漢瑞祥 (HSIC) 2022 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Henry Schein's Third Quarter 2022 Earnings Conference Call. (Operator Instructions) And as a reminder, this call is being recorded. I would now like to introduce you to your host for today's call, Graham Stanley, Henry Schein's Vice President of Investor Relations and Strategic Financial Project Officer. Thank you, sir. Please go ahead, Graham.

女士們先生們，早上好，歡迎來到亨利施恩公司 2022 年第三季度收益電話會議。 （操作員說明）作為提醒，此通話正在錄音中。我現在想向您介紹今天電話會議的主持人 Graham Stanley，他是 Henry Schein 的投資者關係副總裁兼戰略財務項目官。謝謝你，先生。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 third quarter of 2022. 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.

謝謝運營商，我也感謝你們每一位加入我們討論亨利祥 2022 年第三季度的財務業績。今天和我一起打電話的是亨利祥的董事會主席兼首席執行官斯坦利伯格曼；高級副總裁兼首席財務官 Ron South。

Before we begin, I would 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聲明中表達或指示的業績存在重大差異。這些前瞻性陳述的全部內容均符合 Henry Schein 向美國證券交易委員會提交的文件中包含的警告聲明，並包含在這些文件的“風險因素”部分。此外，關於我們所服務市場的所有評論，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.

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 GAAP 財務措施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結果，並允許在使用的關鍵指標方面提高透明度通過管理經營我們的業務。這些非 GAAP 財務措施僅供參考和比較之用，不應被視為相應 GAAP 措施的替代品。

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. The content of this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast, November 1, 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.

GAAP 和非 GAAP 措施之間的對賬可以在我們的投資者關係網站的補充信息部分和今天的新聞稿的附件 B 中找到，也可以在我們網站的投資者關係部分找到。本次電話會議的內容包含時效性信息，僅截至現場直播之日 2022 年 11 月 1 日才准確。漢瑞祥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。這次通話的日期。

Finally, we have prepared slides summarizing our third quarter financial results. These also can be found in the Investor Relations section of our website. (Operator Instructions) And with that, I'd like to turn the call over to Stanley Bergman.

最後，我們準備了總結我們第三季度財務業績的幻燈片。這些也可以在我們網站的投資者關係部分找到。 （操作員說明）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, everyone, for joining us on this call today. Our financial results for the third quarter of 2022 reflect solid underlying growth across our business and actually in most geographies. We grew our non-GAAP diluted EPS compared with the third quarter of 2021, and this is despite the significant currency headwinds and lower sales of PPE and COVID test kits. Today, we are narrowing our 2022 non-GAAP diluted EPS guidance range, which reflects our confidence in the underlying strength and the stability of our business.

謝謝你，格雷厄姆。大家早上好，謝謝大家今天加入我們的電話會議。我們 2022 年第三季度的財務業績反映了我們整個業務以及實際上在大多數地區的穩健基礎增長。與 2021 年第三季度相比，我們的非 GAAP 稀釋後每股收益有所增長，儘管存在重大的貨幣逆風以及 PPE 和 COVID 測試套件的銷售額下降。今天，我們正在縮小 2022 年非 GAAP 稀釋後每股收益指導範圍，這反映了我們對我們業務的潛在實力和穩定性的信心。

Overall, we feel very good about the outlook for the company and remain highly focused on delivering on our BOLD+1 strategy, which we're happy to go into details during the Q&A period, and as we continue to increase the sustainable profitability of the business. Importantly, current market demands in both our dental and medical businesses are generally stable and actually have been this way for a while. We continue to receive price increases from various suppliers with additional price changes towards the end of the second quarter.

總的來說，我們對公司的前景感到非常滿意，並繼續高度關注我們的 BOLD+1 戰略，我們很樂意在問答期間詳細介紹該戰略，並且隨著我們繼續提高公司的可持續盈利能力商業。重要的是，我們的牙科和醫療業務目前的市場需求總體上是穩定的，而且實際上這種情況已經持續了一段時間。我們繼續收到來自不同供應商的價格上漲，並在第二季度末進行額外的價格變動。

The depth and breadth of the Henry Schein portfolio allows us to satisfy our customers' needs and to offer alternative national brand and corporate brand products to price-sensitive customers, thus positioning us to also protect our gross profit. This is reflective of the deep and lasting relationship we have with our customers and our suppliers.

Henry Schein 產品組合的深度和廣度使我們能夠滿足客戶的需求，並向對價格敏感的客戶提供可供選擇的國家品牌和企業品牌產品，從而使我們能夠保護我們的毛利。這反映了我們與客戶和供應商之間深厚而持久的關係。

As we commented in previous quarters, market prices for gloves continue to decrease, however, we believe at a reduced pace while our unit volume for gloves is relatively stable, and this is driving lower sales and profits in the PPE category. Remember, the PP&E category is largely gloves. Suddenly, sales and profit of COVID test kits have declined compared to the prior year, but pricing and volume for these products is also stabilizing. So generally, the PP&E market on gloves has deflated, volumes are definitely stable and test -- COVID-19 tests are relatively stable from a pricing point of view and a volume point of view compared to the previous year. So we'll, of course, provide further information on the whole PP&E and COVID test category. Having said that, our business, excluding PP&E and COVID tests, did perform quite well as we will discuss in detail during this call.

正如我們在前幾個季度所評論的那樣，手套的市場價格繼續下降，但是，我們認為下降的速度雖然我們的手套單位數量相對穩定，但這導致 PPE 類別的銷售額和利潤下降。請記住，PP&E 類別主要是手套。突然之間，COVID 測試套件的銷售額和利潤與上一年相比有所下降，但這些產品的價格和數量也在趨於穩定。因此，總的來說，手套上的 PP&E 市場已經萎縮，數量肯定穩定並且經過測試——與上一年相比，從定價和數量的角度來看，COVID-19 測試相對穩定。因此，我們當然會提供有關整個 PP&E 和 COVID 測試類別的更多信息。話雖如此，我們的業務（不包括 PP&E 和 COVID 測試）確實表現良好，我們將在本次電話會議中詳細討論。

So let me start by reviewing performance highlights for each of our business units, starting with the dental distribution business. Internal growth in local currency of Global Dental sales, excluding PPE, was good. Consumable merchandise growth, excluding PP&E, was solid, and we were especially pleased with the excellent growth of our North American equipment business and continued strength in our global equipment order book. That's the backlog.

因此，讓我首先回顧一下我們每個業務部門的業績亮點，從牙科分銷業務開始。全球牙科銷售額（不包括 PPE）以當地貨幣計算的內部增長良好。不包括 PP&E 的消耗品增長穩健，我們對北美設備業務的出色增長以及我們全球設備訂單的持續增長感到特別高興。那就是積壓。

We had a strong growth in sales of traditional equipment during the third quarter. We are also experiencing continuing good demand for high-tech equipment, an area where Henry Schein is a global leader. And this is because dental practices look to secure and maintain a competitive advantage and the product offering available in the space has expanded and there is practically something for every dental practice.

第三季度，我們的傳統設備銷售額實現了強勁增長。我們還經歷了對高科技設備的持續良好需求，亨利祥在該領域處於全球領先地位。這是因為牙科診所希望確保並保持競爭優勢，並且該領域提供的產品已經擴大，幾乎每個牙科診所都有一些東西。

So this growth was largely driven by volume as we are seeing new innovation in digital dental equipment come to market at somewhat lower average selling prices. But the market is significant, big opportunity, lots of units, and we have a very good offering. We believe that consumable merchandise sales growth in Europe was impacted this year because of summer holiday -- because of the summer holiday season as dental practitioners and patients took more vacation days than in the previous year. But we also believe that our consumable merchandise growth in Europe will remain stable, leaning slightly positively.

因此，這種增長主要是由數量推動的，因為我們看到數字牙科設備的新創新以較低的平均售價進入市場。但市場很大，機會很大，單位很多，我們有很好的產品。我們認為，今年歐洲的消費品銷售增長受到暑假的影響——因為牙醫和患者在暑假期間休假的天數比去年多。但我們也相信，我們在歐洲的消費品增長將保持穩定，略微向好。

On the other side of the coin, other parts of the world, international growth did benefit from ongoing strength in Australia, New Zealand and Brazil, which was partially offset by continuing lockdowns in China. Having said that, our China business is relatively small compared to our total business.

另一方面，在世界其他地區，國際增長確實受益於澳大利亞、新西蘭和巴西的持續強勁增長，這部分被中國的持續封鎖所抵消。話雖如此，與我們的總業務相比，我們的中國業務相對較小。

Our North American equipment order book remains robust and continues to grow from last quarter. And this is partly a result of quite a successful DS World from our point of view. This event was held late in the third quarter compared to the previous year, when it was earlier, and we saw continuing demand for intra-oral imaging, chairside mills, 2D/3D digital extra-oral imaging devices, 3D printing with a number of other manufacturers too. And of course, all the CAD/CAM lines did well also from an order-taking point of view, leading to probably a stronger, we believe, fourth quarter in a market that we're doing quite well generally.

我們的北美設備訂單保持強勁，並從上一季度開始繼續增長。從我們的角度來看，這在一定程度上是 DS World 相當成功的結果。與去年同期相比，本次活動在第三季度晚些時候舉行，我們看到了對口腔內成像、椅旁研磨機、2D/3D 數字口外成像設備、3D 打印的持續需求其他製造商也是如此。當然，從接單的角度來看，所有 CAD/CAM 生產線也都表現良好，我們相信，在我們總體上做得很好的市場中，第四季度可能會更強勁。

Lead times for traditional equipment are reducing slightly, although installations are still being affected by delays of dental office construction, so we expect our demand and our sales in the equipment area to continue to be strong. Our international equipment order book is also solid. So dental growth during the third quarter was aided by, as our investors know, Midway Dental acquisition, which strengthened our long-standing presence in the Midwest of the United States, provided dental customers of Midway with access to an expanded portfolio of solutions and, of course, a highly competitive pricing.

傳統設備的交貨時間略有縮短，儘管安裝仍受到牙科診所建設延誤的影響，因此我們預計我們在設備領域的需求和銷售將繼續強勁。我們的國際設備訂單也很充足。因此，正如我們的投資者所知，第三季度的牙科增長得益於 Midway Dental 的收購，這加強了我們在美國中西部的長期存在，為 Midway 的牙科客戶提供了更廣泛的解決方案組合，並且，當然，極具競爭力的定價。

Midway built an excellent reputation within the industry over the past 35 years. And the vision of senior executives at Midway strongly aligns with the Henry Schein commitment to helping dentists operate a more efficient practice while allowing a focus by the dentists on delivering high-quality patient care. We have successfully completed the integration relatively quickly of the Midway Dental business, distribution business, and the Condor Dental that we recently acquired in Switzerland that is -- on the distribution side is also largely completed from an integration point of view.

在過去的 35 年裡，Midway 在業內建立了良好的聲譽。 Midway 高級管理人員的願景與 Henry Schein 的承諾高度一致，即幫助牙醫更有效地開展業務，同時讓牙醫專注於提供高質量的患者護理。我們已經相對較快地成功完成了 Midway Dental 業務、分銷業務和我們最近在瑞士收購的 Condor Dental 的整合——從整合的角度來看，在分銷方面也基本完成了。

So we continue to invest in our dental specialty portfolio and add new customers. Sales to DSO customers in the United States once again were good in the specialty areas and demonstrate success of our One Schein strategic initiative. We are seeing some signs of economic caution in several specialty markets regarding high-end oral surgery procedures. I would not say this is the case as it relates to endodontics, but in oral surgery, there is some caution on the high-end side of implants, and our orthodontic business is relatively small. I'll cover that in a minute.

因此，我們繼續投資我們的牙科專業產品組合併增加新客戶。對美國 DSO 客戶的銷售在專業領域再次表現良好，證明了我們 One Schein 戰略計劃的成功。我們在一些專業市場上看到一些關於高端口腔外科手術的經濟謹慎跡象。我不會說這是牙髓病的情況，但在口腔外科，種植體的高端方面有一些謹慎，我們的正畸業務相對較小。我會在一分鐘內介紹。

But importantly, we believe that Henry Schein is well positioned to capitalize on these shifts, specifically in the oral surgery market, as we offer a full range of dental implant options at various price points. So we think on the unit side, we will continue to do well and also on the profit side.

但重要的是，我們相信 Henry Schein 能夠很好地利用這些轉變，特別是在口腔外科市場，因為我們提供各種價位的全系列牙種植體選擇。所以我們認為在單位方面，我們將繼續做得很好，在利潤方面也是如此。

So we had strong growth in our clear aligner business. Of course, let me remind those participating in today's call, our aligner business is relatively small but it is growing nicely and specifically with some DSOs. And again, as I mentioned, we are seeing solid demand for our endodontic specialty products, which is driven by sales of new products, particularly our Triton irrigation solution and our EdgePRO laser system. Both of these have done well. But I would also say units of endo have done relatively well. And so we believe that our dental specialty business is doing quite well from a foundation point of view, and we always need to look at comparable quarters in previous years, trends, et cetera. And I think the business is in pretty good shape.

因此，我們的隱形矯正器業務實現了強勁增長。當然，讓我提醒那些參加今天電話會議的人，我們的對準器業務相對較小，但增長良好，特別是與一些 DSO 合作。而且，正如我提到的，我們看到了對牙髓專業產品的強勁需求，這是由新產品的銷售推動的，特別是我們的 Triton 沖洗解決方案和我們的 EdgePRO 激光系統。這兩個都做得很好。但我也想說 endo 的單位做得相對好。因此，我們認為，從基礎的角度來看，我們的牙科專業業務做得很好，我們總是需要查看前幾年的可比季度、趨勢等。而且我認為業務狀況非常好。

Let's move on to the technology and value-added services. Our technology value-added services businesses had good underlying sales growth in the third quarter. Sales growth was impacted by the expiration of a modestly profitable but significant large government contract. The largest business in this segment is Henry Schein One, it's a software business, which once again posted solid sales growth domestically and internationally, driven by our Dentrix practice management software and our Dentrix Ascend and entirely cloud-based solutions.

讓我們繼續討論技術和增值服務。我們的技術增值服務業務在第三季度有良好的基礎銷售增長。銷售增長受到適度盈利但重要的大型政府合同到期的影響。該細分市場中最大的業務是 Henry Schein One，它是一項軟件業務，在我們的 Dentrix 實踐管理軟件和我們的 Dentrix Ascend 以及完全基於雲的解決方案的推動下，再次在國內和國際上實現了穩健的銷售增長。

During the quarter, we surpassed 5,000 cloud-based customers, adding more than 1,000 new customers year-to-date and currently exceeding 100 new installations per month. We have launched entirely across the United Kingdom and in Australia, New Zealand as well over the past 6 months and remain on track to further geographic expansion in 2023. Ascend has been growing its customer base by double-digit percentages quarter-to-quarter. Notably, these cloud-based practice management systems also drive traction for other Henry Schein One solutions and for effect, stickiness to the entire Henry Schein portfolio.

本季度，我們擁有超過 5,000 個基於雲的客戶，年初至今增加了 1,000 多個新客戶，目前每月新安裝超過 100 個。在過去的 6 個月裡，我們已經在英國、澳大利亞、新西蘭全面推出產品，並有望在 2023 年進一步擴大地域範圍。Ascend 的客戶群每季度都以兩位數的百分比增長。值得注意的是，這些基於雲的實踐管理系統還推動了其他 Henry Schein One 解決方案的吸引力，並因此影響了整個 Henry Schein 產品組合的粘性。

We recently announced that Dentrix Ascend was selected as the exclusive cloud-based practice management system of Smile Brands, a dental service organization, a DSO organization, with more than 700 locations, reflecting the competitive advantage of this product offering. So an important part of the BOLD+1 strategic plan is to place greater emphasis on these high-growth, high-margin products and services. Of course, no guarantees, but this is an area of focus for inorganic growth. And we feel that we're on track to deliver on our expectations in that area with organic -- inorganic growth. Although we will announce that any opportunities in that area or any deals in that area once those deals are closed, and there's no certainty as to when that may be.

我們最近宣布，Dentrix Ascend 被選為 Smile Brands 的獨家基於雲的實踐管理系統，Smile Brands 是一家牙科服務組織，DSO 組織，擁有 700 多個地點，反映了該產品的競爭優勢。所以BOLD+1戰略計劃的一個重要部分就是更加重視這些高增長、高利潤的產品和服務。當然，不能保證，但這是無機增長的重點領域。而且我們覺得我們正在按計劃通過有機 - 無機增長實現我們在該領域的期望。儘管我們會在交易結束後宣布該領域的任何機會或該領域的任何交易，但不確定何時可能。

So another bright spot in the organization in our performance in sales growth in local currencies in our medical business continue -- which continue to be excellent during the third quarter when excluding PPE and COVID test kits, largely pricing issues, PP&E related to gloves and test kits just relating to demand for the test kits, which we've discussed on several calls in the past. Our expectations were relatively in line on the test kits specifically. So we are continuing to deepen our relationships with existing large IDN customers while nicely growing our other medical businesses.

因此，我們醫療業務中以當地貨幣計算的銷售增長表現的另一個亮點仍在繼續——在第三季度，當不包括 PPE 和 COVID 測試套件、主要是定價問題、與手套和測試相關的 PP&E 時，這仍然非常出色套件僅與測試套件的需求有關，我們過去曾在幾次電話會議上討論過。具體而言，我們的期望相對符合測試套件。因此，我們將繼續加深與現有大型 IDN 客戶的關係，同時很好地發展我們的其他醫療業務。

We are especially pleased with strong growth in our government sector, our [medic] schools accounts, and we continue to make solid progress in gaining business from independent physicians. Although several years ago, this group reduced, there is still -- we've reduced the number of independent physicians. It is a relatively stable group today and we continue to gain market share within that group. And of course, the smaller medical groups are also areas where we're adding customers and market share, we believe.

我們對我們的政府部門、我們的 [medic] 學校賬戶的強勁增長感到特別高興，並且我們在從獨立醫生那裡獲得業務方面繼續取得穩步進展。儘管幾年前，這個群體有所減少，但我們仍然減少了獨立醫生的數量。今天它是一個相對穩定的群體，我們繼續在該群體中獲得市場份額。當然，我們相信，較小的醫療集團也是我們增加客戶和市場份額的領域。

Our focus on equipment, pharmaceutical products and point of care diagnostics remain bright spots in this business, although I must say the whole of the medical business is doing well. And of course, the volatility of sales in COVID-19 test kits, which went down dramatically in earlier quarters, has moderated, but of course, at a lower level of sales. And on the PP&E, the gloves side, the volume is stable, but the pricing is still somewhat unstable but less volatile than we saw in earlier quarters.

我們對設備、醫藥產品和護理點診斷的關注仍然是該業務的亮點，儘管我必須說整個醫療業務表現良好。當然，COVID-19 測試套件的銷售波動在前幾個季度急劇下降，現在有所緩和，但當然是在較低的銷售水平上。在 PP&E 和手套方面，銷量穩定，但定價仍然有些不穩定，但波動幅度低於我們前幾個季度看到的水平。

Third quarter sales growth had a challenging prior year comparison when patient traffic to physician office was bolstered by a surge in Delta variant, and that tough comparisons will continue into the fourth quarter. Yet we expect medical sales growth, excluding PP&E and tests, to continue at healthy levels, reflecting volume gains, some price increases, but generally, growth in our market share in this area, this important area for growth for Henry Schein.

第三季度的銷售增長與去年相比具有挑戰性，當時 Delta 變體的激增推動了醫生辦公室的患者流量，並且這種艱難的比較將持續到第四季度。然而，我們預計不包括 PP&E 和測試在內的醫療銷售增長將繼續保持健康水平，反映出銷量增長、一些價格上漲，但總的來說，我們在這一領域的市場份額增長，這是 Henry Schein 增長的重要領域。

Most experts are expecting a high coincidence -- the high incidence of flu this year, the illness in the United States due to winter experienced in the Southern Hemisphere. We would expect strong flu season to drive patient visits to physician offices and, in turn, increase demand for a host of products we provide, specifically tests, the traditional point-of-care test for flu and other diseases, including our multi-assay COVID-19 influenza diagnostic test kits.

大多數專家都認為這是一個高度巧合——今年流感的高發，是由於美國在南半球經歷了冬季而發病。我們預計流感旺季會推動患者就診，進而增加對我們提供的一系列產品的需求，特別是測試、流感和其他疾病的傳統即時檢測，包括我們的多重檢測COVID-19 流感診斷試劑盒。

So with that overview on our business, I will turn the call over to Ron for a more detailed review of our financial results. Ron, please?

因此，在對我們的業務進行概述後，我將把電話轉給羅恩，讓他對我們的財務業績進行更詳細的審查。羅恩，好嗎？

Very good. Thank you, Stanley, and good morning, everyone. As we begin, I'd like to point out that I will be discussing our results as reported on a GAAP basis and on a non-GAAP basis. Our third quarter non-GAAP financial results for 2022 and 2021 exclude certain items detailed in Exhibit B of today's press release and in the Supplemental Information section of our Investor Relations website. I will focus my comments on sales, primarily to LCI sales and LCI growth, which is internally generated sales in local currencies and excluding acquisitions compared with the same quarter in the prior year.

很好。謝謝你，斯坦利，大家早上好。在我們開始時，我想指出，我將討論我們在 GAAP 基礎和非 GAAP 基礎上報告的結果。我們 2022 年和 2021 年第三季度的非 GAAP 財務業績不包括今天新聞稿的附件 B 和我們的投資者關係網站的補充信息部分中詳述的某些項目。我將把我的評論集中在銷售額上，主要是 LCI 銷售額和 LCI 增長，這是內部產生的以當地貨幣計算的銷售額，不包括與去年同期相比的收購。

A detailed breakout of the components of our sales growth, including LCI growth, is included in Exhibit A of today's press release. Our third quarter global LCI sales decreased 2.4% versus the prior year. However, when excluding sales of PPE and COVID-19 test kits, our LCI sales grew 6.8%. Third quarter combined sales of PPE and COVID-19 test kits were $260 million lower than in the third quarter of the prior year. Our GAAP operating margin for the third quarter of 2022 was 6.86%, a 23 basis point improvement compared with prior year GAAP operating margin. Our non-GAAP operating margin for the third quarter was 7.18%, a 55 basis point improvement compared with prior year non-GAAP operating margin. Operating margin improvement was driven by gross margin expansion, mainly as a result of increased growth in sales of higher-margin products.

今天新聞稿的附件 A 中包含我們銷售增長組成部分的詳細分類，包括 LCI 增長。我們第三季度的全球 LCI 銷售額與去年同期相比下降了 2.4%。然而，如果不包括 PPE 和 COVID-19 測試套件的銷售額，我們的 LCI 銷售額增長了 6.8%。第三季度 PPE 和 COVID-19 測試套件的總銷售額比去年第三季度減少了 2.6 億美元。我們 2022 年第三季度的 GAAP 營業利潤率為 6.86%，與上年 GAAP 營業利潤率相比提高了 23 個基點。我們第三季度的非 GAAP 營業利潤率為 7.18%，與去年非 GAAP 營業利潤率相比提高了 55 個基點。營業利潤率的改善是由毛利率擴張推動的，這主要是由於高利潤產品的銷售增長加快。

Turning to taxes. Our reported GAAP effective tax rate for the third quarter of 2022 was 22.7%. This compares with a 23.9% GAAP effective tax rate for the third quarter of 2021. On a non-GAAP basis, our effective tax rate for the quarter was 22.8%, and this compares with the prior year non-GAAP effective rate of 23.9%. Third quarter 2022 GAAP net income was $150 million or $1.09 per diluted share. This compares with prior year GAAP net income of $162 million or $1.15 per diluted share. Our third quarter 2022 non-GAAP net income was $157 million or $1.15 per diluted share. This compares with prior year non-GAAP net income of $155 million or $1.10 per diluted share.

轉向稅收。我們報告的 2022 年第三季度 GAAP 有效稅率為 22.7%。相比之下，2021 年第三季度的 GAAP 有效稅率為 23.9%。在非 GAAP 基礎上，我們本季度的有效稅率為 22.8%，而去年非 GAAP 有效稅率為 23.9% . 2022 年第三季度 GAAP 淨收入為 1.5 億美元或每股攤薄收益 1.09 美元。相比之下，去年 GAAP 淨收入為 1.62 億美元或每股攤薄收益 1.15 美元。我們 2022 年第三季度的非 GAAP 淨收入為 1.57 億美元或每股攤薄收益 1.15 美元。相比之下，去年非 GAAP 淨收入為 1.55 億美元或每股攤薄收益 1.10 美元。

Amortization from acquired intangible assets for the third quarter was $31.6 million or $0.15 per diluted share. This compares with $30.1 million or $0.13 per diluted share for the same period last year. Foreign currency exchange relatively impacted our third quarter diluted EPS by approximately $0.02 versus the third quarter of last year.

第三季度收購的無形資產攤銷為 3160 萬美元或攤薄後每股 0.15 美元。相比之下，去年同期為 3010 萬美元或攤薄後每股 0.13 美元。與去年第三季度相比，外匯兌換對我們第三季度攤薄後每股收益的影響約為 0.02 美元。

I'll now provide some detail on our third quarter sales results. Global Dental third quarter sales were $1.8 billion with LCI growth of 1.2%. LCI growth, excluding sales of PPE, was 5.8%. Global Dental consumable merchandise LCI sales decreased by 0.8% but increased by 5.1% when excluding PPE. Global Dental equipment LCI growth was 8%. North America Dental LCI sales decreased 0.1% compared with the prior year, primarily due to a 3.6% decrease in consumable merchandise LCI sales. However, when excluding sales of PPE, North America Dental consumable merchandise LCI growth was 3.8%.

我現在將提供有關我們第三季度銷售結果的一些細節。全球牙科第三季度銷售額為 18 億美元，LCI 增長 1.2%。不包括 PPE 銷售額的 LCI 增長率為 5.8%。全球牙科耗材 LCI 銷售額下降了 0.8%，但不包括 PPE 時增長了 5.1%。全球牙科設備 LCI 增長率為 8%。北美牙科 LCI 銷售額與上年相比下降 0.1%，主要原因是消耗品 LCI 銷售額下降 3.6%。然而，如果不包括 PPE 的銷售額，北美牙科消費品 LCI 增長率為 3.8%。

North America dental equipment LCI sales increased 12.8%, primarily driven by traditional equipment sales. The equipment backlog in both our North America and International businesses remain strong. International Dental LCI growth was 3.3%, driven by consumable merchandise LCI growth of 3.9%. Consumable merchandise LCI growth was 6.9% when excluding sales of PPE and was driven by strength in Australia, New Zealand and Brazil. International equipment LCI growth was 1.4%. Let me point out that this was against a tough comparable as international equipment LCI growth in the third quarter of 2021 was 23.9%.

北美牙科設備 LCI 銷售額增長 12.8%，主要受傳統設備銷售的推動。我們北美和國際業務的設備積壓情況依然強勁。受消費品 LCI 增長 3.9% 的推動，國際牙科 LCI 增長 3.3%。扣除 PPE 銷售後，消費品 LCI 增長 6.9%，這主要受澳大利亞、新西蘭和巴西強勁增長的推動。國際設備 LCI 增長 1.4%。我要指出的是，這與 2021 年第三季度國際設備 LCI 增長率為 23.9% 的情況形成鮮明對比。

Sales of dental specialty products were approximately $223 million in the third quarter, with LCI growth of 2.5% compared with the prior year. Global technology and value-added services sales during the third quarter were $176 million, with LCI growth of 4.2% compared with the third quarter of 2021. Sales growth was impacted by the expiration of a government contract. Adjusting for this contract, underlying OCI growth was 8.5%.

第三季度牙科專業產品的銷售額約為 2.23 億美元，LCI 比上年增長 2.5%。第三季度全球技術和增值服務銷售額為 1.76 億美元，LCI 與 2021 年第三季度相比增長 4.2%。銷售額增長受到政府合同到期的影響。調整該合約後，基礎 OCI 增長率為 8.5%。

In North America, technology and value-added services LCI growth was 2.5% and was 7.3% when adjusting for the impact of the government contract, with strength in our revenue cycle management, patient relationship management, business solutions and practice management businesses, including Dentrix and Dentrix Ascend. Internationally, technology and value-added services LCI growth was 16.5%, driven by strength in the U.K. During the third quarter, our technology and value-added services businesses, together with our dental specialty products, achieved total sales growth of 0.8% and LCI sales growth of 3.2%.

在北美，技術和增值服務 LCI 增長率為 2.5%，根據政府合同的影響調整後為 7.3%，我們的收入周期管理、患者關係管理、業務解決方案和實踐管理業務（包括 Dentrix）具有優勢和 Dentrix 登高。在國際上，技術和增值服務 LCI 增長 16.5%，受英國實力的推動。在第三季度，我們的技術和增值服務業務以及我們的牙科專業產品實現了 0.8% 的總銷售額增長和 LCI銷售額增長3.2%。

Global Medical sales during the third quarter were $1.1 billion, and LCI sales decreased 8.8% due to lower sales of PPE products and COVID-19 test kits. In North America, LCI growth was 9.3% when excluding sales of PPE and COVID-19 test kits, led by strong growth in sales of pharmaceuticals, medical equipment and point-of-care diagnostic products. We sold approximately $81 million in COVID-19 test kits in the third quarter, including multi-assay flu and COVID-19 combination tests. This compares with approximately $207 million of test kits sold in the third quarter of 2021.

第三季度全球醫療銷售額為 11 億美元，由於 PPE 產品和 COVID-19 測試套件的銷售額下降，LCI 銷售額下降了 8.8%。在北美，排除 PPE 和 COVID-19 測試套件的銷售後，LCI 增長率為 9.3%，這主要得益於藥品、醫療設備和即時診斷產品的銷售強勁增長。我們在第三季度售出了約 8100 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 年第三季度售出的測試套件約為 2.07 億美元。

Regarding stock repurchases, we repurchased common stock in the open market during the third quarter, buying approximately 1.2 million shares at an average price of $76.42 per share for a total of $90.5 million. The impact of the repurchase of shares on our third quarter diluted EPS was immaterial. As of the end of the quarter, we had approximately $400 million authorized and available for future share repurchases.

關於股票回購，我們在第三季度在公開市場上回購了普通股，以每股 76.42 美元的平均價格購買了約 120 萬股，總計 9050 萬美元。回購股票對我們第三季度攤薄每股收益的影響並不重大。截至本季度末，我們已獲得大約 4 億美元的授權，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 with the flexibility and financial stability to execute on organic growth initiatives and strategic acquisitions while continuing to return capital to our shareholders. Operating cash flow for the third quarter was $98 million compared with $211 million last year, with the decrease primarily due to an increase in working capital driven by timing of accounts payable.

轉向我們的資產負債表和現金流量。我們繼續受益於大量流動性，為我們的企業提供靈活性和財務穩定性，以執行有機增長計劃和戰略收購，同時繼續向股東返還資本。第三季度的運營現金流為 9800 萬美元，而去年同期為 2.11 億美元，下降的主要原因是應付賬款的時間安排導致營運資金增加。

With reference to restructuring, as part of our previously disclosed integration and restructuring initiative, we recorded a pretax charge in the third quarter of $10 million or $0.05 per diluted share. This plan focuses on the strategic plan and streamlining operations and other initiatives to increase efficiency. The company expects to continue to record integration and restructuring charges for the remainder of 2022 and in 2023. However, an estimate of the amount of these charges has not yet been determined. Any restructuring and integration charges are expected to primarily include severance pay and facility-related costs. The expense savings from this plan are expected to be realized mainly in 2023 and beyond.

關於重組，作為我們之前披露的整合和重組計劃的一部分，我們在第三季度記錄了 1000 萬美元或攤薄後每股 0.05 美元的稅前費用。該計劃側重於戰略計劃和精簡運營以及其他旨在提高效率的舉措。公司預計將在 2022 年剩餘時間和 2023 年繼續記錄整合和重組費用。但是，這些費用的估計數額尚未確定。任何重組和整合費用預計主要包括遣散費和設施相關費用。該計劃節省的費用預計將主要在 2023 年及以後實現。

Turning to 2022 financial guidance. As we are not able to provide estimates at this time for costs associated with integration and restructuring for the remainder of the year, we are not providing GAAP guidance. Also, our guidance for the balance of 2022 is for completed or previously announced acquisitions and does not include potential future acquisitions or integration and 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 may further impact our sales and EPS.

轉向 2022 年財務指導。由於我們目前無法提供今年剩餘時間與整合和重組相關的成本估算，因此我們不提供 GAAP 指南。此外，我們對 2022 年剩餘時間的指導是針對已完成或先前宣布的收購，不包括未來潛在的收購或整合和重組費用。指南還假設外幣匯率將與當前水平大體保持一致。然而，外幣匯率帶來的額外不利因素可能會進一步影響我們的銷售額和每股收益。

On a non-GAAP basis, we are narrowing our diluted EPS guidance range to $4.79 to $4.87, reflecting growth of 6% to 8% compared with our 2021 non-GAAP diluted EPS of $4.52. This includes $0.10 adverse impact from foreign exchange rates versus 2021. We also continue to expect full year 2022 non-GAAP operating margin expansion of 20 to 25 basis points over 2021 non-GAAP operating margin. We are revising our full year sales guidance and now expect sales growth of approximately 1.5% to 2.5% versus our previous guidance for sales growth of 3% to 6%, which mainly reflects a strengthening U.S. dollar and lower PP&E sales.

在非 GAAP 基礎上，我們將稀釋後每股收益指導範圍縮小至 4.79 美元至 4.87 美元，與 2021 年 4.52 美元的非公認會計原則稀釋後每股收益相比增長了 6% 至 8%。這包括與 2021 年相比匯率帶來的 0.10 美元不利影響。我們還繼續預計 2022 年全年非 GAAP 營業利潤率將比 2021 年非 GAAP 營業利潤率增長 20 至 25 個基點。我們正在修訂我們的全年銷售指引，現在預計銷售額增長約 1.5% 至 2.5%，而我們之前的銷售增長指引為 3% 至 6%，這主要反映了美元走強和 PP&E 銷售額下降。

We continue to expect 2022 full year sales of COVID-19 test kits to be 25% to 30% lower than in 2021. And 2022 full year sales of PPE are expected to decrease 30% to 35% from 2021. 2022 full year sales of PPE and COVID-19 test kits combined are expected to be approximately 30% lower than full year sales in 2021. This trend of lower sales may continue in the coming year versus 2022. We do expect to continue to achieve gross margins on these products that are generally consistent with our dental and medical businesses.

我們繼續預計 2022 年 COVID-19 測試套件的全年銷售額將比 2021 年低 25% 至 30%。預計 2022 年 PPE 的全年銷售額將比 2021 年下降 30% 至 35%。2022 年全年銷售額PPE 和 COVID-19 測試套件的總和預計將比 2021 年的全年銷售額低約 30%。與 2022 年相比，這種銷售額下降的趨勢可能會在來年繼續。我們確實希望這些產品繼續實現毛利率通常與我們的牙科和醫療業務一致。

Despite these meaningful market-related headwinds, we continue to be confident in the strength of our underlying businesses. And we are taking additional time to finalize our view of the overall effect of PPE pricing and COVID-19 test kits volume for next year. As we have seen in 2022, this has a meaningful impact on our business. We want to ensure we give an appropriate consideration along with ongoing analysis of macroeconomic trends. We intend to issue 2023 financial guidance with our fourth quarter earnings results. With that, I'll now turn the call back to Stan.

儘管存在這些與市場相關的重大不利因素，但我們仍然對我們基礎業務的實力充滿信心。我們正在花更多時間來確定我們對明年 PPE 定價和 COVID-19 測試套件數量的總體影響的看法。正如我們在 2022 年看到的那樣，這對我們的業務產生了重大影響。我們希望確保在對宏觀經濟趨勢進行持續分析的同時給予適當的考慮。我們打算發布 2023 年第四季度收益結果的財務指導。有了這個，我現在將把電話轉回給斯坦。

Thank you, Ron. So before we open the call to questions, I would like to take a moment to note the passing of our Board Director, Dianne Rekow, in August. Dianne was an internationally known authority on aesthetic and restorative dentistry as well as an early pioneer in digital dentistry. She served on our Board since 2014 and brought a valuable perspective to Henry Schein and was a wonderful human being.

謝謝你，羅恩。因此，在我們開始提問之前，我想花點時間注意我們的董事會董事 Dianne Rekow 於 8 月去世。 Dianne 是國際知名的美學和修復牙科權威，也是數字牙科的早期先驅。她自 2014 年起在我們的董事會任職，為 Henry Schein 帶來了寶貴的觀點，是一個了不起的人。

I would also like to spotlight that early last month, Henry Schein was named to Fortune magazine's annual Change The World list. We were recognized for our leadership, initiatives to advance health equity, for individuals with disability, and in particular, our engagement with our key stakeholders in support of this work. Our CSR report, which was released in mid-August, aligned with 2 of the most common disclosure standards, SASB, GRI. This is an important milestone as we prioritize transparency and accountability in our ESG work.

我還想強調的是，上月初，Henry Schein 入選了《財富》雜誌的年度“改變世界”榜單。我們因領導力、為殘疾人士促進健康公平而採取的舉措，尤其是我們與主要利益相關者的合作以支持這項工作而獲得認可。我們於 8 月中旬發布的企業社會責任報告符合 2 個最常見的披露標準：SASB、GRI。這是一個重要的里程碑，因為我們在 ESG 工作中優先考慮透明度和問責制。

So in conclusion, while there are a number of external factors at play specifically as it relates to PP&E and test kits and FX, our BOLD+1 strategy remains our North Star, and our team is executing according to plan. As a result, we feel very good about our position in the markets we serve, and generally, the team is focused on priorities and delivery. So with that review of our third quarter financial results and some commentary on our future. I'd now like to open the call to questions. Operator, please.

因此總而言之，雖然有許多外部因素在起作用，特別是與 PP&E、測試套件和 FX 相關，但我們的 BOLD+1 策略仍然是我們的北極星，我們的團隊正在按計劃執行。因此，我們對我們在我們所服務的市場中的地位感到非常滿意，而且一般來說，團隊專注於優先事項和交付。因此，通過對我們第三季度財務業績的審查和對我們未來的一些評論。我現在想開始提問。接線員，請說。

(Operator Instructions)

（操作員說明）

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

我們的第一個問題來自 Jeff Johnson 與 Baird 的對話。

Congratulations on the quarter. I guess a 2-part question. They're not really connected, but I want to shove both of them together because I do want to ask both questions. But the first one, Ron, just on the gross margin up 110 basis points year-over-year, could you help us bridge how much FX was weighing on that gross margin versus how much maybe price increases in the lower PPE and COVID testing might be offsetting and helping? Those are the 3 big variables outside of just kind of normal operations that I think we're all trying to understand what the impact is on the gross margin side.

祝賀這個季度。我猜這是一個由兩部分組成的問題。它們並沒有真正聯繫，但我想把它們放在一起，因為我確實想問這兩個問題。但是第一個，羅恩，就毛利率同比增長 110 個基點而言，你能否幫助我們彌合外匯對毛利率的影響與較低的 PPE 和 COVID 測試可能導致的價格上漲之間的關係？抵消和幫助？這些是正常運營之外的三大變量，我認為我們都在努力了解對毛利率方面的影響。

And then if I go back to our September healthcare conference, Stanley, I think you and Ron had made the comment that you would provide at least some framework for 2023. I'm not really hearing a lot of that, and I know end markets are a little uncertain right now. But if I look at the Street, Ron, the Street is modeling 6% EPS growth next year. We're admittedly closer to flat year-over-year in our model. Just can you help us kind of peg between where the Street's at, at that 6% where maybe I'm modeling closer to flat? Just how to think about maybe the ups or downs from either of those numbers?

然後，如果我回到我們 9 月的醫療保健會議，Stanley，我想你和 Ron 已經發表評論說你至少會為 2023 年提供一些框架。我並沒有真正聽到很多，我知道終端市場現在有點不確定。但如果我看看華爾街，羅恩，華爾街正在模擬明年 EPS 增長 6%。誠然，在我們的模型中，我們更接近於同比持平。你能幫我們把 Street 所在的位置與 6% 的位置掛鉤嗎？只是如何考慮這些數字中的任何一個的起伏？

Well, Jeff, I'll start with your gross margin question first. I think that especially given our portfolio, you get a kind of a broad mix of change of products, and that obviously is going to impact that gross margin. So we did see some benefit from some of the higher-margin products. We did see, I think, some benefits in the third quarter on merchandise, primarily in the non-PPE area, obviously, because gloves were down in pricing.

好吧，傑夫，我先從你的毛利率問題開始。我認為，特別是考慮到我們的產品組合，你會得到一種廣泛的產品變化組合，這顯然會影響毛利率。所以我們確實看到了一些利潤率較高的產品帶來的好處。我認為，我們確實在第三季度看到了商品的一些好處，主要是在非 PPE 領域，顯然，因為手套價格下降了。

But from inflation that we estimate to be in kind of in that 3% to 4% range benefiting there as well. So I think that gave us a little bit of a lift on the gross margin versus last year. In terms of 2023, as you mentioned, there's a lot of different moving parts. And as we kind of work to and look to 2023, we just considered it to be prudent at this point in time to provide guidance with our Q4 release so that we can better understand the dynamics of the PPE market, what's happening with COVID-19 test kits. These are all things that have a significant influence on our income. So when we provide our fourth quarter earnings release, we'll provide 2023 guidance at that point in time.

但從我們估計在 3% 到 4% 範圍內的通脹來看，通脹也從中受益。所以我認為這使我們的毛利率與去年相比有所提高。就 2023 年而言，正如您所提到的，有很多不同的活動部分。在我們努力展望 2023 年的同時，我們只是認為在這個時間點為我們的第四季度發布提供指導是謹慎的，這樣我們就可以更好地了解 PPE 市場的動態，以及 COVID-19 的情況測試套件。這些都是對我們的收入有重大影響的事情。因此，當我們提供第四季度收益發佈時，我們將在那個時間點提供 2023 年的指導。

Jeff, let me just highlight. Can't give guidance now, but in general, we're feeling pretty good about our core businesses. That is our distribution businesses in the United States globally. Our specialty businesses, although I would say in the implant field, there is a greater demand at this moment for the lower-priced or so premium implants and our software businesses and other value-added service businesses.

傑夫，讓我強調一下。現在不能給出指導，但總的來說，我們對我們的核心業務感覺很好。那就是我們在美國的全球分銷業務。我們的專業業務，雖然我會說在植入領域，但目前對低價或優質植入物以及我們的軟件業務和其他增值服務業務的需求更大。

Having said that, the price of PP&E, namely primarily gloves, is highly volatile, although we think it's stabilizing. And test kits, we think, have stabilized over the last few quarters. But I think it wouldn't be appropriate right now to provide guidance for 2023 taking into account the volatility in PP&E and test. Wish we could do more, but I think it would be irresponsible to try to predict those areas.

話雖如此，PP&E（主要是手套）的價格波動很大，但我們認為它正在企穩。我們認為，測試套件在過去幾個季度中已經穩定下來。但我認為，考慮到 PP&E 和測試的波動性，現在為 2023 年提供指導是不合適的。希望我們能做得更多，但我認為試圖預測這些領域是不負責任的。

And our next question comes from the line of Elizabeth Anderson with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Elizabeth Anderson。

Stanley, I think you sort of alluded to, in Jeff's question a little bit, but if we think about sort of October and sort of the beginning of the 4Q results, how would you say the trajectory compares to the third quarter? And then just in general on the overall visibility of the business right now, obviously, one question many investors have been asking is, has there been, ex COVID, any like broader changes in how you sort of think about the visibility of the business right now?

斯坦利，我想你在傑夫的問題中提到了一點，但如果我們考慮一下 10 月和第四季度結果的開始，你會說軌跡與第三季度相比如何？然後，就目前企業的整體知名度而言，很明顯，許多投資者一直在問的一個問題是，在 COVID 之前，你對企業知名度的看法是否發生了更廣泛的變化？現在？

Yes. I think, Elizabeth, that's -- together with Jeff's question, is the core, which we ponder. And I think we're quite comfortable. Look, our October dental consumable merchandise internal sales growth, excluding PP&E, grew relatively consistent with the third quarter, and that's both in North America and internationally. So those businesses are relatively stable. Of course, what we can't -- we just don't have visibility on the price of gloves, and it could swing in a number of directions.

是的。我認為，伊麗莎白，那是——連同傑夫的問題，是我們思考的核心。我認為我們很舒服。看，我們 10 月份的牙科消耗品內部銷售增長（不包括 PP&E）與第三季度的增長相對一致，這在北美和國際上都是如此。所以這些業務相對穩定。當然，我們不能——我們只是無法了解手套的價格，它可能會向多個方向波動。

Having said that, I think it's better to look at the core business, and we'll break out for you sales of these gloves -- the gloves and the test categories. And so you'll be able to figure out how we're doing in the core business. And we're saying that, that is pretty stable. We gave you -- and actually doing quite well. We gave you sales excluding those items and excluding foreign exchange. Foreign exchange -- and Ron can give you the number, did have an impact in all 3 quarters. We're contemplating in our guidance that we've reached a stable foreign exchange, which is, of course, reflective of very strong dollar in the markets that we serve.

話雖如此，我認為最好還是看一下核心業務，我們將為您分解這些手套的銷售情況——手套和測試類別。因此，您將能夠了解我們在核心業務中的表現。我們說的是，這非常穩定。我們給了你 - 實際上做得很好。我們給你的銷售額不包括這些項目，也不包括外匯。外匯——Ron 可以給你這個數字，確實對所有 3 個季度都有影響。我們在我們的指導中考慮到我們已經達到了穩定的外匯匯率，這當然反映了我們所服務的市場中非常堅挺的美元。

Now if I wasn't clear, I'm happy to give you more clarity or Ron can do that. Now as it relates to -- and that's dental, by the way, and medical also, if you take out PPE and test, October was more or less in line with the third quarter as well. And global technology, value-add services sales not that material, but in the scheme of Henry Schein, but the profits seem to be stable as well from the third quarter.

現在，如果我不清楚，我很樂意為您提供更清晰的信息，或者 Ron 可以做到這一點。現在它涉及到 - 順便說一下，這是牙科，還有醫療，如果你拿出 PPE 和測試，10 月份也或多或少與第三季度一致。而全球科技，增值服務的銷售不是那麼重要，而是在Henry Schein的計劃中，但從第三季度開始利潤似乎也很穩定。

So patient traffic, it's very hard to get this precise. If you take a look at the ADA survey, and we don't know 100% how this works. Some recent analyst reports suggest and some recent analyst reports suggest that patient traffic has slowed modestly since the end of August. Somewhere, we're reading between 3% to 4%, if you take the ADA and analyst report into account. And that, according to certain analysts, perhaps reading into the ADA report translates into approximately 6% below pre-pandemic levels.

如此耐心的流量，很難做到這一點。如果您看一下 ADA 調查，我們 100% 不知道它是如何運作的。最近的一些分析師報告表明，最近的一些分析師報告表明，自 8 月底以來，患者流量略有放緩。如果將 ADA 和分析師報告考慮在內，我們的讀數在 3% 到 4% 之間。而且，根據某些分析師的說法，閱讀 ADA 報告可能會比大流行前水平低約 6%。

Now our eClaims data also suggests that volume is down but approximately 3% to 4% compared to the previous year. So that is down from where it was going into the year. In addition, the ADA survey identifies that there's a growing number of dentists in the U.S. that are concerned with staffing shortages, particularly a hygienist. Although hygienists are not material, it is a factor than having a problem getting dental assistance. And so there is a concern with satisfying the traffic.

現在，我們的 eClaims 數據還表明，與上一年相比，銷量下降了約 3% 至 4%。因此，這低於今年的水平。此外，ADA 調查發現，美國越來越多的牙醫擔心人手短缺，尤其是衛生員。儘管衛生員並不重要，但這比獲得牙科幫助有問題更重要。因此，人們擔心滿足流量。

But if you look at our U.S. dental merchandise and everything I've said now relates to the U.S. If you take a look at our U.S. merchandise sales, they're growing if you take out PP&E by about 4% and holding steady. So our inflation expectations are that we had -- not expectations, our view is that we had 3% to 5% product inflation. And so it means our volumes are relatively flat. We are seeing a slowdown, as I mentioned, in the implant business but for a strong 2021.

但如果你看看我們的美國牙科商品，我現在所說的一切都與美國有關。如果你看看我們的美國商品銷售額，如果你將 PP&E 減去約 4% 並保持穩定，它們就會增長。因此，我們的通脹預期是我們的——不是預期，我們認為我們的產品通脹率為 3% 至 5%。因此，這意味著我們的銷量相對持平。正如我所提到的，我們看到植入業務正在放緩，但 2021 年會很強勁。

So the business is basically stable. We believe we're gaining some market share. I can't prove it to you. The earnings power of the business, I think, has positive upside in that we are working on managing expenses and moving towards higher-margin earnings. So that's sort of basically the U.S. side. Outside of the U.S., it seems pretty stable as well. Countries are different but it seems relatively stable. So that's a long answer, but you cut through it all, it's relatively stable with us being optimistic on the positive side, removing PP&E on the dental side and removing PPE and tests on the medical side, and that relates to both domestic and international. I can't give you a crisp answer. Those are the puts and the takes.

所以生意基本穩定。我們相信我們正在獲得一些市場份額。我無法向你證明。我認為，該業務的盈利能力具有積極的上升空間，因為我們正在努力管理費用並朝著更高的利潤率邁進。所以這基本上是美國方面的。在美國以外，它似乎也很穩定。各國不同，但似乎相對穩定。所以這是一個很長的答案，但你通過了這一切，它相對穩定，我們在積極方面持樂觀態度，在牙科方面取消 PP&E，在醫療方面取消 PPE 和測試，這涉及國內和國際。我不能給你一個明確的答案。這些是投入和投入。

Our next question comes from the line of Brandon Vazquez with William Blair.

我們的下一個問題來自 Brandon Vazquez 和 William Blair 的對話。

In terms of profitability, there's a lot of macro headwinds that are uncertain here, and I can appreciate it's hard to put a finer point on those. But how do you guys think about balancing investments in future growth and kind of balancing those near-term headwinds to deliver some profitability in EPS? So what are some key investments you'll continue to put capital into regardless of what happens in kind of the trajectory of things you can't change and where are areas that you can pull back on spend?

就盈利能力而言，這裡有很多不確定的宏觀不利因素，我明白很難對這些因素做出更好的解釋。但是你們如何看待平衡未來增長的投資和平衡那些近期的逆風以實現每股收益的一些盈利能力？那麼，無論您無法改變的事物的軌跡發生什麼，您將繼續投入哪些關鍵投資，以及您可以在哪些領域減少支出？

Well, when you say investments, let me deal with the M&A side. As I noted earlier on, deals are not done until they're signed and announced. But we have a view that we wish to spend $300 million, $400 million a year on M&A. We've done approximately that on average. Some years, it's been a little higher. Last year was a bit higher. During COVID, it was a bit lower. But we want to do -- we want to continue to invest in M&A at that kind of a rate.

好吧，當你說投資時，讓我來談談併購方面。正如我之前提到的，交易在簽署和宣布之前不會完成。但我們有一個觀點，我們希望每年在併購上花費 3 億、4 億美元。我們平均做到了差不多。有幾年，它有點高。去年有點高。在 COVID 期間，它有點低。但我們想做——我們想繼續以這種速度投資於併購。

The pipeline is relatively full. Specialty products is an area of focus. We've already announced 2 fold-ins on the distribution side. But I would say it's the high-margin, high-growth areas that we're most interested in. Doesn't mean we will not continue to fold in businesses to expand our geography on the distribution side. Again, we remain quite optimistic and that the pipeline is full, but we can't commit to closing anything.

流水線比較滿。特色產品是一個重點領域。我們已經在分發方面宣布了 2 個折疊插件。但我會說這是我們最感興趣的高利潤、高增長領域。這並不意味著我們不會繼續折疊業務以擴大我們在分銷方面的地域。同樣，我們仍然非常樂觀，管道已滿，但我們不能承諾關閉任何東西。

As it relates to investments in the business, I would ask Ron to cover that. We have specific areas where we're focusing on reducing expenses, but other areas where we're going to move investments towards that we believe will impact the long-term sustainable profits of the business. Ron, on the investment in the business, your thoughts?

由於它涉及到業務投資，我會請 Ron 介紹一下。我們在特定領域專注於減少開支，但我們將在其他領域進行投資，我們認為這些領域將影響企業的長期可持續利潤。羅恩，關於對企業的投資，你有什麼看法？

Yes. Brandon, part of this restructuring initiative we have in place is to give us an opportunity to redirect some investment internally in the business to those areas where we see greater opportunities for growth, greater opportunities for higher profitability. So that's part of it. But we're also -- like I mentioned in the prepared remarks, we have $400 million authorized for share repurchases, and we will expect that to continue to be an important part of our capital allocation going forward as well. So part of this is share buyback together with, I think, kind of targeted M&A, as Stanley pointed out but plus also some reallocation of internal investment as we proceed to 2023.

是的。布蘭登，我們實施的這項重組計劃的一部分是讓我們有機會將業務內部的一些投資重新定向到我們看到更大增長機會、更高盈利機會的那些領域。這就是其中的一部分。但我們也——就像我在準備好的發言中提到的那樣，我們有 4 億美元的股票回購授權，我們預計這也將繼續成為我們未來資本配置的重要組成部分。因此，正如斯坦利指出的那樣，我認為其中一部分是股票回購以及某種有針對性的併購，但隨著我們進入 2023 年，還會對內部投資進行一些重新分配。

And our next question comes from the line of A.J. Rice with Credit Suisse.

我們的下一個問題來自 A.J.瑞士信貸的大米。

I wondered if maybe to expand a little bit on one of your comments on inflation. And I know in the prepared remarks, you talked about seeing some price increases at the end of the quarter. Are you still able generally to pass those along? Are you seeing any significant shift toward your -- the national brand or your corporate brand as an offset to those inflationary pressures? And maybe also as you progress through the year, is the trend of that inflationary increases been pretty steady throughout the year? I know year-to-year, it's up but pretty steady throughout the year? Or you've seen it build over the course of the year?

我想知道是否可以稍微擴展一下您對通貨膨脹的評論之一。我知道在準備好的評論中，你談到在本季度末看到一些價格上漲。您通常還能傳遞這些信息嗎？您是否看到任何顯著轉向您的 - 國家品牌或您的企業品牌以抵消這些通脹壓力？也許隨著你在這一年中的進步，通貨膨脹增長的趨勢在這一年中是否相當穩定？我知道每年都在上升，但全年都很穩定？或者你看到它在一年中建立起來了嗎？

Okay. So good question, okay. They've all been good, actually. Let me begin with the end. We did see, from national brands, some bunch of increases at the end of the second quarter by some manufacturers. And I would say that there's a growing awareness amongst our customer base of manufacturers that have increased significantly multiple times and those that have held their prices back. So there's a much more acute understanding of price increases in the marketplace now than I would say, 6 months ago, 2 or 3 quarters ago.

好的。這麼好的問題，好吧。事實上，他們都很好。讓我從結尾開始。我們確實看到，從民族品牌來看，一些製造商在第二季度末出現了一些增長。我要說的是，我們的製造商客戶群越來越意識到這些製造商已經多次顯著增加，而那些已經壓低價格的製造商。因此，與 6 個月前、2 或 3 個季度前相比，現在對市場價格上漲的理解要敏銳得多。

There's nothing -- very little that is so unique in dentistry that a customer can't move from one manufacturer to another. Obviously, certain brands provide more comfort as brands generally do, statements can generally make about branding than other brands. So generally, we've been able to pass on price increases and where manufacturers have not been supportive of that. In other words, they may not want to recognize the charge-back. It's very rare. I can't think of too many manufacturers where that's not occurred.

沒有什麼——在牙科領域非常獨特，以至於客戶無法從一個製造商轉移到另一個製造商。顯然，某些品牌提供了更多的舒適度，就像品牌通常所做的那樣，關於品牌的聲明通常比其他品牌要多。所以總的來說，我們已經能夠傳遞價格上漲以及製造商不支持的地方。換句話說，他們可能不想承認拒付。這是非常罕見的。我想不出有多少製造商沒有發生這種情況。

It's generally the norm in medicine. It's been the case in medicine for 2 decades. There are a couple of -- well, one, maybe one or so manufacturers that are in dentistry that are having an issue with that. But generally, we're able to pass them along. And where we're not, I'd say the customers are working with us. And where there isn't a national brand option, we do offer our private brand and some customers look to our private brand in any event. So it's not a crisp answer in that, it's not one shoe that fits all. But generally, we're able to move price increases along. And the suppliers are understanding where manufacturers are going further than others that there are options, whether it's with other national brands, big ones, smaller ones or our private brand.

這通常是醫學上的常態。 2 年來，醫學界一直如此。有幾個 - 好吧，一個，也許是一個或多個牙科製造商對此有疑問。但一般來說，我們能夠傳遞它們。在我們不在的地方，我會說客戶正在與我們合作。在沒有國家品牌選項的情況下，我們會提供我們的自有品牌，並且一些客戶在任何情況下都會關注我們的自有品牌。所以這不是一個明確的答案，它不是適合所有人的鞋子。但總的來說，我們能夠推動價格上漲。供應商正在了解製造商在哪些方面比其他製造商走得更遠，有很多選擇，無論是與其他國家品牌、大品牌、小品牌還是我們的自有品牌。

So I believe we have very good relations with our customers with most of our suppliers and are managing through this in a rather effective way. Our margins, gross profit has done okay. It's not only because of this particular issue that we described, but it's also a movement towards our higher growth, higher-margin businesses.

所以我相信我們與我們的客戶和我們的大多數供應商都有很好的關係，並且正在以一種相當有效的方式進行管理。我們的利潤率、毛利都做得不錯。這不僅是因為我們描述的這個特殊問題，而且也是我們朝著更高增長、更高利潤業務的方向發展。

Okay. Maybe just a follow-up on the comment you made that lead times on the equipment side are starting to improve a little bit. Does that change the dynamic in the marketplace where there are potential customers that just said, look, it's a long lead time so I'm not going to order now but may now start to order? Or does it affect the sales process in any other way?

好的。也許只是對您所說的設備方面的交貨時間開始有所改善的評論進行跟進。這是否會改變市場的動態，那裡的潛在客戶只是說，看，這是一個很長的交貨期，所以我現在不打算訂購，但現在可能會開始訂購？或者它是否以任何其他方式影響銷售流程？

Yes. I think we mentioned, our order book is stronger at the end of this quarter, was stronger at the end of this quarter than last quarter. It's a combination of areas. Some of it is the CAD/CAM, to a large extent, the digital side was because the Sirona -- Dentsply Sirona world meeting was in a different quarter. That's, to some extent, not a large extent, but some of it.

是的。我想我們提到過，我們的訂單在本季度末更強勁，本季度末比上一季度更強勁。它是區域的組合。其中一些是 CAD/CAM，在很大程度上，數字方面是因為 Sirona -- Dentsply Sirona 世界會議在不同的地方舉行。在某種程度上，這不是很大程度，而是其中的一部分。

So generally, because we did have a pretty strong quarter, both here in the U.S. and by the way, international relative -- it was held back a bit in the percentages because of prior year numbers. But generally, the quarter was good and the buildup went up. Again, some of it because of Dentsply World moving around. But in general, it's good.

所以總的來說，因為我們確實有一個相當強勁的季度，無論是在美國還是在國際上，相對而言 - 由於去年的數字，它的百分比有所下降。但總的來說，這個季度很好，而且增長了。同樣，部分原因是 Dentsply World 搬來搬去。但總的來說，這很好。

On the traditional equipment, if a customer really needed something, we could supply them. If there wasn't a rush, we ask them to wait. I would say the challenge was U.S. traditional. I would say that the manufacturers in that -- 2 major manufacturers in chairs, units and lights. One has not had any backorder issues now for a while. I believe they treat us with a priority. And the other one also treats us very well. They can improve their capacity but it's still backlog.

在傳統設備上，如果客戶真的需要什麼，我們可以提供給他們。如果不著急，我們會讓他們稍等。我會說挑戰是美國傳統的。我會說那裡的製造商——椅子、單元和燈的 2 個主要製造商。現在已經有一段時間沒有任何延期交貨問題了。我相信他們會優先對待我們。而另一個對我們也很好。他們可以提高能力，但仍然積壓。

The bigger issue is less the availability of the products and more the delays in the sites of installation where there is, I think, in line with the general economy, labor shortage, delays by contractors. And so we haven't been able to necessarily deliver. But I think these are all marginal issues because generally, equipment from our point of view is strong. To some extent, it's probably from gaining market share. But in general, our equipment business here in the United States and globally is quite strong.

更大的問題是產品的可用性越來越低，更多的是安裝地點的延誤，我認為這與整體經濟、勞動力短缺、承包商的延誤是一致的。因此，我們不一定能夠交付。但我認為這些都是邊際問題，因為一般來說，從我們的角度來看，設備是強大的。在某種程度上，它可能來自獲得市場份額。但總的來說，我們在美國和全球的設備業務相當強勁。

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

我們的下一個問題來自 Jon Block 與 Stifel 的對話。

Appreciate the time. Maybe just 2 quick questions. First, on the dental consumables side, it seems like your LCI growth premium between specialty and basic consumables ex PPE has compressed. And Stanley, I think you talked about some implant headwinds. Should we expect that, call it, that ratio compression, I guess, to continue in coming quarters? And if so, why? Stanley, is that just sort of teasing out some shifts going on in the dental industry of maybe that move back to, call it, bread-and-butter dentistry or more hygiene dominating the chair versus higher-end procedures? And then I got a quicker follow-up on equipment.

珍惜時光。也許只有 2 個快速問題。首先，在牙科耗材方面，不包括 PPE 的專業耗材和基本耗材之間的 LCI 增長溢價似乎已經壓縮。斯坦利，我想你談到了一些植入逆風。我們是否應該期望，我猜，這種比率壓縮會在未來幾個季度繼續？如果是這樣，為什麼？斯坦利，這是否只是在梳理牙科行業正在發生的一些轉變，也許會回到，稱之為麵包和黃油牙科，或者更多的衛生主導椅子而不是更高端的程序？然後我對設備進行了更快的跟進。

Yes, hard to tell. We haven't seen the data yet on worldwide sales of implants. There is some data available. We haven't seen the report yet. But my sense is the units in oral surgery have not gone down significantly, maybe slightly. But there's a greater interest in the lower-priced implants. And it's a little bit strange in that the actual cost of the implants is insignificant compared to the procedure. But I guess dentists in certain markets are looking at that.

是的，很難說。我們還沒有看到全球植入物銷售的數據。有一些數據可用。我們還沒有看到報告。但我的感覺是口腔外科的單位並沒有顯著下降，也許是輕微下降。但人們對價格較低的植入物更感興趣。有點奇怪的是，與手術相比，植入物的實際成本微不足道。但我猜某些市場的牙醫正在關注這一點。

We're still optimistic about the oral surgery business, very optimistic. But the market is stable and because we continue to do well in parts of Europe and in the United -- in North America on implants. And I think the lower-priced units, again, our business in that area is doing very well.

我們仍然對口腔外科業務持樂觀態度，非常樂觀。但市場很穩定，因為我們在歐洲部分地區和美國 - 在北美的植入物方面繼續做得很好。而且我認為價格較低的單位，我們在該領域的業務表現非常好。

So we're also dealing with high comps. The quarter's previous '21 was very high comps, very high numbers. So I wouldn't draw any specific conclusions as to the strength of those businesses from our point of view. I think they are pretty solid. On the other side, our endo business has done very well. And our traditional wires and brackets business, although it's very small, has not done well. But our aligners have done well, let me hasten to say, of a very small market share. But we have a couple of DSO contracts that they work almost exclusively with us.

所以我們也在處理高補償。本季度之前的 '21 是非常高的補償，非常高的數字。因此，從我們的角度來看，我不會就這些業務的實力得出任何具體結論。我認為它們非常堅固。另一方面，我們的 endo 業務做得很好。而我們傳統的線材和支架業務，雖然很小，但是做的並不好。但是我們的對準器做得很好，讓我趕緊說，市場份額很小。但我們有幾份 DSO 合同，他們幾乎只與我們合作。

Got it. Very helpful. And maybe just a follow-up, and I'll try to push you a little bit. Your dental equipment comments, they continue to, I don't know, I think, be pretty upbeat overall in dental equipment. And that's contrary, at least just to our checks. And Stanley, your conviction that this is true, call it, end user demand, is not a function of a catch-up from the supply issues of 6 to 12 months ago. And do you think that equipment strength continues into 2023?

知道了。非常有幫助。也許只是一個跟進，我會試著推動你一點點。你的牙科設備評論，他們繼續，我不知道，我認為，在牙科設備方面總體上非常樂觀。而這恰恰相反，至少與我們的支票相反。斯坦利，你相信這是真的，稱之為最終用戶需求，並不是 6 到 12 個月前供應問題的追趕。您認為設備強度會持續到 2023 年嗎？

Yes. We're talking about at the margin, a relatively small percentage one way or the other. But generally, I think the business is solid. We also do well with DSOs globally on the equipment side. I think that helps. We have capabilities, I think, on installation, able to bring up many new DSOs practices on one day. If they buy practices, a whole group of practices, we're able to help install new equipment relatively quickly.

是的。我們談論的是邊際，一種或另一種相對較小的百分比。但總的來說，我認為生意很穩固。我們在設備方面也與全球 DSO 合作良好。我認為這有幫助。我認為，在安裝方面，我們有能力在一天內提出許多新的 DSO 實踐。如果他們購買實踐，一整套實踐，我們就能夠相對快速地幫助安裝新設備。

We work very well with our suppliers, I would say not all but most of our suppliers on the equipment side who view us as a great way to market. So there's a lot of factors in there. But I would say at least for the foreseeable future, our dental conviction is pretty good. I can't comment on the rest of the market. There are many players. There are some private players. Even the public players don't disclose exactly what's going on. And again, the chairs, units and lights is largely -- are largely private companies. And so it's very hard to give you a comparison to the market. Having said that, we do feel comfortable with our equipment growth as I sit here at November 1, 2022.

我們與我們的供應商合作得很好，我想說的不是所有供應商，而是我們設備方面的大多數供應商，他們認為我們是一種很好的營銷方式。所以里面有很多因素。但我想說，至少在可預見的未來，我們對牙科的信念非常好。我無法對其他市場發表評論。有很多玩家。有一些私人玩家。即使是公眾玩家也不會透露到底發生了什麼。再一次，椅子、單元和燈在很大程度上是——主要是私營公司。因此很難與市場進行比較。話雖如此，當我在 2022 年 11 月 1 日坐在這裡時，我們確實對我們的設備增長感到滿意。

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

我們的下一個問題來自 Erin Wright 與摩根士丹利的對話。

I have a quick question on the medical segment. What's driving the high single-digit growth? I guess, it was a little bit slower than what we saw in the first half. But that's excluding the COVID-related dynamics. And what's the sustainability of this growth? Are you seeing market share gains or what are some of the factors driving that?

我有一個關於醫療領域的快速問題。是什麼推動了高個位數的增長？我想，這比我們上半場看到的慢了一點。但這不包括與 COVID 相關的動態。這種增長的可持續性如何？您是否看到了市場份額的增長或者推動這一增長的一些因素是什麼？

Yes. That's also another good question. We don't get many questions on the medical business, which we think is a great franchise. We're doing very well with IDNs. Now IDNs generally use other med distributors, big hospital distributors for their hospital acute care needs. But for the alternate care needs, the physician practices primarily, but other alternate care sectors other than long-term care, which we're not in, generally, we are viewed as an important player. We don't win every contract but we win a lot.

是的。這也是另一個好問題。我們對醫療業務沒有太多疑問，我們認為這是一個很好的特許經營權。我們在 IDN 方面做得很好。現在 IDN 通常使用其他醫療分銷商、大型醫院分銷商來滿足他們的醫院急症護理需求。但對於替代護理需求，醫生主要執業，但除了長期護理以外的其他替代護理部門，我們通常不在這些領域，我們被視為重要的參與者。我們並沒有贏得每一份合同，但我們贏得了很多。

It's based on our service, our relationship with suppliers. Efficient charge-back systems that we have in place with suppliers have worked very well with us on that side of the house where there's been charge-backs, for example, in place for years as a way of doing business. And we just do it very well on the alternate care side, particularly the physician side. So with the large IDNs, we don't win too many new ones. We have won a few in the last few years, but they don't switch that often.

它基於我們的服務，我們與供應商的關係。我們與供應商建立的高效退款系統與我們在有退款的房子的那一側合作得很好，例如，多年來作為一種開展業務的方式。我們在替代護理方面做得很好，尤其是在醫生方面。因此，對於大型 IDN，我們不會贏得太多新 IDN。我們在過去幾年贏了一些，但他們並不經常轉換。

Having said that, there's a growing part of the IDN business that's moving from the acute care setting into this alternate care, specifically physician ASC side of the provider side, and we do well with it. We also made a comment that our other medical businesses are doing well. In government business, we do quite well in that area. We have some unique businesses in that area. They're not huge but they're doing well.

話雖如此，IDN 業務中有越來越多的部分正在從急性護理環境轉移到這種替代護理，特別是供應商方面的醫生 ASC 方面，我們在這方面做得很好。我們還評論說我們的其他醫療業務表現良好。在政府業務中，我們在該領域做得很好。我們在那個領域有一些獨特的業務。他們不是很大，但他們做得很好。

We've also indicated that our sports medicine, there are parts of the EMS business that we're in that do well, podiatry, the smaller practices, the smaller group practices. These are all areas where we have folks directly focused on these businesses that are doing well. So I think we do well in this marketplace. We have scale and we have sophisticated supply chain. I'm not sure if anyone does it really better than us from a logistics point of view, combining med-surg, pharmaceuticals, equipment, installation, the whole package, all in one from one distributor with formularies, charge-backs that really work very well.

我們還指出，我們的運動醫學，我們所從事的 EMS 業務的某些部分做得很好，足病學，較小的實踐，較小的團體實踐。這些都是我們讓人們直接關注這些表現良好的企業的領域。所以我認為我們在這個市場上做得很好。我們有規模，我們有成熟的供應鏈。從物流的角度來看，我不確定是否有人真的比我們做得更好，結合了醫療外科、藥品、設備、安裝、整個包裝，所有這些都來自一個分銷商，具有真正有效的處方、退款很好。

Okay. And then on 2023, just I get it, there's limited visibility on PPE and test kits and also the macro kind of heading into 2023, but are there other factors that could be limiting your visibility there? For instance, are there upcoming changes in DSO or manufacturing contracts that would impact your ability to provide guidance into 2023 now? Like -- or do you anticipate that it's a fairly normal environment next year from a customer and manufacturer relationship standpoint?

好的。然後在 2023 年，我明白了，個人防護裝備和測試套件的可見度有限，而且進入 2023 年的宏觀趨勢也很有限，但是否還有其他因素可能會限制你在那裡的可見度？例如，DSO 或製造合同即將發生的變化是否會影響您現在為 2023 年提供指導的能力？就像——或者從客戶和製造商關係的角度來看，你預計明年會是一個相當正常的環境嗎？

No. It's Ron. I would say that it's more of the latter from what you just said. We don't -- we're not anticipating any other significant changes in the market. We're just trying to better digest what's happening on PPE and the COVID-19 test kits. I mean, we're happy with how the business is doing. We're happy with the quarter. We faced a $260 million revenue headwind this quarter in terms of decreased revenues in PPE and COVID test kits and grew EPS from non-GAAP EPS from $1.10 to $1.15.

不，是羅恩。從你剛才所說的來看，我會說更多的是後者。我們沒有——我們預計市場不會發生任何其他重大變化。我們只是想更好地了解 PPE 和 COVID-19 測試套件上發生的事情。我的意思是，我們對公司的經營方式感到滿意。我們對這個季度很滿意。本季度我們面臨 2.6 億美元的收入逆風，原因是 PPE 和 COVID 測試套件的收入減少，並且 EPS 從非 GAAP EPS 從 1.10 美元增加到 1.15 美元。

So we're happy with the core business, but we need to get -- we want to better understand the whole dynamics of what's happening with PPE and COVID test kits. And we'll be able to provide, I think, detail that will be helpful to people when we include 2023 financial guidance with our Q4 earnings release.

因此，我們對核心業務感到滿意，但我們需要——我們希望更好地了解 PPE 和 COVID 測試套件的整體動態。我認為，當我們將 2023 年財務指南納入我們的第四季度收益發佈時，我們將能夠提供對人們有幫助的細節。

We have time for one last question coming from the line of Jason Bednar from Piper Sandler.

我們有時間回答來自 Piper Sandler 的 Jason Bednar 的最後一個問題。

Congrats on the results today. I'll go with a 2-parter here, and I'll just ask both of them upfront and they're both follow-ups to prior questions. So maybe with the forward-looking question here, and I'll take a different crack here than what Jeff did on 2023. Are you willing to commit at all to earnings growth for next year? Or is there any reason to think operating margins don't expand in 2023, given the restructuring that you have underway?

祝賀今天的結果。我會和一個 2 人一起去，我會先問他們兩個，他們都是對先前問題的跟進。因此，也許這裡有前瞻性問題，我將在這裡採取與傑夫在 2023 年所做的不同的破解方法。你是否願意為明年的盈利增長做出承諾？或者，鑑於您正在進行的重組，是否有任何理由認為營業利潤率在 2023 年不會擴大？

And then building on Jon Block's question, if we're thinking about the sales contribution shifting maybe on the margin away from the more profitable specialty areas, those parts of the business softening up a little bit, it sounds like, can you reconcile or fill the gap on how profitability and margin expansion is still remaining as solid as you see it for 2022 in spite of this dynamic?

然後基於 Jon Block 的問題，如果我們考慮銷售貢獻可能會從利潤更高的專業領域轉移，那麼業務的那些部分會有所軟化，聽起來，你能調和或填補嗎儘管存在這種動態，但盈利能力和利潤率擴張方面的差距仍像您在 2022 年看到的那樣穩固？

Yes. Jason, regarding 2023, like I said, we'll be providing plenty of details around our 2023 financial guidance with our Q4 earnings release. So I think at this point in time, we're not prepared to provide anything directional.

是的。傑森，關於 2023 年，正如我所說，我們將在第四季度財報發布中提供有關 2023 年財務指導的大量細節。所以我認為在這個時候，我們不准備提供任何方向性的信息。

With reference to your question on the kind of dental margins and the influence of specialty products, I think something to keep in mind is that the specialty products are likely going to have or historically may have a little more volatility in their growth versus merchandise. Merchandise can fluctuate a few points year-over-year, while specialty products might have a little greater volatility than that.

關於您關於牙科利潤的種類和專業產品的影響的問題，我認為需要記住的是，專業產品的增長可能會或歷史上可能會比商品的波動更大。商品可能會同比波動幾個點，而特種產品的波動性可能會比這大一些。

And as Stanley said, we had a pretty good growth last year in the third quarter of the specialty products. So you're right, in terms of this particular quarter, maybe there's a little more kind of -- I'm not sure what the right word is, but how the margins kind of come together. But I don't know if we're to the point of saying that's going to be kind of the long-term trend here.

正如斯坦利所說，去年第三季度我們的特種產品取得了相當不錯的增長。所以你是對的，就這個特定的季度而言，也許還有更多——我不確定正確的詞是什麼，但利潤率是如何結合在一起的。但我不知道我們是否到了說這將成為這裡的長期趨勢的地步。

We still are highly bullish about our high-growth, high-margin businesses. There may be some volatility areas as Ron indicated. But generally, the oral surgery business is a good one. We believe we're growing our market share globally. And endo is very strong also. Also, there's obviously some volatility in wires and brackets. And aligners seem -- although small for us, seem to be also a positive area. But I wouldn't read anything into 1 or 2 or 3 quarters. I think we've shown that long term, these businesses are growing, and we expect commitments to add inorganic growth to that.

我們仍然非常看好我們的高增長、高利潤業務。正如 Ron 指出的那樣，可能存在一些波動區域。但總的來說，口腔外科業務是不錯的。我們相信我們正在擴大全球市場份額。而且遠藤也很強。此外，電線和支架顯然存在一些波動。對準器似乎——雖然對我們來說很小，但似乎也是一個積極的領域。但我不會在 1 或 2 或 3 個季度內閱讀任何內容。我認為我們已經表明，從長遠來看，這些業務正在增長，我們預計承諾會增加無機增長。

Thank you. I would like to turn the floor back over to Stanley Bergman for any closing comments.

謝謝你。我想將發言權轉回 Stanley Bergman 以聽取任何結束評論。

Thank you, operator. Thank you, everyone, for your participation. I think you said it a couple of times today, many times, we have confidence in our core businesses. We just don't know the degree of volatility in the PP&E, primarily gloves and the COVID test area, the rapid test area, but excluding that, we feel strength, stability.

謝謝你，運營商。謝謝大家的參與。我想你今天說過幾次，很多次，我們對我們的核心業務有信心。我們只是不知道 PP&E 的波動程度，主要是手套和 COVID 測試區，快速測試區，但除此之外，我們感到強度和穩定性。

We're feeling good about our dental consumable businesses around the world, the equipment business. We're feeling good about our medical business and our value-added services businesses recovered specialty. So obviously, we're in a volatile times, but we're also focusing on our expenses as we've announced in the past relative to our restructuring. And this is something Henry Schein has gone through many times in the past.

我們對我們在全球的牙科耗材業務、設備業務感覺良好。我們對我們的醫療業務感覺良好，我們的增值服務業務恢復了專業。很明顯，我們正處於一個動盪時期，但我們也在關注我們過去宣布的與重組相關的支出。而這也是Henry Schein過去多次經歷的事情。

We have a good management team in place focused on the priorities, at the center of which is our BOLD+1 initiative. So with that in mind, thank you all again for calling in. We'll speak to you at the beginning of...

我們擁有一支專注於優先事項的優秀管理團隊，其核心是我們的 BOLD+1 計劃。因此，考慮到這一點，再次感謝大家的來電。我們將在...開始時與您交談。

Mid-February.

二月中旬。

Mid-February. Oh it's the longer period, mid-February, but I think we'll be in a couple of conferences. Will it be, 2 or 3 conferences, right?

二月中旬。哦，時間較長，是 2 月中旬，但我想我們會參加幾次會議。會是 2 或 3 次會議，對嗎？

That's right, yes.

沒錯，是的。

And again, if anyone has any specific questions, please feel free to reach out to Graham, to Ron -- to Graham and Ron. And thank you very much. And since we won't have another one of these calls, have a safe holiday season, and thank you very much for your interest in Henry Schein.

再說一遍，如果有人有任何具體問題，請隨時聯繫格雷厄姆、羅恩——格雷厄姆和羅恩。非常感謝你。由於我們不會再接到這樣的電話，祝您假期愉快，非常感謝您對 Henry Schein 的關注。