Archer-Daniels-Midland Co (ADM) 2022 Q1 法說會逐字稿

Good morning, and welcome to the ADM First Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.

早上好，歡迎參加 ADM 2022 年第一季度收益電話會議。 （操作員說明）作為提醒，此電話會議正在錄音中。

I would now like to introduce your host for today's call, Michael Cross, Director of Investor Relations. You may begin.

我現在想介紹一下今天電話會議的主持人，投資者關係總監 Michael Cross。你可以開始了。

Thank you, Emily. Good morning, and welcome to ADM's First Quarter Earnings Webcast. Starting tomorrow, a replay of today's webcast will be available at adm.com.

謝謝你，艾米麗。早上好，歡迎收聽 ADM 的第一季度收益網絡直播。從明天開始，今天的網絡廣播將在 adm.com 上重播。

Please turn to Slide 2, the company's Safe Harbor statement, which says that some of our comments and materials 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 risk and uncertainty. 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.

請轉到幻燈片 2，該公司的安全港聲明，該聲明稱，我們的一些評論和材料構成前瞻性陳述，反映了管理層對未來經濟環境、行業狀況、公司業績和財務業績的當前觀點和估計。這些陳述和材料基於許多具有風險和不確定性的假設和因素。 ADM 在其提交給 SEC 的報告中提供了額外信息，這些信息涉及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。

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 provide an overview of the quarter and highlight some of our accomplishments. Our Chief Financial Officer, Vikram Luthar, will review the drivers of our performance as well as corporate results and financial highlights. Then Juan will make some final comments, and our Vice Chairman, Ray Young, will join us for questions.

在今天的網絡廣播中，我們的董事長兼首席執行官胡安·盧西亞諾將概述本季度並強調我們的一些成就。我們的首席財務官 Vikram Luthar 將審查我們業績的驅動因素以及公司業績和財務亮點。然後，Juan 將發表一些最後的評論，我們的副主席 Ray Young 將與我們一起提問。

Please turn to Slide 3. I will now turn the call over to Juan.

請轉到幻燈片 3。我現在將把電話轉給胡安。

Thank you, Michael.

謝謝你，邁克爾。

This morning, we reported first quarter adjusted earnings per share of $1.90. Adjusted segment operating profit was $1.6 billion. Our trailing fourth quarter adjusted EBITDA was about $5.3 billion, and our trailing fourth quarter average adjusted ROIC was 10.6%.

今天上午，我們報告第一季度調整後每股收益為 1.90 美元。調整後的部門營業利潤為 16 億美元。我們第四季度調整後的 EBITDA 約為 53 億美元，第四季度調整後的平均投資回報率為 10.6%。

What we saw in the first quarter was an extension and amplification of the factors that supported our growth in 2021. First was our team's great execution. Exceptional growth in Nutrition and effective risk management exemplified how we continued to serve our customers and provide nutrition around the globe amid volatile market conditions and an inflationary environment. Second was an environment of tight supply and demand. We operated in the first quarter in a constrained supply environment for crops, mostly driven by the smaller South American crop, and for other products driven by some continued supply chain and labor availability issues. And we continued to see solid global demand across most of our products and in most regions. While the pandemic is not over, and we're particularly monitoring the impact of rising cases and lockdowns in China. Much of the world continued to emerge. Pent-up demand remained solid, even in the face of higher prices.

我們在第一季度看到的是支持我們在 2021 年增長的因素的延伸和放大。首先是我們團隊的出色執行。營養方面的異常增長和有效的風險管理體現了我們如何在動蕩的市場條件和通貨膨脹的環境中繼續為我們的客戶服務並在全球範圍內提供營養。二是供需緊張的環境。我們在第一季度的農作物供應環境受到限制，主要受南美較小作物的推動，而其他產品則受到一些持續供應鍊和勞動力供應問題的推動。我們繼續看到我們大部分產品和大多數地區的全球需求強勁。雖然大流行還沒有結束，但我們特別關注中國不斷上升的病例和封鎖的影響。世界上的大部分地區繼續出現。即使在價格上漲的情況下，被壓抑的需求仍然穩固。

The great work our team did was in service to our customers, our company and our purpose. Our company has come together once again in the wake of the unprovoked and unjustified invasion of Ukraine. ADM has about 650 colleagues in Ukraine, and of course, our highest priority continues to be supporting and protecting them and their families as well as helping Ukrainian farmers to get as much of their crop production as possible into world markets. Our thoughts and prayers remain with the people of Ukraine.

我們團隊所做的偉大工作是為我們的客戶、我們的公司和我們的宗旨服務。在無端和無理入侵烏克蘭之後，我們公司再次走到了一起。 ADM 在烏克蘭有大約 650 名同事，當然，我們的首要任務仍然是支持和保護他們及其家人，並幫助烏克蘭農民將盡可能多的農作物產品推向世界市場。我們的思念和祈禱與烏克蘭人民同在。

Slide 4, please.

請幻燈片 4。

Food security is foundational to ADM's purpose and beliefs, and recent events have only magnified its importance. From a global pandemic to the short crop in South America to the conflict in Ukraine, it has become clear that we cannot take an abundant and efficient supply of food for granted. Even beyond the current dislocations, this issue will remain one of critical importance over the next many years.

糧食安全是 ADM 宗旨和信念的基礎，最近發生的事件更加凸顯了它的重要性。從全球大流行病到南美洲的歉收再到烏克蘭的衝突，很明顯，我們不能將充足而有效的糧食供應視為理所當然。即使在當前的錯位之外，這個問題在未來很多年仍將是至關重要的問題之一。

As the global population grows, the need for Nutrition will continue to grow with it.

隨著全球人口的增長，對營養的需求將繼續增長。

At our Global Investor Day last December, we talked about how we expect demand to push global trade flows of corn, wheat, soybeans and soybean meal up 21% or 130 million tons in the next 10 years. Meeting that demand will not happen automatically. It will take dedication, expertise and agility as well as global scale and capabilities.

在去年 12 月的全球投資者日上，我們談到了我們預計未來 10 年需求將如何推動全球玉米、小麥、大豆和豆粕貿易流量增加 21% 或 1.3 億噸。滿足這種需求不會自動發生。這將需要奉獻精神、專業知識和敏捷性以及全球規模和能力。

An example of that is ADM's destination marketing network, which gives us a presence in more regions where demand is strong and growing as well as more direct connections to customers and the ability to offer the full end-to-end capabilities of our integrated value chain. We are seeing how important that is today as customers are coming to us knowing that they can rely on ADM to meet their specific needs in a supply-constrained environment.

ADM 的目的地營銷網絡就是一個例子，它使我們能夠在更多需求強勁且不斷增長的地區開展業務，並與客戶建立更直接的聯繫，並能夠提供我們綜合價值鏈的完整端到端能力.我們看到了今天的重要性，因為客戶來到我們這裡知道他們可以依靠 ADM 來滿足他們在供應受限環境中的特定需求。

We are not immune to the impacts of global disruptions, including those in the Black Sea region, but our broad portfolio of nutrition products and our ability to efficiently move them around the world will allow us to manage through these dynamic market conditions and continue to help support the food needs of billions of people.

我們不能倖免於全球中斷的影響，包括黑海地區的影響，但我們廣泛的營養產品組合和我們在世界各地有效運輸的能力將使我們能夠管理這些動態的市場條件並繼續提供幫助滿足數十億人的糧食需求。

Please turn to Slide 5.

請轉到幻燈片 5。

Sustainability is another one of the global trends so important to our company's and our planet's future. We remain focused on our strategy, which is aligned with fast-growing demand for an array of products that are environmentally friendly, including alternative projects. That industry continues to show impressive growth. Global sales for alternative meats and dairy products are expected to increase 14% annually, reaching a targeting $125 billion by 2030.

可持續性是另一個對我們公司和地球未來非常重要的全球趨勢之一。我們仍然專注於我們的戰略，該戰略與對包括替代項目在內的一系列環保產品的快速增長需求保持一致。該行業繼續顯示出令人印象深刻的增長。替代肉類和奶製品的全球銷售額預計將每年增長 14%，到 2030 年將達到 1250 億美元的目標。

When you look at the full range of products that alternative proteins could go into, from meat alternatives and meat extensions to emerging categories like ready meals and specialized nutrition, the opportunities are even greater. Our own growth in this area is faster than the industry's. The quality of our product, our integrated end-to-end value chain, our innovative product development and application capabilities and our global scale make us the partner of choice for our customers. In fact, we never had a stronger demand for our alternative protein products that we are seeing now, and we are confident in continued growth.

當您查看替代蛋白質可以進入的全系列產品時，從肉類替代品和肉類延伸產品到即食食品和專業營養品等新興類別，機會就更大了。我們自己在這一領域的增長速度超過了行業的增長速度。我們的產品質量、集成的端到端價值鏈、創新的產品開發和應用能力以及我們的全球規模使我們成為客戶的首選合作夥伴。事實上，我們對替代蛋白質產品的需求從未像現在這樣強烈，我們對持續增長充滿信心。

That is why earlier this month, we announced a significant investment to nearly double extrusion capacity at our Decatur, Illinois specialty protein complex. We also announced the industry's first end-to-end alternative protein innovation center. This, of course, follows up our last year's addition of leading European alternative protein provider, soy protein.

這就是為什麼本月早些時候，我們宣布了一項重大投資，將我們位於伊利諾伊州迪凱特的特種蛋白質複合體的擠出產能提高近一倍。我們還宣布了業界首個端到端替代蛋白質創新中心。當然，這是繼我們去年增加歐洲領先的替代蛋白質供應商大豆蛋白之後的又一舉措。

Alternative proteins are just one of the many areas in which we are expanding our capabilities to meet growing customer demand for more environmentally responsible products. Our biosolutions team, for example, continued to expand its pipeline and advance the evolution of our Carbohydrate Solutions business with an impressive $55 million in revenue growth in the quarter.

替代蛋白質只是我們擴大能力以滿足客戶對更環保產品日益增長的需求的眾多領域之一。例如，我們的生物解決方案團隊繼續擴大其管道並推動我們碳水化合物解決方案業務的發展，本季度的收入增長達到了令人印象深刻的 5500 萬美元。

Please turn to Slide 6.

請轉到幻燈片 6。

We are advancing sustainability commitments in other parts of our business as well. Last year, we unveiled new goals to reduce Scope 3 emissions and eliminate deforestation from our supply chain. This is critical work. We do not make these kinds of commitments without an achievable plan to meet them, and once we move forward, we constantly challenge ourselves to do it faster. That is why last week, we announced that we've accelerated our deadline for a completely deforestation-free supply chain by 5 years from 2030 to 2025.

我們也在我們業務的其他部分推進可持續發展承諾。去年，我們公佈了減少範圍 3 排放和消除供應鏈中的森林砍伐的新目標。這是一項至關重要的工作。如果沒有可實現的計劃來實現這些承諾，我們不會做出此類承諾，一旦我們向前邁進，我們就會不斷挑戰自己以更快地完成。這就是為什麼上週我們宣布，我們已將 2030 年至 2025 年的完全無森林砍伐供應鏈的截止日期提前了 5 年。

We also recently committed to work with the science-based targets initiative, with the goal of obtaining their approval of ADM's climate target and our alignment with ambitious global goals to limit rising temperatures to 1.5 degrees Celsius.

我們最近還承諾與基於科學的目標倡議合作，目標是獲得他們對 ADM 氣候目標的批准，以及我們與將氣溫上升限制在 1.5 攝氏度的雄心勃勃的全球目標保持一致。

Across ADM, we are continuing to align our portfolio with the world's growing needs and with our own purpose, positioning us to serve our customers, our communities and our planet and power in our future.

在整個 ADM 中，我們將繼續使我們的產品組合與世界不斷增長的需求和我們自己的目標保持一致，使我們能夠為我們的客戶、我們的社區、我們的星球和未來的力量服務。

I'll discuss our business outlook at the end of our call. But in the meantime, I'd like to turn to Vikram to talk about our business. Vikram?

我將在通話結束時討論我們的業務前景。但與此同時，我想請維克拉姆談談我們的業務。維克拉姆？

Thanks, Juan. Slide 7, please.

謝謝，胡安。請幻燈片 7。

The Ag Services and Oilseeds team effectively managed risk and executed exceptionally well in a dynamic environment of robust global demand and tight supply, driven primarily by the short South American crop. Ag Services results were significantly higher versus the first quarter of 2021. Global trade results were higher, driven by strong performances in destination marketing and global ocean freight. North American origination margins and volumes were lower year-over-year, including approximately $75 million in negative timing effects, which will reverse in the coming quarters.

Ag Services 和 Oilseeds 團隊有效地管理風險並在全球需求旺盛和供應緊張的動態環境中表現出色，主要受南美作物短缺的推動。與 2021 年第一季度相比，農業服務業績顯著提高。受目的地營銷和全球海運強勁表現的推動，全球貿易業績更高。北美的原始利潤和數量同比下降，包括約 7500 萬美元的負面時間效應，這將在未來幾個季度逆轉。

Crushing was higher year-over-year in a strong global margin environment driven by robust protein and vegetable oil demand. Improving margins in the quarter resulted in approximately $60 million in negative timing effects, which will reverse in the coming quarters, versus approximately $50 million in positive timing in the prior year quarter.

在強勁的蛋白質和植物油需求推動的強勁全球利潤率環境下，壓榨量同比增長。本季度利潤率的提高導致了大約 6000 萬美元的負時間效應，這將在未來幾個季度扭轉，而上一季度的正時間效應約為 5000 萬美元。

Refined Products and Other results were much higher than the prior year period, driven by healthy refining premiums and good refined oil demand in North America as well as strong biodiesel margins in EMEA.

精煉產品和其他產品的業績遠高於去年同期，這得益於北美健康的煉油溢價和良好的成品油需求以及歐洲、中東和非洲地區強勁的生物柴油利潤率。

Equity earnings from Wilmar was significantly higher versus the first quarter of 2021.

與 2021 年第一季度相比，豐益國際的股票收益顯著提高。

Looking ahead, we expect substantially higher Q2 AS&O results than the second quarter of 2021.

展望未來，我們預計第二季度的 AS&O 業績將大大高於 2021 年第二季度。

Slide 8, please.

請幻燈片 8。

Carbohydrate Solutions delivered substantially higher year-over-year results. The Starches and Sweeteners subsegment, including ethanol production from our wet mills, delivered much higher results versus the prior year quarter driven by higher corn core product revenues, improved citric acid profits and excellent risk management in North America, higher volumes and margins in EMEA and higher volumes and margins in wheat milling. Sales volumes for Starches and Sweeteners continued their recovery towards pre-pandemic levels. And as Juan mentioned, our biosolutions platform continued to deliver impressive growth, with $55 million in new sales as demand for plant-based products expands into more diverse applications.

碳水化合物解決方案的同比業績顯著提高。澱粉和甜味劑子部門，包括我們濕磨機的乙醇生產，由於玉米核心產品收入增加、檸檬酸利潤提高和北美出色的風險管理、歐洲、中東和非洲地區的產量和利潤率提高以及小麥加工的產量和利潤更高。澱粉和甜味劑的銷量繼續恢復到大流行前的水平。正如 Juan 所提到的，我們的生物解決方案平台繼續實現令人矚目的增長，隨著對植物性產品的需求擴展到更多樣化的應用，新銷售額達到 5500 萬美元。

Vantage Corn Processors delivered solid execution margins, but position losses on ethanol inventory, as prices fell early in the quarter, drove lower results versus the prior year. The prior year quarter's results also benefited from demand for USP-grade industrial alcohol from the Peoria facility, which was divested in Q4 2021.

Vantage Corn Processors 提供了可觀的執行利潤，但由於本季度初價格下跌，乙醇庫存的頭寸損失導致業績低於上年。上一季度的業績也得益於 Peoria 工廠對 USP 級工業酒精的需求，該工廠於 2021 年第四季度剝離。

Looking ahead to the second quarter, we expect the current market dynamics to continue, delivering Carbohydrate Solutions results similar to the very strong second quarter of 2021.

展望第二季度，我們預計當前的市場動態將繼續，提供類似於非常強勁的 2021 年第二季度的碳水化合物解決方案結果。

On Slide 9, the Nutrition business delivered continued strong profit growth. Revenues increased by a very impressive 23%. Even when adjusting for currency effects and removing the impacts of recent acquisitions, revenue was up by 17%. And while margins have softened somewhat, they remain healthy.

在幻燈片 9 上，營養業務實現了持續強勁的利潤增長。收入增長了令人印象深刻的 23%。即使在調整貨幣影響並消除最近收購的影響後，收入也增長了 17%。儘管利潤率有所下降，但仍保持健康。

Human Nutrition delivered higher year-over-year results. Flavors continued to deliver solid revenue growth, offset by some higher costs. Strong sales growth in alternative proteins, including contributions from our soy protein acquisition and positive currency timing effects in South America, offset some higher operating costs to help deliver better year-over-year results in Specialty Ingredients. Health and Wellness results were also higher year-over-year, powered by continued growth in probiotics, including our late 2021 Deerland probiotics acquisition and robust demand for fiber.

人類營養提供了更高的同比結果。風味繼續帶來穩健的收入增長，但被一些較高的成本所抵消。替代蛋白質的強勁銷售增長，包括我們收購大豆蛋白的貢獻和在南美的積極貨幣時機效應，抵消了一些較高的運營成本，以幫助在特種成分方面取得更好的同比業績。得益於益生菌的持續增長，包括我們在 2021 年底收購 Deerland 益生菌以及對纖維的強勁需求，健康和保健結果也同比增長。

Animal Nutrition profits were nearly double the year ago period due primarily to strength in amino acids driven by a combination of product mix changes, improved North American demand and global supply chain disruptions.

Animal Nutrition 的利潤比去年同期增長了近一倍，這主要是由於產品組合變化、北美需求改善和全球供應鏈中斷共同推動的氨基酸增長。

Looking ahead, we expect Nutrition to deliver a second quarter significantly higher than the prior year period. And with our recent acquisitions delivering ahead of our expectations, we are raising our profit growth outlook for the full year from 15-plus to 20%.

展望未來，我們預計 Nutrition 第二季度的業績將顯著高於去年同期。由於我們最近的收購超出了我們的預期，我們將全年利潤增長前景從 15% 以上提高到 20%。

Slide 10, please.

請幻燈片 10。

Let me finish up with a few observations from the Other segment as well as some of the Corporate Line items.

讓我以其他部分以及一些公司行項目的一些觀察作為結束。

Other business results were substantially higher, driven primarily by better performance in captive insurance, including reduced claims settlements versus the prior year. Some of the claims settlements that we expected to negatively impact Q1 results are now expected in the second quarter. Net interest expense for the quarter was higher year-over-year on higher expense for long-term debt, higher short-term borrowings to support working capital needs and interest related to a tax item.

其他業務業績顯著提高，主要是由於專屬保險業務表現更好，包括與上一年相比理賠減少。我們預計將對第一季度業績產生負面影響的一些索賠和解現在預計在第二季度進行。由於長期債務支出增加、支持營運資金需求的短期借款增加以及與稅收項目相關的利息，本季度的淨利息支出同比增加。

In the Corporate Lines, unallocated Corporate costs of $209 million were due primarily to higher IT operating and project-related costs and higher costs in the company's centers of excellence, partially offset by incentive compensation accrual adjustments. The effective tax rate for the first quarter of 2022 was approximately 16%. For the full year, we are now anticipating an effective tax rate at the higher end of our previously guided range of 16% to 19%.

在公司業務中，未分配的公司成本為 2.09 億美元，主要是由於 IT 運營和項目相關成本增加，以及公司卓越中心的成本增加，部分被激勵薪酬應計調整所抵消。 2022年第一季度的有效稅率約為16%。對於全年，我們現在預計有效稅率將處於我們先前指導範圍 16% 至 19% 的高端。

Cash flow generation remains strong, $1.6 billion before working capital changes versus $1.2 billion in the prior year period. Our balance sheet remains solid with a net debt to total capital ratio of about 34%, and available liquidity of about $9.3 billion, even with almost $3 billion in higher working capital needs since December.

現金流產生仍然強勁，營運資本變動前為 16 億美元，而去年同期為 12 億美元。我們的資產負債表保持穩健，淨債務與總資本的比率約為 34%，可用流動性約為 93 億美元，儘管自 12 月以來營運資金需求增加了近 30 億美元。

With that, I'll turn it back to Juan.

有了這個，我會把它轉回給胡安。

Thank you, Vikram. Slide 11, please.

謝謝你，維克拉姆。請幻燈片 11。

As the strong start of the year, we are looking ahead. In the near-term future, we expect lower crop supplies caused by the weak Canadian canola crop, the short South American crops and now the Black Sea disruptions, to drive continued tightness in global grain markets through 2022, well into 2023 and perhaps beyond. As we look further ahead, markets will continue to reflect the importance of the enduring global trends that are fueling performance across our portfolio including a growing global population, driving expansion in demand for full and healthy nutrition.

作為今年的強勁開端，我們展望未來。在短期內，我們預計加拿大油菜籽作物疲軟、南美作物短缺以及現在的黑海中斷導致的作物供應減少，將推動全球糧食市場在 2022 年、2023 年甚至更久之後持續吃緊。隨著我們進一步展望未來，市場將繼續反映出持久的全球趨勢的重要性，這些趨勢正在推動我們產品組合的業績，包括全球人口的增長，推動對全面健康營養的需求擴大。

That is why the work we've done to build a better ADM is so important. We have the global integrated network, risk management capabilities and diverse product portfolio to help us navigate through tight market conditions and meet global nutritional needs. This is the challenge we expanded, improved and repositioned our business to meet, and we'll continue to advance our strategy and grow our capabilities through our productivity and innovation initiatives in order to drive performance under our control and deliver on the evolving needs of our customers.

這就是為什麼我們為構建更好的 ADM 所做的工作如此重要的原因。我們擁有全球綜合網絡、風險管理能力和多樣化的產品組合，可幫助我們度過緊張的市場條件並滿足全球營養需求。這是我們擴展、改進和重新定位我們的業務以應對的挑戰，我們將繼續推進我們的戰略並通過我們的生產力和創新舉措提高我們的能力，以便在我們的控制下推動績效並滿足我們不斷變化的需求顧客。

But it doesn't stop with ADM. Our working with other participants across the food and agriculture value chain, from farmers who continue to do more every year to sustainably increase production to technology providers who offer new ways to make more with less, to governments who, in a tight supply and demand environment,

但這並不止於 ADM。我們與糧食和農業價值鏈中的其他參與者合作，從每年繼續做更多工作以可持續增加產量的農民，到提供新方法以少花錢多辦事的技術供應商，再到處於供需緊張環境中的政府,

should resist the impulse to impose export restrictions.

應抵制實施出口限制的衝動。

So looking at the balance of the year, when we combine the strategic work we have done to align our portfolio with fundamental global trends with our strong execution and the expectation of a continued tight supply-demand environment, we expect 2022 results to substantially exceed 2021's. And as we look further ahead to a future of increasing needs for more and better foods, we will continue to work to add new adjacent products to address the world's toughest challenges and unlock the power of nature to enrich the quality of life.

因此，從今年的平衡來看，當我們將我們為使我們的投資組合與全球基本趨勢保持一致而進行的戰略工作與我們強大的執行力和對持續緊張的供需環境的預期相結合時，我們預計 2022 年的業績將大大超過 2021 年.隨著我們進一步展望對更多更好食品的需求不斷增長的未來，我們將繼續努力增加新的相關產品，以應對世界上最嚴峻的挑戰，釋放大自然的力量，豐富生活質量。

Once again, I'd like to thank our colleagues around the globe for their commitment and hard work to serve vital global needs in a challenging and dynamic environment.

我要再次感謝我們全球的同事，感謝他們在充滿挑戰和動態的環境中為滿足重要的全球需求所做的承諾和辛勤工作。

With that, Emily, please open the line for questions.

有了這個，艾米麗，請打開問題線。

(Operator Instructions) Our first question today comes from the line of Adam Samuelson with Goldman Sachs.

（操作員說明）我們今天的第一個問題來自高盛的 Adam Samuelson。

So I want to -- Vikram, I guess first question. Just as we think about the current market environment, obviously, a tremendous number of moving pieces, I guess I'm trying to calibrate some of the things that could prove more enduring to the business. And the one that sticks out, I mean, is inflation broadly. And I'm thinking about energy costs and what that -- especially in Europe, thinking about construction costs for new plants. I'm just trying to think, specifically in Oilseeds, how higher operating costs in Europe, higher replacement costs as we're thinking about new builds, how that might be impacting oilseed crush margins around the world? And do you think that has a bit longer tail to it? And I would think that benefits you, given your footprint is principally in the Americas.

所以我想-- Vikram，我想是第一個問題。就像我們考慮當前的市場環境一樣，顯然有大量的移動部件，我想我正在嘗試校準一些可以證明對業務更持久的東西。我的意思是，最突出的是廣義上的通貨膨脹。我正在考慮能源成本等等——尤其是在歐洲，考慮新工廠的建設成本。我只是想想想，特別是在油籽領域，歐洲的運營成本有多高，在我們考慮新建產品時更換成本會有多高，這可能如何影響全球油籽壓榨利潤？你認為它有更長的尾巴嗎？鑑於您的足跡主要在美洲，我認為這對您有利。

Yes, Adam. Thanks for the question.

是的，亞當。謝謝你的問題。

Yes, in terms of energy costs, clearly, we are not immune to that and we've seen an elevation in energy costs. As you well know, we have a program to actively hedge our program. So I think to a large degree, we've been successful in doing that. Nevertheless, in places like Europe, where energy costs have been significantly elevated, yes, that's had an impact on net margins.

是的，就能源成本而言，顯然，我們也不能倖免，而且我們已經看到能源成本的上升。如您所知，我們有一個計劃來積極對沖我們的計劃。所以我認為在很大程度上，我們在這方面取得了成功。然而，在歐洲等能源成本顯著升高的地方，是的，這對淨利潤率產生了影響。

But as you look at the broader dynamics, we continue to see very strong outlook in terms of vegetable demand as well as protein demand. And as you see, most of the grain flows, given what's happening around the world particularly in the Black Sea region and the short South American crop moving to North America, that should actually support us in terms of our footprint. So the structural changes associated with RGD remained very much intact. So we think longer term, we feel very confident about the move higher that we cited in the Global Investor Day in terms of crush margins. And for 2022, in particular, we see even more strength, given some of the near-term dynamics I just referenced.

但從更廣泛的動態來看，我們繼續看到蔬菜需求和蛋白質需求的前景非常強勁。正如你所看到的，考慮到世界各地正在發生的事情，特別是在黑海地區和南美短作物轉移到北美，大部分穀物流動實際上應該支持我們的足跡。因此，與 RGD 相關的結構變化保持完好無損。所以我們認為從長遠來看，我們對我們在全球投資者日提到的壓榨利潤率的走高充滿信心。特別是對於 2022 年，鑑於我剛剛提到的一些近期動態，我們看到了更大的力量。

Okay. That's helpful.

好的。這很有幫助。

And then I guess the second question is more on capital on the balance sheet, and I think it was impressive to see in the quarter the growth in inventory. You have the committed credit capacity basically being unchanged from year-end. And I'm wondering how you think about that as a strategic asset and the opportunities it presents both in terms of merchandising and risk in the short term, but also if the M&A pipeline is maybe improving as some others may not have the liquidity that you do in the current high commodity environment?

然後我想第二個問題更多地是關於資產負債表上的資本，我認為本季度看到庫存增長令人印象深刻。您的承諾授信能力與年末基本持平。我想知道您如何看待它作為一項戰略資產以及它在短期內在商品銷售和風險方面所帶來的機會，以及併購渠道是否可能正在改善，因為其他一些人可能沒有您的流動性在目前的高商品環境下呢？

Yes, Adam, we clearly view our balance sheet as a competitive advantage. And in terms of capital allocation, we've talked about this before. Our capital allocation is inextricably linked to our strategy.

是的，亞當，我們清楚地將我們的資產負債表視為一種競爭優勢。在資本配置方面，我們之前已經討論過。我們的資本配置與我們的戰略密不可分。

In terms of the guidelines, in terms of the framework, we've articulated about 30% to 40% of our cash flow as we all direct towards capital expenditures, and the remaining 60% to 70% for strategic growth investments. And given our balance sheet flexibility, we are clearly in a position to undertake some of those growth investments, including M&A, if that becomes attractive. But also shareholder distributions, including 30% to 40% towards dividends. As we cited in Global Investor Day, we expect dividend payouts to be actually at the higher end of that 30% to 40% range in the near to medium term.

就指導方針而言，就框架而言，我們將大約 30% 至 40% 的現金流用於資本支出，其餘 60% 至 70% 用於戰略增長投資。鑑於我們資產負債表的靈活性，我們顯然有能力進行其中一些增長投資，包括併購，如果這變得有吸引力的話。但也包括股東分配，包括 30% 至 40% 的股息。正如我們在全球投資者日中提到的那樣，我們預計在中短期內股息支付實際上將處於 30% 至 40% 範圍的高端。

But at the end of the day, if you step back, think about the operating cash flow we generated, $1.6 billion in Q1. So we should be in a position to conduct meaningful buybacks as well in the medium term, as we noted in the Global Investor Day. In the near term, we will repurchase shares to at least offset dilution.

但歸根結底，如果你退後一步，想想我們在第一季度產生的運營現金流，即 16 億美元。因此，正如我們在全球投資者日所指出的那樣，我們應該能夠在中期進行有意義的回購。在短期內，我們將回購股票以至少抵消稀釋。

Great. That color is all really helpful. I'll pass it on.

偉大的。這種顏色真的很有幫助。我會傳下去的。

Our next question is from Ben Theurer from Barclays.

我們的下一個問題來自巴克萊銀行的 Ben Theurer。

Perfect. Juan, Vikram, congrats on the strong results.

完美的。 Juan, Vikram 祝賀取得了不錯的成績。

I wanted to ask a question around just the global freight and global trade environment, and obviously, with some of the backlog that's been caused on unloading ships over in China because of all the lockdowns. Have you seen or are you seeing any incremental disruptions over the last couple of weeks that you think is going to cost greater opportunities for you guys within the next coming weeks to excel here, and to ultimately deliver a strong quarter on the ex-service piece, just similarly to what we saw already in 1Q?

我想問一個關於全球貨運和全球貿易環境的問題，很明顯，由於所有的封鎖，在中國卸貨造成的一些積壓。在過去的幾週內，您是否看到或是否看到任何增量中斷，您認為這些中斷將在接下來的幾週內為你們帶來更多的機會，讓你們在這方面表現出色，並最終在退役後實現強勁的季度業績，就像我們在第一季度看到的一樣？

Yes. Thank you Ben. Good morning.

是的。謝謝你本。早上好。

Of course, we've been dealing with supply chain issues for a while, and I think that the situation in China has nothing more than just bring back more challenges, if you will. We see the number of ships in congestion, if you will, from capesize, Panamax, Supramax and handysize have increased over the last week, increases about 10% give or take, depending on the category. So I think that's especially complicated as you see that because of the different conflicts and different shortages in crops that we have, some of these trading flows around the world that are being redirected. So you redirect trading flows with maybe less ship availability and higher freight and longer travel times.

當然，我們處理供應鏈問題已經有一段時間了，我認為中國的情況只不過是帶回了更多的挑戰，如果你願意的話。我們看到擁堵的船舶數量，從好望角型、巴拿馬型、超靈便型和靈便型在上周有所增加，增加約 10%，具體取決於類別。因此，我認為這尤其複雜，因為您看到，由於我們擁有的作物存在不同的衝突和不同的短缺，其中一些貿易流正在世界各地被重新定向。因此，您可以利用更少的船舶可用性、更高的運費和更長的旅行時間來重定向貿易流。

So the situation continued to be dire, and that's why it's so important to have a team, a global team, very active with many options to provide supply and then to reach different destinations. So the combination, if you will, of our global trade with the destination marketing and all that, becomes more and more important every day for customers around the world.

所以情況仍然很糟糕，這就是為什麼擁有一個團隊如此重要的原因，一個全球性的團隊，非常活躍，有很多選擇來提供供應，然後到達不同的目的地。因此，如果您願意的話，我們的全球貿易與目的地營銷等所有方面的結合，對於世界各地的客戶來說每天都變得越來越重要。

Okay. Perfect. I'll leave it here so you can stay on track.

好的。完美的。我會把它留在這裡，這樣你就可以繼續前進。

The next question comes from the line of Tom Palmer with JPMorgan.

下一個問題來自摩根大通的 Tom Palmer。

Maybe just a follow-up on the outlook for the second quarter in the AS&O segment, maybe just a little commentary on the subsegment expectations. Are you expecting year-over-year profit increases across all 3 of the subsegments? Are there any to call out of particular strength?

也許只是對 AS&O 部門第二季度前景的跟進，也許只是對子部門預期的一點評論。您是否預計所有 3 個子部門的利潤都將同比增長？有什麼特別的力量可以召喚的嗎？

Yes. I would say our first quarter was -- showed strength across the 3 businesses, very good performance. And as we look at Q2, probably we see the same. There was some reduction in exports in Ag Services in the first quarter because of weather issues and some of that has been moved into the second quarter, so we have a good book there. China has put some orders also for corn Q2 and Q3, we expect crush profits to continue to be very strong in the second quarter. Certainly, refining margins also very good.

是的。我想說我們的第一季度是——在 3 項業務中表現出實力，表現非常好。當我們看第二季度時，我們可能看到了同樣的情況。由於天氣問題，第一季度農業服務出口有所減少，其中一些已移至第二季度，因此我們有一本好書。中國也為第二季度和第三季度的玉米下了一些訂單，我們預計第二季度壓榨利潤將繼續非常強勁。當然，煉油利潤也很好。

So I would say demand has been domestically strong for soybean meal in North America and certainly, a lot of demand around the world for that. So we continue to see crush very well supported by the oil and the meal. We continue to see demand for our exports in the second quarter. So had the window effects for North America, we will have expanded a little bit. And certainly, the refining materials are -- they've maintained very strong margins.

所以我想說，北美國內對豆粕的需求一直很強勁，當然，世界各地對此也有很多需求。因此，我們繼續看到油和豆粕很好地支撐了壓榨。我們繼續看到第二季度對我們出口的需求。所以有了北美的窗口效應，我們將擴大一點。當然，精煉材料——它們一直保持著非常強勁的利潤率。

If you look at last year, we entered into Q1 with low margins and we ended with strong margins. This year has been strong margins across the quarter, and we expect that to continue into the second quarter.

如果你看一下去年，我們以低利潤率進入第一季度，以高利潤率結束。今年整個季度的利潤率都很高，我們預計這種情況將持續到第二季度。

Our next question comes from Ken Zaslow from Bank of Montreal.

我們的下一個問題來自蒙特利爾銀行的 Ken Zaslow。

Apologies, we have lost Ken. (inaudible) from Stephens.

抱歉，我們失去了肯。 （聽不清）來自斯蒂芬斯。

I want to ask about the Nutrition business. Strong results in the first quarter, you noted it. Versus the prior expectation of 15% plus, now 20% growth for the year. You called out acquisition contribution or the performance of acquisitions. Is that a fair breakdown of organic versus inorganic growth, thinking about maybe 15% organic growth plus 5% inorganic? Or how would you delineate between the 2 contributing factors?

我想問一下營養業務。你注意到了第一季度的強勁業績。與之前 15% 以上的預期相比，現在全年增長 20%。您提到了收購貢獻或收購業績。這是有機增長與無機增長的公平細分，考慮可能 15% 的有機增長加上 5% 的無機增長？或者您將如何描述這兩個影響因素？

Well, so as we talked about -- I referenced in my comments, Ben, the revenue growth, right, was 23% and if you exclude M&A and adjusted for FX, it was 17%. So strong revenue growth frankly, across Human Nutrition and Animal Nutrition.

好吧，正如我們所談到的——我在評論中提到，Ben，收入增長，對，是 23%，如果你不包括併購和外匯調整，它是 17%。坦率地說，人類營養和動物營養的收入增長如此強勁。

The reason our profits were stronger than what we had guided in Q4 were threefold. One is, we did expect some upfront costs that we cited, and we had anticipated inflationary cost pressures and supply disruptions. However, with the smart pricing and active supply chain collaboration with our AS&O Carb Solutions teams, we manage these very well across all the Nutrition businesses.

我們的利潤比我們在第四季度的指導要強的原因是三倍。一是，我們確實預計到了我們引用的一些前期成本，並且我們已經預料到了通脹成本壓力和供應中斷。然而，通過與我們的 AS&O 碳水化合物解決方案團隊的智能定價和積極的供應鏈合作，我們在所有營養業務中都很好地管理了這些。

The other aspect is we talked about industry-leading win rates in our Global Investor Day. Actually, our win rates are even expanding beyond that.

另一方面是我們在全球投資者日談到了行業領先的贏率。實際上，我們的勝率甚至還在擴大。

And the second point is, as you referenced, the OP contribution from our M&A were actually higher than expected.

第二點是，正如你所提到的，我們併購的 OP 貢獻實際上高於預期。

The third point is amino acids. Because of the deliberate switch we made from dry to liquid lysine last year, combined with the strong North American protein demand and the supply chain disruptions, our contribution from amino acids business was actually higher. So really, it's a reflection of those 3 factors that resulted in higher-than-expected nutrition profit for Q1.

第三點是氨基酸。由於去年我們有意從乾賴氨酸轉向液態賴氨酸，再加上北美蛋白質需求旺盛和供應鏈中斷，我們在氨基酸業務中的貢獻實際上更高。所以真的，這反映了這三個因素導致第一季度的營養利潤高於預期。

Okay, great. I'll get back in the queue.

好，太棒了。我會回到隊列中。

We do have a question on the line now from Ken Zaslow with Bank of Montreal.

我們現在確實有一個來自蒙特利爾銀行的 Ken Zaslow 的問題。

When I think about longer term, you guys set out 2 targets: One, high single-digit growth, and then the $6 to $7 outlook by 2025. Given the operating environment, I know you just literally just put this out, so it's hard to change it on a change of environment. But how do you see that? Do you think that the growth rate is higher? Or do you think that the ability to get to the $6 to $7 comes earlier than expected given the favorable operating environment?

當我考慮長期時，你們設定了 2 個目標：一個是高個位數增長，然後是到 2025 年 6 到 7 美元的前景。考慮到運營環境，我知道你們只是把它拿出來，所以很難根據環境的變化來改變它。但你怎麼看？你認為增長率更高嗎？還是您認為鑑於有利的運營環境，能夠早於預期達到 6 至 7 美元？

Yes. Thank you Ken. Good question.

是的。謝謝你肯。好問題。

Listen, when we put the plan in front of shareholders in December, we're just -- mostly to explain how our company and our business model and portfolio continues to evolve, aligning ourselves with markets of higher growth rates and actually higher margins. And so what we can control, as you can imagine, is a portfolio, capital allocation and our execution, so we focus on that. So directionally, we're going into that, and we just put a milestone there to have a reference for investors.

聽著，當我們在 12 月將計劃提交給股東時，我們只是 - 主要是為了解釋我們的公司以及我們的業務模式和投資組合如何繼續發展，使我們自己與更高增長率和更高利潤率的市場保持一致。因此，正如您可以想像的那樣，我們可以控制的是投資組合、資本分配和我們的執行，所以我們專注於這一點。因此，我們正朝著這個方向前進，我們只是在那裡放置一個里程碑，為投資者提供參考。

Of course, at this point in time, we're going to hit those numbers earlier. It is obvious. But I think we don't worry that much of the pace. It's more important for us the direction we're going is higher margins, higher growth rates. The pace, sometimes, is dictated for outside events in which our team and their execution are supposed to capitalize as much as possible into them.

當然，在這個時間點，我們將更早地達到這些數字。這很明顯。但我認為我們並不擔心速度。對我們來說更重要的是，我們前進的方向是更高的利潤率、更高的增長率。有時，速度取決於外部事件，我們的團隊及其執行應該盡可能多地利用這些事件。

So do you ask me, it's going to be $6 to $7 in 2025? Certainly, it's going to happen sooner than that. But again, I think it's important to keep the team, continue to build that better company. With Vikram's explain how we have generated $1.6 billion of cash flow in this, that gives us much more optionality on how much to accelerate that shift of the company into higher margin and higher growth rates.

所以你問我，到 2025 年會是 6 到 7 美元嗎？當然，它會比那更早發生。但同樣，我認為留住團隊，繼續打造更好的公司很重要。維克拉姆解釋了我們如何在這方面產生了 16 億美元的現金流，這讓我們在加速公司向更高利潤率和更高增長率的轉變方面有了更多的選擇權。

And to be honest, after we have created Nutrition and Nutrition, we continue to upgrade targets even if they make $700 million last year, we are now focusing on building the next scale business. We're looking at microbial solutions and how that will drive the next generation of food and proteins. We're looking at climate solutions or biosolutions, which will drive the next generation of sustainable products. And also microbiome modulators, which with the pre, pro and postbiotics, will drive personalized health and nutrition.

老實說，在我們創建了 Nutrition and Nutrition 之後，我們繼續升級目標，即使他們去年賺了 7 億美元，我們現在正專注於建立下一個規模的業務。我們正在研究微生物解決方案以及它將如何推動下一代食品和蛋白質的發展。我們正在研究氣候解決方案或生物解決方案，這將推動下一代可持續產品的發展。還有微生物組調節劑，它與前生元、益生元和後生元一起，將推動個性化的健康和營養。

And let me remind you and the shareholders, contributions for all these 3 elements that we're thinking on building was basically muted during the forecast that we showed in the December Global Investor Day. So we feel very good about the existing business is delivering $6 to $7 maybe earlier than expected, but we having the capabilities to build the next scale business for ADM.

讓我提醒您和股東，在我們在 12 月全球投資者日展示的預測中，我們正在考慮構建的所有這 3 個要素的貢獻基本上是靜音的。因此，我們對現有業務的交付感到非常滿意，可能比預期的要早 6 到 7 美元，但我們有能力為 ADM 建立下一個規模的業務。

Great.

偉大的。

And then my follow-up question is when I think about the renewable diesel and the way it's going to happen and with the backdrop of inflation, how does the balance between the renewable diesel kind of going versus the potential for inflation to curtail that? Or do you see that renewals of diesel already -- the horse is already out of the barn, that, that momentum is going to continue, versus is there a potential that the inflation can kind of either elongate the timing of it or delay anything? And then I'll leave it there, and I appreciate your time.

然後我的後續問題是，當我考慮可再生柴油及其將要發生的方式以及通貨膨脹的背景下，可再生柴油的發展與抑制通貨膨脹的潛力之間的平衡如何？或者你是否看到柴油的更新已經 - 馬已經走出穀倉，這種勢頭將繼續，而通貨膨脹是否有可能延長它的時間或延遲任何事情？然後我會把它留在那裡，我很感謝你的時間。

Thank you. Ken. Good questions as always.

謝謝你。肯。一如既往的好問題。

Listen, first of all, let me say on that, that I'm very proud that our team -- and remember, when we announced Spiritwood, we said we've been looking at that for 2 years. So we took into consideration all these aspects, and -- so our product remains to be -- remains on schedule to deliver on the harvest 2023. So most important, what we can control. That project is going well, and we're managing through inflations and delays, so proud of the team there.

聽著，首先，讓我說一下，我為我們的團隊感到非常自豪 - 請記住，當我們宣布 Spiritwood 時，我們說我們已經研究了 2 年。因此，我們考慮了所有這些方面，並且 - 所以我們的產品仍然存在 - 仍然按計劃交付，以在 2023 年收穫。所以最重要的是，我們可以控制什麼。該項目進展順利，我們正在通過通貨膨脹和延誤進行管理，為那裡的團隊感到自豪。

Listen, at the end of the day, we still expect the significant new capacity will come online. Of course, when there are so many announcements in any industry, you're going to have a percentage of that being -- coming on a stream. I think that there may be some variability on the timing of all that. It doesn't escape anybody that there are labor availability issues especially in the U.S. Certainly, raw materials, whether it's steel or energy or whatever, are more expensive than whenever some of these things were announced, and maybe the builders of this hedge, the raw materials exposure or both things in anticipation.

聽著，歸根結底，我們仍然預計重要的新產能將上線。當然，當任何行業有如此多的公告時，您將擁有其中的一部分——即將發布。我認為所有這些的時間安排可能存在一些變化。任何人都無法逃避勞動力供應問題，尤其是在美國。當然，原材料，無論是鋼鐵還是能源或其他什麼，都比其中一些事情宣佈時更昂貴，也許這種對沖的建造者，原材料暴露或兩者兼而有之。

But I would say if there is some delay, it may not be bad to allow crush expansions to actually come on stream so they can provide the soybean oil for all these plants to run, and we also wait for canola to have a path to that. So I think, listen, the industry will develop. It may have some short-term issues here or there, but at the end of the day, a significant piece of new demand for soybean oil is being built and will be built.

但我想說，如果有一些延遲，讓壓榨廠實際投產可能還不錯，這樣他們就可以為所有這些工廠提供豆油運行，我們也等待油菜籽有一條通往那的道路.所以我認為，聽著，這個行業會發展。它可能在這里或那裡存在一些短期問題，但歸根結底，對豆油的大量新需求正在建立並將建立。

Perfect.

完美的。

Our next question is from Steve Byrne from Bank of America.

我們的下一個問題來自美國銀行的史蒂夫·伯恩。

Yes.

是的。

Given those comments you just made there, Juan, about the outlook for renewable diesel, and you also had comments in your slide deck about your own views about the demand growth for alternative meat and dairy which could potentially lead to less demand for soybean meal. I'm curious to hear your own view on, do you see any challenge here meeting what might be a disparate growth in demand for the oil versus the meal side of all of these crush plants that are going to be built?

Juan，鑑於您剛才在那兒發表的關於可再生柴油前景的評論，您還在幻燈片中就您對替代肉類和奶製品需求增長的看法發表了評論，這可能導致對豆粕的需求減少。我很想听聽您自己的看法，您是否認為這裡有任何挑戰，以滿足將要建造的所有這些壓榨廠的石油需求與粉料需求的不同增長？

Yes. No. Listen, it's a very good question. And we look at that, of course, with a lot of attention.

是的。不，聽著，這是一個很好的問題。當然，我們非常關注這一點。

I think right now, when we see the capacity coming, it's all capacity needed actually to supply the growth of protein around the world. We see North America with very strong domestic demand for meal, but we see also North America soybean meal being the most competitive around the world. Especially now when you have issues in Argentina with some changes in DT, when you have short crops in South America, like we have had, and we continue to have a strong demand. We see also that customers are relatively open, so there's not a lot of inventory in the chain that at one point needs to be flushed out.

我認為現在，當我們看到產能即將到來時，實際上是供應全球蛋白質增長所需的所有產能。我們看到北美對豆粕的國內需求非常強勁，但我們也看到北美豆粕是世界上最具競爭力的。尤其是現在，當您在阿根廷遇到 DT 發生一些變化的問題時，當您像我們一樣在南美洲出現短收時，並且我們繼續有強勁的需求。我們還看到客戶相對開放，因此鏈中沒有太多庫存需要在某一時刻被沖走。

And when you look at what happened with feed and competitive feeds, certainly wheat, given the conflict in Ukraine, the unfortunate conflict in Ukraine, wheat prices need to go up high enough that they get out of the feeding rations so they can be preserved to feeding people. When you take that up, you bring corn, the most effective carbohydrate, and corn immediately brings soybean meal into the Russia. So we not only see strong demand, but we see high inclusion rates staying.

當您查看飼料和競爭性飼料（當然是小麥）發生的情況時，鑑於烏克蘭的衝突，烏克蘭不幸的衝突，小麥價格需要上漲到足夠高，以使它們脫離飼餵口糧，這樣它們才能保存到餵人。當你接受它時，你帶來了玉米，最有效的碳水化合物，玉米立即將豆粕帶入俄羅斯。因此，我們不僅看到強勁的需求，而且看到高包容率保持不變。

And again, given the strong leg of soybean oil in North America, that will make soybean meal the most competitive in the world. So we actually are very positive about that demand, and we think that we need all the expansion to match the market share that soybean meal North America will take from the rest of the world.

同樣，鑑於北美豆油的強勢地位，這將使豆粕成為世界上最具競爭力的產品。所以我們實際上對這種需求非常樂觀，我們認為我們需要所有的擴張來匹配北美豆粕從世界其他地區獲得的市場份額。

Maybe just one more on the oil side and that is, what do you see as the global impacts of Indonesia's ban on palm oil exports? How does that affect the global supply of oil and your business in particular?

也許只是石油方面的一個問題，也就是說，您認為印度尼西亞禁止棕櫚油出口對全球的影響是什麼？這對全球石油供應，尤其是您的業務有何影響？

Yes. You know oils have been tied for several months already, if not a year. And of course, any announcement in the -- in the proximity of the largest producer of palm oil in the world rattles the market. Of course, it was immediately clarified that this doesn't include crude palm oil, which is the biggest product.

是的。你知道油已經被捆綁了幾個月，如果不是一年的話。當然，在世界上最大的棕櫚油生產商附近發布的任何公告都會讓市場感到不安。當然，立即澄清這不包括最大的產品毛棕櫚油。

So I would say I think Indonesia is just trying to take a short-term palliative for their domestic inflation. I don't think it will significantly alter the global balances, although the global balances continue to be very tight. And any disruption, we have the Ukrainian disruption, of course, with -- and the Russia with sunflower oil. So this is an area that everybody has to pay a lot of attention. And it will require companies like ADM to having the ability to reformulate, so we can take some customers that are existing customers of either palm oil or sunflower oil to have alternatives to continue to supply their customers.

所以我會說我認為印度尼西亞只是試圖對其國內通脹採取短期緩解措施。我認為這不會顯著改變全球平衡，儘管全球平衡仍然非常緊張。任何中斷，我們都會遇到烏克蘭的中斷，當然，還有俄羅斯的葵花籽油。所以這是每個人都必須非常關注的一個領域。這將要求像 ADM 這樣的公司能夠重新制定配方，這樣我們就可以讓一些現有棕櫚油或葵花油客戶的客戶有替代品來繼續為他們的客戶提供產品。

So we are seeing that through our -- on the next joint venture. We're seeing that through our Stratas joint venture, so -- and we've seen the opportunity to add a lot of value to some of the customers that are looking for replacements at this point in time.

因此，我們通過我們的下一個合資企業看到了這一點。我們通過我們的 Stratas 合資企業看到了這一點，所以 - 我們已經看到了為目前正在尋找替代品的一些客戶增加很多價值的機會。

Our next question comes from Robert Moskow from Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Robert Moskow。

I was wondering if you could give us a little insight into your visibility into crush margins in the second half of this year? Are your customers locking in their commitments for demand and supplying you yet? And can you use that to lock in those margins?

我想知道您能否讓我們了解一下您對今年下半年壓榨利潤率的了解情況？您的客戶是否鎖定了他們對需求和供應的承諾？你能用它來鎖定這些利潤嗎？

And then I have a quick follow-up, if I could.

如果可以的話，我會快速跟進。

Sure. Yes, Rob.

當然。是的，羅伯。

As I said, I think that we have very strong visibility, of course, into Q2. I would say further than that, I think customers -- the markets are inverted, so customers see prices relatively high right now. Those customers that are not covered, they feel like maybe the course is showing them that they can get covered later at the cheaper rate than today. So I would say, in general, we have coverage for the next quarter, not for Q3 or Q4.

正如我所說，我認為我們對第二季度當然有很強的知名度。我想說的更進一步，我認為客戶——市場是倒置的，所以客戶現在看到的價格相對較高。那些沒有被承保的客戶，他們覺得也許課程向他們展示了他們可以在以後以比今天更便宜的價格獲得承保。所以我想說，總的來說，我們有下一季度的報導，而不是第三季度或第四季度。

But when we look at the demand that we are seeing around the world, we think that when you think about meal and oil in general, not only in North America but also Brazil, the crush margins need to be there to encourage the crushers to crush. We need the demand for oil and we need the soybean meal, so you will have to have the demand -- the crush margins to incentivate people to crush. And we are seeing that with the margins that are happening in Brazil or the U.S. or Europe, all our margins today are higher than what we anticipated. And we think that as the year rollout and demand continues to be solid out there and strong, crush margins will continue to send that signal to all the fast crushers which is, we need the meal, we need the oil, keep crushing.

但是，當我們審視我們在世界各地看到的需求時，我們認為，當您考慮總體上的油粕粉和油品時，不僅在北美，而且在巴西，壓榨利潤需要存在以鼓勵壓榨商進行壓榨.我們需要對油的需求，我們需要豆粕，所以你必須有需求——壓榨利潤來激勵人們壓榨。我們看到，隨著巴西、美國或歐洲的利潤率，我們今天所有的利潤率都高於我們的預期。而且我們認為，隨著今年的推出和需求繼續穩固和強勁，壓榨利潤將繼續向所有快速壓榨商發出信號，即我們需要粉，我們需要油，繼續壓榨。

Got it.

知道了。

And just a follow-up. You mentioned ocean freight being a big benefit, and I think it had to do with some redirecting of ships in China related to lockdowns. But I'm sure it also has to do with just overall moving freight from one destination to another and shifting directions. Can I assume that, that is a big benefit to you, and that could continue for the rest of '22? Or is it kind of like more episodic in nature?

只是一個後續行動。你提到海運是一個很大的好處，我認為這與在中國與封鎖有關的一些船舶改道有關。但我敢肯定，這也與從一個目的地到另一個目的地的整體貨運運輸和方向轉移有關。我可以假設這對您來說是一個很大的好處，並且可以在 22 年的剩餘時間裡繼續嗎？或者它本質上更像是偶發事件？

Rob, we have -- as part of our global trade group, we have a strong ocean freight group. And they work hand in glove to make sure that we continue to serve the customers with the most effective destinations, the most efficient destinations.

Rob，我們有——作為我們全球貿易集團的一部分，我們有一個強大的海運集團。他們攜手合作，確保我們繼續為客戶提供最有效的目的地，最高效的目的地。

So we are the big player, and as a big player with a lot of resources, we tend to have a relative advantage to others. So when things get complicated, and right now, they are very complicated, we tend to have a relative higher competitive advantage than others. So I think that shows in the margins there that we obtaining this.

所以我們是大玩家，作為一個擁有大量資源的大玩家，我們往往相對於其他人具有相對優勢。因此，當事情變得複雜時，而且現在非常複雜，我們往往比其他人擁有相對更高的競爭優勢。所以我認為這表明我們獲得了這一點。

And logistics right now are complicated. They are complicated in the river, they are complicated in the oceans, and there is a lot of redrawing of trade flows. And you can only redraw a lot of trade flows if you have a lot of origin options and a lot of destination options, because you need to connect both. And our ocean freight group counts with that blessing, which is ADM, originates in all the key parts of the world and have destination units in all key parts of the world. So it provides them with more ability to play routes than maybe other players.

現在的物流很複雜。它們在河流中很複雜，在海洋中很複雜，並且有很多貿易流的重新繪製。如果你有很多起點選項和很多目的地選項，你只能重新繪製大量貿易流，因為你需要連接兩者。而我們的海運集團也有幸，這就是ADM，它起源於世界所有關鍵地區，並在世界所有關鍵地區都有目的地單位。因此，與其他玩家相比，它為他們提供了更多玩路線的能力。

Our next question comes from Vincent Andrews from Morgan Stanley.

我們的下一個問題來自摩根士丹利的文森特安德魯斯。

Congratulations to Vikram and Ray on your new roles, and Ray, it was great to work with you all those years.

祝賀 Vikram 和 Ray 擔任新角色，而 Ray，很高興與你一起工作這麼多年。

Juan, could I ask you just to talk a little bit about how you're thinking about the consumer and consumer demand maybe particularly in Europe, but I guess also globally? Just given we have a lot of food inflation, we have a lot of energy inflation. What do you think gives? Clearly, we need to destroy some demand just given how tight supply is. But how are you thinking about that equation this year into next year?

胡安，我能否請您談談您對消費者和消費者需求的看法，也許尤其是在歐洲，但我想也是在全球範圍內？只是考慮到我們有很多食品通脹，我們有很多能源通脹。你認為給了什麼？顯然，鑑於供應緊張，我們需要破壞一些需求。但是你如何看待今年到明年的這個等式？

Yes. Listen, we are paying, of course, close attention to that. At this point in time, we haven't seen any significant impact on demand for us. If you think about -- so far, customers are paying higher prices, but they still -- especially in North America, they still haven't changed their behaviors.

是的。聽著，我們當然會密切關注這一點。目前，我們還沒有看到對我們的需求有任何重大影響。如果您考慮一下——到目前為止，客戶支付的價格更高，但他們仍然——尤其是在北美，他們仍然沒有改變他們的行為。

We think that, of course, if you have disposable income suffering from higher gas prices and higher food prices, eventually they will have to adjust. We have seen more, to be honest, Vincent, in the -- some of the emerging markets in which maybe food is a bigger percentage of their disposable income. So we have seen some adjustments, small adjustment in that.

當然，我們認為，如果您的可支配收入因汽油價格和食品價格上漲而受到影響，最終他們將不得不進行調整。老實說，文森特，我們在一些新興市場中看到了更多，在這些市場中，食品佔其可支配收入的比例可能更大。所以我們看到了一些調整，小的調整。

But I would say, at this point in time, we have not seen any relevant or material adjustment to our demand. And we think that given the pent-up demand that existed from recovery of the coming out of COVID, people, in general, have been higher -- having higher saving rates. And we have seen wage inflation around the world that have gotten more money in the pockets of many. So at this point in time, we think consumer has been -- and demand has been very resilient.

但我想說，在這個時間點上，我們還沒有看到對我們的需求有任何相關或實質性的調整。我們認為，鑑於從 COVID 的複蘇中存在的被壓抑的需求，總的來說，人們的儲蓄率更高——儲蓄率更高。我們已經看到世界各地的工資上漲使許多人的口袋裡有了更多的錢。因此，在這個時間點上，我們認為消費者一直——而且需求一直非常有彈性。

But there's going to be a point in which disposable income will get tight, and we will see some changes into that. We haven't seen it yet. We don't see it in the immediate future either.

但總有一天，可支配收入會變得緊張，我們會看到這方面的一些變化。我們還沒有看到它。我們也看不到它在不久的將來。

Our next question comes from Michael Piken from Cleveland Research.

我們的下一個問題來自 Cleveland Research 的 Michael Piken。

I was wondering if you could talk a little bit about the impact of the Avian Flu here in the U.S. as well as internationally, and what that might look like in terms of the impact from meal demand?

我想知道您能否談談禽流感在美國和國際上的影響，以及就膳食需求的影響而言，這會是什麼樣子？

Yes. Listen, Michael, we haven't seen at this point in time any significant impact to our poultry demand in North America. The numbers at this point in time seems to be about half the size of the issue that was in 2015. So it's something we're following very closely, of course, but we cannot say that we have had an impact so far.

是的。聽著，邁克爾，我們目前還沒有看到對北美家禽需求的任何重大影響。此時的數字似乎是 2015 年問題規模的一半左右。當然，這是我們非常密切關注的事情，但我們不能說到目前為止我們已經產生了影響。

And hopefully, these virus are difficult to control. So of course, there is a lot of sanitary elements being thrown at that. Hopefully, I would blockade, but we will have to keep a close eye to that.

希望這些病毒難以控制。所以當然，有很多衛生因素被扔在那裡。希望我會封鎖，但我們必須密切關注這一點。

Great. And a follow-up question, just shifting gears. Are you concerned about the movement of fertilizers throughout the world? I know you have a fertilizer business. But beyond that, just the impact if we do end up in a really tight grain environment. Are you -- how do you think, if there is a food versus fuel debate, how do you see that sort of playing out? And is there any risk to the ethanol volumes or the growth in biodiesel, or how do you sort of see that playing out?

偉大的。還有一個後續問題，只是換檔。您是否關心肥料在世界各地的流動？我知道你做肥料生意。但除此之外，如果我們最終進入一個非常緊張的糧食環境，就會產生影響。你——你怎麼看，如果有一場食物與燃料的辯論，你如何看待這種結果？乙醇產量或生物柴油的增長是否存在風險，或者您如何看待這種情況？

Yes. On fertilizers, to be honest, Michael, of course, fertilizer supply chains are tight and it's been highly publicized. However, we get -- our evidence shows that trade lanes are adapting and markets are getting sufficient supply to fertilizer, of course, at much higher prices than they would -- drive prices for grain.

是的。關於化肥，老實說，邁克爾，當然，化肥供應鏈很緊，而且得到了高度的宣傳。然而，我們得到——我們的證據表明，貿易通道正在適應，市場正在獲得充足的化肥供應，當然，價格比它們要高得多——推動糧食價格上漲。

I think today, especially Brazil, the U.S. certainly has the fertilizer for this crop. So the question is the Brazilian crop, which is coming in a few months. And I think it's still possible what we get from our people in Brazil to get enough potassium fertilizer in country by the planting season. And of course, any shortages can produce production losses. But at this point in time, when people are thinking between maybe 15% or 20% less application, at that level, we don't think that we're going to see a significant change in the production forecast. It's probably more depending on weather at this point in time and rain than fertilizer application.

我認為今天，尤其是巴西，美國當然有這種作物的肥料。所以問題是幾個月後即將到來的巴西作物。而且我認為我們仍然有可能從巴西人民那裡得到足夠的鉀肥，以便在種植季節之前在該國獲得足夠的鉀肥。當然，任何短缺都會造成生產損失。但是在這個時間點，當人們認為應用程序可能減少 15% 或 20% 時，在那個水平上，我們認為我們不會看到產量預測發生重大變化。這可能更多地取決於此時的天氣和降雨，而不是施肥。

And the second was on food versus fuel. At this point in time, I think that we are committed to try to help the world with food and the environment, so they're both axis of the same equation. I would say they both touch disposable income. As I was saying before, if you get ethanol to reduce the cost of gasoline, that creates more disposable income to take on food inflation. If you take -- if you don't put any biofuels into gasoline and you pay more for gasoline, then you may get cheaper food, but you have less disposable income there.

第二個是食物與燃料。在這個時間點上，我認為我們致力於在食物和環境方面幫助世界，所以它們是同一個等式的軸。我會說他們都涉及可支配收入。正如我之前所說，如果你用乙醇來降低汽油成本，就會創造更多的可支配收入來應對食品通脹。如果你服用——如果你沒有在汽油中加入任何生物燃料並且你為汽油支付更多的錢，那麼你可能會得到更便宜的食物，但你在那裡的可支配收入會更少。

So to be honest, I think the molecules react to the prices that they are giving in the market, given the different regulations and the different values. And what we try to be is as efficient as possible, bringing as much of those -- as many of those molecules to the market as possible to satisfy everybody. So I think at this point in time, we have seen some corrections in certain biofuels mandates across the world. But in other countries, it has been only a reduction and not an elimination. So this, I think, with the short-term things -- because we still have the climate crisis, which is a long-term objective that -- mostly the transportation industry, but also every industry will have to address, and biofuel or sustainable aviation fuels and all that are a big part of that reduction.

所以說實話，考慮到不同的法規和不同的價值，我認為分子會對他們在市場上給出的價格做出反應。我們努力做到盡可能高效，將盡可能多的分子——盡可能多的分子推向市場，以滿足每個人的需求。所以我認為在這個時間點上，我們已經看到世界各地對某些生物燃料的要求進行了一些修正。但在其他國家，這只是減少而不是消除。因此，我認為這是短期的事情——因為我們仍然面臨氣候危機，這是一個長期目標——主要是運輸行業，但每個行業都必須解決，生物燃料或可持續發展航空燃料和所有這些都是減少的重要組成部分。

Our next question comes from Eric Larson from Seaport Research Partners.

我們的下一個問題來自 Seaport Research Partners 的 Eric Larson。

Yes. Congratulations, everybody. And Vikram, I congratulate you on your new role. And Ray, you as well, I look forward to working with both of you on that, so congrats.

是的。恭喜大家。還有維克拉姆，我祝賀你擔任新職務。雷，你也是，我期待與你們兩個一起工作，所以恭喜。

So listening to the call today, Juan, I hear -- as all of us, there's a lot of confusion, there's a lot of moving parts. So when I look back 10 weeks ago, I realized that U.S. grain prices had to move higher in order to even kind of -- even begin to maybe ration demand or not. And of course, it moved quite a bit higher.

所以今天聽電話，胡安，我聽到了——和我們所有人一樣，有很多困惑，有很多活動的部分。因此，當我回顧 10 週前的情況時，我意識到美國糧食價格必須走高才能甚至——甚至開始可能對需求進行定量配給。當然，它移動得更高一些。

So what I'd really like you to do, one, is kind of take a 30,000-foot viewpoint here. As we all know, price does ultimately ration demand, and the only thing I can see that would maybe do that at this point is maybe global recession or U.S. recession. So can you kind of -- I don't see a lot of demand destruction at this point. A little bit from bird flu, maybe it's 25 million bushels, which is a spit in the ocean, but do you see any significant demand destruction today -- and including what's happening in Ukraine and what they have in storage for corn and other things, what -- how do you look at the world today from a demand -- total demand perspective versus supply? And are we seeing demand destruction with high prices?

所以我真正想讓你做的，是在這裡採取一個 30,000 英尺的觀點。眾所周知，價格最終會滿足需求，而我目前唯一能看到的可能是全球經濟衰退或美國經濟衰退。所以你能不能 - 我現在沒有看到很多需求破壞。一點點來自禽流感，也許是 2500 萬蒲式耳，這是在海洋中的唾液，但你今天看到任何重大的需求破壞 - 包括烏克蘭正在發生的事情以及他們為玉米和其他東西儲存的東西，什麼——你如何從需求的角度看待當今世界——總需求與供應的關係？我們是否看到需求因高價而受到破壞？

Yes. Eric. Let me see -- let me tell you how I see this.

是的。埃里克。讓我看看——讓我告訴你我是怎麼看的。

So last year was a big production year, and the world needed to consume more grain than that big production. So the issue is the world continues to grow, and sometimes, it's not a matter of population growth, but it's a matter of income. And how people, like people in China, has been an incredible economic improvement of their standard of living that improved their diets. That doesn't go down. So we think -- that's why we keep on talking about our trend of food security. We will have to provide more for the world.

所以去年是大生產年，世界需要消耗比大生產更多的糧食。所以問題是世界繼續增長，有時，這不是人口增長的問題，而是收入的問題。以及人們如何像中國人一樣，通過改善他們的飲食來改善他們的生活水平，從而實現令人難以置信的經濟改善。那不下去了。所以我們認為——這就是為什麼我們一直在談論我們的糧食安全趨勢。我們將不得不為世界提供更多。

In situations like today where we are already tied from a supply-demand perspective, and we will get tighter as demand continues to grow, we see here in ADM that at least we need 2 very good seasons of crops in North America and South America to actually balance and become more comfortable in those supply-demand imbalances.

在像今天這樣的情況下，從供需的角度來看，我們已經被束縛住了，隨著需求的持續增長，我們將變得更加緊張，我們在 ADM 中看到，我們至少需要北美和南美兩個非常好的作物季節才能實際上平衡並在這些供需失衡中變得更加舒適。

When we think about prices today, prices today are going up to mark 3 things that needs to happen. One is export prices need to go up to being able to draw out all the inventories that are stuck there or they are safe, they are hoarded there, to be able to replace the production that we have lost. The production we have lost in South America, but the production we are losing now in the Ukraine and Russia. So first, you need to draw out those inventories and bring them into market so we can balance ourselves.

當我們考慮今天的價格時，今天的價格上漲標誌著需要發生的三件事。一是出口價格需要上升到能夠抽出所有滯留在那裡的庫存，或者它們是安全的，它們被囤積在那裡，以能夠彌補我們損失的產量。我們在南美失去了產量，但我們現在在烏克蘭和俄羅斯失去了產量。因此，首先，您需要提取這些庫存並將它們推向市場，以便我們能夠平衡自己。

The second, as I said before, wheat needs to be placed out of the Russians, so you can be preserved for human consumption. And the third one is to give farmers [like you] the signal that they need to plant more. And I think the world needs big -- more acres. Those acres today, they're not going to happen from the Baltic area. They're not going to happen from U.S. that we are basically maxed out, so that may happen in South America. So we need higher prices to bring South American acres. We need higher prices to draw those inventories into the market, and we need 2 good years of crops, both in North America and South America. That will allow us to balance the supply and demand, given the strong demand.

第二，正如我之前所說的，小麥需要從俄羅斯人手中拿出來，這樣你就可以保存下來供人食用。第三個是給像你這樣的農民他們需要種植更多的信號。我認為世界需要更大——更多的英畝。今天那些英畝，它們不會發生在波羅的海地區。它們不會發生在美國，我們基本上已經被淘汰了，所以這可能會發生在南美。所以我們需要更高的價格來帶來南美的土地。我們需要更高的價格來吸引這些庫存進入市場，並且我們需要在北美和南美兩年的好收成。鑑於需求強勁，這將使我們能夠平衡供需。

Yes. No, and I agree is that we need this year's crop in the U.S., next year's crop in Brazil, and we need 2023 in the U.S. to do very well again and maybe even another -- we need 4 maybe big crops around the world.

是的。不，我同意美國需要今年的收成，巴西需要明年的收成，我們需要美國在 2023 年再次取得好成績，甚至可能再次取得好成績——我們可能需要 4 種世界各地的大作物。

But sometimes, what rebalances some of this is this high inflation rate that we have around the world. There's an economic recession that comes in place. Have you factored anything into that forecast that would -- would change your outlook?

但有時，重新平衡其中一些因素的是我們在世界各地的高通脹率。經濟衰退正在發生。您是否在該預測中考慮了任何會改變您前景的因素？

Eric, I'm not an economist, but I think there is a narrow path to achieve soft landing here. And the U.S. economy has been very resilient through all these events, so I think the U.S. economy is driven by the consumer. The consumer has been saving money for 2 years that they didn't spend a lot. And as I said before, they were COVID recovery packages, but there has also been salary inflation and wages inflation that has put money in the pockets of customers.

埃里克，我不是經濟學家，但我認為這裡實現軟著陸是一條狹窄的道路。在所有這些事件中，美國經濟一直非常有彈性，所以我認為美國經濟是由消費者驅動的。消費者已經存了兩年的錢，但他們並沒有花很多錢。正如我之前所說，它們是 COVID 恢復方案，但也存在工資膨脹和工資膨脹，使客戶的口袋裡有了錢。

So I think that for the foreseeable future, we don't see a significant -- a significant impact of demand. If not, we will be flying that out. But we look at that, we look at our plans, we are preparing our plans for a long period of strong demand. We want to run them at high capacity. So at this point in time, I don't see -- I don't see an issue in the West. Maybe the only flag is how COVID lockdowns evolve in China, but that -- I don't have a lot of visibility at this point in time.

所以我認為在可預見的未來，我們看不到需求的顯著影響。如果沒有，我們將把它飛出去。但我們會關注這一點，我們會關注我們的計劃，我們正在為長期強勁的需求準備我們的計劃。我們希望以高容量運行它們。所以在這個時間點，我沒有看到 - 我沒有看到西方的問題。也許唯一的標誌是 COVID 封鎖在中國是如何演變的，但是——我目前還沒有太多的知名度。

Juan. I appreciate your comments.

胡安。我很欣賞你的評論。

Those are all the questions we have time for today, so I'll now turn the call back over to Juan Luciano.

這些是我們今天有時間討論的所有問題，所以我現在將電話轉回給胡安·盧西亞諾。

Thank you, Emily.

謝謝你，艾米麗。

Before we close our call, I wanted to take a minute to thank Ray for his exceptional contribution all this year to ADM as our CFO. So thank you, Ray, and it's been a pleasure, and I'm delighted that you continue with us to continue to help ADM to be a bigger place.

在結束通話之前，我想花一點時間感謝 Ray 作為我們的首席財務官在這一年中對 ADM 所做的傑出貢獻。所以謝謝你，Ray，很高興，我很高興你繼續和我們一起繼續幫助 ADM 成為一個更大的地方。

Yes. Thank you, Juan. And also I just want to thank all the investors and all the analysts for really, like 11 years in this role, I've grown. I've learned from you. And hopefully, we've been also been able to teach you about ADM and how this is a great company. And the future is incredible for this company, and I look forward to continuing to support Juan and support the company in my new role. So thank you, Juan.

是的。謝謝你，胡安。而且我只想感謝所有的投資者和所有的分析師，就像我在這個職位上工作了 11 年一樣，我已經成長了。我向你學習了。希望我們也能夠向您介紹 ADM 以及這是一家偉大的公司。這家公司的未來令人難以置信，我期待繼續支持 Juan 並支持公司擔任新職務。所以謝謝你，胡安。

Thank you, and congratulations, Ray. And of course, welcome, Vikram, and this was your baptism of fire here in the earnings call. So thank you very much, and welcome to the role and looking forward to it.

謝謝你，祝賀你，雷。當然，歡迎，維克拉姆，這是你在財報電話會議上的火洗禮。所以非常感謝你，歡迎你的角色並期待它。

Thank you so much, Juan.

非常感謝你，胡安。

Thank you, everybody, for joining us today. Slide 12 notes upcoming investor events in which we'll be participating. I will also note that our Annual Sustainability Report, which will detail our significant progress and our bold ambitions across the value chain, is scheduled to be published in May. As always, please feel free to follow up with me if you have any other questions.

謝謝大家今天加入我們。幻燈片 12 指出了我們將參與的即將舉行的投資者活動。我還要指出，我們的年度可持續發展報告將詳細說明我們在整個價值鏈中取得的重大進展和大膽的雄心壯志，該報告計劃於 5 月發布。與往常一樣，如果您有任何其他問題，請隨時與我聯繫。

Have a good day, and thanks for your time and interest in ADM.

祝您有美好的一天，感謝您對 ADM 的時間和興趣。

Thank you, everyone, for joining us today. This concludes our conference call. You may now disconnect your lines.

謝謝大家，今天加入我們。我們的電話會議到此結束。您現在可以斷開線路。