沃博聯公司 (WBA) 2022 Q2 法說會逐字稿

Good morning. My name is Chris, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Walgreens Boots Alliance Second Quarter 2022 Earnings Conference Call. (Operator Instructions) Thank you. Tiffany Kanaga, Vice President, Global Investor Relations, you may begin.

早上好。我的名字是克里斯，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Walgreens Boots Alliance 2022 年第二季度收益電話會議。 （操作員說明）謝謝。 Tiffany Kanaga，全球投資者關係副總裁，您可以開始了。

Good morning. Thank you for joining us for the Walgreens Boots Alliance earnings call for the second quarter of fiscal year 2022. I'm Tiffany Kanaga, Vice President of Global Investor Relations. Joining me on today's call are Roz Brewer, our Chief Executive Officer; James Kehoe, our Chief Financial Officer; and John Standley, President of Walgreens.

早上好。感謝您參加 Walgreens Boots Alliance 2022 財年第二季度財報電話會議。我是全球投資者關係副總裁 Tiffany Kanaga。和我一起參加今天的電話會議的是我們的首席執行官 Roz Brewer；我們的首席財務官 James Kehoe；和沃爾格林總裁約翰斯坦德利。

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 Forms 10-K and 10-Q filed with the Securities and Exchange Commission. We undertake no obligation to publicly update any forward-looking statements 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. The slides and the press release also contain further information about non-GAAP financial measures that we will discuss today during this call.

與往常一樣，在電話會議期間，我們預計會根據我們目前的預期做出預測和前瞻性陳述。由於多種因素，我們的實際結果可能存在重大差異，包括幻燈片 2 中列出的因素以及我們向證券交易委員會提交的最新表格 10-K 和 10-Q 中概述的因素。我們不承擔在此演示文稿後公開更新任何前瞻性陳述的義務，無論是由於新信息、未來事件、假設變化或其他原因。您可以在 Walgreens Boots Alliance 網站的投資者部分找到我們的新聞稿和本次電話會議中引用的幻燈片。幻燈片和新聞稿還包含有關我們今天將在本次電話會議中討論的非公認會計原則財務措施的更多信息。

I will now turn the call over to Roz.

我現在將把電話轉給 Roz。

Thanks, Tiffany, and good morning, everyone. Walgreens Boots Alliance once again delivered strong results in the second quarter. Sales increased 3.8% in constant currency or high single digits on a core basis, excluding the negative impact of AllianceRx Walgreens and the positive M&A activity in Walgreens Health. Adjusted EPS grew 26.5%. Our good performance reflects execution across each of our business segments.

謝謝，蒂芙尼，大家早上好。 Walgreens Boots Alliance 在第二季度再次交出了強勁的業績。在不包括 AllianceRx Walgreens 的負面影響和 Walgreens Health 的積極併購活動的情況下，核心銷售額按固定匯率或高個位數計算增長了 3.8%。調整後每股收益增長 26.5%。我們的良好表現反映了我們每個業務部門的執行情況。

Our U.S. retail sales comp of 14.7% was the highest in over 20 years, above even last quarter's record, and we are seeing significant recovery in our international markets. At the same time, we are building our next growth engine, Walgreens Health, which is on pace toward its long-term target. And of course, we continue to serve communities with COVID testing and vaccinations to fight the pandemic.

我們的美國零售額佔 14.7%，是 20 多年來的最高水平，甚至高於上一季度的記錄，我們看到我們的國際市場正在顯著復甦。與此同時，我們正在打造我們的下一個增長引擎 Walgreens Health，它正朝著其長期目標邁進。當然，我們會繼續為社區提供 COVID 檢測和疫苗接種服務，以抗擊這一流行病。

During the quarter, we also undertook important actions to advance our strategic priorities and to ensure our asset portfolio is strongly aligned. We initiated a review of the Boots business, and this process is progressing well.

在本季度，我們還採取了重要行動來推進我們的戰略重點並確保我們的資產組合高度一致。我們啟動了對 Boots 業務的審查，這個過程進展順利。

Looking ahead, we are maintaining our full year adjusted EPS guidance of low single-digit growth, which we raised in January. Our outlook incorporates healthy fundamentals in our core business as demonstrated with robust sales and earnings growth year-to-date, balanced against ongoing investments in our growth initiatives and our people.

展望未來，我們將維持我們在 1 月份提出的低個位數增長的全年調整後每股收益指引。我們的展望在我們的核心業務中融入了健康的基本面，正如年初至今強勁的銷售和盈利增長所證明的那樣，與對我們的增長計劃和員工的持續投資相平衡。

We are delivering against our Investor Day commitments as laid out in October. We're moving quickly to execute our vision of consumer-centric, technology-enabled healthcare solutions, which extend well beyond the pharmacy walls. As we begin to offer a care delivery experience that improves health outcomes and lowers cost for patients, providers and payers, we are well positioned to drive accelerated sustainable value creation.

我們正在兌現 10 月份制定的投資者日承諾。我們正在迅速採取行動，以實現我們以消費者為中心、技術支持的醫療保健解決方案的願景，這些解決方案遠遠超出了藥房的範圍。隨著我們開始為患者、提供者和付款人提供改善健康結果並降低成本的護理交付體驗，我們已做好準備推動加速可持續價值創造。

Next, I want to take a moment to review Walgreens initiatives to provide local communities with access to important resources during the pandemic and as we navigate the recovery into an endemic scenario.

接下來，我想花點時間回顧一下 Walgreens 在大流行期間為當地社區提供重要資源的舉措，並在我們將復蘇引導至流行場景時。

In the U.S., we administered 11.8 million COVID-19 vaccinations within the quarter and over 62 million to date. Our pharmacy team members are healthcare heroes. The majority of our patients and customers see their pharmacists more than they do any other healthcare provider, and we recognize their tireless dedication and contributions to the pandemic response.

在美國，我們在本季度內接種了 1180 萬次 COVID-19 疫苗，迄今為止已超過 6200 萬次。我們的藥房團隊成員是醫療保健英雄。我們的大多數患者和客戶比任何其他醫療保健提供者更多地看到他們的藥劑師，我們認識到他們對大流行應對的不懈奉獻和貢獻。

The Omicron wave in December and January also drove elevated levels of COVID testing, both in-store and at home. We completed 6.6 million in-store COVID tests during the quarter and over 27 million to date. In addition to our drive-thru testing at no cost to patients, we've now launched convenient at-home COVID PCR test collection kits with LabCorp at no cost nationwide. This is particularly important for uninsured, socially vulnerable and medically underserved populations, who continue to be among those most impacted by COVID. And as we all start to resume normal activities, Walgreens will remain a partner to our communities to ensure safer connections and improve mobility.

12 月和 1 月的 Omicron 浪潮也推動了店內和家中 COVID 檢測水平的提高。我們在本季度完成了 660 萬次店內 COVID 測試，迄今為止已完成超過 2700 萬次。除了我們為患者免費提供的得來速檢測外，我們現在還通過 LabCorp 在全國范圍內免費推出了方便的家用 COVID PCR 檢測收集套件。這對於沒有保險、社會弱勢和醫療服務不足的人群尤其重要，他們仍然是受 COVID 影響最嚴重的人群之一。隨著我們都開始恢復正常活動，沃爾格林將繼續成為我們社區的合作夥伴，以確保更安全的聯繫並改善流動性。

Our leadership in vaccines and testing is just one way that we are becoming the leading partner in reimagining local healthcare and well-being for all.

我們在疫苗和測試方面的領先地位只是我們成為重新構想當地醫療保健和所有人福祉的主要合作夥伴的一種方式。

The second quarter included significant progress towards each of our 4 strategic priorities. Let me update you on our latest initiatives, and then spend a moment on the drivers of execution at Walgreens Health.

第二季度在我們的 4 個戰略重點方面取得了重大進展。讓我向您介紹我們的最新舉措，然後花點時間了解 Walgreens Health 的執行驅動因素。

First, we are transforming and aligning the core business and building a pharmacy of the future that will enable and support our healthcare strategy. We saw continued momentum online in the second quarter with digital sales up 38% in the U.S. or 116% on a 2-year stack basis. Same-day pickup orders accelerated sequentially to 3.9 million orders. We have also enrolled over 96 million myWalgreens members, up nearly 11 million since the fourth quarter. We are now focused on activating members through personalized omnichannel messaging and offers.

首先，我們正在轉變和調整核心業務，並建立未來的藥房，以支持和支持我們的醫療保健戰略。我們看到第二季度在線業務持續增長，美國的數字銷售額增長了 38% 或 116%，以 2 年為基礎。當天取貨訂單環比增長至 390 萬個訂單。我們還註冊了超過 9600 萬 myWalgreens 會員，自第四季度以來增加了近 1100 萬。我們現在專注於通過個性化的全渠道消息和優惠來激活會員。

Additionally, our alternative profit streams are performing well, including our media advertising business, which launched a year ago and is running ahead of expectations. We continue to see digital media as a significant opportunity for us.

此外，我們的替代利潤流表現良好，包括一年前推出的媒體廣告業務，其運行速度超出預期。我們繼續將數字媒體視為我們的重要機遇。

Finally, we have 3 automated micro fulfillment centers open and are on pace to have 22 by the end of fiscal '24, driving significant efficiencies and cost savings over time. We expect these centers to ultimately cover 40% to 50% of prescriptions for pharmacy served, removing routine tasks and excess inventory from the local sites.

最後，我們開設了 3 個自動化微型履行中心，並有望在 24 財年末擁有 22 個，隨著時間的推移顯著提高效率並節省成本。我們預計這些中心最終將覆蓋 40% 至 50% 的藥房處方，從而消除當地站點的日常任務和多餘的庫存。

Second, we're building a platform of technology-enabled healthcare solutions with the consumer in mind, which is well positioned to fuel our next phase of growth. Nearly half of our store footprint will have a healthcare touch point between our organic Walgreens Health corners and the co-located clinics with VillageMD. VillageMD has now opened 102 co-located clinics, and the rollout has accelerated to an average pace of 1 opening every 3 days for calendar year 2022. On the health corners front, we remain on pace to have 100 sites in operation by year-end.

其次，我們正在構建一個以消費者為中心的技術支持的醫療保健解決方案平台，這為推動我們下一階段的增長做好了準備。我們近一半的商店足跡將在我們的有機 Walgreens Health 角落和與 VillageMD 共同設點的診所之間建立醫療保健接觸點。 VillageMD 現在已經開設了 102 家同地診所，並且在 2022 日曆年，推廣速度已加快至平均每 3 天開設 1 家。在健康領域，我們將保持到年底將有 100 個站點投入運營的步伐.

Third, we are refocusing our portfolio and optimizing capital allocation. We continue to apply a rigorous strategic lens to our equity investments and explore all options to unlock value. Recently, we have gained full ownership of the AllianceRx Walgreens business and our German wholesale JV, creating greater agility ahead. We have also announced the strategic review of our Boots business. This process is progressing well, and we will pursue an outcome that maximizes value.

第三，我們正在重新調整投資組合併優化資本配置。我們繼續對我們的股權投資採用嚴格的戰略視角，並探索所有釋放價值的選擇。最近，我們獲得了 AllianceRx Walgreens 業務和我們的德國批發合資企業的全部所有權，從而為未來創造了更大的敏捷性。我們還宣布了對 Boots 業務的戰略審查。這個過程進展順利，我們將追求價值最大化的結果。

Finally, we are building a diverse winning team that will underpin our strategic priorities. Our deep and experienced bench is executing our strong results today and implementing the bold steps necessary to drive growth ahead. We are making rapid progress towards building out Walgreens Health with a clear path to a run rate of more than $4 billion exiting fiscal year 2022, well on our way to our goal of $9 billion to $10 billion in sales by fiscal 2025. We will improve health outcomes and lower cost for payers and providers by delivering care through owned and partnered assets.

最後，我們正在建立一個多元化的獲勝團隊，這將支持我們的戰略重點。我們深厚且經驗豐富的替補席正在執行我們今天的強勁業績，並實施推動增長所需的大膽步驟。我們在構建 Walgreens Health 方面取得了快速進展，明確的道路將在 2022 財年結束時實現超過 40 億美元的運行率，並朝著我們在 2025 財年實現 90 億至 100 億美元銷售額的目標邁進。我們將改進通過自有資產和合作資產提供醫療服務，從而為支付者和提供者提供健康結果並降低成本。

The goal is to support the patient journey across the entire care continuum through omnichannel solution. This is why you see these complementary assets spanning primary care through VillageMD, specialty pharmacy through Shields and post-acute care through our pending CareCentrix investment.

目標是通過全渠道解決方案支持整個護理過程中的患者旅程。這就是為什麼您會看到這些互補資產通過 VillageMD 跨越初級保健、通過 Shields 的專業藥房和通過我們待定的 CareCentrix 投資的急性後護理。

The health corners play an important role in addressing care gaps through our health advisers. Today, Blue Shield California and Clover members can walk in and have access to clinical services like A1C testing, colorectal cancer screening and blood pressure monitoring. I'm particularly moved by stories of these patients receiving emotional support while navigating what can be an overwhelming and impersonal experience in U.S. healthcare.

健康角在通過我們的健康顧問解決護理差距方面發揮著重要作用。今天，Blue Shield California 和 Clover 的會員可以走進去並獲得 A1C 檢測、結直腸癌篩查和血壓監測等臨床服務。這些患者在經歷美國醫療保健中壓倒性和非個人的經歷時獲得情感支持的故事讓我特別感動。

Much like our pharmacists, our health advisers are becoming trusted neighborhood sources of education, recommendations and connections that can help our patients to better manage their wellness. This is a transformational process to become a leader in value-based care as only Walgreens can do through our trusted customer relationships, local knowledge and deep data insights. We will leverage our strong footprint and independent standing to offer uniquely consumer-centric solutions for our communities.

就像我們的藥劑師一樣，我們的健康顧問正在成為值得信賴的社區教育、建議和聯繫來源，可以幫助我們的患者更好地管理他們的健康。這是一個轉型過程，成為基於價值的護理領域的領導者，因為只有 Walgreens 才能通過我們值得信賴的客戶關係、本地知識和深入的數據洞察力做到這一點。我們將利用我們強大的足跡和獨立地位，為我們的社區提供獨特的以消費者為中心的解決方案。

We are executing on our vision today. Our partnership with VillageMD positions them to be one of the largest and most differentiated primary care providers in the U.S. The collaboration is a significant growth catalyst, driving 1,000 co-located clinics across more than 30 markets by 2027. VillageMD is in 22 markets today, most recently expanding to Boston, Jacksonville and Tucson in February; Denver in January; and San Antonio in December. VillageMD's care delivery model is highly scalable with attractive unit economics over time.

我們今天正在執行我們的願景。我們與 VillageMD 的合作使他們成為美國最大、最具差異化的初級保健提供者之一。合作是一個重要的增長催化劑，到 2027 年將在 30 多個市場推動 1,000 家同地診所。VillageMD 今天在 22 個市場，最近在 2 月擴展到波士頓、傑克遜維爾和圖森；一月的丹佛；和十二月的聖安東尼奧。 VillageMD 的護理交付模式具有高度可擴展性，隨著時間的推移具有有吸引力的單位經濟性。

Shields continues to rapidly expand its platform, representing specialty patients across more than 30 disease states with more than 70 health system partners nationwide. In November and February, Shields inked new deals with 2 significant health systems with geographic reach in the Northwest and Northeast U.S. Importantly, WBA and Shields are collaborating to identify instances where their networks intersect to combine Shields' operational expertise with WBA's robust nationwide pharmacy network.

Shields 繼續快速擴展其平台，代表 30 多個疾病州的專科患者，在全國擁有 70 多個衛生系統合作夥伴。 11 月和 2 月，希爾茲與 2 個在美國西北部和東北部具有地理覆蓋範圍的重要衛生系統簽署了新協議。重要的是，WBA 和 Shields 正在合作確定他們的網絡相交的實例，以將 Shields 的運營專業知識與 WBA 強大的全國藥房網絡相結合。

In our organic Walgreens Health business, we are pleased with the rollout of our Health Corners with Blue Shield California and Clover, where we are gathering tremendous insights. We are in the process of signing on incremental partners, and we will initiate the next wave of 9 health corners in California in April.

在我們的有機 Walgreens Health 業務中，我們很高興與 Blue Shield California 和 Clover 一起推出 Health Corners，我們在那裡收集了大量的見解。我們正在簽署增量合作夥伴，我們將於 4 月在加利福尼亞啟動下一波 9 個健康角。

We also continue to refine the consumer app, adding new features to increase access, engagement and convenience. Overall, we are tracking well against our key milestones for Walgreens Health and remain very excited about our growth potential. We are executing across our balanced plans for fiscal 2022 as we build the strong foundation for a sustainable low teens EPS growth. We are reimagining healthcare and well-being for all with a clear path towards accelerated value creation.

我們還繼續完善消費者應用程序，添加新功能以增加訪問量、參與度和便利性。總體而言，我們對 Walgreens Health 的關鍵里程碑進行了很好的跟踪，並對我們的增長潛力感到非常興奮。我們正在執行 2022 財年的平衡計劃，為可持續的低青少年每股收益增長奠定堅實的基礎。我們正在重新構想所有人的醫療保健和福祉，並為加速創造價值開闢了一條清晰的道路。

With that, I'll hand it over to James to provide more color on our results and our outlook.

有了這個，我會把它交給詹姆斯，為我們的結果和前景提供更多的色彩。

Thank you, Roz, and good morning. We had an excellent quarter with focused execution across all of our businesses. Adjusted EPS was $1.59, ahead of expectations and on a constant currency basis, up 26% versus prior year. We continue to execute strongly in COVID vaccinations and testing. Our U.S. retail comps were the highest in 20 years, and our international markets continue to recover nicely. And we increased our investments to build out our Walgreens Health business with an EPS impact of 5 percentage points in the quarter.

謝謝你，羅茲，早上好。我們有一個出色的季度，我們所有業務都集中執行。調整後每股收益為 1.59 美元，超出預期，按固定匯率計算，比上年增長 26%。我們繼續大力執行 COVID 疫苗接種和測試。我們的美國零售收入是 20 年來最高的，我們的國際市場繼續恢復良好。我們增加了投資以建立我們的 Walgreens Health 業務，本季度每股收益影響為 5 個百分點。

Operating cash flow was $1.1 billion in the quarter with free cash flow of $669 million. And finally, we are maintaining our full year outlook of low single-digit growth in adjusted EPS.

本季度經營現金流為 11 億美元，自由現金流為 6.69 億美元。最後，我們維持調整後每股收益低個位數增長的全年展望。

Let's now look at the results in more detail. Second quarter sales advanced 3.8% on a constant currency basis. Strong growth from Walgreens and the International segments and sales contributions from Walgreens Health more than offset a 570 basis point impact from the sales decline in AllianceRx Walgreens. Overall, if you exclude the negative impact from AllianceRx and the positive M&A activity in Walgreens Health, core sales growth was high single digits.

現在讓我們更詳細地看一下結果。按固定匯率計算，第二季度銷售額增長 3.8%。 Walgreens 和國際部門的強勁增長以及 Walgreens Health 的銷售貢獻抵消了 AllianceRx Walgreens 銷售下降 570 個基點的影響。總體而言，如果排除 AllianceRx 的負面影響和 Walgreens Health 的積極併購活動，核心銷售增長為高個位數。

Adjusted operating income increased 35.9% on a constant currency basis, driven by strong gross profit performance in both pharmacy and retail in the U.S. and a continued rebound in international sales and profitability. Adjusted EPS was $1.59 in the quarter, a constant currency increase of 26%, driven entirely by adjusted operating income. The result was held back by a higher tax rate, which reduced EPS growth by [15] percentage points.

受美國藥店和零售業強勁的毛利潤表現以及國際銷售和盈利能力持續反彈的推動，按固定匯率計算，調整後的營業收入增長了 35.9%。本季度調整後每股收益為 1.59 美元，按固定匯率計算增長 26%，這完全受調整後營業收入的推動。結果受到較高稅率的阻礙，這使每股收益增長減少了 [15] 個百分點。

[GAAP to] EPS decreased 4.1% to $1.02, reflecting a charge to the company's equity investments related to the impairment of minority investments as well as lapping a $191 million gain on the partial sale of our investment in Option Care Health in the year-ago quarter. Now let's move to the year-to-date highlights.

[GAAP to] EPS 下降 4.1% 至 1.02 美元，反映了與少數股權投資減值相關的公司股權投資費用，以及一年前部分出售我們對 Option Care Health 的投資的 1.91 億美元收益四分之一。現在讓我們轉到年初至今的亮點。

Year-to-date sales advanced 5.7% on a constant currency basis, including a 400 basis point negative impact from AllianceRx. Without this impact, year-to-date sales growth was 9.7%. Adjusted operating income increased 42% on a constant currency basis, reflecting strong adjusted gross profit growth across pharmacy and retail in the U.S. and the continued rebound in international segment sales and profitability.

按固定匯率計算，年初至今銷售額增長了 5.7%，其中包括來自 AllianceRx 的 400 個基點的負面影響。如果沒有這種影響，年初至今的銷售額增長了 9.7%。按固定匯率計算，調整後營業收入增長 42%，反映了美國藥房和零售業的強勁調整後毛利潤增長以及國際部門銷售和盈利能力的持續反彈。

Adjusted EPS advanced 39%. GAAP EPS increased by $4.54 to $5.15, reflecting a $2.5 billion after-tax gain in the first quarter related to the valuation of our prior investments in VillageMD and Shields as well as lapping a $1.2 billion charge, net of tax, from the company's equity earnings in AmerisourceBergen in the year-ago period. Now let's move to the U.S. segment.

調整後每股收益增長 39%。 GAAP 每股收益增加 4.54 美元至 5.15 美元，反映出第一季度稅後收益 25 億美元，這與我們之前對 VillageMD 和 Shields 投資的估值有關，以及從公司的股權收益中扣除 12 億美元的稅後費用去年在 AmerisourceBergen。現在讓我們轉到美國部分。

Sales increased 1.2% in the quarter, with a strong performance from Walgreens more than offsetting a 680 basis points headwind from a 43% sales decline in the AllianceRx specialty business. Comparable sales advanced 9.5% in the quarter. Adjusted gross profit increased 13.7%, with both pharmacy and retail growing in the low teens. Strong sales growth and favorable mix was only partially offset by lower reimbursement rates and higher shrink in distribution costs.

本季度銷售額增長 1.2%，沃爾格林的強勁表現抵消了 AllianceRx 特種業務銷售額下降 43% 帶來的 680 個基點的不利影響。本季度可比銷售額增長 9.5%。調整後的毛利潤增長了 13.7%，藥房和零售業都在低位增長。強勁的銷售增長和有利的組合僅被較低的報銷率和分銷成本的較高縮減部分抵消。

Adjusted SG&A spend increased 8.3%, primarily due to investments relating to vaccinations and labor, partially offset by savings from the Transformational Cost Management Program. SG&A as a percentage of sales increased 120 basis points to 18.3% of sales, and this was almost entirely due to an adverse mix impact as a result of AllianceRx. Adjusted operating income growth of 37% was entirely due to strong gross profit performance.

調整後的 SG&A 支出增長 8.3%，主要是由於與疫苗接種和勞動力相關的投資，部分被轉型成本管理計劃的節省所抵消。 SG&A 佔銷售額的百分比增加了 120 個基點，達到銷售額的 18.3%，這幾乎完全是由於 AllianceRx 的不利組合影響。調整後營業收入增長37%，完全是由於強勁的毛利表現。

Now let's look in more detail at U.S. pharmacy. Pharmacy sales declined 3.3%, held back by a 9.1 percentage point negative impact from AllianceRx. Comparable pharmacy sales were up 7.3%, while comp scripts increased 4.7%, with COVID-19 vaccinations accounting for 275 basis points of the script growth. We completed 11.8 million COVID-19 vaccinations in the quarter and administered 6.6 million COVID-19 tests.

現在讓我們更詳細地了解美國藥房。藥房銷售額下降 3.3%，受到 AllianceRx 9.1 個百分點的負面影響。可比藥房銷售額增長 7.3%，而 comp 腳本增長 4.7%，其中 COVID-19 疫苗接種佔腳本增長的 275 個基點。我們在本季度完成了 1180 萬次 COVID-19 疫苗接種，並進行了 660 萬次 COVID-19 測試。

Pharmacy benefited in the quarter from improved seasonal scripts as well as higher-than-expected flu immunizations. However, scripts continued to be challenged by temporary operating hour reductions due to labor shortages and a surge of Omicron-related absences. Pharmacy adjusted gross profit grew nicely as strong sales growth at Walgreens and favorable profit mix more than offset reimbursement pressure.

藥房在本季度受益於改進的季節性腳本以及高於預期的流感免疫接種。然而，由於勞動力短缺和與 Omicron 相關的缺勤激增，腳本繼續受到臨時工時減少的挑戰。由於 Walgreens 的強勁銷售增長和有利的利潤組合抵消了報銷壓力，藥房調整後的毛利潤增長良好。

Turning next to our U.S. retail business. Comp retail sales increased 14.7%, the highest increase in more than 20 years. Excluding tobacco, comps were [up] 15.7%, and with OTC test kits contributing approximately 690 basis points of growth. Compared to the second quarter of 2020 pre-COVID levels, comp sales were up mid-teens.

轉向我們的美國零售業務。 Comp 零售額增長 14.7%，為 20 多年來的最高增幅。不包括煙草，comps [up] 15.7%，OTC 檢測試劑盒貢獻了大約 690 個基點的增長。與 2020 年第二季度 COVID 之前的水平相比，comp 銷售額增長了十幾歲。

We saw broad growth across all categories, led by a 43% growth in Health and Wellness, driven by at-home COVID-19 tests and cough cold flu. Transactions were up 9.5% and discretionary categories performed well, with Personal Care comp sales growing 9.7% and Beauty growing 6.5%. While gross margin declined slightly, strong sales growth drove low teens growth in gross profit.

在家庭 COVID-19 測試和咳嗽感冒流感的推動下，我們看到了所有類別的廣泛增長，其中健康和保健增長了 43%。交易量增長 9.5%，非必需品類別表現良好，個人護理產品銷售額增長 9.7%，美容產品增長 6.5%。雖然毛利率略有下降，但強勁的銷售增長推動了毛利潤的低增長。

Turning next to the International segment. And as always, I'll talk to constant currency numbers. Sales increased 7.5% in the quarter, reflecting the ongoing recovery and strong execution across our retail portfolio, particularly in Boots U.K. where sales advanced 15%. Adjusted operating income was $226 million in the quarter, up 60% versus prior year, led by sales growth and tight cost control.

轉到國際段旁邊。和往常一樣，我將討論不變的貨幣數字。本季度銷售額增長 7.5%，反映了我們零售組合的持續復甦和強勁執行力，尤其是在 Boots UK，銷售額增長了 15%。本季度調整後的營業收入為 2.26 億美元，比去年同期增長 60%，主要得益於銷售增長和嚴格的成本控制。

In Germany, the integration of the McKesson wholesale business is very much on track, with operational synergy benefits running ahead of schedule. Let's now look in more detail at Boots U.K.

在德國，McKesson 批發業務的整合非常順利，運營協同效益提前運行。現在讓我們更詳細地了解 Boots U.K.

Comparable pharmacy sales increased 3.6%. Stronger demand for services contributed to the increase with sales up almost 75% year-on-year, benefiting from COVID-19 testing and vaccinations as well as new online healthcare services. Comp retail sales increased 22%, despite the headwind created by the Omicron variant. This reflected strong commercial execution and a recovery from strict restrictions in the comparable quarter. Market share strengthened across all categories, with Beauty performing particularly well.

可比藥房銷售額增長 3.6%。得益於 COVID-19 檢測和疫苗接種以及新的在線醫療保健服務，對服務的強勁需求推動銷售額同比增長近 75%。儘管 Omicron 變體帶來了不利影響，但 Comp 零售額增長了 22%。這反映了強勁的商業執行以及可比季度從嚴格限制中恢復過來。所有類別的市場份額均有所增強，其中美妝表現尤為出色。

Boots.com sales declined in the quarter as footfall at our physical stores increased 52%. However, the Boots.com business remains in a very strong position, with sales up 60% compared to the pre-COVID levels. More than 15% of total U.K. retail sales comes from our digital channel, up from around 9% pre-COVID, with an increasing proportion of sales originating from our mobile app.

Boots.com 的銷售額在本季度有所下降，因為我們實體店的客流量增加了 52%。然而，Boots.com 業務仍處於非常強勁的地位，與 COVID 之前的水平相比，銷售額增長了 60%。英國總零售額的 15% 以上來自我們的數字渠道，高於 COVID 之前的 9% 左右，來自我們的移動應用程序的銷售額比例越來越高。

Turning next to Walgreens Health. As mentioned last quarter, our majority investments in Shields and VillageMD closed on October 29 and November 24, respectively. Segment sales were $527 million in the quarter, with $446 million from VillageMD and $81 million from Shields Health.

轉到 Walgreens Health 旁邊。如上個季度所述，我們對 Shields 和 VillageMD 的多數投資分別於 10 月 29 日和 11 月 24 日結束。本季度分部銷售額為 5.27 億美元，其中來自 VillageMD 的 4.46 億美元和來自 Shields Health 的 8100 萬美元。

Walgreens Health AOI was a loss of $77 million in the quarter. Organic investments increased sequentially and accounted for $31 million of the $77 million operating loss. Investments at VillageMD more than offset the profit contribution from Shields Health and led to a $46 million AOI loss from majority investments. VillageMD sales advanced 145% on a pro forma basis, and they are executing against the planned investments to grow the business and to quickly expand the clinic footprint. Shields delivered a strong quarter. Pro forma sales growth was 63% with improved operating margins, driven by growth from new and recently signed contracts and from expanding our value-add proposition with existing health system partners.

Walgreens Health AOI 本季度虧損 7700 萬美元。有機投資環比增長，在 7700 萬美元的經營虧損中佔 3100 萬美元。 VillageMD 的投資抵消了 Shields Health 的利潤貢獻，並導致多數投資造成 4600 萬美元的 AOI 損失。 VillageMD 的銷售額在備考基礎上增長了 145%，他們正在執行計劃投資以發展業務並迅速擴大診所足跡。希爾茲的季度表現強勁。由於新的和最近簽署的合同以及我們與現有衛生系統合作夥伴擴大增值主張的增長，預計銷售額增長了 63%，營業利潤率有所提高。

Let's now look at some of the key metrics for Walgreens Health. We are on track to meet our December 2022 goal of 2 million lives and more than 100 Walgreens Health Corners, with 47 already up and running. The next wave of 9 locations is scheduled to launch in California in April. The rollout of VillageMD continues with 94 co-located clinics opened at the end of the second quarter, up from 81 at the end of the first quarter. As of today, we have 102 co-located clinics opened, progressing towards our goal of 200 by the end of calendar year 2022.

現在讓我們看看 Walgreens Health 的一些關鍵指標。我們有望實現我們在 2022 年 12 月實現 200 萬人生命和 100 多個 Walgreens Health Corners 的目標，其中 47 個已經啟動並運行。下一波 9 個地點計劃於 4 月在加利福尼亞推出。 VillageMD 的推出繼續進行，第二季度末開設了 94 家同地診所，高於第一季度末的 81 家。截至今天，我們已經開設了 102 家同地診所，朝著我們在 2022 年年底達到 200 家的目標邁進。

Our fiscal 2022 sales goal is now at $2.2 billion, given a delay in the closing of the CareCentrix investment. There are no changes to our underlying sales assumptions. And as you can see, VillageMD and Shields are delivering impressive growth with pro forma combined sales growth of 128% in the quarter.

鑑於 CareCentrix 投資的完成延遲，我們 2022 財年的銷售目標現在為 22 億美元。我們的基本銷售假設沒有變化。正如您所看到的，VillageMD 和 Shields 實現了令人印象深刻的增長，本季度的備考合併銷售額增長了 128%。

Turning next to cash flow. We generated $1.3 billion of free cash flow in the first half of the year, $550 million below prior year, as we cycled through some exceptional headwinds. Strong growth in operating income was offset by the working capital impact of a decline in the AllianceRx Walgreens business, the year-over-year impact of COVID-19-related government support and increased capital expenditures behind key growth initiatives, including the rollout of new automated micro fulfillment centers, the VillageMD footprint expansion and continued omnichannel and digital investments.

轉向現金流。我們在今年上半年產生了 13 億美元的自由現金流，比去年同期低 5.5 億美元，因為我們經歷了一些特殊的逆風。營業收入的強勁增長被 AllianceRx Walgreens 業務下滑對營運資本的影響、與 COVID-19 相關的政府支持的同比影響以及關鍵增長計劃背後的資本支出增加所抵消，包括推出新的自動化微型履行中心、VillageMD 足跡擴張以及持續的全渠道和數字投資。

Turning now to full year guidance. We are maintaining our full year guidance of low single-digit growth in adjusted EPS. We have, however, raised our estimate for the base business from 5% to 7% growth to 6% to 8% growth to reflect strong U.S. front-of-store performance and increased testing revenue. This upside is being reinvested in building out our healthcare business, which now represents an estimated 5 percentage point headwind to EPS growth compared to 4 percentage points previously.

現在轉向全年指導。我們維持調整後每股收益低個位數增長的全年指引。然而，我們已將我們對基礎業務的增長預期從 5% 至 7% 上調至 6% 至 8%，以反映強勁的美國店面業績和增加的測試收入。這一優勢正被重新投資於建立我們的醫療保健業務，與之前的 4 個百分點相比，現在估計每股收益增長 5 個百分點。

In summary. We are confirming our full year EPS guidance of low single-digit growth. And I would remind you that this is better than our original guidance provided at the start of the fiscal year.

總之。我們正在確認我們的低個位數增長的全年每股收益指導。我會提醒你，這比我們在財政年度開始時提供的原始指導要好。

With that, let me now pass it back to Roz for her closing comments.

有了這個，現在讓我把它傳回給羅茲，讓她發表結束語。

Thank you, James. Let me be brief so we can take as many questions as possible. We are executing well with another strong quarter, marking another step in our transformation. We are making significant progress across our strategic priorities. Our team members continue to amaze me with their dedication and talent, as I visit many of our stores and offices across our regions. It's because of their hard work that Walgreens Boots Alliance has been recognized with recent honors such as being named to Fast Company's List of the World's 50 Most Innovative Companies, and Time's 100 Most Influential Companies.

謝謝你，詹姆斯。讓我簡短一些，以便我們可以回答盡可能多的問題。我們在另一個強勁的季度表現良好，標誌著我們轉型的又一步。我們在戰略重點方面取得了重大進展。當我參觀我們在我們地區的許多商店和辦公室時，我們的團隊成員繼續以他們的奉獻精神和才華讓我讚歎不已。正是由於他們的辛勤工作，Walgreens Boots Alliance 獲得了近期榮譽的認可，例如入選 Fast Company 的全球 50 家最具創新性公司和《時代》雜誌最具影響力的 100 家公司。

Our team members, in particular, provide me with deep conviction, that we have what it takes to truly reimagine healthcare and well-being for all and deliver long-term value creation.

尤其是我們的團隊成員，讓我堅信，我們擁有真正重新構想所有人的醫療保健和福祉並提供長期價值創造所需的一切。

Now I would like to open the line for questions. Operator?

現在我想打開問題線。操作員？

(Operator Instructions) Our first question is from Lisa Gill with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Lisa Gill。

First, I just wanted to start, James, with your comment that you said the quarter was ahead of your expectations. But when I think about the next several quarters, were there things that were pulled forward into this quarter, would be my first question. And how are you thinking -- you made a comment about testing. I would assume testing was very strong in January and February, but what have you seen more recently when we think about your higher revenue due to testing? Is that just because of what you saw in the most recent quarter or expectations going forward?

首先，詹姆斯，我只是想從你的評論開始，你說這個季度超出了你的預期。但是當我考慮接下來的幾個季度時，是否有事情被拉到本季度，這將是我的第一個問題。你是怎麼想的——你對測試發表了評論。我會假設 1 月和 2 月的測試非常強勁，但是當我們考慮到由於測試帶來的更高收入時，您最近看到了什麼？這僅僅是因為您在最近一個季度看到的情況還是對未來的預期？

Yes. So no, when we -- I made the comment about ahead of expectations, I believe we're maybe $0.20 ahead of consensus. But versus our internal forecast, we were about $0.08 ahead. And where we saw continued buoyancy was on retail. Front of store continued, particularly in the first 2 months of the quarter, and then secondly, on testing, as Omicron was peaking. So those were the 2 items that drove our beat versus internal forecast, which I said was about $0.08. Now we've seen a fairly -- we've seen a slowdown, obviously, since then, and maybe I'll pass it over to John Standley for a couple of comments on what he's seeing currently.

是的。所以不，當我們 - 我發表超出預期的評論時，我相信我們可能比共識提前 0.20 美元。但與我們的內部預測相比，我們領先約 0.08 美元。我們看到持續活躍的地方是零售業。店面繼續進行，特別是在本季度的前兩個月，其次是在測試中，因為 Omicron 正處於頂峰。所以這些是推動我們與內部預測相比的 2 個項目，我說這大約是 0.08 美元。現在我們已經看到了一個公平的 - 我們已經看到了放緩，顯然，從那時起，也許我會將它傳遞給約翰斯坦德利，就他目前所看到的情況發表一些評論。

Well, I guess the part of the big news there really is just we did start vaccinating the fourth shot yesterday. So what was slowing down has kind of picked up a bit here in the last 24 hours as far as the vaccine goes.

好吧，我想大新聞的一部分確實只是我們昨天確實開始接種第四針。因此，就疫苗而言，在過去 24 小時內，放緩的情況有所回升。

I think on the testing, it did slow down as we came through the holidays in January, into February and now into March. But there is -- there has been still a steady business there for travel and those people still needing to test. So down quite a bit, but a nice steady stream still ongoing.

我認為在測試中，當我們在一月份、二月份和現在進入三月份的假期時，它確實放慢了速度。但是有 - 那裡仍然有穩定的旅行業務，那些人仍然需要測試。所以下降了很多，但一個不錯的穩定流仍在進行中。

And John, just as a follow-up. We hear pharmacists as a provider, and I know you've been a big proponent of this, and we absolutely agree that throughout the pandemic, that the pharmacists have been on the front line. But what does that really mean? Does that change reimbursement? Does it change their role when we think about them from a healthcare perspective?

還有約翰，只是作為後續行動。我們聽說藥劑師是提供者，我知道您一直是這一點的大力支持者，我們完全同意，在整個大流行期間，藥劑師一直在前線。但這究竟意味著什麼？這會改變報銷嗎？當我們從醫療保健的角度考慮他們時，它會改變他們的角色嗎？

Yes. It's a pretty important point. And we did -- I know Roz was in DC a couple of days ago, we did get a piece of legislation moving here just in the last week, that's the Equitable Pharmacists Access Bill. And that's a -- really around provider access and our ability to bill under Medicare Part B for services around testing and treating influenza, strep and things like that. And I really think that's a pretty sizable addressable market today. That's honestly largely moved out of primary care physicians anyway and gone into convenient care. But it's -- I think it just -- there's a real opportunity in our business to have a really convenient solution.

是的。這是非常重要的一點。我們做到了——我知道 Roz 幾天前在華盛頓特區，上週我們確實收到了一項立法，那就是《公平藥劑師准入法案》。這實際上是圍繞提供者的訪問以及我們根據聯邦醫療保險 B 部分為檢測和治療流感、鏈球菌等相關服務收費的能力。我真的認為這是一個相當大的可尋址市場。老實說，這在很大程度上已經脫離了初級保健醫生，而是進入了方便的護理領域。但它 - 我認為只是 - 我們的業務有一個真正的機會來擁有一個非常方便的解決方案。

We provide access, obviously, close to 9,000 locations. And I think our pharmacists and our technicians are more than capable, as we've shown during the pandemic, of delivering these kinds of services. That's a pretty big game changer if we can gain access to that market and in terms of how we grow our business and in terms of the value we can provide to the communities we serve.

顯然，我們提供接近 9,000 個地點的訪問權限。而且我認為，正如我們在大流行期間所證明的那樣，我們的藥劑師和技術人員完全有能力提供此類服務。如果我們能夠進入該市場，並且就我們如何發展業務以及我們可以為我們所服務的社區提供的價值而言，那將是一個相當大的遊戲規則改變者。

Our next question is from Steven Valiquette with Barclays.

我們的下一個問題來自巴克萊銀行的 Steven Valiquette。

So just regarding the Boots business and the ongoing strategic review of that asset, just a couple of interrelated questions. First, can you remind us where this asset stands at the moment? Just on how much the profitability in fiscal '22 is impaired by COVID versus the pre-COVID baselines? And if I missed this, are you able to disclose how much of the International segment operating profit of $226 million this quarter is specifically related to the Boots' asset that's under strategic review?

因此，僅關於 Boots 業務和對該資產的持續戰略審查，只是幾個相互關聯的問題。首先，你能提醒我們這個資產目前的位置嗎？與 COVID 之前的基線相比，COVID 對 22 財年的盈利能力有多大影響？如果我錯過了這一點，您能否透露本季度 2.26 億美元的國際部門營業利潤中有多少與正在接受戰略審查的 Boots 資產特別相關？

James, I'll turn that one over to you on Boots.

詹姆斯，我會在靴子上把那個交給你。

Okay. Let me just pick the last of your question. First, (inaudible) is Germany. And Germany doesn't make very much money. It's a wholesale business. It's driving a lot of favorable synergies in the go-forward position. But right now, it's only marginally profitable. So you could presume that the majority of the profitability in the International segment is related to the U.K. business. I'm sorry, the first part of your question? (inaudible)

好的。讓我選擇你的最後一個問題。首先，（聽不清）是德國。而且德國賺不了多少錢。這是一個批發業務。它在前進的位置推動了許多有利的協同作用。但現在，它只是微利。因此，您可以假設國際部門的大部分盈利能力與英國業務有關。對不起，你問題的第一部分？ （聽不清）

Yes, James, you might have alluded to this a little bit during the prepared remarks. But as we think about just the profitability of that segment in fiscal '22, where does it stand like your profitability on pre-COVID baselines? Are we well above? Are we still a bit low? Are we kind of in line? Just any rough percentage around that might be helpful just to frame it.

是的，詹姆斯，你可能在準備好的評論中提到了一點。但是，當我們僅考慮 22 財年該部門的盈利能力時，它與您在 COVID 之前的基線上的盈利能力相比如何？我們在上面嗎？我們還是有點低嗎？我們有點排隊嗎？任何粗略的百分比都可能有助於構建它。

No, I think we're still quite a bit below, call it, the 2- or 3-year stacks. Foot traffic hasn't fully recovered in the U.K. I think it's like 15% below where it was 2 years ago, just in terms of foot traffic. The U.K. reacted -- so first of all, they had a fabulous quarter given that they had a big spike in Omicron in the quarter, and it's a very foot-traffic driven business. And the traffic shifts really quickly. So look at the quarter they just had, and foot traffic was actually up 52%, but it still remains about 15% below where it was 2 years ago, right? So it hasn't fully recovered.

不，我認為我們仍然遠遠低於 2 年或 3 年的籌碼量。英國的人流量還沒有完全恢復。我認為，僅就人流量而言，它比 2 年前低 15%。英國做出了反應——所以首先，他們有一個很棒的季度，因為他們在本季度的 Omicron 有了很大的增長，而且這是一個非常受人流量驅動的業務。交通變化非常快。所以看看他們剛剛經歷的那個季度，人流量實際上增長了 52%，但仍然比 2 年前低 15% 左右，對吧？所以還沒有完全恢復。

And I think if you cycle back a couple of conference calls, what we said was we expect the Boots U.K. business to broadly get back to the pre-COVID levels when they're exiting 2022. I would say that if you actually looked at it on a sales basis, it will be 2023 year before Boots fully gets back to pre-COVID levels. So there's a lot of good growth ahead in the U.K. and International segment driven by that. And they've done a spectacular job of cost control.

而且我認為，如果您回顧幾次電話會議，我們所說的是，我們預計 Boots UK 業務將在 2022 年退出時大致恢復到 COVID 之前的水平。我會說，如果您真的看過它在銷售的基礎上，Boots 完全恢復到 COVID 之前的水平需要 2023 年。因此，受此驅動，英國和國際市場將有很多良好的增長。他們在成本控制方面做得非常出色。

And then secondly, the other part that I don't think we get credit for is boots.com in the U.K. That's 60% growth on a 2-year stack basis. And I don't think there's many retailers in the U.K. that have a dot com business that represents 15% of sales. So this is a business that used COVID as a time to reinvent itself and exit much, much more strongly than it went into COVID. So this is a business with massive momentum and it's well positioned for the future, and has a large and fast-growing dot-com business. So we're very happy with it. But as I said, your question is a good one. It won't fully recover until fiscal year '23. So there's a lot of positive growth ahead.

其次，我認為我們沒有得到讚譽的另一部分是英國的 boots.com。在 2 年的堆棧基礎上增長了 60%。而且我認為英國沒有多少零售商擁有佔銷售額 15% 的 .com 業務。因此，這是一家利用 COVID 進行自我改造並退出的企業，其力度比進入 COVID 時要強大得多。因此，這是一個發展勢頭強勁的企業，它為未來做好了充分的準備，並且擁有龐大且快速增長的互聯網業務。所以我們對此非常滿意。但正如我所說，你的問題是一個很好的問題。它要到 23 財年才能完全恢復。因此，未來有很多積極的增長。

The next question is from Elizabeth Anderson with Evercore.

下一個問題來自 Elizabeth Anderson 和 Evercore。

In terms of -- you talked about sort of reinvesting in the healthcare business, when you were talking about the components of the second half EPS numbers. One, could you talk about sort of where those -- what those increased investments are? And then two, can you talk about your sort of where you're seeing labor costs come in versus your expectations? I know that you sort of pointed to that as a driver of SG&A. And obviously, it's well known the costs are going up. I just wanted to understand sort of how that's trending as we move through the fiscal year.

就 - 你談到了對醫療保健業務的再投資，當你談到下半年每股收益數據的組成部分時。一，你能談談那些 - 那些增加的投資是什麼？然後兩個，你能談談你看到的勞動力成本與你的預期相比嗎？我知道您作為 SG&A 的推動者指出了這一點。顯然，眾所周知，成本正在上升。我只是想了解隨著我們整個財政年度的發展趨勢。

Elizabeth, thanks for the question. I'll start off with Walgreens Health, and then I'll ask members of the team to join in. But from a Walgreens Health perspective, we continue to invest. As you all know, we made the investments in VillageMD, CareCentrix and Shields. We're pleased with where we are with those investments, and we're integrating where it would make sense in our healthcare continuum. So that work is ongoing, and we're satisfied in that respect.

伊麗莎白，謝謝你的問題。我將從 Walgreens Health 開始，然後我會邀請團隊成員加入。但從 Walgreens Health 的角度來看，我們會繼續投資。眾所周知，我們投資了 VillageMD、CareCentrix 和 Shields。我們對這些投資的現狀感到滿意，並且我們正在整合我們的醫療保健連續體中有意義的地方。所以這項工作正在進行中，我們對此感到滿意。

We did mention, when we were at our Investors Day back in October, that we would continue to invest in the business, and we'll continue to do that. And I will also mention that we're seeing really good performance, particularly in our specialty pharmacy area with Shields. And so that would be ongoing. I'm going to ask James to talk with any further detail on Walgreens' Health with the investments. And then, John, if you could take it from there.

我們確實提到，當我們在 10 月份的投資者日時，我們將繼續投資該業務，我們將繼續這樣做。我還要提到，我們看到了非常好的表現，特別是在我們的 Shields 專業藥房領域。所以這將是持續的。我將請詹姆斯談談有關沃爾格林健康與投資的任何進一步細節。然後，約翰，如果你能從那裡拿走它。

Yes, just quickly, Elizabeth. Basically, what we said is we will maintain guidance. We took up guidance on the base business, and we increased the investment on healthcare from 4 percentage points of EPS to 5 percentage points. And one is to send a clear message that we're serious and we're making strong progress. And as we're in the second half of the year, there's a fairly big shift between first half and second half. Second half is about 7% of EPS headwinds coming from the investments in healthcare. Specifically, what were we doing? We've increased slightly and VillageMD has increased slightly its investments behind the opening of the co-located clinics.

是的，快點，伊麗莎白。基本上，我們所說的是我們將保持指導。我們對基礎業務進行了指導，我們將醫療保健投資從每股收益的4個百分點提高到了5個百分點。一個是發出一個明確的信息，即我們是認真的，我們正在取得重大進展。由於我們在今年下半年，上半年和下半年之間有一個相當大的轉變。下半年，大約 7% 的每股收益逆風來自醫療保健投資。具體來說，我們在做什麼？我們略有增加，VillageMD 在開設同地診所後略有增加投資。

You'd recall in the last conference call, we raised the guidance for the full year from 160 clinics in the calendar year to 200. But now we're just aligning a bit the expenses and the phasing of those rollouts. So probably is a longer-term positive just readjusting expenses in the short term. The other thing is we're really doubling down on the organic investments to meet the requirements of Blue Shield California and Clover. We're making strong progress against both of those. So call it a reinforcement of expenses exiting the year because we're resolute here. We want to exit the year stronger than when we entered. So this is all about investing in the future growth of the company. And John, maybe I'll pass it over to you on the labor question.

你記得在上次電話會議中，我們將全年的指導從日曆年的 160 家診所提高到 200 家。但現在我們只是調整了一些費用和這些推出的分階段。因此，在短期內重新調整費用可能是一個長期的積極因素。另一件事是我們確實在有機投資上加倍下注，以滿足 Blue Shield California 和 Clover 的要求。我們在這兩個方面都取得了長足的進步。所以稱其為今年的支出增加，因為我們在這裡很堅定。我們希望退出這一年比我們進入時更強大。因此，這一切都是為了投資於公司的未來發展。還有約翰，也許我會在勞工問題上把它交給你。

Yes. I think I'd just make a couple of comments. One, I'm really excited about the investments that we're making in the Walgreens business. We're really deep into our micro fulfillment strategy and rollout. And as we've talked about previously, this is really a program we're rolling out to support our pharmacists and get work out of our store, and free up team member time to really provide additional services in the pharmacy. So I'm really excited about that investment and the progress that we're making there.

是的。我想我只想發表一些評論。一，我對我們在 Walgreens 業務中所做的投資感到非常興奮。我們非常深入地研究我們的微履行戰略和推廣。正如我們之前談到的那樣，這實際上是我們正在推出的一個計劃，以支持我們的藥劑師並讓我們的商店工作，並騰出團隊成員的時間來真正在藥房提供額外的服務。所以我對這項投資和我們在那裡取得的進展感到非常興奮。

And we touched on with Lisa earlier about some of the potential value drivers there. I think there's just a lot of upside there for us in the future. So super excited about that. And there's other investments that we're making in the business in addition to that, around pharmacy with automation in our call centers and things like that to improve the experience and take other work out of the stores and out of the pharmacy.

我們早些時候與 Lisa 談到了那裡的一些潛在價值驅動因素。我認為未來對我們來說有很多好處。對此非常興奮。除此之外，我們還在業務中進行了其他投資，圍繞我們呼叫中心的自動化藥房以及類似的事情，以改善體驗並將其他工作從商店和藥房中取出。

On the labor side, as we've talked about over several quarters, we have made some really significant investments here. We raised our starting wage across the company to $13 last fall and we moved up to $15 in the fall of '23. And we also made changes to our tech. Starting wages went to $15 in the fall into $16.50 this coming fall. And I think we talked about where we were with some investments. Last quarter, we had about $120 million of investments that we've made for wage premiums and hard (inaudible) stackers with pharmacists as well as recognition bonuses that we paid to really recognize our team members for really the hard work and dedication that they've shown here through the pandemic. And I think as we look forward on where we are versus our expectations related to all of that, I think we included in our updated guidance here about a $40 million of additional expense in the back half of the year. So pretty close to what we expected.

在勞動力方面，正如我們在幾個季度中談到的那樣，我們在這裡進行了一些非常重要的投資。去年秋天，我們將整個公司的起薪提高到 13 美元，並在 23 年秋天升至 15 美元。我們還對我們的技術進行了更改。起薪在秋季從 15 美元升至今年秋季的 16.50 美元。我想我們談到了我們在一些投資方面的情況。上個季度，我們進行了大約 1.2 億美元的投資，用於支付工資溢價和藥劑師的硬（聽不清）堆垛機，以及我們支付的表彰獎金，以真正表彰我們的團隊成員的辛勤工作和奉獻精神。通過大流行在這裡展示。我認為，當我們展望我們所處的位置與我們對所有這些相關的預期時，我認為我們在更新的指導中包括了今年下半年大約 4000 萬美元的額外費用。非常接近我們的預期。

Our next question is from A.J. Rice with Credit Suisse.

我們的下一個問題來自 A.J.瑞信的賴斯。

I wondered, obviously, you're rolling out at a nice pace, both the health centers, the Walgreens Health Centers as well as the VillageMD, and you've got a number of that are co-located. I wonder if you could -- if it's possible to start to talk or provide a little more information on how that is impacting the retail operations. Or can you point to increased script volume or increased foot traffic in the front end that you can attribute to, either the co-located VillageMD or the health centers? How that's changing the profile of the stores on those ones that have the co-located offerings?

我想知道，很明顯，您的健康中心、沃爾格林健康中心和 VillageMD 都在以不錯的速度推出，而且您有很多都在同一地點。我想知道您是否可以-是否可以開始談論或提供更多有關這如何影響零售業務的信息。或者您能否指出前端的腳本量增加或人流量增加，這可以歸因於位於同一地點的 VillageMD 或健康中心？這將如何改變那些擁有共存產品的商店的形象？

Thank you, A.J., for that question. So first of all, it's still early days for us in terms of the number of VillageMD clinics and to see that transfer of script volume over to the stores. What's more important here is that just to remind everyone that this is a primary care physician practice. And what we're really building are key relationships, the relationship with the consumer between the primary care physician and the pharmacist. And that's where we're seeing the greatest uptick right now is in patient satisfaction and access to healthcare and neighborhood markets. And so we'll continue to look at this and look at script uplift. But right now, the focus is really on gaining the confidence and creating new relationships in the marketplace.

謝謝你，A.J.，這個問題。因此，首先，就 VillageMD 診所的數量而言，我們還處於早期階段，並且看到將腳本量轉移到商店還為時過早。這裡更重要的是提醒大家這是初級保健醫生的做法。我們真正建立的是關鍵關係，即初級保健醫生和藥劑師之間與消費者的關係。這就是我們現在看到最大提升的地方是患者滿意度以及進入醫療保健和社區市場的機會。因此，我們將繼續關注這一點並關註腳本提升。但現在，真正的重點是獲得信心並在市場上建立新的關係。

The other thing I will tell you is as we see these expand across the U.S., I will tell you, after having walked several of them and watched the patient feedback, it's comforting to see just how much engagement we're getting with the patient. And also, too, it's actually great for our pharmacists because they are much more engaged with the patient and the customer because they have the information coming over directly from the primary care physician's office, just inside the building. So we'll continue to update you as we see those numbers come in from script count growth, but it's still a little bit too early for that.

我要告訴你的另一件事是，當我們看到這些在美國擴展時，我會告訴你，在走了幾個並觀察了患者的反饋之後，看到我們與患者的互動程度令人欣慰。而且，這對我們的藥劑師來說實際上也很棒，因為他們與患者和客戶的互動要多得多，因為他們可以直接從大樓內的初級保健醫生辦公室獲取信息。因此，當我們看到這些數字來自腳本數量的增長時，我們將繼續向您更新，但現在還為時過早。

Yes. And just to add on to that, just to give you some perspective, I want to clarify. You'll see 2 benefits as we go forward. One is we're absolutely convinced on script uplift. We're just not providing the number on a quarterly basis, and we'll do a more comprehensive update in the future. The other one not to underestimate and this is more an impact on Village's performances. They have a lot of older practices where a pharmacist and a doctor together managing the patients, deliver lower medical costs than just a primary care physician by themselves.

是的。補充一點，只是為了給你一些觀點，我想澄清一下。隨著我們的發展，您將看到 2 個好處。一是我們完全相信劇本的提升。我們只是不按季度提供數字，我們將在未來進行更全面的更新。另一個不可小覷，這更多的是對村里的表演的影響。他們有很多古老的做法，藥劑師和醫生一起管理患者，提供比初級保健醫生更低的醫療費用。

So the other big hypothesis that has to play out in the co-located stores is the combined effort of our pharmacists together with a primary care physician in managing down the cost of healthcare over time. And as I said, they have strong evidence on their stand-alone clinics, and that will translate over time to improve health outperformance on the clinics they've collocated with us.

因此，在同一地點的商店中必鬚髮揮的另一個重要假設是我們的藥劑師與初級保健醫生共同努力，隨著時間的推移降低醫療保健成本。正如我所說，他們的獨立診所有強有力的證據，隨著時間的推移，這將轉化為改善他們與我們合作的診所的健康表現。

So there's a bunch of KPIs we're watching very, very closely. But bear in mind, it takes 2 years for a clinic to get up to kind of a reasonable level of operations, so -- and achieve a breakeven. So it does take time for the statistics to come through. But we're absolutely convinced that both of these will be in great territory over the coming year or 2.

因此，我們正在非常非常密切地關註一堆 KPI。但請記住，一家診所需要 2 年的時間才能達到合理的運營水平，因此 - 並實現盈虧平衡。因此，統計數據確實需要時間。但我們絕對相信，這兩者都將在未來一兩年內取得不錯的成績。

The next question is from Charles Rhyee with Cowen.

下一個問題來自 Charles Rhyee 和 Cowen。

Maybe I want to ask, as you previously kind of talked about that, in addition to Blue Shield of California and Clover, that you're engaging with a number of interested parties to get to the 2 million lives goal by the end of this year. Can you kind of give us a sense of what type of folks you're speaking with? And kind of characterize where you are in those discussions? And perhaps how close you might be to signing some?

也許我想問一下，正如你之前談到的那樣，除了加利福尼亞的藍盾和三葉草之外，你正在與許多感興趣的各方進行接觸，以在今年年底前實現 200 萬生命的目標.你能告訴我們你在和什麼樣的人交談嗎？以及你在這些討論中所處的位置？也許你離簽署一些協議還有多遠？

Yes. So, thanks for that question. So we had committed that we would have 5 significant relationships by the end of the year. And I will tell you that we have 2 of those, 1 in Blue Shield of California and then the other 1 with Clover. There's a third one that we've just recently signed and we'll be announcing shortly here. So we feel like we're on a really good track record here in terms of how we are looking at these entities and moving them forward.

是的。所以，謝謝這個問題。因此，我們承諾到今年年底我們將擁有 5 個重要的關係。我會告訴你，我們有 2 個，其中 1 個在加利福尼亞的 Blue Shield，另外 1 個在 Clover。我們最近剛剛簽署了第三個，我們很快就會在這裡宣布。因此，就我們如何看待這些實體並推動它們前進而言，我們覺得我們在這裡的記錄非常好。

The other significant piece is that we are adding Health Corners out in California to support the current relationships with Blue Shield of California and also with Clover. So we've got more of the Health Corners coming on. And as -- just as a reminder, those Health Corners, they are becoming the health advisers in the community and provide something on top of when you think about the work we're doing with VillageMD.

另一個重要的部分是我們在加利福尼亞增加了健康角，以支持目前與加利福尼亞藍盾和三葉草的關係。所以我們有更多的健康角來了。作為提醒，那些健康角，他們正在成為社區中的健康顧問，並在您考慮我們與 VillageMD 所做的工作時提供一些東西。

So we are encouraged and really aggressive in developing these relationships, and we have a commercial team that is working alongside to make sure that these come online, and then we do the work that we need to do to bring the Health Corners up to speed to support them. So we'll hit the 5 contracts that we talked about at the beginning of the year.

因此，我們在發展這些關係方面受到鼓勵並且非常積極，我們有一個商業團隊正在合作以確保這些關係上線，然後我們會做我們需要做的工作，讓 Health Corners 跟上支持他們。因此，我們將達成年初談到的 5 份合同。

Great. I appreciate that. And just a follow-up. If we think about the work you do with Health Corners, the partnership with Shields, VillageMD. Clearly, we saw with COVID testing a real rise in people doing at-home testing. Have you thought about the role of at-home diagnostics has? And how that would fit within sort of the Walgreens Health business that you're building?

偉大的。我很感激。只是一個後續行動。如果我們考慮一下您與 Health Corners 所做的工作，以及與 VillageMD Shields 的合作。顯然，我們通過 COVID 測試看到在家進行測試的人數真正增加。你有想過家庭診斷的作用嗎？這將如何適應您正在建立的 Walgreens Health 業務？

Yes. We learned a lot during the COVID testing process, and I think we talked earlier about the work we're doing with LabCorp to provide at-home COVID tests. So it's giving us a real bright light into what more we can do in this space. I know that John Standley's team is developing a lot of the work around diagnostics and at-home testing through our retail business. I don't know, John, if you wanted to add anything more to that question.

是的。我們在 COVID 測試過程中學到了很多東西，我想我們之前談到了我們與 LabCorp 合作提供家庭 COVID 測試的工作。因此，它為我們提供了真正的光明，讓我們了解我們在這個領域可以做些什麼。我知道 John Standley 的團隊正在通過我們的零售業務圍繞診斷和家庭測試開展大量工作。約翰，我不知道你是否想為這個問題添加更多內容。

No, I do think it's a big opportunity and an excellent way for us to engage with our chronic patients to help them manage their disease states. So I think there's plenty of good upside here, and more of these types of tests are becoming available all the time. So we are working closely with a lot of pharma and manufacturers to try and gain access to those capabilities as they come to market.

不，我確實認為這是一個很好的機會，也是我們與慢性病患者接觸以幫助他們管理疾病狀態的絕佳方式。所以我認為這裡有很多好的好處，而且越來越多的這些類型的測試一直可用。因此，我們正在與許多製藥公司和製造商密切合作，以嘗試在這些功能進入市場時獲得這些功能。

The only other thing I would add to that, too, is that the discussion earlier around being able to test and treat in our stores, it's not only against the COVID virus. But it's also, just imagine if there's a strep throat diagnosis, our pharmacists, hopefully, will be able to test that in store, which we currently do and then treat them, send the patient home. And so while that's not in-home testing, it is creating an opportunity for the patient to take care of themselves and recover in a home setting.

我還要補充的唯一另一件事是，之前關於能夠在我們的商店進行測試和治療的討論，不僅是針對 COVID 病毒。但它也是，想像一下，如果有鏈球菌性咽喉炎診斷，我們的藥劑師有希望能夠在商店裡進行測試，我們目前正在做，然後治療他們，把病人送回家。因此，雖然這不是在家測試，但它為患者創造了一個機會來照顧自己並在家中康復。

The next question is from Brian Tanquilut with Jefferies.

下一個問題來自 Jefferies 的 Brian Tanquilut。

It's Jack Slevin on for Brian. I just want to look at the '22 guidance and really use that and where we stand with the back half of the year as a jumping off point when we look at '23. So when you look at what you're implying with the guidance and acknowledging that it sounds like there's some upside maybe from fourth boosters or fourth shots, but at the higher end of the guidance, it's about $1.79 of EPS in the back half of the year.

是傑克·斯萊文（Jack Slevin）替布賴恩（Brian）上場。我只是想看看 22 年的指導並真正使用它，以及當我們查看 23 年時，我們在今年下半年的立場作為一個起點。因此，當您查看指導所暗示的內容並承認這聽起來可能來自第四次助推器或第四次注射有一些上行空間，但在指導的較高端，它的後半部分每股收益約為 1.79 美元年。

Historically, you've done roughly 50% or a little bit lower than 50% of your EPS in the back half of your fiscal year. So when I bridge from, call it, $3.60 to $3.70 of EPS that's implied on a full year basis from that back half guide, can you just help me look at the back half of this year, bridging to that $5.15 of EPS that you sort of put a stake in the ground around at Investor Day and how we get there based on back half performance?

從歷史上看，您在財政年度的後半段完成了大約 50% 或略低於 50% 的每股收益。因此，當我從後半年指南中暗示的全年每股收益 3.60 美元到 3.70 美元之間過渡時，你能不能幫我看看今年下半年，與你排序的 5.15 美元的每股收益相接的在投資者日附近投入了股份，我們如何根據後半部分的表現到達那裡？

So Jack, let me start off by -- I'm going to start really talking about '23 and then any specifics on the second half of the year and the guidance that we've already provided. Maybe this will create a broader discussion for us. But first of all, we're not providing any guidance for fiscal year '23. But we are exiting the year with a real position of strength. We're executing on what we said we would do, including the raising of our fiscal '22 guidance that we did just not too long ago. You'll see a few things in the numbers here.

所以傑克，讓我開始 - 我將開始真正談論'23，然後是下半年的任何細節以及我們已經提供的指導。也許這將為我們創造更廣泛的討論。但首先，我們沒有為 23 財年提供任何指導。但我們正在以真正的實力退出這一年。我們正在執行我們所說的我們會做的事情，包括提高我們不久前所做的 22 財年指導。您會在此處的數字中看到一些內容。

We indicated that we would make some strategic moves here and make some further investments, but we're really positioned in '23 to continue to deliver on our Walgreen Health investments. When you think about it, the growth in Walgreen Health is about 125% in the quarter. We'll hit a $4 billion run rate level of sales as we exit the year. And we still have long-term plans to hit a $9 billion to $10 billion number in 2025.

我們表示我們將在這裡採取一些戰略舉措並進行一些進一步的投資，但我們真正定位於 23 年，以繼續實現我們對 Walgreen Health 的投資。仔細想想，Walgreen Health 本季度的增長率約為 125%。今年退出時，我們的銷售額將達到 40 億美元。我們仍有長期計劃，要在 2025 年達到 90 億至 100 億美元的數字。

But the one thing I do want to mention is around -- if you look at the fiscal '22 guidance, there's some additional detail in there. We had incremental people investments in pharmacy, around $158 million. That's roughly about $0.14 of EPS above our October guidance. We had minimum wage increases in the October guidance. And with just looking at that, that's about a 2% EPS headwind in the second half of the year.

但我確實想提到的一件事是——如果你看一下 22 財年的指導，那裡有一些額外的細節。我們對藥房進行了增量投資，大約 1.58 億美元。這大約比我們 10 月份的指引高出約 0.14 美元的每股收益。我們在 10 月份的指導中增加了最低工資。單看這一點，這就是下半年每股收益約 2% 的逆風。

We also -- just looking at inflation, inflation is on the rise. So we expect to pass through most of that and inflationary impacts and some impacts in the short term also. So when you look at this, I just want to summarize that we're not going to give guidance for '23. We came out of the quarter strong, and we're managing through the second half.

我們也 - 只看通貨膨脹，通貨膨脹正在上升。因此，我們預計會在短期內通過大部分影響和通脹影響以及一些影響。所以當你看到這個時，我只想總結一下，我們不會為 23 年提供指導。我們在本季度表現強勁，我們正在管理下半年。

James, anything you want to add on the second half?

詹姆斯，你想在下半場補充什麼嗎？

Yes. Jack, I think as you look to it, we said before versus our internal estimates, we beat in the second quarter by about $0.8 and so we're reinvesting that. We believe we've got a bunch of exciting growth opportunities, particularly in Walgreens Health, probably to fund exiting the year. But I think as you look in the second half, bear in mind a couple of things is -- and I'm going to give you 2 numbers. It's the EPS growth in Q3 and Q4 of last year. So in Q3, which was the peak of vaccinations, we grew EPS 97%. That's a pretty -- that's what we're cycling through. Now in Q4, we grew 26%. So the average is somewhere in there in the 60% range. So those are what we're cycling.

是的。傑克，我認為，正如你所看到的，我們之前說過與我們的內部估計相比，我們在第二季度超過了約 0.8 美元，因此我們正在對其進行再投資。我們相信我們有很多令人興奮的增長機會，特別是在 Walgreens Health，可能會為今年的退出提供資金。但我認為當你看下半場時，請記住幾件事——我會給你兩個數字。這是去年第三季度和第四季度的每股收益增長。因此，在疫苗接種高峰期的第三季度，我們的每股收益增長了 97%。這很漂亮——這就是我們正在騎自行車的地方。現在在第四季度，我們增長了 26%。所以平均值在 60% 範圍內。所以這些就是我們正在騎自行車的東西。

And I think it shouldn't really come as a surprise to most of you on the phone, if you've done the math on vaccinations and the contribution last year, what we're facing in the second half of the year is we're lapping vaccinations, and our best estimate of that is around the 20% headwind in the second half. So it's almost (inaudible).

而且我認為在電話中對你們中的大多數人來說真的不應該感到驚訝，如果你已經完成了去年疫苗接種和貢獻的數學計算，我們在下半年面臨的是我們重新接種疫苗，我們對此的最佳估計是下半年大約有 20% 的逆風。所以幾乎是（聽不清）。

The second part is the labor investments that John mentioned before, 5 percentage points and the last one is Walgreens Health, 7. So the Walgreens Health has been signaled well in advance. The vaccinations, we all knew about what we delivered last year. And the only real new news in the second half is this 5% of labor investments.

第二部分是John之前提到的勞動力投資，5個百分點，最後一個是Walgreens Health，7個。所以Walgreens Health已經提前發出了信號。疫苗接種，我們都知道我們去年交付了什麼。而下半年唯一真正的新消息就是這5%的勞動力投資。

That being said, I don't want to go out and say that the guidance is conservative, but we haven't factored in the impact of the fourth shot for the over 50s. We're still assessing how much that is worth. Could it be 2 million, 3 million, 4 million vaccines? It's probably, in the midpoint, maybe 3. So is there $0.05 to $0.08 of upside there? Yes, there probably is.

話雖如此，我不想說指導是保守的，但我們還沒有考慮到 50 多歲的第四槍的影響。我們仍在評估它的價值。會是 200 萬、300 萬、400 萬支疫苗嗎？它可能在中點，可能是 3。那麼那裡有 0.05 美元到 0.08 美元的上漲空間嗎？是的，可能有。

But between now and the end of the year, a lot of stuff can change. Things I'm excited about, though, I recently went through a review on inflation. We have basically offset all the inflationary impacts, and that includes a massive increase in the cost of international ocean freight, which is one of the biggest headaches in the -- for most retailers right now. So we're sitting in a fairly decent position with regards to inflation.

但從現在到年底，很多事情都可能發生變化。不過，令我興奮的事情是，我最近對通貨膨脹進行了回顧。我們基本上抵消了所有通脹影響，其中包括國際海運成本的大幅增加，這是目前大多數零售商最頭疼的問題之一。因此，我們在通脹方面處於相當不錯的位置。

We think our model will work, and we're looking forward and quite optimistic about the future. And the front of store has had a spectacular year. Okay, we've had a fair amount of assistance from the OTC tests, but we over delivered there. We executed very strongly. So maybe, John, you could give some insight into the front-of-store plans we have on own brand and other areas into next year. So we're quite excited, Jack, as we look forward into '23, but we're not getting into the game of giving '23 guidance in every conference call. John?

我們認為我們的模式會奏效，我們對未來充滿期待和樂觀。店面也迎來了輝煌的一年。好的，我們從 OTC 測試中得到了相當多的幫助，但我們在那裡交付了。我們執行得非常有力。所以，約翰，也許你可以對我們明年的自有品牌和其他領域的店面計劃提供一些見解。因此，傑克，我們非常興奮，因為我們期待著 23 年，但我們並沒有參與在每次電話會議中提供 23 年指導的遊戲。約翰？

Yes. I'll just pick that up. I mean, I think a couple of things. We're -- obviously, we talked some about myWalgreens and mass personalization. I think we've done a great job here. We have a lot of upside with our program here and kind of where we're going between that program and the Walgreens advertising group and the different things that we're working on there. So I think just from an omnichannel experience, some of the capabilities we've built and where we can go here over the next couple of years, I think a lot of potential and exciting upside for us.

是的。我只是把它撿起來。我的意思是，我認為有幾件事。我們 - 顯然，我們談到了 myWalgreens 和大規模個性化。我認為我們在這裡做得很好。我們在這裡的計劃以及我們在該計劃和沃爾格林廣告集團之間的發展以及我們在那裡開展的不同工作之間有很多好處。因此，我認為僅從全渠道體驗、我們建立的一些能力以及未來幾年我們可以去哪裡，我認為我們有很多潛力和令人興奮的上升空間。

As James mentioned, we're very focused on our own brand. We think we have an opportunity to expand in additional categories in the store, but also develop in existing categories, the own brand offering. And we're making some good investments there in terms of how we go to market and how we position it within the store. We're pretty excited about the things that we're doing there.

正如詹姆斯所說，我們非常專注於我們自己的品牌。我們認為我們有機會在商店中擴展其他類別，但也可以在現有類別中開發自有品牌產品。我們在如何進入市場以及如何在商店中定位方面進行了一些很好的投資。我們對在那裡所做的事情感到非常興奮。

And then I think we talked a little bit about the fact that we are taking a very careful look at a lot of our merchandising and where we're going for the future, inside the box from a front-end perspective. So if we look at that, there hasn't probably been a full store reset in most of these stores, maybe ever since they were built. So we have a pretty big, we think, merchandising opportunity ahead of us on the front end as well. So it'll just be a couple of things, James, I'd call out.

然後我想我們談了一點，從前端的角度來看，我們正在非常仔細地審視我們的很多商品以及我們未來的發展方向。因此，如果我們看一下，這些商店中的大多數可能還沒有完全重置商店，也許自從它們建成以來。因此，我們認為，我們在前端也有相當大的銷售機會。所以這只是幾件事，詹姆斯，我會喊出來。

The next question is from George Hill with Deutsche Bank.

下一個問題來自德意志銀行的喬治希爾。

I guess I was going to ask another question about Walgreens Health. If I look at the presentation versus the prior quarter, it looks like you guys are ratcheting back full year revenue expectations pretty sharply, despite increasing the number of co-located clients. I was wondering if you could just put a little more color around the expectations there and kind of what's driving the revision?

我想我會問另一個關於 Walgreens Health 的問題。如果我看一下與上一季度相比的演示文稿，看起來你們正在大幅下調全年收入預期，儘管在同一地點的客戶數量有所增加。我想知道您是否可以在期望值周圍加上更多色彩，以及推動修訂的原因是什麼？

Yes, we should have probably made that clear. It's only due to CareCentrix. We've had some regulatory follow-up questions. And the closing, we previously assumed would be actually at the end of the previous quarter. So we're just delayed in terms of closing. There's absolutely no impact on long-term projections here. I would actually say quite the opposite.

是的，我們可能應該說清楚。這僅歸功於 CareCentrix。我們有一些監管後續問題。我們之前假設的收盤時間實際上是在上一季度末。所以我們只是在關閉方面有所延遲。對這裡的長期預測絕對沒有影響。我實際上會說完全相反。

Just look at the pro forma sales growth that we're seeing on the 2 businesses, VillageMD growing 145% and Shields, which is actually a more mature business than even VillageMD, growing at 63%. So Shields is probably substantially ahead of the original plan we have in mind and Village is very much on the track. And we can't get involved in anything CareCentrix is doing right now because the acquisition hasn't closed, but our understanding is they're doing quite well as well.

看看我們在這兩項業務中看到的備考銷售額增長，VillageMD 增長了 145%，而 Shields 實際上是一個比 VillageMD 更成熟的業務，增長了 63%。所以 Shields 可能大大領先於我們最初的計劃，而 Village 也非常順利。而且我們現在不能參與 CareCentrix 正在做的任何事情，因為收購尚未結束，但我們的理解是他們也做得很好。

So we're actually really excited because this pro forma sales growth (inaudible) 128%. That's why we're investing in exiting the year. We may be going in next year with a $4 billion-plus run rate company with a target within 3 years to be up $10 billion, approaching $10 billion. And the more we get our arms around this and the more we get into it, the more we're convinced these are very easily achievable targets.

所以我們真的很興奮，因為這個備考銷售額增長（聽不清）128%。這就是為什麼我們要投資退出這一年。明年我們可能會與一家營業額超過 40 億美元的公司合作，目標是在 3 年內增加 100 億美元，接近 100 億美元。我們越是擁抱它，越深入，我們就越相信這些是很容易實現的目標。

That will conclude our question-and-answer session. I'll turn the call over to Roz Brewer for any closing remarks.

我們的問答環節到此結束。我會將電話轉給 Roz Brewer 以獲取任何結束語。

So thanks, everyone, for your time and your interest in WBA. I'm really glad we were able to take several questions today and cover a range of topics, including the continued success we're seeing in our core business, particularly vaccinations and testing. I think you've recognized the momentum in our International segment, our significant progress in our healthcare business and also, too, the new ways that we're serving our patients and our customers even further. So we're really pleased that you recognize that.

所以感謝大家，感謝您的時間和您對 WBA 的興趣。我真的很高興我們今天能夠回答幾個問題並涵蓋一系列主題，包括我們在核心業務中看到的持續成功，特別是疫苗接種和測試。我認為您已經認識到我們國際部門的發展勢頭，我們在醫療保健業務方面的重大進展，以及我們進一步為患者和客戶服務的新方式。所以我們真的很高興你認識到這一點。

I couldn't be more excited about where we're heading right now and we're pleased that the great work of our teams can be seen in our strong quarter. We'll continue to execute well across our strategic priorities and keep you up to date on those. But we're really confident in our actions and the plans that we have to exit fiscal 2022 in a position of strength, much stronger than before the pandemic, which was our plan all along. As we build our growth engine and really try and drive this sustainable value creation we've been talking about, we'll keep you posted. We've got work ahead of us, but we're encouraged and excited. So thank you, and talk to you again real soon.

我對我們現在的發展方向感到非常興奮，我們很高興在我們強勁的季度中可以看到我們團隊的出色工作。我們將繼續很好地執行我們的戰略重點，並讓您及時了解這些信息。但我們對我們的行動和計劃非常有信心，我們必須以實力退出 2022 財年，這比大流行之前要強大得多，這是我們一直以來的計劃。當我們建立我們的增長引擎並真正嘗試推動我們一直在談論的這種可持續的價值創造時，我們會及時通知您。我們還有工作要做，但我們感到鼓舞和興奮。所以謝謝你，很快就會再次與你交談。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating, and you may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。