DENTSPLY SIRONA Inc (XRAY) 2022 Q1 法說會逐字稿

Welcome to the Dentsply Sirona First Quarter 2022 Results Conference Call. (Operator Instructions) Please note, this event is being recorded.

歡迎參加登士柏西諾德 2022 年第一季度業績電話會議。 （操作員說明）請注意，此事件正在記錄中。

I would now like to turn the conference over to Andrea Daley, Vice President of Investor Relations. Please go ahead.

我現在想將會議轉交給投資者關係副總裁 Andrea Daley。請繼續。

Thank you, Anthony, and good morning, everyone. Welcome to our first quarter earnings call. Joining me for today's call is John Groetelaars, our Chief Executive Officer; and Barbara Bodem, our CFO.

謝謝你，安東尼，大家早上好。歡迎來到我們的第一季度財報電話會議。和我一起參加今天電話會議的是我們的首席執行官 John Groetelaars；和我們的首席財務官 Barbara Bodem。

I'd like to remind you that an earnings call press release and slide presentation related to the call are available in the Investors section of our website at www.dentsplysirona.com.

我想提醒您，與電話會議相關的收益電話新聞稿和幻燈片演示可在我們網站 www.dentsplysirona.com 的“投資者”部分找到。

Before we begin, please take a moment to read the forward-looking statements in our earnings press release. During today's call, we may make certain predictive statements that reflect our current views about future performance and financial results. We base these statements and certain assumptions and expectations on future events that are subject to risks and uncertainties. Our most recently filed Form 10-K and any updating information in subsequent SEC filings lists some of the most important risk factors that could cause actual results to differ from our predictions.

在我們開始之前，請花點時間閱讀我們收益新聞稿中的前瞻性陳述。在今天的電話會議中，我們可能會做出某些預測性陳述，以反映我們當前對未來業績和財務業績的看法。我們將這些陳述以及某些假設和預期基於受風險和不確定性影響的未來事件。我們最近提交的 10-K 表格和隨後提交給 SEC 的任何更新信息列出了一些可能導致實際結果與我們的預測不同的最重要的風險因素。

In today's conference call, our remarks will be based on non-GAAP financial results. We believe that non-GAAP financial measures provide investors with useful supplemental information about financial performance of our business, enable the comparison of financial results between periods where certain items may vary independently of business performance and allow for greater transparency with respect to key metrics used by management in operating our business. Please refer to our press release for the reconciliation between GAAP and non-GAAP results.

在今天的電話會議上，我們的發言將基於非公認會計原則的財務結果。我們認為，非公認會計準則財務指標為投資者提供了有關我們業務財務業績的有用補充信息，能夠比較某些項目可能獨立於業務業績而變化的時期之間的財務結果，並允許就公司使用的關鍵指標提高透明度管理我們的業務。請參閱我們的新聞稿，了解 GAAP 和非 GAAP 結果之間的對賬情況。

And with that, I will now turn the call over to John.

有了這個，我現在將把電話轉給約翰。

Thank you, Andrea, and thank you all for joining us this morning for the Q1 earnings call. Today, we will cover 4 items. I'll start with an overview of the first quarter. Barb will cover the quarter's preliminary financial results and our updated '22 outlook, and then I will finish by providing a strategic operating update.

謝謝你，安德里亞，感謝大家今天早上參加我們的第一季度財報電話會議。今天，我們將介紹 4 個項目。我將從第一季度的概述開始。 Barb 將介紹本季度的初步財務業績和我們更新的 22 年展望，然後我將通過提供戰略運營更新來結束。

Before we begin, let me start with why I'm excited to be here and why I took the role as interim CEO. I joined Dentsply Sirona's Board because of the value I believe the company can create for its shareholders over the near, medium and long term.

在我們開始之前，讓我先談談為什麼我很高興來到這里以及為什麼我擔任臨時首席執行官。我之所以加入登士柏西諾德董事會，是因為我相信公司可以在近期、中期和長期內為其股東創造價值。

First, the company plays in an attractive category with real growth opportunities. Macro trends are supportive, and those who can innovate, leverage global scale and execute judiciously will emerge as long-term winners.

首先，該公司處於具有真正增長機會的有吸引力的類別中。宏觀趨勢是有利的，那些能夠創新、利用全球規模並明智執行的人將成為長期贏家。

Second, Dentsply Sirona has a strong foundation. The company's plan has allowed it to focus its innovation efforts, strengthen its demand generation capabilities and simplify the operating structure.

其次，登士柏西諾德擁有堅實的基礎。該公司的計劃使其能夠專注於創新工作，增強其需求生成能力並簡化運營結構。

Third, we are approaching the interim period with a sense of urgency and a focus on execution, and we are not coming from a standing start. Barbara and I have been working together for many years, and we have vast public company experience, where we have grown the business, while focusing on costs and pursuing disciplined capital allocation strategies.

第三，我們正在以緊迫感和注重執行力的方式接近過渡時期，我們並不是從一開始就站穩腳跟。芭芭拉和我已經一起工作了很多年，我們擁有豐富的上市公司經驗，我們在那裡發展了業務，同時關注成本並追求有紀律的資本分配策略。

With that opening, Q1 was a challenging quarter, which led to disappointing results. Barb will share more with you about how the key drivers of underperformance impacted the quarter's financial results, including the weaker sales performance in the U.S., global supply chain challenges and unfavorable foreign exchange rates. While we have challenges, we also have areas of the business performing quite well.

隨著那個開幕，第一季度是一個充滿挑戰的季度，導致結果令人失望。 Barb 將與您分享更多關於業績不佳的主要驅動因素如何影響本季度的財務業績，包括美國銷售業績疲軟、全球供應鏈挑戰和不利的外匯匯率。雖然我們面臨挑戰，但我們也有業務領域表現良好。

Our European region delivered organic growth of 7%, and our strategic growth categories, including the implants and SureSmile business, grew high single digits and double digits, respectively. Additionally, this quarter, we were pleased with the double-digit sequential growth of our total clear aligner business.

我們的歐洲地區實現了 7% 的有機增長，我們的戰略增長類別，包括植入物和 SureSmile 業務，分別實現了高個位數和兩位數的增長。此外，本季度，我們對透明矯正器業務的兩位數連續增長感到滿意。

We have updated the 2022 outlook, which further considers the significant macroeconomic headwinds that are unfolding, including impacts from prolonged supply chain challenges, COVID-related restrictions in China, Russia-Ukraine related disruptions and unfavorable foreign exchange rates. We are committed to returning cash to shareholders in Q1, and we announced a double-digit dividend increase and completed a $150 million ASR program.

我們更新了 2022 年展望，進一步考慮了正在出現的重大宏觀經濟逆風，包括長期供應鏈挑戰的影響、中國與 COVID 相關的限制、俄羅斯-烏克蘭相關的中斷和不利的匯率。我們致力於在第一季度向股東返還現金，我們宣布增加兩位數的股息，並完成了 1.5 億美元的 ASR 計劃。

Lastly, an important point to highlight is that innovation is vital to our growth, and we continue to invest for future growth, despite the challenging macroeconomic environment.

最後，需要強調的一點是，創新對我們的增長至關重要，儘管宏觀經濟環境充滿挑戰，我們仍會繼續為未來的增長進行投資。

Moving now to Slide 6. As I mentioned, Q1 was a challenging quarter with revenue of $965 million, which represents a decline of 1.4% on an organic basis versus the prior year. Our operating margin was 15.9%. The rate was impacted by lower manufacturing volumes and inflationary pressures, while SG&A and R&D investments were maintained to support innovation and the expected volume recovery.

現在轉到幻燈片 6。正如我所提到的，第一季度是一個充滿挑戰的季度，收入為 9.65 億美元，與去年相比有機下降了 1.4%。我們的營業利潤率為 15.9%。這一比率受到製造量下降和通脹壓力的影響，而 SG&A 和研發投資得以維持以支持創新和預期的產量復甦。

Before I turn the call over to Barb to provide more details on our financial performance, I would like to address the Form 12b-25 we filed with the SEC this morning. As a result of an ongoing investigation by the Audit and Finance Committee of the Board of Directors, Dentsply Sirona has not been able to finalize its financial statements or its assessment of the impact of the investigation on its financial statements for the 3 months ending March 31, 2022, and we are therefore unable to file the Form 10-Q on a timely basis. For additional information, please refer to our SEC filings.

在我將電話轉給 Barb 以提供有關我們財務業績的更多詳細信息之前，我想先談談我們今天早上向 SEC 提交的 12b-25 表格。由於董事會審計和財務委員會正在進行的調查，登士柏西諾德未能最終確定其截至 3 月 31 日止 3 個月的財務報表或調查對其財務報表的影響的評估, 2022 年，因此我們無法及時提交 10-Q 表格。有關更多信息，請參閱我們的 SEC 文件。

Needless to say, we're eager for the Audit Committee to complete its work and for the company to be able to file the 10-Q as expeditiously as possible. We will provide updates as there is more information to share.

不用說，我們渴望審計委員會完成其工作，並希望公司能夠盡快提交 10-Q。我們將提供更新，因為有更多信息要分享。

With that, I'll turn the call over to Barb.

有了這個，我會把電話轉給 Barb。

Thank you, John. Good morning, everyone, and thank you for joining us. Today, I will cover first quarter preliminary results and then provide an update on our 2022 outlook. As a reminder, our remarks today will be based on non-GAAP financial results, unless otherwise noted. Please refer to the reconciliation tables at the back of the press release and slides, both of which are posted in the Investors section of our website.

謝謝你，約翰。大家早上好，感謝您加入我們。今天，我將介紹第一季度的初步結果，然後提供我們 2022 年展望的最新信息。提醒一下，除非另有說明，否則我們今天的評論將基於非公認會計原則的財務結果。請參閱新聞稿和幻燈片背面的對賬表，兩者都張貼在我們網站的投資者部分。

Before I begin, I would like to note how excited I am to join the company in an interim capacity. I've worked with John over the past 3 years as a public company CFO, and I am now looking forward to working with the rest of the team at Dentsply Sirona as we execute against the many opportunities that are ahead of us.

在開始之前，我想說明一下我以臨時身份加入公司是多麼興奮。在過去的 3 年裡，我作為一家上市公司的首席財務官與 John 一起工作，現在我期待與 Dentsply Sirona 團隊的其他成員一起工作，以應對擺在我們面前的許多機會。

In the first quarter, the business delivered revenue of $965 million, in line with the preliminary results we announced on April 19. In comparison to prior year, organic sales declined by 1.4%, and reported sales declined by 6.1%. The decline versus last year was driven by foreign exchange, U.S. regional performance, increasing challenges in our global supply chain and emerging COVID-related softness in China.

第一季度，該業務實現收入 9.65 億美元，與我們 4 月 19 日公佈的初步結果一致。與去年相比，有機銷售額下降 1.4%，報告銷售額下降 6.1%。與去年相比的下降是由外匯、美國地區表現、我們全球供應鏈中日益增加的挑戰以及中國新出現的與 COVID 相關的疲軟推動的。

Regions outside of the U.S. posted healthy growth in the period, along with the global implants and SureSmile businesses. While we continued to experience supply chain constraints, most notably in imaging, the demand for these products remains strong as evidenced by our high order backlog.

在此期間，美國以外的地區以及全球植入物和 SureSmile 業務均實現了健康增長。雖然我們繼續遇到供應鏈限制，尤其是在成像方面，但對這些產品的需求仍然強勁，我們的高訂單積壓證明了這一點。

Also as a reminder, Q1 2021 was a period where the dental industry was continuing to replenish in certain categories from COVID, particularly in consumables, providing a difficult year-over-year comparison. Similarly, our Byte business was up against tough year-over-year comps.

另外提醒一下，2021 年第一季度是牙科行業繼續從 COVID 補充某些類別的時期，特別是在消耗品方面，提供了艱難的同比比較。同樣，我們的 Byte 業務也面臨著艱難的同比增長。

That said, we are pleased with the sequential growth that Byte posted in the quarter. To highlight underlying momentum, Byte unique visitor traffic hit a record high in March.

也就是說，我們對 Byte 在本季度公佈的連續增長感到滿意。為了突出潛在的動力，字節的獨立訪客流量在 3 月份創下歷史新高。

Gross profit was $547 million or 56.7% of sales. Gross margin rate declined 280 basis points year-over-year due to foreign exchange, unfavorable mix and volumes and inflationary pressure on materials and distribution costs. These headwinds were partially offset by benefits from recently launched products and price increases.

毛利潤為 5.47 億美元，佔銷售額的 56.7%。由於外匯、不利的組合和數量以及材料和分銷成本的通脹壓力，毛利率同比下降 280 個基點。最近推出的產品和價格上漲帶來的好處部分抵消了這些不利因素。

SG&A expenses were $349 million or 36.2% of sales. On an absolute basis, SG&A decreased by 1%. R&D spend was $45 million, an increase of 11.1% year-over-year, which reflects our continued commitment and focus on accelerating our innovation pipeline. As a reminder, last quarter, we've reclassified certain expenses from SG&A to R&D. This had no impact on operating margin, and the prior year period adjustment was $3 million.

SG&A 費用為 3.49 億美元，佔銷售額的 36.2%。在絕對基礎上，SG&A 下降了 1%。研發支出為 4500 萬美元，同比增長 11.1%，這反映了我們對加速創新管道的持續承諾和專注。提醒一下，上個季度，我們已將某些費用從 SG&A 重新分類為 R&D。這對營業利潤率沒有影響，去年同期調整為 300 萬美元。

Operating income was $153 million, down 30% versus last year. This was due to unfavorable foreign exchange rates, U.S. performance, supply chain pressures and increased investments in R&D. As a result, operating margin was 15.9%.

營業收入為 1.53 億美元，比去年下降 30%。這是由於不利的匯率、美國表現、供應鏈壓力和研發投資增加所致。因此，營業利潤率為 15.9%。

We attribute approximately 60% of the year-over-year decline to the transitory macro challenges of foreign exchange, inflationary pressures and the impact of COVID in China. As a result, adjusted earnings per share was $0.52 versus $0.72 in the prior year quarter.

我們將約 60% 的同比下降歸因於外匯、通脹壓力和 COVID 對中國的影響的短暫宏觀挑戰。因此，調整後的每股收益為 0.52 美元，而去年同期為 0.72 美元。

Operating cash flow was $93 million, a 90% increase year-over-year, mostly to fluctuations in working capital. The company has a strong balance sheet and finished the quarter with $374 million in cash on hand. During the quarter, we returned $174 million to shareholders in the form of increased dividends and $150 million of share repurchases.

營運現金流為 9300 萬美元，同比增長 90%，主要是由於營運資金的波動。該公司擁有強勁的資產負債表，本季度末手頭現金為 3.74 億美元。在本季度，我們以增加股息和 1.5 億美元股票回購的形式向股東返還了 1.74 億美元。

Now turning to the segment performance in the quarter. Technologies & Equipment organic sales declined 0.5%, and consumables decreased 2.7%. The T&E segment organic sales decline was driven by CAD/CAM, while implants posted strong growth in the quarter with contributions from all regions.

現在轉向本季度的細分市場表現。技術與設備有機銷售額下降 0.5%，消耗品下降 2.7%。 T&E 部門的有機銷售額下降是由 CAD/CAM 推動的，而植入物在本季度實現了強勁增長，來自所有地區的貢獻。

Our CAD/CAM business declined versus last year due to lower sales in the U.S., while it grew outside of the U.S. As shared last quarter, in Q1, we executed on our plan for Primemill to focus available supply on needed spare parts.

由於在美國的銷售額下降，我們的 CAD/CAM 業務與去年相比有所下降，而在美國以外的地區則有所增長。正如上個季度所分享的，在第一季度，我們執行了 Primemill 的計劃，將可用供應集中在所需的備件上。

Ortho slightly decreased year-over-year as the anticipated decline in Byte given the tough comps year-over-year offset growth in SureSmile. As I mentioned previously, we are pleased with the momentum we are seeing in the clear aligner sequentially.

Ortho 同比略有下降，因為 Byte 的預期下降，因為艱難的年同比抵消了 SureSmile 的增長。正如我之前提到的，我們對在透明對準器中看到的勢頭感到滿意。

The E&I business posted growth, despite supply chain constraints, which primarily continued to impact sales of 3D imaging equipment.

儘管供應鏈受到限制，E&I 業務仍實現增長，這主要繼續影響 3D 成像設備的銷售。

The consumables segment organic sales decline was driven by lower sales in the U.S., patient volume softness attributed to COVID in certain markets, most notably in China, and supply chain constraints.

消耗品部門有機銷售額下降的原因是美國銷售額下降、某些市場（尤其是中國）因 COVID 導致的患者數量疲軟以及供應鏈限制。

Endo, a strategic growth area, posted growth in the quarter across all regions, and we are pleased with the progress from recent product launches. The sales decline was partly offset by benefit from price increases taken in the fourth quarter of 2021.

Endo 是一個戰略增長領域，在本季度所有地區都實現了增長，我們對最近產品發布的進展感到滿意。銷售額下降部分被 2021 年第四季度的價格上漲所抵消。

Now turning to financial performance by region during the first quarter. U.S. sales were $299 million. Organic sales declined by 13.5% due to the lower sales in CAD/CAM and certain consumables, supply chain constraints and tough year-over-year comps, primarily in consumables and Byte. Dealer sales were lower due to higher CAD/CAM inventory levels at the start of the quarter. Implants and Endo both posted growth in the region.

現在轉向第一季度按地區劃分的財務業績。美國的銷售額為 2.99 億美元。有機銷售額下降 13.5%，原因是 CAD/CAM 和某些消耗品的銷售額下降、供應鏈限制和艱難的同比銷售，主要是消耗品和字節。由於本季度初 CAD/CAM 庫存水平較高，經銷商銷售額下降。 Implants 和 Endo 均在該地區實現了增長。

European sales were $416 million, with organic growth of 7% attributed to robust performance in the T&E segment with strategic growth areas, including CAD/CAM, ortho and implants all posting double-digit growth.

歐洲銷售額為 4.16 億美元，有機增長 7% 歸功於 T&E 部門的強勁表現，包括 CAD/CAM、矯形和植入物在內的戰略增長領域均實現了兩位數的增長。

Rest of the World sales were $250 million, representing organic growth of 1.4%, with growth in both segments. Resto, CAD/CAM and implants experienced healthy growth in the period. Rest of the World growth was unfavorably impacted by increased government restrictions associated with COVID variant, primarily in China, as well as market disruptions in Australia as a result of flooding.

世界其他地區的銷售額為 2.5 億美元，有機增長 1.4%，這兩個領域都有增長。 Resto、CAD/CAM 和植入物在此期間經歷了健康增長。世界其他地區的增長受到與 COVID 變種相關的政府限制增加的不利影響，主要是在中國，以及洪水導致澳大利亞的市場中斷。

Now let me provide you an update on the financial expectation we have for the 2022 full year. Given the significance of the headwinds we experienced in Q1 and what we can reasonably estimate for the remainder of the year, we are updating our 2022 outlook.

現在讓我向您介紹我們對 2022 年全年的財務預期的最新情況。鑑於我們在第一季度遇到的不利因素的重要性以及我們可以合理估計今年剩餘時間的情況，我們正在更新我們的 2022 年展望。

We now expect fiscal 2022 organic sales growth to be in the 2% to 3% range. This equates to a net sales range of $4.1 billion to $4.2 billion. The dental market remains attractive and resilient, despite pandemic variant outbreaks, which continue to challenge certain markets.

我們現在預計 2022 財年的有機銷售額增長將在 2% 至 3% 之間。這相當於淨銷售額在 41 億美元到 42 億美元之間。儘管大流行變異爆發繼續挑戰某些市場，但牙科市場仍然具有吸引力和彈性。

Additionally, our robust R&D platform and pipeline are enhancing our commercial solutions to meet the most pressing needs of our end customers and channel partners. As we navigate a difficult external environment, we continue to focus on opportunities to sustain and drive expansion of margin. While we expect to see some period-to-period fluctuations, we estimate that for the full year, operating margin rate will be greater than 17%.

此外，我們強大的研發平台和管道正在增強我們的商業解決方案，以滿足我們的最終客戶和渠道合作夥伴最緊迫的需求。在我們應對艱難的外部環境時，我們將繼續關注維持和推動利潤率擴張的機會。雖然我們預計會出現一些期間波動，但我們估計全年的營業利潤率將超過 17%。

Over the last few years, this organization has delivered considerable margin expansion through simplification and portfolio optimization. We believe those initiatives will serve as a solid foundation, enabling us to better navigate the acute macro challenges. Our expected 2022 adjusted earnings per share is now in the range of $2.35 to $2.55.

在過去幾年中，該組織通過簡化和投資組合優化實現了可觀的利潤增長。我們相信這些舉措將成為堅實的基礎，使我們能夠更好地應對嚴峻的宏觀挑戰。我們預期的 2022 年調整後每股收益現在在 2.35 美元至 2.55 美元之間。

I would like to now touch upon the 5 key drivers impacting our revised outlook. They are listed on Slide 13 in the earnings presentation.

我現在想談談影響我們修訂後展望的 5 個關鍵驅動因素。它們在收益演示文稿的幻燈片 13 中列出。

First, we continue to see governmental restrictions in response to COVID variant outbreaks in China. The impact from these restrictions started mid-Q1 and has persisted through April, and we are now estimating a prolonged impact further into the year. For reference, in 2021, China represented approximately 5% of the company's total sales. And therefore, the continuation of major disruption in the market is a notable headwind.

首先，我們繼續看到政府為應對中國爆發的 COVID 變體而採取的限制措施。這些限制措施的影響從第一季度中期開始，一直持續到 4 月，我們現在估計會在今年進一步產生長期影響。作為參考，2021年，中國約占公司總銷售額的5%。因此，市場持續出現重大動盪是一個顯著的逆風。

Additionally, we are closely monitoring this disruption's potential impact on our global supply chain. Our commercial and supply chain teams are working diligently to effectively navigate and minimize the impact to our business and customers.

此外，我們正在密切關注這種中斷對我們全球供應鏈的潛在影響。我們的商業和供應鏈團隊正在努力工作，以有效地導航並將對我們的業務和客戶的影響降至最低。

Another regional challenge is the disruption from the conflict between Russia and Ukraine, which was not considered in our original outlook. Our revised outlook has been risk-adjusted, removing all sales to Ukraine for the remainder of the year and reducing sales to Russia in compliance with known sanctions. The risk adjustment represents a modest headwind for the total company.

另一個地區挑戰是俄羅斯和烏克蘭之間的衝突造成的破壞，我們最初的展望中沒有考慮到這一點。我們修訂後的前景已經過風險調整，取消了今年剩餘時間對烏克蘭的所有銷售，並根據已知制裁減少了對俄羅斯的銷售。風險調整對整個公司來說是一個適度的逆風。

On the supply chain, material shortages and inflationary pressures also represent significant headwinds, which we now expect to continue through the rest of the year. The component shortages impacting several parts of our business, most notably 3D imaging, have been significant. However, we are encouraged by the continuation of strong customer -- end customer demand globally.

在供應鏈上，材料短缺和通脹壓力也代表著巨大的阻力，我們現在預計這些阻力將持續到今年剩餘時間。影響我們業務的幾個部分的組件短缺，尤其是 3D 成像，非常嚴重。然而，我們對全球持續強勁的客戶——終端客戶需求感到鼓舞。

Lastly, we have revised our foreign exchange assumptions based on the weakening euro, which represents a larger headwind for us versus the original outlook. Our updated assumption for the euro to U.S. dollar exchange rate for the full year is $1.08, which is lower than our previous assumption of $1.14 and the fiscal year 2021 average of $1.19.

最後，我們根據疲軟的歐元修正了我們的外匯假設，這對我們來說與最初的前景相比是一個更大的逆風。我們對全年歐元兌美元匯率的最新假設為 1.08 美元，低於我們之前假設的 1.14 美元和 2021 財年平均 1.19 美元。

We view these 5 drivers as significant but transitory headwinds, and our team is working diligently to navigate and minimize the impact of these challenges.

我們將這 5 個驅動因素視為重大但短暫的逆風，我們的團隊正在努力應對並儘量減少這些挑戰的影響。

Now let me provide some color on the quarterly cadence for the rest of the year. First, we are projecting sequential growth over the remaining periods of the year. In Q2, we anticipate sequential growth will come from normalizing dealer inventory levels as well as benefits from recent product launches and price increases.

現在讓我為今年剩餘時間的季度節奏提供一些顏色。首先，我們預計今年剩餘期間的連續增長。在第二季度，我們預計連續增長將來自經銷商庫存水平的正常化以及近期產品發布和價格上漲的好處。

These improvements will be partially offset with softer commercial volumes in China and Ukraine. The back half of the year will further benefit from the momentum we are seeing in strategic parts of the business and the opportunities we can capitalize on through strong execution, including new product launches.

這些改善將被中國和烏克蘭疲軟的商業交易量部分抵消。今年下半年將進一步受益於我們在業務戰略部分看到的勢頭以及我們可以通過強有力的執行來利用的機會，包括新產品的推出。

Additionally, we continue to project that our clear aligners business will grow sequentially, and Byte will be a contributor to 2022 growth. As a reminder, in Q2, Byte will continue to face tough comps to the strong pandemic driven performance in the first half of 2021. Nonetheless, it is highly additive to our overall clear aligner strategy, and we are seeing the merits of the transaction come through.

此外，我們繼續預計我們的透明矯正器業務將連續增長，而 Byte 將成為 2022 年增長的貢獻者。提醒一下，在第二季度，Byte 將繼續面臨 2021 年上半年由大流行驅動的強勁表現所帶來的嚴峻考驗。儘管如此，它對我們的整體明確調整策略具有高度的附加性，我們正在看到交易的優點通過。

In closing, we are optimistic that despite a challenging environment, the renewed focus we are now applying will benefit the trajectory of the company. Over the long term, we believe that improved execution, combined with the resilience of the dental market, will allow us to continue to expand revenue and earnings.

最後，我們樂觀地認為，儘管環境充滿挑戰，但我們現在重新關注的重點將有利於公司的發展軌跡。從長遠來看，我們相信改進的執行力，加上牙科市場的彈性，將使我們能夠繼續擴大收入和收益。

Additionally, the strength of our EBITDA generation enables a very competitive cash flow yield to our shareholders. We remain committed to returning at least 50% of our free cash flow to our shareholders through a combination of dividends and share repurchases.

此外，我們的 EBITDA 產生的實力為我們的股東帶來了極具競爭力的現金流收益。我們仍然致力於通過股息和股票回購相結合的方式向股東返還至少 50% 的自由現金流。

With that, I will now turn the call back to John.

有了這個，我現在將把電話轉回給約翰。

Thank you, Barb. Moving on, I wanted to provide some perspective on our strategy and priorities moving forward.

謝謝你，巴布。接下來，我想就我們前進的戰略和優先事項提供一些觀點。

First, we have a robust portfolio of leading products and solutions in a strong end market that gives us confidence in our future. The long-term strategy of the company is compelling with a healthy innovation pipeline that is positioned to deliver growth. I believe in it, and so does our Board. This strategy is one of the key aspects that attracted me to this organization as I was considering joining the Board.

首先，我們在強大的終端市場擁有強大的領先產品和解決方案組合，這讓我們對未來充滿信心。公司的長期戰略具有很強的吸引力，其健康的創新渠道旨在實現增長。我相信這一點，我們的董事會也是如此。當我考慮加入董事會時，這一戰略是吸引我加入這個組織的關鍵方面之一。

The Dentsply Sirona team has continued to sharpen the strategy over time, while improving innovation capabilities which, combined with a renewed focus on execution, will create powerful momentum going forward.

隨著時間的推移，登士柏西諾德團隊不斷強化戰略，同時提高創新能力，再加上對執行的重新關注，將創造強大的前進動力。

I would like to highlight that the expectations we have for the business don't change. We expect to build on our capabilities to deliver over the long term, specifically, reliable 4% to 5% top line growth, continuous improvement in margins and, ultimately, double-digit earnings growth once we cycle past the acute challenges we are currently facing.

我想強調的是，我們對業務的期望不會改變。我們希望建立長期的能力，特別是實現可靠的 4% 至 5% 的收入增長、利潤率的持續提高，以及一旦我們克服目前面臨的嚴峻挑戰，最終實現兩位數的收益增長.

Our strategy of delivering superior integrated workflows and critical procedures will allow this company to become the vital digital partner to the dentist.

我們提供卓越的集成工作流程和關鍵程序的戰略將使這家公司成為牙醫的重要數字合作夥伴。

I'm not new to digital transformation. We were on a similar journey at Hill-Rom, and I plan to draw upon those experiences as I work closely with the team here to accelerate the transformation with relentless focus on driving improved outcomes for our customers. Barb and I are a proven team with a demonstrated track record of driving long-term shareholder value, while executing with rigor across a broad portfolio in a very challenging macro environment that we have all been witnessing in the past few years.

我對數字化轉型並不陌生。我們在 Hill-Rom 也經歷了類似的旅程，我計劃利用這些經驗與這裡的團隊密切合作，加速轉型，不懈地專注於為我們的客戶帶來更好的結果。 Barb 和我是一支久經考驗的團隊，在推動長期股東價值方面有著良好的記錄，同時在過去幾年我們都目睹的極具挑戰性的宏觀環境中嚴格執行廣泛的投資組合。

The challenges we see at Dentsply Sirona have a high degree of correlation to challenges that we have both successfully navigated in the past. Importantly, we are both committed to delivering sequential financial improvement on the preliminary Q1 results, as we take the reins of leadership at the company.

我們在登士柏西諾德看到的挑戰與我們過去成功應對的挑戰高度相關。重要的是，隨著我們掌管公司的領導權，我們都致力於在第一季度的初步業績上實現連續的財務改善。

While we believe in the company's strategy, we also believe there is value in conducting an evaluation of our operational performance to ensure that we are laser focused on our key priorities moving forward.

雖然我們相信公司的戰略，但我們也相信對我們的運營績效進行評估是有價值的，以確保我們專注於我們前進的關鍵優先事項。

Turning now to Slide 16. We have a robust 2022 launch schedule already underway as evidenced by the launch event we held on May 4 to bring DS Core to market. DS Core will deliver end-to-end digital workflow from diagnosis to treatment, and it represents an important first step on our long journey of innovation in the dental market.

現在轉到幻燈片 16。我們已經制定了穩健的 2022 年發布計劃，我們於 5 月 4 日舉行的發布活動證明了這一點，以將 DS Core 推向市場。 DS Core 將提供從診斷到治療的端到端數字化工作流程，它代表著我們在牙科市場漫長的創新之旅中邁出了重要的第一步。

Reiterating my earlier comments, we are committed to innovation, and we will continue to deliver it. This company has a rich history of innovating, and we intend to be the leader on the forefront of the digital transformation in the dental industry.

重申我之前的評論，我們致力於創新，我們將繼續提供它。這家公司擁有豐富的創新歷史，我們打算成為牙科行業數字化轉型前沿的領導者。

An important area to enable accelerating our digital portfolio is in software development. This organization has invested resources over the last 18 months to overhaul the entire approach in this area, shifting from developing individual software for a long list of different devices and treatment plans to building a single platform that will support all of our devices and an extensive treatment planning portfolio.

加速我們的數字產品組合的一個重要領域是軟件開發。該組織在過去 18 個月中投入資源來徹底改革該領域的整個方法，從為一長串不同設備和治療計劃開發單獨的軟件轉變為構建一個支持我們所有設備和廣泛治療的單一平台規劃投資組合。

Primeprint is now launching in our select markets on a limited basis. We are excited about Primeprint as it offers complete integration with the CEREC system and will allow the dentist to produce things like night guards, surgical guides and full-scale models quickly and inexpensively. This launch will also come with a complete service package through DS Core, including DS Core Create, which is a comprehensive design workflow to help save valuable dentist time.

Primeprint 現已在我們的特定市場有限推出。我們對 Primeprint 感到興奮，因為它提供了與 CEREC 系統的完全集成，並將允許牙醫快速、廉價地生產諸如夜間警衛、手術導板和全尺寸模型之類的東西。此次發布還將通過 DS Core 提供完整的服務包，包括 DS Core Create，這是一個全面的設計工作流程，可幫助節省寶貴的牙醫時間。

Our innovation is focused on bringing leading solutions to our 4 key procedural areas in dentistry: aligners; implants; resto; and endo. Over the last year, the Dentsply Sirona team has been able to bring innovation to each of these areas, and we will continue that momentum with focus on what these solutions mean to our strategy to deliver superior integrated workflows, integrated workflows that start with diagnostic excellence, easy-to-use treatment planning and essential consumables. Through integrated workflows, we can widen our share of wallet, become the essential partner and provide significant value to our customers.

我們的創新專注於為牙科的 4 個關鍵程序領域帶來領先的解決方案：矯正器；植入物；恢復;和遠藤。在過去的一年裡，登士柏西諾德團隊已經能夠為這些領域中的每一個領域帶來創新，我們將繼續保持這種勢頭，重點關注這些解決方案對我們的戰略意味著什麼，以提供卓越的集成工作流程，從卓越診斷開始的集成工作流程、易於使用的治療計劃和基本耗材。通過集成的工作流程，我們可以擴大我們的錢包份額，成為重要的合作夥伴並為我們的客戶提供重要價值。

Let me highlight a few closing comments. We are encouraged by the good momentum we have in strategic growth areas of the business, like implants and clear aligners. We are also very pleased with the performance in our international markets in such a challenging environment as further evidence that our strategy is working.

讓我強調一些結束評論。我們對我們在業務戰略增長領域（如植入物和透明矯治器）的良好勢頭感到鼓舞。我們也對我們在如此充滿挑戰的環境中在國際市場上的表現感到非常滿意，這進一步證明了我們的戰略正在奏效。

Our focus going forward will be on driving disciplined and robust execution to capitalize on the momentum. As we exit this quarter, we remain confident that the portfolio is well positioned in an attractive market to drive sustainable growth over the long term, and that will continue to be our top priority.

我們未來的重點將是推動紀律嚴明和穩健的執行，以利用這一勢頭。當我們退出本季度時，我們仍然相信該投資組合在一個有吸引力的市場中處於有利地位，以推動長期可持續增長，這將繼續是我們的首要任務。

In my first few weeks, I have seen a very engaged, mission-driven and passionate organization that is ready to embrace a clear set of priorities to address our supply chain challenges, U.S. performance and deliver strong new product growth. This is a renewed sense of confidence that we will build upon as we move through the remainder of the year.

在我最初的幾周里，我看到了一個非常敬業、以使命為導向且充滿激情的組織，它已準備好接受一系列明確的優先事項，以應對我們的供應鏈挑戰、美國業績並實現強勁的新產品增長。這是一種新的信心，我們將在今年餘下的時間裡建立這種信心。

The revised 2022 outlook now reflects known macro challenges. We are confident in the strength of the underlying business, and we will move expeditiously to complete our diagnostic analysis, so that we can accelerate progress against a compelling strategy with a focus on execution. With this, we are optimistic about the sequential improvement we expect to see throughout 2022.

修訂後的 2022 年展望現在反映了已知的宏觀挑戰。我們對基礎業務的實力充滿信心，我們將迅速完成診斷分析，以便我們能夠加快推進以執行為重點的引人注目的戰略。有了這個，我們對預計在整個 2022 年看到的連續改善持樂觀態度。

The search process is underway for the permanent CEO and CFO. The Board is focused on finding candidates with a track record of world-class execution and operational expertise who can best position Dentsply Sirona as the innovation leader with the most extensive global footprint in the dental market. In the meantime, Barb and I are here to serve the organization. We will provide leadership stability and bring our diverse experiences to the table in partnership with the high-caliber Dentsply Sirona team.

永久首席執行官和首席財務官的物色過程正在進行中。董事會專注於尋找具有世界一流執行和運營專業知識的候選人，他們可以將登士柏西諾德最佳定位為在牙科市場擁有最廣泛全球足蹟的創新領導者。與此同時，Barb 和我在這里為組織服務。我們將與高素質的登士柏西諾德團隊合作，提供穩定的領導力，並將我們多樣化的經驗帶到桌面上。

We will not be shy in taking swift action where we see improvement opportunities, and we intend to use the interim period to strengthen the base and do the hard work required to drive value creation for our shareholders.

我們會在看到改進機會時迅速採取行動，我們打算利用過渡時期鞏固基礎，並努力為股東創造價值。

Finally, we look ahead with optimism. The Dentsply Sirona team is strong and resilient. I am confident that together we can overcome near-term challenges to deliver improvements and drive sustainable results.

最後，我們樂觀地展望未來。 Dentsply Sirona 團隊強大而富有彈性。我相信，我們可以共同克服近期挑戰，實現改進並推動可持續成果。

With that, let me now open up the call for questions.

有了這個，現在讓我打開提問的電話。

(Operator Instructions) Our first question will come from Elizabeth Anderson with Evercore.

（操作員說明）我們的第一個問題將來自 Evercore 的 Elizabeth Anderson。

My first question is regarding the audit investigation. Is that only related to 1Q results? And I noticed a couple of comments on your slides about inventory management. And is that the primary focus of the investigation?

我的第一個問題是關於審計調查。這僅與1Q結果有關嗎？我注意到你的幻燈片上有一些關於庫存管理的評論。這是調查的主要重點嗎？

Elizabeth, this is John. Thanks for the question. I think the language in the disclosure with the SEC is probably the best reference point, but it is specifically related to activity that took place in Q3 and Q4 of last year, 2021. And since the investigation is still open, we are unable to file our Q1 results.

伊麗莎白，這是約翰。謝謝你的問題。我認為向 SEC 披露的語言可能是最好的參考點，但它與去年 2021 年第三季度和第四季度發生的活動特別相關。由於調查仍在進行中，我們無法提交我們的第一季度業績。

To your point about the investigation's focus, it is around the use of incentives with dealers and the implication of those incentives as it relates to the accounting of that as well as whether those incentives were directed by executives of the company, both former executives as well as potentially executives who are still here to hit compensation targets.

就您而言，調查的重點是圍繞對經銷商使用激勵措施以及這些激勵措施的影響，因為它與會計核算有關，以及這些激勵措施是否由公司高管（包括前高管）指導作為潛在的高管，他們仍然在這裡實現薪酬目標。

Got it. Okay. That's very helpful. And my second question is regarding the guidance. I appreciate the guidance that you gave, and thank you for sort of taking us through the different headwinds and how you're incorporating them into the guidance.

知道了。好的。這很有幫助。我的第二個問題是關於指導的。我感謝您提供的指導，並感謝您帶我們度過了不同的逆風以及您如何將它們納入指導。

My question there, in terms of the share repurchases, the $150 million that was done in the second quarter, we should think of that as incremental to the outlook that you put into the share count because at 218 million, I think, for the new share count, that seems potentially a little bit more conservative than the $150 million might imply. And so I just wanted to make sure I wasn't missing something on that front.

我的問題是，就股票回購而言，第二季度完成的 1.5 億美元，我們應該認為這是對您對股票數量的展望的增量，因為我認為新的股票回購為 2.18 億美元股數，這似乎比 1.5 億美元可能暗示的要保守一些。所以我只是想確保我在這方面沒有遺漏任何東西。

So when we -- Elizabeth, it's Barb. As we talked about the year, we did indicate that we are going to be returning about 50% of our free cash flow back in the form of the increased dividends as well as share repurchases. So for the year, I think the $150 million is somewhat in line with where we thought the full year was going to be. And in fact, if you look at our free cash flow, there's probably room for additional share repurchases in the future quarters as well.

所以當我們——伊麗莎白，是巴布。當我們談到這一年時，我們確實表明我們將以增加股息和股票回購的形式返還大約 50% 的自由現金流。因此，就這一年而言，我認為 1.5 億美元在某種程度上符合我們認為全年的水平。事實上，如果你看看我們的自由現金流，未來幾個季度可能還有額外的股票回購空間。

Our next question will come from Kevin Caliendo with UBS.

我們的下一個問題將來自瑞銀的 Kevin Caliendo。

Sort of following up on Elizabeth's question, but -- and I do appreciate the guidance bridge. It's really, really helpful and very transparent. But if there is any sort of inventory write-down or anything that needs to happen, has that been contemplated in any way, shape or form in this guidance?

有點跟進伊麗莎白的問題，但是 - 我很欣賞指導橋。它真的非常有用，而且非常透明。但是，如果有任何類型的庫存減記或任何需要發生的事情，本指南是否以任何方式、形式或形式考慮過？

Or are you comfortable that there's nothing that would prompt another sort of rewriting down? Or is there any comfort that you can work through whatever inventory might be in the channel in an efficient manner, so that wouldn't be another sort of write-off -- write down?

或者你覺得沒有什麼會促使另一種重寫？或者您是否可以以一種有效的方式處理渠道中可能存在的任何庫存，這樣就不會是另一種註銷——減記？

Kevin, it's Barb. Let me do my best to answer your question, and thank you for it. First of all, if you looked at our 10-K for 2021, we flagged in the 10-K at the time that we estimated we had about $50 million of excess CAD/CAM inventory at the end of the year. And then as we talked about in the prepared remarks and in the presentation, that burn of inventory has shown up in our Q1 U.S. results. .

凱文，是巴布。讓我盡我所能回答你的問題，謝謝你。首先，如果您查看我們 2021 年的 10-K，我們在 10-K 中指出，我們估計在年底我們有大約 5000 萬美元的多餘 CAD/CAM 庫存。然後正如我們在準備好的評論和演示文稿中談到的那樣，庫存消耗已經出現在我們的第一季度美國業績中。 .

So U.S. was down 13.5% in the first quarter. The majority of that decline was related to burning of inventory, primarily CAD/CAM, but some consumable as well. at the dealers.

因此，美國第一季度下跌了 13.5%。大部分下降與庫存消耗有關，主要是 CAD/CAM，但也有一些消耗品。在經銷商處。

With regards to our own balance sheet and the inventory we have on our own balance sheet, there's no question about the accounting of the inventory we have on our own balance sheet. It's really about how much inventory did we put into our dealers' hands at the end of last year and how long is that going to take for us to burn it off during the course of 2022. Does that help?

關於我們自己的資產負債表和我們自己的資產負債表上的庫存，毫無疑問我們對我們自己的資產負債表上的庫存進行會計處理。這實際上是關於我們在去年年底向經銷商提供了多少庫存，以及我們需要多長時間才能在 2022 年將其燒掉。這有幫助嗎？

That's actually really, really helpful. Can I ask a quick follow-up?

這實際上非常非常有幫助。我可以要求快速跟進嗎？

Sure.

當然。

Just in terms of cadence of how we should think about the rest of the year and progressing. I know originally, there was a target of exiting the year with a higher margin than the average for the year. .

就我們應該如何考慮今年剩餘時間和進展的節奏而言。我最初知道，有一個目標是退出這一年的利潤率高於當年的平均水平。 .

Do you still -- while obviously, the operating margin is lower now and understandably so, is there a particular cadence we should think about in terms of margin progression or earnings progression for the year?

您是否仍然 - 雖然很明顯，現在的營業利潤率較低並且可以理解，但我們是否應該考慮今年的利潤率增長或收益增長的特定節奏？

So as we think about operating margin, it does fluctuate a little bit from quarter-to-quarter. But generally, the trajectory of ending the year in a stronger place is what you should be thinking about. As we talked about in the prepared remarks, we are expecting sequential improvement over the next few quarters.

因此，當我們考慮營業利潤率時，它確實會隨著季度的變化而略有波動。但總的來說，以更強勁的方式結束這一年的軌跡是你應該考慮的。正如我們在準備好的評論中談到的那樣，我們預計未來幾個季度會出現連續改善。

But as you think about where we're going to exit for the year, I know that we had talked about previously exiting '22 at a 22% operating margin. We do not believe that, that is a realistic expectation given the macro headwinds that we're looking at. We do think that exiting the year probably closer to 20% is likely. And so hopefully, that helps you with the magnitude of the change as well as the progression throughout the course of the year.

但是，當您考慮我們今年將在哪裡退出時，我知道我們之前曾討論過以 22% 的營業利潤率退出 22 年。我們不相信，鑑於我們正在關注的宏觀逆風，這是一個現實的期望。我們確實認為今年退出的可能性可能接近 20%。因此，希望這可以幫助您了解變化的幅度以及全年的進展。

Our next question will come from Jason Bednar with Piper Sandler.

我們的下一個問題將來自 Jason Bednar 和 Piper Sandler。

Maybe if I could start on the revenue guide, forgive me if I missed all the bridge here. But it's coming down by a couple of points versus where we were previously back on the -- from the 4Q call. Russia and Ukraine completely coming out of the revenue guide, that's a couple of points on its own.

也許如果我可以從收入指南開始，如果我錯過了這裡的所有橋樑，請原諒我。但與我們之前在第四季度電話會議上的情況相比，它下降了幾個點。俄羅斯和烏克蘭完全脫離了收入指南，這本身就是幾點。

And you're updating for the 1Q shortfall and the lockdowns in China. So I guess, maybe just help us bridge from where we were before to where we are now. Is it stronger pricing or stronger pricing outlook or something else that's helping limit becoming even lower than where we were before?

你正在更新第一季度的短缺和中國的封鎖。所以我想，也許只是幫助我們從以前的位置過渡到現在的位置。是更強的定價還是更強的定價前景，還是其他有助於限制變得比以前更低的東西？

Jason, it's a great question. So let me try to frame what we're seeing from a revenue standpoint. The -- there are 3 sort of elements that are bringing down our volume, our sales forecast for the full year beyond FX, okay?

傑森，這是一個很好的問題。所以讓我試著從收入的角度來描述我們所看到的。 - 有 3 種因素降低了我們的銷量，我們對外匯以外的全年銷售預測，好嗎？

So FX is a major headwind. But if we talk about organic sales, the 3 key drivers are really China. So we've seen starting in the latter part of March, and we've seen it continue through April, that the shutdown in China related to COVID is impacting our sales. And what we've included in our outlook for the full year is that, that will continue on throughout the course of the year. So that's the biggest volume change assumption that we've made in our forecast.

所以外匯是一個主要的逆風。但如果我們談論有機銷售，3 個關鍵驅動因素確實是中國。因此，我們已經看到從 3 月下旬開始，並且一直持續到 4 月，與 COVID 相關的中國停工正在影響我們的銷售。我們在全年展望中包含的是，這將在整個一年中持續下去。所以這是我們在預測中做出的最大數量變化假設。

The second piece, and I just want to make sure that we're clear on the impact of Ukraine and Russia, so for the Ukraine, we have pulled out sales for the remainder of the year, but our Ukraine sales are relatively small. For Russia, all we've pulled out are those sales that would not be in compliance with the sanctions as we understand them.

第二部分，我只是想確保我們清楚烏克蘭和俄羅斯的影響，所以對於烏克蘭，我們已經取消了今年剩餘時間的銷售，但我們在烏克蘭的銷售相對較小。對於俄羅斯來說，我們所撤出的只是那些不符合我們理解的製裁的銷售。

So we have pulled out those sales. But again, it's a small piece of the overall sales. And Russia and Ukraine together last year, I think it was about 3%. So we're talking about modifying those 2, not taking out the full revenues for those 2 countries for the full year.

所以我們已經取消了這些銷售。但同樣，這只是整體銷售額的一小部分。去年俄羅斯和烏克蘭加起來，我認為大約是 3%。所以我們談論的是修改這兩個國家，而不是扣除這兩個國家全年的全部收入。

And then the last piece of the volume change really is related to U.S. performance and the piece of the Q1 underperformance that will likely hold on to for the full year, but it's the smaller piece. The majority of all our volume changes are really related to China.

最後一個數量變化確實與美國的表現有關，而第一季度表現不佳的部分可能會持續一整年，但它是較小的部分。我們所有的交易量變化中的大部分都與中國有關。

All right. That's really helpful, Barb. Just to clarify, and then I got a follow-up. Just to clarify, is there a stronger pricing outlook now embedded in the revenue guide, the 2% to 3% organic outlook that you're coming out with today?

好的。這真的很有幫助，巴布。只是為了澄清，然後我得到了跟進。澄清一下，現在收入指南中是否包含更強的定價前景，即您今天提出的 2% 到 3% 的有機前景？

And then John and Barb, I just want to ask. I mean, you both have pretty deep experience here in med tech. You have the characteristics outlined that the Board is looking for in a permanent leadership team. Can each of you comment on whether you're candidates to hold the permanent CEO or -- and CFO role? Or if this is truly a role with an interim label and the Board is exclusively taking an external approach to the search?

然後約翰和巴布，我只想問。我的意思是，你們倆在醫療技術方面都有相當豐富的經驗。您具有董事會在永久領導團隊中尋找的特徵。你們每個人都可以評論你是擔任永久首席執行官還是 - 和首席財務官職位的候選人？或者，如果這確實是一個帶有臨時標籤的角色，並且董事會專門採用外部方法進行搜索？

Jason, I'll take the first one on price, and I'll let John answer the second one around the search. With regards to price, when we started the year with our outlook, we had communicated that we were looking at price given the current environment and the inflationary pressures we see on supply chain that we were going to be looking at price. .

傑森，我會在價格上拿第一個，然後讓約翰在搜索周圍回答第二個。關於價格，當我們在年初展望我們的前景時，我們曾表示，鑑於當前環境以及我們在供應鏈上看到的通脹壓力，我們正在關注價格，我們將關注價格。 .

Everything in our outlook is consistent with that original guide for the full year. So we are looking at price. We pulled forward price increases into Q2 that typically would have been in Q3, but that was all included in the original guide for the year and is not sort of incremental.

我們展望中的所有內容都與全年的原始指南一致。所以我們在看價格。我們將通常會在第三季度的價格上漲提前到第二季度，但這都包含在當年的原始指南中，並不是一種增量。

And I think Andrea is correcting me that typically we would -- we also did price increases last Q4.

而且我認為安德里亞正在糾正我，我們通常會 - 我們在去年第四季度也進行了價格上漲。

Correct, correct. Typically, it would be in the fourth quarter. .

正確，正確。通常，它會在第四季度。 .

Okay. So from a price standpoint, it's not a lot of upside versus the original guide. It's very consistent with what we started the year with.

好的。因此，從價格的角度來看，與原始指南相比，它並沒有太大的上漲空間。這與我們年初的情況非常一致。

And then, Jason, on your question about the CEO and CFO search, Barb and I are both approaching this with a great deal of zest and vigor and enthusiasm to be interims. We are not the type who are going to be passive caretakers. However, we are interims, and we do not expect to be part of the search process or candidates for the permanent CEO and CFO search.

然後，Jason，關於你關於 CEO 和 CFO 搜索的問題，Barb 和我都以極大的熱情、活力和熱情來解決這個問題。我們不是那種會成為被動看護者的人。但是，我們是臨時人員，我們不希望成為搜索過程的一部分，也不會成為永久 CEO 和 CFO 的候選人。

So those will -- both those positions will be filled by new permanent leaders in those roles. And those searches are underway, and we would expect to draw some excellent talent to those searches.

所以這些將——這兩個職位都將由擔任這些角色的新的永久領導人來填補。這些搜索正在進行中，我們希望為這些搜索吸引一些優秀的人才。

Our next question will come from Erin Wright with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 Erin Wright。

Can you give us a sense of the dynamics in the North American market? I guess, how much of the weakness was attributable to the underlying demand trends versus the supply chain constraints versus maybe some of the proactive normalization in dealer inventories? Was that already meaningful in the quarter? Or was that -- is that just going forward at this point?

您能給我們介紹一下北美市場的動態嗎？我想，有多少疲軟可歸因於潛在的需求趨勢、供應鏈限制以及經銷商庫存的一些主動正常化？這在本季度已經有意義了嗎？或者那是——這只是在這一點上向前發展嗎？

Yes, Erin, let me start, and then I'll pass over to Barb. I think the underlying fundamentals of the U.S. business and for that matter, the global business, in the end markets, the growth categories of implants, aligners, digital and endo, as well as our innovation pipeline continue to be very strong.

是的，艾琳，讓我開始吧，然後我會轉給巴布。我認為美國業務的基本面，就此而言，全球業務、終端市場、植入物、矯正器、數字和內窺鏡的增長類別，以及我們的創新管道繼續非常強勁。

We do need to work through excess inventory that was in the channel in the U.S., and we would expect to work through that as the year progresses. And I'll pass over to Barb for more specifics there. But the underlying fundamentals are very strong. And I think you've seen that from our peers and their reporting over the last week that, that is a resilient solid market growth rate that we're participating with.

我們確實需要解決美國渠道中的過剩庫存，我們希望隨著時間的推移解決這個問題。我將轉交給 Barb 了解更多細節。但基本面非常強勁。我認為你已經從我們的同行和他們上週的報告中看到了這一點，這是我們正在參與的有彈性的穩健市場增長率。

And Erin, just to continue on with that. When we look at the decline in the U.S. market in Q1, the majority of that and the largest portion of that was related to inventory burn, CAD/CAM and a little bit of consumables. About 20% of it, 20% of that decline, I would say, was associated with a combination of supply chain constraints and maybe a little bit lower demand than what we expected, but probably of that 80% of that was really related to inventory.

和艾琳，只是為了繼續。當我們查看第一季度美國市場的下滑時，其中大部分和最大部分與庫存消耗、CAD/CAM 和少量消耗品有關。我想說，其中大約 20%，其中 20% 的下降與供應鏈限制有關，而且需求可能比我們預期的要低一點，但其中 80% 可能真的與庫存有關.

Now with regards to consumables, we think that, that was done in the quarter, and we will have normalized in Q2. With regards to CAD/CAM, we expect that there's going to be some continuing burn in Q2, and that will take us to the second half of the year before we start to normalize there.

現在關於消耗品，我們認為這是在本季度完成的，我們將在第二季度正常化。關於 CAD/CAM，我們預計第二季度會持續出現一些問題，這將帶我們到下半年開始正常化。

Okay. Great. That was really helpful. And then just on the comment you were making around ortho and demand trends across clear aligners, what's now anticipated for SureSmile and separately Byte in 2022?

好的。偉大的。那真的很有幫助。然後就您圍繞透明對準器的正射和需求趨勢發表的評論，現在對 SureSmile 和單獨的 Byte 在 2022 年的預期是什麼？

Yes. We have a very positive outlook for our clear aligner business. We have to cycle past some tough comps on the Byte side from last year, still in this remaining quarter. But as we look at it, we see a large underpenetrated market that's growing at high double digits, and we would expect to start growing in line with that market growth rate as we get to the second half of the year. So we're quite bullish on our combined offering of SureSmile and Byte.

是的。我們對透明矯正器業務的前景非常樂觀。從去年開始，我們必須在字節方面經歷一些艱難的比賽，仍然是在剩下的這個季度。但是當我們看到它時，我們看到一個巨大的未充分滲透的市場正在以兩位數的速度增長，我們預計隨著我們進入下半年，我們將開始與該市場增長率保持一致。所以我們非常看好我們的 SureSmile 和 Byte 的組合產品。

Our next question will come from Jeff Johnson with Baird.

我們的下一個問題將來自 Jeff Johnson 和 Baird。

Jeff, are you there. You might be on mute.

傑夫，你在嗎？你可能處於靜音狀態。

Jeff, are you there?

傑夫，你在嗎？

I'm here. Can you hear me?

我在這。你能聽到我嗎？

We can.

我們可以。

We can now.

我們現在可以。

Okay. John, I don't like to look backwards, but I think some clarification or some understanding of maybe the change that happened last month would be helpful just to understand kind of forward look on the company. But was the change made because of some of these channel issues that you're talking about, the financial investigation into the year-end kind of stuff? Was that it?

好的。約翰，我不喜歡往回看，但我認為對上個月發生的變化進行一些澄清或了解可能會有助於了解公司的前瞻性。但是，您所說的這些渠道問題是否是由於對年終的財務調查之類的事情而做出的改變？是這樣嗎？

I mean, when I look back, Don did take out about $250 million in cost. I think a lot of the pipeline you highlighted is because of some of the initiatives and focus he put on innovation. So I think you did some good things as well.

我的意思是，當我回頭看時，唐確實花費了大約 2.5 億美元。我認為你強調的很多管道都是因為他對創新的一些舉措和重點。所以我認為你也做了一些好事。

Would you expect that the Board really kind of continues to focus on those good things with the new leadership? And again, just any clarification on what ultimately drove the change would be helpful, I think.

您是否期望董事會真的會繼續關注新領導層的這些好事？再說一次，我認為，只要澄清最終推動變革的原因，都會有所幫助。

Listen, yes, so I think it's 2 questions there. One is the strategy and the direction of the company and our progress towards that strategy, which is intact. That is not changing. We're committed to it. We think it's a very viable and very powerful vision as well as the strategy behind it and the innovation pipeline that is in place.

聽著，是的，所以我認為這是兩個問題。一個是公司的戰略和方向以及我們在該戰略上的進展，它是完整的。那沒有改變。我們致力於它。我們認為這是一個非常可行且非常強大的願景，以及其背後的戰略和現有的創新渠道。

With respect to Don and Don's termination, we have really no further comment beyond what was already said around the circumstances around that. As you can appreciate, we are informing you about everything we possibly can at this time, and there's an ongoing investigation that's being led by the Audit Committee.

關於 Don 和 Don 的終止，除了圍繞這方面的情況已經說過的話，我們真的沒有進一步的評論。如您所知，我們正在向您通報目前我們所能提供的一切信息，並且審計委員會正在進行一項正在進行的調查。

It would be inappropriate for me to comment or speculate or draw any conclusions about an ongoing investigation until it's completed. Once we have information from that investigation, we'll share it with you and all investors. But we don't have any further comment about that at this time.

在調查完成之前，我不宜對正在進行的調查發表評論、推測或得出任何結論。一旦我們從該調查中獲得信息，我們將與您和所有投資者分享。但我們目前對此沒有任何進一步的評論。

All right. And then, Barb, just as we think about the Byte business, especially, I think some of us were briefed for a potential write-down of that business today. I know you did see some sequential improvement in that business.

好的。然後，Barb，就像我們考慮字節業務一樣，特別是，我認為我們中的一些人被告知今天可能對該業務進行減記。我知道您確實看到了該業務的一些連續改進。

But how are you thinking about, I guess, that deal and kind of the amount of goodwill that's on the balance sheet? Do you -- would you expect at this point is that trending towards any kind of a write-down and maybe confidence level on that business getting back any kind of year-over-year growth in the next year or 2?

但是我猜你是怎麼想的，那筆交易和資產負債表上的商譽數額呢？您是否 - 您是否希望在這一點上出現任何類型的減記趨勢，並且可能對該業務的信心水平在明年或 2 年內恢復任何類型的同比增長？

Jeff, it's a great question. So with regards to Byte, we remain very positive about the transaction as well as the performance. So as you all know, first half of last year, we had some very strong sort of pandemic-related demand that came through, and that meant that we were going to have some headwinds in the first half of this year from a volume growth.

傑夫，這是一個很好的問題。因此，關於 Byte，我們對交易和性能仍然非常樂觀。眾所周知，去年上半年，我們遇到了一些非常強勁的與大流行相關的需求，這意味著我們將在今年上半年因銷量增長而遇到一些阻力。

But for the year, we are expecting Byte to be a grower. So -- and we highlighted that we were expecting to see sequential growth. And so far, the business is performing very much in line with what we said. So for the year, it's going to be additive to the overall aligner business.

但就這一年而言，我們預計 Byte 將成為種植者。所以 - 我們強調我們期望看到連續增長。到目前為止，該業務的表現非常符合我們所說的。因此，在這一年裡，它將成為整體對準器業務的補充。

When you think about what does it do for us as a company, not only is it adding to that top line growth, but it is also accretive to our gross margin, which is a positive. And from a margin standpoint, it may take us a little bit of time before we get accretive there, but that's not unexpected for an acquisition of this type.

當您考慮它對我們公司的作用時，它不僅增加了收入增長，而且還增加了我們的毛利率，這是一個積極的方面。從利潤的角度來看，我們可能需要一點時間才能在那裡增值，但這對於這種類型的收購併不意外。

With regard specifically to goodwill and evaluation, we go through an annual process where we will evaluate our goodwill pool and determine whether or not there's any impairment that we need to look at. So we have that process in front of us.

特別是關於商譽和評估，我們會通過年度流程評估我們的商譽池，並確定是否有任何需要查看的減值。所以我們面前有這個過程。

At this point in time, I have no reason to believe that we have an impairment coming on this. But again, we have a normal process that we need to go through later in the year. And clearly, if there's anything that changes in that outlook, it will be reflected in our published filings.

在這個時間點上，我沒有理由相信我們會因此受到損害。但同樣，我們有一個正常的流程，需要在今年晚些時候完成。顯然，如果這種前景有任何變化，它將反映在我們公佈的文件中。

Our next question will come from Jon Block with Stifel.

我們的下一個問題將來自 Jon Block 和 Stifel。

Maybe I'll go back to the 2022 revenue outlook. In my opinion, it is only sort of modestly stepping down, especially with the 8% of the sales in China and Russia, but the OI is much more impacted in the big decline year-over-year.

也許我會回到 2022 年的收入前景。在我看來，它只是適度下降，尤其是在中國和俄羅斯銷售額佔 8% 的情況下，但 OI 在同比大幅下降中受到的影響要大得多。

Maybe Barbara, if you can comment on the decrementals, and I get it, the bridge on slide. I think it's more keen. But maybe a little bit more color on the decrementals.

也許芭芭拉，如果你可以評論遞減，我明白了，幻燈片上的橋。我認為它更熱衷。但可能會在遞減上增加一點顏色。

And more importantly, how do we think about that greater than 17% going forward? Are the prior leadership that was sort of that key in and around 100 bps plus in OI expansion per annum? Do we think about this as sort of a onetime step down and a snap back to where we were prior? Or maybe as best you can extrapolate that number going forward, and then I've got a follow-up.

更重要的是，我們如何看待未來超過 17% 的增長？之前的領導是否在每年 OI 擴張中起到關鍵作用，並且大約 100 個基點以上？我們是否將其視為一種一次性的下台，並迅速回到我們之前的位置？或者，也許你可以盡可能地推斷出這個數字，然後我會跟進。

Absolutely. So it's a great question. The key driver -- and we tried to highlight it in our bridge in the presentation material. As you think about the decrement between the top line step down and the bottom line step down, it is really around our gross margin. And in the gross margin area, it is driven by the volumes coming down and having a less favorable mix than where we would have been previously.

絕對地。所以這是一個很好的問題。關鍵驅動因素——我們試圖在演示材料的橋樑中強調它。當您考慮頂線下降和底線下降之間的遞減時，它實際上是在我們的毛利率附近。在毛利率領域，它是由銷量下降驅動的，並且組合比我們以前更有利。

But it's also being brought down by FX, which is a significant headwind. I think we've quantified that as about a $0.15 headwind relative to the prior guidance for the year.

但它也被 FX 拖垮，這是一個重大的逆風。我認為我們已經量化為相對於今年之前的指導大約 0.15 美元的逆風。

And then supply chain, and supply chain is a combination of inflationary pressures as well as sort of constraints and components. And so that's another $0.15 as you look at it.

然後是供應鏈，供應鍊是通貨膨脹壓力以及某種約束和組成部分的組合。因此，當您看到它時，這又是 0.15 美元。

When you look across that entire bridge, to get to your question of what do we see as transitory versus what is sort of an underlying performance, probably about 70% of that step down in EPS for the year is related to the big trends around FX, around China, around the pressures that everybody is experiencing on supply chain.

當你縱觀整座橋樑時，要回答我們認為什麼是暫時的，什麼是潛在的表現的問題，今年每股收益下降的大約 70% 與外彙的大趨勢有關，圍繞中國，圍繞每個人在供應鏈上所承受的壓力。

When you think about where do we want to go forward, I mean, the company has 2 great levers about how do we get past these macro headwinds in 2022 and get back on the path of performance for 2023.

當您考慮我們想要前進的方向時，我的意思是，對於我們如何在 2022 年克服這些宏觀逆風並重新回到 2023 年的業績道路，該公司有兩個很好的槓桿。

First of all, from a sales standpoint, we have a really well-positioned portfolio in a very attractive market. And so continued excellence in execution there gives us opportunities to continue to improve our sales growth and improve our profitable sales growth.

首先，從銷售的角度來看，我們在一個非常有吸引力的市場中擁有非常有利的產品組合。因此，持續的卓越執行使我們有機會繼續提高我們的銷售增長並提高我們的盈利銷售增長。

And then the second piece is, as was highlighted earlier, I think, by Jeff, the company has done a remarkable job of addressing operating margin through cost savings, through portfolio optimization, and that gives us a really strong sort of foundation to continue to get on that path for margin expansion once we get some of these headwinds behind us.

然後第二部分是，正如之前強調的那樣，我認為，傑夫，該公司通過節省成本和優化投資組合來解決運營利潤率方面做得非常出色，這為我們提供了一個非常強大的基礎來繼續一旦我們擺脫了這些不利因素，就走上擴大利潤率的道路。

So we really do see this year as a bit of a onetime where we've got a lot of things working against us, but we think those things are largely transitory. And as we get to '23, we'll be exiting the year strongly as we sequentially improve, and we'll be setting '23 up for a strong year.

所以我們確實認為今年有點像我們有很多事情對我們不利的一年，但我們認為這些事情在很大程度上是暫時的。隨著我們進入 23 年，隨著我們的連續改進，我們將強勢退出這一年，我們將為 23 年設定一個強勁的一年。

Yes. I think we'll -- it's a good way to summarize it. We expect to end the year at around 20% op margin as we mentioned earlier. And when we get to '23 guidance, we'll articulate it then.

是的。我想我們會 - 這是總結它的好方法。正如我們之前提到的，我們預計年底的營業利潤率約為 20%。當我們得到 23 年的指導時，我們會清楚地表達出來。

There's obviously a lot of moving pieces in the macro right now that everyone is dealing with, and we're no different. So we'll certainly provide updated guidance for '23 when we get to the end of the year.

顯然，現在每個人都在處理宏中的許多動態部分，我們也不例外。因此，當我們到年底時，我們肯定會為 '23 提供更新的指導。

Understood. And maybe just a quicker follow-up. John, you thought on implants was another strong quarter. I think you called out high single-digit growth. The company recently restaged the portfolio, call it.

明白了。也許只是更快的跟進。約翰，你認為植入物是另一個強勁的季度。我認為你提到了高個位數的增長。該公司最近重新調整了投資組合，稱之為。

But some of these growth rates are all easier comps. Your thoughts on the overall market with the consumer that might be weakening for implants and then Dentsply Sirona's ability to continue to put up these solid numbers, maybe as we cycle through and start to get to some more difficult comps.

但其中一些增長率都比較容易。您對整個市場的看法可能會削弱植入物的消費者，然後是登士柏西諾德繼續提供這些可靠數字的能力，也許當我們循環並開始獲得一些更困難的組合時。

Yes. We're very pleased on the implant side with our PrimeTaper launch that's going very well and helping to drive robust growth across all the regions in Q1 was high single digits, and we would expect to see continued performance with the market throughout the year. We're very pleased about the performance there.

是的。我們對植入物方面感到非常高興，我們推出的 PrimeTaper 進展順利，幫助推動第一季度所有地區的強勁增長達到了高個位數，我們預計全年市場將繼續表現良好。我們對那裡的表現非常滿意。

As it relates to the economic question, whether it's implants or aligners, we think that the digital dentistry vision and strategy that we're pursuing actually makes a dentist's office more efficient and more productive. And that trend towards digital dentistry and the workflows that go with it, including aligners and implants and other restorations, I think will help offset some of that inflationary pressure.

由於涉及到經濟問題，無論是種植體還是矯正器，我們認為我們追求的數字牙科願景和策略實際上使牙醫辦公室更加高效和高效。我認為數字牙科的趨勢以及隨之而來的工作流程，包括矯正器、植入物和其他修復體，將有助於抵消部分通脹壓力。

And of course, we're going to adapt and adjust where needed to refine our segmentation in any direct-to-consumer businesses that can help offset any headwinds that we might see from inflation. We haven't seen it trending in our business to date, but we're certainly being proactive to prepare for that.

當然，我們將在需要的地方進行調整和調整，以完善我們在任何直接面向消費者的業務中的細分，這有助於抵消我們可能從通貨膨脹中看到的任何不利因素。迄今為止，我們還沒有看到它在我們的業務中出現趨勢，但我們肯定會積極為此做準備。

Our next question will come from Matt Miksic with Credit Suisse.

我們的下一個問題將來自瑞士信貸的 Matt Miksic。

Maybe just some follow-ups on some of the topics here you've been talking about. The first on the inventory that you went through Barb, and I think then went through some color on the fact that on the capital side, the CAD/CAM side, that it will take another couple of quarters or a few quarters to work through that.

也許只是對您一直在談論的一些主題的一些後續行動。第一個是你通過 Barb 的庫存，然後我認為在資本方面，CAD/CAM 方面，這將需要另外幾個季度或幾個季度才能完成。 .

If it was $150 million, is that -- with $20 million, $30 million of the way through that, is that -- can you give us some color as to how far along that CAD/CAM inventory we are with Q1? And then I have one follow-up.

如果是 1.5 億美元，那是 2000 萬美元，還有 3000 萬美元，是嗎？你能告訴我們第一季度的 CAD/CAM 庫存有多遠嗎？然後我有一個後續行動。

So Matt, thanks for the question. In the 10-K, we highlighted that there was approximately $50 million of excess inventory at the end of 2021. We've seen a portion of that burn off in Q1 of this year. We expect the balance to largely work its way through next quarter. And by the time we get to Q3, we should be getting normalized. So that's sort of the trajectory of what we expect around the U.S. inventory burn.

所以，馬特，謝謝你的問題。在 10-K 中，我們強調到 2021 年底有大約 5000 萬美元的過剩庫存。我們已經看到其中的一部分在今年第一季度被燒掉了。我們預計這一平衡將在下個季度基本發揮作用。當我們到達第三季度時，我們應該會變得正常化。這就是我們對美國庫存消耗的預期軌跡。

Great. On the margin, the delta to EPS and the delta to margins, I guess, if we look at the $0.70 reduction roughly from your prior range to your current range, that would imply a slightly heavier impact on margins than, say, the 300 to 400 basis point delta that you gave in your full year guide.

偉大的。在利潤率方面，我猜想，如果我們看一下從您之前的範圍到當前範圍的 0.70 美元的下降幅度，這意味著對利潤率的影響比 300 到 300 美元略大一些。您在全年指南中給出的 400 個基點增量。

Can you talk about what some of the offsets to that are that give you the -- or what the additional delta is there that maybe -- I guess, if I do the math on EPS, it looks like it would be more like another 100 basis points lower. And I'm just trying to get some color as to what you're doing to offset that, if anything.

你能談談給你的一些偏移量 - 或者可能有什麼額外的增量 - 我想，如果我對 EPS 進行數學計算，它看起來更像是另一個 100基點降低。我只是想知道你正在做什麼來抵消它，如果有的話。

So Matt, I may not be following your math as we go through. In the presentation, we tried to highlight it pretty clearly as to where the pieces would be. So as we walk through, there is about $0.25 that is really driven by the change in sales and the change in volumes that we would see because of the headwinds. And again, that's primarily around China, but also it has Ukraine and Russia in there and then a little bit with regards to U.S. performance.

所以，馬特，我可能沒有按照你的數學計算。在演示文稿中，我們試圖非常清楚地強調這些作品的位置。因此，當我們走過時，大約 0.25 美元實際上是由銷售變化和我們將看到的逆風導致的銷量變化驅動的。再說一次，這主要是圍繞中國，但也有烏克蘭和俄羅斯，然後是美國的表現。

As we think about the balance of the changes, FX is a big piece. We also have an equal amount, another $0.15 that we think would be related to supply chain constraints. And then the balance of that, that we highlighted, I think it's the last bar on that chart, we talked about investments that we're going to continue to make in our -- primarily our R&D and our commercial organizations.

當我們考慮變化的平衡時，FX 是一個很大的部分。我們也有等量的金額，即另外 0.15 美元，我們認為這與供應鏈限制有關。然後是我們強調的平衡，我認為這是該圖表上的最後一個條形圖，我們談到了我們將繼續在我們的 - 主要是我們的研發和我們的商業組織中進行的投資。

So if you walk through those pieces, that pretty much gets you to where our guide is for the full year from an EPS perspective.

因此，如果您瀏覽這些部分，那麼從 EPS 的角度來看，這幾乎可以讓您了解我們全年指南的位置。

In terms of other levers that we're looking at, we've talked a little bit about price. We really haven't changed our outlook on price that's pretty consistent with where we started. We will continue to be working hard on supply chain and making sure that we can contain that.

就我們正在研究的其他槓桿而言，我們已經談到了一些關於價格的問題。我們真的沒有改變我們對價格的看法，這與我們開始的地方非常一致。我們將繼續在供應鏈上努力工作，並確保我們能夠控制它。

I'm just trying to think through the rest of the P&L. I think the other place where you may see some favorability that may help you from an overall equation is we are seeing a slightly better tax rate for the full year, so maybe that's a little bit of that offset that you're looking for. But again, we have a little bit of a headwind when it comes to interest, just like many other people as well.

我只是想仔細考慮損益表的其餘部分。我認為您可能會從整體等式中看到一些可能對您有所幫助的另一個地方是，我們看到全年的稅率略高，所以也許這就是您正在尋找的抵消的一點點。但同樣，在興趣方面，我們也有一點阻力，就像許多其他人一樣。

So as you get later in the day and you're going through further questions, if we can provide any more color through Andrea, we'll certainly do so.

因此，當您在當天晚些時候遇到更多問題時，如果我們可以通過 Andrea 提供更多顏色，我們肯定會這樣做。

That's helpful. Yes. I guess, I get about 500 basis points of a tax effect, those EPS numbers and your guide came down by about 400. So some of the other things you mentioned should help explain that delta.

這很有幫助。是的。我想，我得到了大約 500 個基點的稅收影響，這些 EPS 數字和你的指南下降了大約 400。所以你提到的其他一些事情應該有助於解釋這個增量。

No worries.

不用擔心。

Our next question will be from Rachel Vatnsdal with JPMorgan.

我們的下一個問題將來自摩根大通的 Rachel Vatnsdal。

So appreciate the color that you've given on China and that the region is going to be pressured for the year due to the lockdowns, but can you just dig into that a bit more? So how significant do you expect those headwinds to be in 2Q? And then what's assumed for the cadence in the back half of the year for China? And then also, do you think that you'll be able to recoup any of those volumes once the region reopened?

所以很欣賞你對中國的看法，以及由於封鎖，該地區將在今年受到壓力，但你能再深入一點嗎？那麼，您預計這些不利因素在第二季度的影響有多大？那麼中國下半年的節奏是什麼？然後，您認為一旦該地區重新開放，您將能夠收回任何這些交易量嗎？

Yes. Let me start on that one, Rachel. China represents more than half of the regional headwinds that we're now putting in the outlook, somewhere around 60% actually. So it's by far the biggest, and we do expect that they're going to go on throughout the year.

是的。讓我從那個開始，瑞秋。在我們現在展望的區域逆風中，中國占了一半以上，實際上約為 60%。所以這是迄今為止最大的一次，我們確實希望它們會在全年繼續。

And once that -- once we get past the end of the year, there's no reason to think -- once the COVID situation in China resumes and lockdowns are a lot less frequent or nonexistent, there's no reason to believe that the business wouldn't come back to the prior levels in 2021.

一旦那樣——一旦我們度過了年底，就沒有理由認為——一旦中國的新冠疫情恢復並且封鎖的頻率大大降低或不存在，就沒有理由相信企業不會2021 年恢復到之前的水平。

Got it. That's helpful. And then on the EPS bridge, you guys have flagged a 15% -- or $0.15 decline stemming from investment. Could you just walk us through what those are going to go towards for the year?

知道了。這很有幫助。然後在 EPS 橋上，你們已經標記了 15% - 或 0.15 美元的下降源於投資。你能帶我們了解一下這些年的發展方向嗎？

So I'll start, and then John, if you want to add in, please do. I think the most significant is if you look at R&D, and you can see that a little bit in Q1, last year, we talked about how as the world reopened and we got back to more normal performance that we were going to accelerate our investment in our pipeline. And so R&D investment is a big piece of that as we go forward.

所以我會開始，然後約翰，如果你想加入，請做。我認為最重要的是如果你看一下研發，你可以看到去年第一季度的一點點，我們談到了隨著世界重新開放，我們恢復到更正常的表現，我們將加速投資在我們的管道中。因此，研發投資是我們前進的重要組成部分。

Beyond that, it really gets to more support and an ongoing focus in our commercial organization and making sure that we have teams in place that are well positioned to be working with our customers and helping them going forward.

除此之外，它確實得到了更多的支持和對我們商業組織的持續關注，並確保我們擁有能夠與客戶合作並幫助他們前進的團隊。

No, I wouldn't add to that.

不，我不會補充。

Okay, okay.

好吧好吧。

Let me just add -- let's close with a comment and thank you all for joining the call this morning. As you can appreciate, I think you can see that we're trying to do our best to inform you about everything we possibly can this morning at this time.

讓我補充一下——讓我們以評論結束，感謝大家今天早上加入電話會議。正如您所理解的，我認為您可以看到我們正在盡最大努力向您通報今天早上這個時候我們所能做的一切。

Barb and I are confident that with the help of the management team here, we're going to successfully address any findings, while leading us forward to make a stronger team at Dentsply Sirona. And we really believe in the vision and the strategy that we're pursuing, and we will pursue it with all of our might and effort. Thank you very much for your time.

Barb 和我相信，在管理團隊的幫助下，我們將成功解決任何發現問題，同時帶領我們在登士柏西諾德打造更強大的團隊。我們真的相信我們正在追求的願景和戰略，我們將全力以赴地追求它。非常感謝您的寶貴時間。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。