Envista Holdings Corp (NVST) 2021 Q4 法說會逐字稿

My name is David, and I will be your conference call facilitator this afternoon. At this time, I would like to welcome everyone to Envista Holdings Corporation's Fourth Quarter 2021 Earnings Results Conference Call.

我叫大衛，今天下午我將擔任你們的電話會議主持人。此時，我想歡迎大家參加 Envista Holdings Corporation 2021 年第四季度收益結果電話會議。

(Operator Instructions)

（操作員說明）

I'll now turn the call over to Mr. Stephen Keller, Vice President of Investor Relations of Envista Holdings. Mr. Keller, you may begin your conference call.

我現在將電話轉給 Envista Holdings 投資者關係副總裁 Stephen Keller 先生。凱勒先生，您可以開始電話會議了。

Thank you. Hello, and thanks for joining us on the call today. With us here in the room are Amir Aghdaei, our President and Chief Executive Officer; and Howard Yu, our Chief Financial Officer.

謝謝。您好，感謝您今天加入我們的電話會議。與我們同在的還有我們的總裁兼首席執行官 Amir Aghdaei；和我們的首席財務官 Howard Yu。

I want to point out that the earnings release, the slide presentation supplementing today's call and the reconciliation and other information required by SEC Regulation G, relating to any non-GAAP financial measures provided during the call, are available on the Investors section of our website, www.envistaco.com.

我想指出的是，我們網站的投資者部分提供了收益發布、補充今天電話會議的幻燈片演示以及 SEC 條例 G 要求的與電話會議期間提供的任何非 GAAP 財務措施有關的對賬和其他信息, www.envistaco.com.

The audio portion of this call will be archived on the Investors section of our website later today, under the heading Events and Presentations. It will remain archived until our next quarterly call. As announced on January 3, 2022, we have closed the divestiture of our KaVo Treatment Unit and Instrument business.

本次電話會議的音頻部分將於今天晚些時候在我們網站的“投資者”部分的“活動和演示”標題下存檔。在我們下一次季度電話會議之前，它將一直存檔。正如 2022 年 1 月 3 日宣布的那樣，我們已經結束了對 KaVo 治療裝置和儀器業務的剝離。

For the fourth quarter and the full year 2021, the results of this business are reflected as discontinued operations in our financial statements, as required by generally-accepted accounting principles.

對於第四季度和 2021 年全年，根據公認會計原則的要求，該業務的結果在我們的財務報表中反映為已終止經營。

Additionally, the financial statements to be included in our 10-K for the fiscal 2021, will reflect KaVo Treatment Unit and Instrument business as discontinued operations, as required by GAAP.

此外，將包含在我們 2021 財年 10-K 中的財務報表將按照 GAAP 的要求將 KaVo 處理單元和儀器業務反映為已終止的業務。

All references in these remarks and accompanying presentation to earnings, revenues and other company-specific financial metrics, relate only to the continuing operations of Envista's business except for cash flow measures.

這些評論和隨附的收益、收入和其他公司特定財務指標中的所有引用僅與 Envista 業務的持續運營有關，現金流量指標除外。

During the presentation, we will describe some of the more significant factors that impacted year-over-year performance. The supplemental materials describe additional factors that impacted year-over-year performance.

在演示過程中，我們將描述影響同比表現的一些更重要的因素。補充材料描述了影響年度業績的其他因素。

Unless otherwise noted, all references in these materials and supplemental materials to company-specific financial metrics relate to the fourth quarter of 2021, and all references to period-to-period increases or decreases in financial metrics are year-over-year.

除非另有說明，否則這些材料和補充材料中對公司特定財務指標的所有引用均與 2021 年第四季度相關，並且對財務指標的同期增減的所有引用均與去年同期相比。

We may also describe certain products and devices that have applications submitted and pending certain regulatory approvals or are available only in certain markets.

我們還可能會描述某些產品和設備，這些產品和設備已提交申請並正在等待某些監管部門的批准，或者僅在某些市場可用。

During the call, we will make forward-looking statements within the meaning of the federal securities laws, including statements regarding events or developments that we believe, anticipate or may occur in the future.

在電話會議期間，我們將做出聯邦證券法含義內的前瞻性陳述，包括關於我們認為、預期或可能在未來發生的事件或發展的陳述。

These forward-looking statements are subject to a number of risks and uncertainties, including those set forth in our SEC filings, and actual results might differ materially from any forward-looking statements that we make today.

這些前瞻性陳述受到許多風險和不確定性的影響，包括我們在 SEC 文件中提出的風險和不確定性，實際結果可能與我們今天做出的任何前瞻性陳述存在重大差異。

These forward-looking statements speak only as of the date that they are made, and we do not assume any obligation to update any forward-looking statements, except where as required by law. With that, I'd like to turn the call over to Amir.

這些前瞻性陳述僅在作出之日有效，我們不承擔任何更新任何前瞻性陳述的義務，除非法律要求。有了這個，我想把電話轉給阿米爾。

Thank you, Stephen, and welcome, everyone, to Envista's Fourth Quarter 2021 Earnings Call. I want to begin by thanking our employees for delivering an outstanding 2021. Despite a challenging macro environment with COVID-related headwinds, numerous supply chain disruptions, and significant inflation, our employees delivered outstanding results by partnering with dental professionals to improve the lives of patients and expand access to our care.

謝謝你，斯蒂芬，歡迎大家參加 Envista 的 2021 年第四季度財報電話會議。首先，我要感謝我們的員工在 2021 年取得了出色的成績。儘管宏觀環境充滿挑戰，存在與 COVID 相關的逆風、多次供應鏈中斷和嚴重的通貨膨脹，但我們的員工通過與牙科專業人士合作改善患者的生活，取得了出色的成績並擴大獲得我們護理的機會。

Our employees passionate dedication allowed us to deliver on our commitments to our clinicians and our shareholders. For the full year 2021, we delivered core revenue growth of 29% over 2020 and 8.9% over 2019.

我們的員工熱情奉獻，使我們能夠兌現對臨床醫生和股東的承諾。 2021 年全年，我們的核心收入比 2020 年增長 29%，比 2019 年增長 8.9%。

While we did see some softening in patient volumes in late continuing into January, our view is that this is primarily related to staff shortages and patient cancellations driven by Omicron variant and increasing rates of infection.

雖然我們確實看到 1 月下旬患者數量有所下降，但我們認為這主要與 Omicron 變異和感染率上升導致的人員短缺和患者取消有關。

As infections peak, we believe patient volumes will come back with limited loss of demand. We're still growing significantly above pre-pandemic levels, and we continue to benefit from the repositioning of our portfolio, our improved commercial execution and our long-term investments in innovation.

隨著感染達到頂峰，我們相信患者數量將在需求損失有限的情況下恢復。我們的增長仍遠高於大流行前的水平，我們繼續受益於我們投資組合的重新定位、我們改進的商業執行力以及我們對創新的長期投資。

For 2021, our adjusted EBITDA margin was 19.7%, representing a greater than 650 basis point improvement over the pandemic-impacted 2020 and delivering over 400 basis points of improvement versus 2019.

2021 年，我們調整後的 EBITDA 利潤率為 19.7%，比受大流行影響的 2020 年提高了 650 個基點以上，比 2019 年提高了 400 個基點以上。

Before I turn it over to Howard to discuss our fourth quarter results, I want to provide more color on our progress towards our long-term priorities of transforming our portfolio, accelerating our growth and expanding our operating margins.

在我將其交給霍華德討論我們的第四季度業績之前，我想就我們在轉變我們的投資組合、加速我們的增長和擴大我們的營業利潤率等長期優先事項方面取得的進展提供更多的顏色。

2021 was a transformational year for Envista. We took significant steps to reorient our portfolio to higher growth, higher margin segments of the dental industry, where we can create competitive, sustainable advantage.

2021 年是 Envista 轉型的一年。我們採取了重大步驟，將我們的投資組合重新定位到牙科行業的更高增長、更高利潤的細分市場，我們可以在這些細分市場中創造競爭性、可持續的優勢。

We announced and completed the divestiture of the KaVo Treatment Unit and Instruments business, thus shifting our business from a 50-50 split between our 2 reporting segments to more attractive 60-40 mix in favor of the faster-growth and higher-margin Specialty Products & Technologies segment.

我們宣布並完成了 KaVo 處理裝置和儀器業務的剝離，從而將我們的業務從 2 個報告部門之間的 50-50 比例轉變為更具吸引力的 60-40 比例組合，以支持增長更快、利潤率更高的特種產品與技術部門。

Greater than 80% of our sales are now consumables and over 60% of our sales are direct to clinicians. In late December, we also announced the planned acquisition of Carestream Dental's interoral scanner business. Expected to close in Q2 of 2022, this acquisition is consistent with Envista's long-term strategy and will help support the digitization of dental workflows.

現在，我們 80% 以上的銷售額是消耗品，超過 60% 的銷售額直接面向臨床醫生。 12 月下旬，我們還宣布計劃收購 Carestream Dental 的口內掃描儀業務。此次收購預計將於 2022 年第二季度完成，符合 Envista 的長期戰略，將有助於支持牙科工作流程的數字化。

IOS's scanners are a large, fast-growing segment of the dental industry that has above-average profitability. IOS's scans are a critical first step to many high-value Specialty dental procedures, including implant surgical guides, prosthetics and clear aligner treatments.

IOS 的掃描儀是牙科行業中一個規模龐大、增長迅速的部分，其盈利能力高於平均水平。 IOS 的掃描是許多高價值專業牙科手術的關鍵第一步，包括植入手術導板、修復術和隱形矯治器治療。

Carestream Dental's IOS business is a very attractive entry point into this segment. Business come with a proven suite of [scanning] solutions that include both a proficient hardware platform and powerful software capabilities. It is a substantial global business with significant growth upside over the long run.

Carestream Dental 的 IOS 業務是進入該領域的一個非常有吸引力的切入點。企業擁有一套經過驗證的 [掃描] 解決方案，其中包括熟練的硬件平台和強大的軟件功能。這是一項重要的全球業務，從長遠來看具有顯著的增長空間。

We're confident that we can accelerate the growth of this business by increasing customer reach and expanding in underpenetrated geographies and customer segments. This acquisition also comes with a strong R&D team and a promising development pipeline that will further accelerate dental digitization for years to come.

我們相信，我們可以通過擴大客戶範圍並在滲透率低的地區和客戶群中擴張來加速這項業務的增長。此次收購還帶來了強大的研發團隊和前景廣闊的開發渠道，將在未來幾年進一步加速牙科數字化。

Lastly, our proven EBS tools and processes, it allows us to improve quality, delivery and long-term operating margins of this business. While we took significant steps to transform our portfolio through inorganic actions, we are also focused on accelerating our growth through organic investment in innovation and commercial execution.

最後，我們經過驗證的 EBS 工具和流程使我們能夠提高該業務的質量、交付和長期運營利潤率。在我們採取重大步驟通過無機行動轉變我們的投資組合的同時，我們還專注於通過對創新和商業執行的有機投資來加速我們的增長。

As a result of this focused investment, we have made meaningful progress across our businesses. With a uniquely differentiated portfolio, our orthodontic business continues to deliver a strong result, delivering core growth of 38% versus full year 2020.

由於這項集中投資，我們在各項業務中取得了有意義的進展。憑藉獨特的差異化產品組合，我們的正畸業務繼續取得強勁業績，與 2020 年全年相比實現了 38% 的核心增長。

We offer clinicians a full range of orthodontic treatment options, enabling them to provide better, more personalized treatment plans to more patients for better outcomes. We continue to invest in innovation to accelerate our performance. In our core bracket and wire business, the Damon Ultima solution, which was designed for faster and more precise finishing in treatment, continues to grow nicely in North America.

我們為臨床醫生提供全方位的正畸治療選擇，使他們能夠為更多患者提供更好、更個性化的治療計劃，以獲得更好的結果。我們繼續投資於創新以加速我們的業績。在我們的核心支架和線材業務中，Damon Ultima 解決方案旨在更快、更精確地完成治療，在北美繼續保持良好增長。

We recently launched this solution in Europe and hosted 8 Damon Ultima events across 6 countries in Europe, educating more than 600 clinicians on this innovation. The broader Damon System has now been in Europe for 25 years and continues to be a leading solution in brackets and wires.

我們最近在歐洲推出了該解決方案，並在歐洲 6 個國家/地區舉辦了 8 場 Damon Ultima 活動，對 600 多名臨床醫生進行了有關該創新的培訓。範圍更廣的 Damon System 現已在歐洲上市 25 年，並繼續成為支架和線材領域的領先解決方案。

Our Spark Clear Aligner business continues to grow rapidly, hitting $100 million run rate in November of 2021, more than a year ahead of our original plan.

我們的 Spark Clear Aligner 業務繼續快速增長，在 2021 年 11 月達到 1 億美元的運行率，比我們最初的計劃提前了一年多。

In December of 2021, Dr. (inaudible) of Madrid, Spain, treated 100,000 patients with Spark, demonstrating the global reach of this differentiated and best-in-class aligner treatment.

2021 年 12 月，西班牙馬德里的博士（聽不清）使用 Spark 治療了 100,000 名患者，展示了這種差異化和同類最佳矯治器治療的全球影響力。

We're confident that our focus on partnering with professionals to deliver and drive predictable and superior outcomes for patients, will help us become the leading orthodontic solution provider to specialists worldwide.

我們相信，我們專注於與專業人士合作，為患者提供和推動可預測和卓越的結果，這將幫助我們成為全球專家的領先正畸解決方案提供商。

Our Implant business continues to accelerate, delivering over 30% core growth in 2021. Our focus on innovation and commercial execution is a key to our recent success and will allow us to drive and deliver sustainable high single-digit growth in implants.

我們的植入物業務繼續加速發展，到 2021 年實現了超過 30% 的核心增長。我們對創新和商業執行的關注是我們最近取得成功的關鍵，這將使我們能夠推動並實現植入物的可持續高個位數增長。

With over 1,300 direct feet on the street, we work with clinicians, every day, to deliver the best-in-class implant, regenerative and prosthetic solutions. In 2021, we held over 750 events and trained more than 100,000 clinicians on new products, new technologies and best practices in implantology.

我們有超過 1,300 隻腳在街上，每天與臨床醫生合作，提供一流的植入物、再生和修復解決方案。 2021 年，我們舉辦了 750 多場活動，對 100,000 多名臨床醫生進行了種植學新產品、新技術和最佳實踐方面的培訓。

Long-term innovation remains a critical part of our success. We are pleased with the continued success of our TiUltra and (inaudible) surfaces that are designed to promote bone and soft tissue integration.

長期創新仍然是我們成功的關鍵部分。我們很高興我們的 TiUltra 和（聽不清）旨在促進骨骼和軟組織整合的表面持續取得成功。

Globally, over 30% of premium implant sales now feature these innovative surface treatments. In December 2021, we received FDA clearance for our N1 implant system in the U.S. Following our Spark playbook, we're now focused on rolling out N1 to a committed group of key experts and ambassadors, who will then advocate for the product and help train other clinicians.

在全球範圍內，超過 30% 的優質植入物銷售額現在都採用了這些創新的表面處理技術。 2021 年 12 月，我們的 N1 植入系統在美國獲得了 FDA 批准。按照我們的 Spark 劇本，我們現在專注於向一群忠誠的關鍵專家和大使推廣 N1，他們隨後將宣傳該產品並幫助培訓其他臨床醫生。

We expect N1 to support the continued acceleration of our implant business growth in 2022 and beyond. Our Diagnostics and Digital businesses continued to perform well. It delivered core growth of over 25% in full year 2021, as dental professionals remain confident in the outlook for their practices and remained focused on investing for the long term.

我們預計 N1 將支持我們在 2022 年及以後繼續加速植入業務增長。我們的診斷和數字業務繼續表現良好。它在 2021 年全年實現了超過 25% 的核心增長，因為牙科專業人士對其實踐前景充滿信心，並繼續專注於長期投資。

Our (inaudible) offerings, combined with our DTX Studio Clinic software solution, provide our customers with a seamless diagnostic workflow and integrated digital experience. We continue to invest in DTX at advanced, assisted intelligence solution.

我們的（聽不清）產品與我們的 DTX Studio Clinic 軟件解決方案相結合，為我們的客戶提供了無縫的診斷工作流程和集成的數字體驗。我們繼續在先進的輔助智能解決方案中投資於 DTX。

In Q4, our DTX Studio Clinic 2.3 in the United States was released. This new version features many improvements, including an AI-based magic sort functionality that assist clinical users automatically ordering [form-up] 2D X-rays, saving time and effort and align the clinicians to spend more time with patients.

第四季度，我們在美國發布了DTX Studio Clinic 2.3。這個新版本有許多改進，包括基於 AI 的魔術排序功能，可幫助臨床用戶自動訂購 [表格] 2D X 射線，節省時間和精力，並使臨床醫生有更多時間與患者接觸。

Finally, we continue to focus on establishing a strong relationship and partnership with DSOs, which will be an important factor in achieving our long-term growth targets. In January, we announced a novel development partnership with Pacific Dental Services to focus on the AI support of clinical image analysis into PDS-supported practices as well as across the dental market.

最後，我們繼續專注於與 DSO 建立牢固的關係和夥伴關係，這將是實現我們長期增長目標的重要因素。 1 月，我們宣布與 Pacific Dental Services 建立新的開發合作夥伴關係，專注於臨床圖像分析的 AI 支持到 PDS 支持的實踐以及整個牙科市場。

Envista and PDS aim to harness the power of data and machine learning to transform the way in which dentists use clinical imagery to diagnose, plan and treat patients. Our long-term goal is to help clinicians identify and validate the best treatment options, leading to increase acceptance rates and improved patient outcomes.

Envista 和 PDS 旨在利用數據和機器學習的力量來改變牙醫使用臨床圖像診斷、計劃和治療患者的方式。我們的長期目標是幫助臨床醫生確定和驗證最佳治療方案，從而提高接受率並改善患者預後。

In addition to new technologies, long term, we are positioned well to meet the needs of DSOs and can offer a comprehensive set of clinical solutions to DSOs, as they work to expand dental care worldwide.

除了新技術，從長遠來看，我們能夠很好地滿足 DSO 的需求，並且可以為 DSO 提供一套全面的臨床解決方案，因為他們致力於在全球範圍內擴展牙科保健。

In 2021, our DSO business grew by more than 25% and now represents approximately 10% of our total sales. In addition to driving growth, we remain focused on expanding our margins. In 2021, we achieved a full-year adjusted EBITDA margin of 19.7%. This represents over 650 basis points of margin improvement versus 2020 and more than 400 basis points of margin improvement since the IPO.

2021 年，我們的 DSO 業務增長了 25% 以上，目前約占我們總銷售額的 10%。除了推動增長，我們還專注於擴大利潤率。 2021 年，我們實現了 19.7% 的全年調整後 EBITDA 利潤率。與 2020 年相比，這意味著利潤率提高了 650 多個基點，自 IPO 以來利潤率提高了 400 多個基點。

The Envista business system and our focus on continuous improvement is a foundation that drives our short- and long-term profitability. We continuously work to reduce structural costs, consolidate our footprint, improve productivity and drive operational improvements, all while enhancing the customer experience.

Envista 業務系統和我們對持續改進的關注是推動我們短期和長期盈利能力的基礎。我們不斷努力降低結構成本，鞏固我們的足跡，提高生產力並推動運營改進，同時增強客戶體驗。

Across our businesses, adjusted gross margins improved more than 250 basis points in the full year 2021. This is despite of some of the inflationary headwind we have seen as well as investment in ramping up production of Spark.

在我們的業務中，調整後的毛利率在 2021 年全年提高了 250 個基點以上。儘管我們已經看到了一些通貨膨脹的不利因素以及對提高 Spark 產量的投資。

Today, our EBS-driven daily management and focus on execution has allowed us to mitigate many of the significant supply chain disruptions that the world is currently experiencing. I will now turn the call over to Howard to go through our fourth quarter financial and provide more detail on our segment performance.

今天，我們 EBS 驅動的日常管理和對執行的關注使我們能夠減輕世界目前正在經歷的許多重大供應鏈中斷。我現在將把電話轉給霍華德，讓他了解我們第四季度的財務狀況，並提供有關我們部門業績的更多細節。

Thanks, Amir. Before we begin, I'd like to remind you that our fourth quarter results are based on continuing operations, reflecting the sale of our KaVo Treatment Unit and Instruments business. Accordingly, the quarterly results of KaVo Treatment Unit and Instruments business are reported as discontinued operations.

謝謝，阿米爾。在我們開始之前，我想提醒您，我們第四季度的業績是基於持續經營，反映了我們的 KaVo 處理裝置和儀器業務的銷售。因此，KaVo Treatment Unit 和 Instruments 業務的季度業績報告為終止經營業務。

Fourth quarter sales increased 5.8%, to $651.8 million. Reported sales were negatively impacted by 0.5% due to foreign currency exchange rates and further negatively impacted by 0.3% related to other discontinued products.

第四季度銷售額增長 5.8%，達到 6.518 億美元。由於外幣匯率，報告的銷售額受到 0.5% 的負面影響，並進一步受到與其他停產產品相關的 0.3% 的負面影響。

Our core sales growth was 6.6%, compared to fourth quarter of 2020. Our year-over-year growth reflects solid growth from our orthodontic, implant and imaging businesses, which was offset by temporary weakness in our Infection Prevention business.

與 2020 年第四季度相比，我們的核心銷售額增長了 6.6%。我們的同比增長反映了我們正畸、植入和成像業務的穩健增長，這被我們的感染預防業務的暫時疲軟所抵消。

Geographically, Western Europe grew 15%, while North America grew 1.8%, dragged down by its greater exposure to Infection Prevention. Overall, emerging markets continue to expand from pandemic lows, growing 12.8%, despite relative weakness in China, driven by localized pandemic lockdown.

從地域上看，西歐增長了 15%，而北美增長了 1.8%，這主要是受感染預防的影響更大。總體而言，新興市場繼續從大流行低點擴張，增長 12.8%，儘管中國在局部大流行封鎖的推動下相對疲軟。

Our fourth quarter adjusted gross margin from continuing operations was 57.1%, increasing by 60 basis points, compared to the prior year, due to higher volume, favorable product mix, and productivity initiatives across our portfolio.

我們第四季度調整後的持續經營毛利率為 57.1%，與去年同期相比增長 60 個基點，這歸功於我們產品組合中更高的產量、有利的產品組合和生產力舉措。

The adjusted Q4 2021 EBITDA margin was 18.5%, which is a 110 basis points lower than in Q4 of 2020. As expected, in Q4, we continued to invest in our long-term innovation while increasing spend on travel and in-person customer-facing activities, with the continued easing of the pandemic-related lockdowns.

調整後的 2021 年第四季度 EBITDA 利潤率為 18.5%，比 2020 年第四季度低 110 個基點。正如預期的那樣，在第四季度，我們繼續投資於我們的長期創新，同時增加了在旅行和麵對面客戶方面的支出-隨著與大流行相關的封鎖的持續放鬆，面臨的活動。

Our adjusted EBITDA was also negatively impacted by approximately $4 million in stranded costs related to the sale of the KaVo Treatment Unit and Instruments business. We expect to address the estimated greater than $10 million of annual stranded costs in 2022.

我們調整後的 EBITDA 也受到與出售 KaVo 治療裝置和儀器業務相關的約 400 萬美元擱淺成本的負面影響。我們預計到 2022 年將解決估計超過 1000 萬美元的年度擱淺成本。

Our fourth quarter adjusted diluted EPS was $0.46 from continuing operations, compared to $0.43 in the comparable period of the prior year. Our Specialty Products & Technologies segment core revenue increased 14.5%, compared to the fourth quarter of 2020, driven by strong growth in premium implant and continuing strong growth from Spark.

我們第四季度調整後的攤薄每股收益為 0.46 美元，來自持續經營業務，而去年同期為 0.43 美元。與 2020 年第四季度相比，我們的專業產品和技術部門的核心收入增長了 14.5%，這得益於優質植入物的強勁增長和 Spark 的持續強勁增長。

In the fourth quarter, our Orthodontics business grew over 20%, with our core bracket and wire business growing mid-single digit and Spark continuing to accelerate. As Amir mentioned, sales of Spark hit $100 million run rate in late 2021, and we continue to invest to drive growth.

第四季度，我們的正畸業務增長超過 20%，核心托槽和線材業務增長中等個位數，Spark 繼續加速。正如 Amir 提到的那樣，Spark 的銷售額在 2021 年底達到了 1 億美元的運行率，我們將繼續投資以推動增長。

Our Implant business grew double digits in Q4 2021 versus Q4 of 2020, and we continue to accelerate, realizing double-digit sequential growth in the quarter. Our Specialty Products & Technologies segment adjusted operating profit expanded by 150 basis points, reaching 22.1% in the fourth quarter. This expansion is despite the increase in Spark and N1 investment and despite the increase in spend in customer-facing activities.

與 2020 年第四季度相比，我們的植入業務在 2021 年第四季度實現了兩位數的增長，並且我們繼續加速發展，在本季度實現了兩位數的環比增長。我們的特種產品和技術部門調整後的營業利潤在第四季度擴大了 150 個基點，達到 22.1%。儘管對 Spark 和 N1 的投資有所增加，並且在面向客戶的活動中的支出有所增加，但這種擴張仍然存在。

Our fourth quarter Equipment & Consumables segment core sales from continuing operations, decreased by 3.3%, compared to Q4 2020. Strong demand and solid execution in our Imaging business drove the results in the segment with core growth of 9%, compared to the fourth quarter of 2020.

與 2020 年第四季度相比，我們第四季度的設備和耗材部門核心銷售額與 2020 年第四季度相比下降了 3.3%。與第四季度相比，我們成像業務的強勁需求和穩健的執行推動了該部門的業績增長 9% 2020 年。

Our (inaudible) business also performed well in Q4, delivering mid-single-digit core growth. This was led by strong performance in Europe and Latin America. Sales growth continues to be driven by sellout, and channel inventories remain at healthy levels.

我們的（聽不清）業務在第四季度也表現良好，實現了中個位數的核心增長。這是由歐洲和拉丁美洲的強勁表現帶動的。銷售增長繼續受到售罄的推動，渠道庫存保持在健康水平。

As expected, sales of our Infection Prevention solutions declined from peak pandemic demand. Despite the lower Q4 sales, inventory sellout trends, reported by our distribution partners, indicate that we are gaining market share in our core dental market. Long term, we expect this business to grow mid-single digits.

正如預期的那樣，我們的感染預防解決方案的銷售額因大流行病需求高峰而有所下降。儘管第四季度銷售額較低，但我們的分銷合作夥伴報告的庫存銷售趨勢表明我們正在獲得核心牙科市場的市場份額。從長遠來看，我們預計該業務將實現中個位數增長。

Equipment & Consumables adjusted operating profit margin was 21.4% from continuing operations in the fourth quarter of 2021 versus 23% in 2020. Solid margin improvement in our imaging and restorative solutions was offset by the slowdown in Infection Prevention.

2021 年第四季度，設備和耗材調整後的持續經營營業利潤率為 21.4%，而 2020 年為 23%。我們的成像和修復解決方案的穩健利潤率增長被感染預防業務的放緩所抵消。

Further, we experienced some inflation related to chemical commodities that impacted our Infection Prevention business. The segment was also burdened with approximately $4 million of stranded costs in the quarter, related to the sale of the KaVo Treatment Unit and Instruments business.

此外，我們經歷了一些與化學商品相關的通貨膨脹，這影響了我們的感染預防業務。該部門在本季度還承擔了約 400 萬美元的滯留成本，這與出售 KaVo 處理裝置和儀器業務有關。

We have begun to address these stranded costs and are confident that we will be able to minimize the impact, as we move through 2022. With the sale of the KaVo Treatment Unit and instruments business and the pending acquisition of Carestream Dental's IOS business, we are confident that our Equipment & Consumable business will grow faster and be more profitable.

我們已經開始解決這些擱淺的成本，並有信心在 2022 年之前能夠將影響降至最低。隨著 KaVo 治療裝置和器械業務的出售以及對 Carestream Dental 的 IOS 業務的即將收購，我們相信我們的設備和耗材業務將增長得更快，利潤更高。

For the fourth quarter, we generated free cash flow of $157.1 million, and we ended the quarter with over $1 billion in cash. Our working capital increased in the quarter due to our increased sales, selective inventory builds associated with our restructuring activities and proactive supplier management, allowing us to ensure supply stability while mitigating inflation.

第四季度，我們產生了 1.571 億美元的自由現金流，本季度末我們擁有超過 10 億美元的現金。由於我們的銷售額增加、與我們的重組活動相關的選擇性庫存構建以及積極的供應商管理，我們的營運資金在本季度有所增加，這使我們能夠確保供應穩定，同時緩解通貨膨脹。

Our balance sheet is very strong, and we have ample liquidity to both close the acquisition of Carestream Dental's IOS business, while also pursuing additional inorganic growth opportunities, as they become available.

我們的資產負債表非常強勁，我們有充足的流動性來完成對 Carestream Dental 的 IOS 業務的收購，同時也尋求額外的無機增長機會，因為它們可用。

Looking forward to 2022, barring any major COVID-related disruptions, we are expecting to deliver core growth of between 6% and 8% and expecting to deliver full-year adjusted EBITDA margin of greater than 20%.

展望 2022 年，除非出現任何與 COVID 相關的重大中斷，否則我們預計將實現 6% 至 8% 的核心增長，並預計全年調整後的 EBITDA 利潤率將超過 20%。

Our guidance reflects our balanced focus on accelerating growth while continuing to expand margins. In 2022, we expect to continue to significantly invest in our long-term growth initiatives, including Spark, N1 and our digital workflow solutions.

我們的指引反映了我們在加速增長的同時繼續擴大利潤率的平衡重點。 2022 年，我們預計將繼續大量投資於我們的長期增長計劃，包括 Spark、N1 和我們的數字工作流解決方案。

Further, we expect to continue to increase our spend on customer-facing activities, which we curtailed during 2020 and 2021 due to COVID.

此外，我們預計將繼續增加面向客戶活動的支出，由於 COVID，我們在 2020 年和 2021 年削減了這些活動。

In terms of phasing, we expect our adjusted EBITDA margins for the first half of 2022 to be in the high teens, as we continue to invest in our long-term growth while also addressing our stranded costs related to the sale of KaVo Treatment Unit and Instruments business.

在分階段方面，我們預計 2022 年上半年調整後的 EBITDA 利潤率將處於高位，因為我們將繼續投資於我們的長期增長，同時還要解決與銷售 KaVo 處理裝置和儀器業務。

For the second half of 2022, we expect our adjusted EBITDA margins to be higher, as we benefit from the portfolio transformation, and we continue to focus on driving productivity while investing in growth.

到 2022 年下半年，我們預計調整後的 EBITDA 利潤率會更高，因為我們受益於投資組合轉型，我們將繼續專注於提高生產力，同時投資於增長。

It is important to note that our guidance does not reflect the impact of the pending acquisition of Carestream Dental's IOS business. We currently expect this to close in Q2, and we'll provide updated guidance related to the underlying business as well as planned integration and growth-related investments, once we have closed the transaction.

重要的是要注意，我們的指導意見並未反映 Carestream Dental 的 IOS 業務的未決收購的影響。我們目前預計這將在第二季度完成，一旦我們完成交易，我們將提供與基礎業務相關的最新指南以及計劃中的整合和增長相關投資。

I'll turn the call over to Amir for some closing comments.

我會把電話轉給阿米爾聽取一些結束語。

Thanks, Howard. We are pleased with our 2021 results and remain very optimistic about the future of the dental industry. Given our recent portfolio moves, we are now more focused on the faster-growing, higher-margin and most attractive segments within dental.

謝謝，霍華德。我們對 2021 年的業績感到滿意，並對牙科行業的未來保持非常樂觀。鑑於我們最近的投資組合舉措，我們現在更專注於牙科領域增長更快、利潤率更高和最具吸引力的細分市場。

We continue to work with our clinical partners to streamline their operations and improve patient care while expanding access to oral care around the world. Moving forward, our priorities remain the same. We will accelerate growth, expand our operating margin and continue to further transform our portfolio through active and disciplined capital deployment.

我們繼續與我們的臨床合作夥伴合作，以簡化他們的運營並改善患者護理，同時擴大全球口腔護理的可及性。展望未來，我們的優先事項保持不變。我們將加速增長，擴大我們的營業利潤率，並通過積極和有紀律的資本配置繼續進一步轉變我們的投資組合。

Our intention is to be the leader in orthodontics, providing a differentiated and integrated suite of treatment options, including bracket and wires and clear aligners. Our comprehensive offering empowers orthodontists to provide the best treatment modality for each patient.

我們的目標是成為正畸領域的領導者，提供一套差異化的綜合治療方案，包括托槽和線材以及隱形矯治器。我們全面的產品使正畸醫生能夠為每位患者提供最佳治療方式。

Based on our broad portfolio and this powerful combination, we plan to triple our Spark business in the next 3 years while continuing to gain share in wire and brackets.

基於我們廣泛的產品組合和這種強大的組合，我們計劃在未來 3 年內將我們的 Spark 業務增加兩倍，同時繼續增加電線和支架的份額。

We will further accelerate our growth in implants by leveraging our premium implant franchise to provide full solutions across the implant workflow, including regenerative and prosthetic offerings by leveraging our diagnostics and digital capabilities.

我們將利用我們的優質植入物特許經營權，進一步加速我們在植入物方面的增長，通過利用我們的診斷和數字能力，提供整個植入物工作流程的完整解決方案，包括再生和修復產品。

We will continue to grow and broaden access to our highly-profitable and differentiated Consumables business. Finally, we will leverage our strength in imaging and diagnostics to build digitally-integrated workflows from diagnostics to treatment planning to execution for our clinical partners.

我們將繼續發展和拓寬我們高利潤和差異化的耗材業務。最後，我們將利用我們在成像和診斷方面的優勢，為我們的臨床合作夥伴構建從診斷到治療計劃再到執行的數字化集成工作流程。

We will continue to utilize our EBS heritage to both improve our execution and drive margin expansion. We are committed to delivering annual margin expansion.

我們將繼續利用我們的 EBS 傳統來提高我們的執行力並推動利潤增長。我們致力於實現年度利潤增長。

Finally, we continue to see significant opportunities to invest organically and inorganically. And we have the financial flexibility and management focus to further accelerate our growth trajectory. We have disciplined capital deployment and inorganic investments.

最後，我們繼續看到重要的有機和無機投資機會。我們擁有財務靈活性和管理重點，可以進一步加快我們的增長軌跡。我們有紀律的資本配置和無機投資。

As we continue in our journey to digitize, personalize and democratize the dental industry, we are excited about hosting our first Investor Summit, designed to highlight our unique and differentiated product portfolio and digitally-integrated solutions.

隨著我們繼續推進牙科行業數字化、個性化和民主化的進程，我們很高興舉辦我們的第一屆投資者峰會，旨在突出我們獨特和差異化的產品組合和數字集成解決方案。

This event would bring together our historically popular Ormco Forum and Nobel Biocare symposium with a brand-new technology track to create a 3-track agenda, designed to educate and train dental professionals in every aspect of dentistry, united by our best-in-class customer experience and products.

該活動將我們歷史上廣受歡迎的 Ormco 論壇和 Nobel Biocare 研討會與全新的技術軌道匯集在一起，以創建一個三軌議程，旨在教育和培訓牙科各個方面的牙科專業人員，並由我們一流的專家聯合起來客戶體驗和產品。

The progress we made this quarter and in 2021, is a direct reflection of our culture, centered on continuous improvement and our commitment to our customers in the dental industry.

我們在本季度和 2021 年取得的進展直接反映了我們以持續改進為中心的文化以及我們對牙科行業客戶的承諾。

Our purpose is to partner with dental professionals and improve patients’ lives by personalizing, digitizing and democratizing dental care.

我們的目的是與牙科專業人士合作，通過牙科護理的個性化、數字化和民主化來改善患者的生活。

We're excited about our continued growth journey in 2022 and beyond.

我們對 2022 年及以後的持續增長之旅感到興奮。

Thanks, Amir. That concludes our formal comments. We are now ready for questions.

謝謝，阿米爾。我們的正式評論到此結束。我們現在準備好提問了。

(Operator Instructions)

（操作員說明）

And we'll take our first question from Elizabeth Anderson with Evercore.

我們將從 Elizabeth Anderson 和 Evercore 提出我們的第一個問題。

Congrats on a nice quarter. Maybe to kick us off, Amir, can you talk -- give us a little bit more details on the impact of Omicron, this time around? It seems like it was maybe a little bit, obviously, different than earlier wave, maybe either by different areas or, sort of, also as we go into January, how those trends have been continuing?

祝賀一個不錯的季度。也許是為了讓我們開場，阿米爾，你能談談——這次能給我們更多關於 Omicron 影響的細節嗎？很明顯，這似乎與之前的浪潮有一點不同，可能是在不同的地區，或者在我們進入 1 月份時，這些趨勢是如何持續的？

Thank you, Elizabeth. What we saw at the end of Q4, the last 2 weeks of December, a lot of feedback from our partners in various DSOs and companies that we work with, is a significant slowdown in the past -- in the last 2 weeks of December.

謝謝你，伊麗莎白。我們在第四季度末，也就是 12 月的最後兩週看到的，我們合作夥伴在各種 DSO 和我們合作的公司中的大量反饋，是過去的顯著放緩——在 12 月的最後兩週。

And that was purely because of the infection ramping up, increased rate of infection, a lot of cancellation as well as staff shortages. Third, this trend continued in the first 2 weeks of January as well.

這純粹是因為感染加劇、感染率增加、大量取消以及人員短缺。第三，這一趨勢在 1 月的前兩周也繼續存在。

What we are seeing now, a ramp back up to normal demand and patient volumes. And we think that as infections move past the peak, we believe, patient volumes would come back with limited loss of demand.

我們現在看到的是恢復到正常需求和患者數量。我們認為，隨著感染高峰期過去，患者數量會隨著需求的有限損失而回升。

Overall, really optimistic about underlying demand, remain mindful of continued risk of COVID, or we think that we are really centered in helping supporting our customers to manage through this challenging time. And we do not see that as being a major impact in our growth, as we go throughout the year.

總的來說，對潛在需求非常樂觀，繼續關注 COVID 的持續風險，或者我們認為我們真正專注於幫助支持我們的客戶度過這個充滿挑戰的時期。我們認為這不會對我們全年的增長產生重大影響。

And maybe the follow-up, Howard, I know you gave the guide for the full year with the first half versus second half margin differences in some of the details there. I was just thinking about maybe the demand profile.

也許是後續行動，霍華德，我知道你給出了全年的指南，其中一些細節有上半年和下半年的利潤差異。我只是在考慮需求概況。

Can you -- any more details you can share with us about, sort of, how you see demand progressing, as we go through the year? And anything else that would be good to call out, just in terms of the phasing of the quarters?

你能 - 你可以與我們分享更多關於你如何看待需求進展的細節，因為我們經歷了這一年嗎？就季度的階段性而言，還有什麼值得一提的嗎？

Sure, sure. Thanks for the question. Yes. As we indicated, we see the full-year guide is growing 6% to 8%, with the adjusted EBITDA margins north of 20%.

一定一定。謝謝你的問題。是的。正如我們所指出的，我們看到全年指引增長 6% 至 8%，調整後的 EBITDA 利潤率超過 20%。

If we talk about, let's say, Q1, with some of the slowdown that we saw very early on in the quarter, we expect mid-single-digit growth, core growth here in Q1 and high teens EBITDA, particularly as we work through some of the stranded costs as well as continue to fortify a lot of the investments that we're making.

如果我們談論，比方說，第一季度，我們在本季度早些時候看到了一些放緩，我們預計第一季度的中等個位數增長，核心增長和高青少年 EBITDA，特別是當我們通過一些擱淺的成本，並繼續加強我們正在進行的許多投資。

As Amir indicated, we're really pleased with where our Spark business is, and we're prepared to go ahead and continue to invest in that business. And so you're seeing a little bit of softness there. But then throughout the year, I'd say, with each quarter, you're going to see improvements in our growth rates as well as our margins.

正如 Amir 所指出的，我們對我們的 Spark 業務的現狀感到非常滿意，我們準備繼續投資該業務。所以你在那裡看到了一點點柔軟。但是在整個一年中，我會說，每個季度，你都會看到我們的增長率和利潤率都有所提高。

We'll take our next question from Jeff Johnson with Baird.

我們將與 Baird 一起接受 Jeff Johnson 的下一個問題。

Two questions here for me. One, just on the price increases. We've confirmed with a couple of the dealers, you did take a price increase here at the start of the year. Seems like 2% to 3%, kind of, holding across most of Consumables. Is that a fair way to think about it? One. And then two, is there any pricing power in any other parts of the portfolio?

這裡有兩個問題。一，只是漲價。我們已經與幾家經銷商確認，你們在年初確實提價了。似乎是 2% 到 3%，在大多數消耗品中都有。這是一個公平的思考方式嗎？一。其次，投資組合的任何其他部分是否有定價權？

We've heard anecdotally some of the implant guys taking price increases? Would like to know what you're doing there, maybe or anything else in the portfolio?

我們聽說過一些植入物專家接受提價？想知道你在那裡做什麼，也許或投資組合中的其他任何東西？

So yes, Jeff, I don't think that -- we don't institute across-the-board price increases. Each of our opcos are taking appropriate pricing actions to drive growth while protecting and expanding our margins. Pricing should be seen as a tailwind, as you indicated. We have done some of that in some of our businesses.

所以是的，傑夫，我不認為——我們不會實行全面的價格上漲。我們的每個 opcos 都在採取適當的定價行動來推動增長，同時保護和擴大我們的利潤率。正如您所指出的，定價應被視為順風。我們已經在我們的一些業務中做了一些。

I would say that it wouldn't be limited just to the Consumables piece. You mentioned Implant. Even as it relates to orthodontics as well, we see that as being an opportunity. Longer term, I think we continue to believe that our focus on innovation is the key to maintaining and expanding average selling prices and margins as well as -- as we look to drive growth.

我會說它不會僅限於消耗品部分。你提到了植入物。即使它也與牙齒矯正有關，我們認為這是一個機會。從長遠來看，我認為我們仍然相信，我們對創新的關注是維持和擴大平均售價和利潤率的關鍵，同時我們希望推動增長。

Yes. All right. That's helpful. And then, Amir, maybe on Spark, you hit that $100 million run rate earlier than I think any of us were expecting. It sounds like about $75 million for the full year. And you're talking about now tripling that over 3 years. So is that a fair way to think about it? $75 million in 2021 going to $225 million over the next 3 years?

是的。好的。這很有幫助。然後，阿米爾，也許在 Spark 上，你達到 1 億美元的運行率比我認為我們任何人預期的都要早。聽起來全年約為 7500 萬美元。你現在說的是在 3 年內增加兩倍。那麼這是一種公平的思考方式嗎？ 2021 年的 7500 萬美元將在未來 3 年內增加到 2.25 億美元？

And what are you seeing just in the short run here? Have you -- in clear aligners, I know you're in market share-taking position, so it's hard to see kind of a slowdown, if there's been a pull forward or some discretionary spending dollars that aren't as strong this year as they might have been in the heat of last year. But just what are you seeing for the clear aligner demand side of the equation over the next few quarters?

你在短期內看到了什麼？你有沒有 - 在明確的對齊方式中，我知道你處於市場份額的位置，所以很難看到放緩，如果有一個拉動或一些可自由支配的支出美元今年不那麼強勁他們可能在去年最熱的時候。但是，在接下來的幾個季度中，您對等式的明確對齊需求方面有何看法？

Yes, of course. Your calculation is not wrong. You are close to what we are seeing, not exactly those numbers, but it's not far off. We are -- we have created, and we have talked about this continuously, a differentiated solution, and it is really focused on a professional medtech segment of the market.

是的當然。你的計算沒有錯。你接近我們所看到的，不完全是那些數字，但也相差不遠。我們是——我們已經創造了，並且我們一直在談論這個差異化的解決方案，它真正專注於市場的專業醫療技術領域。

And that has been proven that it is truly differentiated. People see the value of it, not only on the product itself but on training, education and service and support and the way that we bring people up to speed and continue to support a moving [floor].

事實證明，它確實與眾不同。人們看到它的價值，不僅體現在產品本身，還體現在培訓、教育、服務和支持，以及我們讓人們跟上速度並繼續支持移動 [floor] 的方式。

For sure, there has been some pull forward. But we don't expect that, that would have any impact in our ramp, as we go forward.

當然，有一些推動力。但我們不希望，隨著我們前進，這會對我們的增長產生任何影響。

As you know very well, we started through a very phased approach of adding dentists every quarter and seeing them coming up to speed. That process has continued, as we have gone forward.

如您所知，我們開始採用非常分階段的方法，每季度增加牙醫並讓他們跟上進度。隨著我們的前進，這一進程仍在繼續。

To give you a little bit of a feel, both on the production as well as the number of dentists that are now using Spark as their primary clear aligner, we are seeing a double-digit growth in the number of dentists, number of doctors that they're using.

為了讓您稍微了解一下，無論是生產還是現在使用 Spark 作為主要透明矯治器的牙醫數量，我們都看到牙醫數量呈兩位數增長，使用 Spark 的醫生數量他們正在使用。

And it is across geographies. In fact, in Europe, our ramp is exceeding what we saw in North America. So we are pretty confident that what we have done, the approach that we have taken is working.

而且它是跨地域的。事實上，在歐洲，我們的增長速度超過了我們在北美看到的。所以我們非常有信心，我們所做的，我們所採取的方法是有效的。

And some of the things that you're seeing in the market, it actually has proven the approach that we took, showing a steady -- make sure that we provide a differentiated solution, is working. And we feel that's going to be the trend to continue, as we go forward.

你在市場上看到的一些東西，實際上已經證明了我們採取的方法，表現出穩定 - 確保我們提供差異化的解決方案，正在發揮作用。隨著我們的前進，我們認為這將成為繼續的趨勢。

We'll take our next question from John Kreger with William Blair.

我們將接受 John Kreger 和 William Blair 的下一個問題。

Amir, could you talk a little bit more about the Carestream strategy? I'm curious, if you look at that installed base, to what degree that those are, sort of, your customers already? Or are they kind of a new customer opportunity?

阿米爾，你能多談談 Carestream 的戰略嗎？我很好奇，如果你看看那個已安裝的基礎，這些已經在多大程度上是你的客戶？或者他們是一種新的客戶機會？

And how is the integration at this point? Will you be up and running, let's say, with Spark and other solutions right away? Or should we assume that will take some time?

以及此時的整合情況如何？比方說，您會立即使用 Spark 和其他解決方案啟動並運行嗎？還是我們應該假設這需要一些時間？

John, let me maybe -- just a little bit of frame this on the IOS market first, and then I answer that question. We think, this market is over $1 billion, is growing double digit. We think, this market has above EBITDA, compared to the rest of the product out there.

約翰，讓我先在 IOS 市場上做一點框架，然後我回答這個問題。我們認為，這個市場超過 10 億美元，正在以兩位數的速度增長。我們認為，與其他產品相比，這個市場的 EBITDA 更高。

And our estimates are that this is less than 15% penetrated. So there are some key numbers in there to think about. The business was about -- close to about $60 million last year. If you go back, take a look at it mathematically or since the introduction of 3,600, 3,700 and 3,800, that -- the Carestream has less than 10,000 installed base, worldwide.

我們的估計是滲透率不到 15%。所以有一些關鍵數字需要考慮。去年，這項業務大約——接近 6000 萬美元。如果你回過頭來看，從數學上或自推出 3,600、3,700 和 3,800 以來，Carestream 在全球的安裝基數不到 10,000。

So now, take a look at the ramp that is taking place, the access that we can provide and integration with the DTX and then 3,400 salespeople that we have out there, access to geographies and DSOs. It gives us an opportunity to take this business and bring it to a different level, continue to invest in R&D, integrated into our software.

所以現在，看看正在發生的斜坡，我們可以提供的訪問和與 DTX 的集成，然後是我們在那裡的 3,400 名銷售人員，訪問地理和 DSO。它使我們有機會開展這項業務並將其提升到一個不同的水平，繼續投資於研發，並將其集成到我們的軟件中。

And then EBS plays such an important role in here to improve delivery, quality and margin over time. We have been looking at, as you well know, in this space for almost 5 or 6 years, and we found that Carestream IOS has and meets many of those qualifications that we have been looking for.

然後 EBS 在這裡發揮如此重要的作用，隨著時間的推移提高交付、質量和利潤。正如您所知，我們在這個領域關注了將近 5 或 6 年，我們發現 Carestream IOS 擁有並滿足我們一直在尋找的許多資格。

It's a great product. Hardware is just really good, and has a suite of software that is already in place. And where we can add value, is really complementary to what Carestream has done in the past. I can't comment a lot until this deal is completely closed, but we expect an integration, the DTX that takes place as soon as the deal is closed in Q2.

這是一個很棒的產品。硬件真的很好，並且有一套已經到位的軟件。我們可以增加價值的地方，確實是對 Carestream 過去所做工作的補充。在這筆交易完全結束之前，我不能發表太多評論，但我們預計會在第二季度交易結束後立即進行整合，即 DTX。

And we expect a ramp throughout the year in various geographies, as we go forward. We think, impact in the next few years is going to be over 50 basis points of core growth to our run rate as well as over 40 basis points of margin expansion.

隨著我們的前進，我們預計全年在各個地區都會出現增長。我們認為，未來幾年的影響將是核心增長率超過 50 個基點，以及超過 40 個基點的利潤率擴張。

So it is a really complementary business that is going to help us not only on its core, as a product, but also in our intention of digitizing the industry as a whole.

因此，這是一項真正互補的業務，不僅可以幫助我們作為產品的核心，而且可以幫助我們將整個行業數字化。

We'll take our next question from Jon Block with Stifel.

我們將從 Stifel 的 Jon Block 那裡回答下一個問題。

Just first one on N1. And if you guys can just talk to the rollout cadence in the U.S. and will Omicron delay the pace of that rollout a little bit? And then maybe just to level set as a tack-on, I think, previously, you guys have talked about 300 doctors trained in Europe on N1.

N1 上的第一個。如果你們能談談美國的推出節奏，Omicron 會稍微推遲推出的步伐嗎？然後也許只是將級別設置作為附加功能，我想，之前，你們已經討論過 300 名在歐洲接受過 N1 培訓的醫生。

What's that off of a base of? Just so we can sort of size up where you are in the training process in Europe, since it was obviously approved over there, several quarters ago. And then I'll ask a follow-up.

那是什麼基礎？這樣我們就可以了解您在歐洲培訓過程中所處的位置，因為它顯然是幾個季度前在那裡獲得批准的。然後我會問一個後續行動。

Yes, I'm happy to give you that background, Jon. Exactly correct. We started training in Europe. And we have several hundred dentists that they are now using actively N1. Actively, in our opinion, is more than one-time purchases that are beginning to transition some of their current usage to N1, and they're beginning to see the outcome of that. And they're giving us some really good feedback.

是的，喬恩，我很樂意向你介紹這些背景。完全正確。我們開始在歐洲訓練。我們有數百名牙醫，他們現在正在積極使用 N1。在我們看來，積極的不僅僅是一次性購買開始將他們當前的一些使用轉變為 N1，並且他們開始看到其結果。他們給了我們一些非常好的反饋。

Our approach in the U.S. is very similar to what we did with the Spark. We're going to have to create these cohorts of 5 to 10 people in a smaller, safe setting.

我們在美國的做法與我們對 Spark 所做的非常相似。我們將不得不在一個更小、更安全的環境中創建這些 5 到 10 人的隊列。

In fact, the first group is going to take place this weekend. We're going to teach them, train them, bringing them up to speed. These are the key experts, ambassadors, let them become very familiar with the product, use it in their facility. We're going to put people on site to work with them. And as they become comfortable, they're going to start teaching and rolling this out on our behalf.

事實上，第一組將於本週末舉行。我們要教他們，訓練他們，讓他們跟上速度。這些是關鍵專家、大使，讓他們非常熟悉產品，在他們的設施中使用它。我們將派人到現場與他們一起工作。當他們變得舒適時，他們將開始代表我們進行教學和推廣。

Then we will sign up the next cohort, the next cohort and the next cohort, going forward. I want to do a little bit of a compare for you. Spark, the way rollout has taken place, now -- some of the key experts in some geographies in Spain, as an example.

然後我們將註冊下一個隊列，下一個隊列和下一個隊列，繼續前進。我想為你做一點比較。 Spark，現在推出的方式——以西班牙某些地區的一些主要專家為例。

Now, they are creating its followership model, that they train on their own, invite a large number of orthodontists, they see the value, they can show cases, and they can see a migration and transition to Spark.

現在，他們正在創建它的追隨者模型，他們自己訓練，邀請大量正畸醫生，他們看到了價值，他們可以展示案例，他們可以看到向 Spark 的遷移和過渡。

Our goal with N1 is to replicate that model in 2022 in North America, be thoughtful, be really diligent about how we want to go about it and manage in a safe environment, a cohort or a group of people that they can truly see the value of it, a step-up.

我們對 N1 的目標是在 2022 年在北美復制該模型，要深思熟慮，真正勤奮地思考我們想要如何去做，並在安全的環境中管理，一群人或一群人，他們可以真正看到價值其中，一個升級。

Besides N1, our implant businesses, specifically Nobel, in Q4, premium implant grew double digit, compared to 2020, and double digit, compared to 2019. So our performance has improved significantly, and we are beginning to see -- and we have seen in the past 6 quarters, quarter-after-quarter better performance.

除了 N1，我們的植入物業務，特別是 Nobel，在第四季度，優質植入物與 2020 年相比增長了兩位數，與 2019 年相比增長了兩位數。因此我們的業績有了顯著改善，我們開始看到——我們已經看到在過去的6個季度中，一個季度又一個季度的表現更好。

I think, N1 is just going to be an addition to what our team in North America, in Europe and in China has been doing for us, which is getting this business to a high single-digit growth on an ongoing basis.

我認為，N1 將成為我們在北美、歐洲和中國的團隊一直在為我們所做的工作的補充，這將使這項業務持續實現高個位數增長。

That's great. That was very helpful. And just as a second question, and I might try to fit 2 in there. Howard, for you. More than 20% EBITDA margins, I just felt, previously, when you guys used to talk high teens, I mean, when you say more than 20%, and you used to talk 50 to 75 bps per annum, just maybe some clarity, like what does that mean? Is the 50 to 75 bps that you used to talk about, been tact off the [19 7]?

那太棒了。這很有幫助。作為第二個問題，我可能會嘗試將 2 放在那裡。霍華德，給你。超過 20% 的 EBITDA 利潤率，我只是覺得，以前，當你們過去常常談論高青少年時，我的意思是，當你們說超過 20% 時，你們過去常常談論每年 50 到 75 個基點，也許只是一些清晰度，就像那是什麼意思？您過去談論的 50 到 75 個基點是否已從 [19 7] 中刪除？

And then admittedly, a second -- separate second question in there. Can you just get The Street comfortable with a mid-single-digit Infection Prevention, long term? I think, if there was any blemish in the quarter, it was just around Infection Prevention.

然後誠然，第二個 - 單獨的第二個問題在那裡。從長遠來看，你能讓華爾街對中個位數的感染預防感到滿意嗎？我認為，如果本季度有任何瑕疵，那就是感染預防。

Why the confidence? You guys alluded to some of the sellout data? I know, you're going into new markets there, but why should we feel confident in that MSD, long term?

為什麼有信心？你們提到了一些銷售數據？我知道，你們將進入那裡的新市場，但我們為什麼要長期對 MSD 充滿信心？

Sure, Jon. So let me go ahead and answer the first one, as it relates to the EBITDA guide. We remain focused on delivering balanced performance. We've said that all along, of accelerating growth while expanding our margins. In 2022, we're raising our growth outlook and still expanding our margins.

當然，喬恩。所以讓我繼續回答第一個問題，因為它與 EBITDA 指南有關。我們仍然專注於提供平衡的性能。我們一直都在說，在擴大利潤的同時加速增長。到 2022 年，我們將提高增長前景並繼續擴大利潤率。

But we also are planning to make some pretty significant investments to sustain and certainly to ultimately accelerate our long-term growth.

但我們也計劃進行一些相當重要的投資，以維持並最終加速我們的長期增長。

And so as you recall, at the time of IPO, we went from no growth to low single-digit growth to mid-single-digit growth, and now we're taking it up to the single-digit plus growth and looking to even drive higher over the long term. And so certainly, the 50 to 75 basis points is something that we committed to on a per annual basis. We've driven over 400 bps of margin expansion in the last 2 years.

你還記得嗎，在首次公開募股時，我們從零增長到低個位數增長，再到中等個位數增長，現在我們正在將其提高到個位數以上的增長，並希望甚至長期走高。當然，50 到 75 個基點是我們每年承諾的。在過去的兩年裡，我們推動了超過 400 個基點的利潤率擴張。

We think that we want to be balanced in our approach, and we certainly want to go ahead and invest where we see the long-term growth and the opportunity. And so we're taking advantage of that opportunity. And we're still going to develop -- deliver some margin expansion.

我們認為我們希望在我們的方法中保持平衡，我們當然希望繼續投資我們看到長期增長和機會的地方。所以我們正在利用這個機會。而且我們仍然會發展 - 提供一些利潤率擴張。

Also keep in mind the reality of where we're at today. We know that there is some inflationary factors that are impacting our business a little bit here as well. And so we want to be thoughtful and prudent about what we lay out for next year -- or for 2022.

還要記住我們今天所處的現實。我們知道有一些通貨膨脹因素也對我們的業務產生了一點影響。因此，我們希望對明年或 2022 年的計劃進行深思熟慮和謹慎。

Let me answer the IPS question. So we outlined the underlying macro drivers. So now, the safety protocols is going to continue to exist, and it's going to be in place, and it's a long-term trend, and it's not going to change.

讓我回答 IPS 的問題。因此，我們概述了潛在的宏觀驅動因素。所以現在，安全協議將繼續存在，並且將會到位，這是一個長期趨勢，不會改變。

We know that there are expansion of the offices, people are getting a lot more sophisticated on how they treat patients and go forward. So the underlying macro trends are there, and the business has been very focused on the dental.

我們知道辦公室在擴大，人們在如何治療病人和前進方面變得更加成熟。因此，潛在的宏觀趨勢就在那裡，業務一直非常專注於牙科。

We have over 50% -- up to about 60% market share in the dental in the U.S. and not a whole lot of presence in Europe as well as on the medical side. So combine those with what has been happening. If you look at the sellout -- on a sellout basis, we continue to take share in dental. And we continue to see long-term growth opportunities in medical.

我們在美國的牙科市場份額超過 50%——高達約 60%，而在歐洲和醫療方面的份額並不多。因此，將這些與正在發生的事情結合起來。如果你看一下售罄——在售罄的基礎上，我們繼續在牙科領域佔有份額。我們繼續看到醫療領域的長期增長機會。

What we saw in second half, is a combination at overstock inventory. And not necessarily wasn't all of our inventory. There was a little bit of a hoarding took place in 2020, demand pick. People need to, kind of, work through that inventory. The inventories are coming down.

我們在下半年看到的是積壓庫存的組合。不一定不是我們所有的庫存。 2020 年出現了一些囤積，需求選擇。人們需要，有點，通過該清單進行工作。庫存正在下降。

We are pretty confident that by Q2 second half, this business is going to be back to what we expected to be normal, high profitability as well as mid-single-digit growth, what it used to be before COVID.

我們非常有信心，到第二季度下半年，這項業務將恢復到我們預期的正常水平、高盈利能力以及中等個位數增長，這與 COVID 之前的情況相同。

With all the changes that we have done with the management effort, consolidation of some of our activities, focus -- EBS, focus on the commercial, we think we have runway in this business.

通過我們在管理方面所做的所有改變，整合我們的一些活動，專注於 EBS，專注於商業，我們認為我們在這項業務中有跑道。

So we are committed, we're confident that we can get this back on a mid-single-digit growth in high profitability part of our portfolio, most likely by second half, if not sooner.

所以我們承諾，我們有信心我們可以通過我們投資組合中高盈利能力部分的中個位數增長來恢復這一點，很可能在下半年，如果不是更早的話。

We'll take our next question from Erin Wright with Morgan Stanley.

我們將與摩根士丹利一起接受 Erin Wright 的下一個問題。

Great. A follow-up on Spark here. Can you speak to the traction in U.S. versus international markets and how the broader international rollout is progressing? And how, also, you're incorporating Spark into maybe some of your DSO relationships and the strategy on that front?

偉大的。在這裡對 Spark 進行跟進。您能談談美國市場與國際市場的牽引力以及更廣泛的國際推廣進展如何嗎？還有，您如何將 Spark 納入您的某些 DSO 關係和這方面的戰略中？

Yes. Thank you, Erin. So -- let me -- the reason that, that approach that we have taken is -- I want to go back to our bracket and wire business. We have close to about 20% share. 70% of that business is outside U.S. We have significant presence in emerging markets, in Europe.

是的。謝謝你，艾琳。所以 - 讓我 - 我們採取這種方法的原因是 - 我想回到我們的支架和電線業務。我們擁有接近 20% 的份額。該業務的 70% 在美國以外。我們在新興市場和歐洲都有重要業務。

We have an incredible training and education program, and we have done a really good job. While everybody is moving away from that business, we just continue to take share in there.

我們有一個令人難以置信的培訓和教育計劃，我們做得非常好。雖然每個人都在遠離該業務，但我們只是繼續在那里分享。

So we have said, our first effort in Spark was just to go back to the true and tested customer base of Ormco. That was in the U.S., in Europe, and now we're signing, we're registering -- and we're going through the registration process, approval process. Geography by geography, specific even we are really strong in our base business of our Ormco.

所以我們已經說過，我們在 Spark 中的第一個努力只是為了回到 Ormco 的真實和經過測試的客戶群。那是在美國，在歐洲，現在我們正在簽署，我們正在註冊——我們正在經歷註冊過程，批准過程。逐個地理，具體地說，即使我們在 Ormco 的基礎業務中真的很強大。

And the way we are approaching it is, make sure that orthodontics and those that they have primarily focused in these procedures, see the value of the Spark and also see the value of a combination of the same company, giving them the competitive advantage, giving them the tools that they can become really productive. That has been our first approach.

我們接近它的方式是，確保正畸學和他們主要關注這些程序的那些人，看到 Spark 的價值，也看到同一家公司合併的價值，給他們競爭優勢，給他們可以成為真正富有成效的工具。這是我們的第一個方法。

Then we're sort of looking at, as you said, the DSOs. If you look at some of the new announcement that we have made, relationships with some of the largest DSOs in U.S. and Europe, they have an orthodontist capability inside those DSOs.

然後，正如您所說，我們正在研究 DSO。如果你看一下我們發布的一些新公告，以及與美國和歐洲一些最大的 DSO 的關係，他們在這些 DSO 中擁有正畸能力。

Pacific, (inaudible), they already do a large number of cases. They already use a large number of aligners. So -- our focus on orthodontists and professionals is not changing. We're just expanding that.

太平洋，（聽不清），他們已經處理了大量案例。他們已經使用了大量的對準器。所以——我們對正畸醫生和專業人士的關注沒有改變。我們只是在擴展它。

And last but not least, a lot of GPs now are coming to us, and they're asking to learn about Spark, as they are seeing the benefit of it, as they're learning and coming up to speed.

最後但並非最不重要的是，現在有很多 GP 來找我們，他們要求了解 Spark，因為他們看到了它的好處，因為他們正在學習並加快速度。

So -- as we had said, we're not after direct to consumers, but for those that they are committed to the orthodontics segment, and they want to give people options, improve the quality of life, we're there to help them to do better job to provide better services to their patients. And we're going to follow that trend, and we think there is a significant amount of runway for us in that space.

所以——正如我們所說，我們不是直接面向消費者，而是針對那些致力於牙齒矯正領域的人，他們希望為人們提供選擇，改善生活質量，我們在那裡幫助他們做得更好，為患者提供更好的服務。我們將遵循這一趨勢，我們認為在該領域我們有大量的跑道。

Okay. Great. And in terms of M&A, can you speak to the pipeline at the moment and where the focus is, especially following your Carestream acquisition, what makes sense at this juncture?

好的。偉大的。在併購方面，您能否談談目前的管道以及重點在哪裡，尤其是在您收購 Carestream 之後，此時此刻什麼有意義？

Yes, happy to do it, Erin. I mean we outlined a sort of priority for us. And this is -- honestly, it's not a new thing. This is my year 7 in dental. In the past 7 years, we have been cultivating various companies. We have been analyzing the market, we are looking at various strengths.

是的，很高興這樣做，艾琳。我的意思是我們為我們概述了一種優先事項。這是——老實說，這不是什麼新鮮事。這是我在牙科的第 7 年。在過去的7年裡，我們一直在培育各種公司。我們一直在分析市場，我們正在尋找各種優勢。

And what we are seeing, where there is an opportunity for differentiated solution, in order to really improve patients' life, it is an implant. And not necessarily only an implant itself, from diagnostic all the way to prosthetics.

而我們所看到的是，在有差異化解決方案機會的地方，為了真正改善患者的生活，它是一種植入物。而且不一定只是植入物本身，從診斷一直到假肢。

In that space, we see opportunities for adding to our value implant portfolio, regenerative, prosthetic pieces and continue to add digital capabilities around AI, guided surgery, robotic, navigated surgery.

在那個領域，我們看到了增加我們的價值植入物組合、再生、假肢的機會，並繼續增加圍繞人工智能、引導手術、機器人、導航手術的數字能力。

Look at the orthodontic space, ortho space, we see this combination of bracket and wire as well as clear aligner offer significant opportunity for us to become a lot more digitally capable.

看看正畸空間，正畸空間，我們看到托槽和線材以及透明對準器的這種組合為我們提供了更多數字化能力的重要機會。

I want to put something in here. Last year, we put 2 new releases of Spark out there. This year, our intention is to really ramp that up to be the product of choice. In order to do that, we want to create an open platform that we can integrate other capabilities, other software tools, other AI tools, so we can give people choices, both on that 2 segments that we talked about.

我想在這裡放點東西。去年，我們發布了 2 個新版本的 Spark。今年，我們的目標是真正提升它成為首選產品。為了做到這一點，我們想要創建一個開放平台，我們可以集成其他功能、其他軟件工具、其他 AI 工具，這樣我們就可以在我們談到的兩個細分市場上為人們提供選擇。

Ortho implant through digitally-enabled workflow integration, that's where we want to be focused on. We have been cultivating the company, working with company, and we're going to continue to stay on that trend.

通過支持數字化的工作流程集成進行正交植入，這就是我們想要關注的地方。我們一直在培養公司，與公司合作，我們將繼續保持這種趨勢。

We'll take our next question from Nathan Rich with Goldman Sachs.

我們將從高盛的 Nathan Rich 那裡回答下一個問題。

Howard, I maybe wanted to ask on the building blocks to the 6% to 8% organic growth. I think in 2021, the innovation products that you called out, drove 300 basis points of growth last year.

霍華德，我可能想問一下實現 6% 到 8% 有機增長的基石。我認為在 2021 年，你所說的創新產品去年推動了 300 個基點的增長。

I guess, could you maybe talk about what you're expecting from those products in 2022? And then going back to your comments on cadence, kind of, starting at mid-single-digit growth in the first quarter, it implied that you, I think, end the year at the high end or maybe even a bit above that 6% to 8% range.

我想，您能否談談您對 2022 年這些產品的期望？然後回到你對節奏的評論，有點，從第一季度的中等個位數增長開始，我認為這意味著你將在年底結束，甚至可能略高於 6%到 8% 的範圍。

Is that just driven by the kind of effect of sequential growth in these products, as they continue to ramp? Appreciate any details you could share around that.

這僅僅是由於這些產品繼續增長而產生的連續增長的影響嗎？感謝您可以分享的任何細節。

Sure, Nate. So maybe for the first part of that question, consistent with what we've said and what we believe here, as it relates to the guide for 2022, we think that the Spark and N1 will deliver at least north of 200, somewhere between 200 and 300 basis points of growth, once again, here in 2022.

當然，內特。所以也許對於這個問題的第一部分，與我們所說的和我們在這里相信的一致，因為它與 2022 年的指南有關，我們認為 Spark 和 N1 將至少交付 200 以上，介於 200 之間和 300 個基點的增長，在 2022 年再次出現。

And so -- and clearly, you're going to see the mix up, as we said, in the Specialty side, as that growth has been -- and we've enjoyed faster growth in that segment of the business. And so we'll continue to see that as well.

因此——很明顯，正如我們所說，你會看到專業方面的混亂，正如這種增長一樣——我們在該業務領域享有更快的增長。因此，我們也將繼續看到這一點。

Bearing in mind again that this guidance does not contemplate the Carestream Dental IOS acquisition. So that's the first piece. And then as it relates to phasing and the like, yes, we think that we see a little bit of slowdown here in the first quarter, and that's why we see the mid-single-digit growth.

再次記住，本指南並未考慮 Carestream Dental IOS 的收購。這是第一部分。然後，由於它與分階段等相關，是的，我們認為我們在第一季度看到了一些放緩，這就是為什麼我們看到中等個位數的增長。

And it will ramp up to get us likely on the high end of that guide, if not slightly north of that by the end of the year. And we'll see a steady, consistent improvement in growth quarter-over-quarter, is the plan here.

而且它將逐漸上升，使我們有可能在該指南的高端，如果到今年年底還沒有略微偏北的話。我們將看到季度環比增長穩定、持續的改善，這是這裡的計劃。

Okay. Great. And then if I could ask on China. Could you maybe just go into a bit more detail on how it performed in the fourth quarter? I know you said it was below the 13% growth in emerging markets, but can you maybe just talk about what you saw in the fourth quarter and so far here in the first quarter?

好的。偉大的。然後我能不能問問中國。您能否更詳細地介紹一下它在第四季度的表現？我知道你說過它低於新興市場 13% 的增長率，但你能不能談談你在第四季度和第一季度到目前為止看到的情況？

And then related to that, I think you have Spark in China now as well. It's a clear aligner market that's dominated by 2 players, right now. I guess, what is the uptake of Spark been like in China, as we think about that market opportunity?

然後與此相關，我認為您現在在中國也有 Spark。這是一個明顯的對準器市場，目前由 2 個參與者主導。我想，當我們考慮這個市場機會時，Spark 在中國的採用情況如何？

Sure. Happy to answer that, Nate. The China's Zero COVID policy is in place and continues to be in place. 15 provinces hit various level of lockdown in Q4.

當然。很高興回答這個問題，內特。中國的零 COVID 政策已經到位並將繼續到位。 15個省份在第四季度實行了不同程度的封鎖。

And this Omicron continues to be an important factor, specifically given the Winter Olympics, travel and many other elements play a role in here. But let me break that down for you.

而這個 Omicron 仍然是一個重要因素，特別是考慮到冬季奧運會、旅行和許多其他因素在這裡發揮作用。但是，讓我為您分解一下。

Our Specialty business, our Implant and Ortho in the quarter was growing double digit and continues to -- that trend continues, as we have come through 2022. In -- what we're seeing in the Consumable & Equipment business, we saw a general weakness in there.

我們的專業業務，我們的植入物和 Ortho 在本季度增長了兩位數，並且繼續 - 這種趨勢仍在繼續，因為我們已經到了 2022 年。在 - 我們在消耗品和設備業務中看到的，我們看到了一個普遍的情況那裡的弱點。

And the decline was primarily in that segment and low single-digit decline. We expect that it's going to continue weakness in Q1. But in long term, we think that -- we are really confident in what is taking place in China. We have a significant presence, there is underpenetrated opportunity there. We're building -- continue to build capabilities, manufacturing, marketing and sales, working with DSOs.

下降主要發生在該細分市場，並且下降幅度很小。我們預計它將在第一季度繼續疲軟。但從長遠來看，我們認為——我們對中國正在發生的事情非常有信心。我們有重要的存在，那裡有未被充分利用的機會。我們正在建設 - 繼續建設能力，製造，營銷和銷售，與 DSO 合作。

Answering to your question about Spark, we have been very thoughtful about priorities, where we wanted to start building presence, building capabilities. We have the product already approved. We have -- not only from a clinical perspective, but also manufacturing capabilities in China.

在回答你關於 Spark 的問題時，我們對優先事項進行了深思熟慮，我們希望從哪裡開始建立影響力，建立能力。我們的產品已經獲得批准。我們不僅從臨床角度來看，而且在中國也有製造能力。

But this is a process that we have taken step-by-step, geography by geography, make it successful, take the next one. That's the approach that we are taking.

但這是一個我們一步一步走的過程，一個地理一個地理，成功了，走下一個。這就是我們正在採取的方法。

Last part of that, Nate, is at every other geography. We're not focused on the low-cost direct-to-consumers, commodity-based. Our bracket and wire is growing rapidly in China, focus on the professional, medtech professional. And Spark is exactly positioned in data space.

Nate，最後一部分是在所有其他地理位置。我們並不專注於低成本的直接面向消費者的商品。我們的支架和線材在中國發展迅速，專注專業，medtech專業。而Spark正是定位於數據空間。

That's where we want to be, really, in a good position. And we say we want to be the #1 player in the data space. That's the space that we are focusing on, and we let the pull-through. Those people teach it, establish it, show the outcome, and it's going to create a domino effect and network effect, and we're going to see the outcome of that over time, as we have seen in other geographies.

這就是我們想要成為的地方，真的，處於一個有利的位置。我們說我們想成為數據領域的第一大玩家。那是我們關注的空間，我們讓它通過。那些人教授它，建立它，展示結果，這將產生多米諾骨牌效應和網絡效應，隨著時間的推移，我們將看到它的結果，就像我們在其他地區看到的那樣。

And in the interest of time, I'll turn the program back to Mr. Stephen Keller for any closing comments.

為了節省時間，我會將程序轉回給 Stephen Keller 先生，徵求任何結束評論。

Thank you, everyone, for your time today. We really appreciate it. If you have any questions, we're here, happy to take any calls. But have a great afternoon, a great evening, and thank you for your time.

謝謝大家今天的時間。我們真的很感激。如果您有任何疑問，我們隨時待命，很樂意接聽任何電話。但祝你度過一個美好的下午，一個美好的夜晚，感謝你的時間。

This does conclude today's program. Thank you for your participation, and you may now disconnect.

今天的節目到此結束。感謝您的參與，您現在可以斷開連接。