Aptargroup Inc (ATR) 2022 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Aptar's 2022 Fourth Quarter Conference Call. (Operator Instructions). Introducing today's conference call is Mrs. Mary Skafidas, Senior Vice President, Investor Relations and Communications. Please go ahead.

女士們，先生們，謝謝你們的支持。歡迎來到 Aptar 2022 年第四季度電話會議。 （操作員說明）。介紹今天的電話會議的是投資者關係和溝通高級副總裁 Mary Skafidas 夫人。請繼續。

Thank you. Hello, everyone, and thanks for being with us today. Joining me on the call are Stephan Tanda, President and CEO; and Bob Kuhn, Executive Vice President and CFO. Our press release and accompanying slide deck have been posted on our website. If you are following along on our website, you can advance the slides by hovering over the presentation screen and clicking on the arrows on the right and left. As always, we will also post a replay of this call on our website.

謝謝。大家好，感謝今天和我們在一起。與我一起參加電話會議的還有總裁兼首席執行官 Stephan Tanda； Bob Kuhn，執行副總裁兼首席財務官。我們的新聞稿和隨附的幻燈片已發佈在我們的網站上。如果您正在關注我們的網站，您可以通過將鼠標懸停在演示屏幕上並單擊左右箭頭來推進幻燈片。一如既往，我們還將在我們的網站上發布此次通話的重播。

Today's call includes some forward-looking statements. Please refer to our SEC filings to review factors that could cause actual results to differ materially from what we are discussing today. I would now like to turn the conference call over to Stephan.

今天的電話會議包括一些前瞻性陳述。請參閱我們提交給美國證券交易委員會的文件，以審查可能導致實際結果與我們今天討論的內容存在重大差異的因素。我現在想將電話會議轉交給斯蒂芬。

Thank you, Mary, and good morning, everyone. We appreciate you joining us on the call today. I'm going to begin my remarks by highlighting our results for the fourth quarter and the full year. Later on in the call, Bob Kuhn, our CFO, will provide additional details on the quarter and year-end results. I will also spend some time talking about the strategic realignment that we announced in early December and the benefits we expect to achieve.

謝謝你，瑪麗，大家早上好。感謝您今天加入我們的電話會議。我將首先強調我們第四季度和全年的業績。在稍後的電話會議中，我們的首席財務官 Bob Kuhn 將提供有關季度和年末結果的更多詳細信息。我還將花一些時間談論我們在 12 月初宣布的戰略調整以及我們期望實現的好處。

Starting on Slide 3. For the fourth quarter, I'm pleased to report that Aptar achieved core sales growth of 4% and delivered adjusted EPS of $0.92 per share. We guided our adjusted earnings per share for the fourth quarter to be in the range of $0.73 to $0.83. The results were driven by strong volume growth in our Pharma segment, which continue to benefit from demand for nasal decongestions and saline rinses as well as allergic rhinitis and emergency medications. Solid volume growth from beauty dispensing solutions, especially in prestige fragrance and skin care also drove positive results in the quarter.

從幻燈片 3 開始。對於第四季度，我很高興地報告 Aptar 實現了 4% 的核心銷售額增長，調整後每股收益為 0.92 美元。我們指導第四季度調整後的每股收益在 0.73 美元至 0.83 美元之間。這一結果是由我們的製藥部門的強勁銷量增長推動的，該部門繼續受益於對鼻充血和鹽水沖洗以及過敏性鼻炎和緊急藥物的需求。美容配藥解決方案的銷量穩步增長，尤其是在高檔香水和護膚品領域，也推動了本季度的積極成果。

We also ended the quarter with a more favorable exchange rate and a lower tax rate than we previously anticipated. As we identified during our third quarter call, our dispensing solutions for food, personal and home care, areas that had benefited from the pandemic, were experiencing a decline in sales as certain customers, especially in North America, are working through the safety stock they had built up over the pandemic. We are seeing signs that sales for food dispensing solutions which were impacted first are starting to stabilize, while beverage, personal and home care are still being affected, although we see a few green shoots. We received a number of recognitions during the fourth quarter. We ranked #15 on Newsweek's America's Most Responsible Companies, and #70 on the World's Top Female-Friendly Companies by Forbes. In China, [Shiro] recognized us with 1 of the best companies for female executives awards. And in France, the country where we have the single largest footprint Le Point, a leading French news magazine, named us as one of the most responsible companies.

我們還以比我們之前預期更優惠的匯率和更低的稅率結束了本季度。正如我們在第三季度電話會議中確定的那樣，我們在食品、個人和家庭護理領域的分配解決方案從大流行中受益，但由於某些客戶（尤其是北美客戶）正在消耗他們的安全庫存，這些領域的銷售額正在下降已經建立了大流行。我們看到跡象表明，首先受到影響的食品分配解決方案的銷售開始趨於穩定，而飲料、個人和家庭護理仍受到影響，儘管我們看到了一些復甦跡象。我們在第四季度獲得了多項認可。我們在《新聞周刊》的美國最具責任感公司中排名第 15 位，在《福布斯》全球最佳女性友好公司中排名第 70 位。在中國，[Shiro] 授予我們女性高管獎最佳公司之一。在法國，我們擁有最大的單一足蹟的國家法國領先的新聞雜誌 Le Point 將我們評為最負責任的公司之一。

More recently, we again achieved the platinum level rating in recognition of our sustainability efforts from EcoVadis. This places after among the top 1% of the more than 90,000 companies that are rated by EcoVadis across all industries. For the year, Aptar achieved strong core sales growth of 9% with pharma delivering 13% core sales growth, while Beauty + Home's core sales were up 7%, and Food + Beverage grew 5% for the year. Growth in core sales for the year was driven almost evenly between volume and pricing. I am very proud of our Aptar team members around the world who have worked tirelessly to create and deliver solutions that make the lives of people better every single day. We ended the year achieving the highest full year sales and adjusted EBITDA, hopefully leaving the pandemic behind us. We do recognize there is more work needed to achieve our long-term profit margin ranges.

最近，我們再次獲得白金級評級，以表彰我們在 EcoVadis 的可持續發展方面所做的努力。在 EcoVadis 對所有行業進行評級的 90,000 多家公司中，這名列前 1%。今年，Aptar 的核心銷售額實現了 9% 的強勁增長，其中製藥核心銷售額增長了 13%，而 Beauty + Home 的核心銷售額增長了 7%，而 Food + Beverage 增長了 5%。全年核心銷售額的增長幾乎在銷量和定價之間均勻增長。我為我們在世界各地的 Aptar 團隊成員感到非常自豪，他們孜孜不倦地創造和提供解決方案，讓人們的生活每一天都變得更美好。我們在年底實現了最高的全年銷售額和調整後的 EBITDA，希望將大流行拋在身後。我們確實認識到要實現我們的長期利潤率範圍還需要做更多的工作。

Some of that work is well underway, including our investments in new state-of-the-art sites in France and China that will enable us to capture growth. And on the cost side, we continue our work to reduce our fixed costs and drive profitable growth and margin improvements, while spending capital widely. In 2022, we started to leverage our fixed cost base and reduce our SG&A as a percentage of sales.

其中一些工作正在順利進行，包括我們在法國和中國對新的最先進工廠的投資，這將使我們能夠實現增長。在成本方面，我們繼續努力降低固定成本，推動盈利增長和利潤率提高，同時廣泛支出資本。 2022 年，我們開始利用固定成本基礎並降低 SG&A 佔銷售額的百分比。

We will continue to focus on increasing efficiencies in 2023 and beyond. Turning to Slide 4 through 6. As of January, our 3 reporting segments are Aptar Pharma, Aptar Beauty and Aptar Closures. In December, we announced the strategic realignment of our closures and non-pharma complex multi-component dispensing solutions, which is expected to benefit us in 4 key areas. First, it strengthens our market position in both, Closures and Beauty, by aligning us more closely to the way our customers are structured and purchase our products. Second, it better positions us to enter new end-use markets for our Closure technologies. Thirdly, it enables bottom-line improvements by capturing efficiencies and streamlining operations. And fourth, increases capital efficiencies by leveraging common assets.

我們將在 2023 年及以後繼續專注於提高效率。轉到幻燈片 4 到 6。截至 1 月，我們的 3 個報告部門是 Aptar Pharma、Aptar Beauty 和 Aptar Closures。 12 月，我們宣布對我們的封閉和非製藥複雜多組分分配解決方案進行戰略調整，預計這將使我們在 4 個關鍵領域受益。首先，它使我們更貼近客戶的結構和購買我們產品的方式，從而加強了我們在瓶蓋和美容產品方面的市場地位。其次，它使我們能夠更好地為我們的封閉技術進入新的最終用途市場。第三，它通過提高效率和簡化運營來實現底線改進。第四，通過利用共同資產提高資本效率。

In addition, the realignment built on the work done is part of the transformation and enhances our ability to achieve our long-term targets. A key learning from that work was the Closures and our complex multi-component products, each require a different focus. Over the last 10 years, we have grown our Food + Beverage business, which is predominantly a Closures business and have more than doubled its revenue. Our focus was on capturing and driving conversions from a simple Closure like a flat cap to value-added solutions like a hinge Closure that may also use our elastomeric flow control valve like the (inaudible) in the pouch. Since then, end markets have evolved considerably. And today, the Food + Beverage Closures market share much more incumbent with the personal and home care Closures markets we serve. Aligning ourselves to directly serve all these end markets in 1 segment will enable us to enhance our operational and capital efficiencies.

此外，基於已完成工作的調整是轉型的一部分，並增強了我們實現長期目標的能力。從這項工作中學到的一個關鍵是閉包和我們複雜的多組件產品，每個產品都需要不同的重點。在過去的 10 年裡，我們發展了食品和飲料業務，該業務主要是瓶蓋業務，收入增長了一倍以上。我們的重點是捕獲和推動從像平蓋這樣的簡單封閉裝置到像鉸鏈封閉裝置這樣的增值解決方案的轉換，鉸鏈封閉裝置也可能使用我們的彈性流量控制閥，如袋中的（聽不清）。從那時起，終端市場發生了巨大變化。如今，食品和飲料瓶蓋市場在我們服務的個人和家庭護理瓶蓋市場中所佔份額更大。使我們自己直接服務於 1 個細分市場中的所有這些終端市場將使我們能夠提高我們的運營和資本效率。

For Aptar Beauty, the simplification and focus of this segment allows us to better leverage our complex spray and dispensing solutions for prestige and premium brands in the beauty and personal care markets. The realignment will help us to focus on what is most important to our Beauty customers, reinforcing their brand equity and providing consumers with exceptional user experiences. Aptar Beauty will continue to supply home care, Food + Beverage customers that use spray technologies, which is a small part of our business today. As we implement this realignment, we are fortunate to be guided by prudent leaders in our businesses. Heidi Tlili is leading Aptar Closures, and Marc Prieur is leading Aptar Beauty, each of whom has broad experience across Aptar, including deep knowledge of their respective markets.

對於 Aptar Beauty 而言，這一細分市場的簡化和專注使我們能夠更好地利用我們複雜的噴霧和分配解決方案，為美容和個人護理市場的知名品牌提供服務。重組將幫助我們專注於對我們的美容客戶最重要的事情，加強他們的品牌資產並為消費者提供卓越的用戶體驗。 Aptar Beauty 將繼續為使用噴霧技術的家庭護理、食品和飲料客戶提供服務，這是我們今天業務的一小部分。在我們實施這一調整時，我們很幸運能夠得到我們業務中審慎領導者的指導。 Heidi Tlili 領導 Aptar Closures，Marc Prieur 領導 Aptar Beauty，他們每個人都在 Aptar 擁有廣泛的經驗，包括對各自市場的深入了解。

We have shared on past calls about the operational and supply chain challenges we have experienced in North America. That has very much impacted our ability to deliver the benefits of our transformation work to the global bottom line. In Europe, where we did not have these challenges, there has been significant improvement in operations and profitability. Beauty + Home in Europe delivered adjusted EBITDA of 14% for the full year, showing consistent improvement in our overcoming strong inflationary pressures.

我們在過去的電話會議上分享了我們在北美遇到的運營和供應鏈挑戰。這極大地影響了我們將轉型工作的好處轉化為全球利潤的能力。在我們沒有這些挑戰的歐洲，運營和盈利能力有了顯著改善。 Beauty + Home 在歐洲的全年調整後 EBITDA 為 14%，表明我們在克服強大的通脹壓力方面取得了持續改善。

As part of our continued focus on cost, we announced internally the closing of a Beauty + Home plant in North America in December of 2022 as well as a reduction in regional staffing levels, which will be completed by the end of quarter 1 2023. And earlier this week, we initiated the formal consultation process, which is quite detailed and extensive with the European Works Council, their respective national works councils and union representatives regarding a potential reorganization of our European Beauty segment. The processes will take time and will be subject to both, pan-European and national marketing obligations and timelines in each [affected] country. We are in the early stages of this process, and we will keep you updated.

作為我們持續關注成本的一部分，我們在內部宣布將於 2022 年 12 月關閉北美的 Beauty + Home 工廠，並裁減區域員工人數，這將在 2023 年第一季度末完成。本週早些時候，我們啟動了正式的磋商程序，與歐洲工作委員會、他們各自的國家工作委員會和工會代表就我們歐洲美容部門的潛在重組進行了非常詳細和廣泛的磋商。該過程將需要時間，並且將受到泛歐和國家營銷義務以及每個[受影響]國家/地區的時間表的約束。我們正處於此過程的早期階段，我們會及時通知您。

We will also accelerate the streamlining of shared business functions across the company by expanding in-house business service centers in the Czech Republic, Brazil and the United States. We expect to record onetime costs in the second half of 2023 and into 2024, associated with these efforts. While we cannot preempt the labor consultations and bargaining processes, our objective is to improve our margins by executing on our growth plans as well as managing and leveraging our fixed cost base.

我們還將通過擴大在捷克共和國、巴西和美國的內部業務服務中心，加快簡化整個公司的共享業務職能。我們預計將在 2023 年下半年和 2024 年記錄與這些努力相關的一次性成本。雖然我們不能搶占勞工協商和談判過程，但我們的目標是通過執行我們的增長計劃以及管理和利用我們的固定成本基礎來提高我們的利潤率。

On Slide 7, I want to comment on the strength of our balance sheet and our capital allocation approach. Aptar has historically maintained a strong and relatively conservative balance sheet, which has served our customers and shareholders well during challenging economic times. In recent years, we have been focusing the majority of our capital allocation toward our higher margin, faster-growing Pharma segment. Our $180 million injectables expansion program began in 2020 and is ongoing. The first phase of our premium product capacity expansion in Granville, France, has been completed. A new additional large state-of-the-art factory also in Granville as well as expansions of our U.S.-based manufacturing facility in Congers, New York, will be operational in 2024.

在幻燈片 7 上，我想評論一下我們資產負債表的實力和我們的資本配置方法。 Aptar 歷來保持著強勁且相對保守的資產負債表，在充滿挑戰的經濟時期為我們的客戶和股東提供了良好的服務。近年來，我們一直將大部分資本配置集中在利潤率更高、增長更快的製藥領域。我們耗資 1.8 億美元的注射劑擴張計劃於 2020 年啟動，目前仍在進行中。我們在法國格蘭維爾的優質產品產能擴張的第一階段已經完成。同樣位於 Granville 的一座新的大型先進工廠以及我們位於紐約康格斯的美國製造工廠的擴建工程將於 2024 年投入運營。

In 2023, we expect our capital expenditures to be in the range of $260 million to $280 million, as 2 of our large projects are nearing completion. In Suzhou, China, a new plant that will serve all 3 segments is scheduled to progressively come online starting in the first half of 2023. Our state-of-the-art sites for prestige custom beauty in Oyonnax, France, in the heart of the French manufacturing beauty industry is scheduled to open in the second quarter of 2023.

到 2023 年，我們預計我們的資本支出將在 2.6 億美元至 2.8 億美元之間，因為我們的 2 個大型項目即將完工。在中國蘇州，一家將為所有 3 個部門提供服務的新工廠計劃於 2023 年上半年開始逐步上線。法國製造業美容業計劃於2023年第二季度開業。

The new LEED-certified site brings together operations from 5 older, inefficient manufacturing plants into 1 modern site in both service, a growing part of the market for us. Dividends and share repurchases are also part of our balanced capital allocation strategy.

新的 LEED 認證工廠將 5 家陳舊、低效的製造工廠的運營整合到 1 個現代工廠中，這兩種服務對我們來說都是一個不斷增長的市場。股息和股票回購也是我們平衡資本配置策略的一部分。

In 2022, we returned over $190 million to shareholders through dividends and the repurchase of over 860,000 shares for $92.1 million. We completed our 29th year of paying an increasing annual dividend. Before I turn the call over to Bob to share further details on Q4, I want to speak about innovation and highlight recent technologies and product launches as shown on Slide 8. In Pharma, we recently announced our first metal-free nasal spray pump, a development made possible by the sustainability expertise well owned in our consumer-facing businesses. When used in combination with a high-density polyethylene or polypropylene container, this pump can be conveniently recycled as 1 piece without needing to separate or dismantle any parts. This pump strengthens the circular approach for nasal delivery devices and serves the growing needs for simple-to-recycle packaging. Also in Pharma, we launched our first ever active bottle featuring post-consumer recycled content, which is now part of Aptar CSP Technologies' Activ-Vial solutions. Incorporating PCR content in our active polymer solutions is yet another step towards material circularity.

2022 年，我們通過派息和以 9210 萬美元回購超過 860,000 股股票向股東返還了超過 1.9 億美元。我們完成了支付遞增年度股息的第 29 個年頭。在我將電話轉給 Bob 分享有關第四季度的更多細節之前，我想談談創新並強調最新的技術和產品發布，如幻燈片 8 所示。在製藥領域，我們最近宣布了我們的第一款無金屬鼻腔噴霧泵，一種我們面向消費者的業務所擁有的可持續發展專業知識使發展成為可能。當與高密度聚乙烯或聚丙烯容器結合使用時，該泵可以作為 1 件方便地回收，無需分離或拆卸任何部件。該泵加強了鼻腔給藥裝置的循環方法，並滿足了對易於回收包裝日益增長的需求。同樣在製藥領域，我們推出了首個採用消費後回收成分的活性瓶，現在是 Aptar CSP Technologies 的 Activ-Vial 解決方案的一部分。在我們的活性聚合物解決方案中加入 PCR 內容是邁向材料循環的又一步。

For Beauty + Home, we are providing refillable packaging, made with recycled plastic for Clarins' Joli Rouge lipstick and our award-winning fully recyclable mono-material pump is the dispensing system for Renpure's new hair line and The Body Shop's shower wash, both in Europe. Several fragrance launches in Europe feature our prestige fragrance spray pumps, including perfume brands by Dior, L'Oreal and Coty. Turning to Food + Beverage, Kraft Heinz is featuring our custom closures on several ketchup flavors along with our pour spout closure for their wild style condiment line in the U.S. In addition, our closure and flow control valve technology is featured on Hyvee squeezable cream cheese spread in the U.S. and Prima brand condiments in Spain.

對於 Beauty + Home，我們為嬌韻詩的 Joli Rouge 唇膏提供可再填充包裝，由回收塑料製成，我們屢獲殊榮的完全可回收單一材料泵是 Renpure 新發線和 The Body Shop 沐浴露的分配系統，兩者均採用歐洲。在歐洲推出的幾款香水都採用了我們知名的香水噴霧泵，包括 Dior、L'Oreal 和 Coty 的香水品牌。轉向食品 + 飲料，卡夫亨氏在美國的幾種番茄醬口味上採用了我們的定制封口，並在美國為他們的野生調味品系列配備了我們的倒嘴封口。此外，我們的封口和流量控制閥技術在 Hyvee 可擠壓奶油芝士醬上得到了體現在美國和西班牙的 Prima 品牌調味品。

As seen on Slide 9, this past year also marks the first full year of operation of our InVision Lab after a state-of-the-art innovation center in France. The InVision lab showcases the latest in design, engineering and material science that Aptar has to offer enterprise wide. In 2022, we hosted (inaudible) sessions with about 150, primarily Beauty customers. During these sessions, we were able to engage and collaborate with our customers at a high level. Between our landmark investments in Oyonnax and the InVision Lab outside of Paris, our customer engagement has continuously increased and our Beauty pipeline has been significantly strengthened and grown. Now I would like to turn the call over to Bob. Bob?

正如幻燈片 9 所示，過去的一年也標誌著我們的 InVision 實驗室在法國擁有最先進的創新中心之後的第一個完整運營年。 InVision 實驗室展示了 Aptar 必須在企業範圍內提供的最新設計、工程和材料科學。 2022 年，我們與大約 150 位主要是美容客戶舉辦了（聽不清）會議。在這些會議期間，我們能夠與客戶進行高層次的互動和協作。在我們對 Oyonnax 和巴黎以外的 InVision Lab 的里程碑式投資之間，我們的客戶參與度不斷提高，我們的美容產品線也得到了顯著加強和發展。現在我想把電話轉給鮑勃。鮑勃？

Thank you, Stephan, and good morning, everyone. Starting on Slide 10, I would like to summarize the quarter. Our reported sales decreased 2%. This included currency translation headwinds of approximately 6%. Therefore, core sales grew 4%, primarily due to strong volume growth in Pharma + Beauty as well as price increases in Beauty + Home.

謝謝你，斯蒂芬，大家早上好。從幻燈片 10 開始，我想總結一下這個季度。我們報告的銷售額下降了 2%。這包括大約 6% 的貨幣換算逆風。因此，核心銷售額增長 4%，主要是由於醫藥 + 美容業務的強勁銷量增長以及美容 + 家居業務的價格上漲。

As shown on Slide 11, we reported fourth quarter adjusted earnings per share of $0.92, which is a 5% increase over the prior year adjusted EPS when we neutralize the currency headwinds we are facing. The original EPS range we gave included a tax range of 28% to 30%, and assumed a Euro to U.S. dollar FX rate of 0.98. Had these assumptions materialize, our adjusted EPS would have been approximately $0.81, which is at the upper end of the range we gave in Q3. We achieved adjusted EBITDA of $147 million, which decreased from the prior year's fourth quarter and includes foreign currency headwinds of approximately $4 million. About half of the decrease in adjusted EBITDA was due to these foreign currency headwinds. Our team has done a good job of obtaining price increases, especially as we face continued cost pressures. At the end of 2022, we have caught up on our cumulative inflation impact. However, margins continue to be compressed, because we have been passing through costs on a one-for-one basis. The 2-year cumulative impact on our margins is about 1.5 percentage points.

如幻燈片 11 所示，我們報告第四季度調整後每股收益為 0.92 美元，當我們抵消了我們面臨的貨幣逆風時，這比上一年調整後的每股收益增長了 5%。我們給出的原始每股收益範圍包括 28% 至 30% 的稅收範圍，並假設歐元兌美元匯率為 0.98。如果這些假設成為現實，我們調整後的每股收益將約為 0.81 美元，這是我們在第三季度給出的範圍的上限。我們實現了 1.47 億美元的調整後 EBITDA，與去年第四季度相比有所下降，其中包括約 400 萬美元的外匯逆風。調整後的 EBITDA 減少約一半是由於這些外匯逆風。我們的團隊在提價方面做得很好，尤其是在我們面臨持續的成本壓力的情況下。到 2022 年底，我們已經趕上了累積的通脹影響。然而，利潤率繼續受到壓縮，因為我們一直在一對一地轉嫁成本。對我們利潤率的 2 年累計影響約為 1.5 個百分點。

Our reported tax rate for the fourth quarter was 19%, including the reversal of a portion of a tax charge related to legal entity reorganization. Adjusting for this, our tax rate would have been 21%. The mid-range of our guidance was 29%. Turning to some of the details by segment for the quarter. Our Pharma segment's core sales increased 8%. Approximately 5% of the growth came from increased volumes, especially in the prescription and consumer health care divisions. Looking at sales in the Pharma segment by division, prescription core sales increased 9%, primarily due to strength in demand for allergic rhinitis and emergency medicine devices. Consumer Healthcare core sales increased 11% on strong demand for nasal decongestants and saline rinses as greater consumer mobility contributed to more common ailments, including colds and influenza. Consumers also turned to some of the same treatments to alleviate symptoms of COVID-19. Our elastomer solutions for the injectables market grew core sales 6%, primarily due to higher volumes for biologics and antithrombotic applications.

我們報告的第四季度稅率為 19%，包括與法人實體重組相關的部分稅費的沖銷。對此進行調整後，我們的稅率為 21%。我們指導的中值是 29%。轉向本季度按細分市場的一些細節。我們的製藥部門的核心銷售額增長了 8%。大約 5% 的增長來自銷量的增加，尤其是在處方藥和消費者保健部門。按部門來看製藥部門的銷售額，處方核心銷售額增長了 9%，主要是由於對過敏性鼻炎和急救醫療設備的需求強勁。消費保健品核心銷售額增長 11%，原因是對鼻腔減充血劑和鹽水沖洗液的強勁需求，因為消費者流動性增加導致更常見的疾病，包括感冒和流感。消費者還轉向使用一些相同的治療方法來緩解 COVID-19 的症狀。我們用於注射劑市場的彈性體解決方案的核心銷售額增長了 6%，這主要是由於生物製劑和抗血栓應用的銷量增加。

Turning to our active material science solutions. Core sales decreased 3%. Active Materials faced a difficult comparison to the prior year quarter due to slowed sales of Activ-Film used for at-home COVID-19 test kits. Excluding those sales, active materials core sales grew 6%. As a reminder, these challenging comparisons will persist next quarter. Pharma's adjusted EBITDA margin was 32%, which included start-up costs for the Injectables division capacity expansion and enterprise resource planning system implementation of approximately $4 million.

轉向我們的活性材料科學解決方案。核心銷售額下降 3%。由於用於家用 COVID-19 測試套件的 Activ-Film 銷售放緩，活性材料與去年同期相比面臨困難。不包括這些銷售額，活性材料核心銷售額增長了 6%。提醒一下，這些具有挑戰性的比較將在下個季度持續存在。製藥公司調整後的 EBITDA 利潤率為 32%，其中包括約 400 萬美元的注射劑部門產能擴張和企業資源規劃系統實施的啟動成本。

Our Beauty + Home segment's core sales increased 2% based primarily on price adjustments with volume growth in our prestige fragrance and skin care solutions. Regionally, both Europe and Latin America had solid growth for the quarter. This positive was offset by volume declines in other regions, especially in North America, primarily due to our customers working off current inventory levels. Sales were also negatively affected in China due to its reopening and the resurgence of COVID-19 infections.

我們的 Beauty + Home 部門的核心銷售額增長了 2%，這主要是由於價格調整以及我們高端香水和護膚解決方案銷量的增長。從地區來看，歐洲和拉丁美洲在本季度均實現了穩健增長。這一積極因素被其他地區（尤其是北美）的銷量下降所抵消，這主要是由於我們的客戶消耗了當前的庫存水平。由於重新開放和 COVID-19 感染捲土重來，中國的銷售也受到了負面影響。

Looking at the Beauty + Home segment by market. Beauty core sales increased 13%, primarily due to increased sales in prestige fragrance and skin care. Personal Care core sales decreased 7%, primarily due to decreased sales in the hair care and body care categories, while Sun Care continued to increase. Home Care core sales decreased 13% due to lower sales in the surface disinfectant cleaner and laundry care categories. This segment's adjusted EBITDA margin for the quarter was 12%. The Food + Beverage segment's core sales declined 4% compared to the prior year's quarter as product pricing was affected by lower resin prices. The segment also faced difficult comparisons to strong fourth quarter 2021 sales. Volumes in the Food + Beverage markets decreased as our customers continue to work through their inventory levels. Demand in North America and Latin America was the most impacted, but we are seeing some of the signs of orders stabilizing primarily for our food dispensing solutions.

按市場看美妝+家居細分市場。美容核心銷售額增長 13%，主要是由於高端香水和護膚品銷售額的增長。個人護理核心銷售額下降 7%，主要是由於護髮和身體護理類別的銷售額下降，而防曬護理繼續增長。由於表面消毒清潔劑和洗衣護理類別的銷售額下降，家庭護理核心銷售額下降了 13%。該部門本季度調整後的 EBITDA 利潤率為 12%。由於產品定價受到樹脂價格下跌的影響，食品和飲料部門的核心銷售額與去年同期相比下降了 4%。該部門還面臨著與 2021 年第四季度強勁銷售的艱難比較。隨著我們的客戶繼續降低庫存水平，食品和飲料市場的銷量有所下降。北美和拉丁美洲的需求受到的影響最大，但我們看到一些跡象表明，主要是我們的食品分配解決方案的訂單穩定下來。

Looking at the Food + Beverage segment by market. Food core sales were flat as we were able to offset resin price decreases with higher tooling sales and volume increases in our foodservice products. Beverage core sales decreased 16%, primarily due to the challenging market conditions in North America and Latin America. The segment's adjusted EBITDA margin was 13%, which was affected by lower volumes and related lower factory production levels, primarily in North America and Latin America. Reflecting for a moment on 2022, Aptar finished the year with strong top line growth and adjusted EBITDA. We also took steps to reduce our fixed costs, a focus that will continue in 2023.

按市場查看食品和飲料細分市場。食品核心銷售額持平，因為我們能夠通過較高的模具銷售額和餐飲服務產品的銷量增長來抵消樹脂價格的下跌。飲料核心銷售額下降 16%，主要是由於北美和拉丁美洲充滿挑戰的市場環境。該部門調整後的 EBITDA 利潤率為 13%，這是受到銷量下降和相關工廠生產水平下降的影響，主要是在北美和拉丁美洲。回顧 2022 年，Aptar 以強勁的營收增長和調整後的 EBITDA 結束了這一年。我們還採取措施降低固定成本，這一重點將持續到 2023 年。

Slides 12 and 13 cover our annual performance with core sales growth of 9% and adjusted earnings per share growth of 5%, including comparable exchange rates. In 2022, cash flow from operations was $479 million. Free cash flow was $196 million for the year, up from the $58 million in 2021 due to improvements in working capital management and lower restructuring costs. For our 3 large capital projects, our injectables capacity expansion projects, our state-of-the-art beauty site in France and our new site in China that will service all 3 of our segments, we spent about $24 million in the quarter and approximately $108 million in the year. As Stephan mentioned, 2 of our 3 large capital projects will come online this year. Reported depreciation and amortization expense decreased less than 1% or $1 million to approximately $234 million in 2022. Depreciation and amortization as a percentage of net sales decreased to 7% in 2022 compared to 7.3% in the prior year.

幻燈片 12 和 13 涵蓋了我們的年度業績，核心銷售額增長 9%，調整後每股收益增長 5%，包括可比匯率。 2022 年，運營現金流為 4.79 億美元。由於營運資本管理的改善和重組成本的降低，全年自由現金流為 1.96 億美元，高於 2021 年的 5800 萬美元。對於我們的 3 個大型資本項目，我們的注射劑產能擴張項目，我們在法國最先進的美容基地和我們在中國的新基地將為我們的所有 3 個部門提供服務，我們在本季度花費了大約 2400 萬美元，大約當年 1.08 億美元。正如 Stephan 提到的，我們 3 個大型資本項目中的 2 個將在今年上線。報告的折舊和攤銷費用在 2022 年下降不到 1% 或 100 萬美元，降至約 2.34 億美元。折舊和攤銷占淨銷售額的百分比從上一年的 7.3% 下降到 2022 年的 7%。

Moving now to Slide 14, which summarizes our outlook for the first quarter. As Stephan covered, we had a strong year and a solid finish even with the industry destocking in food, personal care and home care experienced in the North American market. We anticipate our strong momentum to continue and expect first quarter adjusted earnings per share, excluding any restructuring expenses, acquisition costs and changes in the unrealized fair value of equity investments to be in the range of $0.85 to $0.93 per share.

現在轉到幻燈片 14，它總結了我們對第一季度的展望。正如 Stephan 所說，即使北美市場的食品、個人護理和家庭護理行業經歷了去庫存，我們也度過了強勁的一年並取得了堅實的成績。我們預計我們的強勁勢頭將持續下去，預計第一季度調整後的每股收益（不包括任何重組費用、收購成本和未實現的股權投資公允價值變動）將在每股 0.85 美元至 0.93 美元之間。

The estimated tax rate range for the first quarter is 25.5% to 27.5%. In the first quarter, we will have about an $0.08 impact in start-up costs from our injectables expansion program and the rollout of a new ERP system. The start-up costs should step down in Q2, but we anticipate about a $0.02 to $0.03 impact per share per quarter for the year. Additionally, we are expecting some currency headwinds compared to the prior year. For example, the euro rate for the prior year Q1 was 1.12, and our guidance for the coming first quarter is assuming a 1.08 euro rate. We have said that roughly for every $0.01 move in the euro rate, that equates to roughly $0.02 per share for the full year. So for the coming quarter, we are looking at approximately a $0.02 currency drag on earnings compared to the prior year.

第一季度的預估稅率區間為25.5%至27.5%。在第一季度，我們的注射劑擴展計劃和新 ERP 系統的推出將對啟動成本產生約 0.08 美元的影響。啟動成本應該會在第二季度下降，但我們預計今年每季度每股的影響約為 0.02 至 0.03 美元。此外，與上一年相比，我們預計會出現一些貨幣逆風。例如，去年第一季度的歐元匯率為 1.12，而我們對即將到來的第一季度的指導假設為 1.08 歐元。我們已經說過，歐元匯率大約每變動 0.01 美元，相當於全年每股約 0.02 美元。因此，對於下個季度，我們預計與去年同期相比，貨幣對收益的拖累約為 0.02 美元。

We currently estimate depreciation and amortization for 2023 to be between $240 million to $250 million. As Stephan mentioned, we expect our capital expenditures in 2023, net of any government grants to be between $260 million and $280 million.

我們目前估計 2023 年的折舊和攤銷將在 2.4 億美元至 2.5 億美元之間。正如斯蒂芬所說，我們預計 2023 年的資本支出（扣除任何政府補助）將在 2.6 億美元至 2.8 億美元之間。

In closing, we continue to have a strong balance sheet with a leverage ratio of 1.7, which allows us to continue to invest in the business, pursue strategic opportunities and continue to return value to shareholders in the form of dividends and repurchases. In addition to our cash dividend payments to shareholders, which totaled $25 million in the quarter, we repurchased approximately 191,000 shares for approximately $20 million.

最後，我們繼續擁有強大的資產負債表，槓桿率為 1.7，這使我們能夠繼續投資於業務，尋求戰略機會，並繼續以股息和回購的形式向股東回報價值。除了本季度總計 2500 萬美元的現金股息支付外，我們還以約 2000 萬美元回購了約 191,000 股股票。

Before I turn it over to Stephan, I want to remind you that in advance of our first quarter earnings call, we will issue recast financials for our new segments. At this time, Stephan will provide a few closing comments before we move to Q&A.

在我把它交給斯蒂芬之前，我想提醒你，在我們第一季度的財報電話會議之前，我們將發布新部門的重鑄財務報告。此時，Stephan 將在我們進入問答環節之前提供一些結束評論。

Thanks, Bob. In closing, as Bob mentioned, on Slide 14, looking ahead to the first quarter, we expect the momentum to continue in our pharma end markets, especially in prescription and consumer health care as well as in our beauty end markets such as fragrance and skin care. The year is off to a good start, and we are excited about the opportunities ahead of us. We anticipate that the food, personal care and home care market in North America will continue to be challenged due to destocking. While we are starting to see orders to come back in food, it's too early to say when these markets will fully recover. We believe our segment realignment will strengthen the market position of our Beauty and our Closure segments, allowing us to better serve customers and deliver long-term value for shareholders. The realignment reinforces our commitment to optimizing our portfolio and increasing capital efficiencies by leveraging common assets.

謝謝，鮑勃。最後，正如鮑勃在幻燈片 14 中提到的那樣，展望第一季度，我們預計我們的製藥終端市場將繼續保持這種勢頭，特別是在處方藥和消費者保健以及我們的美容終端市場，例如香水和皮膚關心。今年開局良好，我們對擺在我們面前的機遇感到興奮。我們預計，由於去庫存，北美的食品、個人護理和家庭護理市場將繼續受到挑戰。雖然我們開始看到食品訂單恢復，但現在說這些市場何時會完全復甦還為時過早。我們相信我們的部門重組將加強我們美容和關閉部門的市場地位，使我們能夠更好地服務客戶並為股東創造長期價值。重組加強了我們通過利用共同資產來優化我們的投資組合和提高資本效率的承諾。

As I mentioned earlier, we will continue to work to reduce our fixed costs and drive profitable growth and margin improvements while spending capital wisely. This will be a key focus for 2023 and beyond. Over the last few years, we have concentrated our investments on our higher-growth and higher-margin businesses and have built robust pharma opportunities that have grown in both, number and value over the last 5 years. We have also invested in digital health capabilities through our acquisition of Voluntis, which offers patient support algorithms and connected devices. However, the digital health market is still evolving and results may be lumpy. We believe this investment will give us a distinct advantage in the future. Our products are used by millions of people every single day. Our customers recognize us as an innovation leader in the drug delivery, active material science and consumer product dispensing industries.

正如我之前提到的，我們將繼續努力降低固定成本，推動盈利增長和利潤率提高，同時明智地支出資本。這將是 2023 年及以後的重點。在過去的幾年裡，我們將投資集中在我們的更高增長和更高利潤的業務上，並建立了強大的製藥機會，這些機會在過去 5 年中在數量和價值上都有所增長。我們還通過收購 Voluntis 投資了數字健康能力，該公司提供患者支持算法和連接設備。然而，數字健康市場仍在發展，結果可能參差不齊。我們相信這項投資將在未來為我們帶來明顯的優勢。每天都有數百萬人使用我們的產品。我們的客戶認為我們是藥物輸送、活性材料科學和消費品配藥行業的創新領導者。

Additionally, we continue to advance our mission of becoming a proactive leader in sustainability. Our businesses have a very clear competitive advantage in growing markets with unmatched solutions. I'm very proud of all that we have accomplished in the fourth quarter and full year of 2022.

此外，我們繼續推進我們的使命，即成為可持續發展的積極領導者。我們的企業憑藉無與倫比的解決方案在不斷增長的市場中擁有非常明顯的競爭優勢。我為我們在 2022 年第四季度和全年所取得的成就感到非常自豪。

With that, I would like to open up the call for your questions.

有了這個，我想打開你的問題的電話。

(Operator Instructions) Our first question comes from Ghansham Panjabi from Baird.

（操作員說明）我們的第一個問題來自 Baird 的 Ghansham Panjabi。

This is actually Matt Krueger sitting in for Ghansham. I guess I'd like to dig a little deeper into the inventory situation across the supply chain. So can you provide an update on how you are seeing inventory levels across the supply chain right now, including on a segment basis across your own portfolio but then also some added detail on what you're hearing from the customer base? I think we've seen in the market a mix timeline for when this destocking effort could be complete, whether it be kind of in the first quarter or maybe lingering into the later part of the first half of the year. Any thoughts on that topic would be helpful.

這實際上是 Matt Krueger 代替 Ghansham。我想我想更深入地了解整個供應鏈的庫存情況。那麼，您能否提供有關您目前如何看待整個供應鏈庫存水平的最新信息，包括在您自己的產品組合中的細分基礎上，以及您從客戶群那裡聽到的一些額外細節？我認為我們已經在市場上看到了何時可以完成去庫存工作的混合時間表，無論是在第一季度還是可能會持續到今年上半年的下半年。關於該主題的任何想法都會有所幫助。

Sure. Maybe we start off with pharma. We have very robust order books for prescription and consumer health care, see good growth in injectable and active materials with the exception of the at-home COVID test comparison. Clearly, allergic rhinitis is growing well above trend. Now part of that is just catching up from the low points during COVID. We just reached about 2019 volume levels in allergic rhinitis. Anecdotally, we see that usage of nasal -- allergic rhinitis product is picking up further as more products come out, more combination products come out, so we're quite positive on allergic rhinitis.

當然。也許我們從製藥開始。我們有非常強大的處方和消費者保健訂單，除了家庭 COVID 測試比較外，注射劑和活性材料的增長良好。顯然，過敏性鼻炎的增長遠高於趨勢。現在，其中一部分只是從 COVID 期間的低點趕上來。我們剛剛達到 2019 年過敏性鼻炎的數量水平。有趣的是，我們看到隨著更多產品的出現，過敏性鼻炎產品的使用正在進一步增加，更多的組合產品問世，所以我們對過敏性鼻炎非常積極。

And on the consumer health care, clearly, nasal hygiene has become a very different place in personal hygiene regimes, and we just see a very good order book. The one area where the -- for sure, is some inventory build is in emergency medicine as we expect (inaudible) to go over the calendar sometime as early as next month or into the second quarter, and customers are building inventory for that effect.

在消費者保健方面，很明顯，鼻腔衛生已成為個人衛生製度中一個非常不同的地方，我們剛剛看到一本非常好的訂單。正如我們預計（聽不清）最早在下個月或進入第二季度的某個時候，我們預計（聽不清）將在日曆上進行一些庫存建設的一個領域，並且客戶正在為此效果建立庫存。

When it comes to the consumer product side, as we mentioned, we see food starting to normalize. The big question mark is, of course, in personal care, home care, beverage, we were maybe a bit early in indicating that inventory correction with our quarter 3 announcement. And since then, I think a lot of people observed the same. What we've heard from customers is pretty much, hey, your service levels weren't great during COVID, so we ordered from multiple suppliers. We built up our safety stock with (inaudible) because then you wouldn't have sold us anything. And now we got 90 days safety stock, and we really only need 30. So we're going to work that down over the coming quarters.

在消費品方面，正如我們提到的，我們看到食品開始正常化。當然，最大的問號是在個人護理、家庭護理、飲料方面，我們在第三季度公告中表示庫存調整可能有點早。從那時起，我想很多人都觀察到了同樣的情況。我們從客戶那裡聽到的幾乎是，嘿，在 COVID 期間你們的服務水平不是很好，所以我們從多個供應商那裡訂購。我們用（聽不清）建立了我們的安全庫存，因為那樣你就不會賣給我們任何東西。現在我們有 90 天的安全庫存，而我們實際上只需要 30 天。所以我們將在未來幾個季度減少這一數量。

We are proactively working with customers to smoothen those whiplashes a little bit by producing at a certain level, so that we don't have to lay off a ton of people. But clearly, it will take you well into through quarter 1 and maybe into quarter 2 for some of these end users. I think that's the best we can say. It is primarily [lower] situation for North America. I want to be clear about that. And as a reminder, North America is about 20% of our business and -- 30% of our business, sorry. And Europe doesn't have these issues because it dealt very differently with COVID. And of course, China has also different dynamics. But it is -- the impact from us from the U.S. nevertheless, is significant.

我們正在積極與客戶合作，通過在一定水平上生產來稍微緩和這些鞭打，這樣我們就不必裁員。但很明顯，對於這些最終用戶中的一些人來說，它將帶您順利進入第一季度，甚至可能進入第二季度。我認為這是我們能說的最好的。這主要是北美的[較低]情況。我想澄清一下。提醒一下，北美約占我們業務的 20%，抱歉，占我們業務的 30%。而歐洲沒有這些問題，因為它對 COVID 的處理方式截然不同。當然，中國也有不同的動態。但它是——我們來自美國的影響仍然是巨大的。

Great. That's very helpful. And then maybe just touching on the raw material situation. Can you talk about any sort of raw material benefit that you saw during the quarter in 4Q? What sort of potential impact or benefit there could be from lower raw material costs in the first quarter of 2023 and guidance? And then maybe some detail on what you're thinking about for the full year as to how that develops. We've seen some fluctuations with oil and resin actually ticking up recently after heading lower for quite some time. So just how that would flow through the portfolio would be helpful.

偉大的。這很有幫助。然後也許只是觸及原材料情況。你能談談你在第四季度看到的任何一種原材料優勢嗎？ 2023 年第一季度較低的原材料成本和指引可能會產生什麼樣的潛在影響或好處？然後可能會詳細說明您對全年的想法以及它的發展方式。我們已經看到石油和樹脂的一些波動在走低了相當長一段時間後實際上最近出現了上漲。因此，這將如何通過投資組合流動將有所幫助。

Sure. I can take that question. So for the fourth quarter, it had a rather immaterial impact on the top line, approximately 1% on a consolidated basis and had a slight positive in each of the segments, but nothing significant. In Q1, we're actually seeing sequentially resin in North America and Europe, increasing slightly from Q4 levels, but they are still on a year-on-year comparison going to be much lower than where they were in Q1 of 2022. So it really depends. It's difficult for us in our projections to forecast what the impact is going to be, because there are different pass-through delays depending on the customers, and obviously, it's going to depend a lot on the volume. So I couldn't even begin to lean out for the year, what we would expect. But again, resin is our largest purchase, but we're still seeing increased cost in other areas such as metal and aluminum and things like that.

當然。我可以接受這個問題。因此，對於第四季度，它對收入的影響相當微不足道，在綜合基礎上約為 1%，並且在每個細分市場都有輕微的積極影響，但並不重要。在第一季度，我們實際上看到北美和歐洲的樹脂比第四季度略有增長，但仍處於同比比較中，將遠低於 2022 年第一季度的水平。所以它真的取決於。我們很難在預測中預測會產生什麼影響，因為根據客戶的不同會有不同的傳遞延遲，而且顯然，這在很大程度上取決於數量。所以我什至無法在這一年開始精益求精，這是我們所期望的。但同樣，樹脂是我們最大的採購，但我們仍然看到其他領域的成本增加，例如金屬和鋁等。

Our next question comes from George Staphos from Bank of America.

我們的下一個問題來自美國銀行的 George Staphos。

My question -- the first one is on Beauty and the overall realignment to the extent that you can comment, is there any way to bracket what the margin or cost benefits might be over a 1-year or 2-year basis, recognizing you have a lot of discussions to go through with employees, works council, et cetera, which may prevent you from talking to that. Assuming that you might not be able to give us some color there. Just can you talk a bit about how much non-Beauty will be within the Beauty segment as a percentage of revenues and talk about what you're seeing in terms of launch activity in beauty? And then I had a quick follow- on CapEx.

我的問題——第一個是關於美容和整體調整的，在你可以評論的範圍內，是否有任何方法可以將 1 年或 2 年的利潤或成本效益放在一起，認識到你有與員工、工作委員會等進行大量討論，這可能會阻止您與之交談。假設您可能無法在那裡給我們一些顏色。你能談談美容領域的非美容產品佔收入的百分比，並談談你在美容產品發布活動方面看到的情況嗎？然後我有一個快速的跟進資本支出。

Sure. Let me kick it off, George and then ask Bob to follow up. First, I want to make it clear that the segment realignment and the cost work that I referred to as we engage the European Works Council are separate and almost independent. So the second realignment is really moving about $200 million of Closures revenues from Beauty to Food + Beverage, which is almost exclusively a Closures business. And the benefits are really, one, it allows the Closure business to go after any and all end users. And just as an example, health care closures are very attractive closures, and the pharma people are not going to be bothered to go after health care closures, but the closures people will. And while it's just Food + Beverage, they won't. The one is really position us to be more -- go after all Closures business. The second one is really reflecting how customers buy it.

當然。讓我開始吧，喬治，然後讓鮑勃跟進。首先，我想明確表示，我在參與歐洲工作委員會時提到的部門重組和成本工作是分開的，幾乎是獨立的。因此，第二個調整實際上是將大約 2 億美元的閉包收入從美容轉移到食品和飲料，這幾乎完全是閉包業務。好處真的是，一，它允許 Closure 業務追求所有最終用戶。舉個例子，醫療保健關閉是非常有吸引力的關閉，製藥業的人不會在醫療保健關閉後費心去做，但關閉的人會。雖然它只是食品 + 飲料，但他們不會。一個是讓我們真正定位於更多——追求所有閉包業務。第二個真正反映了客戶的購買方式。

We already get good feedback from [also multinational] customers because even in shared accounts, multinational customers, they have different people buying closures than they won't have buying high-end fragrances or skin care products. And then, of course, as you pull common assets and common operations, you have increased efficiencies in both, on the cost side and on the capital side.

我們已經從[也是跨國]客戶那裡得到了很好的反饋，因為即使在共享賬戶中，跨國客戶也會有不同的人購買瓶蓋，而不是他們不會購買高端香水或護膚品。然後，當然，當你拉動共同資產和共同運營時，你在成本方面和資本方面都提高了效率。

With that said, on Beauty, and share cost, we really look at as we emerge from the pandemic with good top line momentum and are not happy with our margins. It's as simple as that, we are committed to our long-term targets. And we feel that especially on the fixed cost side, we have some work to do, SG&A as well as operational fixed costs. And of course, the bulk of that sits in Europe. That's not that easy to get at. That's why we need these consultation processes.

話雖如此，在美容和分擔成本方面，我們真正看到的是我們以良好的頂線勢頭從大流行中脫穎而出，並且對我們的利潤率不滿意。就這麼簡單，我們致力於我們的長期目標。我們覺得特別是在固定成本方面，我們還有一些工作要做，SG&A 以及運營固定成本。當然，其中大部分位於歐洲。那不是那麼容易得到的。這就是為什麼我們需要這些諮詢流程。

But when we look at where our EBITDA margin is versus our long-term targets, gives you a sense that we're looking for several tens of millions of improvement on the fixed cost side across SG&A and operations. And maybe Bob, you can comment on the breakdown?

但是，當我們查看我們的 EBITDA 利潤率與我們的長期目標相比時，您會感覺到我們正在尋求在 SG&A 和運營的固定成本方面實現數千萬的改進。也許鮑勃，你可以對故障發表評論嗎？

Sure. So how we define personal care and how our customers define personal care are 2 different things. There are things that we call personal care that they consider beauty. But the way we look at personal care and home care prior to the breakup realignment of the segments, rather, it was about 43% to 45% of the total Beauty + Home segment. So then you take out the closures piece of the Personal Care and Home Care, which Stephan mentioned is about $200 million. So we're probably somewhere between 35% and roughly 40%, I would think, as we would define personal care and home care.

當然。因此，我們如何定義個人護理和我們的客戶如何定義個人護理是兩回事。有些我們稱之為個人護理的東西，他們認為是美麗的。但是，在細分市場重組之前，我們看待個人護理和家庭護理的方式恰恰相反，它們大約占美容 + 家居細分市場總量的 43% 至 45%。那麼你就去掉了個人護理和家庭護理的關閉部分，斯蒂芬提到的大約是 2 億美元。所以我們可能在 35% 到大約 40% 之間，我想，因為我們會定義個人護理和家庭護理。

Should we assume, if you can't quantify at this juncture than directionally that you will give us at some point, the benefits you expect to get from both initiatives to margin?

我們是否應該假設，如果你不能在這個時候量化而不是方向性地說明你將在某個時候給我們帶來的好處，你希望從這兩項舉措中獲得利潤？

Sure. One -- go ahead.

當然。一——繼續。

And then my related question -- or my second question is just how long can you keep at these CapEx levels, which are quite a nice step down from where we've been?

然後是我的相關問題——或者我的第二個問題是你能在這些資本支出水平上保持多久，這比我們一直以來的水平下降了很多？

Yes. So sure. Once we have reached agreements with the labor representatives and can kind of mark in both the onetime costs and the implementation timeline, we will share with you the related savings. But look at that towards the second half of the year, these processes are (inaudible) long. And on the CapEx as well, we have concurrently executed on 3 large projects, 2 of which are coming to fruition. We're opening the really state-of-the-art custom beauty facility in France and the China facility comes on stream.

是的。所以肯定。一旦我們與勞工代表達成協議，並且可以在一次性成本和實施時間表上做出某種標記，我們將與您分享相關的節省。但是看看今年下半年，這些過程（聽不清）很長。在資本支出方面，我們同時執行了 3 個大型項目，其中 2 個正在取得成果。我們將在法國開設真正最先進的定制美容設施，中國設施也將投產。

So as that comes out -- I'm not saying that we will never have big project anymore, but clearly we want to live within our means and these CapEx levels makes a lot more sense at the moment once you take those large projects out.

因此，隨著結果的出現——我並不是說我們永遠不會再有大項目了，但顯然我們希望量入為出，一旦你把那些大項目拿出來，這些資本支出水平在此刻就更有意義了。

Yes. And I would just add that some of the plant consolidations that we've gone through over the last several years, should lead to a little bit less on the maintenance side. But as a company, I think a good use of our balance sheet is going to be to continue to automate in the factories, right, to get more efficient, to automate where we can. These new state-of-the-art facilities are one example of that. So we always have a runout of activities over the years. So we've got some new technologies, which are coming on stream. And I would hope that we continue to invest in new innovative products like some of the sustainable pumps that Stephan was mentioning [that his] type certainly in the pharma said all that requires CapEx to keep going.

是的。我只想補充一點，我們在過去幾年中經歷的一些工廠整合應該會導致維護方面的工作減少一些。但作為一家公司，我認為我們資產負債表的一個很好的用途是繼續在工廠實現自動化，對，提高效率，在我們能做到的地方實現自動化。這些新的最先進的設施就是其中的一個例子。所以多年來我們總是有很多活動。所以我們有一些新技術，這些技術正在投入使用。我希望我們繼續投資於新的創新產品，比如斯蒂芬提到的一些可持續泵，[他的] 類型肯定在製藥業中表示所有這些都需要資本支出繼續進行。

Our next question comes from Angel Castillo from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Angel Castillo。

This is actually Stefan Diaz sitting in for Angel. Real quickly on the European Work Council. Would you be able to give any more details on your tentative strategy and any potential timeline on the potential initiatives?

這實際上是 Stefan Diaz 代替 Angel。很快就會在歐洲工作委員會上。您能否提供有關您的暫定戰略的更多詳細信息以及潛在舉措的任何潛在時間表？

Sure. Thanks for the question, Stefan. For those who are interested in this, so if you operate across multiple countries, and if it's requested by more than 1 country, you have to have legally what's called the European Works Councils. We have that since a few years. So any restructuring that you do that spans multiple countries, you first have to do consultation with the European Works Councils. In our case, we have big operations in France, Germany and Italy. So you already have 3 countries that are affected. And then this is very well regulated, what you need to cover and how you need to cover it. The books with hundreds and hundreds of pages. And then you have to, in parallel, negotiate with the National works councils and unions.

當然。謝謝你的問題，斯特凡。對於對此感興趣的人，如果您在多個國家/地區開展業務，並且超過 1 個國家/地區提出要求，那麼您必須合法地擁有所謂的歐洲工作委員會。幾年前我們就有了。因此，你進行的任何跨越多個國家的重組，你首先必須與歐洲工作委員會進行協商。就我們而言，我們在法國、德國和意大利有大量業務。所以你已經有 3 個國家受到影響。然後這是非常好的監管，你需要涵蓋什麼以及你需要如何涵蓋它。成百上千頁的書。然後你必須同時與全國工作委員會和工會進行談判。

So unlike the U.S. where you either unionized or not, and that's it. In Europe, you always have a Works Council and at the national -- local union. And of course, those dynamics are different and timelines are different by country. So that's why it takes quite some time to get all this done before you actually can implement. And then, of course, there are different stages of implementation. First, you need to give employees an opportunity to voluntarily take a package, and then you look for redeployment, and then you look for reductions.

所以不像美國，你要么加入工會，要么不加入工會，僅此而已。在歐洲，你總是有一個工作委員會和國家 - 地方工會。當然，這些動態是不同的，時間表因國家/地區而異。所以這就是為什麼在您真正實施之前需要相當長的時間來完成所有這些工作。當然，還有不同的實施階段。首先你要給員工一個自願拿包的機會，然後你找調動，然後你找裁員。

So this is a very thoroughly prescribed process and it takes the time, but you get -- once you get to the end, you got to execute.

所以這是一個非常徹底規定的過程，它需要時間，但你會——一旦你到達終點，你就必須執行。

Great. And then should the realignment change the way we think about capital allocation going forward? And would you be able to quantify some of the costs that you're going to incur due to the realignment?

偉大的。那麼重組是否應該改變我們對未來資本配置的思考方式？您能否量化由於重新調整而產生的一些成本？

The realignment does not create a lot of cost by itself. And the capital allocation does not really change that much. Clearly, we expect some capital savings by pooling assets that do the same thing, but we have ramped up our capital deployment towards pharma. From 5 years ago, it was mid-20s, now being over 50%. They will not change. And yes, we certainly count in more capital efficiencies, but you also see in overall CapEx guidance.

重新調整本身不會產生大量成本。而且資本配置並沒有真正改變那麼多。顯然，我們希望通過匯集做同樣事情的資產來節省一些資本，但我們已經加大了對製藥業的資本部署。 5年前是20多歲，現在已經超過50%。他們不會改變。是的，我們當然會考慮更多的資本效率，但您也會在總體資本支出指南中看到。

Our next question comes from Dan Rizzo from Jefferies.

我們的下一個問題來自 Jefferies 的 Dan Rizzo。

You talked a lot about margins, I think, in Beauty + Home. And I was just wondering in the Pharma segment, what the EBITDA or EBIT margin target is? And now over -- this year and over the next couple of years where we expect to get to?

我認為，您在 Beauty + Home 中談到了很多關於利潤的問題。我只是想知道在製藥領域，EBITDA 或 EBIT 利潤率目標是多少？現在結束了 - 今年和未來幾年我們期望到達哪裡？

Yes. Our external targets for pharma are 6% to 10% top line growth and 32% to 36% EBITDA margin. Not that we guarantee this every single quarter, but over time, that's what we look for. And clearly, we are growing quite nicely at the moment. Now we're putting in a lot of new capacity in our injectable business, which has created a drag. Bob mentioned $8 million in quarter 1, going then down to $2 million to $3 million a quarter for the balance of the year. And we are also investing in digital health, which is a lumpy business, but on average, it's also about $0.02 a quarter drag.

是的。我們對製藥公司的外部目標是 6% 至 10% 的營收增長和 32% 至 36% 的 EBITDA 利潤率。並不是說我們每個季度都保證這一點，但隨著時間的推移，這就是我們所尋求的。很明顯，我們目前的發展非常好。現在我們在註射業務中投入了大量新產能，這造成了拖累。鮑勃在第一季度提到了 800 萬美元，然後在今年餘下的時間裡下降到每季度 200 萬到 300 萬美元。我們還投資於數字健康，這是一項不穩定的業務，但平均而言，每季度拖累約 0.02 美元。

So even with that, we look at the 32% to 36% EBITDA margin.

因此，即使如此，我們也會看到 32% 至 36% 的 EBITDA 利潤率。

Those investments are most of this year or will they be over the next several years? I assume it would continue.

這些投資是今年的大部分投資，還是會在未來幾年內進行？我認為它會繼續下去。

The injectable investment is in multiple phases. So maybe let's just step back. Injectables, we basically have 3 manufacturing steps. One is what we call the mixing where you prepare the polymer. Two is the molding where you create the stopper or the plunger or the needle shield. And then 3 is the washing and finishing that then creates the finished product. And we have 3 locations, 2 in France, 1 in the U.S. And those investments are made in all 3 locations at different steps of the value chain or this process that I described.

可注射投資分多個階段。所以也許讓我們退後一步。注射劑，我們基本上有 3 個製造步驟。一種是我們所說的製備聚合物的混合。二是成型，您可以在其中製作塞子、柱塞或針罩。然後3是洗滌和整理，然後製成成品。我們有 3 個地點，2 個在法國，1 個在美國。這些投資是在價值鍊或我描述的這個過程的不同步驟的所有 3 個地點進行的。

We've concluded the first 2 in France are now making a third one, which is a big building next to the existing facility in Congers in New York also. So these increments come on stream at different times, and we'll be done with everything about in '24.

我們已經得出結論，法國的前 2 家現在正在建造第三家，這是一座大型建築，毗鄰紐約康格斯的現有設施。因此，這些增量會在不同時間上線，我們將在 24 年完成所有相關工作。

Our next question comes from Kyle White from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Kyle White。

I actually wanted to follow up on Dan's question there earlier regarding pharma. There's a lot of puts and takes in pharma on the volume side, the top line side. You have a pretty challenging comp year-over-year, but there's a lot of positives that seem to be in the development, right? You mentioned the (inaudible) moving to over-the-counter. Is there any way to quantify the benefit of volumes you're expecting from this? And then even longer term, it seems like there's a lot of developments being made for nasal delivery solutions of drug molecules and then you also have the injectables capacity expansion. So just trying to understand kind of your line of sight to hitting that 6% to 10% target for 2023? And then even longer term, is that the right target given all the positives that seem to be in the development?

我實際上想跟進丹早些時候關於製藥的問題。在交易量方面，頂線方面有很多看跌期權和製藥公司。與去年同期相比，你的比賽非常具有挑戰性，但在發展中似乎有很多積極因素，對吧？你提到了（聽不清）轉向場外交易。有什麼方法可以量化您期望從中獲得的數量收益嗎？然後從長遠來看，藥物分子的鼻腔輸送解決方案似乎有了很多發展，然後你也有註射劑的能力擴張。那麼，只是想了解您對實現 2023 年 6% 到 10% 目標的看法？然後從長遠來看，考慮到發展中似乎存在的所有積極因素，這個目標是否正確？

Yes. We discussed it, I think when we had the Investor Day in Congers. You always have moving pieces, and this is a pipeline business. So everything that we start developing today really comes out of the pipeline 5 to 7 years from now. So it's really our confidence in the pipeline that underpins the 6% to 10% growth. Clearly, right now, we are growing above that. This will be -- allergic rhinitis will revert back to mean. No question. It will [not] going to keep growing at double digits. And yes, consumer health care is very strong at the moment. So we are quite comfortable with the 6% to 10%, not only this year, but for years to come, but we're also ready to raise it.

是的。我們討論過它，我想當我們在康格斯舉辦投資者日時。你總是有移動的部分，這是一個管道業務。因此，我們今天開始開發的所有東西都將在 5 到 7 年後真正問世。因此，真正支撐 6% 至 10% 增長的是我們對管道的信心。顯然，現在，我們正在超越這一點。這將是——過敏性鼻炎會恢復的意思。沒有問題。它[不會]繼續以兩位數的速度增長。是的，消費者醫療保健目前非常強大。所以我們對 6% 到 10% 感到很滿意，不僅是今年，而且在未來幾年，我們也準備提高它。

Got it. Is there any way -- I mean, just to follow up, is there any to size the Narcan potential and what that means for you? And then my second question was going to be on pharma and the cost side. Can you just remind us the cost that you incurred this past year related to start-up costs and the ERP implementation? And then when do those costs go away? We're just trying to get a better understanding of kind of the more run rate normalized earnings power of this business when those one-time costs are behind you.

知道了。有什麼辦法——我的意思是，只是為了跟進，有沒有什麼辦法可以衡量 Narcan 的潛力，這對你意味著什麼？然後我的第二個問題是關於製藥和成本方面的。您能否提醒我們您在過去一年中發生的與啟動成本和 ERP 實施相關的成本？然後這些成本什麼時候消失？當這些一次性成本已經過去時，我們只是想更好地了解這種業務的更高運行率標準化盈利能力。

Sure. So I think Bob mentioned the quarter 4 and the quarter 1 numbers. Again, quarter 1, it was $0.08 or $8 million, which will then go down to $2 million to $3 million for the balance of the year. And it will also continue in '24, if '24 comes on stream, but then it will go away. That's as far as we see. I mean, it's -- for this business, remember compared to some other company, it's a small business, and we're putting in substantial capital. So the rent is all, takes quite a metric. And -- we bought this business 10 years ago. And now we're putting in our standard SAP system, which is also a major effort.

當然。所以我認為 Bob 提到了第 4 季度和第 1 季度的數字。同樣，第一季度為 0.08 美元或 800 萬美元，然後在今年餘下時間將降至 200 萬至 300 萬美元。如果 24 年上線，它也會在 24 年繼續，但隨後它就會消失。這就是我們所看到的。我的意思是，對於這項業務，請記住與其他公司相比，這是一家小型企業，我們正在投入大量資金。所以租金就是全部，需要一個相當大的指標。而且——我們在 10 年前收購了這家公司。現在我們正在投入我們的標準 SAP 系統，這也是一項重大努力。

Yes. I mean on relating to 2022, we had roughly a $0.02 to $0.03 as we began the validation in the expansion that was done in 2022. And then in Q4 of this year, we had about total of $0.03 to $0.04 related to the startup and the ERP implementation. And then Stephan gave you the forward-looking part.

是的。我的意思是，關於 2022 年，當我們開始驗證 2022 年完成的擴展時，我們大約有 0.02 到 0.03 美元。然後在今年第四季度，我們有大約 0.03 到 0.04 美元與初創公司和企業資源規劃實施。然後斯蒂芬給了你前瞻性的部分。

Our next question comes from Gabe Hajde from Wells Fargo Securities.

我們的下一個問題來自 Wells Fargo Securities 的 Gabe Hajde。

I just had one quick one. A lot of ground has been covered. Just one quick one on corporate. It was a little bit higher than maybe what we were looking for, and it sounds like the ERP and start-up costs that were distributed to the segments. So I'm just curious if there's anything in there and then maybe a little bit of view for what you're expecting for '23?

我只是有一個快速的。很多地方都被覆蓋了。只是關於公司的一個快速的。它可能比我們正在尋找的要高一點，這聽起來像是分配給各個部門的 ERP 和啟動成本。所以我很好奇那裡是否有任何內容，然後可能對您對 23 年的期望有一點看法？

Gabe, you're always good to drag me down the rabbit hole. So bear with me on this one. The biggest increase in the corporate expense comes from some of our supplemental pension in the U.S., and this is a kind of a quirk of the accounting rules, right? So we have annuity contracts on the books, which sit on the asset side. So any fluctuations in those asset contracts have to go through P&L, while any fluctuations in the liability for the pension go through OCI. So what you had last year is you had a $2 million positive, right, as the (inaudible) through corporate expense, and now it's flipped to $2 million negative as the interest rates are increasing. So there's an additional cost in theory on the annuity contracts, even though that they're covered. So that accounts for about $3.5 million, $4 million of the delta.

Gabe，你總是善於把我拖進兔子洞。所以請耐心等待我。企業費用的最大增長來自我們在美國的一些補充養老金，這是一種會計規則的怪癖，對吧？所以我們在賬簿上有年金合同，它位於資產方面。因此，這些資產合同的任何波動都必須通過 P&L，而養老金負債的任何波動都通過 OCI。所以去年你有 200 萬美元的正數，對，因為（聽不清）通過公司費用，現在隨著利率的增加，它變成了 200 萬美元的負數。因此，從理論上講，年金合同會產生額外費用，即使它們已被承保。因此，這約佔三角洲的 350 萬美元和 400 萬美元。

Okay. At least we didn't get into organic chemistry or something crazy. One did pop in my mind as you're talking about this. Did I hear you correctly that you were saying you expect '23 net leverage to end sort of where you're at today? Or you're saying we're at 1.7, we see some opportunities perhaps on the M&A side, but we'll remain active in the absence of that for share repurchase? I just -- maybe clarify those comments.

好的。至少我們沒有涉足有機化學或其他瘋狂的領域。當你談論這個時，我的腦海中確實浮現出一個。我沒聽錯嗎，你是說你預計 23 年的淨槓桿率會結束你今天所處的位置？或者你說我們在 1.7，我們可能在併購方面看到了一些機會，但如果沒有股票回購，我們會保持活躍嗎？我只是 - 也許澄清這些意見。

Yes. I mean I think, Gabe, we're comfortable in the 1 to 3x leverage where we're at. So 1.7 is a nice spot to be in. We have to follow what's going on with the interest rate environment. We've got some debt repayments that are coming due in 2024. We still have about $108 million left on our existing authorization for share repurchases. We'll continue to look at M&A. So again, we're going to stay in that comfortable range for now, and we'll see what opportunities it brings. And we're going to track where the interest rate environment goes for additional borrowings if that was necessary.

是的。我的意思是，我認為，Gabe，我們對我們所處的 1 到 3 倍的槓桿率感到滿意。所以 1.7 是一個不錯的選擇。我們必須關注利率環境的變化。我們有一些將於 2024 年到期的債務償還。我們現有的股票回購授權仍有約 1.08 億美元。我們將繼續關注併購。因此，我們現在將再次保持在那個舒適的範圍內，我們將看看它帶來了什麼機會。如果有必要，我們將追踪利率環境對額外借款的影響。

Yes, we usually don't guide the leverage ratio for other than the corridor of 1 to 3x, but the 1.7 is where we are at.

是的，我們通常不會指導 1 到 3 倍走廊以外的槓桿率，但 1.7 是我們所處的位置。

We have a follow-up question from George Staphos from Bank of America.

美國銀行的 George Staphos 提出了後續問題。

I asked earlier about the launch activity that you might be seeing in Beauty and Fragrance. Can you talk to that? And then somewhat relatedly, can you give us assurances on what additional information you'll be providing to us as we get on the call and have been getting on the calls underlying the segment data, will you be giving, Bob, a kind of the end market data in the new reclassified segments? So launch activity that we'll be getting post -- please go ahead.

我之前問過您可能會在 Beauty and Fragrance 中看到的發布活動。你能和那個談談嗎？然後有點相關的是，你能否向我們保證，當我們接聽電話時，你會向我們提供哪些額外的信息，並且一直在接聽基於細分數據的電話，鮑勃，你會提供一種重新分類的新細分市場中的終端市場數據？所以啟動我們將要發布的活動——請繼續。

Let me take the first one and then Bob follow up. So on the launches, look, there certainly is pent-up eagerness on behalf of our customers to launch new fragrances, that's the business model, but they will not launch into the market that we had during COVID or the uncertainties of past year. Now as we exit that period of tremendous uncertainty, certainly, you will see a lot of launches in this what makes us also comfortable with continued strength in fragrance. As for the coming quarters, even if you see a back off at some stage in Europe and the Americas, we certainly hear from customers that as China reemerges and that consumer comes back that certainly the second half also looks very good. So overall, the good momentum in launches. And then I'll give you the assurance question, Bob.

讓我做第一個，然後 Bob 跟進。所以在發布會上，你看，代表我們的客戶推出新香水的熱情肯定是被壓抑的，這就是商業模式，但他們不會像 COVID 期間或去年的不確定性那樣進入市場。現在，當我們結束那段充滿不確定性的時期時，當然，你會看到很多新產品的推出，這讓我們也對香水的持續實力感到滿意。至於未來幾個季度，即使您在歐洲和美洲的某個階段看到回落，我們肯定會從客戶那裡聽到，隨著中國的重新崛起以及消費者的回歸，下半年看起來也非常好。總的來說，發射勢頭良好。然後我會給你保證問題，鮑勃。

Sure. So George, consistent with requirements and what we've done in past segment realignments, prior to our Q1 earnings, we'll probably file an 8-K with the previous 2 years of 2022 and 2021 restated under the realignment as well as the quarterly splits for 2022. And that should give you the information you'll need that's not only for the upcoming 10-Qs, but then the 10-K at the end of the year.

當然。所以喬治，根據要求和我們在過去的部門調整中所做的，在我們第一季度收益之前，我們可能會提交一份 8-K，其中 2022 年和 2021 年的前 2 年根據調整以及季度重述拆分為 2022 年。這應該會為您提供您需要的信息，這些信息不僅適用於即將到來的 10-Q，還適用於年底的 10-K。

Right. But I guess what I was saying, will you also give us Beauty core growth, Food core growth, et cetera, within the reclassified segments?

正確的。但我想我的意思是，您是否還會在重新分類的細分市場中為我們提供美容核心增長、食品核心增長等？

Yes, we'll definitely give you color by market.

是的，我們一定會按市場給你顏色。

Okay. Last one, just on sustainability. Can you give us across the entity in total? And then within pharma specifically, what percentage of your products are recyclable, reasonable or composable, which I imagine is very little? But any metrics around that for the company and for pharma would be great. Congrats on the performance this year to end the quarter and the year.

好的。最後一個，關於可持續性。你能給我們整個實體的總數嗎？然後具體在製藥業中，你們產品中有多少是可回收的、合理的或可組合的，我認為這很少？但是，對於公司和製藥公司而言，圍繞這一點的任何指標都會很棒。祝賀今年結束季度和年度的表現。

Thanks. So I think the best place where you see this is our sustainability report. Clearly, the ratio is much higher in the consumer-facing products where it might be as much as 15%. In the pharma product, it's just starting with Consumer Healthcare. While we're talking about sustainability, you've seen in the growing recognition around everything sustainability, ESG. One is, of course, that is very important, the future proof of the company and future-proof the business. But I also want to highlight, it's extremely important to our customers, and it's extremely important to talent, whether I recruit for the Board or senior positions or frontline positions, the first thing people say, "Hey, I really love what you're doing around sustainability." And therefore, we can compete above our weight class in recruiting. And clearly, for customers, it's important that, in the end, drives preference when it comes to who to buy from.

謝謝。所以我認為你看到這個的最好地方是我們的可持續發展報告。顯然，在面向消費者的產品中，這一比例要高得多，可能高達 15%。在醫藥產品中，消費者保健才剛剛開始。當我們談論可持續性時，您已經看到了人們對可持續性和 ESG 的日益認可。當然，一個是非常重要的，即公司的未來證明和業務的未來證明。但我也想強調，這對我們的客戶非常重要，對人才也非常重要，無論我是為董事會、高級職位還是一線職位招聘，人們說的第一句話，“嘿，我真的很喜歡你圍繞可持續性開展工作。”因此，我們可以在招聘中超越我們的體重等級。顯然，對於客戶而言，重要的是，最終在向誰購買時會產生偏好。

We have no further questions on the line. I will now hand the floor back to Mr. Tanda for closing remarks.

我們沒有其他問題了。我現在將發言權交還給 Tanda 先生，讓他發表閉幕詞。

Great. Thank you all. Really appreciate everything the team has done. We ended with a solid quarter 4 despite the North American weakness in some of the consumer end users. We clearly are off to a strong year in quarter 1, and we will overcome the consumer weakness here as well as the top pharma comps. As you know, the onetime costs, especially the ERP cost in injectable will be transitory, and we see good demand patterns in Pharma and Beauty continuing.

偉大的。謝謝你們。真的很感謝團隊所做的一切。儘管北美的一些消費者終端用戶疲軟，但我們以穩健的第 4 季度結束。我們顯然在第一季度表現強勁，我們將克服這裡的消費者疲軟以及頂級製藥公司。如您所知，一次性成本，尤其是注射劑的 ERP 成本將是暫時的，我們看到製藥和美容行業的良好需求模式仍在繼續。

Clearly, the first half will be strong and second half, China should add to the momentum. I want to come back to the innovation pipeline. We showcased that in Congers for pharma, but also the Beauty pipeline is building nicely as customers see our commitment with the innovation center and the new state-of-the-art facilities in Europe and in China. As our major investments come online, our capital expenditures will come down somewhat, and I just talked about the sustainability recognition. So really looking ahead to a solid year. You may have also noticed that we are narrowing our range a bit. Hopefully, that some of this major uncertainty is behind us. And with that, we look forward to talking to you on the road.

顯然，上半年會很強勁，下半年，中國應該會增加勢頭。我想回到創新渠道。我們在康格製藥展示了這一點，但隨著客戶看到我們對歐洲和中國的創新中心和最先進的新設施的承諾，美容管道也在建設中。隨著我們的主要投資上線，我們的資本支出會有所下降，我剛才談到了可持續發展的認可。所以真的很期待堅實的一年。您可能還注意到我們正在稍微縮小我們的範圍。希望一些主要的不確定性已經過去。因此，我們期待在路上與您交談。

Thank you. Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines.

謝謝。女士們，先生們，今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。