Patterson Companies Inc (PDCO) 2023 Q3 法說會逐字稿

Ladies and gentlemen, good morning. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Patterson Companies, Inc. Third Quarter Fiscal 2023 Earnings Conference Call. Today's conference is being recorded. (Operator Instructions) And I will now turn the conference over to John Wright, Vice President of Investor Relations. You may begin.

女士們，先生們，早上好。我叫艾比，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 Patterson Companies, Inc. 2023 財年第三季度收益電話會議。今天的會議正在錄製中。 （操作員說明）我現在將會議轉交給投資者關係副總裁 John Wright。你可以開始了。

Thank you, operator. Good morning, everyone, and thank you for participating in Patterson Companies Fiscal 2023 Third Quarter Conference Call. Joining me today are Patterson President and Chief Executive Officer, Don Zurbay; and Patterson Chief Financial Officer, Kevin Barry. After a review of the fiscal 2023 third quarter results and outlook by management, we will open the call to your questions.

謝謝你，運營商。大家早上好，感謝您參加帕特森公司 2023 財年第三季度電話會議。今天加入我的是 Patterson 總裁兼首席執行官 Don Zurbay；和 Patterson 首席財務官 Kevin Barry。在管理層對 2023 財年第三季度的業績和展望進行審查後，我們將開始徵求您的問題。

Before we begin, let me remind you that certain comments made during this conference call are forward-looking in nature and subject to certain risks and uncertainties. These factors, which could cause actual results to materially differ from those indicated in such forward-looking statements, are discussed in detail in our Form 10-K and our other filings with the Securities and Exchange Commission. We encourage you to review this material.

在我們開始之前，讓我提醒您，在本次電話會議中發表的某些評論本質上是前瞻性的，並受到某些風險和不確定性的影響。這些因素可能導致實際結果與此類前瞻性陳述中所示的結果存在重大差異，在我們的 10-K 表格和我們向美國證券交易委員會提交的其他文件中進行了詳細討論。我們鼓勵您查看此材料。

In addition, comments about the markets we serve, including growth rates and market shares, are based upon the company's internal analysis and estimates. The content of this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast, March 2, 2023. Patterson undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this call. Also, a financial slide presentation can be found in the Investor Relations section of our website at pattersoncompanies.com.

此外，有關我們所服務市場的評論，包括增長率和市場份額，均基於公司的內部分析和估計。本次電話會議的內容包含時效性信息，這些信息僅在 2023 年 3 月 2 日直播之日準確。Patterson 不承擔修改或更新任何前瞻性陳述以反映該日期之後的事件或情況的義務這個電話。此外，可以在我們網站 pattersoncompanies.com 的投資者關係部分找到財務幻燈片演示。

Please note that in this morning's conference call, we will reference our adjusted results for the third quarter of fiscal '23. A reconciliation table in our press release is provided to adjust reported GAAP measures, namely operating income, loss, other income, expense, net income before taxes, income tax expense, net income, net income attributable to Patterson Companies, Inc. and diluted earnings per share attributable to Patterson Companies, Inc. or the impact of deal amortization, integration and business restructuring expenses, legal reserves, inventory donation charges and gains on investments along with the related tax effects of these items.

請注意，在今天上午的電話會議中，我們將參考 23 財年第三季度的調整後結果。我們的新聞稿中提供了調節表，以調整報告的 GAAP 指標，即營業收入、虧損、其他收入、費用、稅前淨收入、所得稅費用、淨收入、歸屬於 Patterson Companies, Inc. 的淨收入和稀釋後收益歸屬於 Patterson Companies, Inc. 的每股收益，或交易攤銷、整合和業務重組費用、法定準備金、庫存捐贈費用和投資收益的影響，以及這些項目的相關稅收影響。

We will also discuss free cash flow as defined in our earnings release, which is a non-GAAP measure and use the term internal sales to represent net sales adjusted to exclude the impact of foreign currency, contributions from recent acquisitions and the extra week of selling results in the first quarter of fiscal '22. These non-GAAP measures are not intended to be a substitute for our GAAP results. This call is being recorded and will be available for replay starting at 10 a.m. Central Time for a period of 1 week.

我們還將討論我們的收益發布中定義的自由現金流，這是一種非公認會計原則衡量標準，並使用術語內部銷售額來表示調整後的淨銷售額，以排除外彙的影響、近期收購的貢獻和額外一周的銷售22 財年第一季度的結果。這些非 GAAP 措施無意替代我們的 GAAP 結果。此通話正在錄製中，可在美國中部時間上午 10 點開始重播，為期 1 週。

Now I'd like to hand the call over to Don Zurbay.

現在我想把電話轉給 Don Zurbay。

Thanks, John, and good morning, everyone. Thank you for joining us to discuss our third quarter fiscal 2023 results. We appreciate your interest in Patterson Companies.

謝謝，約翰，大家早上好。感謝您加入我們討論我們 2023 財年第三季度的業績。感謝您對帕特森公司的關注。

We had a very good third quarter, reflecting the successful execution of our strategy to create value for both our customers and our shareholders. Overall, for our fiscal third quarter, we delivered internal sales growth of 2% year-over-year as a modest decline in our Dental segment was more than offset by growth in our Animal Health segment.

我們的第三季度表現非常出色，反映出我們成功執行了為客戶和股東創造價值的戰略。總體而言，在我們的第三財季，我們實現了 2% 的內部銷售額同比增長，因為我們的牙科部門的適度下降被我們的動物保健部門的增長所抵消。

We achieved adjusted operating margin expansion for the overall business and within both our Dental and Animal Health segments, demonstrating our ongoing strategic focus on operational excellence, improved mix and disciplined expense management. And ultimately, we generated adjusted earnings of $0.62 per diluted share, an increase of 13% over last year's third quarter.

我們在整體業務以及我們的牙科和動物保健部門實現了調整後的營業利潤率增長，表明我們持續將戰略重點放在卓越運營、改進組合和嚴格的費用管理上。最終，我們的調整後每股攤薄收益為 0.62 美元，比去年第三季度增長 13%。

As a result of our progress through the first 3 quarters and our expectations for the final months of our fiscal year, we remain on track to achieve the internal sales growth and adjusted operating margin expansion goals we outlined at the beginning of the year. And we narrowed our fiscal 2023 adjusted earnings guidance to $2.25 to $2.30 per diluted share.

由於我們在前 3 個季度取得的進展以及我們對本財年最後幾個月的預期，我們仍有望實現我們在年初概述的內部銷售增長和調整後的營業利潤率擴張目標。我們將 2023 財年調整後的收益指引收窄至每股攤薄收益 2.25 美元至 2.30 美元。

Our continued strong performance reflects the resolute commitment to our proven strategy and its key areas of focus. In the third quarter, we continued to deepen the value proposition we offer our customers. This included completing 2 strategic acquisitions in the Animal Health segment that enhance our offerings, investing in a cutting-edge, highly sustainable warehouse facility in the U.K. to expand our presence in that region, rolling out improvements to our Dental customer loyalty program, Patterson Advantage and strengthening our supply chain through onshoring collaborations with our manufacturing partners.

我們持續的強勁表現反映了我們對行之有效的戰略及其重點關注領域的堅定承諾。第三季度，我們繼續深化為客戶提供的價值主張。這包括在動物保健部門完成 2 項戰略收購以增強我們的產品，在英國投資一個尖端的、高度可持續的倉庫設施以擴大我們在該地區的業務，推出改進我們的牙科客戶忠誠度計劃 Patterson Advantage通過與我們的製造合作夥伴的在岸合作來加強我們的供應鏈。

This ongoing work to deepen the value we provide Dental and Animal Health customers differentiates Patterson and makes us an indispensable partner, not just a distributor. We also made progress enhancing our margin performance with a focus on operational excellence, improved mix and thoughtful planning with our strategic manufacturer partners. This is evident in our operating margin expansion within each of our 2 segments and enterprise-wide.

這項旨在深化我們為牙科和動物保健客戶提供的價值的持續工作使 Patterson 脫穎而出，並使我們成為不可或缺的合作夥伴，而不僅僅是分銷商。我們還通過專注於卓越運營、改進組合以及與我們的戰略製造商合作夥伴進行深思熟慮的規劃，在提高利潤率方面取得了進展。這在我們兩個部門和整個企業範圍內的營業利潤率擴張中顯而易見。

And finally, we remain committed to managing the organization with a keen focus on cost discipline. We continue to focus on running a rigorous process for this discipline and return on our investments.

最後，我們仍然致力於通過高度關注成本紀律來管理組織。我們繼續專注於為該學科運行嚴格的流程並獲得投資回報。

Before I move on to a more detailed discussion of our segment performance, I want to highlight 2 important leadership appointments we made in the third quarter. First, Kevin Barry was named our Chief Financial Officer. Kevin's career demonstrates a successful track record of creating more efficient cost structures, driving cash flow and generating value for shareholders. Kevin has been an integral member of the finance organization of Patterson for several years, and I'm confident in the direction of the finance organization under his leadership. Kevin (inaudible) on maintaining Patterson's balanced capital allocation approach to drive long-term value creation.

在我繼續更詳細地討論我們的部門業績之前，我想強調我們在第三季度做出的 2 項重要領導任命。首先，凱文巴里被任命為我們的首席財務官。 Kevin 的職業生涯展示了在創建更高效的成本結構、推動現金流和為股東創造價值方面的成功記錄。多年來，凱文一直是帕特森財務組織不可或缺的成員，我對他領導下的財務組織的發展方向充滿信心。凱文（聽不清）關於維持帕特森的平衡資本配置方法以推動長期價值創造。

Second, we created the new role of Chief Operating Officer to enhance our accountability and focus on leveraging the value of our total enterprise to drive efficiency and improve performance. Our Dental and Animal Health segments cater to different end users that share key characteristics across their operations and end markets. I believe there is considerable opportunity to drive increased synergy to build upon the competitive advantages we have across those markets.

其次，我們設立了首席運營官這一新角色，以加強我們的問責制，並專注於利用我們整個企業的價值來提高效率和績效。我們的牙科和動物保健部門迎合不同的最終用戶，這些用戶在其運營和終端市場中具有共同的關鍵特徵。我相信有相當多的機會來推動增強協同作用，以建立我們在這些市場上的競爭優勢。

None is better suited to lead this initiative than Kevin Pohlman, most recently President of Patterson Animal Health. Kevin is a proven operator with a strong track record of performance improvement and serving customers. In this new role, Kevin has been working to identify opportunities to improve operations and optimize performance. He has also established a Patterson operating leadership team comprised of key leaders in both segments to further strengthen alignment and adoption of best practices across the organization.

沒有人比 Patterson Animal Health 最近的總裁 Kevin Pohlman 更適合領導這項倡議。 Kevin 是一位久經考驗的操作員，在績效改進和服務客戶方面有著良好的記錄。在這個新角色中，Kevin 一直致力於尋找改善運營和優化績效的機會。他還建立了一個由兩個部門的主要領導組成的 Patterson 運營領導團隊，以進一步加強整個組織的一致性和最佳實踐的採用。

The businesses that comprise Patterson's Animal Health segment will be overseen by their existing leaders: George Henriques, President of Companion Animal; and Steve Cunningham, President of Production Animal. Tim Rogan will continue to lead the Dental segment as its President.

構成 Patterson 動物保健部門的業務將由其現有領導人監督：Companion Animal 總裁 George Henriques； Production Animal 總裁 Steve Cunningham。蒂姆·羅根 (Tim Rogan) 將繼續擔任牙科部門總裁。

Patterson has a deep bench of highly capable executive leaders who are instrumental in developing and implementing Patterson's strategy. I believe these enhancements to the executive leadership team best position Patterson to achieve our goals and drive long-term shareholder value.

Patterson 擁有一批能力超群的執行領導，他們在製定和實施 Patterson 的戰略方面發揮了重要作用。我相信，對執行領導團隊的這些改進使 Patterson 能夠實現我們的目標並推動長期股東價值。

Now I'll turn to our segment performance, starting with Dental. Our third quarter Dental segment internal sales decreased about 4% year-over-year primarily driven by a decline in digital and CAD/CAM technology products and deflationary impacts on our infection control consumables category.

現在我將轉向我們的部門表現，從牙科開始。我們第三季度牙科部門的內部銷售額同比下降約 4%，這主要是由於數字和 CAD/CAM 技術產品的下降以及對我們的感染控制耗材類別的通貨緊縮影響。

Nonetheless, outstanding execution by our teams enabled our Dental segment to maintain double-digit operating margins and deliver year-over-year operating margin expansion. We remain focused on advancing and strengthening key margin enhancement initiatives.

儘管如此，我們團隊出色的執行力使我們的牙科部門保持了兩位數的營業利潤率，並實現了同比營業利潤率的增長。我們仍然專注於推進和加強關鍵的利潤率提升計劃。

In consumables, our internal sales in the third quarter declined low single digits year-over-year due to the persistent deflationary impact of certain infection control products. However, excluding infection control products, our consumables category grew approximately 5% in the fiscal third quarter.

在消耗品方面，由於某些感染控制產品的持續通縮影響，我們第三季度的內部銷售額同比下降了低個位數。然而，不包括感染控制產品，我們的消耗品類別在第三財季增長了約 5%。

We provide a broad range of infection control products, and demand for these offerings remain strong in comparison to pre-COVID levels as dentists have adapted to meet a higher standard of care. As we have previously discussed, improvements in the global supply chain for certain infection control products have resulted in considerable pricing declines from the pandemic highs for certain products in this category. While we believe pricing has largely stabilized, the comparison to elevated pricing is expected to continue throughout fiscal 2024.

我們提供範圍廣泛的感染控制產品，與 COVID 之前的水平相比，對這些產品的需求仍然強勁，因為牙醫已經適應了更高的護理標準。正如我們之前所討論的，某些感染控制產品的全球供應鏈的改進導致該類別中某些產品的價格從大流行的高位大幅下降。雖然我們認為定價已基本穩定，但與高定價的比較預計將在整個 2024 財年繼續進行。

Our non-infection control portfolio continues to perform well as our broad offering, including private label products, appeals to customers across the dental market from independent private practices to regional and national DSOs. The combined power of our offering and our tenured knowledgeable sales force enabled Patterson to outperform the market in this category. We're proud of our standout culture and talented team, and we'll continue to invest in this area to deliver sustained organic growth.

我們的非感染控制產品組合繼續表現良好，因為我們廣泛的產品（包括自有品牌產品）吸引了整個牙科市場的客戶，從獨立的私人診所到地區和國家 DSO。我們提供的產品和經驗豐富的知識淵博的銷售團隊的綜合力量使帕特森能夠在這一類別中超越市場。我們為我們傑出的文化和才華橫溢的團隊感到自豪，我們將繼續在這一領域進行投資，以實現持續的有機增長。

In our equipment category, third quarter internal sales declined in the high single digits year-over-year driven by a decline in digital and CAD/CAM technology products. Equipment sales can fluctuate quarter-to-quarter largely due to a variety of external factors that influence the timing of sales, including the timing of new innovation, promotional programs and upgrade cycles as well as product quality and availability.

在我們的設備類別中，由於數字和 CAD/CAM 技術產品的下降，第三季度內部銷售額同比下降了高個位數。設備銷售可能會出現季度波動，這主要是由於影響銷售時間的各種外部因素，包括新創新的時間、促銷計劃和升級週期以及產品質量和可用性。

In our 2023 third quarter, we lapped the execution of a major upgrade program in the CAD/CAM category, which had a notable impact on the year-over-year comparison. What's important to recognize are the longer-term trends. The growing use of digital technology enables dentists to offer improved patient experience with a higher level of oral health care. That improved experience drives demand for innovation among both dentists and patients and supports a long runway of growth over time.

在 2023 年第三季度，我們完成了 CAD/CAM 類別的一項重大升級計劃的執行，這對同比比較產生了顯著影響。重要的是要認識到長期趨勢。越來越多地使用數字技術使牙醫能夠通過更高水平的口腔保健提供更好的患者體驗。這種改進的體驗推動了牙醫和患者對創新的需求，並支持長期的增長。

When there's new technology in the marketplace, Patterson is best positioned to sell, finance, install and service that technology with a complete life cycle of those investments. Our long-term results support that.

當市場上出現新技術時，Patterson 最有能力銷售、融資、安裝和服務該技術，並提供這些投資的完整生命週期。我們的長期結果支持這一點。

Over the last 8 quarters, our average year-over-year growth in dental equipment is over 13%. This substantial growth reflects the value proposition Patterson offers our customers in the dental equipment category and our market-leading capability to deliver and support new technology innovation from our manufacturer partners for dental customers.

在過去 8 個季度中，我們在牙科設備方面的平均同比增長超過 13%。這一大幅增長反映了 Patterson 在牙科設備類別中為我們的客戶提供的價值主張，以及我們為牙科客戶提供和支持製造商合作夥伴的新技術創新的市場領先能力。

Importantly, we drove double-digit growth in core equipment in the third quarter as we continue to execute on and sustain a backlog of core equipment orders. Performance in this category demonstrates that dentists are making equipment investments to keep their practices fresh and running well.

重要的是，隨著我們繼續執行並維持積壓的核心設備訂單，我們在第三季度推動了核心設備的兩位數增長。此類別的表現表明牙醫正在進行設備投資以保持他們的實踐新鮮和良好運行。

During the third quarter, our dental value-added services category delivered solid mid-single-digit growth driven by broader adoption of our desktop and cloud-based practice management software solutions, the foundation of a modern dental practice and demand for our field technical service offering, which we have enhanced with new productivity tools.

在第三季度，我們的牙科增值服務類別實現了穩定的中個位數增長，這得益於我們桌面和基於雲的實踐管理軟件解決方案的廣泛採用、現代牙科實踐的基礎以及對我們現場技術服務的需求產品，我們通過新的生產力工具對其進行了增強。

Looking ahead, the Dental business is poised to benefit from resilient secular tailwinds, including an aging population, demand for practice modernization and a growing appreciation for oral health as a key link to overall health. Given these underlying fundamentals and the market stability they create, we are confident in our ability to acheive our goals in fiscal 2023 and beyond.

展望未來，牙科業務有望受益於有彈性的長期順風，包括人口老齡化、對實踐現代化的需求以及對口腔健康作為整體健康關鍵環節的日益重視。鑑於這些基本面及其創造的市場穩定性，我們有信心在 2023 財年及以後實現我們的目標。

Let's now turn to the Animal Health segment. During the third quarter of fiscal '23, our internal sales increased 5% year-over-year as our teams delivered growth that we believe outperformed the market in both production and companion animal. We continue to benefit from the depth of our offering and omnichannel presence that spans a wide range of animal species and offers comprehensive solutions for diverse customers.

現在讓我們轉向動物保健部分。在 23 財年第三季度，我們的內部銷售額同比增長 5%，因為我們的團隊實現了我們認為在生產和伴侶動物方面優於市場的增長。我們繼續受益於我們產品的深度和涵蓋廣泛動物物種的全渠道業務，並為不同的客戶提供全面的解決方案。

We also demonstrated successful margin performance with initiatives including effective cost management, improved product mix, including growth in our value-added services segment and partnership with strategic manufacturing partners that reward us for the value we provide.

我們還通過有效的成本管理、改進的產品組合等舉措展示了成功的利潤率表現，包括增值服務部門的增長以及與戰略製造合作夥伴的合作夥伴關係，這些合作夥伴獎勵我們提供的價值。

In companion, our internal sales in the third quarter increased by over 7%. This performance is particularly impressive considering a double-digit sales growth in the prior year period. Our sustained growth is a testament to the strong execution of our plan, including excellent performance from our experienced internal and external sales teams, operational discipline and our value-add consultative approach. Our differentiated approach creates deep relationships with our preferred manufacturing partners and customers. And we're seeing the results of those efforts.

與此同時，我們第三季度的內部銷售額增長了 7% 以上。考慮到去年同期兩位數的銷售額增長，這一業績尤其令人印象深刻。我們的持續增長證明了我們計劃的強有力執行，包括我們經驗豐富的內部和外部銷售團隊的出色表現、運營紀律和我們的增值諮詢方法。我們與眾不同的方法與我們首選的製造合作夥伴和客戶建立了深厚的關係。我們正在看到這些努力的結果。

We've also benefited from the strong growth in our private label portfolio within the companion category. Our expanding private label portfolio includes the collection of owned brands with strong equity in the market. We are continuing to invest in this important category.

我們還受益於同伴類別中自有品牌組合的強勁增長。我們不斷擴大的自有品牌組合包括在市場上擁有強大資產的自有品牌系列。我們將繼續投資於這一重要類別。

As I mentioned before, during the quarter, we closed our acquisition of RSVP and ACT, which stands for Relief Services for Veterinary Practitioners and Animal Care Technologies. This transaction provides innovative solutions to veterinary practices through data extraction and conversion, staffing and video-based training services.

正如我之前提到的，在本季度，我們完成了對 RSVP 和 ACT 的收購，後者代表獸醫和動物護理技術的救濟服務。該交易通過數據提取和轉換、人員配備和基於視頻的培訓服務為獸醫實踐提供創新解決方案。

The early days of our integration have reinforced the opportunity to deepen our value proposition, expand our companion animal capabilities and address critical customer needs. We remain confident in the resiliency and growth of the companion animal market. We believe pet parents are increasingly dedicated to the health of their pets and making necessary investments when it comes to the longevity of those pets.

我們整合的早期加強了深化我們的價值主張、擴展我們的伴侶動物能力和滿足關鍵客戶需求的機會。我們對伴侶動物市場的彈性和增長充滿信心。我們相信，寵物父母越來越致力於寵物的健康，並在這些寵物的壽命方面做出必要的投資。

On the production animal side, third quarter internal sales increased by 1% year-over-year, which we believe outpaces the market based on industry data. This continued outperformance is attributable to the outstanding execution of our team, our differentiated model of hands-on service, delivery options and a comprehensive product and services portfolio.

在生產動物方面，第三季度內部銷售額同比增長 1%，根據行業數據，我們認為這超過了市場。這種持續的優異表現歸功於我們團隊出色的執行力、我們差異化的現場服務模式、交付選項以及全面的產品和服務組合。

I'm particularly proud of our internal sales growth considering the industry-wide headwinds in the production animal market, including pricing pressure on (inaudible), the broadly used product that now faces generic competition as well as drought conditions that have impacted the beef herd.

考慮到生產動物市場的全行業逆風，包括（聽不清）的定價壓力、現在面臨仿製藥競爭的廣泛使用的產品以及影響肉牛群的干旱條件，我對我們的內部銷售增長感到特別自豪.

Despite these external challenges, we continue to drive growth and invest in our future. We successfully closed our acquisition of Dairy Tech, which expands our portfolio of owned brands. Dairy Tech provides pasteurizing equipment in single-use bags to safely produce, store and feed colostrum, the necessary nutrients for newborn calves. This is a critical capability for a cattle producer customers, and we are excited to efficiently and effectively support the health of the producers' herds.

儘管存在這些外部挑戰，我們仍繼續推動增長並投資於我們的未來。我們成功完成了對 Dairy Tech 的收購，擴大了我們的自有品牌組合。 Dairy Tech 提供一次性袋裝巴氏殺菌設備，以安全地生產、儲存和餵養初乳，初乳是新生小牛的必需營養素。對於養牛者客戶而言，這是一項關鍵能力，我們很高興能夠高效、有效地支持養牛者畜群的健康。

This acquisition expands our value-added platform within the production animal business and aligns well with several trends that we have been observing in the market, including producers looking for more efficient ways to manage costs and improve profitability and continued market emphasis on biosecurity and herd health and strong global demand for protein and dairy.

此次收購擴大了我們在生產動物業務中的增值平台，並與我們在市場上觀察到的幾種趨勢保持一致，包括生產商尋求更有效的方法來管理成本和提高盈利能力，以及市場對生物安全和畜群健康的持續重視以及全球對蛋白質和乳製品的強勁需求。

Across the Animal Health segment, our value-added services category delivered significant growth during the quarter. This strong performance can be largely attributed to our suite of software solutions, which is an important focus area for us going forward as well as our equipment service offering.

在整個動物保健部門，我們的增值服務類別在本季度實現了顯著增長。這種強勁的表現在很大程度上歸功於我們的軟件解決方案套件，這是我們前進的一個重要重點領域以及我們的設備服務產品。

Similar to our Dental segment, our equipment service offering is a differentiator for Patterson and enables us to support the full life cycle of equipment for our customers. As we look ahead, we believe our Animal Health business is positioned for continued success amid a dynamic end market.

與我們的牙科部門類似，我們的設備服務產品是 Patterson 的差異化優勢，使我們能夠為客戶提供設備的整個生命週期支持。展望未來，我們相信我們的動物保健業務能夠在充滿活力的終端市場中持續取得成功。

Now I'll turn the call over to Kevin Barry to provide more detail on our financial performance.

現在我將把電話轉給凱文巴里，以提供有關我們財務業績的更多細節。

Thank you, Don, and good morning, everyone. In my prepared remarks this morning, I will cover the financial results for our third quarter of fiscal '23, which ended on January 28, 2023, and then conclude with our outlook for the remainder of the fiscal year.

謝謝你，唐，大家早上好。在今天上午準備好的發言中，我將介紹我們截至 2023 年 1 月 28 日的 23 財年第三季度的財務業績，然後總結我們對本財年剩餘時間的展望。

So let's begin by covering the results for our third quarter of fiscal '23. Consolidated reported sales for Patterson Companies in our fiscal '23 third quarter were $1.6 billion, an increase of 0.3% versus the third quarter 1 year ago. Internal sales, which are adjusted for the effects of currency translation and contributions from recent acquisitions, increased 1.8% compared to the same period last year.

因此，讓我們首先介紹 23 財年第三季度的結果。 Patterson Companies 在我們 23 財年第三季度的合併報告銷售額為 16 億美元，比一年前的第三季度增長 0.3%。經貨幣換算影響和近期收購貢獻調整後的內部銷售額較去年同期增長 1.8%。

Our third quarter fiscal '23 gross margin was 21.4%, an increase of 30 basis points compared to the prior year. Our gross margin was positively impacted by 10 basis points this quarter by the mark-to-market accounting adjustment on our equipment financing portfolio.

我們 23 財年第三季度的毛利率為 21.4%，比上年增長 30 個基點。由於我們的設備融資組合按市值計價會計調整，本季度我們的毛利率受到 10 個基點的積極影響。

As we have mentioned in prior earnings calls, a positive or negative impact related to this mark-to-market accounting adjustment is nearly offset by our corresponding hedging instrument, which is reflected in the interest and other expense line on our P&L. So the net result has a minimal impact on our adjusted earnings per share.

正如我們在之前的財報電話會議中提到的，與這種按市值計價的會計調整相關的正面或負面影響幾乎被我們相應的對沖工具所抵消，這反映在我們損益表的利息和其他費用項目中。因此，淨結果對我們調整後的每股收益的影響微乎其微。

This dynamic also occurred in the third fiscal quarter of last year when the negative impact of the mark-to-market accounting calculation was 20 basis points. Normalizing for the 10 basis points of positive impact this quarter and the 20 basis points of negative impact in the year-ago period, our gross margin rate is flat compared to prior year.

這種動態也發生在去年第三財季，當時按市值計價的會計計算的負面影響為 20 個基點。將本季度的 10 個基點的積極影響和去年同期的 20 個基點的負面影響歸一化，我們的毛利率與去年持平。

Remember, the accounting impact of the mark-to-market adjustment impacts our total company gross margin but not the gross margin within our business segments. Importantly, during the fiscal third quarter, each of our business units posted a year-over-year increase to their respective gross margins in the prior year period.

請記住，按市值調整的會計影響會影響我們公司的總毛利率，但不會影響我們業務部門的毛利率。重要的是，在第三財季，我們的每個業務部門都公佈了去年同期各自毛利率的同比增長。

Across the company, we continue to focus on gross margin expansion initiatives such as pricing and cost execution and driving an improved mix with the higher growth of margin-accretive product categories.

在整個公司範圍內，我們繼續專注於毛利率擴張計劃，例如定價和成本執行，並通過增加利潤的產品類別的更高增長來推動改進組合。

Adjusted operating expenses as a percentage of net sales for the third quarter of fiscal '23 were 16.1% and favorable by 60 basis points compared to 1 year ago. In the fiscal '23 third quarter, our consolidated adjusted operating margin was 5.3%, an increase of 90 basis points compared to the third quarter of last year.

23 財年第三季度調整後的運營費用占淨銷售額的百分比為 16.1%，比一年前高 60 個基點。在 23 財年第三季度，我們的綜合調整後營業利潤率為 5.3%，與去年第三季度相比增加了 90 個基點。

Again, when normalizing for the accounting impact of the mark-to-market adjustment in both periods related to gross margin, our consolidated adjusted operating margin in the fiscal third quarter expanded by 60 basis points over the prior year. We remain focused on driving operating margin expansion through our efforts to improve gross margin with pricing and cost execution, working more closely with strategic vendors who reward us for our sales performance, driving improved mix as well as exercising expense discipline and leveraging our cost structure as we grow the top line. With these collective efforts, we intend to deliver adjusted operating margin expansion in both of our business segments and for the total business in fiscal '23.

同樣，當對兩個時期與毛利率相關的按市值調整的會計影響進行標準化時，我們在第三財季的綜合調整後營業利潤率比上一年擴大了 60 個基點。我們仍然專注於通過我們通過定價和成本執行來提高毛利率來推動營業利潤率的增長，與獎勵我們銷售業績的戰略供應商更緊密地合作，推動改善組合以及行使費用紀律和利用我們的成本結構我們增加了收入。通過這些集體努力，我們打算在我們的兩個業務部門和 23 財年的整個業務中實現調整後的營業利潤率擴張。

Our adjusted tax rate for the third quarter of fiscal '23 was 22.5%, a decrease of 220 basis points compared to the prior year. For the full year, we expect our tax rate to be in line with the prior year.

我們在 23 財年第三季度的調整後稅率為 22.5%，比上年下降 220 個基點。對於全年，我們預計我們的稅率與上一年持平。

Reported net income attributable to Patterson Companies, Inc. for the third quarter of fiscal '23 was $53.9 million or $0.55 per diluted share. This compares to reported net income in the third quarter of last year of $57 million or $0.58 per diluted share. The year-over-year decrease is related to the investment gain we recorded in the third quarter of last year.

報告的 Patterson Companies, Inc. 23 財年第三季度淨收入為 5390 萬美元或攤薄後每股 0.55 美元。相比之下，去年第三季度報告的淨收入為 5700 萬美元或每股攤薄收益 0.58 美元。同比下降與我們在去年第三季度記錄的投資收益有關。

Adjusted net income attributable to Patterson Companies, Inc. in the third quarter of fiscal '23 was $61.1 million or $0.62 per diluted share. This compares to $54.2 million or $0.55 per diluted share in the third quarter of fiscal '22. This 13% increase in adjusted earnings per diluted share for the fiscal third quarter is primarily due to the operating margin expansion in both of our business segments.

2023 財年第三季度歸屬於帕特森公司的調整後淨收入為 6110 萬美元或每股攤薄收益 0.62 美元。相比之下，'22 財年第三季度為 5420 萬美元或攤薄後每股 0.55 美元。第三財季調整後每股攤薄收益增長 13%，這主要是由於我們兩個業務部門的營業利潤率均有所提高。

Now let's turn to our business segments, starting with the Dental business. In the third quarter of fiscal '23, internal sales for our Dental business decreased 3.8% compared to the third quarter of fiscal '22. Internal sales of dental consumables declined 1.5% compared to 1 year ago. As Don mentioned earlier, we continue to experience the deflationary impact of infection control products compared to the prior year.

現在讓我們談談我們的業務部門，從牙科業務開始。在 23 財年第三季度，我們牙科業務的內部銷售額與 22 財年第三季度相比下降了 3.8%。與一年前相比，牙科耗材的內部銷售額下降了 1.5%。正如唐之前提到的，與前一年相比，我們繼續經歷感染控制產品的通貨緊縮影響。

Internal sales of non-infection control products increased 4.6% in the fiscal third quarter compared to the year-ago period. We expect the year-over-year deflationary impact of infection control products to continue for the remainder of fiscal '23 and throughout fiscal '24.

與去年同期相比，第三財季非感染控制產品的內部銷售額增長了 4.6%。我們預計感染控制產品的同比通縮影響將持續到 23 財年的剩餘時間和整個 24 財年。

Internal sales of dental equipment and software decreased 9.7% compared to 1 year ago. In core equipment, our double-digit sales increase in the quarter reflects our ongoing efforts to effectively manage the supply chain in this category to deliver and install the equipment our dental customers have ordered to update their practices or open new dental offices. However, sales of technology products declined in the quarter primarily due to the comparison to a CAD/CAM upgrade program in the prior year period.

與一年前相比，牙科設備和軟件的內部銷售額下降了 9.7%。在核心設備方面，本季度我們兩位數的銷售額增長反映了我們持續努力有效管理此類供應鏈，以交付和安裝我們的牙科客戶訂購的設備，以更新他們的做法或開設新的牙科診所。然而，本季度技術產品的銷售額下降主要是由於與去年同期的 CAD/CAM 升級計劃相比。

Internal sales of value-added services in the third quarter of fiscal '23 increased 4.5% over the prior year period led by the solid year-over-year performance of our technical service team and continued growth of our software business. Value-added services represent the entire suite of offerings we provide to our customers to help make us an indispensable partner to their practice, and these available offerings are also mixed favorable to our P&L.

23 財年第三季度增值服務的內部銷售額比上年同期增長 4.5%，這主要得益於我們技術服務團隊的穩健同比表現以及我們軟件業務的持續增長。增值服務代表了我們為客戶提供的整套產品，幫助我們成為他們實踐中不可或缺的合作夥伴，這些可用產品也有利於我們的損益。

Adjusted operating margins in Dental were 10.2% in the fiscal third quarter and a 10 basis point improvement over the prior year period. This operating margin performance reflects the efforts of our dental team to improve gross margins through effective pricing and mix management and continued expense discipline to deliver operating margin expansion for fiscal '23.

第三財季牙科業務的調整後營業利潤率為 10.2%，比去年同期提高 10 個基點。這一營業利潤率表現反映了我們的牙科團隊通過有效的定價和組合管理以及持續的費用紀律來提高毛利率以實現 23 財年營業利潤率增長的努力。

Now let's move on to our Animal Health segment. In the third quarter of fiscal '23, internal sales for our Animal Health business increased 4.6% compared to the third quarter of fiscal '22. Internal sales for our companion animal business increased 7.4% versus the third quarter 1 year ago. Internal sales for our production animal business increased 1.4% in the quarter compared to the prior year.

現在讓我們繼續我們的動物保健部分。在 23 財年第三季度，我們動物保健業務的內部銷售額與 22 財年第三季度相比增長了 4.6%。我們的伴侶動物業務的內部銷售額與一年前的第三季度相比增長了 7.4%。與去年同期相比，本季度我們生產動物業務的內部銷售額增長了 1.4%。

The entire production animal market has been affected by a deflationary impact of a key branded product that recently came off patent and as Don mentioned, is experiencing generic competition. Excluding this deflationary impact, internal sales for production animal increased by 2.4%. Industry data would indicate that our sales teams in both companion animal and production continued to outperform the overall market during the fiscal third quarter.

整個生產動物市場都受到最近專利到期的主要品牌產品的通貨緊縮影響，正如 Don 提到的那樣，正在經歷仿製藥競爭。排除這種通貨緊縮的影響，生產動物的內部銷售增長了 2.4%。行業數據表明，我們在伴侶動物和生產方面的銷售團隊在第三財季的表現繼續優於整體市場。

Adjusted operating margins in our Animal Health segment were 4.2% in the fiscal third quarter, an increase of 80 basis points from the prior year. Our Animal Health team continues to drive business with strategic manufacturing partners who value our ability to deliver sales while also exercising expense discipline as they seek to expand operating margin for fiscal '23.

第三財季，我們動物保健部門的調整後營業利潤率為 4.2%，比上年增長 80 個基點。我們的動物保健團隊繼續推動與戰略製造合作夥伴的業務，他們重視我們提供銷售的能力，同時在他們尋求擴大 23 財年的營業利潤率時也執行費用紀律。

Now let me cover cash flow and balance sheet items. During the first 9 months of fiscal '23, our free cash flow declined by $70.4 million compared to the same period 1 year ago. This was primarily due to an increased level of working capital in the first 9 months of fiscal '23 driven by strategic inventory purchases and timing of accounts payable.

現在讓我談談現金流和資產負債表項目。在 23 財年的前 9 個月，我們的自由現金流與一年前同期相比減少了 7040 萬美元。這主要是由於戰略性庫存採購和應付賬款時間的推動，23 財年前 9 個月的營運資金水平增加。

Turning now to capital allocation. We continue to execute on our strategy to return cash to our shareholders. In the third quarter of fiscal '23, we declared a quarterly cash dividend of $0.26 per diluted share, which was then paid at the beginning of the fourth quarter of fiscal '23. On a year-to-date basis in fiscal '23, Patterson has returned $91 million to shareholders through dividends and share repurchases.

現在轉向資本配置。我們繼續執行我們的戰略，將現金返還給我們的股東。在 23 財年第三季度，我們宣布了每稀釋股 0.26 美元的季度現金股息，然後在 23 財年第四季度初支付。在 23 財年年初至今，帕特森已通過股息和股票回購向股東返還了 9100 萬美元。

Let me conclude with our outlook for the remainder of fiscal '23. Today, we are narrowing our fiscal '23 GAAP earnings guidance range to $1.96 to $2.01 per diluted share and our adjusted earnings guidance range to $2.25 to $2.30 per diluted share.

讓我總結一下我們對 23 財年剩餘時間的展望。今天，我們將 23 財年的 GAAP 收益指導範圍縮小至每股攤薄收益 1.96 美元至 2.01 美元，並將調整後的收益指導範圍縮小至每股攤薄收益 2.25 美元至 2.30 美元。

We intend to deliver internal sales growth and adjusted operating margin expansion for fiscal '23 for the total business and within both of our business segments. And we remain committed to achieving our goals for the fiscal year.

我們打算在 23 財年為整個業務和我們的兩個業務部門實現內部銷售增長和調整後的營業利潤率擴張。我們仍然致力於實現本財年的目標。

And now I will turn this call back over to Don for some additional comments.

現在我將把這個電話轉回給 Don，徵求一些額外的意見。

Thanks, Kevin. Before we open it up for Q&A, I want to thank the entire Patterson team. Our people differentiate Patterson, driving our results and our long-term success. I'm excited by the momentum we are carrying into the final stretch of fiscal 2023. We are well positioned to achieve our financial and operational goals and to continue to deliver for all of our stakeholders.

謝謝，凱文。在我們打開它進行問答之前，我要感謝整個 Patterson 團隊。我們的員工使 Patterson 脫穎而出，推動我們取得成果和取得長期成功。我對我們進入 2023 財年最後階段的勢頭感到興奮。我們有能力實現我們的財務和運營目標，並繼續為我們所有的利益相關者提供服務。

That concludes our prepared remarks. Kevin and I will be glad to take questions. Operator, please open the line.

我們準備好的發言到此結束。凱文和我很樂意回答問題。接線員，請打開線路。

(Operator Instructions) We will take our first question from Jason Bednar with Piper Sandler.

（操作員說明）我們將與 Piper Sandler 一起回答 Jason Bednar 的第一個問題。

I wanted to touch on some of the larger deltas or surprises in the quarter. Maybe starting first with margins. This is a pretty impressive year with company-wide in particular within Animal Health. You've been on a multiyear journey here with margin improvement that probably doesn't get enough attention or credit, but maybe can you elaborate further on the source and sustainability of the margin improvement? Appreciate the color that you gave, but just any additional, again, details you can provide there, especially as we look forward to fiscal '24.

我想談談本季度的一些較大的三角洲或驚喜。也許首先從邊距開始。今年是非常令人印象深刻的一年，在整個公司範圍內，尤其是在動物保健領域。您在這裡進行了多年的利潤率改善之旅，但可能沒有得到足夠的關注或信任，但也許您可以進一步詳細說明利潤率改善的來源和可持續性嗎？感謝您提供的顏色，但您可以在那裡提供的任何其他細節，尤其是在我們期待 24 財年的時候。

Yes, Jason, thanks for the comment and for the appreciation of our margin. I think like we said, I think we feel like we have sustainable programs in place. We outlined some of them in the prepared remarks, and I'll see if Kevin Barry has anything he wants to add to that.

是的，傑森，感謝您的評論和對我們保證金的讚賞。我想就像我們說的那樣，我認為我們覺得我們已經制定了可持續計劃。我們在準備好的評論中概述了其中的一些內容，我會看看 Kevin Barry 是否有任何他想添加的內容。

But this is really, like you said, a multi-period journey. The things that we've put in place, we think, are sustainable, that they're long term. And I think we've said before, we're aiming to continue that trend.

但正如您所說，這確實是一個多階段的旅程。我們認為，我們已經採取的措施是可持續的，它們是長期的。我想我們之前說過，我們的目標是延續這一趨勢。

And not going to get too specific on guidance, but I think if you look back over the last couple of years, year-over-year, you've seen the operating margins improve 20 to 30 basis points on average, which we think is reasonable and sustainable. So all good from our end.

並且不會對指導過於具體，但我認為如果你回顧過去幾年，與去年同期相比，你會看到營業利潤率平均提高 20 到 30 個基點，我們認為這是合理且可持續。所以從我們這邊來看一切都很好。

I really applaud the team -- the teams, particularly, as you mentioned, in Animal Health. In a lower-margin business, they've done a great job with increasing those margins. And maybe I'll ask Kevin Barry if there's anything else he'd like to add on specifics in terms of some of the examples we have.

我真的很讚賞這個團隊——特別是正如你提到的動物健康團隊。在利潤率較低的業務中，他們在提高利潤率方面做得很好。也許我會問 Kevin Barry 是否有任何其他他想補充的關於我們現有的一些例子的細節。

Yes. The -- yes, again, appreciate the question. The -- both business units, like you said, have expanded op margin this quarter continue to trend. And it's really been a holistic approach for both. We've -- Don and I mentioned a couple of examples of how we're approaching our pricing and costing initiatives, how we're managing the mix within those. Both businesses had a big impact on our margins and driving those higher -- large, higher-value product lines and mix service lines that we have.

是的。 - 是的，再次感謝這個問題。這兩個業務部門，就像你說的那樣，本季度的營業利潤率有所擴大，繼續呈趨勢。對於兩者來說，這確實是一種整體方法。我們 - 唐和我提到了幾個例子，說明我們如何處理我們的定價和成本核算計劃，我們如何管理其中的組合。這兩項業務都對我們的利潤產生了重大影響，並推動了我們擁有的更高——更大、更高價值的產品線和混合服務線。

And then the other one I'd highlight is we've done some very good work on our operations side and looking at our logistics network and distribution network and how efficient are we being getting those products and services to our customers. And we've had some good wins there with our businesses, partner with our logistics team here at Patterson. So again, it's a very holistic approach, which, again, is -- we think is a muscle we keep building here, and that's going to keep paying off in the future.

然後我要強調的另一個是我們在運營方面做了一些非常好的工作，並研究了我們的物流網絡和分銷網絡，以及我們將這些產品和服務提供給客戶的效率如何。我們的業務在那裡取得了一些不錯的勝利，與我們在帕特森的物流團隊合作。因此，這又是一種非常全面的方法，這又是——我們認為這是我們在這裡不斷積累的力量，這將在未來繼續得到回報。

Jason, maybe I'd add as well that you saw the announcement -- or I mentioned today on the call that we've added a Chief Operating Officer position at Patterson, and Kevin Pohlman is in that position. I think that this is -- he's in a position to address an underserved part of this margin story, which is really getting after some of the synergies that we've looked at, we've worked on, but maybe not with the focus we're going to have in terms of things across the enterprise.

傑森，也許我還要補充一點，你看到了公告——或者我今天在電話會議上提到我們在帕特森增加了一個首席運營官職位，凱文波爾曼就在這個職位上。我認為這是 - 他能夠解決這個利潤率故事中服務不足的部分，這實際上是在我們已經看到的一些協同作用之後，我們已經努力過，但也許不是我們關注的重點就整個企業的事物而言。

So both business units have done a great job with our margin improvement. But -- and there's more there. But I think one of the untapped pieces of this is really how do you look at the company holistically, and there's a lot of opportunity there.

因此，兩個業務部門都在提高利潤率方面做得很好。但是 - 還有更多。但我認為其中一個尚未開發的部分是你如何從整體上看待公司，那裡有很多機會。

Okay. That's really helpful and definitely still some room there to run on margins. Maybe in core dental consumables, mid-single-digit growth there is pretty darn solid.

好的。這真的很有幫助，而且肯定還有一些利潤空間。也許在核心牙科耗材中，中個位數的增長相當可觀。

But I'll actually ask on infection control. I appreciate the comments here, the early comments on deflationary pressures continuing for the next several quarters. Do you want to take it a step further on quantifying what impact this might have? Does it get less bad or less of a headwind or stay at its current rate or the delta relative to the core business? And then should we be contemplating any shift in company profitability or decremental margins as a result of these ongoing pressures?

但我實際上會詢問有關感染控制的問題。我很欣賞這裡的評論，早期關於通貨緊縮壓力的評論將持續到接下來的幾個季度。您想更進一步量化這可能產生的影響嗎？它是否變得不那麼糟糕或逆風減少或保持目前的速度或相對於核心業務的增量？那麼，由於這些持續的壓力，我們是否應該考慮公司盈利能力的任何變化或利潤率的下降？

Yes. So just so we're clear, Jason, on kind of how this plays out, we're expecting the deflationary pressure in the sense that the pricing keeps coming down. It's largely where we think it's going to be. I think there's probably a little bit more to come here in our fourth quarter, where we think it bottoms out, if you will.

是的。所以我們很清楚，傑森，關於這將如何發揮作用，我們預計在定價不斷下降的意義上會出現通貨緊縮壓力。這在很大程度上是我們認為它將成為的地方。我認為我們第四季度可能會有更多的東西來到這裡，如果你願意的話，我們認為它會觸底。

I think the point is that on a year-over-year basis then, just because it's been coming down all of this fiscal year when you look into next fiscal year, it's going to be a headwind when you think about it on a year-over-year comparison basis. So that's what we're kind of looking at.

我認為關鍵是，與去年同期相比，只是因為當你展望下一個財政年度時，它在整個財政年度都在下降，當你考慮一年時，這將是一個逆風 -超過一年的比較基礎。所以這就是我們正在看的東西。

We're not probably going to give commentary on the impact on this call. I would say that as we look toward the fourth quarter call and our guidance for next fiscal year, this will definitely be a topic. And we'll probably give some good color on the call next quarter in terms of how the year-over-year impact on our earnings looks.

我們可能不會就此次電話會議的影響發表評論。我想說的是，當我們展望第四季度的電話會議和我們對下一財年的指導時，這肯定會成為一個話題。我們可能會在下個季度的電話會議上就對我們收益的同比影響的看法給出一些好的顏色。

And we will take our next question from Michael Cherny with Bank of America.

我們將接受來自美國銀行的 Michael Cherny 的下一個問題。

So it might be tough one to ask, but I know you talked about some of the deflationary dynamics on infection control heading into fiscal '24. Are there any other things we should be thinking about that would skew towards the abnormal in terms of what you'd expect for the run rate baseline into '24? Especially just given where we are in the year, is there any way to interpret how to think about both the 3Q numbers and the 4Q implied guidance in terms of the appropriate jumping-off point for your fiscal '24 trajectory?

所以這個問題可能很難問，但我知道你談到了進入 24 財年的感染控制的一些通貨緊縮動態。我們是否應該考慮任何其他事情，這些事情會根據您對 24 年運行率基線的預期偏向異常？特別是考慮到我們今年所處的位置，是否有任何方法可以解釋如何根據 24 財年軌蹟的適當起點來考慮 3Q 數字和 4Q 隱含指導？

I want to try to be helpful, Michael, here, but we're going to really stay away, I think, from too much commentary on this call. Again, I think the discipline here we're going to maintain of giving guidance on the next call and putting a lot of color around that.

邁克爾，我想在這裡提供幫助，但我認為我們真的要遠離對這次電話會議的過多評論。再說一次，我認為我們將在這裡保持紀律，即在下一次電話會議上提供指導並為其添加很多色彩。

I mean, the deflationary impact is something we've talked about. I think that's a fair point. Interest rate environment obviously is hard to call for all of us. So that's another, I'd say, wildcard in the mix.

我的意思是，我們已經討論過通貨緊縮的影響。我認為這是一個公平的觀點。利率環境顯然對我們所有人來說都很難。所以這是另一個，我想說，混合中的通配符。

But otherwise, we like the momentum in our businesses. I think you saw this quarter, absent the dental equipment, the dental equipment issue this quarter really has more to do with timing and upgrade cycles and technology cycles than it does anything else.

但除此之外，我們喜歡我們業務的發展勢頭。我想你看到這個季度，沒有牙科設備，這個季度的牙科設備問題實際上更多地與時間、升級週期和技術週期有關，而不是其他任何事情。

And again, I've said this before, the -- looking at equipment sales performance in 3-month increments is really a difficult proposition. You want to look at it over longer periods of time. But we expect -- in spite of macroeconomic headwinds, we're expecting that to hold up well. We have good momentum in core equipment and timing issue in the other categories. But otherwise, really business as usual.

再一次，我之前說過，以 3 個月的增量查看設備銷售業績確實是一個困難的命題。您想在更長的時間內查看它。但我們預計——儘管存在宏觀經濟逆風，但我們預計這種情況會保持良好。我們在其他類別的核心設備和時間問題方面勢頭良好。但除此之外，一切照舊。

Michael, maybe the one thing I'd add as you think about the jumping-off point here as we reiterated guidance today, we are also reiterating that we still expect and project that we're going to grow our internal sales on the company this year. And we're going to deliver the operating margin expansion for the individual business units and overall company. So as you're thinking about how do you think about the rest of this year, I think those are important considerations to kind of put your model together.

邁克爾，當你考慮這裡的起點時，也許我要補充一件事，因為我們今天重申了指導意見，我們還重申，我們仍然期望並預計我們將增加公司的內部銷售年。我們將為各個業務部門和整個公司實現營業利潤率的增長。因此，當您考慮如何看待今年剩餘時間時，我認為這些是將您的模型放在一起的重要考慮因素。

And I appreciate you humoring me on a question I know it's hard to answer at this point in time. But maybe just to pick a little bit, Don, on a comment you made related to the equipment side and the dynamics of interest rates.

我很感激你在一個我知道目前很難回答的問題上逗我開心。但也許只是挑一點，唐，你就設備方面和利率動態發表的評論。

Have you seen any changes in your order book either in terms of any potential delays or cancellations and/or from a leading indicator perspective, mix in terms of the type of products, type of equipment that people are looking for beyond what you've already placed and sold?

您是否看到您的訂單有任何變化，無論是在任何潛在的延遲或取消方面和/或從領先指標的角度來看，在產品類型、人們正在尋找的設備類型方面進行組合，超出您已經擁有的範圍放置和出售？

No, we haven't. And in fact, I'd tell you, and of course, this has some element of timing in it as well, but deposits on hand for our equipment and for pending equipment installations are robust. And they're up from last quarter and where they've been.

不，我們沒有。事實上，我會告訴你，當然，這也有一些時間因素，但我們的設備和待定設備安裝的手頭存款是穩健的。他們比上個季度和他們去過的地方有所上升。

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。

So first on Animal Health. What are you seeing in terms of price realization, given the level of price increases at the pharma manufacturer level, particularly in companion animal? So that's excluding obviously some of the price dynamics that we're seeing on the production animal side. And are there any changes in buy-sell versus agency relationships embedded in your guidance at this point that we should be aware of as we think about calendar 2023?

首先是動物健康。考慮到製藥商層面的價格上漲水平，尤其是伴侶動物，您在價格實現方面看到了什麼？因此，這顯然排除了我們在生產動物方面看到的一些價格動態。在考慮 2023 年日曆時，您的指導意見中嵌入的買賣與代理關係是否有任何變化是我們應該注意的？

In terms of the companion animal market, we're really not seeing anything too significant in terms of pricing there. It's really been kind of business as usual. Traffic is moderate, it's kind of steadily moderating.

就伴侶動物市場而言，我們在定價方面確實沒有看到任何太重要的東西。一切照舊。交通適中，有點穩定。

I think what we're seeing is that the spend per visit right now is -- the traffic is down slightly, but the spend per visit is up. But in terms of pricing itself, really not anything there. On the buy-sell, we don't expect anything too significant in the upcoming year. I'll let Kevin Barry chime in if he wants on this topic.

我認為我們現在看到的是每次訪問的支出是——流量略有下降，但每次訪問的支出增加了。但就定價本身而言，真的沒有什麼。在買賣方面，我們預計來年不會有什麼太大的變化。如果他想討論這個話題，我會讓凱文巴里插話。

No. We're not projecting anything changing right now.

不，我們目前沒有預測任何變化。

Okay. That's helpful. And then on the Dental side, what are you seeing now in terms of the monthly demand trends across kind of the quarter and how we should be thinking about that? I know we are lapping Omicron and other dynamics, but how are you thinking about just underlying demand across Dental, excluding some of the variables across the equipment side?

好的。這很有幫助。然後在牙科方面，就本季度的月度需求趨勢而言，您現在看到了什麼？我們應該如何考慮這一點？我知道我們正在研究 Omicron 和其他動態，但你如何考慮牙科的潛在需求，排除設備方面的一些變量？

Yes. Well, we saw -- I mean, patient traffic is -- we would characterize it as generally stable. But we did see an increase in traffic throughout the quarter. So if you look -- if you really broke it down monthly, which we typically don't give this kind of guidance, but I would tell you that monthly traffic improved as the quarter went on.

是的。好吧，我們看到——我的意思是，患者流量是——我們將其描述為總體穩定。但我們確實看到整個季度的流量都有所增加。因此，如果你看 - 如果你真的按月細分，我們通常不會提供這種指導，但我會告訴你，隨著季度的進行，月度流量有所改善。

We will 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。

Don, maybe I'll follow up on that last point there. I think our checks and some of our survey work has clearly shown kind of that January and even February rebound on the Dental demand side. We're kind of hearing it more from a mix standpoint and a little bit of price more so than patient volumes.

唐，也許我會跟進最後一點。我認為我們的檢查和一些調查工作清楚地表明，牙科需求方面在 1 月甚至 2 月出現了反彈。從混合的角度來看，我們更多地聽到了它，而且價格比耐心的數量更多。

I just love any color you can provide around kind of what kind of pricing dynamics you're seeing right now and kind of those improvements you're pointing to throughout the quarter that sync pretty well with what we're seeing. I know you don't give too much color. I'm not asking you to (inaudible) different product lines, but hygiene and preventative was the improvement there?

我只是喜歡你可以提供的任何顏色，你現在看到什麼樣的定價動態，以及你在整個季度中指出的那些與我們所看到的同步得很好的改進。我知道你不會給太多顏色。我不是要你（聽不清）不同的產品線，但衛生和預防方面有改進嗎？

Was it in some of the higher end (inaudible) and other kind of consumable products that would go more mix than volumes? Just trying to understand what's kind of driving maybe some of that improved spend we heard about in January and February so far in the dental world.

是不是在一些高端（聽不清）和其他類型的消費品中，混合比數量更多？只是想了解什麼是驅動力，也許是我們在 1 月和 2 月到目前為止在牙科領域聽到的一些改進的支出。

Yes, Jeff. Appreciate the question. Yes, try to be as helpful as possible. I think it was kind of steady improvement, particularly notable, I guess, in January. I don't have a breakdown right here of exactly how that looked in terms of traffic, pricing, et cetera.

是的，傑夫。感謝這個問題。是的，盡量提供幫助。我認為這是一種穩定的改善，我想在 1 月份尤其值得注意。我在這裡沒有關於流量、定價等方面的確切情況的細目分類。

I think it was a mix of both really. And so generally, I'd call it kind of a mix. And I think that we're not probably going to be able to break it down too much further than that on this call.

我認為這確實是兩者的結合。所以一般來說，我會稱之為混合。而且我認為我們可能無法比這次電話會議更進一步地分解它。

All right. That's fair. Let me push you, I guess, on one other point you made on equipment and a lot of it being timing and all that. Historically, I know section179 and that doesn't have as much pull anymore as those write-offs have been pretty stable now for the last few years, (inaudible) are those write-off limits.

好的。這還算公平。我想，讓我來推你一下你在設備上提出的另一點，其中很多都是時間安排等等。從歷史上看，我知道 section179 並且它不再有那麼大的吸引力，因為在過去幾年中這些註銷現在非常穩定，（聽不清）是那些註銷限制。

But typically, I think in the 5 years prior to this year going through 2Q to 3Q in your fiscal year, you get about a 20% sequential lift in equation. You got basically none this quarter. 20 points feels like it's more than timing, and I understand the technology timing stuff you're talking about, basic equipment improving also was against some supply constraints last year in the quarter.

但通常情況下，我認為在今年之前的 5 年中，通過你財政年度的第二季度到第三季度，你會得到大約 20% 的連續提升。這個季度你基本上沒有。 20 點感覺不僅僅是時機，我理解你所說的技術時機問題，基礎設備的改進也違反了去年本季度的一些供應限制。

So there was some push and pull on both those fronts. So I mean, just what's your outlook for equipment maybe over the next 6 to 12 months with inflation and interest rates where they are in that -- just what's your look of the lay of the land on equipment?

所以在這兩個方面都有一些推動和拉動。所以我的意思是，您對未來 6 到 12 個月的設備前景有何看法，其中通貨膨脹和利率在哪裡 - 您對設備土地的看法如何？

Yes. Well, I think we've said for a while that we -- over time, we think the equipment business for us is a mid-single-digit growth piece of the portfolio. Obviously, over the last 8 quarters, we've averaged 13% growth in that category. So -- but I would revert back to what we think is slightly above market, which is the 5%. And we expect that to happen.

是的。好吧，我想我們已經說過一段時間了——隨著時間的推移，我們認為我們的設備業務是投資組合中一個中個位數增長的部分。顯然，在過去 8 個季度中，我們在該類別中的平均增長率為 13%。所以——但我會回到我們認為略高於市場的水平，即 5%。我們希望這會發生。

I think when you look at this quarter, and I say timing, but I also would tell you we had a difficult comp. Again, I don't -- the upgrade cycle in CAD/CAM was a significant factor. And so again, looking at it in isolation, I think, is difficult. But I would kind of revert you back to that mid-single-digit growth as a good proxy for the long-term kind of health of that business.

我想當你看這個季度時，我說的是時機，但我也會告訴你我們有一個艱難的競爭。再一次，我不知道——CAD/CAM 的升級週期是一個重要因素。因此，我認為孤立地看待它是很困難的。但我會讓你回到中位數的增長，作為該業務長期健康狀況的良好代表。

We will take our next question from Brandon Vazquez with William Blair.

我們將與威廉布萊爾一起接受布蘭登巴斯克斯的下一個問題。

I wanted to try to talk a little bit about kind of forward expectations again, but I appreciate we won't get any hard numbers here for a little bit. So maybe there's a lot of kind of moving pieces, whether they're macro or company-specific.

我想再次嘗試談論一些關於前瞻性期望的問題，但我很感激我們暫時不會在這裡得到任何硬性數字。因此，無論是宏觀的還是特定於公司的，也許有很多動人的因素。

Can you just kind of walk through expectations for some of those dynamics, right? There's generic headwinds in animal. There's CAD/CAM kind of upgrade cycle anniversary-ing in this quarter. So how do some of those things impact the business and the P&L over, call it, the next 12 quarters?

您能否簡單介紹一下對其中一些動態的期望，對嗎？動物有一般的逆風。本季度有 CAD/CAM 類升級週期週年紀念日。那麼，其中一些事情如何影響未來 12 個季度的業務和損益表？

12 quarters? Again, yes, I mean, be helpful here. I think, obviously, that's a long time frame for us and for giving guidance, but we're also not going to talk too much about next year. I think the way I would think about it, I think you've hit on 2 aspects of the -- that are going to impact next year.

12個季度？再次，是的，我的意思是，在這裡提供幫助。我認為，顯然，這對我們和提供指導來說是一個很長的時間框架，但我們也不打算過多談論明年。我認為我會考慮它的方式，我認為你已經擊中了明年將產生影響的兩個方面。

But the thing I'm looking at right now that I think is important is just patient traffic has been stable in spite of what's happening in the overall macroeconomic markets. We're really encouraged by that in all the businesses, the margin improvement, which we expect to continue.

但我現在關注的是，我認為重要的是，儘管整個宏觀經濟市場正在發生什麼，但患者流量一直保持穩定。我們對所有業務的利潤率提高感到非常鼓舞，我們預計這種情況會持續下去。

Again, if you dig through and look at what's driving that, it's largely things that are -- we believe are sustainable, that are going to be helpful next year and into the future. And so stable markets, encouraging stable markets, margin improvement. There are -- there's the issue that you brought up. But otherwise, I think we're in a good spot here as we move into next year and beyond.

同樣，如果您深入研究並查看驅動因素，那主要是——我們認為是可持續的，這將在明年和未來有所幫助。如此穩定的市場，鼓勵穩定的市場，提高利潤率。有 - 有你提出的問題。但除此之外，我認為我們在進入明年及以後時處於有利位置。

Okay. I apologize. I meant 12 months, not 12 quarters, but helpful color.

好的。我道歉。我的意思是 12 個月，不是 12 個季度，而是有用的顏色。

No problem.

沒問題。

And maybe for next question, you had mentioned you made an acquisition of a warehouse. I think that was for the animal health side in the U.K. Maybe just expand on any other additional plans to expand internationally, maybe even in dental if any of that is on the books for upcoming year?

也許對於下一個問題，你提到你收購了一個倉庫。我認為那是為了英國的動物健康方面。也許只是擴大任何其他國際擴張計劃，甚至可能是牙科，如果其中任何一個在來年的書上？

No...

不...

I think...

我認為...

Go ahead, Kevin.

來吧，凱文。

Yes. I think what you're referring to, we're doing an internal capital project on our warehouse operations and our U.K. NVS business. It wasn't an acquisition. But it's a -- so it's an internal investment we're making. It's a really good investment to help the operations of that business in the U.K. that services the veterinary market over there. But it wasn't an acquisition. It was an internal capital spend.

是的。我想你指的是什麼，我們正在對我們的倉庫運營和我們的英國 NVS 業務進行內部資本項目。這不是收購。但這是 - 所以這是我們正在進行的內部投資。這是一項非常好的投資，可以幫助英國為那裡的獸醫市場提供服務的企業的運營。但這不是收購。這是一項內部資本支出。

Okay. And then any future plans to continue investing in international, the expectations that, that becomes a bigger part of the business over the coming years?

好的。那麼未來是否有繼續投資國際的計劃，期望在未來幾年這將成為業務的更大組成部分？

Yes. I think we'll look at opportunities to continue to bolster and improve the operations we have internationally. We wouldn't comment on any plans beyond that.

是的。我認為我們會尋找機會繼續加強和改進我們在國際上的業務。除此之外，我們不會對任何計劃發表評論。

We will take our next question from Jon Block with Stifel.

我們將接受 Jon Block 和 Stifel 的下一個問題。

Maybe I'll just follow up on a couple of other things. But I'll focus on the 4.6% internal dental consumables ex PPE. So a good number, it was up, call it, a real comp, I think, a 3.6 comp. So -- and a nice step up from a kinda couple of prior quarters.

也許我會跟進其他幾件事。但我將重點關注 4.6% 的內部牙科耗材（不包括 PPE）。所以一個很好的數字，它上升了，稱它為一個真正的補償，我認為，一個 3.6 補償。所以 - 與之前的幾個季度相比，這是一個很好的進步。

Don, do you want to just maybe elaborate on it a little bit? Can you talk to -- is that sustainable? Or should we be thinking about this 3% to 5% range again ex PPE has been normal?

唐，你想詳細說明一下嗎？你能談談——這是可持續的嗎？或者我們是否應該再次考慮這個 3% 到 5% 的範圍，因為 PPE 是正常的？

And then maybe just to close the loop on some other questions. The past couple of quarters, I think there's been almost like a 600 basis point delta between your internal dental consumables and not specific to the number ex PPE. And when we think about fiscal '24, what I'm getting is when you take into the jump-off -- taking into account the jump-off point on pricing, it's still a headwind in fiscal '24, but that 600 basis point delta, call it, tightens in fiscal '24. And maybe if you can address that, and then I've got a follow-up.

然後也許只是為了結束一些其他問題的循環。在過去的幾個季度中，我認為您的內部牙科耗材之間幾乎有 600 個基點的增量，而不是特定於前 PPE 的數量。當我們考慮 24 財年時，我得到的是當你考慮起步時——考慮到定價的起步點，這在 24 財年仍然是一個逆風，但 600 個基點Delta，稱之為 24 財年收緊。也許如果你能解決這個問題，然後我就會跟進。

Yes, I think that's a fair way to look at it in terms of the delta. The big impact here is as the pricing has come down so significantly throughout the year and then as you get into next year, it's a little bit more of a year-over-year comparison issue.

是的，我認為這是從三角洲的角度來看待它的一種公平方式。這裡的重大影響是因為價格在全年都大幅下降，然後當你進入明年時，它更多的是一個同比比較問題。

Again, I think we're excited about our consumables growth. I mean, that's moved around a little bit. But I think over the last couple of years, that's improved each quarter. And we're really executing well with our dental customers.

同樣，我認為我們對消耗品的增長感到興奮。我的意思是，它移動了一點點。但我認為在過去的幾年裡，每個季度都有所改善。我們與牙科客戶的合作真的很好。

I think when you look at the portfolio outside of PPE, we've done a good job of putting that together. And again, [For sorry] to not try to be helpful here. But I think you can look at kind of maybe our growth rates here in the last year ex PPE, and that's probably a decent proxy for how we're executing in the market and what we think could happen moving forward.

我認為當您查看 PPE 之外的投資組合時，我們在將它們組合在一起方面做得很好。再一次，[抱歉] 不想在這裡提供幫助。但我認為你可以看看我們去年的 PPE 增長率，這可能是我們在市場上的表現以及我們認為未來可能發生的事情的一個很好的代表。

Okay. Perfect. And then just second question to shift gears a little bit. Some of the initiatives are in dental specialties have been quiet in my opinion. So just thoughts on that pace picking up. You got any job on, we believe, coming in the U.S. shortly and maybe they would direct ortho. I would think they did want a partner in a really fragmented GP segment.

好的。完美的。然後是第二個問題，稍微換檔。在我看來，一些牙科專業的舉措一直很安靜。所以只是想著加快步伐。我們相信，你有任何工作，很快就會來到美國，也許他們會指導正畸。我認為他們確實想要一個非常分散的 GP 細分市場的合作夥伴。

(inaudible) talked about trying to do white label or private label. So it seems like there's a couple of opportunities or call it capital-light opportunities to get involved in faster growth areas of dental specialties, notably clear aligners. Maybe just your thoughts, Don, when you look forward with the organization being a player in that segment going forward in fiscal '24 and beyond.

（聽不清）談到嘗試做白標或自有品牌。因此，似乎有幾個機會或稱之為輕資本機會，可以涉足牙科專業的快速增長領域，尤其是隱形矯治器。也許只是你的想法，唐，當你期待組織在 24 財年及以後成為該領域的參與者時。

Yes. Well, we're really focused, and we've said this. I mean, we're starting to do some smaller acquisitions, but we've been really focused on a number of different opportunities for our M&A strategy and capital allocation.

是的。好吧，我們真的很專注，我們已經說過了。我的意思是，我們開始進行一些較小的收購，但我們一直專注於我們的併購戰略和資本配置的許多不同機會。

Obviously, those are attractive markets. And so they're not -- they're on our radar, and we continue to look at the opportunities to see if they fit our criteria, fit our strategy. And if there's something that is going to be good for Patterson, that's definitely something we'd be looking at and more to come on M&A.

顯然，這些都是有吸引力的市場。所以他們不是——他們在我們的雷達上，我們繼續尋找機會，看看他們是否符合我們的標準，符合我們的戰略。如果有什麼對帕特森有好處，那絕對是我們會關注的事情，而且還會有更多的併購。

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

我們將與高盛一起接受 Nathan Rich 的下一個問題。

Just wanted to go back to the dental equipment performance in 3Q. I guess is there any more detail you could provide on kind of the magnitude of that cycling that upgrade program from the prior year? And I guess I asked because you face another tough comparison in equipment in 4Q that I think was also kind of driven by double-digit growth in CAD/CAM and digital last year. So do we see the sort of near-term softness continue through the balance of this year before maybe getting back to growth in fiscal '24?

只想回到第三季度的牙科設備性能。我想您是否可以提供更多關於前一年升級計劃的循環程度的詳細信息？我想我問是因為你在第四季度面臨另一個艱難的設備比較，我認為這也是去年 CAD/CAM 和數字領域兩位數增長的推動。那麼，在 24 財年恢復增長之前，我們是否會看到這種近期疲軟在今年餘下時間繼續？

Well, obviously, any of that's built into the guidance we gave. But maybe I'll see if Kevin's got some thoughts on what he wants to share relative to that.

好吧，很明顯，我們給出的指導中包含了這些內容。但也許我會看看 Kevin 是否對他想分享的相關內容有一些想法。

Yes. I think what I'd say is we did see clients in those technology categories this quarter. Like Don had mentioned, it was somewhat promotional-related to prior periods.

是的。我想我要說的是，本季度我們確實看到了這些技術類別的客戶。就像 Don 提到的那樣，它在某種程度上與前期促銷有關。

But we are also seeing good growth in our core equipment year-over-year. And so I think as you look at our total equipment category, it's obviously -- the technology piece is a good chunk of it, but we've got some really solid momentum on our core equipment that kind of continues to help offset -- it certainly helped offset some of the softness in this quarter.

但我們也看到我們的核心設備同比增長良好。所以我認為，當你看一下我們的總設備類別時，很明顯——技術部分是其中的很大一部分，但我們的核心設備有一些非常強勁的勢頭，這種勢頭繼續幫助抵消——它無疑幫助抵消了本季度的一些疲軟。

So I think that's maybe the additional color I'd give on how we're thinking about that category. And again, like Don said, that's obviously built into our forecast for what we expect here for (inaudible).

所以我認為這可能是我對我們如何考慮該類別的額外顏色。再一次，就像 Don 所說的那樣，這顯然已納入我們對我們在這裡的期望（聽不清）的預測中。

Okay. And then maybe, Kevin, if I could just ask a follow-up on the free cash flow performance, obviously, negative year-to-date. You talked about the working capital and build and I think mainly related to inventory. Do we see some of that reverse in 4Q? And can you maybe help us think about what a more maybe normalized run rate for free cash flow is going forward?

好的。然後也許，凱文，如果我能問一個關於自由現金流表現的後續行動，顯然，年初至今是負的。你談到了營運資金和建設，我認為主要與庫存有關。我們會在第四季度看到一些逆轉嗎？你能不能幫我們想想未來自由現金流的正常化運行率是多少？

Yes. So we do have some seasonality in our free cash flow, where we typically see inventories coming out of Q3 is a bit higher, and then we typically draw down in Q4 and have favorable cash flow in Q4. And we expect that to happen again this year.

是的。所以我們的自由現金流確實有一些季節性，我們通常會看到第三季度的庫存略高，然後我們通常會在第四季度減少並在第四季度獲得有利的現金流。我們預計今年會再次發生這種情況。

I think what happened in Q3 is we had some opportunities to strategically buy in some inventory and ensure some service levels, and we did that. And we didn't see as much of an increase in our accounts payable to offset that. So there's some timing of when the bills got paid that impacted us here in Q3 that we'll also expect to unwind a bit here in Q4.

我認為第三季度發生的事情是我們有機會戰略性地購買一些庫存並確保一定的服務水平，我們做到了。而且我們沒有看到我們的應付賬款增加太多來抵消這一點。因此，在第三季度影響我們的賬單支付時間有一些時間，我們也希望在第四季度在這裡放鬆一下。

Yes. I mean, over time, I think what I'd say is that I think we have opportunity to -- I think our balance sheet is in a pretty good place. And I think we can leverage -- get some leverage on our cash flow as we grow the top line.

是的。我的意思是，隨著時間的推移，我想我要說的是，我認為我們有機會——我認為我們的資產負債表處於一個非常好的位置。而且我認為我們可以利用 - 隨著我們增加收入，對我們的現金流進行一些槓桿作用。

Our teams have done a good job internally, particularly on the inventory side, looking at how do we get better at forecasting, how do we make sure we've got the right products in the right locations to optimize inventory levels and the cost we spend moving products around. And so over time, I would think that we've got the opportunity to -- we'll be able to grow our top line faster than we need to grow our inventories.

我們的團隊在內部做得很好，特別是在庫存方面，著眼於我們如何更好地進行預測，我們如何確保我們在正確的位置獲得正確的產品以優化庫存水平和我們花費的成本移動產品。因此，隨著時間的推移，我認為我們有機會 - 我們將能夠比增加庫存所需的速度更快地增加我們的收入。

We'll take our final question from Kevin Caliendo with UBS.

我們將接受來自瑞銀的 Kevin Caliendo 的最後一個問題。

Speaking of inventories, one of your primary manufacturing suppliers talked about putting inventory into the channel in 1Q, just -- in their 1Q, the March quarter. Just wondering how that if it in any way has impacted you guys?

說到庫存，您的一家主要製造供應商談到在第一季度將庫存投入渠道，就在他們的第一季度，即三月季度。只是想知道它對你們有何影響？

No, I think that there's a lot of timing involved in how the equipment moves, but really not in terms of -- that hasn't impacted us in terms of our ability to install equipment and really our sales cycle, et cetera.

不，我認為設備的移動方式涉及很多時間，但實際上並沒有影響我們安裝設備的能力以及我們的銷售週期等等。

Okay. So it's not necessarily meaningful or it doesn't explain any of the sort of results that we've seen or expectations that we have for next quarter?

好的。所以它不一定有意義，或者它不能解釋我們已經看到的任何結果或我們對下個季度的期望？

No, no.

不，不。

Okay. Helpful. What are you guys expecting in terms of manufacturer price increases for '23? Obviously, last year -- for calendar '23. Last year, obviously, there were a lot more price increases, maybe more acute price increases than you normally see. Are you expecting the next cycle to be more normal? Or do you still expect elevated price increases for manufacturers?

好的。有幫助。你們對 23 年的製造商價格上漲有何期待？顯然，去年 - 日曆'23。去年，很明顯，價格上漲了很多，可能比你通常看到的價格上漲幅度更大。您是否期望下一個週期更正常？還是您仍然期望製造商提高價格？

I think what I'd say is I think our portfolio is pretty broad. We do a lot of manufacturers at different places in the pricing cycle. But I think as a general comment, we'd expect a slight slowing from certainly what you saw sort of immediately post pandemic going forward.

我想我要說的是我認為我們的投資組合非常廣泛。我們在定價週期的不同地方做很多製造商。但我認為，作為一般性評論，我們預計肯定會比你看到的大流行後立即出現的情況略有放緩。

But as we look internally, we see there's a pretty big mess. And as we've been talking about in this call, there are some products as the supply chains have normalized or competition comes in, that the prices go the other way. So -- but in general, I think if you're just talking about price advances for the manufacturers, it's -- I'd expect it still to be positive but not quite at the rate we saw in the past year or 2.

但當我們審視內部時，我們發現那裡一團糟。正如我們在這次電話會議中一直在談論的那樣，隨著供應鏈的正常化或競爭的到來，有些產品的價格會發生變化。所以 - 但總的來說，我認為如果你只是談論製造商的價格上漲，它 - 我預計它仍然是積極的但不完全是我們在過去一兩年看到的速度。

Got it. And I apologize if I missed this, but can you just -- can you talk about the impact from the completed M&A on expectations for your fiscal '23? Was there any incremental impact to the top line or to earnings from the deal you completed?

知道了。如果我錯過了這一點，我深表歉意，但你能談談完成的併購對你的 23 財年預期的影響嗎？您完成的交易對頂線或收益是否有任何增量影響？

Yes. We've got some revenue benefit here in Q3. I think that's in the tables in our press release, you can see that. From an EPS standpoint, it's relatively de minimis here in this fiscal year as part of our guidance. But here in Q3, with those deals, we got about 1 month, 1.5 months of impact from.

是的。我們在第三季度獲得了一些收入收益。我認為這在我們的新聞稿中的表格中，您可以看到。從 EPS 的角度來看，作為我們指導的一部分，本財年這里相對微不足道。但在第三季度，通過這些交易，我們獲得了大約 1 個月、1.5 個月的影響。

That's all the questions for today. I really appreciate everybody's time. Thanks for your time and your interest in Patterson Companies. And we'll talk to you next quarter.

這就是今天的所有問題。我真的很感謝大家的時間。感謝您抽出寶貴時間和對帕特森公司的關注。我們將在下個季度與您交談。

Ladies and gentlemen, this concludes today's conference call, and we thank you for your participation. You may now disconnect.

女士們，先生們，今天的電話會議到此結束，我們感謝您的參與。您現在可以斷開連接。