Cencora Inc (COR) 2024 Q3 法說會逐字稿

Good morning, and good afternoon, ladies and gentlemen. Welcome to the Cencora Q3 Earnings Call. My name is [Jacquetta]. I will be your moderator for today's call. [Operator Instructions] I would now like to pass the conference over to your host, Bennett Murphy, Senior Vice President, Head of Investor Relations and Treasury. Bennett, please go ahead.

早安，下午好，女士們先生們。歡迎參加 Cencora 第三季財報電話會議。我的名字是[雅克塔]。我將擔任今天電話會議的主持人。[操作員指示] 我現在想將會議轉交給東道主貝內特·墨菲 (Bennett Murphy)，他是高級副總裁、投資者關係和財務部主管。貝內特，請繼續。

Thank you. Good morning, good afternoon, and thank you all for joining us for this conference call to discuss Cencora's fiscal 2024 third quarter Results. I am Bennett Murphy, Senior Vice President, Head of Investor Relations and Treasury.

謝謝。早安，下午好，感謝大家參加本次電話會議，討論 Cencora 2024 財年第三季業績。我是貝內特‧墨菲 (Bennett Murphy)，資深副總裁兼投資者關係與財務主管。

Joining me today are Steven Collis, Chairman, President and CEO; Jim Cleary, Executive Vice President and CFO; and Bob Mauch, Executive Vice President and COO.

今天與我一起出席的有董事長、總裁兼執行長史蒂文‧科利斯 (Steven Collis)； Jim Cleary，執行副總裁兼財務長；以及執行副總裁兼營運長 Bob Mauch。

On today's call, we will be discussing non-GAAP financial measures. Reconciliations of these measures to GAAP are provided in today's press release, which is available on our website at investor.cencora.com. We've also posted a slide presentation to accompany today's press release on our investor website.

在今天的電話會議上，我們將討論非公認會計準則財務指標。今天的新聞稿中提供了這些措施與 GAAP 的對賬，該新聞稿可在我們的網站 Investor.cencora.com 上取得。我們還在投資者網站上發布了幻燈片演示文稿，以配合今天的新聞稿。

During this conference call, we will make forward-looking statements about our business and financial expectations on an adjusted non-GAAP basis, including, but not limited to, EPS, operating income and income taxes.

在本次電話會議期間，我們將在調整後的非公認會計準則基礎上就我們的業務和財務預期做出前瞻性陳述，包括但不限於每股收益、營業收入和所得稅。

Forward-looking statements are based on management's current expectations and are subject to uncertainty and change. For a discussion of key risks and assumptions, we refer you to today's press release and our SEC filings, including our most recent 10-Q.

前瞻性陳述是基於管理階層目前的預期，並可能受到不確定性和變化的影響。有關關鍵風險和假設的討論，我們建議您參閱今天的新聞稿和我們向 SEC 提交的文件，包括我們最近的 10-Q 報告。

Cencora assumes no obligation to update any forward-looking statements, and this call cannot be broadcast without the express permission of the company. You have an opportunity to ask questions after today's remarks by management. We ask you to limit your questions to one per participant in order for us to get to as many participants as possible within the hour.

Cencora 不承擔更新任何前瞻性聲明的義務，未經本公司明確許可不得廣播本次電話會議。在管理層今天的演講之後，您有機會提問。我們要求您將問題限制為每個參與者一個，以便我們在一小時內接觸到盡可能多的參與者。

With that, I will turn the call over to Steve.

這樣，我會將電話轉給史蒂夫。

Thank you, Bennett. Good morning, and good afternoon to everyone on the call. As I prepared for this, my 53rd and last earnings call as Cencora's CEO, I look back at my prepared remarks from my first ever earnings call as CEO.

謝謝你，貝內特。各位與會者早安，下午好。當我準備好擔任 Cencora 執行長的第 53 次也是最後一次財報電話會議時，我回顧了我作為執行長第一次財報電話會議時準備的講話。

On that call, 13 years ago, I highlighted that it was the first time the company had eclipsed the $20 billion revenue mark for a quarter, and the company reported $0.66 in diluted earnings per share. Fast forward to today, and Cencora is proudly reporting quarterly revenue of over $74 billion and adjusted diluted EPS of $3.34, representing year-over-year growth of 11% and 14%, respectively. Further, we are pleased to be raising our full year outlook as Cencora continues to execute well against our pharmaceutical-centric strategy.

13 年前的一次電話會議上，我強調，這是該公司首次季度營收突破 200 億美元大關，公司公佈的稀釋每股收益為 0.66 美元。快進到今天，Cencora 自豪地報告季度收入超過 740 億美元，調整後稀釋後每股收益為 3.34 美元，年比分別增長 11% 和 14%。此外，我們很高興上調全年展望，因為 Cencora 繼續良好地執行我們以製藥為中心的策略。

The health care landscape continues to rapidly evolve, and our strategic position as a global leader in health care coupled with the agility and expertise of our teams, places us at the forefront of innovation. We continue to leverage our commercial strength to capitalize on the opportunities presented by positive pharmaceutical trends and innovation to drive increased value for our customers, partners and shareholders.

醫療保健領域持續快速發展，我們作為醫療保健領域全球領導者的策略地位，加上團隊的敏捷性和專業知識，使我們處於創新的前沿。我們繼續利用我們的商業實力，利用積極的製藥趨勢和創新帶來的機會，為我們的客戶、合作夥伴和股東帶來更高的價值。

Cencora's differentiated footprint and robust suite of services makes us a partner of choice, providing integrated solutions to support pharmaceutical commercialization and access.

Cencora 的差異化足跡和強大的服務套件使我們成為首選合作夥伴，提供整合解決方案來支援藥品商業化和取得。

Our teams collaborate cross-functionally, creating a seamless process to efficiently bring new products to market. We remain differentiated in the market by our comprehensive approach which leverages expertise developed from our position at the center of health care and our deep collaboration.

我們的團隊跨職能協作，創造無縫流程，有效率地將新產品推向市場。我們透過全面的方法在市場中保持差異化，該方法利用了我們在醫療保健中心的地位和我們的深度合作所累積的專業知識。

As an example, Cencora is serving as an integrated launch partner to a biopharma company launching their products outside the US. Cencora is supporting both market access and efficient distribution to ensure providers and ultimately, the patients have reliable access to the novel therapy.

例如，Cencora 是一家生物製藥公司在美國境外推出其產品的綜合發布合作夥伴。Cencora 支援市場准入和有效分銷，以確保提供者以及最終患者能夠可靠地獲得新療法。

Partnerships like this exemplify how our holistic pharmaceutical solutions are providing value to our pharma partners and serve as a testament to how our diverse capabilities allow us to capture opportunity to drive innovation and access throughout the industry.

像這樣的合作夥伴關係體現了我們的整體製藥解決方案如何為我們的製藥合作夥伴提供價值，並證明了我們的多元化能力如何使我們能夠抓住機會推動整個行業的創新和准入。

Many of these innovations are increasingly complex, which creates challenges to access and opportunities for Cencora to differentiate ourselves as a partner. This quarter, we continued our ThinkLive trade show series by hosting a 2-day Cell and Gene Therapy conference, with leaders across the biopharmaceutical and health care industry came together to share a range of perspectives on the developments and challenges throughout the developing market.

其中許多創新變得越來越複雜，這給 Cencora 帶來了准入挑戰，也為 Cencora 帶來了讓自己作為合作夥伴脫穎而出的機會。本季度，我們繼續舉辦ThinkLive 貿易展系列，舉辦了為期2 天的細胞和基因治療會議，生物製藥和醫療保健行業的領導者齊聚一堂，就整個發展中市場的發展和挑戰分享了一系列觀點。

By hosting events like this, we foster collaborative relationships and effective strategies that enable the launch of groundbreaking therapies and reduce barriers to patient access.

透過舉辦這樣的活動，我們促進了合作關係和有效的策略，從而能夠推出突破性的療法並減少患者獲得治療的障礙。

On the provider side, just last week, we also hosted our annual ThoughtSpot Pharmacy trade show and conference in collaboration with our Good Neighbor Pharmacy network of independent customers. Our ThoughtSpot conference provides thousands of community pharmacists with the opportunity to connect with peers, attend educational sessions on the latest development and technologies and celebrate the positive impact community pharmacies have as trusted health care providers.

在供應商方面，就在上週，我們也與我們的獨立客戶 Good Neighbor Pharmacy 網路合作舉辦了年度 ThoughtSpot Pharmacy 貿易展和會議。我們的 ThoughtSpot 會議為數千名社區藥劑師提供了與同行交流的機會，參加有關最新發展和技術的教育課程，並慶祝社區藥房作為值得信賴的醫療保健提供者所產生的積極影響。

We truly believe that by bringing our customers together, we help advance the health care landscape and promote a deeper collaboration across our teams.

我們堅信，透過將客戶聚集在一起，我們可以幫助推動醫療保健領域的發展，並促進我們團隊之間更深入的合作。

Independent pharmacies play a vital role in promoting access to health care in their local communities, and we are proud that Good Neighbor Pharmacy ranked number 1 in customer satisfaction among chain drugstore pharmacies in J.D. Power's US Pharmacy study for the eighth consecutive year in a row.

獨立藥局在促進當地社區獲得醫療保健方面發揮著至關重要的作用，我們感到自豪的是，在J.D. Power 的美國藥房研究中，Good Neighbor Pharmacy 連續第八年在連鎖藥局藥局中的客戶滿意度排名第一。

The Good Neighbor Pharmacy network is clearly made up of leaders providing differentiated services for patients across the country. Forging deep strategic partnerships with market-leading customers is a strategic imperative and key differentiator for Cencora.

好鄰居藥房網路顯然由為全國患者提供差異化服務的領導者組成。與市場領先的客戶建立深厚的策略夥伴關係是 Cencora 的策略要務和關鍵差異化因素。

Through these relationships, we better understand the challenges our customers are facing, which allows us to strengthen our services and solutions, driving mutual value and growing better together.

透過這些關係，我們更了解客戶面臨的挑戰，這使我們能夠加強我們的服務和解決方案，推動共同價值並一起成長。

As we work to enhance our customer experience, one area of particular focus has been evolving how we leverage innovative technology and analytics to enhance our efficiency and effectiveness. This is important for continuing to improve our day-to-day operations and also finding new and creative ways to analyze and grow their business actionable data Cencora can harness.

在我們努力增強客戶體驗的同時，我們特別關注的一個領域是不斷發展我們如何利用創新技術和分析來提高我們的效率和效益。這對於繼續改進我們的日常營運以及尋找新的創意方法來分析和成長 Cencora 可以利用的業務可操作資料非常重要。

These strategic relationships with customers also allow us to capture areas of opportunity in rapidly advancing sectors of the market. I am particularly proud of our specialty distribution and services offering.

這些與客戶的策略關係也使我們能夠在快速發展的市場領域中抓住機會。我對我們的專業分銷和服務感到特別自豪。

For close to 3 decades, we have been a leader and innovator in this space. Importantly, we continue to make forward-thinking investments that position us to capitalize on addressing the complexities these products pose in handling and distribution and connect us with downstream providers where we are positioned to equip practices with offerings that advance the strength of their business.

近 3 年來，我們一直是該領域的領導者和創新者。重要的是，我們繼續進行前瞻性投資，使我們能夠利用解決這些產品在處理和分銷中帶來的複雜性，並將我們與下游供應商聯繫起來，我們能夠為實踐提供可提升其業務實力的產品。

As specialty continues to grow across all therapeutic areas, we are able to expand and develop the partnerships we have with customers, furthering our leading market position. Our leadership in specialty remains a key tenant of our long-term growth and strategy. We make forward-thinking investments in our infrastructure and emerging technologies to position Cencora as the best partner to address our customers' current and future needs.

隨著所有治療領域的專業不斷發展，我們能夠擴大和發展與客戶的合作夥伴關係，進一步鞏固我們的領先市場地位。我們在專業領域的領先地位仍然是我們長期成長和策略的關鍵。我們對基礎設施和新興技術進行前瞻性投資，使 Cencora 成為滿足客戶當前和未來需求的最佳合作夥伴。

The value we create throughout the supply chain and for our shareholders is driven by our global team members and their commitment to our purpose. Our team members execute at the impressive level they do because of our purpose-driven culture, which promotes different perspectives and points of view.

我們在整個供應鏈以及為股東創造的價值是由我們的全球團隊成員及其對目標的承諾所推動的。我們的團隊成員之所以能取得令人印象深刻的執行水平，是因為我們以目標為導向的文化促進了不同的觀點和觀點。

In June, we celebrated our team members that identify as a part of the LGBTQ+ community by hosting a global pride celebration and events throughout the month, in recognition of our commitment to fostering an inclusive and supportive workplace for all our team members.

6 月，我們透過在整個月舉辦全球驕傲慶祝活動和活動來慶祝我們的團隊成員被認定為 LGBTQ+ 社群的一部分，以表彰我們致力於為所有團隊成員打造一個包容性和支持性工作場所的承諾。

We are also proud to have been recognized as the Best Place to Work for Disability Inclusion by Disability:IN for a second consecutive year. Our leaders are dedicated to fostering a working community and culture that celebrates and embraces our team members as the authentic self, which includes providing a safe and inclusive working environment for all as our talent's engagement and commitment to our purpose drives our business resiliency and long-term strategic growth.

我們也很自豪連續第二年被《Disability:IN》評為「殘障包容最佳工作場所」。我們的領導者致力於培養一個工作社區和文化，慶祝和擁抱我們的團隊成員作為真實的自我，其中包括為所有人提供一個安全和包容的工作環境，因為我們的人才對我們目標的參與和承諾推動了我們的業務彈性和長期發展。

Cencora continues to efficiently adapt to industry changes, operate and draw on our business synergies and execute across the geographies we serve, which results in our continued growth and resiliency. Our team members' diligence and passion for our purpose is inspiring and is fundamental to our success.

Cencora 繼續有效地適應行業變化，營運和利用我們的業務協同效應，並在我們服務的地區執行任務，從而實現我們的持續成長和彈性。我們的團隊成員對目標的勤奮和熱情令人鼓舞，也是我們成功的基礎。

With that, I will now hand the call over to Bob, our incoming CEO effective October 1. Bob?

現在，我將把電話轉交給我們即將上任的執行長鮑伯 (Bob)，他將於 10 月 1 日生效。鮑伯？

Thank you, Steve. As I continue to prepare to transition to CEO in October, I'm focused on speaking to and learning from our team members and our customers. In my conversations with customers, I reinforced the value of Cencora's strategy, leadership and expertise, and how we are investing and innovating to be the partner that they need now and into the future.

謝謝你，史蒂夫。當我繼續準備十月擔任執行長時，我專注於與我們的團隊成員和客戶交談並向他們學習。在與客戶的對話中，我強調了 Cencora 的策略、領導力和專業知識的價值，以及我們如何投資和創新，成為他們現在和未來所需的合作夥伴。

And working closely with leaders in health care across every channel, prioritizing customer-centric solutions, maintaining a learning mindset and embracing our enterprise-powered capabilities, we differentiate ourselves as partners, grow together and anticipate advancements throughout health care.

透過與各個管道的醫療保健領域的領導者密切合作，優先考慮以客戶為中心的解決方案，保持學習心態並擁抱我們的企業驅動能力，我們作為合作夥伴脫穎而出，共同成長並預測整個醫療保健領域的進步。

Our team members are motivated by the important work we do, the collective strength of our business and the collaboration we enjoy across our company. The culture and pride of our team members having their work drive our purpose as we create healthier futures, and our success is a direct reflection of our team's pursuit of operational excellence.

我們所做的重要工作、我們業務的集體力量以及我們整個公司的協作都激勵著我們的團隊成員。我們團隊成員的文化和自豪感推動著我們創造更健康的未來的目標，而我們的成功直接反映了我們團隊對卓越營運的追求。

We championed the diverse perspectives and backgrounds that our team members bring to the table, which enables us to take a thoughtful and creative approach to addressing industry challenges, enhancing the value we provide to customers, partners, shareholders and the broader health care industry.

我們倡導團隊成員帶來的多元化觀點和背景，這使我們能夠採取深思熟慮和創造性的方法來應對行業挑戰，提高我們為客戶、合作夥伴、股東和更廣泛的醫療保健行業提供的價值。

Looking forward, we will continue to execute against our pharmaceutical-centric strategy, driving efficiency through the supply chain and supporting the growth of innovative products through our higher-growth, higher-margin services.

展望未來，我們將繼續執行以製藥為中心的策略，透過供應鏈提高效率，並透過更高成長、更高利潤的服務來支持創新產品的成長。

In closing, I'm incredibly honored to have the opportunity to succeed Steve as Cencora's next CEO. Cencora's position in health care is a direct result of Steve's vision and next-minded approach in growing and advancing the depth and breadth of our services. And I want to take a moment to congratulate Steve by his incredible tenure and the mark he made on this company as well as our industry.

最後，我非常榮幸有機會接替 Steve 成為 Cencora 的下一任執行長。Cencora 在醫療保健領域的地位是 Steve 在發展和推進我們服務的深度和廣度方面的遠見和前瞻性方法的直接結果。我想花點時間祝賀史蒂夫令人難以置信的任期以及他為公司以及我們行業留下的印記。

Under Steve's leadership, Cencora has delivered tremendous growth and demonstrated our crucial role to stakeholders. Steve has led the company through major strategic decisions that position Cencora for long-term value creation, including customer partnerships with leading health care organizations, expanding our geographic footprint and the various services and solutions we provide, as well as successfully navigating significant national and global challenges, all while we remain committed to our purpose and supporting our team members.

在 Steve 的領導下，Cencora 實現了巨大的成長，並向利害關係人展示了我們的關鍵角色。Steve 帶領公司做出了重大策略決策，使Cencora 能夠創造長期價值，包括與領先的醫療保健組織建立客戶合作夥伴關係、擴大我們的地理覆蓋範圍以及我們提供的各種服務和解決方案，以及成功開拓重要的國內和全球市場挑戰，同時我們仍然致力於我們的目標並支持我們的團隊成員。

Thank you, Steve, for your service to Cencora and your unwavering commitment. I'm working closely with Steve to ensure a seamless transition, and I look forward to his continued leadership, partnership and guidance as he transitions to the role of Executive Chair.

史蒂夫，感謝您為 Cencora 提供的服務和堅定不移的承諾。我正在與史蒂夫密切合作，以確保無縫過渡，我期待他在過渡到執行主席職位時繼續發揮領導作用、合作夥伴關係和指導。

It's a privilege to work alongside Cencora's inspiring and passionate team members, and I look forward to building on our momentum as we are optimistic and excited about the future of Cencora and intend to keep up the track record of execution and performance.

能夠與 Cencora 鼓舞人心且充滿熱情的團隊成員一起工作是我的榮幸，我期待著繼續鞏固我們的勢頭，因為我們對 Cencora 的未來感到樂觀和興奮，並打算保持執行和績效的記錄。

I will now turn the call over to Jim for a review of our fiscal 2024 third quarter financial performance. Jim?

我現在將把電話轉給吉姆，要求他審查我們 2024 財年第三季的財務表現。吉姆？

Thanks, Bob. Good morning and good afternoon, everyone. Before I turn to a review of our consolidated third quarter results, as a reminder, my remarks will focus on our adjusted non-GAAP financial results unless otherwise stated. For a detailed discussion of our GAAP results, please refer to our earnings press release and presentation.

謝謝，鮑伯。大家早安，下午好。在我回顧我們的第三季綜合業績之前，提醒一下，除非另有說明，我的演講將重點放在我們調整後的非公認會計準則財務表現。有關我們的 GAAP 結果的詳細討論，請參閱我們的收益新聞稿和簡報。

Cencora delivered another strong performance in the third quarter as we continue to benefit from positive utilization trends, our leadership in specialty and the strong free cash flow generation of our business. As Steve mentioned, adjusted diluted EPS increased 14% to $3.34 as we benefited from strong results in the US Healthcare Solutions segment, lower net interest expense and a lower share count due in part to approximately $550 million in opportunistic share repurchases in the quarter as we continue to thoughtfully deploy capital and return value to shareholders.

Cencora 在第三季度再次表現強勁，我們繼續受益於積極的利用率趨勢、我們在專業領域的領先地位以及我們業務強勁的自由現金流生成。正如Steve 所提到的，調整後的攤薄每股收益增長14% 至3.34 美元，因為我們受益於美國醫療保健解決方案部門的強勁業績、較低的淨利息支出以及較低的股票數量，部分原因是本季約5.5 億美元的機會性股票回購，因為我們繼續深思熟慮地配置資本，為股東回報價值。

Beginning with our consolidated revenue in the quarter, we had $74.2 billion in revenue, up 11%, with continued growth in our distribution businesses, including increased sales of GLP-1 products, increased sales of specialty products to physician practices and health systems and growth in sales to some of our largest customers.

從本季的合併收入開始，我們的收入為 742 億美元，增長 11%，我們的分銷業務持續增長，包括 GLP-1 產品銷量的增加、向醫生診所和衛生系統的特種產品銷量的增加以及增長向我們一些最大的客戶進行銷售。

Our strong revenue growth was offset in part by the January 1 manufacturer price reductions in certain product classes. Sales of GLP-1 products in the quarter increased by $2.1 billion or 38% compared to prior year and increased 30% sequentially from the March quarter when there was a notable slowdown in growth due to supply constraints, which have clearly now subsided. Excluding GLP-1's consolidated revenue growth would have been approximately 8%.

我們強勁的營收成長部分被 1 月 1 日製造商對某些產品類別的降價所抵消。本季GLP-1 產品的銷售額與去年同期相比增加了21 億美元，即38%，與3 月份季度相比，環比增長了30%，當時由於供應限製而導致增長明顯放緩，但現在這種情況顯然已經消退。不包括 GLP-1 的綜合收入成長約為 8%。

Turning now to gross profit. Consolidated gross profit was $2.4 billion, up 6% compared to the prior year quarter. Consolidated gross profit margin was 3.19%, a decrease of 14 basis points compared to the prior year quarter as the reacceleration of low-margin GLP-1 product sales negatively impacts our gross profit margin.

現在轉向毛利。綜合毛利為 24 億美元，比去年同期成長 6%。綜合毛利率為 3.19%，比去年同期下降 14 個基點，因為低利潤 GLP-1 產品銷售的重新加速對我們的毛利率產生了負面影響。

Moving now to operating expenses. In the quarter, consolidated operating expenses were $1.5 billion, up 6% due to higher distribution, selling and administrative expenses to support revenue growth and lapping the efficiency actions we called out last year on our May earnings call.

現在轉向營運費用。本季度，綜合營運費用為 15 億美元，成長 6%，原因是為支持收入成長而增加的分銷、銷售和管理費用以及我們去年在 5 月財報電話會議上呼籲的效率行動。

Consolidated operating income was $878 million, an increase of 7% compared to the prior year quarter with strong growth in the US Healthcare Solutions segment, which I will discuss in more detail when reviewing the segment level results.

合併營業收入為 8.78 億美元，比上年同期增長 7%，其中美國醫療保健解決方案部門強勁增長，我將在審查部門層面的業績時更詳細地討論這一點。

Moving now to our net interest expense and effective tax rate for the third quarter. Net interest expense was $31 million, a decrease of 46% year-over-year as interest income increased as a result of particularly strong cash flow in the quarter, in part due to our successful unwinding of the extended payments program we launched in the March quarter to support our customers during the Change Healthcare outage. The combination of strong cash flow early in the quarter and higher investment rates compared to the prior year drove the significant decline in net interest expense year-over-year.

現在轉向第三季的淨利息支出和有效稅率。淨利息支出為 3,100 萬美元，年減 46%，因為本季現金流特別強勁，利息收入增加，部分原因是我們成功解除了 3 月份推出的延期付款計劃季度在Change Healthcare 中斷期間為我們的客戶提供支持。本季初強勁的現金流量和較上年同期較高的投資率共同推動淨利息支出較去年同期大幅下降。

Turning to income taxes. Our effective income tax rate was 21.0% compared to 21.5% in the prior year quarter. Finally, our diluted share count was 200 million shares, a 2% decrease compared to the prior year third quarter, primarily driven by opportunistic share repurchases.

轉向所得稅。我們的有效所得稅率為 21.0%，而去年同期為 21.5%。最後，我們的稀釋後股票數量為 2 億股，與去年第三季相比減少了 2%，這主要是由於機會性股票回購所致。

In fiscal 2024, we have repurchased almost $1 billion of our shares, including $700 million directly from Walgreens Boots Alliance. Regarding our cash balance and adjusted free cash flow, we ended the quarter with a cash balance of $3.3 billion and $2.3 billion of adjusted free cash flow as the $600 million impact from the Change Healthcare outage that I just spoke about reversed early in the third quarter.

2024 財年，我們回購了近 10 億美元的股票，其中包括直接從 Walgreens Boots Alliance 回購的 7 億美元。關於我們的現金餘額和調整後自由現金流，本季結束時，我們的現金餘額為33 億美元，調整後自由現金流為23 億美元，因為我剛才談到的Change Healthcare 中斷造成的6 億美元影響在第三季初得到了扭轉。

This completes the review of our consolidated results. Now I'll turn to our segment results for the third quarter. US Healthcare Solutions segment revenue was $67.2 billion, up 12%, reflecting strong script utilization trends including increased sales of GLP-1 products and specialty products to physicians and health systems.

這樣就完成了對我們綜合結果的檢視。現在我將談談第三季的部門業績。美國醫療保健解決方案部門營收為 672 億美元，成長 12%，反映出強勁的腳本使用趨勢，包括向醫生和衛生系統銷售 GLP-1 產品和特殊產品的銷售增加。

Excluding sales of GLP-1 products, segment revenue growth would have been approximately 10%. US Healthcare Solutions segment operating income increased 10% to $698 million as our specialty distribution business saw strong growth in both oncology and ophthalmology in addition to strong overall prescription volumes and biosimilar conversions.

不包括 GLP-1 產品的銷售，該部門收入成長約 10%。美國醫療保健解決方案部門的營業收入成長了 10%，達到 6.98 億美元，因為我們的專科分銷業務在腫瘤學和眼科領域均實現了強勁增長，此外，整體處方量和生物仿製藥轉換也強勁。

I will now turn to our International Healthcare Solutions segment. In the quarter, International Healthcare Solutions revenue was $7.1 billion, flat compared to prior year on an as-reported basis or up 6% on a constant currency basis.

我現在將談談我們的國際醫療保健解決方案部分。本季度，國際醫療保健解決方案營收為 71 億美元，按報告數據計算與去年持平，以固定匯率計算成長 6%。

International Healthcare Solutions operating income was $179 million, a decrease of 4% on an as-reported basis due to continuation of higher information technology expenses for our European distribution business and lower operating income at our global specialty logistics business as there were less international shipments and lower weights per shipment, all of which was partially offset by positive results at our Canadian business.

國際醫療保健解決方案營業收入為1.79 億美元，比報告的基礎下降4%，原因是我們的歐洲分銷業務的資訊技術費用持續增加，以及我們的全球專業物流業務的營業收入下降，因為國際貨運量減少，每批貨物的重量降低，所有這些都被我們加拿大業務的積極業績所部分抵消。

On a constant currency basis, International Healthcare Solutions segment operating income increased 1%. Our global specialty logistics business is starting to see some good early signs on the demand side and the business continues to invest to further differentiate its global strength in its complex high-touch market.

以固定匯率計算，國際醫療保健解決方案部門的營業收入成長了 1%。我們的全球專業物流業務開始在需求方面看到一些良好的早期跡象，並且該業務繼續投資，以進一步區分其在複雜的高接觸市場中的全球實力。

That completes a review of our segment level results. I will now discuss our updated fiscal 2024 guidance expectations. As a reminder, we do not provide forward-looking guidance on a GAAP basis so the following metrics are provided on an adjusted non-GAAP basis. I will also provide certain guidance metrics on a constant currency basis. I will start with updated adjusted diluted EPS guidance and then provide greater detail on the income statement items driving our improved earnings expectations.

對我們的細分級別結果的審核就完成了。我現在將討論我們更新的 2024 財年指導預期。提醒一下，我們不提供基於 GAAP 的前瞻性指導，因此以下指標是在調整後的非 GAAP 基礎上提供的。我還將在固定貨幣基礎上提供某些指導指標。我將從更新的調整後稀釋每股盈餘指引開始，然後提供有關推動我們改善獲利預期的損益表專案的更多詳細資訊。

Today, we are pleased to raise our fiscal 2024 EPS guidance for the fourth time this fiscal year. We now expect EPS to be in the range of $13.55 to $13.65, representing growth of 13% to 14%, up from our intra-period provided EPS guidance range of $13.35 to $13.55. Our updated guidance range reflects our expectation for continued growth in the US Healthcare Solutions segment, taper expectations in the International Healthcare Solutions segment and lower net interest expense expectations for the fiscal year.

今天，我們很高興本財年第四次提高 2024 財年每股收益指引。我們現在預計每股收益將在 13.55 美元至 13.65 美元之間，成長 13% 至 14%，高於我們提供的期內每股收益指引範圍 13.35 美元至 13.55 美元。我們更新的指導範圍反映了我們對美國醫療保健解決方案領域持續增長的預期、國際醫療保健解決方案領域逐漸減少的預期以及本財年較低的淨利息支出預期。

Beginning with revenue, we now expect both our as-reported and constant currency consolidated revenue growth to be approximately 12% from our previous guidance range of 10% to 12%, given our increased guidance in the US segment.

從收入開始，鑑於我們提高了美國市場的指導，我們現在預計我們的報告和固定貨幣合併收入增長率約為 12%，較之前的指導範圍 10% 至 12% 更高。

In the US Healthcare Solutions segment, we now expect segment level revenue growth of 12% to 13% from the previous range of 11% to 13%. In the International Healthcare Solutions segment, we now expect as-reported segment level revenue growth of 4% to 6% from the previous range of 4% to 7% and constant currency revenue growth of 7% to 9% from the previous range of 7% to 10%.

在美國醫療保健解決方案領域，我們目前預計該領域的收入將從先前的 11% 至 13% 增長 12% 至 13%。在國際醫療保健解決方案領域，我們現在預計，按報告所述的細分市場收入將從先前的4% 至7% 範圍內增長4% 至6%，恆定貨幣收入增長將從先前的7% 範圍內達7% 至9%。

Moving to adjusted operating income. We now expect our as-reported consolidated adjusted operating income growth to be in the range of 10% to 11% as we narrow our guidance from the previous range of 9% to 11%, and constant currency growth to be in the range of 11% to 12%, narrowed from the previous guidance range of 10% to 12%.

轉向調整後的營業收入。由於我們將先前的指導範圍從9% 縮小到11%，我們現在預計我們所報告的綜合調整後營業收入成長率將在10% 至11% 之間，而恆定貨幣成長率將在11% 的範圍內。

Updated guidance reflects expected continued growth toward the upper end of our previous guidance range in the US Healthcare Solutions segment and growth towards the lower end of our previous guidance ranges in the International Healthcare Solutions segment.

更新後的指引反映了美國醫療保健解決方案領域預計將繼續向我們先前的指引範圍的上限成長，以及國際醫療保健解決方案領域將朝著我們先前的指引範圍的下限成長。

In the US Healthcare Solutions segment, we now expect our segment-level adjusted operating income growth to be in the range of 11% to 12% from our previous range of 10% to 12% due to our continued strong growth expectations for the remainder of the fiscal year.

在美國醫療保健解決方案領域，由於我們對剩餘時間的持續強勁增長預期，我們現在預計我們的細分市場調整後營業收入增長將從先前的 10% 至 12% 增長至 11% 至 12%。年度。

As a reminder, in the fourth quarter, we will lap the prior year contribution of $0.08 from exclusive COVID therapy distribution and will also begin comparing to prior year quarters that had contributions from commercial COVID vaccines, which we expect to be comparable year-over-year.

提醒一下，在第四季度，我們將結束去年來自獨家新冠病毒治療分配的 0.08 美元貢獻，並將開始與去年各季度的商業新冠疫苗貢獻進行比較，我們預計這將與去年同期相當。

In the International Healthcare Solutions segment, we now expect our segment level adjusted operating income growth to be in the range of 5% to 7% from our previous range of 5% to 8%. On a constant currency basis, we now expect adjusted operating income growth to be in the range of 10% to 12% from our previous range of 10% to 13%. We are modestly narrowing our international operating income guidance range, bringing down the top end of the range due to our third quarter results in the segment and some softness in demand at PharmaLex.

在國際醫療保健解決方案領域，我們現在預計經部門調整後的營業收入成長將從先前的 5% 至 8% 成長至 5% 至 7%。在固定匯率基礎上，我們現在預計調整後的營業收入成長率將從先前的 10% 至 13% 調整至 10% 至 12%。由於我們第三季的業績以及 PharmaLex 的需求疲軟，我們正在小幅縮小國際營業收入指導範圍，降低該範圍的上限。

Moving now to net interest expense and share count. We now expect our net interest expense to be in the range of $170 million to $190 million, down from our previous range of $185 million to $215 million driven by our better-than-expected free cash flow.

現在轉向淨利息支出和股份數量。由於自由現金流優於預期，我們現在預期淨利息支出將在 1.7 億至 1.9 億美元之間，低於先前的 1.85 億至 2.15 億美元。

For weighted average shares outstanding, we now expect our full year count to be under 201 million shares as a result of our opportunistic share repurchases in the quarter. As you will recall, on May 22, we announced that we had completed $550 million in share repurchases in the month, including $400 million repurchased from Walgreens Boots Alliance, decreasing our weighted average diluted share count.

對於加權平均已發行股票，由於我們在本季度進行了機會性股票回購，我們現在預計全年的股票數量將低於 2.01 億股。您可能還記得，5 月 22 日，我們宣布當月完成了 5.5 億美元的股票回購，其中包括從 Walgreens Boots Alliance 回購的 4 億美元，從而減少了我們的加權平均稀釋股票數量。

Finally, turning to adjusted free cash flow, we now expect to generate $2.5 billion to $3 billion, up from our previous expectation of approximately $2.5 billion and adjusted free cash flow in the fiscal year given our strong free cash flow generation in the third quarter.

最後，談到調整後的自由現金流，鑑於第三季自由現金流的強勁生成，我們現在預計本財年將產生25 億至30 億美元的收入，高於我們先前對本財年約25 億美元和調整後自由現金流的預期。

That completes the review of our updated guidance for fiscal 2024. As we near the end of the fiscal year, I am proud of the strong results our purpose-driven team members have produced. The dedication and execution by our team members continue to drive our growth and enable us to deliver on our pharmaceutical-centric strategy. Cencora continues to demonstrate our ability to deliver long-term sustainable growth and create value for our customers, partners and all our stakeholders.

我們對 2024 財年更新指南的審核就此完成。隨著本財年即將結束，我為我們目標驅動的團隊成員所取得的強勁成果感到自豪。我們團隊成員的奉獻精神和執行力繼續推動我們的發展，並使我們能夠實現以製藥為中心的策略。Cencora 不斷證明我們有能力實現長期永續成長，並為我們的客戶、合作夥伴和所有利害關係人創造價值。

Before handing the call back over to Steve, I want to extend my congratulations once again to both him and Bob as our company is well positioned to continue creating value in the short and long term with the company's thoughtful leadership transition plan.

在將電話轉回史蒂夫之前，我想再次向他和鮑勃表示祝賀，因為我們公司已做好準備，透過公司深思熟慮的領導層過渡計劃繼續在短期和長期創造價值。

Cencora has benefited from having such a purpose-driven leader in Steve for well over a decade, and his vision for the company has created a strong foundation for value creation for our customers, partners and shareholders.

十多年來，Cencora 受益於史蒂夫這樣一位目標驅動的領導者，他對公司的願景為我們的客戶、合作夥伴和股東創造價值奠定了堅實的基礎。

Under Bob's leadership, we will continue to build on Cencora's momentum and commercial strengths and drive further value for our stakeholders on our path towards our purpose of creating healthier futures. Congratulations to both once again.

在 Bob 的領導下，我們將繼續鞏固 Cencora 的發展勢頭和商業優勢，並為我們的利害關係人創造更多價值，以實現創造更健康未來的目標。再次恭喜兩人。

Before turning the call back to Steve, I'm going to go through a little bit of historical data, which will take Steve by surprise. And during the 13 years that Steve has been CEO of Cencora, the revenue compound annual growth rate has been 11%, and the adjusted EPS compound annual growth rate has been 14%.

在將電話轉回給史蒂夫之前，我將瀏覽一些歷史數據，這會讓史蒂夫感到驚訝。而史蒂夫擔任Cencora執行長的13年間，營收複合年增長率為11%，調整後每股收益複合年增長率為14%。

And it's a little bit of a coincidence that those were actually the same growth rates we had this most recent quarter, 11% revenue growth and 14% adjusted EPS growth. And then also during the 13 years that Steve has been CEO, the company has had a TSR, total shareholder return CAGR of between 15% and 16%. So Steve, I thought I'd just go through that historical data, and now I'll turn it back over to you.

巧合的是，這些成長率實際上與我們最近一個季度的成長率相同，即 11% 的收入成長和 14% 的調整後每股盈餘成長。在史蒂夫擔任執行長的 13 年裡，公司的股東總回報率、股東總回報率複合年增長率在 15% 到 16% 之間。所以史蒂夫，我想我只是瀏覽一下歷史數據，現在我將把它轉回給你。

Thank you, Jim. You did take me by surprise. But with this being my final earnings call, I want to take a moment to thank our team members, our Board and our stakeholders for the opportunity to serve as Cencora's CEO these last 13 years.

謝謝你，吉姆。你確實讓我大吃一驚。但由於這是我最後一次財報電話會議，我想花點時間感謝我們的團隊成員、董事會和利益相關者在過去 13 年裡給我擔任 Cencora 執行長的機會。

In my first call as CEO, I highlighted that we would pursue opportunities to increase our value offering to existing customers, add to our strengths in core competencies and increase shareholder value. Throughout my tenure, we have delivered on that framework and grown significantly, operationally, geographically and financially. As we built upon our scale and expertise as a pharmaceutical distributor and leader in specialty by deepening and broadening our relationships upstream with pharma and advancing our solutions downstream with our provider customers.

在我擔任執行長的第一次電話會議中，我強調我們將尋求機會增加為現有客戶提供的價值，增強我們的核心競爭力並提高股東價值。在我的任期內，我們實現了這個框架，並在營運、地理和財務方面取得了顯著成長。我們透過深化和擴大我們與上游製藥公司的關係，並與供應商客戶一起推進我們的解決方案，建立了作為藥品分銷商和專業領導者的規模和專業知識。

We have advanced our core distribution capabilities through organic and inorganic growth opportunities, in turn, expanding our reach and providing more patients with the life-saving medications they need.

我們透過有機和無機成長機會提高了我們的核心分銷能力，反過來又擴大了我們的覆蓋範圍，為更多患者提供了他們所需的救生藥物。

Our leadership and capabilities in specialty makes Cencora a driving force in supporting access and intelligence for cutting-edge therapies. Cencora's demonstrated growth over the past decade plus speaks to the strength of our execution against our pharmaceutical-centric strategy.

我們的專業領導力和能力使 Cencora 成為支持尖端療法的獲取和情報的驅動力。Cencora 在過去十年中取得的成長證明了我們以製藥為中心的策略的執行力。

Our team's relentless focus has allowed us to continually capitalize on growth across health care and to be the partner of choice for both upstream biopharma and downstream providers. Cencora is strategically positioned at the center of health care, and as Bob steps into the role as CEO on October 1, the company will continue to build on our momentum, relationships and capabilities guided by his leadership to drive results and create value for all of our stakeholders. I have had the pleasure of working alongside Bob for almost 20 years, and I'm excited to see the future as we watch him lead Cencora.

我們團隊的不懈專注使我們能夠持續利用醫療保健領域的成長，並成為上游生物製藥和下游供應商的首選合作夥伴。Cencora 的策略定位是醫療保健中心，隨著 Bob 於 10 月 1 日就任首席執行官，公司將在他的領導下繼續發展我們的勢頭、關係和能力，以推動成果並為所有人創造價值。的利害關係人。我很高興與 Bob 一起工作近 20 年，當我們看到他領導 Cencora 時，我很高興看到未來。

Bob's deep understanding of all facets of pharmaceutical distribution, logistics and commercialization, experience leading all of our businesses during his tenure and his integral role in helping to shape our strategy over the years, makes him incredibly well equipped to be the company's third ever CEO. It has been an honor and a pleasure to be a part of the company's evolution, and I look forward to seeing how Cencora advances into the future.

鮑勃對藥品分銷、物流和商業化的各個方面都有深刻的了解，在他任職期間領導我們所有業務的經驗以及多年來在幫助制定我們的戰略方面發揮的不可或缺的作用，使他完全有能力成為公司的第三任執行長。能夠成為公司發展的一部分是我的榮幸和高興，我期待看到 Cencora 如何邁向未來。

The numbers that I talked about at the opening of the call would not have been possible without the enormous contribution of so many of my colleagues throughout my 30-year career with the company, and I'm sincerely grateful and humbled by their achievements and dedication to being united in our responsibility to create healthier futures.

如果沒有我在公司 30 年職業生涯中這麼多同事的巨大貢獻，我在電話會議開始時談到的這些數字是不可能實現的，我對他們的成就和奉獻表示衷心的感謝和謙卑團結一致，共同承擔創造更健康未來的責任。

With that, we will now move to Q&A. Operator?

現在，我們將進入問答環節。操作員？

(Operator Instructions).

（操作員說明）。

Lisa Gill from JPMorgan.

摩根大通的麗莎吉爾。

Congratulations, Steve. It's been great working with you for a number of years, and Bob, congrats to you as well. My question really is around how we think about things from here. Obviously, a great quarter, great last several years and also under your tenure, Steve. But as I think about '25, really two questions. One, Bob, any change in the philosophy of how you think about whether it's giving guidance to the Street, or any of the growth metrics? And then secondly, for you, Jim. I know usually here in the third quarter, you'll give us some headwinds and tailwinds and things to think about as we think about fiscal '25.

恭喜，史蒂夫。與您合作多年非常愉快，鮑勃，也祝賀您。我的問題實際上是我們如何思考這裡的事情。顯然，這是一個偉大的季度，過去幾年以及在你的任期內都很棒，史蒂夫。但當我想到 25 年時，確實有兩個問題。第一，鮑勃，您在思考是否為華爾街或任何成長指標提供指導的概念上有任何變化嗎？其次，對你來說，吉姆。我知道通常在第三季度，你會給我們一些逆風和順風以及我們在考慮 25 財年時需要考慮的事情。

Lisa, thank you for the kind words. When you think about going forward, it's -- I'll hit the strategy point first, and that kind of links to your question. I think Steve said this, but it's important to remember that Steve and I and the executive team have worked for over a long period of time on our strategy. And that's working as evidenced by our performance. And so you shouldn't expect any changes there. And that would include how we think about our going-forward guidance and projections, but I'll let Jim answer that.

麗莎，謝謝你的客氣話。當你考慮繼續前進時，我會先討論策略點，以及與你的問題的連結。我認為史蒂夫說過這句話，但重要的是要記住，史蒂夫和我以及執行團隊已經為我們的策略工作了很長一段時間。我們的表現證明了這一點正在發揮作用。所以你不應該指望那裡會發生任何變化。這將包括我們如何看待未來的指導和預測，但我會讓吉姆回答這個問題。

Sure. Great. Lisa, I'll answer the second part of your question. I'll start by saying that we'll provide comprehensive guidance at the end of our fiscal year after we've completed our year-end planning process. I'll also say that we do feel good about our long-term guidance that contemplates operating income growth of 5% to 8% and EPS growth of 8% to 12%. And you asked about puts and takes, items that would move us within a range include things like growth in specialty products to physicians and health systems and the growth rate in that important part of our business, continued positive utilization trends, of course, timing of capital deployment, including any timing, share repurchases.

當然。偉大的。麗莎，我來回答你問題的第二部分。首先我要說的是，我們將在完成年終規劃流程後在財政年度結束時提供全面的指導。我還要說，我們確實對我們的長期指導感到滿意，預計營業收入將增長 5% 至 8%，每股收益增長 8% 至 12%。您詢問了看跌期權，將使我們在一定範圍內移動的項目包括醫生和衛生系統的專業產品的增長以及我們業務的重要部分的增長率，持續的積極利用趨勢，當然，資本部署，包括任何時間、股票回購。

And then also one other thing for fiscal year '25 is comparison to the first season with commercial COVID vaccines. As you'll recall, in the first quarter of fiscal year '24, we sold a lot of commercial COVID vaccines, and we're preparing for that and look for the first quarter of 25%, but of course, it's hard to predict the absolute level.

然後，25 財年的另一件事是與商業新冠疫苗第一季的比較。您可能還記得，在 24 財年第一季度，我們售出了大量商業新冠疫苗，我們正在為此做好準備，預計第一季銷量將達到 25%，但當然，這很難預測絕對水準。

I'll finish by just saying that we've consistently delivered strong financial performance driven by our leading market positions and the continued execution by our team members, our pharmaceutical-centric foundation and our competitive position enables us to capitalize on market trends and continue to deliver solid results. So thanks a lot for the question, Lisa.

最後我只想說，在我們領先的市場地位和團隊成員的持續執行的推動下，我們始終如一地實現了強勁的財務業績，我們以製藥為中心的基礎和我們的競爭地位使我們能夠利用市場趨勢並持續取得紮實的成果。非常感謝麗莎提出這個問題。

Michael Cherny of Leerink Partners.

Leerink Partners 的邁克爾切爾尼。

Good morning, thanks for taking the question. And I'll echo Lisa's comments, Steve. It's been a pleasure. I know you're not going too far, but we'll certainly miss you on these calls, and welcome hearing from Bob more.

早上好，感謝您提出問題。我會回應麗莎的評論，史蒂夫。這是我的榮幸。我知道您不會走得太遠，但我們肯定會在這些電話中想念您，並歡迎收到鮑勃的更多消息。

Maybe just to kind of follow up a little bit on the second part of Lisa's question. As you think about the market today, you talked last quarter about some of the changes in list prices and how it impacted the quarterly results. You saw at least from a revenue basis in the US, a nice sequential uptick. Where do you see relative to where you'd expect?

也許只是為了跟進麗莎問題的第二部分。當您思考今天的市場時，您談到了上個季度標價的一些變化及其對季度業績的影響。至少從美國的收入基礎來看，您看到了連續的良好成長。相對於您預期的位置，您看到的位置在哪裡？

I mean, Jim, you mentioned the long-term trajectory, but where do you see the health of the markets today as you prepare to give us that full guidance? And in terms of what could be a positive, negative dynamic. Obviously, you have a lot of customers, some big, some small going through strategic changes. How does that factor into how you think about the trajectory going forward for your business?

我的意思是，吉姆，您提到了長期軌跡，但是當您準備向我們提供全面指導時，您如何看待當今市場的健康狀況？就可能是積極的、消極的動態而言。顯然，您有很多客戶，有些大，有些小，正在經歷策略變革。這對您如何看待您的業務未來發展軌跡有何影響？

Yes. I'll start out in talking about the overall health of the market. We continue to see very good utilization trends. We saw solid utilization trends in the quarter, which is something we've talked about for quite some time. Those include continued growth of GLP-1s, which, of course, drive top line but are minimally profitable on the bottom line.

是的。我將首先討論市場的整體健康狀況。我們繼續看到非常好的利用率趨勢。我們在本季度看到了穩固的利用率趨勢，這是我們已經討論了一段時間的事情。其中包括 GLP-1 的持續成長，這當然會推動營收成長，但利潤微乎其微。

But we are also seeing particularly strong sales of specialty products to physician practices and health systems that continue to outpace the broader market growth. And within specialty, we're seeing positive trends in both oncology and ophthalmology.

但我們也看到，醫生診所和衛生系統的特種產品銷售特別強勁，持續超過更廣泛的市場成長。在專業領域，我們看到腫瘤學和眼科的正面趨勢。

Other kind of macro things as you're asking about, drug pricing, really no new commentary there. Brand inflation that we would have talked more about last quarter because the timing, brand inflation continues to be in line with our expectations, but then, of course, over 95% of our brand buy-side dollars are fee-for-service.

正如你所問的其他宏觀問題，藥品定價，實際上沒有新的評論。上個季度我們會更深入討論品牌通膨，因為時間上，品牌通膨繼續符合我們的預期，但當然，我們超過 95% 的品牌買方資金都是按服務付費的。

And generic deflation, really the same commentary that we've had for quite some time now that we've seen a moderation of generic deflation. And of course, our business model is not as reliant on generic pricing because of our contract rebalancing. But overall, in terms of market trends, it's very consistent with our recent commentary.

對於一般性通貨緊縮，我們已經看到一般性通貨緊縮有所緩和，這實際上與我們長期以來的評論相同。當然，由於我們的合約重新平衡，我們的業務模式並不那麼依賴通用定價。但總體而言，就市場趨勢而言，與我們最近的評論非常一致。

Elizabeth Anderson with Evercore ISI.

伊麗莎白·安德森與 Evercore ISI。

Hey guys thanks so much for the question. Congrats, Steve, and looking forward to working more with you, Bob, going forward. Maybe just a question about the PharmaLex business. I know can you talk about sort of how pharma -- how that cycle is going? We've heard across the spectrum that we've seen some weaker spending in that. Where do you think we are in that cycle? And what have been your sort of tentative comments from your customers in terms of 2025 budgets there?

嘿，非常感謝大家的提問。恭喜史蒂夫，並期待與你更多地合作，鮑勃，繼續前進。也許只是關於 PharmaLex 業務的問題。我知道你能談談製藥業——這個週期是如何進行的嗎？我們聽說各領域的支出都出現了疲軟。您認為我們處於這個週期的哪個位置？您的客戶對 2025 年預算有何初步評論？

Yes. So I will start. We've seen some softness in our consulting business, as we commented on in our prepared remarks. And that's been noted by some other companies in the space. There are some early positive indicators in the market. It's too early to call it a rebound, but we are seeing some early positive indicators. And our team is really focused on identifying and prioritizing revenue-generating action items. And I'll also say that we do remain confident in our strategic decision to acquire the business.

是的。那我就開始吧。正如我們在準備好的評論中所評論的那樣，我們的諮詢業務出現了一些疲軟。該領域的其他一些公司也注意到了這一點。市場出現了一些早期的正面跡象。現在稱其為反彈還為時過早，但我們看到了一些早期的積極跡象。我們的團隊真正專注於識別創收行動項目並確定其優先順序。我還要說，我們對收購該業務的策略決策仍然充滿信心。

Elizabeth first, thanks for the question, and thank you for the warm welcome. But I'll just reinforce what Jim said at the end there. We have a strong belief in the strategic thesis that the innovation in pharma will continue over a long period of time and that our Pharma Services businesses, which are higher growth, higher margin businesses will benefit that. And from time to time, there will be partial slowdowns in that area. But as Jim said, we are seeing improvement.

伊莉莎白首先感謝您的提問，也感謝您的熱情歡迎。但我會強調吉姆最後所說的話。我們堅信這個策略論點，即製藥領域的創新將在很長一段時間內持續下去，而我們的製藥服務業務，即成長速度更快、利潤率更高的業務，將從中受益。有時，該領域會出現部分放緩。但正如吉姆所說，我們正在看到進步。

Thank you.

謝謝。

Allen Lutz with Bank of America

艾倫·盧茨 (Allen Lutz) 與美國銀行

First, congrats, Steve on a really nice run here over the past 13 years. One question for Jim. The gross margin was relatively flat quarter or year-over-year last quarter, but now it seems to be continuing the normal trend down. Is that all due to the reacceleration of GLP-1s? I know there's a lot going on underneath the hood, insulin pricing, vaccine, currency headwinds and GLP-1s. But I'm curious if there's anything else to call out there.

首先，恭喜 Steve 在過去 13 年裡在這裡取得了非常出色的表現。有個問題要問吉姆。上季毛利率與上季或年比相對持平，但現在似乎仍在延續正常的下降趨勢。這都是GLP-1重新加速的結果嗎？我知道背後發生了很多事情，包括胰島素定價、疫苗、貨幣逆風和 GLP-1。但我很好奇是否還有其他需要注意的地方。

Yes. Thanks a lot for asking that question. And the decline in gross profit margin this quarter is very explainable. First, let me say, year-over-year in the US it's due to increase in sales of lower-margin GLP-1s. And then if you look at it on a consolidated basis, really, the balance is simply due to mix. The US business grew faster in the quarter, of course, than the international business did, and the US business has lower gross profit margins. The international business has more of the kind of higher-margin businesses in it. And so that mix also had an impact during the quarter.

是的。非常感謝您提出這個問題。而本季毛利率的下降也是很有道理的。首先，我要說的是，美國的年成長率是由於利潤較低的 GLP-1 的銷售增加所致。如果你綜合來看的話，實際上，這種平衡只是因為混合造成的。當然，美國業務本季的成長速度快於國際業務，而且美國業務的毛利率較低。國際業務中有較多利潤率較高的業務。因此，這種組合也在本季產生了影響。

Thank you for asking.

謝謝你的慰問。

Eric Percher with Nephron Research

艾瑞克·佩徹（Eric Percher）與 Nephron 研究中心

Thanks. I can't resist a kind of historic question for Steve and Bob, I'll welcome you to comment as well. Of late, we've seen quite a few large oncology groups up for sale. And obviously, one of those benefited you last year with OneOncology, and another now in Florida, in the news on a possible sale.

謝謝。我無法抗拒向史蒂夫和鮑勃提出一個歷史性問題，我也歡迎您發表評論。最近，我們看到不少大型腫瘤集團正在出售。顯然，其中一項去年讓 OneOncology 使您受益，另一項現在在佛羅裡達州，在可能出售的新聞中。

Steve, do you think that there's a change going on? Is there pressure on these businesses that's leading to this change? Or do you think that they're looking to monetize from a position of strength? And then the follow-through there is, does that ultimately create opportunity or risk for Cencora?

史蒂夫，你認為正在改變嗎？這些企業是否​​面臨導致這項變化的壓力？或者您認為他們希望透過強勢地位來賺錢？接下來的問題是，這最終會為 Cencora 帶來機會還是風險？

Hi Eric, and thanks to everyone for their kind congratulations. On that question, look, the specialty market is very dynamic. There's no doubt that the aggregators in oncology are becoming more pronounced in market share, even within our own business as many community oncologists look to aggregate with shared services and offering more comprehensive offerings, but it's not for all of the customers that we have.

嗨，艾瑞克，感謝大家的熱烈祝賀。在這個問題上，你看，專業市場非常活躍。毫無疑問，腫瘤學領域的聚合商在市場份額方面變得越來越明顯，即使在我們自己的業務中也是如此，因為許多社區腫瘤學家希望透過共享服務進行聚合並提供更全面的產品，但這並不適合我們擁有的所有客戶。

And I think geography and certain payer mixes within regions, mix is within the practice between Medicare and Medicaid, philosophy around value-based care, all of that can make a difference. We intend to be the leader in the market in oncology, and we've demonstrated that for well over 2 decades.

我認為地理和某些地區內的某些付款人混合，醫療保險和醫療補助之間的實踐混合，圍繞著基於價值的護理的哲學，所有這些都可以產生影響。我們打算成為腫瘤學市場的領導者，我們已經在 20 多年裡證明了這一點。

I think Bob is committed to that as I've been. And we'll look to participate vigorously in the market. And sometimes that means investing, we've shown with OneOncology that we will do that. Bob, anything to add?

我認為鮑伯和我一樣致力於此。我們將積極參與市場。有時這意味著投資，我們已經透過 OneOncology 表明我們會這樣做。鮑勃，有什麼要補充的嗎？

Yes, Steve, Eric, thanks for the question. I would add, I think what we're seeing is a real demonstration of the value of community oncology within the health care system. And they are a high-quality, lower cost site of care. And as they come together, they're building scale, which will actually make them more efficient and more effective.

是的，史蒂夫、艾瑞克，謝謝你的提問。我想補充一點，我認為我們所看到的是醫療保健系統中社區腫瘤學價值的真實體現。它們是高品質、低成本的護理場所。當他們走到一起時，他們正在擴大規模，這實際上將使他們更有效率和更有效。

And as Steve said, they'll be even better prepared to participate in value-based care programs when those are more widely available. So I think as a macro trend, it's positive. And as Steve said, we will do our best to make sure we continue to lead in that area.

正如史蒂夫所說，當這些計劃得到更廣泛的應用時，他們將更好地準備參與基於價值的護理計劃。所以我認為作為一個宏觀趨勢，這是正面的。正如史蒂夫所說，我們將盡最大努力確保我們繼續在該領域處於領先地位。

Charles Rhyee from TD Cowen.

TD Cowen 的 Charles Rhyee。

Steve, congrats on a successful tenure here, and Bob look forward to working more with you. I just wanted to kind of maybe follow up on some of the earlier questions here. Obviously, when your large customers is undergoing sort of a restructuring here.

史蒂夫，祝賀您在這裡取得成功，鮑勃期待與您進行更多合作。我只是想跟進一下之前的一些問題。顯然，當您的大客戶正在這裡進行某種重組時。

And a lot of details probably have yet to be kind of worked out. But I guess when you guys are doing your planning, is it fair to think that you are in discussions with your clients to kind of work through? Do they share with you sort of their plans on how they're working thinking through things like closures, et cetera? Or is that something that you find out along the way? And just maybe sort of how you factor that in when you're thinking about setting up sort of your projections for the coming year?

許多細節可能還沒解決。但我想當你們在做計劃時，認為你們正在與客戶討論以完成工作是否公平？他們是否與您分享了他們如何思考關閉等問題的計劃？還是這是你一路上發現的東西？當您考慮為來年制定某種預測時，您可能會如何考慮這一點？

Yes, I'll start with that. So the answer to your question in terms of how we work together and making sure that their strategic execution goes well. As you'd expect, we work very, very closely together. So these are not plans that we would find out about after the fact. In fact, we would expect to and be involved in supporting that and helping, right, so that the most successful outcome possible is achieved in an example of store closures. That's something that we'll work very closely with Walgreens on and we expect that they'll have a good level of success in maintaining the volume.

是的，我將從這個開始。因此，你的問題的答案是我們如何合作並確保他們的策略執行順利。正如您所期望的，我們的合作非常非常密切。因此，這些計劃並不是我們事後才知道的。事實上，我們希望並參與支持和幫助，正確的，以便在商店關閉的例子中實現最成功的結果。這是我們將與沃爾格林密切合作的事情，我們預計他們將在維持銷售方面取得巨大成功。

But we do work very closely together, not only on that, but overall in our position with Walgreens and really all of our customers is to make sure that we're doing everything that we can to support their strategy and build long-term strategic relationships. And that's exactly what we're doing as we sit here today with Walgreens.

但我們確實合作非常密切，不僅在這方面，而且總體而言，我們與沃爾格林以及我們所有客戶的立場是確保我們正在盡一切努力支持他們的策略並建立長期戰略關係。這正是我們今天與沃爾格林一起坐在這裡所做的事情。

Yeah. I know I'll just very briefly answer the last part of the question. And I think it goes without saying, but of course, we stay close to our key customers. And we always are estimating growth and take that into account as we're developing our annual plans

是的。我知道我只會非常簡短地回答問題的最後部分。我認為這是不言而喻的，但當然，我們與主要客戶保持密切聯繫。我們總是在估計增長並在製定年度計劃時考慮到這一點

Erin Wright with Morgan Stanley

艾琳‧賴特 (Erin Wright) 與摩根士丹利

Great. So excluding some of the FX dynamics in the international business, can you detail some of those moving pieces that you're seeing there, like the technology investments that you're making, but also underlying utilizations and kind of international. Is there anything else to kind of call out there?

偉大的。因此，排除國際業務中的一些外匯動態，您能否詳細說明您在那裡看到的一些動態，例如您正在進行的技術投資，以及潛在的利用和國際業務。還有什麼可以呼籲的嗎？

And then just a second question on Animal Health. Any sort of update on underlying demand trends there across livestock and companion animal?

然後是關於動物健康的第二個問題。有關牲畜和伴侶動物潛在需求趨勢的任何更新嗎？

Okay. There's a lot there, Erin. And let me quickly go through it. So first of all, on international, as we said during the prepared remarks in the International segment, operating income was down 4.1% this quarter on a reported basis and up 1% on a constant currency basis.

好的。那裡有很多東西，艾琳。讓我快速瀏覽一下。首先，在國際業務方面，正如我們在國際業務部分準備好的發言中所說，本季度營業收入按報告基礎下降 4.1%，按固定匯率計算增長 1%。

And the results, there are a couple of things that we called out. And as we previously called out, there were higher IT expenses in our European distribution businesses, and we've continued to do the right thing, which is kind of investing in IP there. So we have very good systems there.

結果，我們提出了幾件事。正如我們之前所說，我們的歐洲分銷業務的 IT 費用較高，我們繼續做正確的事情，即在那裡投資智慧財產權。所以我們在那裡有非常好的系統。

And then the one other thing that we called out is lower operating income in our global specialty logistics business, which is long term, a great performing business. But what we saw this quarter was less international shipments and some lower weights for shipments. So those are two things that impacted international this quarter.

然後我們指出的另一件事是我們的全球專業物流業務的營業收入較低，從長遠來看，這是一項表現出色的業務。但本季我們看到國際出貨量減少，出貨重量也有所下降。這是本季影響國際市場的兩件事。

And we did have this quarter a very good performance by our Canadian business. And so from a guidance perspective, we brought down the top end of the operating income growth range by 1 percentage point in our International segment. And just to put it into perspective, 1 percentage point is about $7 million. And we indicated we were modestly lowering that range through the third quarter results and some softness in the PharmaLex business.

本季我們的加拿大業務確實取得了非常好的業績。因此，從指導角度來看，我們將國際部門的營業收入成長範圍限制降低了 1 個百分點。從長遠來看，1 個百分點大約相當於 700 萬美元。我們表示，我們將在第三季業績期間適度降低這一範圍，並且 PharmaLex 業務出現一些疲軟。

But overall, what I will say is that results will tend to be a little bit more lumpy in our international business than in our US business because our US business is really driven by pharmaceutical distribution and utilization trends there, whereas the international business has more the high-margin, high-growth businesses and it tends to be a bit more lumpy from time to time.

但總的來說，我要說的是，我們的國際業務的結果往往會比美國業務的結果更加不穩定，因為我們的美國業務實際上是由那裡的藥品分銷和使用趨勢驅動的，而國際業務則更受到藥品分銷和使用趨勢的推動。

And so the second part of the question, really nothing new to call out in Animal Health. Year-to-date, revenue growth has been 7%. We're basically continuing to see the same sorts of trends in companion animal and production animal that we talked about. And I would say we are seeing just kind of very good execution by our team there. And I think that fully covers it, Erin.

因此，問題的第二部分在動物健康方面確實沒有什麼新內容。年初至今，營收成長了 7%。我們基本上繼續看到我們談論的伴侶動物和生產動物的相同趨勢。我想說的是，我們看到我們團隊的執行力非常好。我認為這完全涵蓋了它，艾琳。

Thanks for the question.

謝謝你的提問。

Daniel Grosslight with Citi.

花旗銀行的丹尼爾‧格羅斯萊特。

Hi, thanks for taking the question. I'll add my congrats to Steve for a tremendous run here and Bob for officially taking the reins. Jim, maybe one for you on guidance. It does imply on the US side, a bit of an outsized sequential decline in operating income for your fiscal 4Q. Curious if you could provide a little more detail on what specifically is driving that sequential decline, particularly given -- I would assume that you'd see a bit more operating income from commercial COVID vaccines in 4Q versus 3Q?

您好，感謝您提出問題。我要祝賀史蒂夫在這裡取得了巨大的成功，並祝賀鮑勃正式掌管公司。吉姆，也許可以為你提供指導。這確實意味著美國第四季的營業收入將會大幅連續下降。我想知道您能否提供更多詳細信息，說明具體是什麼推動了連續下降，特別是考慮到——我假設您會看到第四季度商業新冠疫苗的營業收入比第三季度多一些？

Yes. So let me address that. And I believe your question was focused on the US segment. And of course, we are increasing our operating income guidance in the US towards the upper end of the previous range. So we were guiding at 10% to 12% adjusted operating income growth, and now we're guiding at 11% to 12% adjusted operating income growth.

是的。那麼讓我來解決這個問題。我相信你的問題集中在美國市場。當然，我們正在將美國的營業收入指引提高到先前範圍的上限。因此，我們指導調整後營業收入成長為 10% 至 12%，現在我們指導調整後營業收入成長為 11% 至 12%。

And really nothing specific to call out there beyond what we have been talking about is solid utilization trends and broad-based good performance across many business units and particularly strong sales of specialty products to physician practices and health systems. So the things that could move us within that guidance range as we kind of get to the end of our fiscal year is just kind of how well businesses perform as the year ends.

除了我們一直在談論的內容之外，實際上沒有什麼特別值得指出的，那就是可靠的利用趨勢和許多業務部門廣泛的良好業績，以及向醫生診所和衛生系統特別強勁的特種產品銷售。因此，當我們接近財政年度結束時，能夠讓我們保持在該指導範圍內的因素是企業在年底時的表現如何。

And then the COVID part of it is key, and so thank you for asking that. We expect the contribution from total COVID to be down year-over-year in our fourth quarter. And the contribution from commercial vaccines, we expect to be comparable year-over-year but we expect very little contribution from therapies in the fourth quarter, and we are lapping the fourth quarter of last year when we had a contribution of $0.08 from exclusive therapies.

其中新冠疫情部分是關鍵，所以感謝您提出這個問題。我們預計第四季新冠肺炎疫情總量的貢獻將年減。我們預計商業疫苗的貢獻將與去年同期相當，但我們預計第四季度療法的貢獻很小，去年第四季我們的獨家療法貢獻為 0.08 美元。

And so that is kind of the one thing that creates a bit of a headwind in the comp year-over-year is we did have the $0.08 from exclusive therapies last year, and we're expecting very little contribution from those -- from commercial therapies this year.

因此，去年我們確實從獨家療法中獲得了 0.08 美元的收入，而我們預計這些療法的貢獻非常小——來自商業的貢獻。

Thank you for asking the question.

感謝您提出問題。

George Hill from Deutsche Bank.

德意志銀行的喬治·希爾。

Yes. And I'll extend my well wishes to Bob and Steve it's been great working with you. And Jim, I look forward to continuing to work with you. But I guess I'll ask a little bit of a pointed question about the Walgreens relationship. Just because the management team at Walgreens has been pretty pointed about the idea of trying to extract more value from its relationship with you guys. I know there's a tremendous amount of investor concern. I think regarding both the relationship and the earnings stream that Cencora generates as it relates to Walgreens.

是的。我將向鮑勃和史蒂夫致以良好的祝愿，與你們合作非常愉快。吉姆，我期待著繼續與您合作。但我想我會問一些關於沃爾格林關係的尖銳問題。只是因為沃爾格林的管理團隊非常明確地提出了試圖從與你們的關係中獲取更多價值的想法。我知道投資者有很大的擔憂。我認為考慮到 Cencora 與 Walgreens 的關係和收入流。

So Steve and Bob would love to hear you guys kind of open mic on the status of the relationship kind of earnings exposure, if there's a way that you can kind of talk about that on the call. I can see why that would be a challenge. But just kind of like or maybe even just talk about how you guys are collaborating to drive value for Walgreens. I think any color there would be appreciated.

因此，史蒂夫和鮑伯很想聽聽你們就這種關係的狀態、收入風險等問題發表看法，如果有辦法讓你們在電話會議上討論這個問題的話。我明白為什麼這將是一個挑戰。但只是有點像，甚至只是談論你們如何合作為沃爾格林創造價值。我認為任何顏色都會受到讚賞。

George, thanks for the question and warm wishes. Yes, look, Walgreens is an incredibly strategic relationship for us and a strategic partnership between the two of us. As I mentioned earlier, in one of the operational questions. We work every day to make sure that we're supporting the strategy of WBA as they go forward.

喬治，謝謝你的提問和熱烈的祝福。是的，你看，沃爾格林對我們來說是一種令人難以置信的戰略關係，也是我們兩人之間的戰略夥伴關係。正如我之前在其中一個操作問題中提到的。我們每天都在努力確保支持 WBA 的策略發展。

And I think it's important to note that we have a very broad and strategic relationship. So there certainly is the Walgreens distribution relationship. There's also the Boots distribution relationship. And of course, we buy generics together. So as you would expect, we're working very closely with them. We want to do everything that we can to support their strategy as they go forward. But as long-term strategic partners, we're at the table doing everything we can.

我認為重要的是要指出我們擁有非常廣泛的策略關係。所以肯定存在沃爾格林的分配關係。還有 Boots 分佈關係。當然，我們一起購買仿製藥。正如您所期望的，我們正在與他們密切合作。我們希望盡一切努力支持他們前進的策略。但作為長期策略夥伴，我們會盡我們所能。

Yes. And it's, of course, George, as you will recall, since 2013, and I think Bob's got it. We also support Boots. That's a key relationship. So it's something that we're proud of, and you can expect that Cencora and our usual diligent way we'll approach this thoughtfully and with a mind to creating long-term value

是的。當然，喬治，你可能還記得，自 2013 年以來，我認為鮑勃已經明白了。我們也支持靴子。這是一個關鍵的關係。因此，這是我們感到自豪的事情，您可以期待 Cencora 和我們一貫的勤奮方式，我們將深思熟慮地解決這個問題，並專注於創造長期價值

Stephanie Davis with Barclays.

巴克萊銀行的史蒂芬妮戴維斯。

Congrats on the quarter and echoing everyone else, Steve, congrats on a really strong track record over the years. We've seen a lot of movement in your end market. As George just called out and as contrast, things have changed hands this year, what feels like an accelerated rate. So I wanted to ask you a two-parter.

恭喜本季度，並與其他所有人一樣，史蒂夫，祝賀多年來取得的非常出色的業績記錄。我們看到你們的終端市場發生了很多變化。正如喬治剛才所說的那樣，作為對比，今年事情發生了易手，感覺像是加速的速度。所以我想問你一個兩人的問題。

First, how are you differentiating yourself versus your peers during your renewals? Like what are the big ways you're highlighting you are able to add value? And secondly, I know you've had some kind of changeover in how your contracts are structured as it goes through the years of the contract. Could you remind us on how that changes renewal dynamics?

首先，在續約期間，您如何使自己與同行區分開來？例如您強調自己能夠增加價值的主要方式是什麼？其次，我知道隨著合約的執行，你們的合約結構已經發生了某種變化。您能否提醒我們這將如何改變更新動態？

Yes, I'll take that, and thank you, Stephanie, very much. Look, the environment is as it has been for a long period of time, competitive, but also very stable. And we work diligently to make sure that we're supporting all of our customers across our entire portfolio, which is really from end to end from a provider standpoint here in United States and outside of the United States.

是的，我會接受的，非常感謝你，史蒂芬妮。看起來，這個環境很長一段時間以來都是這樣，競爭激烈，但也很穩定。我們努力工作，以確保我們在整個產品組合中為所有客戶提供支持，從美國境內和美國境外的提供者的角度來看，這實際上是端到端的。

Specifically, we're working to help drive efficiency. We'll work to help improve service levels where that's important to those customers. And it's a customized approach. And that's really important for the large customers in particular.

具體來說，我們正在努力幫助提高效率。我們將努力幫助提高對這些客戶來說很重要的服務水準。這是一種客製化的方法。這對於大客戶尤其重要。

Then we also have our programmatic services that, as Steve mentioned, our thoughts by conference in our Good Neighbor Pharmacy, independent pharmacy customers. And of course, we've talked about the community oncologist as we get there. So each of those customer segments requires a different approach. But in every case, we work diligently and we invest in having long-term strategic partnerships so that we bring the resources, of course, to support that customer strategy.

然後，我們還有我們的程序化服務，正如史蒂夫所提到的，我們透過在好鄰居藥局、獨立藥局客戶的會議上表達我們的想法。當然，當我們到達那裡時，我們已經討論了社區腫瘤學家。因此，每個客戶群都需要不同的方法。但在每種情況下，我們都會勤奮工作，並投資建立長期策略夥伴關係，以便我們提供資源來支援客戶策略。

Specifically on the pricing front that you asked about, Stephanie, we have over over many years, you know, work to balanced our contracts. So that when we work with a provider customer pharmacy customer that we are not subsidizing one product category over another. So that as mix changes as mix changes happen, there's not a detriment to the customer or to Cencora .

特別是在你問到的定價方面，史蒂芬妮，你知道，我們多年來一直在努力平衡我們的合約。因此，當我們與提供者客戶藥局客戶合作時，我們不會補貼一種產品類別而不是另一種產品類別。因此，當組合發生變化時，不會對客戶或 Cencora 造成損害。

So it's a bit more predictable as we go forward and as the market dynamics it continues. So we believe it's healthy and a positive in terms of our customer relationships.

因此，隨著我們的前進以及市場動態的持續，它會變得更加可預測。因此，我們相信這對我們的客戶關係是健康且積極的。

Eric Coldwell with Baird

埃里克·科德威爾與貝爾德

I think most of mine have been covered. I wanted to come back to just quickly on -- it sounded like a combination of both specialty logistics and PharmaLex, if I understood correctly, it sounded like you referenced early positive signs of a rebound. Just correct me if I'm wrong, if it was just in specialty logistics. But what are those early positive signs or leading indicators that you referenced? Do you have any details you could share?

我想我的大部分內容都已經被覆蓋了。我想很快回到——這聽起來像是專業物流和 PharmaLex 的結合，如果我理解正確的話，聽起來你提到了反彈的早期積極跡象。如果我錯了，如果只是在專業物流領域，請糾正我。但您提到的早期積極跡像或領先指標是什麼？有什麼可以分享的細節嗎？

Yes. And in the discussion of specialty logistics, the specific things that we were referring to when we said early positive signs were some volume trends. And so Eric, it was specifically on that. And I'll also just comment on that, as you know, that's a business that has just outperformed and grown really nicely for many years and it's just it is a fantastic business for the long term.

是的。在專業物流的討論中，當我們說早期正面跡象時，我們所指的具體事物是一些數量趨勢。艾瑞克（Eric）就是專門針對這一點的。我還要對此發表評論，如您所知，這是一家多年來表現出色且成長非常好的企業，從長遠來看，這是一家出色的企業。

Kevin Caliendo with UBS.

瑞銀集團 (UBS) 的凱文·卡里恩多 (Kevin Caliendo)。

Appreciate the time. And Steve, just want to say always appreciated your calling voice in this crazy world in which we operate sometimes. Super helpful. Guys, I just wanted to ask have you been approached yet? Or have you seen any disruption at all from any of your independents from what's been going on with NADAC?

珍惜時間。史蒂夫，只想說，在我們有時所處的這個瘋狂的世界裡，我一直很欣賞你的呼喚。超有幫助。各位，我只是想問一下，你們有聯絡過嗎？或者您有沒有看到任何獨立人士對 NADAC 的情況造成任何干擾？

Have they come to you for relief or help? Or is there anything that you can do, try to offset what spend upwards now to 20% hit to their reimbursement. I'm just wondering how what the feedback has been from your independent and small regional chains who are being hit hardest by this?

他們是否來向您尋求救濟或協助？或者你能做些什麼，試著將現在的支出抵銷到報銷額的 20%。我只是想知道受此打擊最嚴重的獨立和小型區域連鎖店的反饋如何？

Yes. Thanks, Kevin. I'll start with just macro, the independents have been incredibly resilient over a long period of time. And as we said a few times during this call, our intent is to be really close to them at all times. So we're always talking to our customers, including the independent customers about how we can best support them. NADAC specifically, it's a voluntary survey.

是的。謝謝，凱文。我將從宏觀開始，獨立人士在很長一段時間內一直具有令人難以置信的彈性。正如我們在這次電話會議中多次說過的那樣，我們的目的是始終與他們保持密切聯繫。因此，我們總是與客戶（包括獨立客戶）討論如何最好地為他們提供支援。具體來說，NADAC 是一項自願調查。

We've seen the volatility in that survey. And we're not seeing specific requests from our independent customers around this at this time. But it's obviously, this and all things in the market around reimbursement, we stay very, very close to and close to our customers.

我們在那次調查中看到了波動性。目前我們沒有看到獨立客戶對此提出具體要求。但顯然，這以及市場上有關報銷的所有事情，我們與客戶保持著非常非常密切的關係。

Thank you. With that, we'll conclude our call. And I'll just make some concluding remarks. I just wanted to thank the analyst community for their interest and support and bearing through 53 quarters of the South African accent, which, of course, has been well shared. And also thank all the people that I don't necessarily call out on the call, including the people in Jim's team who help prepare these numbers and Dennis team that are so outstanding and so committed to the purpose of Cencora.

謝謝。至此，我們就結束通話了。我只想做一些總結性發言。我只是想感謝分析師界的關注和支持，以及他們 53 個季度的南非口音，當然，南非口音已經得到了很好的分享。我還要感謝所有我不一定會在電話會議上點名的人，包括吉姆團隊中幫助準備這些數據的人員，以及丹尼斯團隊，他們非常出色並且致力於實現 Cencora 的目標。

So in concluding, I just would also like to wish Bob as much success and performance and pride during his tenure as CEO, as I've enjoyed it. Thank you for your time today.

最後，我也祝福鮑伯在擔任執行長期間取得同樣的成功、表現和自豪，就像我所享受的那樣。感謝您今天抽出時間。

That concludes today's conference call. Thank you for your participation, and you may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開線路了。