漢瑞祥 (HSIC) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to Henry Schein's first-quarter 2025 earnings conference call.

女士們、先生們，早安。歡迎參加 Henry Schein 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

As a reminder, this call is being recorded.

提醒一下，本次通話正在錄音。

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，亨利·施恩 (Henry Schein) 投資者關係副總裁兼戰略財務項目官格雷厄姆·斯坦利 (Graham Stanley)。

Please go ahead, Graham.

請繼續，格雷厄姆。

Thank you, operator, and thanks to each of you for joining us today to discuss Henry Schein's financial results for the first quarter of 2025.

謝謝接線員，也謝謝大家今天加入我們，討論 Henry Schein 2025 年第一季的財務表現。

With me on today's call is Stanley Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein; and Ron South, Senior Vice President and Chief Financial Officer.

和我一起參加今天電話會議的還有 Henry Schein 董事會主席兼執行長 Stanley Bergman 和資深副總裁兼財務長 Ron South。

Before we begin, I'd like to state that certain comments made during this call will include information that's forward-looking. Risks and uncertainties involved in the company's business may affect the matters referred to in forward-looking statements, and the company's performance may materially differ from those expressed in or indicated by such statements. These forward-looking statements are qualified in their entirety by the cautionary statements contained in Henry Schein's filings with the Securities and Exchange Commission and included in the Risk Factors section of those filings. In addition, all comments about the markets we serve, including end market growth rates and market share, are based upon the company's internal analysis and estimates. Today's remarks will include both GAAP and non-GAAP financial results. We believe the non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable the comparison of financial results between periods where certain items may vary independently of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business. These non-GAAP financial measures are presented solely for informational and comparative purposes and should not be regarded as a replacement for corresponding GAAP measures. Reconciliations between GAAP and non-GAAP measures are included in Exhibit B of today's press release and can be found in the Financials and Filings section of our Investor Relations website under the Supplemental Information heading and in our quarterly earnings presentation also posted on our Investor Relations website. The content of this conference call contains time sensitive information that is accurate only as of the date of the live broadcast, May 5, 2025.

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。本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，且本公司的業績可能與此類陳述中表達或顯示的業績有重大差異。這些前瞻性陳述完全符合 Henry Schein 向美國證券交易委員會提交的文件中所含的警示性聲明，並包含在這些文件的風險因素部分中。此外，有關我們所服務市場的所有評論，包括終端市場成長率和市場份額，均基於公司的內部分析和估計。今天的評論將包括 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我們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與業務業績無關而發生變化的期間的財務結果，並提高管理層在運營業務時使用的關鍵指標的透明度。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。GAAP 和非 GAAP 指標之間的對帳包含在今天的新聞稿的附件 B 中，可以在我們投資者關係網站的「財務和文件」部分的「補充資訊」標題下找到，也可以在我們投資者關係網站上發布的季度收益報告中找到。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 5 月 5 日的準確性。

Henry Schein undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this call. Lastly, during today's Q&A session, please limit yourself to a single question and a follow-up.

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期之後的事件或情況的義務。最後，在今天的問答環節中，請限制自己只提出一個問題和一個後續問題。

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

現在，我想把電話轉給史丹利‧伯格曼。

Thank you, Graham. Good morning, everyone. Thank you for joining us.

謝謝你，格雷厄姆。大家早安。感謝您加入我們。

Let me begin by saying that we are pleased with our first quarter financial results, as well as the momentum we are seeing heading into the second quarter and remain confident in the fundamentals of our business.

首先，我要說的是，我們對第一季的財務業績以及進入第二季的勢頭感到滿意，並且對我們業務的基本面仍然充滿信心。

After a rather slow January, which was a result of weather related events, February and March sales performance was good and within our full year guidance range. As reported, sales growth was significantly impacted by the strong US dollar. And I would like to remind everyone that last year's US equipment business was impacted by a deferral of sales from the fourth quarter of '23 into the first quarter of 2024, making for a difficult year over year comparison.

由於天氣原因，一月份的銷售表現較為緩慢，但二月和三月的銷售表現良好，處於我們全年的預期範圍內。據報道，銷售額成長受到美元走強的顯著影響。我想提醒大家，去年美國設備業務受到銷售從 2023 年第四季延後到 2024 年第一季的影響，因此很難進行年比比較。

Once we adjust for the effect of the strong dollar as well as PPE and COVID test kit sales, our sales growth was approximately 2% with sales growth accelerating throughout the quarter. We are advancing our BOLD+1 Strategic Plan, which has been refreshed for '25 to '27 with the team focused on growing distribution business through increasing operational efficiency and enhancing customer experience, growing our dental and medical specialty businesses and corporate brand products, and further developing our digital footprint and digital solutions.

一旦我們調整強勢美元以及 PPE 和 COVID 檢測試劑盒銷售的影響，我們的銷售額成長率將達到約 2%，整個季度的銷售額成長都在加速。我們正在推進我們的 BOLD+1 策略計劃，該計劃已針對 25 年至 27 年進行了更新，團隊專注於透過提高營運效率和增強客戶體驗來發展分銷業務，發展我們的牙科和醫療專業業務和企業品牌產品，並進一步發展我們的數位足跡和數位解決方案。

We do remain committed to our long term financial goal of high-single-digit to low-double-digit earnings growth by continuing to successfully execute against the strategy. Our last earnings call, during the call, we announced the establishment of two main Henry Schein business units, the Global Distribution and Value-Added Services Group and the Global Technology Group, which is led by Andrea Albertini, and the Global Specialty Products Group, which is led by Tom Popeck.

我們確實將繼續成功執行該策略，致力於實現高個位數至低兩位數獲利成長的長期財務目標。我們在上次財報電話會議上宣布成立兩個主要的 Henry Schein 業務部門，由 Andrea Albertini 領導的全球分銷和增值服務集團和全球技術集團，以及由 Tom Popeck 領導的全球特種產品集團。

This past quarter, we began to operate the company through these new business groups and are pleased with the leadership and the performance of both of these business groups. So here are some highlights from the first quarter with respect to advancing the BOLD+1 strategy:

上個季度，我們開始透過這些新的業務集團經營公司，並對這兩個業務集團的領導力和業績感到滿意。以下是第一季推進 BOLD+1 策略的一些亮點：

Continue to launch several new products and solutions in our specialty products and technology businesses. We've broadened our home solutions platform with the acquisition of Acentus, a US national distributor of continuous glucose monitors to the home.

繼續在我們的特色產品和技術業務中推出幾款新產品和解決方案。我們透過收購美國家用連續血糖監測儀全國經銷商 Acentus 擴大了我們的家用解決方案平台。

We expanded the sales of specialty products through our distribution businesses. Those are the specialty products that are now being sold through the Henry Schein distribution sales organization, and we continue to implement restructuring initiatives to right size expenses in our distribution businesses, corporate functions and to consolidate manufacturing facilities.

我們透過分銷業務擴大了特色產品的銷售。這些都是目前透過 Henry Schein 分銷銷售組織銷售的特色產品，我們將繼續實施重組計劃，以合理調整分銷業務和公司職能部門的開支並整合製造設施。

And yes, the Global E-commerce Platform, GEP, in the UK and Ireland is now fully operational, and we are on track to begin a phased launch in North America during the third quarter of this year. After exceeding our strategic goal of achieving 40% of our operating income from high growth, high margin businesses in 2024, we expect operating income from high growth, high margin businesses to continue to grow steadily.

是的，英國和愛爾蘭的全球電子商務平台 GEP 現已全面投入運營，我們預計今年第三季開始在北美分階段推出該平台。在超額完成2024年40%的營業收入來自高成長、高利潤業務的策略目標後，我們預期高成長、高利潤業務的營業收入將持續穩定成長。

We now expect these businesses to contribute over half of our total operating income by the end of our strategic planning cycle of 2027. These businesses include specialty products, value added services, and technology.

我們現在預計，到 2027 年策略規劃週期結束時，這些業務將貢獻我們總營業收入的一半以上。這些業務包括特色產品、增值服務和技術。

Additionally, operating income in excess of 10% of our total operating income is attributable to our corporate brand products.

此外，我們總營業收入的 10% 以上的營業收入來自我們的企業品牌產品。

Turning now to a review of our key businesses. We'll start with the Global Distribution and Value-Added Services Group. During the quarter, we believe the US and international dental merchandise and equipment markets, as well as the US medical market, were overall stable and that we gained market share.

現在回顧一下我們的關鍵業務。我們將從全球分銷和增值服務集團開始。在本季度，我們認為美國和國際牙科商品和設備市場以及美國醫療市場總體穩定，並且我們獲得了市場份額。

Sales growth in our core dental and medical distribution businesses did accelerate following a slow start in January, which, as I noted, was primarily the result of weather-related events. And our growth in March was within our full year guidance range of 2% to 4%.

我們核心的牙科和醫療分銷業務的銷售增長在 1 月份緩慢增長之後確實有所加速，正如我所指出的，這主要是由於天氣相關事件造成的。我們 3 月份的成長率處於全年 2% 至 4% 的預期範圍內。

US Dental Merchandise sales grew low-single-digits when excluding sales of PPE. Product pricing was overall in line with last year, and our sales growth therefore reflected volume growth. We also recently implemented a new commission plan that we expect will drive sales and profitability growth.

不包括個人防護裝備 (PPE) 銷售額，美國牙科商品銷售額成長率僅為個位數。產品定價整體與去年持平，因此我們的銷售成長反映了銷售量的成長。我們最近還實施了一項新的佣金計劃，預計這將推動銷售和利潤的成長。

The US Dental Equipment sales growth was impacted by a deferral of sales from the fourth quarter of '23 into the first quarter of 2024. So, moving from the fourth quarter of '23 into the first quarter of '24, making for a difficult year-over-year comparison.

美國牙科設備銷售成長受到銷售從 23 年第四季推遲到 2024 年第一季的影響。因此，從 23 年第四季到 24 年第一季度，進行年比比較變得困難。

We do see consistent demand for both traditional and digital equipment as practitioners continue to invest in their practices. We are also seeing the number of new practice buildouts increasing. Our US Medical business growth, sales growth is solid for the quarter, reflecting increased patient traffic to physician officers for respiratory illness, a strong performance by our Home Solutions business, and some acquisition growth.

隨著從業者不斷投資於他們的實踐，我們確實看到對傳統和數位設備的持續需求。我們也看到新實踐建設的數量正在增加。我們的美國醫療業務成長，本季銷售額成長穩健，反映了呼吸系統疾病患者到醫生處就診的流量增加、我們的家庭解決方案業務表現強勁以及一些收購成長。

International Dental Merchandise sales were strong in Canada, Central Europe, and Brazil, offset by some softness in France. Similar to the rest of the company, sales accelerated throughout the quarter. I would like to stress that when reviewing our international sales, that investors take into account the swings in foreign exchange.

加拿大、中歐和巴西的國際牙科商品銷售強勁，但法國的銷售略有疲軟。與公司其他部門類似，整個季度的銷售額都在加速成長。我想強調的是，在審查我們的國際銷售時，投資者要考慮外匯的波動。

International Dental Equipment sales grew well in Canada and across most of Europe. The focus on new product launches at this year's IDS, International Dental Show in Cologne, included 3D printers and intraoral scanners to help improve dental office workflows, and we expect our sales to benefit in future quarters from orders taken at the show. Again, foreign exchange did impact our sales results in US dollars. On the Value-Added Services sales side, the sales decrease in the quarter 1 was a result of lower sales in our practice transitions business. Sales in this business can fluctuate from quarter to quarter, however, there is a strong pipeline of active transactions that we expect to close throughout the remainder of the year.

國際牙科設備銷售在加拿大和歐洲大部分地區成長良好。今年科隆國際牙科展覽會 (IDS) 重點推出了新產品，包括 3D 列印機和口內掃描儀，以幫助改善牙科診所的工作流程，我們預計未來幾個季度的銷售額將受益於展會上的訂單。再次，外匯確實影響了我們以美元計算的銷售業績。在加值服務銷售方面，第一季銷售額的下降是由於我們的實踐轉型業務銷售額下降。該業務的銷售額每季都會有所波動，但是，我們預計今年剩餘時間內將有大量活躍交易完成。

Now on the Global Specialty Products side. The Global Specialty Products group includes, of course, implants and biomaterials, as well as Endodontics, Orthodontics, and Orthopedic products. Sales in the first quarter reflected continued growth in implant and biomaterials and some acquisition growth.

現在在全球特色產品方面。當然，全球特色產品集團包括植體和生物材料，以及牙髓病學、正畸學和矯形外科產品。第一季的銷售額反映了植入物和生物材料的持續成長以及一些收購的成長。

Sales of implants grew mid-single digits in constant currency. Again, big swings in foreign exchange here. With strong sales growth in the DACH region as well as in Latin America driven by both our premium brand, BioHorizons Camlog as well as our S.I.N. value brand.

以固定匯率計算，植入物的銷售額成長了中等個位數。再次，這裡的外匯波動很大。在我們的高端品牌 BioHorizo​​​​ns Camlog 和 S.I.N. 價值品牌的推動下，DACH 地區以及拉丁美洲的銷售強勁成長。

We estimate that the US domestic market for dental implants was slightly down in the quarter. Our US sales were in line with market growth and reflect the continued rollout of the BioHorizons Tapered Pro Conical implant and SmartShape Healers abutment, as well as growing sales of the S.I.N. implants in the United States.

我們估計本季美國國內牙科植入物市場略有下滑。我們的美國銷售額與市場成長保持一致，反映了 BioHorizo​​​​ns Tapered Pro Conical 植入物和 SmartShape Healers 基台的持續推出，以及 S.I.N. 植入物在美國的銷售額增長。

Overall, in the markets we serve, we believe we continued to gain market share this quarter and that's for implants and biomaterials. We continue to launch new internally developed products in our endodontics business and are pleased with our underlying growth.

總體而言，我們相信，在我們服務的市場中，本季我們的市場份額將繼續成長，尤其是在植入物和生物材料領域。我們繼續在牙髓病學業務中推出新的內部開發產品，並對我們的潛在成長感到滿意。

While orthodontics remains a small component of our specialty business, product sales were down year over year as we continue working to restructure this business. Finally, our orthopedic products generated solid first quarter sales growth in high single digits.

雖然牙齒矯正仍然是我們專業業務的一小部分，但由於我們繼續努力重組這項業務，產品銷售額比去年同期下降。最後，我們的骨科產品第一季的銷售額實現了高個位數的穩健成長。

Let me conclude my prepared remarks with a discussion on the Global Technology Group. So, we had rather strong growth in Practice Management Systems, including Dentrix Ascend and Dentally cloud-based solutions, as well as in Revenue Cycle Management products.

讓我以關於全球技術集團的討論來結束我準備好的演講。因此，我們在實踐管理系統（包括 Dentrix Ascend 和 Dentally 基於雲端的解決方案）以及營收週期管理產品方面取得了相當強勁的成長。

These were partially offset by lower sales of certain legacy products that we are sunsetting. The consolidation of these products is having a short-term impact on this segment's sales growth, but has enabled us to reduce operating costs and achieve strong operating income growth, while positioning the software portfolio for better customer experience going forward.

這些影響被我們正在淘汰的某些傳統產品的銷售下降部分抵消。這些產品的整合對該部門的銷售成長產生了短期影響，但使我們能夠降低營運成本並實現強勁的營運收入成長，同時使軟體組合能夠在未來提供更好的客戶體驗。

Practice management software growth was driven by a 20% increase in cloud-based customers, and we now have 9,500 customers subscribed to Dentrix Ascend and Dentally and are making good progress in advancing these cloud-based systems into DSOs.

實踐管理軟體的成長得益於基於雲端的客戶數量增加了 20%，現在我們有 9,500 名客戶訂閱了 Dentrix Ascend 和 Dentally，並且在將這些基於雲端的系統推進到 DSO 方面取得了良好的進展。

We also continue to enhance the functionality of our practice management software with a new dental imaging subscription plan that automatically attaches images directly to insurance claims for faster payments.

我們也繼續透過新的牙科影像訂閱計劃來增強我們的實踐管理軟體的功能，該計劃會自動將影像直接附加到保險索賠中，以便更快地付款。

Yeah. So here are some comments on the tariffs. Let me conclude my remarks with these comments. Several years ago, we began diversifying and moving the sourcing of corporate brand products to what we anticipated to be lower tariff countries.

是的。以下是一些關於關稅的評論。讓我用這些評論來結束我的演講。幾年前，我們開始多元化，將企業品牌產品的採購轉移到我們預期關稅較低的國家。

In addition, most of our specialty products are manufactured in their local markets. We have been working closely with our suppliers and customers to address the impact of current tariffs. For our more price-sensitive customers, we'll continue to offer corporate brand alternatives.

此外，我們大多數的特色產品都是在當地市場生產的。我們一直與供應商和客戶密切合作，以應對當前關稅的影響。對於那些對價格更敏感的客戶，我們將繼續提供企業品牌的替代品。

We believe our current and future actions with our suppliers and customers will be effective at mitigating this year's impact on our financial results from the current tariff situations. We are monitoring the situation carefully, as of course, we cannot predict when tariffs will change again.

我們相信，我們目前和未來與供應商和客戶採取的行動將有效減輕當前關稅狀況對我們今年財務表現的影響。我們正在密切關注局勢，當然，我們無法預測關稅何時會再次改變。

Of course, tariff changes are -- have been quite volatile. And nor can we comment or anticipate if they will have a significant impact on the macroeconomic conditions.

當然，關稅變化一直相當不穩定。我們也無法評論或預測它們是否會對宏觀經濟狀況產生重大影響。

So let me now turn the call over to Ron to review our first quarter financial results and discuss our 2025 guidance -- financial guidance.

現在，我把電話轉給羅恩，讓他回顧我們的第一季財務業績，並討論我們的 2025 年指引——財務指導。

Ron, please.

請讓羅恩進來。

Thank you, Stanley, and good morning, everyone.

謝謝你，史丹利，大家早安。

As usual, today, I will review the financial highlights for the quarter and would like to remind investors that on our Investor Relations website, we have also included a financial presentation containing additional detailed financial information.

像往常一樣，今天我將回顧本季的財務亮點，並想提醒投資者，在我們的投資者關係網站上，我們還提供了包含更多詳細財務資訊的財務報告。

Starting with our first quarter sales results. I will provide details on total sales, total sales growth, as well as constant currency sales growth compared with the prior year. Global sales were $3.2 billion with sales down 0.1% compared with the first quarter of 2024.

從我們的第一季銷售業績開始。我將提供有關總銷售額、總銷售額成長以及與前一年相比的固定貨幣銷售額成長的詳細資訊。全球銷售額為 32 億美元，與 2024 年第一季相比下降 0.1%。

Sales growth reflected a 1.5% decrease attributable to foreign currency exchange and1.2% growth from acquisitions. As Stanley mentioned, excluding the impact of PPE and COVID test kits, constant currency sales growth was 2.0%.

銷售額成長反映出外匯匯率導致的 1.5% 的下降和收購導致的 1.2% 的成長。正如史丹利所提到的，排除個人防護裝備和 COVID 檢測試劑盒的影響，以固定匯率計算的銷售額成長率為 2.0%。

Our GAAP operating margin for the first quarter of 2025 was 5.53%, an 81 basis point improvement compared with the prior year GAAP operating margin. On a non-GAAP basis, operating margin for the first quarter was 7.25%, a 14 basis point improvement compared with the prior year non-GAAP operating margin driven by lower operating expenses resulting from our restructuring program.

我們 2025 年第一季的 GAAP 營業利潤率為 5.53%，與去年同期的 GAAP 營業利潤率相比提高了 81 個基點。以非美國通用會計準則計算，第一季營業利潤率為 7.25%，比去年同期的非美國通用會計準則營業利潤率提高了 14 個基點，這得益於我們重組計劃導致的營業費用降低。

First quarter of 2025 GAAP net income was $110 million or $0.88 per diluted share. This compares with prior year GAAP net income of $93 million or $0.72 per diluted share. First quarter of 2025 non-GAAP net income was $143 million or $1.15 per diluted share.

2025 年第一季 GAAP 淨收入為 1.1 億美元，即每股 0.88 美元。相比之下，去年 GAAP 淨收入為 9,300 萬美元，即每股 0.72 美元。2025 年第一季非 GAAP 淨收入為 1.43 億美元，即每股 1.15 美元。

This compares with prior year non-GAAP net income of $143 million or $1.10 per diluted share. Adjusted EBITDA for the first quarter of 2025 was $259 million compared with first quarter of 2024 adjusted EBITDA of $255 million.

相比之下，去年非 GAAP 淨收入為 1.43 億美元，即每股 1.10 美元。2025 年第一季調整後 EBITDA 為 2.59 億美元，而 2024 年第一季調整後 EBITDA 為 2.55 億美元。

Turning to our sales results. The components of sales growth for the first quarter are included in Exhibit A to this morning's earnings release. So I will provide the primary highlights of the main sales drivers for each reporting segment, starting with our global distribution and value added services.

談到我們的銷售業績。第一季的銷售成長組成部分包含在今天早上發布的收益報告的附件 A 中。因此，我將從我們的全球分銷和增值服務開始，介紹每個報告部門的主要銷售驅動因素的主要亮點。

The Global Distribution and Value-Added Services group benefited from acquisition growth of 0.9%, mainly from the acquisition of Acentus, our most recent acquisition in the Home Solutions space.

全球分銷和增值服務集團受益於 0.9% 的收購成長，主要得益於收購 Acentus，這是我們在家庭解決方案領域的最新收購。

Constant currency sales, including acquisition growth, grew by 1.5% after excluding PPE and COVID test kits. US Dental Merchandise sales grew 0.7% when excluding PPE products, and US Dental Equipment sales declined 8.9%.

扣除個人防護裝備和 COVID 檢測試劑盒後，包括收購成長在內的固定匯率銷售額成長了 1.5%。不包括 PPE 產品，美國牙科商品銷售額成長了 0.7%，而美國牙科設備銷售額下降了 8.9%。

Our sales growth was impacted by a deferral of approximately $20 million in equipment sales from the fourth quarter of 2023 into the first quarter of 2024, making for a difficult year-over-year comparison. Adjusting for this, US Dental Equipment sales growth was flat versus the prior year.

我們的銷售成長受到約 2,000 萬美元的設備銷售額從 2023 年第四季推遲到 2024 年第一季的影響，這使得同比比較變得困難。經過這項調整後，美國牙科設備的銷售成長與去年持平。

Regarding US Medical Distribution, after excluding sales of PPE products and COVID test kits, sales grew by 4.7%. Our Home Solutions business had another strong quarter with total sales growth of 23%, including 9% internal growth.

美國醫療分銷方面，扣除個人防護裝備產品和新冠肺炎檢測試劑盒的銷售額後，銷售額成長了 4.7%。我們的家居解決方案業務又度過了一個強勁的季度，總銷售額成長了 23%，其中包括 9% 的內部成長。

International Dental Merchandise constant currency sales grew 1.1%. PPE products did not have a meaningful impact on our International Dental Merchandise sales growth. International dental equipment constant currency sales grew 4.3%, driven by strong growth in Canada and solid growth across Central Europe.

國際牙科商品的固定匯率銷售額成長了 1.1%。PPE 產品對我們的國際牙科商品銷售成長沒有產生重大影響。受加拿大強勁成長和中歐地區穩健成長的推動，國際牙科設備銷售額以固定匯率計算成長了 4.3%。

Finally, Global Value-Added Services sales growth was impacted by the timing of transactions within our practice transitions business.

最後，全球增值服務銷售成長受到我們實踐轉型業務中交易時間的影響。

Turning to the Global Specialty Products group, constant currency sales growth was 4.3%, benefiting from acquisition growth of 4.0%, primarily attributable to TriMed, the orthopedics products business we acquired last year.

談到全球特種產品集團，以固定匯率計算的銷售額成長了 4.3%，這得益於 4.0% 的收購成長，這主要歸功於我們去年收購的骨科產品業務 TriMed。

Beginning in the second quarter, this business will be part of internal sales as our TriMed acquisition annualized in April. In addition, our implant and biomaterial business experienced good growth in the first quarter, especially in the DACH region of Europe where sales increased high-single-digits.

從第二季開始，該業務將成為內部銷售的一部分，因為我們的 TriMed 收購已於 4 月實現年度化。此外，我們的植入物和生物材料業務在第一季取得了良好的成長，尤其是在歐洲 DACH 地區，銷售額實現了高個位數成長。

The Global Specialty Products group also includes the endodontic business, which had slightly negative growth this quarter as a result of a supply chain issue with our Edge Pro laser product, which has now been resolved, as well as the orthodontic business which has negative sales growth and, as I mentioned last quarter is being reorganized to support future profitable growth.

全球特種產品集團還包括牙髓業務，由於我們的 Edge Pro 雷射產品的供應鏈問題，本季度該業務略有負增長，目前該問題已得到解決，以及正畸業務，該業務的銷售額出現負增長，正如我上個季度提到的，我們正在重組以支持未來的盈利增長。

Regarding the Global Technology Group, while total sales growth was 2.9%, operating income grew 24% versus the prior year, reflecting strong expense management. Restructuring expenses in the first quarter were $25 million or $0.14 per diluted share.

全球科技集團方面，總銷售額成長 2.9%，而營業收入較上年成長 24%，反映出強大的費用管理。第一季重組費用為 2,500 萬美元，即每股 0.14 美元。

These expenses mainly related to severance benefits. We now believe we will achieve annual run rate savings at the high end of our $75 million to $100 million goal by the end of 2025. Our first 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.

這些費用主要與遣散福利有關。我們現在相信，到 2025 年底，我們將實現 7,500 萬至 1 億美元的年度運行率節省目標。我們第一季的 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，這筆收益不包含在我們的非 GAAP 業績中。

We have now received all of the proceeds from this claim which totaled approximately $60 million over the course of 2024 and the first quarter of this year. Regarding share repurchases, we repurchased approximately 2.3 million shares of common stock during the first quarter at an average price of $71.58 per share for a total of $161 million.

我們現已收到此項索賠的全部收益，2024 年和今年第一季的總額約為 6,000 萬美元。關於股票回購，我們在第一季以每股 71.58 美元的平均價格回購了約 230 萬股普通股，總計 1.61 億美元。

At quarter end, we had approximately $718 million authorized and available for future stock repurchases.

截至本季末，我們已獲授權約 7.18 億美元可用於未來股票回購。

Turning to our cash flow. We generated operating cash flow of $37 million in the first quarter of 2025. The first quarter typically has a lower cash flow than other quarters in the year, and we still expect operating cash flow to exceed net income for the full year.

轉向我們的現金流。2025 年第一季度，我們的營運現金流為 3,700 萬美元。第一季的現金流通常低於一年中的其他季度，但我們仍然預計全年經營現金流將超過淨收入。

Let me conclude my remarks with a discussion of financial guidance. At this time, we are not able to provide, without unreasonable effort an estimate of restructuring costs associated with the restructuring plan for 2025.

最後，我想討論一下財務指導。目前，如果不付出不合理的努力，我們無法提供與 2025 年重組計畫相關的重組成本的估算。

Therefore, we are not providing GAAP guidance. Our 2025 guidance is for current continuing operations as well as acquisitions that have closed and does not include the impact of restructuring and integration expenses and other items detailed in our press release.

因此，我們不提供 GAAP 指導。我們的 2025 年指引針對的是目前持續經營以及已完成的收購，並不包括重組和整合費用以及新聞稿中詳述的其他項目的影響。

Regarding tariffs, as Stanley said, we believe our current and future actions with our suppliers and customers will be effective at mitigating this year's impact on our financial results from the current tariff situation.

關於關稅，正如史丹利所說，我們相信我們當前和未來與供應商和客戶採取的行動將有效減輕當前關稅狀況對我們今年財務表現的影響。

We have the widest selection of alternative products, including corporate brand products. Given the ongoing uncertainty, we continue to monitor the tariff situation closely and we will provide updates to our guidance as appropriate.

我們擁有最廣泛的替代產品選擇，包括企業品牌產品。鑑於持續存在的不確定性，我們將繼續密切關注關稅情況，並將在適當的時候更新我們的指導。

So today, we are maintaining our 2025 financial guidance. As a reminder, our 2025 guidance is as follows. We expect non-GAAP diluted EPS attributable to Henry Schein, Inc., to be in the range of $4.80 to $4.94 and that it is expected to be more heavily weighted to the second half of the year.

因此今天，我們維持 2025 年的財務指引。提醒一下，我們的 2025 年指引如下。我們預計，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，並且預計下半年的業績將佔比更大。

2025 adjusted EBITDA is expected to grow in the mid-single digits versus 2024 adjusted EBITDA of $1.1 billion. 2025 total sales growth is expected to be 2% to 4% over 2024. Our 2025 guidance also assumes an estimated non-GAAP effective tax rate of 25% and that foreign currency exchange rates remain generally consistent with current levels.

預計 2025 年調整後 EBITDA 將以中等個位數成長，而 2024 年調整後 EBITDA 為 11 億美元。預計 2025 年總銷售額將比 2024 年成長 2% 至 4%。我們的 2025 年指引也假設非 GAAP 有效稅率估計為 25%，且外幣匯率與目前水準基本保持一致。

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

說完這些，我現在把電話轉回給史丹利。

Thank you, Ron.

謝謝你，羅恩。

Operator, do we have some questions?

接線員，我們有問題嗎？

(Operator Instructions)

（操作員指示）

Jon Block, Stifel.

喬恩·布洛克（Jon Block），斯蒂費爾（Stifel）。

Ron, I guess I'll just start at a high level, can you talk about the dollar? I'm just guessing it's a decent tailwind to the initial reported revenue guidance of 2% to 4% year over year. Is there a figure or metric to provide? And then similarly, how do we think about that when it flows down to the bottom line?

羅恩，我想我會從高層次開始，你能談談美元嗎？我只是猜測，這對於最初報告的同比增長 2% 至 4% 的收入預期來說是一個不錯的推動力。有沒有可以提供的數字或指標？那麼同樣地，當它流到底線時我們該如何考慮呢？

I'm guessing somewhat accretive there, but any specifics would be appreciated and then I'll just ask a follow up.

我猜那裡會有些增值，但如果能提供任何具體資訊我將不勝感激，然後我會問一個後續問題。

Well, for the first quarter, Jon, we did have a headwind versus prior year of about 1.5% from foreign exchange. What we've seen happen in the rates since then would suggest that we should be fairly neutral versus prior year more or less, as you can appreciate, very difficult to project the foreign exchange rates right now.

嗯，喬恩，第一季我們確實面臨外匯帶來的阻力，與去年同期相比，阻力約為 1.5%。自那時以來，我們看到的匯率變化表明，與前一年相比，我們應該保持相當中性，正如您所理解的，現在很難預測外匯匯率。

So our sales guidance takes that into consideration at this point in time. So we're not expecting any further significant variance and impact on growth going forward when looking at the foreign exchange rates versus last year.

因此，我們的銷售指導目前已考慮到這一點。因此，與去年相比，我們預計未來匯率不會有任何顯著變化，也不會對成長產生任何影響。

But we did have a significant headwind in the first quarter primarily driven by the euro. Our biggest exposure foreign exchange wise is to the euro and it was primarily driven by the euro.

但第一季我們確實遇到了巨大的阻力，主要原因是歐元。我們在外匯方面最大的敞口是歐元，而且主要受歐元推動。

Okay. I mean I guess just a follow up. Sort of clarity question there. I get 1Q, but obviously, the dollar weakened meaningfully in March. And most companies with 35%, 40%, 45% international sales are saying that it was -- aided their reported revenue guidance by 100 bps to 200 bps when we think about full year. So I'm sorry, I was sort of asking more when we think about the original guidance you gave of 2% to 4%, is there a way to quantify dollar on top and bottom line?

好的。我的意思是我猜這只是一個後續行動。這裡存在一些清晰度問題。我了解第一季的情況，但顯然，美元在三月大幅貶值。大多數國際銷售額佔比為 35%、40% 或 45% 的公司都表示，當我們考慮全年時，這將有助於他們報告的收入預期提高 100 個基點到 200 個基點。所以很抱歉，當我們考慮您給出的 2% 到 4% 的原始指導時，我問的更多，有沒有辦法量化頂線和底線的美元？

And I don't know if there's follow up, but color there. But just to pivot, Stanley for the second question, we'd love more color on sort of the environment you called out. I know you said February and March improved. Maybe that wasn't surprising. But the ongoing momentum that you cited in the PR implies April and that would be to call it despite Liberation Day volatility that we've seen in the markets and what that may or may not mean for dental.

我不知道是否有後續，但那裡有顏色。但是，史丹利，針對第二個問題，我們希望更多地了解您所提到的環境。我知道您說過二月和三月有所改善。這也許並不奇怪。但是，您在公關中提到的持續勢頭意味著四月份，儘管我們在市場上看到了解放日的波動，但這可能對牙科行業意味著什麼。

So we would just love any clarity or color you're able to provide on what you're currently seeing and most specifically to April.

因此，我們希望您能就您目前看到的情況，特別是四月的情況，提供任何清晰的解釋或說明。

Yeah. So I think that's again a very good question.

是的。所以我認為這又是一個非常好的問題。

I can address what we're seeing now. Of course, we can't address future sentiment, what the consumer is going to be thinking going forward. But April was again a pretty decent month. Overall, we believe traffic for our dental distribution businesses continues to be stable globally.

我可以談談我們現在看到的情況。當然，我們無法解決未來的情緒，也無法預測消費者未來會怎麼想。但四月又是一個相當不錯的月份。總體而言，我們相信全球牙科分銷業務的流量持續保持穩定。

In the US, specifically, then on merchandise seems stable. We didn't see much price adjustments at this year -- at the beginning of the year. I'm sure they'll start coming through, of course, because of the tariffs. And we saw some modest growth in volume.

具體來說，在美國，商品價格似乎穩定。今年年初我們沒有看到太多的價格調整。當然，我相信由於關稅的原因，他們會開始進來。我們看到銷量有所成長。

Our medical sales reflect increased patient traffic -- reflected increase of traffic to patient officers for respiratory illness. So if you look at the dental and medical markets in the US, they're pretty stable right now. We just had our Thrive customer meeting.

我們的醫療銷售額反映了患者流量的增加—反映了呼吸系統疾病患者流量的增加。如果你看看美國的牙科和醫療市場，你會發現它們現在相當穩定。我們剛剛舉行了 Thrive 客戶會議。

It was well attended. I would say there were more practices than in the past with fewer attendance per practice, which means dentists are watching their expenses. But the mood was pretty good and the sales were okay.

參加人數眾多。我想說的是，現在的診所數量比過去多，但每次診所的就診人數都減少了，這意味著牙醫們正在關注他們的開支。但氣氛很好，銷量也還不錯。

Also attended a DSO, leading DSO meeting on Saturday. And the mood was okay. We are seeing on the equipment side some buildouts, new practices buildouts, existing practices buildouts. So I would say there's strong evidence that the market in the US is stable.

還參加了周六的 DSO 並領導了 DSO 會議。心情也還好。我們在設備方面看到一些擴建、新實務擴建、現有實務擴建。所以我想說有強有力的證據顯示美國市場是穩定的。

Likewise in Canada. Of course, when you go into Europe, it's very much dependent on the market per se. Australia, it was a little bit cautionary given the election period. But overall, in Brazil, it's stable. And so I think overall, that the mood is okay.

加拿大也同樣如此。當然，當你進入歐洲時，這很大程度上取決於市場本身。澳洲由於正處於選舉期間，因此採取了一些謹慎態度。但總體而言，巴西的情況是穩定的。所以我認為整體來說，氣氛還不錯。

But this could change in a moment's notice if the macro environments change. And so I can give you more specifics of if anyone has a request on the implant side, but that's sort of a general mood.

但如果宏觀環境發生變化，這種情況可能會立即改變。因此，如果有人對植入物方面有要求，我可以為您提供更多具體信息，但這只是一般情況。

Jason Bednar, Piper Sandler.

傑森貝德納、派珀桑德勒。

Maybe I'll start with a quick follow up maybe to Jon Block's question. Ron, are there any adjustments to the inputs into your guidance that are you're making today even though the output isn't changing? And then I want to clarify on the tariff comments today.

也許我應該先快速回答一下 Jon Block 的問題。羅恩，即使輸出沒有變化，您是否對今天指導中的輸入進行了任何調整？然後我想澄清一下今天的關稅評論。

I think you said you're confident in mitigating this year's impact. Is that an acknowledgement that there will be direct impacts on your business from tariffs or is the mitigation kind of more related to how you expect to navigate price adjustments from suppliers?

我想您說過您有信心減輕今年的影響。這是承認關稅將對您的業務產生直接影響嗎？還是說緩解措施更與您如何應對供應商的價格調整有關？

I'll start with the first part of your question. So I mean regarding our guidance, and I'm assuming Jason, that you're referencing sales guidance and then from that, the other outputs whether it be EPS, EBITDA, et cetera.

我先從你的問題的第一部分開始。所以我的意思是關於我們的指導，我假設傑森，你參考的是銷售指導，然後從中得出其他產出，無論是 EPS、EBITDA 等等。

But our sales guidance assumes most of our sales growth is expected to be internally generated. With exchange rates where they are right now and taking into consideration the first quarter headwinds we had, we now expect foreign exchange to be largely neutral to the balance of the year.

但我們的銷售指導假設我們的大部分銷售成長預計來自內部產生。考慮到目前的匯率以及第一季遇到的不利因素，我們預計外匯對今年餘下時間的影響將基本保持中立。

And so that's the 2% to 4% that we are expecting. Acquisition growth is expected to provide less than 1 point of growth for us this year. So our sales growth is largely internally generated. With reference to the tariffs, when we say mitigated, we're really talking about the mitigating financial impact.

這就是我們預期的 2% 到 4%。預計今年收購成長將為我們帶來不到 1 個點的成長。因此我們的銷售成長主要是內部產生的。關於關稅，當我們說減輕時，我們實際上談論的是減輕財務影響。

So we've walked through several different scenarios internally in terms of what could happen from a tariff perspective. But as Stanley mentioned before, we began diversifying and moving the sourcing of corporate brand products to lower tariff countries.

因此，就關稅角度而言，我們在內部探討了幾種可能發生的不同情況。但正如史丹利之前提到的，我們開始實現多元化，將企業品牌產品的採購轉移到關稅較低的國家。

We're in a unique situation where we are the importer of record for some products, for those products that we manufacture, for some products that we are selling under our private label, our corporate brands. But then we also buy a lot of -- as you're aware, buy a lot of products from third parties where we're not the importer of record.

我們處於一個獨特的情況，我們是某些產品的進口商，對於我們生產的產品，對於我們以自有品牌、公司品牌銷售的一些產品。但我們也購買了很多——正如你所知，我們從第三方購買了很多產品，而我們並不是記錄在案的進口商。

So we have plans in place and we're working very closely with our suppliers as well as with our customers to come up with various means of mitigating any kind of impact from the tariffs. And we believe based on what we know today that we can mitigate those effects.

因此，我們已經制定了計劃，並正在與我們的供應商和客戶密切合作，提出各種方法來減輕關稅的影響。我們相信，根據我們目前所了解的情況，我們可以減輕這些影響。

Now what we're -- what we have to kind of wait and see is what kind of potential price increases what we get from our brand and suppliers. But I think they've even indicated in some public remarks that they're doing their best to not pass along those price increases.

現在我們要等待的是，看看我們的品牌和供應商能為我們帶來什麼樣的潛在價格上漲。但我認為他們甚至在一些公開言論中表示，他們正在盡最大努力不將這些價格上漲的影響轉嫁出去。

So the answer to your question is by maintaining our guidance, what we're saying is that we believe there could be some effect of this, but we can mitigate the ultimate financial effect of it.

因此，您的問題的答案是，透過維持我們的指導，我們的意思是，我們相信這可能會產生一些影響，但我們可以減輕其最終的財務影響。

And then for follow up, Stanley, you've seen a lot of different macro situations in your career add fluctuations in the economy and/or the dental market. How does tariff uncertainty from the past couple of months stack up?

然後，史丹利，接下來的問題，您在職業生涯中見過很多不同的宏觀形勢，這些形勢增加了經濟和/或牙科市場的波動。過去幾個月的關稅不確定性如何加劇？

And even if you're not seeing foot traffic changes in the office, I think a lot of us are anticipating that maybe that happens at some point, but right now, consumers don't seem to be changing. But what about dentist behavior because dentists oftentimes are consumers themselves?

即使你沒有看到辦公室的人流發生變化，我想我們很多人都預料到這種情況可能會在某個時候發生，但目前，消費者似乎並沒有改變。但是牙醫的行為又如何呢？因為牙醫本身通常也是消費者。

And we've seen the ADA data around dentists’ sentiment tick lower here alongside broader consumer sentiment in the US. So I guess how are you thinking about dentists’ behavior in this market?

我們看到，有關牙醫情緒的 ADA 數據隨著美國整體消費者情緒的下降而下降。那麼我猜您如何看待這個市場上牙醫的行為？

So Jason, as I Indicated early on, at the moment, we don't see a huge negative impact. In fact, we don't see much at all. Our bookings on equipment are pretty steady. Actually a little bit robust, I would say and in line with the kind of backlogs that we saw pre-COVID.

所以傑森，正如我早些時候指出的那樣，目前我們並沒有看到巨大的負面影響。事實上，我們根本看不見什麼。我們的設備預訂量相當穩定。我想說，實際上情況有點強勁，與我們在 COVID 之前看到的積壓一致。

So I would say it's relatively stable. Dentists are investing in their practices. There's obviously quite a large investment on the digital side. But traditional equipment is pretty steady and we're seeing new practices open and the DSOs that are well financed are expanding with -- the de novo sites.

所以我認為它相對穩定。牙醫正在對自己的診所進行投資。顯然，在數字方面有相當大的投資。但傳統設備相當穩定，我們看到新的實踐正在開放，資金充足的 DSO 正在擴大——從頭開始的站點。

So at the moment, it's pretty stable. I would say it's a little bit better. Just there's no -- I can't give you specific data. But it feels a little bit better than the general consumer sentiment. And the medical business is quite good.

所以目前來說，它相當穩定。我想說情況稍微好一點。只是沒有——我無法給你具體的數據。但感覺比一般的消費者情緒好一點。而且醫療業務也相當不錯。

We did have periods where the early part of the year, the respiratory sensitive part of the year were challenged, but this year was from a sales point of view a bit better. So this all leads us to conclude that the markets that we serve are stable.

我們確實經歷過年初、呼吸道敏感期面臨挑戰的時期，但從銷售的角度來看，今年的情況要好一些。因此，所有這些都使我們得出結論，我們所服務的市場是穩定的。

As I mentioned -- actually what I just -- the color I just gave, it relates mostly to the US. But as I mentioned earlier on, when you go outside of the US, it's very country dependent. And I would say the majority of the countries that we serve, it's okay.

正如我所提到的——實際上我剛才給出的顏色主要與美國有關。但正如我之前提到的，當你走出美國時​​，它非常依賴國家。我想說，我們服務的大多數國家的情況都還不錯。

From a tariff point of view, specifically as it relates to specialty products, most of the market -- most of the products that we sell are locally made. So there's no real tariff impact. I think on the implant side, the US market is a bit weaker than maybe a year or so ago.

從關稅的角度來看，特別是與特色產品相關的關稅，大部分市場——我們銷售的大部分產品都是本地生產的。因此，關稅沒有實際影響。我認為在植入物方面，美國市場可能比一年前弱。

But that's being made up by, in our case, strong sales in Europe, particularly Germany. We do not sell much in terms of specialty products in Asia. We do in Japan but not in China. So those big variables that we see, maybe some of the other implant companies as it relates to Asia is not a factor at Henry Schein.

但就我們而言，這一差距是由歐洲（尤其是德國）的強勁銷售所彌補的。我們在亞洲銷售的特色產品並不多。我們在日本有，但在中國沒有。因此，我們看到的那些大變量，也許與亞洲相關的一些其他植入物公司對 Henry Schein 來說不是一個因素。

But I would say we started out the prepared remarks for stability. And I think my sense is that's still the case. Of course, no one knows where the broader economy will head, but right now, it seems okay.

但我想說，我們一開始就準備好了穩定發言。我認為我的感覺是情況仍然如此。當然，沒有人知道整體經濟將走向何方，但目前看來還不錯。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

Just maybe a modeling question, Ron for you if I could. You talked about the high end of that $75 million to $100 million in cost takeout now that you expect to hit for the year, which is an encouraging number to you. What were you at, run-rate wise, coming out of 1Q just as I think about how to layer in maybe that $90 million to $100 million in savings over the next three quarters?

如果可以的話，這可能只是一個建模問題，羅恩。您談到了預計今年的成本支出將達到 7500 萬至 1 億美元的最高水平，這對您來說是一個令人鼓舞的數字。當我考慮如何在接下來的三個季度中節省 9,000 萬至 1 億美元時，您在第一季的運行率是多少？

What's already been included in the 1Q number?

第一季的數據已經包含了哪些內容？

Ladies and gentlemen, please stand by. We're experiencing technical difficulties. We'll resume momentarily. Gentlemen, you may resume.

女士們、先生們，請稍候。我們遇到了技術困難。我們馬上就恢復。先生們，你們可以繼續了。

So I don't know if you heard my question or not, but I was basically just asking a simple question of how much of that $100 million in cost savings that you now expect to see in the P&L this year was in in the first quarter and how should we think about it run-rating for the rest of this year? Does it kind of build throughout the year?

所以我不知道您是否聽到了我的問題，但我基本上只是問一個簡單的問題，即您現在預計在今年損益表中看到的 1 億美元成本節省中有多少是在第一季度實現的，以及我們應該如何考慮今年剩餘時間的運行評級？它是全年都在建造的嗎？

Yeah. Jeff, so the $100 million in savings that we're referring to would be kind of on an annualized run rate basis. So there won't be a full $100 million of savings in the 2025 results. But we had achieved -- kind of coming into the year, we had -- we were in a about a $60 million run rate as we came into the year.

是的。傑夫，我們提到的 1 億美元節省是按年化運行率計算的。因此，到 2025 年，節省的金額將不會達到 1 億美元。但我們已經實現了——進入今年以來，我們的營業額達到了約 6,000 萬美元。

So if you just take that piece of it and divide it out by the four quarters, you can get some feel for what the first quarter benefit may have been. And then of course, on top of that, we continue to take measures and taking certain -- initiating certain cost saving opportunities over the course of the year as well.

因此，如果您只拿出其中的一部分並將其除以四個季度，您就可以了解第一季的收益是多少。當然，除此之外，我們還將繼續採取措施，並在一年內啟動某些節省成本的機會。

And then just we saw the 8-K on Friday. It looks like Max has now joined the Board. I don't think I've seen if Dan has yet joined the Board. Just one, can you confirm that? Maybe I missed in 8-K somewhere there. And two, just any updated thoughts on kind of maybe strategies the Board might take the company direction wise as the new Board members join and any kind of updated thoughts there?

然後我們在星期五看到了 8-K。看起來 Max 現在已經加入董事會了。我認為我還沒有看到丹是否已經加入董事會。只有一個，你能確認嗎？也許我錯過了 8-K 中的某個地方。第二，隨著新董事會成員的加入，董事會對公司發展方向可能採取的策略有什麼最新想法嗎？

So Jeff, that is correct. Max joined the Board on Friday. Dan will join the Board when we get a final approval in Europe for the KKR's investment. As it relates to KKR's role, of course, we've said this in the past, KKR recognizes that Henry Schein is well managed as a great opportunity, recognizing the challenges we had with the pandemic, the cyber incidents, some of the macro issues that we experienced.

傑夫，這是正確的。馬克斯於週五加入董事會。當我們在歐洲獲得 KKR 投資的最終批准時，Dan 將加入董事會。至於 KKR 的角色，當然，我們過去曾說過，KKR 認識到 Henry Schein 管理得很好，這是一個很好的機會，同時也認識到我們在疫情、網絡事件以及我們遇到的一些宏觀問題方面面臨的挑戰。

There are many opportunities that we are examining in general. KKR is working with us, supporting our opportunities to create value for shareholders. And in particular the BOLD+1 strategy and some related activities around that.

我們正在研究很多機會。KKR 正在與我們合作，以支持我們為股東創造價值的機會。特別是BOLD+1策略以及圍繞該策略的一些相關活動。

We are working with their internal group to create on the initiatives. We believe we'll create additional profitability -- sustainable profitability for the company. And we'll be able to provide further information in the quarters ahead.

我們正在與他們的內部團隊合作來實施這些措施。我們相信我們將為公司創造額外的獲利能力—可持續的獲利能力。我們將在未來幾季提供更多資訊。

But overall, the level of collaboration, the ideas that are emerging, mostly to support our BOLD+1 strategy have been very, very positive. So, it's been a good partnership. But of course, Max just is just joining the Board now. And then hopefully, in the next few weeks.

但總體而言，合作程度和正在出現的想法（主要是為了支持我們的 BOLD+1 策略）都是非常非常積極的。所以，這是一次良好的合作關係。當然，馬克斯現在才剛加入董事會。希望在接下來的幾週內。

Mike Petusky, Barrington Research.

巴林頓研究公司的麥克‧佩圖斯基（Mike Petusky）

I just want to ask a question around the internal growth in Home Solutions. 9% seems kind of strong. And I was just curious, I mean is that mostly getting deeper with existing accounts or is there sort of new account growth there?

我只是想問一個有關家庭解決方案內部成長的問題。 9% 似乎很強勁。我只是好奇，我的意思是這主要是透過現有帳戶來加深還是有新帳戶的成長？

And also I was just curious what the actual revenues were if you would be willing to share that.

而且我很好奇，如果您願意分享的話，實際收入是多少。

I didn't catch the last part of your question. But our momentum in the Home Solutions business has been very good. We're expanding our footprint. We're adding more referral sources and managing reimbursement quite well.

我沒聽清楚你問題的最後一部分。但我們的家庭解決方案業務發展勢頭非常好。我們正在擴大我們的足跡。我們正在增加更多的推薦來源並很好地管理報銷。

We have a very good team. And this is an area of growth that we expect to continue into the future. So we're very pleased with our Home Solutions business. It's a natural fit with the Henry Schein core physician referral business.

我們擁有一支非常優秀的團隊。我們預計這個成長領域未來將持續成長。因此，我們對我們的家居解決方案業務非常滿意。這與 Henry Schein 的核心醫生轉診業務自然契合。

And so I didn't catch the last part of your --

所以我沒聽清楚你最後說的話--

The revenue base. Yeah. I mean on an annualized basis, that business is now approaching something, I believe it's around $360 million a year but quickly growing and approaching $400 million soon.

收入基礎。是的。我的意思是，按年計算，這項業務現在接近某個數字，我相信大約是每年 3.6 億美元，但成長很快，很快就會接近 4 億美元。

Allen Lutz, Bank of America.

美國銀行的艾倫·盧茨。

One for Stanley and Ron. Why do you think the US implant market is a little weaker in 1Q '25 versus a year ago? Can you talk about what you're seeing there and give us an update on the performance of some of the new launches here in the US?

一個給史丹利和羅恩。您認為為什麼 2025 年第一季美國植入物市場與去年同期相比略顯疲軟？您能談談您在那裡看到的情況並向我們介紹美國一些新產品的表現嗎？

I'm not sure we can give you anything specific as to why it's weaker other than to say that consumer sentiment for high-end dentistry may be a bit weaker. I think for the more price sensitive procedures, it seems to be relatively stable.

我不確定我們能否給出任何具體解釋為什麼它會變弱，只能說消費者對高端牙科的情緒可能有點弱。我認為對於價格更敏感的程序來說，它似乎相對穩定。

The basic products that are used in implants -- used in lower cost procedures -- seem to be more stable than the higher end. Our bone regeneration business is quite solid. As it relates to products, the Tapered Pro Conical product, we are focused right now on moving our existing customer base over to the new product, which has been well received.

用於植入物的基本產品（用於低成本程序）似乎比高端產品更穩定。我們的骨骼再生業務相當穩固。就產品而言，Tapered Pro Conical 產品，我們目前專注於將現有客戶群轉移到新產品上，該產品已廣受好評。

We have the SmartShape Healer, which provides what we believe is an innovative advancement to supporting functions of healing abutments, impression taking. This is doing well. So overall, the US market is slightly down.

我們擁有 SmartShape Healer，我們認為它為支援癒合基台和印模功能提供了創新的進步。這做得很好。因此整體而言，美國市場略有下滑。

We believe we're keeping pace with that. Perhaps we're picking up a little bit more market share in our bone regeneration area. But overall, I think the high end then is more linked to the elasticity of the consumer sentiment and that the lower end of the cost of a procedure, that part of the market seems to be rather stable.

我們相信我們正跟上這一步伐。也許我們在骨再生領域獲得了更多的市場份額。但整體而言，我認為高端市場與消費者情緒的彈性更相關，而低端市場與手術成本的相關性更高，市場部分似乎相當穩定。

And then you said -- in your prepared remarks, you said new dental practice buildout is increasing. Can you expand on that a little bit? Do you mean that it's accelerating from where it was maybe in the back half of '24, or you're just saying that it's growing year over year?

然後您在準備好的演講中說，新的牙科診所建設正在增加。能稍微詳細說明一下嗎？您的意思是，它從 2024 年下半年開始加速成長，還是說它逐年成長？

I think in '24, there were not that many build outs. Both de novo and with existing practices and we are seeing an expansion of de novos not only with DSOs. Many DSOs, many of our customers are expanding in the DSO world. But this is also with the smaller practices, mid-sized practices, group practices, the regional DSOs.

我認為在 24 年，沒有那麼多擴建。無論是從頭開始還是現有實踐，我們都看到從頭開始的擴展不僅限於 DSO。許多 DSO，我們的許多客戶都在 DSO 領域不斷擴張。但這也適用於小型診所、中型診所、團體診所和區域 DSO。

There is more activity going on than a year ago. Maybe it paused for a while because people were taken aback with the higher interest rates. But I think dentists have now come and the financial managers of these DSOs have come to realize that the interest rates are likely to stay at these levels and are adjusting their purchasing and investment criteria.

與一年前相比，現在的活動更多了。也許它暫停了一段時間，因為人們對更高的利率感到驚訝。但我認為牙醫現在已經來了，這些 DSO 的財務經理已經意識到利率可能會保持在這些水平，並正在調整他們的購買和投資標準。

Of course, there are some larger DSOs that didn't have the quality of financing and they may not be growing their businesses internally as rapidly. But those that have good financing and there are a lot of those DSOs are investing again and the sentiment on the investment side seems to be okay.

當然，一些較大的 DSO 不具備融資質量，而且其內部業務的成長速度可能也不會那麼快。但那些擁有良好融資的公司和許多 DSO 正在再次進行投資，投資方面的情緒似乎還不錯。

John Stansel, JPMorgan.

摩根大通的約翰·斯坦塞爾。

Can you just walk through in the case where you need to pass on cost to your customer base in the dental space, what are the mechanics of that and how quickly can you pass on cost increases to customers and how have the discussions with large practices gone to date?

您能否簡單介紹一下在需要將成本轉嫁給牙科領域客戶群的情況下，其機制是什麼，您能多快將成本增加轉嫁給客戶，以及迄今為止與大型診所的討論進展如何？

Right. So of course, at the moment, we still have quite a bit of inventory that we don't have to pay the tariffs. We are working with our customers on moving to alternate products if price is important. The alternate products could be manufactured -- global national manufacturers, products manufactured outside of the US that they could switch to US manufactured products.

正確的。因此，當然，目前我們仍然有相當多的庫存不需要支付關稅。如果價格很重要，我們正在與客戶合作轉向替代產品。可以生產替代產品－全球國家製造商，在美國以外生產的產品，他們可以轉換為美國製造的產品。

So there's a lot of activity on our national brand products, those products that we are not the importer of record. Then on our owned brands, the corporate brand side, we are advancing and we have been doing this for a while, the sourcing of these products.

因此，我們的國家品牌產品有很多活動，這些產品我們不是記錄上的進口商。然後，就我們自己的品牌、企業品牌方面而言，我們正在進步，我們已經做了一段時間了，採購這些產品。

Quite a bit is actually manufactured in the US. Most of our specialty products are made in the US. There's a little bit that's not, but a large part of it is. So we are managing the sourcing side. We are working with many manufacturers on cushioning the impact of the tariff.

實際上相當一部分是在美國製造的。我們的特色產品大多是在美國製造的。有一點點不是，但很大一部分是。所以我們正在管理採購方面。我們正在與許多製造商合作，以緩解關稅的影響。

This is on a manufacturer by manufacturer, product by product basis. We have a pretty good database on the sourcing of products. We invested in that database a few years ago in anticipation of this. Then again, there is the switching from one brand to another.

這是根據製造商和產品而定的。我們有一個非常好的產品採購資料庫。幾年前，我們就預見了這一點，並投資了這個資料庫。再者，從一個品牌轉換到另一個品牌。

And at the end of the day, if we can't cover it, the tariff with sourcing, country sourcing, switching of products, sourcing, moving to our own brand, moving to lower cost brands, then we're going to have to pass this on to our customers.

最終，如果我們無法承擔採購關稅、國家採購、產品轉換、採購、轉向我們自己的品牌、轉向低成本品牌的費用，那麼我們就必須將其轉嫁給我們的客戶。

And at the moment, we haven't had a lot of price increases. We've had them in selected areas. For example, in our handpiece repair business where the parts are all imported at the moment. And there, we've had to move it up.

目前，我們的價格還沒有大幅上漲。我們已經在選定區域設立了它們。例如，在我們的手機維修業務中，目前所有零件都是進口的。我們必須把它向上移動。

But not that much in that particular instance. About 5%. So we're doing it at the moment on a product by product basis. The tariff increases have not been significant yet, and we're hoping that we'll be able to mitigate a lot of this through what I've just outlined.

但在那個特定情況下，情況並非如此。約5%。因此，我們目前正在根據每個產品的具體情況進行此操作。關稅上調幅度目前還不大，我們希望能夠透過我剛才概述的措施來減輕這一影響。

And then if I could just add one more on the medical distribution side, can you quantify the tailwind from the elevated or seasonally different respiratory season this year given that you said the market was broadly stable?

然後，如果我可以在醫療分銷方面再補充一點，鑑於您說市場總體穩定，您能否量化今年呼吸道疾病高發季節或季節性差異帶來的順風？

I don't know if we -- Ron, do we have specific?

我不知道我們——羅恩，我們有具體資訊嗎？

Well, I think what I can say is that we did see better sales in our medical business in February and March than we did in January. Quite frankly that that also holds true for our dental business. January was a very soft month as we've emphasized in our prepared remarks.

嗯，我想我可以說的是，我們二月和三月的醫療業務銷售額確實比一月好。坦白說，這對我們的牙科業務也同樣適用。正如我們在準備好的演講中所強調的那樣，一月份是一個非常疲軟的月份。

So some of that is the return to normalcy, but I think medical got a little bit of a better bump as well because of the timing of the respiratory illness season. And of course, as the year progresses, you see that go back to a more normal mode.

因此，部分情況已經恢復正常，但我認為，由於正值呼吸道疾病季節，醫療狀況也得到了一定的改善。當然，隨著時間的推移，你會看到它恢復到更正常的模式。

But having said that, we were pleased with how the medical business did recover over the course of the quarter and the momentum going into the second quarter.

但話雖如此，我們對醫療業務在本季度的復甦以及進入第二季度的勢頭感到滿意。

Vik Chopra, Wells Fargo.

喬普拉（Vik Chopra），富國銀行。

So just two for me. Appreciate the comments and the tariff exposure so far. But I'm just curious if you can just talk about what percent of your products are sourced from or manufactured in either Mexico, China, and the EU, and then I had a follow up, please.

所以對我來說只有兩個。感謝您迄今為止的評論和關稅曝光。但我只是好奇，您是否可以談談您的產品中有多少百分比來自或製造於墨西哥、中國和歐盟，然後我可以跟進一下。

Right. So as it relates to Mexico, we have very little sourcing. But in our specialty area there's no impact on tariffs. A big part of our business, specifically our dental business relates to anesthetic, which is primarily manufactured in Canada and there is no tariff on that.

正確的。因此，就墨西哥而言，我們的採購量非常小。但在我們的專業領域，關稅並沒有受到影響。我們的業務很大一部分，特別是我們的牙科業務與麻醉劑有關，麻醉劑主要在加拿大生產，並且沒有關稅。

As it relates to China, we started rebalancing our sourcing some time ago. So we take something, a product like gloves. We used to source for the United States. Gloves in China, we've moved that production capacity to Europe and have moved glove sourcing primarily for the US, primarily to Malaysia as an example.

就中國而言，我們不久前就開始重新平衡我們的採購。因此我們採取了一些東西，例如手套這樣的產品。我們曾經為美國採購。我們已將中國手套的生產能力轉移到歐洲，並將手套採購主要轉移到美國，例如主要轉移到馬來西亞。

We're negotiating with our manufacturers in that area like I assume our competitors will. And I don't think it's going to be a dollar-for-dollar increase as it relates to 10%, but there will have to be an increase at some point.

我們正在與該地區的製造商進行談判，我認為我們的競爭對手也會這樣做。而且我不認為這會是與 10% 相關的一美元一美元的增長，但在某個時候必須增加。

And so this is the kind of activity. But as it relates to China, it's not significantly material. We have about $100 million of product where we are the importer of record. Some of that's coming from China, but in a $12.5 billion to $13 billion business, it's not that material.

這就是一種活動。但就其與中國的關係而言，這並不是什麼重大問題。我們有價值約 1 億美元的產品，我們是記錄在案的進口商。其中一部分來自中國，但對於規模 125 億至 130 億美元的業務來說，這並不算什麼。

Of course, the consumer sentiment right now in general seems to be okay as it relates to dentists. And I think there is some elasticity as it relates to general consumer sentiment. But at the moment, it seems to be okay as it relates to dentists.

當然，就牙醫而言，目前消費者情緒總體上似乎還不錯。我認為它與整體消費者情緒有關，具有一定的彈性。但目前，就牙醫而言，這似乎還不錯。

And my follow up question is I was wondering if you can comment on the dental capital equipment environment. Given the current trade environment and risk to the macro, have you seen consumers -- customers pause or extend timelines to purchase capital either in the US or internationally?

我的後續問題是，我想知道您是否可以評論一下牙科資本設備環境。鑑於當前的貿易環境和宏觀風險，您是否看到消費者—客戶暫停或延長在美國或國際上購買資本的時間表？

Certainly, Vik. I think that -- and Stanley referred to this earlier and I understand the purpose of your question because if we -- that would be kind of the first indicator of perhaps a macroeconomic slowdown in the sector if we began to see significant declines in equipment orders and we've been tracking that very closely.

當然，維克。我認為——史丹利之前提到過這一點，我理解你提問的目的，因為如果我們——如果我們開始看到設備訂單大幅下降，那可能是該行業宏觀經濟放緩的第一個指標，我們一直在密切關注這一點。

And we've yet to see any kind of adverse reaction from the market. Our equipment orders are very much in line with our expectations when we look at them kind of on a year-over-year basis. So there's still what I'll call healthy demand.

我們尚未看到市場出現任何不良反應。從年比來看，我們的設備訂單非常符合我們的預期。因此我稱之為健康需求的情況仍然存在。

Is it super robust demand for equipment? Probably not. But it's healthy demand both on the traditional equipment side as well as on the digital equipment side.

對設備的需求是否超強勁？可能不是。但無論是傳統設備方面還是數位設備方面，需求都是健康的。

Brandon Vazquez, William Blair.

布蘭登·巴斯克斯、威廉·布萊爾。

Ron, maybe for you first as a modeling question. I think what everyone was trying to get around a little bit in the earlier questions in regards to FX and implied guidance, I'll ask it slightly different and just say is there an organic growth number that was embedded into the full year guidance that you guys had last quarter versus this quarter?

羅恩，也許首先要問你一個建模問題。我認為大家在之前關於外匯和隱含指引的問題中都試圖迴避一個問題，我會問得稍微不同一點，我只是問一下，你們上個季度和本季度的全年指引中是否包含一個有機增長數字？

Like basically, did the organic growth expectations change embedded within the full year guidance?

基本上，全年指引中嵌入的有機成長預期是否發生了變化？

No. I would say they're largely consistent with what our original expectations were, Brandon.

不。我想說它們與我們最初的預期基本一致，布蘭登。

And then just as my follow up. There were, many of the other dental manufacturers were calling out DSOs for kind of a notable strength in the quarter. Some of them maybe have been picking up at the start of the year in terms of advertising ETC spend or converting some of the backlog.

然後就作為我的後續行動。許多其他牙科製造商都稱讚 DSO 在本季度表現出色。其中一些公司可能在年初就開始增加廣告 ETC 支出或轉換部分積壓訂單。

Anything that you guys saw kind of notable strength out of DSOs? And I know you touched on it a little bit, but just expectations from the DSOs of -- I know they do a lot of the volume and a lot of the build out. So how are they feeling right now in this kind of uncertain macro environment going forward?

你們覺得 DSO 有什麼顯著的優勢嗎？我知道您稍微提到了這一點，但這只是對 DSO 的期望——我知道他們做了很多工作，也做了很多建設。那麼，在這種不確定的宏觀環境下，他們現在感覺如何？

I would say that the DSOs are stable to leaning positively in general. There are a few that are doing quite well. Not aware of too many that are doing badly. I mean if you'd gone back maybe a year or two ago, there were some that we were worried about, not really defaults, but that we were worried.

我想說的是，DSO 總體上是穩定且傾向於積極的。其中有一些表現相當不錯。不知道有多少人表現不佳。我的意思是，如果你回顧一兩年前，你會發現我們確實擔心一些事情，雖然不是真正的違約，但我們確實擔心一些事情。

I would -- I don't know of too many. Actually I don't know of any really in that category. Maybe there's some small regional ones that may be unstable. But generally, DSOs are pretty stable and have adjusted to the higher interest rate, both in terms of servicing their debt and also in the investment and expansion.

我會的——我不知道有多少。事實上我並不知道有這樣的情況。也許有一些小的區域可能不穩定。但總體而言，DSO 相當穩定，並且已經適應了更高的利率，無論是在償還債務方面，還是在投資和擴張方面。

So generally, the DSOs are doing okay.

整體來說，DSO 表現還不錯。

Elizabeth Anderson, Evercore ISI.

伊麗莎白·安德森，Evercore ISI。

Just on the back of IDS being solely in March this year, can you talk about how you sort of thought about that show and sort of the traditional maybe bump and particularly in equipment that we generally see in that business and sort of how you guys think about the likely impact for that for this year?

就在今年 3 月舉行的 IDS 展會而言，您能否談談您對該展會的看法，以及傳統上可能出現的增長，特別是在我們通常看到的該行業設備方面，以及您如何看待今年該展會可能產生的影響？

Yeah. IDS and for the exact timing of the Christmas holiday -- of the Easter holiday in Europe sort of kind of balance each other out. I don't think there's a huge impact. Having said that, what's happened with the IDS, it's become a significantly more focused show for trading amongst businesses rather than with customers.

是的。IDS 和歐洲聖誕節假期與復活節假期的確切時間是相互平衡的。我認為影響不會很大。話雖如此，但 IDS 的情況是，它已經成為一個更注重企業之間而非與客戶之間交易的展會。

On the customer side, the only real momentum that we can expect from the show is on the German side, Austrian side maybe. And a lot of that is handled through our pre-show promotions. We have good momentum in Europe I think.

在客戶方面，我們唯一能從展會中期待的真正動力可能來自德國方面，也可能來自奧地利方面。其中很多都是透過我們的展前促銷來處理的。我認為我們在歐洲的發展勢頭良好。

And what really came out of the show was the drive towards 3D printing, further digitization of dentistry. All those areas we focused on. And as we indicated, the equipment market is stable to positive. Of course, it can be lumpy.

此次展會真正展現的是3D列印技術的發展，以及牙科的進一步數位化。所有這些領域都是我們所關注的。正如我們所指出的，設備市場保持穩定向好態勢。當然，它也可能很粗糙。

Of course, this quarter, we had the flip between '23 fourth quarter and the first quarter of '24. So we're up against tough comparisons. But overall, I would say the equipment market is good. And as it relates to Central Europe, I think it's okay.

當然，本季度，我們在 23 年第四季和 24 年第一季之間發生了轉變。所以我們面臨嚴峻的比較。但整體來說，我認為設備市場是好的。就其與中歐的關係而言，我認為這沒問題。

And then maybe just in terms of I know some of your private label, you obviously manufacture yourselves and some, you work with external partners. How do we think about that flexibility with potentially changing some of the sourcing countries, et cetera, in terms of how long that would take if the Chinese tariffs remain at their current elevated levels?

然後也許就我所知，你們的一些自有品牌顯然是自己生產的，有些是與外部合作夥伴合作的。如果中國關稅維持在目前的高水平，我們如何看待這種靈活性，可能改變一些採購國家等等，就改變需要多長時間而言？

Yeah. Just to recap a little bit, on our owned brands where we manufacture, that is primarily in the specialty areas. And in those areas, particularly the implants and orthodontics, which is very small, and some endo, we are making in the markets that we actually sell, largely making the markets that we sell.

是的。簡單回顧一下，我們生產的自有品牌主要集中在專業領域。在這些領域，特別是植牙和牙齒矯正（規模很小）以及一些內視鏡，我們在實際銷售的市場上，很大程度上是在銷售市場。

So we don't see much of an impact there. There are odd situations like I described, the parts in, for example with handpiece repairs that we have to take up our pricing a bit, but it's not a huge amount. As it relates to our corporate brand, which is called private label, there, we are sourcing now from manufacturers -- OEM manufacturers.

因此，我們看不到太大的影響。有一些奇怪的情況，就像我所描述的那樣，例如手機維修中的零件，我們必須稍微提高價格，但金額並不大。因為它與我們的企業品牌（稱為自有品牌）有關，我們現在從製造商——OEM 製造商處採購。

We have been moving products around the world for a while. There is a part that's coming out of China. But there are not too many products in that group where there are not ultimate manufacturers if the tariff doesn't come down.

我們已在世界各地運送產品一段時間了。其中一部分來自中國。但如果關稅不下降，這類產品中沒有最終製造商的產品並不多。

The tariff comes down a bit. I think we'll be able to work with some of our Chinese manufacturers. But if it doesn't come down, they'll still work with us. But we'll have to consider alternate sourcing, and that's been in the pipeline for several years already.

關稅稍微下降了一點。我認為我們能夠與一些中國製造商合作。但即使沒有降下來，他們仍然會與我們合作。但我們必須考慮替代來源，而這已經醞釀了好幾年了。

So there is a piece that we will be challenged. Maybe some of the commodities, but there are alternatives. For example, gloves. The alternative is Malaysia. I doubt we'll be able to make a competitive price glove in the United States.

因此，我們將面臨一個挑戰。或許有些商品是這樣的，但還有其他替代品。例如手套。另一個選擇是馬來西亞。我懷疑我們能否在美國生產出具有價格競爭力的手套。

There's a factory or two in that field, but it's still very expensive. So at the end of the day, there are products that we'll have to buy with tariffs. But I think our competitors and all of us will be in the same boat for those products.

該領域有一兩家工廠，但成本仍然非常高。所以最終，我們還是需要支付關稅來購買一些產品。但我認為我們的競爭對手和我們所有人都會面臨同樣的產品困境。

So generally, the movement has started to happen. There's some work that still has to go on. There could be some challenges for a couple of quarters. But in many of these product areas, we do have inventory. So we're working through this on a manufacturer by manufacturer, product category by product category.

整體來說，運動已經開始發生。還有一些工作要做。未來幾季可能會面臨一些挑戰。但在許多產品領域，我們確實有庫存。因此，我們正在針對每個製造商、每個產品類別進行這項工作。

And at the moment, assuming the economy remains more or less where it is, foreign exchange remains more or less where it is, and I think we maintain our guidance.

目前，假設經濟或多或少保持現狀，外匯或多或少保持現狀，我認為我們會維持我們的指導。

There are no further questions at this time.

目前沒有其他問題。

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

我想把發言權交還給史丹利·伯格曼，請他發表最後評論。

Thank you very much, operator.

非常感謝，接線生。

Thank you all for calling in.

謝謝大家的來電。

We feel pretty good about the business. I think we had a very good quarter, asking again, analysts and investors to understand the impact on foreign exchange on the sales. And if you take that into account, there's good momentum.

我們對這項業務感覺非常良好。我認為我們度過了一個非常好的季度，再次詢問分析師和投資者，以了解外匯對銷售的影響。如果你考慮到這一點，那麼這是一個好的動力。

And I think that good momentum at the moment is going nicely into the third quarter -- the second quarter, the third month of the first quarter. March was okay. And as we go into the beginning of the second quarter, it's looking okay, good momentum.

我認為目前的良好勢頭將順利延續到第三季度——第二季度，即第一季的第三個月。三月還不錯。當我們進入第二季度初時，一切看起來都不錯，勢頭良好。

Our equipment backlog remains strong. There's some office buildouts. Of course this is -- it can lumpy. THRIVELIVE, which was our Las Vegas show with a reasonably good attendance. I'd say good attendance, as I mentioned. It was good.

我們的設備積壓訂單仍然強勁。有一些辦公大樓正在擴建。當然，這是——它可能會有塊狀。THRIVELIVE 是我們在拉斯維加斯的演出，出席人數相當不錯。正如我所提到的，我想說出勤率很高。很好。

The momentum coming out of IDS for Germany or actually the preparatory work going to the IDS was quite good. I think that will result in equipment sales. Again, it's a stable market. Lumpy to some extent on the equipment side.

德國在IDS上取得的進展，或者說IDS的籌備工作其實相當不錯。我認為這將促進設備銷售。再一次，這是一個穩定的市場。設備方面存在一定程度的不均勻性。

On high growth, high margin, we've upped our plan to go from 40% to 50%. Over the next three years, I think we feel pretty good about that. The profits coming out of corporate brands are 10%, a little bit more than 10%. Looks good.

在高成長、高利潤方面，我們已將計畫從 40% 提高到 50%。在接下來的三年裡，我認為我們對此感覺很好。企業品牌出來的利潤是10%，稍微多一點。看起來不錯。

Stable markets, we have indicated. Of course, there are exceptions. Some good, very good markets. Some less good but on balance, stable. Our implant biomaterials business globally is a good one at the moment. So we feel very good. Europe is doing good.

我們已經指出，市場穩定。當然，也有例外。一些好的、非常好的市場。有些不太好，但總的來說，穩定。目前，我們的全球植入生物材料業務發展良好。所以我們感覺非常好。歐洲做得很好。

And the US, it's not a growing market, but we think we'll continue to gain market share. Technology, we're very optimistic about that business, both in terms of the cloud-based systems, expense management. And we continue to be committed to the long term EPS cash flow, EBITDA goals we outlined.

美國不是一個成長型市場，但我們認為我們將繼續獲得市場份額。技術，我們對這項業務非常樂觀，無論是基於雲端的系統還是費用管理。我們將繼續致力於實現我們所概述的長期每股盈餘現金流量和息稅折舊攤提前利潤目標。

Of course, we had a bump in the road with a cyber incident which is largely behind us. And so I would say the business is in good shape. Morale is good. We're happy with the management changes we made. We had to, of course, reduce expenses. We had to take out a line of management.

當然，我們遇到了網路事件的阻礙，但基本上已經過去了。所以我想說業務狀況良好。士氣很好。我們對所做的管理變革感到滿意。當然，我們必須削減開支。我們不得不撤掉一條管理線路。

And It's not unique to Henry Schein. It's what businesses have to do. We did that. And we think we'll be delivering good numbers on the expense reduction side, perhaps a little better than we thought through in the early days.

這並不是 Henry Schein 獨有的。這是企業必須要做的事。我們做到了。我們認為，在削減開支方面，我們將取得不錯的成績，甚至可能比我們早期預想的要好一些。

So we remain optimistic about the business. And we think, yes, there is some elasticity as it relates to the economy in general, but it's not directly as elastic as perhaps consumer sentiment in general is. And medical business is okay, doing well.

因此我們對該業務仍然持樂觀態度。我們認為，是的，它與總體經濟相關，有一定的彈性，但它並不像整體消費者情緒那樣具有彈性。醫療業務還不錯，做得很好。

Our distribution businesses from an efficiency point of view are doing well. And the management in general is doing the job that we asked the team to do going into the year.

從效率的角度來看，我們的分銷業務表現良好。總體而言，管理層正在完成我們要求團隊在今年完成的工作。

So I thank investors. Of course, Ron, Susan, Graham are ready to answer questions. We'll have some group meetings, webinar meetings where investors can call in. And we're happy to answer questions.

所以我感謝投資者。當然，羅恩、蘇珊、格雷厄姆已經準備好回答問題了。我們將舉行一些小組會議和網路研討會，投資者可以參加。我們很樂意回答您的問題。

So thank you, all for participating.

感謝大家的參與。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

現在您可以斷開線路。

Thank you for your participation.

感謝您的參與。