漢瑞祥 (HSIC) 2024 Q4 法說會逐字稿

Good morning ladies and gentlemen, and welcome to Henry Schein's fourth quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded.

女士們、先生們，早安，歡迎參加 Henry Schein 2024 年第四季財報電話會議。（操作員指示）提醒一下，此通話正在被錄音。

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. Please go ahead, Graham.

現在，我想介紹今天電話會議的主持人，Henry Schein 的投資者關係副總裁兼策略財務專案長 Graham Stanley。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 2024 fourth quarter.

謝謝接線員，也感謝你們每個人加入我們討論 Henry Schein 2024 年第四季的財務表現。

With me on today's call is Stanley Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein; and Ronald South, Senior Vice President and Chief Financial Officer. Before we begin, I'd like to state that certain comments made during this call will include information that's forward-looking.

今天與我一起參加電話會議的還有 Henry Schein 董事會主席兼執行長 Stanley Bergman；以及資深副總裁兼財務長Ronald South。在我們開始之前，我想聲明一下，本次電話會議中提出的某些評論將包含前瞻性的資訊。

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.

公司業務所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，公司的實際業績可能與此類陳述所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 提交給美國證券交易委員會的文件中所含警示性聲明，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. We believe the non-GAAP financial measures provide investors with useful supplemental information about the financial performance of the 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.

今天的評論將包括 GAAP 和非 GAAP 財務結果。我們相信，非公認會計準則財務指標為投資者提供了有關業務財務業績的有用補充信息，使得投資者能夠比較某些項目可能獨立於業務業績而變化的期間之間的財務結果，並提高管理層在運營業務時使用的關鍵指標的透明度。

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.

這些非公認會計準則財務指標僅供參考和比較之用，不應被視為相應公認會計準則指標的替代。

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.

今天的新聞稿中的附件 B 中包含了 GAAP 和非 GAAP 指標之間的對帳表，您可在我們的投資者關係網站的財務和文件部分中的補充資訊標題下以及在我們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, February 25, 2025.

本次電話會議的內容包含時間敏感訊息，僅截至現場直播日期 2025 年 2 月 25 日的準確性。

Henry Schein takes 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, we'll limit -- please limit yourself to a single question and a follow up.

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召開日後發生的事件或情況的義務。最後，在今天的問答環節中，我們將限制——請您將自己限制在一個問題和一個後續問題上。

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

接下來，我想將電話轉給史丹利·伯格曼。

Thank you, Graham. Good morning, everyone. Thank you for joining us this morning. I hope that the new time is appreciated by analysts and investors, and if not, and you like to go back to a later time, please be in touch with Graham, and we will take your thoughts into account.

謝謝你，格雷厄姆。大家早安。感謝您今天上午加入我們。我希望分析師和投資者能夠欣賞新的時間，如果沒有，並且您想回到稍後的時間，請與 Graham 聯繫，我們會考慮您的想法。

The financial results and guidance being provided today are consistent with the preliminary financial results and guidance provided on January 29. Our fourth quarter financial results reflect relatively stable dental and medical end markets.

今天提供的財務結果和指引與 1 月 29 日提供的初步財務結果和指引一致。我們的第四季財務表現反映出牙科和醫療終端市場相對穩定。

We continue to make progress as we sunset our 2022 to 2024 BOLD+1 Strategic Plan which is now completed. We see our key goal of -- and the major target in the plan of 2024 -- by 2024 generating 40% of our worldwide operating income from high-growth, high-margin businesses.

隨著我們結束現已完成的 2022 年至 2024 年 BOLD+1 戰略計劃，我們繼續取得進展。我們認為我們的關鍵目標——也是 2024 年計畫的主要目標——到 2024 年，從高成長、高利潤的業務中創造 40% 的全球營業收入。

And let me remind our investors, there's another 10% or so of our profits that are coming from our own brands. So well over half of our profits are today coming from our high-growth, high-margin and own brand products.

我要提醒我們的投資者，我們的另外 10% 左右的利潤來自我們自己的品牌。因此，我們目前超過一半的利潤來自於高成長、高利潤和自有品牌的產品。

We have confidence in the underlying fundamentals of our business and look forward to advancing the opportunities contained in our updated '25 to '27 BOLD+1 Strategic Plan.

我們對我們業務的基本面充滿信心，並期待著推進我們更新的'25 至'27 BOLD+1 戰略計劃中所包含的機會。

KKR announced its investment to become our largest non-index shareholder as they recognize the potential of Henry Schein. We expect 2025 to be the base year from which to grow and achieve our previously provided long-term goal of high single digit to low double digit earnings growth with the cyber incident now in the rear mirror.

KKR 宣布投資並成為我們最大的非指數股東，因為他們認識到 Henry Schein 的潛力。我們預計 2025 年將成為成長的基準年，隨著網路事件的發生，我們將實現先前設定的長期目標，即獲利從高個位數成長到低兩位數成長。

As part of the launch of the updated '25 '27 BOLD+1 Strategic Plan, we have simplified our organizational structure and appointed Andrea Albertini has responsibility for our global distribution and value-added services group, as well as our global technology group.

作為更新後的「25'27 BOLD+1 策略計畫」發布的一部分，我們簡化了組織結構，並任命 Andrea Albertini 負責我們的全球分銷和增值服務集團以及全球技術集團。

The global distribution and value-added services group includes distribution to the global dental and medical markets of national brand and corporate brand merchandise as well as equipment and related technical services.

全球分銷和增值服務集團包括向全球牙科和醫療市場分銷國家品牌和企業品牌商品以及設備和相關技術服務。

This group also includes value-added services such as practice transitions, continuing education, consulting, financial and other services. The global technology group includes development, marketing, and sales of practice management software, e-services, and other products and related services.

該集團還包括實踐轉型、繼續教育、諮詢、財務和其他服務等增值服務。該全球技術集團包括實踐管理軟體、電子服務以及其他產品和相關服務的開發、行銷和銷售。

We also appointed Tom Popeck to lead our global specialty products group, which includes manufacturing, marketing, sales of dental implant and biomaterial products. Endodontic, Orthodontic, and Orthopedic products, and other healthcare related products and services, as well as management of our corporate brand offering, which is essentially distributed through our distribution group.

我們還任命湯姆·波佩克 (Tom Popeck) 來領導我們的全球特色產品集團，該集團包括牙科植入物和生物材料產品的製造、行銷和銷售。牙髓科、矯正科和骨科產品以及其他醫療保健相關產品和服務，以及我們公司品牌產品的管理，主要透過我們的分銷集團進行分銷。

We expect that these complementary businesses will drive growth by leveraging our current product portfolio across our entire customer base, providing new products and services to our customers and growing our e-commerce business. I think the relationship between each of our groups and the driving of synergies will, of course, grow sales and related profits.

我們預計，這些互補業務將利用我們整個客戶群中的現有產品組合、向我們的客戶提供新產品和服務以及發展我們的電子商務業務來推動成長。我認為我們各個團隊之間的關係和綜效當然會增加銷售和相關利潤。

We are also today announcing a change to our reportable segments. This was also requested by investors during our investor survey some time ago. And we have now prepared financial statements in accordance with these reported the segments and aligned with our management reporting and provide more meaningful information to investors on the business performance.

我們今天也宣布了對我們的報告部門的變更。這也是我們在前段時間的投資者調查中提出的要求。現在，我們已經根據這些報告的分部編制了財務報表，並與我們的管理報告保持一致，並為投資者提供有關業務績效的更多有意義的資訊。

Ron will detail the performance of each of these three groups in his prepared remarks. We will continue to provide information on our high-growth, high-margin products and services, but these are now included in each of our reportable segments and which -- and of course, it's a key metric for us to drive high-growth, high-margin profits -- sales and profits, a very important metric for our 2025 to 2027 strategic plan. We'll provide you with separate data on that.

羅恩將在他準備好的演講中詳細介紹這三個團體的表現。我們將繼續提供有關我們的高成長、高利潤產品和服務的信息，但這些資訊現在已包含在我們每個可報告的分部中，當然，這是我們推動高成長、高利潤的關鍵指標——銷售額和利潤，也是我們 2025 年至 2027 年戰略計劃的一個非常重要的指標。我們將為您提供有關該內容的單獨數據。

Now let's turn to a review of our key business units. Let me start by reporting on the global distribution and value-added services group. During the fourth quarter, we continued to see relatively stable patient traffic. Market growth for dental and medical products continue to be below the long-term guidance range we provided at our Investor Day, partially as a result of customer migration to value priced products.

現在讓我們回顧一下我們的關鍵業務部門。首先我報告全球分銷和加值服務集團的情況。在第四季度，我們繼續看到相對穩定的患者流量。牙科和醫療產品的市場成長仍然低於我們在投資者日提供的長期指導範圍，部分原因是客戶轉向價值定價產品。

Now if we look specifically at the US dental merchandise growth, which was strong excluding sales of PPE, personal protective equipment, and impacted by low prior year comparable, offset by the midweek timing of Christmas. Ron again will give you specifics later in the call.

現在，如果我們特別關注美國牙科商品的成長情況，我們發現，不包括個人防護裝備 (PPE) 和個人防護設備的銷售，美國牙科商品的成長勢頭強勁，並且受到去年同期較低水平的影響，但受到聖誕節周中時間的影響。羅恩稍後會在通話中再次向您提供具體細節。

On the US dental equipment sales, which increased double digit and benefited from the deferral last year of some sales in the fourth quarter of '23 into the first quarter of '24 as a result of the cyber incident, we achieved strong growth in traditional equipment and parts and technical service.

美國牙科設備的銷售額實現了兩位數的增長，受益於去年網絡事件導致 23 年第四季度的部分銷售推遲到 24 年第一季度，我們在傳統設備和零件以及技術服務方面實現了強勁增長。

Digital equipment sales also increased with unit growth quite good, offsetting some price declines. On the US medical business, results reflect a late start of the flu season and lower sales of vaccines, PPE and COVID tests.

數位設備的銷售額也有所增加，單位成長相當不錯，抵消了部分價格下降的影響。就美國醫療業務而言，業績反映出流感季節開始較晚，疫苗、個人防護裝備和 COVID 測試的銷售量下降。

Our home solutions business performed particularly well during the fourth quarter. In January, we strengthened the business as we completed the tuck-in acquisition of Acentus. This is adding to our offering of continuous glucose monitors, an area of the home care market that we're quite bullish about.

我們的家居解決方案業務在第四季度表現尤為出色。今年 1 月，我們完成了對 Acentus 的收購，從而增強了業務實力。這擴大了我們提供的連續血糖監測儀的範圍，這是我們非常看好的家庭護理市場的一個領域。

Now we've increased the annual run rate in this home care solutions business that we entered a couple of years ago to approximately $400 million with a significant amount of that $400 million coming from internal growth.

現在，我們已將幾年前進入的家庭護理解決方案業務的年運行率提高到約 4 億美元，其中很大一部分來自內部成長。

Let's take a look now at our international dental merchandise sales, which grew strongly with good growth in Canada, and Canada now is included in the international group -- dental group. Strong growth in Canada, Europe, Brazil, slightly softer growth in Australia, New Zealand and Asia.

現在讓我們來看看我們的國際牙科商品銷售情況，隨著加拿大的良好增長，我們的國際牙科商品銷售也強勁增長，加拿大現在已經被納入國際集團——牙科集團。加拿大、歐洲、巴西成長強勁，澳洲、紐西蘭和亞洲的成長略有放緩。

International equipment sales growth was solid. The stronger growth in traditional equipment compared to digital equipment, which was again good units, but digital was impacted by pricing, all similar to the US, a global trend. But overall, our equipment business was quite good this quarter.

國際設備銷售成長穩健。傳統設備的成長比數位設備更強勁，數位設備的銷售再次表現良好，但數位設備受到定價的影響，這與美國的情況類似，這是全球趨勢。但整體來說，本季我們的設備業務表現相當不錯。

Right. Now let's turn to a review of the global specialty products group, which had solid growth in dental implants, biomaterials and endodontic. The core businesses in this group did well. Our new entry into the orthopedics arena last year, special -- well, we did have some orthopedic products before, but the significant investment we made last year also performed well. This offset -- this growth was offset by a decrease in the orthodontic sales, and we're addressing that through restructuring, largely a result of product -- an important product going off patent.

正確的。現在讓我們來回顧一下全球特色產品集團，該集團在牙科植體、生物材料和牙髓治療方面都實現了穩步增長。集團的核心業務表現良好。我們去年新進入骨科領域，特別的——嗯，我們之前確實有一些骨科產品，但我們去年進行的大量投資也表現良好。這一增長被牙齒矯正銷售額的下降所抵消，我們正在透過重組來解決這個問題，這主要是由於一款重要產品的專利到期。

We have a new product coming. Actually, we have it in place now and it's gaining some traction in the orthodontics field. Implant and biomaterial sales in Europe continued to be quite strong, especially in the DACH region, that's the German speaking region, where our BioHorizons Camlog products continue to grow well.

我們即將推出一款新產品。實際上，我們現在已經實施了它，並且它在正畸領域正在獲得一些關注。歐洲的植入物和生物材料銷售持續保持強勁，尤其是在 DACH 地區，即德語地區，我們的 BioHorizo​​ns Camlog 產品繼續保持良好的成長勢頭。

While the launch of BioHorizons Tapered Pro Conical implants in the US is proceeding well, the initial sales are largely coming from product conversions with existing customers resulting in modest incremental sales. But we expect the Tapered Pro Conical implant to be a way to generate business from new customers in our implant business.

雖然 BioHorizo​​​​ns Tapered Pro Conical 植入物在美國的推出進展順利，但初期銷售主要來自現有客戶的產品轉換，從而帶來了適度的增量銷售。但我們預計 Tapered Pro Conical 植體將成為我們植入物業務吸引新客戶的一種方式。

Overall, our sales of implants in the value segment posted very strong quarterly growth. The S.I.N. product line posted solid double-digit growth in Brazil, and we continue to roll out the brand across the US to serve the value segment of the market.

總體而言，我們在價值領域的植入物銷售額實現了非常強勁的季度成長。罪證產品線在巴西實現了穩健的兩位數成長，我們將繼續在美國推出該品牌，以服務市場的價值領域。

Our endodontics sales growth was strong as a result of our expanded sales focus through our US distribution sales channel of the Edge product offering as well as some new product functions. A little bit more on the orthopedic business which continues to perform well, including our TriMed acquisition which is complementary to our medical focus on ASCs and specialty customers.

由於我們透過美國分銷管道擴大了 Edge 產品的銷售重點以及一些新的產品功能，我們的牙髓科銷售成長強勁。再多說一下繼續表現良好的骨科業務，包括我們對 TriMed 的收購，這對我們對 ASC 和專業客戶的醫療重點起到了補充作用。

New products in both upper and lower extremities as well as good momentum with a new dedicated sales team in foot and ankle helped drive sales growth. So this whole area of specialty is working well for us. We will deal with the orthodontic challenge. But overall, if you take that out, the performance is quite good.

上肢和下肢的新產品以及新的足部和踝部專業銷售團隊的良好發展勢頭推動了銷售成長。所以整個專業領域對我們來說都很有利。我們將應對牙齒矯正的挑戰。但整體來說，如果去掉這個因素，性能還是相當不錯的。

Now if you look at the technology group. While overall sales growth was low, we had strong operating growth in the business. Sales continued to perform well in cloud based practice software, that's management -- practice management software. And revenue cycle management also did quite well, partially offset by the sunsetting of certain brands. The whole idea here is to drive towards common brands for each type of application.

現在如果你看一下技術組。雖然整體銷售成長較低，但我們的業務營運成長強勁。基於雲端的實踐軟體，即管理－實踐管理軟體的銷售持續表現良好。收入週期管理也表現良好，但部分品牌的停產抵消了其收入週期管理的正面影響。這裡的整個想法是推動每種類型的應用程式擁有共同的品牌。

We lose a little bit of business along the way, but we can provide better service and of course, greater margins. And we now have over 9,000 customers subscribed to Dentrix Ascend and Dentally with year on year growth of approximately 6.5%.

在這個過程中，我們確實損失了一些業務，但我們可以提供更好的服務，當然還有更大的利潤。目前，我們有超過 9,000 名客戶訂閱了 Dentrix Ascend 和 Dentally，年成長約 6.5%。

It's very important to understand that this is a shift from an on-prem sale to a SaaS model, which creates short-term headwinds on the revenue side, which is outweighed by longer-term benefits from higher recurring subscription revenues.

理解這一點非常重要，即從本地銷售向 SaaS 模式的轉變，這會在短期內給收入帶來不利影響，但更高的經常性訂閱收入帶來的長期利益將抵消這一不利影響。

This model is working quite well. Cost efficiencies in the business are there. They've been reaped, more to go as we merge brands, and this is driving technology operating margin up. This trend, we expect to continue.

這個模型運行得相當好。企業的成本效率是存在的。我們已收穫了成果，隨著品牌合併，我們還將收穫更多，這將推動技術營業利潤率上升。我們預計這一趨勢將會持續下去。

Now let me turn the call over to Ron to review our fourth quarter financial results and our '25 guidance. Ron, please.

現在，讓我將電話轉給羅恩，讓他回顧我們的第四季財務表現和 25 年指引。請叫我羅恩。

Thank you, Stanley, and good morning, everyone. As Stanley mentioned, we are also today announcing a change to our reportable segments to align with management reporting and provide more meaningful information for investors on the business. The results being reported today reflect this change, and a recast of prior comparative segment information has been provided in Exhibit B of today's press release.

謝謝你，史丹利，大家早安。正如史丹利所提到的，我們今天也宣布對報告部門進行更改，以符合管理報告並為投資者提供更多有意義的業務資訊。今天報告的結果反映了這一變化，並且在今天的新聞稿的附件 B 中提供了先前的比較分部資訊的重述。

Turning to our fourth quarter sales results. I will provide detail on total sales, 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.

談談我們第四季的銷售業績。我將詳細介紹總銷售額、總銷售額成長以及 LCI 銷售額成長，這是與前一年相比以當地貨幣計算的內部產生的銷售額，不包括收購。

Global sales were $3.2 billion with sales growth of 5.8% compared to the fourth quarter of 2023. This includes 0.7% growth from acquisitions and a 0.4% decrease attributable to foreign currency exchange. Please note that sales in the fourth quarter of 2023 were negatively impacted by the cybersecurity incident.

全球銷售額為 32 億美元，與 2023 年第四季相比銷售額成長 5.8%。其中，收購帶來0.7%的成長，外匯兌換帶來0.4%的下降。請注意，2023 年第四季的銷售受到網路安全事件的負面影響。

LCI sales increased 5.5% for the quarter or 6.6% when excluding lower PPE sales and COVID test kits. Our GAAP operating margin for the fourth quarter of 2024 was 4.86%, a 358 basis point improvement compared with the prior year GAAP operating margin.

LCI 銷售額本季成長了 5.5%，若不包括較低的 PPE 銷售額和 COVID 檢測試劑，則成長了 6.6%。我們 2024 年第四季的 GAAP 營業利潤率為 4.86%，比去年同期的 GAAP 營業利潤率提高了 358 個基點。

On a non-GAAP basis, operating margin for the fourth quarter was 7.46%, a 260 basis point improvement compared to the prior year non-GAAP operating margin. In the prior year, both the GAAP and non-GAAP operating margins were negatively impacted by the cybersecurity incident.

以非美國通用會計準則計算，第四季營業利潤率為 7.46%，較去年同期非美國通用會計準則營業利潤率提高 260 個基點。上一年，網路安全事件對 GAAP 和非 GAAP 營業利潤率均產生了負面影響。

In the fourth quarter of 2024, our operating margin benefited from lower operating expenses year over year as we are starting to realize cost savings from our restructuring initiatives. We also continue to experience year over year gross margin expansion in the fourth quarter, primarily as a result of acquisitions we have made to advance our BOLD+1 strategy.

2024 年第四季度，由於我們開始從重組措施中實現成本節約，我們的營業利潤率受益於同比下降的營業費用。我們的第四季毛利率也持續年增，這主要得益於我們為推進 BOLD+1 策略而進行的收購。

For the full year, we achieved 41% of our total operating income from high-growth, high-margin businesses. Fourth quarter 2024 GAAP net income was $94 million or $0.74 per diluted share. This compares with prior year GAAP net income at $18 million or $0.13 per diluted share.

全年來看，我們41%的總營業收入來自於高成長、高利潤的業務。2024 年第四季 GAAP 淨收入為 9,400 萬美元，即每股攤薄收入 0.74 美元。相比之下，去年同期的 GAAP 淨收入為 1,800 萬美元，即每股 0.13 美元。

Fourth quarter 2024 non-GAAP net income was $149 million or $1.19 per diluted share. This compares with prior year non-GAAP net income of $86 million or $0.66 per diluted share. The foreign currency exchange impact on our fourth quarter diluted EPS was unfavorable by approximately $0.01 versus the prior year.

2024 年第四季非 GAAP 淨收入為 1.49 億美元，即每股攤薄收入 1.19 美元。相比之下，去年非 GAAP 淨收入為 8,600 萬美元，即每股攤薄收益 0.66 美元。外匯匯率對我們第四季度稀釋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 fourth quarter of 2024 was $270 million compared to fourth quarter of 2023 adjusted EBITDA of $172 million.

2024 年第四季調整後 EBITDA 為 2.7 億美元，而 2023 年第四季調整後 EBITDA 為 1.72 億美元。

Turning to our fourth quarter sales results. We are updating the breakdown of sales as detailed in Exhibit A of today's press release to reflect the updated reportable segments as well as other internal management responsibilities. Of note, we are now reporting US distribution sales instead of North America distribution sales. This means Canada is now being reported as part of international.

談談我們第四季的銷售業績。我們正在更新今天的新聞稿附件 A 中詳述的銷售明細，以反映更新的報告分部以及其他內部管理職責。值得注意的是，我們現在報告的是美國分銷銷售額，而不是北美分銷銷售額。這意味著加拿大現在被報道為國際的一部分。

As a point of reference, Canada has approximately $400 million of annual revenues. Approximately two-thirds of those revenues are merchandise sales with the remaining one-third as equipment sales.

作為參考，加拿大每年的收入約為 4 億美元。其中約三分之二的收入來自商品銷售，剩餘三分之一來自設備銷售。

Global distribution and value-added services group sales were $2.7 billion with sales growth of 5.9%, including LCI growth of 5.8%. Sales were positively impacted by a soft comparison to the prior year. Excluding PPE and COVID test kits, LCI sales growth was 7.3%.

全球分銷和增值服務集團銷售額為 27 億美元，銷售額成長 5.9%，其中 LCI 成長 5.8%。與上年相比，銷售額受到了正面影響。不包括 PPE 和 COVID 檢測試劑盒，LCI 銷售額成長了 7.3%。

Our US dental distribution LCI sales grew 5.9% versus the prior year with LCI growth in dental merchandise of 4.8% or 6.5% growth when excluding PPE products and equipment LCI's growth -- sales growth of 10.0%. US equipment sales growth was driven by both traditional and digital equipment, with digital equipment unit growth offsetting some pricing declines.

我們在美國牙科分銷的 LCI 銷售額比上年增長了 5.9%，其中牙科商品的 LCI 增長了 4.8%，如果不包括 PPE 產品和設備 LCI 的增長，則增長了 6.5%——銷售額增長了 10.0%。美國設備銷售成長是由傳統設備和數位設備共同推動的，其中數位設備單位成長抵消了部分價格下降。

US medical distribution LCI sales grew 4.5% compared to the Q4 of 2023. Excluding sales of PPE products and COVID test kits, LCI sales grew 7.3%. Sales of point-of-care diagnostics and vaccines were negatively impacted by the timing of the flu season.

與 2023 年第四季相比，美國醫療分銷 LCI 銷售額成長了 4.5%。不包括 PPE 產品和 COVID 檢測試劑的銷售額，LCI 銷售額成長了 7.3%。流感季節的到來對即時診斷和疫苗的銷售產生了負面影響。

Our home solutions business had another strong quarter growing 8% year over year. Our international dental distribution LCI sales grew 7.3% versus the prior year with LCI growth in dental merchandise up 7.9% or 8.0% growth when excluding PPE products, and equipment LCI sales growth was 6.0%.

我們的家居解決方案業務又一個強勁成長季度，年增 8%。我們的國際牙科分銷 LCI 銷售額比上年增長 7.3%，其中牙科商品的 LCI 增長率為 7.9%，不包括 PPE 產品時增長 8.0%，設備 LCI 銷售額增長率為 6.0%。

Finally, global value-added services sales grew 8.1% versus the prior year with an LCI sales decrease of 0.7%. We achieved strong sales growth in eAssist and financial services, offset by lower sales at large practice sales as a result of the timing of closing of some practice transition services sales.

最後，全球增值服務銷售額較上年增長 8.1%，而 LCI 銷售額下降 0.7%。我們在 eAssist 和金融服務方面實現了強勁的銷售成長，但由於一些實踐過渡服務銷售的結束時間導致大型實踐銷售的銷售額下降。

Turning to the global specialty products group, which includes our dental specialty products, orthopedic and other products. Sales were $368 million with sales growth of 7.2%, including LCI growth of 5.0%. This segment includes the orthodontic business which is being reorganized for future profitable growth. It also includes certain expenses relating to managing our own brands that support sales in the distribution businesses and provide a headwind to the segment's operating margin.

轉向全球特色產品組，其中包括我們的牙科特色產品、骨科產品和其他產品。銷售額為 3.68 億美元，銷售額成長 7.2%，其中 LCI 成長 5.0%。該部門包括牙齒矯正業務，該業務正在重組以實現未來的獲利成長。它還包括與管理我們自有品牌相關的某些費用，這些費用支持分銷業務的銷售並對該部門的營業利潤率造成阻力。

Global Technology Group sales during the fourth quarter were $160 million with total sales growth of 2.4% and LCI sales growth of 2.1%. This was driven by revenue cycle management and practice management software with double-digit growth in Ascend and internationally led by our Dentally cloud-based practice management solution, offset by lower revenues of certain patient experience modules and, as Stan mentioned, a headwind to revenue growth as a result of the movement to a SaaS model.

全球科技集團第四季銷售額為 1.6 億美元，總銷售額成長 2.4%，LCI 銷售額成長 2.1%。這是由收入週期管理和實踐管理軟體推動的，其中 Ascend 實現了兩位數增長，並在國際上由我們的基於雲端的 Dentally 實踐管理解決方案領先，但某些患者體驗模組的收入較低，而且正如 Stan 提到的，由於轉向 SaaS 模式，收入增長遭遇阻力。

Restructuring expenses in the fourth quarter were $37 million or $0.23 per diluted share. These expenses mainly relate to severance benefits and costs related to exiting certain facilities. Our restructuring activities in the third and fourth quarters are estimated to provide over $80 million in annual run rate savings. We continue to expect savings from this plan to be $75 million to $100 million of aggregate annual run rate savings by the end of 2025.

第四季重組費用為 3,700 萬美元，即每股攤薄收益 0.23 美元。這些費用主要與遣散福利和退出某些設施相關的成本有關。我們在第三季和第四季的重組活動預計將帶來超過 8000 萬美元的年度運行成本節省。我們繼續預計，到 2025 年底，該計劃將節省 7,500 萬至 1 億美元的年度總運行成本。

Our fourth quarter GAAP results include $20 million in pre-tax proceeds as part of our cyber insurance claim, which are excluded from our non-GAAP results. As of the end of the year, we collected approximately $40 million.

我們第四季的 GAAP 業績包括 2,000 萬美元的稅前收益，作為我們網路保險索賠的一部分，這部分收益不包括在我們的非 GAAP 業績中。截至年底，我們已籌集約 4,000 萬美元。

All items excluded from our fourth quarter non-GAAP financial results for 2024 and 2023 are detailed in Exhibit B of today's press release. A reconciliation of GAAP to non-GAAP results is also available in our quarterly earnings presentation on our website.

我們 2024 年和 2023 年第四季度非 GAAP 財務業績中排除的所有項目均在今天的新聞稿的附件 B 中詳細說明。我們網站上的季度收益報告中也提供了 GAAP 與非 GAAP 結果的對帳表。

Regarding share repurchases, we repurchased approximately 1.1 million shares of common stock in the open market during the fourth quarter at an average price of $71.35 per share for a total of $75 million. For the full year, we invested $385 million to repurchase 5.4 million shares.

關於股票回購，我們在第四季在公開市場以每股 71.35 美元的平均價格回購了約 110 萬股普通股，總計 7,500 萬美元。全年我們投資3.85億美元回購540萬股。

At fiscal year-end, we had approximately $380 million authorized and available for future stock repurchases. An additional $500 million of share repurchases was authorized by our Board of Directors on January 27, 2025, including a commitment to repurchase $250 million in shares under an authorized accelerated share repurchase program.

截至財政年度末，我們已獲授權約 3.8 億美元可用於未來股票回購。我們的董事會於 2025 年 1 月 27 日批准額外 5 億美元的股票回購，其中包括根據授權的加速股票回購計畫回購 2.5 億美元股票的承諾。

Turning to our cash flow. We had strong operating cash flow of $204 million for the fourth quarter, which compares with operating cash flow of negative $32 million last year. Operating cash flow for the full year in 2024 was $848 million, which is $348 million more than in 2023. Our strong operating cash flow for the quarter and the year was driven by lower working capital, particularly lower customer receivables, which we've been focused on throughout the year.

轉向我們的現金流。我們第四季的營運現金流強勁，達到 2.04 億美元，而去年的營運現金流為負 3,200 萬美元。2024年全年營運現金流為8.48億美元，比2023年多3.48億美元。本季和全年強勁的營運現金流得益於較低的營運資本，特別是較低的客戶應收帳款，這是我們全年一直關注的重點。

Turning to our 2025 financial guidance. At this time, we are not able to provide without reasonable effort an estimate of restructuring costs associated with the new restructuring plan for 2025, although we expect this to primarily include severance pay and facility related costs.

談到我們的2025年財務指導。目前，我們無法在不付出合理努力的情況下提供與 2025 年新重組計劃相關的重組成本估算，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. Our 2025 guidance is for continuing -- current continuing operations as well as acquisitions that have closed and does not include the impact of restructuring and integration expenses and other items described in our press release.

因此，我們不提供 GAAP 指導。我們對 2025 年的指引是針對持續經營——目前的持續經營以及已完成的收購，不包括重組和整合費用以及我們新聞稿中描述的其他項目的影響。

Guidance assumes modest improvement in the dental and medical markets during the year and is supported by strategic initiatives outlined in our strategic plan and recent acquisitions as well as a positive contribution from our restructuring plan. This is partially offset by investments in technology and a return to historical levels of incentive compensation. We also assume that foreign currency exchange rates remain generally consistent with 2024 levels.

指導意見假設今年牙科和醫療市場將略有改善，並得到我們戰略計劃和最近的收購中概述的戰略舉措以及重組計劃的積極貢獻的支持。這在一定程度上被技術投資和激勵薪酬回歸歷史水準所抵消。我們也假設外幣匯率與 2024 年的水準基本上保持一致。

Our 2025 total sales growth is expected to be 2% to 4% over 2024. For 2025, we expect non-GAAP diluted EPS attributable to Henry Schein, Inc. to be in the range of $4.80 to $4.94, which reflects growth of 1% to 4% compared with 2024 non-GAAP diluted EPS of $4.74 per share.

我們預計 2025 年的總銷售額將比 2024 年成長 2% 至 4%。對於 2025 年，我們預計歸屬於 Henry Schein, Inc. 的非 GAAP 稀釋每股收益將在 4.80 美元至 4.94 美元之間，與 2024 年非 GAAP 稀釋每股收益 4.74 美元相比增長 1% 至 4%。

2025 non-GAAP diluted EPS is expected to be more heavily weighted to the second half of the year. This guidance assumes there is no debt impact from the issuance of new shares to KKR, which is expected to be offset by an accelerated share repurchase program. It also assumes an estimated non-GAAP effective tax rate of 25%.

預計 2025 年非 GAAP 稀釋每股收益將更受下半年的影響。該指引假設向 KKR 發行新股不會對債務產生影響，預計該影響將透過加速股票回購計畫來抵銷。它還假設非公認會計準則有效稅率預計為 25%。

Our 2025 adjusted EBITDA is expected to grow in the mid-single digits versus 2024 adjusted EBITDA of $1.1 billion. We expect adjusted EBITDA to grow faster than non-GAAP diluted EPS due to higher depreciation expense, primarily related to the global e-commerce platform.

與 2024 年調整後 EBITDA 11 億美元相比，我們預計 2025 年調整後 EBITDA 將成長中等個位數。我們預計調整後的 EBITDA 成長速度將快於非 GAAP 稀釋每股盈餘，原因是折舊費用增加，這主要與全球電子商務平台有關。

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

說完這些，我現在將電話轉回給史丹利。

Thank you, Ron. Operator, we're ready to respond to questions.

謝謝你，羅恩。接線員，我們已準備好回答問題。

(Operator Instructions)

（操作員指令）

Jason Bednar, Piper Sandler.

傑森·貝德納，派珀·桑德勒。

Hey, good morning, everyone. Thanks for all the detail here in the recast financials. I appreciate that's not an easy undertaking. I want to start with, if I could, revenue guidance and just some of the underlying assumptions you have there. You're calling for 2% to 4% reported revenue growth. It's based in part upon improvement in both dental and medical end markets versus last year.

嘿，大家早安。感謝您提供有關重鑄財務報表的所有詳細資訊。我知道這不是一件容易的事。如果可以的話，我想先介紹一下收入指導以及一些基本假設。您要求報告的收入增長率為 2% 至 4%。這在一定程度上基於牙科和醫療終端市場與去年同期相比的改善。

Just -- I understand why your business can continue to outperform the broader market with your investments, the initiatives you have in motion. But it does seem like your market view is slightly more optimistic than what we've heard from some of your peers. So is there something you're seeing today that gives you kind of, call it, better relative comfort on the market outlook?

只是——我理解為什麼您的企業能夠憑藉您的投資和採取的舉措繼續跑贏大盤。但看起來您的市場觀點比我們從一些同行那裡聽到的要稍微樂觀一些。那麼，您今天看到的某些情況是否讓您對市場前景感到更放心呢？

And then if you're able, can you give us a sense of how you're forecasting organic growth for each of your new reporting segments, really just in the context of that company-wide guide?

然後，如果可以的話，您能否向我們介紹一下，您如何預測每個新報告分部的有機增長，真的只是在公司範圍的指導背景下嗎？

Yeah. Sure, Jason. I think the -- we do see modest growth in the markets, right? If you think back to the Investor Day two years ago, we said then we thought core dental could grow 2% to 4%. I think we're still looking at market -- well, if there's market growth, we think the 2% could be challenging. So it's probably somewhere in that 0% to 2%. But we do expect some modest growth in there.

是的。當然，傑森。我認為——我們確實看到市場出現了適度增長，對嗎？如果回想兩年前的投資者日，我們當時就認為核心牙科業務可以成長 2% 至 4%。我認為我們仍在關注市場——如果市場成長，我們認為 2% 可能會具有挑戰性。因此它可能在 0% 到 2% 之間。但我們確實預計那裡會有一些適度的成長。

Price appreciation is also limited, so there's not a lot of price appreciation in our revenue guidance. And you mentioned too kind of inorganic versus organic. Our M&A activity was a little lower than most years in 2024. So we're not getting -- there's a very limited amount of acquisition growth included in that overall revenue growth as well.

價格升值也有限，因此我們的收入指引中價格升值幅度並不大。您也提到了無機與有機的差異。2024 年，我們的併購活動比大多數年份略低。所以我們沒有得到 - 在整體收入成長中包含的收購成長量非常有限。

Okay. Ron, I guess, on the second part of that, any breakdown on -- or how you want us thinking about, under your new reporting structure, the global distribution, US versus international, thoughts within there, global specialty, global tech.

好的。羅恩，我想，關於第二部分，有任何細分嗎？或者，在新的報告架構下，你希望我們如何思考全球分佈、美國與國際、其中的想法、全球專業、全球技術。

And then maybe just as a follow-up, on the bottom line, you seem pretty confident just in the outlook of getting back to high single-digit growth once we get past '25. Is that a function of '25 investments tapering in '26? Or is it a belief we're going to see better natural leverage coming through the P&L?

然後也許只是作為後續問題，就底線而言，您似乎對一旦我們度過 25 年就能恢復高個位數增長的前景非常有信心。這是 25 年投資在 26 年逐漸減少的結果嗎？或者我們相信我們會透過損益表看到更好的自然槓桿率？

I think it's a combination of -- on the latter part of your question, it's a combination of that, right? It's the ongoing benefits we would get from some of the restructuring we're doing, at some point, some recovery in markets and perhaps some better price appreciation going forward as well.

我認為它是——關於你問題的後半部分，它是那兩者的組合，對嗎？這是我們正在進行的一些重組所帶來的持續利益，在某個時候，市場會有所復甦，未來也許價格也會有所升值。

In terms of -- going back to your question on the reportable segments. I think that within the -- within each of those, we are looking at kind of market growth that continues to be lower than we would normally anticipate and lower than what we communicated on Investor Day two years ago.

就——回到你關於可報告部分的問題。我認為，在每個市場中，我們都看到市場成長持續低於我們通常預期的水平，也低於我們兩年前投資者日所傳達的水平。

So for example, I think we said that medical growth rates were in the 4% to 7%. We think that right now, we expect that market growth to still be slightly below that 4%. Dental specialties were in that 5% to 8% range.

例如，我認為我們說醫療成長率在 4% 到 7% 之間。我們認為，目前預計市場成長率仍將略低於 4%。牙科專業的比例在5%到8%之間。

So there are pockets of dental specialties that could be in that range, but there's also -- especially on the, what I'll call, kind of the sub-premium side, we still think it's lower than 5%. So there are some aspects of the market that are going to be lower than what those market growth rates were that we assumed a couple of years ago.

因此，有些牙科專科的費用可能在這個範圍內，但也有——特別是在我所說的次保費方面，我們仍然認為它低於 5%。因此，市場的某些方面將低於我們幾年前假設的市場成長率。

Alright. Very helpful. Thank you.

好吧。非常有幫助。謝謝。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

Thank you. Good morning, guys. I know we're two months into 2025, but I just want to go back to the fourth quarter for one second here if I could. I mean, when you pre-released last month the $3.2 billion in revenue for 4Q, we frankly had hoped that was a rounded down number. It ends up in today's release that was a rounded up number.

謝謝。大家早安。我知道我們已經進入 2025 年兩個月了，但如果可以的話，我只想在這裡回顧一下第四季。我的意思是，當您上個月預先發布第四季度 32 億美元的收入時，我們坦率地希望這是一個四捨五入的數字。今天的發布結果是一個四捨五入的數字。

And when I looked at just kind of relative to your third quarter updated guidance that you provided on the third quarter, sorry, for 2024, you fell short in the fourth quarter by 500 basis points in the fourth quarter on a revenue basis at the low end of the guidance, 700 basis points-plus at the midpoint.

當我查看您提供的相對於 2024 年第三季度的最新指引時，很抱歉，在第四季度，按收入計算，您在指引的低端比指引低了 500 個基點，在中間值比指引低了 700 個基點以上。

So what happened in fourth quarter, I guess, that drove those revenues 500 basis points below the low end of the guidance, 700 basis points below the midpoint of the guidance, just relative to a guidance that was issued a month into the fourth quarter? Thank you.

那麼，我猜，第四季度發生了什麼，導致這些收入比指導的低端低 500 個基點，比指導的中點低 700 個基點，相對於第四季度一個月後發布的指導而言？謝謝。

Sure, Jeff. I'll address your rounding question first. I mean, we did say $3.2 billion. I think revenues of $3.191 billion. So you're right, we rounded it up $9 million. So -- but we did round that to $3.2 billion.

當然，傑夫。我先來回答你的四捨五入問題。我的意思是，我們確實說過 32 億美元。我認為收入為 31.91 億美元。所以你是對的，我們把它四捨五入為 900 萬美元。所以 — — 但我們確實將其四捨五入為 32 億美元。

In terms of the lower revenues than expected, as we mentioned, we did have -- it was a relatively flat patient traffic in the quarter and also a really kind of a slow end of the quarter given the timing of Christmas, which we underestimated the impact of that.

就收入低於預期而言，正如我們所提到的，本季的患者流量相對持平，而且由於聖誕節的緣故，本季末的業務確實比較緩慢，我們低估了其影響。

So the quarter did end much more slowly than what we may have anticipated. And on the medical side, the timing of the flu season resulted in much lower medical revenues than we had anticipated as well.

因此，本季的結束速度確實比我們預期的要慢得多。從醫療方面來看，流感季節的到來也導致醫療收入比我們預期的要低得多。

Okay. And if I look at the dental numbers, and a little bit hard to compare to our old models, obviously, but you gave us some historical restatements to help. But that US number, up mid-single digits on consumables, I think, somewhere in the neighborhood of a negative 8% to 10% comp depending on how we cut the numbers. So on a stack basis, still negative.

好的。如果我看一下牙科數據，顯然很難與我們的舊模型進行比較，但您給了我們一些歷史重述來提供幫助。但我認為，美國消耗品的銷售額將成長中等個位數，大約在-8%到-10%之間，具體取決於我們如何削減數字。因此從堆疊角度來看，仍然是負面的。

We talked about the market being pretty flat, and you guys have recovered a decent amount of your cyber share loss. I mean, talk to me maybe just about share dynamics in the fourth quarter and share dynamics expected in 2025.

我們談到市場相當平穩，你們已經收回了相當一部分網路股票損失。我的意思是，也許您只是跟我談談第四季的股票動態以及 2025 年預期的股票動態。

Do you feel like you're holding your own? Do you feel like you're maintaining that share? Are you losing share at this point? Just help me understand kind of that stack comp still negative on the consumables side in the fourth quarter. Thank you.

你覺得你能撐住嗎？您覺得您能維持這一份額嗎？您的市佔率現在正在下降嗎？請幫我理解第四季消耗品的堆疊補償仍然為負的情況。謝謝。

Yeah. In the fourth quarter, we did see share stabilize. We had been getting a little bit of additional market share quarter to quarter sequentially over the course of '24. Our Q4 share was relatively flat to our Q3 share. There's -- there could be a number of reasons for that. But we're still confident we can continue to get some market share as we get into '25 as well.

是的。在第四季度，我們確實看到股價趨於穩定。在2024年，我們的市佔率逐季略有增加。我們第四季的市佔率與第三季的市佔率相對持平。造成這種情況的原因可能有很多。但我們仍然有信心，在進入25年時，我們能夠繼續獲得一些市場份額。

Jeff, let me just add that moving to the segment reporting and changing the way we've reported in the past is just not easy to comprehend. We provided a lot of data in the exhibits. There's no way these changes could be understood in 1.5 hours. So I'm not sure if there was a better way to do this. This is the best way we thought to providing this information.

傑夫，讓我補充一點，轉向分段報道並改變我們過去的報道方式並不容易理解。我們在展品中提供了大量數據。在 1.5 小時內根本無法理解這些變化。所以我不確定是否有更好的方法來做到這一點。這是我們認為提供這些資訊的最佳方式。

But I think if analysts, yourself, have a few more hours to look at the schedules that we provided, it will make a lot more sense. But this is a onetime move in 29 years that we've moved as a public company from one way of describing our business to another. The description follows reporting -- internal management reporting which was required by the SEC, and there's a lot of information that is contained in these attachments. And we'd be happy to clarify.

但我認為，如果分析師自己能花幾個小時來查看我們提供的時間表，那麼就會更有意義。但這是我們作為一家上市公司29年來從一種業務描述方式轉變為另一種業務描述方式的一次性舉措。該描述遵循報告—美國證券交易委員會要求的內部管理報告，這些附件包含大量資訊。我們很樂意為您澄清。

We do understand, specifically for yourself and for others that have covered us for many, many years, that this is a significant change, and it's very difficult to comprehend all the nuances in 1.5 hours. Perfect storm in reporting and new segment reporting all thrown together.

我們確實理解，特別是對於您自己以及報告我們多年的其他人來說，這是一個重大的變化，很難在 1.5 小時內理解所有的細微差別。完美的報道風暴和新的分部報道交織在一起。

But we're available to provide more information. But I think the attachments will be helpful, but you will need time to analyze them.

但我們可以提供更多資訊。但我認為附件會有所幫助，但您需要時間來分析它們。

Understood. Thank you, Stanley.

明白了。謝謝你，史丹利。

Allen Lutz, Bank of America.

美國銀行的艾倫·盧茨。

Good morning. Thanks for taking the questions and thank you for all the updates so far. I want to go to slide 8 in the presentation. Specialty operating margins are up pretty nicely year over year but they may be a little bit below where we thought they would be. Can you talk a little bit about the opportunity to raise those margins over time? Thanks.

早安.感謝您回答這些問題，也感謝您迄今為止提供的所有更新。我想要轉到簡報的第 8 張投影片。專業營業利潤率年增率相當不錯，但可能略低於我們的預期。您能否談談隨著時間的推移提高利潤的機會？謝謝。

So just on the specialty side. The specialty margins, this is the reporting segment as it relates to reporting of management. So within that segment, there are some lower-margin businesses, for example, our pro repair handpiece business. It's good. But it's about have maybe more -- maybe less of the margin compared to our implant business and our endodontic business.

所以只是從專業方面來說。專業利潤，這是與管理報告相關的報告部分。因此，在該細分市場中，有一些利潤較低的業務，例如我們的專業維修手機業務。很好。但與我們的植牙業務和牙髓業務相比，它的利潤率可能會更高，也可能會更低。

We had a challenge with the orthodontic business, which we are addressing. And that segment also includes expenses for management of our corporate brand products which are essentially distributed through our distribution business.

我們在牙齒矯正業務方面遇到了挑戰，我們正在努力解決。這部分還包括管理我們企業品牌產品的費用，這些產品主要透過我們的分銷業務進行分銷。

So it's not a pure margin for the implants and the endo, it includes other components as well. But it does follow the requirements of all the businesses and all the functions reporting to Tom Popeck. So we can provide further information. We will over time. But this is the reporting as it relates to management reporting rather than products that are implants, bone regeneration and endodontics.

因此，這不僅是植入物和內視鏡的純利潤，還包括其他組成部分。但它確實遵循了所有業務和所有向湯姆·波佩克匯報的職能的要求。因此我們可以提供更多資訊。我們會隨著時間的推移。但這是與管理報告相關的報告，而不是與植體、骨再生和牙髓病學相關的產品報告。

Yes, we do expect the gross -- the operating margin in this segment to grow over time. That is a key focus. But it's not a pure number relating to implants, bone regeneration and endodontics and affect orthopedics, which have higher margins.

是的，我們確實預計該部門的毛營業利潤率將隨著時間的推移而增長。這是一個重點。但這並不是一個純粹與植入、骨再生和牙髓病學有關的數字，而且會影響利潤更高的骨科手術。

Thanks, Stanley. And then one for Ron. Is there any way to frame how fast dental implants grew in 4Q? And then as we look to 2025, a large Medicare Advantage payer stopped covering implants in 2025. Wondering if there's any change to growth you're seeing through the first two months of the year. And what's embedded in the guide for North American implant growth? Thanks.

謝謝，史丹利。最後再給羅恩一個。有沒有辦法可以概括第四季牙植體的成長速度？然後，當我們展望 2025 年時，大型醫療保險優勢計畫支付者將在 2025 年停止承保植入物。想知道今年前兩個月的成長情況是否有任何變化。北美植體生長指南又包含哪些內容？謝謝。

Yeah. With reference to implant growth, we're still seeing a relatively healthy growth in Europe more so than in the US. In the US, we're still getting some value implant growth more so than perhaps on the premium side. And US is a slightly tougher market right now with implants.

是的。就植入物的成長而言，我們仍然看到歐洲的成長相對健康，優於美國。在美國，我們仍然獲得了一些價值植入物的成長，可能比高端產品的成長更為顯著。目前，美國的植入物市場競爭稍微激烈一些。

But in Europe, our Camlog subsidiary that focuses primarily in Germany, Austria, Switzerland region are really in that kind of low to mid-single-digit growth range, which we're pleased with because it's a difficult market. There was a second part of your question, Allen, I'm sorry, it was --

但在歐洲，我們的 Camlog 子公司主要專注於德國、奧地利、瑞士地區，其成長速度確實處於低到中等個位數之間，我們對此感到滿意，因為這是一個困難的市場。艾倫，對不起，你的問題還有第二部分。--

Just around 2025, a large MA payer stopped covering implants. Wondering if that had any impact through the first couple of months of the year.

就在 2025 年左右，一家大型 MA 付款人停止承保植入物。想知道這對今年頭幾個月是否產生了影響。

No. I mean, it's not a, what I would call, significant part of the kind of end market for us. So we haven't seen anything that we would point to that we would be able to directly attribute that to an impact on the business at this point.

不。我的意思是，這並不是我們所謂的終端市場的重要組成部分。因此，我們還沒有看到任何可以將其直接歸因於對業務的影響的跡象。

Great. Thanks, Ron.

偉大的。謝謝，羅恩。

John Stansel, JP Morgan.

摩根大通的約翰·斯坦塞爾。

Great. Thanks for taking my question. I want to go back to the KKR agreement. I think in the agreement, there's commentary around the value creation plan using KKR Capstone. Can you just speak to what areas they'll be looking at?

偉大的。感謝您回答我的問題。我想回到 KKR 協議。我認為協議中對使用 KKR Capstone 的價值創造計劃有評論。您能說說他們將會關注哪些領域嗎？

Is this purely an advisory capacity? And then maybe a little bit more broadly, are there things that KKR's pretty extensive dental portfolio can do to work together maybe that haven't happened previously? Thanks.

這僅僅是一個顧問身分嗎？然後也許更廣泛地講，KKR 相當廣泛的牙科投資組合是否可以進行一些以前沒有發生過的事情？謝謝。

Yeah. So as it relates to KKR, they are not on the Board yet. We have to clear the Hart-Scott-Rodino before they can get deeply involved. We will, of course, engage with their team. There are a number of areas that they feel they can help us with that we really believe they can.

是的。因此就 KKR 而言，他們尚未進入董事會。我們必須先清除哈特-斯科特-羅迪諾三人，以免他們深度介入。當然，我們會與他們的團隊合作。他們認為他們可以在很多方面幫助我們，我們也確實相信他們能夠做到。

But our focus and the areas -- our focus through our strategic plan and the areas that KKR has capabilities align very nicely, but we can't really get to work in any significant or meaningful way until the filing is clear. We're still in the preliminary stage of the filing. We haven't received any further commentary.

但我們的重點和領域——我們透過策略計畫關注的重點和 KKR 擁有能力的領域非常吻合，但在文件明確之前，我們無法真正以任何重要或有意義的方式開展工作。我們仍處於申請的初步階段。我們尚未收到任何進一步的評論。

So we're hopeful that we'll clear the Hart-Scott soon and then we can get to work with KKR. But they're not on the Board yet and they cannot really get engaged. I don't expect much benefit from the relationship with one of our large customers. It is definitely a Chinese wall between the two sides and different people involved.

因此我們希望能夠盡快通過 Hart-Scott 法案，然後我們就可以開始與 KKR 合作了。但他們尚未進入董事會，因此無法真正參與其中。我並不指望從我們與一個大客戶的關係中得到多少利益。這絕對是雙方和不同相關人員之間的中國牆。

Great. And then just one, maybe for Ron. You talked about that share gain versus kind of the beginning of 2024 -- exiting '24. I think about that and potentially the flu season pushing into the first quarter. Seems like you would think that growth might be weighted more to the first half of '25 versus the back half at the top line. Can you help me just balance that versus the back half weighting of adjusted EPS, what the factors are that kind of might create that dichotomy?

偉大的。然後就只有一個了，也許是給羅恩的。您談到了與 2024 年初至 2024 年底相比的份額成長。我認為流感季節可能會延續到第一季。似乎您會認為成長可能更集中在 25 年上半年，而不是下半年。您能否幫我平衡一下這與調整後每股盈餘的後半部權重，哪些因素可能會造成這種二分法？

Well, it does assume kind of ongoing -- regaining some market share over the course of the year. And also, as we get some greater momentum on the implant side, for example, with the Tapered Pro Conical and some of the newer products that launched in the back half of 2024, that would give us momentum into '25.

嗯，它確實假設了一種持續的——在一年的時間裡重新獲得一些市場份額。此外，隨著我們在植入物方面獲得更大的發展勢頭，例如 Tapered Pro Conical 和 2024 年下半年推出的一些新產品，這將為我們進入 25 年提供動力。

And then that spreads just reference to the top line. And then bottom line is just ongoing reduction in expenses as we execute on the restructuring plan that would get us to some -- to more I would expect more earnings growth in the back half of the year than in the first half of the year.

然後，傳播僅參考頂線。然後，底線就是隨著我們執行重組計劃，費用將不斷減少，這將使我們獲得一些 - 我預計今年下半年的盈利增長將比上半年更多。

Keep in mind, too, one other thing, John, is said -- and we referenced this on the call, we will have a difficult equipment comp in the first quarter of 2024 -- I'm sorry, 2025 as last year the first quarter benefited from some deferral of equipment installations coming off the cybersecurity incident.

還要記住，約翰，還有一件事——我們在電話會議上提到了這一點，我們在 2024 年第一季的設備補償將很困難——抱歉，是 2025 年，因為去年第一季度受益於網路安全事件導致的設備安裝推遲。

So when we report Q1 and talk about equipment, we'll also be looking at it -- as we're looking at it internally, we kind of look at that as a six month period, Q4 to Q1, how is that business doing versus last year given that disruption to the timing last year on the equipment installation as well.

因此，當我們報告第一季的情況並談論設備時，我們也會關注它——正如我們在內部關注的那樣，我們將其視為六個月的時間段，從第四季度到第一季度，考慮到去年設備安裝時間的中斷，該業務與去年相比表現如何。

Great, thanks.

太好了，謝謝。

John Block, Stifel.

約翰·布洛克（John Block），斯蒂費爾（Stifel）。

Hey guys, good morning. Ron, I think this one is probably for you. Just the 2025 EPS growth at a high level, basically in line with revenue growth. I just think about like mix shift, debt paydown, stock repo, ongoing restructuring, maybe some past accretion targets from those deals that were done in prior quarters.

嘿，大家早安。羅恩，我想這可能適合你。只是2025年的EPS成長處於高水準，基本上與收入成長一致。我只是考慮混合轉變、債務償還、股票回購、持續重組，或許還有前幾季達成的交易的一些過去的增值目標。

Can you talk to why we're not seeing some slightly higher leverage on the bottom line versus the top, even in a year where there's a lot of moving parts or what you seem to be alluding to is like a rebasing type of year?

您能否談談為什麼即使在存在許多變動因素的一年或您似乎暗示的重新定基類型的一年中，我們沒有看到底線槓桿率相對於頂線槓桿率略有提高？

There's a couple of things, and we've kind of touched on some of the challenges on the revenue side. I would say two things that are specific. We have talked about some ongoing investment in IT, specifically in our global e-commerce platform which we'll be launching in the US this summer.

有幾件事，我們已經談到了收入方面的一些挑戰。我想具體講兩件事。我們討論了一些對 IT 的持續投資，特別是我們將於今年夏天在美國推出的全球電子商務平台。

But we have begun depreciating that system because we did launch it on a test basis in Europe late in 2024. So we are going to get a full year of depreciation on that.

但我們已經開始貶值該系統，因為我們確實在 2024 年底在歐洲測試推出了它。因此我們將獲得整整一年的折舊。

And then also, as we referenced in the call, kind of a return to what we'll call hopefully more normal incentive compensation expense as we the last couple of years, between cyber and the softer markets, have not had -- were not considered to be a normal expense level there.

而且，正如我們在電話會議中提到的那樣，我們希望能夠回歸到更正常的激勵薪資支出，因為過去幾年，在網路和疲軟市場之間，我們並沒有認為這是一個正常的支出水平。

So there are some internal headwinds related to this. Some of this is offset by some of the cost savings we're achieving. But there are some top line challenges out there still that I touched on when referencing the revenue guidance.

因此，存在一些與此相關的內部阻力。其中一部分被我們所實現的部分成本節約所抵銷。但我在參考收入指引時提到，仍存在一些營收挑戰。

Okay. Thanks. And maybe just to shift gears. Stanley, in the past, I think you've alluded to the need for, call it, accelerating innovation from partners or investments in new products. And here we are shortly coming up on IDS next month. So I'm just curious on how you see the pipeline from some of your partners.

好的。謝謝。或許只是為了換個方式。史丹利，我想你過去曾提到需要加速合作夥伴的創新或對新產品的投資。下個月我們很快就會推出 IDS。所以我只是好奇您如何看待一些合作夥伴的管道。

And do you see some of that innovation, call it, like incremental innovation working its way through? Nothing is overnight, but that might give you more confidence as you look out over the next 12 to 18 months in your equipment line. Thank you.

您是否看到其中的一些創新，或者說漸進式創新正在發揮作用？沒有什麼是一朝一夕就能實現的，但這可能會讓您在未來 12 到 18 個月的設備生產線上更有信心。謝謝。

Yes, Jon. Thank you. Very important question. I do think we will see some marginal incremental advancements at IDS, I think, particularly in the digital space and the digital materials. And I think on the consumables, the basic consumables, hopefully we'll see some advances.

是的，喬恩。謝謝。非常重要的問題。我確實認為我們將會看到 IDS 的一些邊際漸進式進步，特別是在數位空間和數位材料方面。我認為在消耗品、基本消耗品方面，我們希望看到一些進步。

But at the moment, not much. There are, of course, always manufacturers that are coming out with something new, but I don't think very much.

但目前來說還不多。當然，總有製造商推出新產品，但我認為並不多。

And on the traditional side, not very much either, the imaging. But the digital side, yes. And I think that may lead to more movement towards a second tier potentially and maybe corporate brand type products. Of course, I'm not talking about the specialty side. It continues to be good innovation, funding on the implant side, a little bit on the endodontic. We'll see what happens next month. I don't expect any big surprises.

而在傳統方面，成像並不是很出色。但就數字方面而言，是的。我認為這可能會導致更多產品轉向第二層級，甚至是企業品牌類型的產品。當然，我不是說專業方面。它繼續是一個很好的創新，在植體方面有一點資金，在牙髓方面也有一點資金。我們將看看下個月會發生什麼。我不期待會有什麼大的驚喜。

Kevin Caliendo, UBS.

瑞銀的凱文‧卡利恩多 (Kevin Caliendo)。

Thanks for taking my question. Ron, I just want to dive a little bit more into the margin question. I appreciate you saying you have $75 million to $100 million of savings. There's offsets from IT, offsets from the incentive program normalizing again next year.

感謝您回答我的問題。羅恩，我只是想更深入地探討利潤問題。我很感謝你說你有 7500 萬到 1 億美元的存款。明年，IT 和激勵計劃的抵銷將再次正常化。

I guess if you're talking about flat operating margins, is that completely offsetting the $75 million to $100 million in savings? And like if we were to break that apart, what's happening with the margins on the segments ex the sort of cost savings against the one-timers that are company specific that are offset? I'm just trying to understand what's driving the margin specifically, either segment or cost savings against one-timers.

我想，如果您說的是持平的營業利潤率，那麼這是否完全抵消了 7500 萬至 1 億美元的節省？如果我們將其分開，那麼各個部分的利潤率會發生什麼變化？例如，針對公司特定一次性專案的成本節約是如何抵銷的？我只是想要了解具體是什麼推動了利潤率，無論是細分市場還是相對於一次性產品的成本節省。

Yeah, certainly, Kevin. I'll try to -- I think I understand your question. The -- for example, in distribution and something we've touched on, you're seeing some movement to lower-priced items. While those gross margins can be beneficial, from an operating margin standpoint, we were seeing relative stability as it relates to that shift to merchandise.

是的，當然，凱文。我會盡力——我想我明白你的問題了。例如，在分銷方面以及我們已經提到的一些方面，您會看到一些向低價商品的轉變。雖然這些毛利率可能是有益的，但從營業利潤率的角度來看，我們看到與商品轉變相關的相對穩定性。

We are seeing some -- we've mentioned some of the pricing pressure on digital equipment that can put a little bit of pressure on margins as well. So those are more kind of market phenomenons that we're trying to manage.

我們看到——我們已經提到過一些數位設備的價格壓力，這也會對利潤率帶來一點壓力。所以這些更像是我們嘗試管理的市場現象。

You mentioned some of the company-specific items that will -- that we are investing in. And those are items, quite frankly, that were long-term investment plans regardless if we were doing the restructuring or not. So some of that, you could argue, is a reinvestment of the restructuring savings and some of it is -- we were going to incur it anyway. It perhaps just falls out.

您提到了我們正在投資的一些公司特定項目。坦白說，無論我們是否進行重組，這些都是長期投資計畫。因此，您可能會說，其中一部分是重組儲蓄的再投資，而另一部分則是——我們無論如何都要承擔的。它也許只是掉出來了。

Once you get past distribution, you get into specialty. We do see a little more of a shift, for example, in implants to value implants versus premium. That has a slightly different margin profile. We are working to improve the orthodontic business, which right now is creating a little bit of a drag for us on that operating margin.

一旦你完成了分銷，你就進入了專業領域。我們確實看到了更多的轉變，例如，植入物的價值轉向與溢價的轉向。其利潤率情況略有不同。我們正在努力改善牙齒矯正業務，目前對我們的營業利潤率造成了一些拖累。

So there's a couple of things within specialty as well that we believe once we kind of get beyond '25 and get to a more normal run rate with those businesses, we'll begin to see operating margin expansion contribution from that portion of the business.

因此，在專業領域中也存在一些事情，我們相信，一旦我們超越 25 年並使這些業務達到更正常的運行率，我們將開始看到該部分業務對營業利潤率擴張的貢獻。

And in technology, the technology team has done a very good job of reducing costs of consolidating some brands on the patient experience side. We saw some good operating margin expansion in technology in the back half of '24. Another challenge will be to try to maintain that type of operating margin going forward.

而在技術方面，技術團隊在降低病患體驗方面整合一些品牌的成本方面做得非常好。我們看到24年下半年科技領域的營業利潤率有了良好的擴大。另一個挑戰是努力在未來維持這種營業利潤率。

Great. And if I can ask a follow-up to Stan. When you partnered with KKR in this way, I know you have a long-standing relationship with Henry Schein One, did you view them as a strategic partner? Or did you think that they would come in more and help operationally? Like take me through what you think the benefit you're going to get from having a stronger relationship with KKR going forward?

偉大的。如果我可以向史丹詢問後續問題。當您以這種方式與 KKR 合作時，我知道您與 Henry Schein One 有著長期的合作關係，您是否將他們視為策略合作夥伴？或者您認為他們會提供更多幫助嗎？您認為，未來與 KKR 建立更強的關係能為您帶來什麼好處？

Yeah, it's good. I think they will be a very strong strategic partner. They do care about the medical space but particularly the dental space. I think they're interested in advancing their platform on consumables, equipment, software, synergy between all of those, specialty area. They have very good capabilities with the Capstone area. So I think there are a lot of opportunities.

是的，很好。我認為他們將成為非常強大的策略合作夥伴。他們確實關心醫療領域，尤其是牙科領域。我認為他們有興趣在消耗品、設備、軟體以及所有這些之間的協同作用以及專業領域方面推進他們的平台。他們在 Capstone 領域具有非常出色的能力。所以我認為有很多機會。

And the good news is the areas they see as opportunities align with the areas that we have identified in our '22 to '24 strategic plan that are now magnified in the '25 to '27 strategic plan the high-growth, high-margin opportunities, the opportunities relating to advances in efficiency on our distribution side, driving customer satisfaction, the areas of leveraging between our businesses and of course, the technology area. The whole BOLD areas that they align.

好消息是，他們認為的機會領域與我們在‘22 至’24 戰略規劃中確定的領域相一致，這些領域在‘25 至’27 戰略規劃中得到了放大，即高增長、高利潤的機遇、與我們分銷效率提高相關的機遇、提高客戶滿意度的機遇、我們業務之間的作用的領域，還有技術領域。它們對齊的整個粗體區域。

They're adding two, we're very fortunate, directors who had a lot of experience in the markets that we serve. We've added a third new director, who has very good experience in the device field. So I think they will add a lot.

他們增加了兩位董事，我們非常幸運，他們對我們所服務的市場有豐富的經驗。我們增加了第三位新主管，他在設備領域擁有非常豐富的經驗。所以我認為他們會增加很多。

The people that we've met are people that really are interested in our business and are long-term players in this field. This is not a buying the stock, driving it up and exiting. This seems like a long-term play. It doesn't seem -- that's what the assurances have given. So we're very, very excited with the opportunity to partner with KKR in advancing our BOLD+1 Strategic Plan.

我們遇到的人都是真正對我們的業務感興趣並且是該領域的長期參與者。這不是買股票、推高股價然後退出的做法。這看起來像是一場長期遊戲。看起來並非如此——這就是保證所說的。因此，我們非常高興有機會與 KKR 合作推進我們的 BOLD+1 戰略計劃。

Thank you very much.

非常感謝。

Brandon Vazquez, William Blair.

布蘭登·巴斯克斯、威廉·布萊爾。

Hey guys, thanks for taking the question. Two quick ones that are a little bit of clarification ones. When you were talking, Ron, about sales structure normalizing in 2025, just to be clear, can you clarify that there -- is there a change in the sales incentives or the structure of the sales incentive packaging? Or is it simply a normalization of what you think comp will be because things are normalizing?

嘿夥計們，謝謝你們回答這個問題。簡短地講兩個問題，稍微澄清一下。羅恩，當您談到 2025 年銷售結構正常化時，為了更清楚起見，您能否澄清一下——銷售激勵措施或銷售激勵方案的結構是否發生了變化？或者這只是您認為由於事情正在正常化而導致的正常化？

And then the other clarification question is simply around tariffs. With the Trump admin saying now again that the Mexico and Canada tariffs might be going on soon and then, of course, China has gone on. Just talk to us about what is and isn't included within the '25 guidance that's been given.

另一個需要澄清的問題只是有關關稅。川普政府現在再次表示，可能很快就會對墨西哥和加拿大徵收關稅，當然，中國也已經採取了行動。只需與我們討論一下給出的‘25 指導中包含和不包含的內容即可。

Yeah. Just to clarify, Brandon, first on the compensation question you have. That was with reference really the management incentive compensation, not on the sales side. We have made -- we've also made some changes in the sales commission structure, which we think can help us drive growth and improve -- perhaps improve margins going forward.

是的。布蘭登，首先我要澄清你關於薪資的問題。這其實是針對管理激勵薪酬，而不是銷售方面的激勵薪酬。我們也對銷售佣金結構做了一些改變，我們認為這可以幫助我們推動成長和改善——或許可以提高未來的利潤率。

But what I was referring to specifically was when you look at the stock-based compensation and other related expenses going forward, we would -- to the extent we can get the business back to more normal growth rates, we can start to expect an increase in those expenses, and that's reflected here.

但我具體指的是，當你看未來的股票薪酬和其他相關費用時，我們會——只要我們能夠使業務恢復到更正常的成長率，我們就可以開始預期這些費用會增加，這就反映在這裡。

Regarding tariffs, we have -- with like for example, with China, the one product category that is most affected by China historically would be gloves. And over the course of '24, we were able to shift a lot of our supply chain to other Southeast Asian countries, Vietnam, Malaysia as an example.

關於關稅，例如，對於中國，歷史上受中國影響最大的產品類別是手套。在過去的24年裡，我們將大量供應鏈轉移到其他東南亞國家，例如越南、馬來西亞。

We continue to have supplier relationships in China. We can have them supply our European businesses without having to manage the tariff side of it. Beyond that, in Canada, Canada is a large producer of anesthetics for the dental industry to the extent that there's an increase in cost of anesthetics.

我們在中國繼續保持供應商關係。我們可以讓它們為我們的歐洲企業提供產品，而不必管理關稅方面的問題。除此之外，在加拿大，加拿大是牙科行業麻醉劑的大型生產國，這在一定程度上增加了麻醉劑的成本。

It won't only affect us. It will affect everybody because that's where most anesthetics -- dental anesthetics come from. And regarding Mexico, we rely very little on supply from Mexico. I think that that's -- those are really the areas of focus right now. But we believe we're well positioned to manage through any situation that would arise as it relates to tariffs.

它不僅會影響我們。它將影響每個人，因為大多數麻醉劑——牙科麻醉劑都來自那裡。至於墨西哥，我們很少依賴來自墨西哥的供應。我認為這些才是當前真正關注的領域。但我們相信，我們有能力應對與關稅有關的任何情況。

Thank you. And maybe one big -- bigger picture. I'm not sure we've ever gotten a stat like this from you before. But maybe can you talk about -- you guys obviously have your own product portfolio of Henry Schein branded products.

謝謝。或許還有一幅更大的圖景。我不確定我們之前是否從您那裡得到過這樣的統計數據。但也許您可以談談——您顯然有自己的 Henry Schein 品牌產品組合。

What percentage of customer needs do you guys think you can fulfil with your current portfolio? Trying to get a sense of like how big can this product portfolio actually get over the coming years and how much line of sight do you have in your current customer accounts to grow that business? Thanks.

你們認為目前的產品組合可以滿足多少比例的顧客需求？想要了解未來幾年這個產品組合實際上能夠變得有多大，以及您在現有客戶帳戶中擁有多少發展前景來發展該業務？謝謝。

So of course, we are committed to our branded manufacturers. It's a hybrid model and where the branded manufacturers have an offering that provides the price -- that satisfies the pricing needs of our customers. We will work with the branded manufacturers.

因此，我們當然致力於我們的品牌製造商。這是一種混合模式，品牌製造商提供的產品能夠滿足客戶的定價需求。我們將與品牌製造商合作。

But essentially, for most products on the consumable side, we do have an alternative. Whether it's the brand is as well recognized or not, that's a different story. But I think the Henry Schein corporate brand has moved over the last five or six years to much more of a brand versus a white box.

但本質上，對於大多數消耗品來說，我們確實有替代品。該品牌是否受到認可又是另一回事。但我認為，過去五、六年來，Henry Schein 企業品牌已經從白盒子變成了品牌。

But essentially on the dental side, we have most of the products, if not almost all. We do not have private brand dental traditional equipment. I'm not sure there's a need for that. We have adequate sources of supply. And in that area, manufacturers are working with us to meet the value needs of our customers, whether they are DSOs or smaller practices.

但從本質上講，在牙科方面，我們擁有大部分產品，甚至幾乎全部。我們沒有自有品牌的牙科傳統設備。我不確定是否有必要這麼做。我們有充足的貨源。在這一領域，製造商正在與我們合作，以滿足客戶的價值需求，無論他們是 DSO 還是小型企業。

On the medical side, a lot of -- we have a lot of the products, not everything. And certainly, we don't have our own brand of generic drugs, but we do have all products that are purchased by medical customers and are available -- generically available under a generic brand.

在醫療方面，我們有很多產品，但不是全部。當然，我們沒有自己的仿製藥品牌，但我們擁有醫療客戶購買的所有產品，並且可以透過仿製藥品牌購買。

But we don't have our own brand of generics. Most of our pharmaceuticals anyway are injectables and vaccines. For vaccines, the big one, flu, there's adequate supply of not exactly generic but equivalent products and on injectables, generally with some things available. So generic, we have access to that at very competitive pricing. So we have a complete portfolio as needed.

但我們沒有自己的仿製藥品牌。無論如何，我們的藥物大多是注射劑和疫苗。對於疫苗，尤其是流感疫苗，雖然不是通用的，但有充足的等效產品和注射劑供應，通常都有一些可用的東西。因此，我們可以以非常有競爭力的價格獲得它。因此，我們有所需的完整產品組合。

We're always adding new products, of course. But -- and we're always improving on our brand image to match the policy of the product. But generally, our corporate brand has very good potential.

當然，我們一直在添加新產品。但是——我們一直在改進我們的品牌形像以符合產品政策。但整體來說，我們企業品牌的潛力非常好。

Having said that, we are always working with our branded manufacturers, and this hybrid model works well. And we are expecting to increase our gross profit margin because of the specialty products but also because of our own brand and because of the support from certain of our manufacturers, national brand manufacturers. So we do expect gross profit to increase this year and in the future.

話雖如此，我們一直在與我們的品牌製造商合作，這種混合模式效果很好。我們預計，不僅由於特色產品，而且由於我們自己的品牌以及某些製造商、國家品牌製造商的支持，我們的毛利率將會提高。因此，我們確實預計今年及未來的毛利將會增加。

Elizabeth Anderson, Evercore ISI.

伊麗莎白·安德森（Elizabeth Anderson），Evercore ISI。

Hi guys, good morning and thanks so much for the question. I have maybe two follow-ups on some of the things. One, I appreciate all your comments on the tariff guidance -- tariff impact or potential tariff impact.

大家好，早安，非常感謝您的提問。我可能對某些事情有兩次後續行動。首先，我感謝您對關稅指導、關稅影響或潛在關稅影響的所有評論。

Can you just remind us, maybe I missed this, like what exactly you included in the guidance or whether you just think it's sort of incremental but not necessarily something that you're as worried about given some of the sourcing changes?

您能否提醒我們，也許我錯過了這一點，例如您在指導中究竟包含了哪些內容，或者您​​是否只是認為這是一種漸進式的變化，但不一定是您所擔心的事情，因為存在一些採購方面的變化？

And then two, maybe, Stanley. Can you talk about the transition within the orthodontic market? I appreciate what you said was sort of temporary in nature. But I just want to make sure I understand the dynamics of that, your patent comes off and you re-ramp both in the broader orthodontics business and also clear aligners the business. Thank you.

然後第二個可能是史丹利。您能談談正畸市場內部的轉變嗎？我知道你所說的只是暫時的。但我只是想確保我理解其中的動態，您的專利到期後，您將重新進入更廣泛的矯正業務以及透明矯正器業務。謝謝。

Yeah. Sure, Elizabeth. On the tariffs, essentially, there is no -- we're not contemplating any impact to our bottom line. A big, imported product offering is the gloves. And yes, there's some nitrile gloves that we have to purchase in tariffed countries. I think everybody is, to some extent, reliant on that.

是的。當然，伊麗莎白。就關稅而言，本質上沒有——我們沒有考慮到這會對我們的底線產生任何影響。進口量最大的產品就是手套。是的，我們必須從徵收關稅的國家購買一些丁腈手套。我認為每個人在某種程度上都依賴它。

But other than that, we've been able to shift our product needs around. We can acquire gloves, for example, adequate inventory from Malaysia. I'm not aware of any tariff implications on Malaysia. And as it relates to China, some other product that we need comes from China, we can use that in Europe and satisfy the US demand elsewhere.

但除此之外，我們已經能夠改變我們的產品需求。例如，我們可以從馬來西亞採購足夠的手套庫存。我不知道這對馬來西亞有任何關稅影響。就中國而言，我們需要的一些其他產品來自中國，我們可以在歐洲使用這些產品，並在其他地方滿足美國的需求。

Not much else. We've been moving product around now for a while. We've contemplated this tariff for a while. I do not believe it will impact our bottom line. As Ron mentioned, the big one is dental anesthetic from Canada.

沒什麼其他的了。我們現在已經運輸產品有一段時間了。我們已經考慮這個關稅有一段時間了。我不相信這會影響我們的底線。正如羅恩所提到的，最重要的是來自加拿大的牙科麻醉劑。

For the moment, we have adequate inventory to get us through for a while. But if there is a tariff on dental anesthetic from Canada, it will impact the entire industry because you can't just move dental anesthetic around.

目前，我們有足夠的庫存可以維持一段時間。但如果對來自加拿大的牙科麻醉劑徵收關稅，這將影響整個行業，因為牙科麻醉劑不能隨意運輸。

Maybe a little bit more will come from France, but a huge percentage will come from Canada. So I don't think from our bottom line point of view, if tariffs are implemented, it will impact sales in a positive way. But I don't think the bottom line will have -- will be impacted in any material way or in any way, really.

或許還有一點點來自法國，但很大一部分將來自加拿大。因此，從我們的底線角度來看，我認為實施關稅不會對銷售產生正面影響。但我並不認為底線會受到任何實質影響，實際上也不會受到任何影響。

As it relates to orthodontics, it's a small part of our business but the infrastructure we had in place for the traditional orthodontics was built for a much larger business. We're now rightsizing the infrastructure. Yes, we lost a patent on an important product in the orthodontic space. So we lost money in that space, operating income in '24. That is being adjusted.

就正畸學而言，它只是我們業務的一小部分，但我們為傳統正畸學建立的基礎設施是為更大的業務而建立的。我們現在正在調整基礎設施的規模。是的，我們失去了牙齒矯正領域一項重要產品的專利。因此，我們在該領域虧損，24年的營業收入也虧損了。正在調整中。

As it relates to aligners, we make the liners in the US and in France to our biotech business. We're synergizing those. All aligners will come out of the French factory. It's actually a very good aligner. But we have been losing money on aligners and we expect to turn this all around in '24.

就矯正器而言，我們在美國和法國為我們的生物技術業務生產矯正器。我們正在使它們發揮協同作用。所有矯正器均由法國工廠生產。它實際上是一個非常好的對準器。但我們在矯正器方面一直在虧損，我們預計在2024年能夠扭轉這種局面。

By the time we get to the third or fourth quarter -- actually more in the fourth quarter, we will start making money again in a very small orthodontic space, which has been a drag on our specialty earnings in '24. As we get to the end of '25, I think you'll see profitability in the orthodontic business. But it is small, but we did lose some money in '24. I think we're at the end now.

到第三季或第四季時——實際上是第四季度更多的時候，我們將在一個非常小的正畸領域再次開始賺錢，這對我們24年的專業收入造成了拖累。隨著 25 年的到來，我認為您會看到正畸業務的盈利能力。雖然金額不大，但我們在 24 年確實損失了一些錢。我想我們現在已經走到盡頭了。

Yes, Mr. Bergman. I turn the floor back over to you for closing comments.

是的，伯格曼先生。現在我將發言權交還給您，請您發表最後評論。

Yeah. So thank you, everyone, for calling in. Really appreciate it. I'm aware that the movement to the new segment accounting is a bit of a challenge. I don't know of another way. I'm sure there were other ways in which we could have advised our investors of this change.

是的。謝謝大家的來電。真的很感激。我知道轉向新的分部會計有點挑戰。我不知道還有其他方法。我相信我們可以透過其他方式告知投資者這項變化。

We did alert our investors in our last call that we would be doing this. We did consult our advisors. And I do apologize if we're hitting our investors with too much new information all at once while, at the same time, having an early call. So that's number one.

我們確實在上次電話會議中提醒投資者我們將這樣做。我們確實諮詢了我們的顧問。如果我們在提前通話的同時向投資者一次性提供太多新訊息，我深感抱歉。這是第一點。

Number two is our team are ready to address questions, of course, all in compliance with FD. Graham and Susan and Ryan are available. Of course, I will take calls from any investors, too. I just wanted to emphasize, and maybe it didn't come across clearly, we are quite bullish about the business. I think the business is running well.

第二，我們的團隊已準備好解答問題，當然，一切都符合 FD。格雷厄姆、蘇珊和瑞安都有空。當然，我也會接聽任何投資者的電話。我只是想強調，也許我沒有表達清楚，我們對這項業務非常樂觀。我認為業務進展順利。

We have very good management in our segments. Each one of the segments is run by capable people, experienced people, not only heading up -- not only Andrea and Tom, but the teams underneath them are very, very solid, both in the United States dental business in the United States medical business. our Canadian, Brazilian business, our European business and our Asian businesses.

我們各部門的管理都非常好。每個部門都由有能力、經驗豐富的人負責，不僅是領導——不僅是安德里亞和湯姆，而且他們下面的團隊也非常非常紮實，無論是在美國牙科業務還是在美國醫療業務。我們的加拿大、巴西業務、歐洲業務和亞洲業務。

So I think we've got as good a team as anyone else in our industry. I think we are continuing to gain market share. If you peel the onion, maybe there's some areas where we haven't grown market share this quarter. There's very interesting dynamics as the cut-off when Christmas fell, what was moved between '23 last quarter and '24 first quarter, the comparables. These are all areas and hopeful that '25 will be an easier year to understand. And we're well set up for an outstanding, I think, '26.

因此我認為我們擁有一支和業內其他人一樣優秀的團隊。我認為我們的市場份額正在繼續增加。如果你仔細分析一下，也許本季我們在一些領域的市佔率還沒有成長。當聖誕節到來時，有一個非常有趣的動態，2023 年上個季度和 2024 年第一季之間的變化，可比性。這些都是領域，希望 25 年會是更容易理解的一年。我認為，我們已經為取得 26 年的輝煌成績做好了準備。

We view '25, as we've noted a couple of times, as a base year upon which we will return to our corporate model for growth, high single digits, low double digits EPS. The cash flow in the business is good. The investments that we've made to advance our strategic plan are doing well. The big ones are doing extremely well. And our advances on all sides of the strategic plan, the BOLD+1 plan are doing well.

正如我們多次提到的，我們將 25 年視為基準年，在此基礎上我們將恢復我們的企業成長模式，即高個位數、低兩位數的每股盈餘。業務現金流良好。我們為推進戰略計劃而進行的投資進展順利。大型企業表現極為優異。我們的策略計畫、BOLD+1計畫各方面的進展都很順利。

You've got a slide in the investor presentation covering the B, the build, the operationalization of our distribution business, the O, the leveraging is doing well with lots of opportunity. And we're making very good progress on the digital side.

投資者簡報中的幻燈片涵蓋了 B、建構、我們的分銷業務的營運、O、槓桿率表現良好，並且有很多機會。我們在數位化方面取得了非常好的進展。

The GEP system that we launched in the UK and Ireland is working quite well in that market, and we'll come to the states later in the year. I'm quite comfortable that, that product will generate much more business. It's not doing it now.

我們在英國和愛爾蘭推出的 GEP 系統在當地市場運作良好，我們將在今年稍後進入美國市場。我非常有信心，該產品將會帶來更多的業務。現在它沒有這麼做。

Although right now, we do have to recognize the depreciation. We're doing quite well in advancing our clinical workflow. We're advancing AI in the business. We're doing, I think, the things we should be doing. But I do realize from an investor point of view, there's been a lot of change.

儘管現在我們確實必須承認貶值。我們在推進臨床工作流程方面做得相當好。我們正在推動業務中的人工智慧發展。我認為，我們正在做我們應該做的事情。但我確實意識到從投資者的角度來看已經發生了很多變化。

The change started with the COVID up and down, the some restructuring that occurred after COVID and as things were settling down. We did have the cyber incident. But we have, I believe, fully stabilized post the cyber incident. I was just at our medical national sales meeting. Our sales organization is ready -- not only ready, but are going out, getting new business.

變化始於新冠疫情的起伏，在新冠疫情之後以及情況逐漸平息時發生了一些重組。我們確實發生了網路事件。但我相信，網路事件發生後我們已經完全穩定下來。我剛剛參加了我們的醫療全國銷售會議。我們的銷售組織已經做好準備——不僅準備就緒，而且還正在出去開展新業務。

I would say '24 was a year -- most of '24 was a year in which we were focused on our existing customers, getting them through the cyber incident, retained a lot -- most of our customers, if not all, except for some of the episodic customers. We're getting them back. Doing a lot of work the whole area of e-commerce to attract those customers back. The episodics that left us.

我想說，24 年——24 年的大部分時間裡，我們專注於現有客戶，幫助他們度過網路事件，保留了很多客戶——大多數（如果不是全部）客戶，除了一些偶發性客戶。我們正在把他們奪回來。在整個電子商務領域做了很多工作來吸引這些客戶回來。離我們遠去的那些情節。

And I would say the business is quite stable today and the strategic plan that we executed for '22 and '24 will have very good momentum into '25 to '27 planned led by, I think, a great team. So with that in mind, again, sorry about the way in which segment accounting changes came out.

我想說的是，今天的業務相當穩定，我們為 2022 年和 2024 年執行的戰略計劃將在 2025 年至 2027 年期間保持良好的勢頭，我認為，這一計劃將由一支偉大的團隊領導。因此，考慮到這一點，我再次對分部會計變更的方式表示歉意。

But I'm not sure there's any good way of really presenting the significant change and having a call right after the press release goes out, 1.5 hours. But anyway, we will listen to investors. We'll take your ideas very seriously. We're open to all dialogue with investors. And of course, we're very, very excited about the addition of KKR to our investor base and the three new Board members we have.

但我不確定是否有任何好的方法可以真正展示這一重大變化，並在新聞稿發布後 1.5 小時內立即打電話。但無論如何，我們都會聽取投資人的意見。我們會認真對待您的想法。我們對與投資者的一切對話持開放態度。當然，我們對 KKR 加入我們的投資者基礎以及三位新董事會成員感到非常興奮。

So look forward to seeing people at conferences, Ron, Graham, Susan going out to some conferences, I think, next week. And please feel free to reach out to us. We will answer your questions also, of course, in compliance with FD. Thank you very much.

所以期待在會議上見到大家，我想，羅恩、格雷厄姆、蘇珊下週會去參加一些會議。請隨時與我們聯繫。當然，我們也會回答您的問題，遵守 FD。非常感謝。

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

今天的電話會議到此結束。現在您可以斷開您的線路。感謝您的參與。