百特醫療 (BAX) 2023 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Baxter International's First Quarter 2023 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 2023 年第一季度收益電話會議。 （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 first quarter 2023 earnings conference call. Joining me today are Joe Almeida, Baxter's Chairman and Chief Executive Officer; and Jay Saccaro, Baxter's Chief Financial Officer.

早上好，歡迎來到我們的 2023 年第一季度收益電話會議。今天加入我的是百特董事長兼首席執行官 Joe Almeida；和百特的首席財務官 Jay Saccaro。

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

在今天上午的電話會議上，我們將討論百特 2023 年第一季度的財務業績，以及我們對 2023 年第二季度和全年的財務展望。

With that, let me start our prepared remarks by reminding everyone that this presentation, including comments regarding our financial outlook for the second quarter and full year 2023, new product developments, the potential impact of our in-flight proposed strategic and pricing actions, business development, regulatory matters and the macroeconomic environment, including commentary on anticipated customer capital spending, contain forward-looking statements that involve risks and uncertainties.

有了這個，讓我開始準備好的發言，提醒大家本次演講，包括對我們第二季度和 2023 年全年財務展望、新產品開發、我們在飛行中提出的戰略和定價行動的潛在影響、業務的評論發展、監管事務和宏觀經濟環境，包括對預期客戶資本支出的評論，包含涉及風險和不確定性的前瞻性陳述。

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.

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。

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 today's call. I will begin with an overview of our first quarter performance and trajectory. Jay will follow with a closer look at our financials as well as our outlook for Q2 and the remainder of 2023. After that, we will open up the lines for Q&A.

謝謝你，克萊爾，大家早上好。感謝您抽出時間參加今天的電話會議。我將首先概述我們第一季度的業績和軌跡。 Jay 將仔細研究我們的財務狀況以及我們對第二季度和 2023 年剩餘時間的展望。之後，我們將開放問答環節。

First quarter sales declined 2% year-over-year on a reported basis and rose 2% at a constant currency, exceeding our original outlook, driven primarily by better-than-expected sales in Renal Care, Pharmaceuticals and Front Line Care.

第一季度銷售額同比下降 2%，按固定匯率計算增長 2%，超出了我們最初的預期，這主要是由於腎臟護理、藥品和前線護理的銷售額好於預期。

On the bottom line, first quarter adjusted earnings per share of $0.59 also came in above our guidance range of $0.46 to $0.50 per share, again, driven primarily by operational performance in the quarter.

最重要的是，第一季度調整後的每股收益為 0.59 美元，也高於我們每股 0.46 美元至 0.50 美元的指導範圍，同樣主要受本季度運營業績的推動。

Results in the quarter were impacted by the expected declines in two of our legacy Baxter businesses. Biopharma Solutions and Acute Therapies, reflecting the tough comparisons to the prior year period due to COVID.

本季度的業績受到我們兩個遺留 Baxter 業務預期下滑的影響。生物製藥解決方案和急性療法，反映了由於 COVID 而與去年同期相比的艱難對比。

Looking at our legacy Hillrom businesses. Strength in Front Line Care and Global Surgical Solutions was offset by a decline in Patient Support Systems, or PSS performance. This reflects what we believe to be softness in certain hospital capital spending patterns in the current economic environment.

查看我們的傳統 Hillrom 業務。前線護理和全球外科解決方案的優勢被患者支持系統或 PSS 性能的下降所抵消。這反映了我們認為當前經濟環境下某些醫院資本支出模式的疲軟。

Following what I will candidly describe as a difficult 2022, we begin 2023 with a solid quarter and on a strong footing for future momentum. From a macroeconomic perspective, while the high rates of inflation we absorbed last year continued to impact our performance, most notably in the first half of the year, we are beginning to see more stability in the overall market.

在我將坦率地描述為艱難的 2022 年之後，我們以穩健的季度開始 2023 年，並為未來的發展勢頭奠定了堅實的基礎。從宏觀經濟的角度來看，雖然我們去年承受的高通脹率繼續影響我們的業績，尤其是在今年上半年，但我們開始看到整體市場更加穩定。

We are also starting to see an improvement on the supply chain front, which includes the increased availability of electromechanical components, creating more predictability in our operations in a reduced need for premium cost spot purchasing.

我們也開始看到供應鏈方面的改善，其中包括機電元件的可用性增加，在我們的運營中創造更多的可預測性，同時減少對高價現貨採購的需求。

Specifically, in terms of the health care marketplace, admissions and procedural volumes continue to recover from pandemic lows, contributing to positive demand. We also continue to see steady improvement in PD patient growth in many markets following several quarters of this lower demand linked to pandemic-related mortality issues.

具體而言，就醫療保健市場而言，入院和手術量繼續從大流行低谷中恢復，從而促進了積極的需求。在與大流行病相關的死亡率問題相關的需求下降的幾個季度之後，我們還繼續看到許多市場的 PD 患者增長穩步改善。

In another crucial signal, health care staffing levels have stabilized or are rising at hospitals and other facilities following some concerning lows. With that said, we believe, based on conversations with our U.S. customers, the hospital capital spending has been deprioritized for certain product areas, which has impacted near-term performance of our PSS business.

另一個重要信號是，在經歷了一些令人擔憂的低谷之後，醫院和其他機構的醫療保健人員配備水平已經穩定或正在上升。話雖如此，我們認為，根據與我們美國客戶的對話，醫院資本支出已被取消優先用於某些產品領域，這影響了我們 PSS 業務的近期業績。

Our current expectation is that the situation starts to improve over the course of the year. We're nearing the launch of our next version of our market-leading ICU beds, Progressa+. Progressa+ is the only true ICU bed with new features to help clinical staff address complications and provide the best care possible for patients. We are already seeing strong customer interest in the new solution and look forward to the anticipated launch this quarter.

我們目前的預期是，情況會在年內開始好轉。我們即將推出我們市場領先的 ICU 病床 Progressa+ 的下一個版本。 Progressa+ 是唯一具有新功能的真正 ICU 病床，可幫助臨床工作人員解決並發症並為患者提供最佳護理。我們已經看到客戶對新解決方案的濃厚興趣，並期待著本季度的推出。

Lastly, regarding this topic, I will highlight that we are not currently seeing the softness in capital spending extend to our other businesses, such as Infusion Systems or Front Line Care, where demand remains strong for the products.

最後，關於這個話題，我要強調的是，我們目前沒有看到資本支出的疲軟延伸到我們的其他業務，例如輸液系統或前線護理，這些業務對產品的需求依然強勁。

Alongside these trends, we are, of course, moving full speed ahead on the critical strategic initiatives I announced at the outset of the year, focused on enhancing our impact and long-term shareholder value.

除了這些趨勢，我們當然也在全速推進我在年初宣布的關鍵戰略舉措，重點是提高我們的影響力和長期股東價值。

Our plan to spin off our Renal Care and Acute Therapies business into a stand-alone Kidney Care company is well underway. The stand-alone company will emerge as a leader in a growing market segment with 2022 sales of approximately $4.5 billion and more than 1 million patients across more than 70 countries.

我們計劃將我們的腎臟護理和急性治療業務分拆成一家獨立的腎臟護理公司，這一計劃正在順利進行中。這家獨立公司將成為不斷增長的細分市場的領導者，2022 年銷售額約為 45 億美元，在 70 多個國家/地區擁有超過 100 萬名患者。

You will hold leading positions across its portfolio and a well-established presence in homes, hospitals and clinics worldwide. Perhaps most importantly, as a stand-alone entity, it will benefit from increased management focus and the pursuit of its unique investment priorities, better positioned to accelerate growth and innovation, emphasizing its distinct market drivers.

您將在其產品組合中佔據領先地位，並在全球範圍內的家庭、醫院和診所建立穩固的地位。也許最重要的是，作為一個獨立的實體，它將受益於增加管理重點和追求其獨特的投資重點，更好地加速增長和創新，強調其獨特的市場驅動力。

We are finalizing our search process to identify the future CEO of our spin-off company and hope to share more information on this front shortly.

我們正在完成我們的搜索過程，以確定我們分拆公司的未來首席執行官，並希望盡快分享這方面的更多信息。

We currently expect the spin-off Kidney Care to occur by July 2024 or earlier, and we'll continue to keep you informed of our progress.

我們目前預計分拆腎臟護理將在 2024 年 7 月或更早之前發生，我們將繼續讓您了解我們的進展。

Last week marked the initial launch phase of the new operating model we previewed for you last quarter, realigning our current portfolio of 10 businesses into four vertically integrated global business segments. Each segment is being led by an experienced, passionate senior executive with a proven track record of success and compelling vision for the future.

上週標誌著我們上個季度為您預覽的新運營模式的初始啟動階段，將我們目前的 10 項業務組合重新調整為四個垂直整合的全球業務部門。每個部門都由一位經驗豐富、充滿激情的高級管理人員領導，他擁有成功的成功記錄和令人信服的未來願景。

Medical Products and Therapies, led by Group President, Heather Knight, comprises our current medication delivery, Advanced Surgery and Clinical Nutrition portfolios.

醫療產品和療法由集團總裁 Heather Knight 領導，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 led by Group President, Reaz Rasul, includes our legacy Hillrom businesses, including Patient Support Systems, Global Surgical Solutions and Front Line Care.

由集團總裁 Reaz Rasul 領導的醫療保健系統和技術包括我們傳統的 Hillrom 業務，包括患者支持系統、全球外科解決方案和前線護理。

Pharmaceuticals, led by Group President, Alok Sonig, includes our current Pharma portfolio as well as our BioPharma Solutions business. And finally, Kidney Care comprises our Renal Care and Acute Therapies businesses.

由集團總裁 Alok Sonig 領導的製藥業務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。最後，腎臟護理包括我們的腎臟護理和急性治療業務。

Each of these segments has global profit and loss accountability, dedicated commercial operations and fully aligned research and development, manufacturing, supply chain and functional support teams. Note that our global manufacturing sites are being aligned to each business to help fuel greater transparency, foresight and resilience across the supply chain.

這些部門中的每一個都有全球損益責任、專門的商業運營和完全協調的研發、製造、供應鍊和職能支持團隊。請注意，我們的全球製造基地正在與每家企業保持一致，以幫助提高整個供應鏈的透明度、遠見和彈性。

While we are in the early stage of this implementation, our teams are moving fast, eager to capitalize on the tighter alignment that can help fuel enhanced strategic clarity, agility and innovation.

雖然我們處於此實施的早期階段，但我們的團隊正在快速行動，渴望利用更緊密的一致性來幫助推動增強的戰略清晰度、敏捷性和創新。

Even as we advance organizational and efficiency efforts, we also know that high-impact innovation is a critical factor to delivering accelerated growth among recent innovation milestones.

即使我們推進組織和效率工作，我們也知道，高影響力的創新是在最近的創新里程碑中實現加速增長的關鍵因素。

We're very pleased to share that we have resubmitted our leading-edge Novum IQ large volume pump for FDA 510(k) clearance. The Novum IQ syringe pump is now in use in the United States. As a reminder, we have not included any U.S. sales for the Novum IQ LVP in our guidance.

我們很高興地宣布，我們已重新提交我們領先的 Novum IQ 大容量泵以獲得 FDA 510(k) 許可。 Novum IQ 注射泵現已在美國投入使用。提醒一下，我們的指南中沒有包括 Novum IQ LVP 在美國的任何銷售。

I'm also pleased to report that our newly launched Zosyn premix is experiencing solid uptake in the U.S. hospital pharma marketplace. Other recent launches include Baxter's new patient warming system, which minimizes risks associated with forced air warming, reduces noise and waste in the operating room and lessens the burden on clinician workflows.

我也很高興地報告，我們新推出的 Zosyn 預混劑在美國醫院製藥市場上正在經歷穩固的吸收。最近推出的其他產品包括百特的新型患者加溫系統，該系統可最大限度地降低與強制空氣加溫相關的風險，減少手術室的噪音和浪費，並減輕臨床醫生工作流程的負擔。

Floseal + Recothrom, the first and only active flowable hemostat with a recombinant thrombin, resulting in 1.5x faster preparation ReadyConnect System for Baxter's Centrella Smart+ Bed, which delivers reliable cable-free connectivity between the hospital bed and most nurse-call systems on the market.

Floseal + Recothrom，第一個也是唯一一個帶有重組凝血酶的活性可流動止血劑，使製備速度提高 1.5 倍 Baxter's Centrella Smart+ Bed 的 ReadyConnect 系統，可在醫院病床和市場上大多數護士呼叫系統之間提供可靠的無線連接.

And finally, ExactaMix Pro, the next-generation automated nutrition compounder designed to enhance security and improve customer experience and offer stronger data reporting capabilities.

最後，ExactaMix Pro 是下一代自動化營養混合機，旨在增強安全性、改善客戶體驗並提供更強大的數據報告功能。

Looking ahead, while macro environmental factors show signs of improvement, we remain cautious and balanced about the pace of recovery. This is why our current transformational initiatives are so vital.

展望未來，雖然宏觀環境因素出現改善跡象，但我們對複蘇步伐保持謹慎和平衡。這就是為什麼我們當前的轉型舉措如此重要。

Our goal is to redefine our operations for sustained success in a rapidly evolving environment, while always remaining true to our life sustaining mission and focus on medically essential health care.

我們的目標是重新定義我們的運營以在快速變化的環境中取得持續成功，同時始終忠於我們維持生命的使命並專注於醫療必需的醫療保健。

Our momentum today and tomorrow is fueled entirely by our employees. I thank them for their dedication and resilience, which are vital to the transformation journey we are taking together.

我們今天和明天的動力完全由我們的員工推動。我感謝他們的奉獻精神和堅韌不拔的精神，這對我們共同進行的轉型之旅至關重要。

Now I will pass it on to Jay for a closer look at our performance and outlook.

現在我將把它傳遞給傑伊，讓他更仔細地了解我們的表現和前景。

Thanks, Joe, and good morning, everyone. As Joe mentioned, we're pleased with our first quarter results, which came in ahead of our previous guidance range.

謝謝，喬，大家早上好。正如喬所提到的，我們對第一季度的業績感到滿意，該業績超出了我們之前的指導範圍。

First quarter 2023 global sales of $3.6 billion declined 2% on a reported basis and increased 2% on a constant currency basis. This compared favorably to our guidance, which called for constant currency sales to decline approximately 1%.

2023 年第一季度全球銷售額為 36 億美元，按報告基準下降 2%，按固定匯率計算增長 2%。這與我們的指導相比有利，後者要求固定貨幣銷售額下降約 1%。

As mentioned earlier, sales performance in the quarter benefited from better-than-expected sales in Renal Care and Pharmaceuticals as well as Front Line Care, which have reflected improvement in availability of electromechanical components.

如前所述，本季度的銷售業績得益於腎臟護理和藥品以及前線護理的銷售好於預期，這反映了機電組件可用性的改善。

On the bottom line, adjusted earnings decreased 37% to $0.59 per share, reflecting the increased cost we've recognized due to the significant inflationary impacts on materials, labor and freight, along with certain supply chain constraints.

最重要的是，調整後的收益下降 37% 至每股 0.59 美元，反映出我們已經認識到由於材料、勞動力和貨運的顯著通脹影響以及某些供應鏈限製而導致的成本增加。

Adjusted EPS for the quarter also came in ahead of our expectations of $0.46 to $0.50 per share, driven by improved operational performance and a benefit from lower-than-expected interest expense.

本季度調整後的每股收益也超出了我們預期的每股 0.46 美元至 0.50 美元，這得益於運營業績的改善和低於預期的利息支出帶來的好處。

Now I'll walk through performance by our regional segments and key product categories. Starting with sales by operating segment. Sales in the Americas declined 1% compared to the prior year on a constant currency basis.

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。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相比下降了 1%。

Sales in Europe, Middle East and Africa grew 9% on a constant currency basis, reflecting broad-based recovery in hospital admissions and surgical procedures across the region.

歐洲、中東和非洲的銷售額按固定匯率計算增長了 9%，反映出該地區住院和外科手術的廣泛復甦。

And sales in our APAC region increased 3% constant currency. APAC sales reflected strength across the region, offset by a decline in China due to the impact from various government-based procurement initiatives being implemented in that market.

我們亞太地區的銷售額按固定匯率計算增長了 3%。亞太地區的銷售額反映了該地區的強勁勢頭，但由於中國市場實施的各種基於政府的採購計劃的影響而導致的銷售額下降抵消了該地區的銷售額。

Moving on to performance by key product category. Global sales for Renal Care were $892 million, increasing 4% on a constant currency basis.

繼續按關鍵產品類別查看性能。 Renal Care 的全球銷售額為 8.92 億美元，按固定匯率計算增長 4%。

Performance in the quarter was driven by mid-single-digit growth globally in our PD business, partially offset by lower U.S. in-center HD sales following the exit of a distribution agreement at the end of last year. Results in the quarter also reflected the negative impact from ongoing government-based procurement initiatives in China.

本季度的業績受到我們 PD 業務全球中個位數增長的推動，部分被去年年底分銷協議退出後美國中心 HD 銷售額下降所抵消。本季度的業績還反映了中國正在進行的基於政府的採購計劃的負面影響。

Sales in Medication Delivery of $687 million were flat year-over-year at constant currency rates. Strong international growth in Solutions was offset by lower infusion system sales. As mentioned, we've resubmitted our Novum IQ large-volume pump for FDA 510(k) clearance.

按固定匯率計算，藥物遞送銷售額為 6.87 億美元，同比持平。輸液系統銷售額的下降抵消了解決方案的強勁國際增長。如前所述，我們已重新提交 Novum IQ 大容量泵以獲得 FDA 510(k) 許可。

In the meantime, we continue to promote our Spectrum IQ LVP, which has been impacted by supply constraints for electromechanical components. Our teams have been and will continue to work diligently to secure additional parts to meet customer demand for the Spectrum IQ large-volume pump.

與此同時，我們繼續推廣我們的 Spectrum IQ LVP，它受到機電元件供應限制的影響。我們的團隊一直並將繼續努力工作，以確保獲得更多零件，以滿足客戶對 Spectrum IQ 大容量泵的需求。

Pharmaceutical sales of $523 million increased 5% on a constant currency basis. Performance in the quarter reflected increased demand for our drug compounding portfolio internationally as well as double-digit growth in our U.S. injectables portfolio. This helped offset lower sales internationally for injectables.

按固定匯率計算，藥品銷售額為 5.23 億美元，增長 5%。本季度的業績反映出國際上對我們的藥物複合產品組合的需求增加，以及我們在美國註射劑產品組合的兩位數增長。這有助於抵消注射劑國際銷售額的下降。

Moving to Clinical Nutrition. Total sales were $224 million, increasing 3% on a constant currency basis. Performance in the quarter was driven by demand for our nutrition compounding services.

轉向臨床營養。總銷售額為 2.24 億美元，按固定匯率計算增長 3%。本季度的業績是由對我們的營養複合服務的需求推動的。

Sales in Advanced Surgery were $246 million, advancing 11% on a constant currency basis. Growth in the quarter reflects an improvement of elective procedures globally. Surgical volume recovery was strong across all regions.

Advanced Surgery 的銷售額為 2.46 億美元，按固定匯率計算增長 11%。本季度的增長反映了全球選修程序的改進。所有地區的手術量恢復都很強勁。

Sales in our Acute Therapies business were $180 million, declining 1% on a constant currency basis and reflecting a difficult comparison to the prior year, where we had experienced elevated demand for CRRT given the rise in COVID cases.

我們急性治療業務的銷售額為 1.8 億美元，按固定匯率計算下降 1%，這反映出與上一年的艱難對比，去年由於 COVID 病例的增加，我們對 CRRT 的需求增加了。

BioPharma Solutions in the quarter were $139 million, decreasing 9% on a constant currency basis. This decline was in line with expectations due to lower COVID vaccine-related revenues of approximately $35 million compared to the prior year period last year.

本季度生物製藥解決方案為 1.39 億美元，按固定匯率計算下降 9%。由於與去年同期相比，與 COVID 疫苗相關的收入減少了約 3500 萬美元，這一下降符合預期。

Sales in our Patient Support Systems business were $348 million, decreasing 8% on a constant currency basis. As Joe mentioned earlier, we believe performance in this business has been impacted by a slowdown in capital spending with respect to certain product categories.

我們患者支持系統業務的銷售額為 3.48 億美元，按固定匯率計算下降 8%。正如喬之前提到的，我們認為該業務的業績受到某些產品類別的資本支出放緩的影響。

In addition, this business is experiencing lower rental revenues as compared to the prior year period. For the year, we expect growth will continue to be dampened by these factors, but we expect our order rate to improve over the course of the year.

此外，與去年同期相比，該業務的租金收入有所下降。今年，我們預計增長將繼續受到這些因素的抑制，但我們預計我們的訂單率將在今年有所提高。

In addition, our backlog remains elevated and to date, we have not had any material cancellations. We're excited to launch Progressa+ this quarter and expect it to positively contribute to future performance.

此外，我們的積壓量仍然很高，到目前為止，我們還沒有任何實質性的取消。我們很高興在本季度推出 Progressa+，並期望它能為未來的業績做出積極貢獻。

Front Line Care sales in the quarter were $302 million, increasing 4% on a constant currency basis. This reflects demand for our intelligent diagnostics portfolio. We saw a slight improvement in supply availability of electromechanical components during the quarter, which enabled us to address a portion of the backlog associated with the Front Line Care business.

本季度前線護理銷售額為 3.02 億美元，按固定匯率計算增長 4%。這反映了對我們智能診斷產品組合的需求。我們看到本季度機電元件的供應可用性略有改善，這使我們能夠解決與前線護理業務相關的部分積壓問題。

While we're pleased to see improvement in our supply constraints, the business continues to have an elevated backlog level, which we hope to continue to work down over the course of the year as anticipated demand remains strong for this business.

雖然我們很高興看到我們的供應限制有所改善，但該業務的積壓水平仍然很高，我們希望在這一年中繼續減少積壓，因為該業務的預期需求依然強勁。

Global Surgical Solutions sales in the quarter were $81 million, increasing 8% on a constant currency basis. Performance in the quarter was driven by increased international placements in the quarter.

本季度全球外科解決方案銷售額為 8100 萬美元，按固定匯率計算增長 8%。本季度的業績受到本季度國際配售增加的推動。

Moving through the rest of the P&L. Our adjusted gross margin of 41.2% decreased 380 basis points over the prior year, reflecting cost of goods sold, primarily driven by the factors we've discussed around material and labor inflation, freight and supply chain constraints.

瀏覽其餘的損益表。我們調整後的毛利率為 41.2%，比上一年下降了 380 個基點，反映了銷售商品的成本，這主要是由我們討論過的圍繞材料和勞動力通脹、運費和供應鏈限制的因素驅動的。

Adjusted SG&A of $845 million represent 23.2% of sales, an increase of 10 basis points versus the prior year period, reflecting higher annual employee-based compensation accruals.

調整後的 SG&A 為 8.45 億美元，佔銷售額的 23.2%，比上年同期增長 10 個基點，反映了基於員工的年度應計薪酬增加。

Adjusted R&D spending in the quarter of $157 million represented $4.3 million as a percent of sales, an increase of 30 basis points versus prior year, as we increased our investments in innovation, particularly around advancing our connected care technologies. These factors resulted in an adjusted operating margin in the quarter of 13.8%, a decrease of 420 basis points versus the prior year.

本季度調整後的研發支出為 1.57 億美元，佔銷售額的百分比為 430 萬美元，比上年增加 30 個基點，因為我們增加了對創新的投資，特別是在推進我們的互聯護理技術方面。這些因素導致本季度調整後的營業利潤率為 13.8%，較上年同期下降 420 個基點。

Net interest expense totaled $117 million in the quarter, an increase of $32 million versus the prior year, driven by the impact of increased interest rates on variable rate debt.

本季度淨利息支出總計 1.17 億美元，比上年增加 3200 萬美元，這是由於利率上升對可變利率債務的影響。

Other nonoperating income totaled $1 million in the quarter compared to $16 million of income in the prior year period. Results in the quarter reflect a benefit from the amortization of pension benefits as well as an equity gain, which we were offset by foreign exchange losses.

本季度其他非營業收入總計 100 萬美元，上年同期為 1600 萬美元。本季度的業績反映了養老金福利攤銷的收益以及股權收益，我們被匯兌損失所抵消。

The adjusted tax rate in the quarter was 23% compared to 20.8% in the prior year period. This increase was driven primarily by a change in stock-based compensation impacts. And as previously mentioned, adjusted earnings of $0.59 per share declined 37% versus the prior year period.

本季度調整後的稅率為 23%，而去年同期為 20.8%。這一增長主要是由基於股票的薪酬影響的變化推動的。如前所述，調整後每股收益為 0.59 美元，較上年同期下降 37%。

Earnings in the quarter reflected the increased cost of raw materials, freight and labor as well as the impact of higher interest rates on variable rate debt and foreign exchange headwinds.

本季度的收益反映了原材料、運費和勞動力成本的增加，以及利率上升對可變利率債務和外匯逆風的影響。

Let me conclude my comments by discussing our outlook for the second quarter and full year 2023, including some key assumptions underpinning the guidance.

讓我通過討論我們對 2023 年第二季度和全年的展望來結束我的評論，包括支持指導的一些關鍵假設。

As mentioned, we're pleased with the solid start to the year, after the challenging macroeconomic environment we experienced in '22, the challenges of which we continue to address.

如前所述，在經歷了 22 年充滿挑戰的宏觀經濟環境之後，我們對今年的良好開局感到滿意，我們將繼續應對這些挑戰。

Our business fundamentals are solid, and we're seeing positive trends externally. We're cautiously optimistic and continue to work to position ourselves to see improved performance in the years ahead, and we remain steadfastly focused on execution.

我們的業務基礎穩固，我們在外部看到了積極的趨勢。我們持謹慎樂觀的態度，並繼續努力定位自己，以期在未來幾年看到業績的改善，我們仍然堅定不移地專注於執行。

Taking into account first quarter results, 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 approximately 1% growth on a constant currency basis.

考慮到第一季度的業績，我現在將介紹我們的指導和預期。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約 1%。

We now expect full year adjusted operating margin to be between 15.5% and 16%. Interest expense is now expected to total approximately $500 million. We continue to anticipate an adjusted tax rate of approximately 22% and a diluted average share count of 508 million shares. Based on these dynamics, we expect 2023 adjusted earnings, excluding special items, of $2.85 to $3 per diluted share.

我們現在預計全年調整後的營業利潤率將在 15.5% 至 16% 之間。現在預計利息支出總額約為 5 億美元。我們繼續預計調整後的稅率約為 22%，攤薄平均股數為 5.08 億股。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 2.85 美元至 3 美元。

Specific to the second quarter of 2023, we expect global sales growth of approximately 1% to 2% on a reported basis, 2% to 3% on a constant currency basis. And we expect adjusted earnings, excluding special items, of $0.59 to $0.61 per diluted share.

具體到 2023 年第二季度，我們預計全球銷售額在報告基礎上增長約 1% 至 2%，在固定匯率基礎上增長 2% 至 3%。我們預計調整後每股收益（不包括特殊項目）為 0.59 美元至 0.61 美元。

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

這樣，我們現在可以打開問答環節。

(Operator Instructions) We would like to remind participants that this call is being recorded, and a digital replay will be available on the Baxter International website for 60 days at www.baxter.com.

（操作員說明）我們想提醒參與者，此通話正在錄音中，數字重播將在 Baxter International 網站 www.baxter.com 上提供 60 天。

Your first question comes from the line of Vijay Kumar with Evercore ISI.

您的第一個問題來自 Evercore ISI 的 Vijay Kumar。

Congratulations on a good start here. Maybe my first question here, Joe and Jay. You mentioned utilization trends moving in the right direction. Supply chain constraints easing.

祝賀你在這裡有了一個好的開始。也許我在這裡的第一個問題，喬和傑伊。您提到了朝著正確方向發展的利用率趨勢。供應鏈約束放鬆。

So when I looked at your Q1 performance and your Q2 guidance, the annual guide implies back half of 0% constant currency growth. So maybe just walk us through on -- is this conservatism? Were there any timing elements? Or what's being assumed for the back half?

因此，當我查看您的第一季度業績和第二季度指導時，年度指導意味著 0% 的恆定貨幣增長的後半部分。所以也許只是讓我們了解一下——這是保守主義嗎？有沒有時間因素？或者後半部分的假設是什麼？

Yes, Vijay, thanks for the question and the comments. So far so good in terms of sales performance in the first quarter of the year.

是的，Vijay，感謝您的提問和評論。到目前為止，就今年第一季度的銷售業績而言，一切都很好。

And to your point, I think importantly, we've seen a fairly cooperative environment both on the top line and also very importantly, from a general macro context. Those were some really important underpinnings of the guidance that we originally shared. We needed to see that, and we did. So really, really good start to the year.

就你的觀點而言，我認為重要的是，我們已經在頂線看到了一個相當合作的環境，而且非常重要的是，從一般的宏觀環境來看。這些是我們最初分享的指南的一些非常重要的基礎。我們需要看到這一點，我們做到了。所以真的，真的是今年的好開始。

As it relates to sales cadence first half versus second half, really, there are a couple of specific drivers that lead to a slightly slower growth in the second half. And it's really not unplanned or it's consistent with our expectations.

由於它涉及到上半年與下半年的銷售節奏，實際上，有幾個特定的驅動因素導致下半年的增長略有放緩。而且這確實不是計劃外的，或者符合我們的預期。

Essentially, our renal business has nearly $100 million of onetime headwinds, i.e., through specific payments that occurred exiting of distribution agreement last year or exiting lower margin arrangements.

從本質上講，我們的腎臟業務有近 1 億美元的一次性逆風，即通過去年退出分銷協議或退出較低利潤安排的特定付款。

And so all of those things take renal from positive growth in the first half to negative growth in the second half. So very discrete item there. We expect that to sort of normalize and see growth more consistent with patients going into the future.

因此，所有這些因素都使腎臟從上半年的正增長變為下半年的負增長。那裡非常離散的項目。我們希望這種情況能夠正常化，並看到未來的增長與患者更加一致。

And then as we look at our Pharmaceuticals business, we really had outstanding performance in the first quarter. We'll expect to see some continued growth there, but we do see a little bit of a deceleration, most notably in compounding in the second half of the year. So that has an impact on the overall sales cadence.

然後當我們審視我們的製藥業務時，我們在第一季度確實表現出色。我們預計會在那裡看到一些持續增長，但我們確實看到了一些減速，尤其是在今年下半年的複利中。因此，這會對整體銷售節奏產生影響。

I think the most important thing from my perspective was the steady macro environment and utilization and patient trends. So we saw that in the first quarter. We're happy to carry that forward.

從我的角度來看，我認為最重要的是穩定的宏觀環境和利用率以及患者趨勢。所以我們在第一季度看到了這一點。我們很高興將其發揚光大。

That's helpful, Jay. And perhaps one follow-up on Hillrom. I think the prior guidance was 4% constant currency. Did that change at all? And perhaps Joe, if you can comment on -- Hillrom was 2% decline, mostly driven by PSS.

這很有幫助，傑伊。也許還有 Hillrom 的後續行動。我認為之前的指導是 4% 不變貨幣。那有什麼改變嗎？也許喬，如果你能評論—— Hillrom 下降了 2%，主要是由 PSS 驅動的。

I think most of your peers, they're talking about easing supply chains, electronic components in a backlog getting converted. Like why is Baxter confident that this is not share loss? I think you made some comments on backlog and orders. So maybe if you could size that for us?

我想你的大多數同行，他們都在談論放鬆供應鏈，積壓的電子元件得到轉換。比如為什麼 Baxter 確信這不是股票損失？我想你對積壓和訂單發表了一些評論。那麼，也許您可以為我們確定尺寸嗎？

Vijay, just to preface on Hillrom. We're very happy with the performance of most of the businesses under Hillrom and how we've been integrating the business into Baxter.

Vijay，只是作為 Hillrom 的序言。我們對 Hillrom 旗下大部分業務的表現以及我們如何將業務整合到 Baxter 感到非常滿意。

We had a very strong FLC quarter. Front Line Care has done a great job, and this has improved because supply of product. So we see low to single mid-single -- low to single middle single digits, 3% versus 4%.

我們有一個非常強勁的 FLC 季度。 Front Line Care 做得很好，並且由於產品供應而有所改善。因此，我們看到低至中個位數——低至中個位數，分別為 3% 和 4%。

Suppliers are really -- supply is really getting better. And this is affecting FLC. Not only the performance of FLC is doing better, but also our backlog is increasing further than we thought was going to increase. So it's a really good momentum.

供應商真的 - 供應真的越來越好。這正在影響 FLC。不僅 FLC 的性能表現更好，而且我們的積壓工作也比我們想像的要增加得更多。所以這是一個非常好的勢頭。

We see PSS with a reduction in sales in the first quarter. I want to remind you that we had a reduction of 20% in rentals. This is from the peak of COVID and a lot of rentals going on in '21 and early '22.

我們看到 PSS 第一季度的銷售額有所下降。我想提醒您，我們的租金減少了 20%。這是 COVID 的高峰期以及 21 世紀和 22 年初的大量租賃。

We saw a significant reduction, also some postponement of capital spending. But we're very excited about the launch of Progressa+, an improvement in our Centrella Beds. So those are coming in this quarter and will be great launches for us.

我們看到資本支出大幅減少，也有所推遲。但我們對 Progressa+ 的推出感到非常興奮，這是對我們 Centrella 床的改進。所以這些將在本季度推出，對我們來說將是很棒的發布。

We haven't launched a new platform like Progressa+ in almost 10 years. So this is a really good thing. We are #1 in the ICU, and we'll be able actually to continue to capitalize not only on Baxter accounts, but hopefully, into new accounts, competitive accounts.

我們已經將近 10 年沒有推出像 Progressa+ 這樣的新平台了。所以這是一件非常好的事情。我們在 ICU 中排名第一，我們實際上不僅能夠繼續利用 Baxter 賬戶，而且希望能夠進入新賬戶、競爭賬戶。

I would say that it is important to note that capital postponement has specifically been focused in this category of spending. We have not seen that at all in the other Baxter categories.

我想說，重要的是要注意資本延期特別關注這一類支出。我們在其他百特類別中根本沒有看到這一點。

As I just mentioned, FLC has shown very strong growth. Our infusion therapies business, our pumps business, has shown very strong growth and strong forecast growth for the rest of the year. So this is a phenomenon specifically for beds.

正如我剛才提到的，FLC 表現出非常強勁的增長。我們的輸液治療業務，我們的泵業務，在今年餘下時間顯示出非常強勁的增長和強勁的增長預測。所以這是一種專門針對床的現象。

But as I said, with the launch of new products, we're really excited to come in and have this -- the situation reversed as we plan to have it reversed and ameliorate in the second half of 2023.

但正如我所說，隨著新產品的推出，我們真的很高興能參與其中——情況發生逆轉，因為我們計劃在 2023 年下半年扭轉並改善這種情況。

Your next question comes from the line of Pito Chickering with Deutsche Bank.

你的下一個問題來自德意志銀行的 Pito Chickering。

The first one is similar sort of Vijay's question. But relative to your guidance that you've updated today, sort of what has been the biggest source of upside and downside in the first quarter as it relates to both revenues and inflationary pressures?

第一個是類似 Vijay 的問題。但相對於您今天更新的指引，第一季度與收入和通脹壓力相關的最大上行和下行來源是什麼？

Sure. I think there were a few areas where we saw solid performance in the first quarter. Our Pharma business, we added a new leader to this area last year. That team is really doing an excellent job with respect to new products and accelerating commercialization of some of these products. So we saw we had a really nice performance in the first quarter.

當然。我認為我們在第一季度看到了一些穩健的表現。我們的製藥業務，去年我們在該領域增加了一位新的領導者。該團隊在新產品和加速其中一些產品的商業化方面確實做得非常出色。所以我們看到我們在第一季度的表現非常好。

Now some of that did benefit from a buoyant procedure and admissions backdrop. But overall, really happy on the Pharma side. From a Renal standpoint, I think this is an important one. Renal benefited from solid pricing and mix, along with outside of certain markets in Asia, we saw some decent patient growth.

現在，其中一些確實受益於活躍的程序和錄取背景。但總的來說，製藥方面真的很高興。從腎臟的角度來看，我認為這是一個重要的問題。腎臟受益於穩定的定價和組合，以及在亞洲某些市場之外，我們看到了一些不錯的患者增長。

So I think the Renal story -- notwithstanding my comments earlier around second half comparable issues, the renal story has started strong this year. And we expect that to continue.

所以我認為腎臟的故事——儘管我早些時候圍繞下半年的類似問題發表了評論，但今年腎臟的故事已經開始強勁。我們希望這種情況繼續下去。

And then finally, our Advanced Surgery, another area. We've got a great leader in this business and that team as well, benefiting from procedures clearly, but at the same time, solid execution across the board leads to some favorability there.

最後，我們的高級外科，另一個領域。我們在這項業務和那個團隊中都有一位出色的領導者，從程序中明顯受益，但與此同時，全面的穩健執行會帶來一些好處。

So those were some of the bright spots that we saw. As it relates to challenges, I think Joe explained clearly, we were a little bit soft in PSS, but we remained very optimistic.

所以這些是我們看到的一些亮點。關於挑戰，我想喬解釋得很清楚，我們在 PSS 方面有點軟，但我們仍然非常樂觀。

I spent some time looking at our Progressa+, our new product there. It's really an exciting new development. So we'll see how that goes. That launch is happening, and it's something that I think the market will welcome. So those are a few comments on favorability and unfavorability for Q1.

我花了一些時間查看我們的新產品 Progressa+。這真是一個令人興奮的新發展。所以我們將看看情況如何。該發布正在發生，我認為這是市場會歡迎的事情。所以這些是對 Q1 的好感度和不好感度的一些評論。

And then Pito, your question about supply chain and what I would say there. Obviously, after the challenges that we experienced from a general macro backdrop last year, I was really happy to see, generally speaking, cooperative environment.

然後是 Pito，你關於供應鏈的問題以及我會在那裡說什麼。顯然，在經歷了去年宏觀大背景下的挑戰之後，我真的很高興看到，總體而言，合作環境。

And when I say generally speaking, on the one hand, commodities are going in the right direction. We're seeing indices support the forecast that we put forth.

當我說總體而言，一方面，商品正朝著正確的方向發展。我們看到指數支持我們提出的預測。

Some of our suppliers are still looking to sort of increase prices to Baxter. And we constantly work through those situations very carefully. But I would say, generally speaking, we have a fairly stable backdrop from a supply chain standpoint.

我們的一些供應商仍在尋求提高對 Baxter 的價格。我們一直非常小心地處理這些情況。但我想說，總的來說，從供應鏈的角度來看，我們有一個相當穩定的背景。

Okay. And then specifically, can you refresh us on what assumptions you made in your updated guidance around transportation costs for 2023? What percent of those costs are over the ground?

好的。然後具體來說，您能否向我們介紹一下您在有關 2023 年運輸成本的最新指南中所做的假設？這些成本中有多少是在地面上的？

And what do you assume in diesel costs for the rest of the year? Just (inaudible) diesel [serve] in the low 4s at the pumps now. How should we think about the tailwinds from lower diesel costs rolling through the P&L?

您認為今年剩餘時間的柴油成本是多少？現在只是（聽不清）柴油 [服務] 在泵的低 4 秒。我們應該如何看待通過損益表滾動的較低柴油成本的順風？

So listen, I don't want to do a detailed operational review here. So -- and we don't really share mix by ground versus air on freight costs and things of that nature.

所以聽著，我不想在這裡做詳細的運營審查。所以 - 我們並沒有真正分享地面與空運的貨運成本和類似性質的組合。

What I will tell you is we try to reflect -- in terms of the forecast that we put together, we try to reflect the most current indices that we have, along with expectations from a number of reputable sources in terms of where those areas are going when we put the forecast together.

我要告訴你的是，我們試圖反映 - 就我們放在一起的預測而言，我們試圖反映我們擁有的最新指數，以及許多知名來源對這些領域所在位置的期望當我們把預測放在一起時。

And when we do this not only for diesel, freight, logistics costs, but also for resins, packaging, corrugate, et cetera. I think we have definitely significantly improved how we forecast this area as a necessity coming out of last year. Our supply chain finance team working with the team there has done a lot of work to enhance this.

當我們這樣做時，不僅要考慮柴油、運費、物流成本，還要考慮樹脂、包裝、瓦楞紙等。我認為我們肯定已經顯著改進了我們預測這一領域的方式，並將其視為去年的必需品。我們的供應鏈金融團隊與那裡的團隊合作，做了大量工作來加強這一點。

But generally speaking, we look at current index levels. We look at the most reliable forecast going forward, and our performance is directly tied out to that.

但總的來說，我們看的是當前的指數水平。我們著眼於最可靠的未來預測，我們的表現與此直接相關。

Part of the reason why we do see a step-up in margin in the second half of this year relates to some of the costs that we're experiencing at this point in time, not only from our freight and logistics, but also in some of those other categories.

我們確實看到今年下半年利潤率上升的部分原因與我們此時正在經歷的一些成本有關，不僅來自我們的貨運和物流，還涉及一些那些其他類別。

Our next question is from the line of Travis Steed with Bank of America Securities.

我們的下一個問題來自美國銀行證券公司的 Travis Steed。

Jay, I'd love to dig a little bit deeper in that second half margin ramp you just mentioned. I know you had the $300 million in cost savings, the macro cost. Can you help just give some confidence in the back half margin ramp?

傑伊，我想在你剛才提到的下半場利潤率斜坡上挖得更深一點。我知道您節省了 3 億美元的成本，即宏觀成本。你能幫助我們對後半部分的保證金增加一些信心嗎？

Yes. I think it's interesting. The first quarter performance really was a nice element for the performance's sake in the first quarter. But importantly, I think some of the assumptions that we had were confirmed, and that really gives us some solid confidence as we move to the second half of the year.

是的。我覺得很有趣。第一季度的表現對於第一季度的表現來說確實是一個很好的元素。但重要的是，我認為我們的一些假設得到了證實，這確實給了我們一些堅實的信心，因為我們進入了下半年。

But admittedly, there's a big step up first half to second half. And I would say that there are really three drivers of the operating margin improvement that we expect to see.

但不可否認，上半場到下半場有很大的進步。我想說的是，我們期望看到的營業利潤率改善實際上有三個驅動因素。

The first relates to generally, in the second half of the year, we have more sales than the first half of the year. So in the second half of this year, we expect north of $400 million, approaching $500 million in more sales in the second half versus the first half.

第一個一般來說，在下半年，我們的銷售額比上半年要多。因此，在今年下半年，我們預計下半年的銷售額將超過 4 億美元，比上半年多接近 5 億美元。

That's not a dynamic that is unique to this year. If you look at any of the last couple of years, you would see that normal sales step up first half to second half. And that has margin benefit, that also has a significant EPS benefit. So you'll see about $0.30-plus of EPS from those incremental sales dropping through.

這不是今年獨有的動態。如果你看看過去幾年的任何一年，你會發現上半年到下半年的正常銷售量有所增加。這有保證金收益，也有顯著的每股收益收益。因此，您將從這些增量銷售額中看到約 0.30 美元以上的每股收益。

The second thing is integrated supply chain. We -- the costs that we're experiencing today are costs that we realized or experienced in Q3, Q4 of last year when there were very elevated prices.

第二件事是整合供應鏈。我們——我們今天經歷的成本是我們在去年第三季度、第四季度實現或經歷的成本，當時價格非常高。

As those indices have eased in the last few months, we have line of sight to improvements in supply chain that yield roughly $0.15 approximately of improvement first half to second half.

由於這些指數在過去幾個月有所緩和，我們看到了供應鏈的改善，上半年到下半年的改善約為 0.15 美元。

Now I should say it's not just indices that are cooperating, it is also the hard work that goes into what we call value improvement programs, which are essentially efficiency initiatives in plants. But that's $0.15 of improvement. That's a very real impact from our supply chain team.

現在我應該說，不僅僅是指數在合作，它也是我們所謂的價值改進計劃的辛勤工作，這些計劃本質上是工廠的效率舉措。但這是 0.15 美元的改進。這是我們供應鏈團隊的一個非常真實的影響。

And then the final thing is, listen, we've talked previously about some of the cost efforts that we're undertaking. And those benefit more the second half than the first half. And we've largely concluded those programs. They're in place.

然後最後一件事是，聽著，我們之前已經討論過我們正在進行的一些成本努力。下半年比上半年受益更多。我們基本上已經完成了這些計劃。他們就位了。

And so -- but because a lot of those activities occurred in the first and second quarters, the benefit only is realized in the third and fourth quarters, and that's roughly $0.15. So if I were to say why are we going to go from point A to point B with a very substantial improvement in margin, it really comes down to those three specific factors.

所以——但是因為很多這些活動發生在第一季度和第二季度，所以收益只在第三季度和第四季度實現，大約是 0.15 美元。因此，如果我要說為什麼我們要從 A 點轉到 B 點，利潤率會有非常顯著的改善，這實際上歸結為這三個具體因素。

That's super helpful. And a follow-up question on Novum IQ. Just assume when it gets approved, is that -- should we think about that as like $100 million in full year revenue, $200 million margins? Are those above, below corporate average?

這非常有幫助。以及關於 Novum IQ 的後續問題。假設當它獲得批准時，我們是否應該將其視為全年收入 1 億美元，利潤 2 億美元？是高於還是低於企業平均水平？

And when you think about the potential for share gains, I wonder you think you'll be on the market before your other competitor. But how do you think about the opportunity for share gains there?

當您考慮獲得份額的潛力時，我想知道您是否認為您會比其他競爭對手先進入市場。但您如何看待在那裡獲得股票收益的機會？

We were not going to comment on the approval of the pump because it's not dependent upon us, it's with the FDA at the moment. We are optimistic about the performance of the pump when it gets approved.

我們不打算對泵的批准發表評論，因為它不取決於我們，它目前與 FDA 有關係。我們對該泵獲得批准後的性能持樂觀態度。

But we're not commenting in anything that the FDA is doing. I would say to you that there's an opportunity. There's a significant amount of pumps on recall at the moment, including brand new pumps, which just launched, I recall, Class I the other day.

但我們不會對 FDA 正在做的任何事情發表評論。我會告訴你，有機會。目前有大量泵需要召回，包括全新的泵，我記得前幾天剛剛推出，I 級。

So we are currently capitalizing on that with our Sigma spectrum. We up our forecast significantly on Sigma spectrum. We are now more optimistic about the components. We are also doing some redesign of components to make sure there's more durability.

因此，我們目前正在通過我們的 Sigma 頻譜利用這一點。我們顯著提高了對 Sigma 頻譜的預測。我們現在對組件更加樂觀。我們還對組件進行了一些重新設計，以確保更耐用。

And when Novum gets to the market, it's going to be for us to make the decision, how to phase that in. Customer comes to me, want to stay with the current model of Sigma Spectrum because they have a fleet of it, and we have significant opportunities to gain market share once Novum is approved.

當 Novum 進入市場時，將由我們做出決定，如何分階段實施。客戶來找我，希望繼續使用當前的 Sigma Spectrum 模型，因為他們有大量的 Sigma Spectrum，而我們一旦 Novum 獲得批准，就有很大的機會獲得市場份額。

So we're very excited about the platform that we have in front of us, and we're going to be putting more money in research and development assets to develop other categories of pumps within Baxter.

因此，我們對擺在我們面前的平台感到非常興奮，我們將投入更多資金用於研發資產，以在百特內部開發其他類別的泵。

So I will tell you that we're not giving you what's the forecast for Novum once approved. As soon as we get news about Novum from the FDA, we'll let you know what that means in terms of numbers.

所以我會告訴你，一旦獲得批准，我們不會給你 Novum 的預測。一旦我們從 FDA 獲得有關 Novum 的消息，我們就會讓您知道這在數字方面意味著什麼。

But at the moment, I tell you the demand for pumps is high, primarily because Sigma Spectrum is a good pump that is performing extremely well and facing competitors who have consent decree and recalls in many different categories.

但目前，我告訴你對泵的需求很高，主要是因為 Sigma Spectrum 是一款性能非常好的泵，並且面臨著許多不同類別的競爭對手，這些競爭對手已經同意法令和召回。

Robbie Marcus with JPMorgan is on the line.

摩根大通的羅比馬庫斯在線。

Great. Maybe to start, I would love to get your thoughts on pricing. What it was in the quarter? And your ability to take price going forward, we see peers taking it in the capital components. And we hear some of your peers talk about it in some of the hospital supply areas. Would love to get your thoughts on the potential for Baxter moving forward?

偉大的。也許首先，我很想了解您對定價的看法。這個季度是什麼？以及您推動價格向前發展的能力，我們看到同行將其納入資本組成部分。我們聽到您的一些同行在一些醫院供應領域談論它。想听聽您對百特未來發展潛力的看法嗎？

Sure. I'm not going to get into specific amounts in the first quarter, but pricing was a contributor and an important one. And I think for us, what -- as we went through last year, we had seen significant incremental costs across the portfolio and basically every single product line that we sell.

當然。我不打算討論第一季度的具體金額，但定價是一個貢獻者，也是一個重要的貢獻者。而且我認為對我們來說，什麼 - 正如我們去年經歷的那樣，我們已經看到整個產品組合和基本上我們銷售的每一個產品線的顯著增量成本。

And at the end of the day, sometimes you don't have the ability to address price in the short term, in a given quarter or a given year. And in some instances, you actually have to wait a couple of years before you actually address price because of long-term agreements that you have in place.

歸根結底，有時您無法在特定季度或特定年份的短期內解決價格問題。在某些情況下，由於簽訂了長期協議，您實際上必須等待幾年才能真正解決價格問題。

What's really important for our team is that we capture our fair share of the economic value that we provide to our customers. And so this year, we're working very carefully. There was positive pricing in Renal. There will be positive pricing from a hospital capital standpoint.

對我們的團隊來說真正重要的是，我們能夠公平分享我們提供給客戶的經濟價值。所以今年，我們非常謹慎地工作。 Renal 有積極的定價。從醫院資本的角度來看，定價將是積極的。

In all of the areas that we operate, we are expecting to see decent price. The one exception, of course, is Pharma, where that's been more stable, particularly in the first quarter, but that's still an area of more price competition.

在我們經營的所有地區，我們都希望看到體面的價格。當然，唯一的例外是製藥業，那裡的情況更加穩定，尤其是在第一季度，但這仍然是一個價格競爭更加激烈的領域。

But I think, Robbie, from our standpoint, this is going to be an important driver for us, not only this year, but I think in future years as well.

但我認為，羅比，從我們的角度來看，這將成為我們的重要推動力，不僅是今年，而且我認為在未來幾年也是如此。

Maybe one more. We saw some news reports on a potential sale of the bioprocessing unit. Just the latest update on your thoughts on that business and how it will proceed. And if a sale does go through, is that repayment the primary use of cash?

也許還有一個。我們看到了一些關於生物處理裝置可能出售的新聞報導。只是關於您對該業務的想法以及它將如何進行的最新更新。如果銷售確實通過，那麼還款是現金的主要用途嗎？

Robbie, we have experienced significant interest in this business. We still are exploring strategic alternatives, and we'll let you folks know as soon as we make the decision.

羅比，我們對這項業務產生了濃厚的興趣。我們仍在探索戰略替代方案，我們會在做出決定後立即通知大家。

If there is a sale, the proceeds will be exclusively and mostly directed to debt repayment. So it opens the opportunity for Baxter for future reinvestment and even stock -- share buybacks and other opportunities. But the first thing for that amount of cash, if that is the alternative we decide to go forward with, will be to repay debt.

如果有出售，收益將完全且大部分用於償還債務。因此，它為百特打開了未來再投資甚至股票——股票回購和其他機會的機會。但是，如果我們決定繼續使用那筆現金，那麼首先要做的就是償還債務。

Your next question is from the line of Rick Wise with Stifel.

您的下一個問題來自 Rick Wise 與 Stifel 的合作。

A couple of questions. Joe, maybe talk us through where you see -- I mean you've addressed them (inaudible), where you feel like you are with the Hillrom integration?

幾個問題。喬，也許可以通過你看到的地方告訴我們 - 我的意思是你已經解決了他們（聽不清），你覺得你在哪裡與 Hillrom 集成？

Is it fully integrated, so to speak, into Baxter now? You've got the people and everything is functioning and we're just waiting for supply chain to sort of cooperate sort of -- and maybe just help us think about how you're thinking about the time line that it's going to take for Hillrom to get back to a more typical mid-single-digit kind of growth rate, if you would?

可以說，它現在是否已完全集成到 Baxter 中？你有足夠的人，一切都在運轉，我們只是在等待供應鏈進行某種程度的合作——也許只是幫助我們考慮一下你是如何考慮 Hillrom 的時間表的回到更典型的中個位數增長率，如果你願意的話？

Rick, we have been very successful with the integration. So the first part of your question is the integration of Hillrom. We have retained some key talent, but also we put a lot of Baxter talent in Hillrom.

里克，我們的整合非常成功。所以你問題的第一部分是 Hillrom 的整合。我們保留了一些關鍵人才，但我們也在 Hillrom 安置了很多 Baxter 人才。

Right now, we have Reaz Rasul running Hillrom with the three divisions of Hillrom, with a mix of Baxter and former Hillrom employees in charge of the divisions under Reaz.

現在，我們讓 Reaz Rasul 與 Hillrom 的三個部門一起運營 Hillrom，由 Baxter 和前 Hillrom 員工負責 Reaz 下的部門。

In terms of the synergies, we -- as I mentioned before, we -- in the first year, came to realize twice as much as we had planned. And we continue on track to deliver what we promised at the onset of the acquisition.

在協同作用方面，我們——正如我之前提到的，我們——在第一年實現了我們計劃的兩倍。我們將繼續按計劃兌現我們在收購開始時的承諾。

Other than the supply chain issues that we had last year, we start to see the power of frontline care and the power of that portfolio right now delivering good growth for us in the U.S. and OUS.

除了我們去年遇到的供應鏈問題外，我們現在開始看到前線護理的力量和該產品組合的力量為我們在美國和 OUS 帶來了良好的增長。

Chips are made more available. And as I said before, our backlog in Front Line Care is actually growing with growth in sales and growth in backlog. So we're very excited about that business.

芯片變得更容易獲得。正如我之前所說，我們在前線護理方面的積壓實際上隨著銷售額的增長和積壓的增長而增長。所以我們對這項業務感到非常興奮。

Our PSS business in the U.S., like I said, has a setback in this first quarter. As I said, 20% reduction in the rentals due to COVID partially last year and the year before.

正如我所說，我們在美國的 PSS 業務在第一季度遇到了挫折。正如我所說，去年和前年部分由於 COVID 導致租金減少 20%。

But we see the launch of Progressa+ and enhancements to Centrella, a great catalyst for us in the second quarter that we believe with alleviation of specific postponement of capital buying, that is going to accelerate in the second quarter.

但我們看到 Progressa+ 的推出和 Centrella 的增強，這是我們在第二季度的一個重要催化劑，我們相信隨著具體推遲資本購買的緩解，這將在第二季度加速。

And we are confident to reestablish that business in a more normal run rate, hopefully, towards 2023, ex in '23 and 2024. We continue to look at opportunities to enhance leadership in all parts of that business, by the way.

我們有信心以更正常的運行速度重建該業務，希望到 2023 年，例如 23 年和 2024 年。順便說一下，我們將繼續尋找機會加強該業務各個部分的領導地位。

So PSS outside the U.S. is doing well. In the GSS business, albeit smaller, is doing well both in the U.S. and outside the U.S. So all in all, we're excited about Hillrom. We think it brings new avenues for growth for Baxter and also product launches. I'm looking at our pipeline of new launches, and a great deal of them are coming from pumps.

因此，美國以外的 PSS 表現良好。在 GSS 業務中，儘管規模較小，但在美國和美國以外都表現良好。總而言之，我們對 Hillrom 感到興奮。我們認為它為百特和產品發布帶來了新的增長途徑。我正在查看我們新推出的管道，其中很多來自泵。

So there's a lot to come from there. We're going to navigate the short-term constraint in the U.S. for capital in beds. But as I said, launching these new products represent a great catalyst for the future.

所以有很多來自那裡。我們將克服美國床位資本的短期限制。但正如我所說，推出這些新產品代表著未來的巨大催化劑。

Great. And a follow-up, maybe Jay or Joe. It's sort of a simple moderate way to ask this question, but clearly, electromechanical components are critical to this ongoing turnaround process.

偉大的。還有一個後續行動，也許是 Jay 或 Joe。這是問這個問題的一種簡單溫和的方式，但很明顯，機電元件對於這個正在進行的周轉過程至關重要。

I mean -- and you can reframe the way I'm asking it. But are you 50% of the way back in terms of having what you need? 10%? 90%? Are you optimistic that you largely have what you need as you exit the second half? Can you just help me think through that a little bit?

我的意思是——你可以重新定義我的提問方式。但是，就擁有您需要的東西而言，您是否已經完成了 50% 的回歸？ 10%？ 90%？當你下半場結束時，你是否樂觀地認為你基本上擁有你需要的東西？你能幫我想一想嗎？

Rick, the worst thing we can do is to feel good about something that just start turning around. So we're very excited about having availability, as I said before, the demand for our Sigma Spectrum infusion pump is very high.

里克，我們能做的最糟糕的事情就是對剛剛開始好轉的事情感覺良好。因此，我們對可用性感到非常興奮，正如我之前所說，對我們的 Sigma Spectrum 輸液泵的需求非常高。

And we're very happy actually to have significant amount of components that will allow us to increase the sales of that product and satisfy the backlog that we have. If we had more, we could sell more.

實際上，我們非常高興擁有大量組件，這些組件將使我們能夠增加該產品的銷量並滿足我們的積壓訂單。如果我們有更多，我們可以賣得更多。

We see alleviation of backlog of products that need to be shipped on Front Line Care already coming out. Our back order has reduced in half what we had about 9 months ago, and a lot of that is related to semiconductors.

我們看到需要在前線護理上運送的產品積壓情況已經出現。我們的未交貨訂單減少了大約 9 個月前的一半，其中很多與半導體有關。

With that said, we're not letting this go away. We got an opportunity to improve. So we have significant amount of initiatives within the company for redesign of components to go on board. Some are very critical. Some are less critical.

話雖如此，我們不會讓它消失。我們得到了改進的機會。因此，我們在公司內部有大量的舉措來重新設計要上線的組件。有些非常關鍵。有些不那麼重要。

We have a transfer office established within Baxter, not only for microprocessors, but also for other components. Things are not 100% normal right now.

我們在 Baxter 內部設立了一個中轉辦公室，不僅負責微處理器，還負責其他組件。現在情況並非 100% 正常。

We still have a great deal of suppliers trying to get pricing out of Baxter. We're offsetting those. We're absolutely not accepting, but also offsetting with significant amount of cost reductions.

我們仍然有很多供應商試圖從百特那裡獲得定價。我們正在抵消這些。我們絕對不會接受，但也會通過大幅降低成本來抵消。

So as we navigate through 2023, it will be very important that the company does not lose its focus in finishing what we started in the semiconductor transformation in the supplier chain resilience. But we feel cautiously optimistic that we have turned the corner when it comes to supply of components into our business.

因此，在我們度過 2023 年的過程中，非常重要的是，公司不要失去對完成我們在供應鏈彈性方面的半導體轉型中開始的工作的關注。但我們謹慎樂觀地認為，在為我們的業務供應零部件方面，我們已經渡過了難關。

Matt Miksic with Barclays is online.

巴克萊銀行的 Matt Miksic 在線。

So Joe or Jay, some of the themes that have obviously come in here for Q1 so far this earnings cycle in health care and med tech. And I guess providers as well as improving utilization volumes, strong emissions is what I hear from my neighbor that covers services and improving staffing and easing of those constraints.

所以 Joe 或 Jay，到目前為止，在醫療保健和醫療技術領域的這個盈利週期中，一些主題顯然已經出現在第一季度。我想供應商以及提高利用率，我從我的鄰居那裡聽到的強勁排放量包括服務和改善人員配置以及放寬這些限制。

You talked about some of these things in the -- in your prepared remarks. But could you maybe just give us a sense of what strong uptick in these sort of (inaudible) mean to you -- meant to you in the quarter?

你在準備好的發言中談到了其中一些事情。但是，您能否讓我們了解一下這種（聽不清）對您意味著什麼 - 在本季度對您意味著什麼？

And then what do they mean in terms of pull through, increased assumption of some of the products that you sell as well as the availability of staff to get some of the implementations of these systems done like in connected care or the rollout of the beds? Maybe just some additional color on that? And then I have one follow-up.

然後，它們在拉動、增加對您銷售的某些產品的假設以及工作人員的可用性方面意味著什麼，以完成這些系統的某些實施，例如在連接護理或床位的推出？也許只是一些額外的顏色？然後我有一個跟進。

Larry, what we see is -- Matt, I'm sorry. Matt, what we see is an alleviation of the pressure the hospitals were having last year with more availability of nursing.

拉里，我們看到的是——馬特，對不起。馬特，我們看到的是，隨著護理人員的增加，醫院去年所承受的壓力得到了緩解。

We -- just as a point of reference, we had some one-timers in our medication delivery business as we reported -- as we're continuing to report. Medication delivery, if you exclude the one-timers between gains and losses between '22 and '23 first quarter, our growth is around 6.2%.

我們——作為一個參考點，正如我們所報告的那樣，我們在我們的藥物輸送業務中有一些一次性的——因為我們將繼續報告。藥物交付，如果你排除 22 年和 23 年第一季度之間盈虧之間的一次性收入，我們的增長率約為 6.2%。

This is exactly what we see in terms of growth coming out of hospitals, which are publicly traded companies and are reporting right now. So we see that is for a business like Medication Delivery, which are sets and infusion of solutions and vitamins.

這正是我們從醫院的增長中看到的，這些醫院是上市公司，現在正在報告。所以我們看到這是針對像 Medication Delivery 這樣的企業，它是解決方案和維生素的集合和輸液。

And that is a pretty good pickup on a business. They usually have a growth of low single digits. So that is twice as much. So there is a rebound and [back] to normality that we see. So hence our comments on our prepared remarks.

這對企業來說是一個很好的選擇。他們通常有低個位數的增長。所以這是兩倍。因此，我們看到了反彈並 [回到] 正常狀態。因此，我們對準備好的發言發表評論。

When you think about the relentless look for optimization of workflow in hospitals, that's when we start seeing some of our products coming to fruition.

當您想到對醫院工作流程優化的不懈追求時，我們就會開始看到我們的一些產品取得成果。

We just integrated our Sigma Spectrum the other day on a 2-way communication for hospitals. There's no more hospitals that will come in and ask just for a pump or a monitor.

前幾天，我們剛剛將我們的 Sigma Spectrum 集成到醫院的雙向通信中。沒有更多的醫院會進來只要求泵或監視器。

Everything needs to be integrated. The workflow needs to be improved. And that's where Baxter is focusing on a significant amount of extra money we gave to research and development of Front Line Care, for instance, to increase their ability to launch products faster, to integrate, to create solutions that help hospitals.

一切都需要整合。工作流程需要改進。這就是 Baxter 專注於我們為 Front Line Care 的研究和開發提供的大量額外資金，例如，以提高他們更快推出產品、集成和創建有助於醫院的解決方案的能力。

So we are cautiously optimistic that we've seen an uptick in procedures. We see higher admissions in ER, higher admissions in operating room. You can see the growth of our Advanced Surgery business. It was very, very robust, very robust, close to 10%. And that shows that in the U.S., you have a good flow of procedures. So all in all, indicates that, that's a good track for 2023.

因此，我們對我們看到程序有所增加持謹慎樂觀的態度。我們看到急診室的入院率更高，手術室的入院率更高。您可以看到我們高級外科手術業務的增長。它非常非常強勁，非常強勁，接近 10%。這表明在美國，你有一個很好的程序流程。所以總而言之，這表明，這是 2023 年的一個好軌道。

That's terrific. And just if I could, a follow-up on a question that we get occasionally here on the spin. I know it's still early, and you're working through many of the details as you lead up to that event.

真了不起。如果可以的話，對我們偶爾在這裡遇到的問題進行跟進。我知道現在還為時過早，您在籌備該活動的過程中正在處理許多細節。

But around the dividend, Jay, if you could talk a little bit about how you're thinking about managing that? And what at this stage is your expectation or aspiration to sort of to continue to pay the Baxter dividend for the entire entity as you kind of get through this spin transaction next year?

但是關於股息，Jay，你能不能談談你是如何考慮管理它的？在這個階段，你希望或渴望在明年通過這種分拆交易時繼續為整個實體支付百特股息？

Yes. It's -- listen, in terms of capital structure for the two companies and dividend policies and approaches and all of that, it is very early days. We understand importance of the dividend.

是的。這是 - 聽著，就兩家公司的資本結構以及股息政策和方法以及所有這些而言，現在還處於早期階段。我們了解股息的重要性。

We, at Baxter, take the dividend very seriously. So we understand that, that's a great tool to return capital to shareholders. And it's been a very effective one for us over the years.

在 Baxter，我們非常重視股息。所以我們明白，這是向股東返還資本的好工具。多年來，這對我們來說非常有效。

So we take the dividend very seriously. But at this point, it's too early to comment on capital structure and all of those things. We'll unveil all of this as we go -- as we get much closer to the spin.

所以我們非常重視股息。但在這一點上，對資本結構和所有這些事情發表評論還為時過早。隨著我們離旋轉越來越近，我們將揭開所有這些的面紗。

And I think we'll talk about things like what is the dividend policy for Renal Co., if they have one. All of these things will come to bear, but I think it's a little premature to do that as we're still in the early stages of preparing for the spinoff.

我想我們會討論 Renal Co. 的股息政策是什麼，如果他們有的話。所有這些事情都會發生，但我認為現在這樣做還為時過早，因為我們仍處於為分拆做準備的早期階段。

Joanne Wuensch from Citi is online with a question.

來自 Citi 的 Joanne Wuensch 在線提問。

Nice quarter. Two questions. One big picture, one specific big picture. You talked about transformational initiatives. And I'm curious how you start to measure those? And over what time frame you see (inaudible) goals? Is this a 2023 thing? Is this roll over the next 5 years called the LRP?

不錯的季度。兩個問題。一張大圖，一張具體的大圖。您談到了轉型計劃。我很好奇你是如何開始衡量這些的？在什麼時間範圍內您看到（聽不清）目標？這是2023年的事嗎？未來 5 年的滾動是否稱為 LRP？

And then my more specific question is on the Progressa+ Bed, how do new beds get taken up? Is it -- you have a backlog of people saying, now that you've launched it, I want it? Or just walk us through how we think about that new tailwind?

然後我更具體的問題是關於 Progressa+ Bed，如何使用新床？是嗎——你有很多人說，既然你已經推出了它，我想要它嗎？或者只是讓我們了解一下我們如何看待新的順風？

The transformation has three specific objectives. The one is, of course, bring a more effective way of managing Baxter business instead of regionally managing the business between three large regions in the world, give P&L responsibility to business leaders who are mini CEOs who control 100% of that business, including supply chain and all aspects of that business.

轉型有三個具體目標。當然，一個是帶來一種更有效的方式來管理 Baxter 業務，而不是在全球三大區域之間進行區域性管理，將 P&L 責任交給業務領導者，這些業務領導者是控制 100% 業務（包括供應）的微型 CEO鍊和該業務的所有方面。

So that transformation is in process, and we're starting to see the difference in how the ownership of this business have transitioned and how effective this new model is.

因此，轉型正在進行中，我們開始看到這項業務的所有權如何轉變以及這種新模式的有效性有何不同。

The second is through a new model, you're doing it not only because you need more effectiveness in our organization, but also we need to reduce cost of operating. So Baxter is a company that has one of the lowest SG&As amongst peers. We are 21%, 22%. We want to be sub-20.

第二是通過一種新模式，你這樣做不僅是因為你需要提高我們組織的效率，而且我們還需要降低運營成本。因此，百特是一家在同行中擁有最低 SG&A 的公司。我們是21%、22%。我們想成為 20 歲以下的人。

And to do that, we need to do it two different ways. One is more effectiveness -- effective use of personnel. The second is use of systems such as fish intelligence in different locations in the world for us to provide our service. We are on that path.

為此，我們需要採用兩種不同的方式。一是更有效——有效利用人員。第二個是在世界不同地點使用魚類情報等系統為我們提供服務。我們正走在這條路上。

For instance, Jay's organization [of] finance has done a significant amount of work with moving back-office to different parts of the world. And this specific change we just made in organization is going to give Baxter significant amount of dollars that we're going to realize in '23, but also full blowing '24, very large cost savings that we did through the reorganization that [show] our reduction in force. So reduction in force didn't come first, the organization design came first. Reduction in force was a consequence of better use of our resources.

例如，Jay 的 [of] 財務組織在將後台辦公室轉移到世界不同地區方面做了大量工作。我們剛剛在組織中所做的這一具體改變將為 Baxter 帶來大量資金，我們將在 23 年實現這一點，但也會為 24 年帶來巨大的成本節約，我們通過 [show] 的重組實現了巨大的成本節約我們的力量減少。所以裁員不是第一位的，組織設計是第一位的。減少兵力是更好地利用我們的資源的結果。

And lastly, and also probably the most important, is the ability to accelerate innovation and move some of the money that we are saving back in research and development. We just did that. We just gave the (inaudible) or the new Hillrom business under Reaz Rasul.

最後，也可能是最重要的一點，是加速創新並將我們節省下來的部分資金用於研發的能力。我們就是這麼做的。我們剛剛在 Reaz Rasul 的領導下提供了（聽不清）或新的 Hillrom 業務。

More money for research and development. And we're going to actually also improve and increase the amount of dollars going into our pump platforms because we want to accelerate some of the R&D development in that area.

更多的錢用於研究和開發。實際上，我們還將改進和增加投入泵平台的資金，因為我們希望加快該領域的一些研發發展。

So this transformation is very profound for Baxter. It's part of transforming the company that I started back in 2016, and this is the third leg of the stool, the third phase of this transformation.

所以這個轉變對百特來說意義非常深遠。這是我在 2016 年開始的公司轉型的一部分，這是凳子的第三條腿，轉型的第三階段。

Joanne, I think, we lost you. Perhaps, we move to the last and final question.

喬安妮，我想，我們失去了你。也許，我們轉到最後一個也是最後一個問題。

Yes. We'll move to the final question now, and it comes from the line of Matt Taylor with Jefferies.

是的。我們現在轉到最後一個問題，它來自 Matt Taylor 和 Jefferies 的對話。

Jay, I wanted to ask you kind of a big picture question. And I was just thinking about the 2022 Analyst Day, you talked about $1 billion in gross savings through 2025.

傑伊，我想問你一個大問題。我只是在想 2022 年分析師日，你談到到 2025 年總節省 10 億美元。

And now you've got this $300 million restructuring. And I know some things have changed. But I guess I was just hoping you could give us some perspective on how those things are related, if at all? And then, you gave a gross savings number. Could you talk about what are kind of the net savings we could see from some of these programs?

現在你已經完成了 3 億美元的重組。我知道有些事情已經改變了。但我想我只是希望你能給我們一些關於這些事情如何相關的觀點，如果有的話？然後，你給出了總儲蓄數。您能否談談我們可以從其中一些計劃中看到哪些淨節省？

Well, I -- what I would say is, as a company, we are very much committed to enhancing our operating margin over time. And there are a lot of different levers to get after that. New products, sales growth, pricing and then things like operational efficiency.

好吧，我 - 我要說的是，作為一家公司，我們非常致力於隨著時間的推移提高我們的營業利潤率。之後還有很多不同的槓桿。新產品、銷售增長、定價以及諸如運營效率之類的事情。

And so we outlined a series of activities in 2022 at our Analyst Day. And I would say that, in the short term, they were overshadowed meaningfully by inflationary impacts. What I'm really excited about is our ability to put those on full display in the backdrop -- against the backdrop of a calmer inflationary environment.

因此，我們在分析師日概述了 2022 年的一系列活動。我要說的是，在短期內，它們被通貨膨脹的影響大大掩蓋了。我真正感到興奮的是我們有能力在通貨膨脹環境趨於平靜的背景下充分展示這些內容。

Because what you'll see is you'll see some of the savings initiatives that Joe discussed, but you'll also see some of the great progress that we're making from -- Hey, Matt, maybe could you go on mute?

因為你會看到的是你會看到喬討論的一些儲蓄計劃，但你也會看到我們正在取得的一些巨大進步——嘿，馬特，也許你能繼續保持沉默嗎？

Sorry.

對不起。

Yes, no problem. You'll also see the tremendous work that we're doing in the integrated supply chain area. We recently approved a very large automation program that will allow us to simplify how a number of our plants operating. And that's going to have a great impact for years to come.

是沒有問題。您還將看到我們在集成供應鏈領域所做的巨大工作。我們最近批准了一項非常大的自動化計劃，該計劃將使我們能夠簡化許多工廠的運營方式。這將在未來幾年產生巨大影響。

And so what I would say is we feel very good about the activities that we outlined in 2022 at the Analyst Day. And then now we've supplemented that with a reorganization that Joe described. All of this is intended to accelerate margin improvement. And so we're excited to see the impact of that over time.

因此，我要說的是，我們對我們在 2022 年分析師日概述的活動感到非常滿意。然後現在我們通過 Joe 描述的重組對其進行了補充。所有這些都是為了加速提高利潤率。因此，我們很高興看到它隨著時間的推移產生的影響。

Thanks, everybody, for joining us today.

謝謝大家今天加入我們。

This concludes the call.

通話到此結束。

Thank you all for joining today's meeting. We appreciate your participation. You may now disconnect.

感謝大家參加今天的會議。感謝您的參與。您現在可以斷開連接。