漢瑞祥 (HSIC) 2024 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Henry Schein's First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. (Operator Instructions) And as a reminder, this call is being recorded. 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. Thank you. Please go ahead, Graham.

早安，女士們、先生們，歡迎參加 Henry Schein 2024 年第一季財報電話會議。此時，所有參與者都處於只聽模式。隨後，我們將進行問答環節。 （操作員說明）謹此提醒，本次通話正在錄音。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。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 first quarter of 2024. 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.

謝謝運營商，也感謝你們每個人加入我們討論 Henry Schein 2024 年第一季的財務業績。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 forward-looking statements, and the company's performance may materially differ from those expressed in or indicated by such statements.

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。

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 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.

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。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，非公認會計原則財務指標為投資者提供了有關我們業務財務業績的有用補充信息，能夠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 for 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. And also in our quarterly earnings presentation also posted on our Investor Relations website.

這些非 GAAP 財務指標僅供參考和比較之用，不應被視為相應 GAAP 指標的替代品。 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。我們的季度收益報告也發佈在我們的投資者關係網站上。

The content of this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast, May 7, 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. Lastly, during today's Q&A session, please limit yourself to a single question and a follow-up.

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 5 月 7 日）準確。通話的日期。最後，在今天的問答環節中，請將自己限制在一個問題和後續跟進上。

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

說到這裡，我想把電話轉給史丹利·伯格曼。

Thank you, Graham. Good morning, everyone, and thank you for joining us. Our first quarter financial results reflect solid earnings, driven by gross profit -- gross margin expansion and strong recovery from last quarter's cyber incident. We estimate that the incident lowered merchandise sales growth by low to mid-single-digit percentages during the quarter.

謝謝你，格雷厄姆。大家早安，感謝您加入我們。我們第一季的財務表現反映了在毛利的推動下，穩健的獲利——毛利率擴張和上季網路事件的強勁復甦。我們估計，該事件導致本季商品銷售成長下降了低至中個位數百分比。

On PPE products, sales continued to decrease primarily due to lower glove prices for the last year -- from the last year. We estimate a reduced impact on sales growth from PPE as the year progresses. We're very pleased with the progress we're making on executing our BOLD+1 strategic plan, and we are pleased with the contribution of our recent acquisitions. These acquisitions contributed to the profitability we achieved in the first quarter. We are affirming our expectations for 2024 non-GAAP diluted EPS and 2024 adjusted EBITDA growth and tightening our expectations for 2024 total sales growth.

在個人防護裝備產品方面，銷售量持續下降，主要是因為去年手套價格較去年下降。我們預計，隨著時間的推移，個人防護裝備對銷售成長的影響將會減弱。我們對執行 BOLD+1 策略計畫所取得的進展感到非常滿意，並對最近收購的貢獻感到滿意。這些收購為我們第一季實現的獲利做出了貢獻。我們確認 2024 年非 GAAP 稀釋每股盈餘和 2024 年調整後 EBITDA 成長的預期，並收緊對 2024 年總銷售額成長的預期。

Our projected sales growth reflects continued recovery from last year's cyber incident and a strong pipeline of new specialty products and software innovation.

我們預期的銷售成長反映了去年網路事件的持續復甦以及新專業產品和軟體創新的強大管道。

So let me turn to the review of our business units and start with dental on the distribution side. In North America, patient traffic to dental offices in January and February was impacted by weather events and by seasonal viruses, including the flu, but improved beginning in March.

因此，讓我來回顧一下我們的業務部門，並從分銷方面的牙科開始。在北美，1 月和 2 月前往牙科診所的患者流量受到天氣事件和季節性病毒（包括流感）的影響，但從 3 月開始有所改善。

Overall, we see steady dental merchandise sales improvement throughout the quarter, reflecting this trend, which has continued into April.

總體而言，我們看到整個季度牙科商品銷售穩定成長，反映出這一趨勢一直持續到四月。

In the U.S., our THRIVE Signature program is contributing to sales growth and membership continued to increase with about 2,000 new members added in the first quarter bringing the total number of THRIVE Signature members to approximately 5,000.

在美國，我們的 THRIVE Signature 計畫正在促進銷售成長，會員人數持續增加，第一季新增約 2,000 名會員，使 THRIVE Signature 會員總數達到約 5,000 名。

For monthly subscription, this program provides a package of services to customers such as free shipping, discount on product and services and THRIVE reward points, which, of course, in the aggregate drive customer loyalty.

對於按月訂閱，該計劃為客戶提供一攬子服務，例如免費送貨、產品和服務折扣以及 THRIVE 獎勵積分，這當然會提高客戶忠誠度。

International merchandise also experienced steady sales improvement in most markets as the quarter progressed. Sales growth was negatively impacted by 2 less selling days in most of the international markets. Global Dental equipment sales were consistent with the prior year and were favorably affected by a shift in sales in the United States from late 2023 into the first quarter. Equipment sales grew in North of America but decreased slightly internationally.

隨著本季的進展，大多數市場的國際商品銷售也穩定成長。大多數國際市場的銷售天數減少 2 個，對銷售成長產生了負面影響。全球牙科設備銷售額與去年持平，並受到美國銷售從 2023 年底到第一季轉變的有利影響。北美地區的設備銷售額有所成長，但國際地區的設備銷售額略有下降。

So now a few comments on our dental specialties, the global dental specialties business. We had a strong growth across oral surgical products, endodontics and orthodontics largely driven by acquisitions, and we believe we also gained market share organically in the Global Dental specialties market.

現在對我們的牙科專業、全球牙科專業業務發表一些評論。我們在口腔外科產品、牙髓和矯正領域實現了強勁成長，這主要是由收購推動的，我們相信我們也在全球牙科專業市場有機地獲得了市場份額。

The North American implant sales were largely consistent with last year. And international sales under our leading BioHorizons Camlog brand were very good, and this was especially good in Germany.

北美植體銷售額與去年基本一致。我們領先的 BioHorizo​​​​ns Camlog 品牌的國際銷售非常好，尤其是在德國。

In the first quarter, international sales benefited from the introduction of [Easy 2.0], our value implant system in Germany, which is also designed for ease of use. We expect the launch of a new BioHorizons implant system in the U.S. in the second half of the year and early next year in Canada. This launch will be for a new bone-level implant with a deep conical connection and is based upon our proven Camlog technology. We expect this will expand our addressable market significantly in the United States, thus increasing implant sales growth in the second half of the year.

第一季度，國際銷售受惠於我們在德國推出的價值植入系統[Easy 2.0]，該系統也是為了易用性而設計的。我們預計新的 BioHorizo​​​​ns 植入系統將於今年下半年在美國推出，明年初在加拿大推出。此次推出的將是一款具有深錐形連接的新型骨級植入物，並且基於我們經過驗證的 Camlog 技術。我們預計這將顯著擴大我們在美國的潛在市場，從而提高下半年植入物銷售的成長。

So along with the introduction of Simi Valley implants, this launch will position the company well in all market segments in North America. We achieved good growth sales during the first quarter as we launched our Edge branded products through the Henry Schein U.S. distribution business.

因此，隨著西米穀植入物的推出，此次推出將使該公司在北美所有細分市場中佔據有利地位。透過 Henry Schein 美國分銷業務推出 Edge 品牌產品，我們在第一季實現了良好的銷售成長。

Although orthodontic product sales are relatively small part of our specialty product sales, the launch of our Motion Probe Bracket System is performing well and specifically addressing the exploration last year's motion product preference.

儘管正畸產品銷售在我們的專業產品銷售中所佔比例相對較小，但我們的運動探針支架系統的推出表現良好，專門解決了去年運動產品偏好的探索。

We also launched the biotech Smilers, Clear Aligner and clinical, digital workflow software at the American Association of Orthodontics meeting last week, both of which have already been successfully launched in Europe through Biotech Dental.

我們也在上週的美國矯正協會會議上推出了生物技術 Smilers、Clear Aligner 和臨床數位工作流程軟體，這兩款軟體都已透過 Biotech Dental 在歐洲成功推出。

Let me now turn to the technology and value-added services businesses. We're the largest component is Henry Schein One, our dental software business. The customer base for Dentrix Ascend and Dentally, our cloud-based solutions continue to grow and increased 36% in the first quarter over the prior year, and now we have approximately 8,000 installations of our cloud-based systems.

現在讓我談談技術和加值服務業務。我們最大的組成部分是 Henry Schein One，我們的牙科軟體業務。 Dentrix Ascend 和 Dentally 的客戶群以及基於雲端的解決方案持續成長，第一季比去年同期成長了 36%，現在我們的基於雲端的系統安裝量約為 8,000 個。

We achieved solid growth in our revenue cycle management e-claims business despite the impact of Change healthcare impact of their cyber incident. This was due to the Henry Schein One team's prompt responsiveness to establish an alternative approach to processing customer insurance claims.

儘管受到網路事件帶來的變革醫療保健影響，但我們的收入週期管理電子索賠業務實現了穩健成長。這是由於 Henry Schein One 團隊迅速做出回應，建立了另一種處理客戶保險索賠的方法。

Within 48 hours, we successfully were processing claims and backlog through an alternative clearing house. We are very pleased with the team's approach on dealing with the Change Healthcare cyber incident. And this helped us navigate a challenge for our customers, and I might add many new customers that now have turned to Henry Schein One for help during this challenging period for Change Healthcare.

48 小時內，我們透過替代清算所成功處理了索賠和積壓訂單。我們對該團隊處理 Change Healthcare 網路事件的方法感到非常滿意。這幫助我們應對了客戶面臨的挑戰，我可能會增加許多新客戶，他們現在在 Change Healthcare 的這段充滿挑戰的時期向 Henry Schein One 尋求幫助。

Although we believe overall technology sales were impacted by the Change Healthcare cyber incident, we expect sales in the second quarter to return to more normalized growth levels.

儘管我們認為整體技術銷售受到 Change Healthcare 網路事件的影響，但我們預計第二季的銷售將恢復到更正常的成長水準。

Turning to the Medical business. There was a strong contribution from sales of point-of-care diagnostics, including flu and multi, that's a flu COVID combination test and a shift in sales towards lower-priced generic pharmaceuticals in our medical business.

轉向醫療業務。護理點診斷產品的銷售做出了巨大貢獻，包括流感和多種流感、新冠肺炎聯合測試，以及我們醫療業務中銷售向低價仿製藥的轉變。

Our North American Rescue business, which provides first responder and military medical solutions as well as our Home Solutions businesses performed well during the quarter. We also completed our acquisition of TriMed in early April strengthening our medical group's deep and long-standing relationships with IDNs, ASC and orthopedic specialist customers as we expand our offering into the orthopedic marketplace.

我們提供急救人員和軍事醫療解決方案的北美救援業務以及家庭解決方案業務在本季度表現良好。我們也在 4 月初完成了 TriMed 的收購，隨著我們將產品擴展到骨科市場，加強了我們的醫療集團與 IDN、ASC 和骨科專家客戶的深厚而長期的關係。

Finally, we are pleased to share that late last week, we hosted our fourth Annual THRIVELIVE event in Las Vegas and had record attendance this year of nearly 1,500 attendees with significant support from our suppliers. This is primarily an education event where our customers gain continuing education credits through seminars in the largest -- in the latest innovation and clinical dentistry, including digital equipment and software. This year featured the launch of some new innovations to help our customers attract new business, such as our new Dentrix eligibility Pro module that automates the delivery of claims eligibility data directly into the practice management software system. We believe this is quite a unique software feature.

最後，我們很高興與大家分享，上週晚些時候，我們在拉斯維加斯舉辦了第四屆年度THRIVELIVE 活動，在供應商的大力支持下，今年的出席人數達到了創紀錄的近1,500人。這主要是教育活動，我們的客戶透過最大的研討會獲得繼續教育學分——最新的創新和臨床牙科，包括數位設備和軟體。今年推出了一些新的創新，以幫助我們的客戶吸引新業務，例如我們新的 Dentrix Eligibility Pro 模組，該模組可自動將索賠資格資料直接傳送到實踐管理軟體系統中。我們相信這是一個非常獨特的軟體功能。

And I'm particularly pleased with the integration was Reserve with Google, a new product that we also launched at the THRIVELIVE event. This enables consumers who search on Google to make dental appointments directly from the pro -- from their Google business listing into our customers' practice management systems and schedulers. These advancements support our continued commitment to driving innovation in the industry with products and services that add value to our customers' dental practices, enabling our customers to operate in more efficient practice while actually providing better clinical care.

我對 Reserve 與 Google 的整合感到特別滿意，這是我們也在 THRIVELIVE 活動上推出的新產品。這使得在 Google 上搜尋的消費者能夠直接從專業人士那裡進行牙科預約——從他們的 Google 業務清單到我們客戶的診所管理系統和調度程序。這些進步支持我們繼續致力於透過為客戶的牙科診所增值的產品和服務推動行業創新，使我們的客戶能夠在更有效的實踐中進行操作，同時真正提供更好的臨床護理。

Let me now turn over the call to Ron to discuss our quarterly financial results in a bit more detail. Thank you very much.

現在讓我把電話轉給羅恩，更詳細地討論我們的季度財務表現。非常感謝。

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. The items excluded from our first quarter non-GAAP financial results for 2024 and 2023 are detailed in Exhibit B of today's press release.

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。今天新聞稿的附件 B 詳細介紹了 2024 年和 2023 年第一季非 GAAP 財務業績中排除的項目。

A reconciliation of our GAAP to non-GAAP income statement is also available in our quarterly earnings presentation on our website, which includes the non-GAAP effects of adjustments on noncontrolling interest. Also, please note that for most international businesses, the first quarter had 2 fewer selling days than the first quarter of last year. With respect to sales, I will provide details of total sales related sales growth and LCI sales growth, which is internally generated sales in local currencies compared with the prior year and excludes acquisitions.

我們的 GAAP 與非 GAAP 損益表的調整表也可在我們網站上的季度收益報告中找到，其中包含對非控制權益調整的非 GAAP 影響。另請注意，對於大多數國際企業來說，第一季的銷售天數比去年第一季減少了 2 天。關於銷售額，我將提供與銷售成長相關的總銷售額和 LCI 銷售成長的詳細信息，這是與去年相比以當地貨幣計算的內部產生的銷售額，不包括收購。

Turning to our first quarter results. Global sales were $3.2 billion, with sales growth of 3.7% and LCI sales decreased 1.8%. Please note that our sales growth for the quarter reflects the residual impact of the cyber incident, which we estimate reduced sales growth by approximately 300 to 400 basis points.

轉向我們第一季的業績。全球銷售額為 32 億美元，銷售額成長 3.7%，LCI 銷售額下降 1.8%。請注意，我們本季的銷售成長反映了網路事件的殘餘影響，我們估計該事件導致銷售成長減少約 300 至 400 個基點。

In addition, lower PPE sales, primarily due to lower glove pricing, reduced sales growth by 60 basis points. Our GAAP operating margin for the first quarter of 2024 was 4.72%, a 101 basis point decline compared with the prior year GAAP operating margin.

此外，個人防護用品銷售下降（主要是由於手套定價下降）導致銷售成長下降了 60 個基點。我們 2024 年第一季的 GAAP 營業利潤率為 4.72%，比上年 GAAP 營業利潤率下降 101 個基點。

On a non-GAAP basis, operating margin for the first quarter was 7.11%, a 57 basis point decline compared with the prior year non-GAAP operating margin. Gross margin improved 32 basis points primarily due to the contribution of businesses acquired in 2023.

以非 GAAP 基準計算，第一季營業利潤率為 7.11%，較上年非 GAAP 營業利潤率下降 57 個基點。毛利率提高了 32 個基點，主要得益於 2023 年收購業務的貢獻。

Operating expenses were higher as a percentage of sales, primarily due to lower sales at our distribution businesses.

營運費用佔銷售額的百分比較高，主要是由於我們的分銷業務銷售額下降。

First quarter 2024 GAAP net income was $93 million or $0.72 per diluted share. This compares with prior year GAAP net income of $121 million or $0.91 per diluted share. Our first quarter 2024 non-GAAP net income was $143 million or $1.10 per diluted share. This compares with prior year non-GAAP net income of $161 million or $1.21 per diluted share.

2024 年第一季 GAAP 淨利為 9,300 萬美元，或攤薄後每股收益 0.72 美元。相比之下，上一年的 GAAP 淨利潤為 1.21 億美元，即稀釋後每股收益 0.91 美元。我們 2024 年第一季的非 GAAP 淨利潤為 1.43 億美元，即稀釋後每股收益 1.10 美元。相比之下，上一年非 GAAP 淨利潤為 1.61 億美元，即稀釋後每股收益 1.21 美元。

The residual impact of the cyber incident on our first quarter 2024 results was consistent with the expectations we set out in the guidance we provided on our earnings call in February. The foreign currency exchange impact on our first quarter diluted EPS was favorable by approximately $0.01 versus the prior year. Adjusted EBITDA for the first quarter of 2024 was $255 million, which is consistent with the first quarter 2023 adjusted EBITDA of $256 million.

網路事件對我們 2024 年第一季業績的殘餘影響與我們在 2 月的財報電話會議上提供的指導中提出的預期一致。外匯兌換對我們第一季攤薄後每股收益的影響較上年同期有利約 0.01 美元。 2024 年第一季調整後 EBITDA 為 2.55 億美元，與 2023 年第一季調整後 EBITDA 2.56 億美元一致。

Turning to our first quarter sales results. Global dental sales were $1.9 billion, with sales growth of 0.8% and LCI sales decreased by 2.9%. The Global Dental merchandise LCI sales decreased by 3.7% versus the prior year. Merchandise sales were impacted by lower purchases by episodic customers and by lower PPE sales.

轉向我們第一季的銷售業績。全球牙科銷售額為 19 億美元，銷售額成長 0.8%，LCI 銷售額下降 2.9%。全球牙科商品 LCI 銷售額比前一年下降 3.7%。商品銷售受到間歇性顧客購買量減少和個人防護裝備銷售下降的影響。

Global Dental equipment LCI sales increased 0.2%. Our North American equipment LCI sales grew 2.9% and with some traditional equipment sales having shifted into the first quarter from last year.

全球牙科設備 LCI 銷售額成長 0.2%。我們的北美設備 LCI 銷售額成長了 2.9%，部分傳統設備銷售額已從去年轉移到第一季。

International equipment sales decreased 3.8% with positive trends in Germany, driven by technical service. On a global basis, CAD/CAM equipment grew nicely with pricing on intraoral scanners having stabilized. Digital imaging sales decreased slightly. Dental specialty product sales were approximately $284 million with growth of 21.6% driven by acquisitions with low single-digit organic growth in implants and endodontics.

國際設備銷售額下降 3.8%，其中德國在技術服務的推動下呈現正面趨勢。在全球範圍內，CAD/CAM 設備成長良好，口腔內掃描器的價格已穩定。數碼影像銷售額略有下降。牙科專業產品銷售額約為 2.84 億美元，成長 21.6%，這得益於植體和牙髓治療領域低個位數有機成長的收購。

Global Technology and value-added services sales during the first quarter were $217 million with total sales growth of 13.8%. LCI sales growth of 3.2% included 2.3% LCI sales growth in North America and 8.9% LCI sales growth internationally.

第一季全球技術和加值服務銷售額為 2.17 億美元，總銷售額成長 13.8%。 LCI 銷售額成長 3.2%，其中北美 LCI 銷售額成長 2.3%，國際 LCI 銷售額成長 8.9%。

In North America, sales growth was driven primarily by value-added services, while international growth was driven by our Dentally cloud-based solution.

在北美，銷售成長主要由增值服務推動，而國際成長則由我們基於雲端的 Dentally 解決方案推動。

During the first quarter, we exceeded our goal of generating 40% of total non-GAAP operating income from our high-growth, high-margin businesses, with that metric coming in at 40.9% for the quarter.

第一季度，我們超越了高成長、高利潤業務佔非 GAAP 總營業收入 40% 的目標，本季該指標為 40.9%。

Global Medical sales during the first quarter were $1.0 billion, with sales growth of 7.3% and LCI sales decreased 0.7%. We have strong sales of point-of-care diagnostics but lower PPE sales as well as lower pharmaceutical sales due to conversion to lower-priced generics.

第一季全球醫療銷售額為 10 億美元，銷售額成長 7.3%，LCI 銷售額下降 0.7%。我們的即時診斷產品銷售強勁，但個人防護裝備銷售下降，並且由於轉向價格較低的仿製藥而導致藥品銷售下降。

The cyber incident also impacted sales to episodic customers, which we are working to regain. Regarding stock repurchases, we repurchased approximately 1 million shares of common stock in the open market during the first quarter. Buying at an average price of $75.10 per share for a total of approximately $75 million. We had approximately $190 million authorized and available for future stock repurchases at the end of the quarter.

網路事件也影響了對偶發客戶的銷售，我們正在努力恢復這些客戶。關於股票回購，我們第一季在公開市場回購了約100萬股普通股。以每股 75.10 美元的平均價格購買，總計約 7500 萬美元。截至本季末，我們已授權約 1.9 億美元可用於未來的股票回購。

Turning to our balance sheet and cash flow. We continue to benefit from significant liquidity, providing our businesses with the flexibility and financial stability to execute on organic growth initiatives and strategic acquisitions, while continuing to return capital to our stockholders and reducing borrowings.

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並減少借款。

Operating cash flow for the first quarter was $197 million compared with $27 million last year, driven by a reduction in our receivable balances, which were elevated at the end of the year.

第一季的營運現金流為 1.97 億美元，而去年為 2,700 萬美元，這是由於我們的應收帳款餘額減少（年底增加）所致。

Restructuring expenses in the first quarter were $10 million or $0.06 per diluted share and were incurred as part of our previously disclosed restructuring initiative. These expenses mainly relate to severance benefits and costs relating to exiting certain facilities.

第一季的重組費用為 1000 萬美元，或攤薄後每股 0.06 美元，是我們先前揭露的重組計劃的一部分。這些費用主要與遣散費和退出某些設施相關的費用有關。

We reported other non-GAAP adjustments in the first quarter, which are detailed in Exhibit B to today's press release.

我們報告了第一季的其他非 GAAP 調整，詳細資訊請參閱今天新聞稿的附錄 B。

I'll conclude my remarks with our 2024 financial guidance. At this time, we are still unable to provide estimates for costs associated with integration and restructuring for 2024. Therefore, we are not providing GAAP guidance. We are affirming our guidance for non-GAAP diluted EPS and adjusted EBITDA growth. In addition, we are updating our guidance for total sales growth. For 2024, we expect non-GAAP diluted EPS attributable to Henry Schein, Inc. to be in the range of $5 to $5.16 per share. reflecting growth of 11% to 15% compared to 2023 non-GAAP diluted EPS of $4.50.

我將以我們的 2024 年財務指導來結束我的演講。目前，我們仍然無法提供 2024 年整合和重組相關成本的估算。我們確認對非 GAAP 稀釋每股盈餘和調整後 EBITDA 成長的指引。此外，我們正在更新總銷售額成長的指導。 2024 年，我們預計 Henry Schein, Inc. 的非 GAAP 攤薄後每股收益將在每股 5 美元至 5.16 美元之間。與 2023 年非 GAAP 攤薄後每股收益 4.50 美元相比，增長了 11% 至 15%。

As a reminder, our 2024 guidance does not include any associated benefit from potential insurance claim proceeds related to last year's cyber incident. Our policy has a $60 million claim limit on an after-tax basis with a $5 million retention.

提醒一下，我們的 2024 年指引不包括與去年網路事件相關的潛在保險索賠收益的任何相關利益。我們的保單的稅後索賠限額為 6,000 萬美元，並保留 500 萬美元。

We have begun the process of filing a claim and believe it is covered under our cyber policy, although final resolution remains subject to insurer approval. We do not expect to begin recording any benefits from the claim recovery until later in the year.

我們已開始提出索賠，並相信該索賠已包含在我們的網路政策範圍內，但最終解決方案仍需保險公司批准。我們預計要到今年稍後才會開始記錄任何索賠追償的收益。

Our 2024 adjusted EBITDA growth is expected to increase by more than 15% versus 2023 adjusted EBITDA of $984 million. Our 2024 total sales guidance is now expected to be 8% to 10% growth over 2023 versus our previous guidance of 8% to 12% growth.

與 2023 年調整後 EBITDA 的 9.84 億美元相比，我們 2024 年調整後 EBITDA 成長率預計將成長 15% 以上。我們目前預計 2024 年總銷售指引將比 2023 年成長 8% 至 10%，而先前的指引為 8% 至 12%。

This projected growth reflects continued recovery by our distribution business from the cyber incident and a strong pipeline of new specialty products and software innovation contributing to higher sales growth in the second half of the year.

這一預期成長反映出我們的分銷業務從網路事件中持續復甦，以及強大的新專業產品和軟體創新管道推動了下半年更高的銷售成長。

We expect modest overall equipment sales growth for the remainder of the year, with traditional equipment sales in line with last year and strong growth in Technical Services and CAD/CAM equipment. This sales guidance also includes sales from the acquisitions we have completed to date. Our 2024 guidance is for current continuing operations as well as acquisitions that have closed does not include the impact of future share repurchases and potential future acquisitions.

我們預計今年剩餘時間整體設備銷售將溫和成長，傳統設備銷售與去年持平，技術服務和 CAD/CAM 設備將強勁成長。該銷售指導還包括我們迄今為止已完成的收購的銷售。我們的 2024 年指引適用於目前持續營運以及已完成的收購，不包括未來股票回購和未來潛在收購的影響。

Guidance also assumes that foreign currency exchange rates are generally consistent with current levels and that end markets remain consistent with current market conditions.

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。

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

現在，我將把電話轉回給史丹利。

Thank you, Ron. As investors can hear, we continue to make good progress in restoring sales to pre-incident levels with specific focus on bringing back episodic customers and advancing several programs, of course, to reinforce to our customers the value and benefits Henry Schein provides to our customers.

謝謝你，羅恩。正如投資者所聽到的，我們在將銷售恢復到事件前水平方面繼續取得良好進展，特別注重帶回間歇性客戶並推進多項計劃，當然，這是為了向我們的客戶強化Henry Schein 為我們的客戶提供的價值和利益。

Again, we have made steady progress in this area. and are quite optimistic as we restore our sales on the distribution side to 3 incident levels and beyond. We are making good progress with the BOLD+1 strategic priorities, which are driving growth and further strengthening our business and value proposition.

我們再次在這一領域取得了穩步進展。我們非常樂觀，因為我們將分銷方面的銷售恢復到 3 級事故水平或更高。我們在 BOLD+1 策略重點方面取得了良好進展，這些重點正在推動成長並進一步加強我們的業務和價值主張。

You can see from the investor package posted on the website, that in each area of the BOLD+1, we are executing quite well. The new innovative products and software enhancements, clinical digital workflow for dental implants some good work in the endodontic and orthodontic areas should positively impact momentum as the year goes by.

從網站上發布的投資者套餐中可以看到，在BOLD+1的每個領域，我們都執行得相當好。新的創新產品和軟體增強、牙科植體的臨床數位化工作流程以及牙髓和矯正領域的一些出色工作應該會對這一年的發展勢頭產生積極影響。

These new innovations, coupled with sales growth we are seeing from our recent acquisitions, should enable us to meet both short and long-term expectations and are hopeful that we could even exceed that. So with the overview of the business and our financial results, we are ready to take questions.

這些新的創新，加上我們從最近的收購中看到的銷售成長，應該使我們能夠滿足短期和長期的期望，並希望我們甚至可以超越這個目標。因此，在了解了業務和財務績效的概況後，我們準備好回答問題。

Operator, we're ready if you are. Thank you.

接線員，如果您準備好了，我們已經準備好了。謝謝。

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

（操作員說明）第一個問題來自 Jason Bednar 和 Piper Sandler 的路線。

Stan or Ron, I wanted to start on gross margin. That was really the biggest positive surprise in the quarter to us. By our model, you're at a record high, and that's in spite of volumes maybe being a touch lighter than we would have thought.

史丹或羅恩，我想從毛利率開始。這確實是本季帶給我們的最大的正面驚喜。根據我們的模型，您處於歷史新高，儘管成交量可能比我們想像的要輕一些。

It doesn't seem like segment mix explains the entirety of that margin result. So just wondering if you can unpack for us the drivers here that pushed you to nearly 32% gross margin in the quarter?

細分市場組合似乎並不能解釋整個利潤率結果。那麼，您是否可以為我們解析推動您本季毛利率達到近 32% 的驅動因素？

And then could you also speak to the confidence in this line or the sustainability of this performance as we look over the balance of the year, can gross margins stay up near this level?

然後，當我們回顧今年的剩餘時間時，您能否談談對這條線的信心或這種業績的可持續性，毛利率能否保持在這個水平附近？

Jason, I'll start and I'll let Stanley jump in if anything he wants to add on this.

傑森，我先開始，如果史丹利想補充什麼，我會讓他加入。

I think it is largely mix. I mean we have had a little bit of a depression in the distribution businesses as we continue to come out of the cyber incident. We're happy with the growth we're seeing in value-added services. Very happy with -- while it has been a challenging end market on some of the specialty side, but some of the growth we're getting there.

我認為這很大程度上是混合的。我的意思是，隨著我們繼續擺脫網路事件的影響，我們的分銷業務有些蕭條。我們對增值服務的成長感到滿意。非常滿意——雖然在某些專業方面這是一個充滿挑戰的終端市場，但我們正在實現一些成長。

So the mix on the top line is helping with that gross margin. But it is consistent with our strategy. That's why we did the acquisitions we did last year. These are higher-margin businesses. And as we said in the prepared remarks, these businesses will start contributing to growth on that gross margin.

因此，營收的組合有助於提高毛利率。但這符合我們的策略。這就是我們去年進行收購的原因。這些是利潤率較高的業務。正如我們在準備好的演講中所說，這些業務將開始為毛利率的成長做出貢獻。

Will it be the same for the balance of the year? A lot of that will depend on the ongoing recovery that we're seeing in the distribution businesses. But I do think that it is consistent with our expectations and with the strategic plan.

今年剩餘時間也會如此嗎？這在很大程度上取決於我們在分銷業務中看到的持續復甦。但我確實認為這符合我們的期望和策略規劃。

So thank you, Ron. Jason, as you know, we have been investing in high-growth, high-margin businesses for the past several years. We -- last year, we had quite a bit in that direction. Not all of those have been in place for the full year. But in general, the mix towards high growth, high margin has increased. Number one.

所以謝謝你，羅恩。傑森，如你所知，過去幾年我們一直投資於高成長、高利潤的業務。去年，我們在這個方向上做了很多工作。並非所有這些措施都已在全年到位。但整體而言，高成長、高利潤率的組合有所增加。第一。

Number two, the margins on the distribution side are doing quite well. And we did offer quite a few discount programs in the fourth quarter, a little bit in the first quarter, but not much. And generally, we're restoring margins quite nicely on the distribution side.

第二，分銷方面的利潤表現相當不錯。我們在第四季度確實提供了相當多的折扣計劃，第一季有一點，但不多。總的來說，我們在分銷方面很好地恢復了利潤。

So mix and the fact that our distribution businesses are doing well from a margin point helped drive the margin -- the gross margin up. And as Ron said, we're quite comfortable with the fact that we're going to continue in this direction going forward.

因此，混合以及我們的分銷業務從利潤點來看表現良好這一事實有助於推動利潤率——毛利率的上升。正如羅恩所說，我們對我們將繼續朝這個方向前進這一事實感到非常滿意。

All right. Very helpful, both of you. And then as a follow-up, I wanted to ask on dental equipment. I know the message last quarter was one of a shortfall in deliveries tied to the cybersecurity incident. A lot of that business would shift into the first quarter and eventually be realized dental equipment didn't show as much growth as what we were looking for. What was the shift out of the fourth quarter, maybe just simply not as large as we would have thought we were just over modeling that? If I guess, was that consistent with your expectations, what you saw in the first quarter?

好的。非常有幫助，你們倆。然後作為後續行動，我想詢問有關牙科設備的問題。我知道上季的消息是與網路安全事件相關的交付不足之一。大部分業務將轉移到第一季度，最終意識到牙科設備的成長並未達到我們的預期。第四季的變化是什麼，也許只是沒有我們想像的那麼大，我們只是過度建模了？如果我猜，這與您在第一季看到的預期一致嗎？

And then just trying to understand, I appreciate the comments on the outlook for dental equipment this year. but really trying to see relative to where we were a few months ago, if you're seeing private practices or DSOs, taking any kind of different approach with their capital equipment budgets? Or is it really just status quo out there?

然後只是想了解一下，我很欣賞對今年牙科設備前景的評論。但真的想看看相對於幾個月前的情況，您是否看到私人診所或 DSO 對其資本設備預算採取了任何不同的方法？或者這真的只是現狀嗎？

It was hard to gauge exactly how much business will flip from 1 quarter to the other, Jason. Remember also our equipment people in the fourth quarter last year we're very much engaged in providing support to customers during the incident period.

賈森，很難準確衡量從一個季度到另一個季度的業務量會發生多少變化。還要記住，去年第四季我們的設備人員在事故發生期間非常積極地為客戶提供支援。

And that actually took up a lot of their time. So I'm not saying we lost that business to our competition, but our equipment people are used to going into dental offices to identify opportunities and harvest those opportunities. We were on a relative pause in the fourth quarter with the hunting for new equipment.

這實際上佔用了他們很多時間。所以我並不是說我們在競爭中失去了這項業務，而是我們的設備人員習慣進入牙科診所尋找機會並收穫這些機會。第四季我們在尋找新設備方面處於相對停滯狀態。

We've restored basically the equipment backlog to where it was pre-pandemic period. We think that the market is quite good. The traditional equipment has stabilized. It's not where it was during the peak in the post COVID recovery period but it's stabilized, and it's quite good.

我們已將設備積壓基本上恢復到大流行前的水平。我們認為市場非常好。傳統設備已趨於穩定。雖然不是疫情後恢復期的高峰期，但已經穩定下來，而且相當不錯。

The whole CAD/CAM area is doing quite well. The pricing has stabilized. I don't think the discounting we saw several quarters ago is in place any longer. It's pretty stabilized. It doesn't mean that there may not be a newer unit coming out less features, lower price in the future, but I don't think that will cannibalize the business today.

整個 CAD/CAM 領域表現相當不錯。價格已趨於穩定。我認為幾個季度前看到的折扣已經不再存在。已經相當穩定了這並不意味著未來可能不會出現功能更少、價格更低的新設備，但我認為這不會蠶食今天的業務。

Where we were a little bit surprised is digital imaging, which decreased slightly I'm not sure if that is a temporary situation. Maybe there for a couple of quarters. We've seen this in the past. I don't believe it's a permanent issue. I think digital imaging continues to grow, but we did seem to see a bit of a pause. Like, by the way, we saw a pause in CAD/CAM equipment on the milling side a few quarters ago, and that's come back.

讓我們有點驚訝的是數位成像，它略有下降，我不確定這是否是暫時的情況。也許在那裡待幾個季度。我們過去已經見過這種情況。我不認為這是一個永久性的問題。我認為數位成像繼續增長，但我們似乎確實看到了一些停頓。順便說一句，幾個季度前我們看到銑削的 CAD/CAM 設備出現了停頓，但現在又回來了。

So overall, I think it's best to be a little bit cautious and project a modest growth. Hopeful that it will be a little bit higher than that, but we're taking a more cautious approach at this time.

因此，總體而言，我認為最好保持謹慎並預期適度成長。希望它會比這個高一點，但我們目前採取更謹慎的態度。

I don't think private practices have pulled back a lot. There's a little bit because of the interest rates. A few of the larger DSOs have paused a bit. But on the other hand, there are a lot of DSOs that are actually in the market right now and buying equipment and actually installing equipment. So it's a mixed bag over there.

我認為私人診所並沒有大幅倒退。有一點是因為利率的原因。一些較大的 DSO 已經暫停了一些。但另一方面，目前市場上有許多 DSO 正在購買設備並實際安裝設備。所以那裡是一個魚龍混雜的地方。

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

下一個問題來自約翰·布洛克和史蒂菲爾的台詞。

Stanley, maybe you could provide some more color on the implant market growth and how you're faring from a share perspective. I don't know, maybe that worldwide market is growing low single digits. It seems like you guys grew low single digits in implants in the quarter on an organic basis, but I think you're underindexed in China relative to peers where a good amount of growth came from in terms of the other players. So do you feel like you're capturing share more prominently sort of on an apples-to-apples basis where you guys actually compete? And then I'll ask my follow-up.

史丹利，也許您可以提供更多關於植入物市場成長的資訊以及您從股票角度的表現。我不知道，也許全球市場的成長速度較低。看起來你們在本季度的植入量在有機基礎上增長了較低的個位數，但我認為相對於同行而言，你們在中國的指數較低，而同行的大量增長來自於其他參與者。那麼，您是否覺得在您們實際競爭的情況下，您在同類競爭的基礎上獲得了更顯著的份額？然後我會問我的後續行動。

Yes. It's a very good question. I'm glad you asked it, which is a lot of confusion. First of all, we do not really participate in a significant way in the Chinese market. We do have -- our Medentis business does some work in China. We have a little bit of Camlog and that business has not really been impacted, it's relatively small.

是的。這是一個非常好的問題。我很高興你問這個問題，這很令人困惑。首先，我們並沒有真正深入參與中國市場。我們確實有——我們的 Medentis 業務在中國做了一些工作。我們有一點 Camlog，業務並沒有真正受到影響，它相對較小。

While the implant end market is experiencing selective pockets of price sensitivity, and that's mainly in the full arch implants, I think it's very important to understand that this has not directly impacted our business. As our price points is lower than other premium brands, and our customers are generally less focused on the full arch procedure.

雖然植體終端市場正在經歷選擇性的價格敏感性，主要是在全牙弓植體中，但我認為了解這並沒有直接影響我們的業務非常重要。由於我們的價格低於其他高端品牌，而且我們的客戶通常不太關注全牙弓手術。

I think that's very, very important. There are small groups of customers that are focused on price, the value offering and that we have listened to compete with now.

我認為這非常非常重要。有一小群客戶關注價格和價值，我們現在已經聽取了他們的競爭意見。

Our product line has generally been well priced in the premium area. I think some of our competitors have had to come down to our pricing. But overall, generally, we're very well priced in the premium area. We've been viewed as a discounter if you will of premium products and the quality of our products are very good and available at relatively favorable pricing to both private practitioners and DSOs.

我們的產品線在高端領域的價格普遍較高。我認為我們的一些競爭對手不得不降低我們的定價。但總的來說，我們在高端區域的定價非常合理。如果您願意購買優質產品，我們一直被視為折扣商，而且我們的產品品質非常好，並且對私人執業者和 DSO 都可以以相對優惠的價格獲得。

So I think the part of the market we participate in has not really been as impacted from our point of view as perhaps some others. Of course, the favorable launch in Germany of the [Easy 2.0] implant system, qualitatively, it's good. It's a good price. It's has helped us in Germany where we have a very strong market share. And when we introduce new products, they're generally well received in Germany.

因此，我認為從我們的角度來看，我們參與的市場部分並沒有像其他一些市場那樣受到真正的影響。當然，【Easy 2.0】種植系統在德國的熱銷，從品質上來說，還是不錯的。這是一個很好的價格。這對我們在德國的市佔率很有幫助。當我們推出新產品時，它們通常在德國受到好評。

The customers understand that the value is good and the product is well tested. And we actually think that with customers being focused practitioners on price, we are well positioned to expand our market share. Continue to expand, if you will.

客戶明白產品價值高且經過良好測試。事實上，我們認為，隨著客戶成為關注價格的從業者，我們有能力擴大我們的市場份額。如果你願意的話，繼續擴大。

And we have, in the United States, this new bone level implant with a deep conical connection, has proven technology that we believe will expand our market position and our opportunity quite significantly in North America, U.S. to start with, with this addressable market that we really haven't been able to address could be as much as 40% to 50% of the market that we haven't been able to address that we will be able to address with our new product launch later this year.

在美國，我們擁有這種具有深圓錐形連接的新型骨水平植入物，該技術已得到驗證，我們相信該技術將顯著擴大我們在北美的市場地位和機會，首先是美國，這個潛在市場我們確實無法解決的問題可能有多達40% 到50% 的市場我們無法解決，但我們將透過今年稍後推出的新產品來解決。

Got it. That was great. That was very helpful. And maybe just a quick one, Ron, for you. The Street was 9% or even below that top line. We were at 8% for 2024 anyway. But I'm just still looking for a little clarity on where the top end of the sales guidance is, call it being locked off.

知道了。那很棒。這非常有幫助。羅恩，也許只是給你一個快速的。華爾街的股價為 9%，甚至低於該頂線。無論如何，2024 年我們的成長率為 8%。但我仍然想弄清楚銷售指導的上限在哪裡，稱之為「鎖定」。

In other words, is it market related? Is it lower trajectory of cybersecurity recapture? Is it stronger dollar or all of the above when we think about things relative to February.

換句話說，這與市場有關嗎？這是網路安全奪回的較低軌跡嗎？當我們考慮相對於二月的事情時，是美元走強還是以上所有因素都有。

Yes, John. It's not -- there's not a whole lot of fluctuation that we're expecting on FX. I think we can kind of carve that piece out, that might be a minor impact. We still expect acquisitions to have a similar contribution than what we were saying with the original guidance as well.

是的，約翰。事實並非如此——我們預計外匯不會有太大波動。我認為我們可以把這部分切掉，這可能會產生輕微的影響。我們仍然預期收購也會產生與我們在最初的指導中所說的類似的貢獻。

So it really comes back to that kind of end markets a little bit on -- more on the distribution side, whether that be cyber recovery or end markets, as you can appreciate, as we get further and further out from the cyber incident, that assumption gets a little softer in terms of which is which, right?

因此，它確實回到了那種終端市場，更多的是在分銷方面，無論是網絡恢復還是終端市場，正如你所理解的，隨著我們越來越遠離網絡事件，就哪個是哪個而言，假設變得更加溫和，對嗎？

So we're really looking at the market as we like the progress we made during the quarter with sales -- so-called sales recovery of certain customers. We think we can maintain that momentum into the year. But there -- as we look at the different projections there, we kind of played it out and we thought 8% to 10% would ultimately get us to a more accurate revenue rating than the original 8% to 12%.

因此，我們確實在關注市場，因為我們喜歡本季在銷售方面取得的進展，即某些客戶的所謂銷售復甦。我們認為我們可以在今年保持這種勢頭。但當我們看到不同的預測時，我們認為 8% 到 10% 最終會讓我們得到比最初的 8% 到 12% 更準確的收入評級。

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

下一個問題來自摩根大通公司的約翰‧史坦塞爾 (John Stansel)。

Just on the technology side, I appreciate that the change cybersecurity event impacted the business a little bit here. A, is it the right way to think about performance impact as kind of the difference between that 3.2% global internal growth and say, like a mid-single to high single-digit growth number that you would kind of have been producing over the last few quarters?

僅在技術方面，我很高興網路安全事件的變化對這裡的業務產生了一些影響。答：將績效影響視為 3.2% 的全球內部成長與過去可能產生的中個位數到高個位數成長數字之間的差異，這是正確的方式嗎？

And then b, just what portions of the business were directly impacted. And kind of how are you seeing the help of dentists as they kind of manage through these kind of claims processing and benefit verification headwinds?

然後 b，業務的哪些部分受到直接影響。您如何看待牙醫在應對此類索賠處理和福利驗證逆風時所提供的幫助？

Yes, John, on the Change Healthcare effect, what we did see with Henry Schein One is that we had a relatively steady revenue growth during the quarter that stagnated a bit in March. And that's -- we attribute it to what we saw with Change.

是的，約翰，關於醫療保健變革的影響，我們在 Henry Schein One 中確實看到的是，我們在該季度的收入增長相對穩定，而 3 月份略有停滯。這就是——我們將其歸因於我們在變革中看到的情況。

We have seen the company return to a more normal level of growth since then. So to your original question, yes, we would -- our expectations for Henry Schein One and on the technology side was that there would be better growth than that 3% plus you saw in the LCI. So we do expect that to be higher.

從那時起，我們看到該公司恢復到更正常的成長水平。因此，對於你最初的問題，是的，我們對 Henry Schein One 和技術方面的期望是，成長會比你在 LCI 中看到的 3% 以上更好。所以我們確實預計這數字會更高。

And as we come out of the kind of the disruption that was caused by the Change management cyber incident, we believe that we will achieve that projection.

當我們擺脫變革管理網路事件造成的破壞時，我們相信我們將實現這一預測。

It did -- the Change management issue was interesting in the perspective that it did create a bit of a cash crunch for some of our customers, we were able to help alleviate that through some assistance through revenue cycle management tools that we had. But we did also extend terms to some customers.

確實如此——變革管理問題很有趣，因為它確實為我們的一些客戶帶來了一點現金短缺，我們能夠透過我們擁有的收入週期管理工具提供一些幫助來幫助緩解這一問題。但我們也確實向一些客戶延長了條款。

We also did seek -- they pulled back on perhaps acquiring new technology products for a period of time, and that's where we saw the stagnation in revenues in Henry Schein One.

我們也確實尋求——他們可能會在一段時間內停止收購新技術產品，這就是我們看到 Henry Schein One 收入停滯的地方。

But I do think that and quite frankly, we expected -- overall, we expected, for example, to have better operating cash flow in the quarter, but our receivable balances were still slightly more elevated than what we originally expected because of a lot of practices that we're kind of managing cash as they work their way through that disruption. But we're seeing things get back to normal with that.

但我確實認為，坦白說，我們預計 - 總體而言，我們預計，例如，本季度的營運現金流會更好，但我們的應收帳款餘額仍略高於我們最初的預期，因為很多我們在某種程度上管理現金，因為他們正在克服這種幹擾。但我們看到事情逐漸恢復正常。

So I do believe that our technology business and as we mentioned in the prepared remarks, there are some new products, some new software products that will be -- that we're launching that we're introducing to customers that we think will continue to support that growth going forward.

因此，我確實相信我們的技術業務，正如我們在準備好的發言中提到的那樣，我們將推出一些新產品，一些新的軟體產品，我們將向客戶介紹這些產品，我們認為這些產品將繼續支持未來的成長。

John, let me just add 1 more comment to what Ron said and Ron provide a very good outline.

約翰，讓我對羅恩所說的內容再添加 1 條評論，羅恩提供了一個非常好的概述。

Our ability to immediately within 48 hours process claims through an alternate methodology was very well received. Having said that, it took up a lot of resources that perhaps would be focused on sales, and we're focused on ensuring that our customers were able to process the claims.

我們能夠在 48 小時內透過替代方法立即處理索賠，這項能力受到了好評。話雖如此，它佔用了可能會集中在銷售上的大量資源，而我們的重點是確保我們的客戶能夠處理索賠。

But more important, answer problems that emerged as a result of the issues with Change. I would say that a huge number of dentists are most appreciative of Henry Schein's could response. They were involved in basic operational issues in their practices, took a lot of their resources. We helped them, it took a lot of hours.

但更重要的是，回答因變革問題而出現的問題。我想說，很多牙醫都很欣賞 Henry Schein 的回應。他們在實踐中涉及到基本的操作問題，佔據了他們大量的資源。我們幫助了他們，花了很多時間。

And so they were also focused on managing their cash. I think we're largely out of that, although these claims are not being processed through Change but are being processed on an alternative provider that we have a relationship with.

因此，他們也專注於管理現金。我認為我們基本上已經擺脫了這種情況，儘管這些索賠不是透過 Change 處理的，而是由與我們有關係的替代提供者處理的。

Great. And then just 1 on the medical distribution business. There's been a lot of discussion in the market, albeit more on the inpatient side or for medical distributors around kind of competitive balance and different net wins on contracts.

偉大的。然後就是醫療配送業務上的 1。市場上有很多討論，儘管更多的是住院患者或醫療經銷商圍繞競爭平衡和不同的合約淨贏。

How are you seeing the competitive balance for -- between distributors in the alternative side of care market and how that's driving different competition?

您如何看待護理市場另類經銷商之間的競爭平衡以及這如何推動不同的競爭？

I don't think that's an issue for us. There's a lot going on, I think, with some of the other parts of distribution on the drug side. Maybe on the medicine side, with acute care settings.

我認為這對我們來說不是問題。我認為，藥品分銷的其他一些部分正在發生很多事情。也許在醫學方面，在急診環境中。

I think we're still doing pretty well on winning these awards. I think we've got -- our business is largely restored from a -- I mean it's fully restored, we think, from a large customer IDN point of view.

我認為我們在贏得這些獎項方面仍然做得很好。我認為我們的業務已在很大程度上恢復，我的意思是，我們認為，從大客戶 IDN 的角度來看，它已完全恢復。

There is some generic pricing pressure -- generic drug pricing pressure. On the other hand, that's pretty good for profits. But if you take that out of it and you take out of it, the lumpiness of the test, I think you'll see our medical business is in pretty good shape.

存在一些仿製藥定價壓力——仿製藥定價壓力。另一方面，這對於利潤來說是相當不錯的。但如果你把它從測試中去掉，我想你會發現我們的醫療業務狀況相當良好。

We are continuing to win awards, new awards, and we're not really losing any existing customers. I don't think what's being experienced in other parts of health care distribution is impacting us. We're very isolated from what others are going through.

我們正在繼續贏得獎項、新獎項，而且我們並沒有真正失去任何現有客戶。我認為醫療保健分配其他部分所經歷的事情不會影響我們。我們與其他人正在經歷的事情非常隔離。

We have a very unique service, highly appreciated and our customers were very loyal to us on the IDN and group side during the incidents. We still have some of this business where customers are looking for pricing, that's in the smaller practice, we call it episodic. And we're recovering and working on that just like we're doing on the downside.

我們提供非常獨特的服務，受到高度讚賞，並且在事件發生期間，我們的客戶在 IDN 和集團方面對我們非常忠誠。我們仍然有一些這樣的業務，客戶正在尋找定價，這是在較小的實踐中，我們稱之為情境式的。我們正在恢復並努力解決這一問題，就像我們在應對不利方面所做的那樣。

But the infrastructure is in place for service these larger customers, the IDNs and the group practices that is highly, highly appreciated. It's not the issue at all for us.

但為這些大客戶、IDN 和集團實踐提供服務的基礎設施已經到位，受到高度讚賞。對我們來說這根本不是問題。

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。

I wanted to talk about the North American dental consumables number that you put up, the down 5%, I think if we adjust for that cyber number, you said 300, 400 basis points down 1% to 2%. That fits pretty well with some of the independent industry data that came out in 1Q.

我想談談您提出的北美牙科耗材數字，下降了 5%，我想如果我們對網路數字進行調整，您說下降了 300、400 個基點，下降了 1% 到 2%。這與第一季發布的一些獨立行業數據非常吻合。

I think it showed the North American market on the merchandise side down a couple of percentage points on a revenue basis as well.

我認為這表明北美市場的商品收入也下降了幾個百分點。

So one, is that your take on the market. The market is kind of down in that low single-digit negative range right now and you guys are kind of in line ex cyber.

第一，就是你對市場的看法。目前市場處於低個位數的負值範圍內，你們有點排隊前網路。

And two, I think the other interesting thing in that independent data was that volumes were actually up a couple of points, but revenue is down a couple of points. So maybe what are you seeing your customers doing from a trading down for maybe premium branded to other kind of lower-priced branded or even your private label products? Has there been a change in that dynamic over the last 6, 12 months relative to historical?

第二，我認為獨立數據中的另一個有趣的事情是銷售實際上增加了幾個百分點，但收入卻下降了幾個百分點。那麼，也許您看到您的客戶正在做什麼，從優質品牌產品轉而購買其他低價品牌產品，甚至是您的自有品牌產品？與歷史相比，過去 6、12 個月的動態是否發生了變化？

Jeff, you're asking, again, another good question here. I think pricing is relatively stable. If you look at raw data and we look at that, of course, from our database, inflation is maybe 1% to 2%.

傑夫，你又問了一個好問題。我認為價格相對穩定。當然，如果你看一下原始數據，我們會從我們的資料庫中看到，通貨膨脹率可能是 1% 到 2%。

Having said that, there's also a movement towards corporate brands. And that kind of washes out a big part of that 1% to 2%. And there could be a few -- in some areas, a few even less take out the glove business, where there is definitely some pricing pressure, continues to be, I think, Ron described that a 60 basis points or so company-wide.

話雖如此，也有一股向企業品牌發展的趨勢。這樣就消除了 1% 到 2% 的很大一部分。可能會有一些——在某些領域，甚至更少的手套業務，肯定存在一些定價壓力，我認為，羅恩描述的全公司範圍內的價格壓力仍然是 60 個基點左右。

Dental within that range as well. I think pricing has stabilized. I think our margins are pretty stable. Manufacturers, some of the bigger ones are understanding they probably have to be more competitive and the little guys, the midsized practices are continue to do okay.

牙科也在這個範圍內。我認為價格已經穩定。我認為我們的利潤率相當穩定。製造商，一些較大的製造商意識到他們可能必須更具競爭力，而小製造商，中型企業的做法繼續表現良好。

But I would say, this quarter, it's a lot more stable than a while, say, 2 or 3 quarters ago. So I think pricing has stabilized and margins have stabilized and our challenge is the recovery, these episodic customers, not the large group practices, not the midsized practices we actually, we think we're gaining.

但我想說，這個季度，比一段時間（例如兩三個季度前）穩定得多。因此，我認為定價已經穩定，利潤率已經穩定，我們的挑戰是復甦，這些間歇性客戶，而不是大型集團實踐，而不是我們實際上認為我們正在獲得的中型實踐。

So, we have to just continue with the episodic, those that buy through our website comparing prices. That's where we have to do.

因此，我們必須繼續進行情景，即那些透過我們網站購買的人比較價格。這就是我們必須做的。

All right. That's helpful, Stanley. And then, Ron, maybe just 1 quick follow-up, just on that 300 to 400 basis point cyber impact.

好的。這很有幫助，史丹利。然後，羅恩，也許只是 1 個快速跟進，只是針對 300 到 400 個基點的網路影響。

Would it be fair for us to split that kind of over your medical and your dental business combined? Is it about an equal impact there? You've mentioned both these episodic and larger customers, I think, in kind of your prepared remarks in both areas, number one.

將您的醫療和牙科業務合併起來，對我們來說公平嗎？那裡的影響是平等的嗎？我認為，您在這兩個領域準備好的評論中都提到了這些偶發的和較大的客戶，第一。

And number two, do we look at that 300 to 400 basis points as being kind of stable? Is there anything you can say about kind of maybe the exit in March recapture rate versus kind of how you went into the year, just where to think maybe where that 300 to 400 basis points pressure from cyber goes over the next quarter or 2?

第二，我們認為 300 到 400 個基點是否穩定？關於 3 月份的退出率與今年的情況，您有什麼可以說的嗎？

Yes. To answer the first part of your question, Jeff, yes, the spread and the impact on Dental and Medical is pretty consistent, right? It's not the 1 bearing the brunt more so than the other.

是的。傑夫，回答你問題的第一部分，是的，牙科和醫療的傳播和影響是相當一致的，對吧？並不是第一個比另一個更受衝擊。

I would say it's difficult to assess kind of going forward. Like I said, the further out we get from the cyber incident to determine how much of the revenue base and how much of the market share that we're managing is attributable to cyber. That gets more and more difficult.

我想說的是很難評估未來的發展。就像我說的，我們從網路事件中得到的資訊越多，就越能確定我們正在管理的收入基礎和市場份額有多少可歸因於網路。這變得越來越困難。

But we have taken a look at this and any impact on revenues that we believe we have out there is contemplated in the revenue guidance and the related impact on earnings has been contemplated when we have in the affirmation of the EPS guidance as well.

但我們已經對此進行了研究，我們認為我們在收入指導中考慮了對收入的任何影響，並且在我們確認每股收益指導時也考慮了對收益的相關影響。

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

下一個問題來自伊麗莎白·安德森 (Elizabeth Anderson) 與 Evercore ISI 的對話。

I was looking on the medical environment. We have heard of higher sort of some outpatient utilization trends broadly in the market.

我正在研究醫療環境。我們聽說市場上一些門診利用率較高的趨勢。

How do we think about some of those trends continuing and sort of the ordering patterns between like procedures or some of your ambulatory surgical clients and then sort of the impact on their ordering as we move through the year?

我們如何看待這些持續存在的趨勢，如何對類似手術或一些門診手術客戶之間的訂購模式進行排序，然後對一年中對他們的訂購的影響進行排序？

So Elizabeth, I think the shift from the acute care setting to the alternate care setting for procedures continues. I don't think it was more profound this quarter than the past year or 2.

所以伊莉莎白，我認為手術從急診環境轉向替代護理環境的轉變仍在繼續。我認為本季的影響並不比過去一兩年更深刻。

I don't think there's any shift -- significant shift in either increase or decrease in procedures in any 1 or 2 procedures, maybe there are isolated procedures, I don't know.

我不認為任何 1 或 2 個程序中的程序增加或減少有任何變化，也許存在孤立的程序，我不知道。

But in general, the major procedures are consistent, at least from our point of view, from quarter-to-quarter. And it's a growing area from our point of view, both in terms of some internal growth with existing surgery centers, ASCs and also we're gaining new accounts in that area.

但總的來說，至少從我們的角度來看，各季度的主要程序是一致的。從我們的角度來看，這是一個不斷成長的領域，無論是現有手術中心、ASC 的內部成長，還是我們在該領域獲得的新客戶。

So it's pretty much consistent that procedures are moving from the acute care setting to the alternate care setting and are relatively stable within a particular center.

因此，程序從急診機構轉移到替代護理機構的過程幾乎是一致的，並且在特定中心內相對穩定。

Got it. And then maybe as a follow-up, as we sort of think through some of the cost cuts, et cetera, as your moving on, one of the things it seems like SG&A was a touch higher than at least we were modeling here in the quarter.

知道了。 And then maybe as a follow-up, as we sort of think through some of the cost cuts, et cetera, as your moving on, one of the things it seems like SG&A was a touch higher than at least we were modeling here in the四分之一.

And I just wanted to understand about the cadence as we think about the back half of the yea and sort of any of the impact of some of the cost restructuring as you've -- and how they materialize as we move across the quarters.

我只是想了解我們在考慮今年下半年的節奏以及一些成本重組的影響，以及當我們跨季度時它們如何實現。

Yes. Elizabeth, the SG&A, the whole kind of mix of the P&L of some of the businesses that we acquired last year are going to be a little different, right?

是的。伊莉莎白，SG&A，我們去年收購的一些企業的損益表的整體組合將會有所不同，對嗎？

With the higher gross margins, but then greater expenses as it might relate to R&D and other selling costs associated with some of those businesses. So that's you're seeing that show up in the consolidated P&L a little bit more. So some of the favorability we got on the gross margin side was the offset on the SG&A side.

毛利率較高，但費用也較高，因為這可能與其中一些業務相關的研發和其他銷售成本有關。因此，您會看到在合併損益表中顯示的內容更多。因此，我們在毛利率方面獲得的一些優惠是在 SG&A 方面的抵銷。

I think in terms of cadence, it's going to be with these businesses having a greater importance in our P&L as we go forward, it could get a little lumpier, a little less predictive with the SG&A, but I would suspect that over time, it will be something fairly consistent with what we had in the first quarter as well.

我認為就節奏而言，隨著我們的前進，這些業務在我們的損益表中將變得更加重要，它可能會變得有點不穩定，SG&A 的預測性稍差，但我懷疑隨著時間的推移，它會變得更加不穩定。

And the next question comes from the line of Mike Petusky with Barrington Research.

下一個問題來自 Barrington Research 的 Mike Petusky。

So Stanley, I'm wondering, you've had PRISM for a few years and Shield I think for a couple of quarters. I'm just curious, home health, obviously, large end markets, presumably opportunities for above-average growth. I'm just curious.

所以，史丹利，我想知道，你使用 PRISM 已經有幾年了，我想你使用 Shield 也有幾季了。我只是好奇，家庭健康，顯然，大型終端市場，大概有高於平均成長的機會。我只是好奇。

Is home health something that you now can sort of say, hey, we feel really good about this, we want to build this into something really big over time? Or is this a little bit different than you thought? And maybe you just sort of stick with the assets you have?

家庭健康是否你現在可以說，嘿，我們對此感覺非常好，我們希望隨著時間的推移將其發展成為真正偉大的東西？還是這與你想像的有點不同？也許你只是堅持使用你擁有的資產？

Thank you, Mark. Thanks for that question. Home Care Solutions continues to be a big area for us going forward. We continue to expect to grow organically, make some additional investments. Our business is approaching $350 million annually, $20 million a month or so. And we expect that to continue to grow nicely from an organic point of view, and we will add to that platform.

謝謝你，馬克。謝謝你提出這個問題。家庭護理解決方案仍然是我們未來發展的重要領域。我們繼續期望有機成長，並進行一些額外投資。我們的業務每年接近 3.5 億美元，每月約 2000 萬美元。我們預計從有機的角度來看，它將繼續良好成長，我們將添加到該平台。

At the moment, we are moving those businesses to a common platform so we can provide a national service with high customer service. We believe that the business complements our physician business very nicely, our ASC business, and we're very, very optimistic about our Home Solutions business as well as our North American Rescue business, which provides first responder and military medical solutions, these 2 are areas that are doing quite well in our medical portfolio.

目前，我們正在將這些業務轉移到一個通用平台，以便我們能夠提供具有高客戶服務的全國性服務。我們相信該業務可以很好地補充我們的醫生業務和 ASC 業務，我們對我們的家庭解決方案業務以及提供急救人員和軍事醫療解決方案的北美救援業務非常非常樂觀，這兩個業務是我們的醫療投資組合中表現良好的領域。

Okay. Great. And then just shifting to Dental. I guess one of the benefits of talking to anybody at Henry Schein or leadership at Henry Schein, there's a lot of folks, including yourself, Stanley, that have been in the chair for a long time. You've seen different markets and different challenges and all the rest.

好的。偉大的。然後就轉向牙科。我想與 Henry Schein 的任何人或 Henry Schein 的領導層交談的好處之一是，有很多人，包括你自己，史丹利，已經擔任主席很長時間了。您已經看到了不同的市場和不同的挑戰等等。

And it just seems among investors right now, there's just a lot of skepticism around Dental and concerns about persisting high interest rates and how that sort of flows into capital equipment decisions and concerns about pricing compression with maybe consumables, imaging products and other things.

目前投資者似乎對牙科有許多懷疑，擔心持續的高利率以及這種情況如何影響資本設備決策，以及對可能消耗品、成像產品和其他產品的價格壓縮的擔憂。

I'm just curious, when you sort of think about the Dental space in general right now and Schein's position within it. Do you think the skepticism is sort of appropriate given the givens? Or do you think it's appropriate for others, but maybe not as much for Schein? Or can you just talk about historically the current challenges and how you see them, given your experience.

我只是很好奇，當你想想現在的牙科領域以及 Schein 在其中的地位。考慮到給定的情況，你認為這種懷疑是否恰當？或者您認為這對其他人來說合適，但對 Schein 來說可能不太合適？或者您能否根據您的經驗談談歷史上當前的挑戰以及您如何看待這些挑戰。

Yes. I think, it's a very good question, too. The dental markets are relatively stable. If you look at the U.S. patient dental traffic in January and February was impacted by weather and some seasonal viruses, including the flu, but improved beginning in March and again an improvement continued through the quarter into April.

是的。我認為，這也是一個非常好的問題。牙科市場相對穩定。如果你看看美國1 月和2 月的牙科患者流量，就會受到天氣和一些季節性病毒（包括流感）的影響，但從3 月開始有所改善，並且這種改善在整個季度持續到4月份。

I think there are seasonal issues we need to take into account, weather, but overall, the U.S. dental market is stable, maybe leaning towards some growth. I think the same would be the case globally, especially in those markets where you have government reimbursement.

我認為我們需要考慮季節性問題、天氣問題，但總體而言，美國牙科市場穩定，可能傾向於成長。我認為全球範圍內情況也是如此，特別是在那些有政府報銷的市場。

So it's quite stable. It's a good market. I think one has to be very careful reading the tea leaves when it's some basis points down in 1 quarter, some basis points up in another quarter. I think the underlying stability remains.

所以還是比較穩定的。這是一個很好的市場。我認為，當一個季度下跌一些基點，另一個季度會上漲一些基點時，人們必須非常小心地解讀茶葉情況。我認為潛在的穩定性仍然存在。

Yes, there is a challenge with interest rates on high-cost procedures in 1 implant we spoke about $20,000, $30,000 procedures, interest rates impact that.

是的，我們談到的 1 次植入的高成本手術的利率存在挑戰，我們談到了 20,000 美元、30,000 美元的手術，利率會影響這一點。

But basic traffic is good. And I think these are solid markets. Change that have a little bit of an impact here in the U.S., but not materially. We'll get out of that. Our customers have decent cash flow, maybe some of them had challenges of Change. We had to support them, arrange financing for them, extended some credit terms.

但基本交通還是不錯的。我認為這些都是穩固的市場。這些變化對美國產生了一點影響，但影響不大。我們會擺脫困境的。我們的客戶有不錯的現金流，也許他們中的一些人面臨著變革的挑戰。我們必須支持他們，為他們安排融資，延長一些信貸期限。

But overall, I would say the market is stable. And on the equipment side, we are taking a bit of a cautious approach. In that, we've talked about modest overall equipment sales. But the basic traditional equipment is stable. The whole digital world is growing.

但總體而言，我認為市場是穩定的。在設備方面，我們採取了謹慎的態度。在此，我們討論了適度的整體設備銷售。但傳統設備基本穩定。整個數位世界正在發展。

And I think in the long run, it's a medium term, equipment is even a good area, too. So we're quite positive about dentistry and remain that way. And if you add to that, the medical business, where procedures are continuing to move from the acute care setting into the ultimate care setting.

我認為從長遠來看，這是一個中期，設備也是一個很好的領域。因此，我們對牙科非常樂觀，並將保持這種狀態。如果再加上醫療業務，程序正在繼續從急性護理環境轉向最終護理環境。

And there's no material movement in terms of reducing the number of procedures in any one particular area. I think generally, the businesses we're in are positive.

在減少某一特定領域的程序數量方面，並沒有實質的變化。我認為總的來說，我們從事的業務是積極的。

We are working on recovery of our cyber business that related primarily to these episodic customers and have made quite a bit of progress in that area, too. So we're quite optimistic about the future.

我們正在努力恢復主要與這些間歇性客戶相關的網路業務，並且在該領域也取得了相當大的進展。所以我們對未來非常樂觀。

And the next question comes from the line of Justin Lin with William Blair.

下一個問題來自賈斯汀·林（Justin Lin）和威廉·布萊爾（William Blair）的對話。

Sort of a similar question to what sort of came up earlier, but slightly different. Your Technology segment organic growth, I think, came in lower than the Street, but the reported number was relatively in line.

與先前提出的問題類似，但略有不同。我認為，你們的科技部門有機成長低於華爾街，但報告的數字相對一致。

Did the Street just kind of mismodel that? Or was kind of the acquisition contribution, particularly from North America, was that above your own expectations as well?

華爾街的做法是不是有點錯？或是收購貢獻，特別是來自北美的收購貢獻，是否也超越了您自己的預期？

Yes. Justin, the -- that segment includes other value-added services businesses, some of which we have acquired in the last year. So that showed up in the acquisition growth from those value-added services businesses who did have very good quarters.

是的。賈斯汀，該部門包括其他增值服務業務，其中一些是我們去年收購的。因此，這體現在那些季度業績非常好的增值服務業務的收購成長中。

They did have very good quarters. And while they exceeded our expectations, we expect them to continue to provide -- contribute good profits going forward.

他們確實有很好的宿舍。雖然他們超出了我們的預期，但我們預計他們將繼續提供——貢獻良好的利潤。

Okay. Got it. And I guess more of a high-level question here. You obviously made a number of acquisitions. Anything you would call out. Surprising whether positive or negative relative to your expectations over the past few quarters?

好的。知道了。我想這裡更多的是一個高級問題。您顯然進行了多次收購。任何你想喊的東西。與您過去幾個季度的預期相比，是積極還是消極令人驚訝？

We've been happy with all of them, some do better than others in the early stages. We are busy integrating our large implant acquisitions we did last year, Biotech, which has now annualized. That will show up as internal growth beginning in the second quarter.

我們對他們所有人都很滿意，有些人在早期階段比其他人做得更好。我們正忙於整合去年收購的大型植入物 Biotech，該公司現已年化。這將從第二季開始表現為內部成長。

We're also integrating S.I.N, the Implant manufacturer in Brazil. That will annualize 1st of July. So the second quarter will be the last quarter that shows up as acquisition growth.

我們也整合了巴西的植入物製造商 S.I.N。這將是每年的 7 月 1 日。因此，第二季將是收購成長的最後一個季度。

So the back half of the year, we'll be reporting those numbers as part of our internal growth with the contributions we get from those 2 businesses.

因此，今年下半年，我們將報告這些數字，作為我們內部成長的一部分，以及我們從這兩家企業獲得的貢獻。

Very happy with what we're seeing on the -- in the Home Solutions business. There was an earlier question there. Do we see that as an area for growth going forward?

對我們在家庭解決方案業務中看到的情況非常滿意。那裡有一個較早的問題。我們是否認為這是一個未來成長的領域？

I think the answer is definitely yes. So we're very pleased with the -- how we've been able to capitalize with the acquisition of Shield that we did last year as well as Mini Pharmacy.

我想答案是肯定的。因此，我們對去年收購 Shield 和 Mini Pharmacy 的投資感到非常滿意。

And then also on the value-added services side, this is becoming a more and more important part of our approach to our customers in terms of helping them run more profitable practices, including when they want to exit their practices and large practice sales has been a very successful acquisition for us as well.

然後，在增值服務方面，這正在成為我們為客戶提供的方法中越來越重要的一部分，幫助他們開展更有利可圖的業務，包括當他們想要退出業務時，大型業務銷售已被取消。我們來說也是非常成功的收購。

So I think when you go down the list, and I hate to keep listening them because you don't want to leave somebody out, but they have all done, we've been very happy with these acquisitions and the returns they're providing us so far.

所以我認為，當你逐一查看清單時，我討厭繼續聽他們說話，因為你不想把某人排除在外，但他們都已經完成了，我們對這些收購以及他們提供的回報非常滿意到目前為止我們。

We have time for 1 last question coming from the line of Kevin Caliendo with UBS.

我們有時間回答最後一個問題，來自瑞銀集團的 Kevin Caliendo。

A lot of comments around April and the back half of the year and new product launches and like there's so many moving parts with M&A and the like.

四月和下半年的評論以及新產品的發布以及併購等活動中有很多活動。

Ron, maybe can you just give us an update on cadence of what you expect revenue growth and earnings to be? Is 2Q trending as you thought?

羅恩，也許您能給我們介紹一下您預期收入成長和收益的最新情況嗎？第二季趨勢如你所想嗎？

Just trying to understand because there are so many moving parts, is this going to be a typical seasonality in terms of revenue growth, EBIT growth and especially EPS growth?

只是想了解一下，由於有這麼多的變動因素，這是否會成為收入成長、息稅前利潤成長，尤其是每股盈餘成長的典型季節性？

Yes. So as we've said before in the prepared remarks, Kevin, that we do expect sales growth to be more significant in the back half of the year than what we see in the first half of the year.

是的。因此，正如我們之前在準備好的發言中所說，凱文，我們確實預計今年下半年的銷售成長將比上半年更為顯著。

And some of that is recovery from cyber. Some of that, too, is the launches of some of the new products we're anticipating on the implant side that we talked about as well in the prepared remarks, in addition to some new technology products we have that we're launching as well.

其中一些是從網路中恢復。其中一些也是我們預計在置入方面推出的一些新產品，我們在準備好的評論中也談到了這些新產品，以及我們正在推出的一些新技術產品。

So those are all going to contribute. Our expectation is they will contribute to greater growth in the back half of the year.

所以這些都會做出貢獻。我們的預期是它們將為今年下半年帶來更大的成長。

And like I said before, some of this comes from ongoing recovery from cyber. We saw encouraging recovery over the course of Q1, good momentum into Q2, but there's still some work to be done there.

正如我之前所說，其中一些來自網路的持續恢復。我們在第一季看到了令人鼓舞的復甦，在第二季度看到了良好的勢頭，但仍有一些工作要做。

So we will -- but we're confident that as the year goes on. We'll be able to continue to gain some market share on the distribution side as well. So I think that from both a sales and an earnings perspective, my expectation is we'll see better growth in Q3, Q4 than what we had in Q2.

所以我們會的——但我們有信心隨著時間的推移。我們也將能夠繼續在分銷方面獲得一些市場份額。因此，我認為從銷售和盈利的角度來看，我的預期是我們將在第三季、第四季看到比第二季更好的成長。

Okay. That's helpful. And if I can just do a quick follow-up on the implant, the new products. What does this do to your portfolio of products? Is it improving what you had, sort of -- I've always envisioned that you're sort of between value and premium.

好的。這很有幫助。如果我能對植入物、新產品進行快速跟進。這對您的產品組合有何影響？它是否改善了你所擁有的東西——我一直認為你處於價值和溢價之間。

Are you expanding the sort of offering that you have or improving what you have? Or are you changing the positioning of any way, shape or form of your implant portfolio with the new product launches?

您是否正在擴大現有的產品類型或改進現有的產品？或者您會隨著新產品的發布而改變您的植體產品組合的任何方式、形狀或形式的定位？

In the U.S., we're expanding and we're going into about half the market that we do not cover today. We're waiting for finalization of the approval. We expect that in the second half of the year.

在美國，我們正在擴張，我們將進入目前尚未涵蓋的約一半市場。我們正在等待最終批准。我們預計在今年下半年。

In international, I think our value proposition is expanding with the [Easy 2.0. Easy 1.0] was good, but there were a couple of features that we're missing. We've added that to it, and it's been well received already in Germany where we launched it in this quarter.

在國際上，我認為我們的價值主張正在隨著 [Easy 2.0. Easy 1.0] 很好，但我們缺少一些功能。我們已將其添加到其中，並且我們在本季度推出的德國已經受到好評。

So on the one hand, we're entering into a part of the market that we really are not in, in the United States. And at the same time, we're providing better value products in Europe.

因此，一方面，我們正在進入美國市場中我們真正不涉足的部分。同時，我們在歐洲提供更有價值的產品。

So generally, I would say it's an expansion of the product offering plus better pricing, better value in Europe.

所以總的來說，我想說這是產品供應的擴展以及在歐洲更好的定價和更高的價值。

Okay. Operator, thank you very much. Thank you, everyone, for calling in. As you can tell, this year everyone is off to a solid start. We remain enthusiastic about the markets we serve, our position in the industry. The opportunities for growth and enhanced profitability lie ahead.

好的。接線員，非常感謝您。謝謝大家的來電。我們對我們所服務的市場和我們在行業中的地位仍然充滿熱情。成長和提高獲利能力的機會就在眼前。

We're doing quite well on expanding our high growth, high margin portfolio. The portfolio of high growth, high margin is doing well. We expect to show some decent results also in the orthopedics section, where we're expanding our Henry Schein Orthopedic business.

我們在擴大高成長、高利潤的投資組合方面做得很好。高成長、高利潤的投資組合表現良好。我們預計在骨科領域也能取得一些不錯的成果，我們正在擴大亨利沙因骨科業務。

And overall, we think our distribution businesses are in good shape, operationally fully restored. We have to deal with the episodic side of the business, which is growing, recovering nicely, but not fully back to where it was pre-incident.

總體而言，我們認為我們的分銷業務狀況良好，營運完全恢復。我們必須處理業務的偶發性問題，該業務正在成長，恢復良好，但尚未完全恢復到事件發生前的狀態。

We're growing with our large customers in Dental and Medical. And Henry Schein One continues to provide significant value to our customers as you saw from the Change cyber recovery, where we played a key role in dentistry in general.

我們與牙科和醫療領域的大客戶一起成長。正如您從變革網絡恢復中看到的那樣，Henry Schein One 繼續為我們的客戶提供巨大的價值，我們在牙科領域總體上發揮了關鍵作用。

So, thank you for calling in. We remain most optimistic about the future. And thank you very much.

所以，感謝您的來電。非常感謝你。

And ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

女士們、先生們，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。