沃博聯公司 (WBA) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to Walgreens Boots Alliance first-quarter results conference call.

歡迎參加沃爾格林博姿聯盟第一季業績電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Eric Wasserstrom, Senior Vice President of Investor Relations.

現在我想將會議交給今天的發言人，投資者關係高級副總裁 Eric Wasserstrom。

Please go ahead.

請繼續。

Good morning and thank you for joining us for the Walgreens Boots Alliance earnings call for the first quarter of fiscal year 2025.

早安，感謝您參加我們的 Walgreens Boots Alliance 2025 財年第一季財報電話會議。

I'm Eric Wasserstrom, Senior Vice President of Investor Relations.

我是 Eric Wasserstrom，投資者關係資深副總裁。

Joining me on today's call are Tim Wentworth, our Chief Executive Officer; and Manmohan Mahajan, Global Chief Financial Officer.

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, Executive Vice President and President of Walgreens Health; 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.

此外，沃爾格林健康執行副總裁兼總裁 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。

As always, during the conference call, we anticipate making projections and forward-looking statements based on our current expectations.

與往常一樣，在電話會議期間，我們預計會根據當前的預期做出預測和前瞻性陳述。

Our actual results could differ materially due to a number of factors including those listed on slide 2 and are outlined in our latest form 10-K filed with the Securities and Exchange Commission.

我們的實際結果可能會因多種因素而產生重大差異，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。

We undertake no obligation to publicly update any forward-looking statement after this presentation, whether a result of new information, future events, changes in assumptions or otherwise.

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。

You can find our press release and slides referenced in this call in the investor relations section of the Walgreens Boots Alliance website.

您可以在沃爾格林博姿聯盟網站的投資者關係部分找到本次電話會議中引用的我們的新聞稿和幻燈片。

During this call, we will discuss certain non-GAAP financial measures.

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。

These measures are reconciled to the most directly comparable GAAP financial measures and the reconciliations are set forth in the press release.

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。

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.

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。

We encourage you to review the comparable GAAP measures and reconciliation to non-GAAP values in the other earnings materials we provided.

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。

I will now turn the call over to Tim.

我現在將把電話轉給蒂姆。

Thanks, Eric, and good morning, everyone.

謝謝埃里克，大家早安。

We've started the fiscal year by making progress against our financial and strategic priorities despite the challenging backdrop for our consumer.

儘管我們的消費者面臨著充滿挑戰的背景，但我們在本財年伊始就在財務和戰略優先事項方面取得了進展。

Our operating earnings in the period were driven by cost management initiatives and relative strength in our US pharmacy services businesses, offsetting weakness in our front-end retail business as we work to respond to changing consumer behavior.

我們在此期間的營業收入是由成本管理舉措和美國藥房服務業務的相對優勢推動的，在我們努力應對不斷變化的消費者行為時，抵消了我們前端零售業務的疲軟。

Among the outcomes we achieved this quarter in US pharmacy, we maintained script market share.

本季我們在美國藥局所取得的成果中，我們維持了處方市場佔有率。

Our international business continued to show strong returns, and our US healthcare segment contributed somewhat above expectations on a combination of revenue growth and cost control.

我們的國際業務持續表現出強勁的回報，我們的美國醫療保健業務在收入成長和成本控制方面的貢獻略高於預期。

Importantly, we started to progress on the opportunities that we consider essential to our longer-term turnaround.

重要的是，我們開始在我們認為對長期轉型至關重要的機會上取得進展。

At the end of fiscal 2024, we identified four areas of long-term focus.

2024 財年末，我們確定了四個長期重點領域。

And one quarter into the current financial year, we are executing against these targets.

在本財政年度的四分之一中，我們正在執行這些目標。

Let me spend a few minutes walking through each.

讓我花幾分鐘逐一瀏覽一下。

The cornerstone of our turnaround is stabilizing the US retail pharmacy business, and we showed progress across several key planks of this plan.

我們扭虧為盈的基石是穩定美國零售藥品業務，我們在該計劃的幾個關鍵方面都取得了進展。

We've begun our Footprint Optimization Program and are pleased with the early results.

我們已經開始了足跡優化計劃，並對早期結果感到滿意。

We're currently exceeding historical script retention rates and have retained the majority of store and pharmacy team members.

我們目前超過了歷史腳本保留率，並保留了大多數商店和藥房團隊成員。

We expect to significantly ramp the pace of our store closures from the first quarter level.

我們預計商店關閉的速度將比第一季的水平大幅加快。

As a reminder, we have a lot of experience with store closures having closed about 2,000 locations over the past decade.

提醒一下，我們在關閉商店方面擁有豐富的經驗，在過去十年中關閉了約 2,000 家門市。

That said, to handle the stepped-up pace for the next three years, we've assembled a dedicated team to focus exclusively on the end-to-end process to improve upon our historical results.

也就是說，為了因應未來三年的加快步伐，我們組建了一個專門的團隊，專門專注於端到端流程，以改善我們的歷史成果。

This team has already sequenced the next approximately 450 store closures.

該團隊已經安排了接下來大約 450 家商店的關閉。

And at this point, we have a high degree of confidence in the execution of this process through the end of 2025.

目前，我們對到 2025 年底執行這項流程充滿信心。

Naturally, we expect our future footprint to support stronger performance.

當然，我們期望我們未來的足跡能夠支持更強勁的業績。

Currently, we see comparable front-end sales in our retained store fleet outperforming those stores slated to close this year by approximately 250 basis points and comparable pharmacy scripts by approximately 390 basis points.

目前，我們看到我們保留的商店群中可比的前端銷售額比那些計劃於今年關閉的商店高出約 250 個基點，比可比的藥房處方高出約 390 個基點。

To be clear, even within our future footprint, we have to execute on our longer-term merchandising and consumer engagement initiatives in order to grow.

需要明確的是，即使在我們未來的足跡中，我們也必須執行長期的銷售和消費者參與計劃才能實現成長。

However, this data supports our view that the smaller footprint will be a healthier one for our company.

然而，這項數據支持了我們的觀點，即較小的足跡對我們公司來說將是更健康的。

Also, critical to our retail turnaround is our employee experience.

此外，我們的員工體驗對於我們的零售業轉虧為盈至關重要。

Across the enterprise, we are refining the way we forecast, allocate, and schedule labor in our stores.

在整個企業中，我們正在完善商店中預測、分配和安排勞動力的方式。

Beginning with about 200 stores this month, we're launching new scheduling optimization logic to better deliver on the in-store experience for our customers, patients, and team members.

從本月的約 200 家商店開始，我們將推出新的調度優化邏輯，以更好地為我們的客戶、患者和團隊成員提供店內體驗。

The solution deploys labor based on store-specific demand patterns, while also accounting for team member availability and preferences.

該解決方案根據商店特定的需求模式來部署勞動力，同時也考慮團隊成員的可用性和偏好。

We've received positive feedback from our initial pilot and are excited to roll this logic out to the chain later this year.

我們從最初的試點中收到了積極的回饋，並很高興在今年稍後將這一邏輯推廣到鏈上。

Winning in pharmacy requires superb operating leverage, so we are also taking steps to improve our pharmacy operations.

在藥局取勝需要卓越的營運槓桿，因此我們也在採取措施改善我們的藥局運作。

You may remember at the start of last year, we talked about a pause in rollout of our micro fulfillment centers to optimize productivity and better engineer our patient and team member experience.

您可能還記得去年年初，我們討論過暫停推出微型履行中心，以優化生產力並更好地設計我們的患者和團隊成員體驗。

This work has yielded successful results.

這項工作已經取得了成功的成果。

Our MFCs currently serve about 4,800 stores.

我們的 MFC 目前為約 4,800 家商店提供服務。

And shipped volumes from these centers are up 23% year-on-year, while [cost of fill] was down by 13%.

這些中心的出貨量年增 23%，而[填充成本] 下降了 13%。

These improvements allow our pharmacists to spend more time on patient care and clinical services, expanding the critical role they provide.

這些改進使我們的藥劑師能夠將更多時間花在患者護理和臨床服務上，並擴大他們所發揮的關鍵作用。

For example, stores supported by MFCs were able to administer more vaccines and complete more medication therapy management for our patients, payers, and B2B customers.

例如，MFC 支持的商店能夠為我們的患者、付款人和 B2B 客戶注射更多疫苗並完成更多藥物治療管理。

Looking forward, there's still more work to do to expand this across our national footprint and further lower our operating costs on a per script basis.

展望未來，我們還有更多工作要做，以將其擴展到全國範圍，並進一步降低每個腳本的營運成本。

In addition to improving our pharmacy operating model, a key priority has been to reframe the reimbursement discussion with our partners to focus on fair value for our services.

除了改善我們的藥局營運模式外，一個關鍵的優先事項是重新安排與合作夥伴的報銷討論，以關注我們服務的公允價值。

As an update to last quarter, we have now completed all of the contract negotiations for calendar 2025, and the nature of these conversations has evolved.

作為上季的更新，我們現已完成 2025 年的所有合約談判，這些對話的性質也發生了變化。

We've had success in adjusting contract dynamics in our negotiations with our commercial, Medicare, and Medicaid plans, such as rebalancing brands and generics and carving out new categories for high-cost drugs, all in response to the evolving needs of customers and to better align reimbursement with our cost of goods.

我們在與商業、醫療保險和醫療補助計劃的談判中成功地調整了合約動態，例如重新平衡品牌和仿製藥以及為高成本藥物開闢新類別，所有這些都是為了響應客戶不斷變化的需求並更好地使報銷與我們的商品成本保持一致。

We are also expanding discussions about being compensated for additional services beyond dispensing and promoting alternative payment models.

我們也正在擴大在配藥之外獲得額外服務補償的討論，並推廣替代支付模式。

Notwithstanding our progress, there's still much more that needs to be done over the next several years.

儘管我們取得了進展，但未來幾年仍有許多工作要做。

Our goal is to serve as many patients and communities as possible, but this is dependent on being reimbursed fairly so that we can maintain our presence as a healthcare provider across the country.

我們的目標是為盡可能多的患者和社區提供服務，但這取決於公平的報銷，以便我們能夠維持我們作為全國醫療保健提供者的地位。

It is also our goal to become a market leader in drug procurement.

成為藥品採購市場的領導者也是我們的目標。

We are working to ensure that we're procuring drugs at the most competitive price and continue to engage with our partners at Cencora.

我們正在努力確保以最具競爭力的價格購買藥品，並繼續與 Cencora 的合作夥伴合作。

We are making incremental progress in these discussions as we work towards a more acceptable long-term solution.

隨著我們努力尋求更可接受的長期解決方案，我們正在這些討論中取得逐步進展。

Turning now to our third priority, the turnaround of our consumer retail business.

現在轉向我們的第三個優先事項，即消費者零售業務的扭虧為盈。

This has been made more challenging by the persistent deterioration in consumer discretionary spending.

由於消費者可自由支配支出持續惡化，這個問題變得更具挑戰性。

Our consumer remains under pressure from accumulated inflation and higher interest rates, and we are seeing continued value-seeking and channel-shifting behavior.

我們的消費者仍然面臨累積通膨和利率上升的壓力，我們看到了持續的價值追求和通路轉移行為。

Additionally, the warmer season impacted our first-quarter results with reduced respiratory incidences and the associated baskets with those trips, contributing to about half of our retail decline versus last year.

此外，氣候變暖影響了我們第一季的業績，導致呼吸道疾病發病率和與這些旅行相關的購物籃減少，導致我們的零售額比去年下降了約一半。

As we look to effectuate a broader repositioning of our retail business, we're responding to these conditions in real time.

當我們希望對零售業務進行更廣泛的重新定位時，我們正在即時應對這些情況。

Some of our actions like recent changes in our targeted approach to managing store inventory have been successful, and our in-stock rate is the highest it's been in over four years.

我們的一些行動（例如最近對管理商店庫存的有針對性的方法進行的改變）取得了成功，我們的庫存率達到了四年多來的最高水平。

We are also modernizing the tools we use for assortment optimization to have the right item in the right store to create a customer-centric assortment.

我們還對用於分類優化的工具進行現代化改造，以便在正確的商店中放置正確的商品，從而創建以客戶為中心的分類。

We began to introduce new products as a part of our health and well-being focused growth strategy, specifically in categories such as women's wellness, super foods, and sports nutrition.

我們開始推出新產品，作為我們以健康和福祉為重點的成長策略的一部分，特別是在女性健康、超級食品和運動營養等類別中。

We also continue to pursue own brand penetration, which is up 75 basis points in the first quarter to 17.8%.

我們也持續追求自有品牌滲透率，第一季滲透率上升 75 個基點，達到 17.8%。

Coming into this year, we targeted introducing about 300 new own brand products and have introduced approximately 60 in the first quarter.

進入今年，我們的目標是推出約300種新的自有品牌產品，第一季已推出約60種。

As it relates to the evolution of our consumer experience, we are further leveraging our omnichannel capabilities such as home delivery and virtual care to meet evolving consumer preferences.

由於它與我們消費者體驗的演變有關，我們正在進一步利用我們的全通路能力，例如送貨上門和虛擬護理，以滿足不斷變化的消費者偏好。

Walgreens has offered same-day prescription delivery nationwide for more than three years and delivery within two hours from approximately 800 stores.

三年多來，沃爾格林在全國範圍內提供當日處方藥配送服務，並在大約 800 家商店兩小時內配送。

We also offer virtual care in 30 states available to nearly 90% of the US population.

我們還在 30 個州為近 90% 的美國人口提供虛擬護理。

While we expect home delivery to continue to grow across retail and healthcare, we view it as one component of many touch points with our customers, including in-store, drive-thru, and online.

雖然我們預計零售和醫療保健領域的送貨上門服務將繼續成長，但我們將其視為與客戶的許多接觸點的組成部分，包括店內、得來速和線上。

In summary, we are progressing a number of elements of our retail strategy.

總之，我們正在推動零售策略的許多要素。

While we are seeing early green shoots, we still have substantial work to do here.

雖然我們看到了早期的萌芽，但我們仍然有大量工作要做。

Turning to our non-core assets.

轉向我們的非核心資產。

We are underway with the sale process for village medical while continuing to evaluate the best options for Summit/CityMD.

我們正在進行鄉村醫療的銷售流程，同時繼續評估 Summit/CityMD 的最佳選擇。

We are encouraged by the leadership of new CEO, healthcare veteran, Jim Murray.

我們對新任執行長、醫療保健資深人士吉姆·莫瑞 (Jim Murray) 的領導感到鼓舞。

To be clear, our ultimate intent to exit is unchanged.

需要明確的是，我們退出的最終意圖並沒有改變。

And we remain committed to redeploying any proceeds to reduce our net debt and improve the health of our balance sheet.

我們仍然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的資產負債表的健康狀況。

Importantly, we improved free cash flow this quarter with decreased capital expenditures and higher adjusted operating income, excluding the noncash impact of sale-leasebacks.

重要的是，本季我們的自由現金流有所改善，資本支出減少，調整後營業收入增加，不包括售後回租的非現金影響。

Longer-term generation of positive cash flow remains a key priority for us in the context of litigation, opioid payments, debt, and our current dividend.

在訴訟、阿片類藥物支付、債務和當前股息的背景下，長期產生正現金流仍然是我們的首要任務。

Continued progress on cash flow will require meaningful action and focus.

現金流的持續進步需要採取有意義的行動和重點。

In conclusion, we've shown progress on our priorities over the past quarter.

總之，過去一個季度我們在優先事項上取得了進展。

And while we have a lot of work ahead of us, this progress underpins our belief in delivering a successful turnaround.

儘管我們還有很多工作要做，但這項進展堅定了我們實現成功扭虧為盈的信念。

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.

謝謝蒂姆，大家早安。

Overall, first-quarter results were better than our expectations.

整體而言，第一季業績優於我們的預期。

Sales increased 6.9% on a constant currency basis with growth across all segments.

以固定匯率計算，銷售額成長 6.9%，所有細分市場均成長。

Adjusted EPS of $0.51 declined 23% year over year and on a constant currency basis.

以固定匯率計算，調整後每股收益為 0.51 美元，年減 23%。

This decline was entirely driven by prior year sale-leaseback gains and lower Cencora equity income.

這一下降完全是由於上一年的售後回租收益和 Cencora 股權收入下降所致。

Absent these two factors, continued cost discipline in US retail pharmacy and growth across US healthcare and international businesses were partly offset by challenging US retail market trends.

如果沒有這兩個因素，美國零售藥房持續的成本控制以及美國醫療保健和國際業務的成長在一定程度上被美國零售市場趨勢的挑戰所抵消。

GAAP net earnings for the first quarter included after-tax charges of $252 million related to Footprint Optimization Program and $152 million non-cash charge related to fair value adjustments on variable prepaid forward derivatives related to monetization of Cencora shares.

第一季 GAAP 淨利潤包括與足跡優化計畫相關的 2.52 億美元稅後費用，以及與 Cencora 股票貨幣化相關的可變預付遠期衍生性商品公允價值調整相關的 1.52 億美元非現金費用。

Now, let me cover US retail pharmacy segment.

現在，讓我介紹一下美國零售藥房領域。

Comparable sales grew 8.5%, driven by pharmacy and partly offset by a decline in retail sales.

在藥品銷售的推動下，可比銷售額成長了 8.5%，但部分被零售額下降所抵銷。

The Footprint Optimization Program negatively impacted total sales during the quarter.

足跡優化計劃對該季度的總銷售額產生了負面影響。

AOI decreased 36% versus the prior year quarter, including $184 million headwind related to prior year sale-leaseback gains and lower Cencora equity income.

AOI 與去年同期相比下降了 36%，其中包括與上年售後回租收益和 Cencora 股權收入下降相關的 1.84 億美元逆風。

Absent these impacts, AOI declined due to lower retail sales, partly offset by continued cost discipline.

如果沒有這些影響，AOI 會因零售額下降而下降，但持續的成本控制在一定程度上抵消了這種影響。

Despite the $160 million headwind from prior year sale-leaseback gains, adjusted SG&A was flat to last year.

儘管上一年的售後回租收益帶來了 1.6 億美元的阻力，但調整後的 SG&A 與去年持平。

This cost improvement was largely driven by our initiatives to modernize our store-level demand forecasting and labor deployment tools.

這種成本的改善主要是由於我們對商店級需求預測和勞動力部署工具進行現代化改造的措施所推動的。

Let me now cover US pharmacy.

現在讓我介紹一下美國藥局。

Pharmacy comp sales increased 12.7%, driven by brand inflation and script volume, partly offset by lower vaccine volume.

受品牌膨脹和處方量的推動，藥品銷售成長 12.7%，但部分被疫苗銷售下降所抵消。

Comp scripts, excluding immunizations, grew 3.5% in the quarter, and we held script market share.

比較腳本（不包括免疫接種）在本季度增長了 3.5%，我們佔據了腳本市場份額。

Pharmacy services performed better than our expectations during the quarter as higher margin for COVID-19 vaccines was offset by the lower overall vaccine market volume due to the weaker cough, cold, and flu season.

本季藥局服務的表現優於我們的預期，因為 COVID-19 疫苗的較高利潤被咳嗽、感冒和流感季節疲軟導致的整體疫苗市場銷售下降所抵消。

Pharmacy adjusted gross margin declined versus the prior year quarter, negatively impacted by brand inflation and mix impacts and net reimbursement pressure.

受品牌通膨和組合影響以及淨報銷壓力的負面影響，藥局調整後毛利率較去年同期下降。

NADAC changes in November did not have any material impact to the gross profit in the quarter.

11 月份 NADAC 的變化並未對該季度的毛利產生任何重大影響。

Turning next to our US retail business.

接下來談談我們的美國零售業務。

Comparable retail sales declined 4.6% in the quarter, which was lower than our expectations.

本季可比零售額下降 4.6%，低於我們的預期。

There are two key drivers.

有兩個關鍵驅動因素。

Third-party data shows flu, cold, and respiratory activity over 40% lower compared to the prior year, which paired with the warm weather through November led to a much softer cough, cold, and flu season.

第三方數據顯示，流感、感冒和呼吸道活動與去年相比下降了 40% 以上，加上 11 月的溫暖天氣，導致咳嗽、感冒和流感季節明顯減弱。

This dynamic negatively impacted comparable retail sales by approximately 270 bps in the quarter, including the impact from the attached basket, which was about half of the comp sales decline.

這一動態對本季可比較零售額產生了約 270 個基點的負面影響，其中包括附加籃子的影響，該籃子銷售額約佔可比銷售額下降的一半。

Second, the consumer backdrop also remains difficult with the promotional environment and continued channel shift, impacting our discretionary categories.

其次，由於促銷環境和持續的通路轉移，消費者背景仍然困難，影響了我們的非必需品類。

Retail adjusted gross margin declined year over year, negatively impacted by pricing and promotions as well as lower sales related to cough, cold, and flu.

零售調整後毛利率年減，受到定價和促銷以及與咳嗽、感冒和流感相關的銷售下降的負面影響。

Turning next to international segment, and as always, I will talk in constant currency numbers.

接下來談到國際部分，一如既往，我將用不變的貨幣數字來談。

Total sales grew 6.5% with Germany wholesale increasing 11.3% and Boots UK up 4.5%.

總銷售額成長 6.5%，其中德國批發成長 11.3%，英國 Boots 成長 4.5%。

Segment adjusted gross profit increased 3% with growth across all businesses.

隨著所有業務的成長，部門調整後毛利成長了 3%。

Adjusted operating income was up 16%, led by a strong retail performance in Boots UK and growth in Germany, partly offset by cost inflation and technology investments.

調整後的營業收入成長了 16%，這主要得益於英國 Boots 零售業績的強勁和德國的成長，但部分被成本通膨和技術投資所抵消。

Let's now cover Boots UK in detail.

現在讓我們詳細介紹一下 Boots UK。

Boots UK continues to perform well.

Boots UK 繼續表現出色。

Comp retail sales increased 8.1% with gains across all categories.

零售額成長 8.1%，所有品類均有成長。

Boots.com sales increased 23% year on year, aided by a strong Black Friday performance and represented 22% of our UK retail sales.

由於黑色星期五的強勁表現，Boots.com 銷售額年增 23%，占我們英國零售額的 22%。

Turning next to US healthcare.

接下來轉向美國醫療保健。

Sales of $2.2 billion increased 12% compared to the prior year quarter.

銷售額達 22 億美元，較去年同期成長 12%。

VillageMD sales of $1.6 billion grew 9% year on year despite the impact of clinic closures.

儘管受到診所關閉的影響，VillageMD 的銷售額仍年增 9%，達 16 億美元。

The increase was driven by growth in full risk lives and fee-for-service revenue.

這一增長是由全險壽險和按服務收費收入的增長所推動的。

Shields sales were up 30% driven by growth within existing partnerships.

在現有合作夥伴關係成長的推動下，Shields 銷售額成長了 30%。

Adjusted EBITDA for the first quarter was $70 million, up sequentially and an improvement of $109 million compared to last year, reflecting the growth at VillageMD and Shields.

第一季調整後 EBITDA 為 7,000 萬美元，環比成長，比去年增加 1.09 億美元，反映了 VillageMD 和 Shields 的成長。

Turning next to cash flow.

接下來轉向現金流。

Operating cash flow in the quarter was negatively impacted by the seasonal inventory build in the US, UK and Germany and legal payments of $137 million.

本季的營運現金流受到美國、英國和德國季節性庫存增加以及 1.37 億美元法律付款的負面影響。

Year over year, free cash flow improvement benefited from decreased capital expenditures and higher adjusted operating income, excluding sale-leaseback, which does not impact free cash flow.

與去年同期相比，自由現金流量的改善得益於資本支出的減少和調整後營業收入的增加（不包括售後回租，這不會影響自由現金流量）。

We remain on track to achieve $500 million in working capital initiatives and are currently ahead of our target for a $150 million reduction in capital expenditures.

我們仍有望實現 5 億美元的營運資本計劃，目前已經領先我們削減 1.5 億美元資本支出的目標。

While we do see opportunity for further reduction in CapEx, we have plans for investment later this year in our stores and technology to support them.

雖然我們確實看到了進一步減少資本支出的機會，但我們計劃在今年稍後對我們的商店和技術進行投資以支持它們。

During the first quarter, we reduced our lease obligations by $652 million.

第一季度，我們的租賃義務減少了 6.52 億美元。

We remain committed to improving our cash flow generation and net debt position through a combination of operational actions and asset monetization activities.

我們仍然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。

As Tim alluded to, we also continue to evaluate the appropriateness and size of our dividend as part of our capital allocation policy.

正如蒂姆所提到的，我們也將繼續評估股利的適當性和規模，作為我們資本配置政策的一部分。

Our priority for fiscal 2025 is to stabilize our core performance, while we make progress on the longer-term strategic and operational turnaround.

我們 2025 財年的首要任務是穩定我們的核心業績，同時在長期策略和營運轉型方面取得進展。

Our progress to date is reflected in our reaffirmed adjusted EPS guidance of $1.40 to $1.80.

我們迄今為止的進展反映在我們重申的 1.40 美元至 1.80 美元的調整後每股收益指引中。

We continue to execute on cost savings inclusive of our Footprint Optimization Program.

我們繼續執行成本節約措施，包括我們的足跡優化計劃。

We continue to expect $100 million in AOI benefit from Footprint Optimization Program with working capital benefits and sale proceeds from own locations significantly higher than cash closure costs.

我們仍預期 AOI 將從足跡優化計畫中獲益 1 億美元，其中營運資金收益和自有地點的銷售收益顯著高於現金關閉成本。

We are also encouraged by pharmacy services results to date.

迄今為止的藥局服務結果也令我們感到鼓舞。

We believe the impact of lower than originally expected vaccines volume to be offset by higher margin on COVID vaccines.

我們認為，疫苗產量低於最初預期的影響將被新冠疫苗利潤率的提高所抵消。

The recently announced NADAC changes are expected to be less than a $50 million negative impact on pharmacy margin for the remainder of the year versus our original expectations.

與我們最初的預期相比，最近宣布的 NADAC 變化預計對今年剩餘時間的藥品利潤率的負面影響不到 5,000 萬美元。

However, as we think about rest of the year, there remains certain risks to our outlook as well.

然而，當我們考慮今年剩餘時間時，我們的前景仍然存在一定的風險。

The weaker cough, cold, flu season and continued challenging consumer discretionary spending are impacting our retail sales in the US.

咳嗽、感冒、流感季節的疲軟以及消費者可自由支配支出的持續挑戰正在影響我們在美國的零售銷售。

We now expect retail comp sales for fiscal '25 to decline approximately 4% to 5% compared to our prior outlook of down 2% to 3%.

我們現在預計 25 財年的零售銷售將下降約 4% 至 5%，而我們先前的預期是下降 2% 至 3%。

While the first quarter results are encouraging, we are maintaining our guidance range considering the challenging US retail environment.

儘管第一季業績令人鼓舞，但考慮到美國零售環境充滿挑戰，我們仍維持指導範圍。

With that, let me pass it back to Tim.

接下來，讓我把它傳回給提姆。

Thanks, Manmohan.

謝謝，曼莫漢。

Before I open the call up for Q&A, let me leave you with a few closing thoughts.

在開始問答之前，請允許我向您說幾點結束語。

Our first-quarter results demonstrate that we are executing against our long-term strategic priorities.

我們第一季的業績顯示我們正在按照我們的長期策略重點執行。

Importantly, we believe our approach to 2025 payer contracting supports our expectation for future stabilization in our pharmacy business, and we're still in early stages of getting to a better outcome on our drug procurement costs.

重要的是，我們相信我們的 2025 年付款人合約方法支持我們對製藥業務未來穩定的預期，而且我們仍處於在藥品採購成本方面取得更好成果的早期階段。

We're also executing on items that are in our control.

我們還在我們控制的項目上執行。

Our initial wave of store closures has performed better than expected on multiple facets, including script retention and employee engagement.

我們最初的商店關閉浪潮在多個方面的表現都優於預期，包括腳本保留和員工敬業度。

This gives us increased confidence in our centralized, deliberate approach to this process.

這讓我們對這個過程採取集中、深思熟慮的方法更有信心。

Also fundamental to our turnaround is financial discipline.

我們扭虧為盈的另一個基礎是財務紀律。

While we are pleased with our first-quarter results, there is more work to be done as we aim to strengthen our balance sheet and to ensure longer-term positive cash flow generation.

雖然我們對第一季的業績感到滿意，但還有更多工作要做，因為我們的目標是加強資產負債表並確保長期產生正現金流。

We remain committed to achieving a retail pharmacy led turnaround underpinned by a sustainable economic model.

我們仍致力於實現以永續經濟模式為基礎的零售藥局主導的扭虧為盈。

Our turnaround will take time, but as the quarter's results demonstrate, we are executing with urgency and believe the actions we're taking will be the basis for sustained value creation over the long term.

我們的轉變需要時間，但正如本季的業績所表明的那樣，我們正在緊急執行，並相信我們正在採取的行動將成為長期持續創造價值的基礎。

With that, let's take questions.

說到這裡，我們來提問。

Operator?

操作員？

(Operator Instructions) Lisa Gill, JPMorgan.

（操作員指示）Lisa Gill，摩根大通。

Thanks for taking the question.

感謝您提出問題。

Tim, I'm encouraged by the comments that you made around the levers to lessen reimbursement risk and the fact that contracts for 2025 are done.

提姆，您圍繞著降低報銷風險的槓桿所做的評論以及 2025 年合約已經完成的事實令我感到鼓舞。

But can you maybe just give us a little bit more color on, one, what does that new reimbursement look like?

但是您能否給我們更多信息，一是新的報銷是什麼樣的？

And two, when I think about contracts are generally three years in length.

第二，我認為合約的長度通常為三年。

So should I be thinking that for calendar '25, it's roughly one-third of your book of business that has some type of new reimbursement metrics that are tied to reimbursement?

那麼我是否應該考慮，對於 25 年曆，您的業務簿中大約有三分之一具有某種與報銷相關的新報銷指標？

That would be the first thing.

這是第一件事。

And then secondly, just really want to understand the script retention.

其次，我真的很想了解腳本保留。

You talked about script retention being better than expected.

您談到腳本保留率比預期要好。

Can you maybe just give us a number around that?

您能給我們一個大概的數字嗎？

Sure.

當然。

Thanks, Lisa.

謝謝，麗莎。

So the new reimbursement -- actually, let me answer the other part of your question first, which is you're correct that the arrangements that we have with PBMs typically are multiyear.

所以新的報銷——實際上，讓我先回答你問題的另一部分，你是對的，我們與 PBM 的安排通常是多年期的。

It doesn't mean that we don't, by the way, come back to the table and open them up in response to opportunities or changes in the market.

順便說一句，這並不意味著我們不會回到談判桌並開放它們以應對市場機會或變化。

But generally so, we haven't said exactly what percentage it is, but it was a meaningful percentage.

但總的來說，我們還沒有確切地說出這個百分比是多少，但這是一個有意義的百分比。

So your number, broadly speaking, is probably about right.

所以，從廣義上講，你的數字可能是正確的。

And in terms of what the actual arrangements themselves, how they've evolved, and what they look like, I think what you've seen is a couple of things.

就實際的安排本身、它們是如何演變的以及它們的外觀而言，我認為您已經看到了一些事情。

One is we've been successful in aligning with PBMs to create a category for higher cost drugs, for example, where in the past, those drugs would fall into the basic reimbursements, and they were massively insufficient in certain cases.

一是我們已經成功地與 PBM 保持一致，創建了一個較高成本藥物的類別，例如，在過去，這些藥物屬於基本報銷範圍，但在某些情況下它們嚴重不足。

We've highlighted GLP-1s as an example.

我們以 GLP-1 為例。

And so that's one of the things that we've done in many of the contracts.

這就是我們在許多合約中所做的事情之一。

In other contracts, what we've seen is rebalancing of brands and generics to more appropriately sort of reflect the environment today, both in terms of the absolute environment and how it's going to be evolving.

在其他合約中，我們看到的是品牌和仿製藥的重新平衡，以更恰當地反映當今的環境，無論是絕對環境還是它將如何演變。

Because if you really take a look back, and I know I've spoken about this before, what you had was essentially us performing well on generics, but it being insufficient to offset the less than our acquisition cost, brand drug reimbursements or/and are less than cost to deliver services.

因為如果你真的回顧一下，我知道我之前已經談到過這一點，你所擁有的本質上是我們在仿製藥方面表現良好，但不足以抵消我們的採購成本、品牌藥品報銷或/和低於提供服務的成本。

And so we've been able to, in many of the contracts, again, rebalance.

因此，我們能夠在許多合約中再次進行重新平衡。

And so what I'd say is each contract we've come to the table to be creative, and we have found good receptivity.

所以我想說的是，我們拿到談判桌上的每一份合約都是有創意的，而且我們已經找到了良好的接受度。

We still have a ton to do, let's be very clear because what you just said indirectly is we have two-third of our contracts left.

我們還有很多工作要做，讓我們非常清楚，因為你剛才間接說的是我們還剩下三分之二的合約。

The good news is many of those are with some of the same payers that we've had success with this year, aligning on going forward.

好消息是，其中許多付款人與我們今年成功的付款人相同，並在未來保持一致。

In terms of the script retention, we haven't given a number on that, but we do track it internally.

在腳本保留方面，我們沒有給出具體數字，但我們確實在內部進行了追蹤。

And again, it has been much better than our underlying assumption in those stores that we've been closing.

再說一遍，這比我們對那些我們已經關閉的商店的基本假設要好得多。

I would point out, we closed about 70 stores in the quarter.

我想指出的是，本季我們關閉了大約 70 家商店。

We have a lot left to do this year.

今年我們還有很多事情要做。

But we have a very different process.

但我們有一個非常不同的流程。

It has been definitely pushed through our receiving stores so that the patient experience when their store is closing is meaningfully different as they come into a new store.

它肯定是透過我們的接收商店推送的，因此當他們的商店關閉時，患者進入新商店時的體驗會發生有意義的不同。

And all of this really drives to longer-term pivoting to profitability in the back of our stores.

所有這些確實推動了我們商店的長期利潤。

Obviously, other services such as vaccines, adherence programs, other things we may do for pharma or for payers will be incremental to that.

顯然，其他服務，例如疫苗、依從性計劃以及我們可能為製藥公司或付款人做的其他事情將是增量的。

But in the current short term, the things that we've done have put us in the position we wanted to be in at this point.

但在當前短期內，我們所做的事情已經使我們處於目前想要的位置。

Eric Percher, Nephron Research.

艾瑞克‧佩徹（Eric Percher），腎臟單位研究中心。

I'd like to stay on the same subject, Tim.

我想繼續討論同一主題，提姆。

And I guess what I'd ask is when you look at the type of pressure that you're facing in reimbursement in 2025, are you finding that the actions you've taken are leading to an absolute improvement -- reduction in the pressure in '25 versus what you saw the last couple of years?

我想我要問的是，當您審視 2025 年報銷方面面臨的壓力類型時，您是否發現您所採取的行動正在帶來絕對的改善——減輕壓力'25 與您過去幾年看到的情況相比？

Or has your focus been on changing terms and contracting in a way that leads to stability today and really positions you for better visibility and the improvement comes in future years?

或者您的重點是否是改變條款和合同，以實現當今的穩定，並真正使您獲得更好的可見性並在未來幾年實現改進？

The answer is both.

答案是兩者皆有。

So there's no question that restructuring our contracts to be, I'll call it future proofed or at least more resistant to the inordinate shifting of risk to us that was simply we had no levers to manage, to be frank, was really, really important.

因此，毫無疑問，重組我們的合同，我將其稱為面向未來的，或者至少更能抵抗風險過度轉移給我們的情況，坦率地說，我們沒有槓桿來管理，這真的非常重要。

And again, I think the good news is that our PBM and payer partners also saw that.

再說一次，我認為好消息是我們的 PBM 和付款合作夥伴也看到了這一點。

And in many cases, their markets are sort of looking for these same sort of changed terms in terms of unraveling the cross subsidization that has just gotten so distorted.

在許多情況下，他們的市場正在尋求同樣類型的變化條款，以解決剛剛變得如此扭曲的交叉補貼。

And so from that standpoint, the construct is important.

因此從這個角度來看，結構很重要。

Also though, in 2025, and of course, we're in the very early days of calendar 2025, setting aside our fiscal calendar, we are now fully in those contracts that were redone.

此外，到 2025 年，當然，我們正處於 2025 年日曆的早期階段，拋開我們的財政日曆，我們現在完全處於那些重訂的合約中。

And our projections are -- continue to be that we see a reduced pressure than we have seen in the past.

我們的預測仍然是，我們看到的壓力比過去減少。

That is a continuation of several years.

這是幾年的延續。

And the number that we achieved in these negotiations was pretty darn close to what we had set out as our goal to experience.

我們在這些談判中所取得的成果非常接近我們設定的目標。

And again, I would remind you that in the context of what we have said is over the next three years, this being the first of three that we expect to reach a place where what we are taking out of the market in terms of increased value, whether that's new generics or other things, that we would not be giving more than that.

再次，我想提醒您，在我們所說的未來三年的背景下，這是我們預計在價值增加方面達到的目標的三年中的第一個，無論是新仿製藥還是其他東西，我們不會給予更多。

And ideally then we would be subjected to being able to collect on other services and other things that we do to improve profitability in the back of the store.

理想情況下，我們將能夠收集其他服務和我們所做的其他事情，以提高商店後台的盈利能力。

So we have continued to set the stage for that. 2024 was a very important year for it, and we are very pleased with that start on the three-year process.

因此，我們繼續為此做好準備。 2024 年對其來說是非常重要的一年，我們對三年進程的開始感到非常高興。

Charles Rhyee, TD Cowen.

查爾斯‧萊伊 (Charles Rhyee)，TD 考恩 (TD Cowen)。

Yeah.

是的。

Thanks for taking the questions.

感謝您提出問題。

Tim, I hear everything that you're saying.

提姆，我聽到你說的一切。

And it sounds like you are definitely making progress here, particularly in the contracting side.

聽起來你們肯定在這方面取得了進展，特別是在簽約方面。

But typically, I would assume that a lot of these are for one-one starts for the calendar '25 year.

但通常情況下，我會假設其中很多都是針對日曆「25 年」的一對一開始。

Given sort of the strength in the fiscal first quarter, any reason not to think that we would see the incremental sort of positive step changes as we move through the rest of this year along with the fact that we're still at the early part of the store closure cycle and yet you still maintain guidance.

考慮到第一財季的強勁勢頭，我們有任何理由不認為，隨著今年剩餘時間的推移，我們會看到增量式的積極變化，而且我們仍處於早期階段。維持指導。

Can you help us square that a little bit?

你能幫我們解決一下嗎？

I understand trying to -- there's still some uncertainty here, but the sort of the outperformance in the first quarter that suggest, particularly on the pharmacy side, that things are at least moving in the right direction relative to at least where the initial guidance was set.

我理解嘗試 - 這裡仍然存在一些不確定性，但第一季的優異表現表明，特別是在製藥方面，事情至少相對於最初的指導方向正在朝著正確的方向發展放。

Thanks.

謝謝。

Sure.

當然。

Thanks, Charles.

謝謝，查爾斯。

So what I'd point out is that the first quarter, which, as you correctly say, did not -- was not impacted by any of the 2025 contracts that we were able to negotiate, it was strong for two fundamental reasons.

所以我要指出的是，正如你所說，第一季沒有受到我們能夠談判的任何 2025 年合約的影響，它的強勁有兩個根本原因。

One is we had good pharmacy volumes; and two is we had good -- in terms of pharmacy services, particularly vaccines, we have good reimbursement.

一是我們有充足的藥品庫存；二是我們有很好的——在藥房服務，特別是疫苗方面，我們有很好的報銷。

And so those two things were strong in the quarter.

因此，這兩件事在本季表現強勁。

And we -- what you've seen is part of those volumes is closing stores, we were successful in beating our own targets in moving patients into the receiving stores.

你所看到的是，我們關閉了商店，我們成功地完成了自己的目標，將患者轉移到接收商店。

So that was good.

所以那很好。

We closed stores, and we didn't just give up share.

我們關閉了商店，但我們不僅僅放棄了份額。

And again, while the vaccine volumes haven't been quite as strong as we might have expected, the fundamental fact of the matter is that we were reimbursed pretty fairly for those vaccines, and we were very successful in getting patients who came into our store to nearly, I think, 40% of the time or thereabouts actually co-administer multiple vaccines to keep themselves safe across several disease platforms.

再說一次，雖然疫苗數量沒有我們預期的那麼強勁，但問題的根本事實是，我們為這些疫苗獲得了相當公平的報銷，而且我們非常成功地吸引了進入我們商店的患者我認為，幾乎40% 左右的人實際上會同時注射多種疫苗，以確保自己在多種疾病平台上的安全。

So that all was what carried the quarter.

這就是本季的全部內容。

Therefore, as I look at our full year '25, what we see based on the contracts results that we've had so far, and again, there will be some perturbation because of mix of -- or did you get as many patients as you thought with some new business that may have been won, but those are generally small impacts; we would expect to continue to see what we wanted to see in 2025 and nothing incremental to that in terms of things.

因此，當我回顧我們的 25 年全年時，我們根據迄今為止的合約結果所看到的情況，再次，由於混合因素，或者您是否獲得了盡可能多的患者，將會出現一些擾動您認為可能已經贏得了一些新業務，但這些影響通常很小；我們預計 2025 年將繼續看到我們希望看到的情況，並且不會有任何增量。

So we see it being better than it was in '24, but we ended '24 strong because of some things that didn't have to do with PBM reimbursement.

所以我們看到它比 24 年更好，但我們在 24 年結束時表現強勁，因為與 PBM 報銷無關的事情。

Michael Cherny, Leerink Partners.

邁克爾·切爾尼，Leerink Partners。

Good morning and thanks for taking the question.

早上好，感謝您提出問題。

Maybe if I can build a little bit on Charles' question there relative to the changing dynamics of the business.

也許我可以在查爾斯提出的有關業務動態變化的問題上做一些補充。

Tim, you spent a lot of time on the reimbursement side.

提姆，你在報銷方面花了很多時間。

Maybe if we can go back to the procurement side and the work you're doing with Cencora.

也許我們可以回到採購方面以及您與 Cencora 所做的工作。

What does that look like qualitatively in terms of making sure that you're maximizing your procurement, especially for a partner that you've had for more than a decade?

從確保採購最大化的角度來看，特別是對於已經合作十多年的合作夥伴來說，這看起來是什麼樣的？

And specifically within the guidance, are there any changes to procurement that are built into your current fiscal '25 expectations?

具體而言，在該指南中，您目前的 25 財年預期中的採購是否有任何變化？

Yeah.

是的。

So we haven't -- let me start with the second question, which is that we haven't broken down in our guidance what would be contributed by any improvements that we make in our process or our underlying contract with Cencora.

所以我們沒有 - 讓我從第二個問題開始，即我們沒有在我們的指導中詳細說明我們在流程或與 Cencora 的基礎合約中所做的任何改進將帶來什麼貢獻。

That said, you asked about qualitative sorts of things.

也就是說，你問的是定性的事情。

What I would tell you is qualitatively, there's a question of having a partner who sits down with us, and we have made very clear what our long-term aspiration is, which is to be world-class at buying drugs.

我要告訴你的是，從品質上來說，存在一個與我們坐在一起的合作夥伴的問題，我們已經非常清楚我們的長期願望是什麼，那就是在購買藥品方面成為世界一流。

And today, we're not.

而今天，我們不是。

And so from that -- and they are in a position to help us and to benefit from that when our volumes increase because we're able to be more competitive in our underlying business model.

因此，當我們的銷售量增加時，他們能夠幫助我們並從中受益，因為我們能夠在我們的基礎商業模式中更具競爭力。

And so from that standpoint, what I would tell you is we have relationships with their team.

因此，從這個角度來看，我要告訴你的是我們與他們的團隊有關係。

We have spent a lot of time together.

我們在一起度過了很多時間。

We continue to spend time together to navigate a way forward that not only helps us in the short term incrementally but more importantly, transformationally, in the long term, modernizes the way that we buy drugs in a way that keeps us very competitive and growing, which is good for both parties.

我們繼續花時間一起探索一條前進的道路，這不僅在短期內逐漸幫助我們，而且更重要的是，從長遠來看，變革性地使我們購買藥品的方式現代化，使我們保持非常有競爭力和成長，這對雙方都有好處。

And I'm pleased that we've had the discussions we've had.

我很高興我們進行了討論。

We have a lot more work to do.

我們還有很多工作要做。

Kevin Caliendo, UBS.

凱文‧卡里恩多，瑞銀集團。

Thanks for taking my question.

感謝您提出我的問題。

First, just on the footprint optimization.

首先，只是在佔地面積優化上。

Is that number going to grow over time?

這個數字會隨著時間的推移而成長嗎？

Like how do we think about that as the store closings increase?

隨著商店關閉的增加，我們如何看待這一點？

Is it a forward look as to where we are?

這是對我們所處位置的前瞻性展望嗎？

Is that like your projection is this $331 million projection?

3.31 億美元的預測與您的預測一樣嗎？

Or is that like point in time and as the stores keep going, that optimization add-back grows?

還是在某個時間點，隨著商店的持續運營，優化回加也會增加？

And then I guess my second question is, your peer announced that they had put in their sort of cost-plus model successfully across their 2025.

然後我想我的第二個問題是，你的同行宣布他們已經在 2025 年成功採用了成本加成模型。

As you see that happening, is there opportunity for you guys?

當你看到這種情況發生時，你們還有機會嗎？

Is that a pivot for the market that maybe can be advantageous to you?

這是一個可能對您有利的市場支點嗎？

I know you're renegotiating all your contracts; you did that already.

我知道你正在重新談判所有合約；你已經這麼做了。

I'm just wondering if this changes the market in any way, shape, or form positively or negatively for you.

我只是想知道這是否會以任何方式、形狀或形式對您產生積極或消極的改變市場。

Thanks.

謝謝。

Yeah.

是的。

Thanks.

謝謝。

Let me take the second half of your question first, which is, obviously, we're always pleased when we can see the market moving in direction that is rational for us in the role that we play.

讓我先回答你問題的後半部分，顯然，當我們看到市場朝著對我們所扮演的角色而言合理的方向發展時，我們總是很高興。

And so CVS' announcement -- well, I'm not going to comment specifically on details with that.

所以 CVS 的聲明——好吧，我不會具體評論細節。

Really, if you think about what they announced, it's very similar -- it's a different way of, I guess, thinking about what we've been doing in our contracts, which is realigning brand and generic because if you think about a cost-plus model, cost-plus model, therefore, doesn't have a cross subsidization.

真的，如果你想想他們宣布的內容，它非常相似——我想，這是一種不同的方式來思考我們在合約中所做的事情，即重新調整品牌和通用產品，因為如果你考慮成本－因此，成本加成模型沒有交叉補貼。

It has a service fee on top of an acquisition cost.

除了購置成本之外，它還收取服務費。

And from our perspective, that's very much what we have been coming to the table with, willing to both work with the various payers and how they want that constructed and how they want to go to market because not all cases will the payers necessarily go to market with that exact model.

從我們的角度來看，這正是我們一直在討論的問題，願意與不同的付款人合作，了解他們想要如何構建以及如何進入市場，因為並非所有情況下付款人都一定會去具有該確切型號的市場。

They may use it and then alter it to meet what the benefits consultants drive at the self-insured employer level, let's say.

比方說，他們可能會使用它，然後對其進行修改，以滿足顧問在自我保險雇主層面上推動的福利。

And so I don't want to get into sort of the real arcane detail on how all that works.

所以我不想深入了解這一切是如何運作的真正神秘的細節。

But suffice it to say that their announcement didn't surprise us.

但我只想說，他們的聲明並沒有讓我們感到驚訝。

We haven't announced or put a brand name on our process for unwinding these things in the contracts, but we are doing exactly the same thing.

我們還沒有宣布或在合約中解除這些事情的流程上貼上品牌名稱，但我們正在做完全相同的事情。

And we, again, come to the table as a very willing partner to help the payers win in whatever configuration of value works for them, but also more importantly, puts us back on track to have a sustainable pharmacy model.

我們再次作為一個非常願意的合作夥伴來到談判桌，幫助付款人以任何適合他們的價值配置獲勝，但更重要的是，讓我們回到建立可持續藥房模式的正軌。

As it relates to the stores -- store closures, which, of course, we mentioned 70 or thereabouts in the quarter for the full year on track and prepared for another almost 450, I'll let Manmohan speak to the underlying financial impacts of that.

由於它與商店有關- 商店關閉，當然，我們在全年的季度中提到了70 家左右的商店，並為另外近450 家商店做好了準備，我將讓曼莫漢談談這一事件的潛在財務影響。

So Kevin, as you think about the impact of store closure in the year, we've talked about expecting $100 million of AOI benefit in the year.

Kevin，當您考慮今年商店關閉的影響時，我們已經討論過預計今年 AOI 收益將達到 1 億美元。

We're still on track to close 500 locations during our fiscal year '25.

我們仍有望在 25 財年關閉 500 家門市。

And from a cash flow benefit perspective, we believe the benefit from working capital as well as sales proceeds from some of the own locations that we're closing, and we will sell is going to outpace the closure cost in the year.

從現金流效益的角度來看，我們相信營運資金以及我們正在關閉和將出售的一些自有地點的銷售收益帶來的收益將超過今年的關閉成本。

Now as you think about this, these are in-year benefits.

現在，當您考慮這一點時，這些都是年內福利。

And so as we continue down the path over a three-year plan, these benefits will scale over time.

因此，當我們繼續執行三年計劃時，這些好處將隨著時間的推移而擴大。

Elizabeth Anderson, Evercore ISI.

伊麗莎白·安德森，Evercore ISI。

Hi guys.

嗨，大家好。

Good morning.

早安.

Thanks so much for the question.

非常感謝您的提問。

Two questions.

兩個問題。

You obviously had a very nice improvement in the free cash flow on a year-over-year basis.

顯然，您的自由現金流同比有了很大的改善。

And I know, Manmohan, you talked about the improvement in both working capital and CapEx.

我知道，曼莫漢，您談到了營運資本和資本支出的改善。

Can you talk about your sort of confidence for positive free cash flow on a full-year basis?

您能談談您對全年正自由現金流的信心嗎？

And as a follow-up, can we also talk about sort of the rollout of the micro fulfillment centers?

作為後續行動，我們還可以談談微型履行中心的推出嗎？

I know you talked about sort of a broad level that you expect to roll them out to an increased number of stores.

我知道您談到了一個廣泛的層面，您希望將它們推廣到更多的商店。

But how do we think about the pacing of that as we think about the rest of 2025?

但是，當我們思考 2025 年剩餘時間時，我們如何看待這一進程的節奏？

Thank you.

謝謝。

Sure.

當然。

So I'll let Manmohan take the free cash flow question first since it's such a central question to what we focus on every day.

因此，我將讓曼莫漢首先討論自由現金流問題，因為這是我們每天關注的核心問題。

Yeah.

是的。

So Elizabeth, on the free cash flow, yes, the year-over-year cash flows were better in the quarter.

所以伊麗莎白，就自由現金流而言，是的，本季的同比現金流更好。

A couple of elements driving it.

有幾個因素驅動它。

First, the underlying performance, the adjusted EBITDA was higher year over year as you exclude the sale-leaseback gains, which does not impact free cash flow.

首先，基本業績，調整後的 EBITDA 同比較高，因為排除售後回租收益，不會影響自由現金流。

And second is we did see higher-than-expected reduction in the capital expenditures.

其次，我們確實看到資本支出的減少幅度高於預期。

Actually, we talked about at the beginning of the year, targeting $150 million.

事實上，我們在年初就談到了目標是1.5億美元。

We achieved more than that in the quarter.

我們在本季取得的成就比這還要多。

And in my prepared remarks, I talked about while we do see opportunities on CapEx reduction rest of the year, we also have plans to invest in stores and technology that supports them.

在我準備好的演講中，我談到，雖然我們確實看到了今年剩餘時間減少資本支出的機會，但我們也計劃投資支持它們的商店和技術。

So there is that phasing part to think about.

因此，需要考慮階段性部分。

In terms of overall free cash flow for the year, we're not sharing guidance on the free cash flows today.

就今年的整體自由現金流而言，我們今天不會分享有關自由現金流的指導。

But I would say we're broadly in line with the commentary I provided at the beginning of the year, which had really four factors in there, which is the sale-leaseback gains and Cencora earnings reduction does not impact CapEx reduction, which we have achieved in the quarter.

但我想說，我們與我在年初提供的評論基本一致，其中實際上有四個因素，即售後回租收益和 Cencora 收益減少不會影響資本支出減少，我們有本季度取得的成績。

And working capital, we feel good about.

和營運資金，我們感覺良好。

And so those elements, we're broadly in line with.

因此，我們大致上同意這些要素。

And as it relates to the multisite -- multi fulfillment centers, we're super pleased with where we are in the progress we've made this year on a number of levels.

由於它涉及多站點——多履行中心，我們對今年在多個層面上的進展感到非常滿意。

First is in the absolute operating -- operations of them and the cost to operate them.

首先是絕對營運——它們的營運和營運成本。

And we brought in a very talented leader, a gentleman named John Joplin, who has just done a phenomenal job working with our team to take that to the next level in terms of operating efficiency, but also longer term, in terms of the experience for our stores as receivers for this.

我們引進了一位非常有才華的領導者，一位名叫約翰·喬普林的紳士，他剛剛與我們的團隊合作完成了出色的工作，將我們的運營效率提升到了一個新的水平，而且從長遠來看，在經驗方面也達到了一個新的水平。

As you may recall, a year ago, we have slowed this way down in part because the experience at the last mile was not what we wanted it to be.

您可能還記得，一年前，我們放慢了速度，部分原因是最後一英里的體驗不是我們想要的。

It also was not as cost effective as we had hoped.

它也沒有我們希望的那樣具有成本效益。

We have made massive improvements in both to the point where, again, today, we have over 4,500 of our stores that are being serviced by the MFCs.

我們在這兩方面都做出了巨大的改進，如今，我們有超過 4,500 家商店正在由 MFC 提供服務。

And we believe over the next 12 months, we will get that number closer to 6,000 as we continue to again ratchet down the cost so that it is not cost disadvantageous for us to use automation.

我們相信，在接下來的 12 個月裡，隨著我們繼續降低成本，我們將使這個數字接近 6,000，這樣使用自動化不會對我們造成成本不利。

And importantly, what we've seen in the stores that we have moved on to the platform has been a material increase in our ability to counsel patients, do adherence programs, and use our clinicians in, frankly, more higher order activities that also bring reimbursements that help sustain our model.

重要的是，我們在轉移到該平台的商店中看到的是，我們為患者提供諮詢、執行依從性計劃以及讓我們的臨床醫生參與更多更高階活動的能力得到了實質性提高，這也帶來了有助於維持我們模式的報銷。

And so we are very focused on it.

所以我們非常關注它。

As I said, we're not going to give you guidance exactly as to how many or when.

正如我所說，我們不會為您提供具體數量或時間的指導。

We have several more that we are going to be bringing up.

我們還有幾個要提出的。

And I can tell you that now when I'm in the stores, it's very exciting.

我可以告訴你，現在當我在商店裡時，我感到非常興奮。

A year ago, they didn't want to talk about it.

一年前，他們不想談論這件事。

The bags were too big.

袋子太大了。

The bottles were too big.

瓶子太大了。

Now we go into the stores, and they're saying, when are we going to get on the platform because they've heard from their colleagues that we have meaningfully improved the experience.

現在我們走進商店，他們說，我們什麼時候才能進入這個平台，因為他們從同事那裡聽說我們已經有意義地改善了體驗。

So it's a great example of our broad theme of hopefully you're hearing today, which is execution for the customer and for the shareholder.

因此，這是我們希望您今天聽到的廣泛主題的一個很好的例子，即為客戶和股東執行。

Ann Hynes, Mizuho.

安海因斯，瑞穗。

Good morning.

早安.

Thanks.

謝謝。

I just want to focus on long term just given the new speculation of a potential private equity.

鑑於對潛在私募股權的新猜測，我只想專注於長期。

I really feel it's important from a stock perspective that investors have some visibility on the timing of when management thinks they can stabilize free cash flow and adjusted operating.

我真的覺得從股票的角度來看，投資人對管理階層認為他們可以穩定自由現金流和調整營運的時機有一定的了解是很重要的。

Tim, now that you've been over the -- here for over a year, do you think you can provide more clarity in the long term?

提姆，既然你已經在這裡工作一年多了，你認為從長遠來看你能提供更多的清晰度嗎？

And if not today, when do you think you'll be in a position to provide more clarity or more certainty to investors?

如果不是今天，您認為什麼時候您才能向投資者提供更清晰或更確定的資訊？

That's my first question.

這是我的第一個問題。

And my second question is healthcare obviously did better this quarter, both on the revenue and cost side.

我的第二個問題是，本季的醫療保健顯然在收入和成本方面都做得更好。

Can you talk about what subsegments did better than your expectations?

您能談談哪些細分市場的表現比您的預期更好嗎？

That would be great.

那太好了。

Thanks.

謝謝。

Sure.

當然。

So we aren't going to give multiyear cash flow guidance per se.

因此，我們本身不會提供多年現金流量指引。

I'm going to let Manmohan speak briefly to cash flow though because, again, I appreciate the spirit of your question.

我將讓曼莫漢簡短地談談現金流，因為我再次欣賞你問題的精神。

And the fact is that, as I think we've said, our focus on our balance sheet and on a sustained positive operating cash flow and doing the things we have to do in order to achieve that are front and center for us.

事實是，正如我認為我們已經說過的那樣，我們對資產負債表和持續的正營運現金流的關注以及為實現這些目標而採取的行動是我們的首要任務和核心。

And it is a multiyear process to position ourselves to be able to consistently and reliably deliver that.

要讓我們能夠始終如一、可靠地實現這一目標，需要一個多年的過程。

So I'll come back and let Manmohan add any color to that he wants.

所以我會回來讓曼莫漢添加他想要的任何顏色。

As it relates to what drove our healthcare -- our US healthcare assets, it was a great quarter in a number of ways.

由於它與推動我們醫療保健的因素（我們的美國醫療保健資產）有關，因此從許多方面來看，這個季度都是一個出色的季度。

We saw VillageMD, as we said in our prepared remarks, grow.

正如我們在準備好的發言中所說，我們看到 VillageMD 不斷成長。

So even though we are running a sales process for VillageMD, we have new leadership there in Jim.

因此，儘管我們正在為 VillageMD 運行銷售流程，但 Jim 是我們的新領導者。

We have a team that's really functioning very effectively and executing well on the smaller platform because we closed a lot of facilities.

我們的團隊確實非常有效地運作，並且在較小的平台上執行得很好，因為我們關閉了很多設施。

And we're growing off of that smaller platform.

我們正在這個較小的平台上成長。

And economically, we're also seeing the benefits of that focused business.

在經濟上，我們也看到了專注業務的好處。

So that was a piece of the puzzle is VillageMD.

VillageMD 是這個難題的一部分。

The second piece of the puzzle is Shields had a terrific quarter and continues to -- what you would see if you were sitting in our chair is strong revenue growth that comes with strong profit growth.

謎題的第二部分是希爾茲有一個出色的季度，並且繼續 - 如果您坐在我們的椅子上，您會看到強勁的收入增長伴隨著強勁的利潤增長。

Also interestingly, we don't talk a lot about it, very strong renewals.

另外有趣的是，我們並沒有談論太多，非常強烈的續訂。

So their clients are renewing at rates that are not putting us in a position where we're essentially dropping backwards in terms of the growth platform.

因此，他們的客戶的續訂率並沒有使我們處於成長平台方面實質上倒退的境地。

In fact, if anything, they are some of the most strong supporters I have ever worked with for a company.

事實上，如果有什麼不同的話，那就是他們是我在公司共事過的最堅定的支持者之一。

When I speak to the CEO of one of the largest health systems in the country or I speak to a head of strategy, they tell me how important Shields is to them.

當我與美國最大的衛生系統之一的執行長或策略主管交談時，他們告訴我希爾茲對他們來說有多重要。

So that business is terrific, and that shows through in its growth profile.

因此，該業務非常棒，這從其成長概況中可見一斑。

CareCentrix had a good quarter.

CareCentrix 的季度表現不錯。

They're selling through some new relationships that they have.

他們透過一些新的關係進行銷售。

It wasn't material to the overperformance, but we're super pleased.

這對超強表現並不重要，但我們非常高興。

Our -- and again, from our perspective, longer term, we see that the opportunity to serve the B2B payers as well as pharma companies is super interesting longer term, but it's nice to see that result this quarter, obviously.

再次，從我們的角度來看，從長遠來看，我們看到為 B2B 付款人和製藥公司提供服務的機會從長遠來看是非常有趣的，但顯然很高興看到本季的結果。

And in terms of -- Manmohan, anything you want to add additionally to the longer-term cash flow outlook and how we would want to communicate that?

就曼莫漢而言，您還想對長期現金流前景添加什麼補充嗎？

Yeah, sure.

是的，當然。

So a couple of thoughts as you think about the long term from a cash flow perspective.

因此，當您從現金流的角度考慮長期問題時，有一些想法。

Again, we're not providing guidance on this call, but few elements to consider.

再次強調，我們不會就這次電話會議提供指導，而是提供一些需要考慮的因素。

First, obviously, operating performance as we think about the free cash flow generation as we improve operating performance over time, that's going to have an impact.

首先，顯然，當我們考慮自由現金流的產生時，隨著我們隨著時間的推移提高經營業績，經營業績將會產生影響。

I think from a CapEx perspective, we've made a great progress over the last 1.5 years.

我認為從資本支出的角度來看，我們在過去 1.5 年裡取得了巨大進步。

And so I think we're getting to a good place there.

所以我認為我們已經到達了一個好的地方。

I believe working capital continues to be an area for us to streamline and take the benefit on the cash flow.

我相信營運資金仍然是我們精簡並從現金流中獲益的領域。

So we'll continue to do that, including the rest of this year.

因此，我們將繼續這樣做，包括今年剩餘的時間。

The one part that is impacting our cash flow this year as well as in fiscal '24 was significantly higher run rate on the legal payments.

影響我們今年以及 24 財年現金流的一個因素是法定付款的運作率顯著提高。

And so as we're looking at this point, fiscal '26 onwards, we believe that we're going to come down from the run rate we have seen.

因此，當我們關注這一點時，從 26 財年開始，我們相信我們的運行率將會下降。

And then the last thing I'd say from a cash flow perspective outside of free cash flow is we continue to look at asset monetization.

然後，從自由現金流之外的現金流角度來看，我要說的最後一件事是我們繼續關注資產貨幣化。

We have made progress with our Cencora shareholding as well as BrightSpring in the quarter.

本季我們在 Cencora 股權和 BrightSpring 方面都取得了進展。

And so those activities will continue to provide us flexibility from a cash perspective.

因此，從現金角度來看，這些活動將繼續為我們提供靈活性。

George Hill, Deutsche Bank.

喬治·希爾，德意志銀行。

Hey good morning, Tim and Manmohan and thanks for taking my question.

嘿，早上好，蒂姆和曼莫漢，感謝您提出我的問題。

Manmohan, maybe one for you more from an employer perspective, and this goes back to the idea of the recontracting around pharmacy rates.

曼莫漢（Manmohan），也許從雇主的角度來看更適合您，這可以追溯到圍繞藥房費率重新簽訂合約的想法。

As a large employer, I'd be interested if you could comment on how you guys have modeled out how this will impact your pharmacy costs.

作為一個大雇主，如果您能評論一下您如何模擬這將如何影響您的藥房成本，我會很感興趣。

We've done some calls around how the cost-plus models are impacting payers.

我們已經就成本加成模型如何影響付款人進行了一些電話諮詢。

And it seems like some of them are seeing a significant cost increase as part of a model transition regardless of who the pharmacy partner is.

作為模式轉型的一部分，無論藥房合作夥伴是誰，他們中的一些人似乎都看到成本大幅增加。

Now, I'm wondering if there's anything you can tell us about like what you guys are seeing as it relates to pharmacy costs for Walgreens.

現在，我想知道您是否可以告訴我們一些與沃爾格林藥房成本相關的事情，例如您所看到的。

And just general -- Tim, maybe generally speaking, how your payer partners are telling you this will impact pharmacy costs downstream?

一般而言，Tim，也許一般來說，您的付款合作夥伴如何告訴您這將影響下游的藥房成本？

Sure.

當然。

Actually, I'll take that.

事實上，我會​​接受的。

What I want to point out is changing how we're reimbursed and how the industry is reimbursed is not in and of itself a cost increase or decrease.

我想指出的是，改變我們的報銷方式以及行業的報銷方式本身並不是成本的增加或減少。

That depends on the negotiations that's underneath of that.

這取決於背後的談判。

Every payer we negotiate with starts with essentially a matrix to understand what the cost of goods is going to be to them that they take to the market.

我們與之談判的每個付款人本質上都是從一個矩陣開始的，以了解他們進入市場的商品成本是多少。

And so again, changing how the risk is being assigned and managed and future-proofing things is different than -- I would not position us as the -- or our industry is that the reconfiguration is necessarily a price increase.

再說一遍，改變風險的分配和管理方式以及面向未來的事情是不同的——我不會將我們定位為——或者我們的行業認為，重新配置必然是價格上漲。

It is instead a realignment that sets us a place for us to get paid over the longer term for what we do.

相反，這是一種重新調整，為我們的工作提供了一個長期獲得報酬的地方。

What I would say is what we've seen -- I haven't looked at it directly, but in talking with Elizabeth, our Head of HR, we have not seen a cost increase as a result of how pharmacy is showing through to our patients, except I think the thing I would point to and it's something we don't talk a lot about and it's a really strong attribute of our longer-term growth is you certainly see in specialty costs going up as new indications, new products and so forth come to market.

我想說的是我們所看到的——我沒有直接看過它，但在與我們的人力資源主管伊麗莎白交談時，我們沒有看到由於藥房向我們的影響而導致的成本增加。我認為我要指出的事情，這是我們很少談論的事情，這是我們長期成長的一個非常強大的屬性，你肯定會看到隨著新適應症、新產品和新產品的出現，專業成本會上升。

And obviously, the levers around that are very different than the levers on the small molecule pills and capsules sort of business.

顯然，這方面的槓桿與小分子藥丸和膠囊等業務的槓桿非常不同。

And so from that standpoint, we and frankly, probably every payer in America continues to be very focused on managing specialty pharmacy to ensure that the right patient is getting the right drug that they're staying on it because the downstream benefits you get from those particularly intense patients come not from cutting drug costs as much as from making sure that you're getting what you're paying for in terms of outcomes.

因此，從這個角度來看，我們坦率地說，可能美國的每個付款人都繼續非常專注於管理專業藥房，以確保正確的患者得到正確的藥物，並繼續使用，因為您可以從這些藥物中獲得下游利益特別強烈的患者並不是來自於削減藥物成本，而是來自於確保您得到了所付出的結果。

And so we continue to see very strong interest in our specialty pharmacy in some carve-out bids as payers begin to want the transparency that we can bring to the table as an independent specialty pharmacy and also the tools that we bring to keep patients safe and healthy and help them manage the costs.

因此，我們繼續看到人們對我們的專業藥房在一些剝離投標中表現出濃厚的興趣，因為付款人開始希望我們作為一家獨立的專業藥房能夠帶來透明度，以及我們為確保患者安全和安全而提供的工具。

Brian Tanquilut, Jefferies.

布萊恩·坦奎魯特，傑弗里斯。

Good morning, Tim.

早安，提姆。

So maybe in your prepared remarks, you talked a little bit about execution on the merchandising strategy as a way to arrest some of the pressures on the retail front end side.

因此，也許在您準備好的發言中，您談到了銷售策略的執行，以減輕零售前端方面的一些壓力。

So maybe if you can just walk us through what those are and kind of like the success checkpoints that you need to see for that to be viewed as the right strategy going forward.

因此，也許您可以向我們介紹這些是什麼，以及您需要看到的成功檢查點，以便將其視為未來的正確策略。

Sure, appreciate it.

當然，欣賞它。

So we've got a lot of things underway inside of our front-of-store envelope of initiatives beyond getting to the right number of stores so that we can invest in them properly for the customer experience that needs to be, frankly, for -- too many of our stores improved.

因此，我們在店面計劃的範圍內正在進行很多事情，除了獲得適當數量的商店之外，以便我們可以適當地投資它們，以實現客戶體驗，坦率地說，需要 - - 我們的很多商店都得到了改善。

And so there are shrink elements, for example, and continuing to be -- I just met with our head of asset protection to look at some of the creative things that we are looking at, both as a company and as an industry, as it relates to the customer experience on shrink.

因此，例如，存在縮減元素，並且持續存在 - 我剛剛會見了我們的資產保護主管，以了解我們作為一家公司和一個行業正在關注的一些創意事物，因為它與收縮時的客戶體驗有關。

I don't have anything magnificent to share with you today.

今天我沒有什麼了不起的事要與你們分享。

It is a hand-to-hand combat battle still, unfortunately, but it does impact how sales work through the store because when you lock things up, for example, you don't sell as many of them.

不幸的是，這仍然是一場肉搏戰，但它確實影響了商店的銷售方式，因為例如，當你鎖上東西時，你就不會賣出那麼多東西。

We've kind of proven that pretty conclusively.

我們已經相當確定地證明了這一點。

But we're excited about the fact that we have revamped our team.

但我們對我們的團隊進行了重組這一事實感到興奮。

I want to point that out.

我想指出這一點。

Under Tracey Brown's leadership, we have revamped our team in terms of our analytics, our omnichannel, and our digital experience as well as our merchandising team.

在特雷西布朗的領導下，我們在分析、全通路、數位體驗以及銷售團隊方面對團隊進行了改造。

And we've got significant underway work around customer loyalty program that ties much closer to our go-forward strategy as a health and wellness provider in the marketplace.

我們圍繞客戶忠誠度計劃正在進行大量工作，該計劃與我們作為市場健康和保健提供者的前進策略更加緊密地聯繫在一起。

We just this quarter are in the process of launching super foods, sports nutrition, and women's wellness, three new categories for us in our stores.

就在本季度，我們正在商店中推出超級食品、運動營養和女性健康這三個新類別。

And I saw some photographs of some end caps that look phenomenal.

我還看到了一些端蓋的照片，看起來非常漂亮。

And it's too early for me to tell you how those are doing.

我現在告訴你們這些人的情況還為時過早。

But that's aligned with what we're trying to do longer term, which really meet the customer where they are with the things they want from us.

但這與我們長期努力的目標是一致的，即真正滿足客戶的需求，並滿足他們對我們的需求。

Unfortunately, some of the things that we've historically done a great job of selling through aren't the things that people today are spending money on given the changed mindset of our consumer.

不幸的是，鑑於消費者心態的變化，我們過去銷售得很好的東西並不是今天人們花錢購買的東西。

And so some of the seasonal things that have typically been strength for us are not quite as strong.

因此，一些通常對我們有利的季節性因素並不那麼強勁。

And we saw during the Christmas piece that we were able to get consumers to meaningfully respond to a promotional sort of approach that acknowledged that rather than try to fight it.

我們在聖誕節文章中看到，我們能夠讓消費者對承認這一點的促銷方式做出有意義的反應，而不是試圖與之抗爭。

And so our Christmas, we're not going to talk in detail about it today, but what we saw about our Christmas sales, it was better than our several holidays prior to that by virtue of a more targeted promotional strategy that meets our customers where they are.

所以我們的聖誕節，我們今天不打算詳細談論它，但是我們所看到的聖誕節銷售情況，比我們之前的幾個假期要好，因為我們採取了更有針對性的促銷策略，以滿足我們的客戶的需求他們是。

Longer term, we've got to get our pricing strategy aligned to that and our merchandising strategy, which is all things that we're doing.

從長遠來看，我們必須使我們的定價策略與我們正在做的一切保持一致。

We also are in the back of our store because it is relevant.

我們也位於商店的後面，因為它是相關的。

We are now launching in 100 stores.

我們現在在 100 家商店推出。

We had a couple.

我們有一對。

We thoroughly tested it.

我們對其進行了徹底的測試。

We are doing digital or virtual check-in for pharmacy patients.

我們正在為藥房患者進行數位或虛擬登記。

What does that enable?

這能帶來什麼？

That enables you to actually know where you are, when your product is going to be available, do that without having to stand in a line and you can shop the store while you're actually waiting.

這使您能夠真正知道自己在哪裡，您的產品何時上市，無需排隊，您可以在實際等待時在商店購物。

And you don't get angry at our employees because you stood online.

而且您不會因為站在網路上而對我們的員工生氣。

And so these things, which by the way, the NPS for employees in those stores that we have, the digital check-in and so forth is higher.

順便說一下，我們這些商店員工的淨推薦值、數位簽到等等都更高。

And of course, for the customers, it's higher as well.

當然，對於客戶來說，它也更高。

And what we've learned in there is we put in some of our store's concierges at the front to help our patients who come in, particularly some of the older patients to access that approach for us.

我們在那裡學到的是，我們在前面設置了一些商店的禮賓人員，以幫助進來的患者，特別是一些老年患者為我們提供這種方法。

So again, digital and virtual loyalty program, merchandising in some new areas.

同樣，數位和虛擬忠誠度計劃以及一些新領域的商品推銷。

Own brand is the last piece I'd point to because, again, a key part of our value strategy is a trusted provider of high-quality own brand merchandise.

自有品牌是我要指出的最後一個部分，因為我們價值策略的關鍵部分是值得信賴的高品質自有品牌商品供應商。

And this quarter, we said we launched 60 things.

這個季度，我們說我們推出了 60 項產品。

I have a daughter who's got -- I've got three daughters who have new babies.

我有一個女兒──我有三個女兒，她們都生了孩子。

My youngest daughter has a brand-new baby.

我最小的女兒有了一個全新的嬰兒。

She is so excited about the fact that we have launched own brand diapers because she actually trusts that they're going to work and that there are not going to be blowouts at her house.

她對我們推出自有品牌尿布感到非常興奮，因為她實際上相信這些尿布會起作用，而且她家裡不會發生井噴。

And at the same time that the price will be right and that it will be something that she and her husband can afford.

同時，價格也合適，並且是她和她丈夫能夠負擔得起的。

So from that standpoint, again, long answer for you because we didn't spend any time on the front of the store, it is a longer putt for us.

因此，從這個角度來看，再次給你一個很長的答案，因為我們沒有在商店前面花任何時間，這對我們來說是一個更長的推桿。

It requires a lot of work.

這需要做很多工作。

It is a multiyear piece that just shrinking a footprint and improving our digital experience is not going to be sufficient.

這是一項耗時多年的工作，僅僅縮小足跡並改善我們的數位體驗是不夠的。

We've got to have the right stuff at the right price.

我們必須以合適的價格提供合適的東西。

And the good news is -- and I think Manmohan spoke about it in his prepared remarks.

好消息是——我認為曼莫漢在他準備好的演講中談到了這一點。

When you look at our stores, the stores that were not on the closure list, we see those stores being materially stronger, still not where they need to be, but materially stronger than the stores that we're closing.

當你看看我們的商店時，那些不在關閉名單上的商店，我們看到這些商店在實質上更強大，但仍然沒有達到他們需要的程度，但比我們正在關閉的商店實質上更強大。

And that gives us a lot of hope that as we reconfigure our consumer experience across all channels, that the consumer who -- millions of whom trust us every day will trust us to buy more every day.

這給了我們很大的希望，當我們重新配置所有管道的消費者體驗時，每天有數百萬信任我們的消費者將相信我們每天會購買更多產品。

Thank you.

謝謝。

At this time, I would now like to turn the conference back over to Tim for closing remarks.

現在，我想將會議轉回給提姆致閉幕詞。

Great.

偉大的。

Well, I appreciate everybody dialing in.

嗯，我很感謝大家撥電話。

Hopefully, what you take away is that we are executing against both short- and long-term priorities, that this turnaround, we've said it, it is going to take time.

希望您能了解到的是，我們正在執行短期和長期優先事項，我們已經說過，這種轉變需要時間。

But the level of urgency, discipline and focus that our team has throughout our team.

但我們整個團隊的緊迫感、紀律和專注程度。

And I want to thank all of our 300,000-plus employees.

我要感謝我們所有 30 萬多名員工。

We didn't talk about International at all today, for example.

例如，我們今天根本沒有談論國際。

The team at Boots had a good Christmas and continues to perform well.

Boots 團隊度過了一個愉快的聖誕節，並且繼續表現出色。

So again, across our entire platform, we are acting with discipline and focus.

再次強調，在我們的整個平台上，我們的行動都是紀律嚴明、專注的。

And we are committed to our vision of a retail pharmacy led organization that has a sustainable economic model and drives long-term value not only for shareholders, but it positively impacts the health and lives of millions of Americans who trust us every day.

我們致力於實現零售藥房主導的組織的願景，該組織擁有可持續的經濟模式，不僅為股東帶來長期價值，而且對每天信任我們的數百萬美國人的健康和生活產生積極影響。

And so we look forward to updating you on our progress next quarter.

因此，我們期待在下個季度向您通報我們的最新進展。

Thanks very much.

非常感謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。