漢瑞祥 (HSIC) 2023 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Henry Schein's Fourth Quarter 2023 Earnings Conference Call. (Operator Instructions)

早安，女士們、先生們，歡迎參加 Henry Schein 2023 年第四季財報電話會議。 （操作員說明）

As a reminder, this call is being recorded. And 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.

謹此提醒，此通話正在錄音中。現在我想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策略財務專案長。

Thank you. Please go ahead, Graham.

謝謝。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 fourth quarter and the full year of 2023. With me on today's call are Stanley Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein; and Ron South, Senior Vice President and Chief Financial Officer.

謝謝您，運營商，也感謝你們每個人加入我們討論 Henry Schein 第四季度和 2023 年全年的財務業績。與我一起參加今天電話會議的有：Henry Schein 董事會主席兼首席執行官 Stanley Bergman。亨利·沙因；以及高級副總裁兼財務長 Ron South。

Before we begin, I'd like to state that certain comments made during this call will include information that's forward-looking. Risks and uncertainties involved in the company's business may affect the matters referred to in the forward-looking statements, and 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.

在開始之前，我想聲明，在本次電話會議中提出的某些評論將包含前瞻性資訊。本公司業務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，公司的業績可能與此類陳述中表達或表明的業績有重大差異。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包含的警示性聲明，並包含在這些文件的風險因素部分中。

In addition, all comments about the markets we serve, including end market growth rates and market share, are based upon the company's internal analysis and estimates. Today's 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.

此外，有關我們所服務的市場的所有評論，包括終端市場成長率和市場份額，均基於公司的內部分析和估計。今天的評論將包括公認會計原則和非公認會計原則財務表現。我們相信，非公認會計準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，能夠對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進行比較，並允許在所使用的關鍵指標方面提高透明度由管理層經營我們的業務。

These non-GAAP financial measures are presented solely for informational and comparative purposes and should not be regarded as a replacement of the corresponding GAAP measures. Reconciliations between GAAP and non-GAAP measures are included in Exhibit B of today's press release and can be found in the Financials and Filings section of our Investor Relations website under the Supplemental Information heading.

這些非公認會計原則財務指標僅供參考和比較之用，不應被視為相應公認會計原則指標的替代。 GAAP 和非 GAAP 指標之間的調整表包含在今天新聞稿的附件 B 中，並且可以在我們投資者關係網站的「財務和文件」部分的「補充資訊」標題下找到。

For additional information, please refer to our quarterly earnings presentation also posted on our Investor Relations website. The content of this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast, February 27, 2024. Henry Schein undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this call.

欲了解更多信息，請參閱我們的投資者關係網站上發布的季度收益報告。本次電話會議的內容包含時間敏感信息，僅截至直播日期（2024 年 2 月 27 日）準確。Henry Schein 不承擔修改或更新任何前瞻性陳述以反映直播後發生的事件或情況的義務。本次通話的日期。

Lastly, to join today's Q&A session, please limit yourself to a single question and a follow-up. And with that, I'd like to turn the call over to Stanley Bergman.

最後，要參加今天的問答環節，請將自己限制在一個問題和後續問題上。說到這裡，我想把電話轉給史丹利·伯格曼。

Good morning, everyone, and thank you for joining us. We are rather pleased with our performance in the fourth quarter and for the full year of 2023, which was in line with our expectations and reflects a solid recovery from last year's cybersecurity incident. Our fourth quarter financial results included strong growth in our technology and value-added services businesses and in global sales of implants and biomaterials, largely driven by acquisitions and were negatively impacted by higher-than-usual acquisition-related expenses and adjustments.

大家早安，感謝您加入我們。我們對第四季和 2023 年全年的表現感到相當滿意，這符合我們的預期，反映了從去年的網路安全事件中穩健的復甦。我們第四季度的財務業績包括技術和增值服務業務以及植入物和生物材料的全球銷售的強勁增長，這主要是由收購推動的，並受到高於平常的收購相關費用和調整的負面影響。

As we discussed last quarter, the cyber incident primarily affected our dental and medical distribution businesses in North America and Europe. These distribution businesses recovered well in the second half of the quarter. The revenue impact from the incident was at the low end of our expectations, and the earnings impact was at the high end, largely due to the success of our promotion activity, which drove sales and customer retention. Overall, we feel good about the pace of our recovery, driven by our durable customer loyalty, and strong relationships, our field sales consultants, our telesales representatives and service technicians have with our customers around the world. And of course, coupled with our most effective direct marketing and customer care capabilities, which includes a very strong e-commerce presence, particularly on social media.

正如我們上季度討論的那樣，網路事件主要影響了我們在北美和歐洲的牙科和醫療分銷業務。這些分銷業務在本季下半年恢復良好。該事件對收入的影響處於我們預期的低端，而對收益的影響則處於高端，這主要是由於我們的促銷活動取得了成功，從而推動了銷售和客戶保留。總體而言，我們對我們的復甦速度感到滿意，這得益於我們持久的客戶忠誠度以及我們的現場銷售顧問、電話銷售代表和服務技術人員與世界各地客戶之間的牢固關係。當然，再加上我們最有效的直接行銷和客戶服務能力，其中包括非常強大的電子商務業務，尤其是在社群媒體上。

Today, our North American and international distribution businesses are experiencing merchandise sales and are running below pre-cyber security -- below the pre-cyber security levels -- pre-cybersecurity incident levels, and we estimate that the incident is currently having a low single-digit percentage headwind to our merchandise sales growth with some episodic customers not fully return yet. We are doing a lot of work in this area, and we expect the residual impact to be short term and diminish over the first half of the year through our sales and marketing programs, and as I noted, including our digital marketing.

今天，我們的北美和國際分銷業務正在經歷商品銷售，並且運行低於網路安全前的水平——低於網路安全前的水平——網路安全事件前的水平，我們估計該事件目前的單次較低由於一些間歇性客戶尚未完全回歸，我們的商品銷售成長受到了-位數百分比的阻力。我們在這一領域做了很多工作，我們預計殘餘影響是短期的，並會透過我們的銷售和行銷計劃（包括我們的數位行銷）在今年上半年減少。

The 2024 guidance we are introducing today reflects our continued confidence in the stability of the underlying markets we serve, our recovery efforts from the cybersecurity incident and the execution of our strategic plan. For 2024, while we expect to have some short-term residual impact from the cybersecurity incident, we believe we will continue to strengthen our leading market position. The markets we serve are expected to grow towards the lower end of the ranges we set out at our Investor Day last year. And we also expect some remaining impact from lower year-over-year PPE pricing, primarily impacting sales growth in the first quarter or the first third of the year. We are also introducing adjusted EBITDA guidance as we believe this provides investors with an additional metric that reflects the performance of the business as we pivot to higher growth, higher-margin products and services. We believe we are well positioned to grow the business in line with our financial goals of high single-digit to low double-digit operating income and earnings per share by continuing to execute on our BOLD+1 strategic plan.

我們今天推出的 2024 年指引反映了我們對所服務的基礎市場的穩定性、網路安全事件的恢復努力以及戰略計劃的執行的持續信心。 2024年，雖然我們預期網路安全事件會產生一些短期殘餘影響，但我們相信我們將繼續加強我們的領先市場地位。我們服務的市場預計將成長至我們去年投資者日設定的範圍的下限。我們也預期 PPE 定價年減會產生一些剩餘影響，主要影響第一季或今年前三分之一的銷售成長。我們還引入了調整後的 EBITDA 指導，因為我們相信，隨著我們轉向更高成長、更高利潤的產品和服務，這為投資者提供了反映業務績效的額外指標。我們相信，透過繼續執行我們的 BOLD+1 策略計劃，我們有能力根據高個位數到低兩位數營業收入和每股收益的財務目標來發展業務。

So let me now turn to a review of our quarterly highlights from each of our business units, beginning with the dental distribution business. In North America, we believe patient traffic -- [denotes picked] up in November and December. Although in January, illness and weather impacted cancellations, but this has improved in February. We have seen in our medical business that point-of-care diagnostic sales are also strong, indicating that flu visits to medical doctors are elevated as a result of the SAS late flu season, and which adversely impacted dental patient traffic. We expect the effect on patient traffic from the flu season to normalize by the end of March.

現在讓我回顧一下我們每個業務部門的季度亮點，從牙科分銷業務開始。在北美，我們認為患者流量在 11 月和 12 月增加。儘管在一月份，疾病和天氣影響了航班取消，但這種情況在二月有所改善。我們在醫療業務中發現，即時診斷銷售也很強勁，這表明由於 SAS 流感季節後期，去看醫生的流感就診次數有所增加，這對牙科患者的流量產生了不利影響。我們預計流感季節對患者流量的影響將在三月底恢復正常。

International markets remained steady and consistent with the third quarter. Regarding North America and international demo equipment, there was a decline in sales, both in traditional and digital equipment. Equipment sales is very important, reflects a redeployment of our field sales consultants as well as our equipment sales specialists during the cybersecurity, incident to focus on addressing immediate customer needs rather than initiating and processing new equipment orders, resulting in moving sales into the first quarter 2024.

國際市場保持穩定，與第三季保持一致。至於北美和國際演示設備，傳統設備和數位設備的銷售量均出現下降。設備銷售非常重要，反映出我們在網路安全期間重新部署了現場銷售顧問以及設備銷售專家，重點關註解決即時客戶需求，而不是啟動和處理新設備訂單，導致銷售轉移到第一季2024 年。

Digital equipment sales also reflected year-over-year lower prices of intra-oral scanners, but we expect to see good demand for intra-oral scanners to continue and the impact of these price declines to be less significant going forward. We've had a lot of questions on this, but we expect equipment sales to be supported by the investment plans of many of our DSO customers we have in place, who have these plans in place and have continued to expand their operations, and this not only applies to the national DSOs, but to many of the regional DSOs, too, who are investing in their practices both from an equipment point of view and a software point of view.

數位設備銷售也反映了口腔內掃描儀價格的同比下降，但我們預計口腔內掃描儀的良好需求將持續下去，而且價格下降的影響未來不會那麼顯著。我們對此有很多疑問，但我們預計設備銷售將得到我們現有的許多 DSO 客戶的投資計劃的支持，這些客戶已經制定了這些計劃並繼續擴大其業務，而這不僅適用於國家DSO，也適用於許多地區DSO，他們從設備角度和軟體角度對其實踐進行投資。

The impact of lower global equipment sales was partially offset by overall good growth in our global equipment technical services. Our technical services capability is a strategic advantage for us as we believe we provide excellent response times and high-quality service for our customers. We are known for this globally.

全球設備銷售下降的影響被我們全球設備技術服務整體良好成長所部分抵銷。我們的技術服務能力是我們的策略優勢，因為我們相信我們可以為客戶提供出色的回應時間和高品質的服務。我們因此而聞名全球。

Now let's turn to the global dental specialties businesses or products. Turning to the global dental specialty products. We believe we continue to increase our global market share in implants and biomaterials this quarter as we believe for the full year of 2023. We believe the implant markets we serve in the aggregate were generally flat in the fourth quarter against the previous -- against the '22 sales. Against that backdrop, and I'm referring to the market in general, by the way, against that backdrop, our global implant and biomaterial sales grew by quite a bit more than 30%, mainly due from acquisitions, but also some internal growth.

現在讓我們轉向全球牙科專業業務或產品。轉向全球牙科專業產品。我們相信，正如我們對2023 年全年的預期一樣，本季我們將繼續增加植入物和生物材料的全球市場份額。我們相信，我們所服務的植入物市場總體上第四季度與上一季度相比基本持平。 '22 銷售。在這種背景下，我指的是整個市場，順便說一句，在這種背景下，我們的全球植入物和生物材料銷售額增長了30% 以上，主要歸功於收購，但也有一些內部增長。

We posted significant growth in the European, Latin American and Asian markets, mainly from the biotech acquisition of France and the Sun acquisition in Brazil, along with above market share growth in our leading BioHorizons Camlog brand in Europe, primarily in Germany, while we had low single-digit growth in our U.S. implant sales. As a result of the cyber incident, our endodontic sales growth slowed somewhat last quarter. Our orthodontic sales were also impacted by the cyber incident and by the expiration of the motion product patents earlier this year.

我們在歐洲、拉丁美洲和亞洲市場實現了顯著成長，主要得益於對法國生物技術的收購和對巴西Sun 的收購，以及我們領先的BioHorizo​​​​ns Camlog 品牌在歐洲（主要是德國）的市佔率成長。我們的美國植入物銷售額成長幅度較低。由於網路事件，我們上季度的牙髓銷售成長有所放緩。我們的正畸銷售也受到網路事件和今年早些時候運動產品專利到期的影響。

To address this, we launched the replacement up this quarter, which is being well received in the marketplace. We remain highly optimistic about the growth in our (inaudible) products in 2024. As we have a robust pipeline of product innovations plan across those geographies in the first half of the year, and we expect sales growth to continue to outpace the market growth.

為了解決這個問題，我們在本季推出了替代產品，該產品在市場上受到了好評。我們對 2024 年（聽不清楚）產品的成長保持高度樂觀。由於今年上半年我們在這些地區制定了強大的產品創新計劃，我們預計銷售成長將繼續超過市場成長。

Let's turn now to our Technology and Value-Added Services business. Excellent sales growth was driven by Henry Schein One with most core products posting double-digit gains, including our practice management software, revenue cycle management, analytics and our AI solutions. As we have seen earlier, Henry Schein growth was driven by Dentrix Ascend and entirely cloud-based solutions. The customer base of cloud solutions continue to grow well and increased by about 36% compared with the start of the year. We launched a number of digital clinical workflow solutions for our customers, including AI technologies, to provide our customers with highly effective diagnostic solutions.

現在讓我們轉向我們的技術和增值服務業務。 Henry Schein One 推動了出色的銷售成長，大多數核心產品都實現了兩位數的成長，包括我們的實踐管理軟體、收入週期管理、分析和人工智慧解決方案。正如我們之前所看到的，Henry Schein 的成長是由 Dentrix Ascend 和完全基於雲端的解決方案所推動的。雲端解決方案的客戶群持續保持良好成長，較年初成長約36%。我們為客戶推出了包括人工智慧技術在內的多項數位化臨床工作流程解決方案，為客戶提供高效的診斷解決方案。

During the fourth quarter, we worked with 1 of the largest DSOs to introduce their AI solution. We are pleased to now have over 1,000 users subscribing to these solutions. Product enhancements introduced last quarter, including remote scheduling and payments are also contributed to growth. Claims eligibility and patient relationship management features will be areas of significant focus during 2024. We continue see strong interest and good growth in Dentrix Ascend from our DSO customers, and we have recently announced 2 new large multisite Dentrix Ascend accounts.

在第四季度，我們與最大的 DSO 之一合作推出了他們的 AI 解決方案。我們很高興現在有超過 1,000 名用戶訂閱這些解決方案。上季推出的產品增強功能（包括遠端調度和支付）也促進了成長。索賠資格和患者關係管理功能將成為 2024 年的重點關注領域。我們繼續看到 DSO 客戶對 Dentrix Ascend 的濃厚興趣和良好增長，並且我們最近宣布了 2 個新的大型多站點 Dentrix Ascend 帳戶。

Turning to our Medical business. Growth during the fourth quarter was also impacted by the cybersecurity incident. In addition, the late flu season also negatively impacted point-of-care diagnostic sales and patient visits, which were down versus the prior year. However, the late flu season is driving higher quarter 1 sales. Our new $300 million-plus home care platform grew sales in the high single digits during the quarter, with this market segment continued to grow faster than the overall health care market.

轉向我們的醫療業務。第四季的成長也受到網路安全事件的影響。此外，流感季節末期也對現場診斷銷售和患者就診產生了負面影響，與前一年相比有所下降。然而，流感季節末期推動了第一季銷售額的成長。我們新的價值超過 3 億美元的家庭護理平台在本季的銷售額以高個位數成長，該細分市場的成長速度持續快於整體醫療保健市場。

Finally, in late December, we announced that we signed an agreement to acquire a majority interest in TriMet, which marks our entry into the upper and lower extremity segment of the growing orthopedic market. This being a complement to our Brusa source and blades business, which is also doing quite well. This transaction, the TriMet investment, fills a need, particularly for our ambulatory surgical center and orthopedic specialist customers, we expect to leverage our customer relationships and our contractual expertise to grow the business. We expect to close this transaction later this quarter. Concurrently, we entered into a strategic relationship with Extremity Medical, company focused on developing complementary products for bone infusion, fixation and motion prevention treatments.

最後，在 12 月底，我們宣布簽署了一項收購 TriMet 多數股權的協議，這標誌著我們進入不斷增長的骨科市場的上肢和下肢領域。這是對我們的布魯薩源和刀片業務的補充，該業務也表現良好。這項 TriMet 投資交易滿足了需求，特別是對於我們的門診手術中心和骨科專家客戶，我們希望利用我們的客戶關係和合約專業知識來發展業務。我們預計將在本季稍後完成這筆交易。同時，我們與 Extremity Medical 建立了策略合作關係，該公司專注於開發骨輸注、固定和運動預防治療的補充產品。

So in summary, we are executing well against our BOLD+1 strategic plan, and we made significant progress, very pleased with us on our strategic priorities during 2023. We did complete a number of strategic acquisitions, investing almost $1 billion, supportive of our 2022 to 2024 strategic plan. These acquisitions are growing well in the high single digits to low double-digit percentages. And we are on track to achieve our goal of generating 40% of our operating income from sales of our high-growth, high-margin products and services. And we estimate that we would only have to be slightly below that threshold that we would -- only would have been slightly below that threshold in the fourth quarter and for the full year of 2023, if the cyber incident had not occurred.

總而言之，我們在BOLD+1 戰略計劃上執行得很好，我們取得了重大進展，對我們在2023 年的戰略重點感到非常滿意。我們確實完成了多項戰略收購，投資了近10 億美元，支持了我們的2022年至2024年策略計畫。這些收購以高個位數到低兩位數的百分比成長良好。我們預計將實現 40% 營業收入來自高成長、高利潤產品和服務銷售的目標。我們估計，如果網路事件沒有發生，我們只需略低於第四季度和 2023 年全年的閾值即可。

As we look to 2024, our priorities include continuing to focus on customer experience. This is critical for us in all businesses. And of course, the recovery of sales post cyber -- post the cybersecurity incident. Third, we also will focus on and prioritize further enhancing technology and product development, including our integrated digital workflow and continue to grow sales in specialty products by integrating recent acquisitions and through new product launches. And we believe we have a good pipeline of product launches in both our dental specialties products area and our value-added services, including Henry Schein One. With that, I'll turn the call over to Ron to discuss our quarterly financial results and our 2024 guidance release.

展望 2024 年，我們的首要任務包括持續專注於客戶體驗。這對我們所有的企業都至關重要。當然，還有網路安全事件後銷售的恢復。第三，我們還將重點關注並優先考慮進一步加強技術和產品開發，包括我們的整合數位工作流程，並透過整合最近的收購和新產品的推出來繼續增加特種產品的銷售。我們相信，我們在牙科專業產品領域和增值服務方面都有良好的產品發布管道，包括 Henry Schein One。接下來，我將把電話轉給 Ron，討論我們的季度財務表現和 2024 年指導發布。

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 also on a non-GAAP basis.

謝謝你，史丹利，大家早安。在我們開始時，我想指出，我將討論我們在 GAAP 基礎上和非 GAAP 基礎上報告的結果。

Our fourth quarter non-GAAP financial results for 2023 and 2022 exclude integration and restructuring costs, amortization expense of acquired intangible assets, certain asset impairment costs as well as expenses directly related to the cybersecurity incident. This is detailed in Exhibit B of today's press release. The fourth quarter of 2022 included 1 additional selling week compared with the fourth quarter of 2023.

我們 2023 年及 2022 年第四季非 GAAP 財務表現不包括整合和重組成本、收購無形資產的攤銷費用、某些資產減損成本以及與網路安全事件直接相關的費用。今天新聞稿的附件 B 對此進行了詳細介紹。與 2023 年第四季相比，2022 年第四季的銷售週增加了 1 個。

We report on a 52-, 53-week fiscal year ending on the last Saturday in December. And the extra week in 2022 was the holiday week between Christmas and New Year's Day. The next time, our results include an extra selling week will be in 2028. With respect to sales growth, I will focus on LCI sales growth, which is internally generated sales in local currencies compared with the prior year and excludes acquisitions. To facilitate a more meaningful comparison, we've also excluded the estimated extra week of sales in the prior year from our LCI sales growth figures.

我們報告了為期 52 週、53 週的財政年度，截至 12 月最後一個星期六。 2022 年額外的一週是聖誕節和元旦之間的假期週。下一次，我們的結果包括2028 年將增加一個額外的銷售週。關於銷售成長，我將重點放在LCI 銷售成長，這是與前一年相比以當地貨幣計算的內部產生的銷售額，不包括收購。為了進行更有意義的比較，我們也從 LCI 銷售成長數據中排除了上一年預計額外一週的銷售量。

Please note that our sales growth was adversely impacted by the cybersecurity incident, and we estimate the reduction of fourth quarter sales was between $350 million to $400 million worldwide.

請注意，我們的銷售成長受到了網路安全事件的不利影響，我們估計第四季度全球銷售額減少了 3.5 億至 4 億美元。

Turning to our fourth quarter results. Global sales of $3.0 billion reflected an LCI sales decrease of 12% with the cybersecurity incident impacting sales growth by an estimated 10% to 12%. Our GAAP operating margin for the fourth quarter of 2023 was 1.28%, an 87 basis point decrease compared with the prior year GAAP operating margin. On a non-GAAP basis, operating margin for the fourth quarter was 4.86%, a 279 basis point decline compared with the prior year non-GAAP operating margin and was primarily a result of the cybersecurity incident and the sales recovery initiatives we introduced in the quarter. We estimate that the cybersecurity incident negatively impacted our operating income by approximately $120 million to $130 million in the fourth quarter.

轉向我們第四季的業績。全球銷售額為 30 億美元，LCI 銷售額下降了 12%，而網路安全事件對銷售額成長的影響預計為 10% 至 12%。我們 2023 年第四季的 GAAP 營業利潤率為 1.28%，比上年 GAAP 營業利潤率下降 87 個基點。 On a non-GAAP basis, operating margin for the fourth quarter was 4.86%, a 279 basis point decline compared with the prior year non-GAAP operating margin and was primarily a result of the cybersecurity incident and the sales recovery initiatives we introduced in the四分之一.我們估計網路安全事件對我們第四季的營業收入產生了約 1.2 億至 1.3 億美元的負面影響。

Fourth quarter 2023 GAAP net income was $18 million or $0.13 per diluted share. This compares with prior year GAAP net income of $47 million or $0.34 per diluted share. Our fourth quarter 2023 non-GAAP net income was $86 million or $0.66 per diluted share. This compares with prior year non-GAAP net income of $184 million or $1.35 per diluted share. The fourth quarter 2023 non-GAAP EPS includes $0.05 of acquisition expenses and related adjustments, which compares to $0.02 in the fourth quarter of the prior year. Details for the quarter and full year are included in Exhibit D to our press release.

2023 年第四季 GAAP 淨利為 1,800 萬美元，或攤薄後每股收益 0.13 美元。相比之下，去年的 GAAP 淨利潤為 4,700 萬美元，即稀釋後每股收益 0.34 美元。我們 2023 年第四季的非 GAAP 淨利潤為 8,600 萬美元，或攤薄後每股收益 0.66 美元。相比之下，上一年非 GAAP 淨利潤為 1.84 億美元，即稀釋後每股收益 1.35 美元。 2023 年第四季非 GAAP 每股盈餘包括 0.05 美元的收購費用和相關調整，而上年度第四季為 0.02 美元。本季度和全年的詳細資訊包含在我們新聞稿的附件 D 中。

We estimate that the cybersecurity incident impacted our fourth quarter 2023 non-GAAP EPS by approximately $0.70 to $0.75 per diluted share. The foreign currency exchange impact on our fourth quarter EPS was favorable by $0.01, and the impact on full year EPS was immaterial. Turning to our fourth quarter sales results. Global Dental sales were $1.8 billion, and LCI sales decreased by 10.9% with underlying sales growth being offset by the impact of the cybersecurity incident. Global Dental merchandise LCI sales decreased by 11.3% versus the prior year. Global dental equipment LCI sales decreased 9.7%. As Stanley mentioned, there were delays in processing new equipment orders, moving some sales into 2024.

我們估計，網路安全事件對我們 2023 年第四季非 GAAP 每股攤薄每股收益造成約 0.70 至 0.75 美元的影響。外匯匯率對我們第四季 EPS 的影響有利 0.01 美元，對全年 EPS 的影響並不重大。轉向我們第四季的銷售業績。全球牙科銷售額為 18 億美元，LCI 銷售額下降 10.9%，基本銷售額成長被網路安全事件的影響所抵銷。全球牙科商品 LCI 銷售額比上年下降 11.3%。全球牙科設備 LCI 銷售額下降 9.7%。正如 Stanley 所提到的，新設備訂單的處理出現了延遲，導致部分銷售推遲到 2024 年。

Dental specialty product sales were approximately $281 million in the fourth quarter with growth of 17.2%, driven by acquisitions and solid organic growth in implants and biomaterials. Global Technology and Value-Added Services sales during the fourth quarter were $212 million, with total sales growth of 13.4%. LCI sales growth of 7.1% included 6.8% LCI sales growth in North America and 9.8% LCI sales growth internationally. In North America, sales growth was driven primarily by our practice management solutions business, particularly Dentrix Ascend, while internationally, growth was driven by our [Dentale] cloud-based solution. Global Medical sales during the fourth quarter were $1.0 billion, and LCI sales decreased 17% as sales were also impacted by the cybersecurity incident. Regarding stock repurchases.

第四季牙科專業產品銷售額約為 2.81 億美元，成長 17.2%，主要得益於植體和生物材料領域的收購和穩健的有機成長。全球季度全球技術和增值服務銷售額為2.12億美元，總銷售額成長13.4%。 LCI 銷售額成長 7.1%，其中北美 LCI 銷售額成長 6.8%，國際 LCI 銷售額成長 9.8%。在北美，銷售成長主要由我們的實踐管理解決方案業務（特別是 Dentrix Ascend）推動，而在國際上，銷售成長則由我們的 [Dentale] 基於雲端的解決方案推動。第四季全球醫療銷售額為 10 億美元，LCI 銷售額下降 17%，因為銷售額也受到網路安全事件的影響。關於股票回購。

We repurchased approximately center to 192 shares of common stock in the open market during the fourth quarter, buying at an average price of $72.32 per share for a total of $50 million. For the full year, we invested $250 million to repurchase 3.2 million shares. At fiscal year-end, we had approximately $265 million authorized and available for future stock repurchases.

第四季度，我們在公開市場回購了約 192 股普通股，平均回購價格為每股 72.32 美元，回購總額為 5,000 萬美元。全年我們投資了 2.5 億美元，回購了 320 萬股股票。截至本財年末，我們獲得了約 2.65 億美元的授權，可用於未來的股票回購。

Additionally, to accelerate the implementation the implementation of our BOLD+1 strategic plan, we invested $287 million in business acquisitions during the fourth quarter and $955 million for the full year. 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 stockholders. Operating cash flow for the fourth quarter was an outflow of $32 million, compared with positive $254 million last year.

此外，為加快落實BOLD+1策略計劃，我們在第四季度投資了2.87億美元，全年投資了9.55億美元用於業務收購。轉向我們的資產負債表和現金流。我們繼續受益於大量的流動性，為我們的業務提供靈活性和財務穩定性，以執行有機成長計劃和策略性收購，同時繼續向股東返還資本。第四季營運現金流流出 3,200 萬美元，去年為正值 2.54 億美元。

This decrease is primarily due to delayed billings in the quarter, relating to the cybersecurity, incident which resulted in abnormally high receivable balances at the end of the year. We expect improvements to cash flow in the first quarter as we make these collections and receivable balances return to normal levels.

這一下降主要是由於本季與網路安全相關的帳單延遲，該事件導致年底應收帳款餘額異常高。隨著我們使這些收款和應收帳款餘額恢復到正常水平，我們預計第一季現金流將有所改善。

For the full year, operating cash flow was $500 million, compared with $602 million in 2022. Restructuring expenses in the fourth quarter were $21 million or $0.08 per diluted share that were incurred as part of our previously disclosed restructuring initiative. These expenses mainly relate to severance benefits, costs relating to exiting certain facilities and the planned exit of a noncore business. In addition, in the fourth quarter, we incurred expenses of $11 million or $0.06 per diluted share that were directly related to the cybersecurity incident mostly consisting of professional fees. We expect to incur some additional professional fees and other expenses related to the cybersecurity incident in 2024, but at a lower amount.

全年營運現金流為 5 億美元，而 2022 年為 6.02 億美元。第四季的重組費用為 2,100 萬美元，即稀釋後每股 0.08 美元，是我們先前揭露的重組計畫的一部分。這些費用主要與遣散費、退出某些設施相關的成本以及計劃退出非核心業務有關。此外，在第四季度，我們產生了 1,100 萬美元或稀釋每股 0.06 美元的費用，這些費用與網路安全事件直接相關，主要包括專業費用。我們預計 2024 年將產生一些與網路安全事件相關的額外專業費用和其他費用，但金額較低。

During the fourth quarter, we also recorded a charge of $27 million or $0.15 per diluted share related to a noncash impairment of capitalized assets in Europe and a charge of $7 million or $0.04 per diluted share related to a noncash impairment of some intangible assets. I'll conclude my remarks by introducing our 2024 financial guidance. At this time, we are unable to provide estimates for costs associated with integration and restructuring for 2024 and direct expenses associated with the cybersecurity incident. Therefore, we are not providing GAAP guidance.

在第四季度，我們還記錄了與歐洲資本化資產非現金減值相關的2700 萬美元或稀釋每股0.15 美元的費用，以及與某些無形資產非現金減值相關的700 萬美元或稀釋每股0.04 美元的費用。我將透過介紹我們的 2024 年財務指引來結束我的演講。目前，我們無法提供 2024 年整合和重組相關成本以及與網路安全事件相關的直接費用的估算。因此，我們不提供 GAAP 指導。

As usual, we are introducing 2024 financial guidance for total sales growth and diluted non-GAAP EPS. In addition, we are providing guidance for 2024 adjusted EBITDA. We believe this provides an additional metric, reflecting the performance of the business as we pivot to more high-growth, high-margin products and services. For 2024, we expect our non-GAAP diluted EPS attributable to Henry Schein, Inc. to be in the range of $5 to $5.16. reflecting growth of 11% to 15% compared with 2023 non-GAAP diluted EPS of $4.50. This guidance reflects an estimated residual impact of the cybersecurity incident of approximately $0.15 per diluted share, which we expect to primarily impact the first quarter. and an estimated increase in the non-GAAP effective tax rate for 23% to 25% or approximately $0.13 per diluted share.

與往常一樣，我們將推出 2024 年總銷售額成長和稀釋後非公認會計準則每股收益的財務指引。此外，我們也為 2024 年調整後 EBITDA 提供指導。我們相信，這提供了一個額外的指標，反映了我們轉向更高成長、高利潤的產品和服務時的業務績效。 2024 年，我們預計歸屬於 Henry Schein, Inc. 的非 GAAP 攤薄後每股收益將在 5 美元至 5.16 美元之間。與 2023 年非 GAAP 稀釋後每股收益 4.50 美元相比，成長 11% 至 15%。該指引反映了網路安全事件的估計殘餘影響約為每股攤薄後 0.15 美元，我們預計這將主要影響第一季。非 GAAP 有效稅率預計將增加 23% 至 25%，即稀釋後每股約 0.13 美元。

We expect to file an insurance claim arising from the cybersecurity incident and believe our claim will be covered under our cyber policy. Although final resolution is subject to insurer approval, this policy has a $60 million claim limit on an after-tax basis, with a $5 million retention, and we would not expect it to be recognized until later in the year.

我們希望就網路安全事件提出保險索賠，並相信我們的索賠將受到我們的網路政策的保障。儘管最終決議尚待保險公司批准，但該保單的稅後索賠限額為 6,000 萬美元，並保留 500 萬美元，我們預計這一金額要到今年晚些時候才能得到確認。

Our 2024 guidance does not include any associated benefit from potential insurance claim proceeds from this claim. As Stan said, we now believe the sales of COVID test kits and PPE have reached a point where year-over-year comparability has largely normalized, and we do not expect to break out the related EPS impact. We do expect there to be some remaining impact from lower year-over-year PPE pricing, primarily impacting sales growth in the first quarter.

我們的 2024 年指南不包括來自此索賠的潛在保險索賠收益的任何相關利益。正如斯坦所說，我們現在認為新冠病毒檢測試劑盒和個人防護裝備的銷售已達到同比可比性基本正常化的程度，我們預計不會突破相關的每股收益影響。我們確實預期個人防護裝備價格年減仍將產生一些影響，主要影響第一季的銷售成長。

Our 2024 non-GAAP total sales guidance is 8% to 12% growth over 2023 with higher growth anticipated in the second half of the year, reflecting merchandise sales growth from the business recovery from the cybersecurity incident. This sales guidance also includes sales from the acquisitions we completed in 2023. Our 2024 adjusted EBITDA growth is expected to increase by more than 15% versus 2023 adjusted EBITDA and of $984 million. As Stan mentioned, we expect market growth rates to be at the lower end of our long-term assumptions.

我們的 2024 年非 GAAP 總銷售指引為比 2023 年成長 8% 至 12%，預計下半年成長更高，反映出網路安全事件業務復甦帶來的商品銷售成長。這項銷售指引還包括我們在 2023 年完成的收購的銷售額。我們的 2024 年調整後 EBITDA 成長預計將比 2023 年調整後 EBITDA 成長 15% 以上，達到 9.84 億美元。正如史丹所提到的，我們預期市場成長率將處於我們長期假設的下限。

Our 2024 guidance is for current continuing operations as well as acquisitions that have been announced, and does not include the impact of future share repurchases and potential future acquisitions. Guidance also assumes that foreign currency exchange rates are generally consistent with current levels, and that end markets remain consistent with current market conditions. With that, I'll (inaudible).

我們的 2024 年指引適用於目前持續營運以及已宣布的收購，不包括未來股票回購和未來潛在收購的影響。指南還假設外幣匯率總體上與當前水準一致，且終端市場與當前市場狀況保持一致。有了這個，我會（聽不清楚）。

The 2024 guidance that Ron just discussed reflect somewhat of a transition year following the cyber incident. That said, we are incredibly pleased with the great strides the team has made in our recovery efforts. Actually, it's quite remarkable how effective this team operated while actually advancing our -- the execution of our strat plan. We look forward to continuing this momentum and delivering our long-term growth metrics that we established during our Analyst Day event last February. I know we've covered a lot of ground today. It's a little bit complex, but we are here to clarify any questions or thoughts that investors may have. So please.

Ron 剛剛討論的 2024 年指導方針在某種程度上反映了網路事件後的過渡年。也就是說，我們對團隊在復原工作中所取得的巨大進步感到非常滿意。事實上，這個團隊在實際推進我們的策略計畫執行的同時，運作效率非常高。我們期待繼續保持這一勢頭，並實現我們在去年 2 月的分析師日活動中製定的長期成長指標。我知道今天我們已經討論了很多內容。這有點複雜，但我們來這裡是為了澄清投資者可能有的任何問題或想法。所以，請。

(Operator Instructions) And the first question comes from the line of Elizabeth Anderson with Evercore ISI.

（操作員說明）第一個問題來自 Elizabeth Anderson 與 Evercore ISI 的線路。

Thanks so much for the details on the outlook in the quarter. That was very helpful. I just think if I had a couple of questions about the equipment sales commentary. I was wondering if you could go into a little bit more detail on sort of the end market environment and sort of if you -- any way you can quantify what your expected push out into 1Q from the cybersecurity impact specifically on equipment? Yes, that would be a great place to start.

非常感謝您提供有關本季前景的詳細資訊。這非常有幫助。我只是想如果我對設備銷售評論有幾個問題。我想知道您是否可以更詳細地介紹終端市場環境，以及您是否可以透過任何方式量化網路安全對設備的影響，您對第一季的預期影響？是的，那會是一個很好的起點。

I'll give you some high-level thoughts, Elizabeth, and then maybe I can provide you with specific information numbers to the extent we're providing there. So our dental equipment backlog was generally flat with the end of the third quarter -- to fourth quarter, they were about the same. With the North America backlog down mid-single digits and international backlog high single digits.

伊莉莎白，我會給你一些高層次的想法，然後也許我可以向你提供我們所提供的具體資訊數字。因此，我們的牙科設備積壓與第三季末基本持平——到第四季度，它們大致相同。北美積壓訂單下降了中個位數，而國際積壓訂單則下降了個位數。

Now you have to bear in mind that, historically, our backlog declines significantly in the fourth quarter due to the fourth quarter being the strongest security sales quarter and of course, dentists and physicians wanting to get as much equipment installed in the fourth quarter as possible for tax purposes. So the equipment sales growth in the fourth quarter was impacted by the cybersecurity interest incident, of course. That's because we redeployed our sales consultants and, particularly, our sales equipment specialists and visiting customers and dealing with the cyber incident that occurred. And so that we're not focused on generating sales. Our installation operation worked well, our service operation, all that recovered very almost immediately. But the traditional -- so this quite a bit of business that's going to move into the fourth quarter, both in the United States and Canada and globally.

現在您必須記住，從歷史上看，我們的積壓在第四季度顯著下降，因為第四季度是最強勁的安全銷售季度，當然，牙醫和醫生希望在第四季度安裝盡可能多的設備出於稅收目的。所以第四季的設備銷售成長當然受到了網路安全利益事件的影響。這是因為我們重新部署了我們的銷售顧問，特別是我們的銷售設備專家，並拜訪了客戶並處理了發生的網路事件。這樣我們就不會專注於產生銷售。我們的安裝操作運作良好，我們的服務作業一切幾乎立即恢復。但傳統業務——因此，在美國、加拿大以及全球範圍內，相當多的業務將進入第四季。

But overall, it's our view that the traditional equipment market is approximately flat. The markets we're talking about, right, not our sales. And that the digital equipment sales, did result in further erosion of the selling price, but the average selling price, but we believe that we have now gone past that. Of course, there are potentially some opportunities to bring in another round of digital scanners, perhaps a lower price into the United States, perhaps even into Europe that we think would expand the market even further. But even without that, we think the price has stabilized, number one.

但整體而言，我們認為傳統設備市場大致持平。我們談論的是市場，對吧，不是我們的銷售額。而且數位設備的銷售，確實導致了銷售價格的進一步侵蝕，但是平均銷售價格，但是我們相信我們現在已經過去了。當然，可能有一些機會將另一輪數位掃描器引入美國，甚至可能以較低的價格引入歐洲，我們認為這將進一步擴大市場。但即使沒有這一點，我們認為價格已經穩定，這是第一。

But number two, the demand is very, very strong for this inter-oil scanners. Also pointed out in the script, and there were a lot of concerns last quarter that DSOs were stopping to invest. There are also going to be some DSOs that have a challenge. But generally, our DSO customers are- investing invest in both generally, our the DSO customers and investing more regional DSOs. So we are quite optimistic about the equipment business in general. And there are also going to be some launches in the traditional equipment sales area that we expect a leading manufacturer to undertake this year, that will stimulate demand. And as I said, the annualization of the intra-oral scanner prize decreases. So that's sort of -- maybe there's more information (inaudible) specific and give you. I'm not sure Graham in around exactly what numbers we're providing at this stage, but perhaps you can address.

但第二，對這種油間掃描器的需求非常非常強勁。劇本中還指出，上個季度有許多人擔心 DSO 停止投資。一些 DSO 也會面臨挑戰。但總的來說，我們的 DSO 客戶正在投資我們的 DSO 客戶和更多的區域 DSO。所以我們對設備業務整體還是比較樂觀的。我們預計今年領先的製造商將在傳統設備銷售領域推出一些產品，這將刺激需求。正如我所說，口腔內掃描儀獎金的年化率下降了。所以這就是——也許有更多具體資訊（聽不清楚）可以提供給您。我不確定格雷厄姆是否知道我們現階段提供的具體數字，但也許您可以解決。

No. Elizabeth, I think what we can say is that we do expect good equipment sales growth in the first quarter. And a lot of that is from some of these orders that got pushed from Q4 of '23 into Q1 of '24. We have contemplated the estimated impact of that when arriving to our $0.15 kind of residual impact from the cybersecurity incident. So that $0.15 in some respects, is a net number. It would take into account some of the favorability that we also expect to get from the pushback of some of the equipment orders, so sales, into -- in Q1.

不，伊麗莎白，我認為我們可以說的是，我們確實預計第一季設備銷售將出現良好增長。其中很大一部分來自於 23 年第四季推到 24 年第一季的訂單。當網路安全事件產生 0.15 美元的殘餘影響時，我們已經考慮了這種影響的估計。因此，0.15 美元在某些方面是一個淨值。它將考慮到我們也預計從第一季推遲一些設備訂單（即銷售）中獲得的一些有利因素。

Got it. That's super, helpful. And maybe as a follow-up. Stanley, you mentioned there's a bunch of subdental specialty product launches and some additional products and value-added services. Can you give us a little bit of context around what those are and sort of how you're thinking about the contribution of those organic launches? I understand, obviously, you also have the follow-through from some of the acquisitions you've made in 2023 and 2024.

知道了。這太棒了，很有幫助。也許作為後續行動。史丹利，您提到有一系列牙下專業產品發布以及一些附加產品和增值服務。您能否向我們介紹一下這些內容是什麼以及您如何看待這些自然發布的貢獻？據我了解，顯然，您也對 2023 年和 2024 年進行的一些收購進行了後續操作。

On the launches, I'll give you highlights. If you want more, please call afterwards because there's a lot. On the anecdotic side, Brusa is expecting to advance the pediatric pudd program, lower-cost pediatric (inaudible) in the K files, direct endodontics portfolio, this is in Europe. There's a new file coming out with Edge, the bioceramic sealer launch in the U.S. further activity in that area with Edge. On the orthodontic side, I covered this already. We had a significant challenge with the patent expiration of the Motion Pro and for about 3/4, our pricing collapsed. But at this time, the new motion portfolio, the clinical system that we introduced achieved class 1 approval and a bit delayed, and we're seeing very good recovery there.

在發布會上，我將為您重點介紹。如果您想要更多，請事後打電話，因為數量很多。就軼事而言，布魯薩期望推進兒科普德計劃、K 檔案中的低成本兒科（聽不清楚）、直接牙髓治療組合，這是在歐洲。 Edge 發布了一份新文件，生物陶瓷密封劑在美國推出，這是 Edge 在該領域的進一步活動。在正畸方面，我已經介紹過這一點。我們遇到了 Motion Pro 專利到期的重大挑戰，大約在 3/4 的時間裡，我們的定價崩潰了。但此時，我們推出的新運動組合、臨床系統獲得了 1 級批准，但有點延遲，但我們看到那裡的恢復非常好。

On the implant side, by Horizon's Pro surgical kit launch in the U.S. This is a new surgical get simplify surgical workflow by combining the guide that we offer in the freehand surgery it's one kit. We are quite optimistic on that. On the membrane side, rollout in France, Netherlands, Italy, Spain, a lot of good activity going on in there. And there's some new ZyvometicMT16 implant kits and 45-degree of button launched in the U.S., basically, bringing to market much more in the value area in the United States.

在種植方面，Horizo​​​​n 在美國推出的 Pro 手術套件是一種新的手術套件，它透過結合我們在徒手手術中提供的指南來簡化手術工作流程，它是一個套件。我們對此非常樂觀。在膜方面，在法國、荷蘭、義大利、西班牙推出，那裡正在進行許多很好的活動。在美國推出了一些新的 ZyvometicMT16 植入套件和 45 度按鈕，基本上為美國市場帶來了更多的價值領域。

On the software side, I can't go through the list. It's huge. A huge amount of activity happening, particularly the AI, revenue cycle management on the Dentex enterprise side, the whole job is analytics side, a lot, a lot of activity going on there. And as it relates to the acquisitions, we're very pleased with the implant and biomaterials side of biotech, the software that we're so excited about will be launching in the U.S. -- was actually launched in the U.S. as part of our clinical workflow.

在軟體方面，我無法瀏覽該清單。它超大。發生了大量的活動，特別是 Dentex 企業方面的人工智慧、收入週期管理，整個工作都在分析方面，那裡正在進行很多很多活動。由於與收購相關，我們對生物技術的植入物和生物材料方面非常滿意，我們非常興奮的軟體將在美國推出 - 實際上是作為我們臨床試驗的一部分在美國推出的工作流程。

The SIM acquisition, although the market in Brazil is quite tough right now. We're very optimistic from a from an advancing sales in the U.S. point of view as well as introducing a number of the innovative products we have from the by [Horizon's Camlog portfolio] into the Latin American market. So I would say, overall, the pipeline of new product introductions, some have already been introduced or will be introduced this quarter.

SIM的收購，儘管目前巴西市場相當艱難。從推動美國銷售的角度來看，以及將 [Horizo​​​​n 的 Camlog 產品組合] 中的許多創新產品引入拉丁美洲市場，我們非常樂觀。所以我想說，總體而言，新產品推出的管道，有些已經推出或將在本季推出。

And as the year progresses, you'll see more and more activity on the specialty side and on the software as well as some of the value-added services products. And the acquisitions are really doing quite well, all of them. So Yes. I mean if we have questions more on the product side, I think it would be a good idea to speak to Graham. He has a lot of that information and he's very close to these businesses.

隨著時間的推移，您將看到專業方面、軟體以及一些增值服務產品的活動越來越多。所有的收購都進展得非常好。所以是的。我的意思是，如果我們在產品方面有更多問題，我認為與格雷厄姆交談是個好主意。他擁有大量此類信息，並且與這些企業關係非常密切。

And the next question comes from the line of Jason Bednar with Piper Sandler.

下一個問題來自賈森貝德納 (Jason Bednar) 和派珀桑德勒 (Piper Sandler) 的台詞。

Ron, wanted to start on the revenue guidance. Just really hoping we can peel apart a few of the moving pieces as we try to bridge to a core organic growth rate. You've got acquisitions that are contributing a few points, maybe a little bit more in '24. The business recapture and easy comps from the cybersecurity instances probably another few points, maybe FX is adding a little bit. I guess am I right on those? Are we talking 1% to 5% or 2% to 6% local internal growth for the year? And then if so, can you help with what you're assuming to get within that organic growth range if we acknowledge that we're starting a little bit of a hole with the cybersecurity incident, what are you estimating for your core organic growth versus your end markets?

羅恩想從收入指導開始。只是真的希望我們在努力實現核心有機成長率時能夠剝離一些變化的部分。你的收購在 24 年貢獻了一些點，也許更多一點。網路安全實例中的業務重獲和簡單的比較可能還有一些要點，也許外匯會增加一點點。我想我的觀點是對的嗎？我們談論的是今年 1% 到 5% 還是 2% 到 6% 的本地內部成長率？然後，如果是這樣，如果我們承認我們在網路安全事件中開始出現了一些漏洞，那麼您能否幫助您實現您假設的有機增長範圍內的目標，您對核心有機增長的估計是多少？您的終端市場？

Jason, yes, your estimates are, I would say, are generally accurate. We expect about 3 basis points or 300 basis points of growth that would come from just the recovery on cybersecurity to a more normalized level. And we do think acquisitions can get us pretty close to another 3 percentage points of growth as well. So that accounts for 6 points there 8 to 12. FX could get -- is somewhere between, say, 0.5 point to 1 point. So that kind of narrows down what that internal growth piece would be, which reflects continued accelerated growth in our technology and value-added services, some growth, obviously, in the core business as well as in the specialty businesses to kind of cover that remaining gap.

傑森，是的，我想說，你的估計總體上是準確的。我們預計網路安全恢復到更正常化的水平將帶來約 3 個基點或 300 個基點的成長。我們確實認為收購也可以讓我們接近另外 3 個百分點的成長。因此，這佔 6 個點，即 8 到 12。外匯可能得到的值介於 0.5 點到 1 點之間。因此，這縮小了內部成長部分的範圍，這反映了我們的技術和增值服務的持續加速成長，顯然，核心業務以及專業業務的一些成長，以涵蓋剩餘的業務差距。

Okay. But it accounts -- I guess what does it account for? Just that's a quick follow-up here. What does it account for in terms of like where you're starting at? I caught from the prepared remarks, you're maybe 97% or 98% of the way back. But if we're talking about low end of your -- the guidance on the ranges you gave at your Investor Day, I'm just maybe having a hard time trying to figure out how we get maybe into the like that. 4%, 5%, 6% range for core growth, unless I misunderstood on where you're at on recapture.

好的。但它說明了——我猜它說明了什麼？這只是這裡的快速跟進。就你從哪裡開始而言，它說明了什麼？我從準備好的發言中發現，你可能已經回覆了 97% 或 98%。但如果我們談論的是您在投資者日給出的指導範圍的低端，我可能很難弄清楚我們如何進入這樣的情況。核心成長的範圍為 4%、5%、6%，除非我誤解了您在重新奪回時所處的位置。

Well, I think the core growth you might be referring to would include specialty. So that's going to be part of that. we did kind of direct to the low end of the market growth rates that we had communicated on Investor Day last year, but those are market growth rates. So we -- it's up to us to try to outperform that market and that becomes part of our -- part of our growth assumption.

嗯，我認為你可能指的核心成長包括專業化。所以這將是其中的一部分。我們確實直接針對去年投資者日傳達的市場成長率的低端，但這些都是市場成長率。因此，我們有責任努力超越市場，這將成為我們成長假設的一部分。

And our next question comes from the line of John Stansel with JPMorgan Chase & Company.

我們的下一個問題來自摩根大通公司的約翰‧史坦塞爾 (John Stansel)。

Just wanted to look into some of the margin assumptions here. Now I think just on a base level, you've got adjusted EBITDA margin probably expanding, call it, 30 basis points at the midpoint. And then on like growth, when we think about normalizing for cybersecurity with the numbers you've provided, we're looking at kind of low single-digit core adjusted EBITDA growth. Is that the right way to think about how you're seeing the core profit dollars expand when we look to 2024?

只是想研究這裡的一些保證金假設。現在我認為，僅在基本水準上，調整後的 EBITDA 利潤率可能會擴大，稱之為中點 30 個基點。然後，在類似的成長方面，當我們考慮使用您提供的數字實現網路安全正常化時，我們正在考慮一種低個位數的核心調整後 EBITDA 成長。當我們展望 2024 年時，您認為核心利潤會如何成長，這是正確的思考方式嗎？

Yes. I think it's a good general starting point, John. I think that as there will be -- there is some margin pressure that comes from the recovery still from cyber. We did have to delay, for staple, some projects in the back half of the year. For example, our global e-commerce platform. So some of those costs are now being incurred in '24. Other investments that we're making create a little bit of that margin pressure. But I think as we continue to recover from the cyber incident, and begin to ramp up the revenues a little bit more as the year goes on, we'll begin to see improvements in those margins over the course of the year.

是的。我認為這是一個很好的整體起點，約翰。我認為，網路的復甦仍然會帶來一些利潤壓力。我們確實不得不推遲下半年的一些主要項目。例如我們的全球電子商務平台。因此，其中一些成本現在是在 24 年產生的。我們正在進行的其他投資造成了一點利潤壓力。但我認為，隨著我們繼續從網路事件中恢復過來，並隨著時間的推移開始稍微增加收入，我們將開始看到這些利潤率在這一年中有所改善。

Great. And then just looking at capital allocation. 2023, you probably were above the long-term guide for cash deployment on M&A. As we think about 2024, is there a shift in the way that you would guide us to think about capital deployment, particularly around potentially debt paydown. And then it sounds like you're not incorporating any share repurchase in the guide. Is there is there anything we should think about there as it relates to overall capital deployment?

偉大的。然後只看資本配置。到 2023 年，您可能會超越併購現金部署的長期指南。當我們思考 2024 年時，您引導我們考慮資本部署的方式是否會發生轉變，特別是圍繞潛在的債務償還。聽起來您沒有在指南中納入任何股票回購。與整體資本配置相關，有什麼值得我們思考的嗎？

Yes. There will be -- we'll continue with some share repurchases. It's not -- traditionally, we have not included that in the guide. Last year was a little lighter year for us on share repurchases. We did less in Q4 than we normally would do, just to kind of preserve some capital after the cybersecurity incident. I don't expect us to do $1 billion in M&A in 2024. I suspect we'll be something closer to our historical run rate of $300 million to $400 million there. In terms of the general philosophy around capital allocation, we do have, you mentioned some debt paydown. We do have more -- we are carrying more debt than we have historically. So we will be contemplating that as an alternative use of capital if we believe that is better accretion than a share repurchase, then we'll try to mix it some additional pay down on the debt if we think that is more accretive than the other options available to us.

是的。我們將繼續進行一些股票回購。傳統上，我們沒有將其包含在指南中。去年對我們來說，股票回購的情況比較輕鬆。我們在第四季做得比平常少，只是為了在網路安全事件發生後保留一些資本。我預計 2024 年我們的併購金額不會達到 10 億美元。我懷疑我們會更接近 3 億至 4 億美元的歷史運行率。就資本配置的一般概念而言，我們確實有，你提到了一些債務償還。我們確實擁有更多——我們背負的債務比歷史上還要多。因此，如果我們認為這比股票回購更好，那麼我們將考慮作為資本的替代用途，如果我們認為這比其他選擇更具增值作用，那麼我們將嘗試將其與一些額外的債務償還混合在一起可供我們使用。

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

下一個問題來自 Jon Block 和 Stifel 的對話。

So maybe I'll sort of stick to that theme. But Ron, I get a $5.36 normalized for 2024. Taking your midpoint of 508, I'm adding back the tax of $0.13, the residual $0.15. And that's sort of apples-to-apples to the 522 , in my opinion, in 2023, the 450 plus the 70% to 75%. So you've got low single-digit year-over-year EPS growth, but the revenue growth to the prior question is arguably solid. I don't know that internal might land or around 3% to 4%. And you've got some acquisitions you did that should be accretive in '24. So can you just provide a little bit more context on why I'm sort of arriving at that low single-digit year-over-year, call it, normalized EPS growth in light of what looks like low to mid-single-digit solid internal revenue growth.

所以也許我會堅持這個主題。但羅恩，我得到 2024 年標準化的 5.36 美元。以 508 的中點計算，我將加回 0.13 美元的稅款，剩餘 0.15 美元。我認為，到 2023 年，這與 522、450 加上 70% 到 75% 是同類的。因此，每股盈餘的年成長率較低，為個位數，但前一個問題的收入成長可以說是穩健的。我不知道內部可能會下降3%到4%左右。你已經完成了一些收購，這些收購應該會在 24 年帶來增值。那麼，您能否提供更多背景信息，說明為什麼我的每股收益同比增長率會達到低個位數，即標準化每股收益增長，因為看起來是低至中個位數的穩定增長。內部收入增長。

Yes, John. I agree with your numbers. I agree with your math. As I mentioned before, the 2024 numbers do include some investments we're making in the business, some things that had to be deferred from '23 as well as ongoing investment that we believe is necessary for future growth in the business, and that's reflected within our earnings estimates.

是的，約翰。我同意你的數字。我同意你的數學。正如我之前提到的，2024 年的數字確實包括我們在業務中進行的一些投資、一些必須從 23 年推遲的投資以及我們認為對業務未來增長所必需的持續投資，這反映了在我們的盈利預測之內。

Okay. So then maybe I'll ask a follow-up in the second question all at once. But taking what that answering of account. I mean you're providing 24 guidance today, but I'll ask about 25. I mean, some of that stuff is just specific to '24, right? Like the $0.15 residual and these investments have sort of shifted out of '23 and to '24. When we think about your LRP and just some of that longer term -- the long-term numbers, I mean, arguably, when we take that into consideration, I'm guessing '25 might be the beneficiary from a growth perspective, right, as you exit that in '24? And then sorry, the second question is just want to be trying to get 1Q right. You've got an equipment tailwind, but you got a big consumable headwind, and the net of that is the majority of the $0.15 '24 residual impact.

好的。那麼也許我會立即問第二個問題的後續問題。但要考慮到那個答案。我的意思是，您今天提供了 24 小時指導，但我會詢問 25 小時的指導。我的意思是，其中一些內容只是針對 24 小時的，對嗎？就像 0.15 美元的剩餘一樣，這些投資已經從 23 年轉移到了 24 年。當我們考慮你的 LRP 和一些長期數字時，我的意思是，可以說，當我們考慮到這一點時，我猜從成長的角度來看，「25」可能是受益者，對吧，當你在24 年退出時？抱歉，第二個問題只是想讓 1Q 正確。設備順風，但消耗品逆風很大，淨值是 24 年 0.15 美元剩餘影響的大部分。

Yes, I'll confirm the latter part of your question, Jon, I won't confirm yes. You've got -- your understanding of that is correct. And yes, we do look at the possibilities for 25 as being what we said at our Investor Day a year ago, that being that our long-term goals at that point in time were revenue growth of 6% to 8% and EPS growth of 8% to 11%. And that's what we're working to position ourselves for as we get into '24.

是的，我會確認你問題的後半部分，喬恩，我不會確認是的。你的理解是正確的。是的，我們確實認為 25 的可能性正如我們一年前在投資者日所說的那樣，即我們當時的長期目標是收入增長 6% 至 8%，每股收益增長8% 至 11%。這就是我們進入 24 世紀時努力定位的目標。

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

下一個問題來自傑夫·約翰遜和貝爾德的對話。

Let me ask kind of 1 2-parter or just a follow-up on 2 things that have been asked and then I do have a fundamental question as well. But Jon, just threw out a kind of a 3% to 4% organic, hopefully, not group think here, but that's kind of where our math was as well. does that fit kind of 3% to 4%, I think Jason said kind of maybe a bigger range, but 3% to 4% kind of the organic core growth rate you're looking at this year when we take into account deals and the cyber stuff and all that. And then you mentioned 0.5 point to 1 point on currency. I just want to make sure you're talking a headwind or a tailwind there as you model it on currency.

讓我問 1 2 方的問題，或只是對已提出的 2 件事進行跟進，然後我也確實有一個基本問題。但喬恩，只是拋出了一種 3% 到 4% 的有機率，希望不是這裡的集體思考，但這也是我們的數學所在。這是否適合 3% 到 4%，我認為 Jason 說的範圍可能更大，但是當我們考慮到交易和業務時，今年的有機核心增長率為 3% 到 4%網絡的東西等等。然後你提到了0.5點到1點的貨幣。我只是想確保當你對貨幣進行建模時，你談論的是逆風還是順風。

We have a slight tailwind on currency, Jeff. And yes, 3 to 4 percentage points on internal is a, I believe, is what we are shooting for in terms of our goals from an internal standpoint on the revenues. I mean that's -- when you back out the best kind of backing out a cybersecurity normalization, it's also taken into account the acquisition. So the residual that is left in that revenue guidance would be in that 3 to 4 range.

傑夫，貨幣方面我們有輕微的順風。是的，我相信，從內部收入的角度來看，內部成長 3 到 4 個百分點是我們的目標。我的意思是，當你以最好的方式支援網路安全正常化時，它也會考慮到收購。因此，收入指導中剩下的剩餘部分將在 3 到 4 的範圍內。

Yes. Fair enough. And then the fundamental question I just wanted to ask is as you move some of the AE surgical stuff now out of the specialty sales force into the FSCs, same with some of the Edge Endo stuff. Should we think of that as an incremental opportunity? I mean, I guess, obviously, it is -- but were some of those products already being sold to the GPs and those sales just getting handed off from the FSA to the specialty sales reps and now just it's something that the FSCs can actually get comped on? Or is this a big kind of incremental opportunity because those products weren't even really being detailed in a big way at the GP level?

是的。很公平。然後我想問的基本問題是，當你將一些 AE 外科材料現在從專業銷售團隊轉移到 FSC 時，與一些 Edge Endo 材料一樣。我們是否應該將其視為增量機會？我的意思是，我想，顯然是這樣的——但是其中一些產品已經賣給了全科醫生，而這些銷售剛剛從 FSA 移交給專業銷售代表，現在 FSC 實際上可以得到這些東西競爭？或者這是一個巨大的增量機會，因為這些產品甚至沒有在 GP 層級上得到真正的詳細說明？

Very good question. Jeff. So on the endo side, the portfolio of endo products that's historically sold through distribution in the United States, in particular, is rather limited. That's why we entered in the specialty field ourselves. And yes, selling of the Edge endo product through Henry Schein in the United States and Canada will be a net very nice positive. On the AC side, Henry Schein's rips have had access to some of the biomaterials that we offered Henry Schein, namely the Aspiro materials. But I would not say that they were focused on this. By providing the specialty sales force capabilities, I think we should make nice progress within the oral surgery community for the biomaterials, for equipment, and perhaps even some general sales.

非常好的問題。傑夫.因此，在內視鏡方面，歷史上透過分銷在美國銷售的內視鏡產品組合相當有限。這就是我們自己進入專業領域的原因。是的，透過 Henry Schein 在美國和加拿大銷售 Edge Endo 產品將是一個非常好的積極因素。在 AC 方面，Henry Schein 的 rips 可以使用我們為 Henry Schein 提供的一些生物材料，即 Aspiro 材料。但我不會說他們專注於此。透過提供專業銷售團隊的能力，我認為我們應該在口腔外科領域的生物材料、設備甚至一些一般銷售方面取得良好進展。

And then there will be collaboration, of course, with our implant company in the United States, namely by horizons and also with the S.I.N. product line as that is launched further into the United States. So this is something very exciting. Sales have taken off somewhat, but I expect much more sales after our national sales meeting in the summer this year as the sales force is educated in how to create leads for the specialty sales team in both of these areas.

當然，我們也會與我們在美國的植入物公司（即 Horizo​​​​ns）以及 S.I.N. 進行合作。產品線進一步推向美國。所以這是非常令人興奮的事情。銷售有所增長，但我預計今年夏天的全國銷售會議之後銷售量會大幅增加，因為銷售人員接受瞭如何在這兩個領域為專業銷售團隊創造銷售線索的教育。

And the next question comes from the line of Michael Cherny with Leerink Partners.

下一個問題來自 Michael Cherny 與 Leerink Partners 的對話。

Relative -- going back to the equipment line, as you think about not only '24 but the jumping off point, Stanley talked about traditional being at a kind of flattish overall market. How do you see your role, especially on the back of the recovery from the cyber incident taking hold in terms of where your best opportunities drive share? And where could be the biggest point of variation both to the up and downside not only on traditional but on high-tech equipment?

相對而言，回到設備系列，當你不僅想到 24 年，而且想到起點時，史丹利談到了傳統的整體市場持平。您如何看待自己的角色，尤其是在網路事件恢復後，您的最佳機會將在哪些領域推動份額？無論是傳統設備還是高科技設備，最大的變化點在哪裡？

Very good question, Michael. Also, I think we continue with our role of helping practitioners operate a more efficient practice so that they buy a better -- so that they can operate a more efficient practice. And on the clinical side. So in order to do that, we believe that our clinical workflow, which I think is quite unique. We've covered that at our Investor Day and have made quite a bit of progress in that area. So that leads to greater sales in digital equipment, units for sure in the scanners, in the 3D printing arena. I think the chairside mill is relatively flat today, but particularly in those 2 areas as well as 3D printing, as well as imaging 2D, 3D imaging, all connected to our software. I think all of that helps us advance our position on the digital side. It's really quite strong, both in the United States, Ca and internationally, particularly in the markets where we offer practice management software. So I think overall, the digital side, we will continue, I think, to gain market share in a rapidly growing market.

很好的問題，麥可。此外，我認為我們將繼續發揮作用，幫助從業者進行更有效的實踐，以便他們購買更好的產品，以便他們能夠進行更有效的實踐。在臨床方面。因此，為了做到這一點，我們相信我們的臨床工作流程，我認為這是非常獨特的。我們在投資者日對此進行了介紹，並在該領域取得了相當大的進展。因此，這會帶來數位設備（尤其是掃描器和 3D 列印領域的設備）的更大銷售。我認為今天的椅旁磨坊相對平坦，但特別是在這兩個領域以及 3D 列印以及 2D 成像、3D 成像，所有這些都與我們的軟體相關。我認為所有這些都有助於我們提升我們在數字方面的地位。無論是在美國、加州或國際上，它都非常強大，特別是在我們提供實踐管理軟體的市場。因此，我認為總體而言，在數位方面，我們將繼續在快速成長的市場中獲得市場份額。

On the traditional side, I think we continue to edge forward with our market share. We've been doing that for years, both here in the United States and abroad. There are a couple of international challenges, mainly parts of Western Europe, where some of the national brands, because of pricing, have lost some market share, and were now selling more of the lower-priced brands. So it brings down the selling price. I'm not sure it brings down the profits. But overall, we are quite bullish about our equipment business. It's not what it was during the post COVID period the market has stabilized, and we are comfortable that we can grow market share. At the same time, our equipment service business is doing very well. We've invested in software and systems in that area throughout the world, and that is paying off.

在傳統方面，我認為我們的市場份額繼續向前推進。多年來，我們一直在這樣做，無論是在美國還是國外。國際上存在一些挑戰，主要是在西歐部分地區，一些國家品牌由於定價問題失去了一些市場份額，現在正在銷售更多的低價品牌。所以它降低了售價。我不確定這是否會降低利潤。但總體而言，我們對我們的設備業務非常看好。現在市場已經不再像新冠疫情之後那樣穩定下來，我們對能夠擴大市場份額感到滿意。同時，我們的設備服務業務也做得非常好。我們在全球範圍內對該領域的軟體和系統進行了投資，並且正在取得回報。

And just one quick related follow-up, if I can. You mentioned earlier about the iOS scanner pricing being a headwind on growth. I don't think that's a surprise to anyone. Do you feel like we're at the bottom on pricing industry-wide? And if not, what gets us there?

如果可以的話，只有一個快速相關的後續行動。您之前提到 iOS 掃描器定價是成長的阻力。我認為這對任何人來說都不奇怪。您是否覺得我們在整個行業的定價方面處於底部？如果沒有，是什麼讓我們到達那裡？

I thought we mentioned, but maybe we were not clear. I think we will see a little bit more in the beginning part of the year, and I think we will stabilize. Having said that, there is a possibility of additional less feature friendly, feature full systems being introduced into the United States. But I think that will only expand the market. We're -- I don't know, what are we 40% of dentists -- half the dentists using 1 of these scanners. I think every dentist should use one. I think the patients want that and so there's a huge opportunity to expand the market. Plus replacement business is also growing and systems that integrate with our software that is also growing space. You combine that with the lining and the whole digital space is very, very exciting. And I think we've probably gotten to the bottom on the price erosion side, we're close to it, maybe a little bit more, as I said, first 3, 4 months of the year. And if a lower-priced product is introduced, less features, I think they will only expand the market.

我以為我們有提到過，但也許我們並不清楚。我認為今年年初我們會看到更多，我認為我們會穩定下來。話雖如此，美國仍有可能引入其他功能較不友善、功能齊全的系統。但我認為這只會擴大市場。我們——我不知道，我們 40% 的牙醫——一半的牙醫使用一台這樣的掃描器。我認為每個牙醫都應該使用一個。我認為患者希望如此，因此存在擴大市場的巨大機會。再加上替換業務也在成長，與我們軟體整合的系統也在成長空間。你將其與襯裡結合起來，整個數位空間非常非常令人興奮。我認為我們可能已經在價格侵蝕方面觸底，我們已經接近底部，也許會更多一點，正如我所說，今年前 3、4 個月。如果推出價格較低、功能較少的產品，我認為它們只會擴大市場。

And our next question comes from the line of Nathan Rich with Goldman Sachs.

我們的下一個問題來自高盛的內森·里奇（Nathan Rich）。

I wanted to ask about the -- I think you described it as a low single-digit kind of gap in merchandise sales that you're still seeing related to the cybersecurity incident. What type of customer or purchase have you not seen come back yet? And how should we think about the company's plans to close that gap? And it sounds like you don't expect a residual impact to extend beyond 1Q. So do you, I guess, expect to recover those kind of order volumes this quarter and sort of be back to pre-incident levels kind of going into the second quarter?

我想問的是——我認為您將其描述為商品銷售中的低個位數差距，您仍然看到與網路安全事件相關的情況。您還沒有看到什麼類型的客戶或購買回來？我們該如何看待該公司縮小這一差距的計劃？聽起來您預計殘餘影響不會超過第一季。那麼，我想，您是否期望本季恢復這些訂單量，並在進入第二季時恢復到事件發生前的水平？

Yes. So that's also -- these are good questions. So what happened during the cyber incident for about a month or so, our website didn't work. A little bit longer internationally, which resulted in customers who are infill shoppers, customers that look for pricing when they buy and customers where we have particular data on what business they are not giving us particular products or particular timing. We don't have access to all of that data, and we couldn't really market through our website and through our social media.

是的。所以這也是──這些都是好問題。所以在網路事件期間發生了大約一個月左右的時間，我們的網站無法運作。國際上的時間稍長一些，這導致客戶成為填充型購物者，在購買時尋找定價的客戶，以及我們擁有有關哪些業務的特定數據的客戶，他們沒有向我們提供特定產品或特定時間。我們無法存取所有這些數據，也無法透過我們的網站和社群媒體進行真正的行銷。

Of course, that's back again. and we're quite active in that area. And I think we're starting to bring that business back again. These are the customers that are not necessarily pulled upon by a field sales representative or for some of the products they go shopping or where a telesales representative doesn't have a deep relationship or even if the telesales representatives had a deep relationship. They were busy taking orders, not calling out that whole area is the area that we have to reinvigorate.

當然，這又回來了。我們在該領域非常活躍。我認為我們正開始重新恢復這項業務。這些客戶不一定是現場銷售代表或他們購買的某些產品的客戶，或者電話銷售代表沒有深厚的關係，或者即使電話銷售代表有深厚的關係。他們忙著接受命令，沒有喊出整個地區都是我們必須振興的地區。

Our Google ratings went down, obviously, because we were not -- our customers were not going to Google to buy from us, to do searching. All of that is being worked on. I have tremendous confidence in our team that is involved in e-commerce. And I think that's how we'll get that business back again, and we already started to see that. As it relates to the more -- the larger customers, I think they're more or less all back again. I mean, a couple of them may have -- and bought a support from our competition during that period and feel they need to give them a little bit more business. But I think largely that business is back again. We had to satisfy the CSOs of many of our larger customers, everything is okay and by and large, their systems have turned on again.

顯然，我們的Google評級下降了，因為我們的客戶不會去谷歌向我們購買產品或搜尋。所有這些都正在進行中。我對我們從事電子商務的團隊充滿信心。我認為這就是我們重新恢復業務的方式，我們已經開始看到這一點。由於它涉及更多、更大的客戶，我認為他們或多或少都會再回來。我的意思是，他們中的一些人可能已經從我們的競爭對手那裡獲得了支持，並覺得他們需要給他們更多的業務。但我認為很大程度上是業務又回來了。我們必須滿足許多大客戶的 CSO 的要求，一切都很好，總的來說，他們的系統已經再次啟動。

So I mean, it's going to take at least the quarter, maybe 4 months, 2 to 4 months to get back to normal. I don't think we've lost many customers. Our services are great, whether it's the services that we offer for equipment installation or for claims processing. There was an incident recently where a big part of the claims processing in our industry was impacted by cybersecurity incident through 1 of the providers didn't impact us. We came up with an alternative (inaudible) very quickly. And so I think people will understand just like in COVID, when they didn't have mass, the new call -- and so I think our brand in the marketplace is very strong today, and we will recover, I think, this business. I just can't tell you exactly what day. It's not going to be long.

所以我的意思是，至少需要一個季度，也許 4 個月，2 到 4 個月才能恢復正常。我認為我們並沒有失去很多客戶。無論是設備安裝還是索賠處理，我們的服務都很棒。最近發生了一起事件，我們行業的索賠處理很大一部分受到網路安全事件的影響，而其中一家提供者並未影響我們。我們很快就想出了一個替代方案（聽不清楚）。因此，我認為人們會像在新冠疫情期間一樣，在沒有大規模宣傳的情況下理解新的電話——所以我認為我們今天在市場上的品牌非常強大，我認為我們將恢復這項業務。我只是不能告訴你具體是哪一天。不會太久。

Okay. Great. And maybe just a quick follow-up on -- I think it was Jon's question on first quarter expectations. Could you maybe just talk about how significant the weather and flu impacts that you mentioned seeing in kind of January, maybe in February, were to the business? And just as we put that together with the kind of residual impact of the cybersecurity incident on consumables. Is the right way to think about what you'll see in the first quarter sort of like a mid-single-digit type decline in that part of the business?

好的。偉大的。也許只是快速跟進——我認為這是喬恩關於第一季預期的問題。您能否談談您提到的 1 月（也許是 2 月）天氣和流感對業務的影響有多大？正如我們將其與網路安全事件對消耗品的殘餘影響放在一起。思考第一季該業務出現中個位數下降的情況是否正確？

Yes, Nathan, I think that January was a -- there was some disruption to patient traffic in January related that we believe was somewhat related to weather, somewhat related to illness. As we -- the flip side of that is we did see some increases in the medical business in, for example, flu diagnostic kits which is usually a precursor to us seeing increased cancellations in the dental offices. So there was some illness impact in January as well as weather. We have seen improvements in February which leads us to believe that we're approaching a more what I would consider to be a more normal traffic pattern as we come out of February into March.

是的，內森，我認為一月份的患者流量受到了一些幹擾，我們認為這在一定程度上與天氣有關，在一定程度上與疾病有關。另一方面，我們確實看到醫療業務有所成長，例如流感診斷套件，這通常是我們看到牙科診所取消訂單增加的先兆。因此，一月份有一些疾病和天氣的影響。我們看到二月的情況有所改善，這讓我們相信，從二月到三月份，我們正在接近我認為更正常的流量模式。

I think that there have been -- there are other factors we have to take into consideration, obviously, and sometimes there's a lot of judgment involved in terms of how much of this is residual effect from cyber as we look at our activity versus weather, versus illness, so it's difficult to kind of specify the exact impact of each of those. But we are reaching our -- we believe we're going to reach our Q1 goals. There's also going to be -- while we've said the PPE is not as going to be as pronounced, the effects of that in '24 versus '23. Q1 will have the most significant impact year-over-year for us because of the difference in the price point in Q1 last year versus Q1 this year. So there's some headwinds year-over-year from PPE as well and other market conditions. So -- but we do think that we can reach our first quarter goals in line with our overall guidance for the year.

我認為顯然，我們還必須考慮其他因素，有時，當我們考慮我們的活動與天氣時，我們需要做出很多判斷，以確定其中有多少是網絡的殘餘影響，與疾病相比，因此很難具體說明每種因素的確切影響。但我們正在實現——我們相信我們將實現第一季的目標。雖然我們已經說過個人防護裝備不會那麼明顯，但 24 年與 23 年相比，它的影響也會出現。由於去年第一季與今年第一季的價格點有差異，第一季對我們來說將產生最重大的年比影響。因此，個人防護裝備和其他市場狀況逐年出現一些阻力。所以，但我們確實認為我們可以根據今年的整體指導來實現第一季的目標。

We have time for one last question coming from the line of Justin Lin with William Blair.

我們有時間回答來自林毅夫和威廉布萊爾的最後一個問題。

Can you remind us what investments you need to make on the commercial execution front to fully realize your acquisitions? I think one example you talked about was kind of bringing S.I.N. implants, S-I-N implants, to the U.S. But any additional color on perhaps Shield and other acquisitions would be great.

您能否提醒我們，您需要在商業執行方面進行哪些投資才能充分實現您的收購？我認為你提到的一個例子就是攜帶 S.I.N.植入物，S-I-N 植入物，到美國。但也許 Shield 和其他收購的任何額外顏色都會很棒。

Yes, Justin, I don't think there are any major investments to bring S.I.N. to the United States. They already had approval at the time we acquired or invested in -- actually acquired the business, of course, there's educating of our sales force in the United States. They have a special -- they already have a specialty sales force. I don't -- S.I.N. has a specialty sales force. I don't think that they're going to have to invest much more than the income that they generate from expanding their sales in the United States, expect that actually to be accretive. So I don't think that will be an issue. There is some work going on that's costing us money in the alignment of the aligners between biotech and Henry Schein orthodontics. We're going to be merging facilities. We're going to be moving around the world, the fruit sites for the manufacture of the aligners and going to be operating under one brand. So there's some investment in that. There's quite a bit of investment in the recovery of the systems from an operational point of view. But I mean, that's all baked into our numbers and not material in the context of the entire Henry Schein business.

是的，賈斯汀，我認為沒有任何重大投資可以讓 S.I.N.到美國。他們在我們收購或投資時就已經獲得了批准——實際上收購了該業務，當然，我們在美國的銷售人員也在接受教育。他們有一個特別的——他們已經擁有一支專業的銷售團隊。我不——S.I.N.擁有一支專業的銷售團隊。我認為他們的投資不會比擴大在美國的銷售所產生的收入多得多，預計這實際上會帶來增值。所以我認為這不會成為問題。在生物技術和 Henry Schein 矯正之間的對準器對齊方面，正在進行一些工作，這需要花費我們的錢。我們將合併設施。我們將前往世界各地生產矯正器的水果基地，並以一個品牌運作。所以這方面有一些投資。從營運角度來看，系統恢復需要大量投資。但我的意思是，這一切都已納入我們的數據中，而不是整個 Henry Schein 業務的實質內容。

Got it. That's very helpful. And just one follow-up.

知道了。這非常有幫助。只有一個後續行動。

And by the way, Shield, I think, will just be -- is totally accretive the home health care business is a very nice business for us, and there's certainly not a drain on earnings. Sorry.

順便說一句，我認為，Shield 將會完全增值，家庭醫療保健業務對我們來說是一項非常好的業務，而且肯定不會減少收入。對不起。

Well, that's super helpful. And how is the underlying demand for your specialty dental business versus maybe to your expectations, right? You've touched on implants and endodontics a little bit, but also curious to hear about how ClearLiner is doing. I know that business is relatively small, still, but I guess like what needs to happen outside of macro getting better to maybe see some accelerated growth in your specialty business overall.

嗯，這非常有幫助。您的專業牙科業務的潛在需求與您的期望相比如何，對嗎？您已經接觸過一些植體和牙髓病學，但也很想了解 ClearLiner 的表現。我知道業務仍然相對較小，但我想，宏觀之外需要發生什麼事情才能變得更好，才能看到您的專業業務整體加速成長。

Yes. First of all, it's less than 10% of our specialty business. It's doing quite well, particularly with DSOs where we provide very good value. I think it's doing quite well in France, a number of European countries. But again, it's relatively small. And I wouldn't expect this to move the numbers much from a corporate point of view other than enables us to go into a customer and offer all the products and related services that the customer may need. So it's a good product offering. But -- and again, as I said, specifically for DSOs several large ones are quite happy with our software business. And that's with our aligner business and the software in that field. And it's growing quite nicely, but it's really an adjunct to our specialty business.

是的。首先，它只占我們專業業務的不到10%。它的表現非常好，特別是對於 DSO，我們提供了非常好的價值。我認為它在法國和一些歐洲國家做得很好。但同樣，它相對較小。從企業的角度來看，除了讓我們能夠深入客戶並提供客戶可能需要的所有產品和相關服務之外，我不認為這會對數字產生太大影響。所以這是一個很好的產品。但是，正如我所說，特別是對於 DSO，幾家大型企業對我們的軟體業務非常滿意。這就是我們的矯正器業務和該領域的軟體。它的成長相當不錯，但它確實是我們專業業務的一個附屬品。

Okay. So let me thank everyone for calling in. I know these numbers are complex. Graham and Ron stand by to clarify any of the questions you may have, answer the questions. We remain confident in the business, quite enthusiastic with a relatively quick recovery in the latter part of the fourth quarter and into the first quarter. Of course, we had some challenges with the flu in the first quarter. I think you've heard that from a number of analysts who read the newspapers. You can see that dental visits were canceled in January, but it's recovered in February and our medical doctors did okay with additional flu visits in, so far in the quarter.

好的。因此，讓我感謝大家的來電。我知道這些數字很複雜。格雷厄姆和羅恩隨時澄清您可能有的任何問題，並回答問題。我們對業務仍然充滿信心，對第四季後期和第一季相對較快的復甦充滿熱情。當然，第一季我們遇到了流感帶來的一些挑戰。我想你已經從一些閱讀報紙的分析師那裡聽說過這一點。您可以看到，一月份的牙科就診被取消了，但二月就恢復了，而且我們的醫生在本季度到目前為止還接受了額外的流感就診。

I think the recovery is going well. We have to remember that our team was entirely focused on servicing customers and not on sales for most of the fourth quarter and that our equipment team was really servicing customers but not really going out and selling much in the fourth quarter. I don't think we've missed a lot of business, but we now have to get back into the business of selling, which we are, installing. And I think we'll define in the equipment area as well, both here and internationally.

我認為恢復進展順利。我們必須記住，我們的團隊在第四季度的大部分時間裡完全專注於服務客戶，而不是銷售，我們的設備團隊確實在為客戶服務，但在第四季度並沒有真正出去銷售。我認為我們並沒有錯過很多業務，但我們現在必須回到銷售業務，也就是安裝業務。我認為我們也會在設備領域中定義，無論是在國內還是國際上。

European business is stable. Australia and New Zealand is stable. Brazil slightly challenged because of the economy, but we're still growing and our software businesses are great. In particular, we are very impressed with how quickly our team at Henry Schein One responded to the challenge of the major clearinghouse and claims, having gone down last Wednesday and our ability to service claimers through alternative methodologies so quickly. I think our customers will appreciate that, and I would expect us to garner some new customers in that process. And the specialty businesses are doing well.

歐洲業務穩定。澳洲和紐西蘭穩定。巴西因經濟問題略有挑戰，但我們仍在成長，我們的軟體業務也很棒。特別是，我們對 Henry Schein One 的團隊對主要清算所和索賠挑戰的快速反應印象深刻，上週三出現故障，我們能夠如此迅速地透過替代方法為索賠人提供服務。我認為我們的客戶會欣賞這一點，並且我希望我們能夠在過程中獲得一些新客戶。特種業務也表現良好。

We believe we continue to grow market share, particularly in the implant side in a market that is relatively stable to slightly growing. And we will be back with, I think, some very positive growth on the endodontic side, now that the equipment -- the systems are fully restored. And yes, the orthodontic side will grow.

我們相信我們的市場份額將繼續增長，特別是在相對穩定到略有增長的市場中的植體方面。我認為，既然設備——系統已經完全恢復，我們將在牙髓方面帶來一些非常積極的成長。是的，正畸一側會生長。

So with that and with our enthusiasm for our digital workflow taking hold and the medical business continuing to have a great position in that market, including the home care. I remain very enthusiastic about a strong 2024. And again, Ron and Graham are ready to clarify questions you may have. So thank you very much for calling in. And we'll be back, I guess, in 2 months, but I think we'll be going to some investor conferences as well. And there are some polls that you can call into that some of the analysts have setup. So thank you very much.

因此，隨著我們對數位工作流程的熱情紮根，醫療業務繼續在該市場（包括家庭護理）中佔據重要地位。我仍然對強勁的 2024 年充滿熱情。羅恩和格雷厄姆再次準備好澄清您可能有的問題。非常感謝您的來電。我想我們會在 2 個月後回來，但我想我們也會參加一些投資者會議。您可以呼叫一些分析師設定的民意調查。非常感謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

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。