Archer-Daniels-Midland Co (ADM) 2024 Q4 法說會逐字稿

Good morning, and welcome to the ADM fourth quarter 2024 earnings conference call.

早上好，歡迎參加 ADM 2024 年第四季財報電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded.

（操作員指示）提醒一下，本次電話會議正在錄音。

I'd now like to introduce your host for today's call, Megan Britt, Vice President, Investor Relations for ADM.

現在我想介紹今天電話會議的主持人，ADM 投資者關係副總裁 Megan Britt。

Ms. Britt, you may begin.

布里特女士，您可以開始啦。

Welcome to the fourth quarter earnings conference call for ADM.

歡迎參加 ADM 第四季財報電話會議。

Our prepared remarks today will be led by Juan Luciano, Chair of the Board and Chief Executive Officer; and Monish Patolawala, our EVP and Chief Financial Officer.

我們今天的準備好的演講將由董事會主席兼執行長 Juan Luciano 主持；以及我們的執行副總裁兼財務長 Monish Patolalawala。

We have prepared presentation slides to supplement our remarks on the call today, which are posted on the Investor Relations section of the ADM website and through the link to our webcast.

我們準備了演示幻燈片來補充我們今天在電話會議上的發言，這些幻燈片發佈在 ADM 網站的投資者關係部分並透過我們的網路廣播連結發布。

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.

我們的一些評論和資料可能構成前瞻性陳述，反映管理層對未來經濟狀況、行業狀況、公司業績和財務結果的當前看法和估計。

These statements and materials are based on many assumptions and factors that are subject to numerous risks and uncertainties.

這些聲明和材料基於許多假設和因素，這些假設和因素受許多風險和不確定性的影響。

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 and the materials.

ADM 在其提交給美國證券交易委員會的報告中提供了有關可能導致實際結果與本簡報和資料中的結果大不相同的假設和因素的補充資訊。

Unless otherwise required by law, ADM assumes no obligation to update any forward-looking statements due to new information or future events.

除非法律另有要求，ADM 不承擔因新資訊或未來事件更新任何前瞻性聲明的義務。

In addition, during today's call, we'll refer to certain non-GAAP or adjusted financial measures.

此外，在今天的電話會議中，我們將參考某些非公認會計準則或調整後的財務指標。

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are available on our earnings press release and presentation slides, which can be found in the Investor Relations section of the ADM website.

這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的對帳表可在我們的收益新聞稿和簡報幻燈片中找到，這些幻燈片可在 ADM 網站的投資者關係部分找到。

I'll now turn the call over to Juan.

我現在將電話轉給胡安。

Thank you, Megan.

謝謝你，梅根。

Hello, and welcome to all who have joined the call.

大家好，歡迎所有參加電話會議的人。

Please turn to Slide 4, where we have captured our fourth quarter and full year performance highlights.

請翻到投影片 4，我們在此記錄了我們第四季和全年的業績亮點。

Today, ADM reported fourth quarter adjusted earnings per share of $1.14 and full year adjusted earnings per share of $4.74, in line with the midpoint of our guidance for the full year.

今天，ADM 公佈第四季度調整後每股收益為 1.14 美元，全年調整後每股收益為 4.74 美元，與我們對全年預期的中位數一致。

Total segment operating profit was $1.1 billion for the fourth quarter and $4.2 billion for the full year.

第四季分部總營業利潤為 11 億美元，全年總營業利潤為 42 億美元。

Our trailing fourth quarter adjusted ROIC was 8.3%, and cash flow from operations before working capital changes was $3.3 billion.

我們過去第四季調整後的 ROIC 為 8.3%，營運資本變動前的營運現金流量為 33 億美元。

Though 2024 presented a variety of challenges, our diligent focus on improving operations has netted positive impact across the network.

儘管 2024 年面臨各種挑戰，但我們致力於改善運營，並為整個網路帶來了積極影響。

We achieved strong crush volumes in canola and rapeseed as well as in our LatAm region.

我們在拉丁美洲地區油菜籽和油菜籽的壓榨量都取得了很大的進展。

We've made progress on addressing challenges in North American soy assets, reducing unplanned downtime and improving crush volumes in the month of December.

我們在應對北美大豆資產挑戰、減少非計劃停機時間和提高 12 月壓榨量方面取得了進展。

We successfully ramped up run rates to meet demand at our Spirit Wood facility over the course of 2024.

我們成功提高了運作率，以滿足 2024 年 Spirit Wood 工廠的需求。

We achieved a strong year in starches and sweeteners were improved plant performance led to 3% higher production volume year-over-year, helping several product lines in our North America business set operating profit records.

今年，我們的澱粉和甜味劑業務取得了強勁增長，工廠性能的提高使產量比去年同期增長了 3%，幫助我們北美業務的幾條產品線創下了營業利潤記錄。

We made progress in addressing demand fulfillment challenges in EMEA flavors, while successfully integrating two new flavors acquisitions announced in early 2024.

我們在解決 EMEA 口味的需求滿足挑戰方面取得了進展，同時成功整合了 2024 年初宣布的兩種新口味收購。

We've improved our safety record significantly with more than 35% year-over-year reduction in Tier 1 and 2 process safety incidents across our global network.

我們的安全記錄顯著改善，全球網路中一級和二級製程安全事故年減了 35% 以上。

In addition, we advanced key innovation initiatives in areas such as Biosolutions and Health & Wellness, continuing to support growing customer demand in these parts of the business.

此外，我們在生物解決方案和健康與保健等領域推進了關鍵創新舉措，並持續支持這些業務領域日益增長的客戶需求。

And through this, we were able to maintain a strong balance sheet to ensure continued investment in the business and return of cash to shareholders.

透過這種方式，我們能夠維持強勁的資產負債表，以確保持續投資業務並向股東返還現金。

And earlier today, we announced an increase in our quarterly dividend making our 93rd consecutive year of uninterrupted dividends.

今天早些時候，我們宣布增加季度股息，這是我們連續第 93 年不間斷地派發股息。

As we wrap up 2024, we are encouraged that we're gaining operational momentum and we see opportunities to drive additional value.

隨著 2024 年的結束，我們很高興看到我們正在獲得營運動力，並且看到了創造額外價值的機會。

But we also recognize that the external environment continues to post uncertainties and challenges.

但我們也看到，外部環境仍有許多不確定性和挑戰。

Please turn to Slide 5.

請翻到投影片 5。

We've entered 2025 knowing that we need to remain agile to manage through shifts in both trade and regulatory policy around the world, along with the related impacts on geographic supply and demand.

我們已經進入 2025 年，我們知道我們需要保持靈活性，以應對世界各地貿易和監管政策的變化，以及對地理供需的相關影響。

With a global asset base and constantly evolving product innovation, our team is prepared to pivot as needed to support the resiliency of the ag, food energy and industrial sectors we serve.

憑藉全球資產基礎和不斷發展的產品創新，我們的團隊隨時準備好根據需要做出調整，以支持我們所服務的農業、食品能源和工業部門的彈性。

We've taking these factors into account as we define our business priorities for 2025 with an emphasis on continuing to improve in the areas we control.

在確定 2025 年的業務重點時，我們會考慮到這些因素，並強調繼續改善我們控制的領域。

First, we are focused on execution and cost management.

首先，我們注重執行和成本管理。

Having made progress on the issues that impacted North American soy operations, we are applying that experience to the broader global network to drive further operational improvement and cost reductions.

在影響北美大豆業務的問題上取得進展後，我們正在將這些經驗應用到更廣泛的全球網路中，以進一步推動營運改善和成本降低。

Similarly, we're applying what we’ve learned from addressing demand fulfillment challenges in EMEA flavors to drive improvements in similarly challenged areas such as Pet Nutrition.

同樣，我們正在運用從解決 EMEA 口味需求滿足挑戰中學到的知識來推動寵物營養等面臨類似挑戰的領域的改進。

We're actively managing our sourcing efforts to take advantage of lower pricing in many of our core input costs such as chemicals and energy.

我們正在積極管理我們的採購工作，以利用化學品和能源等許多核心投入成本的較低價格。

This cost agenda has also supported realigning our focus on data analytics to identify and assess new savings opportunities quickly.

此成本議程還支持我們重新調整對數據分析的關注，以便快速識別和評估新的節約機會。

We are aggressively managing our SG&A and corporate cost as we make shifts in the business portfolio and lean into our strengthening digital capabilities.

我們在調整業務組合併依賴不斷加強的數位化能力的同時，積極管理銷售、一般及行政費用以及企業成本。

We have been diligent in finding ways to prioritize our own organizations work, which has highlighted opportunities to eliminate noncritical third-party spend and structurally align our organization against our most critical efforts.

我們一直在努力尋找方法來優先考慮我們自己組織的工作，這凸顯了消除非關鍵第三方支出以及在結構上使我們的組織與我們最關鍵的工作保持一致的機會。

As part of this prioritization effort, we announced that we're taking targeted actions across both business and corporate functions to reduce approximately 600 to 700 roles, including approximately 150 unfilled positions.

作為這項優先排序工作的一部分，我們宣布將在業務和公司職能部門採取有針對性的行動，減少約 600 至 700 個職位，其中包括約 150 個空缺職位。

Decisions impacting our team members are never easy to make.

影響我們團隊成員的決定從來都不是輕易做出的。

And we are ensuring these colleagues are receiving transition support and an opportunity to apply for other critical roles within the company.

我們確保這些同事獲得過渡支援和申請公司內其他關鍵職位的機會。

In total, we anticipate the result of these cost actions to deliver in the range of $500 million to $750 million over the next three to five years with $200 million to $300 million in 2025.

總體而言，我們預計這些成本行動的結果將在未來三到五年內帶來 5 億到 7.5 億美元的收益，到 2025 年將帶來 2 億到 3 億美元的收益。

In conjunction with improving our cost position, our second focus is on strategic simplification.

除了改善我們的成本狀況之外，我們的第二個重點是策略簡化。

As a company that has grown substantially over the past decade, we are continually evaluating how our portfolio balances the evolving needs of our customers, our expectations to achieve our returns objectives and our ability to be the most efficient operators of each part of the business both the current external environment and our performance in specific business segments and geographies over the past few years have highlighted additional opportunities to strategically assess how we are focusing our operational capabilities.

作為一家在過去十年中實現了長足發展的公司，我們不斷評估我們的投資組合如何平衡客戶不斷變化的需求、我們實現回報目標的期望以及我們成為每個業務部分最有效運營商的能力，當前的外部環境以及我們在過去幾年中在特定業務部門和地區的表現都凸顯了額外的機會，以戰略性地評估我們如何集中我們的運營能力。

With this, we are considering a phased approach to areas of potential simplification, looking at our business through a variety of lenses with a particular focus on places where we see a history of performance challenges, deteriorating demand and /or excess capacity that do not have a clear path to improvement.

為此，我們正在考慮分階段對可能簡化的領域採取方法，從多個角度審視我們的業務，特別關注那些我們看到的績效挑戰、需求惡化和/或產能過剩且沒有明確改善途徑的地方。

Assets that may require capital investment that does not meet our expected returns objectives, opportunities for targeted synergy acceleration including potential closures and divestitures, where we see an overlap in capabilities and asset footprint.

可能需要資本投資的資產可能無法滿足我們預期的回報目標，有針對性的協同加速機會（包括潛在的關閉和資產剝離），我們看到能力和資產足跡重疊。

Determining who is the best owner/operator for asset that may not be assessed as critical to ADM's future growth trajectory.

確定誰是資產的最佳所有者/運營者，而這些資產可能被認為對 ADM 的未來成長軌跡並不重要。

And along with this, we are ensuring our organization, both our colleagues and the strategic partners are aligned and focus on the most critical sources of value.

同時，我們要確保我們的組織、同事和策略夥伴保持一致，並專注於最重要的價值來源。

We have currently identified a pipeline of approximately $2 billion in portfolio opportunities and we will execute on this over time with the objective of maximizing value for ADM shareholders.

我們目前已確定了價值約 20 億美元的投資組合機會，並將逐步實施，目標是為 ADM 股東實現價值最大化。

Please turn to Slide 6, where we'll talk about two more areas of focus in 2025 associated with capital management.

請翻到投影片 6，我們將討論 2025 年與資本管理相關的另外兩個重點領域。

First, as we look at the strategic growth opportunities, we will continue to invest in value drivers.

首先，當我們審視策略成長機會時，我們將繼續投資於價值驅動因素。

Our strategy continues to be based on the balance of both productivity and innovation and growth-oriented organic investment remains part of that equation.

我們的策略繼續以生產力和創新的平衡為基礎，而以成長為導向的有機投資仍然是這一等式的一部分。

We've highlighted areas where investments have been paying off over the past year from our modernization and digitization efforts across our facilities, to the ramp-up of additional capacities such as Spiritwood to support renewable diesel demand to the global partnerships we have announced in Regen ag supporting farmers' resiliency.

我們重點介紹了過去一年來投資獲得回報的領域，從我們設施的現代化和數位化努力，到提升 Spiritwood 等額外產能以支持再生柴油需求，再到我們在 Regen ag 宣布的支持農民復原力的全球合作夥伴關係。

All of these represent targeted areas where our business segments are evolving with our customers and finding ways to deliver a strong return on our investments.

所有這些都代表了我們的業務部門與客戶共同發展的目標領域，並找到了實現豐厚投資回報的方法。

Looking now to 2025 and beyond, we will continue to make targeted investments in part of the portfolio where we can drive further growth and differentiation whether that's continuing plant digitization and upgrading our equipment to enhance operating leverage, expanding destination marketing volumes in targeted markets, continuing to build out our decarbonization solution portfolio or supporting the continued evolution of the biofuels and energy sector.

展望2025年及以後，我們將繼續對部分投資組合進行有針對性的投資，以推動進一步的成長和差異化，無論是繼續工廠數位化和升級我們的設備以提高營運槓桿，擴大目標市場的目的地行銷量，繼續建立我們的脫碳解決方案組合或支援生物燃料和能源產業的持續發展。

Investments in areas such as Biosolutions, destination marketing and biotics has helped us to drive double-digit growth and serves as a model for new investments.

在生物解決方案、目的地行銷和生物製劑等領域的投資幫助我們實現了兩位數的成長，並成為新投資的典範。

The portfolio above represents proven winners that are not only organically improving ADM, but also helping us establish foundations for the next wave of growth.

上述投資組合代表了經過驗證的成功案例，它們不僅有機地改善了 ADM，而且還幫助我們為下一波成長奠定了基礎。

We will also continue to return cash to shareholders through our traditional channels.

我們也將繼續透過傳統管道向股東返還現金。

In 2024, we kept our focus on returning capital to shareholders through repurchases and dividends all while maintaining our leverage ratio at our desired target.

2024 年，我們將繼續專注於透過回購和股利向股東返還資本，同時將槓桿率維持在我們預期的目標水準。

We've extended our existing share repurchase program by 100 million shares which we will approach opportunistically and to address dilution.

我們已將現有的股票回購計畫延長 1 億股，我們將適時回購，以解決股權稀釋問題。

We've announced another dividend increase, continuing the cycle of annual increases for over 50 consecutive years.

我們宣布再次增加股息，延續了連續 50 多年的年度增加週期。

And through this, we expect to maintain a leverage ratio of approximately 2.0 times.

透過這種方式，我們預期槓桿率將維持在2.0倍左右。

To summarize, looking across the focus areas for 2025, we are committed to continuing to improve in the areas we control, and we feel confident that this will allow ADM to deal with external uncertainties and challenges while positioning the company for long-term success.

總而言之，展望 2025 年的重點領域，我們致力於繼續改進我們控制的領域，我們相信這將使 ADM 能夠應對外部的不確定性和挑戰，同時為公司的長期成功做好準備。

Our team has managed our business through multiple challenging windows of time over nearly 125 years, and I fully expect us to rise to the occasion again in 2025.

近 125 年來，我們的團隊在多個充滿挑戰的時期內管理我們的業務，我完全相信我們能夠在 2025 年再次迎接挑戰。

With that, I will hand it over to Monish to share a deeper dive on 2024 financial results and our 2025 outlook.

接下來，我將把主題交給 Monish，讓他更深入探討 2024 年的財務表現和 2025 年的展望。

Thank you, Juan.

謝謝你，胡安。

Please turn to Slide 7.

請翻到幻燈片 7。

Before jumping into segment performance, let me quickly recap some of the financial highlights for the fourth quarter and full year 2024.

在介紹分部表現之前，讓我快速回顧一下 2024 年第四季和全年的一些財務亮點。

While the fourth quarter played out largely as expected, we experienced negative pressure from market conditions later in December.

雖然第四季的情況基本上符合預期，但我們在 12 月下旬感受到了市場狀況帶來的負面壓力。

For the full year, we finished within our previously guided adjusted earnings per share range.

就全年而言，我們實現了先前預期的調整後每股盈餘範圍。

The team remains focused on key self-help actions to finish the year and enter into 2025 on a stronger footing.

團隊將繼續專注於關鍵的自助行動，以完成今年的任務並以更強勁的基礎邁入 2025 年。

Now transitioning into highlights on segment performance, and starting with AS&O.

現在轉向細分市場表現的亮點，從 AS&O 開始。

To start, let me provide some perspective on the broader market environment and the dynamics that shape the fourth quarter.

首先，讓我對更廣泛的市場環境和影響第四季的動態提供一些看法。

The operating landscape was challenging in the fourth quarter with biofuel and trade policy uncertainty at the forefront.

第四季的經營狀況充滿挑戰，主要因素是生物燃料和貿易政策的不確定性。

Ample global supplies, higher crush rates from Argentina and uncertainty in biofuel and trade policy negatively impacted the crush environment.

全球供應充足、阿根廷壓榨率提高以及生物燃料和貿易政策的不確定性對壓榨環境產生了負面影響。

We also experienced high manufacturing costs.

我們也經歷了高昂的製造成本。

As a result, soybean and canola crush execution margins were approximately $10 per ton and $20 per ton lower, respectively, versus the prior year period.

因此，與去年同期相比，大豆和油菜籽壓榨利潤分別下降了約每噸 10 美元和每噸 20 美元。

Also included in the fourth quarter results for our crushing subsegment were $52 million of insurance proceeds related to the partial settlement of the Decatur East and Decatur West insurance claims.

我們破碎分部第四季度的業績還包括與迪凱特東部和迪凱特西部保險索賠部分解決相關的 5,200 萬美元保險收益。

Increased pretreatment capacity at renewable diesel facilities as well as the continued elevated import levels of used cooking oil also weighed on both biodiesel and refining margins during the quarter.

再生柴油設施預處理能力的提高以及廢棄食用油進口量的持續上升也對本季度的生物柴油和煉油利潤率造成了壓力。

From a food oil perspective, we continue to experience softer demand from customers as they look to cut costs.

從食用油的角度來看，由於顧客希望削減成本，我們持續看到需求疲軟。

The origination environment was supportive in North America, as the logistical challenges related to the US river levels eased compared to the prior year.

北美的原產環境較為有利，因為與前一年相比，與美國河流水位相關的物流挑戰有所緩解。

Overall, against this backdrop, AS&O segment operating profit for the fourth quarter was $644 million, down 32% compared to the prior year period.

總體而言，在這種背景下，AS&O部門第四季的營業利潤為 6.44 億美元，較去年同期下降 32%。

For the full year, AS&O segment operating profit of $2.4 billion was 40% lower versus the prior year.

全年而言，AS&O 部門營業利潤為 24 億美元，較上年下降 40%。

Looking at subsegment performance for the full year, Ag Services subsegment operating profit of $715 million was 39% lower versus the prior year, driven primarily by lower South American origination volumes and margins in part due to industry take-or-pay contracts.

綜觀全年細分市場表現，農業服務細分市場的營業利潤為 7.15 億美元，較上年下降 39%，主要原因是南美發貨量和利潤率較低，而部分原因是行業實行照付不議合約。

The stabilization of trade flows also led to fewer opportunities in our global trade business.

貿易流量的穩定也導致我們的全球貿易業務機會減少。

Crushing subsegment operating profit of $844 million was 35% lower versus the prior year as ample global supplies drove more balanced supply and demand conditions which negatively impacted margins throughout the year.

壓榨分部營業利潤為 8.44 億美元，較上年下降 35%，原因是全球供應充足導致供需狀況更加平衡，對全年利潤率產生了負面影響。

Executed crush margins were approximately $10 per ton lower versus the prior year in soybean and approximately $15 per ton lower in canola versus the prior year.

大豆壓榨利潤較上年同期下降約 10 美元/噸，油菜籽壓榨利潤較上年同期下降約 15 美元/噸。

There were net negative timing impact of approximately $165 million year-over-year.

與去年同期相比，淨負面時間影響約為 1.65 億美元。

The full year also included $76 million of insurance proceeds for the partial settlement of the Decatur East and Decatur West claims related to the incident in 2023.

全年還包括 7,600 萬美元的保險收益，用於部分解決 2023 年與該事件相關的迪凱特東部和迪凱特西部索賠。

Refined products and other subsegment operating profit of $552 million was 58% lower compared to the prior year as increased pre-treatment capacity at renewable diesel facilities higher imports of used cooking oil, aggressive competition among food all suppliers to serve customer demand and biofuel policy uncertainty negatively impacted margins.

成品油和其他子部門的營業利潤為 5.52 億美元，比上年下降 58%，原因是可再生柴油設施的預處理能力提高、廢棄食用油進口量增加、食品供應商為滿足客戶需求而展開的激烈競爭以及生物燃料政策的不確定性對利潤率產生了負面影響。

There were net negative timing impact of approximately $430 million year-over-year.

與去年同期相比，淨負面時間影響約為 4.3 億美元。

Equity earnings from the company's investment in Wilmar was $336 million for the full year, 11% higher compared to the prior year.

該公司對豐益集團的投資全年股權收益為 3.36 億美元，比上年增長 11%。

Turning to Slide 8.

翻到幻燈片 8。

Carbohydrate Solutions unfolded as expected in the fourth quarter as operating profit was largely in line with the prior year.

碳水化合物解決方案第四季的業績符合預期，營業利潤與上年基本持平。

The results reflected robust demand for ethanol.

結果反映出對乙醇的強勁需求。

However, higher industry production drove a lower margin environment.

然而，行業產量增加導致利潤率下降。

Results also reflected strong North American Starches and Sweeteners performance as well as $37 million of insurance proceeds related to both the partial settlement of the Decatur East and Decatur West insurance claims.

結果也反映出北美澱粉和甜味劑業務的強勁表現，以及與迪凱特東部和迪凱特西部保險索賠部分解決相關的 3700 萬美元保險收益。

For the full year 2024, Carbohydrate Solutions segment operating profit of $1.4 billion was flat compared to the prior year.

2024 年全年，碳水化合物解決方案部門的營業利潤為 14 億美元，與前一年持平。

Starches and Sweeteners subsegment operating profit of $1.3 billion was slightly higher compared to the prior year as strong volumes and margins in North America were offset by weaker core product values and lower margins in EMEA and ethanol.

澱粉和甜味劑子部門的營業利潤為 13 億美元，較上年略有增長，因為北美地區強勁的銷售和利潤率被歐洲、中東和非洲地區及乙醇地區核心產品價值的下降和利潤率的下降所抵消。

The full year also included $84 million of insurance proceeds for the partial settlement of the Decatur East and Decatur West claim related to the incident in 2023.

全年還包括 8,400 萬美元的保險收益，用於部分解決 2023 年與該事件相關的迪凱特東區和迪凱特西區索賠。

Vantage Corn Processors subsegment operating profit of $33 million was 28% lower compared to the prior year as lower margins due to the higher industry production more than offset robust demand for ethanol exports.

Vantage Corn Processors 分部的營業利潤為 3,300 萬美元，比上年下降 28%，原因是行業產量增加導致利潤率下降，超過了對乙醇出口的強勁需求。

Turning to Slide 9.

翻到幻燈片 9。

In the fourth quarter, in the Nutrition segment, weaker consumer demand and ongoing headwinds from unplanned downtime at Decatur East drove lower organic revenues.

第四季度，在營養部門，消費者需求疲軟以及迪凱特東部非計劃停工帶來的持續阻力導致有機收入下降。

Operating profit was $88 million in the fourth quarter, higher year-over-year due to improved mix lapping the negative nonrecurring items in the prior year and insurance recoveries of $46 million related to the partial settlement of the Decatur East insurance claim.

第四季營業利潤為 8800 萬美元，較去年同期增長，原因是業務組合改善抵消了上年的負面非經常性項目，且與迪凱特東部保險索賠部分解決相關的 4600 萬美元保險追償金。

The quarter also included a negative impact due to higher cost of goods sold associated with the termination of an unfavorable supply agreement.

本季也因終止不利供應協議導致銷售成本上升而產生了負面影響。

Full year nutrition revenues were $7.3 billion, up 2% compared to the prior year.

全年營養收入為 73 億美元，比上年增長 2%。

On an organic basis, revenue was down 3%.

從有機基礎來看，收入下降了 3%。

Human Nutrition revenue was roughly flat organically as headwinds related to the unplanned downtime indicator East and texturants pricing offset improved mix and volumes in flavors and health and well.

人類營養業務收入基本上保持有機持平，原因是東部地區計劃外停機指標和質地調節劑定價帶來的不利因素抵消了口味、健康和保健產品組合及銷量的改善。

Animal Nutrition revenue declined due to unfavorable mix, negative currency impact in Brazil and lower volumes due to demand fulfillment challenges.

由於產品組合不利、巴西的貨幣影響以及需求滿足挑戰導致的銷售下降，動物營養收入下降。

Full year nutrition segment operating profit of $386 million was 10% lower versus the prior year.

全年營養部門營業利潤為 3.86 億美元，較前一年下降 10%。

Human Nutrition subsegment operating profit of $327 million was 22% lower compared to the prior year, primarily driven by unplanned downtime at Decatur East and higher manufacturing costs, partially offset by improved performance in the Health & Wellness business favorable mix in the flavors business and M&A contribution.

人類營養子部門的營業利潤為 3.27 億美元，比上年下降 22%，主要原因是迪凱特東部工廠的計劃外停工和製造成本上升，但被健康與保健業務業績的改善、調味品業務的有利組合和併購貢獻部分抵消。

The Human Nutrition subsegment full year results also included $71 million of insurance proceeds for the partial settlement of the Decatur East claim related to an incident in 2023.

人類營養分部全年業績還包括 7,100 萬美元的保險收益，用於部分解決與 2023 年事故相關的迪凱特東部索賠。

Animal Nutrition subsegment operating profit of $59 million was higher than the prior year due to higher margins supported by cost optimization actions to improve mix and an increase in volumes.

動物營養子部門的營業利潤為 5,900 萬美元，高於去年同期，原因是採取成本優化措施改善產品組合，以及增加銷量，導致利潤率上升。

Please turn to Slide 10.

請翻到投影片 10。

In 2024, the company generated cash flow from operations before working capital of approximately $3.3 billion, down 30% relative to the prior year due to lower total segment operating profit.

2024 年，該公司營運資本前的營運現金流約為 33 億美元，由於分部總營運利潤下降，較前一年下降 30%。

Despite the decline, solid cash generation supported our ability to invest in our business and return excess cash to shareholders.

儘管出現下滑，但穩健的現金產生能力支撐了我們投資業務和向股東返還多餘現金的能力。

In 2024, the company returned $3.3 billion in the form of dividends and share repurchases, allocated $1.6 billion to capital expenditures to support the reliability of our assets and cost efficiencies and approximately $1 billion to M&A announced in 2023, and completed in January 2024.

2024年，公司以股息和股票回購的形式返還了33億美元，分配了16億美元用於資本支出以支持我們資產的可靠性和成本效率，並分配了約10億美元用於2023年宣布並於2024年1月完成的併購。

Our strong capital structure remains a critical differentiator for the company.

我們強大的資本結構仍然是公司的關鍵差異化因素。

We will continue to seek opportunities to further strengthen our balance sheet to provide us financial flexibility to organically invest in the business to enhance returns and create long-term value.

我們將繼續尋找機會進一步加強我們的資產負債表，為我們提供財務靈活性，以便有機投資於業務，提高回報並創造長期價值。

As Juan mentioned, targeted portfolio simplification actions, including consolidation and divestitures will help align our focus on value creation.

正如胡安所提到的，有針對性的投資組合簡化行動，包括合併和資產剝離，將有助於我們將重點放在價值創造上。

At the same time, we remain committed to returning cash to shareholders and will look to offset dilution and opportunistically seek share repurchases.

同時，我們仍致力於向股東返還現金，並將尋求抵銷股權稀釋並適時尋求股票回購。

We recently announced an increase in our quarterly dividend as well as an extension of our share repurchase program, which is up to an additional 100 million shares over the next five-year period.

我們最近宣布增加季度股利並延長股票回購計劃，未來五年內最多可額外回購 1 億股。

Please turn to Slide 11.

請翻到第 11 張投影片。

We have already touched on some of the external market dynamics that we navigated in December and several of these dynamics are expected to persist and create pressure on our first half results for 2025 particularly for our AS&O segment.

我們已經談到了 12 月經歷的一些外部市場動態，其中一些動態預計會持續存在，並對我們 2025 年上半年的業績造成壓力，特別是對我們的 AS&O 部門。

These include market headwinds related to US biofuel policy uncertainty that have negatively impacted US vegetable oil demand and biodiesel margins, higher global soybean stock levels and an increase in Argentinian crush rates, which have pressured global soybean meal values and trade policy uncertainty with Canada and China, which has driven volatility for canola crush margins.

這些因素包括與美國生物燃料政策不確定性相關的市場逆風，對美國植物油需求和生質柴油利潤產生負面影響，全球大豆庫存水準上升以及阿根廷壓榨率上升，對全球豆粕價值造成壓力，以及與加拿大和中國的貿易政策不確定性，導致油菜籽壓榨利潤波動。

Taken together, these factors are driving significantly lower meal and vegetable oil values, which is reflected by replacement crush margins in North America, near $40 per metric ton for soybean and $50 per metric ton for canola.

綜合起來，這些因素導致豆粕和植物油價格大幅下跌，北美替代壓榨利潤就反映了這一點：大豆壓榨利潤接近每噸 40 美元，油菜籽壓榨利潤接近每噸 50 美元。

In both cases, these are well below the levels that we experienced in the first half of last year.

在這兩種情況下，這些都遠低於去年上半年的水平。

As we look to the second half of 2025, we see signs that make us optimistic about margin improvement over the course of the year.

展望 2025 年下半年，我們看到一些跡象讓我們對全年利潤率的提高感到樂觀。

One clear indication is board crush value signaling or carrying the market in the second half.

一個明顯的跡像是，主機板壓低價值預示或引領下半年市場。

Additionally, as we progress through the year, we expect policy uncertainty to clear and strong fundamentals to support better crush and biodiesel margin.

此外，隨著時間的推移，我們預計政策不確定性將會消除，強勁的基本面將支持更好的壓榨和生質柴油利潤率。

In particular, we expect clarity on 45Z guidance to support strong US demand for crop-based vegetable oil.

特別是，我們預計 45Z 指導方針將會明確，以支持美國對農作物植物油的強勁需求。

We also expect expansion of global biofuels policy to support global vegetable oil demand.

我們也預計全球生物燃料政策將擴大，以支持全球植物油需求。

Key examples include Brazil with increases in bio diesel mandates and the newly implemented SAF mandates in Europe.

主要例子包括巴西增加生質柴油強制要求以及歐洲新實施的SAF強制要求。

Lastly, we expect improvement in the livestock sector to support robust meal demand.

最後，我們預期畜牧業狀況的改善將支撐強勁的肉類需求。

Overall, with the market set up into 2025, we are focused on operational improvements and accelerating cost savings to partially mitigate the less favorable market conditions and be in an excellent position to capture opportunities in the second half.

總體而言，隨著市場進入 2025 年，我們專注於營運改善和加速成本節約，以部分緩解不太有利的市場條件，並在下半年佔據有利位置以抓住機會。

Turning to Slide 12.

翻到幻燈片 12。

We have provided details that support our 2025 outlook for each segment for the first quarter and the full year.

我們提供了支持我們對第一季和全年每個部門的 2025 年展望的詳細資訊。

Starting with Ag Services and Oilseeds.

從農業服務和油籽開始。

In the first quarter, we expect segment operating profit to be down approximately 50% relative to the prior year period, led by declines in crushing and RPO.

在第一季度，我們預計分部營業利潤將較去年同期下降約 50%，主要原因是壓榨和 RPO 業務的下降。

On crushing, we anticipate both soybean and canola execution crush margins to be significantly lower than the prior year period.

在壓榨方面，我們預期大豆和油菜籽的壓榨利潤率將大幅低於去年同期。

In RPO, lower biodiesel margins are expected to drive significantly lower operating profit for the subsegment in the first quarter compared to the prior year period.

在RPO領域，生質柴油利潤率的下降預計將導致該子部門第一季的營業利潤與去年同期相比大幅下降。

For the full year, we expect AS&O segment operating profit to be below to similar with 2024.

我們預計 AS&O 部門全年營業利潤將低於或與 2024 年持平。

Operational improvements should support higher volumes and lower manufacturing costs, which will partially offset the impact of lower margins for the segment.

營運改善應能支持更高的產量和更低的製造成本，這將部分抵消該部門利潤率下降的影響。

For the full year, we expect soybean crush execution margins to range from $45 to $55 per ton, down approximately $5 per ton at the midpoint versus the prior year.

我們預計全年大豆壓榨利潤在每噸 45 至 55 美元之間，比上年中位數下降約每噸 5 美元。

We expect canola crush execution margins to range from $50 to $70 per ton, down approximately $20 per ton at the midpoint compared to the prior year.

我們預計油菜籽壓榨利潤率在每噸 50 至 70 美元之間，比上年中位數下降約每噸 20 美元。

For RPO, we expect operating profit to be down significantly compared to the prior year.

對於 RPO，我們預計營業利潤將與前一年相比大幅下降。

We expect insurance recoveries related to the Decatur East claim of $25 million compared to the total recoveries of $76 million in 2024.

我們預計與迪凱特東部索賠相關的保險追償額為 2,500 萬美元，而 2024 年的總追償額為 7,600 萬美元。

In Carbohydrate Solutions for the first quarter, we expect segment operating profit to be lower by approximately 5% to 15% compared to the prior year period.

我們預計第一季碳水化合物解決方案部門的營業利潤將比去年同期下降約 5% 至 15%。

Strong margins and volumes in North American starches and sweeteners are likely to be offset by lower results in the EMEA region as higher corn cost and increased competition negatively impact margins.

北美澱粉和甜味劑的強勁利潤率和銷量可能會被歐洲、中東和非洲地區的業績下滑所抵消，因為玉米成本的提高和競爭的加劇會對利潤率產生負面影響。

In ethanol, robust export demand is likely to support strong volume.

對於乙醇而言，強勁的出口需求可能會支撐強勁的出口量。

However, higher industry run rates are expected to result in breakeven ethanol EBITDA margin.

不過，預計產業運行率提高將導致乙醇 EBITDA 利潤率達到損益兩平。

For the full year, we expect lower Carbohydrate Solutions segment operating profit relative to the prior year period as strong volumes and margins in North America are expected to be more than offset by margin moderation in EMEA and ethanol.

我們預計，全年碳水化合物解決方案部門的營業利潤將較去年同期有所下降，因為北美地區強勁的銷量和利潤率預計將被歐洲、中東和非洲地區以及乙醇地區利潤率的下降所抵消。

For the year, we anticipate ethanol EBITDA margins to be in the range of $0.05 to $0.10 down approximately $0.10 at the midpoint compared to the prior year.

我們預計今年乙醇 EBITDA 利潤率將在 0.05 美元至 0.10 美元之間，與前一年相比中位數下降約 0.10 美元。

We expect insurance recovery of approximately $10 million compared to the insurance recovery of $84 million in 2024.

我們預計保險追償額約為 1,000 萬美元，而 2024 年的保險追償額為 8,400 萬美元。

In Nutrition, we expect first quarter operating profit to be down 50% compared to the prior year period.

在營養領域，我們預計第一季的營業利潤將比去年同期下降 50%。

We expect to face higher raw material costs and negative impacts associated with continued downtime at Decatur East.

我們預計將面臨更高的原材料成本和因迪凱特東部持續停工而產生的負面影響。

We also expect lower demand for plant-based proteins, higher insurance costs and increased competition and texturant to drive lower margins in this segment.

我們也預計，植物蛋白的需求下降、保險成本上升以及競爭和質地的加劇將導致該領域的利潤率下降。

Notably, excluding the effects of $46 million of insurance proceeds we received in the fourth quarter of 2024, we expect Nutrition operating profit to be approximately flat sequentially in the first quarter.

值得注意的是，不包括我們在 2024 年第四季收到的 4,600 萬美元保險收益的影響，我們預計營養業務的營業利潤在第一季將與上一季基本持平。

For the full year, we anticipate nutrition operating profit to be higher compared to the prior year with low to mid-single-digit revenue growth led by our Flavors business.

我們預計全年營養業務營業利潤將比上年有所成長，在調味品業務的帶動下，收入將達到低至中等個位數的成長。

Strong performance from recent acquisitions and improved supply chain execution is expected to support increased volumes and an improvement in cost in human nutrition, helping to offset the headwinds associated with the ramp-up of operations at Decatur East.

近期收購的強勁表現和供應鏈執行的改善預計將支持產量增加和人類營養成本的改善，有助於抵消迪凱特東部業務擴張帶來的阻力。

In Animal Nutrition, we anticipate continued mix benefits from cost optimization actions as well as an improvement in profitability of our pet business.

在動物營養方面，我們預期成本優化行動將持續帶來組合效益，寵物業務的獲利能力也將提高。

We expect insurance recovery of approximately $25 million compared to insurance recovery of $71 million in 2024.

我們預計保險追償額約為 2,500 萬美元，而 2024 年的保險追償額為 7,100 萬美元。

Now looking at the consolidated outlook on Slide 13.

現在就來看看投影片 13 上的綜合展望。

Earlier today, we announced that we expect adjusted earnings per share to be between $4 to $4.75 per share.

今天早些時候，我們宣布預計調整後每股收益將在 4 美元至 4.75 美元之間。

In considering this range, it is important to keep in mind the following: We expect lower margins in AS&O and Carb Sol to create a material headwind.

在考慮這個範圍時，重要的是要牢記以下幾點：我們預計 AS&O 和 Carb Sol 的利潤率會較低，造成重大阻力。

Our focus on improved execution and cost should produce $200 million to $300 million of cost out, which includes the benefit of lower manufacturing and SG&A costs.

我們專注於提高執行力和降低成本，這將產生 2 億到 3 億美元的成本，其中包括降低製造成本和銷售、一般及行政費用 (SG&A) 成本帶來的好處。

We expect to reverse the negative take-or-pay impact in Ag Services from last year.

我們預計將扭轉去年農業服務領域「照付不議」政策帶來的負面影響。

We also anticipate less insurance proceeds in 2025.

我們也預計 2025 年的保險收益將會減少。

We currently expect approximately $60 million in 2025 with approximately 60% coming from re-insurance.

我們目前預計 2025 年的收入約為 6,000 萬美元，其中約 60% 來自再保險。

This is compared to total insurance recoveries of $231 million in 2024 with approximately $133 million coming from re-insurance in 2024.

相較之下，2024 年的保險賠償總額為 2.31 億美元，其中約 1.33 億美元來自 2024 年的再保險。

Looking at our other guidance metrics, we anticipate corporate costs to be within the range of $1.7 billion to $1.8 billion.

從我們的其他指導指標來看，我們預計公司成本將在 17 億美元至 18 億美元之間。

We expect the benefit of cost actions and a decline in net interest expense in corporate to be more than offset by the elevated legal costs and the reversal of performance-based reductions in incentive compensation relative to 2024.

我們預計，相對於 2024 年，成本行動帶來的好處和企業淨利息支出的下降將被上升的法律成本和基於績效的激勵薪酬減少的逆轉所抵消。

In Other, we expect lower results in ADMIS compared to the prior year due to lower interest rates.

在其他方面，由於利率較低，我們預計 ADMIS 的表現將比前一年下降。

We expect capital expenditures to be in the range of $1.5 billion to $1.7 billion, and we expect D&A to be approximately $1.2 billion.

我們預計資本支出在 15 億美元至 17 億美元之間，預計 D&A 約為 12 億美元。

We expect our effective tax rate to be higher in 2025 in the range of 21% to 23% due to the sunset of the biodiesel tax credit, a shift in geographic mix of earnings and an expansion in the global minimum tax.

我們預計，由於生物柴油稅收抵免的終止、收入地理結構的變化以及全球最低稅率的擴大，我們的有效稅率在 2025 年將上升至 21% 至 23% 之間。

Lastly, we expect diluted weighted average shares outstanding to be approximately 483 million shares and our leverage ratio to be approximately 2% for the full year.

最後，我們預計全年稀釋加權平均流通股數約為 4.83 億股，槓桿率約 2%。

To conclude, I want to take a moment to thank our ADM colleagues for their focus, adaptability and contributions through the close of 2024.

最後，我想花點時間感謝我們的 ADM 同事在 2024 年結束前的專注、適應力和貢獻。

These organizational efforts have been critical in driving progress and meeting challenges head on.

這些組織努力對於推動進步和應對挑戰至關重要。

As we navigate 2025, our focus will remain on what is within our control.

當我們邁向 2025 年時，我們的重點仍將放在我們能夠控制的事情上。

A full commitment to remediating the material weakness and making strides to strengthen our internal control driving execution to improve operational performance and lower costs, while sustaining functional excellence, unlocking additional capital to drive value and position the company for long-term success.

全力致力於彌補重大缺陷，大力加強內部控制，推動執行，提高營運績效，降低成本，同時保持卓越的功能，釋放額外資本，推動價值成長，為公司的長期成功做好準備。

These efforts position us in our ability to navigate the current dynamic environment and reinforce our confidence in delivering on our commitments.

這些努力使我們有能力駕馭當前動態環境，並增強了我們履行承諾的信心。

Before I turn it back to Juan, I wanted to briefly mention a leadership transition we announced last week and that officially will take effect on March 1.

在把話題轉回胡安之前，我想簡要地提一下我們上周宣布的領導層變動，該變動將於 3 月 1 日正式生效。

Carrie Nichol is joining us as our new Vice President and Chief Accounting Officer.

卡麗·尼科爾 (Carrie Nichol) 將加入我們，擔任我們的新副總裁兼首席會計官。

She joined us from Cargill where she served as Senior Vice President, Chief Accounting Officer and Global Process Leader.

在加入我們之前，她曾在嘉吉公司擔任高級副總裁、首席會計官和全球流程負責人。

I am excited to make this important addition to our leadership team, and I look forward to working with her.

我很高興能有這樣一位重要成員加入我們的領導團隊，並期待與她合作。

Back to you, Juan.

回到你身邊，胡安。

Thanks, Monish.

謝謝，莫尼什。

I briefly close by recapping our focus as we continue the path into 2025.

最後，我簡單回顧一下我們邁向 2025 年的重點。

With the uncertainty we've noticed in the external environment, ADM is prioritizing an internal focus on the areas we can best control.

由於我們注意到外部環境存在不確定性，ADM 優先關注我們能夠最好控制的內部領域。

While administering this self-help will remain agile and ready for opportunities that may present themselves along the way.

在實施這種自助的同時，將保持敏捷並隨時準備好抓住沿途可能出現的機會。

Our focus on execution and cost management will drive savings to the bottom line while ensuring that we're managing our assets and overall network as effectively as possible.

我們專注於執行和成本管理，這將節省成本，同時確保我們盡可能有效地管理我們的資產和整個網路。

Our focus on strategic simplification will deliver opportunities to optimize our portfolio and organization around those areas that deliver strongest returns and where we are the strongest operators.

我們專注於策略簡化，這將為我們在那些能帶來最高回報和我們營運實力最強的領域優化我們的投資組合和組織提供機會。

Our focus on strategic growth will allow us to organically invest in proven winners while also ensuring our business are ready for the future.

我們對策略性成長的關注將使我們能夠有機地投資於經過驗證的成功者，同時確保我們的業務為未來做好準備。

And our focus on capital discipline will position us to continue the return of cash to shareholders through dividends and selective share repurchases.

我們對資本紀律的關注將使我們能夠透過股利和選擇性股票回購繼續向股東返還現金。

We are confident that this equation sets ADM up for success in 2025, and ensures we have necessary optionality in both the short and medium term while keeping our eyes on longer-term opportunities ahead.

我們相信，這個公式將為 ADM 在 2025 年取得成功奠定基礎，並確保我們在短期和中期都擁有必要的選擇權，同時著眼於未來的長期機會。

With that, we'll take your questions now.

現在我們就開始回答你們的問題。

Operator, please open the line.

接線員，請接通線路。

(Operator Instructions) Tom Palmer, Citi.

(操作員指示) 花旗銀行的湯姆·帕爾默。

On the Nutrition segment, I wanted to make sure I understood the expected profit recovery.

在營養領域，我想確保我了解預期的利潤恢復。

It implies a pretty big inflection as the year progresses.

這意味著隨著時間的推移，將會發生相當大的變化。

You noted 1Q has some maybe heightened headwinds.

您指出第一季可能面臨一些加劇的阻力。

It sounds like at least for the second quarter.

聽起來至少對於第二季來說是這樣。

I wasn't sure if it was second quarter or for the full year.

我不確定這是第二季還是全年。

The start-up at Decatur noted as the headwind and then you've got the insurance headwind, especially in the second half.

迪凱特的新創公司被視為逆風，然後你又遇到了保險逆風，特別是在下半年。

So just trying to understand what really drives that inflection?

那麼只是想了解真正導致這種轉變的因素是什麼嗎？

Is it the belief that end markets get better?

是否相信終端市場會變得更好？

Is this cost savings plan maybe more concentrated in this part of the business?

這個成本節約計劃是否可能更集中在業務的這一部分？

Yeah.

是的。

Thank you, Tom, for the question.

謝謝湯姆提出這個問題。

Listen, Nutrition has a big self-help story inside themselves as we have in ADM, of course, but I think the main issue for Nutrition is you need to think about like three different buckets.

聽著，營養學本身就有一個巨大的自助故事，就像我們在 ADM 中一樣，但我認為營養學的主要問題是你需要考慮三個不同的方面。

There is one bucket that is Decatur East plant, which is a specialty ingredients.

有一個桶子是迪凱特東部植物，這是一種特殊成分。

That is a big headwind.

這是一個巨大的阻力。

And until we can bring the plant back that will continue to be.

在我們能夠恢復這棵植物之前，這種情況將會繼續下去。

So that's what's going to happen in the first quarter.

這就是第一季將要發生的情況。

Hopefully, the plant will be back in the second quarter, we expect, and that will naturally bring an improvement to the results.

我們預計，希望工廠能在第二季恢復運營，這自然會帶來業績的改善。

The other bucket is a bucket that it continues to go very well, which is, if you think about flavors and if you think about biotics, those businesses are going very well.

另一個類別的業務繼續表現良好，也就是說，如果您考慮口味和生物製劑，這些業務都表現得非常好。

They are growing, they have grown 7% and 10%, respectively, in revenue in 2024, so that's going to continue, and that's basically execution of their pipeline and their pipeline is very robust and very good.

他們正在成長，到 2024 年他們的收入分別成長了 7% 和 10%，所以這種成長將會持續下去，這基本上是他們管道的執行，他們的管道非常強勁，非常好。

And I will say the third bucket is you have this steady improvement month-over-month, quarter after quarter of animal nutrition, which is not a revenue story, but it's a margin improvement story.

我要說的第三個面向是動物營養業務逐月、逐季穩定改善，這不是收入問題，而是利潤率提高的問題。

You have three different things.

你有三種不同的東西。

And when you put them all together, we see a strong recovery in the last half of the year for Nutrition.

綜合起來，我們可以看到，今年下半年營養產業呈現強勁復甦勢頭。

Tom, just to add, and I know you already picked it up but just for math.

湯姆，補充一下，我知道你已經學會了，但只是為了數學。

When you look at it sequentially, so you're right, Q1 starts softer.

如果按順序來看，你是對的，Q1 開始時比較平穩。

Sequentially, after adjusting for the insurance recovery, which we have $46 million, we expect those results to be pretty much in line Q1 equals Q4.

連續，在調整保險追償額（4,600 萬美元）後，我們預計這些結果將與第一季和第四季的結果基本一致。

And as Juan mentioned, the manufacturing cost, all the self-help starts kicking in.

正如胡安所提到的，製造成本、所有自助措施都開始發揮作用。

In the second quarter, the fourth quarter.

第二季度，第四季。

Andrew Strelzik, BMO.

安德魯·斯特雷爾齊克（BMO）。

I wanted to ask now that we've got the I wanted to ask about your view on vegetables and soybean oil demand in particular.

既然我們已經有了這個問題，我想問一下您對蔬菜和大豆油需求的看法。

Now that we have the 45Z guidance behind us to a certain extent, and the imported UCO that's not going to qualify for tax credits.

現在我們在一定程度上已經獲得了 45Z 指導，並且進口的 UCO 將不再符合稅收抵免的資格。

In kind of your first half, back half, summary there slide.

就像你的上半部、後半部和總結投影片。

You gave what I would say is a reasonably constructive outlook for vegetable oil demand.

我認為您對植物油需求給出了相當建設性的展望。

So I guess I'm just curious for how you think about the puts and the takes around that because I know there's a lot of concern in the market.

所以我想我只是好奇你如何看待看跌期權和圍繞看跌期權的看法，因為我知道市場上有很多擔憂。

And then kind of subsequent to that, as you think about all the uncertainty that's impacting the first quarter, is there a way to think about kind of the first half, back half earnings split relative to what is typical for you guys?

然後在此之後，當您考慮影響第一季的所有不確定性時，有沒有辦法將上半年和下半年的收益分配與您們的典型情況進行比較？

Yeah.

是的。

Thank you, Andrew.

謝謝你，安德魯。

A lot to unpack there.

那裡有很多東西需要解開。

So yes, we received guidance from 45Z in January, and I think it was constructive.

是的，我們在一月份收到了 45Z 的指導，我認為它是建設性的。

But there's still a lot is in the air

但還有很多事情懸而未決

.

。

We still need to get finalized that guidance probably is not going to happen until the end of Q1.

我們仍然需要最終確定，該指導可能要到第一季末才會出台。

And by that time, we might have sold already in Q2.

到那時，我們可能已經在第二季銷售了。

So we have to see how that evolves.

所以我們必須觀察其如何發展。

So we have to be cautious with that.

因此我們必須對此保持謹慎。

On the other hand, when you do the math, that probably implies an extra maybe 0.5 million tons of oil demand by UCO that is not going to qualify for this.

另一方面，如果你算一下，這可能意味著 UCO 需要額外 50 萬噸的石油，而這是不符合這項要求的。

Our team anticipates that soybean oil share will be up from 35% to 40% and maybe UCO go down from 20% to 14%.

我們的團隊預計大豆油份額將從 35% 上升到 40%，而 UCO 份額可能會從 20% 下降到 14%。

So I think that this is a year in which right now, the Ag Services and Oilseeds industry is trying to digest this extra capacity, if you will, extra production because we have North America, we have Brazil and we have Argentina producing crushing a lot.

因此，我認為，今年是農業服務和油籽產業試圖消化這些額外產能或額外產量的一年，因為北美、巴西和阿根廷的壓榨產量很大。

And also this big uncertainty, not only on tariffs, for imported products, but also the policy uncertainty around biofuels.

此外，還存在著很大的不確定性，不僅是進口產品的關稅，還有生物燃料政策的不確定性。

We think that as these policy uncertainties start to clear through the year, we're going to see margins improving.

我們認為，隨著這些政策不確定性在今年開始消除，利潤率將會增加。

And you can see that in the currency in the market for crush going forward.

您可以從未來的貨幣市場中看到這一點。

We are excited about the manufacturing improvements we're going to have, and we are excited about the fundamental demand that when these clouds of uncertainty regulatory will clear, you will see that the livestock area is very strong and soybean meal continues to be the most beneficial feeding material.

我們對即將實現的製造業改進感到興奮，我們對基本需求感到興奮，當這些不確定的監管陰雲消散時，你會看到畜牧業領域非常強勁，而豆粕仍然是最有益的飼料材料。

So that's maximizing the Rations at the moment.

這就是目前最大限度增加口糧的方法。

So USDA is thinking meal growth probably 5.5%, maybe we have even some upside to that number potentially.

因此，美國農業部認為豆粕成長率可能為 5.5%，甚至可能還有上升空間。

And then you have this area of all the mandates that are coming around the world.

然後你就會看到這個領域中所有來自世界各地的任務。

I think Monish referred before in his previous remark about SAF in Europe, but also it's in Indonesia, also is Brazil increasing their biofuels mandates.

我認為莫尼什之前在評論中提到歐洲的 SAF，但它也出現在印度尼西亞，巴西也在增加其生物燃料的使用要求。

And when we clear 45Z, we're going to have that extra demand from the US.

當我們清除 45Z 時，我們將會得到來自美國的額外需求。

So we see a first half, second half different pattern than other years and very hard to quantify what else on one or the other because it will depend more on government and clarifying the regulatory environment, which we can only adjust to, but we cannot manage.

因此，我們看到上半年和下半年的模式與其他年份不同，而且很難量化其中的其他因素，因為這將更取決於政府和明確的監管環境，我們只能適應這些環境，但無法管理。

Ben Theurer, Barclays.

巴克萊銀行的本‧圖勒 (Ben Theurer)。

Perfect.

完美的。

Just wanted to follow up on your guidance cadence for Ag Services and Oilseeds similar to what Tom had on Nutrition.

只是想跟進您對農業服務和油籽的指導節奏，類似於湯姆對營養的指導節奏。

But as we look at it, obviously, Q1 is a very tough comp, and you already indicated that to be 50% down.

但從我們的角度來看，顯然第一季的業績非常艱難，而且您已經指出其下降了 50％。

But then in order to get to just slightly below '25 levels as your guidance indicates, that would mean that 2Q onwards we should see improving trends on a year-over-year basis.

但是，為了達到您指導所指出的略低於 25 的水平，這意味著從第二季開始我們應該看到同比改善的趨勢。

And I just would like to understand if you can help us reconcile that with lower insurance proceeds, but then at the same time, you assume canola and soybean crushed to be lower for the year.

我只是想知道您是否能幫助我們將這種情況與較低的保險收益相協調，但與此同時，您認為今年的油菜籽和大豆壓榨產量會較低。

So I just wanted to understand what else is in there that helps us to get those profits to in line to below versus ‘24 with such a tough start in 1Q?

所以，我只是想了解，在第一季開局如此艱難的情況下，還有什麼其他因素可以幫助我們獲利與 24 年持平？

Yeah.

是的。

I think then part of the tough start in the Q is because although you see some canola margins maybe rebounded recently when we put our book, we put our book at lower numbers because we put it here in Q4.

我認為本季開局艱難的部分原因是，儘管你看到最近一些油菜籽利潤率可能有所反彈，但當我們公佈業績時，我們的業績數字較低，因為我們是在第四季度公佈的。

So maybe our Q1 is even lower than maybe what current conditions may indicate when we think about crush margins approximately around $40 in Q1, we are expecting full year crush margins in the range of $45 to $55 per ton for soy.

因此，也許我們的第一季利潤甚至低於當前情況所表明的水平，當我們考慮到第一季的壓榨利潤約為 40 美元時，我們預計全年大豆壓榨利潤在每噸 45 至 55 美元之間。

That's about $5 lower than the average of last year.

比去年的平均價格低約 5 美元。

And canola $50 to $70, that's probably $20 lower than last year.

而油菜籽的價格為50至70美元，可能比去年低20美元。

And again, you have to include here all the improvements that we expected in manufacturing for the business.

再說一次，你必須在這裡包括我們期望在業務製造方面實現的所有改進。

If you recall, last year, we were doing a lot of project automation and digitization in the carb solutions area.

如果你還記得的話，去年我們在碳水化合物解決方案領域做了很多專案自動化和數位化。

And I mentioned before, that we have run an experiment with the Oilseed plant in Brazil.

我之前提到過，我們已經對巴西的油籽工廠進行了實驗。

And now we have the result of that experiment, and we are bringing some of those learnings.

現在我們有了該實驗的結果，並正在學習其中的一些經驗教訓。

So we expect a lot of self-help coming to Ag Services and Oilseeds.

因此，我們期望農業服務和油籽產業能夠獲得大量自助服務。

And we also expect destination marketing to grow our internal -- our direct farming procurements also to improve or to grow this year.

我們也預計目的地行銷將促進我們內部的直接農業採購今年的改善或成長。

And as I said, meal is going to be strong and soybean oil should become significantly better in the second half of the year.

正如我所說，豆粕的行情將會很強勁，而大豆油的行情在下半年應該會明顯好轉。

And Ben, I would add to Juan's comments just when you think about RPO or biofuels and what clarity that gets, that should allow the second half to be far stronger than the first half.

本，我想補充胡安的評論，當你想到 RPO 或生物燃料時，以及由此得到的清晰度，這應該會讓下半年比上半年強勁得多。

And Juan already mentioned, when you look at the forward curve that carry is pretty strong in the second half, and we are open for business quite a lot in the second half.

胡安已經提到，當您查看遠期曲線時，您會發現下半年的利差相當強勁，而且我們下半年的營業額相當可觀。

So hopefully, we are positioned to take advantage to capture as that goes.

因此希望我們能夠利用這一優勢來捕捉這一機會。

So all that put together, why you start pretty soft in Q1 and then you move yourself up.

綜合所有這些因素，為什麼你在第一季開始時表現很疲軟，但後來卻取得了進步。

But you're right, it's a second half story and that's what we'll have to watch.

但你說得對，這是故事的後半部分，我們必須要看。

Multiple factors is you are watching.

您正在觀察多個因素。

We are watching the same, whether it's weather, whether it is the crop yields, et cetera.

我們關注的是同一個事物，無論是天氣，還是農作物產量，等等。

So as we know more, we'll keep you posted, but that's how we see it right now.

所以，當我們了解更多資訊後，我們會及時告知您，但這就是我們目前的看法。

One of the things also then, as I forgot is, we don't have the negative take-or-pace that we had last year in Brazil.

我忘記的還有一件事，那就是我們並沒有像去年在巴西那樣出現消極的情緒或步伐。

So we don't expect them this year.

因此我們今年不期待他們。

So that will be a positive also.

這也是一件正面的事情。

Heather Jones, Heather Jones Research.

希瑟瓊斯，希瑟瓊斯研究。

I wanted to ask -- just wanted to, first of all, clarify that your guidance doesn't include any expected impact from tariffs.

我想問一下——首先我想澄清一下，您的指引並不包括關稅的任何預期影響。

And then secondly, even if it doesn't include it, if you could just flush out to show how that would look for you guys, how you to be thinking about the impact from your operations, particularly in North America?

其次，即使不包括它，如果您可以清楚地說明一下這對您來說意味著什麼，您如何看待您們的營運影響，特別是在北美？

Yeah.

是的。

Thank you, Heather, for the question.

謝謝希瑟提出這個問題。

Yeah, our guidance doesn't include any impact on tariffs as it's so difficult to predict at the moment.

是的，我們的指導不包括對關稅的任何影響，因為目前很難預測。

Tariffs imposed by the US government tend to have a slightly positive benefit to us, whether it's lysine barriers or something.

美國政府徵收的關稅往往對我們有利，無論是賴氨酸壁壘還是其他什麼。

The issue is retaliatory measures, if you will, that others may apply into us.

如果你願意的話，這個問題就是其他人可能對我們採取的報復措施。

As you saw, of course, the Mexico and Canada has been postponed for a month, the China retaliatory measures doesn't include agricultural products at this point in time.

當然，正如你所看到的，墨西哥和加拿大的貿易協定已經推遲了一個月，中國的報復措施目前還不包括農產品。

So it's difficult to know.

所以很難知道。

I think in the short term, our teams are making sure that they are doing everything possible to avoid the short-term impact.

我認為在短期內，我們的團隊正在確保盡一切可能避免短期影響。

I think medium term and long-term trade flows seem to stabilize but of course, we saw in 2018, how the corn imports from China was reduced by almost like 9 million tons from the US whether that's going to be something that's going to happen again or not, we'll have to see.

我認為中期和長期貿易流量似乎趨於穩定，但當然，我們在 2018 年看到，從中國進口的玉米減少了近 900 萬噸，這種情況是否會再次發生，我們還需要拭目以待。

Again, when you think about the power of ADM in terms of our origination in so many parts of the world and our destination marketing in so many parts of the world.

再者，當您考慮到 ADM 的強大力量時，我們會發現我們的業務遍布世界如此之多，我們的目的地行銷也遍布世界如此之多。

It provides an optionality that few companies have in order to be able to capitalize on any environment.

它提供了很少有公司擁有的可選性，以便能夠在任何環境中獲利。

We don't know if net-net, it will be a positive or a negative, but we will go through as we went in 2018.

我們不知道最終結果是正面的還是負面的，但我們會像 2018 年一樣繼續前進。

Steven Haynes, Morgan Stanley.

摩根士丹利的史蒂文·海恩斯。

I wanted to come back to Argentina and the recent export taxer provisions across the soy crush complex.

我想回到阿根廷和最近針對大豆壓榨綜合體的出口稅規定。

And if you could just briefly, I guess, talk about how you think that's going to impact your businesses?

您能否簡單談談這將如何影響您的業務？

And then how many do you see that policy evolving after June because I think that's kind of when they had framed the current revision period for?

那麼您認為 6 月之後該政策會有多少變化？

Yeah.

是的。

Thank you for the question, Steven.

謝謝你的提問，史蒂文。

So let me -- this policy was implemented, as you said, effective until June 30, very difficult what's going to happen after that because it depends on more macroeconomics of Argentina.

所以，正如您所說，這項政策已經實施，有效期至 6 月 30 日，之後會發生什麼情況將非常困難，因為這更多地取決於阿根廷的宏觀經濟。

So it will depend on many, many factors.

所以這將取決於很多因素。

I would say, until then, we haven't seen a big impact yet mostly because they are still going through the harvest and to the plant in second because I'm a farmer in Argentina, we're all worried about the weather in Argentina and the crop in certain places doesn't look terrific.

我想說，直到那時，我們還沒有看到很大的影響，主要是因為他們仍在收穫，其次是種植，因為我是阿根廷的農民，我們都擔心阿根廷的天氣，某些地方的農作物看起來不太好。

We need rains that are expected to come, but those rains may just stabilize the yields, but not been able to turn around that.

我們需要預期的降雨，但這些降雨可能只能穩定產量，卻無法扭轉局面。

And then there are details about the implementation of this regulation that we need to be observing.

然後我們需要觀察該法規實施的具體細節。

Before all this, you get to -- you needed to bring the dollars into Argentina 30 days after your shipment.

在此之前，您需要在貨物發貨後 30 天內將美元帶入阿根廷。

Right now, if you want to qualify for this reduction in exports, you need to commit that you're going to bring the dollars of 95% of all the amount within 15 days of issuing the license.

目前，如果你想獲得這項出口減免，你需要承諾在許可證簽發後的 15 天內帶回全部金額的 95% 的美元。

So before you have 30 days from shipment, now you have to bring the money 15 days after you get the export license.

因此，以前您有從發貨之日起 30 天的時間，現在您必須在獲得出口許可證後 15 天內把錢帶過來。

So that's a big financing change in the same that I don't know how it's going to impact.

所以這是一個很大的融資變化，我不知道它會產生什麼影響。

So we will have to see in April with the farmer sits on top of the harvest, and they have from April to May to June to be able to play this how much it's going to be.

因此，我們必須在四月觀察農民的收成情況，以及他們從四月到五月到六月的收穫量。

At this point in time, we haven't held much

目前，我們還沒有舉行太多

Pooran Sharma, Stephens.

普蘭夏爾馬，史蒂芬斯。

I wanted to see if we could unpack 45Z guidance a little bit.

我想看看我們是否可以稍微解讀一下 45Z 指導。

I know there's been -- the situation is fluid, Biden provided interim guidance, but I think there's a little bit left with final guidance.

我知道情況是不斷變化的，拜登提供了臨時指導，但我認為最終指導還剩一點。

To my understanding, the biofuels industry with interim guidance is able to accrue tax credits, but I think you need final guidance to have them paid out.

據我了解，有臨時指導的生物燃料產業能夠累積稅收抵免，但我認為需要最終指導才能支付這些稅收抵免。

So we've seen some smaller operators already shutter production -- we just weren't sure about the larger producers.

因此，我們看到一些規模較小的營運商已經停止生產——我們只是不確定大型生產商的情況。

So I wanted to kind of get your take on 45 guidance and then the state of the union on the biofuels industry.

所以我想聽聽您對 45 項指導意見以及國情對生質燃料產業的看法。

Yeah.

是的。

Let's see if I can provide some clarity to that.

讓我們看看我是否可以對此作出澄清。

First of all, this is preliminary guidance.

首先，這是初步的指導。

And of course, it needs to be ratified after the comment period and then we need to see what the Trump administration will decide on this.

當然，它需要在評論期後得到批准，然後我們需要看看川普政府將對此做出什麼決定。

So this still needs to be played out.

因此這仍需進行。

I would say with the removal of the blenders tax credit, margins have been significantly impacted.

我想說，隨著攪拌機稅收抵免的取消，利潤率受到了嚴重影響。

So you may see some small producers that in the absence of all these, when they are not integrated and are isolated plants, they have shut down.

因此，您可能會看到一些小型生產商，由於缺乏這些，當它們沒有整合並且是孤立的工廠時，它們就關閉了。

We were expecting to do that.

我們期待這麼做。

Our integrated facilities, all our facilities are integrated have allowed us to continue to operate, although we see the impact in Q1 margins that we're going to have as we have Q4 margins.

我們的綜合設施，我們所有的設施都是綜合的，使我們能夠繼續運營，儘管我們看到第一季的利潤率會受到與第四季度利潤率相同的影響。

So the industry definitely need to bring some margin back into it.

因此，該行業肯定需要恢復一些利潤。

More importantly, we need to bring clarity because lack of clarity have pulled people off the market.

更重要的是，我們需要帶來清晰度，因為缺乏清晰度已經將人們從市場中拉出來。

What we know is the administration of President Trump strongly support the farmers and having an output for the farmers' production.

我們知道的是，川普總統的政府大力支持農民，並為農民的生產提供產出。

And I think that in that sense, strong biofuel policy, a strong export policy, a strong biosolutions type of products are all going to be very supportive.

我認為從這個意義上來說，強而有力的生物燃料政策、強而有力的出口政策、強而有力的生物解決方案類產品都將提供強而有力的支持。

Appreciate the color.

感謝色彩。

Manav Gupta, UBS.

瑞銀的 Manav Gupta。

I'm -- I dropped off briefly, so if somebody has already asked this, I apologize

我──我剛才停頓了一下，如果有人已經問過這個問題，我很抱歉

.

。

But Monish, your key priorities when you took over your focus was one on operational rigor and second, ensuring there are no material weakness in financial reporting.

但是莫尼什，您接手時的首要任務是，一是注重營運嚴謹性，二是確保財務報告中沒有重大缺陷。

And what's the progress been on those two fronts?

這兩方面取得了什麼進展？

Yeah.

是的。

Thank you, Manav.

謝謝你，Manav。

I would say on both, and I'll start with the material weakness, as I said at the end of my prepared remarks, that is one item that we are very heavily focused on, which I am focused on.

我想說的是，兩者都是，我將從實質弱點開始，正如我在準備好的演講結束時所說的那樣，這是我們非常關注的問題，也是我關注的重點。

And the progress on that, and I'll start by just saying when we talked Q3 call and you had asked the question, I said the company had enhanced the design and controls and documentation of intersegment sales.

關於這方面的進展，我首先要說的是，當我們談到第三季電話會議時，您提出了這個問題，我說公司已經加強了分部間銷售的設計、控制和文件記錄。

So we have continued to do that this quarter.

因此本季我們繼續這樣做。

We have continued to provide a lot of training to our personnel around the reporting and recognition of intersegment sales.

我們繼續為我們的人員提供大量有關分部間銷售報告和確認的培訓。

We have enhanced and tested a lot of controls and we need to continue to make sure that is sustained for a period of time before we can lift the material weakness, and that's what the teams are focused on.

我們已經增強並測試了許多控制措施，我們需要繼續確保這些措施能夠持續一段時間，然後才能消除實質的弱點，這就是團隊的重點。

We also made an announcement where we've got Carrie Nichol who's joining us as the Chief Accounting Officer who was from a prior similar role in Cargill, and I'm excited to have her on board and my partner to help me continue this journey that we have started on remediating our material weakness.

我們也宣布，Carrie Nichol 將加入我們，擔任首席會計官，她之前在嘉吉擔任過類似的職務，我很高興她能加入我們，和我的搭檔一起幫助我繼續這段我們已經開始的旅程，彌補我們的重大缺陷。

To answer your question on operating rigor, you can see that we've made progress in Juan's comments, you can hear that some of the items where we have done root cause and our manufacturing facilities have given yielded results.

回答您關於操作嚴謹性的問題，您可以看到我們在胡安的評論中取得了進展，您可以聽到我們已經完成根本原因分析的一些項目以及我們的製造設施已經取得了成果。

In December, we saw good outputs in some of our plants in North America.

12月份，我們北美部分工廠的產量表現良好。

We also saw progress in EMEA, in our Flavors business in Nutrition.

我們也看到，歐洲、中東和非洲地區的營養香精業務取得了進展。

And as a part of that whole thing, Manav, and as we look at the opportunities, Juan and I announced that we have a plan to get $500 million to $750 million of cost out over the next three to five years. it's going to come from multiple places.

作為整個計劃的一部分，馬納夫，當我們尋找機會時，胡安和我宣布，我們計劃在未來三到五年內削減 5 億到 7.5 億美元的成本。它將來自多個地方。

Number 1 is driving efficiencies in our manufacturing facilities.

首要的是提高我們製造工廠的效率。

Number 2 is going after costs with our third parties.

第二個是與第三方協商成本。

And number 3 is controlling SG&A and some of the actions we're going to take there.

第三是控制銷售、一般和行政費用以及我們將在此採取的一些行動。

Adding on to that on the other side is the simplification agenda.

另一方面，簡化議程也隨之而來。

So as we continue to drive portfolio simplification, we see an opportunity to continue to drive margin enhancement in there, too, as some of these facilities, whether you talk about consolidation or targeted divestitures should allow us also benefit in there.

因此，隨著我們繼續推動投資組合簡化，我們也看到了繼續提高利潤率的機會，因為其中一些設施，無論是合併還是有針對性的資產剝離，都應該讓我們從中受益。

We're going to do all of this while at the same time, battling a lot more around the inflationary environment, whether it's the energy complex as well as labor inflation or general inflation that continues to stay.

我們在做所有這些事情的同時，還要加大對通膨環境的應對力度，無論是能源綜合體通膨、勞動力通膨還是持續存在的整體通膨。

So focused on it.

如此專注於此。

Juan said it, I've said it.

胡安這麼說過，我也這麼說過。

It's a big self-help agenda.

這是一個重大的自助議程。

We know the environment that we are going into 2025.

我們知道 2025 年將面臨的環境。

And I think the team is quite confident that we can execute this cost-out plan that we've got over the next three to five years.

我認為團隊非常有信心我們能夠在未來三到五年內執行這個成本計劃。

Thank you so much for the update.

非常感謝您的更新。

Salvator Tiano, Bank of America.

美國銀行的薩爾瓦多‧蒂亞諾 (Salvator Tiano)。

I want to go back to Nutrition specifically for Q4.

我想特別回顧一下第四季的營養問題。

So your commentary was pretty positive in that Human Nutrition had higher volume and pricing versus last year.

所以您的評論是非常積極的，因為人類營養的銷售和價格都比去年同期有所提高。

But if we adjust for last year's write-down, I think you would have made $39 million Human Nutrition.

但如果我們調整去年的減記，我認為你將在人類營養業務中賺取 3,900 萬美元。

Whereas this year, without the insurance, you would have made only $15 million.

而今年，如果沒有保險，你只能賺 1500 萬美元。

So it looks like the performance or even with M&A was quite worse.

因此看起來，業績表現甚至併購表現都相當糟糕。

So I cannot reconcile that two.

所以我無法調和這兩者。

Can you provide a little bit more color on why margins were so lower and perhaps quantify the impact of this contract cancellation in Q4?

您能否進一步說明利潤率如此之低的原因，並量化第四季度合約取消的影響？

Yeah.

是的。

I think when you look at it, yes, we've made progress on the growth in Human Nutrition, but the biggest piece that still continue -- it continues to be a headwind is the Specialty Ingredients business.

我想，當你看到它時，是的，我們在人類營養領域的成長方面取得了進展，但仍然存在的最大問題——它繼續成為阻力的是特種成分業務。

When you look at the continued inefficiencies from the downtime at Decatur East, the higher insurance premiums that we are seeing as well as the lower pricing for texturants and demand, all put together is where we landed up for the fourth quarter.

當您看到迪凱特東部停工導致的持續低效率、我們看到的更高的保險費以及紋理劑和需求的較低價格時，所有這些加在一起就是我們第四季度的結局。

And going into 2025, we look at the same and say, when you look at Q1 and we say it's sequentially flat when you adjust for the insurance proceeds, the biggest driver there, again, on a year-over-year basis is the specialty ingredients.

展望 2025 年，我們看同樣的情況，當您看第一季時，我們會說，當您根據保險收益進行調整時，它是環比持平的，與去年同期相比，最大的驅動因素仍然是特種成分。

And so getting that plant back online in Q2 2025 and then doing all the s self-help actions that Ian and his team are doing in nutrition, will help us continue to grow Nutrition's P&L in 2025.

因此，讓工廠在 2025 年第二季恢復生產，然後採取 Ian 和他的團隊在營養領域進行的所有自助行動，將有助於我們在 2025 年繼續增加營養部門的損益。

Just understand though here, the fire at Decatur happened, I think, August or September last year, meaning that you should have lapsed -- at least in my understanding, you should have lapsed the inefficiencies and the problems already in Q4.

不過，我要說的是，我認為迪凱特的火災發生在去年 8 月或 9 月，這意味著你們應該已經失效了——至少在我看來，你們應該在第四季度就已經失效了，解決了效率低下和問題。

So that shouldn't have been an issue versus Q4 of '24?

那麼與 24 年第四季相比，這不應該成為問題嗎？

Or it shouldn't be an issue in Q1, '25 versus what you posted this year?

或者與您今年發布的情況相比，這在 25 年第一季不應該成為問題？

Well, we had inventory going into Q4 of '23, and that allowed to reduce some of the impact that was there on a year-over-year basis.

嗯，我們在 23 年第四季有庫存，這可以減少同比產生的一些影響。

But also prices and end of texturants come down yeah.

但是價格和紋理劑的末端也會下降。

Due to time, we'll take no further questions.

由於時間原因，我們不再回答任何問題。

So I'll hand back to Megan Britt for any further remarks.

因此，我將把進一步的評論交給 Megan Britt。

Thank you so much for joining the call today.

非常感謝您今天參加電話會議。

If you have additional questions, please feel free to reach out directly to me.

如果您還有其他問題，請隨時直接與我聯繫。

Have a wonderful rest of your day.

祝您剩餘的一天過得愉快。

Thank you all for joining today's call.

感謝大家參加今天的電話會議。

You may now disconnect your lines.

現在您可以斷開線路了。