漢瑞祥 (HSIC) 2022 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Henry Schein's Second Quarter 2022 Earnings Conference Call.

女士們先生們，早上好，歡迎參加 Henry Schein 的 2022 年第二季度收益電話會議。

(Operator Instructions) And as a reminder, this call is being recorded.

（操作員說明）作為提醒，此電話正在錄音中。

I would now like to introduce your host for today's call, Graham Stanley, Henry Schein's Vice President of Investor Relations and Strategic Financial Project Officer.

我現在想介紹一下今天電話會議的主持人，Henry Schein 的投資者關係副總裁兼戰略財務項目官 Graham Stanley。

Please go ahead, Graham.

請繼續，格雷厄姆。

Thank you, operator. And my thanks to each of you for joining us to discuss Henry Schein's financial results for the second quarter of 2022.

謝謝你，接線員。我感謝你們每一個人加入我們討論亨利·沙因 2022 年第二季度的財務業績。

With me on the call today are Stanley Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein; and Ron South, Senior Vice President and Chief Financial Officer.

今天與我通話的還有 Henry Schein 的董事會主席兼首席執行官 Stanley Bergman；以及高級副總裁兼首席財務官 Ron South。

Before we begin, I'd like to state that certain comments made during this call will include information that's forward looking. As you know, risks and uncertainties involved in the company's business may affect the matters referred to in forward-looking statements. As a result, the company's performance may materially differ from those expressed in or indicated by such statements. These forward-looking statements are qualified in their entirety by the cautionary statements contained in Henry Schein's filings with the Securities and Exchange Commission and included in the Risk Factors section of those filings. In addition, all comments about the markets we serve, including end market growth rates and market share, are based upon the company's internal analyses and estimates.

在我們開始之前，我想聲明，在本次電話會議期間發表的某些評論將包含前瞻性信息。如您所知，公司業務中涉及的風險和不確定性可能會影響前瞻性陳述中提及的事項。因此，公司的業績可能與此類陳述中表達或指示的業績存在重大差異。這些前瞻性陳述完全符合 Henry Schein 向美國證券交易委員會提交的文件中的警示性陳述，並包含在這些文件的風險因素部分。此外，關於我們服務的市場的所有評論，包括終端市場增長率和市場份額，均基於公司的內部分析和估計。

Our conference call remarks will include both GAAP and non-GAAP financial results. We believe the non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable the comparison of financial results between periods where certain items may vary independently of business performance and allow for greater transparency with respect to key metrics used by management in operating our business. These non-GAAP financial measures are presented solely for informational and comparative purposes and should not be regarded as a replacement for corresponding GAAP measures. Reconciliations between GAAP and non-GAAP measures can be found in the Supplemental Information section of our Investor Relations website and in exhibit B of today's press release which is also available in the Investor Relations section of our website.

我們的電話會議評論將包括 GAAP 和非 GAAP 財務結果。我們認為，非公認會計原則財務指標為投資者提供了有關我們業務財務業績的有用補充信息，能夠比較某些項目可能獨立於業務業績而變化的時期之間的財務業績，並允許在使用的關鍵指標方面提高透明度通過管理層經營我們的業務。這些非公認會計原則財務措施僅供參考和比較目的，不應被視為相應公認會計原則措施的替代品。 GAAP 和非 GAAP 措施之間的調節可以在我們的投資者關係網站的補充信息部分和今天新聞稿的展覽 B 中找到，該新聞稿也可以在我們網站的投資者關係部分找到。

The content of this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast, August 2, 2022. Henry Schein undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this call. Lastly, this quarter, we have also prepared a presentation summarizing our second quarter financial results. This can also be found in the Investor Relations section of our website.

本次電話會議的內容包含時間敏感信息，僅在 2022 年 8 月 2 日直播之日準確。Henry Schein 不承擔修改或更新任何前瞻性陳述以反映事件或情況的義務。本次通話的日期。最後，本季度，我們還準備了一份簡報，總結了我們第二季度的財務業績。這也可以在我們網站的投資者關係部分找到。

(Operator Instructions)

（操作員說明）

And with that, I'd like to turn the call over to Stanley Bergman.

有了這個，我想把電話轉給斯坦利伯格曼。

Thank you, Graham. Good morning, everyone, and thank you all for joining us.

謝謝你，格雷厄姆。大家早上好，感謝大家加入我們。

Today, we are pleased to report record second quarter financial results that reflect the good underlying momentum in the business and execution on our strategies. Sales were particularly strong in our technology and value-added services businesses and our medical businesses. Although there were some near-term headwinds in the quarter due to COVID infection rates, among other factors, our solid operational execution this quarter and our results demonstrate the strength, the underlying strength, of the business. In June, we saw COVID-19 infection rates which we believe contributed to a -- so there was rising COVID-19 infection rates, which we believe contributed to a decline in patient traffic. This was particularly so in our dental business. We expect patient traffic to increase again when the infection rates moderate, and this is to some extent quite regional.

今天，我們很高興地報告創紀錄的第二季度財務業績，反映了業務和戰略執行的良好潛在勢頭。我們的技術和增值服務業務以及醫療業務的銷售尤其強勁。儘管由於 COVID 感染率等因素在本季度出現了一些近期不利因素，但我們本季度穩健的運營執行和我們的業績證明了業務的實力和潛在實力。 6 月，我們看到了 COVID-19 感染率，我們認為這導致了 COVID-19 感染率的上升，我們認為這導致了患者流量的下降。在我們的牙科業務中尤其如此。我們預計，當感染率放緩時，患者流量將再次增加，這在某種程度上是區域性的。

While we are maintaining our full -- 2022 full year guidance for EPS for 2022, and that's the guidance range of $4.75 to $4.91, we are adjusting our expectations for full year sales growth to reflect changes, which include continued strengthening of the U.S. dollar and declining demand for COVID-19 test kits.

雖然我們維持對 2022 年每股收益的 2022 年全年指導，即 4.75 美元至 4.91 美元的指導範圍，但我們正在調整對全年銷售增長的預期以反映變化，其中包括美元持續走強和對 COVID-19 檢測試劑盒的需求下降。

The company's management team is laser-focused on executing our BOLD+1 2022 to 2024 strategic plan's priorities, thereby providing our customers with an exceptional experience, delivering differentiated solutions that make our customers practice more -- practices more successful and improve patient outcomes, leading to delivery of our financial goals as we've set out in our 2022 to 2024 strategic plan. We believe that the long-term trends across our end markets provide a solid platform for us to deliver on our goals.

公司的管理團隊專注於執行我們的 BOLD+1 2022 至 2024 戰略計劃的優先事項，從而為我們的客戶提供卓越的體驗，提供差異化的解決方案，使我們的客戶實踐更多——實踐更成功並改善患者結果，領先以實現我們在 2022 年至 2024 年戰略計劃中設定的財務目標。我們相信，我們終端市場的長期趨勢為我們實現目標提供了堅實的平台。

In short, Henry Schein remains well positioned to deliver consistent, sustainable profit growth; and to create value for our shareholders as we have for almost 28 years as a public company.

簡而言之，Henry Schein 仍然處於有利地位，可以實現持續、可持續的利潤增長；並為我們的股東創造價值，就像我們作為一家上市公司近 28 年來所做的那樣。

Before we turn to a business update and the progress we have made in executing on our strategic growth initiatives, I would like to touch on macroeconomic challenges in general and discuss Henry Schein's ongoing efforts to be best positioned to succeed in this dynamic environment that we're now all living through.

在我們轉向業務更新和我們在執行戰略增長計劃方面取得的進展之前，我想談一談宏觀經濟挑戰，並討論 Henry Schein 為在這個充滿活力的環境中取得成功所做的持續努力。重新現在所有的生活。

First, concerns with a potential economic downturn. Given Henry Schein's broad portfolio of medical and dental products and services, we are an important partner to health care providers treating their patients and keeping communities healthy. The markets Henry Schein serves have weathered past slowdowns quite well. During the challenging economic times, consumers continue to need services from office-based health care practitioners, that's both medical and dental, and from the alternate health care sites that we service. That said, we are working to mitigate the future impact of any potential economic slowdown on our key stakeholders, including advancing efficient and low-cost supply chain solutions and practice management solutions in general such as patient demand generation services and generally those services that can help the practitioner operate a more efficient practice so that they can provide the best of clinical care for their patients.

首先，對潛在經濟衰退的擔憂。鑑於 Henry Schein 廣泛的醫療和牙科產品和服務組合，我們是醫療保健提供者治療患者和保持社區健康的重要合作夥伴。 Henry Schein 服務的市場很好地經受住了過去的經濟放緩。在充滿挑戰的經濟時期，消費者繼續需要來自辦公室醫療保健從業者的服務，包括醫療和牙科，以及我們服務的替代醫療保健站點。也就是說，我們正在努力減輕任何潛在的經濟放緩對我們的主要利益相關者的未來影響，包括推進高效和低成本的供應鏈解決方案和一般的實踐管理解決方案，例如患者需求生成服務和一般可以提供幫助的服務從業者進行更有效的實踐，以便他們可以為患者提供最好的臨床護理。

We're announcing today a restructuring plan that is focused on funding the priorities of our strategic plan, in other words moving resources to the areas we want to focus on, but at the same time streamlining operations and other initiatives to increase efficiency. Ron will speak more about this topic in a moment.

我們今天宣布了一項重組計劃，該計劃的重點是為我們的戰略計劃的優先事項提供資金，換句話說，將資源轉移到我們想要關注的領域，同時精簡運營和其他舉措以提高效率。稍後 Ron 將更多地談論這個話題。

Second, we continue to work with our suppliers to limit the impacts on inflation on price increases for product suppliers as well as the costs of transportation of those goods. During the second quarter, we estimate the price inflation for non-PP&E merchandise from brand manufacturers to have ticked up to approximately 3%. It could in fact be slightly lower, yes. We've, I think, done a good job working with our manufacturers on this. And the inflationary impact on equipment sales, in other words, other than non-PP&E merchandise, the impact of inflation on our equipment sales was relatively insignificant. Of course, on PP&E is significantly down because they've got the deflation in glove prices.

其次，我們繼續與供應商合作，以限制通貨膨脹對產品供應商價格上漲以及這些商品運輸成本的影響。在第二季度，我們估計來自品牌製造商的非 PP&E 商品的價格上漲幅度高達約 3%。事實上，它可能會稍微低一點，是的。我認為，我們在這方面與我們的製造商合作做得很好。而通脹對設備銷售的影響，換句話說，除了非PP&E商品，通脹對我們設備銷售的影響相對較小。當然，PP&E 價格大幅下跌，因為手套價格出現通縮。

When customers express price concerns, we believe that, given the breadth of our offering, we are typically able to provide a lower-cost national brand solution or corporate brand alternative, allowing us to maintain our margins but also helping our customers deal with inflation -- with the impact of inflation on their practices.

當客戶表達對價格的擔憂時，我們相信，鑑於我們產品的廣泛性，我們通常能夠提供成本更低的國家品牌解決方案或企業品牌替代方案，從而使我們能夠保持利潤率，同時也幫助我們的客戶應對通貨膨脹 - - 通貨膨脹對他們的做法的影響。

So third, while global supply chain pressures have been relatively stable over the past 3 quarters, our product portfolio, which we believe is the industry's broadest, once again affords us a competitive edge, as it more easily enables substitutions when a particular product or brand is in short supply. We continue to expect that supply chain issues for traditional equipment will impact sales through the year-end. That said, the situation appears to be stable and probably improving with some of our suppliers of -- particularly on the traditional side, to the extent expanding their capacity and are now providing us with much better service than 3 or 4 months ago. When I say better service, I'm talking about on fill rates.

第三，雖然全球供應鏈壓力在過去三個季度相對穩定，但我們認為是業內最廣泛的產品組合再次為我們提供了競爭優勢，因為它更容易在特定產品或品牌時實現替代供不應求。我們繼續預計傳統設備的供應鏈問題將影響到年底的銷售。話雖如此，我們的一些供應商的情況似乎很穩定，並且可能會有所改善——特別是在傳統方面，擴大了他們的產能，現在為我們提供比 3 或 4 個月前更好的服務。當我說更好的服務時，我指的是填充率。

Our strong order book on the equipment side, across the board actually, in all product categories and globally. And that backlog continues to grow and do well, supports good equipment sales over the next few quarters.

我們在設備方面的強大訂單，實際上是在所有產品類別和全球範圍內。積壓的訂單繼續增長並且表現良好，支持未來幾個季度的良好設備銷售。

Fourth, Henry Schein is well positioned to manage rising interest rates. Our low level of borrowings means that our interest expense is not significantly affected by interest rate changes. And at the same time, most of our current debt is at a fixed interest rate. The primary area of our business that could be impacted is dental equipment, as those purchases are typically financed. Having said that, it's important to bear in mind that interest rates are still relatively low from a historical context. And our equipment order book remained strong and is [tending] to get stronger.

第四，Henry Schein 能夠很好地應對不斷上升的利率。我們的低借貸水平意味著我們的利息支出不受利率變化的顯著影響。同時，我們目前的大部分債務都是固定利率的。我們可能受到影響的主要業務領域是牙科設備，因為這些採購通常是有資金的。話雖如此，重要的是要記住，從歷史背景來看，利率仍然相對較低。而且我們的設備訂單保持強勁，並且[趨於]變得更強。

Last, regarding -- and this is last of our macro trends, regarding the shortage of labor and skills. Henry Schein has always been an attractive place for talents to build a career. The Team Schein values and philosophy is an attractive place for talents. Of course, we are continuously evaluating and supporting our pool of human capital to make sure we retain our existing personnel while attracting those whose skills we need. We believe our internal talent pool is better than ever and will be instrumental in Henry Schein executing on our growth plans.

最後，關於 - 這是我們宏觀趨勢中的最後一個，關於勞動力和技能的短缺。 Henry Schein 一直是人才發展事業的理想之地。 Team Schein 的價值觀和理念是吸引人才的地方。當然，我們不斷評估和支持我們的人力資本庫，以確保我們保留現有人員，同時吸引我們需要技能的人。我們相信我們的內部人才庫比以往任何時候都更好，並將有助於 Henry Schein 執行我們的增長計劃。

Talking about growth plans. Our strategic plan addresses how we will stay ahead of the fundamental shifts affecting our customers. There's a significant amount of change taking place in the dental and medical professionals -- professions, and we are addressing these plans through our strategic -- these dynamics through our strategic plan. These plans include the goal to accelerate the adoption of digital technology not only within the company but also helping our customers digitalize, and there's a great pressure on our customers to digitalize in their practice. And we are providing excellent handholding consulting services and, of course, an excellent offering of digital products to help our customers advance the digitalization of their practices.

談論增長計劃。我們的戰略計劃解決了我們將如何保持領先於影響我們客戶的根本性變化。牙科和醫療專業人員 - 專業人士正在發生大量變化，我們正在通過我們的戰略來解決這些計劃 - 這些動態是通過我們的戰略計劃來實現的。這些計劃的目標包括加速數字技術的採用，不僅在公司內部，而且還幫助我們的客戶實現數字化，我們的客戶在實踐中面臨著巨大的數字化壓力。我們正在提供出色的手持諮詢服務，當然，還提供出色的數字產品，以幫助我們的客戶推進其實踐的數字化。

So in this connection, yesterday, we announced 3 new senior executive strategic roles designed to further enable us to fulfill our strategic plan. We are forming 3 new teams led by experienced leaders, actually exceptional leaders, who will work together to advance digital technology to create an exceptional customer experience with Henry Schein and accelerate the development of new and complementary technologies and platforms, of course, as I noted, to drive efficiency in our customers' practices while positioning them to provide better quality of care but at the same time also to drive efficiency within Henry Schein. We expect this will enable our sales team and customers to collaborate together to harness this technology. These 3 teams we've set up, each one led by an outstanding executive, will enable our sales teams to provide even better connectivity to our customers as our customers go through this massive change in running their practices driven through digitalization of their management systems and, of course, their clinical support.

因此，在這方面，昨天，我們宣布了 3 個新的高級執行戰略角色，旨在進一步使我們能夠實現我們的戰略計劃。我們正在組建 3 個由經驗豐富的領導者（實際上是傑出的領導者）領導的新團隊，他們將共同努力推進數字技術，與 Henry Schein 一起創造卓越的客戶體驗，當然，正如我所指出的那樣，加速新的互補技術和平台的開發, 以提高我們客戶實踐的效率，同時將他們定位為提供更好的護理質量，同時也提高 Henry Schein 內部的效率。我們希望這將使我們的銷售團隊和客戶能夠共同協作以利用這項技術。我們建立的這 3 個團隊，每一個都由一位傑出的高管領導，這將使我們的銷售團隊能夠為我們的客戶提供更好的連接，因為我們的客戶正在經歷這種由管理系統數字化驅動的運營實踐的巨大變化，以及，當然，他們的臨床支持。

The first is Leigh Benowitz, who has been named Senior Vice President and Chief Global Digital Transformation Officer. Leigh, a member of our executive management committee, is reporting to Chris Pendergast, our Chief Technology Officer. Leigh will be responsible for enabling the delivery of digital sales by developing our e-commerce infrastructure capabilities; and will continue to lead the implementation of our global e-commerce platform, GEP, which is well underway. And Leigh has played a key role in getting us to where we are and will lead us to the successful implementation of GEP. Leigh is a terrific executive. There is a press release that was issued this morning talking about this, Leigh and Trinh, that I'll speak about in a minute and another press release about Mark Hillebrandt. And I think you'll read those and you'll understand why these 3 executives are so important for the future of Henry Schein and, at the same time, appreciate what they've done and what they're going to do.

第一個是 Leigh Benowitz，他被任命為高級副總裁兼首席全球數字化轉型官。 Leigh 是我們執行管理委員會的成員，他向我們的首席技術官 Chris Pendergast 匯報工作。 Leigh 將負責通過開發我們的電子商務基礎設施能力來實現數字銷售；並將繼續領導我們的全球電子商務平台 GEP 的實施，該平台正在順利進行中。 Leigh 在使我們達到目標方面發揮了關鍵作用，並將帶領我們成功實施 GEP。利是一個了不起的執行者。今天上午發布了一份新聞稿，討論了這個問題，Leigh 和 Trinh，我稍後會談到，還有另一份關於 Mark Hillebrandt 的新聞稿。我想你會讀到這些，你就會明白為什麼這三位高管對亨利·施恩的未來如此重要，同時，也會欣賞他們所做的事情以及他們將要做的事情。

The second is Trinh Clark, who has been named Senior Vice President and Chief Global Customer Experience Officer, also a member of our executive management committee. And Trinh reports to Brad Connett, CEO of our North American distribution group. Trinh will be responsible for designing, developing and implementing a consistent customer experience and brand marketing strategy globally. Well, these strategies, to a large extent, are developed. And Trinh will take them down to much more detail; and be responsible for implementation and working with the entire organization on driving consistent customer experience, branding, of course, given the change in the environment from a technology point of view. Trinh will also continue to lead our technology enablement and strategic marketing teams in North America.

第二位是 Trinh Clark，他被任命為高級副總裁兼首席全球客戶體驗官，也是我們執行管理委員會的成員。 Trinh 向我們北美分銷集團的首席執行官 Brad Connett 匯報工作。 Trinh 將負責在全球範圍內設計、開發和實施一致的客戶體驗和品牌營銷戰略。好吧，這些策略在很大程度上是被開發出來的。 Trinh 將詳細介紹它們；並負責實施並與整個組織合作，以推動一致的客戶體驗、品牌推廣，當然，考慮到從技術角度來看環境的變化。 Trinh 還將繼續領導我們在北美的技術支持和戰略營銷團隊。

And finally, Mark Hillebrandt has been named Vice President and Chief Digital Revenue Officer, also reporting to Brad. Mark will be responsible for engaging customers online through our e-commerce platform to drive digital transactions while also securing a healthy pipeline of digitally sourced teams -- leads, sorry, digitally sourced leads, and new prospects to be delivered to our field sales organization. Mark has done a pretty -- has done a very good job in setting us up with respect to digital leads, making shopping experience from a digital point of view much better; and in that context, working closely with our sales organization, who in the end are responsible for driving sales and through our consultative selling methodology that's worked so well for the company.

最後，Mark Hillebrandt 被任命為副總裁兼首席數字營收官，同時向 Brad 匯報工作。 Mark 將負責通過我們的電子商務平台在線吸引客戶以推動數字交易，同時確保數字來源團隊的健康管道——潛在客戶、抱歉、數字來源的潛在客戶以及將交付給我們的現場銷售組織的新潛在客戶。馬克做得很好——在建立我們的數字線索方面做得很好，從數字的角度來看，購物體驗要好得多；在這種情況下，與我們的銷售組織密切合作，他們最終負責推動銷售，並通過我們對公司非常有效的諮詢式銷售方法。

We're also making very good progress on our One Distribution strategy contained in our strategic plan, in other words operationalizing One Distribution dental and medical. In May, we announced the appointment of Dirk Benson as Chief Commercial Officer of our North American distribution group. Dirk joined Henry Schein following a distinguished career with Medline Industries. Also reporting to Brad Connett, Dirk is responsible for the entire dental and medical distribution group's customer-facing organization in the U.S., focused on helping us to advance our goal of exceptional customer experience, increasing efficiency and sales growth in these businesses.

我們在戰略計劃中包含的 One Distribution 戰略也取得了非常好的進展，換句話說，One Distribution 牙科和醫療業務的運作。 5 月，我們宣布任命 Dirk Benson 為我們北美分銷集團的首席商務官。 Dirk 在 Medline Industries 的傑出職業生涯之後加入了 Henry Schein。 Dirk 還向 Brad Connett 匯報，負責整個牙科和醫療分銷集團在美國的面向客戶的組織，專注於幫助我們推進我們的目標，即卓越的客戶體驗、提高這些業務的效率和銷售增長。

So that's a little bit about the implementation of our strategies, so let me pivot a little bit now to provide some color on the performance of each of our business units, starting with our dental distribution business.

所以這有點關於我們戰略的實施，所以現在讓我稍微調整一下，從我們的牙科分銷業務開始，為我們每個業務部門的表現提供一些顏色。

The second quarter growth in our Global Dental business once again was driven by strong global equipment sales as dentists continued to invest in their practices. Consumable merchandise internal sales growth in local currencies, excluding PP&E and COVID-19-related products, and Ron will give specifics, was impacted by an increase in patient appointment cancellations and staff shortages, which we believe were related to COVID-19 infection rates. Lower sales of PP&E products in the quarter were mainly a result of the decline in glove prices. Glove prices reached a peak at the end of the second quarter 2021 and have been coming down, deflation. And so we expect pricing will continue to be a headwind for the next quarter or 2, albeit to a much lesser extent.

隨著牙醫繼續投資於他們的實踐，我們的全球牙科業務第二季度的增長再次受到強勁的全球設備銷售的推動。以當地貨幣計算的消費品內部銷售增長（不包括 PP&E 和 COVID-19 相關產品）受到患者預約取消和員工短缺增加的影響，我們認為這與 COVID-19 感染率有關。本季度 PP&E 產品的銷售額下降主要是由於手套價格下降。手套價格在 2021 年第二季度末達到頂峰，並且一直在下跌，通貨緊縮。因此，我們預計定價將繼續成為下一季度或第二季度的不利因素，儘管程度要小得多。

So we had these 2 factors taking place in the second quarter, impacting our dental distribution internal growth rates. One, of course, was the appointment cancellations and staff shortages; and the second is deflation with respect to glove prices. Now internal sales growth in our North American dental equipment business, as noted earlier, reflects continued demand in both traditional and digital restoration categories, both of them. Our equipment results also benefited from sales to some of our larger DSO accounts, who we expect will continue to be investing in their practices. And as I noted earlier on, our equipment order book remained solid. Our international equipment sales were strong too, similar trends.

因此，我們在第二季度發生了這兩個因素，影響了我們的牙科分銷內部增長率。其中之一當然是取消預約和人員短缺；第二個是手套價格的通貨緊縮。如前所述，現在我們北美牙科設備業務的內部銷售增長反映了傳統和數字修復類別的持續需求。我們的設備業績也受益於對我們一些較大的 DSO 客戶的銷售，我們預計這些客戶將繼續投資於他們的實踐。正如我之前提到的，我們的設備訂單保持穩定。我們的國際設備銷售也很強勁，趨勢相似。

2 fast-growing areas in digital dentistry are digital restorations, and that's the traditional scanners, the chairside CAD/CAM, et cetera; and a rapidly growing, new area which is 3D printing. Based on significant investments we have made in both of these areas over the years and our strong relationship with our suppliers, we believe we offer our customers a differentiated digital product offering across multiple brands. And we expect these categories will continue to grow well for us into the future.

數字牙科中兩個快速增長的領域是數字修復，即傳統掃描儀、椅旁 CAD/CAM 等；以及一個快速發展的新領域，即 3D 打印。基於多年來我們在這兩個領域進行的重大投資以及我們與供應商的牢固關係，我們相信我們為客戶提供跨多個品牌的差異化數字產品。我們預計這些類別將在未來繼續為我們帶來良好的增長。

We have, of course, a goal of continuing to expand our geographic footprint; and we recently announced the acquisition of Condor Dental. Condor Dental services dental general practitioners, specialists and laboratories in Switzerland, the one market we don't have a strong general presence, although we've served the Swiss dental market since 2004 through Camlog, our leading oral surgery business. And Condor Dental expands our presence in this market with a full-service dental distribution offering.

當然，我們的目標是繼續擴大我們的地理足跡；我們最近宣布收購 Condor Dental。 Condor Dental 為瑞士的全科醫生、專家和實驗室提供服務，儘管我們自 2004 年以來通過我們領先的口腔外科業務 Camlog 為瑞士牙科市場提供服務，但我們在這個市場上沒有強大的一般影響力。 Condor Dental 通過提供全方位服務的牙科分銷服務擴大了我們在這個市場的影響力。

Now turning to dental specialty and technology and value-added services, I'd like to touch upon the progress we are making with our goal of building complementary high-growth softwares, services and specialty products; and the shift in our corporate profit contribution to these higher-margin products. We are -- we have invested in good properties. We expect to continue to invest heavily in this area. We have great management teams and are very enthusiastic about the potential.

現在轉向牙科專業、技術和增值服務，我想談談我們在構建互補的高增長軟件、服務和專業產品的目標方面所取得的進展；以及我們對這些利潤率更高的產品的企業利潤貢獻的轉變。我們是——我們投資了優質的房產。我們預計將繼續在這一領域進行大量投資。我們擁有優秀的管理團隊，並且對潛力充滿熱情。

So our high-margin technology and value-added services and specialty products are growing at a good pace and now represent about 14% of our total sales but, more important, 36% of our total operating income. Of course, there's no way to determine exactly which quarter these numbers will go up, but we're quite confident that we have a team in place that will drive these high-margin businesses with in-demand products towards a greater percent of our operating income.

因此，我們的高利潤技術和增值服務以及特色產品正在以良好的速度增長，現在約占我們總銷售額的 14%，但更重要的是，占我們總營業收入的 36%。當然，沒有辦法確切地確定這些數字會在哪個季度上升，但我們非常有信心，我們有一個適當的團隊，將推動這些高利潤業務和需求產品在我們的運營中佔更大比例收入。

So if we just look at the sales of our dental specialty products. They were very solid during the second quarter and were driven by BioHorizons' oral surgery products in North America. This was partially due -- and by the way, in Germany which is a big market for us in the implants, COVID was quite serious in the third and second quarter but actually seems to have picked up again in July. This was partially due -- so BioHorizons' growth was partially due to the growth of our national DSO customers, but also across the customer landscape, including mid-size and smaller practices, as we are seeing implants becoming adopted as a standard procedure in overall dental care. And I think we have outstanding marketing materials, sales force and, of course, backed up with great products, so we expect this trend to support continued growth.

因此，如果我們只看一下我們的牙科專業產品的銷售情況。他們在第二季度非常穩固，並受到 BioHorizons 在北美的口腔外科產品的推動。這部分是由於 - 順便說一句，在德國，這是我們在植入物方面的一個大市場，COVID 在第三和第二季度相當嚴重，但實際上似乎在 7 月份再次回升。這部分是由於 - 因此 BioHorizons 的增長部分是由於我們國家 DSO 客戶的增長，但也包括整個客戶領域，包括中型和小型實踐，因為我們看到植入物被普遍採用為標準程序牙齒保健。而且我認為我們擁有出色的營銷材料、銷售隊伍，當然還有出色的產品作為後盾，因此我們預計這一趨勢將支持持續增長。

In this connection, we are pleased to announce the partnership between BioHorizons, Camlog and Orthocell on the Striate+ tissue membrane. This product has demonstrated positive qualities for tissue regeneration, and we are excited to be able to further differentiate our offering in this area to our customers. BioHorizons, Camlog now has exclusive global rights to this product in the dental field and a long-term supply agreement with Orthocell. And we expect to launch the product towards the end of the third quarter.

在這方面，我們很高興地宣布 BioHorizons、Camlog 和 Orthocell 在 Striate+ 組織膜上的合作。該產品在組織再生方面表現出積極的品質，我們很高興能夠進一步將我們在該領域的產品提供給我們的客戶。 BioHorizons，Camlog 現在擁有該產品在牙科領域的全球獨家權利，並與 Orthocell 簽訂了長期供應協議。我們預計將在第三季度末推出該產品。

Within our endodontic products offering, we showed good growth and have been quite successful and actually quite excited with our recently launched EdgePRO irrigation laser. In the second quarter, we had good new console sales. And we are starting to see sales of consumables from our first placements in the first quarter, but it's good to see the positive feedback from customers and how well this product is being received in the marketplace. We're very, very excited about this technology.

在我們提供的牙髓產品中，我們表現出良好的增長，並且非常成功，並且對我們最近推出的 EdgePRO 沖洗激光器感到非常興奮。在第二季度，我們的新遊戲機銷量不錯。我們從第一季度的第一次投放開始看到消耗品的銷售，但很高興看到客戶的積極反饋以及該產品在市場上的接受程度。我們對這項技術非常非常興奮。

Our priority in the orthodontic business is the Reveal clear aligner product. Sales in wires and brackets were not very strong in the second quarter. I think this is a market issue. Having said that, we've had quite a bit of success with our Reveal clear aligner product, specifically in the DSO market. The launch of our Studio Pro 4.0 software is giving the Reveal aligner business quite a boost. So we remain quite enthusiastic about our 3 specialty areas. That is oral surgery, implants, bone regeneration products; our endodontic business; and our orthodontic business specifically as it relates to the Reveal clear aligner offering.

我們在正畸業務中的首要任務是 Reveal clear aligner 產品。第二季度電線和支架的銷售不是很強勁。我認為這是一個市場問題。話雖如此，我們的 Reveal clear aligner 產品已經取得了相當大的成功，特別是在 DSO 市場。我們的 Studio Pro 4.0 軟件的推出極大地推動了 Reveal 矯正器業務。因此，我們對我們的 3 個專業領域仍然充滿熱情。即口腔外科、種植體、骨再生產品；我們的牙髓業務；以及我們的正畸業務，特別是與 Reveal clear aligner 產品相關的業務。

So now technology and value-added services. We are pleased with the growth in our technology and value-added services businesses, where once again North America and international sales increased by double-digit percentages. Henry Schein One sales growth accelerated compared to the prior year growth. And we are seeing healthy demand from our national DSO accounts for these solutions but also, I might add, for the Dentrix Ascend and Dentally cloud-based solutions. Some are going to DSOs, but general reception from GPs and specialists, small and mid-sized practices is also very good. Both dental Ascend and Dentally showed solid increases in the number of users. In fact, one -- Henry Schein One added more than 400 new cloud customers during the second quarter. Meanwhile, our total number of cloud customers is up 20% over the past 6 months, which demonstrates good momentum within this part of the business, again the movement of digitalization towards the cloud.

所以現在的技術和增值服務。我們對我們的技術和增值服務業務的增長感到高興，北美和國際銷售額再次以兩位數的百分比增長。與上一年相比，亨利沙恩一號的銷售增長加速。我們看到我們的國家 DSO 帳戶對這些解決方案的健康需求，而且我可能會補充說，對 Dentrix Ascend 和 Dentally 基於雲的解決方案的需求。有些人會去 DSO，但 GP 和專家、中小型診所的普遍接待也很好。牙科 Ascend 和 Dentally 的用戶數量都出現了穩步增長。事實上，Henry Schein One 在第二季度增加了 400 多個新的雲客戶。與此同時，我們的雲客戶總數在過去 6 個月中增長了 20%，這表明這部分業務的良好勢頭，再次體現了數字化向雲的發展。

We continue to invest in product development and customer service, and these investments did impact the second quarter margins. We believe these investments are providing a solid growth driver for the business.

我們繼續投資於產品開發和客戶服務，這些投資確實影響了第二季度的利潤率。我們相信這些投資為業務提供了堅實的增長動力。

There are other services in this area that we report on, financial services, a number of other publication services, et cetera, but we are particularly pleased with the performance of eAssist, the revenue cycle management solution that we acquired last June, a great complement to the business, in fact, helping our field sales consultants provide better consulting services, more relevant consulting services to our customers on the dental side.

我們報告了該領域的其他服務、金融服務、許多其他出版服務等，但我們對 eAssist 的表現特別滿意，這是我們去年 6 月收購的收入周期管理解決方案，是一個很好的補充對業務而言，實際上是幫助我們的現場銷售顧問在牙科方面為我們的客戶提供更好的諮詢服務、更相關的諮詢服務。

Turning to our medical business. This business has performed well over many years and again had another excellent quarter with double-digit internal growth in local currencies when excluding PP&E and COVID-19-related products. During the second quarter, we had strong sales in point-of-care diagnostic tests, including flu tests as well as generic drugs and equipment, which is all a good sign. Patient traffic was bolstered by higher numbers of visits for seasonal influenza, which is a departure from prior years when the flu season typically ends during the first quarter. Ambulatory surgical centers are still not up to where they were pre COVID but I think are moving in the right direction. Having said that, the rest of the business is very solid in the medical arena.

轉向我們的醫療業務。該業務多年來表現良好，並且在不包括 PP&E 和 COVID-19 相關產品的情況下，再次取得了另一個出色的季度，以當地貨幣計算實現了兩位數的內部增長。在第二季度，我們在即時診斷測試方面的銷售強勁，包括流感測試以及仿製藥和設備，這都是一個好兆頭。季節性流感就診人數增加，增加了患者流量，這與前幾年流感季節通常在第一季度結束的情況有所不同。門診手術中心仍未達到 COVID 之前的水平，但我認為正在朝著正確的方向發展。話雖如此，其餘業務在醫療領域非常穩固。

So with that overview of our business and the environment in which we operate, I will now ask Ron for a more detailed review of our financial results. Thank you.

因此，有了對我們業務和運營環境的概述，我現在將請羅恩對我們的財務業績進行更詳細的審查。謝謝你。

Ron, please?

羅恩，好嗎？

Thank you, Stanley. And good morning, everyone.

謝謝你，斯坦利。大家早上好。

Turning to our second quarter financial results. Total net sales for the second quarter of 2022 were $3.0 billion, reflecting growth of 2.1% compared with the prior year period. Internally generated sales in local currencies, which I will refer to as LCI, increased 2.4%. And when excluding sales of PPE and COVID-19-related products, our LCI growth was 6.7%.

轉向我們的第二季度財務業績。 2022 年第二季度的總淨銷售額為 30 億美元，與去年同期相比增長 2.1%。以當地貨幣計算的內部產生的銷售額（我將其稱為 LCI）增長了 2.4%。如果不包括 PPE 和 COVID-19 相關產品的銷售，我們的 LCI 增長率為 6.7%。

As Stanley mentioned, prices for PPE products and specifically for gloves increased last year due to market volatility and supply chain disruptions. More recently, prices of gloves and COVID-19 test kits have declined. This pricing volatility, combined with the strong prior year sales comparison, is driving a year-over-year decline in sales of PPE and COVID-19-related products. Additional details of sales performance are contained in exhibit A in our earnings press release issued earlier today.

正如斯坦利所提到的，由於市場波動和供應鏈中斷，去年個人防護裝備產品，特別是手套的價格上漲。最近，手套和 COVID-19 檢測試劑盒的價格有所下降。這種價格波動，加上去年強勁的銷售對比，正在推動 PPE 和 COVID-19 相關產品的銷售額同比下降。銷售業績的其他細節包含在我們今天早些時候發布的收益新聞稿中的附件 A 中。

Operating margin for the second quarter of 2022 was 7.27%, representing an 18 basis point improvement compared with prior year GAAP operating margin. When compared with prior year non-GAAP results, operating margin improved by 6 basis points. Operating margin improvement was due to gross margin expansion mainly as a result of an increase in sales of higher-margin products. This was partially offset by higher operating expenses as a percent of sales, which grew as a result of increases in payroll and travel since our operations have generally returned to normal this year.

2022 年第二季度的營業利潤率為 7.27%，與上年 GAAP 營業利潤率相比提高了 18 個基點。與上一年非公認會計原則結果相比，營業利潤率提高了 6 個基點。營業利潤率改善是由於毛利率擴大，主要是由於高利潤率產品的銷售增加。這部分被較高的營業費用佔銷售額的百分比所抵消，這是由於工資和旅行的增加而增長的，因為我們今年的運營總體上恢復了正常。

Turning to taxes. Our effective tax rate for the second quarter of 2022 was 23.8%. This compares with an effective tax rate of 23.4% for the second quarter of 2021 on a GAAP basis and 23.2% on a non-GAAP basis.

轉向稅收。我們 2022 年第二季度的有效稅率為 23.8%。相比之下，2021 年第二季度的有效稅率為 23.4%（按公認會計原則計算）和 23.2%（按非公認會計原則計算）。

GAAP net income attributable to Henry Schein, Inc. for the second quarter of 2022 was $160 million or $1.16 per diluted share. This compares with prior year GAAP net income of $156 million or $1.10 per diluted share and prior year non-GAAP net income of $157 million or $1.11 per diluted share.

2022 年第二季度歸屬於 Henry Schein, Inc. 的 GAAP 淨收入為 1.6 億美元或每股攤薄收益 1.16 美元。相比之下，上一年 GAAP 淨收入為 1.56 億美元或每股攤薄收益 1.10 美元，而上一年非公認會計原則淨收入為 1.57 億美元或每股攤薄收益 1.11 美元。

Amortization from acquired intangible assets for the second quarter of 2022 was $31.3 million or $0.14 per diluted share. This compares with $30.1 million or $0.13 per diluted share for the same period last year.

2022 年第二季度收購的無形資產攤銷為 3130 萬美元或稀釋後每股 0.14 美元。相比之下，去年同期為 3010 萬美元或稀釋後每股 0.13 美元。

Foreign currency exchange negatively impacted our second quarter diluted EPS by approximately $0.03 versus the second quarter of last year. And at the current foreign exchange rates, we expect the impact to be more pronounced in the second half of the year, as compared to the first half of the year.

與去年第二季度相比，外匯兌換對我們第二季度攤薄後的每股收益產生了約 0.03 美元的負面影響。而按照目前的匯率，我們預計下半年的影響會比上半年更加明顯。

I'll now provide some details on our second quarter sales results. Global Dental sales of $1.9 billion declined 3.1% compared to the same period last year, with LCI sales down 0.3%. LCI sales growth excluding PPE and COVID-19-related products was 3.5%. Global Dental consumable merchandise LCI sales declined 2.2%, but when excluding sales of PPE and COVID-19-related products, they increased 2.4%. Global Dental equipment LCI sales growth was 7.0%.

我現在將提供有關我們第二季度銷售結果的一些詳細信息。全球牙科銷售額為 19 億美元，同比下降 3.1%，LCI 銷售額下降 0.3%。不包括 PPE 和 COVID-19 相關產品的 LCI 銷售增長為 3.5%。全球牙科消耗品 LCI 銷售額下降 2.2%，但如果不包括 PPE 和 COVID-19 相關產品的銷售額，則增長 2.4%。全球牙科設備 LCI 銷售額增長 7.0%。

North America dental LCI sales declined 1.1% compared to the prior year primarily due to consumable merchandise LCI sales declining 3.5%. However, when excluding sales of PPE and COVID-19-related products, North America dental consumable merchandise LCI sales increased 2.2%. Consumable merchandise sales were impacted by lower patient traffic during the quarter, offset by price inflation. North America dental equipment LCI sales increased 8.1% compared with the second quarter of 2021 with good performance in both traditional and digital restoration categories.

北美牙科 LCI 銷售額同比下降 1.1%，主要是由於消費品 LCI 銷售額下降 3.5%。然而，當排除 PPE 和 COVID-19 相關產品的銷售額時，北美牙科耗材商品 LCI 銷售額增長了 2.2%。消費品銷售受到本季度患者流量下降的影響，但被價格上漲所抵消。與 2021 年第二季度相比，北美牙科設備 LCI 銷售額增長了 8.1%，在傳統和數字修復類別中均表現良好。

International dental LCI sales growth was 1.0% compared with the second quarter of 2021, driven by equipment LCI sales growth of 5.5%. The growth in equipment LCI sales was partially offset by a 0.3% decrease in international dental consumable merchandise LCI sales. However, these sales increased 2.7% when excluding sales of PPE and COVID-19-related products. Lower patient traffic, which we believe is a result of higher COVID-19 infection rates, resulted in lower consumable merchandise sales in parts of Europe and in Australia and New Zealand as well as China because of the required lockdowns and were offset by double-digit sales growth in Brazil.

與 2021 年第二季度相比，國際牙科 LCI 銷售額增長 1.0%，受設備 LCI 銷售額增長 5.5% 的推動。設備 LCI 銷售額的增長被國際牙科消費品 LCI 銷售額下降 0.3% 部分抵消。但是，如果不包括 PPE 和 COVID-19 相關產品的銷售額，這些銷售額增長了 2.7%。較低的患者流量（我們認為這是 COVID-19 感染率較高的結果）導致歐洲部分地區以及澳大利亞和新西蘭以及中國的消費品銷售下降，因為所需的封鎖並被兩位數抵消巴西的銷售增長。

Our equipment backlog in our North America and international businesses remained strong.

我們在北美和國際業務的設備積壓依然強勁。

Sales of dental specialty products were approximately $242 million in the second quarter, with LCI growth of 6.6% compared with the prior year. Growth was particularly notable in North America for oral surgery products, consisting of implants and bone regeneration products.

第二季度牙科專業產品的銷售額約為 2.42 億美元，LCI 同比增長 6.6%。在北美，口腔外科產品的增長尤為顯著，包括植入物和骨再生產品。

Technology and value-added services sales during Q2 were $181 million, an increase of 18.1% compared with the prior year, including LCI growth of 10.8%. In North America, technology and value-added services LCI sales growth was 10.4%. This growth was broad-based, with particular strength in our practice management business, including Dentrix and Dentrix Ascend. Internationally, technology and value-added services LCI sales increased 13.4% compared to the prior year, driven by performance in the United Kingdom.

第二季度技術和增值服務銷售額為 1.81 億美元，同比增長 18.1%，其中 LCI 增長 10.8%。在北美，技術和增值服務 LCI 銷售額增長 10.4%。這種增長是廣泛的，在我們的實踐管理業務中具有特別的優勢，包括 Dentrix 和 Dentrix Ascend。在國際上，受英國業績的推動，技術和增值服務 LCI 銷售額比上年增長 13.4%。

During the second quarter, our technology and value-added services businesses, together with our dental specialty products, achieved total sales growth of 9.0% and LCI sales growth of 8.2%, slightly lower than our goal of double-digit growth for the full year.

第二季度，我們的技術和增值服務業務，連同我們的牙科專業產品，實現了總銷售額增長 9.0% 和 LCI 銷售額增長 8.2%，略低於我們全年兩位數增長的目標.

Global Medical sales during the second quarter of $1.0 billion grew 10.3% compared to the same period in 2021, with LCI sales growth of 6.7% led by growth in point-of-care diagnostics. We sold approximately $68 million in COVID-19 test kits in the second quarter of 2022, including multi-assay flu and COVID-19 combination tests. This compares with approximately $75 million in test kit sales in the second quarter of 2021. We expect continued volatility in sales of test kits for the remainder of the year. Excluding sales of PPE and COVID-19-related products, Global Medical LCI sales increased 13.6% compared with the second quarter of 2021.

第二季度全球醫療銷售額為 10 億美元，與 2021 年同期相比增長 10.3%，其中 LCI 銷售額增長 6.7%，主要得益於即時診斷的增長。我們在 2022 年第二季度售出了大約 6800 萬美元的 COVID-19 檢測試劑盒，包括多檢測流感和 COVID-19 組合檢測。相比之下，2021 年第二季度的檢測試劑盒銷售額約為 7500 萬美元。我們預計今年剩餘時間檢測試劑盒的銷售額將持續波動。不計 PPE 和 COVID-19 相關產品的銷售額，全球醫療 LCI 銷售額與 2021 年第二季度相比增長了 13.6%。

Regarding stock repurchases. We repurchased common stock in the open market during the second quarter, buying approximately 1.3 million shares at an average price of $81.42 per share, for a total of $110 million. The impact of the repurchase of shares on our second quarter diluted EPS was immaterial. As of the end of the second quarter, we had $90 million authorized and available for future share repurchases.

關於股票回購。我們在第二季度在公開市場回購了普通股，以每股 81.42 美元的平均價格購買了大約 130 萬股，總計 1.1 億美元。股票回購對我們第二季度攤薄後每股收益的影響並不重大。截至第二季度末，我們已授權 9000 萬美元，可用於未來的股票回購。

Turning to our balance sheet and cash flow. We continue to benefit from significant liquidity, providing our businesses flexibility and financial stability. Operating cash flow for the second quarter of 2022 was $157 million compared to the $159 million for the second quarter of last year.

轉向我們的資產負債表和現金流。我們繼續受益於大量流動性，為我們的業務提供靈活性和財務穩定性。 2022 年第二季度的經營現金流為 1.57 億美元，而去年第二季度為 1.59 億美元。

As Stanley mentioned, today, we are announcing a company-wide restructuring plan that is focused on funding the priorities of the strategic plan and streamlining operations and other initiatives to increase efficiency. The company expects to record restructuring charges in 2022 and 2023. However, an estimate of the amount of these charges has not yet been determined. Any restructuring charges are expected primarily to include severance pay and facility-related costs. The expense savings realized from this plan are expected to mainly affect 2023 and beyond.

正如斯坦利所說，今天，我們宣布了一項全公司範圍的重組計劃，該計劃的重點是為戰略計劃的優先事項提供資金，並簡化運營和其他舉措以提高效率。該公司預計將在 2022 年和 2023 年記錄重組費用。但是，這些費用的估計金額尚未確定。任何重組費用預計主要包括遣散費和與設施相關的費用。該計劃實現的費用節省預計將主要影響到 2023 年及以後。

Turning to 2022 financial guidance, I will conclude my remarks by noting that we are affirming our 2022 full year GAAP diluted EPS guidance range of $4.75 to $4.91, reflecting growth of 7% to 10% compared with our 2021 GAAP diluted EPS of $4.45 and growth of 5% to 9% compared with our 2021 non-GAAP diluted EPS of $4.52. With reference to the balance of the year, we currently anticipate higher EPS growth in Q4 than in Q3.

談到 2022 年財務指導，我將在結束髮言時指出，我們確認 2022 年全年 GAAP 攤薄後每股收益指導範圍為 4.75 美元至 4.91 美元，與 2021 年 GAAP 攤薄後每股收益 4.45 美元和增長相比增長 7% 至 10%與我們 2021 年非公認會計原則攤薄後每股收益 4.52 美元相比，增長了 5% 至 9%。參考今年的餘額，我們目前預計第四季度的每股收益增長將高於第三季度。

We are revising our full year sales guidance and now expect sales growth of approximately 3% to 6% over 2021 versus our previously communicated expected sales growth of 5% to 8%. This change reflects adverse effects from foreign exchange rates; and a decrease in anticipated sales of PPE and COVID-related products, including COVID-19 test kits. Sales of COVID-19 test kits are now expected to decline 25% to 30% from 2021 versus a previously estimated decline of 15% to 25%.

我們正在修訂我們的全年銷售指導，現在預計 2021 年的銷售增長約為 3% 至 6%，而我們之前傳達的預期銷售增長為 5% 至 8%。這一變化反映了外匯匯率的不利影響； PPE 和 COVID 相關產品（包括 COVID-19 檢測試劑盒）的預期銷售額下降。從 2021 年開始，COVID-19 檢測試劑盒的銷售額現在預計將下降 25% 至 30%，而此前估計下降 15% 至 25%。

We continue to expect full year 2022 operating margin expansion of 39 to 44 basis points over 2021 GAAP operating margin and expansion of 20 to 25 basis points over 2021 non-GAAP operating margin.

我們繼續預計 2022 年全年營業利潤率將比 2021 年 GAAP 營業利潤率擴大 39 至 44 個基點，並比 2021 年非 GAAP 營業利潤率擴大 20 至 25 個基點。

Our guidance is for current as well as completed or previously announced acquisitions and does not include potential future acquisitions or restructuring expenses. Guidance also assumes that foreign currency exchange rates will remain generally consistent with current levels. However, additional headwinds from foreign currency exchange rates for the remainder of the year may further impact our sales and EPS. Guidance further assumes that end markets will remain stable and consistent with current market conditions and that there are no material adverse market changes associated with COVID-19.

我們的指導適用於當前以及已完成或之前宣布的收購，不包括潛在的未來收購或重組費用。指引還假設外幣匯率將與當前水平基本保持一致。然而，今年剩餘時間外幣匯率帶來的額外阻力可能會進一步影響我們的銷售和每股收益。指南進一步假設終端市場將保持穩定並與當前市場狀況保持一致，並且不存在與 COVID-19 相關的重大不利市場變化。

With that, I'll now turn the call back to Stanley.

有了這個，我現在將電話轉回斯坦利。

Thank you, Ron.

謝謝你，羅恩。

Just a couple of very brief comments on senior leadership, a couple of updates. As of July 1, Gerry Benjamin retired from Henry Schein as EVP and Chief Administrative Officer. And he stepped down from our Board when his term expired in May. Gerry has been with the company for 34 years. He will be continuing as a consultant and was an -- was invaluable as we grew from a domestic mail-order business of a couple of hundred million dollars into a global full-service products and services business of nearly 22,000 Team Schein Members and operations in 32 countries.

只是對高級領導層的一些非常簡短的評論，一些更新。自 7 月 1 日起，Gerry Benjamin 從 Henry Schein 的執行副總裁兼首席行政官職位上退休。當他的任期在 5 月到期時，他從我們的董事會辭職。 Gerry 在公司工作了 34 年。他將繼續擔任顧問，並且在我們從數億美元的國內郵購業務發展成為擁有近 22,000 名 Team Schein 成員的全球全方位服務產品和服務業務以及在32個國家。

We are fortunate to have a deep bench, and with Gerry's retirement, Michael Ettinger became EVP and Chief Operating Officer, reporting to me. In addition to Michael's corporate affairs responsibility, he has assumed responsibility for HR, IT and supply chain, where each of these 3 functions is led by highly competent, long-standing Henry Schein executives. Michael joined the Henry Schein in 1994, serving most recently as Senior Vice President of Corporate Affairs. The creation of the COO position is a result of growing size, scope and complexity of our operations. And I am confident that Michael will be successful in his new role, together with the leadership in general of our business units, the 5 big business units, and the rest of the executive management team.

我們很幸運有一個很深的替補席，隨著 Gerry 的退休，Michael Ettinger 成為了執行副總裁兼首席運營官，向我匯報。除了 Michael 的公司事務職責外，他還承擔了人力資源、IT 和供應鏈的職責，這三個職能部門中的每一個職能都由高素質、長期任職的 Henry Schein 高管領導。 Michael 於 1994 年加入 Henry Schein，最近擔任公司事務高級副總裁。首席運營官職位的設立是我們運營規模、範圍和復雜性不斷擴大的結果。我相信邁克爾將在他的新職位上取得成功，與我們業務部門、5 個大業務部門和其他執行管理團隊的總體領導層一起。

Barry Alperin also retired from our Board of Directors at our Annual Stockholder Meeting in May. And I would like to take this opportunity to thank Barry for his 26 years of exceptional service on our Board, having joined in 1996, shortly after the company's initial public offering.

Barry Alperin 在 5 月份的年度股東大會上也從我們的董事會退休。我想藉此機會感謝 Barry 在公司首次公開募股後不久於 1996 年加入董事會，為我們董事會提供了 26 年的卓越服務。

So operator, with those comments, I'm pleased to answer any questions.

所以接線員，有了這些評論，我很高興回答任何問題。

(Operator Instructions) Our first question comes from the line of Jason Bednar with Piper Sandler.

（操作員說明）我們的第一個問題來自 Jason Bednar 和 Piper Sandler。

Stanley, if I could start on the patients that have (inaudible) -- you referenced is impacting dental patient volumes. Is there any way you can quantify what you think that impact may have been in the quarter? I think you said it was mostly a regional impact, but could you compare those regions that were less impacted to those that saw the volume effects? And then is it the real-time trends that you're seeing with patient volumes that gives you the confidence here today to anticipate a patient volume recovery here in the second half of the year?

斯坦利，如果我可以從那些有（聽不清）的患者開始——你提到的正在影響牙科患者的數量。有什麼方法可以量化您認為本季度可能產生的影響？我認為您說這主要是區域影響，但是您能否將那些受影響較小的區域與那些看到數量效應的區域進行比較？然後，您看到的患者數量的實時趨勢是否讓您今天在這裡有信心預計今年下半年患者數量會恢復？

Yes, Jason, that's a number that we're constantly trying to figure out. It's very difficult because this is -- this COVID is going in waves, running waves. The good news is I don't think we're going to have to wait too long. July, in the United States, we still saw heavy absenteeism, cancellations in the beginning part, like the first 3 weeks. And most recently, in the last few weeks, it's gotten better, but there is still some cancellation activity and shortages, so -- but it's been mitigated to some extent. I think we can expect that to increase in the rest of the quarter. Internationally, it's really very regionally dependent. Last quarter, Germany was really heavily hit. And in July -- and since this is a call, a public call with all our investors, I can report on this. July was exceptional. Brazil was exceptional. Australia and New Zealand, those are relatively small. It's gotten worse because last year at this time, the rates were quite good. China, it's not material to the whole of Henry Schein but generally has stabilized. Having said that, there are lockdowns for 3, 4, 5 days in specific locations.

是的，傑森，這是我們一直試圖弄清楚的數字。這非常困難，因為這是 - 這個 COVID 正在波濤洶湧，奔騰不息。好消息是我認為我們不必等待太久。 7 月，在美國，我們仍然看到大量曠工，開始部分取消，就像前 3 週一樣。最近，在過去的幾周里，情況有所好轉，但仍有一些取消活動和短缺，所以 - 但它在一定程度上得到了緩解。我認為我們可以預期在本季度的剩餘時間裡會增加。在國際上，它確實非常依賴於地區。上個季度，德國真的受到了重創。而在 7 月 - 由於這是一個電話會議，我們所有投資者的公開電話會議，我可以對此進行報告。七月很特別。巴西是個例外。澳大利亞和新西蘭，相對較小。情況變得更糟了，因為去年這個時候，利率相當不錯。中國，對整個Henry Schein來說並不重要，但總體上已經穩定下來。話雖如此，在特定地點有 3、4、5 天的封鎖。

So my expectation is this is going to iron itself out in the third quarter, although there's no way to tell. It also seems like this COVID, and I speak to several people in different countries in Europe, doesn't seem to be as serious. People get sick, small symptoms; and they generally come out of it within 8 to 10, 12 days. So it's all I can give you. I wish I could give you more.

所以我的預期是，這將在第三季度自行解決，儘管目前尚無定論。看起來這個 COVID，我和歐洲不同國家的幾個人交談，似乎沒有那麼嚴重。人生病，症狀小；他們通常會在 8 到 10 到 12 天內擺脫它。所以我只能給你。我希望我能給你更多。

Okay, no, that's helpful. I appreciate that, Stanley. And then Stanley or Ron, just on the guide. I mean, from the guide here today, great to see you stick with the outlook of expanding non-GAAP operating margins here 20, 25 basis points. Given where we're at year-to-date, it does imply a decent step higher here in the second half of the year in order to hit that guide. So the margin comps do get easier, so that helps, but maybe can you speak to the margin visibility you have in terms of cost controls versus how much of that margin expansion that's in the guide is volume growth or business mix dependent?

好的，不，這很有幫助。我很感激，斯坦利。然後是斯坦利或羅恩，就在指南上。我的意思是，從今天的指南來看，很高興看到您堅持將非 GAAP 營業利潤率擴大 20、25 個基點的前景。考慮到我們今年迄今為止所處的位置，這確實意味著為了達到該指南，在今年下半年這裡會邁出相當大的一步。因此，利潤組合確實變得更容易，這會有所幫助，但也許您能談談您在成本控制方面的利潤率可見性與指南中的利潤率擴張有多少是依賴於銷量增長或業務組合？

Well, I think, if you look at the kind of the expansion of gross margin in Q2, that's largely driven by product mix. That's largely driven by greater growth in our -- some of our dental specialty products and our technology businesses. And so we're projecting that we can continue that kind of favorable mix going forward. This also requires us to very carefully manage our operating expenses in the back half of the year. And there is -- we are acutely aware of that, but that's -- those are the -- really the primary drivers as we look at product mix and ongoing kind of vigilance over operating expenses in the back half of the year in order to achieve that operating margin expansion.

嗯，我認為，如果你看一下第二季度毛利率的增長，這主要是由產品組合驅動的。這在很大程度上是由我們的一些牙科專業產品和我們的技術業務的更大增長推動的。因此，我們預計我們可以繼續這種有利的組合。這也要求我們非常謹慎地管理下半年的運營費用。還有——我們敏銳地意識到這一點，但那是——這些才是——真正的主要驅動力，因為我們審視產品組合以及在下半年對運營費用保持警惕以實現即營業利潤率擴張。

Our next question comes from the line of Andrew Brackmann with William Blair.

我們的下一個問題來自 Andrew Brackmann 和 William Blair。

Stanley, I want to go back to the comments you made in the prepared remarks around some of the customers, I guess, pushing back on pricing increases and your ability to sort of find alternative solutions. I guess, just broadly speaking, is this something that, I guess, the majority of your customers are asking for at this point. And we should be -- start to be thinking about sort of a multi-quarter revenue headwind associated with that? Or is this less the majority at that point?

斯坦利，我想回到你在準備好的關於一些客戶的評論中發表的評論，我猜，推遲價格上漲和你找到替代解決方案的能力。我想，從廣義上講，我想這是你的大多數客戶現在所要求的。我們應該 - 開始考慮與此相關的多季度收入逆風？或者在這一點上這不是大多數？

Yes. So I don't think it's across the board. Having said that, we have to be competitive. And so we can switch customers if particular manufacturers want to stick with the price increases. We have options, and customers are looking at those options. Obviously the mid-sized customers and some of the -- and the bigger DSOs, national DSOs, are much more, if you will, educated consumers, so they can see that, on one product versus another, one manufacturer versus another, there are options. And I was quite clear in my remarks indicating that I don't think this will impact margin but could impact sales in the sense that customers are moving maybe to lower-priced products for the same function, functionally the same, lower priced. And in some instances, obviously the margin will be better. We are not pushing our private brand, but where we're in a competitive situation, we will push a private brand. Margins are pretty good. There's been some inflation on the private brand, but we're also in a pretty good position to work with our manufacturers.

是的。所以我不認為它是全面的。話雖如此，我們必須具有競爭力。因此，如果特定製造商想堅持漲價，我們可以轉換客戶。我們有選擇，客戶正在考慮這些選擇。顯然，中型客戶和一些 - 以及更大的 DSO，國家 DSO，如果你願意的話，是受過教育的消費者，所以他們可以看到，在一種產品與另一種產品之間，一個製造商與另一個製造商之間，有選項。我在評論中非常清楚地表明，我認為這不會影響利潤率，但可能會影響銷售，因為客戶可能會轉向具有相同功能、功能相同、價格更低的低價產品。在某些情況下，顯然利潤會更好。我們不是在推我們的自有品牌，而是在我們處於競爭狀態的情況下，我們將推自有品牌。邊距相當不錯。自有品牌出現了一些通貨膨脹，但我們也處於與製造商合作的良好位置。

So what I'm saying generally, we can manage through this. Our margins will be good. I think we're providing excellent value-added services to our customers in this regard. What I'm excluding, of course, is PP&E, where there's deflation; and generic and other pharmaceuticals, where those move in different directions to the general market. In all of those areas, I think we are maintaining and, in fact, we likely will grow our gross profit.

所以我所說的一般來說，我們可以通過這個來管理。我們的利潤會很好。我認為我們在這方面為我們的客戶提供了出色的增值服務。當然，我排除的是 PP&E，那裡有通貨緊縮；以及仿製藥和其他藥品，它們向一般市場的不同方向發展。在所有這些領域，我認為我們正在維持，事實上，我們可能會增加我們的毛利潤。

Okay. That's helpful. And then, I guess, just on the staffing commentary around sort of dental, recognizing I guess this could be a little bit longer of a headwind than we might be anticipating here, can you just sort of talk about some of the longer-term opportunities that this dynamic might sort of create for Schein with your expansion into some of the services and technologies? And maybe, I guess, just part of that, can you talk about some of the specific investments that you're going to be making here throughout the balance of 2022?

好的。這很有幫助。然後，我想，只是關於牙科的人員配置評論，認識到我想這可能比我們在這裡預期的要長一點，你能談談一些長期的機會嗎隨著您擴展到某些服務和技術，這種動態可能會為 Schein 創建？也許，我想，只是其中的一部分，你能談談你將在 2022 年餘下時間在這裡進行的一些具體投資嗎？

Those are very good question actually. I expect -- look. No one has a crystal ball, but I expect the dental staffing to emerge closer to 2019 within the next few months. Maybe it lingers into the fourth quarter. I don't think so. There is an issue still with hygienists. They feel very uncomfortable. It goes back to COVID. It's an important part, [the bench] of the business, but if we can get the dentist back to full complement, he will just have to handle a lot more of the hygiene and have to work a little bit longer hours. Having said that, there's a lot of technology out there to make the practice of dentistry more productive. The movement from impression material to scanners, to implementing systems like Ascend drive practice efficiency. I think also the PP&E use in the practice was a little bit more intense in terms of doubling up in the amount of time dentists spent on PP&E, masking and gloving and wearing these coats and things. That's become more efficient, so I think the production per practice is likely to go up as well.

這些實際上是非常好的問題。我期待——看。沒有人有水晶球，但我預計牙科人員將在未來幾個月內接近 2019 年出現。也許它會持續到第四季度。我不這麼認為。衛生員仍然存在問題。他們感到非常不舒服。它可以追溯到COVID。這是業務的重要組成部分，[替補席]，但如果我們能讓牙醫恢復到滿員狀態，他將不得不處理更多的衛生工作，並且必須工作更長的時間。話雖如此，有很多技術可以提高牙科實踐的效率。從印模材料到掃描儀，再到像 Ascend 這樣的實施系統，提高了實踐效率。我認為，PP&E 在實踐中的使用也更加激烈，因為牙醫在 PP&E 上花費的時間增加了一倍，戴上口罩和手套，穿上這些外套和其他東西。這變得更有效率，所以我認為每次練習的產量也可能會上升。

Now as for value-added services. This is key for us, these strategies, whether it's revenue cycle management, demand generation, a business that provides insurance coverage at discounted insurance, all sorts of activities as it goes -- as it relates to education and seminars, publications and the like. We're driving different services that really increase the efficiency in their practice while facilitating better clinical care. And this has been a key strategy for years. We will invest more in it. I think we quoted eAssist, which is a business that focuses on revenue cycle management, significantly in demand, highly profitable and highly appreciated by dentists. Jarvis, which provides information upon dental practice indexes and KPIs, all of these things are in demand. And the biggest issue -- or the biggest opportunity of all is our field sales consultants are today much more appreciated for their consulting services than pre COVID, that when -- during COVID, a number of practitioners bought product that wasn't good and didn't necessarily have the most efficient technology in their practice. And so our consultants are being consulted on these items and, of course, providing good advice but at the same time providing great stickiness.

再說增值服務。這對我們來說是關鍵，這些策略，無論是收入周期管理、需求生成、以折扣保險提供保險的業務、各種活動——因為它與教育和研討會、出版物等有關。我們正在推動不同的服務，真正提高他們的實踐效率，同時促進更好的臨床護理。多年來，這一直是一項關鍵戰略。我們將在這方面投入更多。我想我們引用了 eAssist，這是一家專注於收入周期管理的企業，需求量很大，利潤很高，並且受到牙醫的高度評價。 Jarvis 提供有關牙科實踐指數和 KPI 的信息，所有這些東西都是有需求的。最大的問題——或者說最大的機會是，今天我們的現場銷售顧問的諮詢服務比 COVID 之前更受讚賞，當時——在 COVID 期間，許多從業者購買了不好的產品並且沒有在他們的實踐中不一定擁有最有效的技術。因此，我們的顧問正在就這些項目進行諮詢，當然，他們提供了很好的建議，但同時也提供了很好的粘性。

Our next question comes from the line of Jon Block with Stifel.

我們的下一個問題來自 Jon Block 和 Stifel 的台詞。

Stanley, maybe just, the first, on the dental equipment outlook. You seemed, I thought, bullish last quarter and, I got the feeling, maybe equally as bullish this quarter. You talked about solid orders and a strong backlog. I'd just love to get your thoughts. Is that sort of a fair takeaway? And maybe, if so, do you expect the equipment outlook to hold up well into the back part of '22 even in arguably of what's quickly becoming or supposedly becoming a weaker overall environment?

斯坦利，也許只是，第一個，關於牙科設備的前景。我想，你似乎在上個季度看漲，而我感覺到，本季度可能同樣看漲。你談到了穩定的訂單和大量的積壓。我很想听聽你的想法。這是一個公平的外賣嗎？也許，如果是這樣，您是否期望設備前景能夠很好地保持到 22 年的後期，即使可以說是正在迅速成為或可能成為一個較弱的整體環境？

Yes. It's a very good question. I believe equipment is going counterintuitive to the way one would think in a challenged economy. Traditional equipment is doing well. I think the consumer is expecting dentists to have a good-looking, modern chair. And the dentists are understanding this, so they're investing in their practices. I would say the whole restorative area is doing extremely well. That's the digital restorations particularly, whether it's scanners, full chairside and now, of course, 3D printing. All of these are in demand. And specifically as it relates to interoperability with some of our software, this is all boding well. I would say, the imaging side, the units are relatively strong, not great. 2D/3D, it's not terrible, but there is some inflation in that area. And there are some shortages in terms of chips that are holding back availability. I wouldn't say it's critical. And there's options to move from one brand to the other.

是的。這是一個很好的問題。我相信設備正在與人們在充滿挑戰的經濟中的思維方式背道而馳。傳統設備做得很好。我認為消費者期望牙醫擁有一把好看、現代的椅子。牙醫們了解這一點，因此他們正在投資於他們的實踐。我想說整個修復區做得非常好。尤其是數字修復，無論是掃描儀、全椅旁，當然還有現在的 3D 打印。所有這些都是有需求的。特別是因為它涉及與我們的一些軟件的互操作性，這一切都是好兆頭。我會說，成像方面，單位都比較強，不是很好。 2D/3D，這並不可怕，但該區域存在一些膨脹。並且在阻礙可用性的芯片方面存在一些短缺。我不會說這很關鍵。並且可以選擇從一個品牌轉移到另一個品牌。

So what I just said to you is not a North American-issue-only opportunity, but this is global, where our equipment demand continues to be good. The whole traditional equipment supply chain issue was a U.S. North American issue, not an European issue at all. And so on both the traditional equipment side and the digital restoration side, demand is very good in this country, North America and Canada and globally. We're quite (inaudible). And 3D printing is also a newly emerging opportunity, so we're very optimistic about our equipment business.

因此，我剛才對您說的不僅僅是北美問題的機會，而是全球性的，我們的設備需求繼續保持良好狀態。整個傳統設備供應鏈問題是美國的北美問題，根本不是歐洲的問題。以此類推，無論是傳統設備端還是數字修復端，在這個國家、北美和加拿大乃至全球的需求都非常好。我們非常（聽不清）。而3D打印也是一個新興的機會，所以我們非常看好我們的設備業務。

Great color. And maybe as a quick follow-up. Ron, for you, any color on the decrementals from the COVID tests and PPE just in terms of a way to think about that at the op margin level. And then just do we have to actually start thinking about them differently with the way that COVID tests have rolled over? Any color there?

很棒的顏色。也許作為快速跟進。羅恩，對你來說，COVID 測試和 PPE 的遞減量的任何顏色只是從一種在運營利潤率水平上考慮的方式而言。然後，我們是否必須真正開始以不同的方式思考它們，就像 COVID 測試已經結束一樣？那裡有顏色嗎？

Well, I would say at the operating margin level, with PPE, we're still getting -- well, let's first talk about gross margin. With PPE, we're getting, I would say, a gross margin that we're happy with. I think what happens is that, as that pricing of PPE goes down, it obviously results in a lower sales number, so it puts a little bit of strain on operating margin to the extent we have fixed costs as operating expenses. I think, COVID test kits, we are seeing a little bit of pressure on pricing there, but we have seen some stability in that, in the demand for COVID test kits. We had a fairly consistent run -- kind of weekly run rate in the back half of the second quarter that has continued into July and, if anything, has perhaps even improved slightly in July. So -- and that's all taken into consideration when we provide the guidance on that number, but I do think that, from a gross margin standpoint, going -- kind of going back to your original question, we feel like we're getting a good gross margin on PPE. But at those lower sales dollars, it does put a little bit of pressure on the operating margin.

好吧，我想說在營業利潤率水平上，對於 PPE，我們仍然得到 - 好吧，讓我們先談談毛利率。有了 PPE，我想說，我們得到了我們滿意的毛利率。我認為發生的情況是，隨著 PPE 的價格下降，它顯然會導致銷售數量下降，因此在我們將固定成本作為運營費用的情況下，它會給運營利潤率帶來一點壓力。我認為，對於 COVID 測試套件，我們在那裡看到了一些定價壓力，但我們已經看到了一些穩定性，即對 COVID 測試套件的需求。我們有一個相當穩定的運行——第二季度後半段的每週運行率一直持續到 7 月，如果有的話，甚至可能在 7 月略有改善。所以——當我們提供關於這個數字的指導時，這一切都被考慮在內，但我確實認為，從毛利率的角度來看，回到你原來的問題，我們覺得我們得到了一個PPE 的毛利率不錯。但在那些較低的銷售額下，它確實給營業利潤率帶來了一點壓力。

Our next question comes from the line of Jeff Johnson with Baird.

我們的下一個問題來自 Jeff Johnson 和 Baird。

I've got some background noise here, so I'll just ask 2 questions and then go back on mute, but first question, just on the North American consumables growth rate this quarter. Stanley, I think you're talking about some COVID headwinds during the period. You had Omicron headwinds last quarter as well, so how do you just pare it out, the impact of COVID versus some of the inflationary pressures and just consumer pressures we've seen here over the last couple of quarters -- or last couple months? What gives you the confidence that it's COVID, not macro?

我這裡有一些背景噪音，所以我只問兩個問題，然後回到靜音，但第一個問題，只是關於本季度北美消耗品的增長率。斯坦利，我認為您在此期間談論的是一些 COVID 逆風。您在上個季度也遇到了 Omicron 的不利因素，那麼您如何才能消除 COVID 的影響與過去幾個季度或過去幾個月我們在這裡看到的一些通脹壓力和消費者壓力？是什麼讓您確信它是 COVID，而不是宏觀？

And then number two. I know you're doing a great job trying to hold pricing in-line for your customers. I think your customers absolutely appreciate that, in our checks, anyway. How are you thinking about pricing maybe into 2023? It might be early, but I know manufacturers are struggling, given that dental fees haven't gone up for quite a while, on how much they might be able to ratchet pricing up again next year.

然後是第二個。我知道您在努力為您的客戶保持定價方面做得很好。無論如何，我認為您的客戶絕對會在我們的支票中欣賞這一點。您如何考慮到 2023 年的定價？這可能還為時過早，但我知道製造商正在苦苦掙扎，因為牙科費用已經有一段時間沒有上漲了，他們可能會在明年再次提高價格。

Jeff, as I noted earlier on, it's very hard to really identify how much of a dampening impact we had as a result of COVID, but my sense just listening to our salespeople having gone to a couple of conferences, spending time with customers, is that it's -- there were several hundred basis points on the consumables side that are related to this dampening because of COVID. I expect that, that will improve, the rate, the rate of infection. Well, as it improves, we'll drive visits back to the office. That's not in the U.S. but globally, I think.

傑夫，正如我之前提到的，很難真正確定我們對 COVID 造成了多大的抑制影響，但我的感覺只是聽我們的銷售人員參加了幾次會議，與客戶共度時光，就是這樣——在消耗品方面，有數百個基點與 COVID 的這種抑制有關。我希望這會改善感染率和感染率。好吧，隨著情況的改善，我們將推動對辦公室的訪問。我認為這不在美國，而是在全球範圍內。

The impact of inflation. I'm actually a little bit surprised with the fact that we've been able to keep our rates. I quoted a 3% number. I think it's actually less in the non-private label, in the non-glove, -PP&E area. So the volumes are there and inflation doesn't seem to be too bad. How it goes -- how this drives, where this ends up in the fourth quarter or even 2023 is hard to tell. We are not getting huge pushback on pricing, from our point of view, but we're being asked about different brand options. And I think manufacturers are going to have to think this through. I know they're doing that now. And again I'm talking about consumables. So it's hard to see how much the inflation rate is really going to be towards the end of the fourth quarter, the beginning of the first, but it doesn't look like we've seen in other -- with other products in the general economy.

通貨膨脹的影響。實際上，我對我們能夠保持我們的費率這一事實有點驚訝。我引用了一個 3% 的數字。我認為在非自有品牌、非手套、-PP&E 領域實際上更少。所以數量在那裡，通貨膨脹似乎並不算太糟糕。它是如何進行的——這是如何驅動的，這在第四季度甚至 2023 年最終會在哪裡結束，很難說。從我們的角度來看，我們並沒有在定價方面遇到巨大的阻力，但我們被問及不同的品牌選擇。我認為製造商將不得不考慮這一點。我知道他們現在正在這樣做。我又在談論消耗品。因此，很難看出通脹率在第四季度末（第一季度初）到底會達到多少，但它看起來不像我們在其他產品中看到的那樣——總體上是其他產品經濟。

And our next question comes from the line of Erin Wright with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Erin Wright。

This is Justin Wang filling in for Erin. We were wondering what is embedded in your guidance as it relates to potential macro pressures. Is there a risk to guidance from here if we see tougher macro backdrop? Or is this an element that's already been baked into your guide?

這是賈斯汀·王（Justin Wang）代替艾琳（Erin）。我們想知道您的指導中包含什麼與潛在的宏觀壓力有關。如果我們看到更嚴峻的宏觀背景，是否存在從這裡指導的風險？或者這是一個已經融入你的指南的元素？

Yes. I mean I would say that one reason we stayed with a $0.16 range is because of that macro uncertainty that you've referenced. I think that we've kind of played out different scenarios, whether it be in terms of additional inflation, whether it be from additional geopolitical concerns. And we did fall within that range of guidance that we provided. So it is taken into consideration for the balance of the year, that there could be further deterioration, but we feel like we have the plans in place to try to mitigate that.

是的。我的意思是我會說我們保持在 0.16 美元範圍內的一個原因是因為你提到的宏觀不確定性。我認為，無論是在額外通脹方面，還是出於額外的地緣政治擔憂，我們都有不同的情景。我們確實在我們提供的指導範圍內。因此，考慮到今年的餘額可能會進一步惡化，但我們覺得我們已經制定了計劃來試圖減輕這種情況。

We have time for one last question, coming from the line of A.J. Rice with Crédit Suisse.

我們有時間回答最後一個問題，來自 A.J.瑞士信貸大米。

Just 2 questions. First, can you just comment on what you're seeing in the medical side? I know you're focused on the alternate site area. We're hearing mixed things about how procedure volumes progressed and how much that was impacted by COVID, but alternatively it sounds like there's a flow out of hospitals into some of those alternate sites. And maybe they'd be above pre-pandemic levels and I'm just curious what you're seeing?

就2個問題。首先，你能評論一下你在醫療方面看到的東西嗎？我知道您專注於備用站點區域。我們聽到的關於手術量如何進展以及受 COVID 影響的程度有多大的說法不一，但聽起來好像有從醫院流出的人流到了其中一些替代地點。也許他們會高於大流行前的水平，我只是好奇你看到了什麼？

So I think you're referring specifically to the ambulatory surgical centers. We were close to 2019 numbers. I can't remember a couple of quarters back. We've gone back a little bit, but generally ASCs are quite strong. And we are gaining market share in that area, for sure. We have a lot to offer. I think ASCs are also looking at ensuring that the supply chain is efficient; that they're not having too much wastage of product, expiration dates and product issues. And we help with those kinds of things, so I would say overall that's a good area, but we're in a number of alternate sites, whether it's oncology, renal, urgicenters. And for us, these markets are all doing quite well. I do believe, having said, that there probably is going to be some pent-up demand for elective surgery in the ASC space that will go to market. I think people will want these procedures as soon as COVID tapers down here in the United States.

所以我認為您指的是門診手術中心。我們接近 2019 年的數字。我不記得幾個季度前的事了。我們已經退了一點，但通常 ASC 非常強大。我們肯定會在該領域獲得市場份額。我們有很多東西可以提供。我認為 ASC 也在考慮確保供應鏈高效。他們沒有太多的產品浪費、過期日期和產品問題。我們在這些事情上提供幫助，所以我想說總體上這是一個很好的領域，但我們在許多替代地點，無論是腫瘤學、腎病、急診中心。對我們來說，這些市場都做得很好。話雖如此，我確實相信，在 ASC 領域可能會有一些被壓抑的選擇性手術需求將進入市場。我認為，一旦 COVID 在美國逐漸減少，人們就會想要這些程序。

Okay. And Stanley, in your prepared remarks you mentioned that you're helping your clinicians deal with key changes in dental and medical professions. And I know you called out specifically digitization in their work. I wondered if you would expand a little more on what you're referring to in some of those key changes that they're dealing with and how that impacts your business down the road?

好的。斯坦利，在你準備好的評論中，你提到你正在幫助你的臨床醫生應對牙科和醫療行業的關鍵變化。我知道你在他們的工作中特別提到了數字化。我想知道您是否會在他們正在處理的一些關鍵更改中進一步擴展您所指的內容以及這將如何影響您的業務？

That's a very good question. There's a clear understanding amongst all the office space practitioners, small to the largest, that efficiency is critical. They're going to face reimbursement pressure. To some extent, they're facing it now. I think for them, in many respects, labor costs have increased more than reimbursement, so they're turning to our sales force for advice on how to manage their practice and, of course, how to ensure that their clinical standards are increased with access to the latest technology. And on the dental side, digitization, the biggest one, is the DI, the scanners in the prosthetic field. I don't know what the number is, but it is because it's not clear. But I have to imagine it's still half the dentists in the developed world are still doing manual impressions, so there's a huge opportunity in that regard to convert practices using manual impression to digital impression. The whole movement of impressions to the lab, digital manufacturing of crowns and bridges in the lab is a big opportunity for us. We're a significant player in the lab space. I think we're the largest provider of laboratory products in the world, so as that moves digitally, that's a huge opportunity for us. It has been very good to us in the last year or 2 but lots of opportunity in that regard.

這是一個非常好的問題。所有辦公空間從業者，無論大小，都清楚地認識到效率至關重要。他們將面臨報銷壓力。在某種程度上，他們現在正面臨著它。我認為對他們來說，在許多方面，勞動力成本的增加超過了報銷，因此他們正在向我們的銷售人員尋求如何管理他們的實踐的建議，當然還有如何確保他們的臨床標準隨著訪問而提高到最新的技術。在牙科方面，最大的數字化是 DI，即修復領域的掃描儀。我不知道數字是多少，但這是因為它不清楚。但我不得不想像發達國家仍有一半的牙醫仍在進行手動印模，因此在這方面將使用手動印模的做法轉換為數字印模是一個巨大的機會。將印模轉移到實驗室、在實驗室中數字化製造牙冠和牙橋對我們來說是一個巨大的機會。我們是實驗室領域的重要參與者。我認為我們是世界上最大的實驗室產品供應商，因此隨著數字化發展，這對我們來說是一個巨大的機會。在過去的一兩年裡，這對我們來說非常好，但在這方面有很多機會。

The practice management arena. The movement from -- towards a cloud-based technology from a security point of view, from a practice management point of view, the digitalization of more of the practice presents a significant amount of opportunity on the practice management side. The interoperability, connectivity between devices and practice management software is a big opportunity. Actually that's both dental and medical. The movement to 3D printing is starting to get some good momentum. You'll hear more from us in that regard. Actually, hopefully, in the next week or 2, we'll have some announcements there. So we're very excited about this on the dental side, the digitalization; and on the medical, just simply the capital equipment that we're selling, refining practices, replacing nondigital equipment with digital equipment for diagnostics, for other activities. So generally a more efficient, digitalized practice is what practitioners are looking, seeking guidance from our field sales force for. And our sales -- field sales force is much more capable today of satisfying these needs because they've got lots of tools in their bags. More information on that, I think, Graham or Ron can provide. I'm happy to connect you with our teams, our business teams, but simply because of time now, we've got to probably end the call. So we're very excited about this. That's a very, very good question; and plays to the opportunity for Henry Schein going forward.

實踐管理領域。從安全的角度到基於雲的技術的轉變，從實踐管理的角度來看，更多實踐的數字化在實踐管理方面提供了大量的機會。設備和實踐管理軟件之間的互操作性、連接性是一個巨大的機會。實際上，這既是牙科又是醫療。向 3D 打印的運動開始獲得一些良好的勢頭。在這方面，您會聽到我們的更多信息。實際上，希望在接下來的一周或兩週內，我們會在那裡發布一些公告。所以我們對牙科方面的數字化感到非常興奮；在醫療方面，只是我們銷售的資本設備，改進實踐，用用於診斷的數字設備替換非數字設備，用於其他活動。因此，一般來說，從業人員正在尋找一種更有效、更數字化的做法，並尋求我們現場銷售人員的指導。而我們的銷售——現場銷售人員今天更有能力滿足這些需求，因為他們的包裡有很多工具。我認為，格雷厄姆或羅恩可以提供更多信息。我很高興將您與我們的團隊、我們的業務團隊聯繫起來，但僅僅因為現在時間關係，我們可能不得不結束通話。所以我們對此感到非常興奮。這是一個非常非常好的問題；並為亨利·沙恩（Henry Schein）前進的機會打球。

So with that in mind, I want to thank everyone for calling. We are most enthusiastic about where we are. We think our BOLD+1 2022 to 2024 strategic plan is going to play out well for us even with a contracted economy, and we're underway to implementing these goals. I'll talk about it in a future call. And of course, a key part of that is to drive efficiency as we drive efficiency in all of our distribution businesses as One Distribution, One Schein, the notion of selling a package of products to a customer rather than 1 or 2 products or services is working well. And of course, our high-margin technology and value-added services and specialty products are growing at a good pace, so we're very happy with our senior team in general. I think the team is doing very well. And the organization is motivated to support our senior team and our management in general.

因此，考慮到這一點，我要感謝大家的來電。我們最熱衷於我們所處的位置。我們認為，即使在經濟收縮的情況下，我們的 BOLD+1 2022 至 2024 戰略計劃也會對我們發揮良好的作用，我們正在實施這些目標。我將在以後的電話會議中討論它。當然，其中一個關鍵部分是提高效率，因為我們在所有分銷業務中提高效率，如 One Distribution，One Schein，向客戶銷售一攬子產品而不是 1 或 2 種產品或服務的概念是運作良好。當然，我們的高利潤技術和增值服務以及特色產品正在以良好的速度增長，因此我們對我們的高級團隊總體上感到非常滿意。我認為球隊做得很好。並且該組織有動力支持我們的高級團隊和我們的整體管理。

The long-term trends for our markets are good, so we believe that we're servicing a very solid market with a great plan and a great team.

我們市場的長期趨勢是好的，所以我們相信我們正在為一個非常穩固的市場提供一個偉大的計劃和一個偉大的團隊。

So with that, I thank you for calling. If you have any questions, please feel free to reach out to Graham Stanley on investor relations or Ron directly. Then if Graham's contacts are on the website -- or it's grahamstanley...

因此，我感謝您的來電。如果您有任何問題，請隨時聯繫 Graham Stanley 的投資者關係或直接聯繫 Ron。那麼如果格雷厄姆的聯繫人在網站上——或者是格雷厄姆斯坦利……

graham.stanley@henryschein.com.

graham.stanley@henryschein.com。

graham.stanley@henryschein.com. And Ron is ronald...

graham.stanley@henryschein.com。而羅恩就是羅納德...

ronald.south@henryschein.com.

ronald.south@henryschein.com。

Ronald South -- and please feel free to reach out. And if people want to speak to me, go through those channels too.

Ronald South - 請隨時與我們聯繫。如果人們想和我說話，也可以通過這些渠道。

Again thank you very much for calling. Lots going on in the business, and we remain excited as we have for decades. Thank you very much.

再次非常感謝您的來電。業務中發生了很多事情，我們幾十年來一直保持興奮。非常感謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。