漢瑞祥 (HSIC) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Henry Schein's second-quarter 2025 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 2025 年第二季財報電話會議。（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，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)。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 second quarter of 2025. With me on today's call are Stanley Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein; and Ron South, Senior Vice President and Chief Financial Officer.

謝謝您，接線生。感謝各位與我們一起討論 Henry Schein 2025 年第二季的財務表現。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.

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。

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 analyses and estimates.

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。

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.

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。

Reconciliations between GAAP and non-GAAP measures are included in Exhibit B of today's press release and can be found in the Financials and Filings section of our Investor Relations website under the Supplemental Information heading and in our quarterly earnings presentation also posted on our Investor Relations website.

GAAP 和非 GAAP 指標之間的對帳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。

The content of this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast, August 5, 2025. Henry Schein undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this call.

本次電話會議的內容包含時間敏感訊息，這些資訊僅截至現場直播之日 2025 年 8 月 5 日是準確的。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。

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

最後，在今天的問答環節中，請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。

We had good sales growth in our Global Distribution Group this quarter while experiencing lower margins in the US versus the prior year, primarily resulting from lower glove pricing as well as some time-limited targeted sales initiatives. We are pleased with the results from these initiatives and have returned to normal levels of promotional activity. Strong merchandise sales in July caused us to be optimistic about these results.

本季度，我們的全球分銷集團的銷售成長良好，但美國的利潤率與上年相比有所下降，這主要是由於手套價格較低以及一些限時有針對性的銷售計劃。我們對這些措施的成果感到滿意，且促銷活動​​已恢復正常水準。七月份商品銷售強勁使我們對這些結果感到樂觀。

Our Specialty Products and Technology Groups continue to deliver strong results, driven primarily by sales from innovative products, solutions, and cost efficiencies and July sales also continued to be strong.

我們的專業產品和技術集團持續取得強勁業績，主要得益於創新產品、解決方案和成本效益的銷售，七月份的銷售額也持續強勁。

We are maintaining our full year guidance which continues to reflect earnings weighted to the second half of the year. 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.

我們維持全年預期，該預期繼續反映下半年的獲利權重。我們預計 2025 年將成為成長的基準年，並實現我們先前設定的高個位數至低兩位數獲利成長的長期目標。

We are partnering with KKR's Capstone. We have engaged two leading global management consulting firms to support our efforts to enhance distribution gross margins, including accelerating sales of our owned-products portfolio and support our ongoing company-wide initiatives to increase efficiencies.

我們正在與 KKR 的 Capstone 合作。我們聘請了兩家全球領先的管理顧問公司來支持我們提高分銷毛利率的努力，包括加速我們自有產品組合的銷售，並支持我們正在進行的全公司範圍內的提高效率的舉措。

We expect these projects, which expand on our BOLD+1 strategy to start producing results towards the beginning of 2026 and will support our ongoing initiatives to drive superior customer satisfaction and our financial goal of high single-digit to low double-digit earnings growth. We expect these projects to streamline processes, partially through introducing new technology, including AI solutions thereby enhancing the customer experience and improving efficiencies.

我們預計這些專案將擴展我們的 BOLD+1 策略，並在 2026 年初開始產生成果，並將支持我們正在進行的計劃，以提高客戶滿意度並實現高個位數至低兩位數盈利增長的財務目標。我們希望這些專案能夠簡化流程，部分是透過引入新技術（包括人工智慧解決方案），從而增強客戶體驗並提高效率。

Let me touch on a few of the highlights from the quarter that advance our BOLD+1 Strategic Plan. Overall, we believe we are continuing to gain market share across the portfolio. Our customers highly value our price value commercial model which encompasses technical support, the industry's broadest product offering, including corporate brand, customer loyalty programs, advanced value-added services, business analytics, and reliable next-day high fulfillment.

讓我談談本季推進我們 BOLD+1 策略計畫的一些亮點。總體而言，我們相信我們將繼續在整個產品組合中獲得市場份額。我們的客戶高度評價我們的價格價值商業模式，涵蓋技術支援、業界最廣泛的產品，包括企業品牌、客戶忠誠度計畫、先進的增值服務、業務分析和可靠的隔日高履行。

We achieved over 45% of our non-GAAP operating income from high-growth, high-margin businesses during the quarter, driven by sales growth and profitability in our high-growth, high-margin businesses, which outpaced growth in the rest of the business. We remain on track to achieving our goal of 50% -- over 50%, should we say, of our total non-GAAP operating income coming from these businesses. Plus, in addition to that, 10% or more coming from our corporate brands.

本季度，我們超過 45% 的非 GAAP 營業收入來自高成長、高利潤率業務，這得益於我們高成長、高利潤率業務的銷售成長和獲利能力，超過了其他業務的成長。我們仍有望實現 50%（或超過 50%）來自這些業務的非 GAAP 營業收入目標。此外，還有 10% 或更多來自我們的企業品牌。

In the United States, our Medical business continued to show strong results, including our Home Solutions platform underscoring the strength of our strategy of following the patient inflow. We continue to implement initiatives to right size expenses in our distribution businesses and corporate functions and consolidated various manufacturing facilities. We now expect the run rate for these savings to be slightly over $100 million by the end of the year and beginning in 2026, we expect further enhanced profitability as a result of our new value creation initiatives. And after our team successfully launched our new global e-commerce platform, henryschein.com in the UK and Ireland, we have begun a phased launch in North America, first in Canada and now in the United States that will continue into the fourth quarter.

在美國，我們的醫療業務持續表現強勁，其中我們的家庭解決方案平台凸顯了我們追蹤患者流入策略的優勢。我們將繼續採取措施，合理控制分銷業務和公司職能部門的開支，並整合各種製造設施。我們現在預計，到今年年底，這些節省的金額將略高於 1 億美元，從 2026 年開始，我們預計，由於我們的新價值創造舉措，盈利能力將進一步提高。在我們的團隊成功在英國和愛爾蘭推出新的全球電子商務平台 henryschein.com 之後，我們已經開始在北美分階段推出，首先在加拿大，現在在美國，並將持續到第四季度。

Turning now to a review of our businesses. Let me start with the Global Distribution & Value-Added Service group. We achieved volume growth in our US Dental merchandise business but at lower average selling prices compared with the second quarter of 2024, primarily due to glove pricing and limited targeted sales initiatives. We have also invested in sales talent and as mentioned earlier, along with our targeted sales initiatives, we expect this will accelerate merchandise growth as reflected in our July sales results.

現在回顧一下我們的業務。我先從全球分銷和增值服務集團開始。我們的美國牙科商品業務實現了銷售成長，但平均售價與 2024 年第二季相比有所下降，這主要是由於手套定價和有限的針對性銷售計劃。我們也對銷售人才進行了投資，正如前面提到的，加上我們有針對性的銷售舉措，我們預計這將加速商品成長，這反映在我們 7 月的銷售業績中。

US dental equipment sales were temporarily impacted by market uncertainty related to tariffs in the second half of the quarter. Dentists are continuing to invest in their practices and the order intake has since returned to normal. There was a rebound in new office design activity in June, and our equipment backlog recovered with some of these installations being deferred into the third quarter.

本季下半段，美國牙科設備銷售暫時受到與關稅相關的市場不確定性的影響。牙醫們正在繼續投資他們的業務，訂單量已經恢復正常。6 月新辦公室設計活動反彈，我們的設備積壓訂單也得到恢復，其中一些安裝被推遲到第三季。

Overall, this supports our view that the equipment sales will improve in the second half of the year. We are seeing good volume growth in the digital equipment arena but at a lower average selling price as the growth has primarily come from entry-level intra-oral scanners.

總體而言，這支持了我們的觀點，即下半年設備銷售將會改善。我們看到數位設備領域的銷售成長良好，但平均售價較低，因為成長主要來自入門級口內掃描器。

Moving on to the United States business. The United States Medical business, sales grew mid-single digits for the quarter. Patient traffic increased steadily. Our sales reflected strong growth in medical products and pharmaceuticals, particularly -- sorry, partially driven by new accounts and the continued outperformance by our Home Solutions business.

繼續談美國業務。美國醫療業務本季銷售額成長中個位數。患者流量穩定成長。我們的銷售反映了醫療產品和藥品的強勁增長，特別是——抱歉，部分原因是受到新帳戶和家庭解決方案業務持續優異表現的推動。

International dental merchandise sales growth was steady during the quarter, although April was impacted by the timing of Easter. Sales growth was particularly strong in Brazil. International dental equipment sales growth was strong in Canada and across Europe, particularly in traditional equipment. Growth was bolstered by this year's International Dental Show in Cologne. Digital equipment volumes grew well with sales at a lower selling price or a lower average selling price. Sales of parts and service in both the US and internationally continue to grow well in the mid-single digits.

儘管四月份受到復活節時間的影響，但本季國際牙科商品銷售額成長穩定。巴西的銷售成長尤為強勁。加拿大和整個歐洲的國際牙科設備銷售成長強勁，尤其是傳統設備。今年科隆國際牙科展促進了成長。數位設備銷售成長良好，銷售價格或平均銷售價格較低。美國和國際的零件和服務銷售額持續保持中等個位數的良好成長。

Value-Added Services sales growth was impacted again this quarter by lower sales in our practice transitions business as a result of a high prior year comparable. This is a high-margin business where sales fluctuate quite a bit from quarter-to-quarter. We have a strong pipeline of active transactions that we expect to close throughout the remainder of the year.

本季增值服務銷售額成長再次受到我們實踐轉型業務銷售額下降的影響，這是由於去年同期銷售額較高。這是一項高利潤業務，銷售額每季波動很大。我們擁有大量活躍交易，預計在今年剩餘時間內完成。

So let's now go to the Global Specialty Products Group. As a result, this group includes -- as a reminder, this group includes implants and biomaterials as well as endodontic, orthodontics, and orthopedic products. Sales in the second quarter reflected accelerating growth in dental implants and biomaterials and endodontic consumables. Profits were also bolstered by a recent consolidation of manufacturing facilities.

現在我們來談談全球特種產品集團。因此，該組包括——提醒一下，該組包括植入物和生物材料以及牙髓、牙齒矯正和矯形產品。第二季的銷售額反映了牙科植體、生物材料和根管耗材的加速成長。近期製造工廠的整合也提振了利潤。

We are pleased with the sales growth of our implants business, which grew mid-single digit in constant currencies, and we believe that we continue to gain market share in the implant and bone regeneration area. Specifically, we achieved double-digit growth in value implants, driven by our S.I.N. and Biotech Dental Implant Systems that were complemented by low single-digit growth in our premium brand BioHorizons Camlog.

我們對植入物業務的銷售成長感到滿意，以固定匯率計算，該業務的銷售額增長了中等個位數，並且我們相信我們將繼續在植入物和骨再生領域獲得市場份額。具體來說，我們的價值植入物實現了兩位數成長，這主要得益於我們的 S.I.N. 和 Biotech 牙科植入系統，而我們的高端品牌 BioHorizo​​​​ns Camlog 則實現了低個位數增長。

Our US implant sales grew low single digits and reflected the continued rollout of the BioHorizon's Tapered Pro Conical implant, which is gaining momentum. SmartShape healer buttons, sales also continued to grow supported by the expansion of our BioHorizons sales force in the US. This expansion is expected to increase sales on a continued accelerating sales growth basis.

我們在美國植入物的銷售額成長了個位數，這反映了 BioHorizo​​n 的 Tapered Pro Conical 植入物的持續推出，該植入物正在獲得發展勢頭。SmartShape 治療按鈕的銷售也因我們在美國 BioHorizo​​​​ns 銷售團隊的擴張而持續成長。預計此次擴張將在持續加速銷售成長的基礎上增加銷售額。

European implant growth this quarter was impacted by the timing of Easter. Momentum accelerated in the later part of the quarter and the business is doing well in the first -- in the third quarter. Orthodontics remain a small part of the Specialty Products business, and we continue to work to improve this business.

本季歐洲植入物的成長受到復活節時間的影響。本季後半段發展動能加快，第一季至第三季業務表現良好。正畸仍然是專業產品業務的一小部分，我們將繼續努力改善這項業務。

Now, finally, our Global Technology Group sales accelerated during the quarter driven by strong growth in our core practice management system solutions business, particularly our cloud-based platforms, including Dentrix Ascend in North America, and Dentally outside of North America as well as strong growth in our revenue cycle management offerings, including e-claims, electronic billing, and patient messaging. As a result, we are driving growth in annual recurring SaaS subscription revenues and increasing adoption of transactional services.

現在，最終，我們的全球技術集團銷售額在本季度加速成長，這得益於我們的核心實踐管理系統解決方案業務的強勁增長，特別是我們的基於雲端的平台，包括北美的 Dentrix Ascend 和北美以外的 Dentally，以及我們的收入週期管理產品（包括電子索賠、電子帳單和患者訊息傳​​遞）的強勁增長。因此，我們正在推動年度經常性 SaaS 訂閱收入的成長和交易服務的採用率的提高。

Practice Management software growth was in the mid double digits driven by a 20% year-over-year increase of cloud-based customers. We now have over 10,000 customers subscribe the Dentrix Ascend and Dentally systems. We believe our One Schein marketing approach enables greater customer adoption of the Henry Schein One platform and provides us with a unique competitive advantage. This platform differentiates us by seamlessly integrating workflows through technology to create meaningful operational efficiencies. Our workflow integration deepens customer engagement and reinforces our ability to deliver scalable, reoccurring solutions, and revenue growth. The overall technology business and our own brands businesses, specialty businesses are all doing well.

實踐管理軟體的成長達到了兩位數的中段，這得益於基於雲端的客戶數量年增 20%。我們目前有超過 10,000 位客戶訂閱 Dentrix Ascend 和 Dentally 系統。我們相信，我們的 One Schein 行銷方法能夠讓更多客戶採用 Henry Schein One 平台，並為我們帶來獨特的競爭優勢。該平台透過技術無縫整合工作流程，從而創造有意義的營運效率，使我們與眾不同。我們的工作流程整合加深了客戶參與度，並增強了我們提供可擴展、重複解決方案和收入成長的能力。整體技術業務、自有品牌業務、專業業務均表現良好。

Let me comment for a minute on the announcement that I'll be retiring as CEO at the end of the year, while continuing to serve as Chairman of the Board. It has been an incredible journey over the past 45 years, and I'm very pleased with all that Team Schein has accomplished over this time. Many transitions; from a mail order, a small mail order dental distribution business, to a global provider of products and services to the dental community and to the alternate care side. Many, many changes along the way, expansion of the product and strengthening the product offering, the services we offer and strengthening of our management team as well as the team in general.

請容許我稍微評論一下我將於今年底卸任執行長職務但繼續擔任董事會主席的公告。過去的 45 年是一段令人難以置信的旅程，我對 Schein 團隊在這段時間的成就感到非常高興。經歷了許多轉變；從郵購、小型郵購牙科分銷業務，到為牙科界和替代護理方提供產品和服務的全球供應商。一路走來，我們經歷了許多變化，擴大了產品範圍，加強了產品供應、我們提供的服務，並加強了我們的管理團隊以及整個團隊。

It has been especially gratifying to have worked with the tens of thousands our incredibly committed and talented Team Schein members who reimagined and reinvented Henry Schein's role, as I mentioned, from one of product delivery and logistics to one whose mission today is to help over one million healthcare professionals operate better and more efficient practices so that our customers can focus on outstanding clinical care.

能夠與數萬名極其敬業且才華橫溢的 Schein 團隊成員一起工作，我感到特別欣慰，正如我所提到的，他們重新構想並重塑了 Henry Schein 的角色，從產品交付和物流的角色轉變為如今的使命，即幫助超過一百萬的醫療保健專業人士更好、更有效率地開展實踐，以便我們的客戶能夠專注於出色的臨床護理。

Thank you to each and every Team Schein member for your individual and collective efforts in playing such an important part in building our unique company. Thank you to our investors for your support in almost 30 years as a public company come in -- full 30 years come this November.

感謝 Schein 團隊的每一位成員，感謝你們個人和集體的努力，為打造我們獨特的公司發揮瞭如此重要的作用。感謝我們的投資者在我們作為上市公司近 30 年的時間裡給予的支持——今年 11 月就滿 30 週年了。

As part of succession planning over the years, the company has focused on developing the next generation of leaders and earlier this year, simplified the business by separating into three operating divisions, each with outstanding leadership. I fully expect that Andrea Albertini, CEO of the Global Distribution Group, and who also has responsibility for the Global Technology Group from our investment point of view; and Tom Popeck, CEO of the Global Specialty Group, together with the rest of the company's Executive Management Committee. I expect these two leaders, together with the EMC to elevate Henry Schein to new heights, continuing to advance the BOLD+1 strategy in conjunction with KKR value creation initiatives and a broad-based employee ownership program.

作為多年來繼任計畫的一部分，該公司一直致力於培養下一代領導者，並在今年稍早將業務簡化為三個營運部門，每個部門都有傑出的領導者。我完全期待全球分銷集團執行長 Andrea Albertini（從我們的投資角度來看，他也負責全球技術集團）和全球專業集團執行長 Tom Popeck，以及公司執行管理委員會的其他成員。我希望這兩位領導人與 EMC 一起將 Henry Schein 提升到新的高度，繼續推進 BOLD+1 策略與 KKR 價值創造計劃和廣泛的員工持股計劃相結合。

Guided by our purpose-driven mission, we've built an agile company that meets the evolving needs of our customers with much more to come. We've also created significant shareholder value and positioned Henry Schein for continued growth and success. Of course, I remain fully committed to Team Schein and look forward to working with the Board to identify my successor and effect a smooth transition. I'm committed to doing this, of course. In the meantime, the team remains focused on advancing our BOLD+1 strategy thereby driving value for our customers and, of course, our shareholders.

在我們目標驅動的使命的指引下，我們建立了一家敏捷的公司，能夠滿足客戶不斷變化的需求，未來還會有更多需求。我們也創造了巨大的股東價值，並為 Henry Schein 的持續成長和成功奠定了基礎。當然，我仍然全力致力於 Schein 團隊，並期待與董事會合作確定我的繼任者並實現平穩過渡。我當然致力於做到這一點。同時，團隊仍專注於推進我們的 BOLD+1 策略，從而為我們的客戶以及股東創造價值。

Let me now turn the call over to Ron to review our second quarter financial results and discuss our 2025 financial guidance. Ron, please.

現在，我將電話轉給羅恩，讓他回顧我們的第二季財務業績，並討論我們的 2025 年財務指引。請讓羅恩進來。

Thank you, Stanley. And good morning, everyone. 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.

謝謝你，史丹利。大家早安。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 second 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 growth of 3.3% compared with the second quarter of 2024. Constant currency sales grew 2.7% with 0.6% attributable to foreign currency exchange and 0.8% growth from acquisitions.

從我們第二季的銷售業績開始，我將提供有關總銷售額的詳細資訊——與去年相比的總銷售額成長以及以固定匯率計算的銷售額成長。全球銷售額為32億美元，與2024年第二季相比銷售額成長3.3%。以固定匯率計算，銷售額成長 2.7%，其中 0.6% 歸因於外匯兌換，0.8% 的成長來自收購。

Our GAAP operating margin for the second quarter of 2025 was 4.67%, a decrease of 42 basis points compared with the prior year GAAP operating margin. On a non-GAAP basis, the operating margin for the second quarter was 6.96%, a decrease of 79 basis points compared to the prior year non-GAAP operating margin, driven by lower gross margins within our US distribution business due to lower glove pricing as well as targeted initiatives to accelerate growth in market share.

我們 2025 年第二季的 GAAP 營業利潤率為 4.67%，與去年同期的 GAAP 營業利潤率相比下降了 42 個基點。以非公認會計準則計算，第二季度的營業利潤率為 6.96%，與去年同期的非公認會計準則營業利潤率相比下降了 79 個基點，原因是由於手套價格下降以及為加速市場份額增長而採取的有針對性的舉措導緻美國分銷業務的毛利率下降。

In addition, operating income was impacted by higher operating expenses compared to the prior year, attributable to acquired companies, foreign exchange, increased technology and marketing investments in anticipation of the launch of henryschein.com, and non-income tax credits in the prior year that did not recur this year. We continue to drive improved operational efficiency by integrating acquisitions and restructuring as well as executing our new value creation programs.

此外，與前一年相比，營業費用增加也影響了營業收入，這歸因於收購的公司、外匯、為推出 henryschein.com 而增加的技術和行銷投資，以及上一年的非所得稅抵免，而今年這些抵免並未再次發生。我們繼續透過整合收購和重組以及執行新的價值創造計劃來提高營運效率。

Second quarter 2025 GAAP net income was $86 million or $0.70 per diluted share. This compares with prior year GAAP net income of $104 million or $0.80 per diluted share. Second quarter 2025 non-GAAP net income was $135 million or $1.10 per diluted share. This compares with prior year non-GAAP net income of $158 million or $1.23 per diluted share.

2025 年第二季 GAAP 淨收入為 8,600 萬美元，即每股攤薄收入 0.70 美元。相比之下，去年 GAAP 淨收入為 1.04 億美元，即每股 0.80 美元。2025 年第二季非 GAAP 淨收入為 1.35 億美元，即每股 1.10 美元。相比之下，去年非 GAAP 淨收入為 1.58 億美元，即每股 1.23 美元。

Adjusted EBITDA for the second quarter of 2025 was $256 million compared with second-quarter 2024 adjusted EBITDA of $268 million.

2025 年第二季調整後 EBITDA 為 2.56 億美元，而 2024 年第二季調整後 EBITDA 為 2.68 億美元。

Turning to our sales results. The components of sales growth for the second 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 & Value-Added Service group.

談到我們的銷售業績。第二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集團開始，介紹每個報告部門的主要銷售驅動因素的主要亮點。

US dental merchandise sales declined 1.2%, resulting from increased volume offset by lower product pricing. US dental equipment sales declined 4.7% and resulting from economic uncertainty beginning in May. Both traditional and digital equipment sales growth declined. As Stan mentioned, there was a rebound in new office design activity in June, and we expect equipment sales to grow in the second half of the year. We are pleased that sales grew by 6.3% in our US medical distribution business, reflecting increased patient traffic and our Home Solutions business having another strong quarter.

美國牙科商品銷售額下降 1.2%，原因是銷量增加但產品價格下降。自 5 月以來，受經濟不確定性影響，美國牙科設備銷售額下降 4.7%。傳統設備和數位設備銷售成長率均出現下滑。正如史丹所提到的，6月新辦公室設計活動出現反彈，我們預計下半年設備銷售將會成長。我們很高興看到美國醫療分銷業務的銷售額增長了 6.3%，這反映出患者流量的增加以及我們的家庭解決方案業務又一個強勁的季度。

International dental merchandise sales grew 1.9% or 0.5% in constant currency and was impacted by the timing of Easter. International dental equipment sales were good and grew 12.1% or 9.1% in constant currency, driven by strong sales growth in Canada, Germany, and Austria and New Zealand. Finally, Global Value-Added Service sales grew 3.6%. Sales growth was impacted this quarter by lower sales in our practice transitions business, partially a result of a tough comparison in the prior year.

國際牙科商品銷售額成長 1.9%（以固定匯率計算成長 0.5%），並受到復活節時間的影響。國際牙科設備銷售表現良好，成長 12.1%（以固定匯率計算為 9.1%），這得益於加拿大、德國、奧地利和紐西蘭的強勁銷售成長。最後，全球增值服務銷售額成長了3.6%。本季的銷售成長受到實踐轉型業務銷售額下降的影響，部分原因是與前一年相比情況艱難。

Turning to the Global Specialty Products Group. Sales grew 4.2% or 3.3% in constant currency. Our implant and biomaterial business experienced solid growth in the second quarter including double-digit growth in our value implants and low single-digit growth in premium implants. Our orthodontic business sales declined year-over-year, but at a slower pace than in prior quarters. As we previously discussed, this business is being reorganized to support future profitable growth.

轉向全球特種產品集團。銷售額成長 4.2%，以固定匯率計算成長 3.3%。我們的植入物和生物材料業務在第二季度實現了穩健成長，其中價值植入物實現了兩位數成長，而高端植入物則實現了低個位數成長。我們的正畸業務銷售額年減，但下降速度比前幾季有所放緩。正如我們之前討論過的，該業務正在進行重組，以支持未來的獲利成長。

We also had strong results in the Global Technology Group with total sales growth of 7.4% or 6.6% in constant currency. In the US, sales growth was driven by revenue cycle management and practice management software with double-digit growth in Ascend. Internationally, sales growth was primarily driven by our Dentally cloud-based practice management solutions, as well as strong growth in Canada.

我們的全球科技集團也取得了強勁業績，總銷售額成長了 7.4%，以固定匯率計算成長了 6.6%。在美國，銷售成長主要由收入週期管理和實踐管理軟體推動，其中 Ascend 實現了兩位數成長。在國際上，銷售成長主要得益於我們基於雲端的 Dentally 實踐管理解決方案，以及加拿大的強勁成長。

Turning to restructuring. Our restructuring expenses in the second quarter were $23 million or $0.13 per diluted share. These expenses mainly relate to severance benefits. We now expect to achieve annual run rate savings of over $100 million by the end of 2025, which is when the current plan is expected to have been completed.

轉向重組。我們第二季的重組費用為 2,300 萬美元，即每股 0.13 美元。這些費用主要與遣散費有關。我們現在預計，到 2025 年底，即當前計劃預計完成時，每年將節省超過 1 億美元的運行成本。

As Stan mentioned, we have initiated two important value creation projects to enhance distribution gross margins, including accelerating sales of our own products portfolio as well as company-wide initiatives to increase efficiencies. We will provide a further update on these initiatives on our upcoming third quarter earnings call.

正如史丹所提到的，我們已經啟動了兩個重要的價值創造項目來提高分銷毛利率，包括加速我們自己的產品組合的銷售以及全公司範圍內的提高效率的舉措。我們將在即將召開的第三季財報電話會議上進一步更新這些措施。

Regarding share repurchases, during the second quarter of 2025, the company repurchased approximately 3.7 million shares of common stock at an average price of $70.88 per share for a total of $259 million. This included approximately 3.1 million shares of common stock under the previously announced accelerated stock repurchase plan at an average price of $71.60 per share for a total of $223 million, which followed the company's sale of 3.3 million shares of common stock at an average price of $76.10 per share for a total of $250 million to KKR. The ASR plan was completed in July.

關於股票回購，2025 年第二季度，公司以每股 70.88 美元的平均價格回購了約 370 萬股普通股，總計 2.59 億美元。其中包括根據先前宣布的加速股票回購計畫以平均每股 71.60 美元的價格回購約 310 萬股普通股，總額為 2.23 億美元，此前該公司以平均每股 76.10 美元的價格向 KKR 出售了 330 萬股普通股，總額為 2.5 億美元。ASR計劃已於7月完成。

In addition to the ASR plan, the company repurchased approximately 0.5 million shares of common stock at an average price of $67.36 per share for a total of $36 million. The impact of this share repurchases on second quarter diluted EPS was immaterial. At the end of the quarter, we had $432 million authorized and available for future stock repurchases plus a further $27 million authorized under the ASR, which as mentioned, has now been completed.

除 ASR 計畫外，該公司還以每股 67.36 美元的平均價格回購了約 50 萬股普通股，總計 3,600 萬美元。此次股票回購對第二季稀釋每股盈餘的影響並不大。截至本季末，我們已獲得 4.32 億美元的授權可用於未來股票回購，另外還有 2,700 萬美元根據 ASR 獲得授權，如上所述，該授權現已完成。

Turning to our cash flow. We generated operating cash flow of $120 million in the second quarter of 2025. We still expect operating cash flow to exceed net income for the full year. This quarter, we invested in additional inventory in the US as part of our plan to mitigate the effects of tariff increases. Our accounts receivable also increased slightly in line with sales growth. As a reminder, working capital is still returning to normal levels in the second quarter of the prior year following the cyber incident, resulting in stronger than normal cash flow.

轉向我們的現金流。我們在 2025 年第二季產生了 1.2 億美元的營運現金流。我們仍然預計全年經營現金流將超過淨收入。本季度，我們在美國投資了額外的庫存，作為減輕關稅上調影響計畫的一部分。我們的應收帳款也隨著銷售額的成長而略有增加。需要提醒的是，網路事件發生後，營運資本在去年第二季仍恢復到正常水平，導致現金流強於正常水平。

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

最後，我想討論一下財務指導。目前，我們無法在不付出不合理努力的情況下提供與 2025 年重組計畫相關的重組成本估算。因此，我們不提供 GAAP 指導。

We are maintaining our 2025 financial guidance. As a reminder, this 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. 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, and we expect a non-GAAP effective tax rate of approximately 25%.

我們維持 2025 年財務指引不變。提醒一下，情況如下：我們預計歸屬於 Henry Schein, Inc. 的非 GAAP 稀釋每股盈餘將在 4.80 美元至 4.94 美元之間。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%，我們預計非 GAAP 有效稅率約為 25%。

Our guidance assumes that foreign currency exchange rates will remain generally consistent with current levels that the effects of tariffs can be mitigated and also includes expected remeasurement gains related to the purchase of controlling interest of previously held noncontrolling equity investments, consistent with our business strategy. Our 2025 guidance is for current continuing operations and includes acquisitions that have closed. It does not include the impact of restructuring expenses and other items detailed in our press release.

我們的指導假設外幣匯率將與當前水準基本保持一致，關稅的影響可以得到緩解，並且還包括與購買以前持有的非控股股權投資的控股權相關的預期重估收益，這與我們的業務戰略一致。我們對 2025 年的指導針對的是目前的持續經營業務，包括已完成的收購。它不包括重組費用和我們新聞稿中詳述的其他項目的影響。

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. Thank you, everyone, again, for calling in. So we believe Henry Schein is well positioned to accelerate growth. Of course, we're happy to answer any questions that investors may have.

謝謝你，羅恩。再次感謝大家的來電。因此，我們相信 Henry Schein 已做好準備，加速成長。當然，我們很樂意回答投資者可能提出的任何問題。

We -- with respect to our distribution business, we are pleased with the results from the time-limited targeted sales initiatives, which, together with the rebound in equipment orders and momentum in our medical business sets us up well for growth for the second quarter -- for the second half, third, and fourth quarter.

就我們的分銷業務而言，我們對限時定向銷售計劃的成果感到滿意，再加上設備訂單的反彈和醫療業務的發展勢頭，為我們第二季度、下半年、第三季度和第四季度的增長奠定了良好的基礎。

The results from our technology, value-added services, and specialty businesses are strong, and we look forward to this continuing into the second half of the year as well. We are also excited about the significant opportunities from our new value creation initiatives, and we are optimistic about returning to high single-digit, low double-digit earnings growth.

我們的技術、加值服務和專業業務業績強勁，我們期待這種良好勢頭延續到今年下半年。我們也對新價值創造計畫帶來的重大機會感到興奮，我們對恢復高個位數、低兩位數的獲利成長持樂觀態度。

So with that overview, operator, we're ready to take questions from investors.

有了這些概述，營運商，我們就可以回答投資者的問題了。

(Operator Instructions) Jason Bednar, Piper Sandler.

（操作員指示）Jason Bednar、Piper Sandler。

Stan, a big congrats on your announced retirement. You've had such an enormous impact over the years in the dental community, the investor community, employees, you're going to be missed around here.

斯坦，熱烈祝賀你宣布退休。多年來，您對牙科界、投資者界和員工產生了巨大的影響，我們會想念您的。

For my first question, I did want to start with the dental business. And hoping to touch on a couple of topics. One, you referenced a good July for merch without those above normal promotions continuing. Maybe you can give a bit more color on what you're seeing with respect to patient traffic, spending in the dental office and just the confidence you have on the sustainability of these better trends that you were seeing in July?

對於我的第一個問題，我確實想從牙科業務開始。並希望談及幾個話題。首先，您提到 7 月份商品銷售情況良好，但那些超常的促銷活動並未持續。也許您可以更詳細地介紹一下您所看到的患者流量、牙科診所的支出情況，以及您對 7 月看到的這些更好趨勢的可持續性的信心？

And then two, can you talk about the customer conversation around price increases from tariffs and how you're navigating these discussions to both retain share and protect margins?

第二，您能否談談客戶關於關稅導致價格上漲的討論，以及您如何引導這些討論以保持份額並保護利潤率？

Thank you, Jason, for your compliments on my years here at Henry Schein and on the retirement. I have to say it's been a pleasure working with the analysts that cover us. I mentioned to our team earlier on as we prepared for this call. This is my 119th call with investors. And although every quarter is a challenge, never easy in a public company, I've really enjoyed working with The Street very much, I have learned a lot.

謝謝傑森對我在 Henry Schein 工作以及退休的讚美。我必須說，與報告我們的分析師一起工作非常愉快。在我們準備這次電話會議時，我早些時候就向我們的團隊提到過。這是我第119次與投資者通話。儘管每個季度都是一個挑戰，在上市公司中從來都不容易，但我真的很享受與華爾街合作，我學到了很多。

July trends, July trends at Henry Schein are positive. We're quite pleased with the momentum. In fact, spent a little time last night with our senior dental sales team who are in town for a strategic meeting and they feel very strong. There were customers we had that had left us during the cyber incident and these promotions got them back, many of them back. And I think our customers understand the value that we provide. As they test us, the ones that left and as they test more and more our systems, not only for consumables, but for equipment and the value-added services. So across the board, we're having a good July from a sales point of view and from a general understanding by our customers of the services that we offer.

七月趨勢，Henry Schein 七月的趨勢是正面的。我們對這一發展勢頭感到非常滿意。事實上，昨晚我們與來城裡參加策略會議的高級牙科銷售團隊一起度過了一段短暫的時光，他們感覺非常強大。在網路事件期間，有些客戶離開了我們，這些促銷活動讓他們回來了，其中許多客戶回來了。我認為我們的客戶了解我們提供的價值。當他們對我們進行測試時，那些離開的人也越來越多地測試我們的系統，不僅針對消耗品，還針對設備和增值服務。因此，從銷售角度以及客戶對我們所提供的服務的整體了解來看，我們七月份的業績總體良好。

As it relates to patient traffic, we generally believe that in the markets that we serve. Now, there are parts of dentistry that we don't really serve in a significant way. But the parts that we service, we believe that patient traffic is relatively stable. Of course, there are some challenges in specific countries, but there are also other countries where maybe it's a little positive, but we are doing very well. Overall, we believe that patient traffic in our dental distribution businesses continues to be flat globally. So that's traffic per se, but we -- as we noted, we continue to believe that we are either maintaining or actually growing market share across the board.

就患者流量而言，我們普遍認為在我們服務的市場中。現在，我們在牙科領域的某些領域並沒有提供太多實質的服務。但我們相信，在我們服務的地區，患者流量相對穩定。當然，在特定國家也存在一些挑戰，但在其他國家，也許情況有點積極，但我們做得很好。總體而言，我們認為全球範圍內牙科分銷業務的患者流量持續保持穩定。這就是流量本身，但正如我們所指出的，我們仍然相信我們要么保持市場份額，要么實際上正在全面增長。

We believe in the US for the dental merchandise sales, which is flat, with some price increases relating to tariffs, but generally, not much price increase from manufacturers and because of the tariffs, because customers are concerned with pricing, customers are moving towards our owned brands. And I have to say also to brands, to manufacturers that are prepared to provide customers with moderate prices. And these include second-tier manufacturers. But I would say also some of the national brand manufacturers are also offering us opportunities to sell their products in a way that bite into any potential tariff increases.

我們認為，美國牙科商品的銷售情況持平，雖然關稅導致價格上漲，但總體而言，製造商的價格上漲幅度不大，而且由於關稅，由於客戶關心價格，客戶正在轉向我們自有的品牌。我還想對那些準備向客戶提供適中價格的品牌和製造商說一聲。其中包括二線製造商。但我想說的是，一些國家品牌製造商也為我們提供了銷售其產品的機會，以抵消任何潛在的關稅上調。

So the US dental market growth is still impacted by staffing challenges and remains challenging to recruit [hygienists], offer support also challenged, but not as bad as it was, say, a year ago, and -- but practice productivity is going up. Dentists are investing in devices to increase productivity. So I think it's -- for us, in any way, in any event, it's leaning flat to slightly positive with opportunities and I think results in the specialty areas, in our medical business, in the software field, clearly, customers are investing in software to increase productivity. So it's very difficult to give you specific data about countries outside of the United States.

因此，美國牙科市場的成長仍然受到人員配備挑戰的影響，招聘[牙科保健員]仍然具有挑戰性，提供支援也面臨挑戰，但並不像一年前那麼糟糕，而且實踐生產力正在提高。牙醫正在投資設備以提高生產力。所以我認為 - 對我們來說，無論如何，它都傾向於持平或略微積極，並且充滿機遇，我認為在專業領域，在我們的醫療業務，在軟體領域，顯然，客戶正在投資軟體來提高生產力。因此，很難向您提供美國以外國家的具體數據。

Canada is established, I would say, but we're doing very, very well in Canada. I think some of that is because of our large customers. But generally, for the normal customers as well, smaller retail, what we call the retail customers. EMEA, we believe patient traffic is stable, particularly in governments where -- in markets where government reimbursement is there. So overall, I think we can report a relatively stable dental patient traffic market. I think that dentists are in good shape. They're buying, they're paying. Cash flow is okay.

我想說，加拿大已經建立，但我們在加拿大做得非常非常好。我認為部分原因是因為我們有大客戶。但一般來說，對於一般客戶、小型零售商，我們稱之為零售客戶。在歐洲、中東和非洲地區，我們認為病患流量是穩定的，特別是在有政府報銷的市場。所以總的來說，我認為我們可以報告一個相對穩定的牙科患者流量市場。我認為牙醫的身體狀況很好。他們在購買，他們在付款。現金流還行。

Of course, there are all sorts of concerns, particularly in -- we noticed in the last six -- last half of the -- put this way in the middle of this quarter, there was a pullback on buying of equipment. I'm not saying dentists didn't place orders, but they didn't want shipments because of the potential tariff situation. But I think that has gotten easier. It's eased a bit. And the backlog is pretty good again. Interest rates are not an issue. We thought they would be about a year ago, but customers are accustomed to the interest rate now. As it relates to tariffs, I would say our customers fully understand that there are going to be tariff increases, that we can't absorb these tariff increases. And generally, where we passed on the tariff increases, they've stuck.

當然，存在各種各樣的擔憂，特別是——我們注意到在過去的六個月——也就是本季度中期，設備購買量出現了回落。我並不是說牙醫沒有下訂單，而是由於潛在的關稅情況，他們不想發貨。但我認為這已經變得更容易了。稍微緩和了一些。積壓情況又變得相當好。利率不是問題。我們以為大約一年前就會這樣，但現在客戶已經習慣了這種利率。至於關稅，我想說我們的客戶完全理解關稅將會上漲，我們無法承受這些關稅上漲。整體而言，我們通過的提高關稅措施都會被執行。

Yes, some customers will look to find alternative options, particularly on products, and we are there with our own brands, products. One little wrinkle and that's the area of gloves. That's become highly competitive. But I also believe that's going to be an area where Henry Schein will do okay. because our brands are very good, and we service all the various price offerings in gloves. So this has been a market that's been up and down for years, and we continue to gain market share in the glove area. Sorry for the long answer, but that's a bit more of our take of what's happening.

是的，有些客戶會尋找替代方案，特別是在產品方面，而我們有自己的品牌和產品。一個小皺紋，就是手套的區域。競爭變得異常激烈。但我也相信這將是 Henry Schein 能夠做得很好的領域。因為我們的品牌非常好，而且我們提供各種價格的手套服務。所以這個市場多年來一直起伏不定，而我們在手套領域的市佔率不斷增加。抱歉回答得這麼長，但這只代表了我們對正在發生的事情的看法。

Yes. I appreciate it, Stan. And just if I could just ask one quick follow-up. I know it's early days, but anything you can talk about with just the current state of the engagement and review with the outside consulting firms. I think there's revenue and cost opportunities for sure. But can you give us a teaser at all as what's being emphasized or deemphasized? What are the savings opportunities that may have already been identified on top of the value creation projects that you already have underway?

是的。我很感激，史丹。我能否快速問一個後續問題？我知道現在還為時過早，但您可以談論與外部顧問公司合作和審查的當前狀況。我認為肯定存在收入和成本機會。但您能否給我們一個提示，告訴我們重點是什麼，弱化重點是什麼？除了您已在進行的價值創造項目之外，您可能已經發現了哪些節約機會？

You pointed out correctly. There's two opportunities. One is the restructuring that we went through. And as Ron and I think I mentioned as well, we're over $100 million in that area. I think you'll see some more advantages in the third quarter, provide you hopefully with more data at that time on our restructuring. Now, the work we're doing with KKR, which started almost right after they told us they had invested in the business, involved dialogue with the Capstone group, very capable people I might add, who have directed us in two areas. These areas align with our BOLD+1.

你說得對。有兩次機會。一是我們經歷的重組。正如羅恩和我所提到的，我們在該領域的投資超過 1 億美元。我認為您會在第三季看到更多優勢，希望屆時能為您提供有關我們重組的更多數據。現在，我們與 KKR 合作的工作幾乎是在他們告訴我們他們已經投資了該業務之後立即開始的，其中包括與 Capstone 集團的對話，我想補充一下，他們是一群非常有能力的人，他們在兩個領域指導了我們。這些區域與我們的 BOLD+1 一致。

The first is driving gross profit. Now, I don't want our customers to think. We're just driving up prices because that's not what it's about. It's about providing value for our customers and, of course, gross margin enhancements for Henry Schein, involving taking a look at our pricing, and particular seeing where there are options in areas such as own brands, or with particular manufacturers that understand the value of Henry Schein and are prepared to work with us so that we can provide our customers with a better deal and also help us enhance our margins. That's a project that is going on.

一是推動毛利成長。現在，我不希望我們的客戶思考。我們只是在抬高價格，因為這不是我們的本意。這是為了為我們的客戶提供價值，當然也是為了提高 Henry Schein 的毛利率，這涉及到審視我們的定價，特別是看看在自有品牌等領域有哪些選擇，或者與了解 Henry Schein 價值並願意與我們合作的特定製造商合作，以便我們能夠為客戶提供更好的交易，並幫助我們提高利潤率。這是一個正在進行的項目。

We started it in Europe already some months actually, I would say, about five, six months ago, had pretty good results and are now working with an international a very large consulting firm in doing this in the United States. All using the expertise of KKR's Capstone Group. And then we -- the restructuring that we went through with respect to corporate overhead within our groups, that project, we've done some good work in that area. But with the support of KKR's Capstone Group and the consulting firm that we work -- that we're working with, who've got great experience in working with complex companies, exactly the kind of organization we are in finding ways to develop global services versus perhaps services that we offer in each of our units.

實際上，我們幾個月前就已經在歐洲開始了這個項目，我想說，大約五、六個月前，取得了相當不錯的效果，現在我們正在與一家非常大的國際諮詢公司合作，在美國開展這個項目。所有這些都利用了 KKR 旗下 Capstone Group 的專業知識。然後，我們——我們在集團內部的企業管理費用方面進行的重組，這個項目，我們在這個領域做了一些很好的工作。但在 KKR 的 Capstone Group 和與我們合作的顧問公司的支持下，我們在與複雜公司合作方面擁有豐富的經驗，我們正在尋找開發全球服務的方法，而不是我們在每個部門提供的服務。

There's a lot of opportunity here, and we're hopeful and actually expect some good results in 2026. We're not ready to give mathematical numbers yet, but we will, of course, but again, are very optimistic with our restructuring plan, taking us well over the $100 million mark as well as these two key initiatives of gross margin enhancement and SG&A management. A lot of that is structural, a lot of AI possibilities that these firms have experience and bringing to us -- have experience that can bring to us. So we're quite optimistic in general about these two engagements. They've gone on now -- the dialogue has gone on with Capstone, really, as I said, since they announced last summer or last fall, their engagement with us, the equity investment and these firms are now working with us.

這裡有很多機會，我們充滿希望，實際上期待 2026 年能取得一些好成績。我們還沒有準備好給出具體數字，但我們當然會給出，但我們再次對我們的重組計劃非常樂觀，這將使我們遠遠超過 1 億美元大關，以及提高毛利率和管理費用這兩項關鍵舉措。其中許多是結構性的，這些公司擁有豐富的經驗，可以為我們帶來許多人工智慧的可能性——擁有可以帶給我們的經驗。因此，我們總體上對這兩次合作持相當樂觀的態度。他們現在已經與 Capstone 進行了對話，正如我所說，自從他們去年夏天或去年秋天宣布與我們的合作、股權投資以來，這些公司現在正在與我們合作。

And our team is extremely enthusiastic about this. They know it's the right thing to do. And we've got the teams working on it. In fact, I mentioned bumping into our sales management team on the dental side that we have for that exact project for the gross margin management project last night. And all I can tell you is I think the value we create share will be very good for the company, and therefore, for our investors.

我們的團隊對此非常熱情。他們知道這是正確的做法。我們已經組建了團隊致力於此。事實上，我提到昨晚遇到了我們牙科的銷售管理團隊，他們專門負責該專案的毛利率管理專案。我能告訴你們的是，我認為我們創造的價值對公司來說非常有利，因此對我們的投資者來說也是如此。

Elizabeth Anderson, Evercore.

伊麗莎白·安德森，Evercore。

Stan, congratulations. It's been a pleasure, and I wish you best in your retirement and your new role as Chairman. Maybe switching to the questions. And maybe this is part of the question for Ron too. If we think about where we are in the year, we're halfway done and sort of thinking about the traditional cadence in the back half of the year. I realize you said that there's $25 million more of the BOLD+1. What initiatives plus obviously the $35 million to $100 million you talked about before. How do we think about sort of the EPS cadence in the back half of the year just vis-a-vis your guidance and sort of the year-to-date performance?

斯坦，恭喜你。我很榮幸能夠見到您，並祝福您退休後以及擔任董事長的新職務一切順利。也許可以換到問題上。也許這也是榮恩所疑問的一部分。如果我們思考今年的情況，我們已經完成了一半，並且正在考慮下半年的傳統節奏。我知道您說過 BOLD+1 還有 2500 萬美元。有哪些舉措，當然還有您之前談到的 3,500 萬到 1 億美元。相對於您的指引和年初至今的表現，我們如何看待下半年的每股盈餘節奏？

Elizabeth, thanks for the question. I think that we did mention when we talked about our guidance that even from the beginning of the year that we did expect to be more weighted to the back half of the year versus the first half of the year. So yes, we are expecting EPS to grow in the third quarter than I would say the fourth quarter to possibly exceed the third quarter as well. We're happy with the momentum we have coming into July, coming off the targeted sales initiatives we had. We've been able to expand our sales team on the distribution side. We think that's going to help us target some of these customers even better.

伊麗莎白，謝謝你的提問。我認為我們在談論指導時確實提到過，即使從年初開始，我們確實預計下半年的業績將比上半年更加突出。所以是的，我們預計第三季的每股盈餘將會成長，我認為第四季的每股盈餘也可能超過第三季。我們對七月份的銷售動能感到滿意，這得益於我們所製定的目標銷售計畫。我們已經能夠在分銷方面擴大我們的銷售團隊。我們認為這將幫助我們更好地瞄準其中一些客戶。

We are confident, in spite of some of the uncertainty, I'd say, macroeconomic uncertainty we saw in the second quarter that we think impacted equipment sales, we're comfortable given where we are with the backlog, that we'll begin to see some momentum with dental equipment in the second half of the year. Our Specialty Products and Technology groups, we think we can maintain the momentum we have there. The Tapered Pro Conical continued to get good sequential growth during the year, and we think that can continue into Q3, Q4. So that should contribute to growth -- sequential growth for us.

我們有信心，儘管存在一些不確定性，我想說，我們在第二季度看到的宏觀經濟不確定性影響了設備銷售，但考慮到我們目前的積壓情況，我們感到很放心，我們將在下半年開始看到牙科設備的一些發展勢頭。我們認為，我們的專業產品和技術部門可以保持現有的發展勢頭。Tapered Pro Conical 在年內繼續保持良好的連續成長，我們認為這種成長勢頭可以持續到第三季和第四季。所以這應該會促進成長——對我們來說是連續的成長。

And you mentioned as well the restructuring plan. I think the restructuring plan has provided us with some cost savings. It will also -- as we get into some of these value creation projects, there will be perhaps opportunity to identify additional savings that working with the consultants, what could be some things that we haven't addressed fully.

您也提到了重組計劃。我認為重組計劃為我們節省了一些成本。當我們進入這些價值創造專案時，也許會有機會發現與顧問合作可以節省的額外成本，而有些問題我們可能還沒有完全解決。

And then lastly, we did mention within the guidance that it does include just as we have had in the last several years, remeasurement gains. And that could add a little bit to the lumpiness of this. Sometimes these remeasurement gains can be a little bit -- can be relative to the quarter, can be relatively large.

最後，我們確實在指南中提到，它確實包括了我們在過去幾年中所擁有的重新計量收益。這可能會使事情變得更加棘手。有時這些重新計量的收益可能會有一點點——相對於季度而言，可能會相對較大。

So we will -- to the extent we end up with the remeasurement gain in the third quarter versus the fourth quarter, that could impact that cadence. There obviously is something that we would alert investors to as part of our -- when we report the earnings in terms of what is the impact of those remeasurement gains in the back half of the year.

因此，如果我們最終在第三季相對於第四季獲得重新計量收益，這可能會影響這一節奏。顯然，當我們報告收益時，我們會提醒投資者註意一些事情——關於下半年這些重新計量收益的影響。

Got it. That's super helpful. And if we think about sort of the ortho turnaround that you guys have been in the process of implementing. Can you tell us sort of the most recent update on sort of where we are with the integration of the different clear aligner brands and how you would sort of define the orthodontic environment more broadly? Obviously, I think you called out a little bit of weakness in the quarter, but just kind of trying to triangulate whether sort of that was macro or whether that's a result of your transition, and that's something that could also happen with the -- help of the second half gains?

知道了。這非常有幫助。如果我們考慮一下你們一直在實施的正交轉變。您能否告訴我們關於我們在不同透明矯正器品牌整合方面的最新進展，以及您如何更廣泛地定義矯正環境？顯然，我認為您指出了本季的一些疲軟表現，但只是想判斷這是否是宏觀因素，還是您轉型的結果，而這是否也可能在下半年收益的幫助下發生？

Elizabeth, first of all, thank you for your nice comment at the beginning of your question. Second, on orthodontics, it is very small. It's under $100 million business. There are two aspects. There's traditional a particular product offering there that is of interest to customers, but it's very, very small. It had generic competition a year ago, plus for the past two, three years, starting about a year -- yes, about two, three years ago, it started and we've now in the last six months of the year, we've stabilized that with an upgraded product. So the traditional part is doing well. We -- it's doing better, it is doing well, put it this way, on a reduced sales base.

伊麗莎白，首先，感謝您在問題開始時所做的精彩評論。第二，在牙齒矯正方面，它非常小。這是一項價值不到 1 億美元的業務。有兩個方面。傳統上，那裡提供的特定產品會引起客戶的興趣，但數量非常非常少。一年前它就面臨仿製藥的競爭，而且在過去的兩三年裡，大約從一年前開始——是的，大約兩三年前，它就開始了，而現在，在今年的最後六個月裡，我們已經通過升級產品穩定了這種競爭。所以傳統部分做得很好。我們——在銷售基礎減少的情況下，情況變得更好了，可以說，情況很好。

We reduced our sales organization, our cost, our marketing, and it's really now moving into a positive environment in the traditional area. Its gain not significant. On the aligner side, we've moved the aligners to -- from a production point of view to the facility, one facility in France. That's working quite well. Again, it's very, very small. We've reduced our sales and marketing expenses, and it's not a significant area for Henry Schein other than with some DSOs who we've made arrangements with, who try to buy most of their products from Henry Schein.

我們精簡了銷售機構，減少了成本，減少了行銷活動，現在傳統領域的環境確實朝著正面的方向發展。其收益並不顯著。在矯正器方面，從生產角度來看，我們已經將矯正器轉移到法國的工廠。效果非常好。再說一遍，它非常非常小。我們削減了銷售和行銷費用，對於 Henry Schein 來說，這不是一個重要的領域，除了一些我們已與之達成協議的 DSO，他們試圖從 Henry Schein 購買大部分產品。

I would not say that we are indicative of the growth of the market or the challenges of the market. We have our internal areas we're working on. And the goal there is to offer very good products on the traditional side, unique niche products, increase the margin and on the aligners have an offering that is unique, that is integrated with some software we have.

我不會說我們預示著市場的成長或市場的挑戰。我們正在努力進行內部工作。我們的目標是在傳統方面提供非常好的產品、獨特的利基產品、增加利潤，並在對準器方面提供獨特的產品，與我們的一些軟體整合。

And I would say this is not, for the moment, a big strategic area for Henry Schein, but there are some profits there, and we're turning around the business and making it more profitable. But again, it's very small, $100 million or so out of almost $13 billion of sales. So it's not material. But we'll give you updates as they materialize.

我想說的是，目前這還不是 Henry Schein 的一大戰略領域，但我們在那裡能獲得一些利潤，而且我們正在扭轉業務，提高盈利能力。但同樣，這筆錢非常少，在近 130 億美元的銷售額中，只有 1 億美元左右。所以這不是物質的。但我們會在情況有進展時及時向您提供最新消息。

Allen Lutz, Bank of America.

美國銀行的艾倫·盧茨。

Stan, you mentioned July sales were good and you've returned to normal merchandise pricing. I guess a question for Ron here. How should we think about the gross margins in the distribution business in the second half of the year, if you've returned to normal merchandise pricing, can they go back to where they were a year ago? And then related to that, around Capstone. Should we view the gross margin initiatives as accretive to last year's gross margins as a starting point?

史丹，您提到七月的銷售情況很好，而且商品定價已經恢復正常。我想問羅恩一個問題。下半年分銷業務的毛利率該怎麼看，如果恢復正常的商品定價，能不能回到去年的水平？然後與此相關的是圍繞 Capstone。我們是否應該將毛利率提升措施視為增加去年毛利率的起點？

Allen, on the -- in terms of gross margins, the distribution side, there is some very competitive areas. And we said that we did see some especially some pressure in glove pricing. I think on the glove pricing side, it has stabilized. I think sequentially, we can stabilize those margins. I think versus last year, you're still going to see some slightly lower gross margins. That's just really the reality of where the market is, especially for when you have a product category as important as gloves that is seeing relatively competitive pricing out there. But we are seeing some stabilization in the glove pricing as we get into the third quarter.

艾倫，就毛利率和分銷方面而言，存在一些競爭非常激烈的領域。我們說我們確實看到了一些壓力，尤其是手套定價的壓力。我認為手套定價方面已經穩定下來。我認為我們可以逐步穩定這些利潤率。我認為與去年相比，毛利率仍會略有下降。這確實是市場的現實情況，特別是當手套等重要產品類別的定價相對具有競爭力時。但進入第三季度，我們看到手套價格有所穩定。

I think overall, as we look at margins, we're so happy with the growth we're seeing in technology, which given the margins in technology, gives us an overall lift in gross margins as well as the growth we're seeing in the Specialty Products.

我認為總體而言，當我們看待利潤率時，我們對技術方面的成長感到非常高興，考慮到技術的利潤率，這使我們的毛利率以及特種產品方面的成長總體上有所提升。

Within Specialty, we did see a little bit of a tick down in gross margin because we saw better growth in, for example, in value implants than we did in Specialty. Value implants typically get a slightly lower gross margin than -- I'm sorry, not Specialty but premium. And so the value implant is taking a little bigger piece of the pie, brought down that segment's gross margin a little. But nevertheless, that's obviously accretive to our overall gross margin.

在專業領域，我們確實看到毛利率略有下降，因為我們看到價值植入物等方面的成長比專業領域更好。價值植入物的毛利率通常比——抱歉，不是專業植入物而是高端植入物的毛利率——略低。因此，價值植入佔據了更大的份額，從而稍微降低了該部分的毛利率。但無論如何，這顯然會增加我們的整體毛利率。

So product mix will give us some benefit as we go forward, but certain product categories, such as gloves, will continue to put a little bit of pressure on gross margins and distribution, but I think that we're seeing some stabilization sequentially there.

因此，產品組合將在未來為我們帶來一些好處，但某些產品類別，例如手套，將繼續對毛利率和分銷帶來一些壓力，但我認為我們會看到一些連續的穩定性。

Great. And then one for Stan. Last quarter, you talked about an increase in de novo builds. DSOs, you mentioned were well financed, and they're expanding. Would love to get your updated thoughts on what you're seeing now. Is that still the case? Has that improved further? Any updated thoughts there would be helpful.

偉大的。然後給斯坦一個。上個季度，您談到了從頭開始構建的增加。您提到的 DSO 資金充足，並且正在擴張。我很想了解您對目前所見事物的最新看法。現在還是這樣嗎？有進一步改善嗎？任何更新的想法都會有幫助。

Yes. I think we're pretty consistent with the message of last quarter. The DSOs in general are moving in a positive direction. I think they're getting funding, if they trade, I'm not sure they're trading at as high a multiple as maybe a couple of years ago. But generally, the ones that are in the business have funding and are investing sometime even investing in traditional equipment, but dental technology is the digital side is where I would say there's quite a bit of movement, and they're all investing one way or another in software. So I think it's pretty -- it's stable to maybe -- I mean, I'm thinking now, maybe leaning even positive.

是的。我認為我們傳達的訊息與上個季度的訊息非常一致。總體而言，DSO 正在朝著積極的方向發展。我認為他們正在獲得資金，如果他們進行交易，我不確定他們的交易額是否像幾年前那樣高。但一般來說，從事該行業的公司都有資金，有時甚至會投資傳統設備，但我認為牙科技術在數位化方面有相當大的發展，他們都在以某種方式投資軟體。所以我認為它相當——它可能很穩定——我的意思是，我現在認為，甚至可能傾向於積極。

There are a couple of places in the world where there's a challenge. France, to pass some laws that are a challenge. But I would say even internationally, they are growing, they can get funding and they're investing. Didn't have any big sales this quarter, but generally, every couple of quarters, there's a big sale to a DSO and that's continuing, so here and abroad. I would say it's positive and funding is available.

世界上有幾個地方存在著挑戰。法國通過一些具有挑戰性的法律。但我想說，即使在國際上，他們也在成長，他們可以獲得資金，並且正在進行投資。本季沒有任何大額銷售，但一般來說，每隔幾個季度，就會有一筆針對 DSO 的大額銷售，而且這種情況還在持續，無論是在國內還是在國外。我想說這是正面的，而且資金充足。

I just want to add on to what Stanley said there, Allen. I think that when we look in the US, when we look at new office design projects. Every month this year with the exception of one month, we have seen a double-digit growth year-over-year in a kind of announced new office design projects. The one month that we didn't see that was in May. We actually had double-digit negative growth that month, which was an indication of the -- bit of the hesitation of that uncertainty out there that was it driven by tariffs or whatever it might have been. But every other month, we have seen double-digit growth year-over-year.

艾倫，我只是想補充一下史丹利所說的話。我認為，當我們審視美國時，當我們審視新的辦公室設計專案時。今年除了一個月外，每個月我們都看到新宣布的辦公室設計專案數量比去年同期增加了兩位數。我們沒有看到這種情況的月份是五月。那個月我們實際上出現了兩位數的負增長，這表明外界對關稅或其他因素引起的不確定性存在一些猶豫。但每隔一個月，我們就會看到年增兩位數。

John Stansel, JPMorgan Chase.

摩根大通的約翰·斯坦塞爾。

Can you just size potentially the -- that targeted sales impact on the second quarter? And then just as we think back to the first quarter call, what changed that led you to want to kind of pursue this targeted sales initiative and produce kind of the positive impacts that you're seeing now in July?

您能否估算一下該目標銷售對第二季的潛在影響？然後，當我們回想第一季的電話會議時，是什麼變化促使您想要推行這種有針對性的銷售計劃，並產生您在 7 月看到的正面影響？

Thank you. I will address the second and Ron, can potentially provide some thoughts on sales. I don't know what exactly we're providing to investors. It's not that we want to hide, but obviously, for competitive reasons, we need to be careful. We saw an opportunity with a group of customers, in particular, who had been buying from Henry Schein, returned to buy maybe exclusive products, perhaps were cherry picking with us and used to buy in a more steady way, higher numbers.

謝謝。我將討論第二個問題，羅恩可能會提供一些關於銷售的想法。我不知道我們到底向投資者提供了什麼。這並不是說我們想隱藏，但顯然，出於競爭的原因，我們需要小心謹慎。我們看到了這樣一個機會，特別是那些曾經從 Henry Schein 購買過產品，後來又回來購買獨家產品，或許是與我們一起挑選產品，並且習慣以更穩定的方式購買，購買量也更大。

And we felt it was just an opportunity, a hole in the bucket, if you will. Sales we lost over the last 18 months. And to go to those customers with an equivalent of a frequent flyer program and affinity program that I think has been well received. And I don't think there's a need for this any longer, maybe -- you mean in such -- I mean such an aggressive way.

我們認為這只是一個機會，如果你願意的話，可以把它看作是桶裡的一粒小洞。過去 18 個月我們的銷售額有所損失。並向這些客戶提供相當於常旅客計劃和親和力計劃的方案，我認為這很受歡迎。我認為也許不再需要這樣做了——你的意思是這樣——我的意思是以如此激進的方式。

But I think this high-octane opportunity was just the hole that we felt we could go through and it has been relatively successful. I think this is not a general offering to all of our customers but it's an offering, particularly to customers that we felt had left us, didn't understand us, didn't understand the value-added services, gave our field sales representatives a reason to go into the office and gave our telesales representatives, an opportunity to call and talk about in an outbound way about the values that Henry Schein brings. I think -- and all the value-added services we offer. So I think it was a great opportunity and I think the team went through that hole in the bucket unfold it, so thank you.

但我認為，這個高辛烷值的機會正是我們認為可以突破的障礙，而且它相對成功。我認為這不是針對所有客戶的普遍服務，而是特別針對那些我們認為已經離開我們、不理解我們、不理解增值服務的客戶，這讓我們的現場銷售代表有理由走進辦公室，也讓我們的電話銷售代表有機會打電話並以外向的方式談論 Henry Schein 帶來的價值。我認為——以及我們提供的所有加值服務。所以我認為這是一個很好的機會，我認為團隊已經抓住了這個機會，所以謝謝你們。

And John, regarding the first half of your question, the -- we mentioned two things to kind of put pressure on those margins, right? One was lower glove pricing and the other was those targeted initiatives. As you can appreciate, there's a bit of an overlap there. Some of those targeted initiatives were on gloves because it's a very important product category. So it's difficult to really assess dollars and provide dollars to each of those individual items.

約翰，關於你問題的前半部分，我們提到了兩件事來對這些利潤率施加壓力，對嗎？一是降低手套價格，二是採取有針對性的措施。正如您所看到的，這裡存在一些重疊。其中一些有針對性的舉措針對的是手套，因為它是一個非常重要的產品類別。因此，真正評估資金並為每個單獨的項目提供資金是困難的。

I think what's important out of all that is that we're pleased with the results we're seeing in July coming out of those targeted initiatives and pleased also that we're seeing some stabilization in glove pricing. And so we consider it to be kind of a successful campaign and that gives us some confidence as we go into the back half of the year.

我認為最重要的是，我們對 7 月這些有針對性的措施所取得的成果感到滿意，同時也很高興看到手套價格有所穩定。因此，我們認為這是一次成功的活動，這給了我們一些信心，讓我們能夠順利度過下半年。

Great. And then there's been some discussion around one of your larger customers, RFP being a portion of their business. Can you just comment generally on what you're seeing in the competitive balance as customers potentially RFP, especially on the DSO side?

偉大的。然後，我們圍繞您的一位較大客戶進行了一些討論，RFP 是其業務的一部分。您能否整體評論一下您在客戶潛在 RFP 時所看到的競爭平衡情況，特別是在 DSO 方面？

And maybe Stanley, if you would indulge us in a bit of a retrospective about how these have changed? What customers are looking for have changed over time? That would be helpful.

史丹利，您能否允許我們稍微回顧一下這些是如何改變的？隨著時間的推移，客戶的需求改變了嗎？那將會很有幫助。

Yes. Okay, another good question there. We don't typically comment on contracts with specific customers. But I think it's normal for some of our larger customers to issue RFPs every three, four years or so. To some extent, we want to see what our margin is. But to some extent, there's a negotiation with manufacturers because in the dental space, we actually perform the GPO function. We work on behalf of our customers in obtaining pricing specifically related to them. And then we have put our mark up on top of that.

是的。好的，這又是一個好問題。我們通常不會對與特定客戶的合約發表評論。但我認為，我們的一些大客戶每三、四年左右發布一次 RFP 是正常的。從某種程度上來說，我們想看看我們的利潤是多少。但在某種程度上，我們需要與製造商進行談判，因為在牙科領域，我們實際上履行 GPO 職能。我們代表客戶獲取與他們具體相關的定價。然後我們在此基礎上加上我們的標記。

So I think this kind of activity is quite normal. It's not been actually as aggressive as we would have expected. And that is, to some extent, because we've worked well with our larger customers and finding alternative options to product sourcing where there is a significant tariff, moving to other markets, moving to domestic products, moving to manufacturers that can absorb part of the tariff. So I think, generally, we remain a very trusted supplier and are partnering with our customers quite well.

所以我覺得這種活動是很正常的。事實上，它並沒有像我們預期的那樣具有攻擊性。在某種程度上，這是因為我們與大客戶合作良好，在關稅較高的情況下找到了產品採購的替代方案，轉向其他市場、轉向國內產品、轉向可以吸收部分關稅的製造商。所以我認為，總體而言，我們仍然是一個非常值得信賴的供應商，並且與我們的客戶保持良好的合作關係。

So as it relates to trends, I think we continue to gain market share with our larger bigger midsized customers because of the comprehensive offering, including our supply chain capabilities, I think it happens to be the best in the market. I'm sure our competitors will say theirs is the best. We do our work to ensure that from a service point of view, we provide our customers with the best service, best in class. But it's also owned-brand product offering, a private brand that is there and all the value-added services that we provide.

因此，就趨勢而言，我認為我們將繼續從較大的中型客戶中獲得市場份額，因為我們提供全面的產品，包括我們的供應鏈能力，我認為這是市場上最好的。我確信我們的競爭對手會說他們的是最好的。我們努力確保從服務的角度為客戶提供最好的、一流的服務。但它也是自有品牌產品，是私人品牌，也是我們提供的所有加值服務。

Generally, these larger customers are not only getting their consumables from us. but they're also getting their equipment and the service. I think our national service capability is outstanding, not only in the United States but globally, and it's best to practice. I'm sure our competitors will say theirs is best practice, too. But I think we provide exceptional national coverage here and in many other countries. So that is being recognized, and then there's the software opportunities and the various revenue cycle management opportunities where we can often save the customer more money or bring them more profits than perhaps a penny here or there on a glove box.

一般來說，這些大客戶不僅從我們這裡獲得消耗品，而且還獲得設備和服務。我認為我們的國家服務能力是出色的，不僅在美國，而且在全球範圍內，都是最好的。我確信我們的競爭對手也會說他們的做法是最佳實踐。但我認為我們在這裡以及許多其他國家提供了卓越的全國覆蓋。因此，這一點已被認識到，然後還有軟體機會和各種收入週期管理機會，在這些機會中，我們通常可以為客戶節省更多錢或為他們帶來比手套箱上一分錢更多的利潤。

So generally, I think the market is relatively stable from a large customer -- large and midsized customers' point of view, and everybody is working to understand the tariffs, they're working together and finding ways to mitigate these tariffs. I think it's a collaborative effort with our customers in general.

因此，總的來說，我認為從大客戶——大中型客戶的角度來看，市場相對穩定，每個人都在努力了解關稅，他們正在共同努力並尋找減輕這些關稅的方法。我認為這是我們與客戶整體的合作努力。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

Stanley, I think I met you in 2002 at our Growth Stock Conference in Chicago. We were both a lot younger then but I've appreciated your steady hand and your consistent leadership over the years. So thank you and good luck in the future.

史丹利，我想我是在 2002 年芝加哥成長股會議上見過你的。當時我們都還很年輕，但多年來我一直欣賞您穩健的作風和始終如一的領導力。所以謝謝你，祝你未來好運。

I was hoping I could start maybe, Ron, a question for you on gross margin. Just as you said, glove prices have stabilized, which sounds encouraging but maybe going to be sequentially stable at these levels. How much of the 110 basis points of gross margin pressure this quarter in 2Q was maybe glove-related with promotional activity that sounds like it's gone away now and maybe core pressures elsewhere? It would be helpful to just try to model out the back half of this year by knowing gloves versus maybe those other two categories of gross margin pressure?

羅恩，我希望我可以問你一個關於毛利率的問題。正如您所說，手套價格已經穩定下來，這聽起來令人鼓舞，但也許會在這些水平上保持連續穩定。本季第二季的 110 個基點的毛利率壓力中有多少可能與手套促銷活動有關（聽起來現在這種壓力已經消失了），或者可能是其他地方的核心壓力？透過了解手套與其他兩類毛利率壓力之間的關係，嘗試模擬今年下半年的情況會很有幫助嗎？

Yes. It's like I was saying, Jeff, it's hard to kind of isolate the programs when gloves are part of the programs. I think it's easier to look at it for us, when we see the product categories, right? The product category for gloves probably attributed to about a third of the margin pressure year-over-year, right, just gloves alone.

是的。就像我說的，傑夫，當手套成為程序的一部分時，很難將程序隔離。我認為，當我們看到產品類別時，我們會更容易看清它，對嗎？手套產品類別可能造成了約三分之一的利潤壓力同比下降，對吧，只是手套而已。

And then the balance comes from just other competitive pricing and other competitive promotions that we've been doing. Like I said, we feel comfortable that in the back half of the year, this will stabilize, both with gloves as well as some other areas since these were a rather focused and targeted initiative. Both from the perspective of the amount of time that we were doing it as well as the nature of the customer that we were primarily targeting. So as we come out of that and as we go into the third quarter, we feel like it's given us the appropriate momentum.

然後平衡就來自於我們一直在做的其他有競爭力的定價和其他有競爭力的促銷。正如我所說的，我們相信，今年下半年，無論是手套領域還是其他一些領域，情況都會趨於穩定，因為這些都是相當集中和有針對性的舉措。無論是從我們做這件事的時間長短，還是從我們主要針對的客戶的性質來看。因此，當我們走出困境並進入第三季時，我們感覺它給了我們適當的動力。

All right. That's helpful. And then just my final question. Just you talked about the two new initiatives. It sounds like we'll get more detail next quarter on those two initiatives in conjunction with KKR Capstone.

好的。這很有幫助。這是我的最後一個問題。您剛才談到了兩個新舉措。聽起來我們將在下個季度獲得有關與 KKR Capstone 合作的這兩項舉措的更多詳細資訊。

I guess my question there is there's been a lot of debate out there with investors on whether these initiatives might bring chunkier cost savings, some big cost savings initially in the first year or two, call it, 2026, 2027, where earnings could jump up and then kind of stay on a steady glide path or do you think at this point with what you're communicating these efforts with KKR potentially just -- not just, but to get you into that kind of LRP getting back to just a more consistent over the next few years of the upper single to low double digits? Should we be looking for chunkier savings upfront or just kind of getting back to that consistent upper single to low double-digit path over the next several years?

我的問題是，投資者之間有很多爭論，這些舉措是否可能在最初一兩年，也就是 2026 年、2027 年，帶來更大的成本節約，從而實現大幅成本節約，屆時收益可能會大幅上升，然後保持穩定的下滑趨勢，或者您認為，就目前而言，您與 KKR 溝通的這些努力可能只是幾年，而是為了讓您進入那種穩定到未來數位穩定到數位的高度。我們是否應該尋求前期更大幅度的節省，還是只是在未來幾年內回到穩定的高個位數到低兩位數的路徑？

Thank you, Jeff. And yes, it's been a quick 23 years. Of course, I wish you and all the other analysts that cover us all the best, and I hope that the analysts stick with the dental market. It's a great market, may be going through ups and downs, but I can tell you, I've been at this as a public company for 30 years. There are always ups and downs. And overall, generally, the dental market is a good market. It provides great cash flow all around. And yes, there are ups and downs periodically in sectors.

謝謝你，傑夫。是的，很快就過了23年。當然，我祝您和所有其他報告我們的分析師一切順利，並希望分析師堅持關注牙科市場。這是一個很棒的市場，可能會經歷起伏，但我可以告訴你，作為一家上市公司，我已經在這個市場工作了 30 年。總是有起有落。總體而言，牙科市場總體上是一個良好的市場。它為各方面提供了巨大的現金流。是的，各行業確實會週期性地起伏。

As it relates to the work of Capstone, yes, there will be efficiencies over time, some short term and the restructuring plan, some in '26 that will impact in '26 and '27. But that's really one element. The other element, of course, is our BOLD+1 Strategic Plan and our BOLD+1 Strategic Plan when we announced it, we have just over 30% of our operating income coming from the high-growth high-margin businesses. This quarter was 45%. You add to that about 10% that is coming from our own brands, which we call it, some would call it our private label. And we're well over 50%, 55% of our earnings coming from our high-growth, high-margin businesses.

就其與 Capstone 的工作而言，是的，隨著時間的推移，效率會提高，一些是短期的和重組計劃，一些是在 26 年實施的，會對 26 年和 27 年產生影響。但這確實是一個因素。當然，另一個要素是我們的 BOLD+1 策略計劃，當我們宣布 BOLD+1 策略計劃時，我們的營業收入中有超過 30% 來自高成長高利潤率的業務。本季為45%。除此之外，還有大約 10% 來自我們自己的品牌，我們稱之為，有些人稱之為我們的自有品牌。我們的獲利有超過 50% 到 55% 來自高成長、高利潤的業務。

I think -- two things are going to happen. This is -- I'm not guaranteeing it, of course. There will be a new CEO to carry through on a lot of that. You'll see two things. One is our cost of doing business is going to go down, largely as a result of increased efficiencies, particularly as it relates to computer type systems, AI. There's a lot of opportunity. We're learning about that. So there's an opportunity to be more efficient to provide better customer service. I think that will -- there will be some of that in '26, some of that in '27. We'll be able to globalize certain functions that are may be in the business units today, as I mentioned earlier on, and generally drive operational efficiency.

我認為——將會發生兩件事。這是——當然，我不能保證。將會有一位新任執行長來執行其中的大部分任務。你會看到兩件事。一是我們的經營成本將會下降，這主要是由於效率的提高，特別是與電腦類型系統、人工智慧相關的效率。有很多機會。我們正在學習這一點。因此，我們有機會提高效率，提供更好的客戶服務。我認為──26 年會出現一些這樣的情況，27 年也會出現一些這樣的情況。正如我之前提到的，我們將能夠使當前業務部門中某些功能全球化，並普遍提高營運效率。

But that will be complemented with a high-growth, high-margin business growth. It's been a very good trajectory. It's been a strategy that I think we've executed on quite well. And don't forget the L, the leveraging of relationships amongst our various portfolio companies to get business for each of the units. We -- with customers know one part of the business, but not another, introducing it to the other part. That's the L. So we've got the B, building high-growth, high-margin business. The operationalizing a lot of that's going to come from optimizing, operationalizing coming from the Capstone and related consulting group work. We've got the L, leveraging and the D, we are significant players today in digitalization of dentistry.

但這將伴隨著高成長、高利潤的業務成長。這是一條非常好的軌跡。我認為我們已經很好地執行了這個策略。並且不要忘記 L，利用我們各個投資組合公司之間的關係為每個部門開展業務。我們－對客戶來說，了解業務的一部分，但不了解另一部分，並將其介紹給其他部分。這就是 L。所以我們得到了 B，即建立高成長、高利潤的業務。其中許多操作將透過最佳化實現，操作化將來自 Capstone 和相關諮詢小組的工作。我們擁有 L、槓桿和 D，我們是當今牙科數位化領域的重要參與者。

That's the big opportunity for dentists, maybe their sales growth in some countries, their revenue, their collections may not be as great, but they have opportunity to drive efficiency in their practice while providing better clinical care. And I think that we do very well.

這對牙醫來說是一個巨大的機會，也許他們在某些國家的銷售成長、收入和收款可能不那麼好，但他們有機會提高執業效率，同時提供更好的臨床照護。我認為我們做得很好。

So with that in mind, let me conclude the call. Thank you all for calling in. I remain very optimistic about the future of Henry Schein. We're on the way. We've retained a national recruiting firm to work on the appointment of the next CEO. We're looking at internal candidates, external candidates. We thought it's better to announce my retirement early in the process rather than rumor spreading. And I think as a public company, we have to look at internal and external candidates as best practices. So that's underway.

因此，考慮到這一點，請允許我結束本次通話。謝謝大家的來電。我對 Henry Schein 的未來仍然非常樂觀。我們正在路上。我們已聘請一家全國性招聘公司負責下一任執行長的任命。我們正在尋找內部候選人和外部候選人。我們認為最好儘早宣布我的退休，而不是散播謠言。我認為作為一家上市公司，我們必須將內部和外部候選人視為最佳實踐。一切正在進行中。

The team is enthusiastic, the senior team and management generally on the Capstone value creation initiatives. The morale from that point of view is quite good. People understand there's opportunities. People understand the competitive nature of the market from a pricing point of view, but also from a customer experience point of view. I think we've got that combination on the table right now and are working towards improving the value that we provide to our customers, which in turn will provide value creation opportunities for the company in general.

團隊熱情高漲，高階團隊和管理階層普遍重視 Capstone 價值創造措施。從這個角度來看，士氣相當不錯。人們知道那裡有機會。人們不僅從定價的角度了解市場的競爭性質，也從顧客體驗的角度了解市場的競爭性質。我認為我們現在已經把這種組合擺在桌面上，並且正在努力提高我們為客戶提供的價值，這反過來又會為整個公司提供創造價值的機會。

I believe that the senior team has never been in a better shape. Each one of our areas, whether it's our business units or our infrastructure units has very good leadership. I'd say outstanding leadership working together. It's a good time for me to hand over the reins to someone else because the team is really in place. The momentum in the company is good. I think the BOLD+1 plan, which I outlined is good. I believe our directors, including the KKR directors, [the two appointees they have], is they have, enthusiastic about the plan. I think they like the BOLD+1 plan the directors, including, as I said, the KKR directors are very supportive.

我相信高階團隊的狀態從未如此好。我們每個領域，無論是業務部門或基礎建設部門，都有非常優秀的領導。我想說的是傑出的領導團隊共同努力。現在正是我將權力移交給其他人的好時機，因為團隊已經到位。公司的發展勢頭良好。我認為我概述的 BOLD+1 計劃很好。我相信我們的董事，包括 KKR 董事（他們任命的兩位董事），都對該計劃充滿熱情。我認為他們喜歡 BOLD+1 計劃，包括我所說的 KKR 董事在內的董事們都非常支持。

And yes, there are economic challenges every day. There's a new announcement, one way or the other on tariffs. That destabilizes us from time to time, our customers, but we're moving forward, and I think are very optimistic. The entire team is optimistic of where the company is heading. So thank you again, everyone, for calling in. And we'll be back in three months' time. Thank you.

是的，每天都存在經濟挑戰。無論如何，有關關稅的新公告已經出台。這有時會給我們和我們的客戶帶來不穩定，但我們正在向前邁進，我認為我們非常樂觀。整個團隊對公司的發展方向充滿樂觀。再次感謝大家的來電。三個月後我們就會回來。謝謝。

This concludes today's teleconference. You may disconnect your lines at this time, and we thank you for your participation.

今天的電話會議到此結束。現在您可以斷開線路，感謝您的參與。