Aptargroup Inc (ATR) 2023 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Aptar's 2023 First Quarter Conference Call. (Operator Instructions) Introducing today's conference call is Mr. Mary Skafidas, Senior Vice President, Investor Relations and Communications. Please go ahead.

女士們先生們，感謝你們的支持。歡迎參加 Aptar 2023 年第一季度電話會議。 （操作員說明）今天的電話會議由負責投資者關係和通訊的高級副總裁 Mary Skafidas 先生介紹。請繼續。

Thank you. Hello, everyone, and thanks for being with us today. Joining me on today's 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 to our website. We will also post a replay of this call on our site. 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.

謝謝。大家好，感謝您今天和我們在一起。與我一起參加今天電話會議的還有總裁兼首席執行官 Stephan Tanda；以及執行副總裁兼首席財務官鮑勃·庫恩 (Bob Kuhn)。我們的新聞稿和隨附的幻燈片已發佈到我們的網站上。我們還將在我們的網站上發布本次通話的重播。今天的電話會議包括一些前瞻性陳述。請參閱我們向 SEC 提交的文件，審查可能導致實際結果與我們今天討論的結果存在重大差異的因素。

I would now like to turn the conference call over to Stephan.

我現在想把電話會議轉給斯蒂芬。

Thank you, Mary, and good morning, everyone. We appreciate you joining us on the call today. I will begin my remarks by highlighting our results for the first quarter. Later in the call, Bob Kuhn, our CFO, will provide additional details on the quarter. I will also give an update on our progress on key initiatives.

謝謝你，瑪麗，大家早上好。我們感謝您今天加入我們的電話會議。我將首先強調我們第一季度的業績。在稍後的電話會議中，我們的首席財務官鮑勃·庫恩 (Bob Kuhn) 將提供有關本季度的更多詳細信息。我還將介紹我們在關鍵舉措方面取得的最新進展。

Starting on Slide 3. For the first quarter, I am pleased to report that Aptar achieved core sales growth of 4% and delivered adjusted EPS of $0.95 per share. Due to strong demand for our Pharma and Beauty dispensing solutions. We guided our adjusted earnings per share for the first quarter to be in the range of $0.85 to $0.93 per share. Our adjusted EPS includes a $0.12 impact from start-up costs in our injectables expansion program and the rollout of the new enterprise resource planning or ERP system.

從幻燈片 3 開始。我很高興地報告第一季度 Aptar 的核心銷售額增長了 4%，調整後每股收益為 0.95 美元。由於對我們的製藥和美容配藥解決方案的強勁需求。我們預計第一季度調整後每股收益在每股 0.85 美元至 0.93 美元之間。我們調整後的每股收益包括注射劑擴張計劃的啟動成本以及新的企業資源規劃或 ERP 系統的推出帶來的 0.12 美元的影響。

Originally, we anticipated that the cost would be closer to $0.08. Our Pharma segment experienced significant demand for our proprietary dispensing devices in every region and across every end-use category. Including nasal congestion, eye care, cough and cold, saline rinses as well as allergic granites, emergency medicines and depression therapies. This growth was in line with the brisk market demand. The one area where we anticipate that there is inventory buildup is in emergency medicine.

最初，我們預計成本會接近 0.08 美元。我們的製藥部門在每個地區和每個最終用途類別中都對我們的專有分配設備有巨大的需求。包括鼻塞、眼睛護理、咳嗽和感冒、鹽水沖洗以及過敏花崗岩、急救藥物和抑鬱症治療。這一增長符合旺盛的市場需求。我們預計庫存會增加的一個領域是急診醫學。

On March 29, the FDA approved Narcan for over-the-counter or OTC usage, as we previously indicated. Anticipation of this approval has benefited our Pharma segment as this new distribution channel for Narcan ramps up. Demand for the OTC channel should moderate over time. When looking at core sales growth over the long term for our Pharma segment, we expect to remain in our 6% to 10% target range. For injectables, the impact of start-up costs and the implementation of the new ERP system was $0.12. The rollout took longer than anticipated as we went from a manual process to a fully integrated system. We have ironed out most of the implementation issues and will continue to close the gap and ramp up production in Q2. We anticipate returning to business as usual and catching up on the revenue displaced by the implementation by the end of the year.

正如我們之前指出的，3 月 29 日，FDA 批准納洛酮作為非處方藥或非處方藥使用。隨著納洛酮新分銷渠道的擴大，對這一批准的預期使我們的製藥部門受益。隨著時間的推移，對場外交易渠道的需求將會放緩。當考慮我們製藥部門的長期核心銷售增長時，我們預計將保持在 6% 至 10% 的目標範圍內。對於注射劑，啟動成本和新 ERP 系統實施的影響為 0.12 美元。由於我們從手動流程轉變為完全集成的系統，推出時間比預期的要長。我們已經解決了大部分實施問題，並將繼續縮小差距並在第二季度提高產量。我們預計將在年底前恢復正常運營並彌補因實施而減少的收入。

Market demand for elastomeric components used with injectable medications remain strong, including components for the delivery devices used in glucagon like peptide-1 on or GLP-1 drugs. These drugs are rapidly growing, new class of medications used to treat type 2 diabetes. Growth is driven by indications that these medications can also help combat obesity with additional drug approvals and launches expected in the coming periods. Our components have been selected for use in this space on three blockbuster drugs to date.

與註射藥物一起使用的彈性體組件的市場需求仍然強勁，包括用於胰高血糖素（如肽-1 或 GLP-1 藥物）的輸送裝置的組件。這些藥物是快速增長的用於治療 2 型糖尿病的新型藥物。有跡象表明，這些藥物還可以幫助對抗肥胖，預計未來一段時間內將有更多藥物獲得批准和上市，從而推動增長。迄今為止，我們的組件已被選用於該領域的三種重磅藥物。

In our Beauty segment, the team delivered solid volume growth of our dispensing solutions, especially in prestige fragrance with mass fragrance, color cosmetics and Sun Care also driving positive results in the quarter. We are continuing to receive good feedback from our beauty customers on our new product pipeline.

在我們的美容部門，該團隊實現了分配解決方案銷量的穩健增長，特別是在高檔香水領域，大眾香水、彩妝和防曬產品也推動了本季度的積極業績。我們不斷收到美容客戶對我們新產品系列的良好反饋。

Moving to Slide 4 and ESG. During the quarter, we received again a number of awards and also commemorated a major milestone. Last week, we celebrated our 30th anniversary as a public company and rang the closing bell at the New York Stock Exchange. Recognition for our ESG efforts continue as well. Aptar has again been named one of Barron's 100 most sustainable companies for the fifth consecutive year, ranking #55 for 2023. We were also named to the CDP supplier engagement leaderboard for the third consecutive year. Aptar is among the top 8% assessed for supply engagement on climate change based on its 2022 CDP disclosures and was cited for its contribution to emissions reduction throughout the value chain. Increasingly, we believe that sustainable companies in addition to helping safeguard the environment will also have a competitive advantage. This differentiated focus is apparent in the innovative and sustainable technologies we are developing and launching such as our recyclable pumps in Pharma and Beauty as well as our pump free fragrance, pump with soft actuation.

轉到幻燈片 4 和 ESG。在本季度，我們再次獲得了多項獎項，也紀念了一個重要的里程碑。上週，我們慶祝了上市公司成立 30 週年，並在紐約證券交易所敲響了收盤鐘。我們的 ESG 努力也繼續得到認可。 Aptar 連續第五年被評為《巴倫周刊》100 家最具可持續發展能力的公司之一，2023 年排名第 55 位。我們還連續第三年入選 CDP 供應商參與排行榜。根據 2022 年 CDP 的披露，Aptar 在氣候變化供應參與度評估中名列前 8%，並因其對整個價值鏈減排的貢獻而受到表彰。我們越來越相信，可持續發展的公司除了幫助保護環境之外，還將擁有競爭優勢。這種差異化的重點在我們正在開發和推出的創新和可持續技術中顯而易見，例如我們在製藥和美容領域的可回收泵，以及我們的無泵香水、軟驅動泵。

Now I would like to update you on some of our key priorities. Across Aptar, we continue to work on identifying new avenues to increase our operational efficiencies. Our primary objective is to deliver on our long-term margin targets, which we expect to achieve through a combined effort of driving top line growth increasing productivity and better leveraging our fixed cost base, both in operations but also in SG&A. As discussed last time, we have engaged in bargaining discussions with pan-European and national labor representatives to discuss adjustments to our Beauty segment in order to increase our competitiveness. We will update you once these discussions are concluded.

現在我想向您介紹我們的一些關鍵優先事項的最新情況。在整個 Aptar 中，我們繼續致力於尋找新的途徑來提高我們的運營效率。我們的主要目標是實現我們的長期利潤目標，我們希望通過共同努力來實現這一目標，即推動營收增長、提高生產率並更好地利用我們的固定成本基礎，無論是在運營方面還是在銷售管理費用方面。正如上次所討論的，我們與泛歐和國家勞工代表進行了討價還價討論，討論對我們的美容部門進行調整，以提高我們的競爭力。這些討論結束後，我們將向您通報最新情況。

A few weeks ago, we released recast financials for our closures and Beauty segments. The goal of the segment realignment was to strengthen our commercial position for both Closures and Beauty as well as enable bottom line improvements by streamlining operations and increasing capital efficiencies. We recognize that there is work to be done to achieve our long-term profit margins in both segments. We are in the process of reviewing our footprint and anticipate making changes to improve asset utilization.

幾週前，我們發布了關閉和美容部門的重新調整財務數據。部門重組的目標是加強我們在瓶蓋和美容領域的商業地位，並通過簡化運營和提高資本效率來改善利潤。我們認識到，要實現這兩個領域的長期利潤率，還有很多工作要做。我們正在審查我們的足跡，並預計做出改變以提高資產利用率。

On Slide 5, I want to give an update on capital allocation. For 2023, we expect our capital expenditures to be now in the range of $280 million to $300 million due to additional accelerated investments, we will be making to increase production capacity for our proprietary former dispensing devices to meet rapidly growing customer demand. In the first quarter of 2023, we had capital expenditures of approximately $78 million. The majority of these expenditures were in our Pharma segment including our expansions in the U.S., France and China. We returned approximately $45 million to shareholders in the quarter through dividends and share repurchases.

在幻燈片 5 上，我想介紹一下資本配置的最新情況。由於額外的加速投資，我們預計到 2023 年，我們的資本支出將在 2.8 億至 3 億美元之間，我們將提高我們專有的前分配設備的產能，以滿足快速增長的客戶需求。 2023 年第一季度，我們的資本支出約為 7800 萬美元。這些支出大部分用於我們的製藥部門，包括我們在美國、法國和中國的擴張。本季度我們通過股息和股票回購向股東返還了約 4500 萬美元。

Before I turn the call over to Bob to share further details on Q1, I want to speak about innovation and highlight recent technologies and product launches as shown on Slide 6. Turning to our Pharma business. In addition to the ramp-up of Narcan and the use of our less (inaudible) components on GLP-1 injectable medications that I mentioned previously, I would like to highlight that our proprietary nasal spray device is the delivery solution for a new migraine treatment that has received FDA approval in the U.S. Johnson & Johnson's [Privado] featuring our proprietary Bidose device has also been approved in China for treatment-resistant depression. Our proprietary nasal spray pumps are featured on a growing number of allergy medications with notable new launches in Latin America and Europe. Our proprietary ophthalmic sweet dispenser is contributing to our growth in several launches in Europe, including our QTS Hydro Plus by Santen and in Brazil Viofta by EMS.

在我將電話轉給 Bob 分享有關第一季度的更多詳細信息之前，我想談談創新並重點介紹幻燈片 6 中所示的最新技術和產品發布。轉向我們的製藥業務。除了我之前提到的納洛酮的增加和在 GLP-1 注射藥物中使用我們較少（聽不見）的成分之外，我想強調的是，我們專有的鼻噴霧裝置是一種新的偏頭痛治療的輸送解決方案已在美國獲得 FDA 批准。強生公司的 [Privado] 採用我們專有的 Bidose 設備，也已在中國獲得批准用於治療難治性抑鬱症。我們專有的鼻噴霧泵已應用於越來越多的抗過敏藥物中，並在拉丁美洲和歐洲推出了引人注目的新產品。我們專有的眼科甜味劑分配器為我們在歐洲推出的多項產品的增長做出了貢獻，其中包括 Santen 的 QTS Hydro Plus 和 EMS 在巴西的 Viofta。

In the Beauty segment in Europe, our pumps for prestige fragrance contributed to Beauty's growth in the quarter and our solutions are featured on perfume launches for brands like Gucci, Guerlain, Boss, Tommy Hilfiger and more. Our dispensing pump is the solution for the Revlon Illuminance Foundation in North America and Startup, which provides precise dispensing is being used for a new skin care product in China.

在歐洲的美容領域，我們的高檔香水泵為美容產品在本季度的增長做出了貢獻，我們的解決方案在 Gucci、Guerlain、Boss、Tommy Hilfiger 等品牌的香水發布會上得到了應用。我們的分配泵是北美 Revlon Illuminance Foundation 和 Startup 的解決方案，為中國的新型護膚品提供精確分配。

Finally, our mono-material, fully recyclable pump continues to be featured on new products, including Avene's new dermaceutical skincare product, Xeracalm in Europe. Turning to our closures business, our custom inverted closure with a self-healing flow control valve is the dispensing solution for the launch of another inverted dish soap brand by a leading CPG company. In the North America personal care market, we are providing disc top closures for two Unilever brands.

最後，我們的單一材料、完全可回收泵繼續出現在新產品中，包括雅漾在歐洲推出的新皮膚護理產品 Xeracalm。談到我們的瓶蓋業務，我們帶有自愈流量控制閥的定制倒置瓶蓋是一家領先的 CPG 公司推出的另一個倒置洗碗皂品牌的分配解決方案。在北美個人護理市場，我們為聯合利華的兩個品牌提供圓盤頂蓋。

Now I would like to turn the call over to Bob. Bob?

現在我想把電話轉給鮑勃。鮑勃？

Thank you, Stephan, and good morning, everyone. Starting on Slide 7, I would like to summarize the quarter. Our reported sales increased 2%. When we neutralize for currencies and acquisitions, our core sales grew 4%, primarily due to strong demand for our Pharma and Beauty solutions.

謝謝你，斯蒂芬，大家早上好。從幻燈片 7 開始，我想總結一下這個季度。我們報告的銷售額增長了 2%。當我們抵消貨幣和收購的影響後，我們的核心銷售額增長了 4%，這主要是由於對我們的製藥和美容解決方案的強勁需求。

As shown on Slide 8, we reported first quarter adjusted earnings per share of $0.95. This represents a 2% increase over the prior year adjusted EPS. We achieved adjusted EBITDA of $154 million, which was a decrease of 2% from the prior year's first quarter. We delivered strong core sales growth despite a difficult comparison to the prior year quarter due to substantial sales of active film used for at-home COVID-19 test kits, which did not repeat. Lower adjusted EBITDA was also negatively impacted due to start-up costs for a capacity expansion and an enterprise resource planning system implementation in our Injectables division.

如幻燈片 8 所示，我們報告第一季度調整後每股收益為 0.95 美元。這比上年調整後每股收益增加了 2%。我們實現調整後 EBITDA 為 1.54 億美元，比去年第一季度下降 2%。儘管由於用於家用 COVID-19 測試套件的活性薄膜的大量銷售（但這種情況沒有重複），與去年同期相比存在困難，但我們仍實現了強勁的核心銷售增長。由於產能擴張的啟動成本和我們注射劑部門實施的企業資源規劃系統，調整後的 EBITDA 較低也受到了負面影響。

Turning to some of the details by segment for the quarter. Our Pharma segment's core sales increased 7%. Approximately 4% of the continued growth came from increased volumes, especially for our proprietary dispensing devices in our prescription and consumer health care divisions where sales were up across the board. Looking at sales in the Pharma segment by market, prescription core sales increased 37%, primarily due to strength in demand for allergic rhinitis, asthma and depression therapies and emergency medicine devices. Consumer Healthcare core sales increased 24% on strong demand for cough and cold, eye care, nasal decongestant and saline rinses. Core sales for our elastomer solutions for the injectables market decreased 34%, primarily due to the ERP system migration, leaving our injectables division with a shipping bottleneck and fewer shipping days for the quarter. The impact of the ERP system implementation is transitory as demand for biologic applications remain strong.

轉向本季度按細分市場劃分的一些詳細信息。我們的製藥部門的核心銷售額增長了 7%。大約 4% 的持續增長來自銷量的增加，尤其是我們的處方藥和消費者醫療保健部門的專有配藥設備，其銷售額全面增長。從按市場劃分的製藥細分市場的銷售額來看，處方藥核心銷售額增長了 37%，這主要是由於對過敏性鼻炎、哮喘和抑鬱症治療以及急救醫療設備的需求強勁。由於對咳嗽和感冒、眼部護理、鼻腔減充血劑和鹽水沖洗劑的強勁需求，消費者保健核心銷售額增長了 24%。我們注射劑市場彈性體解決方案的核心銷售額下降了 34%，主要是由於 ERP 系統遷移，導致我們的注射劑部門面臨運輸瓶頸，本季度的運輸天數減少。由於對生物應用的需求仍然強勁，ERP 系統實施的影響是暫時的。

Turning to our Active Materials Science Solutions. Core sales decreased 32%, as a reminder, this was against a difficult comparison to the prior year quarter of Activ-Film sales that did not repeat. Pharma's adjusted EBITDA margin was 31%, which included start-up costs for the Injectables division capacity expansion and ERP system implementation of approximately $12 million. In the second quarter, we expect a $4 million to $6 million impact as factory operations normalize post ERP implementation and the start-up costs from the capacity expansion. We expect these costs to moderate to about $2 million to $3 million per quarter for the remainder of the year.

轉向我們的活性材料科學解決方案。提醒一下，核心銷售額下降了 32%，這與去年同期 Activ-Film 銷售額的艱難比較沒有重複。 Pharma 調整後的 EBITDA 利潤率為 31%，其中包括注射劑部門產能擴張和 ERP 系統實施的啟動成本約 1200 萬美元。在第二季度，隨著工廠運營正常化 ERP 實施後以及產能擴張帶來的啟動成本，我們預計將產生 400 萬至 600 萬美元的影響。我們預計今年剩餘時間內這些成本將降至每季度 200 萬至 300 萬美元左右。

Our Beauty segment's core sales increased 9% due to a mix of pricing and volume growth. We saw volume growth in our prestige and mass fragrance, Sun Care and color cosmetic solutions. Regionally, Europe and Latin America had solid growth. In North America, we are seeing green shoots of demand recovery for our personal care multicomponent dispensing solutions from our small to midsize customers who had built up less inventory. In China, sales have been negatively affected due to its reopening and the resurgence of COVID-19 infections. However, throughout the quarter, we started to see signs that the Chinese consumer is coming back. Looking at the beauty segment by market. Beauty core sales increased 17%, driven by higher sales in both prestige and mass fragrance and color cosmetics solutions. Personal Care core sales were flat with decreased demand in several end-use categories. However, Sun Care dispensing solutions continued to increase. Home Care core sales decreased 16% due to lower sales in the air care and surface disinfectant categories. This segment's adjusted EBITDA margin for the quarter was 11%.

由於價格和銷量的增長，我們的美容部門的核心銷售額增長了 9%。我們看到我們的高端香水、大眾香水、防曬和彩妝解決方案的銷量增長。從地區來看，歐洲和拉丁美洲增長強勁。在北美，我們看到庫存減少的中小型客戶對我們的個人護理多組分分配解決方案的需求復蘇。在中國，由於重新開業和 COVID-19 感染死灰復燃，銷售受到了負面影響。然而，在整個季度中，我們開始看到中國消費者正在回歸的跡象。按市場劃分的美容細分市場。受高端和大眾香水及彩妝解決方案銷售額增長的推動，美容核心銷售額增長了 17%。個人護理核心銷售額持平，幾個最終用途類別的需求下降。然而，防曬分配解決方案繼續增加。由於空氣護理和表面消毒劑類別的銷售額下降，家庭護理核心銷售額下降了 16%。該部門本季度調整後 EBITDA 利潤率為 11%。

The Closure segment's core sales decreased 8% compared with the prior year's quarter, primarily due to the pass-through of lower resin prices as well as lower volumes in personal care and home care as customers continue to work through their inventory levels, primarily in North America and Latin America. Food dispensing was the first to show gradual signs of recovery at the end of last year and the order book continued to improve through the first quarter. Looking at the Closures segment by market. Food core sales decreased 7%, primarily due to lower tooling sales and lower demand for sauces and condiments, while food service products continue to increase. Beverage core sales increased 4% driven by higher sales in juices and slight increases for bottled water and sports drinks. Europe drove the sales increase, and it is our largest beverage market. Personal Care core sales decreased 19%, primarily due to decreased sales in the hair care and body care categories.

瓶蓋部門的核心銷售額與上年同期相比下降了 8%，這主要是由於樹脂價格下跌以及客戶繼續處理庫存水平（主要是在北方）導致個人護理和家庭護理產品銷量下降。美洲和拉丁美洲。去年年底，食品配送首先顯示出逐漸復甦的跡象，第一季度訂單量持續改善。按市場查看瓶蓋細分市場。食品核心銷售額下降 7%，主要是由於工具銷售額下降以及對醬料和調味品的需求下降，而食品服務產品繼續增長。由於果汁銷量增加以及瓶裝水和運動飲料銷量小幅增長，飲料核心銷量增長了 4%。歐洲推動了銷售額的增長，它是我們最大的飲料市場。個人護理核心銷售額下降 19%，主要是由於護髮和身體護理類別的銷售額下降。

In our fourth category, which includes beauty, home care and health care, core sales decreased 9% on lower demand for Laundry Care solutions, while [Dish Care] sales increased. The segment's adjusted EBITDA margin was 15%. In Q1 2023, cash flow from operations was $98 million, up from the $92 million in Q1 2022 due to improvements in working capital management. For our three 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 three of our segments, we spent about $19 million in the quarter. As we have mentioned, two of our three large capital projects will come online in the first half of 2023. Reported depreciation and amortization expense was roughly flat quarter-over-quarter at approximately $59 million or 7% of sales.

在我們的第四個類別（包括美容、家庭護理和醫療保健）中，由於對洗衣護理解決方案的需求下降，核心銷售額下降了 9%，而[餐具護理]銷售額則有所增加。該部門調整後的 EBITDA 利潤率為 15%。由於營運資本管理的改善，2023 年第一季度的運營現金流為 9800 萬美元，高於 2022 年第一季度的 9200 萬美元。對於我們的三個大型資本項目、我們的注射劑產能擴張項目、我們在法國最先進的美容網站以及我們在中國的新網站（將為我們的所有三個部門提供服務），我們在本季度花費了約 1900 萬美元。正如我們所提到的，我們的三個大型資本項目中的兩個將於 2023 年上半年上線。報告的折舊和攤銷費用與上一季度大致持平，約為 5900 萬美元，佔銷售額的 7%。

Moving to Slide 9, which summarizes our outlook for the second quarter. We anticipate our strong momentum to continue and expect second 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 $1.11 to $1.19 per share. The estimated tax rate range for the second quarter is 26% to 28%. In the second quarter, we will have about a $0.04 to $0.06 impact in start-up costs from our injectables expansion program and ERP implementation. We expect these costs to taper off to about $0.02 to $0.03 per quarter for the remainder of the year. Additionally, we are expecting some currency tailwinds compared to the prior year. For example, the euro rate for the prior year second quarter was 1.06, and our guidance for the coming second quarter is assuming a 1.08 euro rate. We have said that roughly for every 1 point move in the euro rate, that equates to roughly $0.02 per share for the full year.

現在轉到幻燈片 9，它總結了我們對第二季度的展望。我們預計我們的強勁勢頭將持續下去，並預計第二季度調整後每股收益（不包括任何重組費用、收購成本和未實現股權投資公允價值的變化）將在每股 1.11 美元至 1.19 美元之間。第二季度的預計稅率範圍為26%至28%。在第二季度，我們的注射劑擴張計劃和 ERP 實施將對啟動成本產生約 0.04 至 0.06 美元的影響。我們預計，在今年剩餘時間內，這些成本將逐漸減少至每季度 0.02 至 0.03 美元左右。此外，與上一年相比，我們預計貨幣將出現一些順勢。例如，去年第二季度的歐元匯率為 1.06，我們對未來第二季度的指導假設歐元匯率為 1.08。我們說過，歐元匯率每變動 1 個點，全年每股收益大約為 0.02 美元。

So for the coming quarter, we are looking at approximately a $0.01 currency benefit on earnings compared to the prior year. We currently estimate depreciation and amortization for 2023 to be between $230 million to $240 million. As Stephan mentioned, we expect our capital expenditures in 2023, net of any government grants to be between $280 million and $300 million, including a capacity expansion investment for our proprietary Pharma dispensing devices.

因此，對於下個季度，與上一年相比，我們預計收益將獲得大約 0.01 美元的貨幣收益。我們目前預計 2023 年的折舊和攤銷將在 2.3 億美元至 2.4 億美元之間。正如 Stephan 提到的，我們預計 2023 年的資本支出（扣除任何政府補助）將在 2.8 億至 3 億美元之間，包括我們專有的製藥配藥設備的產能擴張投資。

In closing, we continue to have a strong balance sheet with a leverage ratio of 1.8 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 171,000 shares for approximately $20 million.

最後，我們繼續擁有強勁的資產負債表，槓桿率為1.8，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。除了本季度向股東支付的現金股息總計 2500 萬美元外，我們還以約 2000 萬美元的價格回購了約 171,000 股股票。

At this time, Stephan will provide a few closing comments before we move to Q&A.

此時，在我們進入問答環節之前，斯蒂芬將提供一些結束語。

Thanks, Bob. In closing, as we emerge from the challenging operating environment of the last few years, looking ahead for 2023, Aptar is energized for the future and well positioned to create continued long-term value for all our stakeholders. Our recent realignment of our Beauty and Closure segment presents opportunities to break into new markets and is already helping us capture new corners of existing markets with our differentiated technologies and strong intellectual property. The distinctive advantage of our proprietary product is especially true for our Pharma business, which operates in highly regulated markets.

謝謝，鮑勃。最後，當我們擺脫過去幾年充滿挑戰的運營環境時，展望 2023 年，Aptar 對未來充滿活力，並做好了為所有利益相關者創造持續長期價值的準備。我們最近對美容和瓶蓋業務部門進行的調整為我們提供了打入新市場的機會，並且已經幫助我們憑藉差異化的技術和強大的知識產權佔領了現有市場的新角落。我們專有產品的獨特優勢對於我們在嚴格監管的市場中運營的製藥業務來說尤其如此。

Our pipeline for proprietary Pharma Technologies remain strong as we continue to support the conversion of drugs to our natal delivery devices such as epinephrine and medicine to migraines. Additionally, this year, we'll see several key investments come online, furthering our efforts to streamline operations and increase capital efficiencies by leveraging common assets. Our drive to leverage our fixed cost base and reduce our SG&A as a percentage of sales remains a key focus in 2023 and beyond. We look forward to sharing our progress in the coming quarters.

我們的專有製藥技術管道仍然強勁，因為我們繼續支持將藥物轉化為我們的分娩設備，例如腎上腺素和偏頭痛藥物。此外，今年，我們將看到幾項關鍵投資上線，進一步推動我們通過利用共同資產來簡化運營和提高資本效率。我們努力利用固定成本基礎並降低銷售、管理費用佔銷售額的百分比，這仍然是 2023 年及以後的重點。我們期待在未來幾個季度分享我們的進展。

Before I open the call up for questions, and I want to touch on the announcement we made earlier today. Our Director, [Candace Matthews] has been elected by her peers to be the next independent Chair of Aptar's Board of Directors. Succeeding [George Otitis], who has served as our independent chair for the last 5 years. We are very fortunate to have benefited from George's CEO experience, financial expertise, his wisdom, is unflappable demeanor and his extensive understanding of Aptar's businesses, all of which have contributed greatly to our overall success and the creation of shareholder value.

在開始提問之前，我想談談我們今天早些時候發布的公告。我們的董事 [Candace Matthews] 已被同行選舉為 Aptar 董事會的下一任獨立主席。接替 [George Otitis]，他在過去 5 年裡一直擔任我們的獨立主席。我們非常幸運地受益於喬治的首席執行官經驗、財務專業知識、他的智慧、鎮定自若的舉止以及他對 Aptar 業務的廣泛了解，所有這些都為我們的整體成功和股東價值的創造做出了巨大貢獻。

I'm happy to note that we will continue to benefit from George's Council as he will remain on our board. Since joining the Board 2 years ago, [Candace] has become an invaluable contributor to our Board with deep experience across each of our end-use markets. Candace had leadership roles at Amway, Novartis, Bash & Lomb, L'Oreal and Coca-Cola, amongst others. I very much look forward to working even closer with Candace in her new role as Independent Chair and leveraging her deep global operating experience, her extensive knowledge of our markets, her sound judgment and inclusive leadership.

我很高興地註意到，我們將繼續受益於喬治的理事會，因為他將繼續留在我們的董事會。自兩年前加入董事會以來，[Candace] 已成為我們董事會的寶貴貢獻者，在我們的每個最終用途市場擁有豐富的經驗。坎迪斯曾在安利、諾華、Bash & Lomb、歐萊雅和可口可樂等公司擔任領導職務。我非常期待在擔任獨立主席的新職位上與 Candace 進行更密切的合作，並利用她深厚的全球運營經驗、對市場的廣泛了解、明智的判斷力和包容性的領導力。

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

至此，我想打開電話詢問您的問題。

(Operator Instructions) Our first question today comes from the line of Ghansham Panjabi from Baird.

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

This is Matt Krueger filling in for Ghansham. I guess I just wanted to start off on the CapEx front. So CapEx has been elevated since 2021. Just wanted to see what's the timeline that we can expect this investment to really translate into tangible operating income? And what's the expected return threshold on the elevated spending that we've seen over this time horizon?

我是馬特·克魯格 (Matt Krueger) 接替甘沙姆 (Ghansham)。我想我只是想從資本支出方面開始。因此，自 2021 年以來，資本支出一直在上升。只是想看看我們可以期望這項投資真正轉化為有形營業收入的時間表是什麼？在這段時間內我們看到的支出增加的預期回報閾值是多少？

Yes. So as you know, we have three major projects coming online successively and roughly, you could say about 1 year after they come online, you will start to see things dropping to the bottom line, but they're not all the same. I think you will see the leading best-in-class custom beauty site in Oyonnax start to contribute already in the second quarter and then progressively. The China plant will come online in the second half and start contributing towards the end of the year and then, of course, injectables next year.

是的。正如你所知，我們有三個主要項目相繼上線，大致上，你可以說它們上線後大約一年，你會開始看到事情下降到底線，但它們並不都是一樣的。我認為您會看到 Oyonnax 領先的一流定制美容網站已在第二季度開始做出貢獻，然後逐步做出貢獻。中國工廠將於下半年投產，並在年底前開始投入生產，當然，明年還會投入註射劑。

Now as you know, we've taken down capital expenditure this year from prior year. But given the extremely brisk demand in our proprietary dispensing devices that the very strong order book we felt it prudent to accelerate some of the capacity increases now. Usually, our returns on new capacity are well above 20%. Now those probably will be higher than that given the economics of our proprietary devices.

如您所知，我們今年已經比去年減少了資本支出。但鑑於我們專有的分配設備的需求極其旺盛，訂單量非常強勁，我們認為現在加速部分產能的增加是明智的。通常，我們的新增產能回報率遠高於 20%。現在，考慮到我們專有設備的經濟性，這些數字可能會高於這個數字。

Yes, maybe I can just mention a little bit on the capital return. So we don't -- while we don't disclose return specifically project by project. I think we've said in the past that for the French Custom Beauty, we're essentially consolidating five different business units or workshops rather, into one facility, obviously, in a much more efficient manner. Custom Beauty for us is a strategic investment and it's difficult to pin exactly what that return is going to be on that other than the cost savings involved. But it leads to new projects. It leads to additional dispensing solutions, et cetera. China is similar in that there's multiple different factories that we're operating under today. And now we're putting it all under one roof.

是的，也許我可以稍微提一下資本回報。所以我們不會——雖然我們不會逐個具體披露具體的回報。我想我們過去曾說過，對於法國定制美容，我們本質上是將五個不同的業務部門或車間整合為一個設施，顯然，以一種更有效的方式。對我們來說，定制美容是一項戰略投資，除了所涉及的成本節省之外，很難準確確定其回報是什麼。但這會帶來新的項目。它導致額外的分配解決方案等等。中國的情況與此類似，我們今天運營著多家不同的工廠。現在我們將所有這些都集中在一個屋簷下。

A large part of that facility is really to supply the growth that we see in the horizon for the Pharma business there. So -- and then obviously, the big one that Stephan was referring to on the injectables, you can expect injectable like margins on that business.

該設施的很大一部分實際上是為了滿足我們所看到的製藥業務的增長。因此，很明顯，斯蒂芬提到的關於注射劑的大問題，你可以期待該業務的注射劑利潤率。

Got it. That's really helpful. That's great context. And then just as a follow-up, can you talk about any impact that you've seen or you expect to see from Narcan or similar products entering the OTC retail channel. Would you expect any 1 or 2 quarters to see significant impact from a stocking period? And then just given that this is a product line that you've highlighted very frequently in the past. Could you maybe talk about any potential financial benefit to Aptar more specifically or any sort of general market opportunity? That would be really helpful.

知道了。這真的很有幫助。這是很好的背景。作為後續行動，您能否談談您所看到的或您期望看到的納洛酮或類似產品進入 OTC 零售渠道的任何影響。您是否預計庫存期會在任何 1 或 2 個季度產生重大影響？然後考慮到這是您過去經常強調的產品線。您能否更具體地談談 Aptar 的任何潛在財務利益或任何類型的一般市場機會？這真的很有幫助。

Yes. As I mentioned earlier in my remarks, clearly, we do anticipate that both in quarter 1 and quarter 2 some of the sales for Narcan contribute to filling the pipeline for going over the counter. And that then growth will kind of normalize. In general, Narcan is a lumpy business because of many nontraditional distribution channels. So it is a contributor to growth. But keep in mind all emergency medicines, including Narcan, but also others make up maybe about 15% of our prescription units business, so while it is growing nicely and it might be lumpy and some inventory build in the context of the overall pharma business is still relatively small.

是的。正如我之前在發言中提到的，顯然，我們確實預計第一季度和第二季度納洛酮的部分銷售額將有助於填補非處方藥的銷售渠道。然後增長就會趨於正常化。總的來說，納洛酮業務不穩定，因為有許多非傳統的分銷渠道。因此，它是增長的貢獻者。但請記住，包括納洛酮在內的所有緊急藥物以及其他藥物可能約占我們處方藥業務的 15%，因此，雖然它增長良好，但可能不穩定，而且在整個製藥業務的背景下建立的一些庫存是仍然相對較小。

Thank you. The next question today comes from the line of George Staphos from Bank of America.

謝謝。今天的下一個問題來自美國銀行的喬治·斯塔福斯。

Two questions. One on operations and then the second on injectables more from a market or development standpoint to the extent you can comment. So on operations, Stephan or Bob, can you just relay why the ERP system takes through the end of the year to fully implement. Kind of what are the steps where the mile markers where analysts were just seeing from outside to the extent that you can relay what do you have to do from a management standpoint to implement this? And along the timeline that you have relatedly, you talked a bit about how you're trying to maximize efficiency, both in terms of margin and also capital. Can you talk a bit recognizing it's difficult live [Mike], in terms of what that might mean for footprint?

兩個問題。第一個是關於運營，第二個是關於注射劑，更多地從市場或開發的角度來看，您可以發表評論。那麼在運營方面，Stephan 或 Bob，您能否簡單介紹一下為什麼 ERP 系統要到年底才能全面實施。分析師剛剛從外部看到的里程標記的步驟是什麼，您可以從管理的角度轉達您必須做什麼來實現這一目標？沿著相關的時間表，您談到瞭如何努力最大限度地提高效率，無論是在利潤方面還是在資本方面。你能談談認識到直播很困難嗎[邁克]，這對足跡可能意味著什麼？

And then the second question, just could you remind us again on the expansion that you're seeing in injectables with some of your newer elastomer products are allowing you to do in terms of new product development and the end markets that you're getting into? You mentioned a couple earlier in the call, if you can provide a couple of details there.

然後是第二個問題，您能否再次提醒我們，您在一些較新的彈性體產品的注射劑中看到的擴展使您能夠在新產品開發和您要進入的終端市場方面進行工作？您之前在電話會議中提到了一些細節，如果您能在那裡提供一些詳細信息的話。

Sure. Let's tag team on [ERP] Bob and then I'll come back on capital. So just to put this in context, most or let me say that Aptar is one of the few companies with a single instance with the global SAP integrated system. And most of the time, when we do an SAP project, it's an upgrade from a previous version to a new version at the site. And frankly, usually, it's not a big deal.

當然。讓我們在 [ERP] Bob 上標記團隊，然後我會回到資本。因此，就具體情況而言，大多數人或者讓我說 Aptar 是少數擁有全球 SAP 集成系統單一實例的公司之一。大多數時候，當我們做一個SAP項目時，它是在現場從以前的版本升級到新版本。坦率地說，通常這沒什麼大不了的。

In this case, we're taking basically a business that's been built on the manual processes in a pharma environment from that to the fully integrated system. And you plan everything out, but you never plan for everything. So this is really getting -- making this huge leap and bringing this business in the 21st century from an ERP point of view.

在這種情況下，我們基本上將在製藥環境中建立在手動流程上的業務從該業務轉變為完全集成的系統。你計劃好了一切，但你永遠不會計劃一切。因此，從 ERP 的角度來看，這確實是一次巨大的飛躍，並將這項業務帶入了 21 世紀。

Now to your question, so basically, in quarter 1, we had a number of days the plant being down for that project implementation and then the systems starting up and all the processes being ironed out. So that led to significantly fewer invoice days with the fewer sales. So it -- we are now very much on the other end of the ERP implementation. Just to give you one highlight, I mean, our invoiced revenue in April is about 25% higher than it was in March. So we're getting back to a normal steady state, but we have this lost revenue from the first quarter. And we will not recover that lost revenue until we're through the year because we have to keep supplying the ongoing business. Our customers obviously pick the stuff up at the moment. It's ready to go.

現在回答你的問題，基本上，在第一季度，我們的工廠因項目實施而停工了幾天，然後系統啟動，所有流程都得到解決。因此，這導致發票天數顯著減少，銷售額也隨之減少。所以，我們現在已經處於 ERP 實施的另一端了。我想強調一點，我的意思是，我們 4 月份的發票收入比 3 月份高出約 25%。因此，我們正在恢復正常的穩定狀態，但我們從第一季度開始就損失了收入。直到今年結束，我們才能恢復收入損失，因為我們必須繼續提供持續的業務。我們的客戶顯然​​現在正在挑選東西。準備好了。

So that's really what the catch-up is all about. Yes, there will still be some inefficiency in quarter 2 that Bob gave you a range for that. But as far as the ERP implementation is concerned, that is behind us. Maybe, Bob, you add then we'll come back to the capital.

這就是追趕的真正意義所在。是的，第二季度仍然會出現一些效率低下的情況，鮑勃給了你一個範圍。但就 ERP 實施而言，我們已經落後了。也許，鮑勃，你補充一下，然後我們就回到首都。

Yes. No, I mean, I think you summarized it well, Stephan. I mean, obviously, the injectables business is different from our normal legacy Pharma business. So there were more processes, more stages in the production. And as Stephan said, being that it's pharma, we had an abundance of caution to make sure that everything was operating the way it should be. So there's no concerns there going forward. It's just that -- it was a little bit more than what we had anticipated going into the quarter, but the trend is in the right direction, as Stephan pointed out, in terms of April. So the remainder of the year is more tied to the $0.02 to $0.03. In Q3 and Q4 is more tied to the capacity increase in the new technology than it is at all with the ERP.

是的。不，我的意思是，我認為你總結得很好，斯蒂芬。我的意思是，顯然，注射劑業務與我們正常的傳統製藥業務不同。所以生產中有更多的工序、更多的階段。正如斯蒂芬所說，由於它是製藥公司，我們非常謹慎，以確保一切都按應有的方式運作。因此，未來無需擔心。只是——這比我們對本季度的預期要多一些，但正如斯蒂芬指出的那樣，就 4 月份而言，趨勢是朝著正確的方向發展的。因此，今年剩餘時間與 0.02 至 0.03 美元的走勢更為相關。在第三季度和第四季度，新技術的產能增長與 ERP 的關係更大。

Yes. Then on your question on footprint and expansion, let's bifurcate this. Clearly, we continue to examine our footprint, especially also in Beauty and Closures to see for additional optimization opportunities, as I mentioned earlier. And once we are ready to discuss this, we will -- this is, of course, also often subject to labor negotiations, those are ongoing. And once we have a white smoke, we will inform you.

是的。然後，關於您關於足跡和擴展的問題，讓我們將其分開。顯然，正如我之前提到的，我們將繼續檢查我們的足跡，特別是在美容和封閉領域，以尋找其他優化機會。一旦我們準備好討論這個問題，我們就會——當然，這也經常受到勞資談判的影響，這些談判正在進行中。一旦出現白煙，我們會通知您。

Now in terms of the expansion, once on the expansion and the kind of product, yes, we highlighted the GLP-1 because that's a very good example of the kind of biologics that benefit from our premium products. You know this is a rapidly growing category. Multiple elastomeric components go into each auto injector and multiple CMOs are involved that supply the 3 drugs that are on the market, and of course, multiple drugs are in clinical trials and approval processes for additional indications, whether it's obesity or nonalcoholic steatohepatitis or nonalcoholic fatty liver disease. So we see this as a very strong growth platform and is also going to do a lot of good for people. That's just one example.

現在就擴展而言，一旦談到擴展和產品類型，是的，我們強調了 GLP-1，因為這是受益於我們優質產品的生物製劑類型的一個很好的例子。您知道這是一個快速增長的類別。每個自動注射器中都包含多種彈性體組件，並且涉及多個 CMO 來供應市場上的 3 種藥物，當然，還有多種藥物處於臨床試驗和批准過程中，以適應其他適應症，無論是肥胖症還是非酒精性脂肪性肝炎或非酒精性脂肪性肝炎肝病。因此，我們認為這是一個非常強大的增長平台，也將為人們帶來很多好處。這只是一個例子。

Clearly, some of the vaccine business is much weaker, especially since China did not roll out a booster. But on the other hand, we also see some of the smaller molecules continue to grow. So overall, we feel well positioned to take advantage of the projects that we have in the pipeline and the projects that are in front of us. And yes, building the capacity to take advantage of that.

顯然，一些疫苗業務要弱得多，特別是因為中國沒有推出加強疫苗。但另一方面，我們也看到一些較小的分子繼續生長。因此，總體而言，我們感覺自己處於有利位置，可以利用我們正在醞釀中的項目和擺在我們面前的項目。是的，建立利用這一點的能力。

Thank you. The next question today comes from the line of Angel Castillo from Morgan Stanley.

謝謝。今天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. I was just wondering if you could provide some details on what you're seeing across the supply chain. I know you called out maybe some destocking still to work through, specifically in Closures and in North America?

這實際上是斯蒂芬·迪亞茲（Stefan Diaz）代替安吉爾（Angel）。我只是想知道您是否可以提供一些有關您在整個供應鏈中看到的情況的詳細信息。我知道您認為可能還有一些去庫存工作需要完成，特別是在停業和北美地區？

Sure. So it is indeed more of a closures topic. And as you know, we supply into the food side of things, into beverages and into personal care and home care. We see the food side and the condiment side starting to normalize. Beverages is also very strong. That's more in Europe, to be honest, than in the U.S. And then Personal Care Home Care is still in a destocking mode and we expect it to normalize in the second half.

當然。所以它確實更像是一個閉包主題。如您所知，我們供應食品、飲料、個人護理和家庭護理。我們看到食品方面和調味品方面開始正常化。飲料也很濃。老實說，歐洲的情況比美國還要多。然後個人護理家庭護理仍處於去庫存模式，我們預計下半年將恢復正常。

I said it previously, but it still boggles the mind how much the North America supply chain have been impacted by multiple whiplashes up and down. So this is still an inexact science. And I mean, to call one customer who should know all this, they can't reconcile it. But that's what we see.

我之前說過，但北美供應鏈受到多次上下波動的影響仍然令人難以置信。所以這仍然是一門不精確的科學。我的意思是，打電話給一位應該知道這一切的客戶，他們無法調和。但這就是我們所看到的。

Great. And then would you be able to provide a year-over-year EPS bridge. I know you called out FX to be a slight tailwind and maybe the tax rate will be another tailwind. Is the rest of that just coming from volume and price? Or what are you expecting?

偉大的。然後你能否提供逐年每股盈利的橋樑。我知道您稱外匯是一個輕微的順風，也許稅率將是另一個順風。剩下的只是來自數量和價格嗎？或者你在期待什麼？

Are you referring to the outlook? Are you referring to Q1?

你指的是前景嗎？你指的是Q1嗎？

I'm just referring to the outlook, for example, last year, you guys had $0.98 and now you're guiding to 111 to 119, what are some of the puts and takes there?

我只是指展望，例如，去年，你們有 0.98 美元，現在你們指導到 111 到 119，那裡有哪些看跌期權和看跌期權？

Sure. So I mean the easiest way to do that, Stefan, would be start with the first quarter $0.95 for this year. And in Q1, we typically have some higher stock comp expense due to substevesting. That was about $0.05 more in Q1 than it will be in Q2. We talked about the ERP, $0.12 -- $12 million negative moving to 4 to 6. So if you take the $0.95, you add those two, you're getting closer to the range. And as we've said, the order book looks good in both prescription and consumer health care as well as it does in beauty. So we feel that, that's an achievable range for Q2.

當然。所以我的意思是，Stefan，最簡單的方法是從今年第一季度的 0.95 美元開始。在第一季度，由於子投資，我們通常會出現一些較高的股票補償費用。第一季度比第二季度多出約 0.05 美元。我們討論了 ERP，0.12 美元 - 1200 萬美元負值移動到 4 到 6。因此，如果您採用 0.95 美元，將這兩者相加，您就會越來越接近該範圍。正如我們所說，處方藥和消費者保健以及美容領域的訂單看起來都不錯。所以我們認為，這是第二季度可以實現的範圍。

From an FX, (inaudible) tread into dangerous waters here, we still had a headwind in quarter 1. Quarter 2 might be neutral, maybe a little tailwind. And of course, if we stay at this, FX it will flip to a tailwind in the second half.

從外彙來看，（聽不清）踏入了危險的水域，我們在第一季度仍然遇到逆風。第二季度可能是中性的，也許有點順風。當然，如果我們堅持下去，下半年外匯將轉為順風。

Thank you. The next question today comes from the line of Daniel Rizzo from Jefferies.

謝謝。今天的下一個問題來自 Jefferies 的 Daniel Rizzo。

If we think about Pharma margins going forward past this year, I know there's some costs with injectable start-ups, but I was just wondering if kind of the margin squeeze we've been seeing is something that's going to occur over the next couple of years? Or if there is an inflection point where -- I mean, with the new products you're launching, you would see things or margins, I should say, rebounding within the segment?

如果我們考慮今年過去的製藥利潤率，我知道注射劑初創企業會產生一些成本，但我只是想知道我們所看到的利潤率擠壓是否會在接下來的幾年中發生年？或者，如果存在一個拐點——我的意思是，隨著您推出的新產品，您會看到該細分市場內的情況或利潤出現反彈？

Yes. I mean, in general, this is, of course, all mix dependent. Remember, our proprietary devices across Rx and CHC, the most profitable. And then comes active materials and injectables. So if -- like we have right now, the proprietary devices grow rapidly, that has a positive effect, of course, in quarter 1 that's been eaten up by the ERP and injectables. And so it is all mix dependent. The last piece of the puzzle is, of course, digital health which this year should be a drag of about $0.08 to $0.10 on an EPS basis for the year. And as that starts to improve and become contributing we certainly stand by our EBITDA range.

是的。我的意思是，總的來說，這當然完全取決於混合。請記住，我們的 Rx 和 CHC 專有設備是最有利可圖的。然後是活性材料和注射劑。因此，如果像我們現在一樣，專有設備快速增長，這當然會產生積極的影響，在第一季度，該影響已被 ERP 和注射劑吞噬。所以這一切都取決於混合。當然，最後一個難題是數字醫療，按每股收益計算，今年數字醫療將拖累約 0.08 至 0.10 美元。隨著這一點開始改善並做出貢獻，我們當然會堅持我們的 EBITDA 範圍。

Okay. And then you mentioned the Narcan that filling the pipeline is kind of providing a short-term boost. Can you provide what that means in terms of sales, at least for the first and second quarter?

好的。然後你提到納洛酮，填充管道可以提供短期的推動。您能否提供這對銷售額（至少在第一季度和第二季度）而言意味著什麼？

Well, we don't give you that much information. But as I said before, and I think Bob said, Rx was growing 30-plus percent and clearly, Narcan is part of that. But overall, emergency medicines, which Narcan is a big part of it, but not everything is about 15% of Rx.

好吧，我們不會給你那麼多信息。但正如我之前所說，我想鮑勃也說過，Rx 增長了 30% 以上，顯然納洛酮是其中的一部分。但總體而言，急救藥物（納洛酮）佔了很大一部分，但並不是所有藥物都佔 Rx 的 15% 左右。

Thank you. The next question today comes from the line of Kyle White from Deutsche Bank.

謝謝。今天的下一個問題來自德意志銀行的凱爾懷特。

On the segment realignment, now that you have completed this action, just curious, any kind of early learnings or opportunities that you see, whether on the commercial side or on the cost savings side? And then how should we think about -- you have previously the long-term targets for your segments? So how should we think about the core sales growth or maybe the EBITDA margin target for the new segment Beauty and Closures?

關於細分市場的調整，既然您已經完成了這一行動，只是好奇，您看到了任何類型的早期經驗或機會，無論是在商業方面還是在成本節約方面？那麼我們應該如何考慮——您之前有針對您的細分市場的長期目標？那麼，我們應該如何考慮新細分市場美容和瓶蓋的核心銷售增長或 EBITDA 利潤率目標？

Yes. Maybe I'll start with that. We don't expect the aggregate long-term target ranges to change for the company. We may fine-tune the Beauty and Closures target ranges when we have our Capital Markets Day in September. We do want to go through a full cycle of 5-year planning before we do that. On the first part of your question, reaction has been really positive, both externally and internally. Customers feel like they're getting more attention on the Closures now that it's part of that organization, maybe a bit keener on getting new business. As I mentioned earlier, we have some thought, some footprint optimization already. You may have seen a very small deal we made in the Middle East as will free up some capacity in Europe. So it's just the optimization over that -- the four corners of Closure is looking to be promising. Both top line and bottom line. And the Beauty business is also benefiting as we expected from further focusing on what they need to get done.

是的。也許我會從那開始。我們預計公司的總體長期目標範圍不會發生變化。當我們九月份的資本市場日時，我們可能會微調美容和瓶蓋的目標範圍。在此之前，我們確實希望經歷一個完整的五年規劃週期。關於你問題的第一部分，無論是外部還是內部的反應都非常積極。客戶覺得他們現在對關閉公司越來越關注，因為它是該組織的一部分，也許更熱衷於獲得新業務。正如我之前提到的，我們已經有了一些想法，一些足跡優化。您可能已經看到我們在中東達成的一項非常小的交易，這將釋放歐洲的一些產能。所以這只是對此的優化——Closure 的四個角看起來很有希望。頂線和底線都可以。正如我們預期的那樣，美容業務也從進一步關注他們需要完成的事情中受益。

Got it. And then some peers called out headwinds related to resin on the Beauty side. Did you guys see any headwinds in the quarter as it relates to your lag in the passive of resin? And are you anticipating anything in the second quarter? And maybe just broadly, what's your outlook for resin going forward?

知道了。然後一些同行指出了美容方面與樹脂相關的不利因素。你們是否在本季度看到了與樹脂被動滯後有關的任何逆風？您對第二季度有什麼期待嗎？也許從廣義上講，您對樹脂的未來前景有何看法？

Sure. So I can take that. So -- to start with the resin is impacting now more the Closures business, right? In the past, we had a portion, obviously, of Closures inside of Beauty + Home. Now within beauty, it is one of the raw materials, but it is not significant enough that there are pass-throughs or does not have a material impact on some of the more complex multicomponent systems. But as we as we speak to resin, yes, probably about 6% of our 8% decline in core sales in Closures was due to the pass-through of the lower resin prices. Now we typically have much shorter pass-through terms in our legacy Food + Beverage business than we did in our Beauty + Home Closures Business. So we're looking to try to bring those more in line in short in that cycle.

當然。所以我可以接受。那麼，首先樹脂現在對瓶蓋業務的影響更大，對吧？過去，我們顯然在 Beauty + Home 內部有一部分 Closures。現在在美容領域，它是原材料之一，但它的重要性還不夠大，不會對一些更複雜的多組分系統產生傳遞或產生實質性影響。但當我們談論樹脂時，是的，我們的瓶蓋核心銷售額下降 8%，其中大約 6% 可能是由於樹脂價格下跌的傳導所致。現在，我們傳統的食品+飲料業務的傳遞期限通常比我們的美容+家居瓶蓋業務短得多。因此，我們希望嘗試在該週期內使這些內容更加一致。

But net-net, for us, it hit the top line didn't have a significant impact on the gross EBITDA dollars but it did have, as we would anticipate a margin expansion effect on EBITDA percentages of sales. And going forward, we are expecting still resin to decline year-on-year. And last year, obviously, was at much higher rates. So we're anticipating lower rates for the remainder of the year until maybe we get to Q4, then we lapped some of the lower Q4 resin rates.

但對於我們來說，淨額的增加並沒有對 EBITDA 總額產生重大影響，但它確實產生了影響，因為我們預計利潤率擴張會對 EBITDA 佔銷售額的百分比產生影響。展望未來，我們預計樹脂仍將同比下降。顯然，去年的比率要高得多。因此，我們預計今年剩餘時間的利率會較低，直到第四季度，然後我們會採用第四季度較低的樹脂利率。

(Operator Instructions) The next question today comes from the line of Gab Hajde from Wells Fargo Securities.

（操作員指令）今天的下一個問題來自富國銀行證券公司的 Gab Hajde。

I guess I wanted to revisit the CapEx question. I guess the incremental $20 million given that it's associated with sort of legacy products. I'm assuming that's more equipment and things that are going with an existing footprint that would maybe yield a little bit of a quicker return, maybe if that's a fair characterization?

我想我想重新審視資本支出問題。我猜增加了 2000 萬美元，因為它與某種遺留產品相關。我假設更多的設備和東西正在與現有的足跡一起使用，這可能會產生一點更快的回報，也許這是一個公平的描述？

No. I think that's a fair characterization, Gabe. I mean when you look at these types of investments, they are capacity related. They are related to our proprietary dispensing systems. These capacity increases don't happen overnight, right? So we're looking at the pipeline of what we have -- we're looking at our capacity constraints that we have on horizon, we triangulate with 5-year plan, et cetera, et cetera. And we feel it's the right time to increase capacity on some of those product lines. So they won't contribute until a year or later from now. But if we don't, we would find ourselves in potentially capacity-constrained situation down the road.

不，我認為這是一個公平的描述，加布。我的意思是，當你審視這些類型的投資時，它們與容量相關。它們與我們專有的點膠系統相關。這些容量的增加不會在一夜之間發生，對吧？因此，我們正在研究我們擁有的管道 - 我們正在研究我們即將面臨的產能限制，我們與五年計劃等等進行三角測量。我們認為現在是增加其中一些產品線產能的最佳時機。因此，他們直到一年或更晚才會做出貢獻。但如果我們不這樣做，我們就會發現自己未來可能會陷入產能受限的境地。

But you're absolutely right, they go into existing facilities. So no construction of new plants or anything like that.

但你是絕對正確的，他們進入現有設施。所以沒有建造新工廠或類似的東西。

Okay. And then maybe I'll rattle off all the risks, reasons why I'm not a good analyst. So with the resegmentation and sort of seasonality not being what we're accustomed to over the past 3 years, and then kind of this ERP implementation. If we were to sort of look at even just bridging into the second half, you talked about, I'll call it, the easy one, ERP implementation kind of going $0.2 or $0.3. It sounds like there's really no resin headwind in the second quarter. Is there anything else that we should think about from a seasonality standpoint or projects ramping up, things like that would sort of cause you to deviate from historical trends in the back half?

好的。然後也許我會滔滔不絕地講述所有風險，以及我不是一名優秀分析師的原因。因此，在過去的三年裡，重新細分和季節性並不是我們所習慣的，然後是 ERP 實施。如果我們要考慮一下，即使只是過渡到下半年，你談到的，我稱之為簡單的，ERP 實施的費用為 0.2 或 0.3 美元。聽起來第二季度確實沒有樹脂逆風。從季節性的角度來看，還有什麼是我們應該考慮的，或者項目的增加，類似的事情會導致你偏離下半年的歷史趨勢？

No, I would say typically Q2 and Q3 historically have been a little bit stronger than Q1 and Q4, but there's always some exceptions to it. I think what we're seeing is the momentum and the strength in Q1 continuing on to Q2. But as it relates to maybe some of the Closures business, clearly, Beverage is a big driver in the Closures business for Q2 and Q3. But I don't think that's having a material effect on what we see going forward. The effect is really coming from the Pharma business and the continuing strength of the beauty business right now.

不，我想說，從歷史上看，第二季度和第三季度通常比第一季度和第四季度要強一些，但總有一些例外。我認為我們看到的是第一季度延續到第二季​​度的勢頭和實力。但由於它可能與某些瓶蓋業務相關，顯然，飲料是第二季度和第三季度瓶蓋業務的一大推動力。但我認為這不會對我們未來的發展產生實質性影響。這種影響實際上來自製藥業務和美容業務目前的持續強勁。

The next question today comes from the line of Matt Larew from William Blair.

今天的下一個問題來自威廉·布萊爾的馬特·拉魯 (Matt Larew)。

On the GLP-1 opportunity, you referenced participation in three of the products. Could you just maybe share how you're participating? Is it the same with each of the products that will be on the market? And just sort of what that sort of per unit opportunity looks like relative to a typical elastomer opportunity?

關於 GLP-1 機會，您提到了參與其中三個產品。您能否分享一下您的參與方式？市場上的每種產品都一樣嗎？相對於典型的彈性體機會，這種單位機會是什麼樣的？

Okay. So I think you asked about GLP-1, but you were kind of cutting out. Is that correct?

好的。所以我認為您詢問了 GLP-1，但您有點迴避了。那是對的嗎？

That is, yes. I just wanted to understand how you're participating in each of the three products, if it's the same?

也就是說，是的。我只是想了解您如何參與這三個產品中的每一個產品，是否相同？

Yes. For competitive reasons, we're not going to disclose that. But just when you look at these auto injectors, the principles are all the same. They have injection mechanism with the plunger, they have a cap with a needle shield. They have some plastic parts and multiple CMOs supply each of the two major players, Novo Nordisk and Heidi Tlili. And -- so there are multiple opportunities to participate, and we participate in each of those three blockbusters. And anticipate also participating in the ones that will be launched in the future. So overall, this is a very interesting area and a good margin opportunity for us.

是的。出於競爭原因，我們不會透露這一點。但只要你看看這些自動注射器，就會發現原理都是一樣的。它們有帶柱塞的注射機構，有帶針護罩的蓋子。他們有一些塑料零件，並且多個 CMO 分別為諾和諾德和海蒂·蒂利這兩個主要參與者供應。而且——所以有多種參與機會，我們參與了這三部大片中的每部。並預計也參與未來將推出的項目。總的來說，這是一個非常有趣的領域，對我們來說也是一個很好的利潤機會。

Okay. And as we think about just the ramp and maybe potential future approvals or additional indications. Should we think about the opportunity ramp being essentially in line with end market script growth? Or are you anticipating any sort of lumpiness as these products that go in?

好的。當我們考慮的只是斜坡以及未來潛在的批准或其他跡象時。我們是否應該考慮機會的增加與終端市場腳本的增長基本一致？或者您預計這些產品進入時會出現任何形式的塊狀？

No, I think that's a good assumption. We certainly wouldn't provide anything else.

不，我認為這是一個很好的假設。我們當然不會提供任何其他東西。

Thank you. There are no additional questions waiting. So I'd like to pass the conference back over to Mr. Tanda for any closing remarks.

謝謝。沒有其他問題等待。因此，我想將會議轉回給坦達先生做總結髮言。

Great. Appreciate everybody's questions and interest. I would like to just take a moment to zoom out if we look at quarter 1, we clearly have very brisk demand in our proprietary dispensing devices across RX and CHC and that's reflective of a very strong order book. I mean both the continuous expansion of allergies, the need for emergency medications the discovery of the nose as an integral part of personal grooming routine is really the driver behind that. And we are very bullish about continued growth for those two categories.

偉大的。感謝每個人的問題和興趣。如果我們看看第一季度，我想花點時間縮小範圍，我們顯然對 RX 和 CHC 的專有分配設備有非常旺盛的需求，這反映了非常強勁的訂單。我的意思是，過敏症的不斷擴大、對緊急藥物的需求以及鼻子作為個人美容程序不可或缺的一部分的發現，都是其背後的驅動因素。我們非常看好這兩個類別的持續增長。

The decline we had in injectables and active materials, of course, we are both transitory topics that will abate for quarter 2 and beyond. We had good growth in Beauty in Europe and Latin America, some trepidation in the U.S. and China, with China improving. And of course, we had the additional cost for substitute vesting. So as we look Q2, proprietary devices in Pharma will continue to pull very strongly. Injectables and active material normalized on a year-over-year basis. Beauty will keep pulling from what we see from the order book. More normal in North America, and we expect that China will start pulling again.

當然，注射劑和活性材料的下降都是暫時性的話題，在第二季度及以後將會減弱。我們在歐洲和拉丁美洲的美容業務取得了良好的增長，但在美國和中國，我們感到有些不安，但中國的情況有所改善。當然，我們還需要支付替代歸屬的額外費用。因此，當我們展望第二季度時，製藥行業的專有設備將繼續強勁增長。注射劑和活性材料同比正常化。美妝將繼續從我們從訂單簿中看到的情況中拉動。北美地區更加正常，我們預計中國將再次開始拉動。

And Closures are starting to normalize. The corporate cost headwinds going away and on a more normal and of course, foreign exchange may be a wash for quarter 2. And then as we look out over the second half, some of the investments will come online and contribute. We are focused on executing our growth plans. Some of the cost actions will start to contribute. And if exchange rates stay where they are, that will flip to a tailwind. So overall, we feel very energized with 2023. Thank you, and looking forward to talking to you on the road.

關閉已開始正常化。企業成本逆風逐漸消失，在更正常的情況下，當然，第二季度外匯交易可能會受到影響。然後，當我們展望下半年時，一些投資將上線並做出貢獻。我們專注於執行我們的增長計劃。一些成本行動將開始發揮作用。如果匯率保持不變，情況將轉為順風。總的來說，我們對 2023 年感到充滿活力。謝謝，並期待在路上與您交談。

This concludes today's conference call. Thank you all for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝大家的參與。您現在可以斷開線路。