卡地納健康 (CAH) 2023 Q4 法說會逐字稿

Good day, and welcome to the Fourth Quarter FY 2023 Cardinal Health, Inc. Earnings Conference Call.

美好的一天，歡迎參加 Cardinal Health, Inc. 2023 財年第四季度收益電話會議。

Please note this conference is being recorded. (Operator Instructions) I would now like to hand the call over to Kevin Moran, Vice President of Investor Relations. Please go ahead.

請注意，本次會議正在錄製中。 （操作員指示）我現在想將電話轉給投資者關係副總裁 Kevin Moran。請繼續。

Good morning, and welcome. Today, we will discuss Cardinal Health's fourth quarter and fiscal year-end 2023 results, along with our outlook for fiscal year 2024. You can find today's press release and earnings presentation on the IR section of our website at ir.cardinalhealth.com. Joining me today are Jason Hollar, our Chief Executive Officer; and Aaron Alt, our Chief Financial Officer.

早上好，歡迎光臨。今天，我們將討論康德樂第四季度和 2023 財年末的業績，以及我們對 2024 財年的展望。您可以在我們網站 ir.cardinalhealth.com 的投資者關係部分找到今天的新聞稿和收益演示。今天加入我的是我們的首席執行官 Jason Hollar；和我們的首席財務官 Aaron Alt。

During the call, we will be making forward-looking statements. The matters addressed in the statements are subject to the risks and uncertainties that could cause actual results to differ materially from those projected or implied. Please refer to our SEC filings and the forward-looking statement slide at the beginning of our presentation for a full description of these risks and uncertainties. Please note that during the discussion today, all our comments will be on a non-GAAP basis, unless they are specifically called out as GAAP. GAAP to non-GAAP reconciliations for all relevant periods can be found in the schedules attached to our press release. (Operator Instructions)

在電話會議期間，我們將做出前瞻性陳述。聲明中涉及的事項存在風險和不確定性，可能導致實際結果與預測或暗示的結果存在重大差異。請參閱我們向 SEC 提交的文件以及演示文稿開頭的前瞻性聲明幻燈片，了解這些風險和不確定性的完整描述。請注意，在今天的討論中，我們的所有評論都將基於非 GAAP 基礎，除非特別指出為 GAAP。所有相關期間的 GAAP 與非 GAAP 調節表可在我們新聞稿所附的時間表中找到。 （操作員說明）

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

這樣，我現在將把電話轉給傑森。

Thanks, Kevin, and good morning, everyone. Fiscal '23 was an inflection point for Cardinal Health with improved performance, strong execution and notable progress against both our short- and long-term plans. We delivered record financial performance, including our highest non-GAAP EPS ever, reflecting 14% growth in the prior year. We grew Pharma segment profit an impressive 13% and generated $2.8 billion of adjusted free cash flow. And in Medical, we drove significant sequential improvement in operating performance from a segment loss in the first quarter to over $80 million of segment profit in Q4.

謝謝，凱文，大家早上好。 23 財年是康德樂的轉折點，我們的業績有所改善，執行力強勁，短期和長期計劃均取得顯著進展。我們實現了創紀錄的財務業績，包括有史以來最高的非 GAAP 每股收益，比上一年增長了 14%。我們的製藥部門利潤增長了 13%，令人印象深刻，並產生了 28 億美元的調整後自由現金流。在醫療領域，我們推動運營業績顯著連續改善，從第一季度的部門虧損增至第四季度超過 8000 萬美元的部門利潤。

This year, we took decisive action to advance our 3 strategic imperatives: building upon the resiliency of our Pharma segment, executing our Medical Improvement Plan and maximizing shareholder value creation. Consistent with what you heard at our June Investor Day, these results were achieved through our team's commitment to ruthlessly prioritize the core of our business and to better serve our customers so they, in turn, can focus on caring for patients.

今年，我們採取果斷行動來推進我們的三大戰略要務：增強製藥部門的彈性、執行我們的醫療改進計劃以及最大限度地創造股東價值。與您在六月投資者日所聽到的一致，這些成果是通過我們的團隊致力於無情地優先考慮我們業務的核心並更好地服務我們的客戶，以便他們反過來能夠專注於照顧患者而取得的。

We simplified how we operate by streamlining our organizational structure, exiting noncore product lines and rationalizing our geographic and manufacturing footprints. We made key leadership changes and governance enhancements, adding talent and key positions across the enterprise and to our Board. We formed and extended the business review committee tasked with evaluating our strategy, portfolio, operations and capital deployment.

我們通過精簡組織結構、退出非核心產品線以及合理化我們的地理和製造足跡來簡化我們的運營方式。我們進行了關鍵的領導層變動和治理增強，在整個企業和董事會中增加了人才和關鍵職位。我們成立並擴大了業務審查委員會，負責評估我們的戰略、投資組合、運營和資本部署。

On that note, we completed our review of the Pharma segment, including announcements at Investor Day to further invest in our Nuclear and Precision Health Solutions business and launched our new Navista Network supporting community oncologists, which I will discuss more later in my remarks.

在這一點上，我們完成了對製藥部門的審查，包括在投資者日宣布進一步投資我們的核和精準健康解決方案業務，並推出了支持社區腫瘤學家的新Navista 網絡，我將在稍後的發言中對此進行更多討論。

We recently closed our Outcomes merger with BlackRock's Transaction Data Systems, which we see as a big win for pharmacies and an important opportunity to accelerate the business' future growth. We also deployed capital responsibly with a continued eye on maximizing value, and we are positioned with the financial flexibility to continue driving value for shareholders. At Investor Day, we provided preliminary guidance for fiscal '24. With a strong finish to the year and increased confidence as we look ahead, I am pleased that we can raise our fiscal '24 outlook.

我們最近完成了與貝萊德交易數據系統公司的成果合併，我們認為這對藥店來說是一次巨大的勝利，也是加速業務未來增長的重要機會。我們還負責任地部署資本，持續關注價值最大化，並且我們具備財務靈活性，可以繼續為股東創造價值。在投資者日，我們提供了 24 財年的初步指導。隨著今年的強勁收官以及我們對未來的信心增強，我很高興我們能夠提高 24 財年的展望。

Later in my remarks, I will share further details on our 3 strategic priorities. But first, let me hand it over to Aaron to walk you through our financial results and guidance.

在稍後的發言中，我將分享有關我們 3 個戰略重點的更多細節。但首先，讓我將其交給亞倫，向您介紹我們的財務業績和指導。

Thanks, Jason, and good morning. I won't bury the lead. Q4 was a strong finish to a year, in which, with Jason's guidance, the Cardinal team made significant progress against our strategic initiatives. We delivered fourth quarter EPS of $1.55 and $5.79 for the full year at the high end of guidance from Investor Day. For both Q4 and the year, our EPS results reached historical high points. We also delivered stronger-than-expected cash flow, something I will touch on more later.

謝謝，傑森，早上好。我不會埋葬鉛。第四季度是這一年的有力收官，在 Jason 的指導下，Cardinal 團隊在我們的戰略計劃方面取得了重大進展。我們交付的第四季度每股收益為 1.55 美元，全年每股收益為 5.79 美元，處於投資者日指引的上限。無論是第四季度還是今年，我們的每股收益都達到了歷史高點。我們還提供了強於預期的現金流，我稍後將詳細討論這一點。

Let's start with the Pharma segment on Slide 6. Fourth quarter revenue increased 15% to $49.7 billion driven by brand and specialty pharmaceutical sales growth from existing customers. We continue to see broad-based strength in Pharmaceutical demand spanning across product categories, brand, specialty, consumer health and generics and from our largest customers. Similar to Q3, GLP-1 medications provided a revenue tailwind in the quarter. Segment profit increased 12% to $504 million in the fourth quarter, primarily driven by positive generics program performance.

讓我們從幻燈片 6 上的製藥部門開始。在現有客戶的品牌和特種藥品銷售增長的推動下，第四季度收入增長了 15%，達到 497 億美元。我們繼續看到來自我們最大客戶的跨產品類別、品牌、專業、消費者健康和仿製藥的藥品需求的廣泛優勢。與第三季度類似，GLP-1 藥物為本季度帶來了收入增長。第四季度該部門利潤增長 12% 至 5.04 億美元，主要受到仿製藥項目積極業績的推動。

Within our generics program, we saw volume growth and consistent market dynamics, including strong performance from Red Oak. Increased contributions from brand and specialty products along with Nuclear were also a positive factor, partially offset by higher investment and operating expenses, including higher costs to support sales growth.

在我們的仿製藥計劃中，我們看到了銷量增長和持續的市場動態，其中包括 Red Oak 的強勁表現。品牌和特種產品以及核能的貢獻增加也是一個積極因素，但部分被較高的投資和運營費用（包括支持銷售增長的成本上升）所抵消。

Turning to Medical on Slide 7. Fourth quarter revenue was flat at $3.8 billion, an improvement in trend. We saw a decrease in products and distribution sales related to lower PP&E volumes and pricing, partially offset by inflationary impacts, including our mitigation initiatives. This decrease within products and distribution was offset by growth in at-Home Solutions. In the fourth quarter, we delivered Medical segment profit of $82 million, a nearly $100 million increase from the prior year loss.

轉向幻燈片 7 上的醫療。第四季度收入持平，為 38 億美元，趨勢有所改善。我們看到與 PP&E 數量和定價下降相關的產品和分銷銷售下降，部分被通脹影響（包括我們的緩解舉措）所抵消。產品和分銷方面的下降被家庭解決方案的增長所抵消。第四季度，我們醫療部門實現利潤 8200 萬美元，比上年虧損增加近 1 億美元。

The results for the quarter were consistent with our Investor Day commentary, composed of approximately $60 million or more core performance driven in connection with the Medical Improvement Plan and approximately $20 million of both seasonality and net favorable onetime items.

本季度的業績與我們的投資者日評論一致，包括約 6000 萬美元或更多與醫療改善計劃相關的核心業績，以及約 2000 萬美元的季節性和淨優惠一次性項目。

As expected, we saw an improvement in net inflationary impacts, including our mitigation initiatives and the normalization of PP&E margins, which were impacted by unfavorable price/cost timing in the prior year. Of note, we achieved our target of exiting fiscal '23 with at least 50% inflation mitigation.

正如預期的那樣，我們看到淨通脹影響有所改善，包括我們的緩解舉措和財產、廠房和設備利潤率的正常化，這些都受到上一年不利的價格/成本時機的影響。值得注意的是，我們實現了 23 財年退出時通脹至少降低 50% 的目標。

Consistent with the expectations communicated at Investor Day, we were encouraged to see early indicators of an improvement in trend with respect to our Cardinal Health brand product sales. We also saw a positive overall contribution from our growth businesses, including at-Home Solutions and OptiFreight and from our ongoing cost optimization measures. Though with significant profit growth in both segments, we delivered total operating earnings of $560 million, growth of 24%.

與投資者日傳達的預期一致，我們很高興看到康德樂品牌產品銷售趨勢改善的早期跡象。我們還看到了我們的增長業務（包括 at-Home Solutions 和 OptiFreight）以及我們持續的成本優化措施帶來的積極的整體貢獻。儘管這兩個部門的利潤都顯著增長，但我們的總營業利潤達到了 5.6 億美元，增長了 24%。

Moving below the line. Interest and other decreased by $48 million to $16 million due to increased interest income from cash and equivalents and increased income from our company's deferred compensation plan investments, which, as a reminder, is fully offset above the line in corporate. Our fourth quarter effective tax rate finished at 27% to approximately 2 percentage points higher than the prior year due to certain discrete items.

移動到線下方。利息及其他費用減少了 4800 萬美元，至 1600 萬美元，原因是現金和等價物的利息收入增加，以及我們公司遞延薪酬計劃投資的收入增加，提醒一下，該收入已在公司線以上完全抵消。由於某些離散項目的影響，我們第四季度的有效稅率為 27%，比上年同期高出約 2 個百分點。

Fourth quarter average diluted shares outstanding were 256 million, 7% lower than a year ago due to share repurchases, including a $500 million accelerated share repurchase program initiated in the quarter as we announced at Investor Day. The net result of all of this was fourth quarter EPS of $1.55, growth of 48%.

由於股票回購，第四季度平均稀釋後流通股為 2.56 億股，比去年同期下降 7%，其中包括我們在投資者日宣布的本季度啟動的 5 億美元加速股票回購計劃。所有這一切的最終結果是第四季度每股收益 1.55 美元，增長 48%。

Now transitioning to our consolidated results for the year. We surpassed the $200 billion revenue mark for the first time. Fiscal '23 revenue increased 13% to $205 billion, and gross margin increased 5% to $6.9 billion, both driven by the Pharma segment.

現在轉向我們今年的綜合業績。我們的收入首次突破 2000 億美元大關。 23 財年的收入增長 13%，達到 2050 億美元，毛利率增長 5%，達到 69 億美元，這兩項增長均由製藥部門推動。

Total company SG&A increased 6% to $4.8 billion primarily reflecting inflationary supply chain costs and higher investments in operating expenses, such as higher costs to support sales growth, which were partially offset by our comprehensive enterprise-wide cost savings measures. Operating earnings increased 3% to $2.1 billion.

公司SG&A總額增長6%，達到48億美元，主要反映了通貨膨脹的供應鏈成本和運營費用投資增加，例如支持銷售增長的成本增加，但我們全面的企業範圍成本節約措施部分抵消了這一影響。營業利潤增長 3%，達到 21 億美元。

Interest and other decreased 46% to $89 million, primarily driven by increased interest income from cash and equivalents. As a reminder, our debt is largely fixed rate, resulting in a net benefit from rising interest rates in the near term. Our annual effective tax rate finished at 23%. The net result was for fiscal '23 EPS, $5.79, growth of 14%.

利息及其他下降 46% 至 8,900 萬美元，主要是由於現金和等價物利息收入增加。提醒一下，我們的債務基本上是固定利率的，從而在短期內從利率上升中獲得淨收益。我們的年度有效稅率為 23%。 23 財年每股收益為 5.79 美元，增長 14%。

As for the segment's full year results, beginning with Pharma on Slide 10. Pharma segment profit increased 13% to $2 billion, driven by positive generics program performance and a higher contribution from brand and specialty products, partially offset by inflationary supply chain costs. Fiscal '23 year-over-year growth also included a modest benefit from branded manufacturer price increases, which we are assuming will not repeat in fiscal '24 as well as a favorable prior year comparison related to higher opioid-related legal costs and costs for technology enhancements in fiscal '22.

至於該部門的全年業績，首先是幻燈片10 上的製藥部門。製藥部門的利潤增長了13%，達到20 億美元，這得益於積極的仿製藥計劃績效以及品牌和特種產品的較高貢獻，但部分被通貨膨脹的供應鏈成本所抵消。 23 財年的同比增長還包括品牌製造商價格上漲帶來的適度收益，我們假設這種情況不會在 24 財年重複，以及與阿片類藥物相關法律成本和成本上升相關的上年有利的比較22 財年的技術改進。

Moving to Medical on Slide 11. Segment profit decreased 49% to $111 million, primarily due to lower products and distribution volumes and unfavorable sales mix and net inflationary impacts, including mitigation initiatives. This decline was partially offset by normalization of PP&E margins.

轉向幻燈片 11 上的醫療。該部門利潤下降 49%，至 1.11 億美元，主要是由於產品和分銷量減少、不利的銷售組合以及淨通脹影響（包括緩解舉措）。這一下降被財產、廠房和設備利潤率正常化部分抵消。

Now before I turn to fiscal '24, let's cover the balance sheet. In fiscal '23, we generated robust adjusted free cash flow of $2.8 billion with particularly strong cash flow towards the end of the year. We ended the year with $4 billion of cash on hand.

現在，在討論 24 財年之前，我們先來了解一下資產負債表。在 23 財年，我們產生了 28 億美元的強勁調整後自由現金流，其中臨近年底的現金流尤其強勁。年底我們手頭有 40 億美元現金。

At our Investor Day, we highlighted that cash flow optimization was an area of go-forward focus for our teams, and the Cardinal team delivered across our businesses. This effort will continue in fiscal '24, notwithstanding that it is a tougher calendar from an inflow outlook days-of-week perspective. We remain focused on deploying capital in a balanced, disciplined and shareholder-friendly manner.

在投資者日，我們強調現金流優化是我們團隊未來重點關注的領域，Cardinal 團隊在我們的業務中提供了幫助。這項努力將在 24 財年繼續進行，儘管從每週的資金流入前景來看，這是一個更加艱難的日曆。我們仍然專注於以平衡、有紀律和股東友好的方式部署資本。

In fiscal '23, we invested approximately $480 million of CapEx back into the business to drive future growth, paid down $550 million in debt to reduce leverage and maintain our strong investment-grade ratings, returned over $2.5 billion to shareholders, including through the dividend that our Board increased in May for the 34th year in a row and $2 billion of share repurchases.

在23 財年，我們將約4.8 億美元的資本支出重新投入業務以推動未來增長，償還了5.5 億美元的債務以降低杠桿並維持我們強勁的投資級評級，向股東返還超過25 億美元，包括通過股息我們的董事會在 5 月份連續第 34 年增員，並回購了 20 億美元的股票。

Now for our updated fiscal '24 guidance on Slide 13. Today, we are raising our fiscal '24 EPS guidance to a range of $6.50 to $6.75. This increase reflects the strong finish to fiscal '23, particularly within Pharma where we are now entering the year at a higher jump-off point. We also are tightening our shares range to 250 million to 253 million, which reflects the recent share repurchases as well as our continued expectation of $500 million in base share repurchases over the course of fiscal '24. As you will calculate, the midpoint of our newly raised fiscal '24 EPS guidance is 15% above our fiscal '23 EPS results.

現在我們更新幻燈片 13 上的 24 財年指引。今天，我們將 24 財年 EPS 指引上調至 6.50 美元至 6.75 美元的範圍。這一增長反映出 23 財年的強勁收官，特別是在製藥行業，我們現在正以更高的起點進入這一年。我們還將股票範圍收緊至 2.5 億至 2.53 億股，這反映了最近的股票回購以及我們在 24 財年持續回購 5 億美元基礎股票的預期。正如您將計算的那樣，我們新提出的 24 財年每股收益指引的中點比我們 23 財年每股收益結果高出 15%。

There are no changes to the other corporate guidance assumptions provided at Investor Day. Interest and other between $110 million to $130 million and effective tax rate in the range of 23% to 25% and adjusted free cash flow of approximately $2 billion in fiscal '24. Our segment outlooks for fiscal '24 are also unchanged with one exception, a high revenue range for Pharma, driven by the continued acceleration of GLP-1s, which, as a branded product category, do not meaningfully contribute to segment profit.

投資者日提供的其他公司指導假設沒有變化。 24 財年的利息及其他費用為 1.1 億至 1.3 億美元，有效稅率為 23% 至 25%，調整後的自由現金流約為 20 億美元。我們對24 財年的細分市場前景也保持不變，但有一個例外，即在GLP-1 持續加速的推動下，製藥業的收入範圍較高，而GLP-1 作為一種品牌產品類別，對細分市場利潤沒有顯著貢獻。

Slide 14 shows our fiscal '24 outlook for Pharma, our build and grow business. We expect revenue growth in the range of 10% to 12% and segment profit growth in the range of 4% to 6%, which is now on a larger fiscal '23 reference point due to our strong finish to the year. We are reiterating our key assumptions provided at Investor Day. We expect growth from our generics program with volume growth and consistent market dynamics and positive operational execution against our organic specialty efforts. We are not assuming outsized benefits from branded inflation in contrast to some of the benefits that we did see in fiscal '23. On the Pharma fiscal '24 cadence, we expect the year to follow typical seasonality patterns. As usual, we see our fiscal Q3 being the largest segment profit dollar quarter due to the usual timing of branded manufacturer price increases.

幻燈片 14 顯示了我們對製藥業、我們的業務建設和發展的 24 年財務展望。我們預計收入增長在 10% 至 12% 範圍內，部門利潤增長在 4% 至 6% 範圍內，由於我們今年的強勁業績，目前處於更大的 23 財年參考點。我們重申在投資者日提供的關鍵假設。我們預計我們的仿製藥計劃會隨著銷量的增長、持續的市場動態以及我們有機專業產品的積極運營執行而實現增長。與我們在 23 財年確實看到的一些好處相比，我們並不認為品牌通脹會帶來巨大的好處。根據製藥公司 24 財年的節奏，我們預計這一年將遵循典型的季節性模式。與往常一樣，由於品牌製造商通常會提價，我們認為第三財季是部門利潤最高的季度。

Turning to Medical. I want to recognize the progress that the Medical team made during fiscal '23, particularly in Q4, and also acknowledge that we still have blocking and tackling to do against the turnaround to both drive demand and improve our cost. For the full year, we are reiterating our assumptions of revenue growth of approximately 3% and segment profit of approximately $400 million for the year, while providing some additional color. Like fiscal '23, we anticipate segment profit to be significantly back-half weighted. We expect Q1 to be generally consistent with the core performance from Q4 with quarterly sequential improvements thereafter driven by our Medical Improvement Plan initiatives.

轉向醫療。我想認可醫療團隊在 23 財年（特別是第四季度）取得的進展，並承認我們仍然需要克服困難來應對扭轉局面，以推動需求並提高成本。對於全年，我們重申全年收入增長約 3%、部門利潤約 4 億美元的假設，同時提供了一些額外的信息。與 23 財年一樣，我們預計部門利潤將顯著後半加權。我們預計第一季度的核心業績將與第四季度的核心業績基本一致，此後在我們的醫療改進計劃舉措的推動下，季度連續改善。

There are a couple of factors for why Q1 is the low point in the year. First, keep in mind that Q1 is the seasonal low point for our global Medical products and distribution business due to the timing of volume and cost recognition. Second, while we continue to expect to exit fiscal '24 offsetting the impact of gross inflation, those improvements are expected to grow over time, making the impact greater over the course of the year. And finally, we continue to plan for slight Cardinal Health brand volume growth that will largely hit in the second half of the fiscal year.

有幾個因素可以解釋為什麼第一季度是今年的最低點。首先，請記住，由於數量和成本確認的時間安排，第一季度是我們全球醫療產品和分銷業務的季節性低點。其次，雖然我們繼續預計 24 財年的退出將抵消總通脹的影響，但這些改善預計將隨著時間的推移而增長，從而使全年的影響更大。最後，我們繼續計劃康德樂品牌銷量的小幅增長，​​這將在本財年下半年大幅增長。

So in summary for Medical for fiscal year '24, continued work in front of us with each quarter improving from our Q1 launching point to get us to the approximately $400 million guidance for the year. Stepping back, we are pleased to see growth across our businesses continuing in fiscal '24. Consistent with our messaging from Investor Day, we are targeting a 12% to 14% EPS growth CAGR for fiscal '24 to '26, now from the higher fiscal '23 baseline of $5.79.

因此，總結一下 24 財年的醫療業務，我們需要繼續開展工作，每個季度都從第一季度的啟動點開始改進，以使我們達到今年約 4 億美元的目標。退一步來說，我們很高興看到我們的業務在 24 財年繼續增長。與我們在投資者日發布的消息一致，我們的目標是 24 至 26 財年每股收益複合年增長率為 12% 至 14%，目前高於 23 財年 5.79 美元的較高基準。

Now regarding our intended deployment of cash, which is consistent with our disciplined capital allocation framework as seen on Slide 18. After investing approximately $500 million back into the business to drive organic growth, making approximately $500 million of litigation payments, including our third payment under the National Opioid Settlement back in July, and our $1 billion baseline return on capital, we expect to have strong flexibility as we assess further investments in the business, M&A and the possibility of incremental return of capital to shareholders.

現在關於我們預期的現金部署，這與幻燈片 18 中所示的嚴格資本分配框架一致。在向業務投資約 5 億美元以推動有機增長後，支付了約 5 億美元的訴訟付款，包括我們根據由於7 月份的國家阿片類藥物和解協議以及我們10 億美元的基準資本回報率，我們預計在評估業務的進一步投資、併購以及向股東增加資本回報的可能性時將具有強大的靈活性。

I want to reiterate that as we shared at Investor Day, neither our fiscal '24 guidance or our long-term targets reflect potential opportunistic deployment of capital, including M&A, which is difficult to predict in timing or magnitude or additional share repurchases beyond our $500 million of baseline repurchases each year. We will continue to evaluate both of these levers opportunistically to drive long-term value.

我想重申，正如我們在投資者日分享的那樣，我們的24 財年指導或長期目標都沒有反映出潛在的機會主義資本部署，包括併購，很難預測併購的時間或規模，也很難預測超過500 美元的額外股票回購每年百萬基準回購。我們將繼續機會主義地評估這兩個槓桿，以推動長期價值。

To close, the Cardinal team has a lot to be proud of with respect to their accomplishments in fiscal '23. Jason and I are pleased with the progress our teams have made. We are confident in the plans we have in place, and we are excited for our team to realize the significant value creation opportunities still in front of Cardinal Health.

最後，Cardinal 團隊在 23 財年取得的成就有很多值得自豪的地方。傑森和我對我們團隊取得的進展感到高興。我們對我們已經制定的計劃充滿信心，我們很高興我們的團隊能夠認識到康德樂仍面臨著巨大的價值創造機會。

With that, I will turn it back over to Jason.

這樣，我會將其轉回給傑森。

Thanks, Aaron. Let's now dive deeper into the actions we are taking to execute our 3 strategic priorities, beginning with priority #1 and building upon the resiliency of the Pharma segment.

謝謝，亞倫。現在讓我們更深入地探討我們為執行 3 個戰略優先事項而採取的行動，從優先事項 1 開始，以製藥部門的彈性為基礎。

In our largest most significant business, the Pharma segment has been performing well by prioritizing what matters most, focusing on the core and delivering for our customers and their patients. The business is positioned at the forefront of favorable secular industry trends and has also benefited from our specific actions and performance.

在我們最大、最重要的業務中，製藥部門通過優先考慮最重要的事情、專注於核心並為我們的客戶及其患者提供服務而表現良好。該業務處於有利的長期行業趨勢的最前沿，也受益於我們的具體行動和業績。

We are pleased to recently raise our long-term segment profit target to 4% to 6% growth, solidly in the mid-single digits and consistent with the segment profit growth we expect in fiscal '24. Our growth is enabled by a scaled, stable and resilient core Pharmaceutical Distribution business growing in the low single digits and double-digit growth from our higher-margin Specialty and Nuclear businesses.

我們很高興最近將長期分部利潤目標提高至 4% 至 6% 增長，穩定在中個位數，與我們預期的 24 財年分部利潤增長一致。我們的增長得益於規模化、穩定和有彈性的核心藥品分銷業務的低個位數增長以及利潤率較高的特種和核業務的兩位數增長。

Within the core, our generics program remains a critical component of our overall offering and performance enabled by Red Oak Sourcing. In addition to its leading scale, Red Oak's proprietary analytical tools and deep industry expertise puts us in the best position possible whenever product shortages occur to continue servicing customers. We're committed to providing customer-focused solutions across our many classes of trade as we noted at Investor Day.

在核心內部，我們的仿製藥計劃仍然是 Red Oak Sourcing 提供的整體產品和性能的關鍵組成部分。除了領先的規模之外，Red Oak 專有的分析工具和深厚的行業專業知識使我們能夠在產品短缺時處於最佳位置，繼續為客戶提供服務。正如我們在投資者日所指出的那樣，我們致力於在眾多交易類別中提供以客戶為中心的解決方案。

More recently, we hosted our 31st Annual Retail Business Conference, where we brought together nearly 4,500 attendees from across the country to celebrate the critical role independent pharmacies play in caring for their communities and showcase our commitment to our customers through our newest innovations. For example, we are offering modern payment solutions through our collaboration with Square to help independent pharmacies seamlessly manage business operations, integrate flexible payment options and reduce payment processing costs.

最近，我們舉辦了第 31 屆年度零售業務會議，來自全國各地的近 4,500 名與會者齊聚一堂，慶祝獨立藥店在關懷社區方面發揮的關鍵作用，並通過最新創新展示我們對客戶的承諾。例如，我們通過與 Square 合作提供現代支付解決方案，幫助獨立藥店無縫管理業務運營、集成靈活的支付選項並降低支付處理成本。

We've conveyed that specialty is our priority area of focus and a key enabler to our long-term growth. We're continuing to invest to expand downstream across key therapeutic areas, such as oncology, rheumatology and other emerging areas. We're excited to build upon our existing capabilities with the recent launch of our Navista Network, a specific suite of offerings for community oncologists, supporting their growth and desire to remain independent. To ensure the Navista Network's success and development, we've recently appointed new leadership with deep industry and clinical experience and continue to build out the organization with internal and external talent.

我們已經表明，專業是我們的優先關注領域，也是我們長期增長的關鍵推動因素。我們將繼續投資以擴大關鍵治療領域的下游，例如腫瘤學、風濕病學和其他新興領域。我們很高興能夠通過最近推出的 Navista Network 來增強我們現有的能力，這是為社區腫瘤學家提供的一套特定產品，支持他們的成長和保持獨立的願望。為了確保 Navista Network 的成功和發展，我們最近任命了具有深厚行業和臨床經驗的新領導層，並繼續利用內部和外部人才來建設該組織。

We continue to seek input from customers and have created an advisory board. While still early innings, I'm pleased with the engagement from current and potential customers. Upstream in specialty, we're expecting continued double-digit growth from manufacturer services. In our leading 3PL, we're expanding our ambient and cold chain space to keep up with our business' strong growth.

我們繼續尋求客戶的意見，並成立了一個顧問委員會。雖然仍處於早期階段，但我對當前和潛在客戶的參與感到滿意。在專業上游，我們預計製造商服務將持續實現兩位數增長。在我們領先的 3PL 中，我們正在擴大我們的常溫和冷鏈空間，以跟上我們業務的強勁增長。

At Sonexus Access and Patient Support, we delivered on a record number of new client implementations and continue to launch new innovative products to streamline the patient journey. We're also supporting the growth of Pharmaceutical manufacturers in the cell and gene therapy space through our Advanced Therapy Solutions offerings.

在 Sonexus Access 和患者支持部門，我們交付了創紀錄數量的新客戶端實施，並繼續推出新的創新產品以簡化患者旅程。我們還通過我們的高級治療解決方案產品支持細胞和基因治療領域的製藥製造商的發展。

For example, we're partnering with TrakCel to bring visibility and tracking capabilities to biopharma companies by helping them navigate cell therapies through multiple stages of development and commercialization. Overall in specialty, we're confident that the connection between our downstream and upstream strategies, what we call our specialty growth cycle, will drive double-digit growth well into the future.

例如，我們與 TrakCel 合作，幫助生物製藥公司在開發和商業化的多個階段引導細胞療法，為他們帶來可見性和跟踪能力。總體而言，在特種產品方面，我們相信我們的下游和上游戰略之間的聯繫（我們稱之為特種產品增長周期）將在未來推動兩位數的增長。

Our Nuclear business, which is on track to double profits by fiscal '26 as of our fiscal '21 baseline, is strategically positioned for growth at the center of precision medicine. We're further investing in the space with a Phase II investment of $30 million over the next several years to expand our center for Theranostics advancement and support our manufacturer partners' projects as they advance through the commercial development pipeline.

我們的核業務有望在 21 財年基線的 26 財年實現利潤翻倍，其戰略定位是在精準醫療的中心實現增長。我們將在未來幾年內進一步投資該領域，二期投資為 3000 萬美元，以擴大我們的治療診斷中心，並支持我們的製造商合作夥伴的項目在商業開發管道中取得進展。

We're encouraged to see Pharmaceutical innovation expanding the breadth of conditions that are being addressed with emerging therapies, such as cell and gene and precision medicine. As the future of health care continues to evolve, our breadth of capabilities from Pharmaceutical and specialty distribution, radiopharmaceuticals and Theranostics to biopharma and manufacturer services enables us to offer multiple touch points for manufacturers, providers and patients to realize value from these promising new treatment options.

我們很高興看到製藥創新擴大了細胞和基因以及精準醫學等新興療法所解決的疾病的廣度。隨著醫療保健的未來不斷發展，我們從藥品和專業分銷、放射性藥物和治療診斷學到生物製藥和製造商服務的廣泛能力使我們能夠為製造商、提供商和患者提供多個接觸點，以從這些有前途的新治療方案中實現價值。

Now turning to Medical and priority number two. When we introduced the Medical Improvement Plan last August, our immediate focus was turning around the performance in the core products and distribution, where we've achieved tremendous progress over the past 12 months. We are on track to address the impact of inflation and global supply chain constraints by the time we exit fiscal '24. This is the #1 key to returning to a more normalized level of profitability, and we are now over halfway to our target.

現在轉向醫療和第二優先事項。當我們去年 8 月推出醫療改進計劃時，我們的當務之急是扭轉核心產品和分銷的績效，在過去 12 個月裡我們在這方面取得了巨大進步。我們有望在 24 財年退出時解決通貨膨脹和全球供應鏈限制的影響。這是恢復更正常的盈利水平的第一關鍵，我們現在已經達到目標的一半以上。

We continue to execute our mitigation initiatives to offset elevated inflation and make progress with our commercial contracting efforts. And we are exploring other offsets with urgency, such as our manufacturing excellence and sourcing initiatives. While overall costs remain elevated, international freight has generally returned to pre-pandemic levels, and we expect this improvement to be reflected in our fiscal '24 results.

我們繼續執行緩解舉措，以抵消通脹上升，並在商業承包工作方面取得進展。我們正在緊急探索其他補償措施，例如我們的卓越製造和採購計劃。雖然總體成本仍然較高，但國際貨運已普遍恢復到大流行前的水平，我們預計這一改善將反映在我們的 24 財年業績中。

We're driving significant progress through our 5-point plan to grow Cardinal Health brand volume and seeing improvements in our leading indicators. This includes better portfolio health for key product categories and higher service levels, customer loyalty index scores and retention rates for distribution. We're driving enhanced customer experience through investments in product availability and automation while optimizing costs.

我們正在通過五點計劃推動顯著進展，以增加康德樂品牌數量，並看到我們的領先指標有所改善。這包括關鍵產品類別的更好的產品組合健康度和更高的服務水平、客戶忠誠度指數評分和分銷保留率。我們通過對產品可用性和自動化的投資來推動增強的客戶體驗，同時優化成本。

At Investor Day, we highlighted our 2-pronged approach to portfolio life cycle management, which has enabled us to completely exit our non-health care portfolio. And we are in the process of reducing over 2,000 SKUs across our Cardinal Health Branded product categories to simplify the business.

在投資者日，我們強調了我們的雙管齊下的投資組合生命週期管理方法，這使我們能夠完全退出我們的非醫療保健投資組合。我們正在減少 Cardinal Health 品牌產品類別中 2,000 多個 SKU，以簡化業務。

We're focusing our investments in new product development and capacity expansion in key growth areas, such as compression, enteral feeding and incontinence. Within our products that are core to distribution, we've seen continued stabilization with PPE, a smaller part of our portfolio, but a source of volatility during the pandemic and growth in our Presource surgical kitting category.

我們將投資重點放在壓縮、腸內餵養和失禁等關鍵增長領域的新產品開發和產能擴張上。在我們的分銷核心產品中，我們看到個人防護用品的持續穩定，它在我們產品組合中所佔的比例較小，但在大流行期間是波動的根源，也是我們的預源手術裝備類別的增長。

In our specialty products portfolio comprised of clinically differentiated products and leading brands, like Kangaroo, Kendall and Protexis, we're investing in innovation to meet customers' needs and drive sustainable growth. For example, the launch of our new Kangaroo OMNI Enteral Feeding System this month. As a result of our combined efforts, commercial momentum is accelerating. During Q4, we renewed several key distribution customers and saw positive net new wins during the quarter. These leading indicators give us confidence that moving forward, we'll participate in the growth from an overall improving medical utilization environment.

我們的特色產品組合由臨床差異化產品和袋鼠、Kendall 和 Protexis 等領先品牌組成，我們正在投資創新，以滿足客戶的需求並推動可持續增長。例如，我們本月推出了新型袋鼠 OMNI 腸內餵養系統。在我們的共同努力下，商業勢頭正在加速。在第四季度，我們續約了幾個主要分銷客戶，並在該季度看到了積極的淨新勝利。這些領先指標讓我們充滿信心，展望未來，我們將參與整體改善的醫療利用環境的增長。

Outside the core, we're on track to accelerate our growth businesses. In at-Home Solutions, we're investing in DC network expansion to keep pace with increased demand as care continues to shift into the home. For example, we've recently began construction for a new 350,000 square foot Greenville, South Carolina, DC. This facility, the 11th in our national network, will be fully operational in 18 to 24 months and equipped with advanced automation technology and robotics to drive operational efficiencies.

在核心業務之外，我們正在加速業務增長。在家庭解決方案中，我們正在投資 DC 網絡擴展，以滿足隨著護理繼續轉移到家庭中不斷增長的需求。例如，我們最近開始在南卡羅來納州格林維爾建造一座佔地 350,000 平方英尺的新大樓。該設施是我們全國網絡中的第 11 個設施，將在 18 至 24 個月內全面投入運營，並配備先進的自動化技術和機器人技術，以提高運營效率。

In OptiFreight, we provide premier logistics management powered by our technology capabilities and expertise. We're continuing to invest in digital tools to support core volume growth and sustain our strong performance.

在 OptiFreight，我們通過我們的技術能力和專業知識提供一流的物流管理。我們將繼續投資數字工具，以支持核心銷量增長並維持我們的強勁業績。

Finally, we continue to execute our simplification and cost savings initiatives, such as optimizing our global manufacturing and supply chain and our international footprint. For example, we exited 4 additional countries and 2 additional manufacturing sites this year. In short, we are making progress with our Medical Improvement Plan. While there is still execution in front of us, I'm excited for the business to return to more significant profitability in fiscal '24.

最後，我們繼續執行簡化和成本節約舉措，例如優化我們的全球製造和供應鏈以及我們的國際足跡。例如，今年我們退出了另外 4 個國家和 2 個生產基地。簡而言之，我們的醫療改進計劃正在取得進展。雖然我們面前仍有執行任務，但我很高興該業務能夠在 24 財年恢復更顯著的盈利能力。

Finally, priority number three, maximizing shareholder value creation. We're maximizing shareholder value creation through operational performance, robust cash flow generation and the responsible allocation of capital. At Investor Day, Aaron detailed our new long-term capital allocation framework, which builds upon our long-standing priorities with some notable enhancements. We're pleased that with our strong cash flow profile and the significant progress we've made on our balance sheet, we have the flexibility for share repurchases each and every year.

最後，第三個優先事項，最大化股東價值創造。我們通過運營績效、強勁的現金流生成和負責任的資本配置，最大限度地創造股東價值。在投資者日，亞倫詳細介紹了我們新的長期資本配置框架，該框架建立在我們長期優先事項的基礎上，並進行了一些顯著的改進。我們很高興的是，憑藉我們強勁的現金流狀況和我們在資產負債表上取得的重大進展，我們每年都可以靈活地回購股票。

And with the residual cash flow that we anticipate, we'll continue to opportunistically evaluate disciplined M&A in specialty and potential additional share repurchases. While our team has made significant progress over the past year, particularly in realigning our operations for focus and simplicity, there is still work and opportunity in front of us. We continue to evaluate additional value creation initiatives, including the progress we are making with our ongoing business and portfolio review.

憑藉我們預期的剩餘現金流，我們將繼續機會主義地評估專業領域的嚴格併購以及潛在的額外股票回購。儘管我們的團隊在過去一年中取得了重大進展，特別是在調整運營以實現重點和簡化方面，但我們面前仍然有工作和機會。我們繼續評估其他價值創造計劃，包括我們在持續的業務和投資組合審查中取得的進展。

To wrap up, I want to acknowledge our dedicated Cardinal Health employees, who are fulfilling our essential role in health care, serving customers and their patients. Thank you for your determination and advancing our key priorities and moving health care forward. I'm excited for the opportunities still to come.

最後，我要感謝我們敬業的康德樂員工，他們在醫療保健、服務客戶及其患者方面發揮著重要作用。感謝您的決心並推動我們的關鍵優先事項並推動醫療保健向前發展。我對即將到來的機會感到興奮。

With that, we will take your questions.

這樣，我們將回答您的問題。

(Operator Instructions) Our first question today comes from Lisa Gill of JPMorgan.

（操作員指令）我們今天的第一個問題來自摩根大通的麗莎·吉爾（Lisa Gill）。

Congratulations on the quarter. I just really want to start with the GLP-1 comment. So I understand you're raising revenue by 200 basis points. One, is that all GLP-1? And two, my understanding is that they are a lower margin, but they are contributory to overall margin dollars. Is that not the case when you're keeping the profit the same and when I think about the Pharmaceutical segment for 2024?

祝賀本季度。我真的想從 GLP-1 評論開始。據我所知，您將收入提高了 200 個基點。一，這就是GLP-1嗎？第二，我的理解是，它們的利潤率較低，但它們對整體利潤率有所貢獻。當你保持利潤不變並且我考慮 2024 年的製藥部門時，情況難道不是這樣嗎？

Yes. Lisa, thanks for the question. Yes, the primary reason for the raise in the guidance on the revenue is related to the GLP-1. So we did not call out anything else. We saw a strong finish to the year as it relates to that. And looking forward, we see that there's nothing that we can foresee in the near term that will change those trends. As a reminder, we did call out for the first time GLP-1 as a benefit to our revenue from a year-over-year growth perspective in the third quarter. So we have kind of a -- there was growth before that, but not as significant. And so it was more meaningful in Q3 and Q4.

是的。麗莎，謝謝你的提問。是的，收入指引上調的主要原因與 GLP-1 有關。所以我們沒有喊出其他任何東西。與此相關的是，我們今年的收官表現強勁。展望未來，我們發現短期內沒有什麼可以改變這些趨勢。提醒一下，我們確實首次稱 GLP-1 從第三季度同比增長的角度來看對我們的收入有好處。所以我們之前有過增長，但沒有那麼顯著。所以第三季度和第四季度更有意義。

So as you look forward to fiscal '24, you would expect that revenue growth to be stronger in the first half of the year as that's more of a contributor. Now of course, we don't know what that slope is going to look like into '24, but we would anticipate as you start to lap the second half of '23 that, that will be more muted in terms of the year-over-year benefit. And I guess what -- as it relates to your second part of your question, I would just reiterate that these are branded products. And as such, they're just not a meaningful contributor to segment profit and just leave it at that.

因此，當您展望 24 財年時，您會預計今年上半年的收入增長將更加強勁，因為這是一個更大的貢獻者。當然，現在我們不知道 24 年的坡度會是什麼樣子，但我們預計，當你開始繞圈 23 年下半年時，就全年而言，坡度將會更加平緩年效益。我猜是什麼 - 因為它與你問題的第二部分有關，我只想重申這些是品牌產品。因此，它們並不是對部門利潤的有意義的貢獻者，就這樣吧。

The next question comes from Eric Percher of Nephron Research.

下一個問題來自 Nephron Research 的 Eric Percher。

I want to make sure we're kind of precise on the core performance and the stepping off point there would be around $60 million, not $82 million. And then can you define seasonality and onetime benefits this quarter? And any expectation that those will recur as we look at that cadence for fiscal year '24?

我想確保我們對核心性能有一定的精確性，並且起始點約為 6000 萬美元，而不是 8200 萬美元。那麼您能否定義本季度的季節性和一次性收益？當我們觀察 24 財年的節奏時，是否預計這些情況會再次發生？

Eric, good to hear your voice, and I'm happy to give you a little more context on that. Look, we were quite pleased with the results for Medical, as you can imagine, delivering that $82 million of results. That was $60 million of what we're referring to as core performance and $20 million in aggregate combined positive seasonality and onetime items in the fourth quarter. And I called -- I call it out purposely that way because it does impact how we think through the cadence of quarters during fiscal '24.

埃里克，很高興聽到你的聲音，我很高興為你提供更多相關背景信息。看，我們對 Medical 的結果非常滿意，正如您可以想像的那樣，交付了 8200 萬美元的結果。這是我們所說的核心業績的 6000 萬美元，以及第四季度積極季節性和一次性項目的總和 2000 萬美元。我特意這樣稱呼，因為它確實影響了我們對 24 財年季度節奏的思考方式。

Now before giving you a little more context on the quarterly guidance, I do want to go back and just observe that we are reiterating the $400 million profit target for the Medical segment from the year. The Medical Improvement Plan, the key components that remain unchanged from our description at the Investor Day as well. But we are providing a little more color relative to how we see the year playing out, given the number of moving pieces on the blocking and tackling as I referred to in my prepared remarks as we carry forward.

現在，在向您提供有關季度指導的更多背景信息之前，我確實想回顧一下，我們重申了今年醫療部門 4 億美元的利潤目標。醫療改善計劃的關鍵組成部分也與我們在投資者日的描述保持不變。但考慮到我在準備好的發言中提到的攔網和搶斷方面的移動部分的數量，我們正在提供相對於我們對這一年的看法的更多色彩。

So look, from a full year perspective, the way I would have you think about it is this. As I said at Investor Day, if you take $60 million of core performance and multiply that by 4, that gets you to $240 million of profit, right? If you add $100 million of incremental inflation net on top of that, that gets you to $340 million in total. And as we talked about it at Investor Day, that leaves about $60 million of contribution from other elements across the year, the simplification of the Cardinal Health brand, et cetera. That's a full year view of how to think about it.

所以，從全年的角度來看，我希望你們這樣思考。正如我在投資者日所說，如果你將 6000 萬美元的核心業績乘以 4，那麼你將獲得 2.4 億美元的利潤，對吧？如果在此基礎上加上 1 億美元的增量通貨膨脹淨值，那麼總計將達到 3.4 億美元。正如我們在投資者日討論的那樣，全年其他因素（康德樂品牌的簡化等）留下了約 6000 萬美元的貢獻。這是如何思考這一問題的全年觀點。

Now as we think about the cadence, though, we are being clear that the profit will be back half weighted during the year just like it was in fiscal year '23. Our view is that Q1 will have similar core performance with Q4 with sequential performance thereafter. Q1 is the seasonal low point for the med products and distribution business due to both the timing of volume as well as our cost recognition. That's an important point.

不過，現在當我們考慮節奏時，我們很清楚，今年的利潤將恢復一半，就像 23 財年一樣。我們的觀點是，第一季度將具有與第四季度相似的核心性能，並且此後將具有連續性能。由於銷量的時間安排以及我們的成本認知，第一季度是醫療產品和分銷業務的季節性低點。這是很重要的一點。

And similarly, we do expect that continued acceleration of inflation mitigation over the course of the year as well. So that will push the profit from a weighting perspective in the back half. And then don't forget that, while we were very pleased to call out a sign of change in trend in Cardinal Health brand, we're also clear at Investor Day that the Cardinal Health brand volume growth is largely back-half weighted. Hope that helps.

同樣，我們確實預計今年通脹緩解將持續加速。因此，從權重角度來看，這將推動下半年的利潤。不要忘記，雖然我們非常高興地指出康德樂品牌趨勢發生變化的跡象，但我們在投資者日也明確表示，康德樂品牌銷量的增長很大程度上是後半加權的。希望有幫助。

The next question comes from Kevin Caliendo of UBS.

下一個問題來自瑞銀集團的 Kevin Caliendo。

Maybe to follow up on that a little bit. So if we're thinking about $82 million, the baseline is really $60 million, the first quarter is likely because of the $20 million in seasonals and onetimers. The first quarter is likely to be down sequentially and then grow off that base to get to the $400 million. I just want to make sure that, that's what you're committing to or commenting on.

也許要跟進一下。因此，如果我們考慮的是 8200 萬美元，那麼基線實際上是 6000 萬美元，第一季度可能是因為季節性和一次性收入為 2000 萬美元。第一季度的銷售額可能會連續下降，然後在此基礎上增長至 4 億美元。我只是想確保，這就是您所承諾或評論的內容。

And then secondly or incrementally, the new products or the Cardinal brand products, is that -- the increase in the back half of the year, is that because of new product launches or manufacturing capabilities? Is it contractually like new contracts coming on that are higher weighted? Can you just sort of explain the dynamics of the Cardinal brand products as well?

其次，或者增量，新產品或卡迪納爾品牌產品，下半年的增長，是因為新產品的推出還是製造能力？從合同上看，它是否像即將簽訂的權重更高的新合同一樣？您能否也解釋一下 Cardinal 品牌產品的動態？

I'll start, and then toss it over to Jason. You are correct in that the way we're thinking about this is that core performance, Q4 to Q1, will be roughly in line. And if you interpret what I was just saying in response to an earlier question, we do have some negative seasonality in Q1 versus Q4. So that's why the jumping off point is core performance versus the Q4 results. Jason?

我先開始，然後把它交給傑森。你是對的，我們思考這個問題的方式是，第四季度到第一季度的核心性能將大致一致。如果你解釋一下我剛才在回答之前的問題時所說的話，我們在第一季度與第四季度確實存在一些負面的季節性。這就是為什麼起點是核心性能與第四季度的結果。傑森？

Yes. I'd think about the Cardinal brand volume growth being back half loaded through a couple of different lenses. First of all, we do think that the underlying utilization will be -- for the market will continue to be relatively consistent. So we do see same-store sales growth out there, and we anticipate that, that will continue.

是的。我認為卡迪納爾品牌銷量的增長是通過幾個不同的鏡頭來實現的。首先，我們確實認為潛在的利用率將是——因為市場將繼續保持相對一致。因此，我們確實看到同店銷售增長，並且我們預計這種情況將持續下去。

And within our performance within that, we highlighted that our comparison point to the prior year is becoming easier as we did lose some business over the last 18 months or so that we now are lapping and our 5-point plan is working, our 5-point plan to improve -- that includes improving the customer experience and importantly, that supply chain health.

在我們的表現中，我們強調，我們與前一年的比較點變得越來越容易，因為我們在過去18 個月左右確實失去了一些業務，所以我們現在正在努力，我們的5 點計劃正在發揮作用，我們的5-改進點計劃——包括改善客戶體驗，更重要的是，改善供應鏈的健康狀況。

We're seeing strong progress as it relates to service levels, [CLI] scores that gave us very good customer retention in the quarter, net new wins that were positive in the quarter. That gives us the foundation, that gives us confidence that we'll grow with the underlying market, especially as we continue to lap that prior year impact, which we think will be more impactful in the second half of the year.

我們看到了與服務水平相關的強勁進展，[CLI] 分數使我們在本季度獲得了非常好的客戶保留率，並且在本季度取得了積極的淨新勝利。這給了我們基礎，讓我們有信心我們將與基礎市場一起成長，特別是當我們繼續吸收上一年的影響時，我們認為這將在今年下半年產生更大的影響。

So all the leading indicators are going as anticipated and consistent with how we laid it out at the Investor Day and gives us the visibility and the confidence that we'll be able to participate in that market growth that we anticipate that will be there over the course of this next year.

因此，所有領先指標都按預期進行，並與我們在投資者日的佈局一致，這讓我們有可見性和信心，相信我們將能夠參與我們預計將在未來一段時間出現的市場增長。明年的課程。

The next question comes from George Hill of Deutsche Bank.

下一個問題來自德意志銀行的喬治·希爾。

Yes. I'll take it in a little bit different direction. Jason, I'd love to hear the kind of the progress that you guys have made on the Navista offering since it was first announced at the Analyst Day. And I guess given the growth and the size of the specialty market, particularly in oncology, I guess how should we think about the ramp of that business maybe through fiscal '24 and beyond just kind of progress in ramping contribution?

是的。我會採取稍微不同的方向。 Jason，我很想听聽自 Navista 產品在分析師日首次宣布以來，你們在 Navista 產品上取得的進展。我想考慮到專業市場的增長和規模，特別是在腫瘤學領域，我想我們應該如何考慮該業務的增長，也許是在 24 財年以及之後的貢獻增長方面取得的進展？

Sure. Yes. Great. Thanks for the question, George. Yes, so when we think about Navista, I think it's important to recognize that we had a foundation in place. We have a foundation in place built off of our existing specialty business. We had plenty of programs and initiatives in platforms, like our Navista TS, where we are already providing capabilities to the community oncologists to help support their value-based care initiatives, of course, other data and insights, clinical research support. So we have a lot of the tools.

當然。是的。偉大的。謝謝你的提問，喬治。是的，所以當我們考慮 Navista 時，我認為重要的是要認識到我們已經建立了基礎。我們以現有的專業業務為基礎奠定了基礎。我們在平台上有很多計劃和舉措，比如我們的 Navista TS，我們已經為社區腫瘤學家提供了能力，以幫助支持他們基於價值的護理舉措，當然還有其他數據和見解、臨床研究支持。所以我們有很多工具。

What Navista Network is doing is bringing that all together in the form of a business with new additional senior leadership brought in place. So that's one of the key things that's happened since the announcement a couple of months ago is we have brought in additional leadership to bring on top of the strong team that we already had in place that we're already serving these important customers and their patients.

Navista Network 正在做的是以業務的形式將所有這些整合在一起，並任命新的高級領導層。因此，自幾個月前宣布這一消息以來發生的關鍵事情之一是，我們引入了額外的領導層，以加強我們已經擁有的強大團隊，我們已經為這些重要客戶及其患者提供服務。

So we are building that out further with both internal as well as external talent. We also created an advisory board to ensure that we are working directly with both current and prospective customers more than anything to make sure that they have a strong voice as to where we go next with the development of this platform in this business.

因此，我們正在利用內部和外部人才進一步建設這一目標。我們還成立了一個顧問委員會，以確保我們直接與當前和潛在客戶合作，最重要的是確保他們對我們下一步在該業務中開發該平台的方向有強烈的發言權。

We continue to listen and be out in the field doing a lot of research, but we're also building what we're already notably to be some of the key attributes of this platform and this network that they're demanding. What's key and what we highlighted before is that these are the 1,500 that we're focused on here are very strongly interested in maintaining their independence.

我們繼續傾聽並在現場進行大量研究，但我們也在構建我們已經明顯成為他們所要求的這個平台和網絡的一些關鍵屬性。我們之前強調的關鍵是，我們這里關注的 1,500 人對保持獨立性非常感興趣。

We're also hearing a strong desire for ongoing transparency, which as health care's most trusted partner, we feel like we're really well positioned for. So it's only been a couple of months since we rolled this out. But in that time frame, we've got the team in place, better definition of what the platform needs to be built out with and continue to work with those prospective customers to make sure that their needs are met.

我們還聽到了對持續透明度的強烈渴望，作為醫療保健最值得信賴的合作夥伴，我們覺得我們確實處於有利位置。自我們推出此功能以來僅過了幾個月。但在這段時間內，我們已經組建了團隊，更好地定義了平台需要構建的內容，並繼續與這些潛在客戶合作，以​​確保滿足他們的需求。

Next question comes from Elizabeth Anderson of Evercore.

下一個問題來自 Evercore 的 Elizabeth Anderson。

I don't know if you could comment on the corporate costs that you just discussed in Medical, the $60 million. Is that something that you also expect to like ramp ratably over the course of the year? Is that something that has gone through, those cuts are going through -- have gone through already and are just annualizing? A little bit more help there would be very helpful.

我不知道您是否可以對您剛才在醫療領域討論的 6000 萬美元的企業成本發表評論。您是否也希望在這一年中能夠大幅提升這一點？這些削減是否已經經歷過，正在經歷——已經經歷過並且只是按年計算？多一點幫助將會非常有幫助。

And then secondarily, can you talk about what is different about getting this next 50% of the inflation offset this year that was not the same last year? We obviously know that you've been getting more price (inaudible) your contracts, et cetera, but I'm just looking for any more additional commentary you can provide on what might be different about this remaining 50%.

其次，你能談談今年抵消 50% 的通脹與去年不同的地方嗎？我們顯然知道您的合同價格更高（聽不清），等等，但我只是在尋找您可以提供的更多額外評論，說明剩餘 50% 的內容可能有所不同。

Okay. I think I caught the essence of at least part of that. So let me start. I believe part of the question was related to the next part of the inflation mitigation in the second half. I think the other question is related to the corporate cost ramp.

好的。我想我至少抓住了其中一部分的本質。那麼讓我開始吧。我相信這個問題的一部分與下半年通脹緩解的下一部分有關。我認為另一個問題與企業成本上升有關。

So let me start with the second part and then throw it over to Aaron for the first part. So as you think about the inflation mitigation and the next piece, there's -- it's really the same for the second 50% as it was the first 50%. So in both cases, what we've seen is a moderation of the international freight. That spiked significantly about 2 years ago and started coming down about a year ago and got back down to pre-pandemic levels maybe 6 to 9 months ago. So that has been -- started to benefit us as we especially exited fiscal '23.

所以讓我從第二部分開始，然後把第一部分交給亞倫。因此，當你考慮通脹緩解和下一部分時，第二個 50% 與第一個 50% 確實是一樣的。因此，在這兩種情況下，我們看到的是國際貨運量的放緩。這一數字在大約兩年前大幅飆升，大約一年前開始下降，大約在 6 到 9 個月前回落到大流行前的水平。因此，當我們特別退出 23 財年時，這已經開始使我們受益。

So we did start to see that. It, of course, was inventoried into our inventory, capitalized those costs into our inventories. So it took a little while for that to benefit our P&L as a cost reduce. And along the way, in parallel with that, of course, we were pricing mainly on a temporary basis the first year for those increases as well as increases in other commodity costs and transportation, domestic transportation, increased labor and all those other costs.

所以我們確實開始看到這一點。當然，它已計入我們的庫存，並將這些成本資本化到我們的庫存中。因此，我們花了一段時間才通過降低成本來使我們的損益受益。當然，與此同時，我們主要在第一年對這些增長以及其他商品成本和運輸、國內運輸、增加的勞動力和所有其他成本的增長進行臨時定價。

All those other costs have plateaued. They are not coming down. We don't see any signs of them coming down. And so we have to price permanently for those items. We priced temporarily for the international freight. And as those costs on the international freight roll off, we need to maintain higher prices. And so we are continuing to price and some of those temporary prices are now being rolled into the permanent prices. And so we would expect that as those contracts renew that we'll continue to see more and more of that pricing recognized.

所有其他成本均已趨於穩定。他們不會下來。我們沒有看到它們有任何下降的跡象。因此，我們必須為這些商品永久定價。我們暫時為國際運費定價。隨著國際貨運成本的下降，我們需要維持較高的價格。因此，我們正在繼續定價，其中一些臨時價格現已納入永久價格。因此，我們預計，隨著這些合同的續簽，我們將繼續看到越來越多的定價得到認可。

I mean, to be very clear, we're not rolling back prices. We've not increased prices beyond the point of our costs. At the 50% level, we're still only being compensated for half of that overall growth impact that we've incurred. But over the course of this year, we do expect the international freight to come down. And by the time we exit fiscal '24, the prices will continue to increase as we go through the course of the year as we get more of those contracts renewed permanently, and then that will cross over with the lower cost, and then we'll exit in that manner at the end of the year.

我的意思是，要非常明確的是，我們不會降低價格。我們沒有將價格提高到超出成本的水平。在 50% 的水平上，我們仍然只得到了我們所遭受的總體增長影響的一半的補償。但今年以來，我們確實預計國際貨運量將會下降。當我們退出 24 財年時，隨著我們全年的進程，價格將繼續上漲，因為我們有更多的合同永久續簽，然後這將與較低的成本交叉，然後我們'將於年底以這種方式退出。

Aaron, on the first question?

亞倫，關於第一個問題？

Sure. I think I heard a couple of different things, and so I'm going to answer the question I think I heard, and it goes something like this. So we did -- I did comment earlier that in addition to the annualization of the core performance and indeed the inflation mitigation that Jason just touched on that there was $60 million of other benefit coming over the course of the year really driven by the 3 other pillars within the Med Improvement Plan, the contribution of the growth businesses, the simplification and the Cardinal Health brand work.

當然。我想我聽到了一些不同的事情，所以我要回答我認為我聽到的問題，事情是這樣的。所以我們做到了——我之前確實評論過，除了核心業績的年化以及賈森剛剛提到的通脹緩解之外，今年還有6000 萬美元的其他收益，這些收益實際上是由其他3 個因素推動的醫療改進計劃的支柱、增長業務的貢獻、簡化和康德樂品牌工作。

As I was touching on, that work progresses over the course of the year, and we've seen more benefit towards the back half of the year. I want to emphasize the simplification efforts. Steve and the team are working really hard at that every day. We just see the benefit coming more in the back half. The growth businesses are making good progress. They have some seasonality as well. They are certainly a strong contributor to the additional $60 million over the course of the year. And then Jason has already touched on Cardinal Health brand, so I won't go there.

正如我所說，這項工作在這一年中取得了進展，我們在今年下半年看到了更多的好處。我想強調簡化工作。史蒂夫和他的團隊每天都在為此努力工作。我們只是看到後半段的好處更多。成長型企業正在取得良好進展。它們也有一定的季節性。他們無疑是全年新增 6000 萬美元的重要貢獻者。然後 Jason 已經提到了 Cardinal Health 品牌，所以我不會去那裡。

The next question comes from Daniel Grosslight of Citi.

下一個問題來自花旗銀行的丹尼爾·格羅斯萊特。

I just have one quick housekeeping question, and then I'll ask my real question. There was a slight change in the language around your inflation mitigation efforts from your I-Day presentation to your current presentation. You went from fully mitigating by the end of '24 to just mitigating. Curious if there's been some change in how you're thinking about things? Or if it was just kind of a simplification of the language?

我只有一個簡短的內務問題，然後我會問我真正的問題。從 I-Day 演講到當前演講，圍繞通脹緩解措施的語言略有變化。到 24 年底，您從完全緩解變成了僅僅緩解。好奇您的思維方式是否發生了一些變化？或者這只是語言的簡化？

And then my real question is around the generics business. It seems like you and your competitors have all benefited from a more favorable environment. And it seems like it might have accelerated towards the end of your fiscal year. So I'm just curious to get your thoughts on the generics market potential shortages and how you're thinking about the benefit or tailwind of generics in your fiscal '24 guidance vis-a-vis the strength you saw in fiscal '23?

我真正的問題是圍繞仿製藥業務。看起來您和您的競爭對手都受益於更有利的環境。而且看起來在你的財政年度結束時它可能會加速。因此，我很好奇您對仿製藥市場潛在短缺的看法，以及您如何看待 24 財年指導中仿製藥的好處或順風，與您在 23 財年看到的優勢相比？

Sure. So in terms of the language change for inflation mitigation, I think you said it best. It's a simplification language. The one thing I would highlight is similar to our disclosures with COVID, over time, those became more difficult to precisely measure. So now we are -- and this inflation mitigation was always focused on the incremental inflation because we had spikes, unusual dramatic spikes in inflation. Well, there's normal inflation as well. So this is just a little bit broader language to recognize that over time, it's becoming harder to differentiate between the 2.

當然。因此，就緩解通脹的語言變化而言，我認為您說得最好。這是一種簡化語言。我要強調的一件事與我們對新冠病毒的披露類似，隨著時間的推移，這些變得更加難以精確衡量。所以現在我們——這種通脹緩解措施始終集中在增量通脹上，因為我們出現了通脹高峰，非同尋常的劇烈通脹。嗯，還有正常的通貨膨脹。因此，這只是一種更廣泛的語言，以認識到隨著時間的推移，區分兩者變得越來越困難。

We have a good understanding of the most significant impacts, like the international freight. But when you get into labor, what's normal, what's incremental, it becomes more challenging. And we just have a little bit broader language to recognize that it is going to be less precise than it was early on in our measurement. We're still doing as deep of analytics as possible to get a reasonable understanding of it.

我們非常了解最重大的影響，例如國際貨運。但當你進入分娩時，什麼是正常的，什麼是漸進的，它就變得更具挑戰性。我們只是有一個更廣泛的語言來認識到它會比我們早期的測量更不精確。我們仍在盡可能深入地進行分析，以獲得對其的合理理解。

As it relates to -- I think -- well, I think the key takeaway with that is we are on track, right, that ultimately, the strategy makes sense. It should be pushed down to the final customer, the final user of the products and services, given the business model. And so we believe that the basic tenets are absolutely unchanged. It's just reflecting the level of precision.

因為它涉及 - 我認為 - 嗯，我認為關鍵的一點是我們走上了正軌，對吧，最終，該戰略是有意義的。根據商業模式，它應該下推到最終客戶、產品和服務的最終用戶。因此，我們認為基本原則絕對沒有改變。它只是反映了精度水平。

On your second question as it relates to generics, as I step back and think about performance for the Pharma segment this year, inclusive of generics, I think you can kind of think about the overall segment as well as the generics business. There's a couple of things that have occurred. There is the overall market utilization has been very strong, and our performance has been very good within that. And it's at levels that for all the reasons Aaron highlighted is that a growth rate is a bit higher than what normal is and certainly higher than what our long-term growth targets are.

關於你的第二個問題，因為它與仿製藥有關，當我退一步思考今年製藥部門的業績（包括仿製藥）時，我認為你可以考慮整個部門以及仿製藥業務。發生了幾件事。整體市場利用率非常強勁，我們的表現也非常好。由於亞倫強調的所有原因，這一水平是增長率略高於正常水平，而且肯定高於我們的長期增長目標。

And as I think forward to fiscal '24, we expect that to normalize. We expect it to still be favorable growth. We indicated during Investor Day in the 2% to 3% type of range from a unit volume growth, and we would expect to participate within that. And we expect our performance to continue with areas like Red Oak Sourcing to continue to drive both the cost as well as to your other related point, the product shortages.

我認為到 24 財年，我們預計這種情況將會正常化。我們預計仍將實現良好增長。我們在投資者日期間表示，單位銷量增長幅度為 2% 至 3%，我們預計將參與其中。我們預計我們的業績將繼續在紅橡樹採購等領域繼續推動成本以及其他相關問題，即產品短缺。

They have a dual mandate to drive performance for both cost as well as service levels to customers. So while there are product shortages sporadic within the overall Pharmaceutical distribution supply chain, that's not a new phenomenon. There's various demand-driven spikes and supply-driven spikes. Our goal, of course, is to minimize those challenges within that to give our customers the best possible service.

他們肩負著雙重使命，既要提高成本性能，又要提高客戶服務水平。因此，儘管整個藥品分銷供應鏈中偶爾會出現產品短缺的情況，但這並不是一個新現象。有各種需求驅動的峰值和供應驅動的峰值。當然，我們的目標是盡量減少這些挑戰，為我們的客戶提供最好的服務。

And what we saw, in fact, in fiscal '23, it was a little bit of a benefit by being able to supply products as a second distributor as not the primary distributor, but we had some opportunities where we were able to provide when others were short on product. So overall, that was a slight positive for us this year as well. And we expect those types of things to be more normalized in fiscal '24 and feel well positioned to participate in that growth.

事實上，我們在23 財年看到，能夠作為第二分銷商而不是主要分銷商提供產品，這確實帶來了一點好處，但我們有一些機會，當其他分銷商無法提供產品時，我們能夠提供這些產品。產品短缺。總的來說，今年這對我們來說也有一些積極的影響。我們預計這些類型的事情將在 24 財年更加正常化，並感覺自己處於參與這種增長的有利位置。

I would just add one thought, which is in Q4, we saw strong volume, as Jason highlighted, but overall consistent market dynamics. And indeed, as we look forward, Jason called out the unit growth, but we are also guiding to consistent market dynamics for the upcoming year as well.

我只想補充一個想法，即在第四季度，正如傑森強調的那樣，我們看到了強勁的成交量，但總體而言市場動態保持一致。事實上，當我們展望未來時，傑森指出了單位增長，但我們也在指導來年保持一致的市場動態。

Next question today comes from A.J. Rice of Credit Suisse.

今天的下一個問題來自 A.J.瑞士信貸的大米。

I know on your Medical side, there's a lot going on, and you're a little more skewed toward inpatient than some of the others that have reported. But we've heard this discussion about an uptick in utilization from some of the providers. And I wondered if I peel back everything that's going on in Medical, did you see any change in behavior on the part of your customers to suggest that there was an uptick in utilization?

我知道在你們的醫療方面，發生了很多事情，而且你們比其他一些報導的人更傾向於住院病人。但我們已經聽到了有關某些提供商利用率上升的討論。我想知道，如果我剝離醫療領域正在發生的所有事情，您是否發現客戶的行為發生了任何變化，表明利用率有所上升？

And then just on the PPE comment, you're calling it normalization of profits from here. Do you think sequentially from here, we're pretty steady? And as we return to a normal environment, is there any seasonality around that category to call out to remember when we get back to a normal environment?

然後就 PPE 評論而言，您將其稱為利潤正常化。你認為從這裡開始，我們相當穩定嗎？當我們回到正常環境時，當我們回到正常環境時，該類別是否有任何季節性需要記住？

Yes. The utilization, we think, has been fairly consistent. I wouldn't call it an acceleration or anything. We're seeing pretty consistent underlying same-store sales type of growth. So it's sufficient within our business model and where we laid it out from Investor Day, but I wouldn't call out anything unique there. As it relates to PPE normalization, a couple of points. So normalized is good for us. This is not a category that we've ever made a tremendous amount of money and value. It's an important category for our customers. And so we do everything we can to satisfy their needs.

是的。我們認為，利用率相當一致。我不會稱其為加速或任何東西。我們看到基本同店銷售類型的增長非常一致。因此，這在我們的商業模式以及我們從投資者日開始佈局的地方就足夠了，但我不會指出其中有什麼獨特之處。由於它與個人防護裝備標準化有關，有幾點。所以標準化對我們有好處。這不是一個我們曾經賺到巨額資金和價值的類別。對於我們的客戶來說，這是一個重要的類別。因此，我們竭盡全力滿足他們的需求。

So going forward, our objective is to ensure that we get customers the product they need and minimize the volatility that goes along with that. But I just don't see it being a material driver one way or the other. Recall that the challenges with PPE was that we had volatile price cost and volume all at once. What you have right now is a normalization that's been occurring over the last couple of years of both price and cost has been coming down somewhat steadily. And they've been staying in a relative type of spread close enough to one another that, that's been manageable. And it's that volume that's been a little bit more challenging.

因此，展望未來，我們的目標是確保為客戶提供他們所需的產品，並最大限度地減少隨之而來的波動。但我只是不認為它是一種物質驅動因素。回想一下，個人防護裝備面臨的挑戰是我們的價格成本和數量同時波動。現在的情況是過去幾年中價格和成本都在穩步下降的正常化。而且它們一直處於一種彼此足夠接近的相對分佈類型，這是可以控制的。正是這個數量更具挑戰性。

We've highlighted that it was destocking beginning about -- well, over a year ago now in terms of the underlying volume there. But given the margins are relatively tight for this type of product, getting those margins right and relatively low margins means that the volume volatility or the lack of volume growth is not much of an issue for us because it's just not a large contributor of incremental volume or incremental margins. So we're at a level that I think it's fairly stable, and it's our objective to keep it that way.

我們強調，就基本數量而言，大約一年多前就開始去庫存了。但鑑於此類產品的利潤率相對緊張，獲得正確的利潤率和相對較低的利潤率意味著銷量波動或銷量增長缺乏對我們來說並不是什麼大問題，因為它並不是增量銷量的主要貢獻者或增量邊距。因此，我認為我們處於相當穩定的水平，我們的目標是保持這種狀態。

Our final question today comes from Brian Tanquilut of Jefferies.

我們今天的最後一個問題來自 Jefferies 的 Brian Tanquilut。

This is (inaudible) for Brian. I had a question about your capital allocation priorities for the fiscal year 2024. Generated quite a bit of free cash flow this fiscal year. And I'm just curious if there's any specifics you can get into with regards to where you see capital allocation in the next fiscal year.

這是布萊恩的（聽不清）。我對你們 2024 財年的資本配置優先事項有疑問。本財年產生了大量自由現金流。我只是好奇您是否可以了解有關下一財年資本配置的具體細節。

Great. Great question. Thank you for putting it on the table for us. Look, we were very focused on our Investor Day in laying out the disciplined capital allocation decision matrix that we apply. And we were also very pleased to see the overall cash generation for fiscal '23 and Q4 in particular.

偉大的。很好的問題。感謝您為我們把它擺在桌面上。看，我們在投資者日非常專注於製定我們所應用的嚴格的資本分配決策矩陣。我們也非常高興地看到 23 財年和第四季度的整體現金生成情況。

Here's the simple answer. We're going to do what we said we were going to do at Investor Day in that respect. And just as a quick reminder, there are a couple of things which are table stakes for us, which is first, we're going to invest back into the business to drive the organic growth. We spent $480 million in fiscal '23. We've guided we're going to spend about $500 million in CapEx against our business plans across the business.

這是簡單的答案。在這方面，我們將按照投資者日所說的去做。快速提醒一下，有幾件事對我們來說是賭注，首先，我們將重新投資業務以推動有機增長。我們在 23 財年花費了 4.8 億美元。我們預計我們將根據整個業務的業務計劃花費約 5 億美元的資本支出。

Our second priority, of course, is maintaining our investment-grade balance sheet. And you'll recall from our Investor Day that we don't have short-term maturities. We have some bonds coming due at the end of the year that we will likely just refinance. But we're feeling good about our investment-grade balance sheet. And then we've committed to a baseline of return of capital to shareholders, continuing to grow the dividend. We've raised it 34 years in a row. Similarly, we committed to buy back at least $500 million of shares during fiscal year '23.

當然，我們的第二要務是維持我們的投資級資產負債表。您會記得我們的投資者日活動中我們沒有短期到期日。我們有一些債券將於今年年底到期，我們可能只會對其進行再融資。但我們對投資級資產負債表感覺良好。然後，我們致力於向股東提供資本回報基準，並繼續增加股息。我們已連續 34 年提出這一要求。同樣，我們承諾在 23 財年回購至少 5 億美元的股票。

Those are the table stakes parts of how we're going to use our cash. As we then move through the year, as we assess the opportunities in front of us, as we assess how the business is performing, we have 2 opportunistic levers that we will also be looking at. The first is active, disciplined and targeted M&A largely in specialty, and we have opportunities there that we're looking at as well. And then on top of that, we will also continue to look at incremental return of capital to shareholders. Nothing additional to announce today on either of those 2 levers. But we want to be clear that we are going to do what we said we were going to do with respect to our disciplined capital allocation strategy.

這些是我們如何使用現金的關鍵部分。當我們度過這一年時，當我們評估擺在我們面前的機會時，當我們評估業務表現時，我們也會考慮兩個機會主義槓桿。第一個是積極、有紀律和有針對性的併購，主要是在專業領域，我們也在尋找那裡的機會。除此之外，我們還將繼續關注股東資本的增量回報。今天對於這兩個槓桿中的任何一個都沒有什麼可宣布的。但我們想明確的是，我們將按照我們所說的關於嚴格的資本配置策略的去做。

And that does conclude the question-and-answer session of today's call. I would now like to turn the call over to CEO, Jason Hollar, for any additional or closing remarks.

今天電話會議的問答環節到此結束。我現在想將電話轉給首席執行官傑森·霍勒 (Jason Hollar)，請其發表任何補充或結束語。

Okay. Great. Thanks again for joining us this morning. To summarize, fiscal '23 was a great year. It was a year of inflection. And we are excited to continue this momentum into fiscal '24 and beyond. With that, thank you, and have a great day.

好的。偉大的。再次感謝您今天早上加入我們。總而言之，23 財年是偉大的一年。這是一個轉折的一年。我們很高興能夠在 24 財年及以後繼續保持這種勢頭。就這樣，謝謝你，祝你有美好的一天。

And that does conclude the Fourth Quarter Full Year 2023 Cardinal Health, Inc. Earnings Conference Call. We thank you all for your participation, and you may now disconnect.

康德樂 (Cardinal Health) 公司 2023 年第四季度全年收益電話會議到此結束。我們感謝大家的參與，現在您可以斷開連接了。