卡地納健康 (CAH) 2024 Q2 法說會逐字稿

Good day, and welcome to today's Second Quarter Financial Year 2024 Cardinal Health Earnings Conference Call. This meeting is being recorded.

美好的一天，歡迎參加今天的 2024 財年第二季康德樂收益電話會議。本次會議正在錄製中。

At this time, I'd like to hand the call over to Matt Sims, Vice President of Investor Relations. Please go ahead, sir.

現在，我想將電話轉給投資者關係副總裁馬特·西姆斯(Matt Sims)。請繼續，先生。

Welcome to this morning's Cardinal Health second quarter fiscal '24 earnings conference call, and thank you for joining us. With me today are Cardinal Health CEO, Jason Hollar; and our CFO, Aaron Alt.

歡迎參加今天上午的康德樂 24 財年第二季財報電話會議，感謝您加入我們。今天與我在一起的有 Cardinal Health 執行長 Jason Hollar；和我們的財務長 Aaron Alt。

You can find this morning's press release and investor presentation on the Investor Relations section of our website at ir.cardinalhealth.com.

您可以在我們網站 ir.cardinalhealth.com 的投資者關係部分找到今天早上的新聞稿和投資者介紹。

Before I turn the call over to Jason, since we will be making forward-looking statements today, let me remind you that the matters addressed in the statements are subject to 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 description of these risks and uncertainties.

在我將電話轉交給傑森之前，由於我們今天將做出前瞻性聲明，請允許我提醒您，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 提交的文件以及簡報開頭的前瞻性聲明投影片，以了解這些風險和不確定性的描述。

Please note that during our discussion today, the 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 supporting schedules attached to our press release.

請注意，在我們今天的討論中，評論將基於非公認會計原則（non-GAAP），除非特別指出為公認會計原則（GAAP）。所有相關期間的 GAAP 與非 GAAP 調整表可在我們新聞稿所附的支援表中找到。

(Operator Instructions) With that, I will now turn the call over to Jason.

（操作員指示）接下來，我將電話轉給 Jason。

Good morning, everyone. In the last few weeks, we made several notable announcements regarding our company's continued progress, including yesterday's news on our agreement to acquire Specialty Networks, which will further our specialty growth strategy and create value for specialty providers, manufacturers and patients in exciting new ways.

大家，早安。在過去的幾周里，我們就公司的持續進展發布了幾項值得注意的公告，包括昨天關於我們同意收購Specialty Networks 的消息，這將進一步推進我們的專科增長戰略，並以令人興奮的新方式為專科提供者、製造商和患者創造價值。

And as we highlighted at a recent industry conference, we're continuing to take actions to become a simplified and more focused company, with further progress achieved on our ongoing business and portfolio review and our updated enterprise operating and segment reporting structure, which will be reflected in our financial reporting beginning next quarter.

正如我們在最近的一次行業會議上所強調的那樣，我們將繼續採取行動，成為一家簡化且更加專注的公司，在我們正在進行的業務和投資組合審查以及更新的企業運營和分部報告結構方面取得進一步進展，這將是反映在我們下個季度開始的財務報告中。

We plan to go further into our recent updates with you today, but first, let me begin with a few brief comments on our results. In Q2, we delivered strong profit growth in both segments, demonstrating continued operating momentum and execution against our strategic priorities.

我們計劃今天與您進一步討論我們最近的更新，但首先，讓我對我們的結果進行一些簡短的評論。第二季度，我們在這兩個領域都實現了強勁的利潤成長，展現了持續的營運動能和對我們策略重點的執行力。

Pharma again delivered strong performance. Overall, the business is performing consistent with our expectations, and we're pleased to reiterate our outlook for 7% to 9% segment profit growth in fiscal '24.

製藥公司再次表現​​強勁。整體而言，該業務的表現符合我們的預期，我們很高興重申我們對 24 財年部門利潤成長 7% 至 9% 的預期。

We've seen ongoing stability in macro trends, including in our generics program and continued broad-based strength in overall pharmaceutical demand. Our Specialty Distribution business also continued to see strong demand, including with COVID-19 vaccines in the first part of the quarter.

我們看到宏觀趨勢持續穩定，包括我們的仿製藥計劃以及整體藥品需求持續廣泛的強勁勢頭。我們的專業分銷業務也持續看到強勁的需求，包括本季上半年的 COVID-19 疫苗。

Turning to Medical. Q2 segment profit was consistent with Q1, despite some nonrecurring adjustments in the second quarter, which we reflected in our updated fiscal '24 outlook for the former Medical segment. We're encouraged by the underlying improvements in operating performance, reflecting further progress with our medical improvement plan efforts focused on our Global Medical Products and Distribution business. Notably, we saw a change in trend in revenue growth for the Medical segment in the second quarter.

轉向醫療。儘管第二季進行了一些非經常性調整，但第二季部門利潤與第一季保持一致，我們在更新的前醫療部門 24 財年展望中反映了這一點。我們對經營績效的根本改善感到鼓舞，反映出我們專注於全球醫療產品和分銷業務的醫療改進計劃工作取得了進一步進展。值得注意的是，我們看到第二季醫療部門收入成長趨勢發生了變化。

Along with continued growth from at-Home Solutions, we're seeing the effects of our 5-point plan to grow Cardinal Health brand volumes yield positive results. And as we continue to optimize not only the performance of our businesses, but also the financial strength of the broader enterprise, we're generating robust cash flow and seeing meaningful benefits below the operating line.

隨著家庭解決方案的持續成長，我們看到了增加 Cardinal Health 品牌銷售的 5 點計畫的效果，並產生了積極的成果。隨著我們不斷優化業務績效，以及更廣泛企業的財務實力，我們正在產生強勁的現金流，並在營運線以下看到有意義的效益。

As a result of our first half performance and increased confidence as we look ahead, we're pleased to raise our fiscal '24 EPS guidance and our outlook for adjusted free cash flow.

由於我們上半年的業績和對未來的信心增強，我們很高興提高 24 年每股收益指引和調整後自由現金流的前景。

Of course, our customers remain at the center of everything we do, and our team continues to prioritize core operational execution to best serve them and their patients with essential products and services as we drive our company forward.

當然，我們的客戶仍然是我們所做的一切的中心，我們的團隊繼續優先考慮核心營運執行，以便在我們推動公司前進的同時，為他們及其患者提供基本的產品和服務。

Now let me turn it over to Aaron to review our results and updated guidance in more detail.

現在讓我將其交給亞倫，以更詳細地審查我們的結果和更新的指導。

Thanks, Jason, and good morning. Before we begin, let me remind you that our Q2 segment commentary will be according to our former segment structure, Pharma and Medical.

謝謝，傑森，早安。在我們開始之前，讓我提醒您，我們的第二季分部評論將根據我們先前的分部結構（製藥和醫療）進行。

Let's start with total company results for the second quarter. Q2 delivered another strong quarter across the enterprise with EPS of $1.82, growth of 38%, which included operating earnings growth of 20%. We also delivered strong cash flow and ended the quarter with $4.6 billion of cash, even following incremental share repurchase activity in the quarter.

讓我們從第二季的公司整體業績開始。第二季整個企業再次表現強勁，每股收益為 1.82 美元，成長 38%，其中營業利潤成長 20%。我們也實現了強勁的現金流，即使在本季增量股票回購活動之後，本季末仍擁有 46 億美元的現金。

As seen on Slide 4, total company revenue increased 12% to $57.4 billion, reflecting growth in both the Pharma and Medical segments. We drove operating leverage for the enterprise, despite incremental investments in the business and higher costs to support sales growth.

如投影片 4 所示，公司總收入成長 12%，達到 574 億美元，反映出製藥和醫療領域的成長。儘管業務投資不斷增加，支持銷售成長的成本上升，但我們仍提高了企業的營運槓桿。

Gross margin increased 11% to $1.8 billion, driven by both segments, and consolidated SG&A increased 8% to $1.3 billion. With the strong profit growth in both segments, we delivered operating earnings of $562 million, 20% higher than a year ago.

在這兩個部門的推動下，毛利率成長了 11%，達到 18 億美元，綜合銷售、一般管理費用 (SG&A) 成長了 8%，達到 13 億美元。憑藉這兩個細分市場的強勁利潤成長，我們實現了 5.62 億美元的營業利潤，比去年同期成長了 20%。

Moving below the line, interest and other decreased by $26 million to $8 million in income due to increased interest income on cash and equivalents from higher cash balances and higher rates. As we've noted, our debt is largely fixed rate, resulting in a net benefit from rising interest rates in the near term. Additionally, Q2 interest and other benefited from nearly $10 million in income from the quarterly revaluation of our company's deferred compensation plan investments, which as a reminder, has a matching offset above the line.

在該線以下，由於現金餘額增加和利率上升，現金及等價物的利息收入增加，利息及其他收入減少了 2600 萬美元，至 800 萬美元。正如我們所指出的，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。此外，第二季度的利息和其他收益受益於我們公司遞延薪酬計劃投資的季度重估帶來的近 1000 萬美元收入，提醒一下，該收入在該線上方有相應的抵消。

Our second quarter effective tax rate of 21.3% was 1.7 percentage points lower than a year ago and better than we anticipated due to positive discrete items in the period.

我們第二季的有效稅率為 21.3%，比去年同期低 1.7 個百分點，並且好於我們的預期，因為該期間的離散項目為積極的。

Q2 average diluted shares outstanding were 246 million, 6% lower than a year ago due to share repurchases in each of the last 4 quarters. And as I mentioned earlier, the net result for Q2 was EPS of $1.82, reflecting growth of 38%.

由於過去 4 個季度每季都進行了股票回購，第二季平均稀釋後流通股數為 2.46 億股，比去年同期下降 6%。正如我之前提到的，第二季的淨利潤為每股收益 1.82 美元，成長了 38%。

Let's turn to the Pharma segment on Slide 5. Second quarter revenue increased 12% to $53.5 billion, driven by brand and specialty pharmaceutical sales growth from existing customers. We saw strong pharmaceutical demand across product categories, brand, specialty, consumer health and generics, and from our largest customers. We also continue to see robust demand for GLP-1 medications, which provided a revenue tailwind in the quarter.

讓我們轉向幻燈片 5 上的製藥部門。在現有客戶的品牌和特種藥品銷售成長的推動下，第二季營收成長 12%，達到 535 億美元。我們看到了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強勁藥品需求。我們也繼續看到對 GLP-1 藥物的強勁需求，這為本季的收入帶來了推動力。

Segment profit increased 12% to $518 million in the second quarter driven by positive generics program performance and the higher contribution from brand and specialty products, including distribution of COVID-19 vaccines. Our positive generics program performance continued to reflect volume growth and consistent market dynamics.

由於仿製藥計劃的積極表現以及品牌和特種產品（包括 COVID-19 疫苗的分銷）的貢獻增加，第二季度該部門利潤增長 12% 至 5.18 億美元。我們積極的仿製藥計劃績效繼續反映了銷售成長和持續的市場動態。

With respect to COVID-19 vaccines, we saw the strength in demand from September for the fall immunization season carry into October before peaking mid-month and trending to a much lower run rate as we exited the second quarter.

就 COVID-19 疫苗而言，我們看到秋季免疫季節的需求從 9 月一直持續到 10 月，然後在月中達到峰值，並在第二季度結束時趨向於低得多的運行率。

The Q2 increase in segment profit includes a partial offset from higher costs to support sales growth driven by increased Pharmaceutical volumes.

第二季部門利潤的成長部分抵銷了成本上升的影響，以支持藥品銷售增加所推動的銷售成長。

Turning to the Medical segment on Slide 6. Second quarter revenue increased 3% to $3.9 billion, which, as Jason alluded to, reflects quarterly revenue growth for the Medical segment for the first time in over 2 years. This increase was driven by growth in both at-Home Solutions and Global Medical Products and Distribution, with the GMPD growth primarily related to higher Cardinal Health brand volumes.

轉向幻燈片 6 上的醫療部門。第二季度營收成長 3%，達到 39 億美元，正如 Jason 所提到的，這反映了醫療部門兩年多來首次出現季度收入成長。這一成長是由家庭解決方案以及全球醫療產品和分銷的成長所推動的，而 GMPD 的成長主要與康德樂品牌銷售的增加有關。

Medical delivered segment profit of $71 million, a $54 million year-over-year increase, driven by an improvement in net inflationary impacts, including our mitigation initiatives. Consistent with the expectations communicated a few weeks ago, segment profit was generally consistent with Q1, despite some nonrecurring adjustments in the quarter.

醫療部門實現利潤 7,100 萬美元，年增 5,400 萬美元，這得益於淨通膨影響（包括我們的緩解措施）的改善。與幾週前傳達的預期一致，儘管本季度進行了一些非經常性調整，但部門利潤與第一季基本一致。

We continue to be encouraged by the underlying performance of the business, which, through the first 2 quarters of the year, has tracked consistent with our original plans.

我們繼續對業務的基本業績感到鼓舞，今年前兩個季度的業績與我們最初的計劃一致。

Now turning to the balance sheet. We generated robust adjusted free cash flow of $1 billion in Q2, bringing our year-to-date adjusted free cash flow to $2 billion and, as I noted earlier, ended the quarter with $4.6 billion of cash on hand.

現在轉向資產負債表。我們在第二季度產生了 10 億美元的強勁調整後自由現金流，使年初至今的調整後自由現金流達到 20 億美元，正如我之前指出的，本季末手頭現金為 46 億美元。

We remain focused on doing what we said we would, deploying capital according to our disciplined capital allocation framework. Thus far, through the first half of fiscal '24, we've continued to invest against our highest priorities, including investing back into the businesses to drive organic growth with over $200 million in year-to-date CapEx.

我們仍然專注於按照我們所說的去做，根據我們嚴格的資本分配框架來部署資本。到目前為止，在 24 財年上半年，我們繼續根據我們的最高優先事項進行投資，包括重新投資業務以推動有機成長，年初至今的資本支出超過 2 億美元。

In the first half, we have returned $1 billion total to shareholders, which includes our quarterly dividend payments and $750 million in year-to-date share repurchases. These share repurchases are in excess of our committed baseline repurchases of $500 million.

上半年，我們總共向股東返還了 10 億美元，包括季度股利支付和年初至今的 7.5 億美元股票回購。這些股票回購超過了我們承諾的 5 億美元基準回購。

And in January, we made certain opioid settlement prepayments of $238 million at a prenegotiated discount, which is expected to result in a GAAP-only gain of approximately $100 million in the third quarter.

1 月份，我們以預先商定的折扣支付了 2.38 億美元的阿片類藥物結算預付款，預計第三季度僅按 GAAP 計算將獲得約 1 億美元的收益。

Now for our updated fiscal '24 guidance on Slide 8, beginning with the enterprise. With our strong first half performance and positive outlook, we are again raising our fiscal '24 EPS guidance. Our new range of $7.20 to $7.35 reflects a $0.45 increase at the bottom end and a $0.35 increase at the top end from our Q1 guidance range and a midpoint, which is 26% above our fiscal '23 EPS results.

現在我們更新投影片 8 上的 24 財年指南，從企業開始。憑藉我們強勁的上半年業績和積極的前景，我們再次上調 24 財年每股收益指引。我們的新範圍 7.20 美元至 7.35 美元反映了我們第一季指導範圍和中點的底部增加了 0.45 美元，頂部增加了 0.35 美元，比我們 23 財年每股收益結果高出 26%。

We are encouraged by the operating performance of our businesses and our strong cash flow generation, which is certainly contributing to the improvements below the line. Interest and other is reduced to a range of $50 million to $65 million, which primarily reflects increased interest income from higher-than-anticipated cash balances.

我們的業務經營業績和強勁的現金流產生令我們感到鼓舞，這無疑有助於線下的改善。利息及其他減少至5000萬美元至6500萬美元的範圍，這主要反映了高於預期的現金餘額所帶來的利息收入增加。

We expect lower average cash balances in the second half of the year due in part to the seasonal timing of anticipated cash flows. We are evaluating opportunities to refinance our upcoming 2024 debt maturities in the back half of the year.

我們預計下半年平均現金餘額較低，部分原因是預期現金流的季節性時間。我們正在評估在今年下半年為即將到期的 2024 年債務進行再融資的機會。

We are lowering the top end of our effective tax rate guidance to a new range of 23% to 24% to reflect the positive discrete items we've seen in the first half of the year. We also are lowering our shares outlook to approximately 247 million, which reflects the 250 million accelerated share repurchase program we completed in Q2. No additional share repurchases are assumed in our updated guidance for fiscal year '24.

我們將有效稅率指導的上限降低至 23% 至 24% 的新範圍，以反映我們在今年上半年看到的積極的離散項目。我們也將股票展望下調至約 2.47 億股，這反映了我們在第二季完成的 2.5 億股加速股票回購計畫。我們更新的 24 財年指引中並沒有假設進行額外的股票回購。

Now turning to the fiscal '24 outlook for our segments. While we will be transitioning to our new segment structure reporting beginning in Q3, let me start with our former segments as a comparison point for the updated structure.

現在轉向我們部門的 24 財年展望。雖然我們將從第三季開始過渡到新的細分市場結構報告，但讓我從以前的細分市場開始，作為更新結構的比較點。

No changes to the outlook for the former Pharma segment. We are reiterating the 10% to 12% revenue growth and 7% to 9% segment profit growth.

前製藥部門的前景沒有改變。我們重申營收成長 10% 至 12%，部門利潤成長 7% 至 9%。

For the former Medical segment, the fiscal '24 outlook is updated to approximately $380 million of segment profit to reflect the net impact of Q2 nonrecurring adjustments. Outside of these, our overall operational expectations are consistent with delivering the prior $400 million in segment profit for the year as well as the corresponding prior expectation of $650 million in segment profit for fiscal year '26.

對於前醫療部門，24 財年的部門利潤展望更新為約 3.8 億美元，以反映第二季非經常性調整的淨影響。除此之外，我們的整體營運預期與先前實現的本年度 4 億美元部門利潤以及相應的 26 財年 6.5 億美元部門利潤預期一致。

We have consistently highlighted the back half weighting of the Medical guidance driven by progress within GMPD and Cardinal Health brand volume growth, the cumulative impact of inflation mitigation and some business specific seasonality. Our expectations there continue.

我們一直強調醫療指引的後半部權重是由 GMPD 和康德樂品牌銷售成長的進展、通膨緩解的累積影響以及某些業務特定季節性所驅動的。我們對那裡的期望仍在繼續。

For example, with inflation mitigation, we have strong visibility to overall cost improvements in the second half of the year driven by reductions we've observed in international freight, which, as a reminder, reflect in our income statement on a 2- to 3-quarter delay. And as we exit January, the mitigation initiatives necessary to achieve our year-end target are now largely in place.

例如，隨著通貨膨脹的緩解，我們可以清楚地看到下半年總體成本的改善，這是由我們觀察到的國際貨運量的減少所推動的，提醒一下，這反映在我們的損益表中，成本下降了2 至3 倍。- 季度延遲。隨著一月份的結束，實現年終目標所需的緩解措施現已基本到位。

Now we see on Slide 10, let me comment on how this fiscal year '24 guidance translates to our updated segment structure to go along with the preliminary recast fiscal '23 actuals and long-term targets we provided a few weeks back. Our new structure went into effect on January 1.

現在我們在投影片 10 上看到，讓我評論一下這個 24 財年的指導如何轉化為我們更新的部門結構，以符合我們幾週前提供的初步改寫的 23 財年實際情況和長期目標。我們的新結構於 1 月 1 日生效。

So beginning in Q3, we will report results and provide drivers according to the new segment structure, Pharmaceutical and Specialty Solutions and GMPD, and separate from these 2 segments, Nuclear, at-Home and OptiFreight aggregated in other. At that time, we also plan to provide a recast to the results for fiscals '22 to '24 on the new segmentation.

因此，從第三季開始，我們將根據新的細分市場結構（製藥和專業解決方案以及GMPD）報告結果並提供驅動因素，並與這兩個細分市場（核、家庭和OptiFreight 聚合在其他細分市場中）分開。屆時，我們也計劃根據新的細分對 22 至 24 財年的結果進行重新調整。

Beginning with the Pharmaceutical and Specialty Solutions segment, the guidance ranges are consistent with the former Pharma segment, even excluding our higher-growth Nuclear business. We expect 10% to 12% revenue growth and 7% to 9% segment profit outlook for fiscal '24 and a 4% to 6% segment profit growth CAGR over the long term.

從製藥和專業解決方案部門開始，指導範圍與前製藥部門一致，甚至不包括我們成長較高的核能業務。我們預期 24 財年的營收成長為 10% 至 12%，部門利潤前景為 7% 至 9%，長期來看，部門利潤複合年增長率為 4% 至 6%。

Turning to GMPD, where we remain encouraged by the improvements in this business. Through the execution of the Medical improvement plan initiatives, we expect to drive GMPD from an operating loss of approximately $165 million in fiscal '23 to operating income of approximately $65 million in fiscal '24. From the fiscal '23 low point, this $230 million year-over-year improvement would position us roughly halfway towards our fiscal '26 target of approximately $300 million of segment profit.

談到 GMPD，我們對該業務的改進仍然感到鼓舞。透過執行醫療改善計畫舉措，我們預計將 GMPD 從 23 財年約 1.65 億美元的營業虧損增加到 24 財年約 6,500 萬美元的營業收入。從 23 財年的低點開始，這 2.3 億美元的年比改善將使我們大約實現 26 財年約 3 億美元的部門利潤目標的一半。

Finally, we expect the businesses included in other, at-Home Solutions, Nuclear and Precision Health Solutions and OptiFreight Logistics, to collectively deliver 6% to 8% segment profit growth in fiscal year '24. The difference between this fiscal '24 growth rate and the long-term CAGR of 8% to 10% for fiscal '24 to '26 reflects the portion of the Q2 nonrecurring adjustments within at-Home Solutions, with the remainder residing in GMPD.

最後，我們預計其他業務，包括家庭解決方案、核能和精密健康解決方案以及 OptiFreight Logistics，將在 24 財年共同實現 6% 至 8% 的部門利潤成長。 24 財年增長率與 24 至 26 財年 8% 至 10% 的長期複合年增長率之間的差異反映了第二季度非經常性調整在家庭解決方案中的部分，其餘部分位於 GMPD 中。

Before I close, a couple of comments on our recently announced acquisition. We've noted that the specialty category has been our highest priority for potential M&A and the primary consideration for our opportunistic capital deployment as part of our disciplined capital allocation framework.

在結束之前，我想對我們最近宣布的收購發表一些評論。我們注意到，專業類別一直是我們潛在併購的最高優先事項，也是我們機會性資本部署的首要考慮因素，作為我們嚴格的資本配置框架的一部分。

Given our financial flexibility and strong presence in the other 60% of the specialty market in therapeutic areas outside of oncology, we have evaluated a range of potential acquisition candidates to further accelerate our specialty strategy. We are thrilled to reach an agreement for Specialty Networks to become a part of the Cardinal Health family.

鑑於我們的財務靈活性以及在腫瘤學以外治療領域的其他 60% 專業市場的強大影響力，我們評估了一系列潛在的收購候選者，以進一步加速我們的專業策略。我們很高興達成協議，讓 Specialty Networks 成為 Cardinal Health 大家庭的一部分。

Jason will elaborate on the strategic aspects of the deal, but we plan to include the expected financial impacts of the transaction and our guidance upon closing which, of course, is subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals. For general modeling purposes, we expect the deal to be accretive 12 months following close.

賈森將詳細說明該交易的戰略方面，但我們計劃包括該交易的預期財務影響以及我們對交易完成後的指導，當然，這取決於慣例成交條件的滿足，包括收到所需的監管批准。出於一般建模目的，我們預計該交易將在交易結束後 12 個月內實現增值。

So to wrap up, tremendous progress in the first half of the year, with exciting value creation opportunities still in front of us. We are confident in our plans and grateful for the efforts of our team, who continue to drive our ongoing initiatives and prioritize the needs of our customers.

總而言之，上半年取得了巨大進展，令人興奮的價值創造機會仍然擺在我們面前。我們對我們的計劃充滿信心，並感謝我們團隊的努力，他們繼續推動我們正在進行的計劃並優先考慮客戶的需求。

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

這樣，我會將其轉回給傑森。

Thanks, Aaron.

謝謝，亞倫。

Now for some additional perspective on our strategic priorities, beginning with priority #1 and building upon the growth of Pharma and Specialty Solutions, our largest and most significant business. Though this segment structure has slightly changed, our focus on executing in the core remains, we're building upon our strong foundation, while investing to accelerate growth in specialty, both downstream and upstream.

現在，我們對我們的策略重點進行一些額外的了解，從優先事項#1開始，並以我們最大、最重要的業務——製藥和專業解決方案的成長為基礎。儘管該細分市場結構略有變化，但我們對核心執行的關注仍然存在，我們正在建立堅實的基礎，同時投資加速下游和上游專業領域的成長。

We believe that this new segment structure further enables those efforts by enhancing management focus, leveraging the connectivity between Pharmaceutical Distribution and Specialty and positioning the business for long-term growth and investment. More on that front shortly.

我們相信，這個新的細分市場結構透過加強管理重點、利用藥品分銷和專業產品之間的聯繫以及為長期成長和投資定位業務來進一步實現這些努力。很快就會有更多關於這方面的內容。

A key component of our strong core foundation is our generics program anchored by Red Oak, which continues to do an excellent job fulfilling its dual mandate, managing both cost and supply. Red Oak leverages proprietary analytical tools and their deep industry expertise to help maximize service delivery for customers.

我們強大的核心基礎的關鍵組成部分是我們以紅橡樹為基礎的仿製藥計劃，該計劃繼續出色地履行其管理成本和供應的雙重使命。 Red Oak 利用專有的分析工具及其深厚的行業專業知識來幫助最大限度地為客戶提供服務。

We're continuing to invest in our business to provide customer-focused solutions and evolve our commercial engagement strategies to prioritize addressing the complex challenges our customers face every day. For example, at Investor Day, we highlighted our first-to-market clinically integrated supply chain, the Cardinal Health InteLogix Platform.

我們將繼續投資我們的業務，以提供以客戶為中心的解決方案，並發展我們的商業參與策略，以優先解決客戶每天面臨的複雜挑戰。例如，在投資者日，我們重點介紹了我們第一個上市的臨床整合供應鏈—康德樂 InteLogix 平台。

This innovative solution leverages artificial intelligence and machine learning through the Palantir Foundry platform to help providers reduce costs, optimize drug inventories and generate actionable insights to simplify and streamline medication supply.

這項創新解決方案透過 Palantir Foundry 平台利用人工智慧和機器學習，幫助提供者降低成本、優化藥品庫存並產生可行的見解，以簡化藥品供應。

We've continued to develop our offerings, such as the Contract Optimizer tool, which drives savings and value through contract compliance, cost controls and product alternatives, like brand to generics, blood plasma and more. Key health system customers are already benefiting from these capabilities, and we see opportunities for further future expansion.

我們繼續開發我們的產品，例如合約優化器工具，該工具透過合約合規性、成本控制和產品替代品（例如從品牌到仿製藥、血漿等）來推動節省和創造價值。主要衛生系統客戶已經從這些功能中受益，我們看到了未來進一步擴展的機會。

Shifting to Specialty, where we have also been investing to expand our offering into complementary areas. The acquisition of Specialty Networks is exciting to us on a number of fronts. This is a business with which we were already very familiar given the longstanding partnership to service their members through our Specialty Distribution.

轉向專業領域，我們也一直在投資將我們的產品擴展到互補領域。對 Specialty Networks 的收購在許多方面都讓我們感到興奮。鑑於透過我們的專業分銷為其會員提供長期合作夥伴關係，我們已經非常熟悉這項業務。

Specialty Networks is a technology enabled, multi-specialty group purchasing and practice enhancement organization, serving 11,500 total providers today, including more than 7,000 physicians across 1,200 independent urology, gastroenterology and rheumatology practices. We see their service capabilities as accelerating our efforts in critical ways.

Specialty Networks 是一家技術支援、多專業團體採購和實踐增強組織，目前為 11,500 家提供者提供服務，其中包括 1,200 個獨立泌尿科、胃腸病學和風濕病科診所的 7,000 多名醫生。我們認為他們的服務能力在關鍵方面加速了我們的努力。

First, further extending our reach, expertise and offerings in key therapeutic areas to provide increased clinical and economic value for specialty providers. Specialty Networks is a leader in specialty practice management, research and technologies that support physicians in lowering costs, operating more efficiently and delivering best-in-class care to their patients. For example, the company provides solutions that improve clinical and economic outcomes to over 3,000 urologists through its leading UroGPO.

首先，進一步擴大我們在關鍵治療領域的影響力、專業知識和產品，為專業提供者提供更高的臨床和經濟價值。 Specialty Networks 是專業實踐管理、研究和技術領域的領導者，支持醫生降低成本、提高營運效率並為患者提供一流的護理。例如，該公司透過其領先的 UroGPO 為 3,000 多名泌尿科醫生提供改善臨床和經濟成果的解決方案。

Second, creating a platform for our expansion across specialty therapeutic areas. The company's PPS Analytics solution is a subscription-based advanced technology platform that utilizes artificial intelligence, such as continuous learning algorithms and natural language processing, to analyze data from electronic medical records, practice management, imaging and dispensing systems and transform it into actionable insights for providers and other stakeholders.

其次，為我們跨專業治療領域的擴張創建平台。該公司的PPS Analytics 解決方案是一個基於訂閱的先進技術平台，利用人工智慧（例如持續學習演算法和自然語言處理）來分析來自電子病歷、實踐管理、成像和配藥系統的數據，並將其轉化為可操作的見解供應商和其他利害關係人。

We see this complementing our suite of clinical practice management and distribution solutions to specialty practices nationwide. Specialty Networks' experience and capabilities in clinical engagement are robust, which also accelerates our upstream data and research opportunities with biopharma manufacturers.

我們認為這補充了我們在全國範圍內的專業實踐的臨床實踐管理和分銷解決方案套件。 Specialty Networks 在臨床參與方面的經驗和能力非常強大，這也加速了我們與生物製藥製造商的上游數據和研究機會。

Third, enhancing the capabilities of our Specialty business, including supporting the ongoing build of the Navista network. Specialty Networks has a deep understanding of independent physician practices, and we see capabilities and expertise that will accelerate our ongoing development of the Navista network, which is focused on supporting the clinical and operational needs of independent community oncologists.

第三，增強我們專業業務的能力，包括支援 Navista 網路的持續建置。 Specialty Networks 對獨立醫生實踐有著深入的了解，我們看到能力和專業知識將加速我們 Navista 網路的持續發展，該網路專注於支持獨立社區腫瘤學家的臨床和營運需求。

In summary, this transaction enhances our specialty strategy by providing new capabilities that strengthen the link between our downstream and upstream services, enabling us to create further value for customers, manufacturer partners and patients.

總而言之，此次交易透過提供新的​​能力來加強我們的下游和上游服務之間的聯繫，從而增強我們的專業策略，使我們能夠為客戶、製造商合作夥伴和患者創造更多價值。

Turning to priority #2 in the GMPD business, where we're executing the medical improvement plan. While the business and portfolio review of GMPD continues, the team continues to prioritize and make significant progress in turning around the operational performance of this business, as Aaron indicated, with our expectation that the business returns to profitability in fiscal '24.

轉向 GMPD 業務中的第二個優先事項，我們正在執行醫療改進計劃。正如 Aaron 所指出的，在 GMPD 的業務和投資組合審查仍在繼續的同時，團隊繼續優先考慮並在扭轉該業務的營運績效方面取得重大進展，我們預計該業務將在 24 財年恢復盈利。

The #1 priority remains mitigating supply chain inflation, where we remain on track to address the impact by the time we exit fiscal '24. As of Q2, we're approximately 75% to target. On the cost side, while overall still elevated, we've seen lower international freight costs reflected in our results, as anticipated, and we have strong line of sight to continued improvement in the second half of the fiscal year.

第一要務仍然是緩解供應鏈通膨，我們仍有望在 24 財年退出時解決其影響。截至第二季度，我們的目標完成率約為 75%。在成本方面，雖然整體仍然較高，但正如預期的那樣，我們看到我們的業績反映了國際貨運成本的下降，並且我們對本財年下半年的持續改善抱有強烈的信心。

We've continued to make progress with our mitigation initiatives and commercial contracting efforts and are continually taking additional actions to offset elevated inflation, such as through sourcing initiatives. As Aaron indicated, the work we've accomplished to date provides increased confidence in achieving our fiscal year-end target as overall cost improvements continue to reflect in our second half results.

我們在緩解措施和商業承包工作方面持續取得進展，並持續採取額外行動來抵銷通膨上升，例如透過採購措施。正如亞倫指出的那樣，我們迄今為止所完成的工作增強了我們實現財年末目標的信心，因為整體成本的改善繼續反映在我們下半年的業績中。

We're continuing to invest in the resiliency of our supply chain and our manufacturing and distribution capacity. We have opened 3 new distribution centers in the past year, adding capacity for growth, while featuring state-of-the-art automation technology to streamline operations.

我們將繼續投資於供應鏈的彈性以及製造和分銷能力。去年，我們開設了 3 個新的配送中心，增加了成長能力，同時採用最先進的自動化技術來簡化營運。

For example, our new Greater Toronto area DC expands capacity to serve Cardinal Health Canada customers, while leveraging autonomous mobile robots to increase picking and packing accuracy and drive efficiencies.

例如，我們新的大多倫多地區配送中心擴大了為加拿大 Cardinal Health 客戶提供服務的能力，同時利用自主移動機器人來提高揀貨和包裝準確性並提高效率。

We're also continuing to invest in new product innovation and portfolio expansion in key categories, in alignment with our disciplined portfolio management approach. As a result of our team's collective efforts, we're seeing our 5-point plan to grow Cardinal Health brand volume result in improvements in our leading indicators and, most importantly, strong customer retention and product volume growth.

我們也將繼續投資於關鍵類別的新產品創新和產品組合擴展，以符合我們嚴格的產品組合管理方法。經過我們團隊的集體努力，我們看到了增加 Cardinal Health 品牌銷售的 5 點計劃改善了我們的領先指標，最重要的是，實現了強勁的客戶保留和產品銷售成長。

Finally, we continue to drive simplification and optimize our cost structure by exiting noncore product lines, rationalizing our network and streamlining our international footprint. We believe our new structure will further enable our medical improvement plan efforts, as we continue to execute the plan and deliver value for customers.

最後，我們透過退出非核心產品線、合理化我們的網路和精簡我們的國際足跡，繼續推動簡化和優化我們的成本結構。我們相信，隨著我們繼續執行該計劃並為客戶創造價值，我們的新結構將進一步促進我們的醫療改進計劃的努力。

Now priority #3, accelerating growth in key areas. We are excited about the strong demand we are seeing in our at-Home Solutions and OptiFreight businesses, and our recent determination to further invest in and develop these businesses for long-term value creation as part of our portfolio.

現在的優先事項#3，加速關鍵領域的成長。我們對在家解決方案和 OptiFreight 業務中看到的強勁需求感到興奮，我們最近決定進一步投資和發展這些業務，以創造長期價值，作為我們投資組合的一部分。

In at-Home Solutions, we continue to focus on enabling and supporting comfortable home-based care for patients with acute and chronic conditions. To support the growing demand for home health care, we're investing to expand the capacity of our network, the breadth of our offering and in new technology to drive operating efficiencies.

在家庭解決方案中，我們繼續致力於為急性和慢性疾病患者提供和支持舒適的家庭護理。為了滿足日益增長的家庭醫療保健需求，我們正在投資擴大網路容量、產品範圍和新技術，以提高營運效率。

We recently announced plans for a new distribution center to be built in Texas with increased capacity, advanced automation technology and robotics within the facility. And our previously announced 350,000 square foot facility being built in South Carolina is on track to open this calendar year.

我們最近宣布計劃在德克薩斯州建造一個新的配送中心，增加設施內的容量、先進的自動化技術和機器人技術。我們先前宣佈在南卡羅來納州建造的 35 萬平方英尺的工廠預計將於今年開業。

In OptiFreight Logistics, we're continuing to invest in digital tools to enable health care supply chain leaders to better manage their shipping spend and support the core volume growth in our business. We've launched new offerings to give our customers more supply chain visibility, and we are receiving great feedback. For example, we now have more than 1,000 health care providers leveraging our TotalVue Insights platform to gain valuable insights on their operations.

在 OptiFreight Logistics 中，我們將繼續投資數位工具，使醫療保健供應鏈領導者能夠更好地管理其運輸支出並支持我們業務的核心銷售成長。我們推出了新產品，為客戶提供更多供應鏈可見性，並且我們收到了很好的回饋。例如，現在有超過 1,000 家醫療保健提供者利用我們的 TotalVue Insights 平台來獲取有關其營運的寶貴見解。

In Nuclear and Precision Health Solutions, we're continuing to see above-market growth in both our core business and Theranostics, as we're a premier partner of choice due to our strong core foundation and differentiation with pharmaceutical manufacturers looking for commercialization success of their future radiopharmaceutical portfolios.

在核能和精準健康解決方案方面，我們的核心業務和治療診斷學繼續實現高於市場的成長，因為我們憑藉強大的核心基礎和與尋求商業化成功的製藥製造商的差異化而成為首選合作夥伴.他們未來的放射性藥物組合。

For example, in Theranostics, prostate cancer radiodiagnostics are important tools for health care providers to assess and properly treat the disease. We saw meaningful year-over-year revenue growth in the first half of fiscal '24 from the ramp-up in demand of these diagnostics.

例如，在治療診斷學中，前列腺癌放射診斷是醫療保健提供者評估和正確治療疾病的重要工具。由於這些診斷需求的增加，我們在 24 財年上半年看到了顯著的年收入成長。

From a pipeline perspective, we're investing to expand our center for Theranostics advancement, with demand from pharmaceutical manufacturer partners currently oversubscribed.

從管道的角度來看，我們正在投資擴大我們的治療診斷學進步中心，目前製藥製造商合作夥伴的需求已經超額認購。

And we're investing to expand the capabilities and resiliency of our PET manufacturing network to enable portfolio diversification and accommodate growth from the increasing demand for PET agents. This is driven by trends such as an aging population, cancer prevalence, emerging Alzheimer's therapy availability and reimbursement and increasing clinical trial needs.

我們正在投資擴大 PET 製造網路的能力和彈性，以實現產品組合多元化，並適應 PET 試劑不斷增長的需求帶來的成長。這是由人口老化、癌症盛行率、阿茲海默症治療的可用性和報銷以及不斷增加的臨床試驗需求等趨勢所推動的。

Finally, priority #4, maximizing shareholder value creation. We're continuing to maximize shareholder value creation through our improved operational performance, robust cash flow and responsible allocation of capital. As Aaron noted, our robust cash flow generation is not only driving benefits below the operating line, it is enabling our opportunistic capital deployment, with additional share repurchases in the quarter beyond our baseline plan and our ability to pursue value-creating M&A in specialty.

最後，優先事項#4，最大化股東價值創造。我們將繼續透過改善營運績效、強勁的現金流和負責任的資本配置來最大限度地創造股東價值。正如亞倫指出的那樣，我們強勁的現金流生成不僅將效益推向營業線以下，而且使我們能夠進行機會主義資本部署，本季度將進行超出我們基準計劃的額外股票回購，並增強我們在專業領域追求創造價值的併購的能力。

We remain well positioned with the financial flexibility to continue opportunistically evaluating disciplined M&A, not only in Specialty, but in our other growth areas and potential additional share repurchases.

我們仍然保持良好的財務靈活性，可以繼續機會主義地評估嚴格的併購，不僅在專業領域，而且在我們的其他成長領域和潛在的額外股票回購領域。

With our recent conclusions on our business and portfolio review, we do not have further updates this share today, but plan to keep you apprised of our progress.

根據我們最近對業務和投資組合審查的結論，我們今天沒有進一步更新本次分享，但計劃讓您隨時了解我們的進展。

To close, we had a strong first half of the year and are excited about the many initiatives underway to build upon our momentum. I would like to thank our highly engaged and talented team for driving our progress and prioritizing our customers as we fulfill our critical role as health care's most trusted partner.

最後，我們度過了強勁的上半年，並對正在進行的許多旨在鞏固我們勢頭的舉措感到興奮。我要感謝我們高度敬業且才華橫溢的團隊，在我們履行作為醫療保健最值得信賴的合作夥伴的關鍵角色時，他們推動了我們的進步並優先考慮我們的客戶。

With that, we will take your questions.

這樣，我們將回答您的問題。

(Operator Instructions) Our very first question is coming from Stephanie Davis calling from Barclays.

（操作員說明）我們的第一個問題是來自巴克萊銀行的史蒂芬妮戴維斯（Stephanie Davis）打來的電話。

Jason, you already shared a lot of color around the acquisition, but I was hoping you could dig in just a little bit further on Specialty Networks' mix and capabilities just given the higher margin nature of both GPO and Analytics Solutions.

Jason，您已經分享了許多有關收購的內容，但考慮到 GPO 和分析解決方案的利潤率較高，我希望您能進一步深入了解 Specialty Networks 的組合和功能。

And then just following up, given the pipeline that you mentioned, I was hoping you could share some thoughts on hurdle rates for future deals as that becomes a bigger part of the story.

然後，考慮到您提到的管道，我希望您能分享一些關於未來交易最低門檻利率的想法，因為這將成為故事的重要組成部分。

That's great. Stephanie, yes, we're really excited about Specialty Networks. And I love how you asked the question, Stephanie, because it's -- there's a lot that goes into this business, and we love all of it, whether it's the GPO or the analytics and technology behind it.

那太棒了。史蒂芬妮，是的，我們對專業網絡感到非常興奮。我喜歡你提出這個問題的方式，史蒂芬妮，因為這個行業涉及很多東西，我們喜歡這一切，無論是 GPO 還是背後的分析和技術。

Specifically, PPS Analytics is something we thought was really special, not just in terms of how this team has created this capability for their original primary business of urology, but then how they've extended into other therapeutic areas. And we felt we could learn from that further and use that technology across potentially other therapeutic areas beyond the 3 that they're in today. So that was really exciting to us, and it's certainly a key part of the value.

具體來說，我們認為 PPS Analytics 非常特別，不僅在於團隊如何為其最初的泌尿科主要業務創建此功能，還在於他們如何擴展到其他治療領域。我們認為我們可以從中進一步學習，並將該技術應用於除目前的 3 個治療領域之外的其他潛在治療領域。所以這對我們來說真的很令人興奮，這當然是價值的關鍵部分。

So we definitely attributed good value to that technology and where we believe that can go. And not only was that good for our business, but importantly, we see that technology is really solving a lot of customer, both provider and manufacturer, challenges and ultimately giving a much better solutions to the end patient.

因此，我們肯定認為該技術具有良好的價值，並且我們相信它可以發展。這不僅對我們的業務有利，而且重要的是，我們看到技術確實解決了許多客戶（包括供應商和製造商）的挑戰，並最終為最終患者提供了更好的解決方案。

So it's a win-win across the industry and one that plugs in nicely to our strategy and to be -- throughout the specialty space. So we feel great about that.

因此，這是整個行業的雙贏，並且很好地融入了我們的策略和整個專業領域。所以我們對此感覺很好。

And I certainly don't want to miss that we are also, through this transaction, acquiring a fantastic leadership team. That will plug in very nicely to our own existing team. And so it's a culture that I think will work very well together. And we've had a fantastic, very quick process.

我當然不想錯過，透過這筆交易，我們還獲得了一支出色的領導團隊。這將非常適合我們現有的團隊。因此，我認為這是一種可以很好地協同工作的文化。我們有一個非常棒、非常快速的過程。

We known Specialty Networks for quite a while, but from the point that we started talking about a possible tie-up, we went from the beginning to the end, of course, doing deep and thorough diligence. But nonetheless, knowing the business well, so that we could quickly understand the value for us.

我們了解 Specialty Networks 已經有一段時間了，但從我們開始談論可能的合作開始，我們從頭到尾，當然都進行了深入而徹底的調查。但儘管如此，對業務的了解使我們能夠快速了解對我們的價值。

As it relates to your second question on hurdle rates, I'm not sure exactly which part of the business you're referring to. But generally speaking, I think no matter what part of our business we're talking about, it's a competitive and stable type of environment, so I'm not normally going to go deeper into that anyways.

由於它涉及你關於最低門檻利率的第二個問題，我不確定你到底指的是業務的哪一部分。但總的來說，我認為無論我們談論的是我們業務的哪一部分，這都是一個競爭激烈且穩定的環境，所以我通常不會深入探討這一點。

But generally speaking, we're not really calling out anything from an overall market perspective today. Regardless of what our business we're talking about, utilization continues to be quite good and predictable. So we're in a nice environment for ongoing growth, both organically as well as then able to look opportunistically at transactions like this.

但總的來說，我們今天並沒有真正從整體市場的角度提出任何建議。無論我們談論什麼業務，利用率仍然非常好且可預測。因此，我們處於一個持續成長的良好環境中，既可以有機地成長，也可以機會主義地看待這樣的交易。

Probably worth noting that it is a profitable business today. And as Jason highlighted, we do intend to invest in the business early on to expand the scope of what they are doing across not only their own initiatives, but our initiatives within specialty as well.

也許值得注意的是，今天它是一項有利可圖的業務。正如傑森所強調的那樣，我們確實打算儘早投資該業務，以擴大他們正在做的事情的範圍，不僅涵蓋他們自己的舉措，還包括我們在專業領域的舉措。

Ladies and gentlemen, our next question today is going to be coming from Lisa Gill calling from JPMorgan.

女士們、先生們，我們今天的下一個問題將來自摩根大通的麗莎·吉爾 (Lisa Gill)。

Just really wanted to ask two things, Jason. One, on the strategic side as we think about your core Medical business. One, do you still feel a commitment to that business going forward?

只是真的想問兩件事，傑森。第一，在策略方面，我們考慮您的核心醫療業務。第一，您仍然對未來的業務有信心嗎？

And then secondly, as we think about the shift and the new reporting structure, it does look like you're taking down the margin on the core business. Is there something that's either changing and the time line of the turnaround? Is there something else that's shifting competitively or incremental costs? If you could just help us understand that.

其次，當我們考慮這種轉變和新的報告結構時，看起來你確實在降低核心業務的利潤。是否有什麼正在改變以及週轉的時間線？是否有其他因素正在改變競爭或增加成本？如果你能幫助我們理解這一點就好了。

Sure, Lisa. Very clear here. No, there's no change in our commitment to this business. It has been there from the very beginning and continues to be. As I highlighted from the first moment when we talk about Medical in the context of the business and portfolio review, our #1 priority has always been and continues to be turning the business around.

當然，麗莎。這裡非常清楚。不會，我們對這項業務的承諾沒有改變。它從一開始就存在，並將繼續存在。正如我從我們在業務和投資組合審查的背景下談論醫療的第一刻起就強調的那樣，我們的第一要務始終是並將繼續是扭轉業務。

Everything that we are working on has been in service of, first of all, the 5-point plan to drive Cardinal Health brand volumes to mitigate inflation and drive additional value through simplification and cost reductions. That message and the progress we've made is entirely consistent with that. The core operational performance of the business is exactly how we've laid it out.

我們所做的一切工作首先是為了推動康德樂品牌銷售的 5 點計劃，以減輕通貨膨脹並透過簡化和降低成本來推動附加價值。這項訊息以及我們所取得的進展與此完全一致。業務的核心營運績效正是我們所闡述的。

So the only update that we've had today were in recognition of some of those nonrecurring items. But the plan in the fiscal year '26 aggregate targets that we're going after are absolutely unchanged to this resegmentation.

因此，我們今天唯一的更新是對其中一些非經常性項目的認可。但我們所追求的 26 財年總體目標計畫對於這種重新劃分絕對沒有改變。

We did have to bucket -- the Medical improvement plan into the various buckets because we did have the growth businesses that were a component of that, but that was just moving the pieces. The pieces are absolutely unchanged, and the overall aggregate profitability in that long-term plan is absolutely unchanged. And our commitment is absolutely unchanged to this business. And I'm really excited about the progress that the team is making in service of all those tools.

我們確實必須將醫療改進計劃放入各個桶中，因為我們確實擁有成長業務，這是其中的一部分，但這只是移動各個部分。這些部分絕對沒有改變，長期計劃中的整體總獲利能力也絕對沒有改變。我們對這項業務的承諾絕對沒有改變。我對團隊在所有這些工具的服務中所取得的進展感到非常興奮。

And our next question will be coming from Elizabeth Anderson calling from Evercore ISI.

我們的下一個問題將由來自 Evercore ISI 的 Elizabeth Anderson 打來。

I had two sort of maybe more financial questions going forward. Can you talk to us about sort of the interest expense? Obviously, you had a pretty big step down. Just wanted to understand that in terms of that and your sort of ongoing thoughts on the capital structure.

未來我還有兩類可能更多的財務問題。您能和我們談談利息支出嗎？顯然，你已經邁出了很大的一步。只是想了解這一點以及您對資本結構的持續想法。

And can you also talk about why the free -- about the free cash flow improvement? That was nice to see that step-up in the quarter as well in terms of the guidance.

您還能談談為什麼自由現金流改善嗎？很高興看到本季以及指導方面的進步。

We're happy to offer some perspective. We're quite pleased with the below-the-line results, of course, for the quarter. I'm going to start with the fact that, as we announced, we ended the quarter with $4.6 billion of cash on hand. And of course, that's driven by the strong cash generation, which was the end part of your question.

我們很樂意提供一些觀點。當然，我們對本季的線下業績非常滿意。首先，正如我們宣布的那樣，本季末我們手頭上有 46 億美元的現金。當然，這是由強勁的現金產生推動的，這是你問題的最後部分。

If you think back to our Investor Day, we had highlighted that further optimization of our cash flow position was something we were focused on doing, and the team has delivered against those efforts internally and generated strong cash flow in the first half for the business, thus the balance.

如果你回想一下我們的投資者日，我們強調，進一步優化我們的現金流狀況是我們專注於做的事情，並且團隊在內部完成了這些努力，並在上半年為業務產生了強勁的現金流，從而達到平衡。

Of course, the knock-on consequence of that is where we have more cash on hand. Particularly in the higher interest rate environment, which we've been operating, we'll get a higher return, right? And we have indeed benefited from a greater rate of return on the larger cash balances that we've had in place.

當然，隨之而來的連鎖反應是我們手上有更多現金。特別是在我們一直在操作的高利率環境下，我們會得到更高的回報，對嗎？我們確實受益於我們所擁有的更多現金餘額的更高回報率。

It's also the case that there is some geography within our statement because deferred comp was a positive for us below the line. That's an offsetting negative above the line in the quarter as well. And so it's really the aggregation of those 3 things -- or those several things, which led to the results for the quarter.

我們的聲明中也存在一些地理因素，因為遞延補償對我們的線下有利。這也是本季線上方抵銷的負面影響。因此，實際上是這三件事或幾件事的匯總，導致了本季的業績。

And you asked about the financing as well, and I should be clear on a couple of things just as we think about our models going forward. We do have maturities coming in June and November. We're assessing what our opportunities are there. Nothing to announce today in that respect, but we will address that at some point as we carry forward.

你也問到了融資問題，當我們考慮未來的模式時，我應該要明確一些事情。我們確實有六月和十一月到期的債券。我們正在評估我們的機會。今天在這方面沒有什麼可宣布的，但我們將在推進過程中的某個時候解決這個問題。

And it is also the case that our cash balances fluctuate seasonally in the back half as well. And so we wouldn't expect the high balance to remain where it is just given the seasonal demands on the business.

我們的現金餘額在下半年也會有季節性波動。因此，考慮到業務的季節性需求，我們預計高餘額不會保持在原來的水平。

Our next question is coming from Mr. Eric Percher of Nephron Research.

我們的下一個問題來自 Nephron Research 的 Eric Percher 先生。

On the Medical side, it's hard to see through the onetime items, so I want to ask what you can give us on the nature of those onetime items, what the trajectory looked like, excluding one-timers in the quarter and any views on the exit trajectory for the year and kind of going from $140 million first half to $240 million second half, how you're pacing relative to that.

在醫療方面，很難看透一次性項目，所以我想問一下您可以向我們提供有關這些一次性項目的性質的信息，軌跡是什麼樣的，不包括本季度的一次性項目以及對這些一次性項目的任何看法。今年的退出軌跡，從上半年的 1.4 億美元到下半年的 2.4 億美元，你相對於此的節奏如何。

Thank you. We were really encouraged by the underlying performance in Q2 of the Medical business. Just to restate the results here, the Q2 results were consistent with the expectations we communicated several weeks ago at the JPMorgan Conference and generally consistent with Q1, despite some of those adjustments that we took in the quarter.

謝謝。我們對醫療業務第二季的基本表現感到非常鼓舞。在此重申結果，第二季度的結果與我們幾週前在摩根大通會議上傳達的預期一致，並且與第一季基本一致，儘管我們在本季度進行了一些調整。

I want to emphasize, as you move away from the adjustments that we took, the underlying elements of the medical improvement plan, they're on track, right? We -- you heard some of my prepared remarks relative to our progress against the mitigation of inflation and how our cost structure is building.

我想強調的是，當你放棄我們所採取的調整時，醫療改善計畫的基本要素，它們就步入正軌了，對嗎？我們——你們聽到了我準備好的一些言論，涉及我們在緩解通膨方面取得的進展以及我們的成本結構如何建構。

The benefits of these actions we've taken will benefit our cost structure in the back half of the year. You heard us announce that we had revenue growth for the first time in 2 years in the quarter as well, and we were pleased with the Cardinal Health brand growth that comes with that. And the team continues to execute against the simplification initiatives that have been core part of the medical improvement plan all along. So I'm going to go back to where I started, which is we were quite pleased with the operational performance in the quarter.

我們採取的這些行動的好處將有利於我們今年下半年的成本結構。您聽到我們宣布，該季度的營收也出現了兩年來的首次成長，我們對隨之而來的康德樂品牌成長感到滿意。該團隊繼續執行簡化舉措，這些舉措一直是醫療改進計劃的核心部分。所以我要回到我開始的地方，那就是我們對本季的營運表現非常滿意。

I also want to point out that from a guidance perspective, while we updated the guidance for the year to reflect the nonrecurring -- the relative impact of the nonrecurring adjustments, that was the sum change of the guidance to reflect that, which is behind us, not that which is ahead.

我還想指出，從指導的角度來看，雖然我們更新了今年的指導以反映非經常性調整的相對影響，但這是指導的總變化以反映這一點，這是我們身後的，而不是前面的內容。

And if you think through how we have guided Medical for the year all along, there's always been a very back-half focused trajectory for our guidance here for the year, and that remains unchanged, along with how pleased we are with the core operational performance.

如果你仔細想想我們今年如何指導醫療部門，你會發現我們今年的指導總是有一個非常集中的後半段軌跡，而且這一點保持不變，以及我們對核心營運績效的滿意程度。

Yes. If I could just add. When you think about that first half, second half cadence and why we still anticipate the same step-up in the second half versus the first half, there's a couple of key points.

是的。如果我可以添加的話。當你思考上半場、下半場的節奏以及為什麼我們仍然預計下半場與上半場相比會有同樣的進步時，有幾個關鍵點。

First of all, inflation mitigation. This is one where it's a significant part of that, combined with Cardinal Health brand volume growth, which I'll get to in a moment. But on inflation mitigation, there's, of course, 2 elements. There's the cost side and then there's a price side. In both cases, we have very good line of sight.

首先，緩解通膨。這是其中的重要組成部分，再加上康德樂品牌銷售的成長，我稍後會談到這一點。但在緩解通膨方面，當然有兩個要素。有成本方面，然後有價格方面。在這兩種情況下，我們都有很好的視線。

On the cost side, as we've talked really for quite a while now, it's been international freight. And that -- while we have a little bit of noise with the Red Sea, it is largely as anticipated, so -- and that cost is already on our balance sheet and is rolling through as expected, especially given our volumes have been as expected. So we have a very high line of sight and confidence that the cost is going to continue to step down in the second half of the year.

在成本方面，正如我們已經談論了很長一段時間的那樣，它是國際貨運。雖然我們與紅海有一些噪音，但基本上符合預期，因此，該成本已經計入我們的資產負債表上，並且正在按預期滾動，特別是考慮到我們的銷量符合預期。因此，我們對下半年成本將持續下降充滿信心。

And then on the pricing side, as we talked before, there's always the contract rolling -- roll-through that we then update the pricing on. We do have a little bit more at the beginning of the calendar year of some of those price adjustments. So January being behind us, we have really good line of sight to the pricing side as well.

然後在定價方面，正如我們之前談到的，總是有合約滾動——滾動，然後我們更新定價。我們在年初確實進行了一些價格調整。因此，一月份已經過去，我們對定價方面也有很好的了解。

So there's some time now for the next couple of quarters needed to get that to roll through our income statement. But the actions now are largely behind us, as it relates to inflation mitigation. We've always had confidence we would get to this stage, but we're now at this stage and have even more confidence actually seeing it start to come through in the second half of the year.

因此，接下來的幾季需要一些時間才能將其納入我們的損益表中。但現在的行動基本上已經過去了，因為它與緩解通膨有關。我們一直有信心到達這個階段，但我們現在正處於這個階段，並且更有信心看到它在今年下半年開始實現。

Now the other component is the Cardinal Health brand volume. Part of that's going to be market driven and the market volume, that utilization continues to be quite good. And what was exciting about the second quarter is seeing that further inflection and actually participating in that market growth really for the first time at the extent of what the market is growing.

現在另一個組成部分是康德樂品牌量。部分原因將是市場驅動和市場容量，利用率仍然相當不錯。第二季令人興奮的是看到進一步的轉折點，並第一次真正以市場成長的程度真正參與市場成長。

So that gives us a much greater confidence that we'll continue to see that growth and that step-up as we get over the course of the year. But there are some variables like the market itself. That will always be an impact here, good or bad, that we will continue to monitor and track. So those are the key points that would get us from the first half to the second half.

因此，這給了我們更大的信心，我們將在這一年中繼續看到這種成長和進步。但也存在一些變數，例如市場本身。無論好壞，這始終會產生影響，我們將繼續監控和追蹤。這些是我們從上半場到下半場的關鍵點。

Eric, it's probably worth offering one additional point in perspective. We're not reporting on the new segment structure this quarter. That will follow in Q3, but we can offer the observation that the GMPD core part of the Medical business has operated at near breakeven levels in the first half of fiscal '24.

埃里克，可能值得提供一個額外的觀點。我們本季不會報告新的部門結構。這將在第三季發生，但我們可以觀察到，醫療業務的 GMPD 核心部分在 24 財年上半年的營運水準接近盈虧平衡。

And I offer you that in contrast with where they were from a fiscal '23 perspective and where we're going from an overall guidance perspective. We view that as a key sign of positive progress.

我向您提供的資訊與 23 財年的情況以及我們從整體指導角度的發展方向進行了對比。我們認為這是積極進展的關鍵指標。

Our next question is going to be coming from Erin Wright of Morgan Stanley.

我們的下一個問題將來自摩根士丹利的艾琳·賴特。

Great. On the drug pricing front, you do continue to mention generics as a key driver. Are you still seeing that easing deflationary dynamics that others have noted, too? And how material is that for you?

偉大的。在藥品定價方面，您確實繼續提到仿製藥是關鍵驅動因素。您是否仍然看到其他人也注意到的緩解通貨緊縮動態？這對你來說有多重要？

And also how sustainable is it? What are some of the key drivers that you're looking at there? And how are you thinking about that for the balance of the year as well as we think about the quarterly cadence here for that U.S. -- or for the Pharma segment, particularly with the COVID dynamics, too?

它的可持續性如何？您正在尋找哪些關鍵驅動因素？您如何看待今年剩下的時間以及我們如何看待美國或製藥業的季度節奏，特別是在新冠疫情的動態下？

Appreciate the question. One of the things we called out in commenting on the strong quarter that our Pharma business had was that the continued consistent market dynamics within the generic space, matched with volume -- strong volume was a reason for -- one of the reasons for success during the business.

感謝這個問題。在評論我們的製藥業務強勁的季度時，我們指出的一件事是，仿製藥領域內持續一致的市場動態，與銷量相匹配——強勁的銷量是一個原因——這是我們在這一時期取得成功的原因之一。這生意。

We often talk about the 2 sides of the equation being in balance. And indeed, that's what we continue to see within our generic business, and that is indeed a core component of our guidance for Pharma as we carry forward.

我們經常談論等式兩側的平衡。事實上，這就是我們在仿製藥業務中繼續看到的情況，這確實是我們前進過程中製藥指導的核心組成部分。

One last reminder, I do want to remind that last quarter, we actually took our Pharma guidance up from a profit perspective to 7% to 9%. Thank you.

最後提醒一下，我確實想提醒一下，上個季度，我們實際上從利潤角度將製藥指導提高到了 7% 至 9%。謝謝。

We'll now move to Allen Lutz calling from Bank of America.

我們現在接聽美國銀行的 Allen Lutz 電話。

Can you talk about growth of SG&A in the quarter? You flagged incremental investments in the business and higher selling costs. Can you unpack exactly what those expenses are? And then how should we think about SG&A growth for the remainder of the year?

能談談本季 SG&A 的成長嗎？您指出了業務的增量投資和更高的銷售成本。能具體分析一下這些費用是多少嗎？那麼我們該如何考慮今年剩餘時間的銷售、管理及行政費用 (SG&A) 成長呢？

Happy to offer some perspective. We were pleased in the quarter to actually achieve operating leverage with gross profit growing faster than SG&A. SG&A did grow. Of course, volume also grew. And so the primary component of our increase in cost was tied to the variable cost of serving higher volumes.

很高興提供一些觀點。我們很高興本季真正實現了營運槓桿，毛利成長速度快於銷售、管理及行政費用。 SG&A 確實成長了。當然，成交量也有所成長。因此，我們成本增加的主要部分與服務更高數量的變動成本有關。

It is also the case though that, as Jason has highlighted in his strategic remarks, we are investing against our business. And some of the SG&A growth was purposeful, relative to the investments we're making in places like Navista and other elements of our growth plans.

不過，正如傑森在他的策略演講中所強調的那樣，我們正在針對我們的業務進行投資。相對於我們在 Navista 等地方以及我們成長計畫的其他部分進行的投資，一些 SG&A 成長是有目的的。

I will end with the fact that we are very focused on SG&A as a whole, and the team continues to look for further opportunities as we have in prior years to optimize our cost structure.

最後我想說的是，我們非常關注整體的銷售、管理和管理費用，並且團隊將像前幾年一樣繼續尋找進一步的機會來優化我們的成本結構。

We'll now move to Kevin Caliendo of UBS.

現在請瑞銀集團的 Kevin Caliendo 發言。

I have two. Can you give us an update on the progress of the United contract renewal timing? Any updates you have there?

我有兩個。您能否向我們介紹一下曼聯續約時間的最新進展？你那裡有什麼更新嗎？

And just to follow up on that SG&A question. Was there purposeful investments made when you saw sort of upside from interest and other things in SG&A in the quarter? I'm just trying to -- I'm trying to quantify how much was in the original plan versus maybe how much is incremental given some of the upside that you saw below the line.

只是為了跟進 SG&A 問題。當您看到本季 SG&A 的利息和其他方面的上升趨勢時，是否進行了有目的的投資？我只是想——我想量化原始計劃中有多少，以及考慮到你在線下看到的一些好處，可能有多少增量。

Yes. Sure. I'll touch on both points here. There's no updates with the Optum contract that goes through this fiscal year. And as I highlighted before, they are a great customer of ours, longstanding customer, one that brings a lot of innovation to health care and one that we've worked very hard over the years to attempt to exceed their expectations, and we think we're doing a great job of that. And we'd love to keep working with them, of course.

是的。當然。我將在這裡談談這兩點。本財年的 Optum 合約沒有任何更新。正如我之前強調的，他們是我們的偉大客戶，長期客戶，為醫療保健帶來了很多創新，多年來我們一直在努力超越他們的期望，我們認為我們在這方面做得很好。當然，我們很樂意繼續與他們合作。

Now I do get a lot of questions around the order of magnitude of this, and I'm not going to go into details. But just a couple of points given the number of questions I've received is we have disclosed in the past, and I think it comes through in every K, just the order of magnitude.

現在我確實收到了很多關於這個數量級的問題，我不打算詳細介紹。但鑑於我收到的問題數量是我們過去披露的，我認為它在每個 K 中都得到了解決，只是數量級。

So last year, they were over a $30 billion customer of ours. And I see a lot of people attempting to try to model out impacts and things of that nature. And just a couple of things that I'm not sure it's real clear about the scope of business we have with them today. It is a -- the majority of the revenue we have with them is through our base PD business, and a lot of that is mail order volume. So what you have here are the typical markers of a large customer, PD majority and mail order. So those are all markers of lower-than-average margin type of business.

去年，他們是我們價值超過 300 億美元的客戶。我看到很多人試圖模擬這種性質的影響和事物。有幾件事我不確定我們今天與他們的業務範圍是否真的清楚。我們與他們的大部分收入都是透過我們的基礎 PD 業務獲得的，其中很大一部分是郵購量。所以這裡有大客戶、PD 多數和郵購的典型標記。因此，這些都是利潤率低於平均水平的業務類型的標誌。

And so we do have other business with them, of course, too. They are very large and have a lot of breadth into various parts of the industry. But for us, those tend to be a little bit of the overweight of how we support them.

當然，我們也與他們有其他業務。它們規模很大，涉足行業的各個領域。但對我們來說，這些往往有點過度支持他們。

As it relates to the SG&A, I -- the only thing I would say is, no, it's not like that. What we do is we look at the capabilities and the necessities needed, both short term and long term. Short term is going to be on volume and making sure we can support our customers in getting that strong volume growth across the enterprise in place.

由於它與 SG&A 相關，我 - 我唯一想說的是，不，事情不是那樣的。我們所做的是著眼於短期和長期所需的能力和必需品。短期內我們將專注於銷量，並確保我們能夠支援客戶在整個企業內實現強勁的銷售成長。

We are then looking to balance that with longer-term investments, whether it's the Navista network we've called out before as investments. But we also have others that we went through during Investor Day and have had a number of updates even today.

然後，我們希望透過長期投資來平衡這一點，無論是我們之前稱為投資的 Navista 網路。但我們在投資者日期間也經歷過其他事情，甚至在今天也有一些更新。

Within our at-Home business, we have 3 new facilities that we're bringing online over the course of the next year or 2. Within the Medical Distribution, 3 facilities I talked about today. We have on the Pharma side the consumer health new logistics center. So -- and I also made some comments around some of the IT capabilities within Pharma, some of the e-commerce and InteLogix capability.

在我們的家庭業務中，我們有 3 個新設施，我們將在未來一兩年內上線。在醫療配送領域，我今天談到了 3 個設施。我們在製藥方面擁有消費者健康新物流中心。因此，我還圍繞著 Pharma 內部的一些 IT 功能、一些電子商務和 InteLogix 功能發表了一些評論。

So we are investing where it makes sense efficiently, very well aligned to our strategy. And these are not investments that you can just turn on and off. So it's something that we're going to invest as appropriate, but only what we have to do as well. We want to take away waste and invest it where there's growth is the key objective.

因此，我們正在有效地進行有意義的投資，並且非常符合我們的策略。這些投資並不是你可以隨意開啟和關閉的。因此，我們將酌情進行投資，但也只是我們必須做的事情。我們希望消除浪費，並將其投資於以成長為關鍵目標的領域。

For those working on their models, it's probably worth pointing out that with respect to the Q2 profitability in the business, it was the case that last year, we called out unusual strength in the overall Pharma demand, particularly from large customers as well as a very strong cough, cold and flu season. So as you're looking at your comparisons, keep that in mind.

對於那些研究模型的人來說，可能值得指出的是，就該業務第二季度的盈利能力而言，去年的情況是，我們指出了整體製藥需求的異常強勁，特別是來自大客戶以及小型企業的需求。非常強烈的咳嗽、感冒和流感季節。因此，當您進行比較時，請記住這一點。

(Operator Instructions) We'll now move to Mr. George Hill of Deutsche Bank.

（操作員指示）我們現在請德意志銀行的喬治·希爾先生發言。

Yes. Jason and Aaron, and forgive me if I kind of missed this or if you guys talked through this already. But as it relates to the planned restatement of the other segment, it looks like the growth in the near term is coming in, but termed kind of the long-term targets, which I kind of wonder if you could address kind of or disaggregate in which segments -- which subsegments you're seeing with softness relative to the long-term expectations for the balance of the year or this year versus what you think kind of accelerates coming out and kind of closes the gap in the longer-term guidance.

是的。 Jason 和 Aaron，如果我錯過了這一點或你們已經討論過這一點，請原諒我。但由於它與其他部分的計劃重述有關，看起來短期內的增長正在到來，但被稱為長期目標，我想知道你是否可以解決或分解這些目標相對於今年或今年餘下的長期預期，您認為哪些細分市場表現疲軟，而您認為哪些細分市場會加速出現，並在一定程度上縮小了長期指導的差距。

The businesses that report through other for us going forward will be our at-Home business, our Nuclear and Precision Health business and our OptiFreight business. Those are what we have traditionally called our growth businesses as part of other segments. And indeed, over the long term, we expect the CAGR on their collective growth to be 8% to 10%.

未來透過其他業務向我們報告的業務將是我們的家庭業務、我們的核與精準健康業務以及我們的 OptiFreight 業務。這些就是我們傳統上所說的成長業務，作為其他細分市場的一部分。事實上，從長遠來看，我們預計其集體成長的複合年增長率為 8% 至 10%。

The disconnect you're referencing, which is the 6% to 8% in fiscal '24, is only driven by the -- the impact of the nonrecurring adjustments from Q2 on the at-Home business that we referenced a couple of weeks ago as we talked about our expectations for Q2.

您所提到的脫節，即 24 財年的 6% 至 8%，僅是由第二季度的非經常性調整對在家業務的影響所驅動的，我們幾週前提到的我們討論了對第二季度的預期。

Each of the businesses contribute to the revenue and profit growth for other and for us as we carry forward. In our earlier disclosures, I think you can get pretty close, we disclosed the revenue of the individual pieces. And indeed, we've talked about Nuclear doubling its profit off of its fiscal '21 baseline by fiscal '26 as well, I believe. And so you can -- you're able to get to that component of other through that.

隨著我們的發展，每項業務都為其他業務和我們的收入和利潤成長做出了貢獻。在我們之前的披露中，我認為您可以非常接近，我們披露了各個部分的收入。事實上，我相信，我們已經討論過，到 26 財年，核電公司的利潤也將在 21 財年基線的基礎上翻一番。所以你可以——你能夠通過它到達其他的那個組成部分。

We will now take Stephen Baxter of Wells Fargo.

現在我們以富國銀行的史蒂芬‧巴克斯特為例。

A couple of quick ones. On COVID vaccine commercial channel, I think last quarter, you kind of indicated or implied that the contribution was around $25 million. I was hoping you could update us on what the performance was this quarter and whether you factor anything in for the balance of the year.

幾個快速的。在新冠疫苗商業管道上，我認為上個季度，你們暗示或暗示捐款約為 2500 萬美元。我希望您能向我們介紹本季的業績情況以及您是否在今年剩餘時間內考慮了任何因素。

And then just to try one more time on the nonrecurring medical adjustments. Can you just tell us on the $20 million? What does that actually represent in terms of the underlying accounting and your business activity?

然後再嘗試一次一次性的醫療調整。能告訴我們2000萬美元的情況嗎？就基礎會計和您的業務活動而言，這實際上代表什麼？

Yes. So for the vaccines, just kind of walk through the last couple of quarters, and that will give you a flavor of the benefits and the trends and such. So as we -- when we talked last quarter, we've highlighted in Q1 with the FDA approval at the beginning of September, we were staged to hit the ground running, and we had fairly significant volume in that first quarter.

是的。因此，對於疫苗，只需回顧過去幾個季度，您就會了解疫苗的好處和趨勢等。因此，當我們在上個季度談論時，我們在第一季強調了 FDA 在 9 月初的批准，我們準備開始運行，並且我們在第一季的銷量相當大。

But as anticipated, we indicated at that point that we would expect it to peak within Q2. And so we expected higher volume, higher contribution in Q2 versus Q1. And that was because we saw October as the largest month within that season. And then as expected, we saw that wind down over the course of November and December. Still seeing some level of volume in Q3, but I would expect it to be quite insignificant compared to what we saw in Q1 and then Q2.

但正如預期的那樣，我們當時表示，我們預計將在第二季達到高峰。因此，我們預計第二季與第一季相比會有更高的銷售量和更高的貢獻。那是因為我們認為十月是那個季節中最大的月份。然後，正如預期的那樣，我們看到這種情況在 11 月和 12 月期間逐漸減弱。第三季仍然看到一定程度的交易量，但我預計與我們在第一季和第二季看到的情況相比，它是相當微不足道的。

Overall, I think the key message is that this is consistent with our expectations. As Aaron highlighted in his comments already, we had multiple drivers of growth for the Pharma segment in the second quarter. It was strength with the generics program. Within brand, it was COVID driving that component. And then we have these investments and primarily the cost to serve a partial offset to those other 2 drivers. So overall, we feel good about the overall health of the business and the contribution of COVID within it.

總的來說，我認為關鍵訊息是這符合我們的預期。正如亞倫在評論中所強調的那樣，第二季度我們的製藥業務有多種成長動力。這是仿製藥計劃的優勢。在品牌內部，正是新冠疫情推動了這個要素。然後我們有這些投資，主要是部分抵銷其他兩個驅動因素的成本。總體而言，我們對業務的整體健康狀況以及新冠肺炎疫情的貢獻感到滿意。

Aaron, I don't know if...

阿龍，我不知道...

Yes. With respect to the nonrecurring adjustments, we previewed this back at the JPMorgan Conference and when we updated our commentary around the Medical business. And our comment then is our comment now, which is as we have continued to dig deep across the portfolio, we've taken a decision to take some nonrecurring adjustments, which -- the majority of which hit the at-Home business, which now reports -- or will report as part of other in Q3 as well as a component hitting the WaveMark business, which is part of the new GMPD business.

是的。關於一次性調整，我們在摩根大通會議上以及更新有關醫療業務的評論時對此進行了預覽。我們當時的評論就是我們現在的評論，即隨著我們繼續深入挖掘投資組合，我們決定進行一些非經常性調整，其中大部分涉及家庭業務，現在報告——或將作為第三季度其他報告的一部分以及影響WaveMark 業務的組成部分進行報告，該業務是新GMPD 業務的一部分。

So if you read through the update to our guidance for the year where we moved from approximately $400 million to approximately $380 million driven by the impact of the nonrecurring adjustments, you can reach your own conclusions as to the relative quantification and the distribution given those comments.

因此，如果您仔細閱讀了我們當年指引的更新，在非經常性調整的影響下，我們從約 4 億美元增至約 3.8 億美元，您可以根據這些評論得出關於相對量化和分佈的結論。

Our next question is coming from Charles Rhyee of TD Cowen.

我們的下一個問題來自 TD Cowen 的 Charles Rhyee。

Just wanted to follow up on Allen's question there on the vaccine impact. I understand you're saying that kind of you expected it to peak in the December quarter. Would you say that the contribution, though, from vaccine was higher than in the first quarter given that you had still 3 months overall?

只是想跟進艾倫關於疫苗影響的問題。我理解您的意思是您預計它會在 12 月季度達到頂峰。不過，考慮到總共還有 3 個月的時間，您是否會說疫苗的貢獻高於第一季？

And if we look at that relative to what you had expected, the higher costs that you incurred, did you use that to fund those kind of investments? Just wanted to get a sense on relative contribution.

如果我們相對於您的預期來看，您產生的成本較高，您是否使用它來為此類投資提供資金？只是想了解相對貢獻。

Yes. As I highlighted, October was the peak month. And since we only had a partial September, it is clearly higher in Q2 than in Q1. We did have November, December contributions as well. But it really tailed off by the time we got to the end of the quarter, and that's why you would expect it to be very little.

是的。正如我所強調的，十月是高峰月份。由於我們只經歷了部分 9 月，因此第二季明顯高於第一季。我們也有 11 月和 12 月的捐款。但到本季末時，它確實有所減少，這就是為什麼你會認為它會很小。

It's just typical for vaccines in general, so there's nothing worth seeing there. And again, I think the way you asked the question around the funding of investments, I'll just go back to my prior answer to that question.

這只是一般疫苗的典型現象，所以沒有什麼值得一看的。再說一遍，我認為按照您提出有關投資融資問題的方式，我將回到我之前對該問題的回答。

There were costs associated with the vaccine rollout. As you can imagine, that's a lot of volume to ramp up for really 2 months' worth of support. Our team did a fantastic job working with the manufacturers and our customers to play that role when we were not involved in the vaccine discretion before for COVID.

疫苗的推出會產生相關成本。正如您可以想像的那樣，要獲得真正 2 個月的支持，需要增加大量的數量。我們的團隊在與製造商和客戶合作方面做得非常出色，在我們之前沒有參與新冠疫苗的決策時，我們發揮了這一作用。

So I feel very good about our role, and we did have to incur costs associated with the ramp-up and ramp-down in such a short period of time. But that was not necessarily used as currency to fund other programs. Those programs are important strategically and all very consistent with the plans and the actions and the forecast we've laid out here.

因此，我對我們的角色感覺非常好，而且我們確實必須在如此短的時間內承擔與增加和減少相關的成本。但這不一定是用來作為資助其他項目的貨幣。這些計劃具有重要的戰略意義，並且都與我們在此制定的計劃、行動和預測非常一致。

So there's no changes as it relates to how we're approaching these both short-term requirements as well as long-term investments.

因此，沒有任何變化，因為這與我們如何滿足短期需求和長期投資有關。

Probably worth emphasizing that Jason's point is that September and October were the high points for -- in COVID for us from a distribution perspective, quickly tailing off thereafter.

也許值得強調的是，傑森的觀點是，從分佈的角度來看，九月和十月是新冠疫情的高峰期，但此後迅速下降。

And our last question today were coming from Mr. Daniel Grosslight of Citi.

今天我們的最後一個問題來自花旗集團的 Daniel Grosslight 先生。

I wanted to just go back quickly to the Medical profitability question and confirm one thing. That $20 million onetime item, that was wholly kind of concentrated this quarter. So without that, the Medical profitability would have been around $90 million.

我想快速回到醫療盈利問題並確認一件事。價值 2000 萬美元的一次性項目完全集中在本季。因此，如果沒有這個，Medical 的獲利能力將約為 9,000 萬美元。

And then on your commentary around shipping rates coming down and benefiting you and the volatility in the Red Sea. If you look at the China to West Coast shipping rates, they have spiked materially in January. So I'm wondering how -- I guess, a couple of things there.

然後是關於您對運費下降並使您受益以及紅海波動的評論。如果你看看從中國到西海岸的運費，你會發現一月份的運費大幅上漲。所以我想知道如何——我想，有幾件事。

One, how that may kind of roll through your contracts? And then given that you capitalize those costs and then expense it over 2 to 3 quarters post those costs being capitalized, how that might impact the cadence of your medical improvement plan in fiscal '25?

第一，這會如何延續你的合約？然後，考慮到您將這些成本資本化，然後在這些成本資本化後的 2 到 3 個季度內將其支出，這可能會如何影響您在 25 財年的醫療改善計劃的節奏？

Start with the first half of that question. You are thinking about things correctly. I'll go back and emphasize, we were really pleased with the operational performance of the business. And given that we've adjusted our yearly guidance just to reflect the impact of the nonrecurring adjustments in Q2, your conclusion on the math would be reasonable.

從該問題的前半部分開始。你正在正確地思考事情。我會回去強調，我們對公司的營運績效非常滿意。鑑於我們調整了年度指導只是為了反映第二季非經常性調整的影響，您的數學結論是合理的。

Yes. On the second component, you are correct that shipping rates have spiked. I think the word we used was materially and how I would characterize it is, yes, that's accurate, but substantially less materially than where they were in the past.

是的。關於第二個組成部分，您認為運費飆升是正確的。我認為我們使用的詞是物質性的，我會如何描述它，是的，這是準確的，但實質上比過去要少得多。

So the order of magnitude we're talking about is vastly smaller. It is also something that we do not believe that, that will be the permanent level. Yes, we have more flexibility in our contracts, and that will continue to be a lever and a component that we'll be evaluating, determining on whether -- how permanent these are or not.

所以我們談論的數量級要小得多。這也是我們不相信的，那將是永久的水平。是的，我們的合約有更大的靈活性，這將繼續成為我們將評估的槓桿和組成部分，以確定這些合約是否持久。

I would also say that our maturity, our capability within this space has substantially improved as well, as we've invested in the underlying processes and procedures to manage through these types of -- that type of volatility. So overall, we feel very good about where we stand and generally don't see this being as a material item. But we'll continue to watch it closely.

我還想說，我們的成熟度以及我們在這一領域的能力也得到了顯著提高，因為我們投資了基礎流程和程序來管理這些類型的波動。總的來說，我們對自己的立場感覺非常好，通常不認為這是一個物質項目。但我們將繼續密切關注。

Ladies and gentlemen, that will conclude today's Q&A session. I'd like to turn the call back over to Mr. Jason Hollar for any additional or closing remarks.

女士們先生們，今天的問答環節到此結束。我想將電話轉給 Jason Hollar 先生，請他發表補充或結束語。

Yes. Thanks, everyone, for joining us this morning. We're clearly excited about the momentum that we have in our business, both the shorter-term operational elements that we've talked a lot about today, but also about the longer-term strategy.

是的。謝謝大家今天早上加入我們。我們顯然對我們業務的勢頭感到興奮，既包括我們今天討論過的短期營運要素，也包括長期策略。

With the announcement of Specialty Networks this week, it just highlights that we're looking and acting, both short term and long term, and are really excited about the opportunities still in front of us. So thanks again for joining us today, and have a great day.

隨著本週專業網絡的宣布，它凸顯了我們正在尋找並採取行動，無論是短期還是長期，並且對仍然擺在我們面前的機會感到非常興奮。再次感謝您今天加入我們，祝您有美好的一天。

Ladies and gentlemen, that will conclude today's conference. Thank for your attendance. You may now disconnect. Good day, and goodbye.

女士們、先生們，今天的會議到此結束。感謝您的出席。您現在可以斷開連線。美好的一天，再見。