漢瑞祥 (HSIC) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Henry Schein's third-quarter 2025 earnings conference call. (Operator Instructions)

各位女士、先生，早安，歡迎參加亨利·謝恩公司2025年第三季財報電話會議。（操作說明）

As a reminder, this call is being recorded. I would now like to introduce your host for today's call, Graham Stanley, Henry Schein's Vice President of Investor Relations and Strategic Financial Project Officer. Please go ahead, Graham.

再次提醒，本次通話正在錄音。現在我謹向大家介紹今天電話會議的主持人，亨利·謝恩公司投資者關係副總裁兼策略財務項目主管格雷厄姆·斯坦利。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 2025 third quarter. 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.

謝謝接線員，也感謝各位今天與我們一起討論亨利·謝恩公司2025年第三季的財務表現。今天和我一起參加電話會議的有亨利·謝恩公司董事長兼首席執行官斯坦利·伯格曼，以及高級副總裁兼首席財務官羅恩·索斯。

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.

在開始之前，我想說明一下，本次通話中某些評論將包含前瞻性資訊。公司業務中存在的風險和不確定性可能會影響前瞻性聲明中提及的事項，且公司的實際業績可能與此類聲明中表達或暗示的業績有重大差異。這些前瞻性陳述完全受亨利·謝恩公司向美國證券交易委員會提交的文件中所包含的警示性聲明的限制，這些聲明包含在這些文件的風險因素部分中。

In addition, all comments about the markets we serve, including end market growth rates and market share, are based on 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 the business.

此外，所有關於我們所服務市場的評論，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。今天的演講將包括GAAP和非GAAP財務表現。我們認為，非GAAP財務指標可以為投資者提供有關我們業務財務業績的有用補充信息，使投資者能夠比較不同時期的財務業績（某些項目可能會獨立於業務業績而變化），並提高管理層在運營業務時使用的關鍵指標的透明度。

These non-GAAP financial measures are presented solely for informational and comparative purposes and should not be regarded as a replacement for corresponding GAAP measures. 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 website.

這些非公認會計準則財務指標僅供參考和比較之用，不應被視為替代相應的公認會計準則指標。GAAP 和非 GAAP 指標之間的調整表包含在今天新聞稿的附件 B 中，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，也可以在我們網站上發布的季度收益簡報中找到。

The content of this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast, November 4, 2025. Henry Schein takes 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有時效性的訊息，僅在直播當天（2025 年 11 月 4 日）有效。Henry Schein公司不承擔任何義務修改或更新任何前瞻性聲明，以反映本次電話會議日期之後發生的事件或情況。

Lastly, during today's Q&A session, please limit yourself to a single question so that we can accommodate questions from as many of you as possible. And with that, I'd like to turn the call over to Stanley Bergman.

最後，在今天的問答環節，請每位提問者只提一個問題，以便我們能盡可能回答更多人的問題。接下來，我將把電話交給史丹利‧伯格曼。

Good morning, everyone. Thank you, Graham. Thank you for joining us. We are pleased with our financial results for the third quarter, with sales growth accelerating in each of our reportable segments, including solid market share gains in our distribution businesses, as we are once again focused on driving growth now that the cyber incident is fully behind us.

各位早安。謝謝你，格雷厄姆。感謝您的參與。我們對第三季的財務業績感到滿意，我們每個可報告部門的銷售成長都在加速，包括分銷業務的市場份額穩步增長，因為網路安全事件已經完全過去，我們再次專注於推動成長。

The strong sales performance was a key driver of the underlying improvement in our operating income. Our successful execution of the BOLD+1 strategy, including the financial performance of our investments in high-growth, high-margin businesses, also sets the foundation for strong future growth.

強勁的銷售業績是推動我們營業收入實現根本性改善的關鍵因素。我們成功執行了 BOLD+1 策略，包括對高成長、高利潤業務的投資所取得的財務業績，這也為未來的強勁成長奠定了基礎。

With the continued input from KKR, we've made good progress on advancing the value creation initiatives we announced last year -- last quarter actually. Based on our first phase of work, we believe we have the opportunity to deliver over $200 million in improvements to operating income over the next few years.

在 KKR 的持續支持下，我們在推進去年（實際上是上個季度）宣布的價值創造計劃方面取得了良好進展。根據我們第一階段的工作成果，我們相信在未來幾年內，我們有機會實現超過 2 億美元的營業收入成長。

We have begun executing on these multi-year projects with key areas of focus that include centralization of support services, indirect procurement, automating and simplifying processes, and accelerating sales of corporate brand products. These initiatives support a return to our long-term goal of high single-digit, low double-digit earnings growth.

我們已開始執行這些多年期項目，重點領域包括集中支援服務、間接採購、流程自動化和簡化，以及加速企業品牌產品的銷售。這些舉措有助於我們重回實現高個位數、低兩位數獲利成長的長期目標。

In addition, our Board has approved an amendment to the Strategic Partnership Agreement, giving KKR the right to increase its HSIC stock ownership up to 19.9% through purchases in the open market. Next, let me touch on a few key highlights from the quarter that advanced our BOLD+1 strategy.

此外，我們的董事會已批准對策略合作夥伴關係協議進行修訂，賦予 KKR 透過在公開市場購買的方式，將其在 HSIC 的持股比例提高至 19.9% 的權利。接下來，我想重點介紹本季推進我們 BOLD+1 策略的幾個關鍵亮點。

We remain on track to achieve our goal of over 50% of non-GAAP operating income coming from high-growth, high-margin businesses by the end of 2027, which is the current strategic planning cycle. And in addition, we expect more than 10% coming from our corporate brands, so that's in total about 60% of our non-GAAP operating income coming from these high-growth, high-margin businesses and corporate brands.

我們仍有望實現到 2027 年底（即當前的策略規劃週期）超過 50% 的非 GAAP 營業收入來自高成長、高利潤業務的目標。此外，我們預計超過 10% 的收入將來自我們的企業品牌，因此，我們非 GAAP 營業收入的約 60% 來自這些高成長、高利潤的業務和企業品牌。

While we have continued to strategically invest in our business, we have focused recent capital deployment on accelerating the repurchase of the company's shares. Our Board recently approved a $750 million increase in this program, and our current expectation is to continue to execute buybacks at a similar pace to the past quarter. Building on the momentum from our successful launch of our new henryschein.com global e-commerce platform in the UK and Ireland, we are rolling out a phased launch in North America. We expect to start the European rollout in 2026.

雖然我們一直在對公司業務進行策略性投資，但最近我們將資金部署的重點放在加速回購公司股票。我們的董事會最近批准將該計劃的資金增加 7.5 億美元，我們目前的預期是繼續以與上個季度類似的速度執行股票回購。繼我們在英國和愛爾蘭成功推出新的 henryschein.com 全球電子商務平台之後，我們正在北美分階段推出該平台。我們預計將於 2026 年開始在歐洲推廣。

Turning now to review of our business units, I'll start with the Global Distribution and Value-Added Services Group. Here we delivered solid sales growth in the third quarter across our global distribution group in both merchandise and equipment sales. In general, patient traffic remains steady throughout the quarter.

現在來回顧我們的業務部門，我將從全球分銷和增值服務集團開始。第三季度，我們全球分銷集團的商品和設備銷售均實現了穩健的銷售成長。整體而言，本季患者流量保持穩定。

Notably, sales growth accelerated in the US merchandise area, which reflects strong corporate brand sales growth, as well as the positive impact of targeted promotional programs we initiated during the second quarter, resulting in continued increase in our market share in the United States.

值得注意的是，美國商品銷售領域的成長速度加快，這反映了公司品牌銷售的強勁成長，以及我們在第二季度啟動的有針對性的促銷計劃的積極影響，從而使我們在美國市場份額持續增長。

If we turn now to the US dental equipment sales, which increased in the low single digits, with digital equipment delivering double-digit growth. We continue to experience a lower average selling price in digital equipment, but this is offset by strong volume growth.

現在讓我們來看看美國牙科設備銷售額，其增幅僅為個位數，而數位設備則實現了兩位數的成長。數位設備的平均售價持續走低，但強勁的銷售成長抵消了這一影響。

Traditional equipment sales declined slightly. However, it's important to note, we believe this is a result of the timing of installations. We introduced a new online financing program, which we believe contributes to the good growth in the US equipment arena. Our order intake at DS World was good this year, and we expect this to help our equipment results in the fourth quarter. We expect to maintain overall US equipment growth in the fourth quarter.

傳統設備銷售額略有下降。但是需要指出的是，我們認為這是安裝時間安排造成的。我們推出了一項新的線上融資計劃，我們相信這將有助於美國設備領域的良好成長。今年我們在 DS World 的訂單量不錯，我們預計這將有助於我們第四季的設備表現。我們預計第四季度美國整體設備業務將保持成長動能。

Turning to the US medical business, sales grew in the mid-single digits for the quarter. The growth reflects strong demand for medical products and for pharmaceuticals, and particularly in the dialysis business along with continued strong performance in home solutions. This was partially offset by lower demand for respiratory diagnostic products and a decline in influenza vaccine sales.

再來看美國醫療業務，該季度銷售額實現了中等個位數的成長。這一成長反映了對醫療產品和藥品，特別是透析業務的強勁需求，以及家庭解決方案的持續強勁表現。呼吸系統診斷產品需求下降和流感疫苗銷售下滑部分抵消了這種影響。

Our international dental merchandise sales were stable, increasing in thelow single digit in constant currencies. Looking at the international equipment sales, we have strong growth. Value-added services sales grew modestly, with sales growth driven by consulting services, which includes our eAssist Revenue Cycle Management business.

我們的國際牙科產品銷售額保持穩定，按固定匯率計算實現了個位數低成長。從國際設備銷售來看，我們實現了強勁成長。加值服務銷售額略有成長，銷售成長主要由諮詢服務推動，其中包括我們的 eAssist 收入週期管理業務。

Now let's turn to the Global Specialty Products Group. As a reminder, this group includes implants and biomaterials, as well as endodontics, orthodontics, and orthopedic products. The third quarter sales reflected continued strength in implants and biomaterials as well as endodontics. We were particularly pleased with our implant performance, which built on last quarter's solid trends.

現在讓我們來看看全球特種產品集團。提醒一下，該類別包括植體和生物材料，以及牙髓病學、正畸學和矯正學產品。第三季銷售額反映出植體、生物材料以及牙髓治療產品持續強勁的成長動能。我們對植入手術的業績表現特別滿意，這延續了上一季的良好勢頭。

Sales growth was in the mid-single digits in constant currency, and we believe we continue to gain market share across most implant markets, in particular ones where we have our strength. So where we service the market, we have resources on the ground. We believe we're doing quite well in those implant markets.

以固定匯率計算，銷售額成長達到中等個位數，我們相信我們將繼續在大多數植入物市場（尤其是我們具有優勢的市場）獲得市場份額。因此，在我們服務市場的地方，我們有當地的資源。我們相信我們在這些植入物市場做得相當不錯。

Sales growth was led by our value segment. Both SIN and Biotech Dental implant systems performed exceptionally well, each posting double-digit gains. This was complimented by steady, low single-digit growth in our premium brand, BioHorizons and Camlog, demonstrating the strength of our broad portfolio of offerings.

銷售成長主要由我們的高性價比產品帶動。SIN 和 Biotech Dental 的植體系統均表現出色，各自取得了兩位數的成長。同時，我們的高端品牌 BioHorizo​​​​ns 和 Camlog 也實現了穩定的低個位數成長，這充分證明了我們廣泛的產品組合的實力。

In the US, implant and biomaterial sales grew in the low single-digits against a challenging prior year comparison. This growth, of course, reflects increased traction from our rollout of our BioHorizons Tapered Pro Conical implant and ongoing growth we achieved in SmartShape Healer Abutments.

在美國，植入物和生物材料的銷售額實現了個位數低成長，而去年同期基數較高。當然，這一增長反映了我們推出 BioHorizo​​​​ns Tapered Pro Conical 植體後獲得的更大市場認可，以及我們在 SmartShape Healer 基台方面取得的持續增長。

We expect growth in these products to continue. The Tapered Pro Conical product now represents approximately one-third of our US implant sales, and it's important to understand that our customer feedback on this product offering is very, very positive.

我們預計這些產品的銷售量將持續成長。Tapered Pro Conical 產品目前約占我們美國植體銷售額的三分之一，值得注意的是，我們的客戶對該產品提供的回饋非常非常積極。

International implant sales increased high single-digits, once again driven by strong double-digit growth across the DACH region and Latin America, reflecting strong patient demand and execution by our regional teams, which continues to be very good.

國際植體銷售額實現了接近兩位數的成長，這再次得益於德國、奧地利和瑞士地區以及拉丁美洲強勁的兩位數增長，反映了強勁的患者需求以及我們區域團隊的出色執行力，而我們的區域團隊的表現依然非常出色。

Our endodontics business delivered mid-single-digit growth for the quarter, benefiting from expanded sales reach through our US distribution team. Orthodontics, while still a small component of our specialty products, has stabilized, and we remain focused on improving the profitability of the orthodontics business. And finally, our orthopedic specialty business posted solid double-digit sales growth. So looking ahead, we are encouraged by the momentum across our specialty business.

由於美國分銷團隊擴大了銷售範圍，我們的牙髓治療業務在本季度實現了中等個位數的成長。雖然正畸業務在我們特色產品中仍佔很小一部分，但已經趨於穩定，我們將繼續專注於提高正畸業務的獲利能力。最後，我們的骨科專科業務實現了兩位數的穩健銷售成長。展望未來，我們對專業業務的發展動能感到鼓舞。

And now on the Global Technology Group side, here we continue to accelerate our growth during the third quarter, driven by strong growth in the adoption of our core practice management solutions business, particularly our cloud-based platforms, including Dentrix Ascend and Dentally, as well as strong growth in our revenue cycle management solutions, including eClaims, electronic billing, and patient messaging. As a result, we are seeing growth in annual recurring SaaS subscription revenues, as well as in transactional services.

現在來看看全球科技集團方面，在第三季度，我們繼續加速成長，這得益於我們核心實踐管理解決方案業務（特別是我們的雲端平台，包括 Dentrix Ascend 和 Dentally）的強勁成長，以及我們的營收週期管理解決方案（包括電子理賠、電子帳單和病患資訊傳遞）的強勁成長。因此，我們看到年度經常性 SaaS 訂閱收入以及交易服務收入都在成長。

Practice management software sales growth was again in the high mid double-digits this quarter, driven by 20% year-over-year increase in the number of cloud-based customers, primarily from new Henry Schein One accounts. The whole cloud-based strategy for us is doing very well. We now have over 10,500 Dentrix Ascend and Dentally subscribers.

本季度，實踐管理軟體的銷售額再次實現了兩位數的中高成長，這主要得益於雲端客戶數量年增 20%，其中大部分來自新的 Henry Schein One 客戶。我們整個基於雲端的策略進展非常順利。我們現在擁有超過 10,500 名 Dentrix Ascend 和 Dentally 用戶。

Revenue growth also benefited from recently launched revenue cycle management solutions that are now being adopted by practitioners as they seek to drive revenue and improve operating efficiencies. There are also some exciting new developments in AI in our Technology Group. Yesterday, we announced a partnership with Amazon Web Services to integrate its generative AI technology with Dentrix Ascend and Dentally.

收入成長也得益於近期推出的收入週期管理解決方案，這些解決方案目前正由從業人員採用，以期提高收入和營運效率。我們技術集團在人工智慧領域也取得了一些令人興奮的新進展。昨天，我們宣布與亞馬遜網路服務公司建立合作夥伴關係，將其生成式人工智慧技術與 Dentrix Ascend 和 Dentally 整合。

Among the benefits are a real-time documentation system that uses AI to capture and summarize patient interaction, voice-activated charting, scheduling, and communication tools to further personalize the patient experience, and predictive business intelligence that automates claims validation and facilitates dynamic pricing tools. We believe this will be a significant addition to the Henry Schein One offering, and we expect these will help our customers drive incremental revenue and greater productivity in their practices.

其優點包括：利用人工智慧技術捕捉和總結患者互動情況的即時文件系統；語音啟動的圖表繪製、日程安排和溝通工具，以進一步個性化患者體驗；以及可自動驗證索賠並促進動態定價工具的預測性商業智慧。我們相信這將是 Henry Schein One 產品組合的重要補充，我們期望這些產品能夠幫助我們的客戶在業務實踐中提高收入和生產力。

Let me now comment on the announcement we made earlier this year that I’ll be retiring as CEO at the end of the year, while continuing to serve as Chairman of the Board. As we discussed on our last conference call, the Board started a formal search process supported by a nationally recognized executive search firm, considering internal and external candidates, and remains on track to announce my successor by the end of the year. Of course, I remain committed to ensuring a smooth and seamless transition.

現在我想就我們今年稍早宣布的我將在年底卸任執行長一職，同時繼續擔任董事會主席一事發表一些評論。正如我們在上次電話會議上討論的那樣，董事會已啟動正式的遴選流程，並由一家全國知名的獵人頭公司提供支持，考慮內部和外部候選人，並將繼續按計劃在年底前宣布我的繼任者。當然，我仍將致力於確保平穩順利的過渡。

With that, now, let me turn over the call to Ron to review our third quarter financial results and discuss 2025 guidance. Ron, please.

那麼，現在讓我把電話交給 Ron，讓他回顧我們第三季的財務表現並討論 2025 年的業績指引。羅恩，拜託了。

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 also have included a financial presentation containing additional detailed financial information, including certain reportable segment information.

謝謝你，史丹利，大家早安。今天，我將照例回顧本季度的財務亮點，並提醒投資者，我們的投資者關係網站上也提供了一份財務演示文稿，其中包含更多詳細的財務信息，包括某些可報告的分部信息。

Starting with our third 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 $3.3 billion, with sales growth of 5.2% compared to the third quarter of 2024, reflecting constant currency sales growth of 4.0% and a 1.2% increase, resulting from foreign currency exchange. Acquisitions contributed 0.7% sales growth to the quarter.

首先，我將介紹第三季的銷售業績，包括總銷售額、總銷售額成長以及與去年同期相比的固定匯率銷售額成長等詳細資訊。全球銷售額為 33 億美元，與 2024 年第三季相比成長 5.2%，其中以固定匯率計算成長 4.0%，外匯匯率變動導致成長 1.2%。收購為本季貢獻了 0.7% 的銷售額成長。

Our GAAP operating margin for the third quarter of 2025 was 4.88%, a decrease of 6 basis points compared to the prior year GAAP operating margin. On a non-GAAP basis, the operating margin for the third quarter was 7.83%, an increase of 19 basis points compared with the prior year non-GAAP operating margin. Operating margin improvement was driven by lower operating expenses as a percentage of sales, partially offset by lower gross margin.

2025 年第三季度，我們的 GAAP 營業利潤率為 4.88%，比去年同期 GAAP 營業利潤率下降了 6 個基點。以非GAAP準則計算，第三季營業利益率為7.83%，較上年同期非GAAP營業利益率成長了19個基點。營業利益率的提高主要得益於營業費用佔銷售額比例的下降，但部分被毛利率的下降所抵銷。

We continue to drive improved operational efficiency by integrating acquisitions, restructuring, and executing our new value creation programs. Gross margin was down 56 basis points year over year, primarily related to product mix in our Global Distribution Group and in our Global Specialty Products segment. Sequentially, gross margins versus the second quarter declined primarily due to the seasonality of flu vaccine sales in our medical business. Of note, gross margins stabilized in the US dental distribution business.

我們透過整合收購、重組和執行新的價值創造計劃，不斷提高營運效率。毛利率較去年同期下降 56 個基點，主要與全球分銷集團和全球特種產品部門的產品組合有關。與第二季相比，毛利率較上季下降，主要原因是醫療業務中流感疫苗銷售的季節性因素。值得注意的是，美國牙科用品分銷業務的毛利率趨於穩定。

Turning to taxes, our effective tax rate for the third quarter of 2025 on a non-GAAP basis was 22.9%. The lower effective tax rate reflects the non-taxable nature of the remeasurement gain recognized in the quarter. This compares with an effective tax rate of 24.9% for the third quarter of 2024. We expect the effective tax rate to be in the 24% to 25% range in the fourth quarter, which is more in line with recent historical rates.

說到稅收，我們 2025 年第三季的非 GAAP 實際稅率為 22.9%。較低的實際稅率反映了本季確認的重估收益的非應稅性質。相比之下，2024 年第三季的實際稅率為 24.9%。我們預計第四季實際稅率將在 24% 至 25% 之間，這與近期的歷史稅率更為一致。

Third quarter of 2025 GAAP net income was $101 million or $0.84 per diluted share. This compares with prior year GAAP net income of $99 million or $0.78 per diluted share. Our third quarter 2025 non-GAAP net income was $167 million or $1.38 per diluted share. This compares with prior year non-GAAP net income of $155 million or $1.22 per diluted share. Foreign currency exchange favorably impacted our third quarter diluted EPS by approximately $0.01 versus the prior year.

2025 年第三季 GAAP 淨收入為 1.01 億美元，即每股稀釋收益 0.84 美元。相較之下，前一年以美國通用會計準則計算的淨收入為 9,900 萬美元，即每股稀釋收益 0.78 美元。我們2025年第三季的非GAAP淨收入為1.67億美元，即每股稀釋收益1.38美元。相較之下，上一年的非GAAP淨收入為1.55億美元，即每股稀釋收益1.22美元。外匯匯率變動對我們第三季稀釋後每股收益產生了有利影響，與去年同期相比增加了約 0.01 美元。

Our third quarter results include a remeasurement gain resulting from the purchase of a controlling interest of a previously held non-controlling equity investment. That business has performed well since we made our initial investment, and as a result, we recognized a pre-tax remeasurement gain of $28 million this quarter. This compares to a pre-tax remeasurement gain of $19 million in the third quarter of 2024.

我們第三季的業績包括因收購先前持有的非控股股權投資的控股權而產生的重新計量收益。自我們最初投資以來，該業務表現良好，因此，本季我們確認了 2800 萬美元的稅前重新計量收益。相較之下，2024 年第三季稅前重新計量收益為 1,900 萬美元。

The remeasurement gain in the third quarter of 2025 and its related tax treatment contributed approximately $0.23 to EPS, which is approximately $0.08 more than the remeasurement gain recognized in the third quarter of 2024. Adjusted EBITDA for the third quarter of 2025 was $295 million compared with third quarter of 2024 adjusted EBITDA of $268 million, representing growth of 10%.

2025 年第三季的重新計量收益及其相關的稅務處理為每股收益貢獻了約 0.23 美元，比 2024 年第三季確認的重新計量收益多出約 0.08 美元。2025 年第三季調整後 EBITDA 為 2.95 億美元，而 2024 年第三季調整後 EBITDA 為 2.68 億美元，成長了 10%。

Turning to our sales results, the components of sales growth for the third quarter are included in Exhibit A in 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 Group, whose sales grew by 4.8%.

再來看我們的銷售業績，第三季銷售成長的組成部分已包含在今天早上發布的收益報告中的附錄 A 中，因此我將重點介紹每個報告部門的主要銷售驅動因素，首先是我們的全球分銷和增值服務集團，其銷售額增長了 4.8%。

Within this segment, US dental merchandise sales grew 3.3%, and US dental equipment sales grew 1.2%, with strong growth in digital equipment. We ended the quarter with a good equipment order backlog for fourth quarter sales.

在該細分市場中，美國牙科商品銷售額成長了 3.3%，美國牙科設備銷售額成長了 1.2%，其中數位設備成長強勁。本季末，我們為第四季的銷售儲備了良好的設備訂單。

US medical distribution sales grew 4.7%, despite lower demand for influenza vaccines and respiratory diagnostic products. Our Home Solutions business had another strong quarter, growing over 20% on an as-reported basis and 6% excluding acquisitions.

儘管流感疫苗和呼吸道診斷產品的需求下降，但美國醫療分銷銷售額仍成長了 4.7%。我們的家居解決方案業務又迎來了一個強勁的季度，按報告數據計算增長超過 20%，不計收購增長 6%。

International dental merchandise sales grew 6.0%, or 2.5% in constant currency, driven by sales growth in Brazil, Canada, Italy, Spain, and Australia. International dental equipment sales were strong, with 10.1% total growth, with constant currency growth of 5.7%, driven by sales in Germany, the UK, Canada, and Australia. And finally, Global Value-Added Services sales grew 3.3%, driven by consulting services.

國際牙科商品銷售額成長 6.0%，以固定匯率計算成長 2.5%，主要得益於巴西、加拿大、義大利、西班牙和澳洲的銷售成長。國際牙科設備銷售強勁，總成長率達 10.1%，以固定匯率計算成長 5.7%，主要得益於德國、英國、加拿大和澳洲的銷售成長。最後，全球增值服務銷售額成長了 3.3%，主要得益於諮詢服務的推動。

Turning to the Global Specialty Products Group, sales grew 5.9%, or 3.9% in constant currency. Our implant and biomaterial business experienced solid growth in the third quarter, including double-digit growth in value implants and low single-digit growth in premium implants. We achieved modest implant sales growth in a stable US market due to a high prior year comparable and high single-digit sales growth in Europe, including low double-digit growth in Germany.

從全球特種產品集團來看，銷售額成長了 5.9%，以固定匯率計算成長了 3.9%。我們的植入物和生物材料業務在第三季度實現了穩健成長，其中價值型植入物實現了兩位數成長，高端植入物實現了個位數低成長。由於去年同期銷售額較高，以及歐洲市場銷售額實現了較高的個位數成長（其中德國市場實現了較低的兩位數成長），我們在美國穩定的市場中實現了適度的植入物銷售額成長。

We also had strong results in the Global Technology Group, with total sales growth of 9.7%, but 9.0% in constant currency. In the US, sales growth was driven by practice management software with double-digit growth in Dentrix Ascend, as well as solid growth in our revenue cycle management business. Internationally, sales growth was primarily driven by double-digit growth at our Dentally cloud-based practice management solutions products.

全球科技集團也取得了強勁的業績，總銷售額成長了 9.7%，但以固定匯率計算成長了 9.0%。在美國，銷售成長主要得益於診所管理軟體，其中 Dentrix Ascend 實現了兩位數的成長，此外，我們的營收週期管理業務也實現了穩健成長。在國際市場上，銷售成長主要得益於我們基於雲端的 Dentally 診所管理解決方案產品實現了兩位數的成長。

Turning to our restructuring program, from the restructuring program announced in August 2024, the company recorded restructuring expenses of $34 million or $0.20 per share during the third quarter of 2025. We expect to achieve annual run rate savings of more than $100 million from that restructuring.

回到我們的重組計劃，根據 2024 年 8 月宣布的重組計劃，該公司在 2025 年第三季計提了 3,400 萬美元的重組費用，即每股 0.20 美元。我們預計透過此次重組，每年可節省超過 1 億美元。

Additionally, from the value creation initiatives announced last quarter, we believe the opportunities should deliver over $200 million of operating income improvement over the next few years. Therefore, we are extending our restructuring plan, and we will continue to record restructuring charges in 2026 and 2027. We expect these initiatives to support a return to our long-term goal of high single-digit, low double-digit earnings growth.

此外，根據上個季度宣布的價值創造計劃，我們相信這些機會將在未來幾年內帶來超過 2 億美元的營業收入成長。因此，我們將延長重組計劃，並將繼續在 2026 年和 2027 年提列重組費用。我們預期這些措施將有助於我們重回實現高個位數至低兩位數獲利成長的長期目標。

Regarding share repurchases, during the third quarter of 2025, the company repurchased approximately 3.3 million shares of common stock at an average price of $68.62 per share for a total of $229 million. At the end of the quarter, Henry Schein had $980 million authorized and available for future share repurchases, which includes $750 million that the Board of Directors authorized in September. As Stan mentioned, our expectation is to continue to execute buybacks at a similar pace to this past quarter.

關於股票回購，在 2025 年第三季度，該公司以每股 68.62 美元的平均價格回購了約 330 萬股普通股，總計 2.29 億美元。截至季末，亨利謝恩公司已授權並可用於未來股票回購的資金為 9.8 億美元，其中包括董事會在 9 月授權的 7.5 億美元。正如史丹所提到的，我們預計將繼續以與上個季度類似的速度執行股票回購。

Turning to our cash flow, we generated strong operating cash flow of $174 million in the third quarter of 2025 and continued to expect operating cash flow to exceed net income for the full year. This compares with operating cash flow of $151 million in the third quarter of 2024. Our accounts receivable increased slightly during the quarter in line with sales growth, as third quarter revenues were approximately $100 million higher than the second quarter.

再來看我們的現金流，我們在 2025 年第三季產生了強勁的經營現金流 1.74 億美元，並繼續預計全年經營現金流將超過淨收入。相較之下，2024 年第三季的經營現金流為 1.51 億美元。本季度，我們的應收帳款隨著銷售額的成長而略有增加，第三季營收比第二季高出約 1 億美元。

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

最後，我想談談我們更新後的財務指引。目前，我們尚無法在不付出不合理努力的情況下，估算出與 2025 年重組計畫相關的重組成本。因此，我們不提供GAAP指導。

We are raising our 2025 financial guidance as follows: we now expect non-GAAP diluted EPS attributable to Henry Schein to be in the range of $4.88 per share to $4.96 per share, reflecting stable markets and good third quarter financial results, as well as the remeasurement gain realized in the third quarter.

我們將 2025 年財務預期上調如下：我們現在預計歸屬於 Henry Schein 的非 GAAP 稀釋後每股收益將在 4.88 美元至 4.96 美元之間，這反映了穩定的市場和良好的第三季度財務業績，以及第三季度實現的重估收益。

2025 sales growth is now expected to be 3% to 4% over 2024. We expect a full-year non-GAAP effective tax rate of approximately 24% to 25%, and we are maintaining our 2025 adjusted EBITDA guidance, which is expected to grow in the mid-single-digits versus 2024 adjusted EBITDA of $1.1 billion.

預計2025年銷售額將比2024年成長3%至4%。我們預計全年非GAAP有效稅率約為24%至25%，我們維持2025年調整後EBITDA預期，預計與2024年調整後EBITDA 11億美元相比，將實現中等個位數成長。

Our guidance also assumes that foreign currency exchange rates will remain generally consistent with current levels and that the effects of tariffs can be mitigated. Our 2025 guidance is for current continuing operations and acquisitions that have closed. With that, I'll turn the call back to Stan.

我們的指導意見還假設外匯匯率將與當前水準保持大致一致，並且關稅的影響可以得到緩解。我們對 2025 年的預測適用於目前持續營運的業務和已完成的收購。這樣，我就把電話轉回給史丹了。

Thank you, Ron. I'd like to give you -- it is very unusual for our calls, a bit of a reflection on the past 30 years as a public company. Tomorrow, we'll be ringing the opening bell at the Nasdaq Stock Exchange to celebrate our 30th anniversary since our IPO. That's 120 quarterly calls. The growth on the journey from IPO in '95 to today has been quite significant, with sales growth over this period growing at over 11% compounded average growth rates.

謝謝你，羅恩。我想和大家分享一下——這對我們的電話會議來說非常不尋常——我們作為一家上市公司的過去 30 年的一些回顧。明天，我們將在納斯達克證券交易所敲響開市鐘，慶祝公司上市30週年。那相當於120季電話會議。從 1995 年上市至今，公司的發展歷程非常顯著，在此期間，銷售額的複合平均成長率超過 11%。

From a market capitalization of $280 million, the value of the company has grown at almost 12% compounded average growth rates, including the value of the animal health business we spun off in 2019. So this is a 12% compounded annual average growth rate over this 30 years as a public company.

公司市值從 2.8 億美元成長到近 12% 的複合平均成長率，其中包括我們在 2019 年分拆出的動物保健業務的價值。因此，作為一家上市公司，這 30 年來的複合年均成長率為 12%。

Like all rapidly growing businesses, there have been some significant ups and downs along the way. When we merged Sullivan Dental and Meer Dental back in 1997, skeptics questioned whether we could integrate three distinct cultures and turn our business from a dental mail-order company to a dental full-service operation, including a field sales organization, equipment sales and service, while integrating these three cultures.

像所有快速發展的企業一樣，一路走來也經歷了許多起伏。1997 年，當我們合併 Sullivan Dental 和 Meer Dental 時，懷疑論者質疑我們是否能夠整合三種不同的文化，並將我們的業務從一家牙科郵購公司轉變為一家提供全方位服務的牙科公司，包括現場銷售組織、設備銷售和服務，同時整合這三種文化。

That year, we also acquired Dentrix Dental Systems, creating what some called a three-legged chair, selling products, services, and technology. Shortly thereafter, we had a dental anesthetic recall issue. When our stock price fell, we chose the difficult path of continuing the journey of creating the world's largest full-service dental distribution and dental practice management software businesses.

那一年，我們也收購了 Dentrix Dental Systems，因此創造了所謂的「三腳椅」——銷售產品、服務和技術。此後不久，我們遇到了牙科麻醉劑召回問題。當我們的股價下跌時，我們選擇了艱難的道路，繼續打造全球最大的全方位牙科產品分銷和牙科診所管理軟體企業。

Within a short period of time, our customers saw the value of our one-stop shop of products and related services. Then came a bold expansion into Europe, which was accelerated in 2004 with the acquisition of Medentis, the recently spun-out distribution business of Sirona. This created a global platform which changed the level of discussion within the industry to a global one, new markets, new regulations, new cultures, new common values.

在很短的時間內，我們的客戶就看到了我們一站式產品及相關服務的價值。隨後，該公司大膽地向歐洲擴張，並在 2004 年收購了 Sirona 最近分拆出來的分銷業務 Medentis，加速了這一擴張進程。這創造了一個全球平台，將產業內的討論提升到了全球層面，帶來了新的市場、新的法規、新的文化和新的共同價值。

When the 2008 financial crisis struck, we were forced to make difficult decisions while staying true to our values, we tightened our belt but kept investing in our people and our future. Fast forward to 2020, COVID temporarily closed down the dental market. There were empty offices, disrupted supply chains, and uncertainty everywhere. But Team Schein adapted, and using our world-class supply chain network, played a key role with governments in supplying personal protective equipment, mainly masks, as well as COVID tests too, of course, to healthcare professionals and healthcare practices throughout the world.

2008 年金融危機爆發時，我們被迫做出艱難的決定，同時堅守我們的價值觀，我們勒緊褲腰帶，但繼續投資於我們的員工和未來。時間快轉到 2020 年，新冠疫情暫時關閉了牙科市場。到處都是空蕩蕩的辦公室、中斷的供應鏈，以及不確定性。但謝因團隊迅速調整，利用我們世界一流的供應鏈網絡，在向世界各地的醫護人員和醫療機構提供個人防護裝備（主要是口罩）以及新冠病毒檢測方面發揮了關鍵作用。

When the world reopened, we bounced back. The business was growing well until October of '23, when the cyber event hit us. For a moment, it felt like everything we'd built was vulnerable to an invisible threat, but once again our team rallied, restored our systems, and began the recovery. Some customers took a while to return but appreciated our offering in the end.

世界重新開放後，我們迅速恢復了元氣。公司業務發展良好，直到 2023 年 10 月，網路攻擊事件發生。那一刻，我們感覺我們所建立的一切都容易受到看不見的威脅，但我們的團隊再次團結起來，恢復了系統，並開始了恢復工作。有些顧客過了一段時間才再次光顧，但最終還是對我們的服務表示讚賞。

This is now behind us, not forgotten, but overcome by the team which is once again focused on driving sales momentum. Each challenge made us sharper, more resilient, and more united, which brings us to today's BOLD+1 strategy, which accelerates us into product development, innovation, expanding our digital capabilities, deepening customer partnership, and our own brands. All of this enables us to provide our customers with solutions to operate a more efficient practice so that our customers can focus on providing better patient care.

現在這件事已經過去了，我們沒有忘記，而是團隊克服了困難，團隊現在再次專注於推動銷售勢頭。每一次挑戰都讓我們變得更敏銳、更有韌性、更團結，這也促成了我們今天的 BOLD+1 策略，加速了我們在產品開發、創新、擴展數位能力、深化客戶合作以及自有品牌方面的發展。這一切都使我們能夠為客戶提供更有效率的營運解決方案，從而使我們的客戶能夠專注於提供更好的患者護理。

Our recent results demonstrate the success of the strategy. In addition to the outstanding growth over the past 30 years, I'm particularly satisfied with the work of the company and all Team Schein members, who have undertaken this incredible journey to make an impact on the profession and the communities we serve around the world.

我們最近的結果證明了該策略的成功。除了過去 30 年取得的卓越發展之外，我對公司和所有 Schein 團隊成員的工作尤其感到滿意，他們踏上了這段不可思議的旅程，為我們服務於世界各地的行業和社區帶來了影響。

We've become a leader and a model with our work to create and strengthen public-private partnerships, whether it's in the profession or in the local markets that we serve or even on a global basis that have expanded access to care around the world. We have made a difference in enhancing global health preparedness and reinforced the vital link between oral and overall health, including, as I've said, access to care. This has been a big goal of ours and has driven our brand and driven our sales and related profits.

我們致力於創造和加強公私合作關係，無論是在專業領域、我們服務的當地市場，還是在全球範圍內，我們都已成為領導者和典範，擴大了世界各地獲得醫療保健的機會。我們在提高全球衛生防範能力方面發揮了作用，並加強了口腔健康與整體健康之間的重要聯繫，正如我所說，這其中也包括獲得醫療保健的機會。這一直是我們的一個重要目標，它推動了我們的品牌發展，也推動了我們的銷售和相關利潤成長。

In closing, I have huge confidence in the management team who are talented, motivated, and working diligently to execute our strategies, including our value creation programs which will provide further clarity today, and I'm quite -- very optimistic about where this will go and how this will drive up operating income and therefore shareholder value.

最後，我對才華橫溢、積極進取、勤奮努力執行我們策略的管理團隊充滿信心，包括我們的價值創造計劃，這些計劃將進一步闡明我們今天的策略。我對公司未來的發展方向以及這將如何提高營業收入並最終提升股東價值感到非常樂觀。

So, before we take questions, let me thank all 25,000 Team Schein members around the world, our incredible Board, our suppliers, those investors that have confidence in us. I believe you'll be well rewarded in the years to come. Thank you for supporting us for the past 30 years. I personally wish to thank those on this call that I've known for so many years, many analysts for decades, many investors since the beginning.

那麼，在回答問題之前，請允許我感謝全球 25,000 名 Schein 團隊成員、我們傑出的董事會、我們的供應商以及對我們充滿信心的投資者。我相信你在未來的日子裡會得到豐厚的回報。感謝您在過去30年對我們的支持。我個人要感謝參加這次電話會議的各位，其中有許多我認識多年的老朋友，許多分析師認識我幾十年了，許多投資人從一開始就支持我。

It's been a true wonderful journey. It's been wonderful getting to know all those constituents that are active in supporting the office-based dental and medical practitioners. So with that in mind, let me turn over the call now to the operator to answer some questions.

這真是一段美妙的旅程。很高興能認識所有這些積極支持診所牙醫和醫療從業人員的選民。有鑑於此，我現在將電話轉交給接線員，由她來回答一些問題。

Thank you very much. And sorry for the added lengthy words here, but I just -- 120 calls later, I think I should be able to make a couple of extra words. Thank you.

非常感謝。很抱歉在這裡多說了幾​​句，但是——打了 120 通電話之後，我想我應該還能再說幾句。謝謝。

(Operator Instructions) Jason Bednar, Piper Sandler.

（操作說明）Jason Bednar，Piper Sandler。

Good morning, everyone. Nice quarter. And Stan, it's been a pleasure working with you. Congrats on everything. I'll try to stick with the single question request, but I may bend the rules here with a multi-part question.

各位早安。不錯的街區。史丹，和你一起工作非常愉快。恭喜你所取得的一切成就。我會盡量堅持只提一個問題，但這次我可能會破例提一個多部分的問題。

I wanted to focus on the comments you're making about future earnings growth. The third quarter performance might suggest you're back to posting better top-line growth. It also seems like you're picking up some benefits from the restructuring program that's been ongoing. And then you have the first phase of value creation targeting $200 million in EBIT benefit.

我想重點談談你對未來獲利成長的看法。第三季的業績可能表明，你的營收成長已經恢復到之前的水準。看來你也從正在進行的重組計畫中獲得了一些好處。然後是價值創造的第一階段，目標是實現 2 億美元的息稅前利潤。

When you say that you're returning to your long-term goal of high single to low double-digit EPS growth, I guess my question is whether that's a comment that's applicable to 2026. And that $200 million benefit is pretty large. I think it's larger than a lot of us were expecting today. Shouldn't that program alone get you in that EPS CAGR range before we even think about core revenue growth and capital allocation opportunities?

當你說你要回歸到長期目標，也就是實現個位數到兩位數的每股盈餘成長時，我想問的是，這個說法是否適用於 2026 年。而這2億美元的收益相當可觀。我覺得它比我們很多人今天預想的都要大。單憑這個項目，在我們考慮核心營收成長和資本配置機會之前，難道還不足以讓你們達到預期的每股盈餘複合年增長率範圍嗎？

So Jason, thank you, and I think you're one of the two analysts that had the longest experience in our space and really know it. So thank you for sticking with Dental. I think Dental will present good rates of return to investors over time. So I think it's a good place to focus from an analyst's point of view.

傑森，謝謝你。我認為你是我們這個領域經驗最豐富、最了解這個領域的兩位分析師之一。感謝您一直以來對牙科的關注。我認為從長遠來看，牙科行業會為投資者帶來良好的回報率。所以我認為，從分析師的角度來看，這是一個很好的焦點。

But I'll just -- I'll deal with the sales momentum. I think we're very comfortable now that the cyber incident is behind us. Our salespeople are out aggressively going after business. It's not a matter anymore of explaining what happened in terms of cyber incident. I think it's quite clear now that many in healthcare unfortunately have been through this. It's kind of almost normalized.

但我會——我會應對目前的銷售動能。網路安全事件已經過去，我們現在感覺很安心。我們的銷售人員正在積極拓展業務。現在的問題不再是解釋發生了什麼網路安全事件了。我認為現在很明顯，很多醫護人員都不幸經歷過這種情況。這幾乎已經成常態了。

And I think a lot of our customers have tried alternative options to save a penny here or there, but realized that the service we provide from a supply chain and all the value-added services makes it really worthwhile. So I would say the organization -- we've got great management throughout, in particular as it relates to sales.

我認為我們許多客戶都嘗試過其他方法來節省一分錢，但他們最終意識到，我們提供的供應鏈服務以及所有增值服務才是真正值得的。所以我覺得我們公司——我們有非常優秀的管理團隊，尤其是在銷售方面。

Sales management, the marketing management is great throughout the world, and so the momentum is very good. We're attracting excellent representatives to join our sales representatives. So the momentum is there, and I think that's indicative of the fact that we upped our sales guidance. Now Ron, as it relates to the financials, your thoughts?

銷售管理和行銷管理在全球範圍內都非常出色，因此發展勢頭良好。我們正在吸引優秀的銷售代表加入我們的銷售團隊。所以成長動能依然強勁，我認為這顯示我們提高了銷售預期。羅恩，關於財務方面，你有什麼想法？

Yeah, certainly, Jason, with reference to 2026, as you can appreciate, this is a kind of a multi-year plan to deliver the $200 million in operating income improvements. Having said that, we do expect some operating improvements in 2026. So, as we assess the plan and as we kind of work through the sequence that will be necessary to deliver that $200 million, we'll be able to determine the estimated impact and the estimated benefit that'll be in 2026, and we'll reflect that in our 2026 guidance when we provide that in February.

是的，傑森，當然，就 2026 年而言，正如你所了解的，這是一個多年計劃，旨在實現 2 億美元的營業收入增長。話雖如此，我們預計 2026 年營運情況會有所改善。因此，在評估該計劃並逐步落實實現這 2 億美元所需的步驟時，我們將能夠確定預計的影響和 2026 年的預期收益，並將在 2 月發布的 2026 年業績指引中反映出來。

Okay, very helpful. Congrats again and I'll step back for others to ask questions.

好的，很有幫助。再次祝賀，我先退到一邊，讓其他人提問。

Jon Block, Stifel.

Jon Block，Stifel。

Thanks, guys. Good morning, and Stanley, certainly echo everyone else's congratulations. A quick one for me. Ron, the midpoint of 2025 EPS guidance came up by $0.05, if I've got that correct. The remeasurement was $0.08 above last year. So maybe if you can talk about what was embedded in the original guidance and clarify that.

謝謝各位。早安，史丹利，也請你和大家一起向你表示祝賀。我這題很快就能完成。羅恩，如果我沒記錯的話，2025 年每股收益預期中位數上調了 0.05 美元。重新測量結果比去年高出0.08美元。所以，或許您可以談談最初的指導方針中包含的內容，並加以澄清。

And then just taking a step back, and maybe this one's for you, Stanley. The third quarter was certainly better relative to Q2. You mentioned some share gains, but I'm just curious how much of that was market improving versus Henry Schein execution, and maybe any early comments on October. Thanks, guys.

然後退後一步，也許這首歌是為你而作的，史丹利。第三季的情況肯定比第二季好。您提到了一些股價上漲，但我很好奇其中有多少是市場好轉帶來的，又有多少是亨利·謝恩公司業績提升帶來的，以及您對10月份的業績有何初步看法。謝謝各位。

Okay, I'll start with the guide and then Stanley, you can do the back half. On the guide, Jon, with the remeasurement gain, there's a range of outcomes that we have to estimate there because until you actually complete the transaction, it's difficult to assess exactly how much will be there.

好的，我先看指南，然後史丹利，你可以做後半部。Jon，關於重新計量收益，我們需要估算一系列結果，因為在實際完成交易之前，很難準確評估會有多少收益。

So it was slightly higher perhaps than what we would have expected but was within the range of our expectations. So the $0.05 has a little bit of a benefit from that remeasurement gain, but it also reflects, I think, the momentum we feel like we have in sales growth.

所以，雖然可能比我們預期的略高一些，但仍在我們的預期範圍內。因此，0.05 美元的漲幅雖然從重新計量中略有獲益，但我認為也反映了我們感受到的銷售成長勢頭。

I mean, if you look at year-over-year for us and strip out the remeasurement gain, strip out the $28 million in the third quarter on a pre-tax basis this year, strip out the $19 million on a pre-tax basis last year, and take a look at our non-GAAP operating income, we did achieve about 4.5% operating income growth. And that's -- we think, that's pointing us in the right direction. And so we're confident with the momentum we're seeing coming out of the third quarter going into the fourth quarter, and that's reflected in the revised guide for this year. Stanley, do you want to?

我的意思是，如果你看看我們同比數據，剔除重新計量收益，剔除今年第三季稅前 2800 萬美元，剔除去年稅前 1900 萬美元，再看看我們的非 GAAP 營業收入，我們確實實現了約 4.5% 的營業收入增長。我們認為，這正指引我們走向正確的方向。因此，我們對第三季延續到第四季的良好勢頭充滿信心，這也反映在今年修訂後的業績指引中。史丹利，你願意嗎？

Yeah, thank you. Jon, thank you also for following us in the dental industry for so long. The markets are, I would say, generally stable. Of course, there are some markets that will be better, some that are not, but generally the big markets are stable. I think units are pretty constant in the markets.

是啊，謝謝。Jon，也感謝你長期以來對我們牙科行業的關注。我認為，市場總體上是穩定的。當然，有些市場會更好，有些則不然，但總的來說，大型市場是穩定的。我認為市場上的銷量相當穩定。

It's most encouraging that this time now we don't see pricing going down too much. It's pretty stable, I would say. I don't think customers are moving significantly to lower prices. National brands, there was a movement in that area. Having said that, our own brands have increased -- continued to increase now for the last few quarters. I think it's good momentum there.

最令人鼓舞的是，這次我們預計價格不會大幅下降。我覺得它相當穩定。我認為消費者並沒有大幅轉向更低的價格。全國性品牌，這方面曾出現過一種趨勢。話雖如此，我們自己的品牌銷售已經成長——而且在過去的幾個季度中持續成長。我認為那邊勢頭良好。

There is a little bit of tariff inflation, maybe 100 or so basis points in the United States, but not a lot. We've been able to talk to some manufacturers about absorbing the tariffs. Others, for some products, we've switched to US manufacturing. Perhaps a few items, more than a few, to markets with tariffs a little bit less.

美國關稅略有上漲，大概漲了100個基點左右，但漲幅不大。我們已經和一些製造商談過自行承擔關稅的事宜。對於其他一些產品，我們已經改在美國生產。或許可以出口一些商品，不只一些，到關稅稍低的市場。

So generally, the market is stable with a tad of inflation, 100% or so. Glove pricing has stabilized. Units are a little bit up now for us. We are gaining that market share there. But generally, I would say from a Henry Schein point of view, we believe we're gaining market share. And I'm talking about distribution now. And where it becomes a bit clearer is on the implants and related bone regeneration there.

所以整體而言，市場穩定，略有通貨膨脹，大約在 100% 左右。手套價格已趨於穩定。我們這邊的單位數量現在稍微增加了一些。我們正在那裡獲得更大的市場份額。但總的來說，從亨利·謝恩公司的角度來看，我們認為我們正在獲得市場份額。我現在要談的是分銷。而關於植入物和相關的骨再生，情況就變得更加明朗了。

We believe we definitely are growing faster than the market. Maybe there's one manufacturer doing a bit better than us in certain markets that we are not focused on, but generally I would say we are doing quite well in the implant field, where the market is relatively stable. And endodontics, relatively stable, we're gaining market share.

我們相信我們的成長速度肯定比市場成長速度快。或許在某些我們沒有重點關注的市場中，有某家製造商做得比我們好一些，但總的來說，我認為我們在植體領域做得相當不錯，因為這個市場相對穩定。牙髓治療領域相對穩定，我們正在不斷擴大市場份額。

On the medical side, generally, pharmaceutical side of Henry Schein has done well. I think it's stable. I don't think there's much in the generics to report this quarter. For medical equipment, med-surg products, relatively stable. There has been a decrease in testing and respiratory products. It's just not been -- people are not being very sick this season. But overall, I think the 4% to 5% we're growing in medical in the US is indicative of the market with not a significant amount of inflation. And I think we are picking up market share there. And of course, on the software side, it's quite clear we're doing extremely well. And that's driven by our cloud-based system.

從醫療方面來看，亨利·謝恩集團的製藥業務總體上表現良好。我認為它很穩定。我認為本季仿製藥方面沒有什麼值得報告的。對於醫療設備、醫用外科產品而言，相對穩定。檢測和呼吸道產品的需求量有所下降。只是目前的情況並非如此——這個季節人們生病的情況並不嚴重。但總的來說，我認為美國醫療保健行業 4% 到 5% 的成長率表明，該市場沒有受到明顯的通貨膨脹影響。我認為我們正在那裡獲得市場份額。當然，在軟體方面，我們顯然做得非常好。而這一切都得益於我們的雲端系統。

Systems growth, our various value-added products that we've added to our electronic medical record system. And overall, I would say, we're doing generally quite well. We listed countries where we're doing a little bit better, and obviously those are countries where it's largely market share growth because the markets throughout the world are relatively stable. Thanks, guys.

系統成長，我們為電子病歷系統增加了各種加值產品。總的來說，我認為我們做得相當不錯。我們列出了一些我們表現稍好的國家，顯然，這些國家主要是市場份額增長，因為世界各地的市場相對穩定。謝謝各位。

Elizabeth Anderson, Evercore ISI.

Elizabeth Anderson，Evercore ISI。

Hey, guys. Good morning, and Stanley, congrats. I'm very excited for you, and you've achieved so much in this company over the years, so I appreciate all of your work there. Maybe just going -- you talked about, I think during the call, some of the stabilization in the gross margin in the distribution business. Ron, I was wondering if you could expand on that a bit and sort of talk through the puts and takes of that and sort of how you see that developing maybe in the fourth quarter and as we think about going forward. Thank you.

嘿，夥計們。早安，史丹利，恭喜你。我為你感到非常興奮，這些年來你在公司取得了巨大的成就，所以我很感謝你在那裡所做的一切工作。或許只是——我想你在電話會議中談到了分銷業務毛利率的一些穩定情況。羅恩，我想請你再詳細說說，談談其中的利弊，以及你認為在第四季度以及我們展望未來時，這種情況會如何發展。謝謝。

Certainly. So yes, on the US specifically, I was making reference to the US dental side. We did see stabilization in the margins there as glove pricing stabilized, so that definitely helped, and we returned to a more normal level of promotional activity in the quarter.

當然。是的，具體來說，我指的是美國的牙科領域。隨著手套價格趨於穩定，利潤率也隨之趨於穩定，這無疑有所幫助，而且我們在本季度也恢復了較正常的促銷活動水平。

So the Q3 gross margins in US dental are consistent with what we saw in the second quarter, and I would expect that to continue into the fourth quarter as well. It's largely driven by continued stabilization in PPE, specifically gloves, because that is a very important product category.

因此，美國牙科業務第三季的毛利率與第二季的情況一致，我預期這種情況也會延續到第四季。這主要是由於個人防護裝備（尤其是手套）的持續穩定所致，因為手套是一個非常重要的產品類別。

Within medical, we did have a little bit of product mix there, as influenza vaccine sales tend to be very strong in the third quarter relative to the rest of the year, even though they were down year-over-year, and that is a lower margin product.

在醫療領域，我們的產品組合確實有些特殊，因為流感疫苗的銷售額在第三季度往往比一年中的其他季度要強勁得多，儘管與去年同期相比有所下降，而且流感疫苗的利潤率較低。

Also, medical saw very good sales growth in their pharmaceutical products in the quarter, and those tend to be a little lower margin than the overall margin in medical, but very pleased with the sales growth we got in medical and believe we can continue to see that continue into the fourth quarter.

此外，醫療業務的藥品銷售在本季度也實現了非常好的增長，雖然藥品的利潤率通常比醫療業務的整體利潤率略低，但我們對醫療業務的銷售增長非常滿意，並相信這種增長勢頭能夠延續到第四季度。

So firstly, thank you, Elizabeth, for your comment. But Ron, if you could answer -- I forgot to answer Jon's question on October.

首先，謝謝伊麗莎白的評論。但是羅恩，如果你能回答一下——我忘記回答喬恩十月提出的問題了。

Yeah, certainly. And with reference to October, we continue to see, I think, the similar trends to what we saw in the third quarter. As we worked through October and looked at the results, we've seen a -- there may have been some forward buying a little bit as people were trying to get out in front of tariffs, but we didn't really see that impact October negatively for us.

當然可以。至於十月的情況，我認為我們繼續看到與第三季類似的趨勢。在整個 10 月份，當我們查看結果時，我們發現——可能有一些提前購買的情況，因為人們試圖趕在關稅生效前完成交易，但我們並沒有真正看到這對我們 10 月份的業績產生負面影響。

Medical will be -- often is driven by the timing of the respiratory season. So we're anticipating some improvement in our diagnostic kit sales in the fourth quarter depending on the timing of the respiratory season as well.

醫療狀況－通常取決於呼吸道疾病流行季節的時間。因此，我們預計第四季度診斷試劑盒的銷售量會有所改善，但這也要取決於呼吸道疾病流行季節的到來時間。

And on the equipment side, while we had very good, in the third quarter, digital equipment revenues, our traditional equipment revenues were relatively flat and down a little bit in the US, mostly just due to the timing of some installations. We're very comfortable with the equipment backlog we saw. We're beginning to see some of that benefit in October and kind of running into the fourth quarter as well.

在設備方面，雖然我們在第三季數位設備收入非常好，但我們的傳統設備收入相對持平，在美國略有下降，這主要是由於一些安裝的時間安排所致。我們對目前的設備積壓情況非常滿意。我們從十月開始看到一些好處，而這種好處也延續到了第四季。

John Stansel, JP Morgan.

約翰‧史坦塞爾，摩根大通。

Great, thanks for taking my question and congratulations, Stanley, on all your accomplishments as CEO across the career. Just want to quickly talk about specialty products operating profit. I appreciate it was up significantly year-over-year, but with the $28 million remeasurement gain, it looks like it would be flat -- call it flat to down, stripping that out.

太好了，感謝您回答我的問題，斯坦利，祝賀您在整個職業生涯中作為首席執行官取得的所有成就。只想簡單談談特種產品的營業利潤。我知道它比上年同期大幅增長，但扣除 2800 萬美元的重新計量收益後，看起來它應該持平——或者說持平或下降，去掉這部分收益。

And I think you've highlighted some solid top-line trends that you're seeing across implants. Can you just talk about what you're seeing on the margin side of the Specialty Products Group and what might be driving that? Thanks.

我認為你已經重點介紹了一些在植牙領域觀察到的可靠的總體趨勢。您能否談談您在特種產品集團的利潤率方面觀察到的情況，以及可能驅動這種情況的原因？謝謝。

Certainly, John. I think a couple of things in the year-over-year on the specialty side. Yeah, you're right, you do have to look at it kind of excluding the $28 million remeasurement gain. Last year, we did have a relatively strong quarter on the US implant business that did develop a little bit of a strong or difficult comparable for them. But also what we are seeing in the market is -- and we mentioned this in the prepared remarks that the value implant growth was in the low double-digits, while premium implants were really kind of growing in the low single-digits. And we do get better margins on those premium implants versus the value implants.

當然，約翰。我認為在專業領域，有幾點與去年相比有所變化。是的，你說得對，確實應該把 2800 萬美元的重新計量收益排除在外。去年，我們在美國植入物業務方面確實取得了相對強勁的季度業績，但這也為他們帶來了一些比較強勁或難以比較的業績基數。但我們在市場上也看到——我們在準備好的發言稿中也提到過——價值型植體的成長率為兩位數低段，而高端植體的成長率實際上只有個位數低段。而且，高端植入物的利潤率確實比經濟型植入物更高。

So while it's great to see the growth in value, it does dilute that margin a little bit, and I think the combination of the comp to the prior year and a little bit of a dilution in that gross margin is creating the dynamic that you're referring to there.

因此，雖然看到價值成長是件好事，但這確實會稍微稀釋利潤率，我認為與前一年相比的比較以及毛利率的略微稀釋，正是造成你所說的這種動態的原因。

Allen Lutz, Bank of America.

艾倫·盧茨，美國銀行。

Good morning and thanks for taking the questions. Stan, congrats again on the retirement. Appreciate all the time and insights over the years. A question for Ron just to follow up on that last question around the specialty growth trajectory. As we think about the lower gross profit dollar contribution from value implants relative to premium, can you talk about what you need to see in the model for EBIT dollars within that specialty business to go up in 2026? Not looking for guidance on 2026, but how does the model have to behave in order for that part of the business to grow next year? Thanks.

早安，感謝各位回答問題。斯坦，再次恭喜你退休。感謝您多年來的時間和見解。我有個問題想問 Ron，作為上一個關於專業成長軌跡的問題的補充。考慮到價值型植入物相對於高端植入物而言毛利貢獻較低，您能否談談您需要在模型中看到哪些內容，才能使該專業業務的息稅前利潤在 2026 年有所增長？我不是想了解 2026 年的情況，而是想了解為了使這部分業務在明年實現成長，模式需要如何運作？謝謝。

Well, I mean, I think, Allen, the obvious answer would be greater growth in the premium implants. But I do think that continued growth in value implants can give us gross profit dollar growth ultimately. And then recovery -- a slight recovery in the market for premium would also benefit that.

嗯，我的意思是，艾倫，我認為顯而易見的答案是高端植入物會有更大的增長。但我認為，高價值植入物的持續成長最終可以為我們帶來毛利的成長。然後是復甦——保費市場的輕微復甦也會對此有利。

Endodontic sales, which is also within that specialty area, continue to be steady and should continue to provide some gross profit dollar growth. And I would say that within the orthodontics, we have made some significant operating changes there, and I would expect that to begin being more of a contributor to some growth in 2026 as well. Albeit, it's still a small part of that segment, but I think it can provide some greater contribution to gross profit growth.

牙髓治療產品也屬於這一專業領域，其銷售額持續穩定，並將繼續帶來一定的毛利成長。而且我認為，在正畸領域，我們已經進行了一些重大的營運改革，我預計這將在 2026 年開始對成長做出更大的貢獻。雖然這部分業務目前只佔該業務的一小部分，但我認為它可以為毛利成長做出更大的貢獻。

And one other thing -- thanks. There's a lot of work going on in that group on value creation: consolidating front office procedures, consolidating facilities, consolidating manufacturing. That has all been planned over the last couple of years been executed, and I think we'll see some good results in 2026. In particular, also Ron mentioned the orthodontics. I don't think we can invest heavily in marketing of orthodontics. It just doesn't give us the traction that I think we can get by using those dollars and investing in other parts of the specialty area.

還有一件事——謝謝。團隊正在進行大量關於價值創造的工作：整合前台流程、整合設施、整合生產製造。在過去幾年裡，這些計劃都已經制定並執行完畢，我認為我們將在 2026 年看到一些好的結果。羅恩也特別提到了正畸治療。我認為我們不能在正畸行銷方面投入巨資。我認為，如果我們把這些資金投入到該專業領域的其他方面，我們就能獲得相同的進展。

So we have some orthodontic products. They sell nicely through the Henry Schein sales force, but we're reducing our focus on the orthodontic field sales force. And generally, these various consolidation concepts I mentioned, this should all drive up operating income on the Specialty Products side.

我們有一些正畸產品。這些產品透過亨利·謝恩銷售團隊銷售情況良好，但我們正在減少對矯正領域銷售團隊的投入。總的來說，我提到的這些不同的整合概念，都應該會提高特種產品的營業收入。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

Yeah, thank you. Good morning, everyone. Stanley, thank you for the walk down memory lane there in your prepared remarks. It's been a heck of a run and obviously we all wish you nothing but the best. Ron -- or Stanley, hoping I could maybe ask kind of a phasing question. I know you're not really talking about 2026 at this point, but in that $200 million now in op income, cost savings, are you expecting that to be, one, a net number then inclusive of any kind of reinvestments back into the business, number one?

是啊，謝謝。各位早安。史丹利，感謝你在事先準備好的演講稿中帶領我們重溫往事。這段旅程真是精彩紛呈，我們當然都祝你一切順利。羅恩——或者史丹利，我希望我能問一個關於階段性問題的問題。我知道你現在並沒有真正談論 2026 年，但就目前 2 億美元的營運收入和成本節約而言，你預計這 2 億美元是淨額嗎？這其中是否包含了對業務的任何再投資？

And number two, should we split that over the next three years, kind of $70 million, $70 million, $70 million, something in that ballpark? And on top of that phasing question, maybe just the remeasurement gain that $28 million, can we expect something similar next year, or should we not have something like that in our model next year just as we think about the negative -- the year-over-year comparable there? Thank you.

第二，我們是否應該將這筆錢分攤到未來三年，例如 7,000 萬美元、7,000 萬美元、7,000 萬美元，大致在這個範圍內？除了上述分階段實施的問題之外，或許只是重新計量帶來的 2,800 萬美元收益，我們能否預期明年會有類似的收益？或者，正如我們考慮負面因素（即同比數據）一樣，我們明年的模型中是否不應該包含類似的收益？謝謝。

Hi Jeff. Yeah, thanks for the question. I think that -- I'll start with the $200 million. And as we said, this is a multi-year plan. We're not in a position yet to kind of commit to what we expect the phasing of that to be. As you've inferred, it will be phased over a period of time, and we are currently assessing what we believe the 2026 benefits may be from these value creation initiatives as we get started on them, as many of them are actually kind of in process now, those initiatives, right?

嗨，傑夫。謝謝你的提問。我認為－我先從2億美元開始。正如我們所說，這是一個多年計劃。我們目前還無法確定該階段的具體安排。正如你所推斷的那樣，這將分階段進行，我們目前正在評估我們認為這些價值創造舉措在 2026 年可能帶來的益處，因為其中許多舉措實際上現在已經在進行中，對吧？

So, we'll be able to have a more accurate assessment of what we think the 2026 benefit will be and will reflect that within our 2026 guidance. With reference to a remeasurement gain, what I can say is that they've been a regular part of our business and they've popped up in the last few years in our results. There's always further opportunities to invest in these types of affiliates, but we're not expecting anything significant in the near future.

因此，我們將能夠更準確地評估我們認為 2026 年的收益情況，並將在我們的 2026 年指導方針中反映出來。關於重新計量收益，我可以說，它們一直是我們業務的常規組成部分，並且在過去幾年中多次出現在我們的業績報告中。總會有進一步投資這類聯盟企業的機會，但我們預期近期內不會有任何重大進展。

So to the extent that in 2026, if we believe there's not going to be something significant, we will make sure that that is clear when we provide that guidance. If we believe that there is something out there, we will try to provide some color as to what magnitude that could be. But I would expect it to be an integral part of our guidance when we provide that.

因此，如果我們認為 2026 年不會發生任何重大事件，我們會在提供指導意見時明確說明這一點。如果我們相信宇宙中存在某種東西，我們會嘗試描述它可能有多大。但我希望它能成為我們提供指導時不可或缺的一部分。

And then with reference to the $200 million, is it net? I mean, as we've said in the press release, this is $200 million of operating income improvement, so yes, it is net. There will be some additional investment that will be necessary that we think we can do with the cash we generate from these value creation initiatives. So there will be some areas that we have to invest in that might create some costs, but over time we think that this is a $200 million net opportunity for us to the operating income improvement.

那麼，關於這 2 億美元，是淨額嗎？我的意思是，正如我們在新聞稿中所說，這帶來了 2 億美元的營業收入成長，所以是的，這是淨成長。我們認為，利用這些價值創造計畫所產生的現金，可以進行一些必要的額外投資。因此，我們需要在某些領域進行投資，這可能會產生一些成本，但從長遠來看，我們認為這將為我們帶來 2 億美元的淨收益，從而提高營業收入。

Michael Cherny, Leerink Partners.

Michael Cherny，Leerink Partners。

Good morning. Thanks for taking the question. And yes, Stan, not a ton more to add there, but I appreciate all the time over the years. Maybe if I could just think about the market a little bit again. You talk about the share gains. Obviously, your biggest competitor has had a change in structure, a change in management. As you think about the pathway of getting back to your normalized growth rate, what are the assumptions for share gains on the merchandise and on the equipment side going forward?

早安.感謝您回答這個問題。是的，史丹，也沒什麼要補充的了，但我非常感謝你這些年來付出的時間。也許我應該再稍微思考一下市場狀況。你談到了股票報酬。顯然，你最大的競爭對手已經發生了結構性變化，管理階層也發生了變化。在考慮如何恢復到正常成長率時，您對未來商品和設備方面的市佔率成長有何假設？

So I don't know if we -- we haven't really given guidance on assumptions for 2026, so I think, I mean, unless Ron has something specific, I don't think that's...

所以我不知道我們是否——我們還沒有真正給出關於2026年假設的指導意見，所以我覺得，除非羅恩有具體的說法，否則我不認為…

No, I mean, the only thing I would add is we're confident we've been taking some share over a period of time, and we're confident that some of the promotional activity that we deployed earlier this year has assisted in some of the market share gains that we believe we had in the third quarter.

不，我的意思是，我唯一要補充的是，我們有信心在一段時間內已經獲得了一定的市場份額，而且我們有信心，我們今年早些時候開展的一些促銷活動幫助我們在第三季度獲得了一些市場份額。

And so it's simply a matter of continuing with that type of activity in a thoughtful way, such that we can assume some level of market share gains. But at this point in time, if we think it's a relevant assumption when talking about our 2026 guidance, we can provide more color there.

因此，我們只需以深思熟慮的方式繼續進行這類活動，就能獲得一定程度的市佔率成長。但就目前而言，如果我們認為在討論 2026 年的業績指引時這是一個相關的假設，我們可以提供更多細節。

Thanks, Ron. Having said that, we did give guidance on sales growth for this balance of the year. I think it's implicit in there that we feel strength in the business. Really, when you're in one of these cyber incidents, you don't realize -- systems were up and running, etc., but you don't realize what work has to get done to get the customers back in the door. Some of those customers tried alternate sources. Maybe they got a better deal. Maybe there was a program that was offered. Maybe Coke at the end of the aisle was at a lower price. I think a lot of that is behind us. Our sales organization is highly motivated right now, dental, medical in the United States and abroad. They got their systems back.

謝謝你，羅恩。儘管如此，我們還是給出了今年剩餘時間的銷售成長預期。我認為這其中隱含著我們對公司實力的信心。真的，當你遇到這類網路安全事件時，你不會意識到——系統還在運作等等，但你不會意識到為了讓客戶重新光顧，需要做多少工作。有些顧客嘗試了其他購買管道。或許他們拿到了更優惠的價格。或許曾經有過這樣的計畫。或許貨架盡頭的可樂價格更低。我認為很多事情都已經過去了。我們目前的銷售團隊士氣高昂，業務範圍涵蓋美國及海外的牙科和醫療領域。他們的系統恢復了。

There's a lot of tools they've gotten that were promised and worked on before the cyber incident that are there. They can see that the henryschein.com system is working in a number of parts of the world. There's huge enthusiasm with that. And generally, we're getting some salespeople that are knocking on our door from our competitors -- not just one, but multiple competitors.

他們已經獲得了許多在網路安全事件發生前承諾並正在開發的工具。他們可以看到 henryschein.com 系統在世界許多地方都能正常運作。大家對此都充滿熱情。而且通常情況下，我們會遇到一些來自競爭對手的銷售人員上門推銷──不只一個競爭對手，而是多個競爭對手。

And generally -- and I'm talking about distribution now — the distribution part of Henry Schein has gained momentum. It's back in its stride. We're winning. We're fighting. Equipment business is solid. Our consumable business is doing quite well, units, pricing. We've got a great offering.

總的來說——我現在說的是分銷——亨利·謝恩的分銷業務已經取得了進展。它又恢復了正常運作。我們贏了。我們正在戰鬥。設備業務穩健。我們的消耗品業務表現相當不錯，銷售量和價格都很好。我們推出了一個非常棒的產品。

And generally, the mood amongst our sales organization is great, both in the field. The telesales group, which was largely focused on customer services for at least 1.5 year is back aggressively selling our e-commerce services. Generally, that group is doing very well. The whole social media group is doing well.

總的來說，我們銷售團隊的氣氛非常好，無論是第一線銷售人員還是其他銷售人員。在過去至少一年半的時間裡，電話銷售團隊主要專注於客戶服務，現在他們又開始積極推銷我們的電子商務服務。總體而言，該團隊表現非常出色。整個社群媒體團隊發展良好。

And I might add, our relationship with our major suppliers is good. Our suppliers want to work with Henry Schein. And then if you add to that the leveraging relationships amongst our different businesses, I think you'll see the programs are working.

我還要補充一點，我們與主要供應商的關係很好。我們的供應商希望與亨利·謝恩公司合作。再加上我們不同業務部門之間的資源整合，我認為你會發現這些專案是有效的。

We have a great group that is just focused now on our own brand products, the specialty products that we're selling through distribution. That group is doing very well. The Dental part, the Clinicians Choice part, the bone regeneration part. There just is a lot of good momentum in the business. And it's sort of started getting better a couple of quarters ago.

我們有一個很棒的團隊，目前專注於我們自己的品牌產品，以及我們透過分銷管道銷售的特色產品。那個團隊表現非常出色。牙科部分、臨床醫師選擇部分、骨再生部分。這個行業目前發展勢頭良好。情況從幾個季度前開始有所改善。

We gave that push of promotion last quarter. That's now stuck. And generally, I think the momentum is good. And that's reflected in the increase in sales guidance that we've given. And I can't see why that kind of momentum wouldn't go into 2026, although I don't think we should be talking about specific numbers for 2026 on this call.

我們在上個季度加大了推廣力度。現在卡住了。總的來說，我認為發展勢頭良好。這一點也體現在我們提高銷售預期。我看不出這種勢頭為何不會延續到 2026 年，儘管我認為我們不應該在這次電話會議上討論 2026 年的具體數字。

Kevin Caliendo, UBS.

瑞銀集團的凱文·卡利恩多。

Thanks for taking my question. And Stan, it's been a pleasure to get to know you over these past 20-plus years. I really appreciate everything. My question is around the Heartland relationship. Where we stand with that, it was sort of a key debate a couple of months ago and drew some worry from investors.

謝謝您回答我的問題。史丹，過去二十多年來能認識你，我感到非常榮幸。我非常感激。我的問題是關於 Heartland 的關係。就目前的情況來看，這在幾個月前曾經是一個關鍵的辯論主題，並引起了投資者的一些擔憂。

I guess I just wanted to see if there's any update on that relationship, if it's going to continue at the same level. And I guess to that point, how successful has the company been with being able to push through the higher costs related to tariffs and things? If you can maybe give us an update on that. Thanks.

我只是想看看這段關係有沒有什麼新的進展，是否會繼續保持目前的水平。那麼，就這一點而言，該公司在應對關稅等相關成本上漲方面取得了多大的成功？如果您能提供一下最新進展就太好了。謝謝。

Thanks, Kevin. Thanks for that question. Thanks for your good wishes. I don't think we have ever spoken about specific DSO or even IDN relationships. I don't think that's something we should talk about. When we gain an account, when we lose an account, we never talk about that. Maybe we did 10 years ago, but we stopped doing that.

謝謝你，凱文。謝謝你的提問。謝謝您的祝福。我認為我們從未討論過特定的分散式儲存服務機構 (DSO) 或整合交付網路 (IDN) 關係。我覺得我們不應該談論這件事。當我們獲得帳戶或失去帳戶時，我們從來不談論這些。或許十年前我們這樣做過，但後來我們就不這麼做了。

Our relationships with our DSOs are generally quite good. In fact, I think there are DSOs, specifically the regional ones, that are moving over to us. And we definitely have something that others don't have. The supply chain is superb. Supply chain solutions are, I believe and I'm sure many will tell you, the best in the industry, both in terms of dental and medical.

我們與配電服務業者的關係總體上都相當不錯。事實上，我認為有一些配電服務機構，特別是區域性配電服務機構，正在轉移到我們身上。我們確實擁有別人沒有的東西。供應鏈非常出色。我認為，而且我相信很多人也會告訴你，供應鏈解決方案是業界最好的，無論是在牙科還是醫療領域。

Value-added services, the combination of software, the DSOs that get the consumables from us, the software from us, those that also have moved to our implant business. In fact, we've just gained another decent movement from the DSO into the implant arena, all of this, you put this all together. And we offer a very good offering, and actually I think the most compelling offering.

加值服務、軟體組合、從我們這裡取得耗材的 DSO、從我們這裡取得軟體的 DSO，以及那些也已轉移到我們植入物業務的 DSO。事實上，我們剛剛從DSO那裡獲得了另一個不錯的進展，進入了植入領域，所有這些，你把所有這些放在一起。我們提供的產品非常好，而且我認為是最具吸引力的產品。

So I don't think we will talk about any specific customer moving one way or the other. As analysts, of course, your job is to try to find out what's going on. But I don't think it's going to come to us, it can't. It's not right. So I'm sure you'll hear through the marketplace about any of these specific DSOs, but generally we feel very comfortable with our business.

所以我覺得我們不會討論任何具體客戶會選擇哪一方。當然，身為分析師，你們的工作就是努力找出發生了什麼事。但我認為它不會來到我們這裡，也不可能。這不對。所以我相信你會在市場上聽到關於這些特定 DSO 的消息，但總的來說，我們對自己業務的狀況感到非常滿意。

I can't imagine any DSO saying to Henry Schein, we're not going to test your pricing. We want better pricing. It's the standard, what they do for a living and our job is to go into the marketplace to get the best pricing we can for our customers. That's our job.

我無法想像會有哪家配電系統運營商對亨利·謝恩公司說：“我們不會測試你們的定價。”我們希望價格更優惠。這是業界標準，是他們的謀生之道，而我們的工作就是進入市場，為我們的客戶爭取最優惠的價格。那是我們的工作。

As it relates to the tariffs, generally we've been able to find a way in which we can move product locally. We can negotiate with the manufacturer, find alternative countries. And there's been somewhat of an increase, I think a percent or so of inflation here. I would say a lot of that is to do with tariffs, not much to do with general pricing increases.

至於關稅方面，我們通常都能找到辦法在本地銷售產品。我們可以與製造商協商，尋找替代國家。而且，我認為這裡的通貨膨脹率有所上升，大約上升了百分之一左右。我認為這很大程度與關稅有關，與整體物價上漲關係不大。

So generally it's sticking. And it's not that our customers think we're trying to take advantage of them. They know we're doing the best we can to get the best pricing options. I'm moving to private brand if the national brands are insisting on increasing pricing.

所以總的來說，它能黏住。並不是說我們的客戶認為我們想佔他們的便宜。他們知道我們正在盡最大努力爭取最優惠的價格。如果全國性品牌堅持漲價，我將轉而購買自有品牌產品。

So I think overall, it's working okay at this point. I think there's been some reduction in tariffs in a couple of important countries. And I think -- I mean it's hard to tell where this is going to go, but I think generally we're doing okay on the tariff side at the moment.

所以我覺得整體來說，目前為止一切進展順利。我認為有幾個重要國家的關稅有所降低。我覺得——我的意思是，很難說事情會如何發展，但我認為目前我們在關稅方面總體上做得還不錯。

Brandon Vazquez, William Blair.

布蘭登·瓦茲奎茲，威廉·布萊爾。

Hey everyone, thanks for sneaking me in here, and Stan, I'll echo everyone's congrats on a great career at Henry Schein. I wanted to ask on the update around KKR and the board's approval for KKR to take an even bigger stake in the company. Just curious if you could talk a little bit about the impetus of that decision, what kind of conversations are happening there, and should we think about -- as KKR continues to take bigger and bigger slugs of the equity ownership here potentially, does the partnership become a little more, I don't know the right word for it, but maybe a little more intimate?

大家好，感謝你們讓我有機會進來。史丹，我也要代表大家祝賀你在亨利·謝恩公司取得了輝煌的職業生涯。我想詢問一下關於 KKR 的最新進展，以及董事會批准 KKR 進一步增持公司股份的事宜。我只是好奇您能否談談做出這個決定的動因，以及正在進行的討論，還有，隨著 KKR 繼續持有越來越多的股權，這種合作關係是否會變得更加……我不知道該用什麼詞來形容，但也許會更加緊密一些？

Are you guys working a little bit closer to the strategies on a go-forward basis for Henry Schein? See more meaningful changes as they become a bigger and bigger shareholder of this company? Thanks.

你們是否正在為亨利·謝恩公司製定更完善的未來發展策略？隨著他們成為這家公司越來越大的股東，你會看到更多有意義的改變嗎？謝謝。

Thank you, Brandon. Thank you. You guys have followed us since the day we went public -- in fact, took us public, so thank you. As it relates to KKR, we didn't approach them. They came to us. I think they've gained an appreciation of the company. They studied the dental space for, I don't know, for a long time, arguably over a decade. They know a lot about the space, the consumables, the providers, the software, and value-added service providers.

謝謝你，布蘭登。謝謝。你們從我們上市那天起就一直關注著我們——事實上，是你們把我們推向了上市的巔峰，所以非常感謝你們。至於KKR，我們沒有與他們接觸。他們來找我們了。我認為他們已經對公司有了更深的了解。他們研究牙科領域的時間，我不知道，很長一段時間，可能超過十年了。他們對這個領域、耗材、供應商、軟體和加值服務供應商都非常了解。

I think they like our company, so they came to us and they asked to go up. Our Board had a discussion. Our Board showed that the Board was fully aware of all the factors involved in taking this number up to 19.9%, and they made a decision. I think the decision was based on substance, not on any particular promises or anything from Henry Schein to KKR. It was a pure decision they made on the value they see within the company and the future and the potential.

我認為他們喜歡我們公司，所以他們來找我們，要求上去參觀。董事會進行了討論。我們的董事會表明，他們充分了解將這一數字提高到 19.9% 所涉及的所有因素，並做出了決定。我認為這個決定是基於實質內容，而不是基於亨利·謝恩對KKR的任何具體承諾或任何事。這是他們基於對公司價值、未來和潛力的純粹判斷而做出的決定。

KKR's Capstone Group did work with us on selecting the two consulting firms we use. They've been involved in discussions with our management team. Andrea Albertini and Tom Popeck are running the value creation project.

KKR旗下的Capstone Group曾與我們合作，幫助我們選擇了兩家聘用的顧問公司。他們參與了與我們管理團隊的討論。Andrea Albertini 和 Tom Popeck 負責價值創造專案。

KKR is aware of the project. They've given us some input on best practices. They've helped us also with some of the indirect spending. They have some good relationships with providers of services that have helped us.

KKR了解這個項目。他們為我們提供了一些最佳實踐方面的建議。他們也在一些間接支出方面為我們提供了幫助。他們與一些服務提供者保持良好的關係，這些服務對我們有所幫助。

So I'm saying it's a very good relationship. The two members on the Board are very active. One is an expert in healthcare. The other one understands the general market very well, expert on various kinds of supply chain methodology, etc. And they've been very helpful.

所以我的意思是，我們之間的關係非常好。董事會的兩位成員都非常活躍。其中一位是醫療保健專家。另一位對整個市場非常了解，精通各種供應鏈方法等等。他們幫了我很多忙。

So I would say it's been a good relationship, and things have worked out quite well. That's why they asked to increase their position in Henry Schein. And our Board, as I said, discussed that and made the decision to approve their request to go up to 19.9%.

所以我覺得我們關係一直都很好，一切都進展得很順利。這就是他們要求增加在亨利·謝恩公司股份的原因。正如我所說，我們的董事會討論了此事，並決定批准他們提出的將稅率提高到 19.9% 的請求。

So let me just end by saying, I think you've heard through my voice, through my words, I think the company is in very good shape. We have a great team in place. The team is motivated. The team is winning. Management team in each of the areas of responsibility, the business units, the functions, good management all around. And I think the BOLD+1 plan with the addition of the value creation program, which centers around simplicity for a lot of businesses.

最後我想說的是，我想你們已經從我的聲音、我的話語中聽出來，我認為公司目前狀況非常好。我們擁有一支優秀的團隊。團隊士氣高昂。球隊正在贏球。各職責領域、業務部門、職能部門的管理團隊，各方面管理良好。我認為 BOLD+1 計劃加上價值創造計劃，其核心是簡化許多企業的營運。

We've advanced in a lot of businesses, how do we make the business more simple, how do we take out costs, how do we manage our margins in the best way possible. This is all to supplement to the BOLD+1 initiative or refinement as we're calling it internally.

我們在許多業務領域都取得了進步，那麼我們該如何簡化業務，如何降低成本，如何以最佳方式管理利潤率？這一切都是為了補充 BOLD+1 計劃，或者如我們內部所稱的，是對該計劃的完善。

So I think we've got a good plan. We've got a good road map. We've got the team to execute on this. Obviously, there will be some ups and downs as they always are in any business. But I think this team is highly enthusiastic and really to continue to advance the business in accordance with the plans, BOLD+1 and this value creation program that we've added.

所以我覺得我們制定了一個不錯的計畫。我們已經有了很好的路線圖。我們有團隊來執行這項任務。顯然，任何行業都會有起起伏伏，這是理所當然的。但我認為這支團隊充滿熱情，並且真的會繼續按照計劃、BOLD+1 以及我們新增的價值創造計劃來推進業務發展。

So with that in mind, I thank everyone for the support over 30 years. It's been a great experience. I've enjoyed getting to know the Wall Street analyst community, the investors. There have been a lot of great strategic investors over the years. There's been those that have invested short term and exited and come back.

因此，謹以此感謝大家30多年來的支持。這是一次很棒的經驗。我很高興有機會認識華爾街分析師群體和投資者。這些年來湧現了許多優秀的策略投資者。有些人進行短期投資後退出，之後又會再回來。

These are all the components of Wall Street and I have enjoyed understanding how this works. I've learned a lot. The team has learned a lot, and I look forward to seeing people at conferences in the future, although not as Henry Schein CEO, but as a keen follower of what goes on in healthcare.

這些都是華爾街的組成部分，我很享受了解它是如何運作的。我學到了很多。團隊學到了很多，我期待未來能在各種會議上見到大家，雖然不是以亨利·謝恩公司首席執行官的身份，而是以醫療保健領域一位密切關注者的身份。

So thank you all for your interest and appreciate everything. Tomorrow, you can see us on -- I think, on the Nasdaq media for the opening of the stock exchange of the Nasdaq. And I appreciate everything. Thank you. Thank you.

非常感謝大家的關注與支持，感激不盡。明天，你們應該可以在納斯達克媒體上看到我們，屆時納斯達克證券交易所將會開盤。我感激不盡。謝謝。謝謝。

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

今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。