Medline Inc. (MDLN) 2026 Q2 法說會逐字稿

Good morning and thank you for standing by. Welcome to Medline's second-quarter 2026 results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

早安，感謝各位耐心等候。歡迎參加 Medline 2026 會計年度第二季業績電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would like to now hand the conference over to your first speaker today, Karen King.

現在我想把會議交給今天的第一位講者，Karen King。

Welcome to Medline's second-quarter and half-year 2026 earnings conference call. This morning, we issued our earnings release and shared supplemental materials.

歡迎參加 Medline 2026 會計年度第二季及上半年財報電話會議。今天早上，我們已發布財報新聞稿並分享補充資料。

Joining me on today's call are Jim Boyle, our Chief Executive Officer; and Mike Drazin, our Chief Financial Officer. During today's call, we may make forward-looking statements regarding our expectations for the future including our business plans, strategy and investments and expected timing and impact. These statements are based on how we see things today, and actual results may differ materially due to risks and uncertainties.

今天與我一同參與電話會議的有我們的執行長 Jim Boyle，以及我們的財務長 Mike Drazin。在今天的電話會議中，我們可能會就對未來的預期發表前瞻性陳述，包括我們的業務計畫、策略與投資，以及預期的時程與影響。這些陳述係基於我們目前的觀點，實際結果可能因風險與不確定性而有重大差異。

Please see the cautionary statements and risk factors contained in our earnings release, which accompany these remarks as well as our most recent 10-K and other SEC filings for more information regarding these risks and uncertainties.

有關這些風險與不確定性的更多資訊，請參閱我們財報新聞稿中的警示性陳述與風險因素（隨同本次發言），以及我們最新的 10-K 與其他向 SEC 提交的文件。

We may also reference non-GAAP financial measures, which exclude certain items from our financial results calculated in accordance with GAAP. You can find a discussion of our non-GAAP financial measures and reconciliations to the comparable GAAP measures in the earnings release and the disclosures and non-GAAP reconciliations that accompany these remarks, which are available on our website at ir.medline.com under Quarterly Results.

我們也可能會提及非 GAAP 財務衡量指標，該等指標會排除依 GAAP 計算之財務結果中的某些項目。您可在財報新聞稿以及隨同本次發言提供的揭露與非 GAAP 調節表中，找到我們非 GAAP 財務衡量指標的說明及與可比 GAAP 指標的調節；相關資料亦可於我們網站 ir.medline.com 的「Quarterly Results」欄位取得。

With that, I will now turn the call over to our CEO, Jim Boyle.

接下來，我將把電話會議交給我們的執行長 Jim Boyle。

Thank you, Karen, and thank you all for joining Medline's second-quarter earnings call. I'll begin with a brief performance update. Mike will review our financial results and outlook, and I'll return with closing remarks before opening up the call for questions.

謝謝 Karen，也感謝各位參加 Medline 的第二季財報電話會議。我先簡要更新營運表現。Mike 將回顧我們的財務結果與展望，之後我會在開放提問前做結語。

Medline delivered strong top line growth of 12% in the second quarter, reflecting positive momentum across our business. Medline Brand grew 7% for the quarter, including the impact of an IEEPA tariff price refund to customers.

Medline 在第二季實現 12% 的強勁營收成長，反映我們各項業務的正向動能。本季 Medline Brand 成長 7%，其中包含向客戶退還 IEEPA 關稅價格的影響。

Supply Chain Solutions exceeded our expectations, growing 16%, driven by new customer signings and growth within existing customers. This segment remains central to our long-term strategy because it strengthens customer relationships and creates opportunities to deliver savings and value over time through conversion to higher-margin Medline Brand products.

供應鏈解決方案（Supply Chain Solutions）表現超出我們預期，成長 16%，主要受新客戶簽約以及既有客戶內部成長所帶動。此業務區塊仍是我們長期策略的核心，因其能強化客戶關係，並透過轉換至毛利率較高的 Medline Brand 產品，隨時間推進創造節省與價值的機會。

We are pleased with the continued momentum across the business and are raising our fiscal year organic sales outlook to reflect stronger demand and solid execution by our team. Adjusted EBITDA increased 13% year-over-year to $1.1 billion as strong sales growth was partially offset by higher cost of goods sold, increased operational expenses and net tariff related impacts. This includes a net benefit of $243 million from IEEPA tariff refund.

我們對全公司持續的動能感到滿意，並上調本會計年度有機銷售展望，以反映更強勁的需求與團隊穩健的執行力。調整後 EBITDA 年增 13% 至 11 億美元；強勁的銷售成長部分被較高的銷貨成本、增加的營運費用以及關稅相關淨影響所抵銷。其中包含來自 IEEPA 關稅退款的 2.43 億美元淨利益。

As we look to the second half of the year, several external and internal factors have led us to moderate our adjusted EBITDA outlook. Our outlook reflects several headwinds, including the Middle East conflict, the Tracy warehouse fire, growth-related operational investments, quality remediation efforts and softness in our retail business. Mike will walk through the details, but we believe these investments will strengthen the business and position Medline to capture the significant growth opportunities that we see ahead.

展望下半年，若干外部與內部因素使我們調整後 EBITDA 展望趨於保守。我們的展望反映多項逆風，包括中東衝突、Tracy 倉庫火災、與成長相關的營運投資、品質補救工作，以及零售業務走弱。Mike 將說明細節，但我們相信這些投資將強化公司體質，並使 Medline 能把握我們所見的重大成長機會。

I will turn now to several key developments during the quarter. First, we secured multiple new prime vendor and customer partnerships across several channels, including acute care, physician office, lab, skilled nursing, senior living, home health and hospice. Through the first half of the year, we achieved more than $650 million in total new customer signings, representing over 65% of our annual goal of $1 billion.

接下來我將談談本季幾項重要進展。首先，我們在多個通路取得多項新的主供應商（prime vendor）與客戶合作夥伴關係，涵蓋急性照護、醫師診所、實驗室、專業護理機構、銀髮住宅、居家照護與安寧療護。今年上半年，我們累計新客戶簽約總額超過 6.5 億美元，達成年度 10 億美元目標的 65% 以上。

Among those wins, we announced our expanded presence in the Upper Midwest, including a new prime vendor agreement with Allina Health. This agreement expands our existing relationship across their acute care and physician office settings. While new signings vary quarter-to-quarter, these wins underscore the opportunity we have to gain share across the continuum of care.

在這些勝利案中，我們宣布擴大在美國上中西部（Upper Midwest）的布局，包括與 Allina Health 簽訂新的主供應商協議。該協議將我們既有合作關係擴展至其急性照護與醫師診所場域。雖然新簽約金額會隨季度波動，但這些成果凸顯我們在整個照護連續體中提升市占的機會。

Second, I'm incredibly proud of our employees who demonstrate agility, grit and determination in responding to the mid-June fire at our Tracy, California distribution center. Their resilience is core to who we are and guide the commitments we make every day to our customers and to one another to make health care run better. Our team responded quickly to the fire by leveraging our outsized inventory position, broad distribution network and MedTrans transportation fleet to continue delivering products and minimize customer disruption. Employees at our Tracy DC went above and beyond to support the effort and quickly transitioned to nearby Medline site over the first few weeks.

第二，我對我們員工在應對 6 月中旬加州 Tracy 配送中心火災時所展現的敏捷、韌性與決心感到無比自豪。這份韌性是我們的核心特質，也指引我們每天對客戶與彼此所做的承諾：讓醫療照護運作得更好。我們的團隊迅速運用我們相對充足的庫存部位、廣泛的配送網路以及 MedTrans 運輸車隊，持續交付產品並將對客戶的干擾降到最低。Tracy 配送中心（DC）的員工全力以赴支援相關工作，並在最初幾週內迅速轉移至附近的 Medline 據點。

Within a month, we secured 1.6 million square feet across two distribution centers, expanding our customer-facing Northern California footprint by 45%. We have already taken occupancy of the new Tracy distribution center, which we expect to begin serving customers out of in the fourth quarter and plan to occupy our new Stockton facility in January 2027. Together, these facilities will restore capacity and support customers across Northern California.

在一個月內，我們於兩座配送中心取得合計 160 萬平方英尺的空間，使我們面向客戶的北加州據點面積擴大 45%。我們已進駐新的 Tracy 配送中心，預期將於第四季開始由該中心為客戶供貨，並計畫於 2027 年 1 月進駐新的 Stockton 設施。這些設施合計將恢復產能並支援北加州各地客戶。

What our teams have accomplished in such a short period of time is truly remarkable, and Medline is stronger because of their efforts. I also want to thank our customers for their continued trust and our suppliers for helping us maintain continuity as we build an even stronger network going forward.

我們的團隊在如此短的時間內完成的成果確實令人驚嘆，而 Medline 也因他們的努力而更加強大。我也要感謝客戶持續的信任，以及供應商在我們打造更強健網路的過程中協助維持營運連續性。

Next, in addition to our Northern California expansion, we announced plans to open a new 1 million square foot distribution center in Southern California to enhance the flexibility and resiliency of our supply chain and reinforce our commitment to health care providers across the state.

接著，除了北加州擴張之外，我們也宣布計畫在南加州新建一座 100 萬平方英尺的配送中心，以提升供應鏈的彈性與韌性，並強化我們對全州醫療服務提供者的承諾。

With this announcement and our Northern California expansion, our California footprint is expected to reach nearly 5 million square feet by mid-2027 and to have many of the same automation technologies already in use at other Medline facilities. This is about more than scale. It reinforces resiliency and redundancy across our network and reflects our dedication to anticipating customer needs, supporting future growth and investing ahead of demand.

隨著這項宣布與北加州擴張，我們在加州的據點面積預期將於 2027 年年中接近 500 萬平方英尺，並將導入許多已在其他 Medline 設施使用的自動化技術。這不僅僅是規模的擴大。它強化我們網路的韌性與備援能力，並反映我們致力於預先洞察客戶需求、支持未來成長，以及在需求到來前提前投資。

Finally, as I mentioned last quarter, our goal as a vertically integrated manufacturer and distributor of medical surgical products is to operate the broadest and most robust supply chain in the industry. Achieving that requires continued investment along with rigorous supply chain, quality and regulatory discipline. Patient safety and product quality remain our highest priority. We continue to undertake remediation activities, strengthen our quality organization, enhance our manufacturing processes and work to reintroduce recalled products to market.

最後，如同我在上季提到的，作為垂直整合的醫療外科產品製造商與經銷商，我們的目標是營運業界最廣泛且最強健的供應鏈。要達成此目標，需要持續投資，以及嚴謹的供應鏈、品質與法規遵循紀律。病患安全與產品品質仍是我們的最高優先事項。我們持續推動補救活動、強化品質組織、提升製造流程，並努力將召回產品重新導入市場。

For the past couple of months, we have proactively engaged with the FDA to discuss and launch our global quality action plan. To further strengthen our quality organization, we are investing in people, processes and technology and accelerating these initiatives to support growth and better position Medline for future demand. As part of this work, we have also modified our complaint review process, which we expect will increase medical device reporting, or MDR, submissions in the second half of the year. Our updated guidance reflects our current expectations of these investments and remediation efforts.

過去幾個月，我們已主動與 FDA 接洽，討論並啟動我們的全球品質行動計畫。為進一步強化品質組織，我們正投資於人才、流程與科技，並加速推動這些措施，以支持成長並使 Medline 更能因應未來需求。作為此項工作的一部分，我們也已調整客訴審查流程，預期將在下半年增加醫療器材報告（MDR）提交量。我們更新後的指引反映了我們目前對這些投資與補救工作的預期。

Overall, I am pleased with our commercial execution this quarter. Our top-line momentum strengthens our confidence in the opportunities ahead. Prime vendor signings are tracking ahead of the pace needed to reach our $1 billion annual signings goal, and the team showed tremendous resolve in continuing to serve customers despite the Tracy fire.

總體而言，我對本季我們的商業執行感到滿意。我們營收端的動能強化了我們對未來機會的信心。主要供應商（Prime vendor）簽約進度領先於達成每年 10 億美元簽約目標所需的節奏，且團隊在 Tracy 火災期間仍持續服務客戶，展現了極大的韌性與決心。

While we are encouraged by our commercial momentum, we are not satisfied with the margin challenges we are currently facing, and we are focused on addressing them. We believe continued execution of our growth strategy, along with disciplined cost savings initiatives to address incremental cost pressures will position us to return to our long-term objective of growing earnings at or above the rate of sales growth.

儘管我們對商業動能感到鼓舞，但我們對目前面臨的毛利率挑戰並不滿意，並正專注於加以解決。我們相信，持續落實成長策略，並推動具紀律的成本節省措施以因應新增的成本壓力，將使我們得以回到長期目標：使獲利成長率達到或高於銷售成長率。

With that, I will turn the call over to Mike for a deeper look at the financials and an update on our 2026 outlook.

接下來，我將把電話會議交給 Mike，請他更深入說明財務表現並更新我們對 2026 年的展望。

Thank you, Jim, and good morning, everyone. Before walking through the results, I want to thank our employees, particularly the Tracy teams, distribution team members across the network and everyone who supported our California customers for their extraordinary effort and commitment this quarter.

謝謝你，Jim，各位早安。在說明業績之前，我想感謝我們的員工，特別是 Tracy 團隊、遍布全網路的配送中心同仁，以及所有支援加州客戶的人員，感謝大家本季展現非凡的努力與承諾。

As I discuss our performance, I'd highlight that our results include several notable items this quarter, including IEEPA tariff refunds and impacts related to the Tracy fire. Looking through these items, underlying performance was strong. Second quarter net sales increased 12% year-over-year to $7.7 billion, driven primarily by organic growth, minimal foreign currency impact. The customer repayments tied to IEEPA tariff refunds reduced growth by approximately 1 percentage point. For the first half, net sales were $15 billion, up 11% year-over-year.

在我討論我們的表現時，我要強調本季的結果包含數個值得注意的項目，包括 IEEPA 關稅退稅以及與 Tracy 火災相關的影響。排除這些項目後，基本面表現依然強勁。第二季淨銷售額年增 12% 至 77 億美元，主要由有機成長帶動，外幣影響極小。與 IEEPA 關稅退稅相關的客戶返還款使成長率約減少 1 個百分點。上半年淨銷售額為 150 億美元，年增 11%。

The Medline Brand segment delivered second quarter net sales of $3.5 billion, up 7%. The customer repayments tied to IEEPA tariff refunds reduced growth by approximately 3 percentage points. For the first half, net sales were $7 billion, up 6% year-over-year.

Medline Brand 事業部第二季淨銷售額為 35 億美元，年增 7%。與 IEEPA 關稅退稅相關的客戶返還款使成長率約減少 3 個百分點。上半年淨銷售額為 70 億美元，年增 6%。

Turning to Medline Brand sales by product category. Surgical solutions generated second quarter net sales of $1.6 billion, up 9%. The customer repayments tied to IEEPA tariff refunds reduced growth by approximately 3 percentage points. The strong growth was due to continued strength in surgical kitting, one of our largest product divisions, and the operating room.

接著看 Medline Brand 依產品類別的銷售表現。外科解決方案第二季淨銷售額為 16 億美元，年增 9%。與 IEEPA 關稅退稅相關的客戶返還款使成長率約減少 3 個百分點。強勁成長主要來自外科套組（surgical kitting）——我們最大的產品事業之一——以及手術室相關業務的持續強勢。

We continue to gain share by delivering differentiated solutions, onboarding new kitting programs and helping customers improve efficiency in existing programs. These kits provide deeper insights into facility needs in the operating room and create a forum to discuss product conversions, providing opportunity to drive additional Medline Brand growth. First half net sales were $3.2 billion, up 8%.

我們持續透過提供差異化解決方案、導入新的套組方案，並協助客戶提升既有方案的效率來擴大市占。這些套組能更深入洞察手術室內設施需求，並建立討論產品轉換的交流平台，進而帶來推動 Medline Brand 進一步成長的機會。上半年淨銷售額為 32 億美元，年增 8%。

Front line care net sales were $1.7 billion in the second quarter, up 4%. The customer repayments associated with IEEPA tariff refunds reduced growth by approximately 3 percentage points. Strong demand across multiple product divisions, especially in exam gloves and personal care, was partially offset by unplanned retail channel softness.

第一線照護（Front line care）第二季淨銷售額為 17 億美元，年增 4%。與 IEEPA 關稅退稅相關的客戶返還款使成長率約減少 3 個百分點。多個產品事業的強勁需求，尤其是檢查手套與個人照護產品，部分被零售通路的非預期疲弱所抵銷。

Unlike our prime vendor business, which is based on long-term contracts, retail is a shorter demand cycle business that sells products directly to consumers through major retailers. While retail represents less than 2% of our overall sales, it is almost entirely Medline Brand, creating a disproportionate headwind to growth and profitability.

不同於以長期合約為基礎的主要供應商（prime vendor）業務，零售屬於需求週期較短的業務，透過大型零售商直接向消費者銷售產品。雖然零售占我們整體銷售不到 2%，但幾乎全部為 Medline Brand，因此對成長與獲利造成不成比例的逆風。

To better support this channel and improve competitiveness, we have realigned our sales organization around retail customers and their specific needs. For the first half of 2026, front line care net sales were $3.3 billion, up 5%. Lab and diagnostics generated second quarter net sales of $248 million, up 12%, driven by new customer implementations and existing customer demand. Many of our new prime vendor agreements are multichannel, including lab, driving strong core acute care lab growth. First half net sales were $541 million, up 6%.

為了更好地支援此通路並提升競爭力，我們已依零售客戶及其特定需求重新調整銷售組織。2026 年上半年，第一線照護淨銷售額為 33 億美元，年增 5%。實驗室與診斷第二季淨銷售額為 2.48 億美元，年增 12%，主要由新客戶導入以及既有客戶需求帶動。我們許多新的主要供應商協議為多通路（multichannel），包含實驗室業務，帶動核心急性照護實驗室的強勁成長。上半年淨銷售額為 5.41 億美元，年增 6%。

The Supply Chain Solutions segment delivered second quarter net sales of $4.1 billion, up 16%, supported by new customer implementations and growth with existing customers. First half net sales were $8 billion, up 16%, expanding the opportunity for Medline Brand conversion.

供應鏈解決方案（Supply Chain Solutions）事業部第二季淨銷售額為 41 億美元，年增 16%，受惠於新客戶導入以及既有客戶的成長。上半年淨銷售額為 80 億美元，年增 16%，進一步擴大 Medline Brand 轉換的機會。

Moving to sales by channel. US acute care net sales grew 15% year-over-year to $5.4 billion, driven by new prime vendor customers and existing customer growth. The customer repayments tied to IEEPA tariff refunds reduced growth by approximately 1 percentage point. For the first half, acute care net sales were $10.5 billion, up 13% year-over-year. US non-acute care net sales grew 4% year-over-year to $1.7 billion. The customer repayments tied to IEEPA tariff refunds reduced growth by approximately 2 percentage points.

接著看依通路別的銷售表現。美國急性照護淨銷售額年增 15% 至 54 億美元，主要由新的主要供應商客戶以及既有客戶成長帶動。與 IEEPA 關稅退稅相關的客戶返還款使成長率約減少 1 個百分點。上半年急性照護淨銷售額為 105 億美元，年增 13%。美國非急性照護淨銷售額年增 4% 至 17 億美元。與 IEEPA 關稅退稅相關的客戶返還款使成長率約減少 2 個百分點。

Growth was primarily driven by existing customers and new customer signings in physician office and post-acute channels, including skilled nursing, long-term care and home health, partially offset by retail softness. For the first half, non-acute net sales were $3.5 billion, up 5% year-over-year. International net sales grew 9% to $533 million in the second quarter and 10% to $1 billion in the first half, driven by volume growth in Canada and Europe.

成長主要由既有客戶，以及在醫師診所與後急性照護通路（包括專業護理、長期照護與居家照護）的新客戶簽約所帶動，但部分被零售疲弱所抵銷。上半年非急性照護淨銷售額為 35 億美元，年增 5%。國際淨銷售額第二季年增 9% 至 5.33 億美元，上半年年增 10% 至 10 億美元，主要由加拿大與歐洲的銷量成長帶動。

Turning to adjusted EBITDA. Second quarter results were $1.1 billion, up 13% year-over-year. This includes $243 million of net IEEPA tariff refund benefits. Without giving effect of these benefits, higher net sales volumes were partially offset by increased operating costs, including head count to support sales growth and higher cost of goods sold, including the impact of tariff costs.

接著看調整後 EBITDA。第二季為 11 億美元，年增 13%。其中包含 2.43 億美元的 IEEPA 關稅退稅淨收益。若不計入這些收益，較高的淨銷售量部分被營運成本上升所抵銷，包括為支援銷售成長而增加的人力，以及較高的銷貨成本（包含關稅成本的影響）。

Adjusted EBITDA margin increased 20 basis points to 13.8%. Expenses from the Tracy distribution center fire are excluded from adjusted EBITDA, but reduced net income by $336 million, primarily reflecting inventory and fixed asset losses and other related costs. We believe we have sufficient insurance coverage and expect future recoveries related to property, inventory and general liability.

調整後 EBITDA 利潤率上升 20 個基點至 13.8%。Tracy 配送中心火災的費用已排除在調整後 EBITDA 之外，但使淨利減少 3.36 億美元，主要反映存貨與固定資產損失及其他相關成本。我們相信保險保障充足，並預期未來可就財產、存貨及一般責任取得相關理賠回收。

Moving to free cash flow and the balance sheet. We generated strong free cash flow of $920 million in the first six months of the year, as in the past, working capital was a usage. This reflected the IEEPA tariff refund receivable and higher trade accounts receivable from sales growth. CapEx for the first six months was $207 million, reflecting investments in distribution center enhancements and automation as well as capacity expansion of our Mexico kitting facility.

接著看自由現金流與資產負債表。今年前六個月我們產生強勁的自由現金流 9.20 億美元；如同以往，營運資金為現金使用項目。這反映了 IEEPA 關稅退稅應收款，以及因銷售成長而增加的應收帳款。前六個月資本支出（CapEx）為 2.07 億美元，反映對配送中心升級與自動化的投資，以及墨西哥套組工廠的產能擴充。

Cash and cash equivalents were $2.3 billion and short-term investments were $350 million, reducing net leverage to 2.9 times. We are pleased to have reached our long-term leverage goal of less than 3 times, providing flexibility as we continue investing in growth.

現金及約當現金為 23 億美元，短期投資為 3.50 億美元，使淨槓桿降至 2.9 倍。我們很高興已達成長期槓桿目標（低於 3 倍），在持續投資成長的同時提供更大的彈性。

Let me now transition to our updated 2026 guidance. Given strong demand, continued commercial execution and broad-based momentum, we are raising our full year organic sales guidance for the second time this year to 9% to 10% from our previous range of 8.5% to 9.5%. This guidance includes the $89 million of IEEPA tariff refunds we plan to provide to our customers. The higher outlook reinforces our confidence in our business model, resilient health care demand and our ability to continue gaining share.

現在讓我轉到我們更新後的 2026 年指引。鑑於強勁需求、持續的商業執行以及廣泛的動能，我們今年第二次上調全年有機銷售指引，從先前的 8.5% 至 9.5% 上調至 9% 至 10%。此指引包含我們計劃提供給客戶的 8,900 萬美元 IEEPA 關稅退稅。更高的展望進一步強化我們對商業模式、具韌性的醫療保健需求，以及我們持續提升市占能力的信心。

At the same time, we are lowering our full year adjusted EBITDA outlook to $3.3 billion to $3.4 billion from $3.5 billion to $3.6 billion. The revised outlook does not reflect IEEPA tariff refund received or expected but includes several other internal and external factors. Externally, we are seeing slightly higher-than-expected inflationary pressure related to the Middle East conflict as discussed on our Q1 earnings call as well as costs related to the Tracy fire.

同時，我們將全年調整後 EBITDA 展望從 35 億至 36 億美元下調至 33 億至 34 億美元。修訂後的展望不反映已收到或預期收到的 IEEPA 關稅退稅，但納入了其他若干內外部因素。在外部方面，我們看到與中東衝突相關的通膨壓力略高於預期（如我們在第一季財報電話會議中所討論），以及與 Tracy 火災相關的成本。

Internally, the outlook reflects increased operational investments to support customer demand, the quality investments Jim discussed earlier and softness in our retail channel. In total, we estimate that roughly half of the incremental earnings impact from these factors is transitory, roughly half is more permanent and will become part of our future cost base.

在內部方面，展望反映了為支援客戶需求而增加的營運投資、Jim 先前提到的品質投資，以及我們零售通路的疲弱。整體而言，我們估計這些因素帶來的增量獲利影響約有一半屬於暫時性，約有一半較為永久，並將成為我們未來成本基礎的一部分。

I'll walk through this component shortly, but first, let me update you on our tariff cost assumptions. As discussed on our last earnings call, the lower tariff rate from Section 122 tariffs in February through July of this year created favorability versus our prior guidance. Section 122 tariffs have now been replaced by Section 301 forced-labor tariffs.

我稍後會說明這個部分，但首先，讓我更新我們對關稅成本的假設。如我們在上次財報電話會議中所討論，今年 2 月至 7 月期間第 122 條關稅的較低稅率，相較於我們先前指引帶來有利影響。第 122 條關稅現已被第 301 條強迫勞動關稅所取代。

Based on this, we now estimate full year 2026 net tariff impacts of approximately $350 million, down $140 million from the $490 million we provided during our fourth quarter earnings call last February. Given our significant inventory on hand, any tariff rate changes from this point forward are expected to have an immaterial impact on our financial results in 2026 and to primarily affect 2027.

基於此，我們目前估計 2026 全年淨關稅影響約為 3.5 億美元，較我們去年 2 月在第四季財報電話會議中提供的 4.9 億美元下調 1.4 億美元。鑑於我們手上有大量庫存，自此之後任何關稅稅率變動預期對 2026 年財務結果影響不大，主要將影響 2027 年。

Now moving to the drivers of the adjusted EBITDA guidance change. Starting with the Middle East conflict, consistent with our discussion during our Q1 earnings call, most of the inflationary pressures, including fuel and product costs are offset by the tariff benefit I just mentioned.

接著談調整後 EBITDA 指引變動的驅動因素。先從中東衝突開始，與我們在第一季財報電話會議中的討論一致，多數通膨壓力（包括燃料與產品成本）已被我剛提到的關稅利益所抵銷。

Consistent with our long-standing practice of supporting long-term customer relationships, we have chosen to absorb these costs at this time rather than broadly pass them on to our customers, an approach that has served both Medline and our customers well over time. As I mentioned earlier, our first half results include $336 million of costs related to the Tracy fire. These costs are excluded from our adjusted EBITDA and therefore, not included in our guidance.

依循我們長期以來支持長期客戶關係的做法，我們選擇在此時吸收這些成本，而非全面轉嫁給客戶；這種作法長期以來對 Medline 與客戶都運作良好。如我先前提到，我們上半年業績包含與 Tracy 火災相關的 3.36 億美元成本。這些成本已自我們的調整後 EBITDA 中排除，因此也未納入指引。

In the second half of 2026, we currently expect to incur an additional $50 million to $100 million of Tracy-related costs. A portion of these costs such as cleanup costs, product rerouting and airfreight will be excluded from adjusted EBITDA. Other costs, including lease expenses and labor inefficiencies as we operate without automation will remain in our base. Consistent with our Q1 earnings call, some operational costs are expected to be offset by tariff benefits. However, since last quarter, these costs have increased as we invest in staffing, technology and scaling efforts to meet faster-than-anticipated demand growth.

在 2026 年下半年，我們目前預期將再發生 5,000 萬至 1 億美元的 Tracy 相關成本。其中一部分成本（例如清理費用、產品改道與空運）將自調整後 EBITDA 中排除。其他成本，包括租賃費用以及在缺乏自動化情況下營運所造成的勞動效率不彰，將保留在我們的基礎成本中。與我們第一季財報電話會議一致，部分營運成本預期將由關稅利益抵銷。然而，自上季以來，隨著我們投資人力配置、科技與擴張以因應高於預期的需求成長，這些成本已增加。

While these investments are creating near-term inefficiencies, they position Medline to become more efficient over time as our team ramps and new technology is optimized. As Jim mentioned in his opening remarks, we discussed our global quality action plan with the FDA. We have identified and quantified expected remediation costs, which include enhancements in our quality organization and investments in our manufacturing network.

雖然這些投資在短期內造成效率不彰，但隨著團隊擴編到位並將新技術最佳化，將使 Medline 隨時間推進而更有效率。如 Jim 在開場致詞中提到，我們已與 FDA 討論我們的全球品質行動計畫。我們已辨識並量化預期的補救成本，其中包括強化品質組織以及對製造網路的投資。

In addition, a portion of the impact relates to products that were taken off the market due to recalls and/or FDA inspection findings. Based on our latest assessment, some of those products, including our CHG wipes, manufactured at our Waukegan facility are taking slightly longer than originally expected to complete the necessary work to bring back online, which results in earnings loss.

此外，部分影響與因召回及／或 FDA 稽查發現而下架的產品有關。根據我們最新評估，其中一些產品（包括在 Waukegan 廠生產的 CHG 濕巾）完成必要工作以恢復上線所需時間略長於原先預期，因而造成獲利損失。

The final component is related to the unplanned retail channel softness we discussed earlier. This is impacting front line care and US non-acute sales and margins. While we are taking steps to improve retail, we expect it to remain a headwind through the balance of the year. To help frame the impact of this overall reduction in adjusted EBITDA guidance, the external factors, including the Middle East and the Tracy fire account for approximately 25%, with the internal factors, including operational investment, quality remediation efforts and softness in retail remaining 75%.

最後一個組成部分與我們先前討論的零售通路非預期疲弱有關。這正在影響第一線照護以及美國非急性照護的銷售與毛利。雖然我們正採取措施改善零售表現，但我們預期在今年剩餘期間它仍將是逆風。為了協助界定此次調整後 EBITDA 指引下調的整體影響，外部因素（包括中東與 Tracy 火災）約占 25%，內部因素（包括營運投資、品質補救工作與零售疲弱）占其餘 75%。

We will provide our 2027 outlook during our Q4 and full year 2026 call in the first quarter of 2027. However, the fundamental drivers of earnings growth remain the same and include sales volume growth, Medline Brand conversion, approximately $5 billion of conversion opportunity, leveraging our scale to drive savings in sourcing, manufacturing and distribution and operational efficiency initiatives. We continue to monitor the impact of our business from both the Middle East conflict and tariff rates, and we'll execute on the playbook we have discussed previously to mitigate the impact to our customers and to Medline.

我們將在 2027 年第一季召開的 2026 年第四季與全年財報電話會議中提供 2027 年展望。然而，獲利成長的基本驅動因素仍然相同，包括銷售量成長、Medline 品牌轉換、約 50 億美元的轉換機會、運用規模在採購、製造與配送上推動節省，以及營運效率提升計畫。我們將持續監測中東衝突與關稅稅率對業務的影響，並將執行我們先前討論過的行動手冊，以降低對客戶與 Medline 的影響。

Finally, we remain focused on disciplined execution of enterprise-wide productivity and cost savings initiatives designed to offset incremental cost pressures that will enable us to mitigate the additional costs we are incurring to achieve our long-term objective of delivering sustainable and strong earnings growth at or greater than sales growth over time. If you look at quarterly cadence for the remainder of the year, the third quarter of 2026 has 63 days, one fewer than Q2, while the fourth quarter 2026 has 66 days, one more than Q4 2025.

最後，我們仍專注於嚴謹執行全企業的生產力與成本節省計畫，以抵銷新增的成本壓力，並使我們能夠緩解為達成長期目標而產生的額外成本；該長期目標是在時間推進下，實現可持續且強勁的獲利成長，且獲利成長率等於或高於銷售成長率。若看今年剩餘期間的季度節奏，2026 年第三季有 63 天，比第二季少 1 天；而 2026 年第四季有 66 天，比 2025 年第四季多 1 天。

As a result, we expect sequential sales to be relatively flat in Q3 before increasing in Q4 due to the seasonality and days. Adjusted EBITDA is expected to increase sequentially each quarter with the strongest contribution in Q4. With respect to the $200 million of incremental costs, we expect approximately one-third to be incurred in Q3 and the remaining two-thirds in Q4.

因此，我們預期第三季的序列銷售（較前一季）將大致持平，之後因季節性與天數因素在第四季上升。調整後 EBITDA 預期每季將逐季增加，其中第四季貢獻最強。就 2 億美元的增量成本而言，我們預期約三分之一將在第三季發生，其餘三分之二在第四季發生。

Turning to the rest of our outlook assumptions. All of the ranges remain consistent with our prior outlook, with the exception of tax distributions, which we have narrowed to $250 million to $300 million, the bottom end of the guidance range, reflecting sponsor sale activities in the first half of the year. And CapEx, which we updated to a range of $500 million to $600 million to account for the Tracy fire. While we anticipate receiving insurance coverage from the incremental $100 million in capital, the timing of recovery is uncertain.

接著談其餘展望假設。除稅款分配外，所有區間皆與先前展望一致；稅款分配我們已收斂至 2.5 億至 3 億美元，位於指引區間的下緣，反映上半年贊助方出售活動。以及資本支出（CapEx），我們更新為 5 億至 6 億美元，以反映 Tracy 火災。雖然我們預期可透過保險取得額外 1 億美元資本的理賠，但回收時點仍不確定。

In summary, we delivered strong top-line performance with double-digit sales growth in both the second quarter and first half, demonstrating broad-based momentum across the business and continued commercial execution. Our organic growth-driven strategy continues to deliver results and create significant opportunity ahead. This performance supports our decision to raise full year organic sales guidance for the second time this year.

總結而言，我們在第二季與上半年皆實現雙位數銷售成長，交出強勁的營收表現，展現業務各面向的廣泛動能與持續的商業執行力。我們以有機成長驅動的策略持續交出成果，並在未來創造顯著機會。此表現支持我們今年第二次上調全年有機銷售指引的決定。

In spite of the near-term pressures we are managing, we remain confident in the underlying long-term earnings power of the business. While we are absorbing higher costs in certain areas that create near-term margin pressure, they support the priorities that matter most to our customers: reliability, quality, service and scale. We believe these investments strengthen Medline's competitive position and support long-term value creation.

儘管我們正在管理短期壓力，我們仍對該業務在長期的基本獲利能力充滿信心。雖然我們在某些領域吸收了較高成本，對短期毛利率造成壓力，但這些成本支出支持了對客戶最重要的優先事項：可靠性、品質、服務與規模。我們相信這些投資能強化 Medline 的競爭地位，並支持長期價值創造。

I'll now turn it back to Jim for closing remarks.

接下來我把時間交回給 Jim 作結語。

Thanks, Mike. In closing, we are encouraged with the top-line momentum we continue to see across the business. We are executing with discipline and investing decisively to support our growing customer base. Medline is well positioned for durable long-term growth, supported by a deep commitment to our customers, industry-leading scale, a resilient, profitable business model, a healthy balance sheet and a compelling long-term opportunity.

謝謝，Mike。最後，我們對全公司持續展現的營收動能感到鼓舞。我們以紀律執行，並果斷投資以支持不斷成長的客戶基礎。Medline 具備實現長期穩健成長的良好定位，背後支撐包括：對客戶的深度承諾、業界領先的規模、具韌性且獲利的商業模式、健康的資產負債表，以及具吸引力的長期機會。

We remain highly confident in our market position and ability to create sustainable shareholder value by delivering the service, value, reliability and quality our customers expect that continues to differentiate Medline in the marketplace.

我們對自身的市場地位與創造可持續股東價值的能力仍高度有信心，透過提供客戶所期待的服務、價值、可靠性與品質，持續在市場上形成 Medline 的差異化。

Thank you for joining us. We will now open the call up for questions.

感謝各位參與。我們現在開放提問。

(Operator Instructions) Michael Cherney, Leerink Partners.

(接線員指示) Michael Cherney，Leerink Partners。

Mike, I want to dive a little bit into some of these expenses and whatnot that you discussed relative to the future baseline thought process. A lot of it, clearly, as we can hear, is tied towards outperforming on new business. So as you think philosophically about your pathway forward for share gains over time, is the general philosophy that the idea of overspending, if you want to use it, that relative to your baseline is part of the pathway forward for how you plan to drive new business?

Mike，我想更深入談談你提到的部分費用等項目，以及你對未來基準水準的思考。很明顯，正如我們聽到的，其中很多都與在新業務上取得更佳表現有關。因此，當你從理念層面思考未來一段時間的市占提升路徑時，整體理念是否是：相對於基準水準的「超額支出」（如果可以這麼說）是你推動新業務、作為前進路徑的一部分？

And I guess along those lines, what are the market conditions that you need to see? I'm not trying to get to '27 guidance, but the changes that you need to see to get back towards that EBITDA leverage above revenue growth.

另外我想沿著這個方向問，市場條件需要出現哪些變化？我不是要你提供 2027 年指引，但你需要看到哪些變化，才能回到 EBITDA 槓桿高於營收成長的狀態。

Yes. Thanks, Michael. So yes, the answer is actually, yes. If you think about our business, we've been intentional for many, many years of investing in our business for growth ahead of the growth. And so if you go back in the history of the performance of the business, we would invest in things like new distribution centers, new manufacturing sites. We'd add additional sales team members to support the growth of the future. And that's no different than what we're doing here today in areas like operations and quality as we called out.

是的。謝謝你，Michael。所以答案其實是，是的。如果你看我們的業務，多年來我們一直有意識地在成長發生之前就先投資，以支持成長。回顧公司過往的表現，我們會投資於例如新的配送中心、新的製造據點。我們也會增加銷售團隊人員，以支援未來的成長。這與我們今天在營運與品質等領域（如我們所提到的）所做的事情並無不同。

I think, overall, for our business, we're very happy with our underlying performance of the business, delivering top-line sales growth in the second quarter of 11.6% on a reported basis, but really 13% if you exclude the tariff, IEEPA refund customer repayment, is really, really solid performance. So overall, the underlying performance of the business is strong and remains strong, and we expect to see that continue as we head out into the rest of the year given our -- overall raising our sales guidance.

整體而言，就我們的業務來說，我們對基本面表現非常滿意；第二季在申報口徑下的營收成長為 11.6%，但若排除關稅、IEEPA 退款的客戶回款因素，實際上約為 13%，這是非常、非常扎實的表現。因此，整體而言，業務的基本面表現強勁且仍然強勁；鑑於我們整體上調了營收指引，我們預期這種趨勢在今年剩餘期間仍將延續。

From the standpoint of the future of the business, I think we need to see continued execution of our overall performance relative to things like operational investments and our quality remediation efforts. We continue to see continued new signings, and we're proud about the signings we've had so far this year of over $659 million to date. So those are the types of things that we need to continue to see, but we are seeing in our business that suggests that our overall performance will be strong going into the future period of time.

就業務未來而言，我認為我們需要看到我們在整體表現上的持續執行，例如在營運投資與品質改善（補救）工作方面。我們也持續看到新的簽約，我們對今年截至目前累計超過 6.59 億美元的簽約金額感到自豪。因此，這些就是我們需要持續看到的事項；而我們也確實在業務中看到這些跡象，顯示我們在未來一段時間的整體表現將會強勁。

I want to take a minute before we go to the next question, just to clarify one thing that I think is causing a little bit of confusion for people. And so if you think about how we've approached this, we took a conservative approach to how we handle the tariff refunds in our guidance. Most importantly, we wanted to maintain transparency in our results. And so if you think about what we've done, we've excluded from our adjusted EBITDA guidance the net tariff refunds of $243 million to show you the true underlying performance of the business.

在進入下一個問題之前，我想花一點時間澄清一件我認為讓大家有些困惑的事。如果你看我們的處理方式，我們在指引中對關稅退款的處理採取了保守作法。最重要的是，我們希望維持結果的透明度。因此，就我們所做的而言，我們在調整後 EBITDA 指引中排除了 2.43 億美元的關稅退款淨額，以向各位呈現業務真正的基本面表現。

So we took down our EBITDA guidance to $3.3 billion to $3.4 billion, our original guidance did not include this $243 million of tariff refunds. In addition, on the revenue side, we kept the $89 million of customer repayment in our sales guidance, just to maintain simplicity in how we show the numbers. And even with that $89 million in our sales guidance, we were still able to raise our overall sales growth to 9% to 10% for the year.

因此我們將 EBITDA 指引下調至 33 億至 34 億美元；我們原先的指引並未包含這 2.43 億美元的關稅退款。此外，在營收端，我們仍將 8,900 萬美元的客戶回款納入營收指引中，只是為了在呈現數字時保持簡單。即便在營收指引中包含這 8,900 萬美元，我們仍能把全年整體營收成長上調至 9% 至 10%。

Elizabeth Anderson, Evercore ISI.

Elizabeth Anderson，Evercore ISI。

I appreciate the clarification that you just gave, Mike. And I realize a lot of these factors are not necessarily entirely in your control. But as we kind of think about this new guidance and being kind of like the new baseline, can you help people understand the level of conservatism that you've baked in about some of these like longer-term macro factors like oil and shipping and those kind of items.

我很感謝你剛才的澄清，Mike。我也理解其中很多因素不一定完全在你們的控制之下。但當我們思考這次新的指引、並把它視為新的基準時，你能否幫助大家理解：你們對一些較長期的總體因素（例如油價、航運等項目）在假設中納入了多大程度的保守性？

Yes. So the external factors that we think about are the Middle East and the Tracy fire. On the Middle East side, just to give you a number, we have a $70 million of estimated or expected impact for 2026 in our overall guide. That is inclusive of, as I talked about before, both the diesel fuel cost to fuel our transportation from our MedTrans fleet and third-party trailers. In addition, it also includes a lot of the product and raw material costs that we're purchasing.

是的。我們考量的外部因素包括中東情勢以及 Tracy 火災。就中東而言，給你一個數字，我們在整體指引中納入了 2026 年約 7,000 萬美元的估計或預期影響。這包括我先前提到的，用於我們 MedTrans 車隊與第三方拖車運輸的柴油燃料成本。此外，也包含我們採購的許多產品與原物料成本。

So overall, we've assumed roughly diesel prices around $5 in that guide. And we've essentially used our costs of our raw materials and finished goods as of roughly two weeks ago. So that's the $70 million in the Middle East. As it relates to the tariffs that we talked about, we have assumed that tariff rates do not change essentially for the rest of the year. If tariff rates were to change at this point in time, it would be a very immaterial impact to our overall results. So it would impact 2027.

整體而言，我們在該指引中假設柴油價格約在每加侖 5 美元左右。而原物料與成品的成本，我們基本上採用約兩週前的水準。以上就是中東因素的 7,000 萬美元。至於我們談到的關稅，我們假設關稅稅率在今年剩餘期間基本不變。若此時關稅稅率發生變化，對我們整體結果的影響將非常不重大。因此，它會影響的是 2027 年。

Sean Dodge, BMO Capital Markets.

Sean Dodge，BMO Capital Markets。

Yes. Maybe just kind of staying on the guidance and just to clarify, last quarter, you talked about increasing the operational investments to support customer demand. It sounds like you're stepping those up even more now. Is that right? And how much is the step-up related to those?

是的。或許就繼續談指引並澄清一下：上季你提到為了支持客戶需求而增加營運投資。聽起來你們現在又把這些投資再提高了更多。是這樣嗎？而這次提高的幅度中，有多少是與那些項目相關？

And then just any examples of what these new investments are? And if I'm hearing right, it sounds like we should be thinking about these being kind of more of the kind of the inclusive of the run or additive to the run rate?

另外，這些新投資有沒有一些例子？如果我理解正確，聽起來我們應該把這些視為更偏向「已納入既有運行水準」或是「在運行水準之上額外增加」的項目？

Yes. So the operations investments that we're making are not new. We talked about them last quarter. As we talked about bringing this $2.4 billion of new business online, we had to invest in additional people to support that. If you think about the investments we made, we invested in people to support the new customer signings plus existing customer growth as well.

是的。因此，我們正在進行的營運投資並不是新的。我們在上個季度已經談過。正如我們談到要讓這新增的24億美元新業務上線，我們必須投資增聘人員來支援。如果你回顧我們所做的投資，我們投資在人員上，以支援新客戶簽約以及既有客戶的成長。

And the example we gave last quarter was, as we saw these new customers signings come online, we saw it happening in a couple of DCs where we didn't have automation and we had inefficiencies. And so you're seeing inefficient labor at the moment. But what we're doing is we're making investments in our auto-stores in those facilities.

而我們上季舉的例子是，當我們看到這些新客戶簽約開始上線時，我們在幾個配送中心（DC）看到這種情況：那裡沒有自動化，因此存在效率不彰。所以你目前看到的是低效率的人力。但我們正在做的是，對這些設施的自動倉儲（auto-stores）進行投資。

And we're also expanding our network capacity by adding new distribution centers. Jim talked about it previously, we were adding a DC in Texas, we're adding a DC in California. We're also talking about adding a couple of more DCs in the Midwest to help support this current growth. So as we add new distribution centers, as we add automation, we expect to see those inefficiencies subside and ultimately see some savings in our business.

我們也透過新增配送中心來擴充我們的網路產能。Jim 先前提到過，我們會在德州新增一座配送中心，也會在加州新增一座配送中心。我們也在討論於中西部再新增幾座配送中心，以支援目前的成長。因此，隨著我們新增配送中心、導入自動化，我們預期這些低效率會逐步消退，並最終在業務中看到一些節省。

You also have to remember that when we add -- think about the $2.4 billion we're adding, we're adding the labor burden in advance of the revenue realization. So in some cases, we're adding it three to six months. So this year, because we had such an outsized growth last year, that's being realized this year from a prime vendor perspective, we're seeing an outsized pre-add of labor in advance of the distribution. So that's weighing the number down as well.

你也必須記得，當我們新增——想想我們要新增的24億美元業務——我們會在營收實現之前就先承擔人力成本。所以在某些情況下，我們會提前三到六個月增加人力。因此，今年因為去年成長特別突出，而這些成長從主供應商（prime vendor）的角度在今年開始實現，我們看到在配送開始之前，提前增加的人力也特別多。所以這也在拉低該數字。

Daniel Grosslight, Citi.

Daniel Grosslight，花旗。

This is [Brendan] on for Daniel. Just a quick question on the overall tariff refund. You guys accrued around $89 million this quarter. I'm curious just what's overall like customer response to that and whether all repayments have been accounted for? And if there are potential for additional payments to be made in the future and if they will receive the same accounting measures?

我是代 Daniel 提問的[Brendan]。關於整體關稅退款有個簡短問題。你們本季提列（應計）了約8,900萬美元。我想了解客戶對此的整體反應如何，以及是否已把所有回款都納入考量？另外，未來是否可能還需要支付額外款項，以及是否會採用相同的會計處理方式？

Yes. So as we've called out, the total tariff refund that's available to us is $507 million. We recorded in our financials for the first half of this year a net tariff benefit of $240 million. That is basically $330 million of phase 1 tariffs that have -- what we believe we are going to collect or have collected, net of the $90 million roughly of customer repayments.

是的。如同我們所指出的，我們可取得的關稅退款總額為5.07億美元。我們在今年上半年財報中認列的關稅淨收益為2.40億美元。這基本上是我們認為將會收取或已收取的3.30億美元第一階段關稅，扣除約9,000萬美元的客戶回款。

That $90 million of customer repayment is for the full amount of the $507 million of tariffs. We expect to receive all of that over time. We have not yet made that payment. We booked that as an accrual on our balance sheet as of today. Our expectation is to make that payment to our customers in the latter part of this year. And we have communicated that we are making this payment to our customers. We've not yet quantified that for them individually, but we're going to do so in the coming months.

這9,000萬美元的客戶回款是針對5.07億美元關稅的全額所計算。我們預期會隨時間推移全數收到。我們尚未進行該筆付款。截至目前，我們已在資產負債表上將其入帳為應計負債。我們預期會在今年稍晚向客戶支付這筆款項。而且我們已經向客戶溝通我們會進行這筆付款。我們尚未對每位客戶逐一量化金額，但會在未來幾個月內完成。

Yes. You have to remember, we absorbed the vast majority of that $500 million. The only thing we pass through to the customers is the $89 million, and that's the full accounting of the prices. That's why it's fully accounted for.

是的。你必須記得，我們吸收了其中絕大多數約5億美元。我們唯一轉嫁給客戶的是8,900萬美元，而這已完整反映在價格的會計處理中。因此它已被完全入帳。

Pito Chickering, Deutsche Bank.

Pito Chickering，德意志銀行。

I just wanted to sort of dig back into that $200 million of inflationary pressure. You said a quarter of it is external, three quarters of it is internal, and [1/3] of the impact is in 3Q and two-thirds is in the fourth quarter. Can you just help us think about the internal and external pressures as we use fourth quarter as the launch pad for 2027? So which continue into next year and at what pace, which ones fade away?

我想再深入追問一下那2億美元的通膨壓力。你提到其中四分之一來自外部、四分之三來自內部，而且影響的[1/3]在第三季、三分之二在第四季。能否協助我們思考，當我們把第四季作為邁向2027年的起跑點時，內外部壓力各自是什麼？哪些會延續到明年、以什麼速度延續，哪些會逐漸消退？

Yes. So if you think about, we roughly have estimated about half of the cost or the impact to margin is transitory and about half of it is really permanent and will roll into our base overall. And if you think about what the drivers of that are, obviously, we believe the Middle East is a bit transitory. The Tracy fire impact is transitory and will have some impact rolling in '27, but over time, will subside as we stand up the new distribution center in Tracy and Stockton and add automation to those facilities. Obviously, the operational investments and some of the quality investments will be more permanent in nature and will roll into our base in 2027.

是的。如果你這樣看，我們大致估計對成本或毛利率影響約有一半是短期性的（transitory），另一半則較為永久，會納入我們整體基礎成本中。至於驅動因素，我們顯然認為中東因素有點偏短期性。Tracy 火災的影響也是短期性的，雖然在2027年會有一些延續影響，但隨著我們在 Tracy 與 Stockton 建置新的配送中心並在這些設施導入自動化，長期而言會逐步消退。而營運投資以及部分品質投資，性質上會更偏永久，並會在2027年納入我們的基礎成本。

Some of the product-related costs as it relates to quality, we're not -- so as we talked about before, we took the time to delay a little bit to going live with a couple of products. We'll go back live in 2027. So those are more temporary or transitory in nature. And then lastly, on the retail side of the house, those are probably more permanent in the short term. But as Jim mentioned, we do expect to -- we have realigned our organization to go after that business and make sure we drive growth again in that market.

有些與品質相關的產品成本——我們並不是——如同先前所說，我們花時間把幾項產品的上線稍微延後。我們會在2027年重新上線。因此這些較偏暫時或短期性。最後，在零售端方面，短期內可能更偏永久性。但如 Jim 所提到，我們確實預期——我們已重新調整組織以爭取該業務，並確保在該市場再次推動成長。

Steven, Mizuho Securities.

Steven，瑞穗證券。

It's Steven Valiquette from Mizuho. Just a quick financial question here. This may be pretty obvious, but I guess just to confirm, the adjusted EBITDA in the June quarter of the $1.060 billion, I mean, I'm assuming it includes the $243 million benefit from tariff refund. But when thinking about trying to model out for the full year, should we think of that as $817 million, I think, in trying to arrive at EBITDA for the full year within the $3.3 billion to $3.4 billion. I'm just thinking ahead here, there could be some confusion within the consensus numbers for EBITDA for the back half, if some people are treating it differently, et cetera.

我是瑞穗的 Steven Valiquette。這裡有個簡短的財務問題。這可能很明顯，但我想確認一下，6月季度調整後 EBITDA 為10.60億美元，我的理解是其中包含了2.43億美元的關稅退款收益。但在思考如何建模全年時，我們是否應該把它視為8.17億美元，以便在33億到34億美元的全年區間內推算 EBITDA？我只是先想一步，因為在下半年 EBITDA 的市場一致預估數字上，若有人用不同方式處理，可能會造成一些混淆等等。

Hopefully, that question makes sense.

希望這個問題說得清楚。

Yes, it does. Thank you, Steven. That does make sense. So yes, the true underlying performance of the business in the second quarter for adjusted EBITDA was $817 million. That was a beat versus consensus.

是的，很清楚。謝謝你，Steven。這確實說得通。所以是的，第二季調整後 EBITDA 的真正基礎營運表現是8.17億美元。這高於市場一致預期。

We're very proud of that result, given the strong performance in the quarter. But yes, for purposes of that $243 million, we are isolating that and calling that out separately. We don't think you should include that in our overall guidance number. We're not including our overall guidance numbers, so you should not include it in your consensus.

在本季強勁表現之下，我們對這個結果感到非常自豪。但沒錯，就那2.43億美元而言，我們會把它單獨區隔並另外揭露。我們認為你不應將其納入我們整體的指引數字。我們的整體指引數字並未包含它，因此你也不應把它納入你的市場一致預估。

Yes. We think it's responsible to be conservative in our approach and just guide based on the actual results of the business, not on a refund.

是的。我們認為採取保守作法、僅依據業務的實際結果來提供指引，而不是依據退款，這樣做是負責任的。

Matthew Taylor, Jefferies.

Matthew Taylor，Jefferies。

I actually wanted to ask one about the customer signings. So you said you're $650 million towards your $1 billion goal halfway through the year. Could you talk about the achievability of $1 billion or more this year, maybe giving an eye to the signings that could happen in the second half, if you have any visibility there, et cetera? And maybe just talk about the trends that you've seen so far this year?

我其實想問一個關於客戶簽約的問題。所以你們說今年過了一半，你們已經完成了 6.5 億美元，朝著 10 億美元目標前進。你能談談今年達成 10 億美元或更多的可行性嗎？也許可以談談下半年可能發生的簽約，如果你們對此有任何能見度等等？另外也請談談你們今年迄今為止看到的趨勢？

Yes, Matt, thanks for the question. First, we're pleased with the $650 million in the [first quarter]. We're ahead of pace to achieve the $1 billion, and we're confident that we're going to hit the $1 billion plus. I mean, that is the goal that we believe we can control. It's within the framework of what we have visibility to. And we do see a line of sight as it relates to what's available in the marketplace to achieve that goal.

是的，Matt，謝謝你的問題。首先，我們對[第一季] 的 6.5 億美元感到滿意。我們的進度領先，有望達成 10 億美元，而且我們有信心會達到 10 億美元以上。我的意思是，這是我們相信自己可以掌控的目標。它在我們可見範圍所涵蓋的框架之內。而且就市場上可取得的機會而言，我們確實看得到達成該目標的明確路徑。

Just for context, that $650 million is made of a bunch of singles and doubles. Last year, we had several home runs. That's what actually led to the $2.4 billion. And each year, the signings makeup looks different, right, and they can be lumpy from quarter-to-quarter, which is part of the reason why we didn't give a number in the first quarter because if I would have said, we signed $50 million in prime vendor closings in the first quarter, everybody would say, oh, no, what's going on with Medline. But if I would have said $500 million in the first quarter, you guys would have judged us on $2 billion.

補充一下背景，那 6.5 億美元是由許多「一壘安打、二壘安打」組成的。去年我們有好幾支全壘打。那才是實際帶來 24 億美元的原因。而且每一年簽約的組成看起來都不一樣，對吧？而且各季之間可能會有波動，這也是我們第一季沒有給出數字的部分原因，因為如果我說第一季我們在主要供應商（prime vendor）結案簽了 5,000 萬美元，大家就會說，喔不，Medline 怎麼了。但如果我說第一季簽了 5 億美元，你們就會用 20 億美元來評判我們。

So we think it's important to give you a context mid-year. That $650 million gets us on track, actually ahead of pace of achieving it. And we feel confident we're headed in the right direction from that perspective.

所以我們認為在年中給你們一些背景脈絡很重要。那 6.5 億美元讓我們走在正軌上，實際上進度還超前。從這個角度來看，我們很有信心我們正朝著正確方向前進。

David Larsen, BTIG.

David Larsen，BTIG。

Can you talk a little bit about the Allina win and how much sort of incremental revenue that could be tied to that? What led to that win? And then just also with the IEEPA tariffs, was there a drag in 3Q '25, 4Q '25 and 1Q '26 related to the IEEPA tariffs that I guess are going to remain on the books, though the reverse sort of benefit will not be recognized as we progress through the rest of the year?

你能談談 Allina 這個勝利，以及大概會帶來多少增量營收嗎？是什麼促成你們贏下這筆案子？另外，關於 IEEPA 關稅，在 2025 年第三季、2025 年第四季以及 2026 年第一季，是否有與 IEEPA 關稅相關的拖累？我想這些關稅會繼續保留在法規上，但隨著今年剩餘時間推進，先前那種反向的利益將不會再被認列？

I'll take Allina. I'll let Mike handle the IEEPA perspective. So Allina is a great win in the Upper Midwest. It is expanding our relationship across multiple classes of trade, acute care physician office and several others. We don't actually give kind of the numbers as it relates to each individual deal. It was a sizable deal.

我來回答 Allina。IEEPA 的部分我讓 Mike 來說。Allina 是我們在美國上中西部的一個很棒的勝利。它正在擴大我們在多個交易類別的合作關係，包括急性照護、醫師診所，以及其他幾個領域。我們其實不會針對每一筆個別交易提供相關數字。這是一筆規模不小的案子。

The next question would be, do we think something is going to change with the Sutter acquisition? The answer is no. We actually happen to be the prime vendor at Sutter Health as well. But I can just tell you, it went live about three weeks ago and went live very, very well. We see them as a tremendous partner and an opportunity to expand the relationship even further over time. But it was a good win and it's something we're proud of.

下一個問題是，我們是否認為 Sutter 併購案會帶來任何改變？答案是否定的。我們其實也剛好是 Sutter Health 的主要供應商（prime vendor）。但我可以告訴你，它大約三週前上線，而且上線得非常、非常順利。我們把他們視為極佳的合作夥伴，也是一個能隨時間進一步擴大合作關係的機會。但這是一個很好的勝利，我們也為此感到自豪。

And on the tariff question, David, the IEEPA tariffs hit us in the second half of last year. And our peak quarter was really the fourth quarter as well as the first half of this year. And this year, overall so far in 2026, we've seen about $230 million of total tariff headwinds in our results.

至於關稅問題，David，IEEPA 關稅在去年下半年開始影響我們。而我們的高峰季度其實是在第四季，以及今年上半年。而今年截至目前在 2026 年，我們在業績中看到的關稅逆風總額約為 2.3 億美元。

Now to your question, as the IEEPA tariffs were ruled illegal and they put 122s in place. Essentially in the back half of this year, you're going to see our P&L being burdened by the 10% roughly rate, which is a benefit to what we called out in our guidance originally. So we originally called out $490 million of impact, which was including all IEEPA tariff impact. So now we're looking at $350 million at the new 10% rate.

回到你的問題，由於 IEEPA 關稅被裁定為非法，並改以 122 條款取代。基本上在今年下半年，你會看到我們的損益表（P&L）承擔約 10% 的稅率，這相較於我們原先在指引中提到的情況是有利的。我們原先提到的影響是 4.9 億美元，其中包含所有 IEEPA 關稅的影響。所以現在在新的 10% 稅率下，我們估計影響為 3.5 億美元。

Kevin Caliendo, UBS.

Kevin Caliendo，UBS。

So I want to kind of go a little bit further on Pito's question. If we take the guidance for the second half of the year, adjust for the one-timers that you called out, the expenses that are -- some are going to be consistent, some are not. If we take that run rate, understanding there's some seasonality, adjust for those one-timers, is there any reason to not take that run rate, think about the new business wins and the sort of normalized growth and come up with sort of a number for '27.

我想在 Pito 的問題上再深入一點。如果我們拿今年下半年的指引，調整你們提到的一次性項目，以及那些費用——有些會持續、有些不會。如果我們用那個運行水準（run rate），理解其中有一些季節性，再把一次性項目調整掉，有沒有任何理由不應該用那個 run rate，結合新業務得標以及某種常態化成長，來推算出一個 2027 年的大致數字？

Is there any other headwinds or tailwinds we should be thinking about there as we sort of -- because I think that's where there's a lot of confusion as to what the real run rate is and how to think about what it should look like for next year. Like what's the baseline that we're operating off of. So any help there would be great.

還有沒有其他我們應該考量的逆風或順風？因為我覺得大家對真正的 run rate 是什麼、以及該如何看待明年的樣貌，存在很多困惑。例如我們目前是以什麼基準在運作。所以如果能提供一些協助就太好了。

Yes, Kevin. So let me try to clarify that for you. So if you think about the overall impact of the business, on an annualized basis. If you exclude the $140 million of the tariff benefit that we talked about a minute ago, you're really looking at about $340 million of overall impact, right, change and impact to the bottom line, right? And so ultimately, if you take that, you apply the same metrics, like 50% transitory, 50% permanent, that gives you a better perspective how to think about the run rate going forward into 2027.

是的，Kevin。我試著幫你釐清。如果你從年度化的角度來看整體業務影響。如果你排除我們剛才提到的 1.4 億美元關稅利益，你看到的其實大約是 3.4 億美元的整體影響，也就是對獲利底線的變動與影響，對吧？因此最終，如果你把這個數字套用相同的假設，例如 50% 為暫時性、50% 為永久性，就能更好地理解在邁向 2027 年時該如何看待未來的 run rate。

That being said, we've not stopped identifying cost savings opportunities in our business. And so we are looking at enterprise-wide cost savings initiatives to mitigate some portion of that burden that we're facing in our overall results. And so while I can't quantify for you what 2027 is going to look like, we obviously are doing our best to try to mitigate what we can.

話雖如此，我們並沒有停止在業務中尋找節省成本的機會。因此我們正在推動全企業範圍的成本節省計畫，以抵消我們整體業績所面臨負擔的某一部分。所以雖然我無法為你量化 2027 年會是什麼樣子，但我們顯然會盡最大努力去減輕我們能減輕的部分。

The other area that I would say is just uncertainty are the external factors like the Middle East and the tariffs. And so those two also have to play into the math, and we have to wait and see how those settle out.

另外我想說的不確定性來源，就是外部因素，例如中東局勢以及關稅。所以這兩項也必須納入計算，我們得等著看它們最後會如何落定。

Brandon Vazquez, William Blair.

Brandon Vazquez，William Blair。

I wanted to ask, there's a lot of moving pieces in the cost line here, there's Middle East, inflationary pressure, there's tariffs. In the past, you guys have kind of taken a thoughtful approach to pricing, and you're absorbing those prices now. But you, in the past, have eventually pushed pricing through to kind of offset some of these headwinds. So can you guys just level set us where you are today on kind of assessing what prices you can and can't push through? And then when you might think of doing another round of pricing increases to offset some of this?

我想問一下，這裡的成本線有很多變動因素，包括中東局勢、通膨壓力，還有關稅。過去你們在定價上採取了相當審慎的做法，而你們現在正在吸收這些成本。但你們過去最終也會把價格往上調，以抵消其中一些逆風。所以你們能否幫我們校準一下：就目前而言，你們在評估哪些價格可以、哪些不可以往客戶端轉嫁時，處於什麼位置？以及你們可能會在什麼時點再進行一輪漲價，以抵消其中一些影響？

Because I guess, the follow-up kind of question to all of this that investors are asking a lot is the Medline Brand margins are in the low 20 range now. It used to be mid-plus 20% range. Is there a pathway to get back there? And what's kind of the catalyst to expect to get there?

因為我想，投資人對這整件事常問的追問是：Medline Brand 的毛利率現在大約在 20% 出頭。以前是 20% 中段甚至更高。是否有一條路徑可以回到那個水準？以及預期能回到那裡的催化因素是什麼？

Brandon, thanks for the question. And you're right, this is a play we've seen historically, right? This is not a new game. And right now, we don't act in times of uncertainty and chaos and crisis. And if you just look at the cost of oil and the cost of raw material over the last six months, they've gone up and down depending on what's going on with the Strait of Hormuz. Is it on -- is oil flowing through? Is it not flowing through?

Brandon，謝謝你的問題。你說得沒錯，這是我們歷史上看過的劇本，對吧？這不是新遊戲。而現在，我們不會在不確定、混亂與危機的時候採取行動。如果你看看過去六個月的油價與原物料成本，它們會隨著荷姆茲海峽的情勢而上下波動。到底是——油有沒有通過？有沒有在流通？

And we think in those times when we don't have visibility to certainty, it's better to absorb and take share than it is to take price that you ultimately have to pull back and give. And that's just a different philosophy than the competition in the marketplace.

我們認為，在這種我們無法看清、也無法確定的時期，與其漲價、最後又不得不把價格拉回來讓利，不如先吸收成本、搶市占。這就是我們與市場上競爭對手不同的理念。

That said, as we've done historically, price is an option. And when we feel like we're at a place where we understand what the true cost impact are, we understand the burden on the business, we will push price increases through. And we do have levers and contract terms in our agreements that allow us to do that. So over time, if this is the new norm, will we push price increases through? The answer is yes. So we do have an avenue to get back to the margin profile you're describing.

話雖如此，如同我們過去一貫的做法，價格仍是一個選項。當我們覺得已經到了能理解真正的成本影響、也理解對業務造成的負擔時，我們就會把漲價推進去。而且在我們的合約中，我們確實有一些槓桿與條款，讓我們可以這麼做。所以隨著時間推移，如果這成為新的常態，我們會不會推動漲價？答案是會。因此，我們確實有一條路徑可以回到你所描述的那種利潤率輪廓。

What we find in these moments is it's better to take share and have the margin lift kind of follow. And we did that during the pandemic. We've done it during multiple scenarios where we focus on feeling the pain and the burden at the same time as the customer, being in the boat with the customer, winning share in the marketplace and over time, pushing those price increases through where we could actually justify it to our customers.

我們在這些時刻的體會是：先搶市占，讓利潤率的提升隨後跟上，通常更好。我們在疫情期間就是這麼做的。在多種情境下我們也都這麼做：我們選擇與客戶同時承受痛點與負擔，與客戶同舟共濟，在市場上贏得市占，並在時間推移中，在我們能夠向客戶合理說明的情況下，把那些漲價推進去。

Erin Wright, Morgan Stanley.

Erin Wright，Morgan Stanley。

So can you speak a little bit more higher level just on overall utilization trends right now, remind us of how that fits into the growth algo, what sort of end market trends are you most levered to? And then you mentioned strength in the kitting business where you do have sizable share. I guess, how does that play into that? And then how do you think about just the health of your hospital customers as well more broadly in the current backdrop?

能否從更高層次談談目前整體使用量（utilization）的趨勢？也請提醒我們這如何納入你們的成長算法（growth algo），你們最主要曝險於哪些終端市場趨勢？另外你提到套組（kitting）業務表現強勁，而你們在那裡有相當大的市占。我想問，這在其中扮演什麼角色？以及在目前的大環境下，你們如何看待更廣泛而言醫院客戶的健康狀況？

Thanks, Erin. So when you think about kind of flow, we don't measure patient volume, which I think is what you're hearing a lot from a lot of the kind of the providers in the network and concerns around the OBBBA and the Affordable Care Act and the lack of patients flowing into the market. What we measure is volume or throughput of supplies. And I can tell you that the first two quarters, we've seen no slowness. As a matter of fact, part of the reason why we're raising our guidance is we've seen same-store sales outperform what we anticipated.

謝謝，Erin。談到所謂的「流量」，我們不衡量病患量（patient volume），我想這也是你從許多醫療服務提供者那邊聽到的：他們對 OBBBA、平價醫療法案（Affordable Care Act）以及病患未流入市場的擔憂。我們衡量的是耗材的量或吞吐量（throughput）。我可以告訴你，前兩個季度我們沒有看到任何放緩。事實上，我們之所以上調指引，部分原因是我們看到同店銷售（same-store sales）表現優於我們原先的預期。

And so do we have a little softness baked into the back half of the year based on what we are hearing from our customers and what they're saying to the Street? We do. However, our business model tends to benefit either way. And what I mean by that is when a person doesn't have access to insurance, they tend to not go to the primary care and they delay their need for health care until they actually have a higher acuity of care need and they end up in the emergency room or they end up in the med-surg floor or the ICU, which for that patient actually has a much higher utilization of supply. So even if the overall volume is down across the different care settings, the actual volume and utilization of supply either maintains or goes up because that patient actually ends up needing more than if they went to the doctor for pneumonia, right, or cold or something like that.

因此，我們是否基於從客戶那裡聽到的內容、以及他們對市場（Street）所說的話，而在下半年預先納入一些疲軟？有的。不過，我們的商業模式往往不論哪種情況都能受益。我的意思是：當一個人無法取得保險時，他們往往不會去看基層醫療（primary care），而是延後就醫，直到需要更高急性程度（higher acuity）的照護，最後進了急診室，或住進內外科病房（med-surg floor）或加護病房（ICU）。對那位病患而言，這其實會帶來更高的耗材使用量。所以即便在不同照護場域的整體量下降，實際的耗材量與使用率仍可能持平甚至上升，因為病患最後需要的資源會比他們若只是因肺炎、感冒之類去看醫生時更多。

So I will tell you, we have seen as it relates to what we measure, flow of goods, a lift, not a drop. But we are being conservative in how we look at the back half of the year tied out to what we're hearing from our customers. So there's a modest softness what we see in kind of the back half of the year, but we have not seen that in our business today.

所以我可以告訴你，就我們所衡量的——貨物流動——而言，我們看到的是提升，而不是下滑。但我們在看待下半年時會更保守，並與我們從客戶那裡聽到的內容相互對照。因此，我們在下半年模型中看到的是溫和的疲軟，但在我們目前的業務中尚未看到那樣的情況。

Michael Polark, Wolfe Research.

Michael Polark，Wolfe Research。

A question on the retail business. I heard 2% of total revenue, mostly Medline Brand, for sake of round numbers, $600 million of revenue. My question is margin profile on that revenue? Is it meaningfully higher than Medline Brands segment? Or should we use the segment? I'm trying to understand profit mix. Is it 4%? Or is it more than that? And then just why weak, why soft, what's the assessment? Is it execution? Or is it macro?

我有一個關於零售業務的問題。我聽到零售約占總營收的 2%，主要是 Medline Brand。以整數估算，大約是 6 億美元營收。我的問題是：這部分營收的利潤率輪廓如何？它是否顯著高於 Medline Brands 部門？還是我們應該直接用該部門的利潤率？我想理解獲利組合。是 4% 嗎？還是高於那個水準？另外，為什麼表現疲弱、為什麼偏軟？你們的評估是什麼？是執行問題？還是宏觀因素？

I'll take the first question, Mike, and Jim will take the second part of the question. So our retail business is less than 2% of our overall sales. Your number is close, maybe a little bit higher than where we're at. And if you think about the business, that business is pretty much all Medline Brands, so it runs at Medline Brand margin. So therefore, that's why we're taking the EBITDA down by a larger percentage relative to what you see on the overall mix of the business in the back half of the year just from the retail business.

Mike，我先回答第一個問題，Jim 會回答第二部分。我們的零售業務占整體銷售不到 2%。你的數字接近，可能比我們目前的水準略高一些。如果你看這門業務，它幾乎全部都是 Medline Brands，因此其利潤率就是 Medline Brand 的利潤率。所以，這也是為什麼在下半年，僅就零售業務而言，我們下調 EBITDA 的幅度會相對於你在整體業務組合上看到的幅度更大。

Yes. And really, the burden that we're feeling is a loss of a portion of a customer, candidly, just to a lack of our sales team understanding the needs of the customers and meeting them where they were. And so we actually lost a portion of the business that are a decent-sized retail customer. But I can tell you what we've done is we've redesigned the sales team, we've actually engaged with the customer, and we're working to earn that business back. The retail business tends to be much more volatile.

是的。坦白說，我們感受到的負擔主要來自於失去了一部分客戶業務，原因在於我們的銷售團隊對客戶需求的理解不足，沒有在客戶所在的位置滿足他們。因此，我們確實流失了一部分來自某個規模不小的零售客戶的業務。但我可以告訴你，我們已經重新設計了銷售團隊，也已與客戶重新接觸，並正努力把那部分業務贏回來。零售業務本來就往往波動更大。

It doesn't have the same contract terms and really the stickiness that we do in our base business, think about acute, non-acute, which means you can lose it fast and you can win it fast. So I can tell you, we're adjusting how we engage. We understand the needs of the business, and we're working towards winning that back.

它的合約條款並不相同，也沒有我們在核心業務中所具備的那種黏著度；想想看急性與非急性（市場），這代表你可能很快就失去，也可能很快就贏回。所以我可以告訴你，我們正在調整我們的互動方式。我們理解業務需求，並正朝著把它贏回來的方向努力。

Navann Ty, BNP Paribas.

Navann Ty，法國巴黎銀行（BNP Paribas）。

I have one more on the retail side. If you had seen weakness across retailers or focused on a certain type, and it sounds like the weakness was Medline specific. If you could confirm that?

我在零售端還有一個問題。你們是否看到零售商整體走弱，或是集中在某一類型？聽起來這個疲弱是 Medline 特定的。可否請你確認？

And my second question is on the investment. If you could discuss the continued investments across service levels in IT and AI, et cetera, and what metrics are you monitoring to slow down the investments. And sorry, if I missed it.

第二個問題是關於投資。可否談談你們在 IT、AI 等服務水準上的持續投資，以及你們在監控哪些指標來放慢投資步伐？抱歉，如果我漏聽了。

So on your first question, Navann, that is correct. It's Medline specific. It's not the overall retail market. It's retail softness relative to our business, specifically in that one customer that Jim talked about. On your second question, we are continuing to make investments in our business to drive efficiencies across the entire organization.

關於你的第一個問題，Navann，沒錯。這是 Medline 特定的。不是整體零售市場的問題。這是相對於我們業務而言的零售疲弱，特別是 Jim 提到的那一位客戶。至於第二個問題，我們會持續在業務上投資，以推動整個組織的效率提升。

We are always looking for ways in which to drive productivity and throughput in our operations facilities. We're always looking at ways to drive efficiency in our manufacturing sites. We are making investments in AI to drive efficiencies, how we deliver service to our customers. And so that is part of what we are doing today, and we'll always do in our business to drive productivity for ourselves and for our customers.

我們一直在尋找方法，提高我們營運設施的生產力與處理量。我們也一直在尋找方法，提高我們製造據點的效率。我們正在投資 AI，以提升效率，以及我們如何向客戶提供服務。因此，這是我們目前正在做的事情，也會一直在業務中持續做，以提升我們自身以及客戶的生產力。

Jailendra Singh, Truist Securities.

Jailendra Singh，Truist Securities。

I want to go back to large customer implementations, creating near-term margin pressure within Supply Chain Solutions. Is that all driven by the operational investments you're doing to bring these customers on board? Or is there something unique about these customers? Just trying to better understand if there's any change in terms of your general margin expansion framework you laid out last year in terms of starting point or pace of ramp? Any color would be helpful.

我想回到大型客戶導入（implementation）在供應鏈解決方案（Supply Chain Solutions）中造成短期毛利壓力這件事。這完全是由你們為了讓這些客戶上線所做的營運投資所驅動嗎？還是這些客戶本身有什麼獨特之處？我想更了解，這是否意味著你們去年提出的一般毛利擴張框架，在起點或爬坡速度上有任何改變？任何補充說明都很有幫助。

Yes, Jailendra, thank you very much for the question. The answer is it's not a margin change. I mean, we had an outsized lift on kind of $2.4 billion. So we had a big growth. Remember, 90% day one is Supply Chain Solutions.

是的，Jailendra，非常感謝你的問題。答案是：這不是毛利結構的改變。我的意思是，我們在約 24 億美元上有一個超出常態的拉升。所以我們有很大的成長。記得，第一天（day one）有 90% 是供應鏈解決方案（Supply Chain Solutions）。

And we burdened the business based on the throughput and the volume of the widget that we're selling. And the first year signings normally have a first year rebate and that first year rebate impacts the margin of Supply Chain Solutions more than it does Medline Brand because 90% of it is in the Supply Chain Solutions business. So when you think about the $2.4 billion with that first year rebate that goes away in the next year, you'll see a lift in the next year.

我們是依據我們所銷售的產品（widget）的處理量與出貨量，將成本分攤到業務上。而第一年簽約通常會有第一年回饋（rebate），這個第一年回饋對供應鏈解決方案的毛利影響大於對 Medline 品牌的影響，因為其中 90% 都在供應鏈解決方案業務裡。所以當你想到這 24 億美元以及那個第一年回饋在下一年會消失時，你會在下一年看到毛利的拉升。

So just to add to that, on the Supply Chain Solutions margin, we reported 4.9% adjusted EBITDA margin for the quarter. And I would tell you that's probably more in line with where we're going to land for the year. While we don't give guidance on our segments, I think now just given the -- both the year one rebates plus the operational investments that we called out earlier in the business, we're looking at more like 4.9% to 5% adjusted EBITDA for that business.

再補充一下，關於供應鏈解決方案的毛利，我們本季報告的調整後 EBITDA 利潤率為 4.9%。我會說，這大概更符合我們今年全年的落點。雖然我們不對各事業部提供指引，但我認為現在考量到——第一年回饋以及我們先前提到的業務營運投資——我們預期該業務的調整後 EBITDA 大約會在 4.9% 到 5% 之間。

Eric Coldwell, Baird.

Eric Coldwell，Baird。

Just a quick one in the slides and in the commentary, I think you mentioned what you call notable wins in physician and lab market. Was hoping for some color on what's driving those wins, where it's coming from? Is it affiliated with existing customers, maybe doing expansions in existing customers? And then also, if you would, an update on the lab market specifically after the Q1 seasonal and low illness season items, just give us some better sense on how that snapped back?

簡短一問：在投影片與評論中，我想你提到你們所稱的在醫師與實驗室市場的「顯著勝利」（notable wins）。希望你能補充一些背景：這些勝利是由什麼驅動、來源是哪裡？是否與既有客戶相關，例如在既有客戶中做擴張？另外，如果可以的話，也請更新一下實驗室市場的狀況：在第一季季節性與低疾病季的因素之後，市場具體是如何回升的，讓我們更清楚了解回彈情況？

Yes. So when you think about the wins, both in the physician office and in the lab market, it was a combination of both. It was expanding relationships with existing acute prime vendors where we didn't have those secondary classes of trade, where we were able to pick up the physician office business or pick up the lab business in those existing customers and some large independent physician office networks, specifically, and some lab wins in customers where we are not the prime vendor, which is a beautiful thing because whenever you can be a prime vendor in the lab, it gives us an opportunity to actually win the rest of the business, no differently than when we're a prime vendor for the acute care business, it gives us the opportunity to win that secondary and tertiary markets that they own, so think about surgery centers, physician office labs.

是的。當你看這些勝利——無論是在醫師診所（physician office）或實驗室市場——它是兩者的組合。一方面是擴大與既有急性照護主供應商（acute prime vendors）的合作關係：在那些我們原本沒有覆蓋的次要交易類別（secondary classes of trade）上，我們得以在既有客戶中拿下醫師診所業務或實驗室業務；同時也包括一些大型獨立醫師診所網路的案子；另一方面，也有一些實驗室的勝利來自於我們並非主供應商（prime vendor）的客戶——這其實很棒，因為只要你能在實驗室成為主供應商，就給了我們機會去贏得其餘業務；這和我們在急性照護成為主供應商時一樣，能讓我們有機會贏得他們所擁有的次級與三級市場，所以可以想像像是手術中心、醫師診所實驗室等。

So it is a part of our playbook is both to win, just literally brand-new things -- brand-new store sales and to grow same-store sales within their existing network. So we saw a blend of both of those things. From a lab perspective, you think about the first quarter did have a drag because of seasonality, and we saw a very nice uplift in the second quarter, specifically our core business grew significantly. I mean we ended up growing nicely in acute care, especially. I mean that's where we saw a really nice lift in the lab business. So we're very happy with the results this quarter.

所以這是我們作戰手冊的一部分：一方面去贏得——字面上——全新的項目，也就是全新據點（store）的銷售；另一方面在其既有網路內提升同店銷售（same-store sales）。因此我們看到兩者的混合。從實驗室角度來看，第一季確實因季節性而受到拖累，而我們在第二季看到非常不錯的回升，特別是我們的核心業務顯著成長。我的意思是，我們在急性照護的成長也相當不錯，尤其是在急性照護方面。那正是我們看到實驗室業務有很漂亮拉升的地方。所以我們對本季結果非常滿意。

Andrew Obin, Bank of America.

Andrew Obin，美國銀行（Bank of America）。

Just a question. You were talking about prime vendor wins and I'm a customer of NYU Langone. I think you press released a win there. You said that here today, signings have been more singles and doubles, to use your analogy. But are there some potential home runs in the pipeline?

我有個問題。你們在談主供應商（prime vendor）的勝利，而我也是 NYU Langone 的客戶。我記得你們有發布新聞稿說在那裡贏得案子。你今天提到，簽約比較像是用你的比喻——多是「一壘安打、二壘安打」（singles and doubles）。但你們的管線裡是否有一些潛在的「全壘打」（home runs）？

And just a follow-up question. Are any of your competitors also passing through IEEPA funds? And is this a differentiator for you that allows you to win these orders?

再追問一個問題。你們的競爭對手是否也在轉付（passing through）IEEPA 資金？而這是否是你們的一個差異化因素，讓你們能贏得這些訂單？

A couple of things. There are absolutely more home runs in the marketplace and opportunities for us to win. They tend to be boulders, you move them a little slower than you move some of the singles and doubles and triples, if you will. And they take a little bit longer time to actually kind of build really that cadence of understanding of the opportunity we can drive in order to win the business.

有幾點。市場上絕對還有更多「全壘打」以及我們可以贏得的機會。它們往往像巨石一樣；相較於「一壘、二壘、三壘安打」，你推動它們的速度會慢一些。而且要真正建立起對我們能帶來何種價值、以便贏得業務的那種節奏與理解，也需要更長的時間。

It's important to understand most of the wins we won in acute care were not through an RFP or a bid cycle. We won them because the customer chose to leave the competitor. And so from a prime vendor perspective, I just -- we don't have a giant win. Last year, we had CommonSpirit. That, in my opinion, is a home run. It's a large customer that we won.

重要的是要理解，我們在急性照護贏下的大多數案子，並不是透過 RFP 或投標週期。我們贏下它們，是因為客戶選擇離開競爭對手。所以從主供應商的角度來看，我只是——我們目前沒有一個特別巨大的勝利。去年我們拿下了 CommonSpirit。在我看來，那就是一支全壘打。那是一個我們贏得的大型客戶。

And then second -- what was the second part of the question?

然後第二個——問題的第二部分是什麼？

Do your competitors sort of passing through IEEPA refunds?

你們的競爭對手是否有點在轉嫁 IEEPA 退款？

Thank you. Sorry about that. The answer is we don't comment on what they're doing. I think we're doing things -- candidly, what we believe is we have to be transparent, fair and do the right thing every time. And I think that's a different approach than the market takes, but I can't tell you exactly what they're doing. What I can tell you is this is the right thing to do for our business.

謝謝。抱歉。答案是，我們不評論他們在做什麼。我認為我們在做的事情——坦白說，我們相信我們必須每一次都做到透明、公平，並做正確的事。我想這與市場採取的做法不同，但我無法確切告訴你他們在做什麼。我能告訴你的是，這對我們的業務而言是正確的做法。

Charles Rhyee, TD Cowen.

Charles Rhyee，TD Cowen。

Maybe just going back a little bit on sort of your estimates for the impacts from the Middle East here. Understanding that a lot of it is out of your control, but just trying to understand a little bit your thought process. You sized it at sort of right now, input costs at $70 million. Obviously, a lot of back and forth going on right now at a -- obviously, at a macro level here. Can you give us a little bit more thoughts on your thought process on how you are trying to figure out what sort of a new norm is?

也許回到你們對中東這邊影響的估算。我理解其中很多不在你們控制範圍內，但想更了解一下你們的思考過程。你們目前把投入成本估在 7,000 萬美元。顯然，現在在——當然，在宏觀層面有很多來回變化。你們能否多談一些你們如何思考、試圖判斷什麼樣才算是新的常態？

Because obviously, when you think about the current administration and sort of the back and forth. It seems like it's changing all the time. Just curious how you are trying to put some -- I can't even say guardrails, but some rails around sort of this -- sizing this impact. Anything there additional would be helpful.

因為顯然，當你想到現任政府以及這種來回反覆。看起來它一直在變。只是好奇你們如何嘗試為——我甚至不能說是護欄，但算是某種框架——來界定並估算這個影響。任何額外的說明都會很有幫助。

Yes. So Charles, the $70 million is primarily made up of product costs, raw materials and finished goods that we source or that we buy in order to manufacture our own finished goods. That's the vast majority of the cost. The smaller portion are the cost of fuel, diesel and the inbound freight costs, fuel surcharges we pay. So obviously, we're doing our best to negotiate and work with our suppliers to understand the potential impacts on all these raw material costs.

是的。所以 Charles，這 7,000 萬美元主要由產品成本、原物料以及我們採購或購買用來製造自有成品的在製與成品所構成。這占了成本的絕大部分。較小的一部分是燃料、柴油成本，以及我們支付的進口運輸成本、燃油附加費。因此，顯然我們正盡最大努力與供應商協商並合作，以了解所有這些原物料成本可能帶來的影響。

We're identifying ways in which to mitigate those costs through actions. We're leveraging our broad sourcing relationships across the globe to do that, ultimately moving production around where we can. And we'll continue to monitor the situation. It is a fluid situation. And so we can't sit here and tell you where we're going to land.

我們正在找出可透過行動來緩解這些成本的方法。我們會運用遍布全球的廣泛採購關係來做到這點，最終在可行之處調整生產配置。我們也會持續監控情勢。這是一個變動中的情況。因此我們無法在這裡告訴你最終會落在哪裡。

But ultimately, we'll just keep on running the playbook we've run all along and leverage our broad scale relationships, leveraging our footprint to drive as much cost savings as we can to mitigate the impact to our business.

但歸根結底，我們會持續按照一直以來的作戰手冊執行，運用我們廣泛且具規模的關係，並善用我們的布局版圖，盡可能推動成本節省，以緩解對我們業務的影響。

And I think last quarter, you mentioned that you would start to see some input costs rise. Is that very broad-based now? Or is that still sort of selective depending on sort of your suppliers? Or maybe what's happening for -- up the supply chain in terms of what your suppliers are feeling in terms of their input costs?

我想上季你提到你們會開始看到一些投入成本上升。現在這是否已經非常普遍？還是仍然是依供應商而有所選擇性？或者從供應鏈上游來看，你們的供應商在其投入成本方面感受到的是什麼情況？

Yes. I mean I think there's a ton of different input costs that we have to deal with, for example, on exam gloves we deal with the NBR as an example, or with resins, we deal with polypropylene and polyethylene. So it depends on the individual raw material that we're talking about, but we're seeing sort of this, I would call it, a whipsaw effect where one week, it's going up and the next week, it's going down.

是的。我的意思是，我們必須面對非常多不同的投入成本，例如以檢查手套為例，我們會面對 NBR；或是樹脂方面，我們會面對聚丙烯與聚乙烯。所以這取決於我們談的是哪一種特定原物料，但我們看到的是——我會稱之為——一種劇烈擺盪的效應：這週上漲、下週下跌。

So we're trying to -- not trying to react to the weekly uncertainty and sort of stay calm and balanced throughout this approach and try to work with them on a more long-term basis, which is how we've always operated. It's not about today, it's about the future and how we work with them to make sure we provide the right level of supply, the best quality at the best cost, the things that we're ultimately focused on.

因此我們試著——不去對每週的不確定性做出反應，而是在整個過程中保持冷靜與平衡，並嘗試以更長期的方式與他們合作，這也是我們一貫的運作方式。重點不在今天，而在未來，以及我們如何與他們合作，確保提供適當的供應水準、最佳品質與最佳成本——這些才是我們最終關注的重點。

This concludes the question-and-answer session. I'd like to turn it over to CEO, Jim Boyle, for closing remarks.

問答環節到此結束。我想把時間交給執行長 Jim Boyle 作結語。

Thank you. Thank you all for joining the call. We are pleased with our second-quarter results and the lift in revenue guidance for the back half of the year. We are implementing enterprise-wide cost savings initiatives to address the margin headwinds, and we're committed to delivering long-term value for our shareholders. Thank you all very much for joining the call, and I hope you have a great week.

謝謝。感謝各位參加本次電話會議。我們對第二季的業績表現，以及對下半年營收指引的上調感到滿意。我們正在推動全企業的成本節省計畫，以因應毛利率的逆風，並致力於為股東創造長期價值。非常感謝各位參加本次電話會議，也祝各位本週愉快。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參與今天的會議。本節目到此結束。您現在可以掛線。