XRAY - Earnings call 4 2023 | DENTSPLY SIRONA Inc.

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Operator

Good day, and thank you for standing by. Welcome to the Dentsply Sirona Fourth Quarter 2023 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Andrea Daly, Vice President of Investor Relations, please go ahead.

Andrea Daley

Thank you, operator, and good morning, everyone. Sirona XXXX Dentsply Call. the to Fourth Earnings Quarter Welcome

Officer. Campion, call Officer; at and Joining slide remind presentation Business are release today's website the in earnings Simon that Andreas like Chief an you Chief related Officer; me for our and Financial the is Investors Executive www.dentsplysirona.com. press of to Chief Glenn Frank, call to I'd available Coleman, section

moment Before earnings to please we a read our take statements press forward-looking release. the in begin,

may we current performance financial statements call, During are predictive our uncertainties. risks results. expectations certain these subject today's that reflect and and that make views statements base future assumptions about and events and to on future certain We

SEC that some risk filings most important Our predictions. cause from could the lists any recently most Form subsequent XX-K of factors filed results and our to actual differ in updating information

our Additionally, financial business. may financial results. non-GAAP periods items believe vary that financial management on transparency be insights where and regarding business by results today's independently our our enhance non-GAAP offer in additional call, metrics based comparison key performance on certain of We enable valuable the utilized into measures operating remarks financial between will of investors performance, business'

today's company's the of will Please prior section provided of the and are A be to year noted. Investors reconciliation to available following the the quarter press refer call release non-GAAP call. our replay for webcast the GAAP on between results. Comparisons website unless otherwise

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

Simon Campion

a will performance QX and Today, operating I'll 'XX update. summary providing for our all and us financial providing XXXX will morning call. strategic finish full QX We cover outlook, of then our year XXXX a you Andrea. by earnings and by appreciate Glenn joining you, our recent share results Thank I begin this

all saw above double-digit total, segments. while in Now driven sales business starting both Byte and and our The our growth X Wellspect EDS of X over segments and X. XXXX, delivered We X% single-digit generated in growth. Slide growth growth product ortho SureSmile. on growth, Healthcare The regions growth high categories in projection mid-single-digit achieved organic in by posted in

segment Through environment for than XXXX. which by and the demand we in in due an imaging more us. The offset mainly expected, another instruments and CTS fourth intraoral quarter, anticipate equipment slightly scanners, will to in with remains partially declined for particularly bright challenging. This macro softness the increase spot for CAD/CAM which was was continue

X,XXX from we from is China to but Sentiment at and was adjusted continue the In negative the no January, our over respondents margin with customer German and deterioration. last geographies. slightly levels in the patient and outlook, XXXX EBITDA for line suggested XX a express unchanged sequential about in their with quarter. the reduced survey EPS largely key $X.XX, U.S. continues guidance. demand in industry conducted customers also in survey improved The Australian that came with at of our latest XX.X% and practices. this future both

which a our have these November. we you year, cost consider a reinvestment strategic enabling decisively Dentsply Investor made critical us savings We We to path and As Sirona. XXXX significant we progress the hygiene in promptly which growth. initiatives for the the business foundation necessary several the Day and at on improved at on year stated transformation of highlighted to achieve for transition initiatives, set we beginning for strengthened the and performance of executed future

our business. on discipline initiatives. benefits developing our strategy remain and capabilities foundation, across of we greater our We said, be believe strengthening an to laser-focused we executing delivering us, for inflection As growth, XXXX largely due implementing will year double-digit while EPS new transformation our have adjusted simultaneously and rigor the

offering would Moving selected to enhanced platform highlights. innovation DS to XXXX, market. clinical Slide In Core enabling functionality. some X, We the to to our like the continue I bring expanding business we and share new

last exceeded that's DS we XXXX. technology unique digital an over industry for ended target call, Core workflows. that already shaping clinical we year DS role play XX,XXX the an our undergoes the as shared will We as And had that Core and earnings On connecting with in update, I believe ever-expanding the a accounts. dentistry evolution

and opportunities in expanded on to advance office believe to are are recently suffering. as materials print as We milling. or a printing Lucitone print for of digital focusing adoption the also we to digital practices accelerate materials continue we in-office dental XD to well our We stand-alone see capability launched positioned and splint Primeprint complement and a

we know our of Dentistry communicated, integration offerings. on our for we As facilitate and training requires potential reinvigorated customers. to this clinical are We in-person committed hands-on education Digital the the and digital focus to practice previously providing tools, unlock

X,XXX hybrid through and and courses training online year. In increase globally which proud XX% over a to were reflects formats, offer compared education live, XXXX, we about prior to

participants that important with We our fourth also in expanded event started World a role X,XXX platforms on several learning our reach with the quarter. enriching with clinical platform. is the to education Live disciplines featured I attendance. the our planned second DTI World this over DS this in this events through month, in attend opportunity Earlier digital partnership have mainly DS courses we event had in And play an year. of This events first Dubai. dental

World our quarter. the we several the also Miami conducted Implant in look fourth U.S. we of the success Europe. In in implants and Solutions the to these events, on Building second events Summit focused quarter, in forward hosting

our new are illness and is prevention for progress sustainability a The accomplishment. employees rate. safety XXXX, the we strategy. In our achieved continue utmost of record injury very to this importance, of of our and proud We we

urinary LoFric, Healthcare continues this an med plastic Wellspect female catheter. the recently business renewable lead in for a Our for sustainable tech and also of award won area to innovation use in

list an expansion existing and with highlights integrated product announced will bring systems. recently offering new collaboration XXXX named our introducing delivery up also collaboration a of to needs, streamline elevate earlier companies builds were the month. our a A-dec, integrated We their professionals together experience. Connect ESG that we Primescan top-rated and that Wrapping offering Sustainalytics Cavitron into upon A-dec The empowering practice A-dec customer workflows creates meet This patient dental the certain to fresh to new solution platform. with this

hand with I the over the for financial will And that, to Glenn call update.

Glenn Coleman

cover thank morning, XXXX. several results Good you joining as Today, quarter Thanks, including outlook well Simon. full topics, us. year for I'll and our for fourth our as all and XXXX

Slide X. begin on Let's

and billion, sales X.X%. of organic revenue quarter fourth reported representing growth was Our $X.XX sales of growth X.X%

$XX strong positively approximately basis points over in growth Foreign Prosthetics compared single-digit and in grew constant performance sales China million which quarter. or growth the business. our global and both quarter by high included aligners Implants & a year basis, XXX the XX%, to double-digit the in sales highlights impacted currency Wellspect key prior currency On in

to due Endo rate. within higher contracted the X% in product largely the basis lower-margin Adjusted sales year, down EBITDA by mix margins margins, declined to Despite tax XXX in largely XX to points. lower basis due which mainly This country sales, was EPS higher year-over-year margins quarter implant and China portfolios. a CAD/CAM from quarter, gross and $X.XX, was unfavorable decline in prior our points mix the and gross due in driven unfavorable

at operating management by average conversion generated repurchased In cash flow prior in an flow, $XXX the year. compared cash we of million million to $XXX XXX% fourth inventory price quarter, payable was stock improved year-over-year, and the accounts XXX% $XX prior timing $XX.XX we compared the of paid up million fourth In dividends. to XX% year. driven and the Free quarter, of the in of

the returned For full million to $XXX we year, shareholders.

and Essential Starting Solutions Resto Slide segment, sales segment and EDS which increases benefited from includes by performance each implemented in category. stable growth traffic product products, grew Let's in the X.X%, fourth in now Dental and earlier the turn with to preventive X patient quarter all price driven Organic year. on X. Endo regions

grew Solutions Orthodontic single the to Liners grew segment, and organic high sales digits. XX.X%. Shifting Implant

and from grew SureSmile continues differentiated benefit Specifically, new and outcomes. product to market gains, offerings share XX%

the believe of Additionally, sales. will future launch SureSmile Core our DS simulator we recent within benefit

Our constrained direct-to-consumer X% Byte financing environment. aligner a grew despite brand

planning, are XX% treatment in sales, With anticipated than growth interest, investment our our the and greater recent which we year. supports uptick this in in new Byte ramping support clinical customer

expect also digits double grow to SureSmile XXXX. We in

driven Moving quarter and to China and in Globally, Implants & premium share saw Prosthetics. in gains spot by Double-digit growth the VBP was and implants clear similar a in demand bright Europe. growth rates. value market higher

decline quarter saw showed in X.X% but down Our a anticipate of previous we organic up prior business less quarter. CTS, year to Solutions versus growth our declined U.S. a Connected in the quarters, performance, return dental Technology our XXXX. and than implants Wrapping slightly segment sales the was

double Instruments digits, single increased the low the quarter. digits in grew Our the in & global CAD/CAM declined while Equipment business by demand driven U.S. business

to Organic in sales and the Moving HealthCare. Wellspect Europe growth XX.X%, by grew U.S. driven

reminder, comp As quarter a had Italy. as Wellspect an in by was matter onetime a the pricing impacted prior easier year

In addition, year-over-year launches new contributed better-than-expected product growth. to

the historical distributor sequentially levels the low. essentially to CAD/CAM Now instruments discuss year end performance decreased averages, aligners U.S. the by $X XXXX. inventory implants in Relative of region. to by compared levels financial and distributor fourth U.S. Slide quarter X.X% strong sales in declined and equipment. flat to by let's turn growth lower quarter to ended inventory of approximately to CAD/CAM remain X partially sales and due equipment offset million

region to growth in France Wellspect, The EDS growth contributions with SureSmile Spain, in quarter returned from notable grew Europe. the to and Germany. XX% over Turning with OIS. and

higher new also DS an increase to We by XiVE, driven our OmniTaper in from demand implants in product, MIS legacy and implant. our growth saw conversions

which largest the lower continued segment recessionary in the market impacts, CTS particularly Our Germany, due region. in volumes to see to is

our base. Rest The on delivered a rebate compared continue In than equipment. to during quarter, declined experience sales Excluding China, XXXX, from led we growth. growth organic and prior by more in public increase government quarter quarter XX% to significant the grew prior year implants Japan of both saw the sales Europe the market significant organic in the benefited as in which year. Germany, sector programs private World grew in certain X.X% Sales China X.X% implants. customer

the SureSmile, of saw first regional the to countries Interoil we In driven by Latin Wrapping demand in performance. the within America ] Core half other quarter, plan region. digits scanner launch refurbished [ Mexico. up Brazil led in launch in and units sales DS and volume, We high the by execution solid Primescan the grew improvement region. Primeprint an single of Omnicam in and Connect sales Brazil in and QX and

and Sales let's billion, growth Now XXXX of growth representing sales briefly the for year reported turn sales X performance. X.X% year full to cover our of to full organic were Slide $X.XX X.X%.

in aligners dollar basis impacted offset implants, XXX due with significantly the Key included a currency to due higher currencies. than high by year more pricing points in growth growth and Foreign highlights major declines negatively sales the volume to translation most stronger associated primarily single-digit double-digit for China VBP. in versus which

we see in instruments, as well Germany competitive interest challenge and infrastructure, restructuring and largest partially volumes rates we we in margins and investments in to EBITDA equipment higher XX.X% markets and other attribute cost XXXX continuing concerns higher points organization was this lower due developed and the The offset to into as and by basis saw the XXX education contracted U.S., trend pressure commercial recessionary in benefits. inflation XXXX. which to clinical

the restructuring XX% our unfavorable million, and guidance cash conversion and XX% payable. and accounts by flow were investments, receivable $X.XX cash of accounts of down cash Operating of adjusted was to XX% Free EBITDA our with compared year-over-year, XXXX. higher $XXX timing range. was at driven line was margins outlays EPS flow in in midpoint

our a we with on November, cash in initiatives. transformation mentioned our Investor goal we recent free the flow consistent long-term Day to move outlays during associated XXX% past conversion achieve basis is cash once our As

and above continues million company double-digit of a ratio a dividend year sheet announced to with rate plan. hand, of X.Xx, is which quarter dividend. due the also a slightly balance our in of $XXX increase cash to and cash our Today, consecutive equivalents with and long-term make approximately finished marks net on debt-to-EBITDA The strong of share $XXX buyback. the million long-term to we our X.Xx fourth our increases fourth XX% confidence This demonstrates our the year to targeted

X to for Slide With let's to move expectations XXXX. our discuss that,

a to XXXX, expect to $X.XX organic we range represents up billion. flat of sales For billion which X.X% sales to $X.XX net be

the remain the slight to we expect based current year particularly anticipate FX a growth cautious headwind the to in for quarters, on organic for be and of reported on We the next rates stronger several half sales equipment. macroeconomic sales second backdrop as

points year-over-year. XXXX, in EBITDA of approximately XXX We XX% than margin be greater expect an our to basis expansion

We to savings. margin full in as the finalize due rate mix XXXX projected the an the as expect planning tax restructuring our full rate geographic tax than to also income higher timing initiatives. improvement investments We be we based year year increase our on of expect we through progress QX year and tax the and

range We expect be in adjusted of to earnings $X to the per share $X.XX.

sales see this, FX up million. trends. Wellspect comp sequential QX, by reported be expect $XX due is in headwind For the to with flat a we QX. in anticipated slightly be organic to OIS improve prior mid-single In expect CTS With QX, and EDS tougher growth we margin Healthcare, based EPS to will a expect to current year-over-year. on lower declines to to digits projected On and basis, sales offset we in due approximately year gross of roughly

XX XXXX to Slide to to at midpoint is Organic contribute outlook. turn EPS growth puts the in discuss earnings. and $X.XX adjusted takes expected our to the Let's

Our projected The and in SureSmile run restructuring expect investments, should cost for of XXXX expenses, plan this investments ERP $X.XX $XXX from rate we Net expansion. include approximately XXXX. savings the of the of will EPS. Byte reach contribute million

expect tailwind previous our a be with net to consistent We comments November Investor at EPS, hedges will our $X.XX investment Day.

drivers the over other Simon. items, versus I outlook forecasting are call to midpoint With back a turn EPS. $X.XX that up the double range, now to prior and We count combined of share net of tax that, digits These the cost namely to at headwind will $X.XX EPS adjusted year. the to inflation, will

Simon Campion

Thank you, Glenn.

to our Slide strategic on starting on XX. Moving update,

goals is strategy health customer-centric and unchanged. a for and dedicated clear in always these Our core. through deliver serve dentistry innovation care, team oral and services our partners Digitalized continence remains and at compliance the products engaged and and effectively with quality accomplish

actively we execution can the our to we all and advance implement continued with process the making strategic of performance believe our company, strengthening discipline, continue value company of investments and in the stakeholders X are advance and increased create We and this improvements strategies we for employees.

discuss initiatives. let me Now XX, Slide our moving to foundational

operational XXXX, During this regions fundamental purposely our of necessary beyond across XXXX we lines, plans elements and established areas. product company to carry to for and many the transform out

track about November, in With continue for Investor of to the shifting million program restructuring largely on progress at are foundational them. savings our have prioritized to XXXX. make complete deliver focus each We we $XXX we year, and the to spoke these this we in Day on initiatives and

start transformation. Let's supply with chain

it. Our X consolidated have of actions network. an pursue set know into supply our is overly we in analysis In goal, chain to unlock execution we off closure centers complex, network and X we XXXX, the map. our we to and sites and significant opportunities kicked manufacturing distribution motion to improve one. guide our manufacturing value To into road These this distribution efforts extensive announced

initiative footprint costs. will and dedicated efficiency, experts, lower this Spearheaded results, operational global enhanced including by improved a cross-functional team yield expect and we of significant

into benefits realize to begin financial to XXXX in beyond. expect We and XXXX, continuing

By our we reduce cycle costs. we and SKU Resto is simplify robust expect the and to our the on XX% program, sustaining with initiative. of chain closely wave can management utilizing XXXX, portfolio execute the optimization optimization engineering the chain streamlining and supply product of first life process, SKUs supply addressing portfolios. SKU Endo improve a in In and Simplifying our intertwined our

capital thoughtful our ensuring to maintaining to approach improve a experience. and drive taking positive We cost while are this and customer working work a revenue

evaluate benefits towards We plan further we expect opportunities. end XXXX, the to also the first begin delivering from of and wave to

capacity, for systems. automation will future unlock Our pave system standardize improve opportunities organizational network new upgrade, in way The and enhance efficiencies initiative will the company-wide. our and ERP ERP modernization our

rigorous we ensuring phased deployment are readiness and approach. testing the for organizational systems We conducting prepare as

targeted our our to with We have for initial are disruption. we program confident in this ability rollout mid-XXXX, minimal and execute

our long to generate manner as in our course, our as a to aligns advance over gauged compliance values with We we stakeholders steadfast guiding value ability we term. remain for in with initiatives, success deliver quality the these plan foundational Of our on X by upholding principles. and key that promises

like final our to slide, I few moving reinforce a points. key Now would to

delivered First, with execution, our guidance. focused XXXX we on

improved end markets challenging, do to and continue strategy will is has so. clear and our remain While our execution

Second, objectives. and strategic established we initiatives have foundational our

deliver better underway. goals completed well We is positioned or the significantly for work to are our been on that's

EPS Third, in our to are the established are we We've poised which beyond. adjusted in on deliver map and adjusted improved growth performance to EPS XXXX. much confident goals we $X which transformational targeted execution, double-digit derive we believe we our remain in well the expect fully of XXXX to of to XXXX, Fourth, us our actions. road path in positions for focused reach from and

let's that, Operator? questions. open it now with And for up

Operator

from question with Our Instructions] Sachs. [Operator Nathan first comes Rich Goldman

Nathan Rich

you year. I making Simon, about that efforts the is to company and where transformation the with Maybe start, wanted this talked investments

think was savings expected. than restructuring of I the level of higher a we reinvestment bit

you is a step most could Or the maybe part go the of that that are the significant So of this bit where does in And something rate down base? investments more year? detail just expense into of that years? future becomes run

And operating points would expansion us expense, the sort gross and you that, help EBITDA margin kind think of that as where be well. tied comes of to from XXX could margin helpful basis between of if about

Simon Campion

it over I'll Sure. Thanks, to then can start Nathan. and Glenn. we hand

disinvested systematically year our plans the a I we each have business, commission think in in as of and force, one occasions over many education. few over deinvested or our year, past our those we've so, crucial on after said namely the them. clinical had gone in and we or past areas sales And invested

delivered added best clinical investment on that implants and in X of prepared we XX% are XXXX in events. XX year, in as the more or this DSOs heads we in our World remarks, added the and I we'll than had U.S. we And before. And extend reach mentioned I team education. also in courses think over also significant the DS benchmarks fact, best almost commercial the benchmark fact the

on we areas in So work within are and would invested organization. in, network other, addition what we've hygiene X to they key that our factors call, our

to give to some I'll pass on it Glenn. the color you numbers, And over

Glenn Coleman

look question. are I that at Nathan, our part of XXXX, the I base forward. they're thanks investments If say incremental going cost would for the going to be in

that opportunity investing on investments in be to the started a I the I investments. those commercial infrastructure one return with the the fourth we making clinical think We're Byte. in more would competitive with now treatment already first dynamics. going We support Byte is highlight and we're the planners we pretty see area, see and immediate that quarter. at

mentioned in remarks, I XX% prepared my is on to So XXXX. expected Byte over grow

the excited we're opportunity about So there.

We are Byte, [ in a year. much in putting ramp, more see get we ] we and into expect to X especially later faster investments as the

the of I that resources putting addition, ortho for These highlight are us, there. some we more are Japan In the things nice more SureSmile on are in said really opportunities investing market Simon our would commercial ground business, in around Brazil. we and

in ramp especially to ERP implants for business. and continues advance education up the platform. Clinical We're of continuing us, our endo next-gen side our to

focus will investment XXXX. be continue DSOs that would then say to area So I of in And just have incremental us. for an

putting return later some this This on but a is So which expect year. that's you infrastructure where should of money. these forward, be investments, going to part of coming our our going we're

And about that. so we're quite excited

I half margin half the EBITDA on In about SG&A and would your margin of improvement terms from leverage. gross expect coming of from coming it expansion, question

Nathan Rich

of of and you fuel comments your demand Byte the Byte consumer Clear factor do in kind in acceleration there. And expect? into Glenn, of just think macro general, current in does maybe quick improvement ask to could reacceleration growth that the your you growth in on kind to we of see the need I help view by just If and -- the growth follow-up, environment of and environment When expectations? Aligners kind maybe in how of revenue the kind on that a any about

Glenn Coleman

Yes. No, thanks.

business. really about excited are We our ortho

ramp. early indicators see So very of in relative right we to terms some good now the Byte, revenue

significant of include would Probably improvement visitors in the and I'm QX in are is hitting early our impression growth fourth website. seen That's that sequential kits that QX. So thing really nice part seeing unique into QX. from the most quarter a the important

those latter XX And the obviously, so around seeing of days, that. in convert I start kits February, the to conversion and cycle conversion is see revenue part should I'm to

in that's so these I'm least growth And going terms why off investments talking in at I'm XX% on are investments, revenue good growth XXXX. faster they're revenue and Byte why confident that to of pay

we our drive simulator with market continue gains, our to less the expected product. see of with SureSmile, On business. share differentiated better product SureSmile also growth to see The to fewer continue is refinements, outcomes revisions in SureSmile some

direct-to-consumer see don't we a Plus. we much on the of And but in really macro underlying want good to of SureSmile you Simon, expect Byte good an Byte. And to on trends, do see improvement with comment from perspective, with some office work so overall doing we're and both maybe

Simon Campion

Yes.

and think the rolled good refer through customers candidates where to for a patients XX we've So What that pilot, as with the is It I filtering are the them which extended active. We said, anecdotally off a heard now dentist. started out from locations now those Plus Byte are orthodontic to is We're last time, in we pilot. XX Nathan, customers we that we've we're locations. treatment. about

as hypothesized, for generate But to traffic was going this practices. incremental we also these dental

acceptance should have saying customers that smile when to live, the acceptance they show patient are treatments noted expect in these as So dentists a an aside other our and well otherwise patients can several on again, they orthodontic a from the to patient. frame, of what with to have being treatment time then increase in just accepted. you back them being SureSmile, And practices are September is not treatment rates up we've seen their getting have the anecdotally launch the of in that simulator SureSmile would their dental they're rate -- the is suggesting heard the that treatment

Operator

of question Leerink Partners. from Cherny the Michael with line next comes Our

Michael Cherny

the guidance. Difficulty] [Technical to Relative

Glenn Coleman

we're hearing Michael, you. time hard a having

Operator

with from comes Elizabeth ISI. question next Our Anderson Evercore

Elizabeth Anderson

bit on the equipment was what's sort that if could market. seeing you I understand on Can volumes little talk side, us wondering a maybe in on you of help more how price you going you're of we just about been versus and that trending just sort is how that and into understand side equipment of as XXXX? move that's trend of the sort recently differentiate sort

Simon Campion

Sure.

So additional the and with sentiment a remained And Glenn not for goes or I'll us, you others if in we've Australia we stable, and say, every start equipment. as I of this little all quarter, over can survey in across Germany would and more give would categories. has capital have But around some color. in completed investments with customer X,XXX assume than respondents Listen, then continued our positive the we done pressure -- and past, U.S. that quarter. the I the in last dental areas

that As much we've number or customers, or funded geographies. noted is while before, financed other in in the by U.S., $XX,XXX anything rather lower above to $XX,XXX our be tends

but So pressure and particular, general more U.S. in sentiments positive in Australia. continued in In Germany the

Glenn Coleman

in such down, as CTS I'd fourth obviously, growth you -- we certain add the when just look saw our regions to what quarter, in at just U.S. going in was CAD/CAM our I actually but business add, was

most mills, and headwind some around seeing really growth scanners, has Obviously, but instruments, good printers. our imaging. So imaging in been notably the

that's declines overall in and the So why our dynamic CTS we've been seen portfolio.

scanner. dynamics buying customers end, lower the are pricing are of priced would just the lower a From point I say the view,

actually So really good seen momentum. has some Primescan Connect

[ of mix bit AC Primescan shift seen a so to to Connect. a ] And Primescan serve we've and relative Primescan

of some dynamics the side. pricing it's So the on

Elizabeth Anderson

more sort really should said cash between one sort you of then I rest about of deployment, what M&A? That's right think to in that going the to flow XX% sort forward? sort talked about way you've particularly for grow is about to the Got and maybe share free right like dividend way mix, of helpful. a it. cap And tiny that about maybe you. dividends repo, with about more we of of -- understand repo and line sort returning Is Is the If mostly but think think obviously, EPS growth the of investors. that share the than

Glenn Coleman

Yes, it is.

our which consistent So we dividends pretty would to earnings growth, be with next years. double digits over expect grow several the should

share our cash our then million X current years. the with way the to view projections. about based flow that's repos share So over that's pretty dividend. our we on of repurchases, And about right think upon And $XXX said consistent next

Operator

next from Block with Our Jon comes line of question the Stifel.

Jonathan Block

First a this one or for your maybe line bit Byte. just than of you around one, Glenn, at SureSmile bps from be getting XXXX ortho growth or bps on the might organic But based X% comments, almost alone, XXX how give Based you. midpoint, frame I'm guidance the little take. more top XXX and of even on

you a can Wellspect lines think you as well more the about other give of some but growth just if you can and other for biggest drag would various rates as So be up, key guessing just on details frame few maybe the product key products? I'm CTS XXXX? the is the

Glenn Coleman

keep the for it to segment Thanks question. Jon. the I'll Sure, level.

appropriate. I think that's probably

SureSmile, area double-digit over XXXX fastest-growing I XX% Byte. in is for we the obviously, expect So ortho growth mentioned and implant. growth would in

Implant expect growth really we the strong in continuing to side, On see China.

XX% to So I XXXX. growth would expect in at implants of business strong growth the put the half And we a back above in in U.S. return our year.

the to implants be XXXX. as would area a and us going for say, ortho segment, is fastest-growing I in So

segment, EDS, largely traffic. Dental would nominal to on say, going our really be dependent patient I growth. It's Solutions Essential

should fourth would in flattish, it the say, CAD/CAM we and continue year in kind And down of XXXX. I then what we're expected to overall where to quarter now, to right be So full be 'XX year-over-year. of CTS is modeling saw Again, to grow. dynamics similar

growth and offset in in growth growth, our going our to Primeprint imaging. scanner and mills, by be but in that's declines XD So likely printer

improvement right imaging projecting And into now, so going in real any we're not XXXX.

be But business. And our year-over-year. a digit CTS, modeling Healthcare bar down would growth, say, decent then lastly, of dental, mid-single to to low Wellspect we're continue as outside overall, should I for up Wellspect some put

Jonathan Block

we're of then mentioned it's you you to of XXXX I projects a back this Glenn, potential we Okay. 'XX? revenue that. gross thoughts that Great. big for how more earlier on SKU helpful around to experience start you question, margin was leakage? Starting implementation this year. And And Simon, Is for the rationalization That expansion, in is in 'XX a Nathan's 'XX? alluded thing and go tailwind that the to it that in year, like to past have with then the very of SKU will tie of optimization more optimization risks when know this or long starting your detail. terms

Simon Campion

Yes.

Jon. thanks, So

So as about gives begin of can on focusing we've us The we this end our benefits We're high SKUs space. of Endo XX% process. number that. then SKU execute into optimization, about and Resto. run different thoughtful degree we in we're before, beyond. noted on from -- been We've geographies, 'XX of a in back pilots We've it that and expect to of targeting at that to confidence that and 'XX and materialize a the

to intend, the to of Resto. begin other look Endo and aspects of remarks, as prepared we And our at noted outside also in portfolio we

leadership our this call work, I up countries team think we noted do that and stood in regional we teams. at to are working the our conjunction last with we've earnings a

not created on for -- error done a but think customers. this going that I we past, the ground to are in the visibility teams for commercial And and company we historically make little had the again. the

thoughtful very it. being about we're So

to any comments to have Andreas, add do that? you

Andreas Frank

add thing broad Only -- commented 'XX I is the that much on network we you have. that very very is would

we some to to 'XX, execute plans clear to make standardized visibility and So it we in we're metrics. 'XX working not but sure 'XX up our stand allow processes forward-looking have across that KPIs and have as into some us just

the the also and were there of think steps less on out side, out taking as yield the I be in our but none And work initial get simplified portfolio terms visible 'XX. management commercial the will by nonrevenue-generating ready just 'XX end inventory we already back on we we and SKUs benefits as -- take for

Operator

comes of Cherny question with next Partners. Michael Our the line Leerink from

Michael Cherny

Okay.

you hear the I'm Okay. again. technology this Can try here. me? new Let's learning

So, thanks.

of products. I rationalization lower bit end. touch it, with want the call You we're a SKU higher to just end little about, -- more talking on the the

think in particular from some the how about new more you vitality pipeline, high-end it and/or into near-term either instrumentation? index, on much products how 'XX baked conversion guidance, new, what's much can of As quasi on have is a you the of

Glenn Coleman

Yes.

SKU the benefit there's would to cost be into rationalization relative optimization, XXXX. of in our reduction no baked really efforts think I XXXX. That more

revenue want impact If and half product guidance we our year the the some back you're obviously margin Simon, that improvement. the of to the the of obviously about and of those? new have comment in launches on a of talking we counting drive XXXX, to launches couple growth are in you product some for on

Simon Campion

seen have DS added launched of years And canvas functionality, now, additional Michael, clinical May an in some user communication DS then more around and the We almost. the the we added capability that core, we X time interface. piece We simulator each user accounts DS ago and number last And September. and it have the World using of year launched user in improve added we here in experience to Core. just experience around with SureSmile incrementally or uptick the the

customers back and that U.S. So continue of endodontic at to new we to that also be launched feedback to bring had Europe new this we the and expect Pro the to introductions will central system. market the XXXX last X-smart end do very year And year, We've well. later or product in beyond. introductions new any about positive from in as it, software

Michael Cherny

about a you're business. you improvement then implant see talked U.S. helpful. And on Understood the expecting and the of the bit side to

about next into driver component of the think multiyear of organic that you what's -- a recovery multiyear U.S. how much guidance factor contribution? is the baked growth 'XX, that and As into

Simon Campion

and we intact. I the and all to was said across Investor What market Day grow our assumptions our at all from hypothesis noted think what businesses expect cetera, remain Investor we margins, in et and Aligners. above Day of we

get expect normal in We macro the in to back above XXXX. market is our by to environment. to connected market business grow growth our intention the in implants technologies And a

our target do have XXXX. to $X what's in to assumptions that's of revenue baked growth Glenn, So into around that? our and you add EPS anything

Glenn Coleman

No.

Operator

with question of next Johnson Our the from Jeff Baird. line comes

Jeffrey Johnson

around that Simon, to a to tough about on target. for on The with stick I this to is been Congrats targets on maybe lost environment. here the you have us not long do a in XXXX talking at who wanted topic of were ability that least some $X time your that just delivering company.

we that sorry, your something those assume as Even rating year $X. in incremental cost teens loaded savings this cost in maybe something, $X.XX year if savings run next growth reiterated back-end XX% need your deck $X.XX this generous. just over morning year, from maybe savings, years that, or core to slide You think next rate if with this or that outside savings those that's I the the you in . Glenn, we are the well of get and EPS -- guess probably you ex the because doubles even feel assume kind that. savings in. EPS of cost the low But on north X would still or run being comfortable cost when about cost we I of pushing then them to and

comfortable I seems growth it know up? year help given there's get organic to that little especially a us pick going this when can So growth if where and organic be guess there, to as hard

Glenn Coleman

the Yes. Thanks for comment.

expect challenging to in organic November in we had I foremost, do range starting where X% that land We in tough we think and indicated land to XXXX. growing in in nothing by see of rate that to communicated growth back lower a and XXXX to what XXXX we get expect back has with And normalized environment. back expected we X% growth XXXX. But where a relative macro we for changed view our first to expected November. and to

us the So getting that's component a key to $X. to

a that's a on. On to of offsetting lot we're investments program. of year get restructuring we're expecting number obviously, obviously, this the making, returns investments restructuring savings we're these savings, making the from gross But the

us $X.XX today. global and essentially around So numbers Johnson operations Tony overall, walked towards through in The is get of $X that target. help that that benefits EPS that reflected should of EPS our none improvement,

optimization, while our we and plant most So amount simplification. XXXX, the but SKU come in through go that XXXX rationalization and XXXX footprint distribution in the will of a small as

'XX really frame. time 'XX and all the in that's So

confident headwind a right And around with we become a lot will talked some about that's as ERP. now. benefit our our then platform. even us our have more We've Aligners with do work we're and to we business profitability. once get things cost being common our making doing Aligners bridge, part profitability what to for can right the we efficient actual Aligners eventually a an now early structure with to and I costs. Yes, our really we're also That was now, ERP XXXX like and of see investments feel XXXX more but a in And some Byte, we

overall, nothing investment communicated get also a those us Below that 'XX guidance just That's aspects. to we has generate will hedges that $X.XX in in back the and benefit buyback share our the consistent we've the we 'XX us. from expect will we continue with the here, to $X. so line, program changed out November. And to help net got cash And similar then be laid for the incremental and with that

We're obviously, back organic for to X% from Jeff. X% our with is to going the new, normalized And key nothing messaging getting November. consistent a us. growth in to rate be So

Jeffrey Johnson

And picture a helpful. then, question. maybe That's Yes. bigger Simon,

lot X more manufacturing there's hearing be you're some innovation a private dealers, the importantly, but you plus been and What peers R&D few R&D. even market. consumables, assume now, lower been these would of from EDS to in X%, in products of X, 'XX? some What points XXXX? year. general pricing talking that going little a in put branded EDS maybe your price of couple core label consumables about the for private branded for of flattish side that higher-end lack X, even out and of I more it's You're public or than and do that's a from to spending on being more minus would come I we've think, within a really more And on X% that a going is this there. pressure That's I years points was -- of consumable or alternatives allowing products assume, to probably, think on

bit? important is those about maybe maybe enough then number how And we to flare in spending over the with fund start little kind in to multiyear think have innovation So that Do you trends in should X% how that any of EDS area? consumables? period up R&D a

Simon Campion

Sure.

more around side the on beyond. your and was XXXX first pricing modest pricing, would in in [ very, modest I rapidly we even XXXX, and EDS question ] expect pricing I say, So think very

Dentsply innovation, process product as December Chief Officer, time is Technology on meaningful think and introductions. a to we innovate made monetize We've respect new with already organized had at milestone we've driving more a changes than in noted Now new far we to disciplined how November, brought historically we frame, how we who -- Sirona. and I and

think the an X% is Around EDS, number. innovation okay in I

what have as to Kevin improvement DS dentistry clinical extraordinarily towards our have of no do digitalization we is the now, that pun EDS spend X% as that in see and going where is how core spend diligent We we the For We and portfolio. I amount be of with do a say, Core. A it. adoption of part money as and that's X%, that would of the doing we expand significant intended we to right large seen a, in innovation future. functionality on And our now.

mentioned the last which the this Pro And year, year. I U.S. X-Smart of we'll launch device the in launch later late

are the are difference products be is clinical in launch diligent products unmet make that are the we outcomes we the efficiency. on needs We identifying need so with to positive to and So EDS to portfolio clinical the extraordinarily me-too meaningful respect to not simply and and innovating feedback a that that. patient

are to where sure. prices? prepared opportunity We X space For DI Connect an in do launched appropriate. And we lower the so there for demonstrated Is ago. have years that we Primescan

seen, Glenn As I we uptick in XXXX. noted, growth implants, similar that, also And trajectories showed as of and we've Glenn think, in value-based QX. noted, have particularly which both premium rapid

we're the value when into. what are of not Andreas? getting we we So know segment afraid

Andreas Frank

add. to Maybe, X comment Jeff, just

has And as terms that's of also forward. just with as not A that packaging that and It's we going efficient. practice specifically. both make EDS good right? area we basic well So about one right? would point chemistry, an on printing, behind out growth I terms milling do to methods Just to the lot see delivery with it in of is digital of focus materials, investment in lean where more

Operator

next comes from Erin Our Morgan with Stanley. question Wright

Erin Wilson Wright

the also that So competitive a geographies sort present and opportunities right talk implant there, across just of underlying disruption little more but environment you demand you? any can more for competitor from now about the can given [indiscernible] bit the standpoint, a

Simon Campion

question. the for thanks Erin,

can the And We We've year me with public in Andreas Let super implants led then year. performance growth had this headwinds on we China and significantly China sectors. maybe China grew despite been -- competitive with this happy the both in implants to the take That specifically. piece. in the private that early 'XX. overall start in

China expect in than Glenn XXXX. And we Implants in in noted, more again growth as XX%

that in told to and is that did summer portfolio is board, no us The execute X,XXX customer competitive. very, We've competitive I last we gaps. China So team noted in Implants, very as previously, shows clearly very, -- very meaningful Implants. has it that our portfolio respect our across the but particularly can our survey with

we're comfortable So with quite it.

year. the U.S. We have we $X response expectation. a rate expect by in progress that we noted where I of to And demonstrated, previous and at grow our to implants think, U.S. implants be That's deterioration market the throughout at I in we Glenn to bridge, XXXX. in expect XXXX in part the noted, -- the question, as growing as slowed our

Glenn Coleman

a add had things. our Prosthetics a performance in We all & grew had just really that the quarter quarter also China, fourth good Implants coming from Obviously, in double actually lot I we but best performance we we digits. Yes, of that Europe. of was year. mean couple

see for U.S. good We result so together us. improvements in it's our drove And did declining. business, still the but X implant obviously a

done So of we're XXXX. that turn the it second We growth dig to half around. we in all happy with back the where are to We've there. at business things to not expect do

we but business, reduction good feel U.S. improved our the implants in of as So we U.S. about a in in fourth did overall, quarter the performance well. see less

a make comments well? to want couple of you do as Andreas,

Andreas Frank

into. of back leaning which commercial Yes. to clinical an that area have and just sort I'm but we've where is investments, made education, upon portfolio also excellence built thinking we

So previously. the comments you've heard

important that's So think X I point.

a other element workflow Core customer implant prosthetic where into that's The that the highly including and solutions, digitized also part with a abutments links the is and we have very comes competitive time. portfolio, over DS

growth incremental also So that of be we over an feel here will important an that's area the driver period.

Erin Wilson Wright

Okay. front? market potentially still doing your front? in on that your plans back Is And capital on that stated you said perspective? you'd and one Do that on be deals that your where in buybacks thinking then front. you near-term just targets near-term a And XXXX. mentioned that Or on see opportunities the quick you previously the is But deployment. pipeline I think deal a from

Simon Campion

until may in when and ourselves think technology-type scale back market our unless the nice little acquisitions opportunities And 'XX for we'll near-term stability that ] integration. restored in we it do in Erin. now think [ I requires M&A large on But of and beyond I are that be then So 'XX be 'XX that's tuck-in. we require avoid 'XX, probably We'll the organization. focused a something we've see right integration,

Glenn Coleman

is news I good sheet think could our balance the Yes, support activity. M&A

of in to more here flow. leverage, the that X.Xx, down cash We strong position. a have and have We're we're come quarters, expecting couple low should liquidity generate next

work sheet a could in perspective, really through initiatives as the short we robust strategy So foundational and initiatives. of some support our M&A we transformation organization balance a term capability from

Operator

line Brandon next Blair. Vazquez question from the William Our comes with of

Brandon Vazquez

commercial I you are in points expansion a of XXX lot investments. through a that margin maybe made guys know cadence just perspective, you the of modeling the basis on EBITDA First expansion 'XX. to guys talk pointing have of year? about recent about Can you

expansion? split year? see evenly need the back they some we we'll for we some time. this be to this think the of be half this maybe in of pretty more Or margin should as modeling year, So of Should throughout the

Glenn Coleman

and QX, making we some margin savings back-end but but And would main Yes. of restructuring investments both more more expect loaded expansion the year are reason loaded, more in benefiting of in QX is that behind coming the that expansion EBITDA and QX of the and back obviously QX. these are the the the we're It's year. end in more front-end

do EBITDA of margin it we expansion will So in but starting quarter, most half back the expect in happen of year. the the first

Brandon Vazquez

here. follow-up maybe Byte on then just X Okay. on -- And quick

guess seeing macro be is what the be you kind macro think What durable commentary seems growth This to highly like seems XX% gives around early sensitive side. you're the that now. a question some market I dental? know of confidence plus pickup what the [indiscernible]? gives expectations for pretty right I were you I can of be expectations for to kind given difficult this within of the still to notable. kind

do hit like feel? guys to you you So how that plus need in in Do macro an XX% improvement Byte?

Glenn Coleman

Yes.

I positive numbers. a think trend for visitors to very I we're increase stable counting environment on to a in us. these mentioned macro is Byte unique our hit earlier, website

you kits since we've to exact More number, give north importantly, impression up last XX%, just of going I the of couple months give seen. but significantly. what it's some context the you and well won't And

will get we And Simon model also the growth. conversion earlier. outlined obviously, our of further not type but converts do that into to all hybrid that it's rates improve of So we that bites revenue, think as

quarter customers. did quarter, of in seeing I A some some we to only that back meaningful in of the subprime the see that February quarter X% but at going of in growth look half grew We quite put we up would fourth in good front convert the of we when that headwinds as it fourth the lot some to was see the say here just Byte's the well. revenue, So some this constraints. through some had we're in financing feel here Bytes expect what to including financing worked on indicators, we some of we first with XXXX. when

is extent. XXXX. a got better macro that we've bit So that, obviously, a as certain to dependent to your But little point, gotten into

on like we're in I and that a support growth sales more investments making But people, percent the to that. in eye a So XXXX. keeping feel now, XX-plus treatment planners, close with really Byte we've clinical adding path good got we're here generate

Operator

next question comes Kevin from with Our line Caliendo of the UBS.

Kevin Caliendo

macro. for sort the expectations just want of about to talk I the

Byte, I our You but organic right want talked about it's X.X%. to it just with is of X% the difficult -- a about in to it environment, growth macro context talk now,

trying year, X% back I'm improve? Or just expect you get How guidance predicated it Next X% is predicated much macro do that Or -- really you predicated for on the starts to X% your of macro to share to innovation that market to that to to of sort to what's and the how of X%. on is returning gains? normal? think happen? to in understand, I'm when trying much

Simon Campion

And there's Kevin, start, about let here, -- execution. our function So it's within called that's me another control. and

provision sales we how for commercial DSOs that our year, clinical we've to and I adjusting to by the systems of which we're on and think and includes pay and over investing partner processes improved company, the with want past dentists our we bringing us welcomed demonstrated know reps dentists crucial training. particularly education, is by which who in

better want that that X% the improving macro process. piece? well we've Glenn, do and to So part comment on execution, that are is X% in ourselves to getting demonstrated that and of underway we you

Glenn Coleman

Yes.

the well. environment. look would would equipment the on area That gain in the wise, thought say improvement would half expect business has we I start gain-wise, we this a the area equipment we're Share XXXX down to down X% getting macro rates back as will share. to year to is XXXX. at of in execution to XXXX X%, the ortho much as to to the come for and headwind business is us. normalized think continue continue interest of should obviously in I environment. our an been counting help expect big the come But implants back more And Sales side overall to be

look at we're us well. numbers, of And see the ortho if expecting gains of turn back market should side, we you to X% more the X% the range we're of rest That equipment that to with in quite get in performing share. actually the a terms if the

Kevin Caliendo

there any just I'm SureSmile a being of That's it to the answer. driving correlation SureSmile the scanner in growth -- how super SureSmile the growth And correlation scanner? and is driving the Is Meaning, tied of much quickly, seeing sort market. are driving on it's is of growth? Is scanner growth? the you that SureSmile there new how understand that's . helpful as to see? trying just you positioned

Simon Campion

up them, Kevin, for I think treatment not has shy respect also rates of acceptance offering SureSmile And compared simulator there's been I the driven to question, a driving in differentiated your previous competitors a noted We've revisions. to the we to we customers. as correlation DS probably in between have our added fewer what feel with our Core, sure. to both in which, response also is

is back add? factors. combination you I many, something think plans commission to Glenn, and So previous another execution many of to the have a it's question, And factor.

Glenn Coleman

our XXXX, reps add, equipped in Kevin, of I probably we with only scanners. I think thing the that remember would we you ortho mentioned all

momentum decision. And so some we good seen have post that really

in I on hands is our paying SureSmile. We're But reps decision around. say made. the the invest to whole, payoffs we're hard in the of strong we Aligners to seeing of get driving the the and scanners, some investment an growth -- off in it's other are the was terms them scanners of growth think double-digit in that seeing way versus So much actual how in

Operator

Bednar Our Piper comes next of the from with Sandler. question line Jason

Jason Bednar

maybe player we Definitely XX% gains the hard wanted maybe making much characterize exiting benefits and sound view just DTC of market the I with yourself? you're year, how follow-up would as down. of break the guess, I more where to Byte. the think a of the growth from to a share versus were here. maybe macro maybe than maybe half versus you second last healthier in start on bullish But [indiscernible] I other

growth that maybe your outlook to understand we what's think versus trying sustainable XX% what's attributable Just in to as to beyond here actions about XXXX? own what's exogenous try really

Glenn Coleman

is have that place I over think coming dynamics of growth months. last the the taken majority of the couple the competitive from

more than that of certainly, growth. So half

Jason Bednar

Glenn, in Okay. this you lot And you're investments I -- making still guess, though. of category a

as still above this sound then you, in still think side -- XD guess had earlier necessarily thought separate not dependency, of macro we think follow-up, I higher? printing. the more you sustainability happen, I little still And but I would you we growth, beyond a do So about more [indiscernible] some this well bullish the be leg know a but for XXXX? XX% a company-wide we questions look about on can mean, growth confident just How agree Primeprint on before has I resin as or uptake to you much really on progress can

Glenn Coleman

Yes.

to have forward to healthy expect Byte would we going beyond XXXX. continue think growth I

Andreas, be to plus, faster-growing comment, I'm portfolio So it's but certainly, be of beyond to you say not going to the XX% it's even going on XD part our a going printer? XXXX. can Maybe

Andreas Frank

despite drive into that's We're tap on opportunity Jason. itself. the that profitable is the net opportunity all well we're Byte as moment, itself. an to investments able platform. that Before demonstrated We going of get presented that's to assumption presenting so, opportunity staying not for performance a We're getting year we're forward to the the do income presenting on has the we're ours looking That just itself. last I to making -- get inherent looking of Byte

Simon Campion

the equipment, us there. printing what of terms gives resins confidence and -- the In the

of integrating would is where to our sort customer and solution of materials that's sort the that printing early the in of grow where you our adopter here So of also a to sort right? technology workflows dentures looking this sort a positioned, market usual with I impressions, segment sort a shift solution and office of connected we're see our safe for more and an to think for and the and their is drill of workflow guides, that focused very printed office, we're other looking in secure our that's is from Primeprint and moving spins, segment, and Primeprint. applicable applications

Operator

from Petusky Barrington with line Michael Research. question comes of last the Our

Michael Petusky

talk it have impact may your any missed I how guys that? this, but issues that any if Did quarter? not, mentioned. or Is don't about quantification think was about possibly about I may talk impacted Shine's fourth there you talk of you have can

Glenn Coleman

conservatism I in we Yes. QX. that just we've impact. our built some mentioned that didn't have haven't No, anything say would from incident. around guidance really into back We impact any significant

but coming So of improvements you obviously, there other dealers. have saw was some from dynamics orders we where in also impact, some

business, say our that's and we're about that. to for So minimal going impact, all

Michael Petusky

of I then a rate, ramp quick we I'm about the kit on which Byte, to today. follow expect impression to follow-up orders some through. it. the say, the that point And when though, is also and conversion just great popular hey, you the starting improve data hear assuming,

Is that evidence yet You that. haven't seen fair? of

Glenn Coleman

That's fair.

conversion what we've rates pretty seen couple last from are consistent of in the quarters. Our

So though, is that's up, Byte it have we rates that's if potentially correct. successful, do help tick Plus yet. seen that conversion but believe, I our could not and model, our hybrid

Operator

would session. remarks. to turn concludes conference closing back this question-and-answer now like today's Campion for the to And Simon I

Simon Campion

Thank you. you, operator. Thank

joining for to today's thanks you call. So all

I some to we all points. like Before leave would close, key you with

we industries. are Firstly, positioned well attractive in

Continence that such do have enabled connected. portfolio strategy objectives by Implants, areas is as and on and Core DS largest focus our brands than XX% Aligners, more high-growth digitally strategic have Care. that We digitalization leading We dental the end-to-end

work to place. clear path have And more profitable growth. a accelerate transformation our and there Secondly, we do is ahead, while is actionable taking

We expect for be inflection profitability EPS that will year an improved XXXX and adjusted growth.

we term. durable, sustainable capitalize as value we and Thirdly, building new opportunities external the conviction we the business right challenges forward. meaningful to with that's are path on market are We positioned our long that to on over deliver navigate remain a move better

Annual to XX to his Dentsply years thanks company announced for Directors already today, all would we to I to years the following As intent and seen best as the and many the Eric like Brandt's Chairman a Director for of wish endeavors. also years. have served express may of in services sincere his nearly of X our him retire future earlier Sirona Meeting. Eric you from for Board May as Eric has a

of in have to business their them extend would commitment best And our program future employees gratitude the very endeavors. behalf our our like we restructuring our Thank their to finally, and want wish especially our employees I to process. transformation for all express who on by appreciation team, and been to to you. impacted the tenacious ongoing management the those and

Operator

you concludes This participating. call. conference Thank today's for

may now You disconnect.

DENTSPLY SIRONA (XRAY) 29 Feb 242023 Q4 Earnings call transcript