Atotech Ltd (ATC) 2021 Q2 法說會逐字稿

Good morning, and welcome to Atotech's Second Quarter 2021 Earnings Conference Call. Today's speakers are Geoff Wild, Atotech's Chief Executive Officer; Peter Frauenknecht, Atotech's Chief Financial Officer; and Sarah Spray, the Head of Investor Relations. (Operator Instructions)

早安，歡迎參加安美特 2021 年第二季財報電話會議。今天的演講者是安美特執行長 Geoff Wild； Peter Frauenknecht，安美特財務長；和投資者關係主管莎拉·斯普雷（Sarah Spray）。（操作員說明）

As a reminder, this conference call is being recorded, and your participation implies your consent to our recording this call. If you do not agree with these terms, please disconnect now. Thank you.

謹此提醒，本次電話會議正在錄音，您的參與即表示您同意我們對本次電話會議進行錄音。如果您不同意這些條款，請立即斷開連線。謝謝。

I would now like to turn the call over to Ms. Spray. Please go ahead.

我現在想把電話轉給斯普雷女士。請繼續。

Thank you, Katherine. Good morning, everyone, and thank you for joining Atotech's Second Quarter 2021 Earnings Call. A replay of this webcast will be available on our website for 6 months.

謝謝你，凱瑟琳。大家早安，謝謝您參加安美特 2021 年第二季財報電話會議。我們的網站將提供該網路廣播的重播，為期 6 個月。

Please note that Atotech provides non-IFRS information, and reconciliations between IFRS and adjusted measures are included in our presentation materials, which are available on our website.

請注意，安美特提供非 IFRS 信息，並且 IFRS 與調整措施之間的調節包含在我們的演示材料中，這些材料可在我們的網站上獲取。

I'd like to remind everyone that our comments today contain certain forward-looking statements that are inherently subject to uncertainties and risks. We caution everyone to be guided in their analysis of Atotech by referring to our 20-F filing for a list of factors that could cause our results to differ from those anticipated in any forward-looking statement. We undertake no obligation to publicly update or revise any forward-looking statements, except as required by law.

我想提醒大家，我們今天的評論包含某些前瞻性陳述，這些陳述本身就存在不確定性和風險。我們提醒大家在對安美特進行分析時，請參考我們的 20-F 文件，以了解可能導致我們的結果與任何前瞻性聲明中預期的結果不同的因素清單。除法律要求外，我們不承擔公開更新或修改任何前瞻性聲明的義務。

Please note that when we come to the Q&A at the end of this call, we will not be taking any questions relating to the MKS transaction. We ask that you limit your questions to aspects of our second quarter only.

請注意，當我們在本次電話會議結束時進行問答時，我們不會回答任何與 MKS 交易相關的問題。我們要求您將問題僅限於我們第二季度的某些方面。

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

接下來，我會將電話轉給傑夫。

Thank you, Sarah. Good morning, everyone, and welcome to our second quarter 2021 conference call. In our second quarter as a public company, we are pleased to present an excellent set of results. As you will remember, from a global perspective, Q2 2020 was the quarter most affected by the pandemic lockdowns. Therefore, as we look at our Q2 results now and further into our outlook for the rest of the year, you will see the effect of the recovery from Q2 2020 trough as well as the tempering of those very high growth rates as we move into the second half.

謝謝你，莎拉。大家早上好，歡迎參加我們的 2021 年第二季電話會議。作為一家上市公司，我們很高興在第二季取得了一系列出色的業績。您還記得，從全球角度來看，2020 年第二季是受疫情封鎖影響最嚴重的季度。因此，當我們現在審視第二季的業績並進一步展望今年剩餘時間時，您將看到從 2020 年第二季低谷中復甦的影響，以及隨著我們進入下半場。

In the second quarter, we experienced organic growth of 9% for our electronics chemistry. This is a strong result for a second quarter, in particular when you consider that by Q2 last year China had already begun to recover from the pandemic. Thus, the demand we experienced is primarily driven by secular trends in which we continue to participate, especially 5G and millimeter wave as well as advanced semiconductor packaging.

第二季度，我們的電子化學業務實現了 9% 的有機成長。這是第二季的強勁業績，特別是考慮到去年第二季中國已經開始從疫情中復甦。因此，我們所經歷的需求主要是由我們繼續參與的長期趨勢所驅動的，特別是 5G 和毫米波以及先進的半導體封裝。

Some of these growth drivers were stronger than expected in Q2, and we believe they will support us well into the future. For example, we had previously expected that the work-from-home trends would start to abate in the second quarter of 2021, but the arrival of the Delta variant of COVID-19 meant that work from home-driven computer demand continues to be strong, particularly in Asia. In addition, the never-ending search for more server capacity and greater data volumes continue to drive computer demand and, therefore, our customers' demand for our products.

其中一些成長動力在第二季度強於預期，我們相信它們將在未來為我們提供良好的支持。例如，我們先前預期在家工作的趨勢將在 2021 年第二季開始減弱，但 COVID-19 達美變種的到來意味著在家工作的電腦需求仍然強勁，特別是在亞洲。此外，對更大伺服器容量和更大數據量的持續追求繼續推動電腦需求，從而推動客戶對我們產品的需求。

Now as Peter will review later, the record order level for electronics equipment we saw in the first quarter of 2021 translated into very high levels of equipment revenue. And as always, these equipment sales are supportive of sustainable future chemistry revenues.

正如 Peter 稍後將回顧的那樣，我們在 2021 年第一季看到的創紀錄的電子設備訂單水準轉化為非常高的設備收入水準。像往常一樣，這些設備銷售支持了未來可持續的化學收入。

In quarter 2 last year, our General Metal Finishing segment experienced a deep trough in demand as a result of the pandemic, the rebound from which is clearly visible in the 59% organic revenue growth in chemistry. Although auto production worldwide remains below typical trends due to the well-known semiconductor shortages, our strong presence in China and differentiated offering helped us to grow ahead of the overall market.

去年第二季度，我們的通用金屬表面處理業務因疫情而經歷了需求的深谷，化學業務有機收入增長 59%，從中明顯可見反彈。儘管由於眾所周知的半導體短缺，全球汽車產量仍低於典型趨勢，但我們在中國的強大影響力和差異化的產品幫助我們領先於整體市場。

Our strong revenue growth, coupled with the operating leverage inherent in our business model, provided us with a 63% increase in adjusted EBITDA to a record result of $118 million. We generated adjusted free cash flow from operations of $86 million (sic) [$87 million], returning to a very strong conversion rate from adjusted EBITDA. As a result, we ended the quarter with net leverage of 3.2x EBITDA, so we are well on track towards our targeted capital structure.

我們強勁的營收成長，加上我們業務模式固有的營運槓桿，使我們的調整後 EBITDA 成長了 63%，達到創紀錄的 1.18 億美元。我們從營運中產生了 8600 萬美元（原文如此）[8700 萬美元]的調整後自由現金流，調整後 EBITDA 的轉換率恢復到非常高的水平。因此，本季末我們的淨槓桿率為 3.2 倍 EBITDA，因此我們正在朝著目標資本結構邁進。

In this past quarter, we experienced a surge in demand for our sustainability-related products in both GMF and the Electronics segments. Atotech is uniquely well positioned to meet this demand, given of our decades of focus and investment on sustainable plating solutions. For example, our Covertron pretreatment process for decorative plating is currently now up and running with 2 customers and in qualification with a further 15 customers. Our revolutionary patent-pending Fumalock solution is the world's first PFAS-free mist suppressant and, with it, we are in a unique position to help redefine the environmental footprint of the plating industry.

在過去的這個季度，我們經歷了基因改造食品和電子領域對永續發展相關產品的需求激增。鑑於我們數十年來對永續電鍍解決方案的關注和投資，安美特在滿足這一需求方面具有得天獨厚的優勢。例如，我們用於裝飾電鍍的 Covertron 預處理流程目前已在 2 家客戶中啟動並運行，並已獲得另外 15 家客戶的認可。我們正在申請專利的革命性 Fumalock 解決方案是世界上第一個不含 PFAS 的霧抑制劑，有了它，我們處於獨特的地位，可以幫助重新定義電鍍行業的環境足跡。

I'd like to close with an update on our digitalization activities. The addition of software to our integrated offering is a further differentiator, and I'm very pleased to announce that we have signed our first contract with a high-end industry partner to implement an innovative combination of IIOT solutions and hardware optimization which will enable our customer to reduce overall energy consumption and meet their climate-related goals. Although today, the percentage of revenues from our sustainability products is relatively small, Atotech is a leader with a broad portfolio of products offering tangible benefits to our customers in terms of reducing the environmental footprint of their activities.

最後我想介紹一下我們數位化活動的最新情況。在我們的整合產品中添加軟體是一個進一步的差異化因素，我很高興地宣布，我們已經與高端行業合作夥伴簽署了第一份合同，以實施工業物聯網解決方案和硬體優化的創新組合，這將使我們的客戶減少整體能源消耗並實現其氣候相關目標。儘管如今，我們的永續發展產品所佔收入比例相對較小，但安美特是一家領先企業，擁有廣泛的產品組合，在減少客戶活動對環境的影響方面為我們的客戶帶來切實的好處。

Now before I hand the presentation over to Peter, I'd be remiss if I didn't mention the acquisition agreement with MKS Instruments. As of July 1, the Board of Atotech reached an agreement to join with MKS for a total equity value of $5.1 billion.

現在，在我將簡報交給 Peter 之前，如果我沒有提及與 MKS Instruments 的收購協議，那就是我的失職。截至7月1日，安美特董事會達成協議，以總股本價值51億美元的價格與MKS合併。

MKS is the global leader of -- is a global leader of instruments, systems and process control solutions that measure, monitor, power and control critical parameters of advanced manufacturing processes, especially semiconductors. Similar to Atotech, they have a strong focus on technology and our customer solutions are complementary for key advanced electronics markets.

MKS 是儀器、系統和製程控制解決方案的全球領導者，這些解決方案可測量、監控、供電和控制先進製造流程（尤其是半導體）的關鍵參數。與安美特類似，他們非常注重技術，我們的客戶解決方案對於關鍵的先進電子市場是互補的。

The regulatory approval process for the merger is underway, and the transaction is expected to close in the fourth quarter of 2021. We expect that joining with MKS will provide additional opportunities for collaboration, innovation and continued groundbreaking solutions.

合併的監管審批程序正在進行中，交易預計將於 2021 年第四季完成。我們預計，與 MKS 的合作將為協作、創新和持續突破性解決方案提供更多機會。

And with that, I'd like to hand it over to our Chief Financial Officer now, Peter Frauenknecht, for a review of our financial results, after which we will take questions. And please note, as Sarah mentioned, we can't address questions pertaining to the MKS acquisition today. So please, we would be grateful if you could please limit your questions to the subject of our quarterly results. Peter?

現在，我想將其交給我們的財務長 Peter Frauenknecht，以審查我們的財務業績，然後我們將回答問題。請注意，正如 Sarah 所提到的，我們今天無法解決與 MKS 收購有關的問題。因此，如果您能將您的問題限制在我們的季度業績主題上，我們將不勝感激。彼得？

Thank you, Geoff. Good morning, everyone. I'm very excited to review our Q2 as we achieved record financial results and continue to grow ahead of our end markets.

謝謝你，傑夫。大家早安。我很高興回顧我們的第二季度，因為我們取得了創紀錄的財務業績，並繼續領先我們的終端市場。

Let's start on Slide 4. For the second quarter, our total revenue was $377 million, an increase of 44% over the prior year, including organic revenue growth for chemistry and equipment of 32% as well as an FX tailwind of 9% and a 3% benefit from palladium pass-throughs. Palladium price continued to rise and contributed $7 million to our top line, while a weaker U.S. dollar positively impacted our sales by $24 million.

讓我們從幻燈片 4 開始。於鈀金傳遞。鈀金價格持續上漲，為我們的營收貢獻了 700 萬美元，而美元疲軟對我們的銷售額產生了 2,400 萬美元的正面影響。

The key secular trends which Geoff highlighted remain the principal drivers behind our strong revenue growth. To a large degree, the high growth rates seen at GMF are a result of the recovery from last year's quarters, which were heavily affected by the COVID-related plant shutdowns, which I will address our 2 segments in detail on the later slides.

傑夫強調的主要長期趨勢仍然是我們收入強勁成長的主要驅動力。在很大程度上，GMF 的高成長率是去年季度復甦的結果，去年季度受到與新冠病毒相關的工廠關閉的嚴重影響，我將在後面的幻燈片中詳細討論我們的兩個部分。

Looking into our profitability, you can see the quality of our gross margin and the high operating leverage inherent in our business model as we increased our adjusted EBITDA by 63% compared to the second quarter in 2020, adding 370 basis points to our adjusted EBITDA margin. It's worth noting that our margin of 31% leads the industry despite the negative product mix effect from higher equipment sales as well as the dilution from the pass-through of higher palladium prices.

看看我們的獲利能力，您可以看到我們的毛利率品質和我們業務模式固有的高營運槓桿，與2020 年第二季相比，我們的調整後EBITDA 增加了63%，調整後EBITDA 利潤率增加了370 個基點。值得注意的是，儘管設備銷量增加對產品組合產生了負面影響，而且鈀金價格上漲的傳導帶來了稀釋，但我們 31% 的利潤率仍領先於該行業。

Similar to the first quarter of 2021, Q2 was also affected by supply chain disruption, elevated freight expenses and material inflation. However, as we anticipated in May, we were able to keep the impact on our gross margin to below 2% of sales.

與 2021 年第一季類似，第二季也受到供應鏈中斷、運費上漲和材料通膨的影響。然而，正如我們 5 月所預期的那樣，我們能夠將對毛利率的影響控制在銷售額的 2% 以下。

Looking ahead to the third quarter 2021, although higher freight costs will begin to abate, we anticipate that the raw material costs will continue to be elevated. To counter these effects, we continue to work on procurement efficiency and will pass on persistent cost increases to our customers.

展望2021年第三季度，儘管較高的貨運成本將開始減弱，但我們預期原物料成本將持續上升。為了應對這些影響，我們繼續致力於提高採購效率，並將持續增加的成本轉嫁給我們的客戶。

Diluted earnings per share was $0.15 for the second quarter. You can see the profound effect of analyzing the quarters most affected by the COVID-19 pandemic in the recovery versus the loss of $3.47 in the second quarter of 2020.

第二季稀釋後每股收益為 0.15 美元。透過分析受 COVID-19 大流行影響最嚴重的季度的復甦與 2020 年第二季 3.47 美元的損失，您可以看到所產生的深遠影響。

As announced in May, we're now publishing an adjusted EPS. We have taken the same adjustments as for our adjusted EBITDA, with the addition of the elimination of the amortization expense stemming from the increase in book value associated with the acquisition by Carlyle. The adjusted EPS is pro forma for the prior year period based on the same number of shares as we had in the second quarter of 2021.

正如五月宣布的那樣，我們現在發布調整後的每股收益。我們對調整後的 EBITDA 進行了相同的調整，並消除了與凱雷收購相關的帳面價值增加所產生的攤銷費用。調整後的每股盈餘是上一年期間的預估數據，基於與 2021 年第二季相同的股票數量。

2021 adjusted EPS was $0.29 per share. And here too, you can see the effect of the rebound and our strong operating leverage. You will find a detailed explanation of the adjustments in the appendix slides of this presentation. Going forward, we will apply the same adjustments which we believe present an accurate view of our earnings capacity.

2021 年調整後每股收益為 0.29 美元。在這裡，您也可以看到反彈的效果和我們強大的營運槓桿。您可以在本簡報的附錄投影片中找到有關調整的詳細說明。展望未來，我們將應用相同的調整，我們相信這些調整可以準確反映我們的獲利能力。

Let's go to Slide 5 for a deeper look into the Electronics results. Our performance in Electronics continued to be very strong in the second quarter with total revenue of $248 million, increased 33% year-over-year. This result included organic growth of 21%, a favorable palladium impact of 4% and an 8% benefit from FX translation.

讓我們轉到幻燈片 5 來更深入地了解電子結果。第二季我們的電子業務表現持續強勁，總營收達 2.48 億美元，年增 33%。這一結果包括 21% 的有機成長、4% 的有利鈀金影響以及 8% 的外匯換算收益。

Organic growth in chemistry revenue for Electronics was 9% in the quarter, underpinned by the strong growth in the smartphone market as well as sustained growth in the high-performance PCB and semiconductor-related businesses. As mentioned in May, this growth has been anticipated, and we are pleased to see it unfold. That said, please keep in mind that 2020 saw some shifts in typical seasonality. Work from home created stronger demand for laptops in the third quarter and a well-known OEM shifted its product launch [patent] into the fourth quarter. As we lap this quarter, the base effect may cause mathematically lower growth rates compared to what we reported in the first half of 2021.

在智慧型手機市場的強勁成長以及高性能 PCB 和半導體相關業務的持續成長的支撐下，本季電子產品化學收入的有機成長為 9%。正如五月所提到的，這種增長是預料之中的，我們很高興看到它的展開。儘管如此，請記住，2020 年典型季節性發生了一些變化。第三季在家工作對筆記型電腦的需求更加強勁，一家知名 OEM 將其產品發布[專利]推遲到了第四季度。當我們回顧本季時，與我們在 2021 年上半年報告的情況相比，基數效應可能會導致數學上的成長率較低。

Electronic equipment sales enjoyed another outstanding quarter with organic revenue up 115%. The demand stems from the sources we have outlined previously, the full transition to 5G for the smartphone manufacturers with a high demand for computing. Our next-generation machines are in high demand as OEMs and PCB manufacturers seek to meet consumer demand.

電子設備銷售再次表現出色，有機收入成長 115%。該需求源自於我們先前概述的來源，即對運算需求較高的智慧型手機製造商全面過渡到 5G。隨著 OEM 和 PCB 製造商尋求滿足消費者的需求，我們的下一代機器需求量很大。

Electronics generated $85 million of adjusted EBITDA in the quarter, a $23 million or 36% improvement over the prior year period, primarily driven by the strong organic volume growth and our lean cost structure.

電子產品本季調整後 EBITDA 為 8,500 萬美元，比上年同期成長 2,300 萬美元，即 36%，這主要是由強勁的有機銷售成長和我們精益的成本結構所推動的。

Margin was 34.3% in the quarter, up 20 basis points, which is a reflection of the robust organic volume growth, partially offset by product mix effects from high equipment sales and the palladium pass-through.

本季利潤率為 34.3%，上升 20 個基點，反映出銷售量的強勁有機成長，但部分被高設備銷售和鈀金傳導帶來的產品組合效應所抵銷。

Moving to Slide 6 now. GMF total revenue grew 71% to $129 million in the second quarter, comprised of organic growth of 59%, a 1% positive impact from palladium and an 11% tailwind from FX.

現在轉到投影片 6。第二季 GMF 總營收成長 71%，達到 1.29 億美元，其中包括 59% 的有機成長、1% 的鈀金正面影響和 11% 的外匯推動。

From a mix perspective, chemistry revenues grew organically 59% and equipment revenue rose 48% from a low base.

從組合角度來看，化學收入有機成長 59%，設備收入在較低基數基礎上成長 48%。

As Geoff said, this rebound is partly a reflection of the annualization of the quarters heavily affected by the COVID-19 pandemic. We also observed that high-end automobile and construction applications were stronger than expected. Automotive producers are still operating below full capacity due to the semiconductor shortage but the demand environment is intact. So we believe that demand is simply being pushed out possibly even into 2022.

正如 Geoff 所說，這種反彈在一定程度上反映了受 COVID-19 大流行嚴重影響的季度年化結果。我們也觀察到高端汽車和建築應用強於預期。由於半導體短缺，汽車生產商的營運仍低於滿載，但需求環境完好無損。因此，我們認為需求甚至可能被推遲到 2022 年。

In the meantime, we are also experiencing promising project wins outside the auto market and strong demand for our sustainability-focused solutions. As Geoff touched earlier, we have seen an increase in interest for our sustainability-related products. As CFO, it's worth noting that our preparation to meet this opportunity rests on many years of development and investment. For example, the cumulative spend on R&D for the Covertron system has been nearly $20 million, spread over more than a decade.

同時，我們在汽車市場之外也取得了有前景的項目，並且對我們注重永續發展的解決方案有著強勁的需求。正如傑夫之前所說，我們發現人們對我們的永續發展相關產品的興趣增加。作為首席財務官，值得注意的是，我們迎接這一機會的準備依賴於多年的發展和投資。例如，十多年來，Covertron 系統的累積研發支出已近 2,000 萬美元。

As we look to earnings, GMF adjusted EBITDA hit $33 million in the quarter and the adjusted margin was 25.8%. The growth in adjusted EBITDA reflects our strong operating leverage partially offset by the higher freight expenses as a result of the well-known supply chain disruptions and the mentioned higher material inflation.

當我們展望獲利時，GMF 調整後 EBITDA 在本季達到 3,300 萬美元，調整後利潤率為 25.8%。調整後 EBITDA 的成長反映了我們強大的營運槓桿，但部分被眾所周知的供應鏈中斷和上述較高的材料通膨導致的運費上漲所抵消。

The recovery of the adjusted EBITDA margin to 25.8% is thanks to [similar effects], and it's worth noting that we're now back on the path to normalized margins.

調整後的 EBITDA 利潤率恢復至 25.8% 得益於[類似的影響]，值得注意的是，我們現在又回到了利潤率正常化的道路上。

Let's now move to Slide 7. We generated strong free cash flow of $86 (sic) [$87 million] before debt service, returning to adjusted cash flow conversion rate more in line with our long-term targets of greater than 60%. The strong cash flow was also a function of our efficient working capital management, with working capital at 16% of revenues in the second quarter as well as our efficient CapEx, which was 2% of revenue. Please note that we have a typical seasonality to our CapEx, with the majority coming in the second half of the year. So although the spend as a percentage of revenue was lower than our full year guidance, we're fully aligned with our internal expectations.

現在讓我們轉到投影片7。現金流轉換率。強勁的現金流也是我們高效能營運資本管理的結果，第二季營運資本佔收入的 16%，以及高效率的資本支出（佔收入的 2%）。請注意，我們的資本支出具有典型的季節性，其中大部分發生在下半年。因此，儘管支出佔收入的百分比低於我們的全年指導，但我們完全符合我們的內部預期。

As a result, at quarter end, we had $245 million of cash and a revolving credit facility of $233 million available. So in total, a liquidity of $478 million.

因此，截至季末，我們擁有 2.45 億美元的現金和 2.33 億美元的可用循環信貸額度。因此，流動資金總額為 4.78 億美元。

Cash repatriation at a holding level are proceeding as planned, supporting our balance sheet efficiency and financial flexibility, particularly when it comes to investing for future growth.

持有水準的現金匯回正在按計劃進行，支持我們的資產負債表效率和財務靈活性，特別是在投資未來成長方面。

Our net leverage improved to 3.2x, a significant improvement versus our 3.7x level at the end of the first quarter 2021. This is partially due to our cash generation and also supported by the annualization of the quarters of 2020, which were affected by COVID.

我們的淨槓桿率提高至 3.2 倍，與 2021 年第一季末的 3.7 倍水平相比有了顯著改善。這部分歸功於我們的現金生成，也得益於受新冠疫情影響的 2020 年季度年化結果。

That said, taking our expected cash flows, we should further improve our net leverage by the end of 2021, we'll be well on our way to our targeted capital structure of 2 to 3x net leverage.

也就是說，考慮到我們的預期現金流，我們應該在 2021 年底之前進一步提高我們的淨槓桿率，我們將順利實現 2 至 3 倍淨槓桿率的目標資本結構。

Moving on to Slide 8. Turning to our guidance. I'm pleased that our strong Q2 performance and the support of our underlying demand trends allow us to once again raise our guidance range. In the beginning of 2021, we expected a growth range of 10% to 12% for total revenue. And having raised that expected range in May, we are raising it yet again to 13% to 14%. As I mentioned earlier, please keep in mind that moving into the second half of the year, we start to lap some extremely strong quarters, particularly the fourth quarter 2020.

轉到投影片 8。我很高興我們第二季度的強勁表現和基本需求趨勢的支持使我們能夠再次提高指導範圍。2021 年初，我們預計總營收將成長 10% 至 12%。繼 5 月上調這一預期範圍後，我們將再次上調至 13% 至 14%。正如我之前提到的，請記住，進入今年下半年，我們開始經歷一些極其強勁的季度，特別是 2020 年第四季。

Coming to our key performance indicator of organic revenue growth in the chemistry, we increased expectations for electronics chemistry to 7% to 8% and moved the expectations for GMF up to the high end of the range at 12% to 13%. This allows a forecast of approximately 10% in organic chemistry revenue growth, a full 1 percentage point more compared to our previous guidance.

談到化學領域有機收入成長的關鍵績效指標，我們將電子化學的預期上調至 7% 至 8%，並將 GMF 的預期上調至 12% 至 13% 的高端。這使得有機化學收入成長預測約為 10%，比我們先前的指導足足高出 1 個百分點。

We take our adjusted EBITDA guidance for the full year from between $415 million to $435 million to a range of $435 million to $450 million, adding to the midpoint an additional 3 percentage points of growth. This now represents 20% earnings growth for the full year and reflects our confidence in our revenue growth potential as well as our cost discipline and operational improvements. Our underlying assumptions for our guidance are the same as noted on the slide.

我們將全年調整後 EBITDA 指引從 4.15 億至 4.35 億美元調整為 4.35 億至 4.5 億美元，在中點基礎上再增加 3 個百分點的成長。目前，這意味著全年獲利成長 20%，反映了我們對收入成長潛力以及成本控制和營運改善的信心。我們的指導的基本假設與幻燈片上指出的相同。

Our CapEx guidance remains unchanged at approximately 4.5% to 5% of total sales in 2021. We're in line with our full year expectations. Our major investments are focused on our new Mexican facility, digitalization initiatives and customer-specific projects.

我們的資本支出指引維持不變，為 2021 年總銷售額的 4.5% 至 5% 左右。我們符合全年預期。我們的主要投資集中在我們的新墨西哥工廠、數位化計劃和客戶特定項目。

As we communicated to you in May, our guidance for interest expenses already anticipated the refinancing activities. Therefore, we confirm that the range for normalized interest expense is anticipated to be between $70 million and $74 million for the year. This is based on our new capital structure and does not include onetime costs related to our refinancing activities.

正如我們在五月向您傳達的那樣，我們對利息支出的指導已經預見了再融資活動。因此，我們確認今年正常化利息支出預計在 7,000 萬美元至 7,400 萬美元之間。這是基於我們新的資本結構，不包括與我們的再融資活動相關的一次性成本。

Finally, our income tax rate, which includes income and withholding taxes, should be unchanged at around 30% to 31% of our adjusted operating profit.

最後，我們的所得稅稅率（包括所得稅和預扣稅）應保持在調整後營業利潤的 30% 至 31% 左右不變。

Looking forward to the third quarter of 2021 and keeping the effects of pandemic recovery in mind, we feel confident in expecting organic total revenue growth and adjusted EBITDA growth in the high single-digit growth range.

展望 2021 年第三季度，並考慮到疫情復甦的影響，我們有信心預計有機總收入成長和調整後 EBITDA 成長將達到高個位數成長範圍。

With that, I think we can open the floor for questions, operator.

至此，我想我們可以開始提問了，接線生。

(Operator Instructions) And our first question comes from John (sic) [Josh] Spector with UBS.

（操作員說明）我們的第一個問題來自瑞銀集團的約翰（原文如此）[喬許]史佩克特。

This is Josh Spector. So just curious if you could provide some granularity on the sequential sales change and EBITDA change in Electronics. So chemistry sales were only up around $6 million. I assume a decent portion of that is metals. But EBITDA was up $9 million. So we haven't heard about costs decreasing sequentially across the space much at all to date. So curious what was the driver of the increase in EBITDA sequentially for Electronics?

這是喬許·斯佩克特。因此，我很好奇您是否可以提供有關電子產品中連續銷售額變化和 EBITDA 變化的一些詳細資訊。因此化學品銷售額僅增加了 600 萬美元左右。我認為其中很大一部分是金屬。但 EBITDA 增加了 900 萬美元。因此，迄今為止，我們還沒有聽說整個領域的成本連續大幅下降。很好奇電子產業 EBITDA 連續成長的驅動因素是什麼？

Josh, thanks. Let me just take this question first. First of all, we nicely converted our growth into profit, maintained pricing stability and good mix effects. In addition, we continue to run a very lean cost structure and the initially expected cost increases didn't materialize. So in other words, we haven't had much travel expenses and we were able just to continue to drive the cost measures we had initially planned.

喬什，謝謝。我先來回答一下這個問題。首先，我們很好地將成長轉化為利潤，保持了價格穩定和良好的組合效應。此外，我們繼續採用非常精簡的成本結構，最初預期的成本增加並未實現。換句話說，我們沒有太多的差旅費用，我們能夠繼續推動我們最初計劃的成本措施。

Okay. And just -- yes. No, that's helpful. And I guess just thinking broadly on your strategy, you guys have been pretty clear about your equipment plus chemistry driving the strategy, the combination with MKSI further drives that. I'm not asking you to specifically comment on MKSI, but just thinking generally, when you go to win new business in Electronics, how often are other ancillary equipment providers involved in that conversation when you're trying to get [spec] into that additional application? Is that something that's common or unique? Or could you just kind of characterize how that develops?

好的。只是——是的。不，這很有幫助。我想只要廣泛思考你們的策略，你們就已經非常清楚你們的設備和化學反應推動了這個策略，與 MKSI 的結合進一步推動了這一點。我並不是要求您對 MKSI 進行具體評論，而是一般性地思考，當您要贏得電子領域的新業務時，當您試圖了解[規格]時，其他輔助設備提供者多久會參與該對話額外的申請？這是常見的還是獨特的？或者你能描述一下它是如何發展的嗎？

Yes. Thanks. I think at the lower end, there is usually some competition of its generic plating equipment. A lot of our sales have been for areas like Uniplate which is at the leading edge of semiconductor packaging. And the sales have been predominantly in those areas and particularly in Asia. Those sales have been driven by 2 factors. One is that the Uniplate gives a lot of environmental advantages to our customers, like a reduction in wastewater treatment and costs. But secondly, it enables the customer to use the advanced plating chemistry and meet the very fine line and space requirements that are inherent in the advanced semiconductor packaging. So at that end, there is -- we have very high market share, and there is less opportunity for other suppliers of equipment to come in and compete, which is why we have a very high percentage of chemistry and equipment mix at that part of the market. I hope that clarifies, Josh.

是的。謝謝。我認為在低端市場，其通用電鍍設備通常存在一些競爭。我們的大部分銷售都集中在 Uniplate 等領域，該領域處於半導體封裝的領先地位。銷售主要集中在這些地區，尤其是亞洲。這些銷售是由兩個因素推動的。一是 Uniplate 為我們的客戶帶來了許多環境優勢，例如減少廢水處理和成本。其次，它使客戶能夠使用先進的電鍍化學物質，並滿足先進半導體封裝固有的非常精細的線路和空間要求。因此，在這一點上，我們擁有非常高的市場份額，其他設備供應商參與競爭的機會較少，這就是為什麼我們在該領域擁有非常高比例的化學和設備組合。我希望這能澄清，喬許。

Our next question comes from Steve Byrne with Bank of America.

我們的下一個問題來自美國銀行的史蒂夫·伯恩。

I'd be really curious to hear your view on what you're expecting trends in auto use of metallic coatings to go to from here. Is that a trend that you expect to increase or decrease from here? And perhaps that depends on the region of the world, the price of the vehicle, where on the vehicle, interior, exterior and ICE versus EV. If you could comment on that, we would appreciate that.

我真的很想聽聽您對汽車金屬塗層使用趨勢的看法。您預計這種趨勢會從現在開始增加還是減少？也許這取決於世界的地區、車輛的價格、車輛的位置、內裝、外觀以及內燃機與電動車。如果您能對此發表評論，我們將不勝感激。

Thank you. In general, we see more use of metallic coatings at the higher end of the market because of the attractive finishes of things like satin chrome which provide a good luxurious finish to the automobile. So we do better at that end of the market.

謝謝。一般來說，我們看到高端市場更多地使用金屬塗層，因為緞面鉻等具有吸引力的飾面可以為汽車提供良好的豪華飾面。所以我們在市場的這一端做得更好。

We are also seeing more metallic coatings in areas where the vehicle needs lightweighting as we move from hybrid into EV, electronic vehicles. For example, components that might have been metal in the past are now becoming plastic -- coated plastic components due to lightweighting and that increases the metal content as well.

隨著我們從混合動力汽車轉向電動車和電動車，我們還在車輛需要輕量化的領域看到了更多的金屬塗層。例如，由於輕量化，過去可能是金屬的零件現在正在變成塑膠——塗層塑膠零件，這也增加了金屬含量。

In general, we're expecting about 30% more chemistry on EV versus ICE, and that's driven by the number of fasteners and connectors and electronic additive components as well as the surface finishing that we're involved with. So there is a general good trend towards increased metalization, particularly at the premium end of the market.

總的來說，我們預計 EV 的化學成分比 ICE 多 30%，這是由緊固件、連接器、電子添加劑組件以及我們參與的表面處理的數量推動的。因此，金屬化程度總體上呈現良好趨勢，尤其是在高端市場。

And Geoff, you mentioned this PFAS-free mist suppressant. I have -- it begs the question about your legacy mist suppressants. What would be your revenues from these products that do contain PFAS? And maybe more specifically, is the unit operation that they're used in by your customer, does it generate wastewater?

傑夫，您提到了這種不含 PFAS 的抑霧劑。我有－－這引出了關於你們遺留的抑霧劑的問題。您從這些含有 PFAS 的產品中獲得的收入是多少？也許更具體地說，您的客戶使用它們的單元操作是否會產生廢水？

I can't give you the precise percentage at the minute, and we've been helping customers with auxiliary equipment for wastewater treatment for some time. But just to be clear, we have strictly adhered to the Stockholm convention on Persistent Organic Pollutants and derived regulations, so we're not really responsible for the way that our customers handle the treatment of the materials. But I'm very pleased that we're now able to move on to a really new range of mist suppressants where none of these materials are required.

我目前無法給您準確的百分比，一段時間以來我們一直在幫助客戶提供廢水處理輔助設備。但需要明確的是，我們嚴格遵守關於持久性有機污染物的斯德哥爾摩公約和衍生法規，因此我們對客戶處理材料的方式並不真正負責。但我很高興我們現在能夠轉向真正新的霧抑制劑系列，而無需使用任何這些材料。

The one I mentioned in the text, the Fumalock solution, is the world's first PFAS-free mist suppressant. And we're currently, therefore, on track to eliminate all sales of materials containing short-term PFAS, which is being very well received by the customer base as they seek to move -- to meet upcoming regulations.

我在文中提到的 Fumalock 溶液是世界上第一種不含 PFAS 的抑霧劑。因此，我們目前正在努力消除所有含有短期 PFAS 的材料的銷售，這種做法受到客戶群的熱烈歡迎，因為他們正在尋求採取行動，以滿足即將出台的法規。

Our next question comes from Arun Viswanathan with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的阿倫·維斯瓦納坦 (Arun Viswanathan)。

I guess I just wanted to get a little bit more on the markets here. So obviously, there's automotive exposure in GMF and maybe that was some of the -- that drove some of the performance. Was that segment kind of below your expectations? And similarly -- and was it due to automotive?

我想我只是想在這裡的市場上多了解一點。很明顯，GMF 中有汽車業務，也許這就是推動績效的一部分。該細分市場是否低於您的預期？同樣，這是由於汽車嗎？

And similarly, in Electronics, you guys had a pretty robust quarter there. You talked about the cost. But just thinking about the demand. Did demand materialize a little bit better? And if so, what would you highlight on that front? I know you talked about COVID, but anything else?

同樣，在電子產業，你們的季度表現相當強勁。你談到了成本。但只是考慮需求。需求實現得好一點了嗎？如果是這樣，您會在這方面強調什麼？我知道你談到了新冠病毒，但還有其他的嗎？

Why don't I start, Arun, and Geoff can chip in later on. So again, I think we saw a very nice rebound of the automotive business, good growth rates all around in all the regions. We saw that China is performing very well. But we also see that markets outside automotive have shown good growth rates. And this was very encouraging and contributed nicely to the great performance of GMF in the second quarter.

我為什麼不開始呢，阿倫，傑夫稍後可以幫忙。再說一次，我認為我們看到汽車業務出現了非常好的反彈，所有地區都有良好的成長率。我們看到中國表現非常好。但我們也看到汽車以外的市場也顯示出良好的成長率。這非常鼓舞人心，為GMF第二季的出色表現做出了很好的貢獻。

When we look at Electronics, we also saw that the performance was better than we initially expected because many markets continue to grow strongly. And it's a broad-based growth. We see strong growth in smartphones. We also see that work from home-driven laptops, computing, cloud services, all of that drives demand. And even though the smartphone cycle moved by a quarter, and as you know that one of the key OEMs moved their cycle to fourth quarter and ending the cycle in the first quarter, we continue to see good growth rates and good demand in China.

當我們觀察電子產品時，我們也發現其表現比我們最初預期的要好，因為許多市場繼續強勁成長。這是一個基礎廣泛的成長。我們看到智慧型手機的強勁成長。我們也看到家庭驅動的筆記型電腦、運算、雲端服務的工作，所有這些都推動了需求。儘管智慧型手機週期移動了四分之一，而且正如您所知，其中一家主要原始設備製造商將其周期移至第四季度並在第一季結束該週期，但我們仍然看到中國的良好成長率和良好需求。

So all in all, it's a broad-based growth, which we benefited in the second quarter.

總而言之，這是一個基礎廣泛的成長，我們在第二季受益。

I'd only add to that, I think we're seeing good drivers on 5G penetration, starting millimeter wave penetration. You've seen upgrades by some of the major smartphone manufacturers in their outlook, which has come through into the supply chain, which has given us better growth than expected and a better outlook as well for the second half than we expected ahead of their anticipated launch for the first quarter of next year.

我只想補充一點，我認為我們看到了 5G 滲透率的良好驅動因素，開始毫米波滲透率。你已經看到一些主要智慧型手機製造商的前景升級，這已經滲透到供應鏈中，這使我們的成長比預期更好，下半年的前景也比我們預期的要好於他們的預期將於明年第一季推出。

Great. And then just -- also just wanted to get your thoughts on the equipment business. It's somewhat unique to you guys. Are you seeing more orders there? And does that give you visibility into next year as well?

偉大的。然後只是想了解您對設備業務的想法。這對你們來說有點獨特。您在那裡看到更多訂單嗎？這是否也能讓您了解明年的情況？

Yes. The -- still strong on equipment. We -- our factories are pretty much fully loaded now. We're dealing with some supply chain stock shortages as well on some components and I think managing that quite nicely. Our factories in both Germany and China are pretty much full up and we've got a good order book and visibility out, I think, to the second half -- to the first -- the end of the first half of next year. So it's mostly driven in by Electronics, mostly then driven by semiconductor packaging and HDI.

是的。- 設備方面仍然強勁。我們——我們的工廠現在幾乎滿載了。我們正在處理一些供應鏈庫存短缺問題以及某些組件的問題，我認為管理得很好。我們在德國和中國的工廠幾乎都滿了，我認為，我們有很好的訂單和能見度，直到下半年、上半年、明年上半年末。因此，它主要由電子產品推動，然後主要由半導體封裝和 HDI 推動。

But we are starting to see some interesting inquiries as well for the GMF business, which we believe should recover next year as well.

但我們也開始看到一些關於基因改造食品業務的有趣詢問，我們相信該業務明年也將恢復。

Our next question comes from David Begleiter with Deutsche Bank.

我們的下一個問題來自德意志銀行的 David Begleiter。

Geoff and Peter, just looking at Q4 guidance, can you comment on the somewhat wide range? And it looks like at the low end it could be down year-over-year. What factors would cause Q4 to be down year-over-year?

傑夫和彼得，看看第四季度的指導，您能對這個有點寬泛的範圍發表評論嗎？看起來在低端它可能會同比下降。哪些因素會導致第四季年減？

Yes. I think we have a pretty good visibility for the third quarter. And there are various factors driving the fourth quarter market trends. And if you look at market estimations and the key marketing firms, they see a probably rather stable or slightly declining market for the automotive market in the fourth quarter. We believe that we outperform the market, but still the fourth quarter 2020 was a very strong automotive quarter where we are not sure, with the supply chain shortages, how the trend is going to be.

是的。我認為第三季的前景非常好。推動第四季市場趨勢的因素有很多。如果你看看市場預測和主要行銷公司，他們會發現第四季度汽車市場可能相當穩定或略有下降。我們相信我們的表現優於市場，但 2020 年第四季仍然是一個非常強勁的汽車季度，由於供應鏈短缺，我們不確定趨勢將如何。

On the Electronics side, we continue, despite the fact that, as I said, one of the key top OEMs started their smartphone cycle in the fourth quarter, we continue to see strong demand. We continue to see growth in Electronics again. But the comps are getting a lot more difficult, with the automotive market returns in the fourth quarter 2020. And also the Electronics, particularly the smartphone market, performing very, very well in the fourth quarter last year. So again, we see that we definitely perform at that level, but the growth rates are dependent on various factors, and that's what we put into our focus.

在電子產品方面，我們繼續看到，儘管正如我所說，主要的頂級原始設備製造商之一在第四季度開始了智慧型手機週期，但我們仍然看到強勁的需求。我們繼續看到電子產業再次成長。但隨著汽車市場在 2020 年第四季的回報，競爭變得更加困難。電子產品，尤其是智慧型手機市場，去年第四季的表現非常非常好。因此，我們再次看到，我們的表現肯定達到了這個水平，但成長率取決於各種因素，這就是我們關注的重點。

And just commenting on the first half of the quarter right now, are you ahead or in line or behind your forecast for top line and EBITDA growth for Q3?

現在就本季上半季發表評論，您對第三季營收和 EBITDA 成長的預測是領先還是符合還是落後？

Well, as I guided here, you saw that we improved our guidance for the full year. So we -- what we mentioned over the last calls as well, we were quite cautious going into the year. We see a strong confirmation of our growth trends. We see a strong confirmation of our project wins. And with that, we were able just to increase the guidance for the full year and we were able just to increase our guidance for organic chemistry growth rate as well as equipment growth rate. So all in all, I think we are -- we're able just to confirm a more optimistic view for the year.

嗯，正如我在這裡所指導的那樣，您看到我們改進了全年的指導。因此，我們在上次電話會議中也提到過，進入今年我們非常謹慎。我們看到了對我們成長趨勢的有力證實。我們看到了對我們項目獲勝的有力確認。這樣，我們就能夠增加全年的指導，並且我們能夠增加對有機化學成長率和設備成長率的指導。總而言之，我認為我們能夠確認今年更加樂觀的觀點。

Our next question comes from John Pitzer with Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的約翰‧皮策 (John Pitzer)。

Congratulations on the strong results. Peter, I apologize if I missed this, but as you think about your total growth expectation for the full year on an organic basis, can you help us kind of parse out how you're thinking about second half palladium pricing and FX impacts?

祝賀取得了優異的成績。彼得，如果我錯過了這一點，我很抱歉，但是當您在有機的基礎上考慮全年的總增長預期時，您能幫助我們分析一下您對下半年鈀金定價和外匯影響的看法嗎？

I think we applied the FX rates as of June and similarly that for the full year. So again any change might also impact total numbers or forecast. But again, just please use the June FX rates as we applied them for the rest of the year.

我認為我們應用了截至 6 月的匯率以及全年的匯率。因此，任何變化也可能影響總數或預測。但再次強調，請使用 6 月的匯率，因為我們在今年剩餘時間應用了這些匯率。

On the growth rates, we continue to see good growth rates for our business. However, as I mentioned before, the comps are getting more difficult. The second half of the year, the -- China returned to growth June 2020 in our business. So you see that the comps changed there. But we also saw, as I mentioned before, that the automotive market returned strongly in the fourth quarter last year. All of that needs to be taken into account.

在成長率方面，我們繼續看到我們的業務保持良好的成長率。然而，正如我之前提到的，比賽變得越來越困難。下半年，中國的業務於 2020 年 6 月恢復成長。所以你會看到那裡的比較改變了。但正如我之前提到的，我們也看到汽車市場在去年第四季強勁復甦。所有這些都需要考慮。

So we continue to see a very strong performance of our business. We continue to see good demand in automotive. And we see continued demand, strong demand for all of our latest technologies on smartphones and also in all the other areas.

因此，我們繼續看到我們的業務表現非常強勁。我們繼續看到汽車行業的良好需求。我們看到對智慧型手機以及所有其他領域的所有最新技術的持續需求和強勁需求。

And then, Geoff, as my follow-up, I'm wondering if you could just comment a little bit on the electronics equipment business and the prospects for sustainability. I mean how much of this do you think is cyclically motivated? How much do you think of this is kind of structural share gain on your behalf? And I guess, as you answer the question, I'd be curious as to whether or not you expect to see any impact from the CHIPS Act. I think a lot of people view that as helping front-end capacity in semiconductor. But I kind of get the sense that you're going to have to see some back-end capacity perhaps migrate into different geographies over time. Are you seeing that yet? And is that something that you expect to see in the future that could sustain growth here?

然後，傑夫，作為我的跟進者，我想知道您是否可以對電子設備業務和可持續發展的前景發表一些評論。我的意思是，您認為其中有多少是週期性驅動的？您認為這在多大程度上代表您的結構性股票收益？我想，當您回答這個問題時，我很好奇您是否希望看到《CHIPS 法案》產生任何影響。我認為很多人認為這有助於半導體的前端能力。但我有一種感覺，隨著時間的推移，你可能會看到一些後端能力可能會遷移到不同的地區。你看到了嗎？您預計未來會出現這種情況，從而維持這裡的成長嗎？

Yes. We have started to see some of the equipment move outside traditional areas like China. We had some very good orders during the quarter from some other areas of Southeast Asia with some new customers. It's being driven by advanced packaging. It's being driven, as I mentioned, by some sustainability requirements. It's being driven by addition of capacity, but also the wafer-level fan-out type of applications. So we're seeing customers, that because of those front-end requirements and expansion you're talking about, are now starting to add back-end capacity in anticipation of that, driven as well by tighter requirements for areas like smartphone and 5G packaging.

是的。我們已經開始看到一些設備轉移到中國等傳統地區以外。本季我們從東南亞其他一些地區和一些新客戶那裡獲得了一些非常好的訂單。它是由先進封裝驅動的。正如我所提到的，它是由一些永續性要求所驅動的。它是由容量增加以及晶圓級扇出類型應用驅動的。因此，我們看到，由於您所談論的前端需求和擴展，客戶現在開始增加後端容量，這也是受到智慧型手機和 5G 封裝等領域更嚴格要求的推動。

I'm also pleased to see that, that penetration was always good at the leading smartphone manufacturers. But as market share has been growing in China by some of the other smartphone manufacturers, we're starting to see these packaging trends flow into those areas as well, which is also helping demand for our plating equipment and thus, the chemistry that comes with it.

我還很高興地看到，領先的智慧型手機製造商的滲透率始終很高。但隨著其他一些智慧型手機製造商在中國的市場份額不斷增長，我們開始看到這些包裝趨勢也流入這些領域，這也有助於對我們的電鍍設備以及隨之而來的化學物質的需求。 。

Our next question comes from Ben Kallo with Baird.

我們的下一個問題來自 Ben Kallo 和 Baird。

Congratulations. Could you talk about the sustainable solutions and the momentum there? And anything you're doing in battery recycling [through] as well?

恭喜。您能談談可持續解決方案和那裡的勢頭嗎？你們在電池回收方面也做了什麼？

Thank you, Ben. On sustainable solutions, we're seeing increasing interest, obviously, from our customers. We have a broad range of auxiliary equipment that can help our customers with recycling and with reducing any wastewater emissions. We are also, as you may know, we've spent, as Peter mentioned, a decade or more of research into moving from Chrome VI to trivalent solutions. And we've got about 17 customers now either using or actively involved in evaluating this, which has some major advantages in moving away from things like chromic acid into much safer chrome alternatives.

謝謝你，本。顯然，我們的客戶對永續解決方案的興趣日益濃厚。我們擁有廣泛的輔助設備，可以幫助我們的客戶進行回收並減少廢水排放。正如您可能知道的那樣，正如 Peter 提到的，我們還花了十年或更長時間的研究來從 Chrome VI 轉向三價解決方案。我們現在有大約 17 家客戶正在使用或積極參與評估該產品，該產品在從鉻酸等物質轉向更安全的鉻替代品方面具​​有一些主要優勢。

Around 57% of our R&D today is designed towards sustainable solutions driven by this strong customer demand. And I think it provides a healthy tailwind, both for our equipment and for our chemistry business, going out in the future. That's true both for the GMF business and for Electronics.

如今，我們約 57% 的研發工作旨在實現由客戶的強烈需求驅動的永續解決方案。我認為這為我們的設備和化學業務的未來發展提供了健康的推動力。對於基因改造食品業務和電子產品都是如此。

On your latter point, we are not involved in battery recycling today, although we have commented in the past that we have a number, in fact, 5 different R&D projects ongoing to look at materials that will go into batteries because it's a fertile area for surface finishing solutions and the core competencies that we have in this area. So it's at R&D stage at the moment, with nothing really to talk about on battery recycling.

關於你的後一點，我們今天不參與電池回收，儘管我們過去曾評論過，我們有許多，事實上，5個不同的研發項目正在進行中，以研究將用於電池的材料，因為這是一個肥沃的領域表面處理解決方案以及我們在該領域擁有的核心能力。所以目前還處於研發階段，關於電池回收還沒有什麼好討論的。

Our next question comes from David Silver with CL King.

我們的下一個問題來自 David Silver 和 CL King。

Yes. One thing I noticed during the quarter was the sequential revenue trend by geography. So Asia was certainly up strongly, but I think there were sequential declines in both Europe and the Americas. And in particular, I was curious about Europe just given I think there would be a positive currency effect on top of the underlying business trends. So maybe if you wouldn't mind commenting on the sequential revenue declines outside of Asia.

是的。我在本季度注意到的一件事是按地理位置劃分的連續收入趨勢。因此，亞洲肯定強勁上漲，但我認為歐洲和美洲都連續下跌。特別是，我對歐洲感到好奇，因為我認為除了基本的商業趨勢之外，還會產生正面的貨幣效應。因此，也許您不介意對亞洲以外地區的收入連續下降發表評論。

Overall, we continue -- again, as I said, we continue to see growth rates in all regions. We were able just to grow. There were some specific country-focused topics. But overall, we continue to see growth rates, both in Europe as well as in the U.S. Please keep in mind that the recovery was not as strong as anticipated as supply chain issues prevented customers to ramp up their factory and their production as planned. So some customers had 1- to 2-week shutdowns and additional holidays in order to cope with the semiconductor shortages. But overall, we continue to see growth rates in all regions.

總體而言，正如我所說，我們繼續看到所有地區的成長率。我們能夠成長。有一些特定國家的主題。但總體而言，我們繼續看到歐洲和美國的成長率。因此，有些客戶需要停工 1 到 2 週並額外放假，以應對半導體短缺的情況。但總體而言，我們繼續看到所有地區的成長率。

Okay. And maybe just to follow up on your comments a tiny bit. I was wondering if you could maybe just elaborate somewhat more on the automotive end market. So earlier this year, when a number of producers were taking downtime, I mean there were various sources of it, COVID was one, the chip shortage was another. Logistics, port availability was cited also and a couple of others. But from your perspective, when you look to the second half of the year, I mean, how do you see the various impediments that the industry is facing to a return of more normal production and shipping schedules? I mean how do you see that developing from your perspective?

好的。也許只是為了跟進您的評論。我想知道您是否可以詳細闡述汽車終端市場。因此，今年早些時候，當許多生產商停工時，我的意思是有多種原因，新冠疫情是其中之一，晶片短缺是另一個原因。物流、港口可用性等因素也被提及。但從您的角度來看，當您展望下半年時，我的意思是，您如何看待該行業在恢復更正常的生產和運輸計劃方面面臨的各種障礙？我的意思是，從你的角度來看，你如何看待這種發展？

We see it returning, according to our customers, more to normal. I mean the COVID effects are not so pronounced now. The chip shortage is still, as Peter mentioned, significant. We have customers still [with us biting] and we might expect production to be pushed out even into 2022.

根據我們的客戶的說法，我們看到它已經恢復到正常狀態。我的意思是，新冠病毒的影響現在沒那麼明顯了。正如彼得所提到的，晶片短缺仍然很嚴重。我們仍有客戶[對我們咬牙切齒]，我們預計生產甚至會推遲到 2022 年。

The logistics have, for ourselves and for our customers, mostly returned to normal. We are seeing some shortages of raw materials, not just chip shortages though, but certain plastic and raw materials that are affecting production, both for our customers and theirs. So we're seeing a mixed pattern. Generally with -- the GMF business has been stronger than we expected so far in the quarter. And I think we're confident of outperforming the market still going forward. But there are still those disruptions that you mentioned.

對於我們自己和我們的客戶來說，物流已基本恢復正常。我們看到一些原材料短缺，不僅僅是晶片短缺，某些塑膠和原材料也影響了我們的客戶和他們的生產。所以我們看到了一種混合模式。總體而言，本季到目前為止，GMF 業務強於我們的預期。我認為我們有信心繼續跑贏大盤。但你提到的那些幹擾仍然存在。

And we have a question from Laurence Alexander with Jefferies.

勞倫斯·亞歷山大向傑弗里斯提出了一個問題。

Can you give us a sense for just how much -- because of the kind of price/mix effects, just how much sort of a normalization tailwind is flowing through into 2022? And also how we should think about incremental margins on that volume when it comes back.

您能否讓我們了解一下，由於價格/混合效應的影響，2022 年將有多少正常化順風？以及當該數量恢復時我們應該如何考慮增量利潤。

I think if you look at our business in GMF, we're back to 2019 levels. So I think we show a slight growth if you compare ourselves to '19 levels. So I think the recovery is going on quite nicely. But if you look to IHS, they probably modeled the market to be back to 2019 levels by 2024. So there might be a continued recovery of the market and where we benefit of good growth rates in the automotive market over the next years. So again, I think that's probably what I can say.

我認為，如果你看看我們的基因改造食品業務，我們又回到了 2019 年的水平。所以我認為，如果你將我們自己與 19 年的水平進行比較，我們會表現出輕微的增長。所以我認為復甦進展順利。但如果你看看 IHS，他們可能會預測市場到 2024 年將恢復到 2019 年的水準。因此，市場可能會持續復甦，我們將受益於未來幾年汽車市場的良好成長率。再說一次，我想這可能就是我能說的。

In Electronics, as we experienced over the last 2, 3 years, we're continuously growing quarter-by-quarter and show a very nice, good, strong growth rate. And this will continue also for -- in our expectation, over the next years.

在電子領域，正如我們過去兩三年所經歷的那樣，我們逐季度持續成長，並表現出非常好的、良好的、強勁的成長率。我們預計，在未來幾年，這種情況也將持續下去。

The second question was on conversion.

第二個問題是關於轉換。

Incremental margin.

增量保證金。

Incremental margin.

增量保證金。

So I guess when the automotive industry comes back, it sounds like there's no top line multiplier effect, but what's the incremental margin on the recoveries of that volume?

因此，我想當汽車產業復甦時，聽起來似乎沒有營收乘數效應，但該銷量恢復的增量利潤是多少？

I think similar to all the other market segments, we have very healthy margins. Particularly on the chemistry side, we have a very strong margin quality, convert any sales increase to a margin gain. So with that, I think we're well positioned. And we see with the recovery of the automotive market and the corresponding sales increases, we expect a nice margin improvement as well for GMF.

我認為與所有其他細分市場類似，我們的利潤率非常可觀。特別是在化學方面，我們擁有非常強大的利潤質量，可以將任何銷售額的成長轉化為利潤成長。因此，我認為我們已經處於有利位置。我們看到，隨著汽車市場的復甦和相應的銷售成長，我們預計 GMF 的利潤率也會有不錯的改善。

And we have another question from Silke Kueck with JPMorgan.

我們還有一個來自摩根大通的 Silke Kueck 的問題。

Did you say that your equipment business was mostly booked through the first half of like next year? And was that comment meant for the Electronics business or for the GMF business or for both?

您是否說您的設備業務大部分都是像明年一樣在上半年預訂？該評論是針對電子業務還是針對基因改造食品業務，還是針對兩者？

It was mostly meant for the Electronics business, which is more built in-house. We have additional capacity for GMF. But yes, I said that we are pretty much booked up now on capacity through the first half of 2022.

它主要針對電子業務，該業務更多是內部構建的。我們有額外的基因改造食品產能。但是，是的，我說過，截至 2022 年上半年，我們的產能幾乎已經被預訂滿。

But it's a typical lead time. It doesn't mean that the volume breaks up and we don't see much volume in the second half of the year. Typically, it's just the lead time that we can -- we have good visibility up to the next second -- up to the first half of 2022.

但這是典型的交貨時間。這不代表成交量突破，下半年我們看不到太多成交量。通常情況下，這只是我們能做到的交付時間——我們對下一秒都有良好的可見性——直到 2022 年上半年。

Okay. That's helpful. And secondly, how much of your palladium is sourced from China versus other regions?

好的。這很有幫助。其次，與其他地區相比，你們的鈀金有多少來自中國？

I can tell you that we source from the 3 main regions, South Africa, from Russia and from China, and that varies depending on the source and the demand for it within our operations. So we source from all 3.

我可以告訴你，我們從南非、俄羅斯和中國這三個主要地區採購，這取決於我們營運中的來源和需求。所以我們從所有 3 個來源進行採購。

Do you do any type of like hedging to manage the cost or you don't?

您是否進行任何類型的對沖來管理成本？

No, we don't do hedging. We have a very efficient pass-through, eliminate the cost for us as we pass on the price of the purchase directly to our customers.

不，我們不做對沖。我們有非常有效率的傳遞方式，當我們將購買價格直接傳遞給客戶時，可以消除我們的成本。

Okay. And lastly, I was wondering whether you can just give an update on capital projects that remain to be completed in '21. There was like a Mexico plant [that was to shift to like some tech] centers. Just wondering whether you can give an update as to what the CapEx spend is for and where those projects stand.

好的。最後，我想知道您是否可以提供有關 21 年仍有待完成的資本項目的最新情況。就像墨西哥的一家工廠[將轉移到一些科技中心]。只是想知道您是否可以更新資本支出的用途以及這些項目的情況。

Yes. So again, I think, as I mentioned in the text previously, we are on track of completing all the planned capital expenditure projects. A key project for us is moving our factory away from Mexico City to Carretero. This is progressing as planned and we are geared to finalize by the end of this year, just beginning of next year.

是的。因此，我再次認為，正如我在之前的文字中提到的，我們正在完成所有計劃的資本支出項目。我們的一個關鍵項目是將工廠從墨西哥城搬到卡雷特羅。這一切正在按計劃進行，我們準備在今年年底明年初完成。

The key focus for us is digitalization as well. Geoff mentioned that IIOT is a big value which we are able to provide to our customers. Here, we invest. We invest for internal capabilities as well as for external.

我們的重點也是數位化。Geoff 提到，IIOT 是我們能夠為客戶提供的巨大價值。在這裡，我們投資。我們投資於內部能力和外部能力。

And the other part is the customer-oriented projects which help us to immediately gain chemistry contracts. All of that is being planned. And as I said, we're a little bit second half year-loaded. So a lot of projects are being completed by the second half of the year. And we continue to see that we are going to be in the range of 4.5% to 5% of sales.

另一部分是以客戶為導向的項目，幫助我們立即獲得化學合約。所有這一切都在計劃之中。正如我所說，我們下半年有點負荷。因此，許多項目將在今年下半年完成。我們繼續看到我們的銷售額將保持在 4.5% 至 5% 的範圍內。

And I think, operator, there's no more questions. So if that's the case, I'd just like to thank everybody on the call very much for your questions, your attention and for your interest in Atotech.

我想，接線員，沒有更多問題了。因此，如果是這樣的話，我謹非常感謝電話會議中的每一個人提出的問題、關注以及對安美特的興趣。

Summarizing the key points from today's call, as in quarter 1, supportive end markets and the continuous investment we've made in our technology and products led to yet another record quarter. Our lean cost structure and inherent operating leverage allows strong conversion of our revenue growth into profits and cash flow, providing financial flexibility and the ability to invest for further growth.

總結今天電話會議的要點，與第一季一樣，終端市場的支持以及我們對技術和產品的持續投資導致了另一個創紀錄的季度。我們精實的成本結構和固有的營運槓桿使我們的收入成長能夠強有力地轉化為利潤和現金流，提供財務靈活性和投資進一步成長的能力。

In closing, I'd like to thank all members of the Atotech team worldwide. Despite the challenges presented by the pandemic, cyclical swings and supply chain disruptions, we've demonstrated the strength and resilience of our business model over the last year. Our focus on anticipating and meeting the needs of our customers has not wavered, whether we were on-premises or virtual. Just as in previous downturns, I believe we are emerging stronger and better prepared to meet the future, including being part of the MKS family, an event to which we are all looking forward.

最後，我要感謝安美特全球團隊的所有成員。儘管面臨疫情、週期性波動和供應鏈中斷帶來的挑戰，但我們在過去的一年裡展現了我們業務模式的實力和彈性。無論我們是在本地還是虛擬環境，我們對預測和滿足客戶需求的關注都沒有動搖。正如之前的低迷時期一樣，我相信我們正在變得更加強大，並為迎接未來做好了更充分的準備，包括成為 MKS 大家庭的一員，這是我們都期待的事件。

With that, we'll end the call, and thank you very much for listening.

至此，我們就結束通話，非常感謝您的收聽。

This concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。大家，祝你有美好的一天。