurchases.

總而言之，百特的調整後每股攤薄收益下降 3% 至 3.50 美元，反映了我們剛剛強調的影響。在全年基礎上，我們從持續經營中產生了 12 億美元的經營現金流和 5.32 億美元的自由現金流。在整個 2022 年，我們將繼續專注於償還我們收購 Hillrom 後的債務，其中 9 億個付費董事會將去槓桿化。我們還通過股息和股票回購向股東返還了約 6 億美元。

As we execute on our strategic actions outlined in the beginning of 2023, we are first and foremost committed to meaningfully improving our cash flow generation. Our priorities for cash deployment are focused on accelerating debt repayment, maintaining our dividend and resuming share repurchases over time. We are also actively pursuing strategic alternatives for our BioPharma Solutions business, while continuing to assess additional inorganic growth factors for products, therapies and connected care platforms for our new streamlined operations.

在我們執行 2023 年初概述的戰略行動時，我們首先致力於切實改善我們的現金流生成。我們現金部署的重點是加速償還債務、維持股息和恢復股票回購。我們還積極為我們的生物製藥解決方案業務尋求戰略替代方案，同時繼續評估產品、療法和互聯護理平台的其他無機增長因素，以實現我們新的簡化運營。

As we progress towards the proposed spin-off of Kidney Care company, we'll look to utilize proceeds from these actions to accelerate Baxter's debt repayment schedule. We remain committed to an investment-grade credit rating profile, including taking actions towards achieving our previously stated commitment to achieve 2.75x net leverage. Although current business conditions might challenge our ability to satisfy that commitment, by the end of 2024, we do expect to make significant progress towards achieving the target during 2023 and 2024.

隨著我們對 Kidney Care 公司的擬議分拆取得進展，我們將尋求利用這些行動的收益來加快百特的債務償還計劃。我們仍然致力於投資級信用評級，包括採取行動來實現我們之前做出的實現 2.75 倍淨槓桿率的承諾。儘管當前的業務狀況可能會挑戰我們履行該承諾的能力，但到 2024 年底，我們確實希望在實現 2023 年和 2024 年的目標方面取得重大進展。

Additionally, given the proposed spin-off and potential sale of BPS, we expect to provide additional information regarding our forward-looking outlook for both Baxter RemainCo and KidneyCo at a Capital Markets Day prior to completion of the proposed spin-off.

此外，鑑於 BPS 的擬議分拆和潛在出售，我們希望在完成擬議分拆之前的資本市場日提供有關我們對 Baxter RemainCo 和 KidneyCo 的前瞻性展望的更多信息。

Let me conclude my comments by discussing our outlook for the first quarter and full year 2023, including some key assumptions underpinning our guidance. On the top line, 2023 is expected to benefit from underlying volume growth, the pricing actions taken last year as well as new product launches across our GBUs. Some of these new planned product introductions include more than 5 injectable drug launches, a next-gen ICU bed, ExactaMix Pro, Nutrition Compounder, continued rollout of our Novum IQ LVP and syringe pump in Canada and launch of the Novum IQ syringe pump in the U.S.

讓我通過討論我們對 2023 年第一季度和全年的展望來結束我的評論，包括支持我們指導的一些關鍵假設。最重要的是，預計 2023 年將受益於基礎銷量增長、去年採取的定價行動以及我們 GBU 的新產品發布。其中一些新計劃的產品介紹包括超過 5 種注射藥物的發布、下一代 ICU 病床、ExactaMix Pro、Nutrition Compounder、在加拿大繼續推出我們的 Novum IQ LVP 和注射泵，以及在加拿大推出 Novum IQ 注射泵我們。

At this time, our 2023 guidance does not contemplate any U.S. revenues for the Novum IQ large-volume infusion pump. We anticipate submission of our final responses to FDA within the quarter. We continue to be very excited about the prospect of this launch and the benefits it offers our customers. Our objective remains to launch this pump in 2023.

目前，我們的 2023 年指南並未考慮 Novum IQ 大容量輸液泵在美國的任何收入。我們預計在本季度內向 FDA 提交最終答复。我們仍然對此次發布的前景及其為我們的客戶帶來的好處感到非常興奮。我們的目標仍然是在 2023 年推出這款泵。

Throughout 2022, demand for our products and therapies remained solid, but supply chain challenges impacted our ability to fully supply this demand. We experienced record levels of backorders and backlog, particularly for the legacy Hillrom business. And while we observed positive development and supply availability in the fourth quarter of 2022, we currently anticipate component availability will remain challenging and will continue to hamper top line sales in 2023. We are working relentlessly to secure components and address order backlog, and our expectation is that supply for electromechanical components will improve in the second half of the year.

整個 2022 年，對我們產品和療法的需求依然強勁，但供應鏈挑戰影響了我們充分滿足這一需求的能力。我們經歷了創紀錄的積壓訂單和積壓，特別是對於傳統的 Hillrom 業務。雖然我們在 2022 年第四季度觀察到積極的發展和供應可用性，但我們目前預計組件可用性將仍然具有挑戰性，並將繼續阻礙 2023 年的頂線銷售。我們正在不懈地努力確保組件安全並解決訂單積壓問題，我們的期望下半年機電元器件供應將有所改善。

As Joe outlined, we're implementing a series of changes across our organization that are designed to meaningfully simplify the operating model and manufacturing footprint drive strategic clarity, improve operational efficiencies and accelerate future growth.

正如 Joe 概述的那樣，我們正在整個組織實施一系列變革，旨在有效簡化運營模式和製造足跡，從而推動戰略清晰度、提高運營效率並加速未來增長。

In addition to consolidating our operations into 4 vertically integrated global business units, we're also evaluating additional strategic actions, including potential product line and country exits to better position the company for more profitable growth over the mid to long term These exits are expected to reduce sales by more than $100 million as compared to full year '22.

除了將我們的業務整合到 4 個垂直整合的全球業務部門之外，我們還在評估其他戰略行動，包括潛在的產品線和國家退出，以更好地定位公司，在中長期內實現更高的盈利增長。這些退出預計將與 22 年全年相比，銷售額減少超過 1 億美元。

Lastly, as it relates to the top line 2022 results, included approximately $140 million of sales that are not expected to repeat in 2023 as well as the benefit of approximately $50 million due to lower customer rebate costs, this includes lower COVID vaccine revenue of approximately $100 million and 2 contractual payments, which benefited Renal Care sales by approximately $40 million in the second half of 2022.

最後，由於它與 2022 年的最高業績相關，包括預計 2023 年不會重複的約 1.4 億美元的銷售額，以及由於降低客戶回扣成本而帶來的約 5000 萬美元的收益，這包括降低的 COVID 疫苗收入約為1 億美元和 2 筆合同付款，使 Renal Care 銷售額在 2022 年下半年受益約 4000 萬美元。

Moving on to dynamics impacting the rest of the P&L. First, I want to point out a couple of factors that are impacting our 2023 performance as compared to 2022, such as higher annual incentive compensation payments for employees, increased interest expense and a higher tax rate assumption.

繼續討論影響損益表其餘部分的動態。首先，我想指出與 2022 年相比影響我們 2023 年業績的幾個因素，例如更高的員工年度激勵薪酬支付、增加的利息支出和更高的稅率假設。

In addition, while we see some improvement in the external macro environment, with select indices coming down from the peaks seen last year, our cost base is still elevated relative to historic norms. As such, cost of goods sold is expected to be a headwind compared to 2022. This is due to the rollout in the first half of 2023 of manufacturing-related costs capitalized into inventory in the second half of 2022 as well as a challenging comparison to the first half of 2022 prior to the start of significant increases in inflation.

此外，雖然我們看到外部宏觀環境有所改善，部分指數從去年的峰值回落，但我們的成本基礎仍高於歷史標準。因此，與 2022 年相比，銷貨成本預計將成為逆風。這是由於 2023 年上半年推出的製造相關成本在 2022 年下半年資本化為庫存，以及與2022 年上半年，通脹開始顯著上升之前。

We expect the impact from these inflationary pressures to begin to ease in the second half of the year. Also, as mentioned earlier, in response to the significant macro challenges the company has experienced over the last 2 years, we will be implementing a cost reduction program in parallel with our operating model redesign that is expected to be finalized later this quarter. This initiative and additional actions the company has undertaken to enhance performance are expected to deliver more than $300 million in total savings during 2023.

我們預計這些通脹壓力的影響將在今年下半年開始緩解。此外，如前所述，為了應對公司在過去 2 年中遇到的重大宏觀挑戰，我們將實施一項成本削減計劃，同時重新設計我們的運營模式，預計將於本季度晚些時候完成。這一舉措以及該公司為提高績效而採取的其他行動預計將在 2023 年期間節省總計超過 3 億美元。

These savings are expected to increase over the course of the year, with the majority of the savings being realized in the second half of the year. The lower cost of goods, coupled with the increased savings, are expected to drive meaningful margin expansion and earnings growth in the second half of the year as compared to the first half. We also expect the impact from foreign exchange to lessen in the second half of the year.

預計這些節省將在今年增加，大部分節省將在下半年實現。與上半年相比，較低的商品成本，加上儲蓄的增加，預計將在下半年推動有意義的利潤增長和盈利增長。我們還預計外彙的影響將在下半年減弱。

Finally, as Joe mentioned, with respect to our outlook for 2023, we biased our guidance towards capturing additional potential downside risks. We recognize that our performance last year disappointed investors and us alike. While we are confident the actions we are undertaking will set us on force for improved performance longer term, we have recognized that 2023 will be a transition year on our path to achieving this objective.

最後，正如 Joe 提到的，關於我們對 2023 年的展望，我們偏向於捕捉額外的潛在下行風險。我們認識到我們去年的表現令投資者和我們都感到失望。雖然我們相信我們正在採取的行動將使我們有能力在長期內提高績效，但我們已經認識到 2023 年將是我們實現這一目標的過渡年。

Incorporating all of these factors, I'll now walk through our guidance and expectations. For full year 2023, we expect global sales growth of 1% to 2% on a reported basis and flat to 1% growth on a constant currency basis. We expect full year adjusted operating margin to be between 15% and 16%. Interest expense is expected to total approximately $540 million, which reflects pass and potential future rate increases and adjusted tax rate of approximately 22% and a diluted average share count of 508 million shares.

結合所有這些因素，我現在將介紹我們的指導和期望。對於 2023 年全年，我們預計全球銷售額在報告基礎上增長 1% 至 2%，在固定匯率基礎上增長持平至 1%。我們預計全年調整後的營業利潤率將在 15% 至 16% 之間。利息支出預計總額約為 5.4 億美元，這反映了通過和潛在的未來利率增長以及約 22% 的調整後稅率以及 5.08 億股攤薄平均股數。

Based on these dynamics, we expect 2023 adjusted earnings, excluding special items, of $2.75 to $2.95 per diluted share. Specific to the first quarter of 2023, we expect global sales to decline by approximately 3% on a reported basis and approximately 1% on a constant currency basis. And we expect adjusted earnings, excluding special items, of $0.46 to $0.50 per diluted share.

基於這些動態，我們預計 2023 年調整後每股攤薄收益（不包括特殊項目）為 2.75 美元至 2.95 美元。具體到 2023 年第一季度，我們預計全球銷售額按報告基礎下降約 3%，按固定匯率計算下降約 1%。我們預計調整後每股收益（不包括特殊項目）為 0.46 美元至 0.50 美元。

With that, we can now open the call up for Q&A.

這樣，我們現在就可以打開問答環節了。

(Operator Instructions) And we'll go to our first question from Pito Chickering at Deutsche Bank.

（操作員說明）我們將轉到德意志銀行的 Pito Chickering 提出的第一個問題。

So I guess the first one is going to be on the operating margin expression. I guess, details on what the split is between SG&A, cost of sales and R&D. And can you point to the biggest pressure points in the gross margins? Is it diesel, resin, microchips, labor? I think investors understand the macro pressures for facing you guys, it's been challenging to understand how these macro pressures flow through the P&L? Any color there would be great.

所以我猜第一個是關於營業利潤率的表達。我猜想詳細了解 SG&A、銷售成本和研發之間的區別。您能指出毛利率中最大的壓力點嗎？是柴油、樹脂、微芯片還是勞動力？我認為投資者了解你們面臨的宏觀壓力，了解這些宏觀壓力如何通過損益表流動一直具有挑戰性？任何顏色都會很棒。

Sure. Pito, and -- is your question in reference to '23 or Q4 '22 -- or what is -- what period are you referring to?

當然。 Pito，而且 - 你的問題是指 '23 還是 Q4 '22 - 或者什麼是 - 你指的是什麼時期？

Apologies. This is all for 2023. A 15% to 16% operating margin that you guys referenced.

道歉。這是 2023 年的全部。你們提到的 15% 到 16% 的營業利潤率。

Sure. Sure. So overall, we are seeing increased pressure on operating margin in the first quarter and throughout in 2023. And a lot of that relates to supply chain costs that we've incurred in the second half of the year that start to roll out into 2023. And as we think about the timing of those pressures, really is most prominent in the first quarter of the year. So we'll have a trough margin in the first quarter of the year, and then it starts to accelerate from there moving forward.

當然。當然。因此，總的來說，我們看到第一季度和整個 2023 年的營業利潤率壓力增加。其中很多與我們在下半年產生的供應鏈成本有關，這些成本將開始延續到 2023 年。當我們考慮這些壓力的時機時，確實在今年第一季度最為突出。所以我們將在今年第一季度有一個低谷利潤率，然後它開始從那裡加速前進。

As we think about where the impacts are, it is, as I say, largely related to gross margin. Although because of freight costs, we do see some incremental SG&A costs that show up throughout the year. And like I say, it starts to much more normalize by the fourth quarter of next year.

正如我所說，當我們考慮影響在哪裡時，它在很大程度上與毛利率有關。儘管由於運費，我們確實看到了全年出現的一些增量 SG&A 成本。就像我說的，到明年第四季度它開始更加正常化。

Okay. And then would you have your talks to your customers about increased pricing? I guess, any color on how those are going? And what is your overall pricing view in 2023 versus 2022? And then if you break out gross margins from pharma specifically, do they have any outsized movement in your surprising for '23.

好的。然後你會和你的客戶談論提高價格嗎？我想，關於這些進展的任何顏色？您對 2023 年與 2022 年的總體定價看法如何？然後，如果您具體列出了製藥公司的毛利率，它們是否會在您對 23 年的驚喜中有任何超大變動。

Peter, I'll take the price question overall, and Jay can give a little bit more detail. We are able to put price through where we can, and we see price being neutral to slight positive in 2023 and for the company. Obviously, we have long-term contracts. As these contracts become available for negotiation will have a different viewpoint in how we're going to put in escalation for inflationary pressures the way we just saw them in '21 and '22. So in terms of the -- how that more specific about your question, Jay can comment.

彼得，我會整體考慮價格問題，傑伊可以提供更多細節。我們能夠盡可能地降低價格，我們認為 2023 年和公司的價格將保持中性至輕微上漲。顯然，我們有長期合同。隨著這些合同可供談判，對於我們將如何以我們在 21 年和 22 年剛剛看到的方式增加通脹壓力的方式會有不同的看法。因此，就您的問題如何更具體而言，Jay 可以發表評論。

Sure. Overall, pricing is a net positive as we look at the year. So there is some benefit that we've reflected based on all the work that we've conducted over the last year, along with some existing contractual arrangements. There is some negative pricing pressure in pharma that offsets a higher number, excluding the impact of the pharma business.

當然。總體而言，從今年來看，定價是一個淨利好因素。因此，根據我們去年開展的所有工作以及一些現有的合同安排，我們已經反映了一些好處。製藥業存在一些負面的定價壓力，抵消了更高的數字，不包括製藥業務的影響。

We'll take our next question from Robbie Marcus at JPMorgan.

我們將從摩根大通的 Robbie Marcus 那裡回答下一個問題。

Great. Jay, maybe to start, I think it'd be helpful for everyone to try and get a sense of what's conservatism in the guide with some the new philosophy you talked about. What's -- and what's actually being contemplated?

偉大的。傑伊，也許首先，我認為這對每個人都有幫助，可以嘗試通過您談到的一些新哲學來了解指南中的保守主義。什麼是——實際上正在考慮什麼？

There's $300 million in cost savings, but margin is down as you just talked about. So really just help us understand what are some of the negative assumptions in there that you're putting in to help add more cushion on the bottom after the 2022 cadence?

節省了 3 億美元的成本，但正如您剛才所說，利潤率下降了。因此，真的只是幫助我們了解您為了在 2022 年節奏之後為底部增加更多緩衝而提出的一些負面假設是什麼？

Sure. Listen, as I mentioned in my prepared remarks, Robbie, we were disappointed with performance in 2022, clearly. And frankly, as we reflect back, it was a highly volatile and dramatic environment that we were faced with and that we were operating through over the course of the year.

當然。聽著，正如我在準備好的發言中提到的那樣，羅比，我們顯然對 2022 年的表現感到失望。坦率地說，正如我們回顧的那樣，我們面臨著一個高度動盪和戲劇性的環境，並且我們在這一年中一直在經營。

As we put together guidance for this year, I would say a couple of things. We've taken levels in terms of indices as they currently sit today. We've reflected continued supply constraints in things like electromechanical components. And then in addition to that, we've added margin of safety in terms of contingency to offset, which is why you see a much wider range than we've had previously.

在我們制定今年的指導方針時，我想說幾件事。我們已經採用了指數方面的水平，因為它們目前處於今天。我們已經反映了機電元件等方面持續的供應限制。除此之外，我們還增加了抵消意外事件的安全邊際，這就是為什麼你看到的範圍比我們以前的範圍大得多。

I would add to that, we've also done things like taking out the LVP pump. We're really optimistic about the large volume pump getting approved this year. We're working very closely with FDA towards achieving that goal. But from a guidance standpoint, we've removed $100 million related to sales for that product.

我要補充一點，我們還做了一些事情，比如取出 LVP 泵。我們對今年獲得批准的大容量泵非常樂觀。我們正在與 FDA 密切合作以實現這一目標。但從指導的角度來看，我們已經刪除了與該產品銷售額相關的 1 億美元。

And so I'm hopeful that these assumptions prove conservative. And that by the end of the year, we're looking at a very different world in terms of indices, electromechanical component availability, and it really sets the stage up for a nice second half and a nice 2024, but we'll continue to watch these very carefully.

所以我希望這些假設被證明是保守的。到今年年底，我們將在指數、機電元件可用性方面看到一個截然不同的世界，這確實為下半年和 2024 年的美好前景奠定了基礎，但我們將繼續仔細觀察這些。

Part of the issue, as we look at the 2022 to 2023, is the rollout of the very significant manufacturing costs that we've incurred this year. And so we have a big headwind that we're faced there. Offsetting that is $300 million worth of savings.

當我們展望 2022 年至 2023 年時，部分問題是我們今年產生的非常重要的製造成本的推出。因此，我們在那裡面臨著巨大的阻力。抵消了價值 3 億美元的節省。

Now that's not all incremental based on the new model. What I would tell you is approximately $200 million of that or so relates to previously discussed or identified initiatives, including the Hillrom synergies. There's roughly $100 million related to the new program that we put in place that will be reflected in our numbers. So really, that's the overall story. We've tried to take all of the learnings as we look at volatility and those items and reflected as we put it together.

現在，這並不是基於新模型的所有增量。我要告訴你的是，其中大約 2 億美元與之前討論或確定的舉措有關，包括 Hillrom 協同效應。大約有 1 億美元與我們實施的新計劃相關，這將反映在我們的數字中。真的，這就是整個故事。當我們研究波動性和這些項目時，我們試圖吸取所有的經驗教訓，並在我們將它們放在一起時進行反思。

Great. And Jay, how should we think about cash flow going through the year here? And how it will play out in '23 relative to '22? Will these cost savings actually cost money in '23 to achieve? Or do you think you could see cash flow improve despite the lower margins?

偉大的。傑伊，我們應該如何考慮這裡全年的現金流？相對於 22 年，23 年的結果如何？這些成本節約實際上會在 23 年花錢實現嗎？還是您認為儘管利潤率較低，但現金流會有所改善？

Sure. Robbie, we have an intense focus on cash flow. And I will tell you that the financial performance in 2022 was challenging. And certainly, the free cash flow performance reflected those challenges. As we move to next year, my expectation is that free cash flow will more than double relative to the 2022 level. And a lot of that has to do with improvements in working capital balances.

當然。羅比，我們非常關注現金流。我會告訴你，2022 年的財務表現充滿挑戰。當然，自由現金流的表現反映了這些挑戰。隨著我們進入明年，我的預期是自由現金流相對於 2022 年的水平將增加一倍以上。其中很大一部分與營運資金餘額的改善有關。

If you look at the working capital balances, as I currently sit, the days inventory on hand has expanded over the course of the year, in large part due to missing components and having our plans run suboptimally, longer lead times for products leading to disruptions of our supply chain, longer shipping lanes. All of those things have led to a higher days inventory on hand.

如果你看看營運資金餘額，正如我目前所坐的那樣，手頭庫存的天數在一年中有所增加，這在很大程度上是由於缺少組件和我們的計劃運行不理想，產品的交貨時間更長導致中斷我們的供應鏈，更長的航運通道。所有這些都導致手頭庫存天數增加。

Additionally, from a receivable standpoint, because of the cadence of sales, we actually had very strong sales in December, leading to a higher receivables balance than we would normally have relative to prior years. And finally, due to timing of some vendor payments, our payables balance came in low.

此外，從應收賬款的角度來看，由於銷售節奏，我們在 12 月份的銷售實際上非常強勁，導致應收賬款餘額高於往年的正常水平。最後，由於一些供應商付款的時間安排，我們的應付賬款餘額很低。

So our clear expectation is each of these categories will improve. And by -- and along with careful CapEx management, our expectation is more than doubling free cash flow because, like I said, at the end of the day, that's an important valuation metric for us. In addition to that, it's an important incentive compensation metric for us.

因此，我們明確期望這些類別中的每一個都會有所改善。通過 - 以及謹慎的資本支出管理，我們的預期是自由現金流增加一倍以上，因為就像我說的那樣，歸根結底，這對我們來說是一個重要的估值指標。除此之外，這對我們來說是一個重要的激勵補償指標。

We'll go next to Vijay Kumar at Evercore ISI.

我們將去 Evercore ISI 的 Vijay Kumar 旁邊。

My first one, Joe and Jay, for you guys on revenues. If I go back to the third quarter commentary of [that] 4% organic growth assumptions for fiscal '23. The updated guidance here is reflecting a 350 basis point change. And I understand product exits in pumps or incremental rate, that's maybe 100, 150 basis points impact.

我的第一個，Joe 和 Jay，關於收入的問題。如果我回到第三季度對 23 財年 4% 有機增長假設的評論。此處更新後的指南反映了 350 個基點的變化。而且我了解產品退出泵或增量率，這可能是 100、150 個基點的影響。

Can you help us bridge what changed from that 4 to the 50 basis points? Because I feel like vaccine headwinds, these were known as of the third quarter call last year. Are you contemplating some incremental supply chain headwind here on revenues? Or what changed from the 4%?

你能幫助我們彌合從 4 個基點到 50 個基點的變化嗎？因為我覺得疫苗逆風，這些在去年第三季度的電話會議上就已經知道了。您是否正在考慮在收入方面增加供應鏈逆風？或者與 4% 相比發生了什麼變化？

Sure. Vijay, let me walk through that specifically. To your point, we have a reduction from 4%, which we talked about on the earnings call to flat to 1%. And there's really a few primary drivers of that. And interestingly, a lot of those impacts will be confined to 2023, which I think is really good news as we look at setting the stage for 2024.

當然。 Vijay，讓我具體介紹一下。就你的觀點而言，我們在收益電話會議上談到持平到 1%，從 4% 減少。確實有一些主要驅動因素。有趣的是，其中很多影響將僅限於 2023 年，我認為這確實是一個好消息，因為我們正在為 2024 年奠定基礎。

It begins with the large volume pump. And this -- in my view, this is really about conservatism on the sales guide. We've taken out $100 million relative to our prior expectations, roughly 70 basis points of growth relative to that 4%.

它從大容量泵開始。而這——在我看來，這實際上是關於銷售指南的保守主義。相對於我們之前的預期，我們已經拿出了 1 億美元，相對於 4% 增長了大約 70 個基點。

The second item relates to the weighted average market growth. If you reflect back on our January 6 call, we talked about a slight lowering of the WAMGR of our markets on a compounded basis. But interestingly, a lot of that impact is most prominent and in fact, in some cases, confined to 2023.

第二項與加權平均市場增長有關。如果你回顧一下我們 1 月 6 日的電話會議，我們談到了在復合基礎上略微降低我們市場的 WAMGR。但有趣的是，其中很多影響最為突出，事實上，在某些情況下，僅限於 2023 年。

What I mean by that is the renal mortality issue that we face with -- that we've been faced with really collide into 2023. In addition to that, the acute growth challenge really is a 2023 impact. And then some of the capital assumptions that we've made, which, again, is another area we hope to prove conservative, is really focused on 2023.

我的意思是我們面臨的腎臟死亡率問題——我們一直面臨的真正衝突到 2023 年。除此之外，嚴重的增長挑戰確實是 2023 年的影響。然後我們所做的一些資本假設，這也是我們希望證明保守的另一個領域，真正關注 2023 年。

And so as we approach year-end and refreshed our view of patient census of expectations into 2023, we did lower the WAMGR for 2023 by approximately 100 basis points, which is included in the commentary that we made on January 6. In addition to that, we're looking very carefully at profitability by product line. At the end of the day, we're ensuring that every dollar in every market is a profitable one and a cash flowing one for Baxter. And so we have to made the decision to exit approximately $100 million or 70 basis points worth of sales.

因此，當我們接近年底並更新我們對 2023 年患者期望普查的看法時，我們確實將 2023 年的 WAMGR 降低了大約 100 個基點，這包含在我們 1 月 6 日發表的評論中。除此之外，我們正在非常仔細地查看產品線的盈利能力。歸根結底，我們要確保每個市場上的每一美元對百特來說都是有利可圖和現金流的。因此，我們必須決定退出價值約 1 億美元或 70 個基點的銷售額。

And then we did have roughly $50 million shift from 2023 to 2022, and I did make some commentary on this in the call. And so listen, we obviously don't like to lower expectations on the sales line. But what I take part in is the fact that many of these impacts are not sustainable impacts, but are rather discrete to 2023. And then we'll expect to see acceleration from there. In the case of the pumps, let's watch carefully how that evolves over the course of the year.

然後從 2023 年到 2022 年我們確實有大約 5000 萬美元的轉移，我確實在電話會議上對此做了一些評論。所以聽著，我們顯然不喜歡降低對銷售線的期望。但我參與的是這樣一個事實，即這些影響中的許多都不是可持續的影響，而是到 2023 年相當離散。然後我們預計會從那裡看到加速。就暴漲而言，讓我們仔細觀察它在一年中的演變情況。

Understood. That's helpful, Jay. And then one on margins here. I think your prior commentary was 75 basis points on margin expansion, and the current guidance is a decline of 150 basis points at the midpoint. So that's a 225 basis points change.

明白了。這很有幫助，傑伊。然後是這裡的邊緣。我認為你之前的評論是利潤率擴張 75 個基點，而目前的指導是在中點下降 150 個基點。所以這是 225 個基點的變化。

Maybe can you bridge us to what's changed versus your prior expectations? Where the impact is coming from? Is this current guidance including any dis-synergies from spin? Or is that an incremental headwind as they think throughout fiscal '24?

也許你能告訴我們與你之前的期望相比發生了什麼變化嗎？影響來自哪裡？當前的指導是否包括旋轉的任何協同作用？或者，正如他們在整個 24 財年所認為的那樣，這是一個漸進的逆風？

Sure. So overall, with respect to operating margins, we do now anticipate a reduction, as you pointed out. And I would say that there are a few drivers of that. First, the lower sales outlook. When you think about things like absorption, some of the higher-margin areas, the lower sales outlook does have an impact of $0.40 to $0.50 in earnings with an attending operating margin impact.

當然。因此，總體而言，正如您所指出的那樣，就營業利潤率而言，我們現在確實預計會下降。我想說有幾個驅動因素。首先，較低的銷售前景。當你考慮諸如吸收之類的事情時，一些利潤率較高的領域，較低的銷售前景確實會對收益產生 0.40 至 0.50 美元的影響，並伴隨著營業利潤率的影響。

Secondly, I'd point to supply chain headwinds that impact the first half of the year, most prominently. And these are incremental to what we previously said. As we went through the fourth quarter, we were still purchasing electronic components at much higher levels than we anticipated. The spot market was very challenging. So things like that led to incremental costs that roll out into the first half of the year.

其次，我要指出影響今年上半年的供應鏈不利因素，這一點最為突出。這些是我們之前所說的增量。在我們度過第四季度時，我們採購的電子元件數量仍遠高於我們的預期。現貨市場非常具有挑戰性。因此，類似的事情導致了今年上半年推出的增量成本。

And then we do have some benefits related to the incremental savings program, and FX is a modest headwind overall. As we look at operating margin, it's basically flat, maybe a little bit of a -- maybe -- it's basically flat as we look at the bottom line.

然後我們確實有一些與增量儲蓄計劃相關的好處，而外匯總體上是一個適度的逆風。當我們看營業利潤率時，它基本上是持平的，也許有點——也許——當我們看底線時，它基本上是持平的。

And so those are the factors that impact the operating margin. But Vijay, I do want to make a really important point. As we think about the cadence of the story that occurs over the course of the year, first half of the year will be a challenging operating margin story, as I've discussed. But as we start to benefit from indices that currently sit at today's levels in the product that we sell in the second half of the year, as we start to benefit from more electronic component availability and only reflected modest, very cautious improvements in this area in the second half and as we add incremental sales to the second half as we always do, the second half margin starts to look a lot nicer and a lot more consistent with the trajectory that we expect to see.

因此，這些都是影響營業利潤率的因素。但是 Vijay，我確實想提出一個非常重要的觀點。當我們考慮一年中發生的故事的節奏時，正如我所討論的那樣，今年上半年將是一個具有挑戰性的營業利潤率故事。但是，隨著我們開始受益於我們在今年下半年銷售的產品中目前處於今天水平的指數，因為我們開始受益於更多的電子元件可用性，並且僅反映了該領域在這一領域的適度、非常謹慎的改進下半年，隨著我們一如既往地在下半年增加銷售額，下半年的利潤率開始變得更好，並且與我們期望看到的軌跡更加一致。

As far as the synergies and incremental costs and so on, from a cash flow standpoint, we've included roughly $100 million in our cash flow statement. There is maybe $0.03 or so of non-adjusted impact in the P&L for things that are suboptimized as it relates to the spin. So a modest impact in that regard. We've reflected that. It's a bigger impact from a free cash flow standpoint. I've discussed this with a number of you already. So I think we've got that correctly modeled. And like I said, I think the operating margin story really does start to look a lot better as we approach Q3.

至於協同效應和增量成本等，從現金流的角度來看，我們在現金流量表中包含了大約 1 億美元。對於與旋轉相關的未優化的事情，損益表中可能有 0.03 美元左右的未調整影響。所以在這方面影響不大。我們已經反映了這一點。從自由現金流的角度來看，這是一個更大的影響。我已經和你們中的許多人討論過這個問題。所以我認為我們已經正確地建模了。就像我說的那樣，我認為隨著第三季度的臨近，營業利潤率確實開始好轉。

We'll go next to Mike -- I apologize. Matthew Mishan with KeyBanc.

我們會去 Mike 旁邊 -- 抱歉。 KeyBanc 的馬修·米山。

How are you guys looking at R&D into 2023? Do you have the flexibility to kind of speed up some projects, especially in the transition like this that sets you up for better growth in 2024 and 2025?

你們如何看待 2023 年的研發？您是否可以靈活地加快某些項目的速度，尤其是在這樣的過渡時期，為您在 2024 年和 2025 年實現更好的增長做好準備？

We have earmarked some R&D dollars, in particular, for some of the Hillrom portfolio and some of the connected areas there in Front Line Care, in particular. I will say that as we look at the opportunities presented by the Hillrom acquisition, it's a really tremendous one long term.

我們已經撥出一些研發資金，特別是用於 Hillrom 的一些產品組合以及 Front Line Care 中的一些相關領域。我要說的是，當我們審視收購 Hillrom 所帶來的機會時，從長遠來看，這是一個非常巨大的機會。

And we're talking -- once we've resolved the supply constraints, last year growth was essentially flat. We're seeing -- we're expecting mid-single growth -- mid-single-digit growth in the Hillrom portfolio this year in the face of continued supply constraints. And part of that comes from new products.

我們正在談論——一旦我們解決了供應限制，去年的增長基本持平。面對持續的供應限制，我們看到——我們預計今年 Hillrom 產品組合將實現中等個位數增長。其中一部分來自新產品。

We'll launch a new ICU bed, as I referenced in my prepared remarks. But to your point, Matt, there are some really interesting opportunities that will protect investment for as we go forward. And I think that should start to accrue to the benefit of frankly, both companies in 2024 and beyond.

正如我在準備好的發言中提到的那樣，我們將推出一張新的 ICU 病床。但就你的觀點而言，馬特，有一些非常有趣的機會可以在我們前進的過程中保護投資。而且我認為，坦率地說，兩家公司在 2024 年及以後應該開始受益。

Yes. I just want to complement that we're planning for double-digit R&D increase in 2023 versus 2022. And we're going to do -- no, probably this cadence year-over-year. We found some debt in the Hillrom portfolio, primarily parts in Connected Care will receive a significant portion of our increase in research and development. This is one of the things that we discussed in the thesis of the separation, but KidneyCo was the ability to allocate capital to the right places. So if you look forward to Baxter will be significant investment in connected devices as well as smart devices.

是的。我只想補充一點，我們計劃在 2023 年與 2022 年相比實現兩位數的研發增長。我們將要做——不，可能是年復一年的節奏。我們發現 Hillrom 投資組合中的一些債務，主要是 Connected Care 中的部分將獲得我們研發增長的很大一部分。這是我們在分離論文中討論的事情之一，但 KidneyCo 能夠將資本分配到正確的地方。因此，如果您期待百特將在連接設備以及智能設備方面進行重大投資。

So you look at continuation once we get through the large volume rental pump approval is the next generation of integration of the pump and safety software. And you'll see us in Q3 launching the progressive FLOSEAL, really making solid our position in terms of market leader in beds.

因此，一旦我們通過大批量租賃泵批准，您就可以繼續看下去，這是泵與安全軟件的下一代集成。您會在第三季度看到我們推出先進的 FLOSEAL，真正鞏固了我們在床市場領導者方面的地位。

So there's quite a bit of change in how we've seen R&D. We think innovations a path forward to Baxter. And the way to do it is actually to do what we're doing in '23 and allocating dollars on a double-digit growth to that line.

因此，我們對研發的看法發生了很大變化。我們認為創新是通往 Baxter 的道路。做到這一點的方法實際上是做我們在 23 年所做的事情，並為該生產線的兩位數增長分配美元。

Okay. And then if I heard you right, I think you said a 22% tax rate for 2023. What's changing there? And then is that the go-forward tax rate for the core Baxter moving forward?

好的。然後，如果我沒聽錯，我想你說的是 2023 年的稅率為 22%。那裡有什麼變化？然後是核心百特向前推進的前進稅率嗎？

Sure. We did have some onetime and planning benefits accrued to 2022. And then as we look at 2023, we included things like sort of modified assumptions related to FAS 123R benefits, among other things. And so it's hard to say what to go-forward is beyond 2023.

當然。我們確實有一些一次性和計劃收益累積到 2022 年。然後當我們展望 2023 年時，我們包括了諸如與 FAS 123R 收益相關的修改假設等內容。因此很難說 2023 年以後會發生什麼。

I think we've got it correctly pegged. We'll -- the tax team is hard at work, and I know many of them, coming to this call, looking at planning ideas for 2022. But as we look beyond that, so much of this will depend on the setup of the 2 new companies that it's very challenging for me to comment specifically in this forum around the tax rates for the 2 companies. But 22% is a good number for this year.

我認為我們已經正確地確定了它。我們將 - 稅務團隊正在努力工作，我認識他們中的許多人，來參加這次電話會議，研究 2022 年的規劃想法。但當我們超越這一點時，其中很大一部分將取決於2 家新公司，我很難在這個論壇上專門針對這 2 家公司的稅率發表評論。但 22% 對於今年來說是一個不錯的數字。

We'll take our next question from Matt Miksic at Barclays.

我們將從巴克萊銀行的 Matt Miksic 那裡回答下一個問題。

I wanted to just follow up on where things stand with the integration and sort of synergies for Hillrom. Maybe Jay, if you could talk a little bit about how some of the inflationary pressures, energy costs, et cetera, have weighed on that business? And whether this sort of change in componentry and supply chain is something that you expect to kind of be able to sustain here in the first half? Or is that still sort of choppy? And then I have one follow-up.

我只想跟進 Hillrom 的整合和協同作用的進展情況。也許傑伊，如果你能談談一些通貨膨脹壓力、能源成本等是如何影響那家企業的？您是否希望在上半年在這里維持這種組件和供應鏈的變化？還是那仍然有點不穩定？然後我有一個跟進。

Sure. So from an integration standpoint, I would say, overall, the integration is going very well. We had a disruption last year, and that disruption has continued all the way through today. In terms of electromechanic component availability, the ability to procure at reasonable prices, all of those things has been very disruptive to the initial stages of the Hillrom acquisition.

當然。所以從整合的角度來看，我想說，總的來說，整合進展順利。去年我們遇到了中斷，這種中斷一直持續到今天。就機電組件的可用性、以合理價格採購的能力而言，所有這些都對 Hillrom 收購的初始階段造成了很大的破壞。

But having said that, we're very pleased with where we currently sit and the path forward. I commented moments ago, flat growth last year, largely driven by supply constraints. Ex-supply constraints, we would have seen nice mid-single-digit growth. We start to see some of that normalize, but we do see residual impacts from supply chain into 2023. But despite that, we're talking about mid-single-digit growth this year.

但話雖如此，我們對目前所處的位置和前進的道路感到非常滿意。我剛才評論說，去年增長持平，主要是受供應限制的推動。排除供應限制，我們會看到不錯的中個位數增長。我們開始看到其中一些正常化，但我們確實看到了供應鏈到 2023 年的殘餘影響。儘管如此，我們談論的是今年的中等個位數增長。

From a cost synergy standpoint, we're ahead of our expectations. And in the numbers that we've reported, there's a clear benefit included for Hillrom integration. And then as we look forward, I think we have a lot of optimism about the portfolio, the interaction with Baxter products, and where we can take this going forward.

從成本協同的角度來看，我們超出了我們的預期。在我們報告的數字中，Hillrom 集成有一個明顯的好處。然後，當我們展望未來時，我認為我們對產品組合、與 Baxter 產品的互動以及我們可以在哪些方面取得進展持樂觀態度。

And maybe I'll turn it over to Joe to talk a little bit about some of the things that we've seen there.

也許我會把它交給喬來談談我們在那裡看到的一些事情。

Yes. We have a pretty rich pipeline of products, starting with progressive FLOSEAL. As I said, it's going to really put Baxter -- continued probation of a very solid leadership position in the PET market. our Centrella bed has done a great job and is a product that continues to sell well.

是的。我們擁有相當豐富的產品線，從先進的 FLOSEAL 開始。正如我所說，這將真正讓 Baxter 在 PET 市場上繼續保持非常穩固的領導地位。我們的 Centrella 床做得很好，是一種持續暢銷的產品。

When we look at our Front Line Care, that business could have grown double digits easily in 2022 as well as in 2023. We're planning for Hillrom as a whole to grow around 4%. It could be north of that if few components become more available. We're starting to see that showing up the market, primarily from like (inaudible) to see more components coming.

當我們審視我們的前線護理時，該業務在 2022 年和 2023 年很容易實現兩位數的增長。我們計劃讓 Hillrom 整體增長 4% 左右。如果很少有組件變得更可用，它可能會超出這個範圍。我們開始看到出現在市場上，主要是來自喜歡（聽不清）看到更多組件的出現。

We just look at them in the month of January. We're able to see some of that coming through. And also the innovation pipeline coming out of those 2 businesses look really good. And the Connected Devices, what we call care communications. We see good backlog coming into Nurse Call System as well as installation of Voalte.

我們只是在一月份查看它們。我們能夠看到其中的一些通過。這兩家企業的創新渠道看起來也非常好。還有連接設備，我們稱之為護理通信。我們看到大量積壓進入護士呼叫系統以及 Voalte 的安裝。

We see in the first half of the year a little bit depression in that as the nursing shortages continue to apply pressure the hospitals and also the macroeconomic indexes make hospitals be more cautious, but we see that improving in the second half.

我們看到上半年有點蕭條，因為護士短缺繼續給醫院施加壓力，宏觀經濟指標也讓醫院更加謹慎，但我們看到下半年情況有所改善。

So you look at the market for capital, improving the second half. We look at the product launches that we have coming up. And the pipeline of innovation coming out of Hillrom is very exciting. Further to that, we're putting more money into research and development in 2023 disproportionately into Hillrom to accelerate the growth of that business.

所以你看看資本市場，改善下半年。我們看看我們即將推出的產品發布。 Hillrom 的創新渠道非常令人興奮。此外，我們將在 2023 年不成比例地向 Hillrom 投入更多資金進行研發，以加速該業務的增長。

That's super helpful. And if I could, just maybe at a high level, Joe, you touched on some of the things just now, but I think most folks are looking at the guide and more conservative than folks were expecting.

這非常有幫助。喬，如果可以的話，也許只是在高層次上，你剛才談到了一些事情，但我認為大多數人都在看指南，而且比人們預期的要保守。

And I think you get that, and I think we'll be able to sketch out the script for today. They might have recommended something like that, given the struggles that the company and the sector really has had in energy and technology, everything last year.

我想你明白了，我想我們可以草擬出今天的劇本。考慮到該公司和該行業去年在能源和技術方面確實遇到的困難，他們可能會推薦類似的東西。

So maybe -- with that in mind, if this is kind of sort of rebasing and taking all these things into account, what are some of the things that you think could kind of potentially present some bright spots and upside as we kind of get into -- from the year, getting to kind of a turning point in the business, turning point in some of the inflationary pressures that you're seeing? What are some of the things that you say could possibly go well or better this year?

所以也許 - 考慮到這一點，如果這是一種重新定位並考慮所有這些因素，那麼你認為哪些事情可能會在我們進入時帶來一些亮點和好處- 從今年開始，進入業務的轉折點，你看到的一些通脹壓力的轉折點？您認為今年有哪些事情可能進展順利或更好？

Listen, when I look at 2023, coming from 2022, we saw an incredible pressure in our manufacturing base. If you think about us, we're disproportionately affected by the significant increase in energy cost, transportation. Remember, Baxter's transportation as a percentage of sales is the high single digits.

聽著，當我展望 2022 年的 2023 年時，我們看到我們的製造基地承受著難以置信的壓力。如果你想想我們，我們會受到能源成本和交通運輸顯著增加的影響。請記住，百特的運輸佔銷售額的百分比是高個位數。

And go into some of our markets, it's even higher than that for some of the renal products. So what I think is remarkable is how we're able to get very quickly. Once we start seeing those things coming up so fast, we went on the other hand, we have created significant programs to offset -- the offset is not what transformed, what transforms Baxter is the amount of automation that we are putting into our manufacturing operations.

進入我們的一些市場，它甚至比某些腎臟產品的價格還要高。所以我認為值得注意的是我們如何能夠非常快地取得進展。一旦我們開始看到這些事情發生得如此之快，另一方面，我們已經創建了重要的計劃來抵消——抵消不是改變的東西，改變百特的是我們在製造業務中投入的自動化程度.

The amount of plants we're going to be able to consolidate because of that. And this is all will take place in 12 to 24 months. We also looking at disproportional allocation of capital into businesses that are connected and have the possibility for growth. The market is very anxiously waiting for our pump. We feel optimistic where we are with the pump today. We don't speak on behalf of the FDA. Neither we're making a prediction about that, but we're saying that we're enthusiastic because we know the products are doing very well in Canada. We just closed another -- a few thousand pumps deal in one of the provinces. So we are excited about the portfolio.

因此，我們將能夠整合的工廠數量。而這一切都將在 12 到 24 個月內發生。我們還關注將資本不成比例地分配給相互關聯且有增長潛力的企業。市場非常焦急地等待著我們的暴漲。我們對今天使用泵的情況感到樂觀。我們不代表 FDA 發言。我們都沒有對此做出預測，但我們說我們很熱情，因為我們知道這些產品在加拿大做得很好。我們剛剛完成了另一筆交易——其中一個省份有幾千台水泵。所以我們對投資組合感到興奮。

So when I look -- all in all, '23 is the year that has 2 different stories. The first half, the story of paying for some of the incremental cost and significant cost that we had in '22 coming through the inventory selling of the inventory that was produced with that incremental cost. I see the second half of the year becoming more focus on what Baxter used to be, which is time to see leverage of the bottom line in bringing back the things that used to be part of Baxter.

所以當我看——總而言之，23 年是有兩個不同故事的一年。上半年，我們通過銷售以增量成本生產的庫存來支付我們在 22 年的一些增量成本和重大成本的故事。我認為今年下半年將更加關注 Baxter 的過去，現在是時候看看利用底線的槓桿作用，將曾經屬於 Baxter 的東西帶回來。

But this crisis brought to surface a lot of weaknesses in some of our supply chain operations. And while we took the opportunity was to regroup and understand how to modify this permanently and take away some of this variability from our future.

但這場危機讓我們的一些供應鏈運營中的許多弱點浮出水面。雖然我們藉此機會重新組合併了解如何永久修改它並從我們的未來中消除一些這種可變性。

I'm going to get out of being in the resin-based business, no. But we're going to make sure that our plants are in the right place. Our plants are automated, and we have the ability to get really efficiency out of our system. So the cost reduction that we're putting, for instance, into 2023 are over $300 million. So that efficiency will pan out in '24 with another $300 million in '24 coming to our supply chain.

我要退出以樹脂為基礎的業務，不。但我們要確保我們的工廠在正確的地方。我們的工廠是自動化的，我們有能力從我們的系統中獲得真正的效率。因此，例如，我們在 2023 年投入的成本削減超過 3 億美元。因此，效率將在 24 年實現，另外 3 億美元將在 24 年進入我們的供應鏈。

So all those things that we're doing is a transition year for Baxter. One that we reset, we regroup, look at our portfolio, restructure our capital structure with the selling of PPS, getting that to help us take the debt down, but also feel future inorganic tuck-in opportunities. So this is the year that Baxter will execute in its final stage of the transition that we started 7 years ago.

因此，我們正在做的所有這些事情都是百特的過渡年。一個我們重置，我們重組，看看我們的投資組合，通過出售 PPS 重組我們的資本結構，讓它幫助我們減少債務，但也感受到未來無機的機會。因此，今年是百特將執行我們 7 年前開始的過渡的最後階段。

We'll take our final question from Lawrence Biegelsen at Wells Fargo.

我們將從 Wells Fargo 的 Lawrence Biegelsen 那裡接受我們的最後一個問題。

Jay, maybe it would be helpful to give us an update on the standup cost and the stranded cost. Is the right assumption about 1% of the respective company sales and the onetime disentanglement cost of 3% to 4% of total company sales? What's the timing on that? And will some of that impact non-GAAP earnings? And any -- Jay, I mean you know it's early, but people are looking at '24 for valuation. Any framework on -- could margins get back to 2022 levels?

傑伊，也許向我們提供有關站立成本和滯留成本的最新信息會有所幫助。正確的假設是各自公司銷售額的 1% 和一次性分離成本是公司總銷售額的 3% 到 4% 嗎？時間是什麼時候？其中一些會影響非 GAAP 收益嗎？任何——傑伊，我的意思是你知道現在還早，但人們正在尋找 24 年的估值。關於利潤率能否回到 2022 年水平的任何框架？

Sure. No commentary yet on 2024. We are incredibly focused on delivering 2023, period. And we do believe that there are some discrete headwinds that we're facing in 2023 that abate in 2024 or go completely away.

當然。目前還沒有關於 2024 年的評論。我們非常專注於交付 2023 年。我們確實相信，我們在 2023 年面臨一些離散的逆風，這些逆風會在 2024 年減弱或完全消失。

So as Joe commented just moments ago, we're really excited about where this thing goes into the future as evidenced by what happens in the second half of the year as we look at the operating margin of the company. So we're very optimistic. But at this point, I have to stand down in terms of giving multiyear guidance.

因此，正如喬剛才評論的那樣，我們對這件事在未來的發展方向感到非常興奮，正如我們在查看公司的營業利潤率時，今年下半年發生的情況所證明的那樣。所以我們非常樂觀。但在這一點上，我不得不放棄提供多年指導。

As it relates to standup costs and dis-synergy or onetime costs, stand-up costs for NewCo, we've said around 1% to 2%. No real adjustment at this point. From a onetime cost, we've commented previously on the higher end of the 3% to 4% precedence that we've seen. But you're seeing some of that in the numbers that we shared today.

由於它涉及站立成本和不協同或一次性成本，新公司的站立成本，我們說大約 1% 到 2%。在這一點上沒有真正的調整。從一次性成本來看，我們之前已經對我們所看到的 3% 至 4% 優先級的較高端進行了評論。但是你在我們今天分享的數字中看到了其中的一些。

Specifically, we have roughly $100 million in cash-related costs that impact cash flow, but much of that is either CapEx or non-GAAP, so to speak. And so in our non-GAAP results, we have roughly $0.03 of impact costs related to this program in the numbers that we shared today. So that's really how we're looking at it in 2023. And the cash is a very real cost. And to my comments earlier, in relation to Robbie Marcus question, for us, cash flow is a crucial and important area of focus for us in 2023. So those are very real costs. But as it relates to what's impacting the P&L, it's a couple $0.02, $0.03.

具體來說，我們有大約 1 億美元的現金相關成本會影響現金流，但可以這麼說，其中大部分是資本支出或非 GAAP。因此，在我們的非 GAAP 結果中，在我們今天分享的數字中，與該計劃相關的影響成本約為 0.03 美元。所以這就是我們在 2023 年的看法。現金是非常實際的成本。關於我之前關於羅比馬庫斯問題的評論，對我們來說，現金流是我們在 2023 年關注的一個關鍵和重要領域。所以這些是非常實際的成本。但就影響損益的因素而言，它是 0.02 美元，0.03 美元。

Jay, that's helpful. Just let me ask one quick one here. The backlog and backorders, can you quantify those? And do you expect to get those back over time? We have seen some companies report Q4 results where we've seen some benefit from those coming through.

傑，這很有幫助。讓我在這裡快速問一個。積壓和延期交貨，你能量化這些嗎？你希望隨著時間的推移收回這些嗎？我們看到一些公司報告了第四季度的業績，我們從中看到了一些好處。

Sure. I won't get into too much specifics on this. We do have some benefit from improvement in backlog, where we have clear line of sight. And so we have reflected a little bit of that in our numbers. But what I will tell you is in the plan that we've reflected here today, there continues to be supply constraints on what we could otherwise sell.

當然。我不會在這方面做太多的細節。我們確實從積壓工作的改善中受益，因為我們有清晰的視線。所以我們在我們的數字中反映了一點點。但我要告訴你的是，在我們今天在這裡反映的計劃中，我們本可以出售的產品仍然存在供應限制。

And so once we have line of sight to freeing up of electronic components among other key inputs, we'll hopefully modify that assumption to the better. But at this point in time, there is still some backlog that exists over the course of the year, and we did comment in the prepared remarks on continued impacts in the fourth quarter.

因此，一旦我們看到了在其他關鍵輸入中釋放電子元件的視線，我們就有希望將這一假設修改得更好。但此時此刻，全年仍有一些積壓，我們在準備好的評論中對第四季度的持續影響進行了評論。

Yes, just I would add that the backlog. We're starting to see some movement -- positive movement in semiconductors, primarily Front Line Care. We're starting to see that, and that is very encouraging to us. But I think it is early to take a victory lap here. I think our supply chain folks have done a lot of work. However, we're starting to see this progress coming through, hopefully continues on, and we can actually, in the next quarter, speak more about the positive tailwind that, that can plus. Thank you.

是的，我只是想補充一下積壓。我們開始看到一些動向——半導體領域的積極動向，主要是前線護理。我們開始看到這一點，這對我們來說非常鼓舞人心。但我認為現在就在這裡慶祝勝利還為時過早。我認為我們的供應鏈人員已經做了很多工作。然而，我們開始看到這種進展正在發生，希望能繼續下去，實際上，我們可以在下個季度更多地談論積極的順風，這可以帶來好處。謝謝。

Ladies and gentlemen, this concludes today's conference call with Baxter International. Thank you for participating.

女士們，先生們，今天與 Baxter International 的電話會議到此結束。感謝您的參與。