沃博聯公司 (WBA) 2024 Q4 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to Walgreens Boots Alliance fourth quarter 2024 results earnings conference call. (Operator Instructions) Please note that today's conference is being recorded. I will now hand the conference over to your speaker host, Tiffany Kanaga, Vice President, Corporate Investor Relations. Please go ahead.

美好的一天，女士們先生們。謝謝你的支持。歡迎參加 Walgreens Boots Alliance 2024 年第四季業績收益電話會議。 （操作員指示）請注意，今天的會議正在錄製中。我現在將會議交給演講主持人、企業投資者關係副總裁 Tiffany Kanaga。請繼續。

Good morning. Thank you for joining us for the Walgreens Boots Alliance earnings call for the fourth quarter of fiscal year 2024. I'm Tiffany Kanaga, Vice President of Global Investor Relations. Joining me on today's call are Tim Wentworth, our Chief Executive Officer; and Manmohan Mahajan, Global Chief Financial Officer.

早安.感謝您參加我們的 Walgreens Boots Alliance 2024 財年第四季財報電話會議。參加今天電話會議的有我們的執行長 Tim Wentworth；以及全球財務長曼莫漢‧馬哈詹 (Manmohan Mahajan)。

In addition, Mary Langowski, President of US Health Care; Rick Gates, Senior vice president and Walgreen's Chief Pharmacy Officer; and Tracey Brown, President of Walgreens Retail and Chief Customer Officer, will participate in Q&A. Also in the room this morning is Eric Wasserstrom, Senior Vice President of Investor Relations.

此外，美國醫療保健總裁瑪麗·蘭戈斯基（Mary Langowski）；里克蓋茲 (Rick Gates)，高級副總裁兼沃爾格林首席藥房官；沃爾格林零售總裁兼首席客戶長 Tracey Brown 將參與問答。今天早上也在場的還有投資者關係資深副總裁 Eric Wasserstrom。

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.

與往常一樣，在電話會議期間，我們預計將根據當前的預期做出預測和前瞻性陳述。由於多種因素，包括投影片 2 中列出的因素以及我們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，我們的實際結果可能會存在重大差異。

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.

我們沒有義務在本次演示後公開更新任何前瞻性聲明，無論是由於新資訊、未來事件、假設變更或其他原因。您可以在沃爾格林博姿聯盟網站的投資者部分找到我們的新聞稿和本次電話會議引用的幻燈片。

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 in 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，我們將討論某些非公認會計準則財務指標。這些指標與最直接可比較的公認會計準則財務指標進行了調節，並在新聞稿中列出了調節情況。您也可以參考我們網站投資者部分中發布的幻燈片，以了解非 GAAP 衡量標準與本次財報電話會議中討論的最具可比性的 GAAP 衡量標準的對帳情況。我們鼓勵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。我現在將把電話轉給蒂姆。

Thanks, Tiffany, and good morning, everyone. Our fourth quarter and fiscal full year results reflected our focused execution on several critical initiatives against a challenging backdrop for our consumer. When I joined, I had three immediate priorities. First, build a new management team. Second, address items within our control that could improve our financial condition within the year. And third, undertake a strategic review of our collection of valuable assets to lay the groundwork for our longer term turnaround.

謝謝蒂芙尼，大家早安。我們的第四季和全年財務表現反映了我們在消費者充滿挑戰的背景下對幾項關鍵舉措的專注執行。當我加入時，我有三個緊迫的優先事項。第一，組成新的管理團隊。其次，解決我們控制範圍內可以改善我們年內財務狀況的事項。第三，對我們收集的寶貴資產進行策略性審查，為我們的長期轉型奠定基礎。

With respect to the short term actions, we successfully hit our three declared goals, cutting costs by over $1 billion, reducing CapEx by-over $700 million and realizing over $600 million in benefits from working capital initiatives. These factors contributed to our positive cash flow in the fourth quarter and helped achieve full year cash flow that was also positive.

就短期行動而言，我們成功實現了三個既定目標：削減超過 10 億美元的成本，減少超過 7 億美元的資本支出，並從營運資本計畫中實現超過 6 億美元的收益。這些因素促成了我們第四季的正現金流，並幫助實現了全年正現金流。

Building on this momentum is critical as we turn our executional focus to stabilizing our core economics, improving our operating cash flow and strengthening our balance sheet beyond the $1.9 billion net debt reduction achieved in fiscal 2024.

鞏固這一勢頭至關重要，因為我們將執行重點轉向穩定核心經濟、改善營運現金流和強化資產負債表，超越 2024 財年實現的 19 億美元淨債務削減目標。

Equally important, we have conducted a thorough strategic review. Coming out of this work, we are an organization focused on two guiding principles with clear operational and financial priorities. The first guiding principle relates to our operating model. WBA is reorienting to its legacy strength as a retail pharmacy led company. This reorientation allows us to leverage our key strategic assets of consumer trust, convenience and relevance.

同樣重要的是，我們進行了徹底的策略審查。經過這項工作，我們成為一個專注於兩項指導原則的組織，具有明確的營運和財務優先事項。第一個指導原則與我們的營運模式有關。 WBA 正在重新定位其作為零售藥房主導公司的傳統優勢。這種重新定位使我們能夠利用消費者信任、便利性和相關性等關鍵策略資產。

Our position of trust stems from the millions of face to face interactions our consumers have with our pharmacy personnel every day, and we will continue to take actions now and for the long term to be the first choice for retail pharmacy and health services. Having earned our consumers trust indeed, our reason to exist. We also want to be accessible and convenient but we need to be appropriately sized. Consequently, we are announcing an expanded footprint optimization program.

我們的信任地位源於每天數以百萬計的消費者與我們的藥房人員面對面的互動，我們將繼續採取行動，從長遠來看，成為零售藥房和健康服務的首選。確實贏得了消費者的信任，這就是我們存在的理由。我們也希望能夠實現無障礙和便利，但我們需要適當的規模。因此，我們宣布擴大佔地面積優化計畫。

We have over 8,000 stores of which the majority, approximately 6,000 are profitable. This solid base supports our conviction in a retail pharmacy led model that is relevant to our consumers and we intend to invest in these stores over the next several years.

我們擁有 8,000 多家商店，其中大多數（約 6,000 家）都獲利。這個堅實的基礎支持了我們對與消費者相關的零售藥局主導模式的信念，我們打算在未來幾年投資這些商店。

Part of the funding for this investment will come from accelerating the closure of underperforming stores. We expect to close approximately 1,200 of those over the next three years and reduce the fixed costs associated with them. Executing on this program will realign our footprint to a healthier store base that we believe will enable us to respond more dynamically to shifts in consumer behavior and buying preferences.

這項投資的部分資金將來自加速關閉業績不佳的商店。我們預計在未來三年內關閉其中約 1,200 個，並減少與之相關的固定成本。執行該計劃將重新調整我們的足跡，打造更健康的商店基礎，我們相信這將使我們能夠更動態地應對消費者行為和購買偏好的變化。

Our ability to respond to a changing environment needs to improve and was a critical objective of our strategic review. We intend to close this competitive GAAP with some of our peers who have invested in similar capabilities over the past several years.

我們應對不斷變化的環境的能力需要提高，這是我們策略審查的關鍵目標。我們打算與過去幾年投資於類似功能的一些同行一起完成這項具有競爭力的公認會計準則。

While the decision to close the store is never an easy one. We feel confident in our ability to continue to serve our customers and we intend to follow our historic practice to redeploy the majority of the workforce in those stores that we close.

雖然關閉商店的決定從來都不是一件容易的事。我們對繼續為客戶服務的能力充滿信心，並打算遵循我們的歷史慣例，重新部署我們關閉的商店中的大部分員工。

In addition to being trusted and convenient, we must be relevant to today's consumer. To this end. We are reevaluating our merchandizing strategy to offer a refreshed assortment of products including our own brands.

除了值得信賴和方便之外，我們還必須與當今的消費者相關。為此。我們正在重新評估我們的行銷策略，以提供包括我們自己的品牌在內的更新的產品種類。

By being more selective with national brands and expanding our own brands, we are sharpening our focus as a destination for categories for which we believe we are uniquely positioned to lead like health and wellness and specifically women's health. We launched over 300 new own brand SKUs this year focused in key categories and we expect to launch another 300 plus in fiscal 2025.

透過更有選擇性地選擇國家品牌並擴大我們自己的品牌，我們正在加強我們作為目的地的重點，我們相信我們在健康和保健，特別是女性健康等領域具有獨特的領先地位。我們今年推出了 300 多個新的自有品牌 SKU，專注於關鍵類別，預計在 2025 財年將再推出 300 多個。

Our second guiding principle is a disciplined financial model which targets strong free cash flow generation and appropriate leverage. Our focus in the near term is on improving our operating cash flows through cost and working capital management, while establishing the baseline for AOI growth. In fiscal 2025, we expect to realize $500 million in working capital initiatives and $150 million in further CapEx reduction.

我們的第二個指導原則是嚴格的財務模型，其目標是產生強勁的自由現金流和適當的槓桿。我們近期的重點是透過成本和營運資本管理來改善我們的營運現金流，同時建立 AOI 成長的基準。到 2025 財年，我們預計將實現 5 億美元的營運資本計劃，並進一步削減 1.5 億美元的資本支出。

In addition, we are focused on monetizing non-core assets to generate cash. Chief among these is VillageMD. While our plans for this investment may take several different forms in all scenarios related to VillageMD, we are committed to redeploying any proceeds to reduce our net debt and improve the health of our balance sheet.

此外，我們專注於將非核心資產貨幣化以產生現金。其中最主要的是 VillageMD。雖然我們的這項投資計劃可能在與 VillageMD 相關的所有情況下採取多種不同的形式，但我們致力於重新部署任何收益，以減少我們的淨債務並改善我們資產負債表的健康狀況。

Our efforts around VillageMD are just one example of how on a go forward basis, we are maximizing optionality around our portfolio of assets. As we consider if and when to appropriately monetize these assets, we will continue to harvest gains from our portfolio of public equities, Cencora and BrightSpring to generate cash and further enable debt reduction.

我們圍繞 VillageMD 所做的努力只是一個例子，說明我們如何在未來的基礎上最大限度地提高資產組合的選擇性。當我們考慮是否以及何時適當地將這些資產貨幣化時，我們將繼續從我們的公共股票投資組合、Cencora 和 BrightSpring 中獲取收益，以產生現金並進一步減少債務。

As we go forward, we have three priorities. To stabilize pharmacy margin, advance the execution of our retail strategy and improve our net debt position. This emphasis on improving the strength and quality of our balance sheet underscores Manmohan's leadership in establishing our financial priorities to which he will speak in a few moments.

在我們前進的過程中，我們有三個優先事項。為了穩定藥品利潤率，推動我們的零售策略的執行並改善我們的淨債務狀況。對改善我們資產負債表的實力和品質的重視凸顯了曼莫漢在確定我們的財務優先事項方面的領導力，他稍後將談到這一點。

Let me now bring some visibility to the status of our discussions surrounding pharmacy margin and reimbursement rates. We continue to be confident that we are in a multi-year process to reframe our relationship with PBMs on reimbursement. We are changing the dialogue to ensure we both procure drugs at a fair price and that we are paid fairly for the value that we provide.

現在讓我介紹一下我們圍繞藥品利潤和報銷率的討論情況。我們仍然相信，我們正在經歷一個多年的過程，以重新建構我們與 PBM 在報銷方面的關係。我們正在改變對話，以確保我們都以公平的價格購買藥品，並確保我們根據我們提供的價值獲得公平的報酬。

As part of our efforts, we have worked with some PBMs to bring more stability and predictability to our reimbursement while maintaining broad network access. It continues to be our goal to serve as many patients and communities as possible. However, going forward, Walgreens will make difficult decisions if the PBM will not provide reasonable reimbursement for our services in order to maintain our presence in communities across America.

作為我們努力的一部分，我們與一些 PBM 合作，在保持廣泛的網路存取的同時，提高報銷的穩定性和可預測性。為盡可能多的患者和社區提供服務仍然是我們的目標。然而，展望未來，如果 PBM 不為我們的服務提供合理的報銷以維持我們在美國各地社區的存在，沃爾格林將做出艱難的決定。

Today, we have a high level of visibility into reimbursement for approximately 80% of the anticipated script volume in fiscal 2025. We are pleased with the willingness that some of our PBM partners have shown to consider current trends and adjust reimbursement such as rebalancing brands and generics, and we look forward to working with those partners and how we can grow together. Several significant contracts are in the process of being negotiated over the next year and we will pursue rational reimbursement that ensures we are paid fairly.

今天，我們對 2025 財年預期腳本量約 80% 的報銷有了高度的了解。與這些合作夥伴合作以及我們如何一起成長。明年，幾項重要合約正在談判中，我們將尋求合理的報銷，以確保我們得到公平的報酬。

Turning to NADAC, based on the latest data, we have seen it begin to stabilize. However, it is critical that regulators work alongside us and industry groups to implement a solution that reduces future instability and ensures that NADAC is a predictable product benchmark for pharmacy reimbursement.

至於 NADAC，根據最新數據，我們看到它開始穩定下來。然而，至關重要的是，監管機構應與我們和行業團體合作，實施解決方案，減少未來的不穩定性，並確保 NADAC 成為藥房報銷的可預測產品基準。

Finally, outside of working with PBMs and payers to evolve reimbursement, we continue to progress our efforts to broaden and deepen the services we get paid for. Provider status and other new payment arrangements remain a key opportunity for us to fully deploy our pharmacists capabilities, lighten the burden on the broader healthcare system and further stabilize and improve our overall pharmacy economics.

最後，除了與 PBM 和付款人合作改進報銷之外，我們還繼續努力擴大和深化我們獲得報酬的服務。提供者地位和其他新的支付安排仍然是我們充分部署藥劑師能力、減輕更廣泛的醫療保健系統的負擔並進一步穩定和改善我們整體藥房經濟的關鍵機會。

Many of our actions across this turnaround will take time but I am confident that we have the right team, the right focus and the right strategy. Manmohan will detail our expectations for fiscal 2025 in a moment. Our most recent quarterly results underscore the importance of executing with intent to stabilize the core business irrespective of the macroeconomic backdrop. We have a lot of work to do and 2025 will be an important rebasing year to drive longer term value creation.

我們在這次轉變中採取的許多行動都需要時間，但我相信我們有正確的團隊、正確的重點和正確的策略。 Manmohan 稍後將詳細介紹我們對 2025 財年的預期。我們最近的季度業績強調了無論宏觀經濟背景如何，穩定核心業務的重要性。我們還有很多工作要做，2025 年將是推動長期價值創造的重要基準年。

And before I conclude, I wanted to say a few things about how we're supporting the communities recently impacted by Hurricanes, Helene and Milton. Of course, our thoughts are with all our patients, customers, team members and everyone else that's been impacted by these terrible natural disasters.

在結束之前，我想談談我們如何支持最近受颶風影響的社區、海倫和米爾頓。當然，我們的心與所有患者、客戶、團隊成員以及所有受到這些可怕的自然災害影響的人同在。

In times of crisis, it is always heartening to see the generosity of America's response. At Walgreens, we've leveraged our public, private partnerships to implement a National Pin Pad program with the American Red Cross to raise over $5 million which has been used to donate water and other urgent supplies for the communities in need.

在危機時刻，看到美國的慷慨應對總是令人振奮。在沃爾格林，我們利用公共和私人合作夥伴關係，與美國紅十字會一起實施國家密碼鍵盤計劃，籌集了超過 500 萬美元，用於為有需要的社區捐贈水和其他緊急物資。

Walgreens has also made a donation to the American Red Cross Hurricane Helene Fund. In terms of the impact to us, about 1,050 of our stores were brought off line by the storms or in preparation for them, but we have restored all but 16 of them. We're working to make sure we continue to provide essential services to these impacted communities.

沃爾格林也向美國紅十字會颶風海倫基金會捐款。就對我們的影響而言，我們大約有 1,050 家商店因暴風雨而關閉或為暴風雨做準備，但我們已經恢復了除 16 家以外的所有商店。我們正在努力確保繼續為這些受影響的社區提供基本服務。

I will now turn it over to Manmohan to review our financial results.

我現在將把它交給曼莫漢來審查我們的財務表現。

Thank you, Tim, and good morning, everyone. Overall, fourth quarter results were in line with our expectations. Thematically, the quota reflected the same trends that characterized our full year results with pressure on US retail pharmacy partly offset by growth in our US health care segment while our international business continues to perform in line with our expectations.

謝謝蒂姆，大家早安。整體而言，第四季業績符合我們的預期。從主題上看，配額反映了我們全年業績的相同趨勢，美國零售藥房面臨的壓力被我們美國醫療保健領域的成長部分抵消，而我們的國際業務繼續表現符合我們的預期。

Adjusted eps of $0.39 decreased 41% year-over-year on a constant currency basis. Approximately 70% of this decline relates to lower state leaseback gains, lapping the reversal of incentive accruals in the prior year and lower Cencora equity income. Headwinds in the US retail pharmacy businesses were partly offset by cost savings initiatives and growth in US health care business.

以固定匯率計算，調整後每股收益為 0.39 美元，年減 41%。大約 70% 的下降與國家回租收益的減少、上一年應計激勵措施的逆轉以及 Cencora 股權收入的減少有關。美國零售製藥業務的不利因素被成本節約措施和美國醫療保健業務的成長部分抵消。

GAAP results for the quarter included certain noncash charges. We recognize the $2.3 billion charge for valuation allowance on deferred tax assets. These deferred tax assets were primarily related to opioid liabilities recognized in prior periods and they remain available for the company to offset potential future income including gains from monetizing assets.

本季度的 GAAP 業績包括某些非現金費用。我們確認了 23 億美元的遞延稅資產估價備抵費用。這些遞延稅資產主要與前期確認的鴉片類藥物負債有關，公司仍然可以使用它們來抵消潛在的未來收入，包括資產貨幣化收益。

We also recognize $696 million in impairment charges for care centric goodwill and our equity investment in Chinese Pharma company, Gora. As a reminder, last year's GAAP results included certain charges related to opioid claims and lawsuits.

我們也確認了以護理為中心的商譽和我們對中國製藥公司 Gora 的股權投資的 6.96 億美元減損費用。提醒一下，去年公認的會計準則結果包括與阿片類藥物索賠和訴訟相關的某些費用。

Let's move on to the full year highlights. Adjusted EPS of $2.88 declined 28% 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 savings initiatives and improved profitability in US health care.

讓我們繼續討論全年亮點。由於美國零售藥局業績疲軟以及售後回租收益大幅下降，調整後每股收益為 2.88 美元，以固定匯率計算下降 28%。這在一定程度上被成本節約措施和美國醫療保健獲利能力的提高所抵消。

GAAP net loss was $8.6 billion compared to a loss of $3.1 billion in fiscal '23. GAAP results included certain non-cash impairment charges related to village empty goodwill in the second quarter. The prior year period included $5.5 billion after tax charge for opioid related claims and lawsuits partly offset by a $1.7 billion after tax gain on sale of Cencora and option care health shares.

GAAP 淨虧損為 86 億美元，而 23 財年的虧損為 31 億美元。 GAAP 業績包括第二季與村莊空置商譽相關的某些非現金減損費用。上一年期間包括阿片類藥物相關索賠和訴訟的 55 億美元稅後費用，部分被出售 Cencora 和期權護理健康股票的 17 億美元稅後收益所抵消。

Now let me cover us retail pharmacy segment. Comparable sales grew 8.3% year on year driven by pharmacy and partly offset by decline in retail sales. AOI decreased 60% versus the prior year quarter. Approximately 2/3 of this decline relates to lower sale leaseback gains, lapping the reversal of incentive accruals in the prior year and lower Cencora equity income. Headwinds in the retail and pharmacy businesses were partly offset by cost saving initiatives.

現在讓我介紹一下我們的零售藥房領域。在藥品銷售的推動下，可比銷售額年增 8.3%，但部分被零售額下降所抵銷。 AOI 與去年同期相比下降了 60%。大約 2/3 的下降與售後回租收益的下降、上一年應計激勵措施的逆轉以及 Cencora 股權收入的下降有關。成本節約措施部分抵銷了零售和製藥業務的不利因素。

We exceeded our goal of $1 billion in cost savings for the year with most of the benefit recognized in the US retail pharmacy segment. Let me now turn to US pharmacy. Pharmacy comp sales increased 11.7% driven by brand inflation and mix impacts. Comp scripts excluding immunizations grew 2.6% in the quarter. We continue to track in line with the overall prescription market year-to-date.

我們超越了今年節省 10 億美元成本的目標，其中大部分收益在美國零售藥房領域得到了認可。現在讓我談談美國藥局。受品牌膨脹和混合影響的推動，藥品銷售成長了 11.7%。不包括免疫接種的綜合成本在本季增加了 2.6%。我們繼續追蹤今年迄今為止的整體處方藥市場。

Pharmacy adjusted gross margin decline versus the prior year quarter. Negatively impacted by net reimbursement pressure, brand inflation and mix impacts. Recent fluctuations in NADAC resulted in $17 million of impact in the quarter versus the prior year.

藥局調整後毛利率較上年同期下降。受到淨報銷壓力、品牌膨脹和混合影響的負面影響。 NADAC 最近的波動導致本季與前一年相比產生了 1,700 萬美元的影響。

Turning next to US retail business. Comparable retail sales declined 1.7% in the quarter. As Tim mentioned, the consumer backdrop remains a challenge. We see this with our customer as sales pressure in the quarter was almost entirely driven by non-essential categories. We continue to refine our pricing and promotion strategy which helped to improve gross profit margin in the quarter.

接下來轉向美國零售業務。本季可比零售額下降 1.7%。正如蒂姆所提到的，消費者背景仍然是一個挑戰。我們在客戶身上看到了這一點，因為本季的銷售壓力幾乎完全由非必需品類別驅動。我們繼續完善定價和促銷策略，這有助於提高本季的毛利率。

At the same time, value seeking behavior and new product launches during the year have driven our own brand penetration of 70 basis points in the quarter, finishing at over 17% of sales to end the year. Retail adjusted growth margin improved year-over-year, positively impacted by category mix towards health and wellness products partly offset by higher shrink levels.

同時，價值追求行為和年內新產品的推出推動我們自有品牌的滲透率在本季度提高了 70 個基點，到年底佔銷售額的 17% 以上。零售調整後的成長率較去年同期有所改善，這受到健康和保健產品類別組合的正面影響，部分被較高的收縮水準所抵消。

Turning next to the international segment and as always, I will talk in constant currency numbers. Total sales grew 3.7% with Germany wholesale increasing 8.2% and Boots UK up 2.3%. Segment adjusted gross profit increased 2% with growth across all businesses. Adjusted operating income was down 11% primarily due to lapping real estate gains in the year ago period.

接下來轉向國際部分，一如既往，我將用不變的貨幣數字來談。總銷售額成長 3.7%，其中德國批發成長 8.2%，英國 Boots 成長 2.3%。隨著所有業務的成長，部門調整後毛利成長了 2%。調整後營業收入下降 11%，主要是因為去年同期房地產收益下滑。

Let's now cover Boots UK in detail. Boots UK continues to perform well. Comp retail sales increased 6% with continued market share gains and all categories showing growth. Boots.com sales increased 19% year on year and represented 15% of our UK retail sales.

現在讓我們詳細介紹一下 Boots UK。 Boots UK 繼續表現出色。比較零售額成長了 6%，市佔率持續成長，所有品類均呈現成長。 Boots.com 銷售額較去年同期成長 19%，占我們英國零售額的 15%。

Turning next to US healthcare. The US healthcare segment finished ahead of expectations for the year. Delivering $66 million in adjusted EBITDA. Sales of $2.1 billion increased 7% compared to the prior year quarter.

接下來轉向美國醫療保健。美國醫療保健產業今年的業績優於預期。調整後 EBITDA 達到 6,600 萬美元。銷售額為 21 億美元，較去年同期成長 7%。

VillageMD sales of $1.5 billion grew 7% year on year. The increase was driven by growth in full risk lives and fee for service revenue partly offset by the impact of clinic closures. Shield sales were up 28% driven by growth within existing partnerships.

VillageMD 銷售額達 15 億美元，年增 7%。這一增長是由全風險生命和服務收入費用的增長所推動的，部分被診所關閉的影響所抵消。在現有合作夥伴關係成長的推動下，屏蔽銷售額成長了 28%。

Adjusted EBITDA for the fourth quarter was $65 million an improvement of $94 million compared to last year driven by cost discipline at VillageMD and growth from shields. Turning next to cash flow. Operating cash flow of $1 billion for fiscal '24 was negatively impacted by $934 million in payments related to legal matters and $386 million in entity premium contributions related to the Boots pension plan.

由於 VillageMD 的成本控制和盾牌業務的成長，第四季度調整後 EBITDA 為 6500 萬美元，比去年增加了 9,400 萬美元。接下來轉向現金流。 24 財年 10 億美元的營運現金流受到與法律事務相關的 9.34 億美元付款以及與 Boots 退休金計畫相關的 3.86 億美元實體保費繳款的負面影響。

We exceeded our target of $600 million in capital expenditure reductions in fiscal '24 delivering $736 million in savings versus fiscal '23. Similarly, we also exceeded our target of $500 million of benefits from working capital initiatives in fiscal '24. Free cash flow of $23 million declined by $642 million versus the prior year due to lower earnings, higher payments related to legal matters and phasing of working capital partly offset by lower capital expenditures.

我們超越了 24 財年資本支出削減 6 億美元的目標，與 23 財年相比節省了 7.36 億美元。同樣，我們也超越了 24 財年從營運資本計畫中獲得 5 億美元收益的目標。自由現金流為 2,300 萬美元，較上年減少 6.42 億美元，原因是收入減少、與法律事務相關的付款增加以及營運資本分階段，但資本支出減少部分抵消了這一影響。

Looking at the fourth quarter, free cash flow of $1.1 billion increased 98% compared to the prior year period. The increase was driven by benefits from working capital initiatives, lower legal payments and lower capital expenditures.

從第四季來看，自由現金流為 11 億美元，較去年同期成長 98%。這一增長是由營運資本計劃、較低的法律費用和較低的資本支出帶來的好處所推動的。

Over the course of fiscal '24, we reduced our net debt by nearly $2 billion and our lease obligations by over $1 billion and our liquidity position is healthy. We ended the year with $3.2 billion in cash and cash equivalents and $5.8 billion of revolver capacity.

在 24 財年，我們的淨債務減少了近 20 億美元，租賃義務減少了超過 10 億美元，我們的流動性狀況良好。年底，我們擁有 32 億美元的現金和現金等價物以及 58 億美元的左輪手槍容量。

Looking ahead, one of our key priorities is to strengthen the balance sheet condition of the company. We are focused on improving our cash flow generation and net debt position through a combination of operational actions and asset monetization activities.

展望未來，我們的首要任務之一是改善公司的資產負債表狀況。我們致力於透過營運行動和資產貨幣化活動的結合來改善我們的現金流產生和淨債務狀況。

These priorities have significant influence on our expectations for this upcoming fiscal year which I will detail now. As Tim underscored, our priorities for fiscal 2025 is to stabilize our core operations while we make progress on the longer term strategic and operational turnaround. This view is reflected in our adjusted EPS guidance of $1.40 to $1.80.

這些優先事項對我們對即將到來的財政年度的預期產生重大影響，我現在將詳細介紹這一點。正如 Tim 所強調的，我們 2025 財年的首要任務是穩定我們的核心業務，同時在長期策略和營運轉型方面取得進展。這一觀點反映在我們調整後的每股盈餘指引 1.40 美元至 1.80 美元。

This guidance is based on three central assumptions. First, in US, pharmacy, we anticipate continued pressure on reimbursement rates. We have negotiated approximately 80% of the contract volume for calendar year 2025.

本指南基於三個中心假設。首先，在美國藥房，我們預期報銷率將繼續面臨壓力。我們已就 2025 日曆年合約量的約 80% 進行了談判。

Due to the multiyear nature of these contracts, there is still more progress to be made but believe we are taking incremental steps towards our goal of reducing the impact of reimbursement pressure on pharmacy margin.

由於這些合約的多年性質，仍有更多進展需要取得，但相信我們正在採取漸進措施來實現減少報銷壓力對藥房利潤影響的目標。

The second major assumption is that our customer is likely to remain under pressure and continue to demonstrate the same price sensitive shopping behavior that we experienced in fiscal '24. In response to this dynamic, we're executing on a number of retail initiatives over multiple periods. In the near term, we're taking cost actions to improve our operating leverage including the accelerated optimization of our fiscal footprint. We expect these closures to be accretive to our cash flows in fiscal 2025. Lastly, we expect growth in our healthcare segment and in the international segment.

第二個主要假設是，我們的客戶可能仍面臨壓力，並繼續表現出與我們在 24 財年經歷過的相同的價格敏感購物行為。為了應對這種動態，我們正在多個時期執行多項零售計劃。短期內，我們將採取成本行動來提高我們的營運槓桿，包括加速優化我們的財務足跡。我們預計這些關閉將增加我們 2025 財年的現金流。

Let's cover the footprint optimization program next. We expect to close approximately 1,200 stores over the next three years with about 500 targeted to close in fiscal 2025. Within fiscal '25, we expect this activity to be weighted towards the back half of the year.

接下來讓我們來介紹足跡優化計劃。我們預計在未來三年內關閉約 1,200 家商店，其中約 500 家目標在 2025 財年關閉。

We are prioritizing closing locations that are cash flow negative underperforming stores where we own the locations and one where the lease expirations are coming due in the next few years. This focus is expected to partially mitigate the incremental burden of dark rent.

我們優先關閉那些現金流為負、表現不佳的門市（我們擁有這些門市）以及租賃將在未來幾年到期的門市。這項重點預計將部分減輕暗租的增加負擔。

The economic benefits of this approach should begin to be tangible in fiscal '25 by accelerating the scope of our footprint optimization program and focusing on stores with weakest cash generation we expect to reduce our working capital needs and improve our cash flows over the next 12 months.

這種方法的經濟效益應該會在25 財年開始顯現出來，方法是加快我們的足跡優化計劃的範圍，並重點關注現金生成能力最弱的商店，我們預計將在未來12 個月內減少營運資金需求並改善我們的現金流。

We expect the in-year benefit from footprint optimization program to be approximately $100 million of AOI with positive cash contributions including the cash benefits from working capital and sales of owned stores net of closure costs.

我們預計，足跡優化計畫的年內收益約為 1 億美元的 AOI，其中包括積極的現金貢獻，包括營運資金和自有商店銷售（扣除關閉成本）帶來的現金收益。

Over time, these actions should also enable us to fund the investments we plan to make in higher performing stores as we look to improve our customers' in store experience. For this year, we're prioritizing investment in those stores that should be the recipient of the scripts, merchandise and the foot traffic from the stores we're closing.

隨著時間的推移，這些行動也應該使我們能夠為計劃對業績更高的商店進行的投資提供資金，因為我們希望改善客戶的店內體驗。今年，我們將優先投資那些應該接收我們即將關閉的商店的腳本、商品和客流量的商店。

In our discussions with the investment community last quarter, we highlighted that we were evaluating 2,000 stores as part of our optimization efforts. Net of the 1,200 that we have identified for closure, this indicates that there are another 800 stores for which we're focused on improving their operating performance and cash flows. However, as has always been the case, we will continuously evaluate this group and all our stores to ensure we ultimately operate with the best possible footprint.

在上個季度與投資界的討論中，我們強調，作為優化工作的一部分，我們正在評估 2,000 家商店。除去我們已確定關閉的 1,200 家商店，這表明我們還有 800 家商店專注於改善其經營業績和現金流。然而，一如既往，我們將不斷評估該集團和我們所有的商店，以確保我們最終以盡可能最佳的足跡進行營運。

Let's now turn to additional guidance line items. We are providing additional guidance on certain enterprise and segment level line items for modeling purposes. At the midpoint of our guidance range for adjusted EPS, about 60% of the year-over-year decline reflects the impact of higher tax rate and lower contributions from sale lease back and Cencora earnings. On a corporate level, we're anticipating higher interest expense due to lapping prior year gains on bonds.

現在讓我們轉向其他指導行項目。我們正在為建模目的的某些企業和細分級別行項目提供額外指導。在我們調整後每股收益指引範圍的中點，約 60% 的同比下降反映了稅率上升以及售後回租和 Cencora 收益貢獻下降的影響。在公司層面，我們預期由於去年債券收益的回升，利息支出將會上升。

Let me cover segment level details next. For the US retail pharmacy segment, at the midpoint of the range, we expect a year-over-year decline in AOI of $1.1 billion. Approximately 40% of this decline is driven by headwinds from sale lease back gains and prior Cencora share sales. We anticipate that fiscal '25 will be the last year of headwinds from sales gains. Excluding these impacts, we expect headwinds from net reimbursement pressure and retail to drive the remaining year-over-year declines partially offset by the impact of footprint optimization program.

接下來讓我介紹段級別的詳細資訊。對於美國零售藥局領域，在該範圍的中點，我們預計 AOI 將年減 11 億美元。其中約 40% 的下降是由出售租回收益和先前 Cencora 股票出售帶來的不利因素推動的。我們預計 25 財年將是銷售成長面臨阻力的最後一年。排除這些影響，我們預計淨報銷壓力和零售帶來的阻力將推動剩餘的同比下降，但足跡優化計劃的影響部分抵消了這一下降。

Let me share some additional KPI information. We expect the overall market growth for script volume to be between 2.5% to 3% with our total prescription growth impacted by store closures. We expect vaccinations to be slightly lower compared to fiscal year '24. Guidance assumes no significant changes to the recent trends impacting pharmacy margin including brand inflation, mixed authorized generics and continuation of most recent trends in NADAC.

讓我分享一些額外的 KPI 資訊。我們預計處方量的整體市場成長將在 2.5% 至 3% 之間，我們的總處方成長受到商店關閉的影響。我們預計疫苗接種率將略低於 24 財年。指南假設影響藥房利潤的近期趨勢沒有重大變化，包括品牌膨脹、混合授權仿製藥和 NADAC 最新趨勢的延續。

We expect retail comparable sales of negative 2% to negative 3%. And cough, cold and flu season incidences are expected to be slightly down versus last year. We expect international segment profitability to grow in fiscal year '25 led by Boots retail business in Germany. We expect adjusted EBITDA for the US healthcare segment to improve by $250 million at the midpoint compared to the fiscal year '24 to a range of $280 million to $350 million.

我們預計零售可比銷售額將下降 2% 至 3%。咳嗽、感冒和流感季節的發生率預計將比去年略有下降。我們預計，在德國 Boots 零售業務的帶動下，國際部門的獲利能力將在 25 財年實現成長。我們預計，與 24 財年相比，美國醫療保健領域調整後的 EBITDA 將提高 2.5 億美元，達到 2.8 億至 3.5 億美元的範圍。

Let's conclude the guidance discussion with cash flow and capital allocation. We expect our efforts to stabilize retail sales and pharmacy margin to take hold over time. In the near term, we will continue to bolster our free cash flows through working capital optimization initiatives as well as right sizing our capital expenditures.

讓我們以現金流和資本配置來結束指導討論。我們預計穩定零售銷售和藥品利潤率的努力將隨著時間的推移而取得成效。短期內，我們將繼續透過營運資本優化措施以及適當調整資本支出規模來增強我們的自由現金流。

In fiscal '25, we expect working capital initiatives to generate approximately $500 million of free cash flows and capital expenditure reductions of approximately $150 million. We anticipate an AOI had went of approximately $400 million from lower sale lease back gains and Cencora equity earnings. This will not have any impact on free cash flow.

在 25 財年，我們預計營運資本計畫將產生約 5 億美元的自由現金流，資本支出減少約 1.5 億美元。我們預計，由於銷售回租收益和 Cencora 股權收益下降，AOI 約為 4 億美元。這不會對自由現金流產生任何影響。

In fiscal 2024, we began to refocus our financial philosophy. This includes decisions to simplify our financial reporting such as wind down of the sale lease back program and Cencora share sales but also in terms of capital allocation priorities.

2024 財年，我們開始重新調整我們的財務理念。這包括簡化我們的財務報告的決定，例如逐步結束售後回租計畫和 Cencora 股票銷售，還包括資本分配優先事項。

As we monetize assets in fiscal '24, we reduced our net debt position by $1.9 billion. This is a good start, but there is still much more work to be done to continue to strengthen our balance sheet in the coming years.

隨著我們在 24 財年將資產貨幣化，我們的淨債務部位減少了 19 億美元。這是一個好的開端，但在未來幾年中，要繼續加強我們的資產負債表，還有很多工作要做。

Given this imperative, we intend to further monetize non-core assets. Additionally, we expect our lease liabilities to decline further due to the conclusion of our sale lease back program and as we execute against our footprint optimization program. We believe these actions will improve our cash position and financial flexibility as we focus on reducing net debt while supporting the successful execution of our turnaround over the next few years.

鑑於此必要性，我們打算進一步將非核心資產貨幣化。此外，由於我們的售後回租計劃的結束以及我們執行足跡優化計劃，我們預計我們的租賃負債將進一步下降。我們相信，這些行動將改善我們的現金狀況和財務靈活性，因為我們專注於減少淨債務，同時支持我們在未來幾年成功實現扭虧為盈。

With that, let me pass it back to Tim.

接下來，讓我把它傳回給提姆。

Thanks, Manmohan. Before opening the call up for Q&A, let me leave you with a few closing thoughts. We are confident that we have the right team and the right strategy and we are laser focused on two principles that we are a retail pharmacy led organization and that the economics of this model must be disciplined and sustainable.

謝謝，曼莫漢。在開始問答之前，請允許我向您說幾點結束語。我們相信我們擁有合適的團隊和正確的策略，我們高度關注兩個原則：我們是一家以零售藥房為主導的組織，而這種模式的經濟學必須是有紀律的和可持續的。

To this end, we intend to meaningfully strengthen our balance sheet over the next few years and there is a clear path to doing so. As we work to stabilize our financial performance, monetize non-strategic assets, reduce our lease exposure and address our net debt position.

為此，我們打算在未來幾年實際加強我們的資產負債表，並且有明確的途徑可以實現這一目標。我們致力於穩定我們的財務業績，將非策略性資產貨幣化，減少我們的租賃風險並解決我們的淨債務狀況。

As part of this approach, we intend to adopt a flexible and pragmatic capital allocation strategy. To be clear, we believe our reorientation to retail pharmacy has a bright future. We're engaging in a multiyear program with a long term goal of appropriately sized and well positioned fleet of stores and an industry, leading customer experience in both retail and pharmacy across consumer channels.

作為此方法的一部分，我們打算採取靈活務實的資本配置策略。需要明確的是，我們相信我們向零售藥局的重新定位有著光明的前景。我們正在參與一項多年期計劃，其長期目標是建立規模適當、位置優越的商店和行業，從而在跨消費者通路的零售和藥房領域引領客戶體驗。

And we continue to believe that the adjacent strategic businesses in which we've invested can incrementally contribute to value creation over the longer term. We are in the early stages of a turnaround that will take time. But the fiscal fourth quarter was an important building block in the foundation of this turnaround and we expect further progress in fiscal 2025.

我們仍然相信，從長遠來看，我們投資的鄰近策略業務可以逐步為價值創造做出貢獻。我們正處於扭轉局面的早期階段，這需要時間。但第四財季是這項轉變的重要組成部分，我們預計 2025 財年將取得進一步進展。

With that. Let's take questions. Operator?

就這樣。我們來提問吧。操作員？

(Operator Instructions)

（操作員說明）

Lisa Gill, JP Morgan.

麗莎·吉爾，摩根大通。

Good morning, and thanks for taking my question. Tim, I just want to focus on a couple of things. One would just be some of the comments that were made early on around the restructuring of the reimbursement. When you talk about 80% visibility, you also talked about very difficult decisions around maybe contracting going forward.

早安，感謝您提出我的問題。提姆，我只想關注幾件事。其中之一就是早期圍繞報銷重組提出的一些評論。當您談到 80% 的可見性時，您也談到了圍繞未來可能簽訂合約的非常困難的決定。

So how do I want balance that when I think about improving rates? Do we expect improving rates in 2025? Is this more of like a three year plan? And then secondly, when you think about those difficult decisions, are you thinking about leaving some networks, like, how do I put all those pieces together?

那麼，當我考慮提高費率時，我該如何平衡呢？我們預計 2025 年利率會有所提高嗎？這更像是三年計畫嗎？其次，當你考慮這些困難的決定時，你是否考慮離開一些網絡，例如，我如何將所有這些部分組合在一起？

Sure, thanks, and good morning, Lisa. So first of all, just to answer that directly, as it relates to 2025, we have a lessening of the reimbursement pressure if you looked at a trend line, which by the way, continues a couple of year dynamic, which I've talked about before, where coming in I was fairly confident that we had seen the payer becoming more understanding and realistic about what we could give. And at the end of the day, if all of the retailers are showing up with less being taken out of the market to then share, it begins to support that dynamic. And so in '25 we do see less. Let me start with that.

當然，謝謝，早安，麗莎。首先，直接回答這個問題，因為它與 2025 年有關，如果你看一下趨勢線，我們的報銷壓力會減輕，順便說一句，趨勢線會持續幾年的動態，我已經說過了大約在之前，我相當有信心我們看到付款人對我們可以提供的東西變得更加理解和現實。最終，如果所有零售商都出現了更少的退出市場然後分享的情況，那麼它就開始支持這種動態。所以在 25 年我們看到的確實更少了。讓我從那開始。

Number two, there's no question that there is a recognition by all parties, PBMs, payers and our peers that the dynamics have changed and we see that clearly reflected in the conversations, very constructive conversations we have had, both in the 80% where we have actually landed the contracts and we have seen different sorts of mechanisms put in the contracts. There's not a one size fits all. We've seen some cost plus, we've seen carve outs for new brand drugs or existing brands that are at high prices.

第二，毫無疑問，所有各方、PBM、付款人和我們的同行都認識到動態已經發生了變化，我們看到這一點清楚地反映在對話中，我們進行了非常有建設性的對話，無論是在80% 的對話中，實際上已經簽訂了合同，我們已經看到合約中加入了不同類型的機制。沒有一種方法適合所有人。我們看到了一些成本增加，我們看到了新品牌藥品或高價現有品牌的淘汰。

We've seen rebalancing of brand and generic and we're showing up open minded to how we reconfigure the risk and also protect our ability to not see unmanageable reimbursement pressures that frankly aren't economic for us and not frankly market required.

我們已經看到了品牌和仿製藥的重新平衡，我們對如何重新配置​​風險表現出開放的態度，並保護我們不看到無法控制的報銷壓力的能力，坦率地說，這種壓力對我們來說不經濟，也不是市場所需要的。

All of that said, the 20% that are left, what I would say is those are constructive conversations. I don't want to portray them as something different. But in all of our conversations, not just the 20%, we showed up willing to make a difficult decision if we weren't going to be in a range of being compensated fairly. And it doesn't mean we're raising prices. Let me be clear about that. It means that we are arresting the downward pressure because we are not taking money out of the market, either through purchasing or through the dynamics of generics -- generic inflation, new generics and so forth. To underpin what would otherwise be our ability to increase the reimbursement that we give.

綜上所述，剩下的 20%，我想說的是，這些都是建設性的對話。我不想將它們描繪成不同的東西。但在我們所有的談話中，不僅僅是那 20% 的人，如果我們得不到公平的補償，我們願意做出艱難的決定。這並不意味著我們要提高價格。讓我澄清一下。這意味著我們正在遏制下行壓力，因為我們不會透過購買或透過仿製藥的動態（仿製藥通膨、新仿製藥等）將資金撤出市場。鞏固我們增加報銷的能力。

So all of that to say because I know this is a very important topic to our investors and to the market, even the 20% constructive conversations. But let me be clear, we're willing to walk away from a line of business if it doesn't make sense. I've said that there are examples where we would rather have 5% of cash paying cadre than 100% of a reimbursed cadre.

所以說這一切是因為我知道這對我們的投資者和市場來說都是一個非常重要的主題，即使是 20% 的建設性對話。但讓我明確一點，如果某個業務沒有意義，我們願意放棄它。我說過，有這樣的例子，我們寧願有5%的有薪幹部，也不願意有100%的報銷幹部。

And so from that standpoint, again, we know that I believe the payers are very clear about it and I'm very confident that over a 2 year to 3 year period, we will have reset the framework for reimbursement discussions and frankly be talking more about other value creation that we can do together than simply unit cost reductions.

因此，從這個角度來看，我們再次知道，我相信付款人對此非常清楚，並且我非常有信心，在 2 到 3 年內，我們將重置報銷討論的框架，並坦率地談論更多關於我們可以共同創造的其他價值，而不僅僅是降低單位成本。

That's very helpful. And just one follow on, that would be if we think about the cadence of '25. I know Manmohan talked about the store closings impacting more of the back half of the year. Anything else you would call out as I think about how earnings will develop in '25?

這非常有幫助。如果我們考慮一下「25」的節奏，那就是接下來的一個。我知道曼莫漢談到了商店關閉對今年下半年的影響。當我思考 25 年收入將如何發展時，您還有什麼想說的嗎？

From a cadence perspective, Lisa, you had to think about maybe the same trend as we have seen in the last couple of years. We do have roughly around 500 closures, which are back half weighted. But then we also had closures in the second half of fiscal '24. So we're going to see the benefit from store closure continue to scale within '25 and then beyond over the next 3 years as well.

從節奏的角度來看，麗莎，你必須考慮可能與我們過去幾年看到的趨勢相同。我們確實有大約 500 個閉包，它們都是後半加權的。但隨後我們也在 24 財年下半年關閉了工廠。因此，我們將看到關閉商店的好處在 25 年內繼續擴大，並在未來 3 年內繼續擴大。

Thank you.

謝謝。

Operator, next question.

接線員，下一個問題。

Ann Hynes, Mizuho Group.

安海因斯，瑞穗集團。

Hi, good morning. Thank you. Thanks on all the details about free cash flow. So just had a question on timing. I know, Tim, in your prepared remarks, you talked about fiscal 2025 as a rebasing year or you want to get AOI to a point where you can grow. Is that -- is it fiscal 2025? Or do we really have to wait until you're able to stabilize these PBM contracts and grow from there? So any timing that you can provide on when you think would be a base to grow from?

嗨，早安。謝謝。感謝您提供有關自由現金流的所有詳細資訊。所以只是有一個關於時間的問題。我知道，提姆，在您準備好的發言中，您談到 2025 財年是基準年，或者您希望 AOI 達到可以增長的程度。是 2025 財年嗎？或者我們真的必須等到您能夠穩定這些 PBM 合約並從中成長嗎？那麼，您可以提供您認為可以作為成長基礎的任何時機嗎？

And then secondly, I think last conference call, you talked about going to go and negotiate some vendor contracts. Can you provide any update on that progress? That would be great.

其次，我認為上次電話會議，您談到要去談判一些供應商合約。您能否提供進展的最新情況？那太好了。

Yes, I'm sorry, could you just repeat your second question, which contract?

是的，很抱歉，您能重複您的第二個問題嗎？

I think some supply -- I'm sorry, some contracts whether it's drug distribution or anything in the front store. I think the company has talked about maybe the potential of being able to renegotiate the contracts. So any progress on that would be great.

我認為有一些供應——對不起，有一些合同，無論是藥品分銷還是前台商店的任何東西。我認為該公司可能已經討論過重新談判合約的潛力。因此，這方面的任何進展都將是巨大的。

Sure. Thanks. So first, from a timing standpoint, as you can appreciate, we've said all along, this is a multiyear turnaround. This is a rebasing year in '25. I'll let -- we're not giving three year guidance at this point other than to say that we believe this replatforming of the company and the things that we've said we are going to do and are already doing are meaningfully positioning us for growth in the longer term, both in terms of pharmacy services, US Healthcare and the front of the store.

當然。謝謝。首先，從時間的角度來看，正如您所理解的，我們一直在說，這是一個多年的轉變。今年是 25 年的基礎調整年。我想說的是，我們目前不會給出三年的指導，只是說我們相信公司的平台重組以及我們所說的我們將要做和已經在做的事情對我們的定位有意義長期增長，無論是在藥房服務、美國醫療保健還是商店前台方面。

I'll let Manmohan give you any additional color as it relates to the longer-term perspective that we have. Coming back to the second part of your question, and then I'll turn it over to Manmohan. As it relates to Cencora, because I guess that is your question, as you know, we do have a longer-term arrangement with them that goes until '29.

我會讓曼莫漢給你任何額外的顏色，因為它與我們的長期觀點有關。回到你問題的第二部分，然後我將把它交給曼莫漢。因為它與 Cencora 相關，因為我想這是你的問題，正如你所知，我們確實與他們有一個長期安排，直到 29 年。

We meet with them regularly to make sure that they understand sort of where we sit and we evaluate together how they can help us, both in terms of our cost of acquisition as well as frankly, operationally because they're a crucial part of our underlying operating model.

我們定期與他們會面，以確保他們了解我們所處的位置，並一起評估他們如何幫助我們，無論是在我們的收購成本方面，還是坦率地說，在運營方面，因為他們是我們底層的重要組成部分營運模式。

And we're not going to give any updates at this time, but there is a meaningful dialogue that we're having. It is very constructive, and we believe that there are ways that we can together, inclusive of inventory, working capital, micro fulfillment-related activities and indeed purchasing acquisition cost, that there are things we can do together to allow for the one thing we both want, which is us to grow because that's good for both us and them.

我們目前不會提供任何更新，但我們正在進行有意義的對話。這是非常有建設性的，我們相信，我們可以透過多種方式共同努力，包括庫存、營運資金、與微觀履行相關的活動以及實際上的採購成本，我們可以共同做一些事情來實現我們所要做的一件事。

Now I'll turn it over to Manmohan to just give you any additional color as it relates to the longer-term outlook that your first question asked about.

現在我將把它交給曼莫漢，以便為您提供任何額外的信息，因為它與您第一個問題所詢問的長期前景有關。

Sure. So not providing long-term guidance today. But as Tim mentioned, goal is to grow AOI and free cash flows over the next three years. Maybe a couple of themes for fiscal '25 first. As you -- the guidance we shared today, it reflects roughly around $0.80 to $0.85, roughly around 60% headwinds from higher tax rate. -- and Cencora shares recently as well as lower sale-leaseback contribution. And so '25 is a better base when you think from a quality perspective.

當然。因此，今天不提供長期指導。但正如 Tim 所提到的，目標是在未來三年內增加 AOI 和自由現金流。也許首先是 25 財年的幾個主題。正如我們今天分享的指導，它反映了大約 0.80 至 0.85 美元左右，大約 60% 左右的阻力來自於更高的稅率。 -- Cencora 股票最近以及售後回租貢獻較低。因此，從品質角度考慮，'25 是更好的基礎。

We do have roughly around $250 million of equity earnings expected in fiscal '25 from Cencora. Now those will -- we will lap those in fiscal '26 as our existing variable prepaid forward contracts comes to maturity in late fiscal '25 and early '26.

我們確實預期 Cencora 在 25 財年將帶來約 2.5 億美元的股權收益。現在，我們將在 26 財年完成這些，因為我們現有的可變預付遠期合約將在 25 財年末和 26 年初到期。

From a business or underlying business performance perspective, we do expect US Healthcare to continue to grow and we expect International to grow in fiscal '25. As Tim mentioned in his prepared remarks, from a USRP perspective, from a longer-term growth perspective, we're very focused both on pharmacy margin as well as retail sales in the US.

從業務或基本業務績效的角度來看，我們確實預計美國醫療保健將繼續成長，我們預計國際醫療保健將在 25 財年實現成長。正如蒂姆在他準備好的演講中提到的那樣，從 USRP 的角度來看，從長期增長的角度來看，我們非常關注美國的藥品利潤率和零售額。

Those benefits from those initiatives we expect to scale over the next three years. And so in the meantime, from a fiscal '25 perspective, we're going to be very focused on cost discipline, including the footprint optimization program that we announced today, which we expect to be accretive in the year.

我們預計這些措施帶來的好處將在未來三年內擴大。因此，與此同時，從 25 財年的角度來看，我們將非常關注成本紀律，包括我們今天宣布的足跡優化計劃，我們預計該計劃將在今年實現增值。

And as I said earlier, the benefit from the optimization program, we expect it to continue to scale as we close locations over the next three years. And the benefit in the year is roughly around $100 million. I think gives you a ship off '25 and getting out of '25, what are going to be some of the factors we're looking at longer term.

正如我之前所說，隨著我們在未來三年關閉工廠，優化計畫的好處將繼續擴大。年收益約1億美元左右。我認為給你一艘船在 25 年離開並離開 25 年，這將是我們長期關注的一些因素。

George Hill, Deutsche Bank.

喬治·希爾，德意志銀行。

Good morning, guys. And Manmohan, maybe I missed this, but are you able to talk about like what is the discrete impact of the store closures in fiscal 2025 and maybe from a run rate basis to the US pharmacy business?

早安，夥計們。 Manmohan，也許我錯過了這一點，但是您能否談談 2025 財年商店關閉的離散影響是什麼，也許從運行率的角度來看對美國製藥業務的影響是什麼？

And then my follow-up question would be is, are you able to provide any color on earnings cadence in the US pharmacy segment as we think about the progression of fiscal '25 just kind of given the slope of how earnings have progressed recently? I think that would be helpful. Thank you.

然後我的後續問題是，當我們考慮 25 財年的進展時，您是否能夠提供有關美國製藥業盈利節奏的任何資訊？我認為這會有幫助。謝謝。

Sure. So far, store closure benefits in the year, we expect roughly around $100 million contribution to AOI in fiscal '25 and that will then continue to scale into '26 and '27 as we close more locations over time. So that's kind of the run rate. From a cash perspective, we expect footprint optimization to be accretive in the year as well.

當然。到目前為止，商店關閉將在今年帶來好處，我們預計25 財年將為AOI 貢獻約1 億美元，隨著時間的推移，隨著我們關閉更多門市，這一貢獻將繼續擴大到26 和27 財年。這就是運行率。從現金角度來看，我們預計今年的足跡優化也會增加。

And I think the way -- simple way to think about this is the benefit from working capital as we close locations as well as there are certain owned locations that we're going to be closing and monetizing in the year that significantly outweighs the closure cost in the year. So that's on the store closure. On the cadence side, look, I think we're going to be pretty much in line with how the cadence has played out over the last couple of years. So don't expect significant changes there, first half versus second half.

我認為，思考這個問題的簡單方法是，當我們關閉地點時，營運資金帶來的好處以及我們將在今年關閉和貨幣化的某些自有地點，其收益將大大超過關閉成本在這一年裡。這就是商店關門的事。在節奏方面，我認為我們將與過去幾年的節奏非常一致。因此，不要指望上半場與下半場會有重大變化。

Thank you.

謝謝。

Charles Rhyee, TD Securities.

查爾斯‧萊伊 (Charles Rhyee)，道明證券。

Yeah, thanks for taking my question. Just a follow-up on Lisa's question. Tim, I think you said that with the 80% renegotiated in terms of the contract volume that is lower, but is that stable going forward? So this is sort of -- at least where 80% is setting a new baseline.

是的，謝謝你回答我的問題。只是麗莎問題的後續。提姆，我想你說過，80% 的合約重新談判後會降低，但未來這種情況穩定嗎？因此，至少 80% 的人正在設定新的基準。

And then secondly, I appreciate all the comments around free cash flow, but can you give us a sense for where free cash flow will be for fiscal '25? I mean there's a lot of moving parts here. But if I kind of look at some of these pieces, we're still coming out negative free cash flow for the year. Just maybe give us a sense for what kind of sits when we think about the high end and the low end of the EPS guide? Thanks.

其次，我感謝所有有關自由現金流的評論，但是您能否讓我們了解 25 財年的自由現金流將在哪裡？我的意思是這裡有很多活動部件。但如果我看其中的一些部分，我們今年的自由現金流仍然為負。當我們思考 EPS 指南的高端和低端時，或許能讓我們了解什麼樣的情況？謝謝。

Sure. And I'll let Manmohan take the second question. As it relates to the contracts, again, what I'd reinforce is it is an ongoing and dynamic process. When I call it a reset, it's more a structural reset than it is we're going to do something that -- than just stand still. And so those contracts typically are multiyear contracts, which is why it's going to take us a few years to actually work through all of the contracts that we have, which, in many cases, have us taking more risk or less than we believe is ultimately appropriate and sustainable.

當然。我將讓曼莫漢回答第二個問題。由於它與合約相關，我再次強調的是，這是一個持續且動態的過程。當我稱之為重置時，它更多的是結構性重置，而不是我們要做的事情——而不僅僅是停滯不前。因此，這些合約通常是多年期合約，這就是為什麼我們需要幾年時間才能真正完成我們擁有的所有合同，在許多情況下，這讓我們承擔比我們認為最終更多或更少的風險適當且可持續。

And so it is an ongoing dynamic. And furthermore, in my background, probably this won't surprise you to hear, I don't view them even when they're done that we're done. There are opportunities to sit back down based on dynamics that occur, whether it's the pipeline, new indications, new products, trying to win a new client, and we work with those PBMs and payers to help them with that.

所以這是一個持續的動態。此外，在我的背景下，你可能不會感到驚訝，即使他們已經完成了，我也不會看到他們，我們已經完成了。根據發生的動態，我們有機會坐下來，無論是管道、新適應症、新產品，還是試圖贏得新客戶，我們與這些 PBM 和付款人合作，幫助他們實現這一目標。

So from that standpoint, the 80% is sort of a -- it's not an abstract number. It's an actual number. It says we had 100% of a group of contracts that would have been renegotiated for the 2025 plan year. We have 80% along in that, which is by itself not shocking because as you can imagine, PBMs actually operate on a January year for plan design.

因此，從這個角度來看，80% 並不是一個抽象的數字。這是一個真實的數字。它說我們已經 100% 完成了 2025 計劃年重新談判的一組合約。我們在這方面取得了 80% 的進展，這本身並不令人震驚，因為正如您可以想像的那樣，PBM 實際上是在一月份進行計劃設計的。

So we're actually right where I would expect us to be. And I'm not surprised that the remaining contracts are, again, the ones that probably require a bit more work by both parties. It's able to reach in place, and I think we'll get there. And Manmohan, do you want to take the second question?

所以我們實際上就在我期望的地方。對於剩下的合約可能需要雙方做更多工作的情況，我並不感到驚訝。它能夠到達目的地，我想我們會到達那裡。曼莫漢，你想回答第二個問題嗎？

Sure. So from a free cash flow perspective, '25, a couple of things for you to consider. First is we expect adjusted operating income to decline in '25. Now roughly around $400 million of that is due to the lower sale leaseback contribution as well as lower earnings from Cencora. Those items do not impact free cash flow. So we just wanted to flag that.

當然。因此，從自由現金流的角度來看，'25，有幾件事需要您考慮。首先，我們預期 25 年調整後營業收入將會下降。現在大約有 4 億美元左右，這是由於售後回租貢獻減少以及 Cencora 收入減少所致。這些項目不會影響自由現金流。所以我們只是想標記這一點。

Outside that, the legal payments in the fiscal year '25 expected to slightly increase as well, roughly around $1.50 billion in total. Before we -- and then before they go down in '26, we expect them to decline over '26. And so what we're working through is partly offsetting these headwinds from A, working capital optimization of roughly around $500 million in the year. And then, B, on the CapEx side, we expect our CapEx to be declining roughly around $150 million in the year. So those kind of are the building blocks from a free cash flow perspective.

除此之外，25 財年的法律付款預計也會略有增加，總計約 15 億美元左右。在我們之前——然後在他們在 26 年下降之前，我們預計他們會在 26 年下降。因此，我們正在努力解決的問題是部分抵消 A 帶來的不利因素，即今年營運資本優化約為 5 億美元。然後，B，在資本支出方面，我們預計今年的資本支出將下降約 1.5 億美元。因此，從自由現金流的角度來看，這些都是建構模組。

Lastly, I'd say this, look, we'll continue to have a pragmatic approach to capital allocation going forward. As you've seen in Q4, we were able to monetize our non-core assets. We do have some flexibility in our portfolio. And so we will continue to tap into that as needed.

最後，我想說的是，我們將繼續採取務實的方法來進行資本配置。正如您在第四季所看到的，我們能夠將非核心資產貨幣化。我們的投資組合確實有一定的彈性。因此，我們將根據需要繼續利用這一點。

Eric Percher, Nephron Research.

艾瑞克‧佩徹（Eric Percher），腎臟單位研究中心。

A question on US Healthcare, given the guiding principles you laid out, Tim. I guess question one is, is there any component here that's key to the strategy of rebasing around the Retail Pharmacy customer? And then Manmohan, maybe I'll ask you on VillageMD. The focus here, you mentioned profitability or profitable growth from the other elements of the business. Is there a reduction in investment or stabilization in the underlying VillageMD operation?

提姆，考慮到您提出的指導原則，關於美國醫療保健的問題。我想問題一是，這裡是否有任何組件是圍繞零售藥局客戶進行重新定位策略的關鍵？然後曼莫漢，也許我會在 VillageMD 上問你。這裡的重點是，您提到了業務其他要素的獲利能力或獲利成長。 VillageMD 基礎營運的投資是否減少或穩定？

Sure. Thanks for that, Eric. I'll take the first part and as you directed, the second to Manmohan, I'll let him take it. In terms of what's core, first of all, it starts with, frankly, our clinicians and our team, which is the underlying asset that enables us to look at other services whether it's for payers or for pharma in the back of our stores.

當然。謝謝你，埃里克。我將承擔第一部分，按照你的指示，第二部分交給曼莫漢，我會讓他承擔。就核心而言，坦白說，首先，它從我們的臨床醫生和團隊開始，這是基礎資產，使我們能夠考慮其他服務，無論是針對付款人還是商店後面的製藥公司。

And so our US retail strategy is a health care strategy. I would start with that, and it's crucial. That's why we've recentered on the pharmacy as a core to our strategy. I would then say, inside of that, what's probably not as well appreciated is -- will be over time is our specialty pharmacy, which is really when you look at where the growth of patient need is, payer need is, being the largest independent specialty pharmacy and having the assets that we have and the team that we have is a tremendous starting point to envisioning doing more, whether that's for the pharma companies that actually originate the products.

因此，我們的美國零售策略是醫療保健策略。我將從這一點開始，這很重要。這就是為什麼我們將藥房作為我們策略的核心。然後我想說，其中，可能不太受重視的是——隨著時間的推移，我們的專業藥房將會成為現實，當你看看患者需求的增長、付款人的需求是最大的獨立藥房時，這確實是一個問題。

The biosimilar companies that make biosimilars or indeed the payers who want to have their patients have access to a highly reliable, clinically focused, trusted company. And so from that standpoint, we see that as a critical asset.

生產生物相似藥的生物相似藥公司，或實際上是希望患者能夠接觸到高度可靠、專注於臨床、值得信賴的公司的付款人。因此，從這個角度來看，我們認為這是一項重要資產。

Other things are very complementary to that, such as Shields and CareCentrix to providing a broader set of ecosystem services or services to a unique set of payers in the case of Shields being health systems. And so those are really important assets for us incrementally to the core asset that we have, which is being a Retail Pharmacy. Do you want to take the second question, Manmohan?

其他事情與之非常互補，例如 Shields 和 CareCentrix 為一組獨特的付款人提供更廣泛的生態系統服務或服務（如果 Shields 是衛生系統）。因此，這些對我們來說是非常重要的資產，逐漸成為我們擁有的核心資產，也就是零售藥局。曼莫漢，你想回答第二個問題嗎？

Yes, sure. From a -- so let me start Q4 US Healthcare segment performance. A couple of things they’re coming throughout the year has been Shields continues to grow, expansion within the existing partnership. And then we have seen improvement within VillageMD as well, driven by a significant cost reduction program that they've gone through.

是的，當然。讓我從第四季美國醫療保健部門的表現開始。他們在這一年中所做的幾件事是，希爾茲在現有的合作關係中不斷發展和擴張。然後，我們也看到 VillageMD 內部也取得了進步，這得益於他們所經歷的重大成本削減計劃。

Now in Q4, we also experienced slightly higher contribution from the risk-based book. And so that's driving a little bit of overperformance in the quarter. As you look out to '25, we expect these themes to continue to play. We expect Shields to continue to grow within their existing partnership, just continue to expand.

現在在第四季度，我們也經歷了基於風險的帳簿的貢獻略有增加。因此，這推動了本季的表現有點超前。展望 25 年，我們預計這些主題將繼續發揮作用。我們預計 Shields 將在現有的合作夥伴關係中繼續發展，並繼續擴大。

And then on the Village side, there is benefit of costs in fiscal '25, including the wraparound benefits from cleaning closures that they have executed in fiscal '24. Outside of that, we do expect their contribution margin to also improve slightly year-over-year driven by higher fee-for-service volume and a little bit growth on the risk base side.

然後在村莊方面，25 財年有成本效益，包括他們在 24 財年執行的清潔關閉帶來的整體效益。除此之外，我們確實預計，由於服務費用增加和風險基礎的小幅成長，他們的貢獻率也將比去年同期略有改善。

Kevin Caliendo, UBS.

凱文‧卡里恩多，瑞銀集團。

Thanks. Thanks for taking my question. Turning to store closures, just within the guide, I'm trying to understand, what do you anticipate over time you're going to retain in terms of Rx and foot traffic? Is there sort of a magic number as you go through this analysis? Is it -- it used to be 70%, is it 50%? Like how do you think about that in terms of what you're guiding for or what's implied in the guidance for that?

謝謝。感謝您提出我的問題。談到商店關閉，就在指南中，我試圖了解，隨著時間的推移，您預計在治療和客流量方面將保留什麼？當你進行這個分析時，是否有一個神奇的數字？以前是70%，現在是50%嗎？就像您如何看待您所指導的內容或指導中隱含的內容？

Yeah. Thanks for the question. That's an important dimension, one of a number of dimensions that as we've evaluated the 2,000 stores we spoke about last quarter and now the 1,200 that we've announced that we'll be actually closing and as we continue to evaluate the 800.

是的。謝謝你的提問。這是一個重要的維度，是我們評估上季度談到的 2,000 家商店、現在我們宣布將實際關閉的 1,200 家商店以及我們繼續評估 800 家商店時的眾多維度之一。

The recapture rate is critical, and it's something that we're very, very precise about as it relates to store level dynamics. And so there is no one number. There is an aggregating number I suppose that if we added up to 1,200 times the store level assumptions that we are able to make based on a number of dynamics related to how many other stores are there nearby that are ours? How many are competitive? What's the profile of the patients that we're caring for today, et cetera. And there's a number of dynamics.

重新捕獲率至關重要，我們對此非常非常精確，因為它與商店層級的動態相關。所以沒有一個數字。我想，如果我們根據與附近還有多少家屬於我們的其他商店相關的一系列動態，將我們能夠做出的商店級別假設加起來 1,200 倍，我想有一個匯總數字？有多少有競爭力？我們今天護理的患者的情況如何，等等。還有很多動態。

So it's not as simple as a number, but it is very much a piece that we look at and challenge ourselves. We obviously have a lot of experience both buying files and moving patients but also moving patients as we've closed.

所以它並不像數字那麼簡單，但它在很大程度上是我們審視和挑戰自己的一塊。顯然，我們在購買文件和轉移患者方面擁有豐富的經驗，而且在關閉後轉移患者方面也擁有豐富的經驗。

This year, we closed a couple of hundred stores. So we know how to do this. We've gotten very good at predicting. We've also gotten obviously very good at engaging our patients. And so we've got a number, and we will -- that is a key assumption.

今年，我們關閉了數百家商店。所以我們知道如何做到這一點。我們已經非常擅長預測。我們顯然也非常擅長吸引患者。所以我們已經得到了一個數字，而且我們會——這是一個關鍵假設。

What I would say, though, is as part of our broader retail reconfiguration and strategy, our loyalty program, digital interfacing with our customers and so forth, we believe will enable additional touch points with these customers to both serve them potentially, whether that's a home delivery and other things if they're not as close to a store or indeed engage them in other ways.

不過，我想說的是，作為我們更廣泛的零售重新配置和策略、我們的忠誠度計劃、與客戶的數位化介面等的一部分，我們相信將與這些客戶建立更多的接觸點，以便為他們提供潛在的服務，無論這是一個如果他們離商店不太近，或者確實以其他方式吸引他們，則可以提供送貨上門和其他服務。

We are not basing any upside assumption in our underlying model for those things, but we believe it will be meaningfully contributory to bringing most of the patients in many of the stores and some of the patients from other stores along with us. And again, we want to serve every patient, and that is the goal, but we're realistic in terms of that number when we look at these closures particularly.

我們並沒有在這些事情的基本模型中建立任何向上的假設，但我們相信這對於將許多商店的大多數患者以及其他商店的一些患者與我們一起帶來有意義的貢獻。再說一次，我們希望為每位患者提供服務，這就是我們的目標，但當我們特別關注這些關閉的情況時，我們對這個數字是現實的。

Thanks. And if I can ask a quick follow-up. You talked a lot about deleveraging and getting your net debt down and improving free cash flow. I didn't necessarily hear full endorsement of the current dividend. And I'd just love to understand how you think about it. It's obviously at a pretty elevated level here. Is the dividend as -- like part of the strategy for shareholders going forward as far as you think about it? Or is it something that you're going to keep an eye on for lack of a better way to describe it?

謝謝。如果我可以要求快速跟進。您談到了很多關於去槓桿化、降低淨債務以及改善自由現金流的問題。我不一定聽到對當前股息的完全認可。我很想了解您的想法。顯然這裡的水平相當高。就您而言，股利是否是股東未來策略的一部分？或者您是否因為缺乏更好的方式來描述它而需要密切關注？

What you heard Manmohan say is that we have adopted a flexible and pragmatic capital allocation strategy. And we are going to continually evaluate our situation broadly. We are highly committed to being efficient with our capital and to doing the things that you've already heard us talk about. And we will absolutely continue to -- and make changes to our capital allocation, including better aligning our dividend with our long-term earnings power if we believe that, that's the appropriate thing to do.

你聽到曼莫漢說的是我們採取了靈活務實的資本配置策略。我們將不斷廣泛地評估我們的情況。我們高度致力於有效利用我們的資本，並致力於做您已經聽我們談論過的事情。如果我們認為這是正確的做法，我們絕對會繼續改變我們的資本配置，包括更好地調整我們的股息與我們的長期獲利能力。

And again, that requires meaningful discussion with our Board on both our long-term plan as well as the dividend that we're paying right now. And those conversations, as you saw early in my tenure here -- are continual. And so I don't have any news for you today. We, in fact, believe in the near term, we can continue to monetize these nonstrategic assets that Manmohan spoke about earlier to improve our balance sheet over time. But everything's on the table.

再說一次，這需要與我們的董事會就我們的長期計劃以及我們現在支付的股息進行有意義的討論。正如你在我任職初期所看到的那樣，這些對話是持續不斷的。所以今天我沒有任何消息給你。事實上，我們相信在短期內，我們可以繼續將曼莫漢之前談到的這些非戰略資產貨幣化，以隨著時間的推移改善我們的資產負債表。但一切都在桌面上。

Elizabeth Anderson, Evercore ISI.

伊麗莎白·安德森，Evercore ISI。

Hey, guys. Thanks so much for the commentary and additional color. I have a question on the working capital improvement. Can you help me parse out sort of how you are thinking -- I mean, obviously, those come from a variety of different things. You talked about suppliers, store closures. Can you think -- help us think through sort of the bucket of that and how to think about that so we can think about it sort of on a multiyear basis like how much is coming from stores versus supplier agreements and other factors?

嘿，夥計們。非常感謝您的評論和額外的顏色。我有一個關於營運資金改善的問題。你能幫我解析一下你的想法嗎？您談到了供應商、商店關閉等問題。你能不能幫助我們思考這個問題，以及如何思考這個問題，以便我們可以在多年的基礎上思考這個問題，例如有多少來自商店與供應商協議和其他因素？

Sure. I'm going to let Manmohan take it other than to just set the front because I feel I have to. It's the result of a lot of things being very well managed and executed by a team that is extraordinarily focused and aware of the opportunity that we have on working capital. I have never been prouder of a team in terms of the discipline that they brought to bear as you heard, both in terms of CapEx, expenses and working capital. And what you're going to hear is it's not just one thing. It is execution across a number of dimensions of the business. I'll let Manmohan give you a bit more color.

當然。我會讓曼莫漢承擔，而不是只設定前面，因為我覺得我必須這麼做。這是由一個非常專注並意識到我們在營運資本方面擁有機會的團隊很好地管理和執行很多事情的結果。正如您所聽到的，我對團隊的紀律感到無比自豪，無論是在資本支出、費用還是營運資金方面。您將聽到的是，這不僅僅是一件事。它是跨業務多個維度的執行。我會讓曼莫漢給你更多的色彩。

Yeah, sure. So for us, as we work through working capital, our goal is always to look at all components of cash conversion cycle. And as you think about some of the initiatives that have played out in fiscal '24, let me just talk about on the retail side. We've talked about assortment mix that we have at the stores today. And one of the initiatives we ran is how do we make sure that we take out unproductive inventory out of the stores and monetize that and replace it with more productive inventory.

是的，當然。因此，對我們來說，當我們處理營運資金時，我們的目標始終是專注於現金轉換週期的所有組成部分。當您思考 24 財年實施的一些措施時，讓我談談零售方面。我們今天討論了商店裡的品種組合。我們實施的措施之一是如何確保我們從商店中取出非生產性庫存並將其貨幣化，並用更俱生產性的庫存取代。

Now on the Rx side, things like Nucleus, which is our micro fulfillment centers, is also giving us ability to optimize our inventory levels within the company as well. And then there are a number of initiatives on our account receivables and improving the collectability and timing of it as well as rightsizing the timing on our accounts payable as well. So all components of it being looked at.

現在，在 Rx 方面，像 Nucleus（我們的微型履行中心）這樣的東西也使我們能夠優化公司內部的庫存水準。然後，我們針對應收帳款採取了許多舉措，提高了應收帳款的可收回性和時間安排，並調整了應付帳款的時間安排。因此，它的所有組成部分都受到了關注。

Yeah, as you think about kind of the incremental opportunities within fiscal '25, store closure is one of them. As we close these locations, it gives us an opportunity to take the remaining inventory and optimize that within the remaining network, and that generates obviously free cash in the year.

是的，當你想到 25 財年的增量機會時，關閉商店就是其中之一。當我們關閉這些地點時，我們有機會利用剩餘的庫存並在剩餘的網路中對其進行優化，這在一年中顯然會產生自由現金。

Got it. That's very helpful. And then just as a quick follow-up, maybe on the OpEx and things, how do you feel like -- I mean, you've obviously executed many years of OpEx improvement. How much more opportunity on the sort of core corporate base, particularly in US retail, do you see available? I know you're sort of talking about like on the store count adjusting that. But does that -- how do we think about that as a driver of AOI going forward?

知道了。這非常有幫助。然後，作為一個快速跟進，也許是在運營支出等方面，您感覺如何 - 我的意思是，您顯然已經執行了多年的運營支出改進。您認為這種核心企業基礎（尤其是美國零售業）還有多少機會？我知道你在談論商店數量的調整。但是，作為 AOI 未來的驅動力，我們如何看待這一點？

Sure. Well, what you just said is really important, which is if we close 1,200 stores as we plan over the next two years to three years, then there's no question that there are stranded costs that we will go after. And our goal is to, frankly, be out ahead of those store closures as it relates to managing those costs. So that's important. And it's something that we are very committed to.

當然。嗯，你剛才說的非常重要，那就是如果我們按照計劃在未來兩年到三年內關閉 1,200 家商店，那麼毫無疑問我們會追求擱淺成本。坦白說，我們的目標是在商店關閉之前提前完成，因為這涉及管理這些成本。所以這很重要。這是我們非常致力於的事情。

Second, it is now the culture of the company, I would say, which is that it will be a way of life forever in this company to look at ways that we can get smarter about every dollar that we spend, particularly as it relates to non-direct store-related pieces. I'm -- we are looking -- I'm looking -- we are looking to be able to invest back into our stores, both in terms of capital and frankly, in terms of our associates in terms of training and so forth.

其次，我想說的是，現在這已經成為公司的文化，這將成為這家公司永遠的生活方式，尋找我們可以更明智地對待我們花的每一塊錢的方法，特別是當它與非直接商店相關的作品。我 - 我們正在尋找 - 我正在尋找 - 我們希望能夠對我們的商店進行投資，無論是在資本方面，還是坦率地說，在我們的員工培訓等方面。

And so from that standpoint, the things that I think will be different this time as we look at these is we have a management team that's really focused on this topic. We have a level of discipline that I think we've shown already and will continue to show and we execute. And so that will continue.

因此，從這個角度來看，我認為這次我們會看到不同的事情，因為我們有一個真正專注於這個主題的管理團隊。我認為我們已經表現出了一定程度的紀律，並將繼續表現出來並執行。這樣的情況將會持續下去。

Is the opportunity as big as it was $4 billion ago? No, it's not. But we continue to see meaningful opportunity across our business to improve what we do and do it in a more efficient way. And so that's just going to continue. And there are assumptions in this plan for our continued optimization in advance of those store closures from -- again, principally a corporate level.

這個機會和40億美元之前一樣大嗎？不，不是。但我們繼續在整個業務中看到有意義的機會來改進我們的工作並以更有效的方式開展工作。所以這種情況將會持續下去。該計劃中有一些假設，即我們在關閉商店之前繼續優化——同樣，主要是在公司層面。

What you would see in our stores, and I have to say this because you can walk in the stores and see it. We don't have a lot of destaffing left in the stores at all. Our stores are tight. And so from that standpoint, that's not where you will see us making a difference. In that point, from our standpoint, we know we can come back to you and talk about our strategic positioning, vis-à-vis, Amazon and so forth, but we think those people in our stores are the crucial touch point. And so there, we're looking to invest even as we rightsize our support system.

你會在我們的商店裡看到什麼，我不得不這麼說，因為你可以走進商店看到它。我們商店裡根本沒有太多裁員的空間。我們的商店很緊張。因此，從這個角度來看，這不是我們能有所作為的地方。在這一點上，從我們的角度來看，我們知道我們可以回到您身邊並討論我們相對於亞馬遜等的戰略定位，但我們認為我們商店中的那些人是關鍵的接觸點。因此，我們在調整支援系統規模的同時也尋求投資。

Michael Cherny, Leerink Partners.

邁克爾·切爾尼，Leerink Partners。

Good morning. Thanks for taking my question. Maybe just diving back in on the US Healthcare side. I appreciate the color you gave on the various different moving pieces, in particular, in VillageMD, but also the dynamics expectations on monetization. Is there anything that's, I guess, holding you back on that front in moving faster?

早安.感謝您提出我的問題。也許只是回到美國醫療保健。我很欣賞你們對各種不同的動人作品的色彩，特別是在 VillageMD 中，還有對貨幣化的動態期望。我猜有什麼東西阻礙了你更快前進嗎？

I know Tim, it's something you've talked about basically since the time you started about recognizing the need to fit the business. And so as you think about the pathway for monetization, given all the dynamics around free cash flow you've discussed, given the questions about flexibility and regarding the dividend, what are some of the thought process we have in terms of understanding the checkpoints you need to see to complete a process for monetization?

我知道蒂姆，自從您開始認識到適應業務的必要性以來，您基本上就一直在談論這個問題。因此，當您考慮貨幣化途徑時，考慮到您討論過的有關自由現金流的所有動態，考慮到有關靈活性和股息的問題，我們在理解檢查點方面有哪些思考過程需要查看完成貨幣化流程嗎？

Well, the key asset in the U.S. Healthcare business where we are looking to monetize, as you know, is VillageMD. And our goal is to monetize it, but to do it without destroying value unnecessarily. And so from that standpoint, it has been a longer process. I wish I could have wiggled my nose and just made it happen, believe me, because we've declared it's not a crucial part of our future. We also believe it's a great business, and we'll do well on its own. But the process of getting there has been longer than we would have hoped but we're going to be very methodical and very appropriate in trying to preserve value.

如您所知，我們正在尋求貨幣化的美國醫療保健業務的關鍵資產是 VillageMD。我們的目標是將其貨幣化，但在不不必要地破壞價值的情況下實現這一目標。因此從這個角度來看，這是一個更長的過程。我希望我能動動鼻子就讓它發生，相信我，因為我們已經宣布這不是我們未來的重要組成部分。我們也相信這是一項偉大的業務，我們自己就能做得很好。但實現這一目標的過程比我們希望的要長，但我們將非常有條理、非常適當地努力保持價值。

There are physicians that are part of that, that are outstanding and ensuring that we have thought through their situation and that we become even more of an employer of choice, for example, means that we're going to be really thoughtful about how we do it. And the good news is you saw us sell Cencora and pay down $1.9 billion of debt over the course of the year.

有些醫生是其中的一部分，他們非常出色，確保我們已經考慮到他們的情況，並且我們成為更多的首選雇主，例如，這意味著我們將真正考慮我們的工作方式它。好消息是，您看到我們出售了 Cencora，並在這一年中償還了 19 億美元的債務。

We have ways of dealing with the short-term cash situation of -- a lot of room on the revolver. And so rushing that particular decision would have not achieved anything and would have potentially destroyed even more value.

我們有辦法處理短期現金狀況——左輪手槍有很大的空間。因此倉促做出特定決定不會有任何成果，而且可能會破壞更多的價值。

So we'll keep you posted as to what happens there. We're very engaged there. Mary Langowski, and our team working with both those team and the other investors have been relentless, but it is very complicated and therefore, we're going to get it right.

因此，我們會隨時向您通報那裡發生的情況。我們在那裡非常投入。瑪麗·蘭戈斯基（Mary Langowski）以及我們的團隊與這些團隊和其他投資者一直不懈地合作，但它非常複雜，因此，我們將把它做好。

Stephanie Davis, Barclays.

史蒂芬妮戴維斯，巴克萊銀行。

Hi, guys. Thank you for taking my question. Just going be into the VillageMD kind of topic again. You have a lot of cost reduction that's been going on. But I was hoping you could walk us through any other margin-proven initiatives beyond just cost takeout location closures?

嗨，大家好。感謝您回答我的問題。又要進入 VillageMD 之類的話題了。您正在大量降低成本。但我希望你能引導我們了解除了成本外賣店關閉之外的任何其他經過利潤證明的舉措？

And looking forward, you did announce a new CCO hire that has value-based experience that's very relevant to this business. How should we think about how Jason fits this puzzle?

展望未來，您確實宣布聘用了一位新的 CCO，他擁有與該業務非常相關的基於價值的經驗。我們該如何思考傑森如何解決這個難題？

I'm sorry, the last pretty question, how should we think about?

不好意思，最後一個漂亮的問題，我們該怎麼想？

How Jason fits the puzzle, new CTO hire. No one's mentioned him yet.

Jason 如何解決這個難題，新聘任技術長。還沒有人提到他。

Yeah. No, he's great. I mean, listen, we -- and Jason just sent Mary and I note after his first week about being more excited even than he planned on being based on his conversations with payers, pharma and his colleagues.

是的。不，他很棒。我的意思是，聽著，我們- 傑森在第一周後剛剛給瑪麗和我發了一條短信，說他比他計劃的更加興奮，這是基於他與付款人、製藥公司和同事的對話。

So listen, margin expansion isn't just cost cutting to your point. And we have a number of growth initiatives that Mary's incubating right now and bringing Jason on should be and is, and I appreciate you recognize it, a clear signal that we believe we have services that are highly valuable to others. We haven't talked today, for example, about pharma company and some of their go-direct initiatives. We are a natural partner there and are, in fact, inside of one of those.

所以聽著，就你的觀點而言，利潤擴張不僅僅是削減成本。我們有許多增長計劃，瑪麗現在正在醞釀，並讓傑森加入，這應該是而且確實是，我很感謝您認識到這一點，這是一個明確的信號，表明我們相信我們擁有對其他人非常有價值的服務。例如，我們今天還沒有討論製藥公司及其一些直接計劃。我們是那裡天然的合作夥伴，事實上，我們也在其中之一。

And so from that standpoint, I couldn't be more excited to ultimately come and tell you more about some of those growth initiatives. That said, I want to be really clear with you that we're in the early innings of that. And so we have not baked all kinds of upside into our guidance as a result of those, we believe they will take time.

因此，從這個角度來看，我非常高興最終能夠向您介紹其中一些成長計劃的更多資訊。也就是說，我想向你們明確表示，我們正處於早期階段。因此，我們還沒有將各種好處納入我們的指導中，我們相信這需要時間。

The sales cycles, particularly in a B2B are not short in many cases. But boy, we have built -- Mary has built a tremendous team, and I think has laser focus on a number of areas, specialty, pharma services, data and analytics and a number of other things where we believe we can double down and having a team, including Jason is meaningful.

在許多情況下，銷售週期（尤其是 B2B 銷售週期）並不短。但是，我們已經建立了——瑪麗建立了一支龐大的團隊，我認為，我們將重點放在許多領域、專業、製藥服務、數據和分析以及我們相信我們可以加倍努力並擁有的許多其他領域。一個包括傑森在內的團隊是有意義的。

I'm going to let Mary just -- she can give a little bit more color if she wants because certainly, she has been actually very quietly building a very effective team.

我會讓瑪麗——如果她願意的話，她可以提供更多的色彩，因為當然，她實際上一直在悄悄地建立一個非常有效的團隊。

Thank you, Tim. Thanks, Stephanie. We've said it before, the US Healthcare business is really focused on a disciplined growth strategy that's really focused on near-term shareholder value creation and cost discipline. And so as part of that, we spent the last six months exiting nonmaterial programs, programs we didn't think would generate growth over the near term. And now we're focused on 2 primary things: Growth of our current core and adjacent assets. So the things that Tim mentioned, specialty pharmacy, Shields, data analytics, our pharma services.

謝謝你，提姆。謝謝，斯蒂芬妮。我們之前已經說過，美國醫療保健業務確實專注於嚴格的成長策略，該策略真正專注於短期股東價值創造和成本控制。因此，作為其中的一部分，我們在過去六個月中退出了非物質計劃，我們認為這些計劃不會在短期內帶來成長。現在我們專注於兩件主要事情：我們當前核心和相關資產的成長。提姆提到的事情，專業藥局、Shields、數據分析、我們的製藥服務。

And then secondly, doing more of what we do best, which is really built on our core infrastructure and reorienting to the pharmacy business. So reaching, engaging and activating patients and providing services to payer and pharma. So Jason's really a part of this and a critical part of this with the CVS and Optum experience. He'll be driving a focused approach to commercialization, B2B partnerships and services development.

其次，做更多我們最擅長的事情，這實際上是建立在我們的核心基礎設施之上，並重新定位於製藥業務。因此，接觸、吸引和激活患者，並向付款人和製藥公司提供服務。因此，Jason 確實是其中的一部分，並且是 CVS 和 Optum 經驗的關鍵部分。他將重點推動商業化、B2B 合作夥伴關係和服務開發。

Thank you. And I will now turn the call back over to Mr. Tim Wentworth for any closing remarks.

謝謝。現在，我將把電話轉回給蒂姆·溫特沃斯先生，讓他發表結束語。

Great. Thank you. And I want to thank everybody for dialing in this morning. I've been reflecting on my first almost year here at Walgreens. And the first thing I would tell you is, if I had it to do over again, I would have only done it more quickly getting here.

偉大的。謝謝。我要感謝大家今天早上撥電話。我一直在反思我在沃爾格林的第一年。我要告訴你的第一件事是，如果我能重來一次，我只會更快到達這裡。

It has been quite a year. And we've -- in that year, built a brand-new team here with six new leaders, all based in Chicago sitting around the table every day, thinking about how to serve our patients better and at the same time, grow our business. And then you just heard about Jason, we have hired a whole coterie of leaders at the next level who are going to enable this strategy beyond the senior leaders that sit around my table.

已經過了整整一年了。那一年，我們在這裡建立了一個全新的團隊，其中有六位新領導者，他們都在芝加哥，每天圍坐在桌子旁，思考如何更好地為我們的患者服務，同時發展我們的業務。然後你剛剛聽說了傑森，我們已經聘請了一大群下一級的領導者，他們將在我桌旁的高級領導者之外實現這一戰略。

We drove a disciplined approach to capital, and we've achieved aggressive goals for expenses, working capital and CapEx, and we achieved positive cash flow for the year. We reduced our net debt by $1.9 billion, and we simplified our financial reporting, something many of you told us you wanted to see.

我們對資本採取嚴格的方法，我們在費用、營運資本和資本支出方面實現了積極的目標，並且今年實現了正現金流。我們將淨債務減少了 19 億美元，並簡化了財務報告，這是你們許多人告訴我們你們希望看到的。

We held market share in pharmacy for the first time in a number of years. We conducted a thorough strategic review that is driving the VillageMD process we just spoke about. It's driving a meaningful 6-pillar retail modernization initiative that includes merchandising, own brand, loyalty, digital and the footprint evaluation that we spoke about today. We additionally set a framework for multiyear refiguring pharmacy reimbursement.

我們多年來首次佔據了製藥市場。我們進行了徹底的策略審查，推動了我們剛才談到的 VillageMD 流程。它正在推動一項有意義的六支柱零售現代化計劃，包括商品推銷、自有品牌、忠誠度、數位化和我們今天討論的足跡評估。我們也制定了多年重新調整藥局報銷的框架。

We are meeting the consumer where they are. This guidance does not assume that the consumer is magically stronger in an amazing way by the end of the year. We believe that the consumer needs to be met where they are. I have a brother in law, Al Miller, who's one of the experts of real estate in this country, consumer real estate, and we were talking this weekend about the fact the consumer, they may get stronger, but boy, you wouldn't count on it right now. And certainly, many industry counterparts to ours are seeing that. So we've been realistic about the consumer.

我們正在與消費者見面。本指南並不假設消費者到年底會以驚人的方式神奇地變得更強大。我們相信，消費者需要在他們所在的地方得到滿足。我有一個妹夫，阿爾·米勒，他是這個國家的房地產、消費房地產專家之一，我們這個週末討論了消費者可能會變得更強大的事實，但是男孩，你不會現在就指望它吧。當然，我們的許多行業同行也看到了這一點。因此，我們對消費者一直持現實態度。

And as important -- maybe the most important thing we've done is evolve our culture to where over 300,000 team members will be the ultimate differentiator in the lives of our patients and our customers. I look forward to updating you on our progress and updating in upcoming quarters. Thanks very much for dialing in.

同樣重要的是，也許我們所做的最重要的事情就是發展我們的文化，讓超過 30 萬名團隊成員成為我們患者和客戶生活中的最終差異化因素。我期待向您通報我們的最新進展以及未來幾季的最新情況。非常感謝您撥入。

Ladies and gentlemen, that does the conference for today. Thank you for your participation, and you may now disconnect.

女士們、先生們，今天的會議到此結束。感謝您的參與，您現在可以斷開連接。