Archer-Daniels-Midland Co (ADM) 2023 Q2 法說會逐字稿

Good morning, and welcome to the ADM Second Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded. I'd now like to introduce your host for today's call, Megan Britt, Vice President, Investor Relations for ADM. Ms. Britt, you may begin.

早上好，歡迎參加 ADM 2023 年第二季度收益電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄音。現在我想介紹一下今天電話會議的主持人，ADM 投資者關係副總裁梅根·布里特 (Megan Britt)。布里特女士，您可以開始了。

Thank you, Alex. Hello, and welcome to the second quarter earnings webcast for ADM. Starting tomorrow, a replay of this webcast will be available on our Investor Relations website. Please turn to Slide 2.

謝謝你，亞歷克斯。您好，歡迎收看 ADM 第二季度收益網絡廣播。從明天開始，我們的投資者關係網站將提供該網絡廣播的重播。請翻到幻燈片 2。

Some of our comments and materials may constitute forward-looking statements that reflect management's current views and estimates of future economic circumstances, industry conditions, company performance and financial results. These statements and materials are based on many assumptions and factors that are subject to risks and uncertainties. ADM has provided additional information in its reports on file with the SEC concerning assumptions and factors that could cause actual results to differ materially from those in this presentation.

我們的一些評論和材料可能構成前瞻性陳述，反映管理層對未來經濟形勢、行業狀況、公司業績和財務業績的當前看法和估計。這些陳述和材料基於許多存在風險和不確定性的假設和因素。 ADM 在向 SEC 提交的報告中提供了有關可能導致實際結果與本演示文稿中的結果存在重大差異的假設和因素的更多信息。

To the extent permitted under applicable law, ADM assumes no obligation to update any forward-looking statements as a result of new information or future events.

在適用法律允許的範圍內，ADM 不承擔因新信息或未來事件而更新任何前瞻性陳述的義務。

On today's webcast, our Chairman and Chief Executive Officer, Juan Luciano, will discuss our second quarter results, share progress highlights on our first half accomplishments and provide perspective on our outlook for the second half. Our Chief Financial Officer, Vikram Luthar, will review segment level performance for the quarter and first half and provide an update on our cash generation and capital allocation actions. Juan will have some closing remarks, and then me and Vikram will take your questions. Please turn to Slide 3. I'll now turn the call over to Juan.

在今天的網絡廣播中，我們的董事長兼首席執行官胡安·盧西亞諾將討論我們第二季度的業績，分享我們上半年成就的進展亮點，並提供我們對下半年前景的看法。我們的首席財務官 Vikram Luthar 將審查本季度和上半年的部門績效，並提供有關我們現金生成和資本配置行動的最新信息。胡安將做一些總結髮言，然後我和維克拉姆將回答你們的問題。請翻到幻燈片 3。我現在將把電話轉給 Juan。

Thank you, Megan, and thanks to those who have joined us for today's call. Today, ADM reported second quarter adjusted earnings per share of $1.89 with an adjusted segment operating profit of $1.6 billion. Combined with first quarter results, this equates to a first half adjusted earnings per share of $3.98 and an adjusted operating profit of $3.4 billion. Our trailing 4 quarter average adjusted ROIC was 13.8%.

謝謝梅根，也感謝那些參加今天電話會議的人。今天，ADM 報告第二季度調整後每股收益為 1.89 美元，調整後部門營業利潤為 16 億美元。與第一季度業績相結合，這相當於上半年調整後每股收益為 3.98 美元，調整後營業利潤為 34 億美元。我們過去 4 個季度的平均調整後投資回報率為 13.8%。

The first half of 2023 has probably unfolded as we expected, and our financial performance nearly replicates the record results from the first half of last year, even as we face a more challenging macroeconomic and demand environment to start the year.

2023 年上半年的情況可能正如我們預期的那樣，儘管我們在年初面臨著更具挑戰性的宏觀經濟和需求環境，但我們的財務業績幾乎複製了去年上半年的創紀錄業績。

Through active positioning, strong margin management and leveraging our geographically diverse end-to-end supply chain network, we maintain our earnings power and a strong ROIC performance bolstered by key strategic accomplishments across the enterprise.

通過積極的定位、強有力的利潤管理以及利用我們分佈廣泛的端到端供應鍊網絡，我​​們在整個企業的關鍵戰略成就的支持下保持了盈利能力和強勁的投資回報率表現。

Please turn to Slide 4. Let me highlight just a few across the business. In Ag Services & Oilseeds, our team leverage past investments in port capabilities to produce record origination volumes out of our Brazilian facilities, expanded our regenerative agriculture partnerships and leverage our ability to flex crush capacity to capitalize on higher canola crush margins.

請翻到幻燈片 4。讓我重點介紹整個行業的幾個例子。在農業服務和油籽領域，我們的團隊利用過去對港口能力的投資，從我們的巴西設施生產創紀錄的原產地量，擴大了我們的再生農業合作夥伴關係，並利用我們靈活壓榨能力的能力來利用更高的油菜壓榨利潤。

In the latter instance, we flexed more than 300,000 tons of capacity and captured an additional $40 per metric ton of margin.

在後一種情況下，我們靈活運用了超過 300,000 噸的產能，並獲得了每噸 40 美元的額外利潤。

In Carbohydrate Solutions, strategic investments in optimization and modernization allowed our team to manage increased demand for liquid sweeteners, drive growth in BioSolutions revenue and operating profit and produced record results in our milling and international corn businesses.

在碳水化合物解決方案中，優化和現代化方面的戰略投資使我們的團隊能夠管理對液體甜味劑不斷增長的需求，推動生物解決方案收入和營業利潤的增長，並在我們的製粉和國際玉米業務中取得創紀錄的業績。

In Nutrition, our unique go-to-market strategy continues to drive a larger sales pipeline and deliver double-digit growth in the Flavors business, thanks to an impressive performance in EMEA and new wins in North America. When you combine all of these aspects across ADM's full business portfolio, it's clear how we are able to convert challenges in one geography, product or business segment into value drivers in another.

在營養品領域，我們獨特的市場進入策略繼續推動更大的銷售渠道，並在口味業務中實現兩位數的增長，這得益於在歐洲、中東和非洲地區的令人印象深刻的業績以及在北美的新勝利。當您將 ADM 整個業務組合中的所有這些方面結合起來時，我們就很清楚我們如何能夠將一個地區、產品或業務部門的挑戰轉化為另一個地區、產品或業務部門的價值驅動因素。

Next slide, please. Let's review the factors that we see as important drivers for a strong second half finish in 2023. We expect continued strength in Brazil origination for the remainder of the year. Our past strategic investments in port facilities in Brazil, optimize origination network and deep connection to our global trade and destination marketing teams will allow us to export strong volumes, capitalizing on the record Brazilian soybean and corn crops.

請下一張幻燈片。讓我們回顧一下我們認為 2023 年下半年表現強勁的重要驅動因素。我們預計巴西原產地在今年剩餘時間內將繼續保持強勢。我們過去對巴西港口設施的戰略投資、優化的始發網絡以及與我們的全球貿易和目的地營銷團隊的深入聯繫將使我們能夠利用創紀錄的巴西大豆和玉米作物出口大量產品。

Biofuels demand continues to remain strong. Through the first half of the year, we saw robust margins from biodiesel, strong demand for ethanol and an increasing demand for vegetable oil from renewable green diesel and we expect these trends to continue in the second half.

生物燃料需求繼續保持強勁。今年上半年，我們看到生物柴油的強勁利潤、對乙醇的強勁需求以及可再生綠色柴油對植物油的需求不斷增加，我們預計這些趨勢將在下半年繼續。

Our Spiritwood, North Dakota processing facilities is scheduled to start up in Q4, adding 1.5 million metric tons of annual soy crush capacity to our portfolio and producing low carbon intensity soybean oil for our JV partner Marathon's nearby renewable diesel facility. Projects like this will support growing demand for renewable diesel and sustainable aviation fuel throughout the industry.

我們位於北達科他州的 Spiritwood 加工設施計劃於第四季度啟動，為我們的投資組合增加每年 150 萬噸大豆壓榨產能，並為我們的合資夥伴 Marathon 附近的可再生柴油設施生產低碳強度大豆油。此類項目將支持整個行業對可再生柴油和可持續航空燃料不斷增長的需求。

We also see continued resilience in food demand for core products. We expect the continued solid margin and volume environment for sweeteners, starches and flavors. We are beginning to convert our pipeline of wins in Human Nutrition into operating profit. Where there are some factors that have hindered growth in the portfolio, we believe positive momentum from Flavors is a predictor of a healthy rebound.

我們還看到核心產品的糧食需求持續強勁。我們預計甜味劑、澱粉和香料將繼續保持穩健的利潤和銷量環境。我們開始將人類營養領域的勝利轉化為營業利潤。如果存在一些阻礙投資組合增長的因素，我們認為調味品的積極勢頭預示著健康反彈。

We also see continued commodity market dislocations in the second half. ADM has the unique ability to execute with agility in a dynamic environment. Our team utilizes our unparalleled global asset footprint and end-to-end supply chain to adapt to evolving market conditions and meet global food security needs while driving strong returns.

我們還看到下半年大宗商品市場持續混亂。 ADM 具有在動態環境中敏捷執行的獨特能力。我們的團隊利用我們無與倫比的全球資產足跡和端到端供應鏈來適應不斷變化的市場條件並滿足全球糧食安全需求，同時帶來豐厚的回報。

Lastly, our balance sheet remains healthy, and we are flexing it toward organic investments and opportunistic share buybacks. We continue to deploy capital to drive organic productivity and innovation-oriented programs such as Spiritwood, Valencia and Marshall as well as invest in our plant automation efforts and our broad decarbonization initiatives. And our $1 billion in share repurchases in the first half highlights our confidence in the strong cash generation and growth potential of our company.

最後，我們的資產負債表仍然健康，我們正在將其轉向有機投資和機會主義股票回購。我們繼續部署資本來推動有機生產力和以創新為導向的計劃，例如 Spiritwood、Valencia 和 Marshall，並投資於我們的工廠自動化工作和廣泛的脫碳計劃。我們上半年 10 億美元的股票回購凸顯了我們對公司強勁的現金產生和增長潛力的信心。

As we look at the back half of the year, we intend to continue our share repurchase program. We feel that these factors are fundamental drivers of our strong second half performance. I am proud of how our team has delivered halfway through the year and even more excited about the opportunities presented in the second half and what our team can deliver. Taking collectively, we are raising our earnings expectations for full year 2023. With that, let me turn it over to Vikram, who will go into more detail on the results of operations. Vikram?

展望今年下半年，我們打算繼續我們的股票回購計劃。我們認為這些因素是我們下半年表現強勁的根本驅動力。我對我們的團隊在今年上半年的表現感到自豪，更對下半年出現的機會以及我們的團隊能夠提供的成果感到更加興奮。總的來說，我們正在提高 2023 年全年的盈利預期。接下來，讓我將其交給 Vikram，他將更詳細地介紹運營結果。維克拉姆？

Thank you, Juan. Please turn to Slide 6. The Ag Services and Oilseeds team continues to deliver exceptional results in a dynamic environment, leading to an extremely strong performance in the first half of 2023, surpassing the outstanding first half of the prior year.

謝謝你，胡安。請參閱幻燈片 6。農業服務和油籽團隊在充滿活力的環境中繼續取得卓越成果，在 2023 年上半年取得了極其強勁的業績，超過了去年上半年的出色表現。

Q2 results were strong, but slightly below the prior year period. Ag Services results were in line with the strong second quarter of 2022. South American origination results were higher year-over-year as the team delivered record volumes and higher margins on strong export demand, leveraging our strategic investments to expand port capacity to capitalize on the record resilient soybean crop.

第二季度業績強勁，但略低於去年同期。農業服務業績與 2022 年第二季度的強勁表現一致。南美始發業績同比增長，因為該團隊利用我們的戰略投資擴大港口容量，在強勁的出口需求下實現了創紀錄的產量和更高的利潤創紀錄的彈性大豆作物。

Results for North America origination was slightly lower year-over-year, driven by lower export volumes due to large South America suppliers. Our execution in destination marketing as well as effective risk management continue to deliver strong global trade results, though lower than the record quarter last year.

由於南美大型供應商的出口量下降，北美原產地的業績同比略有下降。我們在目的地營銷方面的執行以及有效的風險管理繼續帶來強勁的全球貿易業績，儘管低於去年創紀錄的季度。

In our Crushing subsegment, results were much lower than the record result from the second quarter last year. Global soy crush margins remained strong but were lower year-over-year in all regions due to softer demand for both meal and oil and a tight U.S. soybean carryout. This was partially offset by strong softseed margins and higher volumes supported by a strong Canadian canola crop and use of our flex capacity in EMEA.

在我們的破碎細分市場中，業績遠低於去年第二季度的創紀錄業績。全球大豆壓榨利潤率依然強勁，但由於豆粕和豆油需求疲軟以及美國大豆結轉緊張，所有地區的大豆壓榨利潤率均同比下降。這部分被強勁的軟籽利潤率和強勁的加拿大油菜籽產量以及我們在歐洲、中東和非洲地區靈活產能的支持所支撐的銷量增加所抵消。

Additionally, there were approximately $195 million of negative mark-to-market timing effects in the current quarter that are expected to reverse as the contracts execute in future periods.

此外，本季度大約有 1.95 億美元的按市值計價的負面時間效應，預計隨著未來合同的執行，這種效應將得到扭轉。

Refined products and other results were significantly higher than the prior year period, achieving a record second quarter. North America results were higher, driven by strong food oil demand and improved biodiesel volumes. In EMEA, strong export demand for biodiesel and domestic food oil demand supported stronger margins. Additionally, there were approximately $90 million of positive mark-to-market timing effects in the current quarter that are expected to reverse as the contracts execute in future periods.

成品油等業績顯著高於去年同期，第二季度創歷史新高。受強勁的食用油需求和生物柴油產量增加的推動，北美地區的業績較高。在歐洲、中東和非洲地區，生物柴油的強勁出口需求和國內食用油需求支撐了更高的利潤率。此外，本季度大約有 9000 萬美元的按市價計價的正向時間效應，預計隨著未來合同的執行，這種效應將會逆轉。

Equity earnings from Wilmar were lower versus the second quarter of 2022. Looking ahead for the third quarter, we anticipate solid results in Ag Services & Oilseeds. We expect strong demand for grain exports to be heavily weighted towards South America and our Brazilian origination footprint. We anticipate strong volumes and margins for soy and canola crush based on the tight Argentine crop and improving demand outlook for meal and oil.

與 2022 年第二季度相比，豐益國際的股票收益較低。展望第三季度，我們預計農業服務和油籽業務將取得穩健的業績。我們預計，對穀物出口的強勁需求將主要集中在南美和我們的巴西原產地。由於阿根廷收成緊張以及豆粕和油的需求前景改善，我們預計大豆和油菜籽壓榨量和利潤將強勁。

We expect RPO to perform well but have significant reversals of timing impacts from the second quarter, leading to lower net execution margins.

我們預計 RPO 將表現良好，但與第二季度相比，時間影響會出現重大逆轉，導致淨執行利潤率下降。

Slide 7, please. Carbohydrate Solutions delivered strong results in Q2, but lower than the record second quarter of last year. The Starches and Sweeteners subsegment, including ethanol production from our wet mills, capitalized on a solid demand environment during the quarter. North America Starches and Sweeteners delivered volumes and margins similar to the prior years, and ethanol margins were solid as industry stocks moderated but lower relative to the prior year. Q2 results were negatively impacted due to unplanned downtime at one of our corn germ plants.

請幻燈片 7。碳水化合物解決方案在第二季度取得了強勁的業績，但低於去年第二季度創紀錄的水平。澱粉和甜味劑細分市場，包括濕磨廠的乙醇生產，利用了本季度強勁的需求環境。北美澱粉和甜味劑的銷量和利潤與前幾年相似，乙醇利潤穩定，因為行業庫存有所放緩，但相對於前一年有所下降。由於我們的一家玉米胚芽工廠計劃外停機，第二季度的業績受到了負面影響。

In EMEA, the team effectively managed margins to deliver improved results. The global wheat milling business posted higher margins, supported by steady customer demand. BioSolutions continued on its excellent growth trajectory with 22% revenue growth year-over-year. Vantage Corn Processors results were lower due to lower year-over-year ethanol margins. The prior year period also includes a onetime $50 million benefit from the USDA biofuel producer recovery program.

在歐洲、中東和非洲地區，該團隊有效地管理了利潤，以實現更好的業績。在客戶需求穩定的支撐下，全球小麥加工業務利潤率上升。 BioSolutions 繼續保持其出色的增長軌跡，收入同比增長 22%。由於乙醇利潤率同比下降，Vantage Corn Processors 業績較低。上一年期間還包括美國農業部生物燃料生產商恢復計劃一次性提供的 5000 萬美元收益。

We continue to make progress on our initiatives to decarbonize the Carbohydrate Solutions footprint including our definitive agreement with Tallgrass to sequester carbon from our Columbus, Nebraska facility and continued progress on decarbonizing our decade complex through additional carbon capture and sequestration wells as well as ultra low-carbon intensity, electricity and steam generation. These are key steps in enabling us to produce low CI feedstocks for use in many applications for our major CPG customers and underpinning our growth opportunities, such as SAS, BioSolutions and our lactic acid polylactic acid joint venture with LG Chem.

我們在碳水化合物解決方案足跡脫碳舉措方面繼續取得進展，包括與 Tallgrass 就從我們內布拉斯加州哥倫布工廠封存碳的最終協議，以及通過額外的碳捕獲和封存井以及超低碳排放，在我們的十年綜合體脫碳方面繼續取得進展。碳強度、電力和蒸汽發電。這些關鍵步驟使我們能夠生產低 CI 原料，用於我們的主要 CPG 客戶的許多應用，並支撐我們的增長機會，例如 SAS、BioSolutions 以及我們與 LG Chem 的乳酸聚乳酸合資企業。

Looking ahead for the third quarter, we expect continued steady demand in margins for our starches, sweeteners and wheat flavor products. Ethanol margins are also expected to remain solid.

展望第三季度，我們預計澱粉、甜味劑和小麥風味產品的利潤需求將持續穩定。預計乙醇利潤率也將保持穩定。

On Slide 8, Nutrition results were significantly lower than the prior year's record quarter. Human Nutrition results were slightly up year-over-year on a constant currency basis. Our Flavors business posted record results in Q2, growing revenues and EBITDA margins due to improved mix and pricing in EMEA as well as improving demand in North America. Flavors will be a significant growth engine for Human Nutrition for the remainder of the year and will act as a pace setter for the rest of our portfolio. Customer innovation in beverage is beginning to accelerate, and our value proposition is driving our sales pipeline to its largest ever.

在幻燈片 8 上，營養結果顯著低於去年創紀錄的季度。按固定匯率計算，人類營養結果同比略有上升。我們的調味品業務在第二季度取得了創紀錄的業績，由於歐洲、中東和非洲地區產品組合和定價的改善以及北美需求的改善，收入和 EBITDA 利潤率不斷增長。在今年剩餘時間內，食用香精將成為人類營養品的重要增長引擎，並將成為我們其他產品組合的引領者。飲料領域的客戶創新開始加速，我們的價值主張正在推動我們的銷售渠道達到有史以來最大的水平。

Growth in Flavors was offset by lower year-over-year results in Specialty Ingredients. While there has been softening of demand for plant-based proteins, particularly for the alternative meat space, other categories like alternative dairy, snacks and baked goods as well as specialized nutrition are providing growth opportunities. Although still a small OP contributor, Health and Wellness is seeing demand recovery in probiotics and is benefiting from geographic expansion opportunities offered through ADM's global footprint and customer relationships.

風味劑的增長被特種配料同比下降的業績所抵消。雖然對植物蛋白的需求有所減弱，特別是替代肉類領域，但替代乳製品、零食和烘焙食品以及專門營養品等其他類別正在提供增長機會。儘管健康與保健仍是 OP 的一小部分貢獻者，但 Health and Wellness 看到了益生菌的需求復蘇，並受益於 ADM 的全球足跡和客戶關係提供的地域擴張機會。

Our largest challenge in 2023 has been in the Animal Nutrition business were significantly lower amino acid margins and softer global feed demand has affected volumes driving much lower results. Over the past several months, we have made important adjustments to align the business to this environment, including simplifying our brands and go-to-market strategy, consolidating facilities and optimizing our footprint, rightsizing the workforce in association with these changes and aligning the reporting structure to enhance synergies.

我們 2023 年面臨的最大挑戰是動物營養業務，氨基酸利潤率大幅下降，而全球飼料需求疲軟影響了銷量，導致業績大幅下降。在過去的幾個月裡，我們做出了重要調整，以使業務適應這種環境，包括簡化我們的品牌和進入市場戰略、整合設施和優化我們的足跡、根據這些變化調整員工規模以及調整報告結構，增強協同效應。

We are also refocusing our efforts to increase offerings in the higher-margin specialty feed and ingredients areas. We believe these actions will lead to improved commercial and operational performance, supporting profitable growth when market fundamentals improve.

我們還重新集中精力，增加利潤率較高的特種飼料和原料領域的產品供應。我們相信這些行動將改善商業和運營績效，並在市場基本面改善時支持盈利增長。

When looking at Nutrition as a whole, we now expect 2023 results to be similar to the prior years as we expect growth in Human Nutrition to be offset by lower results in Animal Nutrition. However, given the increase in customer innovation we've seen in our Flavors business and our recent wins in pipeline growth across Human Nutrition, as well as the actions we are taking in Animal Nutrition, we remain confident about the future outlook and growth prospects for Nutrition.

從整體營養角度來看，我們現在預計 2023 年的結果將與前幾年相似，因為我們預計人類營養的增長將被動物營養的較低結果所抵消。然而，鑑於我們在調味品業務中看到的客戶創新的增加以及我們最近在人類營養領域管道增長方面取得的勝利，以及我們在動物營養領域採取的行動，我們對未來的前景和增長前景仍然充滿信心營養。

Slide 9, please. Other business results were significantly higher than the prior year quarter due to improved ADM investor services earnings on higher net interest income. Captive insurance improved on premiums from new programs, partially offset by increased claim settlements. In corporate results, net interest expense for the quarter increased year-over-year, primarily on higher short-term interest rates. Unallocated corporate costs of $262 million was similar versus the prior year as lower health insurance costs were offset by increased global technology spend.

請幻燈片 9。由於淨利息收入增加，ADM 投資者服務收入有所改善，其他業務業績顯著高於去年同期。自保保險因新計劃而提高了保費，但部分被索賠和解的增加所抵消。在企業業績中，本季度的淨利息支出同比增加，主要是由於短期利率上升。未分配的企業成本為 2.62 億美元，與上一年持平，因為健康保險成本的下降被全球技術支出的增加所抵消。

Other corporate was unfavorable versus the prior year, primarily due to foreign currency hedges. We still project corporate costs to be approximately $1.5 billion for the year. The effective tax rate for the second quarter was -- of 2023 was approximately 18%, in line with the prior year. For the full year, we still expect our effective tax rate to be between 16% and 19%. Next slide, please.

其他企業的業績與上年相比不利，主要是由於外匯對沖。我們仍然預計今年的企業成本約為 15 億美元。 2023 年第二季度的有效稅率約為 18%，與上年持平。對於全年，我們仍然預計有效稅率在 16% 至 19% 之間。請下一張幻燈片。

Through the second quarter, we had strong operating cash flows before working capital of $2.5 billion. We allocated $600 million to capital expenditures as well as returned $1.5 billion to shareholders through share repurchases and dividends. We continue to have ample liquidity with nearly $13 billion of cash and available credit, and our leverage ratio is all low with an adjusted net debt-to-EBITDA ratio at 1.0x. Our strong balance sheet and credit ratings provide a stable financial footing for ADM to pursue our strategic growth initiatives while also returning capital to shareholders. We still anticipate $1.3 billion of capital expenditures in 2023.

整個第二季度，我們的運營資本前運營現金流強勁，達到 25 億美元。我們分配了 6 億美元用於資本支出，並通過股票回購和股息向股東返還 15 億美元。我們繼續擁有充足的流動性，擁有近 130 億美元的現金和可用信貸，而且我們的槓桿率很低，調整後的淨債務與 EBITDA 比率為 1.0 倍。我們強大的資產負債表和信用評級為 ADM 提供穩定的財務基礎，以實現我們的戰略增長計劃，同時向股東返還資本。我們仍預計 2023 年的資本支出為 13 億美元。

As Juan mentioned, we have already completed the $1 billion of share repurchases that we announced in January this year. We intend to continue our share repurchase program, subject to other strategic uses of capital. Based on our very strong first half, we are raising our full year earnings outlook to around $7 per share with potential for even more upside. Juan?

正如胡安提到的，我們已經完成了今年 1 月份宣布的 10 億美元的股票回購。我們打算繼續我們的股票回購計劃，但須視資本的其他戰略用途而定。基於我們上半年的強勁表現，我們將全年盈利預期上調至每股 7 美元左右，並有進一步上漲的潛力。胡安？

Thank you, Vikram. As we wrap up today's call, let me highlight a few opportunities that we're excited about as ADM continues to execute our strategic agenda, where we're seeing value generation today and have plans to accelerate.

謝謝你，維克拉姆。在我們結束今天的電話會議時，讓我強調一下 ADM 繼續執行我們的戰略議程時我們感到興奮的一些機會，我們今天看到了價值的產生，併計劃加速。

Let's start with digitization and automation. Our ongoing work to modernize and automate our operations is ramping up. Our 8 current implementations across North America and Europe are generating millions in run rate benefits. And we have 10 more starting in Q3 with the expectation of similar scalable benefits. Our 1ADM program is accelerating our decision-making and analytics capabilities across the company, helping us find faster path to productivity. With our HR systems now in place globally, our next milestone is bringing part of the Nutrition flavors business on board.

讓我們從數字化和自動化開始。我們正在進行的運營現代化和自動化工作正在加緊進行。我們目前在北美和歐洲實施的 8 個項目正在產生數百萬的運行率效益。從第三季度開始，我們還有 10 個項目，預計會帶來類似的可擴展效益。我們的 1ADM 計劃正在加速我們整個公司的決策和分析能力，幫助我們找到更快的生產力之路。隨著我們的人力資源系統現已在全球範圍內到位，我們的下一個里程碑是引入部分營養口味業務。

In LatAm, we have implemented technology to optimize trade and commercial processes while digitizing freight and logistics contracting. All of this is helping us reduce costs and make better, faster decisions to deliver value to ADM and our customers.

在拉丁美洲，我們實施了技術來優化貿易和商業流程，同時實現貨運和物流合同的數字化。所有這些都有助於我們降低成本並做出更好、更快的決策，為 ADM 和我們的客戶創造價值。

Sustainability and decarbonization have opened new avenues for growth across the enterprise while ensuring we are taking the necessary actions on our own footprint. Our STRIVE 35 program continues to deliver important progress, and our recent sustainability report shows our efforts in greenhouse gas emissions, waste reduction, no deforestation and crop traceability achieving targets ahead of plan.

可持續發展和脫碳為整個企業的增長開闢了新的途徑，同時確保我們在自己的足跡上採取必要的行動。我們的 STRIVE 35 計劃繼續取得重要進展，我們最近的可持續發展報告顯示了我們在溫室氣體排放、減少廢物、不砍伐森林和作物可追溯性方面所做的努力，提前實現了目標。

As we continue to support our most significant customers with carbon advantage crop sources, we recently announced regenerative Ag program targets of 2 million acres in 2023 with an additional 2 million acres by 2025. With the recent Tallgrass agreement and permit submissions, CO2 from ADM facilities in Nebraska, Iowa and Illinois is now targeted to be captured and stored safely and permanently underground within our expand indicator CCS well capacity. This helps decarbonize our customers' value chains and our own across important opportunity spaces like BioSolutions and sustainable aviation fuel. And we are continuing to invest in the next phase of innovation.

隨著我們繼續利用碳優勢作物來源為最重要的客戶提供支持，我們最近宣布了 2023 年再生農業計劃目標為 200 萬英畝，到 2025 年再增加 200 萬英畝。根據最近的 Tallgrass 協議和許可證提交，ADM 設施中的二氧化碳內布拉斯加州、愛荷華州和伊利諾伊州的目標是在我們擴大的 CCS 指標井容量範圍內安全、永久地捕獲和儲存。這有助於在生物解決方案和可持續航空燃料等重要機會領域實現客戶和我們自己的價值鏈脫碳。我們將繼續投資下一階段的創新。

Our new Decatur protein solution center is engaged in ADM's world-class science and technology capabilities to deliver on tomorrow's most important consumer nutrition trends. Collaboration between ADM and our ventures partners take us beyond today's alternative protein sources to help address critical areas of sustainability, wellness and affordability.

我們新的迪凱特蛋白質解決方案中心利用 ADM 的世界一流科技能力，以實現未來最重要的消費者營養趨勢。 ADM 與我們的企業合作夥伴之間的合作使我們超越了當今的替代蛋白質來源，幫助解決可持續發展、健康和可負擔性等關鍵領域的問題。

Leveraging our deep fermentation expertise and capacity is positioning us to scale the next generation of food, feed, fuel, fabrics and other industrial products with key partners. The combination of technology alongside global trends in sustainability, food security and well-being is transforming the food and agriculture industry at the fastest pace since the last century. And ADM is at the forefront of this transformation and connected growth opportunities, which give us even more confidence in our long-range growth plans.

利用我們深厚的發酵專業知識和能力，我們能夠與主要合作夥伴一起擴大下一代食品、飼料、燃料、織物和其他工業產品的規模。技術與可持續發展、糧食安全和福祉的全球趨勢相結合，正在以上世紀以來最快的速度改變糧食和農業行業。 ADM 處於這一轉型和互聯增長機會的最前沿，這讓我們對我們的長期增長計劃更有信心。

Thank you for your time today. Vikram and I look forward to your questions. Alex, please open the line.

感謝您今天抽出時間。維克拉姆和我期待您的提問。亞歷克斯，請接通電話。

(Operator Instructions) Our first question for today comes from Ben Theurer from Barclays.

（操作員說明）我們今天的第一個問題來自巴克萊銀行的 Ben Theurer。

So I'd like to -- just a general question on obviously, like the puts and takes. You're raising your guidance towards the higher end of what 6% to 7% was now around 7%. And obviously, you had a very strong first half, but then at the same time, you're looking for a little more softness in Nutrition. So maybe help us understand how you feel about just macro picture in general demand? What are the geopolitical assumptions that you have behind your outlook and how you feel about second half and then also beyond maybe into 2024 as it relates to general demand in an environment where we're in right now.

所以我想——顯然只是一個一般性問題，比如看漲期權和看跌期權。您正在將指導方針提高到 6% 至 7% 的上限，現在約為 7%。顯然，你的上半場表現非常強勁，但與此同時，你在營養方面尋求更多的柔軟度。那麼也許可以幫助我們了解您對一般需求中的宏觀圖片有何看法？您的前景背後有哪些地緣政治假設，以及您對下半年乃至 2024 年以後的看法，因為這與我們目前所處環境中的總體需求有關。

Sure, Ben. Yes, of course, first of all, we're very proud of the results we accomplished in the quarter and in the first half. And certainly, we are more confident about the environment ahead of us for ADM.

當然，本。是的，當然，首先，我們對本季度和上半年取得的成果感到非常自豪。當然，我們對 ADM 面臨的環境更有信心。

I would say -- let me highlight some of the reasons for that. Certainly, crush margins have started to pick up as we predicted before. They continue to get better. Both crush has been firmer and mill bases has been stronger and bean bases have dropped in the U.S. as we have anticipated. I think there is a shift in which the world needs more protein, then we need more mill, and we can cover for Argentina shortcomings this year. So that is happening as we predicted. And certainly, it's going to be very good for Q3 and Q4.

我想說——讓我強調一下其中的一些原因。當然，正如我們之前預測的那樣，壓榨利潤已經開始回升。他們繼續變得更好。正如我們預期的那樣，美國的壓榨更加堅挺，磨粉更加強勁，豆基也有所下降。我認為世界需要更多的蛋白質，然後我們需要更多的磨坊，我們可以彌補阿根廷今年的不足。所以這正如我們預測的那樣發生。當然，這對第三季度和第四季度來說將會非常好。

I think we're seeing these huge crops in Brazil. We see the Brazilian port congestion driving a lower interior basis and allowing us to procure cheaper grains, giving margins to those companies that have invested in the infrastructure to be able to capitalize on that, which we did, both in Santos and in Barcarena in Brazil. So that's playing very well for us.

我認為我們在巴西看到了巨大的農作物。我們看到巴西港口擁堵導致內陸基礎價格下降，使我們能夠採購更便宜的穀物，從而為那些投資基礎設施的公司提供利潤，以便能夠利用這一基礎設施，我們在巴西桑托斯和巴卡雷納都做到了這一點。所以這對我們來說非常好。

The last time we talked, ethanol inventories were around 25 million to 26 million barrels. Now we are at the end of June at about 22 million. There is -- we see a strong spot demand for ethanol and corn tough to buy. So that has made margins strengthen, and they are holding. So we are positive about ethanol margins continued in that regard. We continue to see this trend in biofuels and we have a strong book on biodiesel for the quarter. So we feel good about that.

上次我們談論時，乙醇庫存約為 2500 萬至 2600 萬桶。現在 6 月底的人數約為 2200 萬。我們看到乙醇和玉米的現貨需求強勁，難以購買。因此，這使得利潤率增強，並且他們正在持有。因此，我們對這方面的乙醇利潤率持續持樂觀態度。我們繼續看到生物燃料的這一趨勢，並且本季度我們有一本關於生物柴油的強大書籍。所以我們對此感覺良好。

We are seeing lower recession challenges and the U.S. consumer very resilient, and that's bringing resiliency in our core products for food demand. And we see that in carb solutions, whether it's sweeteners and starches or whether it's in milling. So as you highlighted, of course, and Vikram went deep into that, the issues in Nutrition, I would say we feel good about how our value proposition continues to resonate in flavors. Flavors is more beverage kind of business, if you will. The innovation happens a little bit faster there. So we see our pipeline continues to grow. That bodes very well for what we know the potential revenue is in 2024.

我們看到衰退挑戰減少，美國消費者非常有彈性，這給我們的核心產品帶來了食品需求的彈性。我們在碳水化合物解決方案中看到了這一點，無論是甜味劑和澱粉還是在研磨中。當然，正如您所強調的那樣，維克拉姆深入探討了營養方面的問題，我想說，我們對我們的價值主張如何繼續在口味中產生共鳴感到滿意。如果你願意的話，調味品更像是一種飲料業務。那裡的創新發生得更快一些。所以我們看到我們的管道繼續增長。這對於我們所知的 2024 年潛在收入來說是個好兆頭。

So again, we continue to align the company to these big 3 trends, food, security that with all the geopolitics and the weather makes ADM assets more valuable and gives us more margin in destination marketing services, for example. We see health and well-being, and that continues to show in all the flavors innovation that we're seeing with our customers. And we see the sustainability trend driving all these opportunities in decarbonization.

因此，我們繼續使公司適應食品、安全這三大趨勢，考慮到地緣政治和天氣因素，ADM 資產變得更有價值，並為我們在目的地營銷服務方面帶來更多利潤。我們看到健康和幸福，這繼續體現在我們為客戶提供的所有口味創新中。我們看到可持續發展趨勢推動了所有這些脫碳機會。

I would say we shouldn't forget when we mentioned this, that either in automation on decarbonization, we are at the early innings of multiyear progress for the industry and for ADM. So I think that we feel very good about '23 and we feel even better about the future.

我想說的是，當我們提到這一點時，我們不應該忘記，無論是在脫碳自動化方面，我們都處於行業和 ADM 多年進展的早期階段。所以我認為我們對 23 年感覺非常好，對未來感覺更好。

Our next question for today comes from Ben Bienvenu from Stephens.

今天我們的下一個問題來自 Stephens 的 Ben Bienvenu。

Follow up just on the Nutrition business and maybe to the extent that you can talk a little bit about the cadence as we move through the back half of the year. I appreciate the updated comments on overall results being flat year-over-year. But there's -- with Animal Nutrition expected to be down year-over-year, there's a pretty substantial ramp in the human side of things. Maybe if you could talk a little bit about the visibility that you have into that? And then to the extent you can parse between 3Q and 4Q as you see it today, that would be helpful.

僅關注營養業務，也許您可以談論一下我們下半年的節奏。我很欣賞關於總體業績同比持平的最新評論。但動物營養預計將逐年下降，而人類方面的增長卻相當可觀。也許您可以談談您對此的了解？然後，如果您能夠在今天看到的 3Q 和 4Q 之間進行解析，那將會很有幫助。

Yes, Ben. So I think let's just take a few minutes to talk about why our guide has gone from 10% growth to flat. Animal Nutrition cyclical weakness is persisting for longer than we anticipated. Consumers continue to trade down from higher value, more feed intensive to lower value, less feed intensive proteins. Reformulation to reduce feed cost is also impacting volumes. Plant-based proteins, particularly in the alternative meats continues to be softer than anticipated. The destocking actually is still continuing in that category. And the broader market growth has also moderated, which we had signaled before.

是的，本。因此，我認為讓我們花幾分鐘時間討論一下為什麼我們的指南從 10% 的增長變為持平。動物營養週期性疲軟的持續時間比我們預期的要長。消費者繼續從高價值、高飼料密集度的蛋白質轉向低價值、低飼料密集度的蛋白質。為降低飼料成本而進行的配方調整也影響了產量。植物性蛋白質，特別是替代肉類中的蛋白質，仍然比預期的更軟。該類別的去庫存實際上仍在繼續。正如我們之前所暗示的那樣，更廣泛的市場增長也有所放緩。

Third, the demand fulfillment challenges in Pet Solutions are taking longer than anticipated resolve. The delay was driven primarily by slower than anticipated integration of the recent small business acquisition that we made in North America. And if you remember, we had COVID, and that delayed also the integration. So we're working through that. But what are we doing? And that's important as you think about the back half as well as the future.

第三，寵物解決方案中的需求滿足挑戰需要比預期更長的時間才能解決。造成這一延遲的主要原因是我們最近在北美進行的小型企業收購的整合速度慢於預期。如果你還記得的話，我們有新冠病毒，這也延遲了整合。所以我們正在解決這個問題。但我們在做什麼？當你考慮後半段以及未來時，這一點很重要。

Flavors. Strong pipeline and win rates. We talked about the largest ever pipeline we've had. Flavors actually grew profits in the first half 9%, 20% in Q2. So that's a very good sign of the recovery we are seeing in parts of the Human Nutrition business. The other thing that's important to note, Flavors actually contributed almost 50% of the overall operating profit for Nutrition in the first half. So that's an important signal as you think about the future growth of Nutrition. Yes, that was primarily driven in the beverage category, but we see green shoots of opportunity in the food category as well.

口味。強大的渠道和獲勝率。我們討論了我們有史以來最大的管道。調味品業務上半年利潤實際增長了 9%，第二季度增長了 20%。因此，這是我們在部分人類營養業務中看到的複甦的一個非常好的跡象。另一件值得注意的事情是，上半年，調味品業務實際上貢獻了營養品業務整體營業利潤的近 50%。因此，當您考慮營養行業的未來增長時，這是一個重要信號。是的，這主要是由飲料類別推動的，但我們也看到食品類別中的機會萌芽。

In the SI side, we are leveraging our CD&D capabilities to accelerate penetration into some of the faster-growing categories. I mentioned alternative spaces. Alternative meat has been soft but alternative dairy and some of the other categories actually growing. And we are launching our Decatur protein innovation center in Q3.

在 SI 方面，我們正在利用我們的 CD&D 能力來加速滲透到一些增長較快的類別。我提到了替代空間。替代肉類一直疲軟，但替代乳製品和其他一些類別實際上正在增​​長。我們將於第三季度推出迪凱特蛋白質創新中心。

All that, given our CD&D capabilities allows us to pivot to categories that are growing. And that sometimes takes time. So we anticipate that recovery possibly to come in more in the 2024 time frame, less in the back half of this year.

所有這些，考慮到我們的 CD&D 能力，使我們能夠轉向不斷增長的類別。這有時需要時間。因此，我們預計 2024 年的複蘇可能會更多，而今年下半年的複蘇可能會更少。

In Animal Nutrition, we are taking actions to improve margins, cost and product and footprint rationalization to improve margins and also to drive profitable growth as the markets recover. So we feel good about the recovery as the market recovers. And in panel, what we are doing is looking at the specialty part of our Animal Nutrition portfolio to leverage our Human Nutrition, CD&D and go-to-market capabilities to be able to drive increased penetration there. On the Pet side, demand creation is going to take a little longer, possibly into the back half of this year and into 2024.

在動物營養領域，我們正在採取行動提高利潤、成本以及產品和足跡合理化，以提高利潤並隨著市場復甦推動利潤增長。因此，隨著市場的複蘇，我們對複蘇感到樂觀。在小組討論中，我們正在做的是研究動物營養產品組合的專業部分，以利用我們的人類營養、CD&D 和進入市場的能力來推動該領域滲透率的提高。在寵物方面，需求的創造將需要更長的時間，可能要到今年下半年到 2024 年。

But overall, we clearly see signs of recovery, and our forward outlook for Nutrition is still strong and robust in terms of growth. This year, given some of the challenges we faced, we expect it to be similar to last year. Juan, I don't know if you want to add some longer-term perspective.

但總體而言，我們清楚地看到了復甦的跡象，並且我們對營養的前景在增長方面仍然強勁且強勁。考慮到我們面臨的一些挑戰，我們預計今年將與去年類似。 Juan，我不知道你是否想補充一些更長遠的觀點。

Listen, Ben, as Vikram said, we continue to be very positive. We look at this -- remember, when we started the Nutrition business, which we're still trying to build into the best nutrition company in the world, we ask our team that we're going to measure them by 2 factors. One was growing faster than market and in markets where the customers are still moving and innovation is coming, like in Flavors, we've seen that we're growing faster than market. And you can see it by the double-digit growth that we have so far.

聽著，本，正如維克拉姆所說，我們仍然非常積極。我們著眼於這一點——記住，當我們開始營養業務時，我們仍在努力將其打造成世界上最好的營養公司，我們要求我們的團隊通過兩個因素來衡量它們。一是增長速度快於市場，而在客戶仍在流動且創新即將到來的市場中，例如在調味品領域，我們已經看到我們的增長速度快於市場。你可以從我們迄今為止的兩位數增長中看到這一點。

And then the other thing that we said was EBITDA margin on sales growing, and we grew EBITDA marginal sales in Flavors. So I think that in the others, I think Vikram has -- this industry is going through a difficult destocking year. And there has been some self-inflicted things like the integration of this small facility [in Pet]. So I think we're working through some of our growing pains as we build the portfolio. But I think the important thing is our innovation system, our value proposition to bring new recipes to customers faster than anybody else continues to outperform the industry and that we're seeing in the results. When customers have projects like in beverage and all that, we excel. When customers are flat or destocking, it takes a little longer. We still expect the trajectory to be similar in that regard.

然後我們說的另一件事是銷售的 EBITDA 利潤率不斷增長，我們在調味品領域的 EBITDA 邊際銷售額也有所增長。所以我認為，在其他行業，我認為維克拉姆——這個行業正在經歷艱難的去庫存年。還有一些自作自受的事情，比如這個小設施的整合[在寵物]。因此，我認為我們在構建產品組合時正在克服一些成長的煩惱。但我認為重要的是我們的創新體系，我們比其他任何人更快地為客戶提供新食譜的價值主張繼續優於行業，我們在結果中看到了這一點。當客戶有飲料等項目時，我們會表現出色。當客戶持平或去庫存時，需要的時間會長一些。我們仍然預計在這方面的軌跡是相似的。

Okay. Very good. My second question is on Starches and Sweeteners. You noted similar volumes and margins in the second quarter. You did have a plan that was down unexpectedly. Could you talk about the impact of that that's discrete to the second quarter? And then you point to solid margins for sweetener, starches and flavor in the back half of this year, would you expect -- would you characterize that more specifically as similar margins and volumes again? Or do you expect an improvement in the back half of the year?

好的。非常好。我的第二個問題是關於澱粉和甜味劑。您注意到第二季度的銷量和利潤率相似。你確實有一個計劃，但意外地失敗了。您能談談對第二季度的離散影響嗎？然後，您指出今年下半年甜味劑、澱粉和風味劑的利潤豐厚，您是否預計 - 您是否會再次將其更具體地描述為類似的利潤和銷量？或者您預計下半年會有改善嗎？

So Ben, let's talk about the germ crush facility outage. In April, we had an incident at one of our grain elevators at the West plant within ADM's processing complex Decatur. This negatively impacted the Carbohydrate Solutions Q2 results by a significant amount. Germ was actually sold into feed markets as our wet mills were slow to reduce the overall exposure to germ, lowering also ethanol production volumes at a time when ethanol margins were strong.

那麼，本，我們來談談細菌粉碎設施中斷的情況。 4 月份，我們位於 ADM 加工中心迪凱特西廠的一台穀物升降機發生了事故。這對碳水化合物解決方案第二季度的結果產生了很大的負面影響。胚芽實際上被賣到了飼料市場，因為我們的濕法工廠在減少胚芽的整體暴露方面進展緩慢，在乙醇利潤強勁的時候也降低了乙醇產量。

We anticipate this to come back in Q4. So yes, Q2 was impacted. I won't get into the specifics but the fact that it was significant enough for us to call it out means it was a meaningful number. But it is going to come back in Q4. So therefore, based on that, you can expect some seasonality, some shift from Q2 to Q4 as a consequence of that. But for the full year, we still remain very -- we -- the outlook for the full year still remains very strong. The sweeteners and starch and actually also the growth of milling volumes have been very resilient. We've seen some softening in the specialty side of the portfolio, but that's been more than offset by mix and margins.

我們預計這種情況會在第四季度恢復。所以，是的，第二季度受到了影響。我不會透露具體細節，但事實是它足夠重要，足以讓我們指出它，這意味著它是一個有意義的數字。但它將在第四季度回歸。因此，基於此，您可以預期會出現一些季節性，從而導致從第二季度到第四季度的一些轉變。但對於全年而言，我們仍然對全年的前景仍然非常強勁。甜味劑和澱粉以及實際上研磨量的增長都非常有彈性。我們看到投資組合的專業方面有所疲軟，但這已被產品組合和利潤所抵消。

So I'd say, overall, the outlook is solid. And yes, we did have a material impact, a significant impact due to the corn germ in Q2.

所以我想說，總體而言，前景是穩固的。是的，我們確實產生了實質性影響，由於第二季度的玉米胚芽而產生了重大影響。

Our next question comes from Tom Palmer of JPMorgan.

我們的下一個問題來自摩根大通的湯姆·帕爾默。

Perhaps we could just talk through the moving pieces as we migrate to the North America harvest. We've seen crush margins in the U.S. strengthen, especially in the past month or so. Looks like we've seen maybe just a little bit of a beginning in other regions of the world. I think often, when you see our weaker-than-expected supply coming out of the country, other regions of the world often benefit. And at least up to this point, and I know we're ahead of the harvest, we haven't seen that necessarily in margins. I mean, how do you guys think about as we think about the balance of the year, kind of regional expectations for crush progressing?

也許我們可以在遷移到北美收穫時討論一下移動的部分。我們看到美國的壓榨利潤有所增加，尤其是在過去一個月左右的時間裡。看起來我們在世界其他地區可能只是看到了一點點開始。我認為，當你看到我們的國內供應低於預期時，世界其他地區往往會受益。至少到目前為止，我知道我們已經提前收穫，但我們在利潤率方面還沒有看到這一點。我的意思是，當我們考慮今年的剩餘時間時，你們如何看待壓榨進展的區域期望？

Yes. Thank you, Tom. As I said before, I think that when you see the world needs more protein and certainly, we can see that given the Argentine gap, which is they produce probably 2025 million tons less soybeans and maybe the world was expecting them to produce, that's reallocating crush, reallocating crush to 2 places: reallocating crush to Brazil and reallocating crush to U.S. So of course, the time of that is different. And so we see that in the margins that we see for the U.S. coming into Q3 and then Q4.

是的。謝謝你，湯姆。正如我之前所說，我認為當你看到世界需要更多的蛋白質時，當然，我們可以看到考慮到阿根廷的差距，即他們的大豆產量可能減少了 2025 百萬噸，也許世界期望他們生產，這就是重新分配粉碎，將粉碎重新分配到兩個地方：將粉碎重新分配到巴西，將粉碎重新分配到美國，所以當然，時間是不同的。因此，我們在美國進入第三季度和第四季度時看到了這一點。

Demand continues to be strong for meal. There won't be so much protein that is not going to just be soybean meal, but there's going to be other types of protein feed, whether it's feed wheat and all that. So when you take that, combined with the increased demand from fuels, but also oils for food consumption. If we expect soybean oil demand to go up like 8%, it's like about 6% coming from food and maybe 2% coming from fuel. But my point is crush margins are supported from everywhere. Of course, as the world gets to try to cover for these soybeans, the margins will be where you are closer to the physical product to have access to the physical soybeans. And that's where ADM footprint and ADM combined with origination and global trade where we excel.

膳食需求持續強勁。不會有那麼多的蛋白質，不僅僅是豆粕，還會有其他類型的蛋白質飼料，無論是飼料小麥還是其他。因此，當你考慮到這一點，再加上燃料需求的增加，以及食品消費用油的需求增加。如果我們預計豆油需求將增長 8%，那麼大約 6% 來自食品，2% 來自燃料。但我的觀點是，壓榨利潤得到了各地的支持。當然，隨著世界開始嘗試覆蓋這些大豆，利潤將取決於您更接近實物產品以獲取實物大豆。這就是我們擅長的 ADM 足跡以及 ADM 與起源和全球貿易的結合。

So I think the team had a great first half, and they are expecting a great second half. And we don't see anything that can derail this for quite some time. I hope that provides some perspective.

所以我認為球隊上半場表現出色，他們也期待下半場表現出色。在相當長的一段時間內，我們沒有看到任何可以破壞這種情況的因素。我希望這能提供一些視角。

Our next question comes from Manav Gupta of UBS.

我們的下一個問題來自瑞銀集團的馬納夫·古普塔。

My quick question here is we are in the second phase where a number of new plants on the RD side will start up in the second half of this year including one of your partners, which is starting up a bigger plant on the West Coast. So I'm just trying to understand from the demand perspective of soya bean oil, do you expect a much stronger demand environment than what we saw in the first half of this year?

我的簡單問題是，我們正處於第二階段，研發方面的許多新工廠將在今年下半年啟動，其中包括您的合作夥伴之一，該合作夥伴正在西海岸啟動一家更大的工廠。所以我只是想從豆油的需求角度來了解，您預計需求環境會比我們今年上半年看到的更強勁嗎？

Yes, I think that we have all these plants that are coming that have been announced. And of course, we're looking all the time at the probability of those plants coming. Sometimes when you build in an industry, not everything comes at the right time. But as you said before, there are 2 or 3 large plants coming now in the second half, and that will continue to increase the demand. Of course, our plant in -- from our partner comes with our crush capacity as well that we're building, this 1.5 million tons per year. So -- but Manav, when we look at these we believe that, at the end of the day, that demand will come through. At the end of the day, we will have enough crush for soybean oil to participate being maybe 60% of the overall pool of feedstock needed. And we think that the industry will continue to grow, but we continue to need to attract other feedstocks for us to fulfill this potential.

是的，我認為我們已經宣布了所有即將到來的工廠。當然，我們一直在關注這些植物到來的可能性。有時，當你建立一個行業時，並不是所有事情都在正確的時間出現。但正如您之前所說，下半年將有兩三個大型工廠建成，這將繼續增加需求。當然，我們合作夥伴的工廠也具有我們正在建設的壓榨能力，每年 150 萬噸。所以，但是馬納夫，當我們看到這些時，我們相信，最終，這種需求將會實現。最終，我們將有足夠的壓榨量供豆油參與，可能佔所需原料總量的 60%。我們認為該行業將繼續增長，但我們仍然需要吸引其他原料來發揮這一潛力。

So the industry is going to get tight. You're going to need capacity, technology and capabilities, if you will, in order to deliver that, but that's the way you make progress, building a new industry and going through an energy transition. But that's very favorable for ADM. And I think that we're very pleased to bring in SpiritWood on time for the harvest, on budget. So we are very pleased the way the team has managed that implementation.

所以這個行業將會變得緊張。如果你願意的話，你將需要能力、技術和能力來實現這一目標，但這就是你取得進步、建立新行業和經歷能源轉型的方式。但這對 ADM 來說非常有利。我認為我們非常高興能夠在預算範圍內按時引進 SpiritWood 進行收穫。因此，我們對團隊管理實施的方式感到非常高興。

Our next question comes from Adam Samuelson of Goldman Sachs.

我們的下一個問題來自高盛的亞當·薩繆爾森。

So I guess my first question, maybe coming back to Nutrition. As I think about the revised outlook for the year, profit now flat. How should we think about the pathway '24, '25 and kind of the achievability of the prior 2025 target, I believe, $1.2 billion of OP in that segment? And maybe the split between human and animal within that, clearly animal has been more pressured than Human Nutrition. So just help me think about kind of -- as we think about the '23 targets, kind of where you are relative to what was implied in your plans to get to the 2025 goals?

所以我想我的第一個問題可能會回到營養問題。當我考慮修訂後的今年前景時，利潤現在持平。我們應該如何考慮“24”、“25”的路徑以及我認為 2025 年之前目標的可實現性，我認為，該領域的 OP 為 12 億美元？也許人類和動物之間的分歧，顯然動物比人類營養承受的壓力更大。因此，請幫我思考一下——當我們考慮“23 年目標”時，您相對於實現 2025 年目標的計劃中隱含的內容而言處於什麼位置？

Yes. So when we put the 2025 goals, let me go back on the comments I made before. When we look at our plans, we look at how do we grow faster than market and how do we implement projects and target applications to continue to grow EBITDA margin on sales. The 2 businesses, Animal Nutrition and Human Nutrition had different profiles and different goals in that regard. So when you see the final number is a combination of all those plans roll out.

是的。所以當我們制定2025年的目標時，讓我回顧一下我之前發表的評論。當我們審視我們的計劃時，我們會考慮如何比市場增長得更快，以及如何實施項目和目標應用以繼續提高 EBITDA 銷售利潤率。動物營養和人類營養這兩個業務在這方面有不同的概況和不同的目標。因此，當您看到最終數字時，您會看到所有這些計劃的組合。

In the Human Nutrition, margins are much higher and is continue to make it better and more stickier to customers as we develop better solutions. In Animal Nutrition was a margin up story since they were coming from lower margins. So when you think about our numbers are a combination of applying our growing faster than market and our EBITDA margin on sales to a market number. Of course, this industry, as you can see by ourselves and our competitors is having through tough times, whether it is because customers are either not innovating fast enough or destocking at this point in time and making sure they have their supply chains in order.

在人類營養領域，利潤率要高得多，並且隨著我們開發出更好的解決方案，利潤率將繼續變得更好、對客戶更具粘性。在動物營養領域，利潤率上升，因為它們的利潤率較低。因此，當您考慮我們的數字時，我們將我們的增長速度快於市場水平和我們的 EBITDA 銷售利潤率應用到市場數字中。當然，正如您從我們自己和我們的競爭對手身上看到的那樣，這個行業正在經歷艱難時期，無論是因為客戶創新速度不夠快，還是因為此時正在減少庫存並確保他們的供應鏈井然有序。

So to the extent that those projections are going to be reduced, our percentages of applied to those numbers will be a smaller number. So we haven't gone through that because, to be honest, we are looking at how do we address our current challenges. So we're not that worried about 2025 right now, we want to make sure we make all the adjustments that we need to make. And maybe as we talk about the adjustment, let me talk a little bit about Animal Nutrition. Animal Nutrition, as we become more into the business, if you will. We know there is a commodity part, and there is a specialty part. The specialty part matches very well with the -- what the playbook that we have in the human side. And that part is growing and we will continue to accelerate. And Vikram said before, we are repurposing resources to add more of that.

因此，如果這些預測將會減少，我們應用於這些數字的百分比將會較小。所以我們還沒有經歷過這個，因為說實話，我們正在研究如何應對當前的挑戰。因此，我們現在並不擔心 2025 年，我們希望確保做出所有需要的調整。也許當我們談論調整時，讓我談談動物營養。動物營養，如果你願意的話，我們會更加深入地進入這個行業。我們知道有商品部分，也有特殊部分。專業部分與我們在人性方面的劇本非常匹配。這部分正在增長，我們將繼續加速。維克拉姆之前說過，我們正在重新利用資源來增加更多的資源。

There is a commodity part of that, that at the beginning, when we put the 2 businesses together, we thought it was going to be a good way to open doors, if you will, for the innovation but they have different dynamics. And so we are looking at those different dynamics and how do we need to readjust either the capacities or some of the people associated with that and the intensity of resources in that part as the specialty part is not coming as fast as we thought. So we need to deal with the volatility of the commodity part while the specialty part is a little bit slower.

其中有一個商品部分，一開始，當我們將這兩個業務放在一起時，我們認為這將是打開創新之門的好方法，如果你願意的話，但它們有不同的動力。因此，我們正在研究這些不同的動態，以及我們需要如何重新調整與此相關的能力或一些人員以及該部分的資源強度，因為專業部分的發展速度並不像我們想像的那麼快。所以我們需要應對商品部分的波動性，而專業部分的波動要慢一些。

So as those things balance, we are adding productivity to the commodity part of animal, and we are adding more resources to the specialty part in animal and I think that we believe that, that will take us to, again, a growth rate into 2024 for those business. We're going through that. We will cover all that also, Adam in Investor Day as we will have developed more plants. But rest assured, we're very active in our interventions, and we're testing different options in order for us to manage this better.

因此，隨著這些因素的平衡，我們正在提高動物商品部分的生產力，並且我們正在向動物專業部分添加更多資源，我認為我們相信，這將使我們在 2024 年再次實現增長率對於那些業務。我們正在經歷這個過程。我們還將在投資者日介紹所有這些，亞當，因為我們將開發更多工廠。但請放心，我們的干預措施非常積極，並且正在測試不同的選項，以便更好地管理這一問題。

This is also sometimes difficult to characterize on something specific and apply it globally because we have operations in Southeast Asia. We have operations in Brazil. We have operations in Mexico and Europe, in the U.S. And all those things have to be put together and not all the dynamics in all those markets go perfectly aligned and synchronized. So that's why I think we need a little bit more granularity in December to be able to articulate that, which is a little bit more difficult to portray in a call without any numbers or slides.

有時也很難描述具體事物的特徵並將其應用於全球，因為我們在東南亞設有業務。我們在巴西設有業務。我們在墨西哥、歐洲、美國都有業務，所有這些都必須放在一起，而且並非所有這些市場的所有動態都完全一致和同步。因此，我認為我們需要在 12 月份更詳細地闡述這一點，因為在沒有任何數字或幻燈片的情況下，在電話會議中很難描述這一點。

Our next question comes from Andrew Strelzik from BMO.

我們的下一個問題來自 BMO 的 Andrew Strelzik。

I wanted to ask about your view on the Ag Services strength durability. It seems like we've got tighter global grain supplies than we maybe thought we were going to. Refined oils premiums that are out record. Crush margins, obviously, in the U.S. that are very strong. I know maybe Argentina comes back next year. But it doesn't feel like these are things that even though you guide for just '23 things that would end just because of the calendar flips. And so how long do you think the strength in Ag services can continue for? What I guess, maybe are the risks because it seems like the setup should extend. So curious for your perspective there.

我想問一下您對農業服務強度耐久性的看法。全球糧食供應似乎比我們想像的更為緊張。成品油溢價打破紀錄。顯然，美國的利潤率非常高。我知道也許阿根廷明年會回來。但即使你只指導了 23 件事，這些事情也不會因為日曆翻轉而結束。那麼您認為農業服務業的強勢還能持續多久？我想，也許是風險，因為似乎設置應該擴展。很好奇你的觀點。

Yes. Thank you, Andrew. We have had 2 great years of crops in Brazil, and we're probably going to have a strong crop in the U.S. Volumes are good for us. So we like when there are volumes. But of course, the world has become, as you said, more complicated place where is geopolitics and we can see, unfortunately, what is transpiring in the Black Sea or the weather that has become more violent and more volatile. So we go from a very dry La Nina that impacted a lot of locations around the world and then we may go into a more extreme El Nino, and you can see the temperature, record temperatures that we are dealing with right now.

是的。謝謝你，安德魯。我們在巴西經歷了兩年豐收，美國也可能會有豐收。產量對我們有利。所以我們喜歡有數量的時候。但當然，正如你所說，世界已經變得更加複雜，地緣政治也變得更加複雜，不幸的是，我們可以看到黑海正在發生的事情或天氣變得更加暴力和不穩定。因此，我們從影響世界各地許多地方的非常乾燥的拉尼娜現像開始，然後我們可能會進入更極端的厄爾尼諾現象，你可以看到我們現在正在處理的溫度，創紀錄的溫度。

So I would say all that volatility and all that uncertainty increases the value of our investments. When we invest more ports in Brazil, we see the leverage that, that has today. Of course, we're going to probably export a little bit less from the U.S. because we're going to export more from Brazil. And that probably is not going to offset each other perfectly. So maybe Ag Services earnings will be down a little bit based on that. But on the other hand, the big availability of crops in the U.S. will help our processing businesses.

所以我想說，所有的波動性和不確定性都會增加我們投資的價值。當我們在巴西投資更多港口時，我們看到了今天的槓桿作用。當然，我們從美國的出口可能會減少一點，因為我們將從巴西出口更多。這可能不會完美地相互抵消。因此，農業服務業的收入可能會因此而略有下降。但另一方面，美國豐富的農作物供應將有助於我們的加工業務。

If you look at the strength in oil is because soybean bases are lower as soybean mill bases have strengthened. So that's where we get the margin expansion. The world also is going into decarbonization, and that's affecting also the grain industry. The grain industry -- and we are leading that with our regeneration program in regen Ag, but more and more people want crops grow in a certain way. And the claims for deforestation limits are also increasing. So I would say you see a future in which maybe less land will be brought into production as we are climbing in the number of people in the world into 10 billion people.

如果你看一下石油的強勢，是因為大豆基地較低，因為大豆工廠基地已經走強。這就是我們實現利潤率擴張的地方。世界也正在走向脫碳，這也影響了糧食行業。糧食行業——我們通過 Regen Ag 的再生計劃引領這一行業，但越來越多的人希望農作物以某種方式生長。限制砍伐森林的要求也在增加。所以我想說，隨著世界人口數量攀升至 100 億，未來投入生產的土地可能會減少。

But it's not just the number of people. If you think about the protein consumption, the U.S. -- in the U.S., we consumed about 270 punds per year per capita of proteins. China is about 170. The world, on average, is a 100. So if the world was to get to the average of China, we need GBP 70 pounds per person per year. If we were to get to the level of the U.S., you can GBP 170. That's a huge amount of grain that needs to be produced in not an expanding significant amount of land. So there is a lot that we will have to go through. So you will continue to have, given the weather and the geopolitics, you continue to have pockets of tightness where our footprint in the world, all the plants that we've been blessed with and the ports and the logistic assets and our destination marketing people and our origination marketing people, they will be more valuable into the future, no doubt, as we try to secure food for the global population.

但這不僅僅是人數。如果你考慮一下美國的蛋白質消耗量，在美國，我們每年人均消耗約 270 磅蛋白質。中國大約是170。世界平均是100。因此，如果世界要達到中國的平均水平，我們每人每年需要70英鎊。如果我們要達到美國的水平，則需要 170 英鎊。這是需要在不擴大土地面積的情況下生產的大量糧食。因此，我們必須經歷很多事情。因此，考慮到天氣和地緣政治，我們在世界各地的足跡、我們擁有的所有工廠、港口、物流資產以及我們的目的地營銷人員將繼續面臨一些緊張的情況毫無疑問，當我們努力為全球人口確保糧食安全時，我們的原產地營銷人員將變得更有價值。

Our next question comes from Salvator Tiano from Bank of America.

我們的下一個問題來自美國銀行的薩爾瓦托·蒂亞諾。

On the crush margins, can you provide a little bit more color on why -- in setting aside, of course, Argentina, why Brazil and Europe, the margins have come down recently. And also now with the crush margin curve having gone up, at least the U.S. substantially, where do you stand in your forward hedging book for the balance of the year? And what's kind of your approach going forward?

關於壓榨利潤，您能否提供更多信息來解釋為什麼——當然，拋開阿根廷、巴西和歐洲的原因，利潤率最近有所下降。現在，隨著壓榨保證金曲線上升，至少在美國大幅上升，您在今年剩餘時間的遠期對沖賬簿中處於什麼位置？您未來的做法是什麼？

Okay. Yes, Salvator. So as you said, crush margins have weakened maybe in recent weeks to maybe $20 to $30 in Europe, especially this is a good transition through all to new crop in the U.S. and global oil basis maybe have weakened a little bit with firmer U.S. oil. We continue to bring biodiesel from there. So that continues to add value to the European businesses. But maybe the protein industry is a little bit weaker in Europe.

好的。是的，薩爾瓦托。因此，正如您所說，最近幾週歐洲的壓榨利潤可能已減弱至 20 至 30 美元，尤其是美國向新作物的良好過渡，而隨著美國石油走強，全球石油基差可能略有減弱。我們繼續從那裡進口生物柴油。因此，這將繼續為歐洲企業增加價值。但歐洲的蛋白質行業可能稍弱一些。

In Brazil, I think Brazil, if I have to say something, maybe Brazil is trying to figure out how to accommodate all the production of soybean and corn, that they have. So there are a lot of logistics challenges in Brazil. And I think that has made -- has pressure the beans basis country side. And soybean oil, I would say, is pressure in Brazil because of lack of domestic demand. Brazil is one of those places where you have export market, but you also have a domestic market. And I would say right now, domestic market, maybe for soybean oil is a little bit weak. And without the huge benefit that we have with the biofuels policies here in the U.S. and Brazil may be a little bit weaker.

在巴西，我認為巴西，如果我必須說些什麼的話，也許巴西正在試圖找出如何容納他們擁有的所有大豆和玉米的生產。因此巴西的物流面臨很多挑戰。我認為這已經給豆類基礎國家帶來了壓力。我想說，由於國內需求不足，豆油在巴西面臨壓力。巴西是擁有出口市場的地方之一，但也有國內市場。我想說，現在國內市場，豆油可能有點疲軟。如果沒有生物燃料政策帶來的巨大好處，美國和巴西的政策可能會稍弱一些。

But I would say, realistically, those are the 2 places that will pick up the slack that Argentina or the gap that Argentina left. So those are where the beans are. So we expect high crushing rates for both Brazil and the U.S.

但我想說，實際上，這兩個地方將填補阿根廷的空缺或阿根廷留下的空白。這些就是豆子所在的地方。因此，我們預計巴西和美國的破碎率都會很高。

Our final question for today comes from Steve Haynes of Morgan Stanley.

我們今天的最後一個問題來自摩根士丹利的史蒂夫·海恩斯。

Just maybe 2 quick ones on Nutrition. First, are you able to maybe put a dollar amount to the cost savings on the various kind of actions you're taking on the animal side of things in regards to kind of what's baked into the 2023 guide. And then secondly, could you just -- maybe just a quick -- a little bit more detail on what some of the inventory losses were on the Tech Solutions (inaudible).

也許只有 2 個關於營養的快速內容。首先，您能否將一美元用於您在動物方面採取的各種行動的成本節省，這些行動涉及 2023 年指南中的內容。其次，您能否——也許只是快速——更詳細地介紹一下技術解決方案的一些庫存損失（聽不清）。

Yes. So on the Animal Nutrition side, yes, we've taken a lot of the actions over the course of latter part of last year as well as ongoing this year. I'm not going to call out specific numbers, but I'll tell you the vast majority of those results should be realized in the back half of the year. So it's going to be obviously analyzed as you think about it. But -- so the full benefit would likely come in 2024. So you should see an uplift as a consequence of those actions coming on a full year basis in 2024, but you'll see a partial benefit clearly in 2023 as well.

是的。因此，在動物營養方面，是的，我們在去年下半年以及今年持續採取了很多行動。我不會說出具體數字，但我會告訴你，其中絕大多數成果應該在今年下半年實現。因此，當你思考時，顯然會對其進行分析。但是，全部收益可能會在 2024 年實現。因此，您應該會看到 2024 年全年這些行動帶來的結果有所提升，但您也會在 2023 年清楚地看到部分收益。

On the inventory losses related to Pet that we called out, it was, again, some of the acquired inventory as part of the integration of this facility that we had referenced, where we've had some integration challenges with the small business that we acquired in 2021. So it is related to some of that acquired inventory and some contamination that we saw. So that's -- it was it was material enough to Pet solutions. That's the reason we called it out, clearly not material from an overall ADM perspective.

關於我們指出的與寵物相關的庫存損失，這也是我們提到的作為該設施整合的一部分而獲得的一些庫存，我們在與我們收購的小型企業的整合中遇到了一些挑戰2021 年。所以這與我們看到的一些收購庫存和一些污染有關。所以，這對於 Pet 解決方案來說已經足夠重要了。這就是我們提出這一點的原因，從整體 ADM 的角度來看，這顯然並不重要。

Thank you. At this time, we currently have no further questions. So I'll hand back to Megan Britt for any further remarks.

謝謝。目前，我們沒有進一步的問題。因此，我將把進一步的意見交還給梅根·布里特。

Thank you for joining us today. Please feel free to follow up with me if you have any additional questions. Have a good day, and thanks for your time and interest in ADM.

感謝您今天加入我們。如果您還有任何其他問題，請隨時與我聯繫。祝您有美好的一天，感謝您的時間和對 ADM 的興趣。

Thank you for joining today's call. You may now disconnect your lines.

感謝您參加今天的電話會議。您現在可以斷開線路。