漢瑞祥 (HSIC) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Henry Schein's third-quarter 2024 earnings conference call.

早安，女士們、先生們，歡迎參加 Henry Schein 的 2024 年第三季財報電話會議。

(Operator Instructions).

（操作員說明）。

And as a reminder, this call is being recorded.

提醒一下，此通話正在錄音。

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.

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.

謝謝。

Please go ahead, Graham.

請繼續，格雷厄姆。

Thank you, operator, and thanks to each of you for joining us to discuss Henry Schein's financial results for the third quarter of 2024.

感謝營運商，感謝你們每個人加入我們討論 Henry Schein 2024 年第三季的財務表現。

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.

與我一起參加今天電話會議的是 Henry Schein 董事會主席兼執行長 Stanley Bergman；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 is forward-looking.

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。

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.

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.

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.

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。

Today's remarks will include both GAAP and non-GAAP financial results.

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。

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 regard to key metrics used by management in operating our business.

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 for corresponding GAAP measures.

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。

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 in our quarterly earnings presentation also posted on our Investor Relations website.

GAAP 和非GAAP 指標之間的對帳已包含在今天新聞稿的附件B 中，並且可以在我們的投資者關係網站的「財務和文件」部分的「補充資訊」標題下找到，也可以在我們的投資者關係網站上發布的季度收益報告中找到。

The content of this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast, November 5, 2024.

本次電話會議內容包含時效性訊息，僅截至直播日期（2024 年 11 月 5 日）準確。

Henry Schein undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this call.

Henry Schein 不承擔修改或更新任何前瞻性陳述以反映本次電話會議之後發生的事件或情況的義務。

Lastly, during today's Q&A session, please limit yourself to a single question and a follow-up.

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'll turn the call over to Stanley Bergman.

接下來，我會將電話轉給史丹利·伯格曼。

Thank you, Graham.

謝謝你，格雷厄姆。

Good morning, everyone, and thank you for joining us.

大家早安，感謝您加入我們。

Our businesses performed well during the third quarter, driven by the successful implementation of our BOLD+1 Strategic Plan that is resulting in growth and efficiency throughout Henry Schein and a strong contribution from high-growth, high-margin products and services.

我們的業務在第三季表現良好，這得益於我們的BOLD+1 策略計畫的成功實施，該計畫為整個Henry Schein 帶來了成長和效率，以及高成長、高利潤產品和服務的強勁貢獻。

We believe we continue to steadily gain market share in our dental and medical distribution businesses following last year's cyber incident.

我們相信，繼去年的網路事件之後，我們在牙科和醫療分銷業務中的市場份額將繼續穩步增長。

Our dental equipment business is showing ongoing stability in North America and increased investment by customers across Europe, Australia and New Zealand.

我們的牙科設備業務在北美表現出持續的穩定性，並且歐洲、澳洲和紐西蘭的客戶投資不斷增加。

Implant and endodontic products had good growth in Europe and Brazil as well as in North America following the successful launch of the BioHorizons' tapered pro conical implant in the United States.

繼 BioHorizo​​​​ns 的錐形 Proconical 植體在美國成功推出後，植體和牙髓產品在歐洲、巴西以及北美取得了良好的成長。

We're reporting another quarter exceeding our target of 40% of operating income generated by our high-growth, high-margin businesses, and we expect to exceed the target, this particular target, of the 40% target for fiscal 2024.

我們報告稱，我們的高成長、高利潤業務所產生的營業收入再一個季度超過了 40% 的目標，並且我們預計將超過 2024 財年 40% 的目標（這個特定目標）。

Acquisitions made during 2022 to 2024, during that strategic planning cycle, along with product launches are delivering strong financial results and our restructuring plan is on target.

2022 年至 2024 年策略規劃週期期間進行的收購以及產品發布正在帶來強勁的財務業績，我們的重組計劃也已實現目標。

We also continue to return capital to shareholders through our share repurchase program.

我們也繼續透過股票回購計畫向股東返還資本。

We exceeded our financial expectations for the quarter.

我們超出了本季的財務預期。

So today, we are increasing our non-GAAP EPS guidance range to $4.74 to $4.82. We also launched our global e-commerce platform in the UK and Ireland, that's the GEP program, and expect to launch next year in the United States.

因此，今天，我們將非 GAAP 每股盈餘指引範圍提高至 4.74 美元至 4.82 美元。我們也在英國和愛爾蘭推出了全球電子商務平台，即 GEP 計劃，並預計明年在美國推出。

So far, we have received rather positive feedback from our customers that have moved onto the new system.

到目前為止，我們已經從已遷移到新系統的客戶那裡收到了相當正面的回饋。

Now let me turn to a review of our business units and start with the dental distribution business.

現在讓我回顧一下我們的業務部門，首先從牙科分銷業務開始。

Overall, third quarter results for our dental distribution businesses generally reflect continued stable patient traffic globally.

總體而言，我們的牙科分銷業務第三季業績整體反映了全球持續穩定的患者流量。

We believe the North American market for dental merchandise sales was consistent with last year, with unit sales increasing low single digits, offset by PPE price declines and a shift in sales to lower cost brands and owned brand products.

我們認為，北美牙科商品銷售市場與去年一致，單位銷售成長較低個位數，但被個人防護用品價格下降以及銷售轉向低成本品牌和自有品牌產品所抵消。

We also believe that our North American dental merchandise market share grew sequentially last quarter compared to the second quarter, reflecting a similar trend from the beginning of the year as we continue to recover from last year's cyber incident.

我們也認為，上季度我們的北美牙科商品市佔率與第二季相比較上季成長，反映出與年初類似的趨勢，因為我們繼續從去年的網路事件中恢復過來。

Our third quarter sales increased internationally in the dental merchandise arena and reflects solid growth in Germany, Austria, France, Brazil, Australia and New Zealand.

我們第三季在牙科商品領域的國際銷售額有所成長，反映出德國、奧地利、法國、巴西、澳洲和紐西蘭的強勁成長。

So now let's turn to the equipment side.

那麼現在讓我們轉向設備方面。

North American dental equipment sales were consistent with the prior year, and we believe we continue to outperform the overall market.

北美牙科設備銷售與去年持平，我們相信我們的表現將繼續優於整體市場。

Sales of traditional equipment grew slightly, while digital equipment sales decreased.

傳統設備銷量小幅成長，數位設備銷量下降。

Parts and services sales continued to grow strongly.

零件和服務銷售持續強勁成長。

We believe our North American digital equipment sales were impacted in part by the timing of DS World.

我們相信我們的北美數位設備銷售部分受到 DS World 時間的影響。

It was a successful show for us but, because it took place in the last week of September, sales from the show will mostly be recognized in the fourth quarter this year.

這對我們來說是一次成功的展會，但由於它是在九月的最後一周舉行的，所以展會的銷售額大部分將在今年第四季得到確認。

On the international equipment side, sales growth was quite good in parts of Europe, Australia and New Zealand, and that was across all categories.

在國際設備方面，歐洲部分地區、澳洲和紐西蘭的所有類別的銷售成長都相當不錯。

Let's turn to the dental specialties.

讓我們轉向牙科專業。

Our dental implant and biomaterial sales as well as our endodontic sales grew mid-single digits for the quarter, with continued above-market growth in the United States and Europe.

本季我們的植牙和生物材料銷售額以及牙髓銷售額成長了中個位數，美國和歐洲的成長持續高於市場水平。

US sales were fueled by the launch of BioHorizons' tapered pro conical implant driving mid-single digit sales growth in the third quarter against the backdrop of a North American market that is trending flat to slightly negative.

BioHorizo​​​​ns 的錐形 Proconical 植入物的推出推動了美國銷售，在北美市場趨勢持平甚至略有下降的背景下，第三季銷售額實現中個位數成長。

Additionally, in the US, we launched the SmartShape Healers, an abutment product line, at the end of the quarter in our implant business, which we expect to further attract new customers and drive implant sales.

此外，在美國，我們在本季末在植體業務中推出了基台產品線 SmartShape Healers，我們預計該產品將進一步吸引新客戶並推動植體銷售。

The product is being well received specifically by non-BioHorizons' customers who feel we've got something that is of great interest to them.

該產品特別受到非 BioHorizo​​​​ns 客戶的好評，他們認為我們提供了他們非常感興趣的東西。

We are confident practitioners will value the product's benefits, including less share time, enhanced patient comfort -- and improved clinical efficiency.

我們相信，從業者會重視該產品的優勢，包括減少共享時間、提高患者舒適度以及提高臨床效率。

Turning to our orthodontic business.

轉向我們的正畸業務。

We are in the midst of restructuring this business as well as transitioning to the Smilers brand clear aligner in the United States and in the European markets.

我們正在重組該業務，並在美國和歐洲市場過渡到 Smilers 品牌透明矯正器。

This resulted in lower orthodontic sales for the quarter compared to the prior year.

這導致該季度的正畸銷售額低於上一年。

So now let's turn to the technology and value-added services part of the business.

現在讓我們轉向業務的技術和增值服務部分。

During the quarter, sales of our practice management software and revenue cycle management products posted mid-single-digit growth.

本季度，我們的實踐管理軟體和收入週期管理產品的銷售額實現了中個位數成長。

This was driven by growth in the customer base of our Dentrix Ascend, and Dentally cloud-based solutions, which was up more than 20% year-over-year, with now approximately 8,600 installations worldwide at the quarter end.

這是由我們的 Dentrix Ascend 和 Dentally 基於雲端的解決方案的客戶群成長推動的，該解決方案同比增長超過 20%，截至本季度末，全球安裝量約為 8,600 台。

Now it's important to understand, our results are impacted by customers moving from on-prem to SaaS-based solutions.

現在重要的是要了解，我們的結果受到客戶從本地解決方案遷移到基於 SaaS 的解決方案的影響。

Revenue is recognized in a different way in a SaaS-based model versus an on-prem sales model.

基於 SaaS 的模式與本地銷售模式的收入確認方式不同。

In addition, we recently introduced Reserve with Google, Eligibility Essentials and Eligibility Pro, each of which helps our customers grow their businesses and are well received.

此外，我們最近推出了 Reserve with Google、Eligibility Essentials 和 Eligibility Pro，每一項都可以幫助我們的客戶發展業務並受到好評。

The number of claims processed by revenue cycle management e-claims business also increased by mid-single-digit percentages compared to last year.

與去年相比，收入週期管理電子索賠業務處理的索賠數量也出現了中個位數百分比的增長。

In conclusion, the dental the -- our dental business is an important proxy -- is an important priority for our BOLD+1 growth strategy.

總之，牙科——我們的牙科業務是一個重要的代表——是我們 BOLD+1 成長策略的重要優先事項。

And it's in this area that the L in the BOLD is important for leveraging our strong customer relationships across our product portfolio.

正是在這一領域，粗體中的 L 對於利用我們整個產品組合中強大的客戶關係非常重要。

We are providing integrated solutions that strengthen customer relations driving software, driving distribution and driving specialty sales, especially with our large customer segment.

我們提供整合解決方案，以加強客戶關係，推動軟體、推動分銷和推動專業銷售，特別是針對我們龐大的客戶群。

For example, we had a number of dental distribution DSO customers switch their implants to BioHorizons and their technology to Dentrix Ascend and Jarvis Analytics.

例如，我們有許多牙科分銷 DSO 客戶將他們的植體更換為 BioHorizo​​​​ns，並將他們的技術更換為 Dentrix Ascend 和 Jarvis Analytics。

We have also had multiple successes with customers that have switched to Henry Schein for their merchandise and equipment purchases as a result of our differentiated offering and excellent value-added services provided by BioHorizons and Henry Schein One. Each of these successes has resulted in the coordination, in our go-to-market strategy and accordingly incremental sales.

由於我們的差異化產品以及 BioHorizo​​​​ns 和 Henry Schein One 提供的卓越增值服務，我們也取得了多項成功，客戶轉而使用 Henry Schein 購買商品和設備。每一項成功都促成了我們的市場策略的協調以及相應的銷售增量。

Let me conclude my remarks with a review of our Medical group.

讓我以對我們醫療小組的回顧來結束我的演講。

During the third quarter, we believe we continue to increase market share sequentially compared to the second quarter, again, reflecting a similar trend from the beginning of the year as we continue to recover from last year's cyber incident.

在第三季度，我們相信與第二季度相比，我們的市場份額繼續增加，這再次反映出與年初類似的趨勢，因為我們繼續從去年的網路事件中恢復過來。

Our sales reflected less demand for respiratory diagnostic products and flu and COVID vaccines this quarter, and therefore, along with related medical products.

我們的銷售額反映了本季對呼吸道診斷產品、流感和新冠疫苗以及相關醫療產品的需求減少。

Sales were also impacted by the ongoing migration to generic alternatives for certain branded injectable pharmaceuticals.

某些品牌注射藥物持續轉向仿製藥替代品也影響了銷售。

We continue to have good growth in our Home Solutions business.

我們的家庭解決方案業務持續保持良好成長。

So let me now turn the call over to Ron to review our quarter three financial results and our '24 guidance.

現在讓我把電話轉給羅恩，讓他回顧我們第三季的財務表現和 24 年的指引。

Ron, please?

羅恩，請嗎？

Thank you, Stanley, and good morning, everyone.

謝謝你，史丹利，大家早安。

Turning to our third quarter sales results.

轉向我們第三季的銷售業績。

I will provide details on total sales growth as well as LCI sales growth, which is internally generated sales in local currencies compared with the prior year and excludes acquisitions.

我將提供有關總銷售增長以及 LCI 銷售增長的詳細信息，這是與上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。

Global sales were $3.2 billion, with sales growth of 0.4% compared with the third quarter of '23.

全球銷售額為 32 億美元，與 2023 年第三季相比銷售額成長 0.4%。

This reflects 3.2% growth from acquisitions and a 0.2% decrease from foreign currency exchange rates.

這反映了收購成長 3.2% 和外幣匯率下降 0.2%。

LCI sales for the quarter decreased 2.6% for the quarter, which includes a 0.4% decrease from lower PPE sales.

本季 LCI 銷售額下降 2.6%，其中 PPE 銷售額下降導致 0.4% 下降。

As Stan noted, our underlying sales for the quarter reflect continued improving sales trends in our distribution businesses.

正如史丹所指出的那樣，我們本季的基本銷售額反映了我們分銷業務的銷售趨勢持續改善。

Our GAAP operating margin for the third quarter of 2024 was 4.94%, a 140 basis points decline compared with the prior year GAAP operating margin.

我們 2024 年第三季的 GAAP 營業利潤率為 4.94%，比上年 GAAP 營業利潤率下降 140 個基點。

On a non-GAAP basis, operating margin for the third quarter was 7.64%, a 45 basis points decline compared with the prior year non-GAAP operating margin.

以非 GAAP 基準計算，第三季營業利潤率為 7.64%，較上年非 GAAP 營業利潤率下降 45 個基點。

We had good operating income growth in our dental specialties and technology and value-added services businesses, offset by a decrease in our distribution businesses resulting from lower sales following last year's cyber incident.

我們的牙科專業、技術和加值服務業務的營業收入成長良好，但被去年網路事件後銷售額下降導致的分銷業務減少所抵消。

Third quarter 2024 GAAP net income was $99 million or $0.78 per diluted share.

2024 年第三季 GAAP 淨利為 9,900 萬美元，或攤薄後每股收益 0.78 美元。

This compares with prior year GAAP net income of $137 million or $1.05 per diluted share.

相比之下，上一年的 GAAP 淨利潤為 1.37 億美元，即稀釋後每股收益 1.05 美元。

Our third quarter 2024 non-GAAP net income was $155 million or $1.22 per diluted share.

我們 2024 年第三季的非 GAAP 淨利潤為 1.55 億美元，即稀釋後每股收益 1.22 美元。

This compares with prior year non-GAAP net income of $173 million or $1.32 per diluted share.

相比之下，上一年非 GAAP 淨利潤為 1.73 億美元，即稀釋後每股收益 1.32 美元。

Our third quarter GAAP and non-GAAP results include a remeasurement gain resulting from the purchase of a controlling interest of a previously held noncontrolling equity investment.

我們第三季公認的會計準則和非公認會計準則業績包括因購買先前持有的非控股股權投資的控股權益而產生的重新計量收益。

This business has performed well since we made our initial investment.

自從我們最初投資以來，這項業務表現良好。

And, as a result of our decision to take majority ownership, we recognize a remeasurement gain of $19 million pretax or $0.11 per diluted share in the quarter.

而且，由於我們決定取得多數股權，我們確認本季稅前重新計量收益為 1,900 萬美元，即稀釋後每股收益 0.11 美元。

This is similar to a remeasurement gain of $18 million pretax or $0.10 per diluted share that we recorded in the second quarter of 2023.

這與我們在 2023 年第二季記錄的稅前 1,800 萬美元或稀釋後每股 0.10 美元的重新計量收益類似。

We regularly make non-controlling investments in companies with high-growth potential as part of our strategic plan.

作為我們策略計劃的一部分，我們定期對具有高成長潛力的公司進行非控股投資。

Leveraging our expertise, we have helped these businesses grow and become more profitable.

利用我們的專業知識，我們幫助這些企業發展並提高利潤。

The foreign currency exchange impact on our third quarter diluted EPS was unfavorable by approximately $0.01 versus the prior year.

外匯兌換對我們第三季攤薄後每股收益的影響與去年同期相比下降了約 0.01 美元。

Adjusted EBITDA for the third quarter of 2024 was $268 million compared to the third quarter 2023 adjusted EBITDA of $278 million.

2024 年第三季調整後 EBITDA 為 2.68 億美元，而 2023 年第三季調整後 EBITDA 為 2.78 億美元。

Turning to our third quarter sales results.

轉向我們第三季的銷售業績。

Global dental sales were $1.9 billion with sales decreasing 1.6%, LCI sales decreased 1.6% or 1.0% when excluding PPE sales.

全球牙科銷售額為 19 億美元，銷售額下降 1.6%，LCI 銷售額下降 1.6%，若剔除 PPE 銷售額則下降 1.0%。

Global dental merchandise LCI sales decreased 2.5% versus the prior year with an LCI decline in North America of 4.9% and international LCI sales growth of 0.9%.

全球牙科商品 LCI 銷售額較上年下降 2.5%，其中北美 LCI 下降 4.9%，國際 LCI 銷售額成長 0.9%。

Note that when excluding PPE products, global dental merchandise LCI sales decreased 1.9%, North America merchandise LCI sales decreased 4.0% and international merchandise LCI sales growth was 1.0%.

請注意，如果不包括 PPE 產品，全球牙科商品 LCI 銷售額下降 1.9%，北美商品 LCI 銷售額下降 4.0%，國際商品 LCI 銷售額增長 1.0%。

We believe the overall dental market continues to be generally flat with a shift in sales to lower cost products and lower PPE pricing.

我們認為，隨著銷售轉向低成本產品和較低的個人防護裝備定價，整個牙科市場繼續總體持平。

We also believe we had a sequential improvement in market share in the third quarter compared to the second quarter.

我們也相信，與第二季相比，我們第三季的市佔率有所改善。

Our global dental equipment LCI sales increased 1.8%, with flat sales in North America and 5.6% growth internationally.

我們的全球牙科設備 LCI 銷售額成長 1.8%，其中北美銷售額持平，國際銷售額成長 5.6%。

We expect modest overall equipment sales growth for the year in both North America and internationally.

我們預計今年北美和國際整體設備銷售將溫和成長。

Dental specialty product sales were approximately $258 million and grew slightly compared to the prior year.

牙科專業產品銷售額約 2.58 億美元，與前一年相比略有成長。

As Stan mentioned earlier, this was driven by solid dental implant biomaterials and endodontic sales globally, offset by sales weakness in our orthodontic business, resulting from restructuring of the business and the transitioning of our clear aligner business from Reveal to Smilers, a product developed by Biotech Dental, which we acquired last year.

正如 Stan 之前提到的，這是由全球固體牙種植體生物材料和牙髓銷售推動的，但由於業務重組以及我們的透明矯正器業務從 Reveal 過渡到 Smilers（一種由Biotech Dental，我們去年收購的。

Note that our dental specialty acquisitions that we completed last year have now all annualized as of this quarter.

請注意，我們去年完成的牙科專業收購截至本季已全部按年化。

So our total sales growth is equal to internal sales growth.

所以我們的總銷售成長等於內部銷售成長。

Global technology and value-added services sales during the third quarter were $221 million, with total sales growth of 5.1%.

第三季全球科技和增值服務銷售額為2.21億美元，總銷售額成長5.1%。

The LCI sales decline of 1.1% included a 3.1% decline in North America and 13.4% growth internationally.

LCI 銷售額下降 1.1%，其中北美地區下降 3.1%，國際地區成長 13.4%。

Our value-added services revenue was bolstered by the LPS acquisition.

收購 LPS 增強了我們的增值服務收入。

This is a leading transaction advisory services business that we purchased in August of 2023.

這是我們於 2023 年 8 月收購的一家領先的交易諮詢服務公司。

The timing of revenues recorded by LPS distorted internal sales growth numbers during the quarter, and we believe that total sales growth of 5.1% for the Technology and Value-Added Services segment is most reflective of the growth of the business.

LPS 記錄的收入時間扭曲了本季的內部銷售成長數據，我們認為科技和增值服務部門 5.1% 的總銷售成長最能反映業務的成長。

For the third quarter, specialty products, technology and value-added services businesses contributed over 40% of total non-GAAP operating income.

第三季度，特色產品、技術和增值服務業務貢獻了非公認會計準則營業收入總額的40%以上。

Global medical sales during the third quarter were $1.1 billion, with sales growth of 2.9% and a decrease in LCI sales of 4.8%.

第三季全球醫療銷售額為 11 億美元，銷售額成長 2.9%，LCI 銷售額下降 4.8%。

Excluding sales of PPE products, LCI sales decreased 4.6%.

不包括個人防護用品 (PPE) 產品的銷售額，LCI 銷售額下降 4.6%。

As Stan noted, our sales reflected less demand for respiratory diagnostic products and flu and COVID vaccines, along with related products.

正如史丹所指出的那樣，我們的銷售反映出對呼吸道診斷產品、流感和新冠疫苗以及相關產品的需求減少。

Sales were also impacted by the ongoing migration to generic alternatives for certain branded pharmaceuticals.

某些品牌藥品持續轉向仿製藥替代品也影響了銷售。

Our Home Solutions business had strong growth, which was driven by our strategic acquisitions.

我們的家居解決方案業務強勁成長，這得益於我們的策略收購。

Restructuring expenses in the third quarter were $48 million or $0.26 per diluted share.

第三季的重組費用為 4,800 萬美元，或攤薄後每股 0.26 美元。

This includes $12 million incurred as part of the plan announced in the third quarter of 2022, which was completed on July 31, 2024, and $36 million incurred as part of the 2024-2025 restructuring initiative announced last quarter.

其中包括 2022 年第三季宣布的計畫（於 2024 年 7 月 31 日完成）中產生的 1,200 萬美元，以及上季宣布的 2024-2025 年重組計畫中產生的 3,600 萬美元。

These expenses mainly relate to severance benefits and costs related to exiting certain facilities.

這些費用主要與遣散費和退出某些設施相關的費用有關。

Actions approved in the third quarter under the new initiative are estimated to provide over $50 million in annual run rate savings, and we believe this indicates strong progress towards our goal of $75 million to $100 million in annual run rate savings by the end of 2025.

第三季根據新措施批准的行動預計將節省超過 5,000 萬美元的年度運行費，我們相信這表明我們在實現 2025 年底前節省 7,500 萬至 1 億美元的年度運行費的目標方面取得了重大進展。

Our third quarter GAAP results include $10 million in pretax proceeds as part of our cyber insurance claim, which is excluded from our non-GAAP results.

我們第三季的 GAAP 業績包括 1000 萬美元的稅前收益，作為我們網路保險索賠的一部分，這不包括在我們的非 GAAP 業績中。

At the end of the quarter, we had already collected $20 million and anticipate collecting most of our $60 million claim by the end of this year.

截至本季末，我們已收到 2,000 萬美元索賠，預計到今年年底將收到 6,000 萬美元索賠中的大部分。

Regarding share repurchases, we repurchased approximately 2 million shares of common stock in the open market during the third quarter at an average price of $69.09 per share for a total of $135 million.

關於股票回購，我們第三季在公開市場回購了約200萬股普通股，平均價格為每股69.09美元，總計1.35億美元。

We had $455 million authorized and available for future stock repurchases at the end of the quarter.

截至本季末，我們已獲得 4.55 億美元的授權，可用於未來的股票回購。

We expect to continue to repurchase shares in the fourth quarter.

我們預計第四季將繼續回購股票。

Turning to our cash flow.

轉向我們的現金流。

We had good operating cash flow of $151 million for the third quarter, which compares with operating cash flow of $231 million last year.

第三季我們的營運現金流良好，達到 1.51 億美元，而去年的營運現金流為 2.31 億美元。

Year-to-date, operating cash flow was $644 million, which is $11 million more than last year.

年初至今，營運現金流為 6.44 億美元，比去年增加 1,100 萬美元。

Turning to our updated 2024 financial guidance.

轉向我們更新的 2024 年財務指引。

At this time, we are not able to provide without unreasonable effort and estimate of restructuring costs associated with the new restructuring plan for 2024.

目前，如果沒有不合理的努力，我們無法提供與 2024 年新重組計畫相關的重組成本。

Although we expect this to primarily include severance pay and facility-related costs.

儘管我們預計這主要包括遣散費和設施相關成本。

Therefore, we are not providing GAAP guidance.

因此，我們不提供 GAAP 指導。

Our 2024 guidance is for current continuing operations as well as acquisitions that have closed and does not include the impact of potential future acquisitions or future share repurchases.

我們的 2024 年指引適用於目前持續營運以及已完成的收購，不包括未來潛在收購或未來股票回購的影響。

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。

Our 2024 total sales growth is now expected to be 4% to 5% over 2023 compared to prior guidance of 4% to 6% growth.

目前，我們預計 2024 年總銷售額成長將比 2023 年成長 4% 至 5%，而先前的指導成長為 4% 至 6%。

For 2024, we are increasing non-GAAP diluted EPS attributable to Henry Schein, Inc. to be in the range of $4.74 to $4.82, compared with prior guidance of $4.70 to $4.82 and reflects growth of 5% to 7% compared with 2023 non-GAAP diluted EPS of $4.50 as a result of better-than-expected results in the third quarter.

2024 年，我們將歸屬於Henry Schein, Inc. 的非GAAP 攤薄後每股收益提高至4.74 美元至4.82 美元，而之前的指引為4.70 美元至4.82 美元，與2023 年非公認會計準則相比增長了5% 至7%。

This guidance reflects an estimated non-GAAP effective tax rate of 25%.

該指引反映了預計的非 GAAP 有效稅率為 25%。

Consistent with prior guidance, we continue to expect our 2024 adjusted EBITDA to grow in the low double-digit percentages versus 2023 adjusted EBITDA of $984 million.

與先前的指引一致，我們繼續預期 2024 年調整後 EBITDA 將以較低的兩位數百分比成長，而 2023 年調整後 EBITDA 為 9.84 億美元。

We expect adjusted EBITDA to grow faster than non-GAAP diluted EPS because of higher interest expense, a higher effective tax rate and higher depreciation as a result of the strategic investments we have made to execute on our strategic plan.

我們預計調整後 EBITDA 的成長速度將快於非 GAAP 攤薄後每股收益，因為我們為執行策略計畫而進行的策略性投資導致更高的利息支出、更高的有效稅率和更高的折舊。

I will conclude my remarks with some comments on 2025.

我將以對 2025 年的一些評論來結束我的演講。

We plan to issue 2025 guidance as usual on our Q4 earnings call this coming February.

我們計劃在今年 2 月的第四季財報電話會議上照常發布 2025 年指引。

As you have heard today, we expect modest improvement in the dental and medical markets next year.

正如您今天所聽到的，我們預計明年牙科和醫療市場將略有改善。

And we expect to continue to grow faster than the markets, supported by some of our recent investments, new product launches and focused execution and continued cyber recovery.

在我們最近的一些投資、新產品發布、重點執行和持續網路恢復的支持下，我們預計將繼續以快於市場的速度成長。

We are on target to achieve our restructuring goal, and this should help offset headwinds from higher depreciation expense resulting from our global e-commerce platform and additional investments in technology.

我們預計將實現重組目標，這應該有助於抵消我們的全球電子商務平台和額外技術投資帶來的折舊費用增加的不利影響。

We expect this e-commerce platform to accelerate growth once fully launched in the United States.

我們預期該電子商務平台一旦在美國全面推出，將加速成長。

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.

謝謝你，羅恩。

Operator, we're ready to answer any questions that investors may have.

營運商，我們已準備好回答投資者可能提出的任何問題。

(Operator Instructions)

（操作員說明）

Elizabeth Anderson, Evercore ISI.

伊麗莎白·安德森，Evercore ISI。

I, just maybe a two-part question.

我，也許只是一個由兩個部分組成的問題。

One, can you just sort of comment on the overall health of the dental and medical trends is where we kind of get through October and into November?

第一，您能否對我們從 10 月到 11 月的牙科和醫療趨勢的整體健康狀況發表一下評論？

And then two, it seems like you have a bunch of onetime items.

然後兩個，看起來你有一堆一次性物品。

I think you talked about sort of the generic impact and some other things in medical and the respiratory season.

我想你談到了醫療和呼吸季節的一般影響和其他一些事情。

And then in dental, you talked about like DS World pushing some sales into the fourth quarter and some other things like how -- like, I guess, in terms of how we think about the third quarter results versus the guidance?

然後在牙科領域，您談到了 DS World 將一些銷售推到第四季度以及其他一些事情，例如，我想，我們如何看待第三季度的業績與指導？

If we have some sort of push outs into the fourth quarter, how do we think of that vis-a-vis the full year guidance on the revenue side coming down a little bit?

如果我們在第四季度有某種推出，相對於收入方面的全年指引略有下降，我們如何看待這一點？

Is that just conservatism?

這只是保守主義嗎？

Are there other trends that we should think about as we think about the fourth quarter?

在思考第四季時，我們還應該考慮其他趨勢嗎？

Any comment there would be very helpful.

那裡的任何評論都會非常有幫助。

Elizabeth, I'll give you a few thoughts on the current market and Ron will talk about the guidance.

伊莉莎白，我將給你一些關於當前市場的想法，羅恩將談論指導。

He's been working on that with the team.

他一直在與團隊一起努力解決這個問題。

So the market is pretty stable, we think.

所以我們認為市場相當穩定。

There is a shift on the consumable side, at least in the United States, towards lower-priced alternative brands and our own brands.

至少在美國，消費品方面正在轉向價格較低的替代品牌和我們自己的品牌。

This doesn't really impact our profitability but it may impact and does impact the sales.

這並不會真正影響我們的獲利能力，但可能會影響並且確實會影響銷售。

We also think the units have gone up in low single digits.

我們也認為這些單位的漲幅僅為低個位數。

So with lower single digits and movement of merchandise units to lower-priced alternative brands, including national brands and owned brands, you see a stable to slightly reduction in dollar sales in the dental market in the United States.

因此，隨著個位數的下降以及商品單位向價格較低的替代品牌（包括國家品牌和自有品牌）的轉移，您會看到美國牙科市場的美元銷售額穩定或略有下降。

Our October -- having said that, our October merchandise sales trends in our distribution businesses were generally consistent with September of '24.

我們的 10 月—話雖如此，我們的分銷業務 10 月的商品銷售趨勢與 2024 年 9 月基本一致。

So it's pretty stable.

所以還是比較穩定的。

Having said that, October sales growth in implants and biomaterials are strong, driven by SIN, Biotech Dental, and in Europe, of course, our Camlog business.

話雖如此，在 SIN、Biotech Dental 以及歐洲的 Camlog 業務的推動下，10 月植體和生物材料的銷售成長強勁。

And we are seeing continuing good adoption of the BioHorizons' tapered pro conical implant in the US.

我們看到 BioHorizo​​​​ns 的錐形 Proconical 植體在美國持續被良好採用。

So this is all taken into account by Ron as he works with the team on the guidance, and Ron can give you specifics.

因此，羅恩在與團隊合作制定指導時都考慮到了這一點，羅恩可以為您提供具體資訊。

But I think we can report a pretty stable market.

但我認為我們可以報告一個相當穩定的市場。

And from our point of view, we are gaining back market share that we lost during the cyber incident, albeit at a slowish rate, but the rate continues in a positive direction really since the beginning of '24 and it's consecutively improving.

從我們的角度來看，我們正在重新奪回在網路事件中失去的市場份額，儘管速度較慢，但自 24 年初以來，這一速度確實繼續朝著積極的方向發展，並且在持續改善。

Of course, you've got to take into account, for us, glove sales where there has been a significant reduction in the price of units of gloves.

當然，對我們來說，你必須考慮到手套的銷售情況，手套的單位價格已大幅下降。

And we think we may be seeing the bottom right now but we will call that out separately because that's a business where we don't really control the selling price at all.

我們認為我們現在可能已經看到底部，但我們會單獨指出這一點，因為這是我們根本無法真正控製售價的業務。

It's a commodity.

這是一種商品。

So Ron, maybe you want to give some input on how you've looked on the guidance.

羅恩，也許您想就您對指南的看法提供一些意見。

Certainly, Stanley.

當然，史丹利。

Elizabeth, we took into consideration a lot of the trends that Stanley just articulated in terms of how did we see Q3 ending?

伊莉莎白，我們考慮了史丹利剛剛闡述的許多趨勢，即我們如何看待第三季的結束？

how did we see October?

我們如何看待十月？

Markets are relatively stable.

市場相對穩定。

There is a market dynamic out there, perhaps a little bit of a shift to some lower-cost products.

市場存在著動態，也許有點轉向一些低成本產品。

With reference to equipment, we did -- as we mentioned in the prepared remarks, we do expect perhaps a little bit of a benefit from the timing of the DS World in terms of how that will benefit Q4.

就設備而言，我們確實做到了——正如我們在準備好的評論中提到的那樣，我們確實預計 DS World 的時機可能會為第四季度帶來一些好處。

Having said that equipment tends to be -- Q4 tends to be the most important quarter for equipment.

話雖如此，第四季的設備往往是設備最重要的季度。

So all those things were taken into consideration and then ongoing growth that we experienced on the implant side as well for the fourth quarter.

因此，所有這些因素都被考慮在內，然後我們在第四季度的植體方面也經歷了持續的成長。

So those are all specific factors.

所以這些都是具體因素。

On the medical side, we're really closely monitoring what's happening with the timing of the flu season as we did see some softness in the sales of diagnostic kits in the third quarter.

在醫療方面，我們確實在密切關注流感季節的發生情況，因為我們確實看到第三季診斷試劑盒的銷售出現了一些疲軟。

And so we've been monitoring some of the information that comes from the CDC and taking that into consideration in our guidance.

因此，我們一直在監控來自 CDC 的一些信息，並在我們的指南中考慮到這些信息。

So those are all things that could impact the fourth quarter as we go forward.

因此，隨著我們的前進，這些都是可能影響第四季的事情。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

Ron, maybe just one clarifying question on what you said about 2025 and then one question on EPS this quarter.

Ron，也許只是澄清一個關於您所說的 2025 年內容的問題，然後是一個關於本季度每股收益的問題。

But on 2025, you talked about maybe some modest margin -- market improvement and expect to gain a bit of share things like that.

但到了 2025 年，您談到了可能會有一些適度的利潤——市場改善，並期望獲得一些類似的份額。

The street is sitting at just over 4%, almost 4.5% revenue growth next year and 11% EPS growth or nearly 11%.

預計明年的營收成長率將略高於 4%，接近 4.5%，每股盈餘成長率將達到 11% 或接近 11%。

And relative to your comments, those both sound a little bit high.

相對於你的評論，這些聽起來都有點高。

And you don't usually comment, I know, on the third quarter call about 2025, but you did kind of bring it up and open the door a little bit.

我知道，你通常不會在有關 2025 年的第三季電話會議上發表評論，但你確實提出了這個問題，並打開了一點大門。

It just feels like to me maybe, were your comments specifically kind of asking us to sharpen our pencils and maybe bring those two sets of numbers down a little bit for next year?

我只是覺得，您的評論是否特別要求我們削尖鉛筆，也許明年將這兩組數字稍微降低一點？

Certainly, Jeff.

當然，傑夫。

Well, as you stated, we haven't provided 2025 guidance yet.

嗯，正如您所說，我們尚未提供 2025 年指導。

We are looking at both what's happening in terms of market trends as well as on our own recovery of -- and gains in market share.

我們正在關注市場趨勢以及我們自身的復甦和市場份額的成長。

And so those are factors that will be taken into consideration when we provide that guidance in February of next year.

因此，當我們在明年 2 月提供指導時，將考慮這些因素。

Beyond that, a lot of this is just what kind of momentum that can we take from Q3 into Q4 and sustain from Q4 into 2025.

除此之外，很多都是我們可以從第三季到第四季採取什麼樣的動力，並從第四季維持到 2025 年。

So we just need to kind of see how the balance of the year plays out and all that will be taken into consideration in the 2025 guidance.

因此，我們只需要看看今年的情況如何，以及 2025 年指南中將考慮到的所有因素。

All right.

好的。

And then just on third quarter EPS itself, you had the $0.11 remeasurement gain in there.

然後就第三季每股收益本身而言，重新計量收益為 0.11 美元。

Obviously, you had kind of a $0.10 remeasurement gain in 2Q last year.

顯然，去年第二季的重新計量收益為 0.10 美元。

I think the net in 2Q last year was closer to a $0.05 benefit because you also had some of the SIN and Biotech kind of higher than normal acquisition costs you called out in that second quarter last year for kind of a netting that to a $0.05 benefit.

我認為去年第二季的淨收益接近 0.05 美元，因為您還擁有一些高於正常收購成本的 SIN 和生物技術，您在去年第二季度就獲得了 0.05 美元的淨收益。

But if I adjust for both those factors, both the remeasurement this quarter, the net of those factors in 2Q last year, your first half EPS this year was down about 5% with your core consumables in both medical and dental down 4% to 5%.

但如果我對這兩個因素進行調整，無論是本季的重新衡量，還是去年第二季這些因素的淨值，你們今年上半年的每股盈餘下降了約5%，醫療和牙科的核心消耗品下降了4% 至5%。

I think that makes sense.

我認為這是有道理的。

This quarter, if I take the $0.11 out and there wasn't really anything in 3Q of last year, I don't believe your EPS would have been down closer to mid-teens year-over-year.

本季度，如果我去掉 0.11 美元，而去年第三季度實際上沒有任何變化，我不相信你的每股收益會比去年同期下降到接近十幾歲。

So what, where was that extra 10 points if you will, of adjusted basis falloff in earnings growth this quarter versus the first half of the year?

那麼，如果你願意的話，本季獲利成長調整後基準下降與上半年相比額外的 10 個百分點在哪裡呢？

That's the one hole I can't plug?

這就是我無法堵住的一個洞嗎？

I think it's the ongoing recovery of market share in our distribution businesses more than anything else, Jeff.

我認為最重要的是我們的分銷業務市場份額的持續恢復，傑夫。

We're pleased with the -- there are some pockets of very positive news in terms of what we're seeing on equipment, what we're seeing in implants.

我們很高興——就我們在設備和植入物中看到的情況而言，有一些非常積極的消息。

But I think the ongoing recovery in distribution would be the primary contributor to that gap that you've identified.

但我認為，分銷領域的持續復甦將是造成您所確定的這一差距的主要原因。

Kevin Caliendo, UBS.

凱文‧卡里恩多，瑞銀集團。

Ron, this is sort of a math question here, but how do we think about the restructuring savings, the $75 million to $100 million by the end of '25 relative in size and scope to the higher depreciation costs?

羅恩，這是一個數學問題，但是我們如何看待重組節省，到 25 年底，相對於較高的折舊成本，其規模和範圍將達到 7500 萬至 1 億美元？

Like do they -- does one offset the other?

就像他們一樣——其中一個會抵消另一個嗎？

And I guess my point is if we think about those two factors, other than mix, with revenues growing sort of above market next year, is there any reason beyond the restructuring costs versus the depreciation that margin shouldn't improve next year?

我想我的觀點是，如果我們考慮這兩個因素，除了混合之外，明年的收入成長略高於市場水平，除了重組成本與折舊之外，還有什麼原因導致明年的利潤率不會改善？

Well, we would expect margins to improve.

嗯，我們預期利潤率會提高。

I mean, obviously, the increase in depreciation expense would put some pressure on that.

我的意思是，顯然，折舊費用的增加會給這一點帶來一些壓力。

But I do believe the benefits that we gained in lower OpEx from the restructuring actions we are taking; that we've already taken in the third quarter, that we're taking now in the fourth quarter, and that will continue to take throughout '25, will more than offset the increase in depreciation expense.

但我確實相信，我們從正在採取的重組行動中獲得了降低營運成本的好處；我們已經在第三季採取的措施，我們現在在第四季度採取的措施，以及將在整個 25 年繼續採取的措施，將足以抵消折舊費用的增加。

So, we should see some benefit to operating margin as a result of that.

因此，我們應該會看到營業利潤率因此而得到一些好處。

Key to that, obviously, is growth in revenues, especially in the distribution business, given the fixed cost nature of that operating base.

顯然，考慮到營運基礎的固定成本性質，關鍵是收入的成長，尤其是分銷業務的收入成長。

So, if we can achieve ongoing market recovery and distribution, be successful in executing on our restructuring initiatives, we should be able to see some operating margin expansion in 2025.

因此，如果我們能夠實現持續的市場復甦和分配，成功執行我們的重組舉措，我們應該能夠在 2025 年看到營業利潤率的一些擴張。

But we need to see what kind of momentum we have, we can complete this year before we can commit to that.

但我們需要看看我們有什麼樣的動力，我們可以在今年完成，然後才能做出承諾。

And just a quick follow-up.

只是快速跟進。

So thinking about the share that was recaptured in 3Q, the magnitude of that and how it's progressing in 4Q?

那麼，想想第三季重新奪回的份額、其規模以及第四季的進展如何？

If you can -- should it -- is it fair to assume that based on where you are now that you still expect to have a tailwind in consumables or share -- from lapping lower share in the first half of next year?

如果你可以——應該——根據你現在的情況，假設你仍然期望在消耗品或份額方面獲得順風——明年上半年份額下降，這是否公平？

Like are you at that point where you feel comfortable that at least for the first half, knowing where you are now that there will be a benefit?

就像你在那個時刻感到舒服，至少在上半場，知道你現在在哪裡，會有好處嗎？

Or is that still relatively insignificant?

或者說這仍然相對微不足道？

Well, yes, by definition, like we've said, we believe that sequentially this year, we have picked up some market share as we recover from the cyber incident from Q1 into Q2, into Q3.

嗯，是的，根據定義，就像我們所說的那樣，我們相信，隨著我們從第一季、第二季、第三季的網路事件中恢復過來，今年我們已經獲得了一些市場份額。

And so, we do expect that our existing market share, when we go into 2025, on the distribution side will be higher than when we went into 2024.

因此，我們確實預計，進入 2025 年時，我們在分銷方面的現有市場份額將高於進入 2024 年時的水平。

Now as we have stated in previous calls, that pace of recovery has been lighter than we originally expected.

正如我們在之前的電話會議中所說，復甦的步伐比我們最初預期的要慢。

So, we're still working on what we believe that incremental market share will be as we think through the '25 results.

因此，我們仍在致力於我們認為的增量市場份額，正如我們透過 25 年的結果所思考的那樣。

But yes, by definition, one would expect that market share to be slightly higher.

但是，是的，根據定義，人們預計市場份額會略高。

John Block, Stifel.

約翰·布洛克，斯蒂菲爾。

Stanley, maybe I'll just start with a pretty big picture.

史丹利，也許我會從一個相當大的畫面開始。

I think in the comments, you said next year, you expect the dental and medical markets to get a bit better and then you think you'll take share of that improvement.

我認為您在評論中說，明年，您預計牙科和醫療市場會好一點，然後您認為您會分享這種改善。

The improvement in the end markets, I'd say, has proven to be somewhat elusive over the past handful of quarters.

我想說，在過去幾個季度，終端市場的改善已被證明有些難以捉摸。

And so maybe you guys can just talk to your conviction there?

那麼也許你們可以談談你們的信念？

What are the drivers?

驅動因素是什麼？

Is it a lower interest rate environment that leads to the improvement, notably in equipment?

是否是較低的利率環境導致了改善，尤其是設備方面的改善？

Is it consumer confidence?

是消費者信心嗎？

Is it lower financing on higher ASP procedures?

較高的 ASP 程序是否會導致較低的融資？

What's really driving your improvement outlook if you would?

如果你願意的話，真正推動你改善前景的因素是什麼？

And do you expect it to be more acute in either dental and, or medical?

您認為這種情況在牙科和/或醫療領域會更加嚴重嗎？

Yes, Jon, that's an extremely good question.

是的，喬恩，這是一個非常好的問題。

So let's deal with the easier parts.

那麼讓我們處理更簡單的部分。

And the easier parts are dental equipment sales in the United States.

更容易的部分是在美國的牙科設備銷售。

I think there is a deep interest in practitioners investing in their practices.

我認為從業者對投資他們的實踐有著濃厚的興趣。

They're quite busy.

他們很忙。

In fact, Ron was telling me, he was having a problem getting an appointment with his dentist locally.

事實上，羅恩告訴我，他在與當地牙醫預約時遇到了問題。

The dentists are busy, and they're feeling good about their practices, and they do know that if they invest in digital technology, they will do better.

牙醫很忙，他們對自己的做法感覺良好，而且他們確實知道，如果他們投資數位技術，他們會做得更好。

So the whole area of the clinical workflow, digital devices, tying that into the software, electronic medical record, all of that is moving in a very good direction.

因此，整個臨床工作流程、數位設備、將其與軟體、電子病歷相結合，所有這些都在朝著一個非常好的方向發展。

Obviously, it's lumpy.

顯然，它是塊狀的。

This quarter, we had the situation of one of our biggest suppliers of scanners having a show slightly different time to last year.

本季度，我們最大的掃描器供應商之一的展會時間與去年略有不同。

So this is a good market.

所以這是一個很好的市場。

Yes, if interest rates come down in 100 basis points or more, I think that could move the needle. 200 basis points even better.

是的，如果利率下降 100 個基點或更多，我認為這可能會起到推動作用。 200個基點甚至更好。

So -- but there's a conviction to invest.

所以——但我們有投資的信念。

In the units, it seems like on the consumable side, units are positive, but there is this movement towards shopping for lower-priced branded products.

在單位方面，似乎在消費品方面，單位是積極的，但存在著購買低價品牌產品的趨勢。

And if you can get the same product or similar product, you'll move to a lower price -- product.

如果你可以得到相同的產品或類似的產品，你就會轉向價格較低的產品。

It does impact our margins a little bit, but that's balanced by a movement towards our own brand products, which sell at a higher price.

它確實對我們的利潤率產生了一點影響，但這透過轉向我們自己的品牌產品來平衡，這些產品的售價更高。

I think the implant market has stabilized, at least from our point of view.

我認為植入物市場已經穩定下來，至少從我們的角度來看是這樣。

The higher end is still challenged.

高端仍面臨挑戰。

But I think from the market that we participate in, which is the value implant side, I think the market is reasonably stable to leaning positively.

但我認為從我們參與的市場，即價值植入方面來看，我認為市場相當穩定，偏向正面。

The outlook in Europe is a little bit better now than it was even a year or so ago, maybe two years ago with the instability with the Ukraine, et cetera.

歐洲的前景現在比一年左右、也許兩年前好一些，因為烏克蘭等局勢不穩定。

I think that sort of calmed down a little bit or at least bottomed out.

我認為這已經平靜了一點，或者至少已經觸底了。

So Europe is leaning towards a positive.

所以歐洲傾向積極。

The rest of the world, Australia, New Zealand, for us, Brazil, it went down quite a bit, but it's also relatively positive compared to the bottom.

世界其他地區，澳洲、紐西蘭，對我們巴西來說，下降了不少，但與底部相比也相對積極。

So I think it's hard to tell exactly particularly where the election ends up and how people feel.

因此，我認為很難確切地說出選舉的結果以及人們的感受。

But I think we've bottomed out to slightly positive on both the consumable side and on the equipment side with a leaning towards positive on the equipment side.

但我認為我們在消耗品方面和設備方面都已經觸底回升，並且設備方面傾向於積極。

And from our point of view, I think we will continue to do okay with implants, endodontics and a very small orthodontic business that will start, I think, providing positive growth once we've moved our Smilers brand globally.

從我們的角度來看，我認為我們將繼續在植體、牙髓治療和一個非常小的矯正業務方面做得很好，我認為，一旦我們將Smilers 品牌轉移到全球，這些業務將開始提供積極的增長。

And so just a smaller side on the medical side, at the margin, we're doing okay, but it's very much dependent on two factors.

因此，在醫療方面，在邊際上，我們做得還不錯，但這在很大程度上取決於兩個因素。

One is flu seasons, when do they move from one way -- one year or one way another year.

其中一個是流感季節，流感季節何時會從一種方式轉移——一年或另一年。

And of course, generics in the in the area of particularly injectables.

當然，特別是注射劑領域的仿製藥。

And then you've got to take into account the price of gloves either way, but factor that out.

不管怎樣，你都必須考慮手套的價格，但要把它考慮進去。

And I think this will give you more or less a good view of our view of the market practitioners are investing in software.

我認為這或多或少會讓您更了解我們對市場從業者投資軟體的看法。

We are doing okay on the software side, pretty good, but we've moved from SaaS -- from on-prem sale to SaaS subscription and that has to be taken into account.

我們在軟體方面做得還不錯，非常好，但我們已經從 SaaS 轉向了 SaaS 訂閱，這一點必須考慮在內。

So that's sort of an overview of the various markets that we participate in.

這就是我們參與的各個市場的概述。

Hope here is doing well from our point of view.

從我們的角度來看，希望這裡做得很好。

I think in general, it's doing well.

我認為總的來說，它做得很好。

And the orthopedic business, for us, the new one, is also leading quite nicely because there is a reasonable amount of movement to ambulatory surgical centers, which is where we're doing well.

對我們來說，新的骨科業務也處於領先地位，因為流動手術中心的流動量相當大，而這正是我們做得很好的領域。

Okay.

好的。

Great.

偉大的。

That was very helpful, Stanley.

這非常有幫助，史丹利。

And then maybe just a quicker follow-up.

然後也許只是更快的跟進。

Implants impressive North American performance, pretty clear you're taking share.

植入令人印象深刻的北美表現，很明顯你正在搶佔份額。

But it's hard to believe that, that would all be from the tapered pro conical alone recent introduction.

但很難相信，這一切都來自於最近推出的錐形Pro Conical。

So any more details on the contribution from that offering?

那麼有關該產品貢獻的更多詳細資訊嗎？

And maybe more importantly, is it the conical having, call it, sort of a halo effect on the overall implant portfolio?

也許更重要的是，圓錐形是否對整個植體組合產生了光環效應？

Yes.

是的。

I think it's also a good question.

我認為這也是一個好問題。

I think our salespeople are feeling confident that the work they've done over the last two, three years, talking to customers about our exciting offering, now turns into a reality, and we are seeing customers that are interested in our product, which is a reasonably priced product, high quality, supported by very good KOLs and now an expanded market opportunity for us.

我認為我們的銷售人員對他們過去兩三年所做的工作充滿信心，與客戶談論我們令人興奮的產品，現在變成了現實，我們看到客戶對我們的產品感興趣，這是價格合理的產品，高品質，有非常優秀的KOL 的支持，現在對我們來說是一個擴大的市場機會。

All of that adds up well.

所有這些加起來都很好。

And we're talking about the United States.

我們正在談論美國。

As it relates to Europe, we continue to do very well, particularly in our big market, Germany, likewise, in Brazil and France.

就歐洲而言，我們繼續表現出色，特別是在我們的大市場德國，巴西和法國也是如此。

Then you can have a couple of hundred basis points movement one way or another due to export sales.

然後，由於出口銷售，您可能會以某種方式發生數百個基點的變動。

But generally, the fundamental state of our business in the United States is very solid when it comes to BioHorizons and is gaining momentum as a result of the work that the team has done over the last couple of years.

但總的來說，我們在美國的業務在 BioHorizo​​​​ns 方面的基本狀況非常穩固，並且由於團隊在過去幾年所做的工作而正在獲得動力。

And I would think that the appreciation of our product line by DSOs has also helped very nicely.

我認為 DSO 對我們產品線的讚賞也有很大幫助。

And Europe, Germany, in particular, where we have the big market share, we tend to continue to pick up a little bit of market share each quarter.

在歐洲，尤其是德國，我們擁有很大的市場份額，我們傾向於每季繼續增加一點市場份額。

And then the rest of the world, as I said, it's very much -- it's not that material.

然後世界其他地方，正如我所說，這不是那麼物質。

But it could move market share one quarter or another, depending on exports and depending on how we do in markets like Japan.

但它可能會改變一個季度或另一個季度的市場份額，這取決於出口以及我們在日本等市場的表現。

We do not participate much in Germany, although we have a sales with a very low-end price-wise, high-quality product, but -- and then, of course, Brazilian perhaps.

我們在德國的參與不多，儘管我們銷售的是價格非常低端的高品質產品，但——當然，也許還有巴西的銷售。

Jason Bednar, Piper Sandler.

傑森·貝德納，派珀·桑德勒。

Maybe I want to unpack a bit more on some of the prior questions, just some follow-ups here.

也許我想對之前的一些問題做更多的解說，這裡只是一些後續問題。

Maybe if you wouldn't mind first bifurcating some of the assumptions around the growth performance expectations for '25?

也許您不介意先對 25 年成長業績預期的一些假設進行分解？

If the market next year is showing modest growth, is it right to think this is mostly volume and pricing is flat?

如果明年的市場呈現溫和成長，那麼認為這主要是數量和價格持平是否正確？

Or would you characterize the pricing environment as slightly positive or negative that you're seeing manufacturer schedules roll out here for 2025?

或者，您認為製造商在 2025 年推出的時間表所帶來的定價環境是略微正面還是負面？

And then if you also wouldn't mind just commenting on how you see specialty and non-specialty parts of the market fitting into your overarching comments on the dental market, that would be great?

然後，如果您也不介意只評論您如何看待市場的專業和非專業部分，以符合您對牙科市場的整體評論，那就太好了？

So Jason, as a distributor, if we move more towards manufacturers that want to compete a little bit more aggressively and that tends to be the second-tier manufacturers and there's a movement towards own brand, it could impact sales a little bit, all things being equal, but our profits are solid.

因此，傑森，作為經銷商，如果我們更多地轉向那些想要更積極地競爭的製造商，而且往往是二線製造商，並且有向自有品牌的發展，這可能會對銷售產生一點影響，所有的事情都平等，但我們的利潤是可觀的。

So we can't tell exactly on the consumable side, but I would imagine that in particular with some of the larger accounts, our suppliers will want to be competitive.

因此，我們無法準確地判斷消耗品方面的情況，但我想，特別是對於一些較大的客戶，我們的供應商將希望具有競爭力。

As it relates to equipment, specifically in Europe, there is a movement towards high-quality, lower-priced equipment units.

就設備而言，特別是在歐洲，人們正在追求高品質、低價的設備單元。

And that has resulted in good sales for us, margins are not bad.

這為我們帶來了良好的銷售業績，利潤率也不錯。

And I think the manufacturers will -- all of them really in the end, will understand that there has been consumer resistance as a result of the increase in pricing in the post-COVID period.

我認為製造商最終都會明白，由於後疫情時期的價格上漲，消費者一直在抵制。

So I think from our point of view, the profitability point of view, I think we're okay.

所以我認為從我們的角度來看，從獲利能力的角度來看，我認為我們還可以。

Obviously, on the distribution side, regaining customers on the -- as a result of the cyber incident is going to continue to be important, and we have repositioned our sales force accordingly.

顯然，在分銷方面，由於網路事件而重新獲得客戶仍然很重要，我們已經相應地重新定位了我們的銷售團隊。

Our sales team was very much engaged until a few months ago in making sure that the customers that were impacted by the cyber incidents are okay and safely embedded with Henry Schein.

直到幾個月前，我們的銷售團隊一直在積極致力於確保受網路事件影響的客戶安然無恙並安全地嵌入 Henry Schein。

Now the smaller periodic customers, we do not spend a lot of time with those customers.

現在，對於較小的定期客戶，我們不會花很多時間與這些客戶打交道。

Our salespeople are focused on that.

我們的銷售人員專注於此。

Our telesales team has been reorganized to focus on that, more resource put into these smaller accounts that we seem to have had challenges -- we did have challenges with in the post-cyber incident, and that's the focus.

我們的電話銷售團隊已經重組，以專注於這一點，將更多資源投入到這些我們似乎遇到挑戰的較小帳戶中——我們在後網絡事件中確實遇到了挑戰，這就是重點。

And then our website, which was down had some challenges in regaining customers.

然後我們的網站癱瘓了，在重新獲得客戶方面遇到了一些挑戰。

I think we've got a lot of very good e-commerce activity going on there, social media type stuff, and we are recovering.

我認為我們那裡正在進行很多非常好的電子商務活動，社交媒體類型的活動，而且我們正在恢復。

So I think those items are very much going to impact us and we see more or less a continued stable market with us driving our sales in the areas that I've mentioned and, of course, focused on high-growth, high-margin businesses, that now account for just over 40% of our operating income and another 10% or so percent from our corporate brand, private brand product offering.

因此，我認為這些項目將對我們產生很大的影響，我們或多或少看到一個持續穩定的市場，我們在我提到的領域推動我們的銷售，當然，重點是高成長、高利潤業務，現在占我們營業收入的40% 多一點，另外10% 左右來自我們的企業品牌、自有品牌產品。

So it's about half the business that we have to make sure that we continue to grow.

因此，我們必須確保我們一半的業務能夠持續成長。

Okay.

好的。

And then just as a follow-up, Ron, you mentioned in the prepared remarks, press release having already influenced cost savings of $50 million.

作為後續行動，羅恩，您在準備好的發言中提到，新聞稿已經節省了 5000 萬美元的成本。

Can you give maybe a bit more detail on just where you're seeing these cost savings, maybe outside of the orthodontic business you referenced during your prepared remarks, some of the consolidation or cost efforts on, I think, the endodontic business that you fully acquired?

您能否提供更多詳細信息，說明您在哪些地方看到了這些成本節省，也許在您準備好的發言中提到的正畸業務之外，我認為您充分考慮的牙髓業務的一些整合或成本工作獲得？

Are there other revenue impacts or disruptions we need to think about as we look ahead to 2025, beyond just orthodontic?

展望 2025 年，除了矯正之外，我們還需要考慮其他收入影響或中斷嗎？

No, I would say that we obviously proceed carefully such that the reductions we make minimize or have very little effect, if any, on revenues.

不，我想說的是，我們顯然會謹慎行事，以使我們所做的削減最小化或對收入的影響（如果有的話）很小。

We have, given the decline in distribution revenues, some of the restructuring initiatives have been in the distribution businesses.

鑑於分銷收入下降，我們對分銷業務進行了一些重組舉措。

We've also -- we have not had quite the revenue growth as originally expected in some of the technology areas.

我們在某些​​技術領域的營收成長也沒有達到最初預期。

We did do some cost reductions there.

我們確實在那裡做了一些成本削減。

But I do think that we are able to continue to invest in new products, and we're bullish on '25 that we can go into '25 lean and with an opportunity to reinvest in those businesses, as necessary.

但我確實認為我們能夠繼續投資新產品，並且我們看好“25”，我們可以進入“25”精益，並有機會在必要時對這些業務進行再投資。

So that would be part of that.

所以這將是其中的一部分。

I think in terms of other things we're looking at for '25, as we said back on our Investor Day, we expect dental markets to be growing on normal in, say, in the 2% to 4% range.

我認為，就我們 25 年關注的其他事項而言，正如我們在投資者日所說，我們預計牙科市場將正常成長，例如 2% 至 4% 的範圍。

That 2% next year is probably a closer barometer than 4%.

明年的 2% 可能是比 4% 更接近的晴雨表。

But there's a lot of things that can influence this.

但有很多因素可以影響這一點。

Stanley mentioned earlier, that lower interest rates could encourage more investment, we could see more de novos.

史丹利之前提到，較低的利率可以鼓勵更多的投資，我們可以看到更多的從頭開始投資。

And expansion of the supply of dentistry would be very beneficial for us.

擴大牙科供應對我們來說非常有利。

So if we can see some increased investment in the build-out of practices, we think that would be something that would influence the number more than anything else in '25.

因此，如果我們能看到對實踐建設的投資增加，我們認為這對 25 年數字的影響將比其他任何事情都大。

John Stansel, JPMorgan Chase.

約翰‧史坦塞爾，摩根大通。

Just want to get a sense of intra-quarter trends within medical?

只是想了解醫療領域的季度內趨勢嗎？

And beyond that, how you're seeing your different end markets, the ASCs, doctors' offices, IDNs, how they're behaving both from a customer and competitor perspective?

除此之外，您如何看待不同的終端市場、ASC、醫生辦公室、IDN，他們從客戶和競爭對手的角度如何表現？

What you're seeing just generally in the competitive balance for medical right now?

您目前在醫療領域的競爭平衡中整體看到了什麼？

Yes.

是的。

So if you look at the medical market for Henry Schein, you put aside the ups and downs of the flu season, whether it's vaccines, COVID and general flu vaccine and those may shift up or down slightly and from one quarter to another.

因此，如果你看看Henry Schein 的醫療市場，你可以把流感季節的起伏放在一邊，無論是疫苗、新冠病毒還是普通流感疫苗，這些都可能會略有上升或下降，從一個季度到另一個季度季度。

And you x-out the impact of respiratory challenges.

並且您可以消除呼吸系統挑戰的影響。

Are people worried about that?

人們擔心這個嗎？

Are they going to doctor more or less?

他們會更多還是更少去看醫生？

You take that out.

你把它拿出來。

The business is pretty stable.

生意還算穩定。

We are recovering from the cyber incident.

我們正在從網路事件中恢復。

We did lose some customers, specifically lost some to drug wholesalers.

我們確實失去了一些客戶，特別是失去了一些藥品批發商。

And I think the customers in our sector understand that we provide a very different service and they're coming back.

我認為我們行業的客戶明白我們提供了非常不同的服務，他們會回來的。

So that's the core distribution business, which I think will -- if you x-out these respiratory and flu challenges and you take out the glove ups and downs, it's a pretty stable business with us growing market share as a result of the recovery.

這就是核心分銷業務，我認為，如果你排除了這些呼吸道和流感挑戰，並消除了手套的起起落落，這是一項相當穩定的業務，隨著經濟復甦，我們的市場份額不斷增長。

Then you add to that, not material in terms of sales, the progress we're making on the orthopedic side, which is pretty good.

然後你補充一下，在銷售方面並不重要，我們在骨科方面的進展非常好。

That business is doing well, both the recent acquisition of the orthopedic of the extremities product offering and our saws and blades business, not so much in sales, but in profits, it's very good.

這項業務做得很好，無論是最近收購的四肢矯形產品供應還是我們的鋸子和刀片業務，與其說是銷售額，不如說是利潤，非常好。

The home care business is doing well.

家庭護理業務表現良好。

You have seen -- we're not seeing local currency growth yet.

你已經看到了——我們還沒有看到當地貨幣成長。

I think that annualizes, Ron?

我認為這會按年計算，羅恩？

In the middle of the fourth quarter, yes.

在第四節中期，是的。

In the middle of the fourth quarter.

在第四節中段。

So that's pretty good.

所以這非常好。

And the movement to ASCs is pretty good.

而且向 ASC 的發展非常好。

There were some encouraging news we just got that reimbursement.

我們剛剛收到了一些令人鼓舞的消息報銷。

For foot and ankle procedures undertaken in the ASC is going to be going up.

在 ASC 中進行的足部和腳踝手術將會增加。

And I think the medical business is a very efficient business, a great sales organization, extremely well managed

我認為醫療產業是一個非常有效率的產業，一個優秀的銷售組織，管理得非常好

(was identical to dental by the way).

（順便說一下，與牙科相同）。

And I think you can expect continued momentum and decent margin improvements.

我認為您可以期待持續的成長勢頭和可觀的利潤率改善。

I can't give you the exact quarter where else is going to happen.

我無法告訴您具體的季度還會發生什麼情況。

But the trend is very good and the business is quite stable.

但趨勢很好，生意也相當穩定。

We still have to get back some of that pharmaceutical distribution that went to the drug wholesalers, but I think our team will get that back because our service is very unique.

我們仍然需要收回一些流向藥品批發商的藥品分銷，但我認為我們的團隊會收回這些，因為我們的服務非常獨特。

Great.

偉大的。

And then just one quick one.

然後只是一個快速的。

On the technology business -- or well, I guess, value-added services, in particular here, called out that the difference between LCI and reported revenue -- it was more, I want to say, cosmetic in a way that better to look at the reported revenue side.

在技​​術業務上——或者我想，增值服務，特別是在這裡，指出了LCI 和報告收入之間的差異——我想說，它更多的是裝飾性的，以便看起來更好。

Can you just kind of walk through the dynamic that is playing out there?

能簡單介紹一下那裡正在發生的動態嗎？

And why the headwind from, I think, value-added services is causing a problem here?

我認為，為什麼​​加值服務的逆風會在這裡造成問題？

Yes.

是的。

I'll try to give you my as concise of an explanation on that as I can.

我將盡力向您提供盡可能簡潔的解釋。

The transaction we did last year of LPS was completed effectively either July 31 or August 1.

我們去年做的LPS交易是在7月31日或8月1日有效完成的。

So we had one month of acquisition activity or acquisition growth from LPS versus two months of internal growth from LPS.

因此，我們從 LPS 進行了一個月的收購活動或收購成長，而從 LPS 進行了兩個月的內部成長。

And they had a very good July.

他們度過了一個非常愉快的七月。

So the revenues in that month are a factor in our acquisition growth as opposed to our internal growth.

因此，該月的收入是我們收購成長的因素，而不是我們內部成長的因素。

So had we spread those revenues out over the course of the quarter, we think that it would -- the total sales growth would be more reflective of what we expect of that segment going forward.

因此，如果我們將這些收入分散到整個季度，我們認為總銷售成長將更能反映我們對該細分市場未來的預期。

But the nature of that business is it can be very lumpy.

但這項業務的本質是它可能非常不穩定。

It's not a recurring customer base.

這不是一個經常性的客戶群。

It's a series of transactions and the timing of those transactions can make for some unusual math.

這是一系列交易，這些交易的時間表可能會產生一些不尋常的數學結果。

But now that transaction has annualized, it will be part of our internal sales growth going forward.

但現在該交易已經年化，它將成為我們未來內部銷售成長的一部分。

And Ron, thank you.

羅恩，謝謝你。

And we need to also ensure that you've taken into account the movement from on-prem sales to the SaaS model where it's a monthly subscription, but the units are doing quite well and our cloud-based system both in the United States, which is our big market and our international business.

我們還需要確保您考慮到從本地銷售到 SaaS 模式（按月訂閱）的轉變，但這些設備和我們基於雲端的系統在美國都表現得很好，這是我們的大市場和我們的國際業務。

So the business is quite good and it's growing.

所以生意非常好，而且還在成長。

Brandon Vazquez, William Blair.

布蘭登·巴斯克斯，威廉·布萊爾。

Since we're bumping at the end here, I'll throw two together.

由於我們在最後碰撞，我將把兩個放在一起。

The first one is, Stan, you had made some comments about some dental manufacturers wanting to -- I think the phrase you're using is compete a little bit more.

第一個是，史丹，您曾對一些牙科製造商發表了一些評論，他們希望——我認為您使用的短語是「多競爭一點」。

Maybe that trend be impacting you guys going into '25.

也許這種趨勢會影響你們進入 25 歲。

Just curious if you could elaborate on that?

只是好奇能否詳細說明一下？

I'm not sure, is that new?

我不確定，這是新的嗎？

Or is that something that you guys have always dealt with?

還是這是你們一直在處理的事情？

So just any comments around that?

那麼對此有什麼評論嗎？

And the second follow-up question is just any color you can give us on specifically what's happening within the restructuring in that clear aligner business, that would be helpful, too?

第二個後續問題是，您可以向我們提供有關透明矯正器業務重組中具體發生的情況的任何顏色，這也會有幫助嗎？

We've been mentioning in our calls now -- kind of remember three or four quarters now that consumers are -- of dental products, and I guess it's consumers in general are looking at quality of the product versus price the value.

我們現在在電話中提到了——記得現在消費者已經有三、四個季度了——牙科產品，我想消費者普遍關注的是產品的品質而不是價格和價值。

And if they can see a better value in something else, rather than necessarily a national brand, they're going to go in that direction.

如果他們能看到其他東西（而不一定是國家品牌）的更好價值，他們就會朝這個方向前進。

That has been, of course, a driver in our own brands.

當然，這一直是我們自有品牌的驅動力。

Now not every large manufacturer is ignoring these trends.

現在，並非所有大型製造商都忽略了這些趨勢。

Many are dealing with it.

許多人正在處理它。

But there are some that took their prices up quite high and there's been price resistance.

但也有一些將價格抬得相當高，並且存在價格阻力。

And we've said this for a while and not only the consumables, but on the equipment side, specifically on the equipment side in Europe.

我們已經說過一段時間了，不僅是消耗品，而且是設備方面，特別是歐洲的設備方面。

So I think this is going to adjust itself.

所以我認為這會自行調整。

We certainly have mentioned to our manufacturing partners, they understand us.

我們當然已經向我們的製造合作夥伴提到過，他們理解我們。

And remember, we are committed to national brands, but we need to ensure that the national brands we represent are competitive in the eyes of our customers.

請記住，我們致力於國家品牌，但我們需要確保我們所代表的國家品牌在客戶眼中具有競爭力。

I think this will adjust.

我認為這會調整。

I don't think this trend will go on for a long time.

我認為這種趨勢不會持續很長時間。

But it's certainly magnified this quarter and actually the last couple of quarters.

但本季以及實際上最後幾季的情況肯定有所放大。

Ron, on restructuring?

羅恩，關於重組？

Yes, certainly, with reference to the orthodontics question, yes.

是的，當然，關於正畸問題，是的。

So we are transitioning our clear aligner products in the US and the European markets from Reveal to Smilers, and we're doing that over a period of time.

因此，我們正在將美國和歐洲市場的透明矯正器產品從 Reveal 過渡到 Smilers，我們將在一段時間內做到這一點。

We also saw it as an opportunity to -- as opposed to our orthodontic business, quite frankly, we just weren't getting to a scale with that business to justify the infrastructure we have there.

我們也認為這是一個機會——與我們的正畸業務相反，坦白說，我們只是沒有達到該業務的規模來證明我們在那裡擁有的基礎設施的合理性。

And so we're able to leverage our existing distribution infrastructure more so and reduce some costs, some operating costs within that business as we transition.

因此，我們能夠更多地利用現有的分銷基礎設施，並在轉型時降低該業務中的一些成本和營運成本。

And at the end of the day, when you bump up Reveal to the Smilers, we saw Smilers as a better product.

最終，當您向 Smilers 展示 Reveal 時，我們發現 Smilers 是更好的產品。

And given the size of the business, it likely didn't make sense for us to have the two brands.

考慮到業務規模，我們擁有這兩個品牌可能沒有意義。

And so we are transitioning to Smilers as a result.

因此，我們正在向微笑者過渡。

It will take a couple of quarters to smooth this out.

需要幾個季度的時間才能解決這個問題。

But the Reveal product is a very good product.

但Reveal產品是一個非常好的產品。

But the Smilers brand has additional software with Nemotec backing it up.

但 Smilers 品牌還有 Nemotec 支援的附加軟體。

And wherever we've tested it, it seems to have gone quite well, has gone well.

無論我們在哪裡測試它，它似乎都進展順利，進展順利。

So operator, I think we're near the end.

接線員，我想我們已經接近尾聲了。

I want to thank everybody today.

今天我要感謝大家。

We do have one more.

我們確實還有一個。

Ohh, we have one more question.

哦，我們還有一個問題。

Sorry.

對不起。

Mike Petusky, Barrington Research.

麥克佩圖斯基，巴靈頓研究中心。

Understanding this is not a call where you're talking about '25 a lot, but I'm just curious if '25 in terms of capital allocation will -- in terms of what you think now?

理解這不是一個你經常談論「25」的電話會議，但我只是好奇「25」在資本配置方面是否會——就你現在的想法而言？

I mean is that going to look more like '24 in terms of M&A, share repurchase, internal investment, sort of the relative ways you guys sort of make decisions around those?

我的意思是，在併購、股票回購、內部投資以及你們圍繞這些做出決策的相對方式方面，這看起來更像是 24 世紀嗎？

Or could that look more like the '22, '23 time frame where external investment was a little bit heavier?

或者這看起來更像是「22」、「23」的時間框架，其中外部投資稍微重一些？

Yes.

是的。

Mike, my expectation is it will be more in line with the historical run rate that you saw kind of going into that '22, '23 period, which is typically share repurchases a bit in that $300 million to $400 million range, M&A was in that $300 million to $400 million range.

麥克，我的預期是，它將更符合您所看到的進入「22、23」時期的歷史運行率，該時期通常是在 3 億至 4 億美元範圍內的股票回購，併購處於3億至4億美元的範圍。

There also could be some opportunity as we've been very pleased with the positive cash flow that we may be able to pay down debt a little faster depending on where we think we get really the best accretion for that capital outlay.

也可能存在一些機會，因為我們對正現金流非常滿意，我們可能能夠更快地償還債務，這取決於我們認為我們在哪裡真正獲得了資本支出的最佳增值。

But I would expect it to be more in line with those historical trends.

但我希望它更符合這些歷史趨勢。

Having said that, as you know, we are -- we remain with an opportunistic approach on M&A.

話雖如此，如您所知，我們仍然對併購採取機會主義態度。

And if the right type of transaction becomes available to us that we think is fundamental to our strategy and to growth of the business, it was something that we would not exclude the notion of doing that transaction.

如果我們可以進行正確的交易類型，並且我們認為這對我們的策略和業務成長至關重要，那麼我們不會排除進行該交易的想法。

Okay.

好的。

Great.

偉大的。

And a quick follow-up.

並快速跟進。

Just in terms of potential M&A, whether it's in '25 or beyond.

就潛在的併購而言，無論是在 25 年還是以後。

You guys have made some positive comments about Home Solutions and obviously have built that business up, but I know you want to scale it further.

你們對家庭解決方案做出了一些積極的評論，顯然已經建立了該業務，但我知道你們想進一步擴大規模。

Can you just talk about where assets in the Home Solutions space would sort of rank in terms of M&A priorities?

您能否談談家庭解決方案領域的資產在併購優先事項的排名？

Yes.

是的。

That is an area that we expect to continue investing in.

這是我們預計將繼續投資的領域。

I don't think we need to make huge investments, but we need to make investments that expand our offering nationally in the United States, give us access to contracts.

我認為我們不需要進行巨額投資，但我們需要進行投資以擴大我們在美國全國範圍內的產品範圍，使我們能夠獲得合約。

But I don't think this is a need to spend a huge amount of money.

但我不認為這是需要花費大量資金的。

It's rather an opportunity to add to our platform and fill it out in areas where we don't necessarily have the delivery capabilities, although we are going to leverage the Henry Schein infrastructure for delivery in certain parts of the country, but also accessing certain insurance contracts that may enable us to position a faster growth rate.

這是一個機會，可以添加到我們的平台並在我們不一定具有交付能力的地區填寫它，儘管我們將利用 Henry Schein 基礎設施在該國的某些地區進行交付，但也可以獲得某些保險合同可能使我們能夠實現更快的成長率。

We've put in place an outstanding team in this area through the acquisitions and through recruiting that we've undertaken in the last couple of years.

透過過去幾年的收購和招聘，我們在這一領域組建了一​​支優秀的團隊。

And this business that -- both the demographics and the fundamentals, the operations of the business are very sound, and we're very excited about it.

這項業務的人口統計和基本面以及業務運作都非常健全，我們對此感到非常興奮。

So we thank you for calling with five minutes over.

感謝您在五分鐘後致電。

Sorry about that.

對此感到抱歉。

As you can tell, we feel very good about the business.

如您所知，我們對這項業務感覺非常好。

We're performing quite well throughout the business.

我們整個業務的表現都非常好。

We believe that we will continue to steadily gain back our market share in the distribution businesses, the ones that were challenged by the cyber incident.

我們相信，我們將繼續穩步奪回受到網路事件挑戰的分銷業務的市場份額。

We believe that our high-growth, high-margin products and services businesses are all going in the right direction.

我們相信，我們的高成長、高利潤的產品和服務業務都在朝著正確的方向發展。

Of course, there's a small endodontics business we are restructuring.

當然，我們正在重組一家小型牙髓業務。

But if you take that out, the implants and the endodontic businesses are positive.

但如果去掉這一點，植體和牙髓業務是積極的。

The ingredients in our value-added service businesses are all working in a nice direction and should result in stickiness with our core customers.

我們的加值服務業務的各個要素都在朝著良好的方向發展，應該會增強我們對核心客戶的黏性。

And we are sunsetting our 2022 to 2024 strategic plan.

我們正在製定 2022 年至 2024 年的策略計畫。

If you x-out the cyber incident, I think we've done pretty good on delivering on our plans, ideas, tactics.

如果你排除了網路事件，我認為我們在實現我們的計劃、想法和策略方面做得很好。

And we will discuss on the next call, our '25 to '27 strategic plan.

我們將在下次電話會議上討論我們的「25 至 27」戰略計劃。

We don't expect to change anything in a significant way, but to emphasize certain areas that we think are an opportunity and we'll articulate that to you.

我們不希望以重大方式改變任何事情，但會強調我們認為有機會的某些領域，我們會向您闡明這一點。

And capital deployment, as Ron said, is expected to be very similar to this year.

正如羅恩所說，資本部署預計將與今年非常相似。

You never know there may be an opportunity and cash flow, we'll use to invest, as in the historical past, in some acquisitions, buying back, supplying some minority interest in our current portfolio of investments and of course, buying back stock.

你永遠不知道可能會有機會和現金流，我們將像過去一樣，用於投資一些收購、回購、在我們當前的投資組合中提供一些少數股權，當然還有回購股票。

We have over $300 million still to spend in that area.

我們還有超過 3 億美元的資金用於該領域。

So with that in mind, I wish everybody a good safe holiday season, and we'll be back early next year and remain quite optimistic.

因此，考慮到這一點，我祝福每個人都有一個安全愉快的假期，我們將在明年初回來並保持相當樂觀的態度。

The team is working extremely well.

該團隊工作得非常好。

The restructuring has been understood by the team very well.

團隊對此次重組非常理解。

And nothing that we haven't done in the past.

我們過去沒有做過任何事。

We treat our people very well, and that's appreciated.

我們對員工很好，這點值得讚賞。

So thank you all for your interest, and that's it.

感謝大家的關注，僅此而已。

Graham, Ron -- thank you.

格雷厄姆、羅恩——謝謝你們。

Ladies and gentlemen, this does conclude today's teleconference.

女士們、先生們，今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。