沃博聯公司 (WBA) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Walgreens Boots Alliance third-quarter 2024 results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference call over to your speaker today, Tiffany Kanaga, Vice President of Investor Relations. Please go ahead.

您好，感謝您的耐心等待。歡迎參加 Walgreens Boots Alliance 2024 年第三季業績電話會議。（操作人員指示）請注意，今天的會議正在錄音。現在我謹將電話會議交給今天的發言人，投資者關係副總裁蒂芬妮·卡納加。請繼續。

Good morning. Thank you for joining us for the Walgreens Boots Alliance earnings call for the third quarter of fiscal year 2024. I'm Tiffany Kanaga, Vice President of Investor Relations.

早安.感謝您參加 Walgreens Boots Alliance 2024 財年第三季財報電話會議。我是蒂芬妮·卡納加，投資者關係副總裁。

Joining me on today's call are Tim Wentworth, our Chief Executive Officer; and Manmohan Mahajan, Global Chief Financial Officer. In addition, Mary Langowski, President of US Healthcare; Rick Gates, Senior Vice President and Walgreens' Chief Pharmacy Officer; and Tracey Brown, President of Walgreens Retail and Chief Customer Officer, will participate in Q&A.

今天與我一起參加電話會議的有我們的執行長蒂姆·溫特沃斯和全球財務長曼莫漢·馬哈詹。此外，美國醫療保健總裁瑪麗·蘭戈夫斯基、沃爾格林高級副總裁兼首席藥劑師里克·蓋茨以及沃爾格林零售總裁兼首席客戶官特雷西·布朗將參加問答環節。

As always, during the conference call, we anticipate making projections and forward-looking statements based on our current expectations. Our actual results could differ materially due to a number of factors, including those listed on slide 2 and those outlined in our latest Form 10-K filed with the Securities and Exchange Commission. We undertake no obligation to publicly update any forward-looking statement after this presentation, whether as a result of new information, future events, changes in assumptions or otherwise. You can find our press release and the slides referenced on this call in the Investors section of the Walgreens Boots Alliance website.

與往常一樣，在電話會議期間，我們預計會根據我們目前的預期做出預測和前瞻性聲明。由於多種因素，我們的實際結果可能與預期存在重大差異，包括投影片 2 中列出的因素以及我們在向美國證券交易委員會提交的最新 10-K 表格中概述的因素。我們不承擔在本次演示之後公開更新任何前瞻性聲明的義務，無論是由於新資訊、未來事件、假設變更或其他原因。您可以在 Walgreens Boots Alliance 網站的投資者關係部分找到我們的新聞稿和本次電話會議中提到的幻燈片。

During this call, we will discuss certain non-GAAP financial measures. These measures are reconciled to the most directly comparable GAAP financial measures, and the reconciliations are set forth in the press release. You may also refer to the slides posted to the Investors section of our website for reconciliations of non-GAAP measures to the most comparable GAAP measures discussed during this earnings call. We encourage you to review the comparable GAAP measures and reconciliation to non-GAAP values in the other earnings materials we provided. I will now turn the call over to Tim.

在本次電話會議中，我們將討論一些非GAAP財務指標。這些指標與最直接可比較的 GAAP 財務指標進行了核對，核對情況已在新聞稿中列出。您也可以參考我們網站投資者關係部分發布的投影片，以了解本次財報電話會議中討論的非 GAAP 指標與最可比較 GAAP 指標的調整。我們建議您查看我們提供的其他獲利資料中的可比較 GAAP 指標以及與非 GAAP 值的調整表。現在我將把通話交給提姆。

Thanks, Tiffany, and good morning, everyone. While this quarter's results were not in line with our expectations, I want to start today by sharing some reflections on what I've observed since joining WBA. I'm at Walgreens today because I believe in the future of retail pharmacy and particularly in our future. We are motivated by the trust Americans place every day in their Walgreens pharmacy. And the experience we provide them in our stores and with our digital offerings is important in their lives.

謝謝蒂芙尼，大家早安。雖然本季的業績沒有達到我們的預期，但我今天首先想和大家分享我加入 WBA 以來的一些觀察心得。我今天來到沃爾格林，是因為我相信零售藥局的未來，尤其相信我們的未來。我們深受美國民眾每天對沃爾格林藥局的信任所鼓舞。我們在實體店和數位產品中為他們提供的體驗對他們的生活至關重要。

Over our 125-year heritage, we have earned the right to engage with patients and customers in a way that few others can rival. I believe that this human-to-human interaction is an imperative in healthcare, and the core foundation of our business is the relationship we have with our customers. Through our nationwide footprint, we touch nearly 9 million lives a day as the leading independent integrated retail pharmacy and healthcare provider. This dynamic is why PBMs, payers, providers, and pharma choose to work with Walgreens.

在我們 125 年的歷史傳承中，我們贏得了與患者和客戶互動的權利，這種互動方式鮮有其他公司能夠匹敵。我認為，人與人之間的互動是醫療保健的必要條件，而我們業務的核心基礎就是我們與客戶之間的關係。作為領先的獨立綜合零售藥房和醫療保健服務提供商，我們透過遍布全國的業務網絡，每天服務近 900 萬人。正是這種動態因素使得藥品福利管理機構 (PBM)、支付方、醫療服務提供者和製藥公司選擇與沃爾格林合作。

Looking back over the last several quarters, we've built a world-class leadership team, including five new members. We now have the right people in place who are already executing with a sense of urgency on a turnaround for our business. All of this is underscored by our 330,000 passionate and dedicated team members who differentiate us and deliver exceptional customer and patient experiences every day.

回顧過去幾個季度，我們組建了一支世界一流的領導團隊，其中包括五名新成員。我們現在已經有了合適的人選，他們正以緊迫感推動公司業務的扭轉局面。這一切都離不開我們33萬名充滿熱情、盡職盡責的團隊成員，正是他們讓我們脫穎而出，每天都為客戶和患者提供卓越的體驗。

The bottom line is that I'm confident WBA will be a leader in the future of healthcare with pharmacy and retail at its center. And the long-term potential of the company will be shaped by offerings built around the relationship that we've nurtured with our customers over time.

總之，我相信 WBA 將成為未來醫療保健領域的領導者，其核心是藥房和零售業務。公司的長期發展潛力將取決於我們與客戶長期建立並維護的關係，以及我們圍繞這種關係所打造的產品和服務。

But we also acknowledge where we are today and what we need to do to realize our longer-term ambitions. The severity and duration of the challenges in the operating environment have only added urgency to our strategic and operational review, and we are addressing them directly. Our review has been a significant driver of action as we assess both our existing retail pharmacy business and our collection of strategic assets. I will unpack the series of conclusions we have reached in greater detail after Manmohan, and I review the quarterly results.

但我們也認識到我們目前的處境，以及為了實現我們的長期目標，我們需要做些什麼。營運環境中的挑戰的嚴重性和持續時間，更加凸顯了我們進行策略和營運審查的迫切性，我們正在直接應對這些挑戰。這次審查極大地推動了我們的行動，因為我們對現有的零售藥房業務和戰略資產組合都進行了評估。在曼莫漢之後，我將更詳細地闡述我們得出的一系列結論，並回顧季度業績。

For the third quarter, we delivered adjusted earnings per share of $0.63 reflecting significant challenges in the US retail pharmacy business stemming from a worse-than-expected consumer environment and challenging pharmacy industry trends, partially offset by strength in US healthcare and international. In light of these factors, we are reducing our full year outlook, which Manmohan will take you through in more detail.

第三季度，我們調整後的每股收益為 0.63 美元，這反映了美國零售藥局業務面臨的重大挑戰，這些挑戰源於比預期更差的消費環境和充滿挑戰的藥局行業趨勢，但部分被美國醫療保健和國際市場的強勁表現所抵消。有鑑於這些因素，我們下調了全年預期，Manmohan 將會更詳細地向大家介紹這一點。

In US retail pharmacy, we witnessed continued pressure on the US consumer. Our customers have become increasingly selective and price-sensitive in their purchases. In response, we invested in targeted promotion and price decisions which have driven traffic and will generate improved customer loyalty, but they weigh on near-term profitability as we refine our approach. We remain relentlessly focused on enhancing the front of store and creating the right omnichannel experience for our customers while driving in-store efficiencies.

在美國零售藥局，我們目睹了美國消費者持續面臨的壓力。我們的顧客在購物時變得越來越挑剔，對價格也越來越敏感。為此，我們投資於有針對性的促銷和定價策略，這些策略已經帶來了客流量，並將提高客戶忠誠度，但由於我們正在不斷改進策略，這些策略會對近期盈利能力造成影響。我們將持續不懈努力，致力於提升門市前端體驗，為顧客打造合適的全通路體驗，同時提升店內營運效率。

We also continue to face an incrementally challenging pharmacy industry. Recent trends such as branded mix impacts and increased regulatory and reimbursement pressures, including fluctuations in NADAC pricing, have negatively impacted pricing dynamics.

我們也面臨日益嚴峻的醫藥產業挑戰。近期的趨勢，例如品牌組合的影響以及監管和報銷壓力的增加（包括 NADAC 定價的波動），對定價動態產生了負面影響。

Additionally, the script market is growing but continues to trail below pre-pandemic growth levels. These headwinds have affected our performance and are materially weighing on our ability to serve patients profitably.

此外，劇本市場雖然在成長，但仍低於疫情前的成長水準。這些不利因素影響了我們的業績，並嚴重限制了我們獲利地服務患者的能力。

We are at a point where the current pharmacy model is not sustainable and the challenges in our operating environment require, we approach the market differently. For example, we are in active discussions with our PBM and payer partners to align incentives and ensure we are paid fairly.

我們現在所處的階段是，現有的藥局模式是不可持續的，我們經營環境面臨的挑戰要求我們以不同的方式進入市場。例如，我們正在與藥品福利管理機構 (PBM) 和支付方合作夥伴積極討論，以協調激勵機制，確保我們獲得公平的報酬。

We are also working with our suppliers and partnering directly with pharma companies to build out specialty pharmacy, clinical trials, and other services, which Walgreens is uniquely positioned to facilitate, given our physical footprint and the trust we've already established with patients.

我們也與供應商合作，並直接與製藥公司合作，以建立專科藥房、臨床試驗和其他服務。鑑於沃爾格林的實體店面和我們已經與患者建立的信任，沃爾格林在這方面具有獨特的優勢。

In US healthcare, we had another quarter of positive adjusted EBITDA and year-on-year growth driven by continued growth and disciplined cost management at VillageMD along with strength at Shields. Following last quarter's actions to rightsize VillageMD's footprint, the business is now on a clearer path to profitability as it continues to add lives and optimize its cost structure.

在美國醫療保健領域，我們又一個季度實現了正的調整後 EBITDA 和同比增長，這得益於 VillageMD 的持續增長和嚴格的成本管理，以及 Shields 的強勁表​​現。繼上季採取措施調整 VillageMD 的業務規模後，隨著其不斷增加服務對象並優化成本結構，該公司目前正走上一條更加清晰的盈利之路。

In international, the business continues to perform strongly and in line with expectations. Boots UK delivered meaningful retail comp growth and achieved another sequential quarter of market share gains from strength in both physical and digital channels. We continued to execute with discipline across the organization to drive further cost out and prioritize free cash flow. We remain on track to deliver $1 billion in cost savings this year.

在國際市場，公司業務持續保持強勁勢頭，符合預期。Boots UK 實現了可觀的零售同店銷售成長，並憑藉實體和數位管道的強勁表現，連續第二個季度實現了市場份額的成長。我們繼續在整個組織內嚴格執行各項工作，以進一步降低成本並優先考慮自由現金流。我們仍有望在今年實現節省10億美元的成本目標。

As we look ahead to the remainder of the year, we are operating under the following assumptions. We expect the operating environment to remain challenging. We do not expect an improvement in the US retail environment. And finally, we expect script volume growth to remain muted and anticipate continued pressures on pharmacy margins.

展望今年剩餘時間，我們基於以下假設開展工作。我們預計經營環境仍將充滿挑戰。我們預計美國零售環境不會改善。最後，我們預計處方量成長將保持溫和，並預期藥局利潤率將繼續面臨壓力。

In light of these factors, we are reducing our outlook. We now expect to deliver adjusted earnings per share of $2.80 to $2.95 for the fiscal year 2024. While we acknowledge that this range is wider than normal, we believe it is prudent, given fluctuations in recent pharmacy industry trends. Consistent with our historic approach, we will provide our outlook for fiscal 2025 on our fiscal year-end call in October, but we expect the current trends I've outlined to persist into next year. Before going into details of our strategic review, I'll now turn it over to Manmohan to review our financial results.

鑑於這些因素，我們下調了預期。我們現在預計 2024 財年調整後每股收益為 2.80 美元至 2.95 美元。雖然我們承認這個範圍比正常情況要寬，但考慮到近期醫藥行業趨勢的波動，我們認為這是謹慎的做法。按照我們以往的做法，我們將在 10 月的財年結束電話會議上提供 2025 財年的展望，但我們預計我概述的當前趨勢將持續到明年。在詳細介紹我們的策略評估之前，我現在將交給曼莫漢來評估我們的財務表現。

Thank you, Tim, and good morning, everyone. Third quarter sales grew 2.5% on a constant currency basis. US retail pharmacy increased 2.3%. International was up 1.6%, and US healthcare delivered sales growth of 7.6%.

謝謝你，提姆，大家早安。第三季銷售額以固定匯率計算成長2.5%。美國零售藥局成長了2.3%。國際業務成長1.6%，美國醫療保健業務銷售額成長7.6%。

As Tim mentioned, overall results were below our expectations. Adjusted EPS of $0.63 decreased 37% year-over-year on a constant currency basis. This was driven by a $0.24 impact from lower sale-leaseback gains, a challenging US retail environment and recent pharmacy trends.

正如蒂姆所說，整體結果低於我們的預期。以固定匯率計算，調整後每股收益為 0.63 美元，年減 37%。這主要是由於售後回租收益下降導致每股收益下降 0.24 美元，以及美國零售環境充滿挑戰和近期藥房趨勢。

Our US healthcare and international segments continued to perform in line with our expectations. And we continue to deliver on our goals related to cost and CapEx reduction and working capital initiatives. As a reminder, last year's GAAP results included after-tax impairment charges of $323 million related to pharmacy license and tangible assets in Boots UK.

我們的美國醫療保健和國際業務部門繼續按照預期表現。我們將繼續實現與降低成本和資本支出以及營運資金計畫相關的目標。提醒一下，去年的 GAAP 表現包括與 Boots UK 的藥房許可證和有形資產相關的 3.23 億美元的稅後減損費用。

Let's move on to the year-to-date highlights. Sales increased 5.6% on a constant currency basis. Adjusted EPS declined 25% on a constant currency basis due to the softer US retail pharmacy performance and significantly lower sale-leaseback gains. This was partly offset by cost-saving initiatives, improved profitability in US healthcare and a lower adjusted effective tax rate.

接下來我們來看看今年迄今為止的亮點。以固定匯率計算，銷售額成長了5.6%。由於美國零售藥局業績疲軟以及售後回租收益大幅下降，以固定匯率計算，調整後每股收益下降了 25%。成本節約措施、美國醫療保健行業盈利能力的提高以及調整後實際稅率的降低，部分抵消了上述影響。

GAAP net loss was $5.6 billion compared to a loss of $2.9 billion in the first nine months of fiscal '23. The first nine months of fiscal '24 included certain non-cash impairment charges related to VillageMD goodwill as detailed last quarter. The prior year period included a $5.5 billion after-tax charge for opioid-related claims and lawsuits, partly offset by a $1.5 billion after-tax gain on the sale of Cencora and Option Care Health shares.

GAAP淨虧損為56億美元，而2023財年前九個月的虧損為29億美元。2024 財年的前九個月包括與 VillageMD 商譽相關的某些非現金減損費用，詳情請見上個季度。上一年期間，因阿片類藥物相關的索賠和訴訟而產生的稅後費用為 55 億美元，部分被出售 Cencora 和 Option Care Health 股票獲得的稅後收益 15 億美元所抵消。

Now let me cover US retail pharmacy segment. Comparable sales grew 3.5% year-on-year driven by brand inflation and pharmacy and prescription volume, partly offset by a decline in retail sales.

現在讓我來介紹一下美國零售藥局領域。受品牌價格上漲和藥局及處方量成長的推動，同店銷售額年增 3.5%，但零售額下降部分抵消了這一增長。

AOI decreased 48% versus the prior year quarter. Approximately 70% of this decline relates to lower sale-leaseback gains lapping reduced incentive accruals in the prior year and lower Cencora equity income. Challenging retail and pharmacy industry trends also negatively impacted AOI in the current period.

AOI 較上年同期下降 48%。其中約 70% 的下降與售後回租收益減少、上一年激勵性應計減少以及 Cencora 股權收入減少有關。當前零售和藥房行業的挑戰性趨勢也對 AOI 產生了負面影響。

Sale-leaseback gains, net of incremental rent expense, resulted in a $277 million headwind to AOI in the quarter. As discussed, three months ago, we do not anticipate any material benefits from sale-leaseback gains going forward. Headwinds in the retail and pharmacy businesses were partly offset by cost savings initiatives.

扣除新增租金支出後，售後回租收益導致本季 AOI 出現 2.77 億美元的不利影響。正如三個月前所討論的，我們預期未來售後回租收益不會帶來任何實質好處。零售和藥房業務的不利因素部分被成本節約措施所抵消。

Let me now turn to US pharmacy. Pharmacy comp sales increased 5.7% driven by brand inflation and volume growth. Comp scripts, excluding immunization, grew 1.7% in the quarter. We are tracking in line with the overall prescription market year to date. However, overall prescription market growth remains below expectations primarily due to Medicaid redeterminations.

現在讓我來談談美國藥學。受品牌效應和銷售成長的推動，藥局同店銷售額成長了 5.7%。不包括免疫接種在內的同類處方藥在本季增加了 1.7%。今年迄今為止，我們的走勢與整體處方藥市場走勢一致。然而，由於醫療補助計劃的重新評估，整體處方藥市場成長仍低於預期。

Pharmacy adjusted gross margin declined versus the prior-year quarter driven by brand mix impacts, reimbursement pressure reflecting last year's negotiations, lower COVID testing demand, and incremental pressure from certain generic launches with procurement dynamics similar to brands. Recent fluctuations in NADAC drove an incremental $20 million of the partial quarter impact.

受品牌組合影響、反映去年談判的報銷壓力、新冠檢測需求下降以及某些仿製藥上市帶來的額外壓力（其採購動態與品牌藥類似）等因素的影響，藥房調整後的毛利率較上年同期有所下降。NADAC 近期的波動導致部分季度的影響增加了 2000 萬美元。

Turning next to our US retail business. Comparable retail sales declined 2.3% in the quarter. As Tim mentioned, the consumer backdrop remains a challenge. With this continued channel shift and a sustained pullback in discretionary spending, we have responded by lowering prices across health and wellness, personal care, and seasonal categories.

接下來我們來看看我們的美國零售業務。本季同店零售額下降了2.3%。正如蒂姆所提到的那樣，消費者環境仍然充滿挑戰。隨著管道的持續轉變和可自由支配支出的持續下降，我們採取了應對措施，降低了健康和保健、個人護理和季節性類別的價格。

Where we invested in price and promotions, we saw returns in sales and unit lift. At the same time, value-seeking behavior and new product launches year-to-date helped to drive our own brand penetration up 65 basis points in the quarter.

我們在價格和促銷方面投入，就看到了銷售額和銷售量的提升。同時，消費者對價值的追求以及今年迄今的新產品發布，幫助我們的自有品牌在本季度滲透率提高了 65 個基點。

While we're seeing early signs of customers responding to our actions, retail gross margin declined more than previously anticipated due to our price and promo investments this year lapping last year's margin recovery actions as well as higher levels of shrink. This was partly offset by positive impact on gross margin from our category performance improvement initiatives, which are tracking in line with our expectations as we deepen relationship with select suppliers.

雖然我們看到顧客對我們的行動做出了初步反應，但由於今年我們在價格和促銷方面的投入超過了去年的利潤恢復措施，以及損耗水平較高，零售毛利率的下降幅度超過了之前的預期。但這部分被我們品類業績提升措施對毛利率的正面影響所抵消，隨著我們與部分供應商關係的加深，這些舉措的進展符合我們的預期。

Turning next to international segment. And as always, I will talk in constant currency numbers. Total sales grew 1.6% with Boots UK increasing 1.6% and Germany wholesale up 4.9%. Segment adjusted gross profit increased 2% with growth across all businesses. Adjusted operating income was down 17% due to lapping real estate gains in the prior year period.

接下來是國際部分。像往常一樣，我將用不變的貨幣數字來說話。總銷售額成長了 1.6%，其中英國 Boots 銷售額成長了 1.6%，德國批發銷售額成長了 4.9%。經業務部門調整後的毛利成長了2%，所有業務均成長。由於上年同期房地產收益被抵消，調整後的營業收入下降了 17%。

Let's now cover Boots UK in detail. Boots UK continues to perform well. Comp pharmacy sales were up 5.8%. Comp retail sales increased 6% with all categories showing growth. Across formats, destination health and beauty, flagship and travel locations performed particularly well. Boots.com sales increased 13.8% year-on-year and represented nearly 16% of our UK retail sales.

接下來我們來詳細了解英國博姿（Boots UK）。英國博姿公司業績持續良好。同類藥局銷售額成長了 5.8%。同店零售額成長6%，所有品類均成長。從所有業態來看，目的地健康美容、旗艦店和旅遊門市的表現特別出色。Boots.com 的銷售額較去年同期成長 13.8%，占我們英國零售額的近 16%。

Turning next to US healthcare. The US healthcare segment delivered its second consecutive quarter of positive adjusted EBITDA. Third quarter sales of $2.1 billion increased 8% compared to prior year quarter.

接下來我們來談談美國醫療保健。美國醫療保健業務連續第二季實現調整後 EBITDA 為正。第三季銷售額為21億美元，較上年同期成長8%。

VillageMD sales, up $1.6 billion grew 7% year on year. The increase was driven by growth in full risk and fee-for-service lives, partly offset by the impact of clinic closures. Shields sales were up 24% driven by growth within existing partnerships. Adjusted EBITDA was $23 million, an improvement of $136 million compared to last year driven by rightsizing costs, improved productivity at VillageMD, and continued robust growth at Shields.

VillageMD 銷售額達 16 億美元，年增 7%。成長主要由全風險和按服務收費的投保人數量增加所推動，但部分被診所關閉的影響所抵消。盾牌銷售額成長了 24%，這主要得益於現有合作夥伴關係的成長。經過調整後的 EBITDA 為 2,300 萬美元，比去年增加了 1.36 億美元，這主要得益於成本的合理化、VillageMD 生產力的提高以及 Shields 的持續強勁增長。

Turning next to cash flow. Operating cash flow in the first nine months of fiscal '24 was negatively impacted by $785 million in payments related to legal matters, $386 million in entity premium, contributions related to Boots pension plan, and underlying seasonality.

接下來討論現金流。2024 財年前九個月的營運現金流受到以下因素的負面影響：與法律事務相關的 7.85 億美元支出、3.86 億美元的實體溢價、與 Boots 退休金計畫相關的繳款以及潛在的季節性因素。

Capital expenditures declined by $497 million versus the first nine months of fiscal '23. As a result, free cash flow was down by approximately $1.1 billion versus the prior year. We continue on pace to achieve a year-over-year reduction of $600 million in capital expenditures and $500 million in working capital initiatives in fiscal '24.

與 2023 財年前九個月相比，資本支出減少了 4.97 億美元。因此，自由現金流比前一年減少了約 11 億美元。我們繼續按計畫推進，力爭在 2024 財年實現資本支出年減 6 億美元，營運資本支出較去年同期減少 5 億美元。

I will now turn to guidance. We are lowering our fiscal '24 adjusted EPS guidance to $2.80 to $2.95. The updated range versus our expectations three months ago incorporates two key items.

接下來我將轉向指導部分。我們將2024財年調整後每股盈餘預期下調至2.80美元至2.95美元。與三個月前的預期相比，更新後的預期範圍包含了兩個關鍵因素。

First, the US consumer environment has not improved and is driving higher promotional activity, negatively impacting retail margin. We continue to expect fiscal '24 retail comp sales to be down approximately 3%. Second is the continuation of worse-than-expected pharmacy margin headwinds. Pharmacy margins in the second half include impact from certain generic launches with procurement dynamics similar to brands, fluctuations in NADAC, inflation and mix within branded drugs, and lower overall market growth.

首先，美國消費環境並未改善，反而推動了促銷活動的增加，對零售利潤率產生了負面影響。我們仍預期 2024 財年零售同店銷售額將下降約 3%。其次，藥局利潤率持續低於預期，面臨不利局面。下半年藥局利潤受到以下因素的影響：某些仿製藥上市，其採購動態與品牌藥類似；NADAC 波動；通貨膨脹；品牌藥內部組合；以及整體市場成長放緩。

We are maintaining full year expectations for US healthcare segment adjusted EBITDA to be breakeven at the midpoint of the guidance range. We continue to expect our adjusted effective tax rate to be under 5%. Our revised full year guidance range implies fourth quarter adjusted EPS of approximately $0.39 at the midpoint. While we're not providing fiscal '25 guidance today, let me offer key considerations to bridge from fourth quarter to next year.

我們維持對美國醫療保健業務全年調整後 EBITDA 的預期，即在預期範圍的中點實現盈虧平衡。我們仍預計調整後的實際稅率將低於 5%。我們修訂後的全年業績指引範圍意味著第四季度調整後每股收益中位數約為 0.39 美元。雖然我們今天不提供 2025 財年的業績指引，但我想就如何從第四季過渡到明年提出一些關鍵考慮因素。

Seasonality impacts all of our businesses, and the fourth quarter is typically the lowest quarter of the year. Additionally, we expect profitability growth in US healthcare and international segments. However, as Tim mentioned, there are other factors discussed on today's call that we assume will impact fiscal '25. Our decision to wind down the sale-leaseback program, sell Cencora shares, and a more normalized adjusted effective tax rate are expected to have an approximately $0.75 impact in fiscal '25.

季節性因素會影響我們所有的業務，第四季通常是一年中業績最差的季度。此外，我們預計美國醫療保健和國際業務的獲利能力將有所增長。然而，正如提姆所提到的，今天電話會議上討論的其他因素，我們認為也會對 2025 財年產生影響。我們決定逐步停止售後回租計畫、出售 Cencora 股份，並採用更正常的調整後有效稅率，預計將對 2025 財年產生約 0.75 美元的影響。

In retail, despite easing comparisons, we do not anticipate significant improvement in the US consumer spending backdrop. We are especially seeing signs of strength on the lower-income consumer driven by accumulated inflation and depleted savings. While we're adopting our model, these changes will take time.

儘管零售業的年比數據有所下降，但我們預計美國消費者支出環境不會顯著改善。我們尤其看到低收入消費者的消費需求強勁，這主要是由於通貨膨脹累積和儲蓄減少所致。雖然我們正在逐步採用新的模式，但這些改變需要時間。

We expect to see some pharmacy headwinds continue in fiscal '25. However, we are focused on stabilizing pharmacy margins as we continue to have active discussions with our PBM, payer, and supplier partners. We have more hard work ahead of us, and we are focused on building a solid foundation for the future, driving the stabilization of our business and returning to longer-term enterprise growth. With that, let me pass it back to Tim.

我們預計 2025 財年藥局產業仍將面臨一些不利因素。然而，我們正專注於穩定藥局利潤率，同時繼續與藥品福利管理機構 (PBM)、支付者和供應商合作夥伴積極進行討論。我們面前還有更多艱苦的工作要做，我們將專注於為未來奠定堅實的基礎，推動業務穩定，並回歸長期企業成長。那麼，我把麥克風交還給提姆。

Thanks, Manmohan. Let me now turn to our strategic review. Since launching our strategic and operational review at the beginning of the calendar year, we have been clear-eyed on what we're trying to achieve, and everything has been on the table.

謝謝你，曼莫漢。現在讓我來談談我們的策略評估。自從年初啟動策略和營運審查以來，我們一直清楚知道自己想要實現的目標，所有問題都已擺上台討論。

We have a deep understanding of the opportunities and complexities, and we have come to a number of important conclusions. Some will take more time to execute as we maximize optionality, but all of them are aligned around three principles to drive long-term shareholder value. First, to simplify and focus our business. Second, to use our core foundation, our relationship with our customers, to grow and expand in capital-efficient ways into adjacent areas. And third, to continue to identify opportunities to deliver profitable growth, generate meaningful cash flow, and strengthen our strategically relevant businesses today and long term.

我們對機會和複雜情況有了深刻的理解，並得出了一些重要的結論。有些方案需要更多時間才能執行，因為我們要最大限度地提高選擇權，但所有這些方案都圍繞著三個原則，旨在推動股東的長期價值。首先，為了簡化和聚焦我們的業務。其次，利用我們的核心基礎－與客戶的關係，以資本高效的方式發展壯大，拓展至鄰近領域。第三，繼續尋找機會，實現獲利成長，產生有意義的現金流，並加強我們當前和長期具有戰略意義的業務。

Before unpacking the details, I want to reinforce the most important conclusion from our review. The retail pharmacy experience will be more important to the healthcare industry in the years ahead, but it will evolve. With widespread demand for convenient healthcare solutions, including chronic diseases, and nationwide labor shortages, the pharmacy and pharmacists have never been more important. Our retail pharmacy business is uniquely positioned to expand the role we play in the lives of our patients who have come to expect and need retail pharmacy at the center of their care.

在詳細展開之前，我想再次強調我們評測中最重要的結論。未來幾年，零售藥局體驗對醫療保健產業將更加重要，但它也將不斷發展演變。隨著人們對便利醫療保健解決方案（包括慢性病治療）的需求日益增長，以及全國範圍內的勞動力短缺，藥房和藥劑師的重要性前所未有。我們的零售藥局業務擁有獨特的優勢，可以擴大我們在患者生活中扮演的角色，因為患者已經期望並需要零售藥房作為其醫療保健的核心。

So let me begin this discussion around our strategic decisions with our core business, US retail pharmacy. The success of the business hinges on an efficient, highly relevant customer experience, and we've launched a multifaceted action plan for improvement.

那麼，就讓我們從我們的核心業務——美國零售藥房——開始，來探討我們的策略決策。企業的成功取決於高效率、高度相關的客戶體驗，我們已經啟動了一項多方面的改善行動計畫。

As the convenient destination for millions of customers and driving $27 billion of retail sales, the store and its digital channels are central to our strategy and consumer experience. But the customer has evolved. Demographics and preferences have shifted, and we need to reposition and operate our stores accordingly. Currently, 75% of our US stores contribute roughly 100% of segment AOI. For the remaining 25% of the stores in our network which are not currently contributing to our long-term strategy, changes are imminent.

作為數百萬顧客的便利目的地，並推動了 270 億美元的零售額，實體店及其數位管道是我們策略和消費者體驗的核心。但顧客的需求已經改變了。人口結構和偏好發生了變化，我們需要相應地重新定位和經營我們的門市。目前，我們 75% 的美國門市貢獻了該細分市場約 100% 的 AOI。對於我們網路中剩餘的 25% 目前對我們的長期策略沒有貢獻的門市，變革迫在眉睫。

To start, we are finalizing a multifactor store footprint optimization program, which we expect will include the closure of a significant portion of these underperforming stores over the next three years. Plans to finalize this number are in motion, and we will update you in due course.

首先，我們正在敲定一項多因素門市佈局優化計劃，預計在未來三年內，該計劃將包括關閉相當一部分業績不佳的門市。確定最終數字的計劃正在進行中，我們將在適當的時候向您通報最新情況。

For the remaining portion of this cohort, we are taking action to return them to profitability and deliver an improved customer experience. We will contemplate additional closures if performance does not improve, which includes external factors such as reimbursement rates.

對於剩餘的這部分企業，我們正在採取措施使其恢復獲利能力，並提供更好的客戶體驗。如果業績沒有改善，我們將考慮進一步關閉，這包括報銷率等外部因素。

While it is not an easy decision to close a store, we will work to minimize customer disruptions. And importantly, as we have done in the past, we intend to redeploy the vast majority of the workforce in those stores that we close.

關閉門市雖然不是一個容易的決定，但我們會努力將對顧客的影響降到最低。更重要的是，正如我們過去所做的那樣，我們打算重新部署我們關閉的門市中的絕大多數員工。

In addition to these closures, we are taking a series of actions and making investments to enhance the customer and patient experience across several key areas. First, we are reevaluating our assortment to ensure its relevancy, leveraging select partners and our own brands. This means we will work with fewer partners who are helping us win.

除了關閉這些門市外，我們還在多個關鍵領域採取一系列措施並進行投資，以提升客戶和患者的體驗。首先，我們正在重新評估我們的產品組合，以確保其相關性，並利用精選的合作夥伴和我們自己的品牌。這意味著我們將與更少的合作夥伴攜手共贏。

For example, in the last quarter alone, we've removed eight national brands and redeployed those SKUs towards own brands and preferred partners within health and wellness categories. We are sharpening our focus as a definition for areas we are uniquely positioned to lead such as health and beauty and women's health.

例如，僅在上個季度，我們就移除了八個全國性品牌，並將這些 SKU 重新部署到健康和保健類別的自有品牌和首選合作夥伴。我們正在更明確地聚焦於我們具有獨特優勢的領域，例如健康美容和女性健康。

We are accelerating our digital and omnichannel offerings to meet our customers when, where, and how they want to engage. We continue to deliver approximately 80% of same-day delivery orders within one hour, and we see upside for improvement. As the ultra-convenient option for our over 120 million myWalgreens loyalty members, we have plans to meaningfully build our loyalty program. We are doubling down on our efforts to define the future of pharmacy in this country.

我們正在加速推動數位化和全通路服務，以便在客戶希望的時間、地點和方式與他們互動時滿足他們的需求。我們目前仍能將約 80% 的當日送達訂單在一小時內送達，我們認為這一比例還有提升空間。作為我們超過 1.2 億 myWalgreens 會員的超便利選擇，我們計劃大力發展我們的會員忠誠度計劃。我們將加倍努力，為定義我國藥學產業的未來貢獻力量。

As I mentioned earlier, this starts with changing the dialogue with payers and PBMs to ensure we are paid fairly for the value we provide. We're also investing in the industry's best talent. For example, as we focus on leading in the development and elevation of the pharmacy industry profession, we're partnering with critical stakeholders such as our Deans Advisory Council to help advance our work environment and make WBA the practice setting destination of choice for pharmacy talent.

正如我之前提到的，這首先要改變與付款人和藥品福利管理機構的對話方式，以確保我們所提供的價值能夠得到公平的報酬。我們也在投資業內最優秀的人才。例如，在我們致力於引領藥學行業職業發展和提升的同時，我們正在與院長顧問委員會等重要利益相關者合作，以幫助改善我們的工作環境，使 WBA 成為藥學人才的首選執業地點。

Just two weeks ago, we spent two full days with 14 deans of pharmacy across our country engaging in productive discussions to reinvigorate the community pharmacy labor supply chain. And we're enhancing our pharmacy services like immunizations to attract more patients to an improved experience and enhanced digital solutions. We've significantly decreased the average wait time per customer in the highest volume stores. And this is a result of several initiatives underway to improve the patient experience and increase retention.

就在兩週前，我們花了整整兩天時間與全國 14 位藥學院院長進行了富有成效的討論，以重振社區藥局勞動力供應鏈。我們正在加強藥房服務，例如免疫接種，以吸引更多患者體驗更佳的服務和更強大的數位化解決方案。我們已大幅縮短了客流量最大門市的每位顧客的平均等待時間。這是為改善患者體驗和提高患者留存率而正在實施的多項措施的結果。

Finally, with a mindset for driving continuous improvement throughout the organization, we are committed to operating with excellence and identifying further efficiencies in both our headquarters and our retail operations. We are restructuring our organization around these conclusions to streamline and ensure efficient development and deployment of services, to go to market as one Walgreens with more impact for our industry partners and to help close critical gaps in delivery of healthcare.

最後，秉持著推動整個組織持續改善的理念，我們致力於追求卓越運營，並在總部和零售營運中尋找進一步提高效率的方法。我們正在圍繞這些結論重組我們的組織，以簡化和確保服務的高效開發和部署，以一個對行業合作夥伴更有影響力的沃爾格林進入市場，並幫助彌合醫療保健服務方面的關鍵差距。

In that regard, Mary Langowski, our President of US healthcare, will assume responsibility for operations of specialty pharmacy, pharma and manufacturer relations and contracting, supply chain, and all services development and deployment. With these operations now under one team, we will be better aligned to go where the market is moving, sharpen our contracting, operate more efficiently, and achieve better economic outcomes. And Rick Gates, our Chief Pharmacy Officer, will take on an even greater role in defining the future of pharmacy from a strategic, operational, and labor force perspective.

在這方面，我們的美國醫療保健總裁瑪麗·蘭戈夫斯基將負責專科藥房的營運、製藥和製造商關係及合約、供應鏈以及所有服務的開發和部署。現在這些業務都歸於一個團隊，我們將更好地順應市場趨勢，優化合約簽訂，提高營運效率，並取得更好的經濟效益。我們的首席藥劑師里克·蓋茨將在從策略、營運和勞動力角度定義藥房的未來方面發揮更大的作用。

Turning to our broader portfolio. We have evaluated every non-retail pharmacy asset prioritizing strategic fit, profit growth potential, and cash flow generation. With that in mind, we have already stopped or will stop initiatives that distract from our focus and will grow in areas that create longer-term shareholder value.

接下來，讓我們來看看我們更廣泛的投資組合。我們對每一項非零售藥房資產進行了評估，優先考慮策略契合度、利潤成長潛力和現金流產生能力。考慮到這一點，我們已經停止或將停止那些分散我們注意力、並將在能夠創造長期股東價值的領域發展的項目。

Let me touch on several of our larger assets. Our review of Boots UK showed that we have attractive options to unlock value in this business. While we believe there is significant interest in Boots at the right time, its growth, strategic strength, and cash flow remain key contributors to the company. We are committed to continuing to invest in Boots UK and find innovative ways for this business to fulfill its potential.

讓我簡單介紹一下我們的幾項主要資產。我們對英國博姿公司的研究顯示，我們有許多有吸引力的選擇可以挖掘這家企業的價值。雖然我們認為現在正是對 Boots 感興趣的最佳時機，但其成長、策略實力和現金流仍然是公司的關鍵貢獻因素。我們致力於持續投資英國博姿，並尋找創新方法，使該業務充分發揮其潛力。

Moving next to VillageMD, which currently includes three distinct assets in VillageMD, Summit Health, and CityMD, we believe in the future of these businesses and intend to remain an investor and partner. But as part of our persistent focus on value creation for WBA, we are collaborating with leadership toward an endpoint to rapidly unlock liquidity, enhance optionality, and position them for additional growth.

接下來是 VillageMD，它目前包括 VillageMD、Summit Health 和 CityMD 這三項不同的資產。我們相信這些企業的未來，並打算繼續作為投資者和合作夥伴。但作為我們持續專注於為 WBA 創造價值的一部分，我們正在與領導層合作，以期快速釋放流動性、增強選擇權，並為他們實現進一步成長做好準備。

As it relates to Shields, its performance, growth, and leadership team remain best-in-class and serve as a complement to our core specialty business in the market. We are not taking action at this time. We are committed to executing on all of these decisions in a timely manner that maximizes shareholder value while creating optionality, and I look forward to providing more details as we progress.

就 Shields 而言，其業績、成長和領導團隊仍然是業內最佳，並對我們在市場上的核心專業業務起到了補充作用。我們目前暫不採取行動。我們致力於及時執行所有這些決策，以最大限度地提高股東價值並創造選擇餘地，我期待隨著工作的進展提供更多細節。

Before opening the call up for Q&A, let me leave you with four thoughts. First, our core retail pharmacy business is relevant but will be different. Second, we have the right team and the right strategy to enhance our focus, strengthen our own execution, and ultimately turn around the business performance.

在正式開始問答環節之前，我想和大家分享四點想法。首先，我們的核心零售藥局業務仍然很重要，但會有所不同。其次，我們擁有合適的團隊和正確的策略，可以集中精力，加強執行力，最終扭轉業務績效。

Third, there is a clear market need for our services, but our economics are not currently structured in a way that is sensible for our shareholders. We have a firm grasp of the issues and are working to address these challenges in our business model. Fourth, while it may take time, and there's a great deal of work underway, I am confident we are executing on the conclusions from our strategic review thoughtfully and urgently to deliver the Walgreens that our country needs. With that, let's begin Q&A. Operator?

第三，市場對我們的服務有明顯的需要，但我們目前的經濟結構對我們的股東來說並不合理。我們對這些問題有深刻的理解，並正在努力在我們的商業模式中應對這些挑戰。第四，雖然這可能需要時間，而且目前還有很多工作正在進行，但我相信我們正在認真、迅速地執行戰略評估的結論，以打造我們國家需要的沃爾格林。那麼，就讓我們開始問答環節吧。操作員？

(Operator Instructions) Lisa Gill, JPMorgan.

（操作說明）Lisa Gill，摩根大通。

Thanks very much. And Tim, thanks for all the comments and the color. I really just want to understand just a couple of things a little bit better. One, you started with your four thoughts and that the core will be different than what we can say. So one, what do you view is the future of pharmacy? And within that, can you talk about the conversations that you're having with payers and PBMs around what the new reimbursement model would look like?

非常感謝。提姆，謝謝你所有的評論和精彩點評。我只是想更清楚地了解一些事情。第一，你一開始提出了四個想法，而核心內容將與我們所能表達的有所不同。那麼，您認為藥學的未來是什麼？在此背景下，您能否談談您與支付方和藥品福利管理機構就新的報銷模式進行的對話？

And then just my second question would be, just when we think about the financial side, you called out NADAC pricing on Medicaid. And I think Manmohan said that it was $20 million in this quarter. Is that a material number when we think about going forward? If you can put any numbers around that would be great. Thanks.

那麼我的第二個問題是，當我們考慮財務方面時，您提到了 NADAC 對 Medicaid 的定價。我記得曼莫漢說過，本季是2000萬美元。當我們考慮未來發展方向時，這個數字是否具有實質意義？如果你能提供一些具體數字就太好了。謝謝。

Thanks, Lisa. So big question, future pharmacy, I'll take quickly. And then I'll let Mary Langowski talk a little bit more detail about our payer conversations. Obviously, we won't get specific. But needless to say, they have, I think, changed both in tenor and content and are constructive. And then I'll let Manmohan talk about NADAC.

謝謝你，麗莎。所以，關於未來藥劑師這個大問題，我會盡快回答。然後，我將請瑪麗·蘭戈夫斯基更詳細地談談我們與付款方的對話。顯然，我們不會透露具體細節。但毋庸置疑，我認為他們的言論和內容都發生了改變，而且具有建設性。然後我會讓曼莫漢談談NADAC。

As far as the future of pharmacy, retail pharmacy in particular, which we talk about the store as part of an overall experience, we are working to essentially meet the consumer where they are today and where they need us to be. And there are a number of elements to that, both in the back of the store and in the front of the store.

至於藥局的未來，特別是零售藥局的未來（我們把藥局視為整體體驗的一部分），我們正在努力從根本上滿足消費者的需求，無論他們身在何處，無論他們需要我們在哪裡。這其中包含許多因素，既包括商店的後廚，也包括商店的前廳。

And so -- and I don't want to take as much time to take you in detail through all of those pieces. But at the front of the store, you saw us talk about footprint which leaves us a more rational investment horizon in terms of them bringing up to the standard that our customers would expect the store experience as well as the assortment that we would have for them, reducing our -- using almost a PBM-like approach to formulary to how we work with national brands, being deeper with fewer in order to both drive better economics and better outcomes for them as well as I saw yesterday a really exciting presentation on where we're taking our loyalty program.

所以——我不想花太多時間詳細地向你們介紹所有這些部分。但在商店前面，您看到我們談到了佔地面積，這讓我們在投資方面擁有更合理的視野，以達到客戶期望的商店體驗和商品種類標準，減少我們的——幾乎採用類似藥品福利管理公司 (PBM) 的處方集方法，以及我們與全國性品牌的合作方式，以更少的投入獲得更深入的合作，從而既能帶來更好的經濟效益，又能為他們帶來更好的結果。此外，我昨天還看到了一個非常精彩的演示，介紹了我們未來的忠誠度計劃。

And so again, how we engage with our most valuable consumers as well as everything from home delivery, omnichannel and freeing up our store managers to really have flexibility in their framework, changing their compensation program dramatically in order to incent outcomes in their individual stores and have them act as owners. That's the front of the store.

因此，我們再次要考慮如何與我們最有價值的消費者互動，以及從送貨上門、全渠道到解放我們的門店經理，讓他們在框架內擁有真正的靈活性，大幅改變他們的薪酬計劃，以激勵他們在各自門店取得成果，並讓他們像店主一樣行事。那是商店的正面。

The back of the store, we know, and Rick and the team have done a tremendous amount of work around automating the workload at the back of the store. As you know, we had paused our investment in backend automation, but we have pushed forward. We are continuing to drive and ultimately are highly committed to having that be a key part of how we both free up labor to do higher order things as well as be more efficient.

我們知道商店後倉的情況，里克和他的團隊在實現商店後倉工作流程自動化方面做了大量工作。如您所知，我們之前暫停了對後端自動化的投資，但現在我們已經推進了這項工作。我們將繼續推進這項工作，並最終致力於將其作為我們釋放勞動力從事更高層次工作以及提高效率的關鍵手段。

Also at the back of the store, the Deans Council, we spent two detailed days working with the deans of 15 pharmacy schools as well as the trade association -- or association of deans rather, looking deeply at community pharmacy is a preference, what we can do to be a leader in that space, design of -- we're talking about design of curricula, so these pharmacists come out of the school excited.

此外，在商店後面的院長委員會，我們花了整整兩天時間與 15 所藥學院的院長以及行業協會（或更確切地說是院長協會）深入探討社區藥房，探討我們如何才能成為該領域的領導者，以及課程設計——我們指的是課程設計，以便這些藥劑師從學校畢業時充滿熱情。

And importantly, starting even as far back as middle school, to animate and excite sort of potential future pharmacists to the idea of community pharmacy where unlike hospital pharmacy, you have the opportunity to build long-term relationships with your patients. So the supply chain of labor, we're taking super seriously, both in terms of the effectiveness of it but also the size and the sort of skill set.

更重要的是，甚至從中學開始，就要激發未來潛在的藥劑師對社區藥局的熱情，因為與醫院藥局不同，在社區藥房，你有機會與你的病人建立長期的關係。因此，我們非常重視勞動力供應鏈，不僅重視其效率，也重視其規模和技能組合。

Our contracting strategy is a key part of what we do in the back of the store, expansion of pharma services. I got an e-mail yesterday from the CEO of a major vaccine manufacturer, who again, wanted to make sure that we were on the edge of our seat getting excited about what their innovation was going to bring and how we were going to play a role in that.

我們的合約策略是我們店後業務（即拓展醫藥服務）的關鍵組成部分。昨天我收到一家大型疫苗生產商執行長的電子郵件，他再次想確保我們都翹首以盼，對他們的創新將帶來什麼感到興奮，以及我們將如何在其中發揮作用。

So a lot there between the front and the back, but you don't need the number of stores we have today. We have a very clear picture of what we need to do there. We will have more details to follow. With that, I'll turn it over briefly to Mary to just go a little bit more color for you with the payer conversations that we've had, which I believe are highly constructive and then Manmohan.

所以，前後兩部分之間有很多東西，但你不需要像現在這麼多的店。我們非常清楚在那裡需要做什麼。稍後我們將公佈更多細節。接下來，我將把麥克風交給瑪麗，讓她再詳細地介紹一下我們與付款方進行的對話，我認為這些對話非常有建設性，然後是曼莫漢。

Yeah. Thank you, Tim, and thank you, Lisa. Quite frankly, we are laser-focused on being paid fairly for the value we provide. And put simply, the playbook is a bit dated and does not account for nor does it adequately or fairly pay for the role and value that we think the pharmacist is bringing and delivering services.

是的。謝謝你，提姆，也謝謝你，麗莎。坦白說，我們非常重視獲得與我們所提供的價值相符的公平報酬。簡而言之，這套做法有點過時了，既沒有考慮到藥劑師所發揮的作用和提供的價值，也沒有給予藥劑師應有的報酬，更沒有給予應有的公平待遇。

We also don't think it accounts adequately for the complexity that we now face in the system. And it certainly doesn't facilitate putting pharmacotherapy and behavioral interventions at the center of chronic disease management in this country. We think that has to change. And so we're collaborating with our PBM partners across the industry to make those changes.

我們認為它也沒有充分考慮到我們現在在系統中面臨的複雜性。而且，這肯定不利於將藥物治療和行為介入置於我國慢性病管理的核心地位。我們認為這種情況必須改變。因此，我們正在與業界的藥品福利管理 (PBM) 合作夥伴共同努力，做出這些改變。

And Manmohan?

曼莫漢呢？

Yeah. Hi, Lisa. This -- so on NADAC, maybe a couple of thoughts. First, we've seen significant fluctuations in the last several months on the index itself. We had $20 million of impact in the quarter, but you got to think about that was a partial quarter impact. We have seen some improvement as the index, again, was updated in June. However, we are taking a very prudent approach as it relates to Q4 and the guidance for the year. And I'd say this is one of the reasons the fluctuations we've seen on NADAC is one of the reasons why we have the broader range as we put out the fiscal year guidance at this point.

是的。你好，麗莎。關於 NADAC，我有一些想法。首先，我們看到該指數在過去幾個月出現了顯著波動。本季我們產生了 2000 萬美元的影響，但你要明白這只是部分季度的影響。隨著指數在6月再次更新，我們看到了一些改善。然而，對於第四季和全年業績指引，我們採取了非常謹慎的態度。我認為，這正是我們在 NADAC 上看到的波動的原因之一，也是我們在目前發布財年預期時範圍更廣的原因之一。

Okay. Thank you.

好的。謝謝。

Charles Rhyee, TD Cowen.

Charles Rhyee，TD Cowen。

Yeah, thanks for taking the questions. Tim, I wanted to touch a little bit more on the strategy to looking at this 25% of stores that are underperforming. And a lot of these are under probably long-term leases. And I'm just wondering sort of what your cash flow position is to be able to affect getting out of these leases perhaps earlier than intended.

謝謝你回答這些問題。提姆，我想再詳細談談針對這 25% 業績不佳的店家的策略。而且其中很多都是長期租賃的。我只是想知道你們的現金流狀況如何，以便能夠提前解除這些租賃合約。

And maybe also when you look at these stores, how much of the underperformance is just purely a broad retail issue, just a weak consumer versus maybe stores that are facing higher levels of shrink? And thus, when you close those stores, does that solve a lot more of your margin problem all at once?

或許，當你審視這些門市時，會發現業績不佳有多少只是零售業普遍存在的問題，例如消費者疲軟，又有多少是因為門市面臨更高的損耗率？那麼，關閉這些門市是否就能一次解決許多利潤率問題呢？

Thanks, Charles. So I'll take the first part. As far as leases, one of the good news stories here is we actually opened stores over a long period of time that I think was widely acknowledged to be on the best corners in America. And so in many cases, as we close stores, we believe there is the opportunity to not simply carry the lease as a dark store over a period of time.

謝謝你，查爾斯。那我來回答第一部分。就租賃而言，好消息之一是，我們實際上在很長一段時間內開設的門市，我認為這些門市被廣泛認為是美國最好的地段。因此，在許多情況下，當我們關閉門市時，我們認為有機會不只是在一段時間內繼續以「空店」的形式持有租賃合約。

And we are actually part of -- something I haven't talked about, but an underpinning of our strategic review is actually engaging in a different way as it relates to how we handle exits of stores and leases so that we actually have a much less probabilistic overhang as we look at those things. So we think actually -- you certainly do have some carry on the balance sheet for those leases over time. We think they can be minimized.

我們實際上是參與其中的——雖然我還沒有談到這一點，但我們戰略審查的一個基礎實際上是以不同的方式參與，這關係到我們如何處理門店退出和租賃事宜，這樣我們在考慮這些事情時，實際面臨的概率性風險就會大大降低。所以我們認為，實際上——隨著時間的推移，這些租賃肯定會在資產負債表上產生一些利息支出。我們認為這些問題可以降到最低。

We're actually going back and looking at leases that we had already sort of just taken as dark because we think there's gold in them. They're hills, as they say. So from that standpoint, we're going to be highly disciplined on the leases, and that's part of our underlying economic analysis of what stores to close as well.

我們現在正在重新審視一些我們之前認為沒什麼價值的租賃合同，因為我們認為其中蘊藏著巨大的商機。正如人們所說，它們是山丘。因此，從這個角度來看，我們將嚴格遵守租賃規定，這也是我們決定關閉哪些門市的基本經濟分析的一部分。

So it needs to be clear that, that is a multifactor analysis, super detailed and that is one of the elements of it. As far as what sort of the profitability impact is and the underlying dynamics that might cause a store to -- or the underlying benefit of closing a store, I'll let Tracey Brown, who obviously is president of our stores, talk a bit more about that because it is -- that's also not as simple as just high shrink stores, for example. Tracey?

所以要先明確的是，這是一個多因素分析，非常詳細，而這只是其中一個要素。至於獲利能力會受到怎樣的影響，以及可能導致門市關閉的潛在因素——或者關閉門市的潛在好處，我會讓我們的門市總裁 Tracey Brown 來詳細談談，因為這不僅僅是高損耗門市的問題。特蕾西？

Yeah. Thank you, Tim, and thank you, Charles. So as Tim has mentioned, this is a multi-factored disciplined way of looking at where to close. Yes, shrink is an issue in some stores, but we have our eyes on our high shrink stores all the time.

是的。謝謝你，提姆，也謝謝你，查爾斯。正如蒂姆所提到的，這是一種多因素、有條不紊地看待何時收盤的方法。是的，有些門市有損耗問題，但我們會一直關注著損耗率高的門市。

The second thing is consumer behavior, consumer trends and where you look at the markets and where our stores are located in terms of the markets that are growing versus the markets that are declining. Third, you actually have to look at like the competitive landscape in each of these markets. And then the fourth thing that I would say is we are actually looking at how we are actually leveraging our assortment in these markets.

第二點是消費者行為、消費者趨勢，以及你觀察市場和我們門市的選址，看看哪些市場正在成長，哪些市場正在衰退。第三，你其實需要了解每個市場的競爭格局。第四點是，我們正在研究如何利用我們在這些市場中的產品組合。

So there are multiple levers that we look at that go into the model that drive underperformance. The other thing that I will say is there are stores that would be on this bubble. We're also taking a focused approach on those stores to get them in the right context.

因此，我們研究了導致績效不佳的多個因素，並將這些因素納入模型中。我還要補充一點，有些商店正處於這種泡沫之中。我們也對這些門市採取重點關注的方式，使它們處於正確的環境中。

And I guess the last thing that I would say, Charles, as you know this is a multi-level set of factors that come into play between ourselves, between local state officials, between law enforcement. There are a lot of players in these markets that need to partner with us in order to make sure that we are growing those that need to grow. And those that are not, we're taking the appropriate action.

最後我想說的是，查爾斯，正如你所知，這是一個多層次的因素共同作用的結果，涉及我們自身、地方州政府官員以及執法部門等多個方面。這些市場中有許多參與者需要與我們合作，以確保那些需要發展的企業能夠成長。對於那些不符合規定的，我們正在採取相應的措施。

Yeah. Let me just add to that, because that is such an important point from a policy in our country standpoint. The fact of the matter is, we know that we are the last company standing in a lot of places. We are the only thing standing between those places and being pharmacy deserts.

是的。我還要補充一點，因為從我國政策的角度來看，這點非常重要。事實上，我們知道在很多地方，我們是碩果僅存的公司。我們是阻止這些地方變成藥局荒漠的唯一希望。

And our goal is not simply to be the last one to leave. Our goal is to actually find new ways to work together, whether it's with state Medicaid programs, whether it's a local law enforcement, and so forth for them to do their jobs so that we can do our jobs and continue to provide care in those communities.

我們的目標不僅僅是成為最後一個離開的人。我們的目標是找到新的合作方式，無​​論是與州醫療補助計劃合作，還是與地方執法部門合作等等，讓他們做好自己的工作，這樣我們才能做好自己的工作，繼續在這些社區提供醫療服務。

Okay, thank you.

好的，謝謝。

Eric Percher, Nephron Research.

Eric Percher，腎單位研究。

Thank you. Two related questions relative to the gross margin in the pharmacy. And I think, first, if we look at the retail gross margin, it appears to be at a low point relative to the last 10 years. Can you give us a bit more on the discounting that you engaged in and your expectation for that through the fourth quarter and how you expect it to taper?

謝謝。關於藥房毛利率的兩個相關問題。我認為，首先，如果我們看一下零售毛利率，它似乎處於過去 10 年的低點。您能否詳細介紹您採取的折扣措施，以及您對第四季度折扣力度的預期，並說明您預計折扣力度將如何逐步減弱？

And then the second part is looking at NADAC, if it was $20 million over a month and change and you're saying conservative over the second or this full quarter, are you assuming that there's still more expansion as it flows from Medicaid to commercial? Or do you think we can -- we've kind of seen the peak in this one or month and change?

第二部分是關於 NADAC 的，如果一個月多一點的時間裡 NADAC 的支出是 2000 萬美元，而你認為第二季度或整個季度的支出是保守估計，那麼你是否認為隨著資金從 Medicaid 流向商業保險，還會有更大的增長？或者你認為我們可以嗎？ ——我們已經看到這一個月多一點的時間裡，疫情高峰已經過去了？

Sure. I'm going to pass it to Manmohan in just a second. What I'd say is, first of all, as it relates to commercial and NADAC, I believe what Rick would say if I passed it over to him, would be that while we do have some commercial contracts that use NADAC, those conversations we're having around sort of neutrality in terms of outcomes, that's actually the easier part of NADAC, quite frankly.

當然。我馬上就把它交給曼莫漢。首先，就商業和 NADAC 而言，我相信如果我把這個問題交給 Rick，他會說，雖然我們有一些商業合約使用了 NADAC，但坦白說，我們圍繞結果中立性進行的討論，實際上是 NADAC 中比較容易的部分。

As it relates to the gross margin in pharmacy, I will pass it to Manmohan. And as I quickly would point out, gross margin is not only discounting. It is also mix and so forth. And so Manmohan, if you want to talk more about that?

至於藥局的毛利率問題，我會轉交給曼莫漢處理。正如我很快要指出的那樣，毛利率不僅僅是折扣。它還包含混合物等等。那麼，曼莫漢，你還想多談談這個話題嗎？

Yeah, sure. So as you think about the gross margin on the retail pharmacy side, maybe a couple of things there. Let me start on the retail side. And what we've experienced in the third quarter, and we think the trend is going to continue in Q4 is the environment didn't improve as we anticipated. And as a result, we focused on investing in price and promotion.

當然可以。所以，在考慮零售藥局的毛利率時，可能要注意以下幾點。讓我先從零售方面說起。我們在第三季所經歷的情況，以及我們認為第四季將會延續的趨勢，就是市場環境並沒有像我們預期的那樣好轉。因此，我們把重點放在了價格和促銷方面的投入。

Now we've seen the unit and sales uplift as a result thereof, but at the same time, there was impact on gross margin in the short term. And so that is coming through, and we expect that's going to continue along the same lines in Q4.

現在我們已經看到銷售量和銷售額因此而提升，但同時，短期內毛利率也受到了影響。所以這種情況正在發生，我們預期第四季也會繼續朝著同樣的方向發展。

The second piece that does impact our gross margin year-over-year is the level of shrink. And I think we talked about shrink in last couple of calls as well. We have seen it on an increasing trends, and there are a number of actions that Tracey and the team are taking to bring it back to historical normals.

影響我們毛利率年比變動的第二個因素是損耗程度。而且我覺得我們在最近幾次通話中也談到了縮減規模的問題。我們已經看到這種趨勢日益加劇，特雷西和她的團隊正在採取一系列措施，使其恢復到歷史正常水平。

On the pharmacy side then on the margin, a couple of themes playing out. NADAC is one of them, significant fluctuation as I said earlier in the call. We have seen some level of improvement as the index itself changed in June. But as I said, we're -- at this point, the level of fluctuations we have seen month-over-month, we're just being prudent in terms of what can play out here in Q4.

在藥局方面，以及在周邊地區，有兩個主題正在上演。NADAC 就是其中之一，正如我之前在電話會議中所說，它的波動非常大。我們看到，隨著指數本身在6月發生變化，情況有所改善。但正如我所說，目前我們看到的月度波動幅度，讓我們對第四季度可能出現的情況保持謹慎。

Outside of that, there last to -- last point I'd say there are some market dynamics that we experienced in Q3 as well and some will play in Q4. And maybe a couple of those to point out is there are certain generic launches where the procurement dynamics continues to be just like branded. And so that is impacting our gross margin on the pharmacy side. And then lastly, I'd say the mix that's coming in on the branded side is also having a negative impact on the margin. So that's maybe overall profile of what's driving our margin in the quarter.

除此之外，最後一點——最後一點我想說的是，我們在第三季也經歷了一些市場動態，其中一些將在第四季度發揮作用。或許需要指出的是，某些仿製藥的上市，其採購動態與品牌藥的採購動態完全相同。因此，這影響了我們藥房業務的毛利率。最後，我認為品牌產品組合的變化也對利潤率產生了負面影響。所以，這大概就是本季推動我們利潤率成長的整體情況。

Ann Hynes, Mizuho Securities.

安海恩斯，瑞穗證券。

Hi, good morning. Thank you. I have two questions. One is just about your commentary around prescriptions and not back to pre-pandemic level. I guess I find that a little surprising just because overall healthcare utilization is so strong. So do you think it's a market share issue? Is it a pharmacist issue?

您好，早安。謝謝。我有兩個問題。一是關於你對處方藥的評論，而不是恢復到疫情前的水平。我覺得這有點出乎意料，因為整體醫療保健利用率非常高。所以你認為這是市佔率問題嗎？這是藥劑師的問題嗎？

I know you lost some pharmacies during the pandemic. Maybe if you can provide some updates on that. I know you mentioned Medicaid, but it was my understanding Medicaid's pretty small as a percentage of total revenue. So any other detail would be great.

我知道疫情期間你們失去了一些藥局。或許你可以提供一些最新進展。我知道你提到了醫療補助，但我了解到醫療補助在總收入中所佔比例很小。所以，如果還有其他細節的話就太好了。

And then my second question is just, I guess, bigger picture. I know you're not giving all the details on the strategic review, but your stocks down a lot premarket. Like do you have a sense for maybe some of your longer-term investors when you think you could stabilize operating profit in the retail segment and free cash flow, is it like a 2026 timeframe? Like any update on the timeframe when you think you can recover this business would be great. Thanks.

那麼我的第二個問題，我想，是關於更宏觀的問題。我知道你沒有透露戰略評估的全部細節，但你的股票在盤前交易中大幅下跌。例如，對於一些長期投資者而言，您認為何時才能穩定零售業務的營業利潤和自由現金流？大概在 2026 年左右嗎？如果您能提供一些關於您預計何時能夠恢復這項業務的最新信息，那就太好了。謝謝。

Sure. And by the way, we share the same goal that your second question implicitly implies, which is to be very clear, as you've heard us say or let me make sure you hear us say, we actually have a really strong level of conviction around the core business that we are remodeling here. It will be very different Walgreens in a lot of ways, different experience.

當然。順便說一句，我們和你第二個問題隱含的目標是一樣的，那就是要非常明確地說明，正如你聽到我們說過的，或者讓我確保你聽到我們說過，我們對我們正在改造的核心業務有著非常堅定的信念。這家沃爾格林在很多方面都會非常不同，顧客體驗也會截然不同。

But by the same token, we see a clear stabilization and actual growth path for that business. It is going to take time. We're not going to give you a guidance but it's quarters, not months. It's not necessarily multiple years, but it is probably a period of time that we will have to demonstrate to you and frankly, to our consumer that we are going to deserve their preference.

但同時，我們也看到了該業務明顯的穩定和實際成長路徑。這需要時間。我們不會給你具體的指導，但時間是以季度為單位，而不是以月為單位。不一定需要幾年時間，但可能是一段我們需要向您，坦白地說，向我們的消費者證明，我們值得他們青睞的時期。

As it relates to the share dynamics and sort of why share is growing more slowly. And you're right, it's not just Medicaid, although that does impact things, the Medicaid re-enrollment challenges. By the way, which many of our urban stores could have played a role in if we were to have a closer relationship with Medicaid, and we are having some of those discussions do -- is one factor. But Rick, do you want to talk more broadly?

這與市場份額動態以及市場份額成長放緩的原因有關。你說得對，不僅僅是醫療補助計劃，雖然這確實會產生影響，還有醫療補助計劃的重新註冊挑戰。順便說一句，如果我們與醫療補助計劃建立更緊密的聯繫，我們許多城市商店本可以發揮作用，而我們正在就此進行一些討論——這是其中一個因素。但是里克，你想更廣泛地談談嗎？

Yeah, Ann. And I think as you look at volume, I think we stated that we are growing with market right now. So it's not just a Walgreens thing. It is a market dynamic. And so when you look at Medicaid redetermination as an example, Medicaid enrollment really ballooned during the pandemic as obviously they were not moving people outside of the Medicaid coverage.

是的，安。我認為，從銷售來看，我們已經表明，我們目前正與市場同步成長。所以這不只是沃爾格林藥局的問題。這是市場動態。因此，以 Medicaid 重新認定為例，在疫情期間，Medicaid 的參保人數確實大幅增加，因為很明顯，他們並沒有將人們從 Medicaid 的覆蓋範圍中移除。

And so what we've seen is that states has continued to move patients out. We're seeing upwards of closer to 18 million to 20 million individuals who have moved out of Medicaid coverage and either have to go out and find coverage like either discount cards, individual plans, or get into commercial plans. And so we've seen a dynamic where they actually have not picked up coverage as quickly, and utilization has dropped.

因此，我們看到的是，各州一直持續轉移病人。我們看到，大約有 1800 萬到 2000 萬人已經脫離了醫療補助計劃，他們要么不得不自己尋找保險，比如折扣卡、個人計劃，要么加入商業計劃。因此，我們看到了一種動態，即他們的醫療覆蓋率實際上並沒有迅速提高，使用率也下降了。

And so what I think we're seeing is that pandemic, we were running closer to 4%, 4.5% towards the end of it from a market growth perspective. Pre-pandemic, it was closer to 2.5%. And I think what we're seeing right now is we're actually running below the 2.5% from a market perspective. And obviously, we're trying to track with that.

所以我認為我們看到的是，從市場成長的角度來看，在疫情期間，到疫情末期，我們的成長率接近 4% 到 4.5%。疫情前，這一比例接近 2.5%。我認為我們現在看到的，從市場角度來看，實際成長速度低於 2.5%。顯然，我們正在努力跟上這一步伐。

Kevin Caliendo, UBS.

瑞銀集團的凱文·卡利恩多。

Thanks for taking my question. I guess I wanted to expand on Charles' question a little bit. If we were to just do simple math of the stores that you've identified, the 25% stores, and let's just say those stores were gone as of today, what would be the financial impact on the company right now? Like what would be the change in terms of your gross profit or your EBIT, however, you want to define it?

謝謝您回答我的問題。我想稍微補充一下查爾斯的問題。如果我們簡單地計算一下你提到的那些門市（佔總數的 25%），假設這些門市從今天起全部倒閉，那麼現在對公司的財務狀況會有什麼影響？例如，你的毛利或息稅前利潤（無論你怎麼定義它）會有什麼變化？

And then the follow-up to that is, of those 25% stores, I appreciate you calling out that you expect to retain most of the workforce, what is the expectation on the retention of Rx, of the scripts in those stores, meaning usually when you close a store or relocate a store, you oftentimes are able to keep a vast majority of those scripts. Has there been an analysis of that done yet? Thank you.

然後，接下來我想問的是，對於這 25% 的門市，我很感謝你提到你希望保留大部分員工，那麼對於這些店的處方保留情況，你有什麼預期？也就是說，通常情況下，當你關閉一家門市或搬遷一家門市時，你往往能夠保留絕大多數的處方。目前有人對此進行過分析嗎？謝謝。

Thanks for the question. I'll take the second half, which is absolutely, that's a key part of the analysis and underlying assumptions that we have experience with. Obviously, as you may know, we've been closing multiple hundreds of stores over the last several years.

謝謝你的提問。我來回答後半部分，這絕對是分析的關鍵部分，也是我們有經驗的基本假設。正如您可能知道的那樣，在過去的幾年裡，我們已經關閉了數百家門市。

And we've gotten very good at being able to not only move those scripts and those patients more importantly, but also to predict sort of what the drop-off would be based on certain circumstances. So it is a key part of the analysis. The short answer is we retain nearly all of them, not all of them necessarily, but nearly all of them and certainly in a way that makes the underlying overall economics of closing the store makes sense.

我們已經非常擅長不僅轉移這些處方和更重要的病人，而且還能根據某些情況預測病人流失情況。因此，它是分析的關鍵部分。簡而言之，我們保留了幾乎所有員工，不一定全部，但幾乎全部，而且這樣做肯定能使關閉商店的整體經濟效益變得合理。

As it relates to essentially a pro forma of what the business looks like with all of that gone, which would be fairly complex because of a number of factors that you have to assume and that we have assumed but we wouldn't want to necessarily put out there as guidance right now, I'll let Manmohan talk a bit more though about those dynamics.

至於在所有這些因素消失後，業務的預測會是什麼樣子，這實際上相當複雜，因為有很多因素需要假設，而我們也已經做出了假設，但我們現在並不想將其作為指導意見發布。不過，我會讓曼莫漢再多談談這些動態。

Yeah, sure. So look, I think from an analytics perspective, as we think through the closure, maybe two points there. 25% is the overall footprint that we're evaluating. And as Tim mentioned, it's not that all of them are for closure.

當然可以。所以，從分析的角度來看，當我們考慮關閉事宜時，可能有兩點要注意。 25%是我們正在評估的整體影響範圍。正如蒂姆所提到的那樣，並不是說所有這些事都是為了了結。

So we're going through the detailed analysis store by store, where we can improve the performance and bring them back into the portfolio and what's the remaining part where we need to take the action. Now Tracey mentioned a number of -- several factors that go into our determination of where we need to take the action.

所以我們正在逐家門市進行詳細分析，找出可以改善績效並重新納入投資組合的部分，以及我們需要採取行動的剩餘部分。特蕾西提到了一些——幾個影響我們決定在哪裡採取行動的因素。

I'd say maybe I focus on the financial side. It's really driven -- it comes down to the cash flow analysis, it's cash flow positive to keep it open or cash flow positive to close. And the decision to close typically would result in accretion, both on the cash as well as on the adjusted EPS side.

我覺得我可能會更專注於財務方面。這真的取決於現金流分析——要么現金流為正，要么現金流為正，要么關門大吉。而關閉公司的決定通常會導致現金增加，調整後的每股盈餘也會增加。

And then so far as retention is concerned, yeah, I think Tim covered that as well. We've closed 2,000 locations over the last 10 years. So at this point, I think we have a pretty good view of -- depending upon the location of the stores, what would be the retention on the script side.

至於用戶留存方面，是的，我想蒂姆也談到了這一點。在過去 10 年裡，我們關閉了 2000 家門市。所以目前，我認為我們已經對——取決於商店的位置——腳本方面的留存率有了相當清晰的認識。

Yeah. And let me be clear about one additional thing. We are extremely focused on the fact that closing those stores means we have to reduce our fixed costs that support those stores as well. So if you're trying to model it, what you would need to do is assume some percentage of stores and then back out the fixed cost because we will be highly disciplined at ensuring that any fixed costs that are being carried by those stores are also removed, which is what makes closing the stores in part very attractive.

是的。還有一點我要澄清一下。我們非常重視這樣一個事實：關閉這些門市意味著我們也必須減少支持這些門市的固定成本。所以，如果你想建立模型，你需要做的就是假設一定比例的門市，然後減去固定成本，因為我們會嚴格確保這些門市承擔的任何固定成本也被消除，這使得關閉門市在某種程度上非常有吸引力。

Michael Cherny, Leerink Partners.

Michael Cherny，Leerink Partners。

Good morning and thanks for taking the question. So I don't want to get too far ahead of this reboot plan, but Tim, you talked about 25% of the stores in the strategic review that you've outlined. How do you feel comfortable that, that's the right number of stores to be evaluated?

早上好，感謝您回答這個問題。所以我不想過早地談論這個重啟計劃，但是蒂姆，你在你概述的戰略審查中提到了 25% 的門市。您如何確信，這個數量的門市是合適的，需要進行評估？

And in the event that we play this forward in -- let's say, you close 25% of the stores, how will you be judging about whether or not that's the appropriate footprints to give the right coverage for payers, to give the right localized coverage to your point to retain the scripts that you like? I'm just trying to get a sense of a little more detail on how you landed most of that number and why we should sit here today thinking that is the right number.

如果我們繼續前進——比如說，你關閉了 25% 的門市，你將如何判斷這樣的覆蓋範圍是否合適，才能為付款方提供合適的覆蓋，才能為你的目標提供合適的本地化覆蓋，才能保留你喜歡的處方？我只是想更詳細地了解一下你是如何得出這個數字的大部分內容的，以及為什麼我們今天應該坐在這裡認為這個數字是正確的。

Sure. I would tell you that we have not only ourselves using our models, but used a very aggressive outside firm that brings incredibly thoughtful models to the table and have done this in other scenarios to challenge our thinking.

當然。我想告訴你們，我們不僅自己使用過我們的模型，還聘請了一家非常積極的外部公司，該公司提出了非常周全的模型，並在其他情況下這樣做來挑戰我們的想法。

And so listen, there's no one exact right number. Let's be clear. There are group of stores that are clear. There are a group of stores that we will be working to see whether or not they make sense. And one of the factors that we actually factor in is our payer mix.

所以，聽著，並沒有一個絕對正確的數字。讓我們把話說清楚。有一組店很清晰。我們將對一些門市進行考察，看看它們是否可行。而我們實際考慮的因素之一就是我們的支付方組成。

But I also want to be clear, this industry has been reducing its capacity over the last several years, and that is not a bad thing. I think most of us knew when I was in the PBM business, I knew that retail pharmacy was largely overbuilt for where the future was going to be, particularly given the possibility of technology, home delivery and so forth.

但我也想澄清一點，在過去幾年裡，這個產業的產能一直在下降，但這並不是一件壞事。我想我們大多數人都知道，當我還在藥品福利管理 (PBM) 行業工作時，我就知道零售藥房的規模遠遠超過了未來發展的方向，特別是考慮到技術、送貨上門等的可能性。

And so for us, that's another factor as well as the number of stores we may need to serve a particular payer today may be very different than what it would have been 10 years ago. I mean, if you look at the Department of Defense as a contracting entity, they have minimum standards. And they're very tough, and they don't require 70,000 pharmacies, let's be clear, in their network.

因此，對我們來說，這也是另一個因素，我們今天為特定付款人提供服務所需的門市數量可能與 10 年前大不相同。我的意思是，如果你把國防部看成一個承包實體，他們有最低標準。而且他們非常嚴格，需要明確的是，他們的網路並不要求有 7 萬家藥局。

So we think that reducing capacity in the industry is not a bad thing. We think it's good for the labor so that we're not actually overusing pharmacists in stores that we don't need. But we also think that from a payer standpoint, we are going to be positioned to serve payers very effectively with the footprint that remains.

所以我們認為，降低產業產能並非壞事。我們認為這對勞動市場有好處，這樣我們就不會在不需要的商店裡過度使用藥劑師了。但我們也認為，從支付方的角度來看，憑藉現有的業務規模，我們將能夠非常有效地為支付方提供服務。

Elizabeth Anderson, Evercore ISI.

Elizabeth Anderson，Evercore ISI。

Hi, guys. Thanks so much for the question. I have maybe a short-term one and then maybe sort of a longer-term one. On this year, obviously, you had a nice quarter-over-quarter improvement in free cash flow. Can you help us think about sort of the free cash flow expectations for the fourth quarter? And then sort of maybe anything you can say directionally on 2025?

嗨，大家好。非常感謝你的提問。我可能有一個短期的，然後可能還有一個長期的。顯然，今年你們的自由現金流環比有了不錯的改善。您能否幫我們大致估算一下第四季的自由現金流預期？那麼，關於2025年，您有什麼方向性的看法嗎？

And then as we think about some of these payer conversations that you've been having, I mean, have any of the payers sort of agreed to terms that kind of help stabilize things for, I don't know, starting 1/1/'25? Is this like more of a longer-term kind of conversation? Any other color you could provide on that side would be very helpful. Thank you.

然後，當我們思考您一直在進行的這些付款方對話時，我的意思是，是否有任何付款方同意達成一些有助於穩定局面的條款，例如從 2025 年 1 月 1 日開始？這更像是一場長期的對話嗎？如果您能在那一側提供其他顏色，那就太好了。謝謝。

Sure. So I'll turn it over to Manmohan for the free cash flow conversation, and then Mary to give you any color on payer conversations. What I would remind you of is that we're fairly -- we're right in the middle of those conversations now. It wouldn't be appropriate to necessarily characterize any one of them, but they're super encouraging. And I think Mary can talk a little bit more about that at this juncture. But Manmohan, do you want to talk about the cash flow?

當然。接下來，我將把自由現金流的討論交給 Manmohan，然後讓 Mary 為大家介紹一下與付款方的溝通情況。我想提醒各位的是，我們現在正處於這些對話的中心。要對他們中的任何一個人進行評價可能不太合適，但他們都非常鼓舞人心。我認為瑪莉此時可以就此多談談這方面。但是曼莫漢，你想談談現金流問題嗎？

Sure. So from a third quarter perspective, we did have positive free cash flows in the quarter, and that was aided in part by the working capital improvements in the quarter as well as decreased capital expenditures. As you think about the first nine months of the year, though, the cash flows are impacted by lower earnings and then $785 million of payments related to legal matters as well as the phasing on the working capital.

當然。因此，從第三季來看，我們本季確實實現了正的自由現金流，這部分得益於本季營運資本的改善以及資本支出的減少。不過，回顧今年前九個月，現金流會受到收入下降、7.85 億美元法律相關款項支付以及營運資金分階段到位的影響。

As we think through Q4, we expect Q4 free cash flows to be positive, similar to third quarter. And that is including a roughly around $150 million payment related to opioid in the quarter. And then maybe finally, I'd say, look, this is a top priority for us in the company. And all the actions we've outlined and -- we'll continue to boost the cash flow position here.

展望第四季度，我們預期第四季度自由現金流將為正，與第三季類似。其中包括本季與鴉片類藥物相關的約 1.5 億美元的付款。最後，我想說，這可是我們公司的頭等大事。我們已經制定了所有行動方案，並將繼續改善這裡的現金流狀況。

Thank you.

謝謝。

And then Mary? Sorry, I'll let Mary take the piece around (multiple speakers) characterizing our conversations.

然後是瑪麗嗎？抱歉，我請瑪莉來介紹（多位發言者）我們之間的對話。

Right, I won't speak to specific payer conversations. But I will say that there is an understanding and a collaboration going on that some of these models need to change, and we're reshaping our current negotiations on brand versus generic reimbursement and obviously, in discussions on some of these new models, new payment models that are out there. We, I think, are seeing an understanding that we need to align incentives better. And just as I said before that the old playbook is old, and it's not currently serving the system.

好的，我不會談論具體的付款方對話。但我想說的是，目前已經形成了一種共識和合作，即其中一些模式需要改變，我們正在重新調整目前關於品牌藥與通用藥報銷的談判，顯然，我們也在討論一些新的模式，一些新的支付模式。我認為，我們正在逐漸認識到，我們需要更好地協調激勵機制。正如我之前所說，舊的策略已經過時了，它目前無法滿足系統需求。

Thank you.

謝謝。

George Hill, Deutsche Bank.

喬治·希爾，德意志銀行。

Good morning, guys, and thanks for taking the questions. I just kind of have a quick one for Manmohan. You talked about the $0.75 of earnings contribution in fiscal '24 that wasn't expected to continue. And you guys have talked about the challenges in fiscal '24 in retail pharmacy kind of expected to persist in fiscal '25.

各位早安，感謝你們回答問題。我只是想簡單地問曼莫漢一個問題。您提到了 2024 財年 0.75 美元的收益貢獻，預計這部分貢獻不會持續下去。你們也談到了 2024 財年零售藥局面臨的挑戰，預計這些挑戰將持續到 2025 財年。

I know you guys aren't ready to give full year 2025 guidance yet, but I just want to make sure, are we kind of talking about an earnings number in the low $2 range, given where the current fiscal '24 guidance is? And I guess, I mean how would be, is there -- are there any other like moving pieces as it relates to cash flow for fiscal '25 that you guys would call out now? Thank you.

我知道你們現在還沒準備好給出 2025 年全年業績指引，但我只是想確認一下，鑑於目前的 2024 財年指引，我們是不是在討論每股收益在 2 美元左右的盈利數字？我想問的是，關於 2025 財年的現金流，還有其他變數嗎？你們現在需要指出一下。謝謝。

Yeah, sure, George. So on the earnings for fiscal '25, you're right, we're not providing guidance. But we will come back and provide detailed information and guidance in October.

好的，喬治。所以對於 2025 財年的獲利，您說得對，我們不提供業績指引。但我們將在十月份提供詳細資訊和指導。

But what we offered in the prepared remarks is a couple of things to consider as you bridge to '25. First is Q4 seasonality impacts all of our businesses, and you think about vaccinations, you think about cough-cold season, you think about the season -- the holiday season impacting the retail sales. So seasonality drives Q4 to be our -- typically our lowest quarter, and so you got to consider that.

但我們在準備好的發言稿中提出了一些在邁向 2025 年之際需要考慮的事情。首先，第四季度的季節性因素會影響我們所有的業務，想想疫苗接種，想想感冒咳嗽的季節，想想節日季對零售銷售的影響。因此，季節性因素導致第四季度通常是我們業績最差的季度，所以你必須考慮到這一點。

And second is, we do expect profitability growth, both in our US healthcare segment as well as in our international segment as we move into fiscal '25. However, said that, there are a few headwinds. And the biggest one here is as we think about our decision to wind down the sale-leaseback program, sale of Cencora shares, and then you consider a more normalized tax rate into fiscal '25 that we believe will result in approximately $0.75 headwind.

其次，我們預計隨著進入 2025 財年，無論是在美國醫療保健領域還是國際領域，獲利能力都會成長。不過，即便如此，也存在一些不利因素。而其中最大的問題是，當我們考慮逐步結束售後回租計畫、出售 Cencora 股份的決定時，考慮到 2025 財年稅率將更加正常化，我們認為這將導致約 0.75 美元的不利影響。

And then on the retail side, you have to consider -- we do believe the environment will continue to be challenging here in '25 from a consumer perspective, but there is a little bit of easing comparisons as you think about '24 versus '25. And on the pharmacy side, some of these headwinds will continue as you think through this. So this is -- these are all kind of the building blocks as you work through modeling '25.

而在零售方面，你必須考慮到──我們相信，從消費者的角度來看，2025 年的環境仍將充滿挑戰，但與 2024 年相比，2025 年的情況會略有改善。而就醫藥產業而言，在你思考這個問題時，其中一些不利因素還會持續存在。所以這些都是你在建構 '25 型模型時需要用到的基本組成。

Thank you.

謝謝。

Stephanie Davis, Barclays.

Stephanie Davis，巴克萊銀行。

Hey, guys, thanks for taking my question. I have a question, this might be best for Mary, but maybe, Tim, I'd love for you to weigh in on the future of the US healthcare strategy. Just given the plan to exit VillageMD and the idea that value-based strategies often take a few years in order to get profitable versus some of your near-term profitability goals, what's the forward take on the need to be in the value-based strategy for the best of US healthcare? And could we see this become more of a fee-for-service asset going forward?

嘿，各位，謝謝你們回答我的問題。我有個問題，這個問題可能對瑪莉來說最好，但提姆，我想請你對美國醫療保健策略的未來發表一下看法。鑑於退出 VillageMD 的計劃，以及基於價值的策略通常需要幾年時間才能實現盈利，而你們的一些近期盈利目標卻並非如此，那麼對於美國醫療保健的最佳發展而言，採用基於價值的策略的必要性，你們的未來看法是什麼？未來我們是否會看到它更多地發展成一種按服務收費的資產？

Yeah. I will let Mary -- I would remind all the listeners, Mary joined about three months ago and brings tremendous experience and relationships in this space, understands it well. And I want to be clear, we are big believers in value-based healthcare.

是的。我會告訴瑪麗——我想提醒所有聽眾，瑪麗大約三個月前加入，她在這個領域擁有豐富的經驗和人脈，對這個領域非常了解。我想明確指出，我們非常信奉以價值為導向的醫療保健。

Actually, pharmacy is the value-based healthcare provider in the ecosystem, quite frankly, if you really look at cost for outcomes and the work that we can do to impact those outcomes. So we love the fact that we actually own what will be seen over the next 20 years and needed as the most valuable part of the healthcare ecosystem and frankly, the most accessible. That's number one.

坦白說，實際上，如果你真正從成本與結果以及我們能夠為影響這些結果所做的工作來看，藥房才是生態系統中以價值為導向的醫療保健提供者。因此，我們很高興我們擁有未來 20 年將被視為醫療保健生態系統中最有價值的部分，坦白說，也是最容易獲得的。這是第一點。

Number two, as it relates to VillageMD in that model, we like that model. That's why we've said we would continue to have some investment and participate in their growth. It will take time. And as I said, we are looking for a different horizon for what we're going to be investing in strategically under our own leadership. But Mary, do you want to talk more generally about sort of that question as it relates to US healthcare strategy and Village -- fee-for-service versus value?

第二，就 VillageMD 在該模式下的表現而言，我們喜歡這種模式。這就是為什麼我們說過我們會繼續投資並參與他們的發展。這需要時間。正如我所說，我們正在尋求不同的發展方向，以便在我們自己的領導下進行策略性投資。但是瑪麗，你想更廣泛地談談這個問題，特別是它與美國醫療保健策略和Village（按服務收費與按價值收費）的關係嗎？

Yeah, absolutely. Thanks, Stephanie. In the US healthcare business, we are laser-focused on being extremely disciplined around where we will focus, what we will do, and importantly, what we'll stop doing. So there are areas where we'll grow and double down. And those areas fit the lens Tim articulated earlier.

是的，絕對的。謝謝你，斯蒂芬妮。在美國醫療保健產業，我們非常注重嚴格自律，明確我們將把精力集中在哪些方面、我們將做什麼，以及更重要的是，我們將停止做什麼。所以有些領域我們會發展壯大，加大投入。這些領域與提姆之前闡述的觀點不謀而合。

Those things have high-growth potential. They build on our core business. We're streamlining how we operate as we discussed around going to market with higher impact, how we develop services, and how we partner across the industry with payers, health systems, at-risk providers as well as pharma manufacturers.

這些事物具有很高的成長潛力。它們建立在我們核心業務的基礎上。我們正在簡化營運方式，正如我們討論的那樣，如何以更高的影響力進入市場，如何開發服務，以及如何與支付方、醫療系統、風險承擔方以及製藥廠商等整個行業建立合作關係。

And then third, we'll stop things. And frankly, we already have stopped certain things that don't fit this lens or create near-term value. In some cases, we'll exit or restructure those things. So it's important that we stay really laser-focused on that.

第三，我們會停止一切。坦白說，我們已經停止了一些不符合這種視角或無法創造短期價值的事情。在某些情況下，我們會退出或重組這些業務。所以，我們必須始終把注意力集中在這一點上。

With respect to value-based care, we have already articulated that we don't have plans to continue to invest in brick-and-mortar owned primary care practices. Now having said that, we believe strongly, as Tim said, in value-based care as well as in VillageMD. And we believe in these businesses and payers believe in these businesses, and consumers, frankly, love getting their care in these types of businesses.

關於以價值為基礎的醫療保健，我們已經明確表示，我們沒有計劃繼續投資實體自有的初級保健機構。話雖如此，正如蒂姆所說，我們堅信以價值為基礎的醫療保健以及 VillageMD。我們相信這些企業，支付方也相信這些企業，坦白說，消費者也喜歡在這些類型的企業接受醫療服務。

But what we've stated, and I'll state again is we'll be a partner of VillageMD in an ongoing way. We'll continue to be an investor. But what we're really looking to do is invest in capital-light services to be a broader partner across the industry with a range of providers and with a range of payers as well as a range of pharmaceutical manufacturers.

但我們已經說過，而且我還要再次重申，我們將持續與 VillageMD 保持合作關係。我們將繼續作為投資者。但我們真正想做的是投資輕資本服務，成為整個產業更廣泛的合作夥伴，與各種供應商、各種支付者以及各種製藥廠商合作。

And we think we're really well positioned to do that, particularly based on the conversations we've already been having over the last three months. We are very complementary to a lot of players in the system. And they, frankly, want what we have that they don't have, which is reach -- our ability to reach people, our ability to engage them, and our ability to create interventions in really critical moments. So that's what we're planning to do.

我們認為我們完全有能力做到這一點，特別是基於我們過去三個月以來的對話。我們與體系內的許多球員都非常互補。坦白說，他們想要的是我們擁有而他們沒有的東西，那就是影響力——我們接觸人們的能力、我們與人們互動的能力，以及我們在真正關鍵時刻介入的能力。所以這就是我們計劃要做的事。

Thank you. I would now like to turn the call back over to Tim Wentworth for closing remarks.

謝謝。現在我謹將電話交還給提姆‧溫特沃斯，請他作總結發言。

Great. Thanks, everyone, for the questions and for dialing in. Just to leave you with a couple of thoughts. First of all, our team is very clear that we are in a turnaround. We have a clear-eyed view of the things we need to do. We have gone very deep in understanding every part of this business and being realistic about the baseline we're resetting for growth.

偉大的。感謝大家的提問和撥入電話。最後留給大家幾點思考。首先，我們團隊非常清楚，我們正處於轉型期。我們清楚知道自己需要做什麼。我們已經深入了解了這項業務的方方面面，並對我們為實現成長而重新設定的基準線保持了務實的態度。

Second, we have a team that is literally, I believe, one of the best teams any company could ever have. I am extremely blessed to work with a group of folks who not only work effectively together but are relentlessly focused on the challenge and most importantly, highly committed and believe in the future of our business, the retail pharmacy experience that patients and payers and pharma companies need us to be.

其次，我認為我們擁有一支堪稱任何公司所能擁有的最佳團隊之一。我非常幸運能與一群人共事，他們不僅合作高效，而且始終專注於挑戰，最重要的是，他們高度敬業，並對我們業務的未來充滿信心，致力於提供患者、支付方和製藥公司所需的零售藥房體驗。

Retail pharmacy is central to the future of the experience that we're going to create and the growth that we will have. It is necessary, but it will be different. And over the coming quarters, we look forward to showing you as well as telling you how it will be different and the kind of results that it will achieve in a more capital-friendly way.

零售藥局是我們未來體驗和發展的核心。這是必要的，但方式會有所不同。在接下來的幾個季度裡，我們期待向您展示並告訴您它將有何不同，以及它將以更利於資本的方式取得什麼樣的成果。

And finally, we are very clear about our role as stewards of capital and making investments that make sense. We have some great assets that are part of our company today. We're going to be thoughtful about how we continue to improve the value of those assets or do other things that make sense based on our longer-term strategy. So thanks again. We look forward to sharing more in the coming quarters.

最後，我們非常清楚自己作為資本管理者的角色，以及進行合理投資的原則。我們公司目前擁有一些非常寶貴的資產。我們將認真思考如何繼續提升這些資產的價值，或根據我們的長期策略做其他有意義的事情。再次感謝。我們期待在接下來的幾季與大家分享更多資訊。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。