Avient Corp (AVNT) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Avient Corporation's webcast to discuss the company's second quarter 2025 results. My name is Latif, and I will be your operator for today.

女士們、先生們，早安，歡迎收聽 Avient Corporation 的網路廣播，討論公司 2025 年第二季的業績。我叫拉蒂夫，今天我將擔任您的接線生。

(Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

（操作員指示）提醒一下，本次會議將會被錄音以供重播。

I would now like to turn the call over to Joe Di Salvo, Vice President, Treasurer and Investor Relations. Please go ahead.

現在我想將電話轉給財務主管和投資者關係副總裁喬·迪薩爾沃 (Joe Di Salvo)。請繼續。

Thank you, and good morning to everyone joining us on the call today. Before we begin, we'd like to remind you that statements made during this webcast may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements will give current expectations or forecasts of future events and are not guarantees of future performance. They are based on management's expectation and involve a number of business risks and uncertainties any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements.

謝謝大家，大家早安，今天參加我們的電話會議。在我們開始之前，我們想提醒您，本次網路廣播期間所作的陳述可能被視為《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。前瞻性陳述將提供對未來事件的當前預期或預測，但不能保證未來的表現。它們基於管理層的預期，涉及許多商業風險和不確定性，其中任何一個都可能導致實際結果與前瞻性陳述中表達或暗示的結果有重大差異。

We encourage you to review our most recent reports, including our 10-Q or any applicable amendments for a complete discussion of these factors or other risks that may affect our future results. During the discussion today, the company will use both GAAP and non-GAAP financial measures. Please refer to the presentation posted on the Investor Relations section of the Avient website where the company describes the non-GAAP measures and provides a reconciliation to their most directly comparable GAAP financial measures.

我們鼓勵您查看我們最新的報告，包括我們的 10-Q 或任何適用的修訂，以全面討論這些因素或可能影響我們未來結果的其他風險。在今天的討論中，公司將同時使用 GAAP 和非 GAAP 財務指標。請參閱 Avient 網站投資者關係部分發布的演示文稿，其中公司描述了非 GAAP 指標並提供了與最直接可比較的 GAAP 財務指標的對帳。

A replay of the call will be available on our website. Information to access the replay is listed in today's press release, which is available at avient.com in the Investor Relations section.

這次通話的重播將在我們的網站上提供。重播的相關資訊已在今天的新聞稿中列出，可在 avient.com 的「投資者關係」部分找到。

Joining me today is our Chairman, President and Chief Executive Officer, Dr. Ashish Khandpur; and Senior Vice President and Chief Financial Officer, Jamie Beggs. I will now hand the call over to Ashish to begin.

今天與我一起出席的還有我們的董事長、總裁兼執行長 Ashish Khandpur 博士；以及資深副總裁兼財務長 Jamie Beggs。現在我將把發言權交給 Ashish。

Thank you, Joe, and good morning, everyone. I'm pleased to report second quarter organic sales growth of 0.6% in an uncertain macro environment where customers in most markets and regions are waiting for clarity on trade policy. Strong operational performance and cost controls helped adjusted EPS to grow 5% to $0.80, slightly ahead of our guidance of $0.79.

謝謝你，喬，大家早安。我很高興地報告，在不確定的宏觀環境下，第二季有機銷售額成長了 0.6%，大多數市場和地區的客戶都在等待貿易政策的明朗。強勁的營運業績和成本控制幫助調整後的每股收益成長 5% 至 0.80 美元，略高於我們預期的 0.79 美元。

We also expanded margins on the bottom line with adjusted EBITDA of 17.2%. This 30 basis points of margin expansion was driven by a favorable mix, productivity initiatives and disciplined discretionary spending, all things we continue to control tightly.

我們的調整後 EBITDA 達到 17.2%，利潤率也隨之提高。利潤率成長 30 個基點，得益於良好的產品組合、生產力措施和嚴格的可自由支配支出，所有這些都是我們繼續嚴格控制的。

As we enter the second half of 2025, market trends are not necessarily improving and uncertainty still remains around trade policy. Q3 is expected to be a continuation of Q2 in this regard. Our customers remain in a wait and see mode with consumer markets, in particular, showing weakness across the globe. Thus far, we have been able to more than offset consumer weakness by strong demand in defense and health care, which remain as bright spots for our business. Overall, for the first half of the year, organic sales grew about 1%, and we expect a similar demand environment for the second half of the year.

進入2025年下半年，市場趨勢不一定會改善，貿易政策的不確定性仍然存在。預計第三季將是第二季的延續。我們的客戶仍處於觀望狀態，尤其是全球消費市場表現疲軟。到目前為止，我們已經能夠透過國防和醫療保健領域的強勁需求抵消消費者的疲軟，這仍然是我們業務的亮點。整體而言，今年上半年有機銷售額將成長約 1%，我們預計下半年的需求環境也將類似。

We had shared our operational pay book for the current low demand, high uncertainty environment on our last earnings call. As a result of our actions from this playbook, we are well underway to realize approximately $40 million of benefits in 2025 versus last year. That is an increase of $10 million from our original estimate of $30 million that we communicated last quarter. These benefits come from a combination of sourcing, Lean Six Sigma plant productivity initiatives, optimization of our manufacturing footprint and discretionary spending control.

我們在上次收益電話會議上分享了針對當前低需求、高不確定性環境的營運薪資手冊。透過依照這項策略採取行動，我們預計在 2025 年實現比去年同期約 4,000 萬美元的收益。這比我們上個季度公佈的最初估計的 3000 萬美元增加了 1000 萬美元。這些好處來自於採購、精益六西格瑪工廠生產力計劃、製造足跡的優化和可自由支配的支出控制等多種因素的結合。

We have already realized $17 million of benefits in the first half of 2025. The remaining $23 million will be realized in the second half, primarily from additional sourcing initiatives and further reductions in discretionary spending. These efforts more than offset both inflation primarily from wages and our investments in growth vectors that are critical for advancing our strategy.

2025年上半年我們已經實現了1700萬美元的收益。剩餘的 2,300 萬美元將在下半年實現，主要透過額外的採購計劃和進一步減少可自由支配的開支來實現。這些努力不僅抵消了主要來自薪資的通貨膨脹，還抵消了我們對推進策略至關重要的成長向量的投資。

With respect to tariffs, any direct impact remains largely mitigated and consistent with what we discussed last quarter. We primarily source raw materials and manufacture our products locally in the regions that we serve. Direct P&L impacts to date have been minimal, because we can optimize our raw material purchases across regions, use our formulation expertise to identify material substitutions and where appropriate, proactively implement pricing actions.

就關稅而言，任何直接影響仍然基本減輕，與我們上個季度討論的情況一致。我們主要在我們服務的地區採購原材料並生產產品。迄今為止，直接損益影響很小，因為我們可以優化跨地區的原材料採購，利用我們的配方專業知識來確定材料替代品，並在適當的情況下主動實施定價行動。

As we are on our journey to evolve Avient from a specialty formulator to an innovator of material solutions, I would like to highlight progress we continue to make along the way. The second quarter results marked the fifth consecutive quarter of organic growth for us. For the first half of 2025, we have grown sales and adjusted EPS by 1.2% and 4%, respectively, excluding the impact of foreign exchange.

在我們努力將 Avient 從專業配方商轉變為材料解決方案創新者的過程中，我想強調一下我們在過程中不斷取得的進展。第二季的業績標誌著我們連續第五個季度實現有機成長。2025 年上半年，剔除外匯影響，我們的銷售額和調整後每股盈餘分別成長了 1.2% 和 4%。

As a reminder, we grew 4% organically in fiscal year 2024. On the bottom line, so far in the first half this year, we have already expanded adjusted EBITDA margins by 20 basis points.

提醒一下，我們在 2024 財年實現了 4% 的有機成長。總體而言，今年上半年到目前為止，我們的調整後 EBITDA 利潤率擴大了 20 個基點。

We expect incremental year-over-year margin expansion in the second half and full year adjusted EBITDA margins should expand in excess of 30 basis points. And this would be following 20 basis points of margin expansion we realized in 2024.

我們預計下半年利潤率將年比逐步擴大，全年調整後的 EBITDA 利潤率將擴大 30 個基點以上。這是在我們在 2024 年實現利潤率擴大 20 個基點之後實現的。

Our strong cash position and consistent ability to generate cash through an uncertain macroeconomic backdrop allowed us to pay down $50 million of debt during the quarter. We are on track with the plan we communicated last quarter, to reduce debt in total by $100 million to $200 million by year-end. We are deleveraging the balance sheet while making investments in our businesses based on our prioritized portfolio, growth vector selections and our strategic initiatives.

我們強大的現金狀況和在不確定的宏觀經濟背景下持續產生現金的能力使我們能夠在本季度償還 5000 萬美元的債務。我們正在按照上個季度傳達的計劃進行，到年底將債務總額減少 1 億至 2 億美元。我們正在降低資產負債表的槓桿率，同時根據我們的優先投資組合、成長載體選擇和策略性舉措對我們的業務進行投資。

As you may recall, we made strategic structural changes to our R&D organization to, a, share and transplant technologies from one business to another; and b, to hybridize multiple technologies from the same or different businesses to create differentiated products and solutions for our customers.

您可能還記得，我們​​對研發組織進行了策略性結構調整，以便：a、將技術從一個業務共享和移植到另一個業務；b、將來自相同或不同業務的多種技術混合在一起，為我們的客戶創造差異化的產品和解決方案。

Although early, we seem to be getting good traction on these fronts, which is helping us innovate more purposefully and differently than in the past. Patent filings increased by 50% in 2024 versus 2023. And in 2025, we are on pace to exceed year-over-year patent filings again.

儘管還處於早期階段，但我們似乎在這些方面取得了良好的進展，這有助於我們比過去更有目的、以不同的方式進行創新。2024 年的專利申請量較 2023 年增加了 50%。到 2025 年，我們的專利申請數量將再次超過前一年。

We are also collaborating on new launches with our customers, offering them unique and differentiated products. Some examples include our low temperature chemical forming agents for composite becking and flexible film packaging applications where we use a proprietary blend to optimize the reaction point of the foaming activity with the melting point of the plastic resin. This results in consistent high-quality lightweight materials with improved product performance that help our customers reduce their materials and energy usage while making their operations more productive.

我們也與客戶合作推出新產品，為他們提供獨特且差異化的產品。一些例子包括我們用於複合材料和柔性薄膜包裝應用的低溫化學成型劑，其中我們使用專有混合物來優化發泡活動與塑膠樹脂熔點的反應點。這樣可以生產出一致的高品質輕質材料，並提高產品性能，幫助我們的客戶減少材料和能源的使用，同時提高他們的營運效率。

Another example from our Engineered Materials portfolio is our ability to create inherently lubricious characteristics in health care materials that promote patient comfort. Our patented technology delivers lower friction and enhanced processability in polyethylene tubing, which is expected to have utility in a wide range of important health care applications, including catheters, peristaltic pumps, CPAP machines and potential extensions to biopharmaceutical manufacturing.

我們的工程材料產品組合的另一個例子是，我們能夠在醫療保健材料中創造固有的潤滑特性，從而提高患者的舒適度。我們的專利技術可降低聚乙烯管的摩擦力並提高其加工性能，預計將在導管、蠕動泵、CPAP 機器以及生物製藥製造的潛在擴展等一系列重要的醫療保健應用中得到應用。

A final example is our patent pending advanced claim retardant materials for enhanced fire safety. Here, we leverage our glass fiber and resin capability to create an inherent inorganic film barrier when exposed to high temperatures greater than 400 degrees Celsius. This product line was launched earlier this year at the International Builders Show initially serving the building and construction and transportation markets with potential future expansion to other high-value applications in different markets.

最後一個例子是我們正在申請專利的用於增強防火安全性的先進阻燃材料。在這裡，我們利用玻璃纖維和樹脂的能力，在暴露於 400 攝氏度以上的高溫時形成固有的無機薄膜屏障。該產品線於今年稍早在國際建築博覽會上推出，最初服務於建築和運輸市場，未來可能擴展到不同市場的其他高價值應用。

Before I hand it over to Jamie to discuss the details of the quarter's results and our updated guidance for the year, I wanted to provide a special thank you to our global teams. They continue to persist and execute well with eyes and focus on delivering both short-term quarterly results while doing the things to build for the mid- and long-term future that will make our businesses and capabilities stronger, and more relevant to the changing world. And in turn, we will be able to grow both our top line and bottom line in a sustainable manner.

在我將其交給 Jamie 討論本季業績細節和年度最新指引之前，我想特別感謝我們的全球團隊。他們繼續堅持不懈，出色地執行，著眼於並專注於實現短期季度業績，同時為中長期未來做建設性的工作，這將使我們的業務和能力更加強大，與不斷變化的世界更加相關。反過來，我們將能夠以可持續的方式增加我們的營業收入和淨利潤。

Thank you, Ashish, and good morning, everyone. Executing our strategy and playbook for the current environment enabled Avient success this quarter to deliver both sales and adjusted EPS growth while expanding our EBITDA margin.

謝謝你，Ashish，大家早安。執行我們針對當前環境的策略和方案使 Avient 本季成功實現了銷售額和調整後每股收益的成長，同時擴大了我們的 EBITDA 利潤率。

Looking at the Color, Additives and Inks segment. Adjusted EBITDA grew 4% on 2% lower organic sales. Weaker demand in consumer, transportation, building and construction markets more than offset strong growth in health care. Sales for packaging materials, the segment's largest end market were muted as growth in the US and Canada, Asia and Latin America regions were offset by lower demand in EMEA.

查看顏色、添加劑和油墨部分。調整後 EBITDA 成長 4%，但有機銷售額下降 2%。消費、運輸、建築和施工市場的需求疲軟抵消了醫療保健市場的強勁成長。包裝材料是該領域最大的終端市場，其銷售表現低迷，因為美國、加拿大、亞洲和拉丁美洲地區的成長被歐洲、中東和非洲地區的需求下降所抵消。

Despite lower sales, this segment expanded EBITDA margins 100 basis points through favorable mix and cost improvement initiatives. This included ongoing plant footprint optimization and streamlining the segment's organizational structure to better serve our customers.

儘管銷售額較低，但該部門透過有利的產品組合和成本改進措施將 EBITDA 利潤率提高了 100 個基點。這包括持續優化工廠佔地面積和精簡部門組織結構，以更好地服務我們的客戶。

Our Specialty Engineered Materials segment grew organic sales 6%, driven by strong growth in defense and health care. Health care grew double digits with continued demand in our medical device equipment and supplies portfolios. Defense returned to double-digit growth after the tough first quarter year-over-year comparison. In fact, our defense sales were a quarterly record, supported by the recent new product innovations that we highlighted in our February earnings call.

受國防和醫療保健領域強勁成長的推動，我們的特種工程材料部門有機銷售額成長了 6%。由於醫療器材設備和用品組合的需求持續成長，醫療保健業務實現了兩位數成長。在經歷了第一季的艱難同比增長後，國防支出重回兩位數增長。事實上，我們的國防銷售額創下了季度紀錄，這得益於我們在二月份收益電話會議上強調的近期新產品創新。

SEM's EBITDA was down slightly versus prior year, primarily due to planned maintenance in our Avient Protective Materials business. The maintenance will primarily impact the second quarter, and we anticipate the SEM segment to deliver margin expansion in the second half of the year.

SEM 的 EBITDA 與前一年相比略有下降，主要原因是我們的 Avient 防護材料業務進行計劃維護。維護將主要影響第二季度，我們預計 SEM 部門的利潤率將在下半年擴大。

Looking at regional performance. I'll start with the US and Canada, where sales increased 1% year-over-year. This growth was led by health care, where we continue to win in medical devices and drug delivery applications as well as strength in defense. This growth more than offset the impact of weaker demand in consumer, transportation and building and construction markets.

看看區域表現。我首先從美國和加拿大開始，這兩個國家的銷售額比去年同期成長了 1%。這一成長主要由醫療保健產業帶動，我們在醫療設備和藥物傳輸應用領域持續取得勝利，國防實力也不斷增強。這一增長足以抵消消費、運輸和建築市場需求疲軟的影響。

In EMEA, sales were down slightly versus the prior year. While health care and defense sales were robust, packaging sales, the region's largest end market, accounting for 26% of the EMEA sales did not experience the typical second quarter seasonal benefit.

在歐洲、中東和非洲地區，銷售額較前一年略有下降。儘管醫療保健和國防銷售表現強勁，但包裝銷售（該地區最大的終端市場，佔 EMEA 地區銷售額的 26%）並未出現第二季典型的季節性優勢。

Asia delivered 3% organic growth, the fifth straight quarter of growth in the region. Strength was across most end markets, notably health care and transportation. Latin America grew 6%, marking its sixth consecutive quarter of growth, which is also notable, considering it's lapping a comparison where the region grew 19% in the second quarter last year. This consistent performance is attributable to our local team who is winning new business and gaining share with global OEMs in the packaging application space.

亞洲實現了 3% 的有機成長，這是該地區連續第五個季度實現成長。大多數終端市場都表現強勁，尤其是醫療保健和運輸市場。拉丁美洲成長了 6%，這是其連續第六個季度實現成長，考慮到該地區去年第二季的成長率為 19%，這一成績同樣引人注目。這種穩定的表現歸功於我們的本地團隊，他們贏得了新業務並在包裝應用領域獲得了全球 OEM 的份額。

Turning to our guidance for the remainder of the year. We are narrowing our range. The new range reflects the mixed demand conditions we experienced through the first half of the year as well as anticipated's demand levels for the second half. Beginning with Q3, we expect third quarter adjusted EPS of $0.70, which represents 8% growth over the prior year quarter. The earnings growth will be driven largely by higher margins from favorable mix and productivity initiatives.

談談我們對今年剩餘時間的指導。我們正在縮小範圍。新的範圍反映了我們今年上半年經歷的混合需求條件以及預期的下半年需求水準。從第三季開始，我們預計第三季調整後的每股盈餘為 0.70 美元，比去年同期成長 8%。獲利成長將主要受到有利的產品組合和生產力措施帶來的更高利潤率的推動。

For the full year, we are narrowing the range for adjusted EBITDA to $545 million to $560 million and adjusted EPS to $2.77 to $2.87. This considers our positive performance to date and productivity gains that will have a larger benefit in the second half of the year. This also assumes a year-over-year tailwind from foreign currencies of approximately $2 million in the second half, which compares to a $2 million headwind in the first half of the year.

我們將全年調整後EBITDA（息稅折舊攤銷前利潤）預期範圍縮窄至5.45億美元至5.6億美元，調整後每股收益預期範圍縮窄至2.77美元至2.87美元。這考慮到我們迄今為止的良好業績以及生產力提升，這些提升將在下半年產生更大的效益。這也假設下半年外幣年將出現約 200 萬美元的順風，而上半年則出現 200 萬美元的逆風。

From a demand perspective, the low end of the range assumes a low single-digit revenue decline year-over-year in the second half. The high end of the range assumes low single-digit growth in the second half.

從需求角度來看，該範圍的低端假設下半年營收年減幅度為個位數。該範圍的高端假設下半年將出現低個位數成長。

As Ashish mentioned earlier, we remain on track to reduce debt in total by $100 million to $200 million this year, having already repaid $50 million in the second quarter. We still expect CapEx for the year of approximately $110 million and free cash flow to range from $190 million to $210 million.

正如 Ashish 之前提到的，我們今年仍有望將債務總額減少 1 億至 2 億美元，並且已經在第二季償還了 5,000 萬美元。我們仍預期今年的資本支出約為 1.1 億美元，自由現金流在 1.9 億美元至 2.1 億美元之間。

With that, Ashish and I will be happy to take any of your questions. Operator, please begin the Q&A session.

因此，Ashish 和我很樂意回答您的任何問題。接線生，請開始問答環節。

(Operator Instructions)

（操作員指示）

Frank Mitsch, Ferminum Research.

弗蘭克米奇，費明納研究中心。

It's Aziza, on for Frank. My first question was around tariffs. Do you guys see any prebuying activity pulling on some of sales from 2Q -- from 3Q into 2Q? And just how are you guys thinking about prebuying in general?

阿齊扎 (Aziza) 代替弗蘭克 (Frank) 上場。我的第一個問題是關於關稅的。你們是否看到任何預購活動從第二季到第三季拉動部分銷售？那你們對於預購有什麼看法呢？

Aziza, this is Ashish. We don't believe we have seen any prebuying in our business, coming out of COVID customers have gotten very smart with respect to managing their inventory tightly, especially in uncertain demand environment, and that's exactly what we are seeing now as well.

阿齊扎，這是阿希什。我們認為，在我們的業務中沒有看到任何預購，走出 COVID 的客戶在嚴格管理庫存方面變得非常聰明，特別是在不確定的需求環境下，這正是我們現在所看到的。

Going forward, we expect the same. We have very little visibility to our sales -- our orders, because our customers expect fast turnaround and as they're managing the inventory very tightly, so we are still looking at 20 to 30 days of order visibility. But based on what we can tell from everything the order book and the trends that we have seen in Q3 so far as well, we don't expect -- we don't see any prebuying kind of activity going on.

展望未來，我們也有同樣的期望。我們對我們的銷售情況（訂單）的可見度很低，因為我們的客戶期望快速週轉，而且他們對庫存的管理非常嚴格，所以我們仍然需要關注 20 到 30 天的訂單可見度。但根據我們從訂單簿和第三季迄今為止看到的趨勢中了解到的情況，我們預計不會有任何預購活動。

And Aziza, maybe to add on, the majority of what we do is for local production in region. So we think our exposure in that regard would also be more limited than maybe others in the space.

阿齊扎，也許可以補充一下，我們所做的大部分工作都是為了當地的生產。因此我們認為，我們在這方面的曝光度可能比該領域的其他人更有限。

Got it. And Jamie, I'm sorry if I missed it when you were talking about the outlook, but could you guys elaborate on what you guys are thinking on raws for the year? I know it's -- we were thinking maybe for the year 1% to 2% raw material inflation. Is there any update on that view?

知道了。傑米，如果我錯過了你談論前景的機會，我很抱歉，但你們能詳細說明一下你們對今年的原始看法嗎？我知道——我們預計今年原物料通膨率可能會達到 1% 到 2%。該觀點有任何更新嗎？

Yes. That view is basically the same. We expect 1% to 2% inflation in the raw material basket. We have seen hydrocarbons come down slightly, but we've also seen some increases in pigments and flame retardants. And as a reminder, about 35% of our raw material basket is from hydrocarbon. So while we get a little bit of benefit, we have to make sure that the rest of the basket is not also increasing. So no substantial change from what we provided in the last quarter update.

是的。這個觀點基本上是一樣的。我們預期原物料價格通膨率為 1% 至 2%。我們看到碳氫化合物的含量略有下降，但我們也看到顏料和阻燃劑的含量增加。需要提醒的是，我們的原料籃中約有 35% 來自碳氫化合物。因此，當我們獲得一點好處時，我們必須確保籃子中的其餘部分不會也增加。因此與我們上一季更新中提供的內容相比沒有實質變化。

Michael Sison, Wells Fargo.

富國銀行的麥可·西森。

Nice quarter. For the second half, I just wanted to get a better feel of what your outlook for volume is. A lot of companies have sort of guided to a little bit of a difficult second half. Customers are destocking in some cases. So I know you have a lot of good new product programs and such. So just -- any thoughts on how your volumes should look in the second half would be great?

不錯的季度。對於下半部分，我只是想更了解您對交易量的展望。許多公司都預見了下半年會有些困難。在某些情況下，顧客正在減少庫存。所以我知道你們有很多好的新產品計劃等等。那麼—您對下半年的銷售應該如何有什麼想法嗎？

Yeah. Maybe, Mike, I'll take the opportunity to give a little bit more color across the markets and try to answer your question also in the process. So if you think about our big two consumer and packaging, that's about 40% of our portfolio. H1, they are like consumer is down 4%, packaging is up 3%. And we expect that to be in second half kind of continuation of that scenario so that the ending point is minus 2% to minus 3% for consumer and plus 2% to plus 3% for packaging. So we think those two things offset each other more or less, given packaging is a slightly bigger business for us.

是的。麥克，也許我會藉此機會對市場進行更多的介紹，並嘗試在過程中回答你的問題。因此，如果您考慮我們的兩大消費品和包裝，那麼它們約占我們產品組合的 40%。H1，他們喜歡消費者下降了 4%，而包裝則上升了 3%。我們預計下半年這種情況將會延續，最終消費品產業將下降 2% 至 3%，而包裝產業將上升 2% 至 3%。因此，我們認為這兩件事或多或少會相互抵消，因為包裝對我們來說是一項稍大的業務。

Then the growth drivers for us are health care, defense and telecommunications. And those in first half of the year, defense is up 5%, health care is up 14% and telecommunications is up 7%. And if you look at what we are expecting in H2, we kind of expect high single digits to double-digit growth in those three segments -- in those three markets as well. So we plan to finish that 20% of the portfolio in that high single digits to double-digit range.

那麼我們的成長動力就是醫療保健、國防和電信。其中，上半年國防部門上漲5%，醫療保健部門上漲14%，電信股上漲7%。如果你看看我們對下半年的預期，我們預計這三個領域——這三個市場——都將實現高個位數到兩位數的成長。因此，我們計劃在個位數到兩位數的範圍內完成 20% 的投資組合。

And then the remaining 4 markets, which is industrial, transportation, building and construction and energy are in that minus 1%, [0 plus one] kind of range, and they kind of offset each other. We expect a flattish finish on that side. So overall, I think -- you think about it, what's driving our telegraphed growth in second half, which is what we said in our call is similar to our first half is the 3, health care, defense and telecommunication markets growing at high single digits to double digits.

剩下的 4 個市場，即工業、運輸、建築和能源，處於 -1%（0 加 1）的範圍內，它們相互抵消。我們期望那一側的表面較為平整。所以總的來說，我認為——你想一想，推動我們下半年成長的因素是什麼，也就是我們在電話會議上所說的，與上半年類似的是醫療保健、國防和電信市場以高個位數到兩位數的速度增長。

From a volume perspective, specifically, I think we are expecting better volume in second half of the year, especially for the SEM business. Color will be probably more similar to the first half of the year. But on the SEM side, we expect -- even in second quarter, SEM had positive volume plus positive price mix. And I think that trend gets stronger as we move into the second half of the year.

具體來說，從銷售角度來看，我認為我們預計下半年銷售會更好，尤其是 SEM 業務。顏色可能與上半年更相似。但在 SEM 方面，我們預計 - 即使在第二季度，SEM 也會有積極的銷售和積極的價格組合。我認為，隨著進入下半年，這種趨勢將會更加強勁。

Got it. And then as a quick follow-up, EMEA portfolio is certainly looking more stable than others. I think your outlook for EBITDA is still up year-over-year, where several are going to be down quite a bit. When you think about demand getting better, if ever, we hope it gets better. What type of leverage do you think you'll get off that volume and EBITDA growth longer term?

知道了。然後，作為快速的後續行動，EMEA 投資組合肯定看起來比其他投資組合更穩定。我認為您對 EBITDA 的預期仍將同比上升，但其中一些會大幅下降。當你想到需求會變得更好時，如果有的話，我們希望它會變得更好。您認為從長遠來看，您將從該銷售量和 EBITDA 成長中獲得哪種類型的槓桿？

So obviously, demand is going to help us a lot. As you see right now, a lot of our EBITDA increase in our projections is driven also by productivity, which will continue to be part of the playbook going forward. As you think about our productivity of $40 million, that's about 1.2% of sales. So that's something that we should expect year after year from a company like ours.

顯然，需求將對我們有很大幫助。正如您現在所看到的，我們預測中的 EBITDA 成長很大程度上也是由生產力推動的，這將繼續成為未來策略的一部分。想想我們的生產力是 4000 萬美元，約佔銷售額的 1.2%。所以，對於我們這樣的公司，我們應該年復一年地期待這一點。

And so on the organic side, as our portfolio is changing to a better mix because of our growth vectors, which are more profitable, I expect that a higher leverage to the EBITDA margins is going to come down. So over time, as the volume grows, we expect the mix to get better and our EBITDA margins to get better from that as well.

因此，從有機方面來看，由於我們的成長向量更加有利可圖，我們的投資組合正在朝著更好的組合轉變，我預期 EBITDA 利潤率的槓桿率將會下降。因此，隨著時間的推移，隨著銷售量的成長，我們預期產品組合會變得更好，我們的 EBITDA 利潤率也會隨之提高。

Ghansham Panjabi, Baird.

甘沙姆·潘賈比，貝爾德。

I guess just building on the last question on the consumer weakness. Can you just give us a sense as to how that has evolved as the year has unfolded? From a high-level standpoint, have the number of categories you sell into broaden as it relates to the weakness? Or is it a shift geographically or a combination of the two?

我想這只是基於關於消費者弱點的最後一個問題。您能否向我們介紹一下這一年來的情況如何演變？從高層次的角度來看，您銷售的類別數量是否隨著弱點的擴大而擴大？還是地理上的轉變，或是兩者的結合？

Yes. So Ghansham, I mean, at a macro level for Avient, consumer was flat in first quarter, and it is down 8% in second quarter. And if you look at it specifically consumer as a market, United States, Canada is our biggest consumer market, which was down double digits in both Q1 and Q2. So that's what's driving the consumer results. But essentially, we are seeing weakening of consumer because in first quarter, consumer war was positive in remaining geographies, except United States and Canada. But in this quarter, apart from Latin America, we are seeing weakness in consumer in all other three geographies.

是的。所以 Ghansham，我的意思是，從 Avient 的宏觀層面來看，第一季消費者持平，而第二季下降了 8%。如果你具體從消費者市場來看，美國、加拿大是我們最大的消費市場，在第一季和第二季都出現了兩數的下降。這就是推動消費者結果的因素。但本質上，我們看到消費者的疲軟，因為在第一季度，除美國和加拿大外，其餘地區的消費者戰爭都是正面的。但本季度，除拉丁美洲外，我們發現其他三個地區的消費者都表現疲軟。

So consumer is certainly getting worse from our customers, talking to our customers, and we are seeing that in our numbers. And that's how we have projected in the second half of the year as well, we expect consumer to stay negative year-over-year and that's built into our numbers.

因此，消費者與我們的客戶之間的關係肯定變得越來越糟糕，我們在與客戶的對話中也看到了這一點。這也是我們對下半年的預測，我們預期消費者支出將年比將保持負成長，這已計入我們的數據。

Okay. And then I'm sorry if I missed this, but did you quantify the impact of the maintenance on 2Q on an EBITDA basis for the SEM segment? And then just separately, on the debt paydown target of $100 million to $200 million, why is that range so wide in context of the free cash flow generation for the year net of the dividend?

好的。然後，如果我錯過了這一點，我很抱歉，但您是否根據 EBITDA 量化了維護對 SEM 部門第二季度的影響？然後單獨討論一下，關於 1 億至 2 億美元的債務償還目標，為什麼在扣除股息後的年度自由現金流產生背景下，這個範圍如此之廣？

Ghansham, so from a planned maintenance perspective for APM, the impact within the quarter is around $3 million. And like Ashish mentioned earlier, we expect that to basically just impact Q2 and margins will continue to expand when we get to the back half of the year for SEM.

Ghansham，從 APM 的計畫維護角度來看，本季的影響約為 300 萬美元。正如 Ashish 之前提到的，我們預計這基本上只會影響第二季度，而當我們進入下半年時，SEM 的利潤率將繼續擴大。

Regarding the debt paydown, I think it's just us being a little bit conservative of ensuring that the macro environment plays out like we want to. And so our goal is to definitely continue to pay down debt in the back half of the year, but we're also going to be cautious with our balance sheet and just ensure that, that cash does come in. We're confident in that. That's why we made the paydown in the second quarter of $50 million and expect more to come as we get to the back half.

關於償還債務，我認為我們只是採取了一點保守的態度，以確保宏觀環境能夠按照我們所希望的方式發展。因此，我們的目標是在今年下半年繼續償還債務，但我們也會謹慎對待我們的資產負債表，確保現金到位。我們對此充滿信心。這就是為什麼我們在第二季支付了 5000 萬美元，並且預計在下半年還會支付更多。

Kristen Owen, Oppenheimer & Company.

克里斯汀歐文，奧本海默公司。

So I wanted to follow up on the tariffs, but maybe from a slightly different angle. I understand that your tariff exposure is relatively limited. But with the uncertainty only increasing, I'm wondering if you're seeing pressure from your customers to help absorb more of their tariff costs. I know Avient has been good at historically pricing for value, but I'm just wondering if that's becoming any more difficult in this environment?

所以我想跟進關稅問題，但可能從稍微不同的角度。我了解您的關稅風險相對有限。但隨著不確定性的增加，我想知道您是否看到來自客戶的壓力，要求他們承擔更多的關稅成本。我知道 Avient 歷來擅長按價值定價，但我只是想知道在這種環境下這是否會變得更加困難？

So maybe I can take a stab at it and then, Jamie, if you want to add something. Essentially, if you think about our RM bucket, so overall, yes, the answer is yes, we are seeing pressure on the pricing and to lower pricing because of these increased tariffs coming. And we are doing everything from working with our suppliers and for our customers to either qualify new materials or alternatives or try to bring down the cost somehow. In some cases, we are not able to do that.

所以也許我可以嘗試一下，然後，傑米，如果你想添加一些東西。本質上，如果你考慮我們的 RM 桶，那麼總的來說，是的，答案是肯定的，我們看到定價壓力以及由於這些增加的關稅而降低定價的壓力。我們正竭盡全力與供應商和客戶合作，以開發合格的新材料或替代品，或嘗試以某種方式降低成本。在某些情況下，我們無法做到這一點。

If you look at from an RM basket perspective, the commodity polymers, the polyethylene and polypropylene raw material side, we are not seeing much price increases on that front. Actually, there's excess capacity. So we are seeing a slight positive favorable price piece on that part. The piece where we are seeing more pressure is on the pigment side and as well as certain performance materials, both of which are about 15% each of our portfolio of our RM purchases. And there, we are seeing low to mid-single-digit kind of price increases.

如果從 RM 籃子的角度來看，商品聚合物、聚乙烯和聚丙烯原料方面，我們並沒有看到這方面的價格大幅上漲。事實上，產能已經過剩。因此，我們看到該部分價格略有積極有利的跡象。我們看到更大壓力的是顏料方面以及某些性能材料，這兩者分別占我們 RM 採購組合的 15% 左右。我們看到價格正以低至中等個位數的幅度上漲。

In case of specifically flame retardants, which is a very specific material that goes into our wire and cable business, but other pieces as well, we are seeing significant increases because of supply constraints. And there, we are not able to offset that -- those price increases working with our suppliers, and so we are passing that on to our customers. And there, the price increase we are talking about is almost more than 3 times versus last year and more than 6 times versus the year prior. So -- and that's purely driven because that material is largely comes out of China and there's a tight supply situation there.

就阻燃劑而言，這是一種用於我們電線電纜業務以及其他業務的非常特殊的材料，由於供應限制，我們看到其價格顯著增長。而且，我們無法透過與供應商合作來抵消價格上漲的影響，因此我們將把價格上漲轉嫁給客戶。我們談論的價格上漲幾乎是去年的 3 倍多，是前年的 6 倍多。所以 — — 這純粹是因為這些材料主要來自中國，而那裡的供應緊張。

So in most cases, we are trying to work very closely with our suppliers and customers to keep the pricing same. We are, however, not able to take care of everything by doing the substitutions. And in cases where we are not able to do that, we are able to pass on the price to our customers.

因此在大多數情況下，我們都試圖與供應商和客戶密切合作，以保持價格不變。然而，我們無法透過替換來解決所有問題。如果我們無法做到這一點，我們可以將價格轉嫁給客戶。

That's really helpful. Thank you for that. And then this is for Jamie. It's a little bit in the weeds, but just following up on the balance sheet piece of this. You guys took out a new revolver in the quarter. And my impression when that came out was that, that revolver was perhaps a little bit misunderstood by the market, what the function of that was. Can you just provide a little bit of background on that instrument, what that does for your balance sheet?

這真的很有幫助。謝謝你。這是給傑米的。這有點雜亂無章，但只是跟進資產負債表部分。你們在四分之一決賽中拿出了一把新左輪手槍。當它問世時，我的印像是，市場可能有點誤解了這把左輪手槍，不明白它的功能是什麼。您能否簡單介紹一下該工具的背景以及它對您的資產負債表有何作用？

Yes. Thanks, Kristen, for the question. So we basically converted our asset-based loan to a cash flow revolver and part of that was just an evolution of our debt profile. When we had our distribution business, we had a lot more, I would say, receivables and inventory to be able to secure the asset-based loan. And with that divestiture, it actually took down the total capacity that was available.

是的。謝謝克里斯汀提出的問題。因此，我們基本上將資產抵押貸款轉換為現金流循環信貸，其中一部分只是我們債務狀況的演變。當我們開展分銷業務時，我想說，我們擁有更多的應收帳款和庫存，能夠獲得資產抵押貸款。隨著此次資產剝離，它實際上降低了可用的總產能。

So in order to ensure that we had, I would say, adequate liquidity, cash flow, revolver was a better option for us. And so in essence, it actually did increase our available liquidity, which was to the same amount that the asset-based loan would have been with the distribution business being in the business.

因此，為了確保我們擁有充足的流動性和現金流，我想說，循環信貸對我們來說是更好的選擇。因此，從本質上講，它確實增加了我們的可用流動性，其金額與分銷業務中的資產抵押貸款金額相同。

So the cost between those facilities are roughly the same. It was just a measure to ensure that we had the liquidity that's commiserate with the size and the exposure that Avient has.

因此這些設施之間的成本大致相同。這只是一項措施，以確保我們擁有與 Avient 的規模和風險敞口相匹配的流動性。

Mike Harrison, Seaport Research Partners.

麥克·哈里森，海港研究夥伴。

Ashish, I was wondering if we could dig in a little bit on the health care portion of your business. And maybe can you give us some color on what portions of that market, you're seeing the best growth. And I'm also curious, you noted some new product introductions. How long does it take to qualify new materials in health care as opposed to maybe some of the less regulated markets that you serve?

Ashish，我想知道我們是否可以深入了解您業務中的醫療保健部分。您能否向我們介紹一下該市場中哪些部分的成長最為顯著？而且我也很好奇，您注意到了一些新產品的介紹。與您所服務的一些監管較少的市場相比，醫療保健領域的新材料的認證需要多長時間？

Yes. So thank you for the question, Mike. Several things -- overall trend for health care has been quite positive for us. Last year, we grew 11%, health care year-over-year constant -- all my numbers are constant dollars. So -- and then Q1, we grew 11% and Q2, we are at 17%.

是的。謝謝你的提問，麥克。有幾件事——醫療保健的整體趨勢對我們來說是相當積極的。去年，我們的醫療保健業務年增了 11%——所有數字均以不變美元計算。因此，第一季我們的成長率為 11%，第二季我們的成長率為 17%。

So a pretty strong trend in health care. We are seeing growth both in our SCM side of business as well as the color side of business in health care. If you think about it from a portfolio perspective, 80% of our portfolio in health care is in three specific markets, which are medical equipment, and then -- or medical devices, so these could be like things like continuous glucose monitoring kind of devices or CPAP machines or things like that. And the other two are medical supplies, so these would be catheters and tubing, for example. And then the third part is drug delivery. So these could be injector pens and inhalers, those kinds of things.

因此醫療保健領域出現了相當強勁的趨勢。我們看到，醫療保健領域的供應鏈管理業務和色彩業務都在成長。如果從投資組合的角度考慮，我們在醫療保健領域的投資組合的 80% 都集中在三個特定市場，即醫療設備，或者醫療器械，因此這些可能是諸如連續血糖監測設備或 CPAP 機器之類的東西。另外兩種是醫療用品，例如導管和管子。第三部分是藥物輸送。所以這些可能是注射筆和吸入器之類的東西。

So these three things constitute about more -- about 80% of our health care portfolio, and we have grown 20% plus in each three of these categories in Q2. So pretty strong momentum. And it's all connected to the macro trends you are seeing with respect to obesity drugs and continuous glucose monitoring kind of situation. So we feel like we're in good shape there. These are spec-ed in products. So we have good visibility and the demand continues to be strong in these areas.

因此，這三項業務約占我們醫療保健業務組合的 80% 以上，並且我們在第二季度在這三個類別中都實現了 20% 以上的成長。所以勢頭相當強勁。這一切都與您看到的有關肥胖藥物和持續血糖監測情況的宏觀趨勢有關。所以我們覺得我們在那裡的狀況很好。這些是產品中規定的。因此，我們擁有良好的知名度，這些領域的需求持續強勁。

With respect to specifically, obviously, a lot of stuff in health care since their FDA-regulated products go through a longer cycle time on regulatory side and qualification. And so our teams have been working, in some cases, as much as for the last 5, 6 years, and continue to -- it's a continuous process, and we are always working with our customers on the next cycle of things that they are going to be launching so that there's a pipeline that is in the process and going on.

具體來說，顯然，醫療保健領域的許多東西，因為 FDA 監管的產品在監管和資格方面要經歷更長的周期時間。因此，在某些情況下，我們的團隊已經工作了 5、6 年，並將繼續工作 - 這是一個持續的過程，我們始終與客戶合作，共同開發他們將要推出的下一個產品週期，以便有一個正在進行和持續的管道。

So that's how we manage this long cycle time or long regulatory qualification part of health care. But with respect to other materials in non-health care, qualification could be as short as few months, but in regulatory case, it could be 2 to 6 years even, so.

這就是我們管理醫療保健這個長週期或長期監管資格部分的方法。但對於非醫療保健領域的其他材料，資格認證可能短至幾個月，但在監管情況下，甚至可能需要 2 至 6 年。

All right. Very helpful. And then on your guidance slide here, you noted one of your potential decelerators is slowing in Asia led by China. Can you talk about the trends that you're seeing in key markets in China right now? I guess, what are some of the signals that you're watching for that may indicate a need for caution in the second half?

好的。非常有幫助。然後，在您的指導幻燈片上，您指出，其中一個潛在的減速因素是亞洲經濟放緩，以中國為首。能談談目前中國主要市場所看到的趨勢嗎？我想，您正在關注哪些訊號，可能表示下半年需要謹慎？

Yes. I think there are two pieces. I mean, the color business in China is one end and there is a little bit pressure. And there is -- as you might have heard a little bit what's going on in China is the government is trying to get more optimized with respect to capacity. So it is -- the people are not cutting each other and creating unnecessary deflation in material. So the China government has come up with this thing called supplier structural reform policy that they're enforcing and which is leading to consolidation of, for example, automotive, EVs, which are excessive people making them in cars, making in China and things like that.

是的。我認為有兩個部分。我的意思是，中國的彩色業務是一端，存在一點壓力。您可能已經聽說過，中國正在採取的措施是政府正在努力優化產能。事實就是如此──人們不會互相傷害，也不會造成不必要的物質緊縮。因此，中國政府推出了正在執行的供應商結構性改革政策，這導致了汽車、電動車等領域的整合，因為過多的人在中國製造汽車等等。

And same things on the capacity side on raw materials as well. So this government policy is leading to a tightening of credit or as well as number of days of payments that are required to -- for people to pay their suppliers in China, and that is leading to a lot of businesses kind of either getting consolidated or shut down. And that obviously has an impact on business.

原物料產能方面的情況也是如此。因此，這項政府政策導致信貸緊縮，或者說導致人們向中國供應商付款的付款天數減少，這導致許多企業要么合併，要么倒閉。這顯然會對業務產生影響。

So we have to watch that closely, what impact does it have as it is evolving through the economy. So I think that's part of the business. We continue to monitor, we predict that in Q3 as well, we will continue to see those pressures in China. But Offsetting that is some good stuff going on, on the SCM side where we are seeing a lot more growth happening on the high-performance computing with all these artificial intelligence and things going on. And we are trying to gain more share in that part of the market so that we can offset any downside on the color side from the SEM side in the high-performance computing market.

因此我們必須密切注意它在經濟發展過程中會產生什麼影響。所以我認為這是業務的一部分。我們將繼續監測，並預測在第三季度，我們將繼續看到中國面臨的這些壓力。但在 SCM 方面，一些好事正在發生，與此形成鮮明對比的是，隨著人工智慧和其他事物的發展，我們看到高效能運算正在取得更大的成長。我們正在努力在該領域獲得更多的份額，以便能夠抵消高效能運算市場中 SEM 在色彩方面的任何不利影響。

Laurence Alexander, Jefferies.

勞倫斯‧亞歷山大，傑富瑞集團。

Just a question about some of what we talked about in health care and just the new products in general. I was wondering with those longer lead time products, if they have higher incremental margins or if margins in general -- incremental margins for newer products are substantially higher than the old ones? Is it like 40% versus 30% or just how it kind of plays out?

我只是想問一下我們在醫療保健方面討論的一些問題以及新產品的整體情況。我想知道，對於那些交貨期較長的產品，它們是否具有更高的增量利潤率，或者整體利潤率——新產品的增量利潤率是否明顯高於舊產品？這就像 40% 對 30% 的關係，還是只是結果？

Yes. Laurence, I think the answer is yes. And that's one of the main reasons why we -- when we presented our strategy at the Investor Day, we identified health care as one of our growth vectors, specifically the drug delivery part and also the medical part, the core part of it. And obviously, it's a sticky business. Once you get specified, you kind of keep the business as long as that version of that device or that material is there.

是的。勞倫斯，我認為答案是肯定的。這就是為什麼我們在投資者日展示我們的策略時，將醫療保健確定為我們的成長載體之一的主要原因之一，特別是藥物輸送部分以及醫療部分，這是它的核心部分。顯然，這是一項棘手的業務。一旦獲得指定，只要該設備的該版本或該材料存在，您就可以保留業務。

It's a business that is also if you maintain good quality and good service to the customer apart from the regulatory approval, it's a competitive advantage for us because we do that very well in Avient. And then overall margins perspective, it is very accretive to our business and that's also very nice for us.

這是一項業務，如果您除了獲得監管部門的批准之外還能保持良好的品質和良好的客戶服務，那麼這對我們來說是一種競爭優勢，因為我們在 Avient 做得非常好。從整體利潤率的角度來看，這對我們的業務非常有益，對我們來說也很好。

Have you ever quantified what the difference is for new products? I mean, is it 10% higher, 1,000 basis points higher? Or how should we think about it just in terms of modeling as new products become more prevalent?

您是否曾經量化過新產品的差異是什麼？我的意思是，它是高出 10% 還是高出 1,000 個基點？或者，隨著新產品變得越來越流行，我們該如何從建模的角度來思考這個問題？

Yes. I mean, I think overall, our intention of developing new products is to have margin accretive products. So I won't talk percentages here, but that's exactly how we are going to improve our margins, both by innovation and then also charging the value that we create for the customer through margin expansion. So for me, I mean, I think that's the primary reason why we feel apart from that and operational leverage, why we think our margins will continue to expand.

是的。我的意思是，我認為總的來說，我們開發新產品的目的是為了增加利潤的產品。所以我不會在這裡談論百分比，但這正是我們提高利潤率的方法，既透過創新，也透過擴大利潤率來收取我們為客戶創造的價值。所以對我來說，我的意思是，我認為這是我們認為除了這一點和營運槓桿之外，我們的利潤率將繼續擴大的主要原因。

Vincent Andrews, Morgan Stanley.

摩根士丹利的文森安德魯斯。

This is Turner Hinrichs on for Vincent. I was wondering if you could provide a little bit more context for durability of some of the growth vectors between health care, defense and telecom. For instance, like are there some like reasons to believe that the health care outgrowth, which has been really fantastic as you all described is going to continue over the near to medium term? Or like how can you provide some context so that we can get a better handle on the go-forward outlook for these growth drivers?

特納辛里奇斯 (Turner Hinrichs) 代替文森特 (Vincent)。我想知道您是否可以提供更多關於醫療保健、國防和電信之間一些增長載體的持久性的背景資訊。例如，是否有理由相信醫療保健的成長（正如你們所描述的）將在近期至中期持續下去？或者您如何提供一些背景信息，以便我們能夠更好地掌握這些增長動力的未來前景？

Turner, as we look at the underlying applications that we sell into health care, those things would be, for instance, respiratory care, glucose monitoring devices, drug delivery, labware, catheters, syringes and so on. All of those particular submarkets within there do provide, I would say, a long-term growth potential. So while I can't promise it will be growing double digits every single year. This has been a good growth opportunity based on some of the innovative platforms that Ashish mentioned earlier. We do feel that there is a strong growth potential that will continue into the foreseeable future.

特納，當我們研究我們銷售給醫療保健領域的基礎應用時，這些東西包括呼吸護理、血糖監測設備、藥物傳輸、實驗室用具、導管、注射器等等。我想說，其中的所有這些特定子市場確實提供了長期成長潛力。因此，雖然我不能保證它每年都會以兩位數的速度成長。基於 Ashish 之前提到的一些創新平台，這是一個很好的成長機會。我們確實感覺到強勁的成長潛力將持續到可預見的未來。

Great. Great to hear. One other one unrelated. So margins are down roughly 220 bps year-over-year in SEM. If I remove the $3 million of maintenance that you all mentioned in the second quarter, can you provide a little bit more color on either mix or spreads in that segment? Or like what's driving just the margin reduction like on a normalized basis, just so we can get a better sense for like where margin should be on the -- in the second half in particular?

偉大的。很高興聽到這個消息。另外一個不相關。因此，SEM 的利潤率較去年同期下降了約 220 個基點。如果我去掉你們在第二季度提到的 300 萬美元的維護費用，你能否對該部分的組合或利差提供更多細節？或者像是什麼在正常化的基礎上推動了利潤率的下降，這樣我們就可以更好地了解利潤率應該在哪裡 - 特別是在下半年？

Yes. From a margin perspective, the majority of the decrease on a year-over-year basis is because of the planned maintenance. We also had some higher cost inventory that flew through that also compressed margins to some degree. As we look into the back half of the year, we do expect margin expansion. In fact, as I look forward, it would be likely to be closer to 100 basis points on a year-over-year basis.

是的。從利潤率的角度來看，年減的大部分原因是計劃維護。我們還有一些成本較高的庫存飛速流失，這也在一定程度上壓縮了利潤率。展望下半年，我們確實預期利潤率將會擴大。事實上，我展望未來，與去年同期相比，這一增幅可能會接近 100 個基點。

And when we get to the second half of the year, obviously, for the full year, that may be tamped down because of the Q2 planned maintenance. But we do expect that to, like I said, continue to expand because we don't have these one-timers that happened in Q2.

而當我們進入下半年時，顯然，對於全年而言，由於第二季的計劃維護，這一數字可能會受到抑制。但正如我所說，我們確實預計這種情況會繼續擴大，因為我們沒有出現第二季發生的這些一次性事件。

Thank you. Ladies and gentlemen, that does conclude Avient Corporation's conference call. Thank you for participating. You may now disconnect.

謝謝。女士們、先生們，Avient Corporation 的電話會議到此結束。感謝您的參與。您現在可以斷開連線。