Cabot Corp (CBT) 2023 Q4 法說會逐字稿

Hello, and welcome to the Q4 2023 Cabot Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. (Operator Instructions) Please be advised that today's conference is being recorded. It is now my pleasure to introduce Vice President, Treasurer and Investor Relations, Steve Delahunt.

您好，歡迎參加 2023 年第四季卡博特收益電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節。 （操作員指示）請注意，今天的會議正在錄製中。現在我很高興向大家介紹副總裁、財務主管和投資者關係史蒂夫·德拉亨特 (Steve Delahunt)。

Thank you, Andrew, and good morning. I would like to welcome you to the Cabot Corporation earnings teleconference. With me today are Sean Keohane, CEO and President; and Erica McLaughlin, Executive Vice President and CFO. Last night, we released results for our fourth quarter of fiscal year 2023, copies of which are posted in the Investor Relations section of our website. The slide deck that accompanies this call is also available in the Investor Relations portion of our website and will be available in conjunction with the replay of the call.

謝謝你，安德魯，早安。歡迎您參加卡博特公司的財報電話會議。今天與我在一起的有執行長兼總裁 Sean Keohane；以及執行副總裁兼財務長 Erica McLaughlin。昨晚，我們發布了 2023 財年第四季度的業績，其副本發佈在我們網站的投資者關係部分。本次電話會議附帶的幻燈片也可在我們網站的投資者關係部分獲取，並將與電話會議重播一起提供。

During this conference call, we will make forward-looking statements about our expected future operational and financial performance. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those projected in such statements.

在本次電話會議期間，我們將就我們預期的未來營運和財務表現做出前瞻性聲明。每項前瞻性陳述都存在風險和不確定性，可能導致實際結果與此類陳述中預測的結果有重大差異。

Additional information regarding these factors appears in the heading forward-looking statements in the press release we issued last night and in our annual report on Form 10-K for the fiscal year ended September 30, 2022, and in subsequent filings we made with the SEC, all of which are available on the company's website.

有關這些因素的更多資​​訊出現在我們昨晚發布的新聞稿中的前瞻性陳述、截至 2022 年 9 月 30 日的財年 10-K 表格年度報告以及我們隨後向 SEC 提交的文件中。 ，所有這些都可以在公司網站上找到。

In order to provide greater transparency regarding our operating performance, we refer to certain non-GAAP financial measures that involve adjustments to GAAP results.

為了提高我們經營績效的透明度，我們參考了某些涉及對 GAAP 結果進行調整的非 GAAP 財務指標。

Any non-GAAP financial measures presented should not be considered to be an alternative to financial measures required by GAAP. Any non-GAAP financial measures referenced on this call are reconciled to the most directly comparable GAAP financial measure in a table at the end of our earnings release issued last night and available in the Investors section of our website. Also, as we typically do each year, I'd like to remind you that over the next several weeks, in connection with investing of restricted stock awards issued under our long-term incentive equity program, officers of the company will be selling shares to pay tax and other obligations related to their rewards.

所提出的任何非 GAAP 財務指標不應被視為 GAAP 要求的財務指標的替代方案。本次電話會議中引用的任何非公認會計原則財務指標均與我們昨晚發布的收益報告末尾的表格中最直接可比較的公認會計原則財務指標進行了調整，該表格可在我們網站的投資者部分找到。此外，正如我們每年通常所做的那樣，我想提醒您，在接下來的幾週內，在投資根據我們的長期激勵股權計劃發行的限制性股票獎勵時，公司高管將向以下人士出售股票：繳納與其獎勵相關的稅金和其他義務。

I will now turn the call over to Sean, who will discuss the full year highlights, including an update on the Reinforcement Materials segment, our capital allocation for fiscal 2023 and our continued leadership and sustainability. Erica will review the corporate financial details, business segment results and our cash flow outlook and priorities for fiscal 2024. Following this, Sean will provide a strategic summary and closing comments and open the floor to questions. Sean?

我現在將把電話轉給 Sean，他將討論全年亮點，包括加固材料部門的最新情況、我們 2023 財年的資本分配以及我們持續的領導力和可持續性。 Erica 將審查公司財務細節、業務部門業績以及我們的現金流量前景和 2024 財年的優先事項。隨後，Sean 將提供策略摘要和結束語，並開始提問。肖恩？

Thank you, Steve. Good morning, ladies and gentlemen, and welcome to our call today. Fiscal year 2023 was characterized by a turbulent macroeconomic and geopolitical environment, but it was a year in which the enduring strength of the Cabot portfolio were exhibited. We executed well and built momentum as we move through the year, positioning us for a successful 2024.

謝謝你，史蒂夫。早安，女士們先生們，歡迎今天致電我們。 2023 財年的特點是宏觀經濟和地緣政治環境動盪，但卡博特投資組合在這一年展現了持久的實力。我們在這一年中表現出色，勢頭強勁，為 2024 年的成功奠定了基礎。

We delivered the second highest adjusted earnings per share in the company's history of $5.38, grew the Reinforcement Materials segment to a record EBIT of $482 million with EBITDA margins of 22% and generated over $350 million of free cash flow. In the year, we returned $186 million to shareholders through a combination of share repurchases and dividends. And finally, we made significant progress against our sustainability ambition and continue to demonstrate our industry leadership. I am immensely proud of the Cabot team for the resilience and agility they demonstrated throughout the year and for their focus on execution in support of our customers.

我們實現了公司歷史上第二高的調整後每股收益5.38 美元，將加固材料部門的EBIT 增長至創紀錄的4.82 億美元，EBITDA 利潤率為22%，並產生了超過3.5 億美元的自由現金流。這一年，我們透過股票回購和股利結合的方式向股東返還了 1.86 億美元。最後，我們在實現永續發展目標方面取得了重大進展，並繼續展示我們的行業領導地位。我為卡博特團隊感到非常自豪，他們在這一年中表現出了韌性和敏捷性，並專注於執行力來支持我們的客戶。

Turning now to our fiscal 2023 results. Segment EBIT declined 5% year-over-year, largely due to lower volumes as we saw prolonged destocking in both segments and weekend market demand, especially in the Performance Chemicals segment. Price and mix benefits, net of costs, contributed significantly to year-over-year results driven by the Reinforcement Materials segment as we realized improved pricing and product mix benefits from the 2023 customer agreements.

現在轉向我們的 2023 財年業績。該部門的息稅前利潤比去年同期下降了 5%，這主要是由於我們看到這兩個部門的長期去庫存以及週末市場需求（尤其是高性能化學品部門）導致銷量下降。由於我們從 2023 年客戶協議中實現了定價和產品組合效益的改善，扣除成本後的價格和組合效益對增強材料部門推動的同比業績做出了重大貢獻。

The stronger U.S. dollar had a negative impact in the year due to the translation of weaker foreign currencies back into dollars. The largest impact came from the euro, Japanese yen and Chinese renminbi. While total segment EBIT was down only modestly at 5%, adjusted earnings per share declined by 14% due to higher net interest expense from the rising rate environment, a higher operating tax rate and currency headwinds.

由於外幣貶值轉回美元，美元走強在這一年產生了負面影響。最大的影響來自歐元、日圓和人民幣。雖然部門息稅前利潤僅小幅下降 5%，但由於利率上升環境、較高的營業稅率和貨幣不利因素帶來的淨利息支出增加，調整後每股收益下降了 14%。

I want to take a moment to talk about the Reinforcement Materials segment. This business not only achieved record EBIT in 2023, but I believe it is a structurally changed business compared to a decade ago. Cabot is a global leader in reinforcing carbons with a unique global footprint, leading technology and a long-standing commitment to sustainability.

我想花點時間談談增強材料領域。這項業務不僅在 2023 年實現了創紀錄的息稅前利潤，而且我相信與十年前相比，這是一個結構性變化的業務。卡博特是增強碳領域的全球領導者，擁有獨特的全球足跡、領先的技術和對永續發展的長期承諾。

The Cabot business model is largely a make and sell in-region business. This is driven by economic fundamentals but also by the importance that our customers place on regional supply security. While this has long been the case, the importance of supply security has become even more pronounced given how rising geopolitical tensions have stressed many global supply chains.

卡博特的商業模式主要是區域內製造和銷售業務。這是由經濟基本面所推動的，也是我們的客戶對區域供應安全的重視所驅動的。儘管這種情況長期以來都是如此，但鑑於地緣政治緊張局勢的加劇給許多全球供應鏈帶來了壓力，供應安全的重要性變得更加明顯。

The key end markets in this segment are replacement tires and auto OE production. You will recall that replacement tires account for approximately 2/3 of segment volume with auto OE production and industrial applications driving the balance. The EBIT performance in this segment has increased dramatically over the past 8 years, supported by the long-term resilience of the replacement tire market and an increasingly tight supply-demand balance in the mature regions.

該領域的主要終端市場是替換輪胎和汽車原廠生產。您可能還記得，替換輪胎約佔細分市場銷量的 2/3，而汽車原廠生產和工業應用則推動著這一平衡。得益於替換輪胎市場的長期彈性以及成熟地區日益緊張的供需平衡，該細分市場的息稅前利潤表現在過去8年中大幅增長。

We expect that utilizations in Europe will become even tighter this year as Russian Carbon Black, which has historically been a significant supplier to the European region will be subject to sanctions starting in July of 2024. Furthermore, I believe that we have structurally improved our performance through a commitment to commercial and operational excellence across the company.

我們預計今年歐洲的利用率將變得更加緊張，因為歷史上一直是歐洲地區重要供應商的俄羅斯炭黑將從2024 年7 月開始受到製裁。此外，我相信我們已經在結構上改善了我們的業績透過整個公司對商業和營運卓越的承諾。

The industry is also facing stricter environmental regulations that are requiring producers to make significant abatement investments to ensure reliable and sustainable supply to our customers. These investments raise the barriers to entry for additional capacity, roughly doubling the cost of new capacity and require a recovery in the form of price increases.

該行業還面臨更嚴格的環境法規，要求生產商進行大量減排投資，以確保為客戶提供可靠和永續的供應。這些投資提高了額外產能的進入壁壘，使新產能的成本增加了一倍，並需要以價格上漲的形式恢復。

As a result of these factors, I believe the outlook for this business remains strong, underpinned by favorable long-term demand drivers and a growing requirement for innovation to meet our customers' sustainability needs.

由於這些因素，我相信該業務的前景仍然強勁，這得益於有利的長期需求驅動因素以及滿足客戶可持續發展需求的不斷增長的創新需求。

Miles driven has been remarkably resilient over the long term, and the global car park is forecast to continue to grow, both of which are expected to support our outlook for a consistently growing base of earnings and cash flow to fund our capital allocation priorities.

從長遠來看，行駛里程具有顯著的彈性，預計全球停車場將繼續增長，這兩者預計將支持我們的盈利和現金流基礎持續增長的前景，為我們的資本配置優先事項提供資金。

Moving now to capital allocation highlights. The Cabot portfolio has robust cash flow characteristics. And in fiscal 2023, we generated very strong operating cash flow of $595 million, which allowed us to fund our balanced set of capital allocation priorities. Capital expenditures in the year were $244 million, which included approximately $143 million of maintenance and compliance capital with the balance funding our high confidence, high-return growth projects.

現在轉向資本配置重點。卡博特投資組合具有強勁的現金流特徵。在 2023 財年，我們產生了 5.95 億美元的強勁營運現金流，這使我們能夠為平衡的資本配置優先事項提供資金。本年度的資本支出為 2.44 億美元，其中包括約 1.43 億美元的維護和合規資本，其餘資金用於資助我們高信心、高回報的成長項目。

Our growth projects in 2023 were focused on the growth vectors of battery materials and inkjet as well as productivity investments across our businesses. In addition to funding our capital plan, we returned $186 million to shareholders during the year. We've maintained a continuous and growing dividend since 1968, which is the year the company went public, and that commitment remains a core part of our capital allocation priorities.

我們 2023 年的成長項目重點關注電池材料和噴墨的成長向量以及整個業務的生產力投資。除了為我們的資本計劃提供資金外，我們在這一年中還向股東返還了 1.86 億美元。自 1968 年（公司上市那一年）以來，我們一直保持著持續成長的股息，這項承諾仍然是我們資本配置優先事項的核心部分。

We paid $88 million in dividends in fiscal year 2023, including an 8% increase in May, reflecting our confidence in the long-term cash flow outlook for the company. We would expect to continue to raise the dividend over time as our earnings grow.

我們在2023財年支付了8,8​​00萬美元的股息，其中5月份成長了8%，反映了我們對公司長期現金流前景的信心。隨著我們獲利的成長，我們預計將繼續提高股息。

We also repurchased $98 million of shares in fiscal 2023. We have communicated in the past that we plan to offset dilution each year, which is roughly $20 million annually, and we will be opportunistic with additional repurchases based on our outlook for cash flow and the timing of alternative investment opportunities. This is what transpired in 2023 as our strong cash flow generation enabled repurchases in excess of dilution.

我們也在 2023 財年回購了 9,800 萬美元的股票。我們過去曾表示，我們計劃每年抵銷稀釋，每年約 2,000 萬美元，並且我們將根據我們對現金流的展望和另類投資機會的時機。這就是 2023 年發生的情況，因為我們強勁的現金流產生使得回購超額稀釋。

Given the strength of the cash flow, we are also able to reduce debt by $179 million. Reducing debt is not a core priority of our capital allocation strategy, but rather is more of a temporary use of cash to reduce interest expense until the cash is needed to fund our growth investments. We remain committed to our long-term investment grade credit rating as it affords us consistent access to the capital markets.

鑑於現金流強勁，我們也能夠減少 1.79 億美元的債務。減少債務並不是我們資本配置策略的核心優先事項，而更多的是暫時使用現金來減少利息支出，直到需要現金來為我們的成長投資提供資金為止。我們仍然致力於我們的長期投資等級信用評級，因為它為我們提供了持續進入資本市場的機會。

Now turning to sustainability. In June of this year, we published our 2023 sustainability report, which highlighted our recent performance and advancements toward our 2025 sustainability goals as well as our vision for creating a more sustainable world. At that time, we had achieved 5 of our 2025 sustainability goals ahead of schedule while the others remain on track.

現在轉向永續性。今年 6 月，我們發布了 2023 年永續發展報告，重點介紹了我們最近的表現和實現 2025 年永續發展目標的進展，以及我們創建一個更永續發展的世界的願景。當時，我們已經提前實現了 2025 年永續發展目標中的 5 個，而其他目標仍在正常進行中。

Included in the 5 goals that we have achieved is our goal to export 200% of the energy that we import. I believe that this goal is an excellent example of our commitment to circularity by using the waste energy in our manufacturing process to produce cogeneration power, which is CO2 free.

我們已實現的 5 個目標中包括我們的目標是出口 200% 的進口能源。我相信，這個目標是我們致力於循環利用的一個很好的例子，即利用製造過程中的廢能來生產不含二氧化碳的熱電聯產電力。

Cabot has long been a leader in sustainability and been recognized by external parties for our leadership in excellence. Fiscal year 2023 represented another year of important progress in our sustainability journey as evidenced by our earning the top rating of platinum from EcoVadis for the third consecutive year. The Platinum rating recognizes Cabot's environmental, social and governance efforts and places Cabot among the top 1% of companies assessed by EcoVadis. EcoVadis is one of the world's leading sustainability ratings platforms and one that many of our customers rely on to evaluate their supply chains.

卡博特長期以來一直是永續發展領域的領導者，並因其卓越的領導力而受到外部各方的認可。 2023 財年是我們在永續發展之旅中又取得重要進展的一年，我們連續第三年獲得 EcoVadis 的白金最高評級就證明了這一點。白金評級認可了卡博特在環境、社會和治理方面所做的努力，並使卡博特躋身 EcoVadis 評估的前 1% 的公司。 EcoVadis 是全球領先的永續發展評級平台之一，我們的許多客戶都依賴該平台來評估其供應鏈。

Sustainability is at the core of our purpose and are creating for tomorrow's strategy. And during the year, we made important progress on several strategic fronts. Of particular note in 2023 was the launch of our EVOLVE Sustainable Solutions technology platform, which is focused on advancing sustainable reinforcing carbons. Our goal through the EVOLVE technology platform is to develop products for our customers that offer sustainable content with reliable performance and importantly, an industrial scale.

永續發展是我們目標的核心，也是我們為明天制定的策略。這一年，我們在多個戰略領域取得重要進展。特別值得注意的是我們在 2023 年推出了 EVOLVE 永續解決方案技術平台，該平台專注於推進永續增強碳。我們透過 EVOLVE 技術平台的目標是為客戶開發產品，提供具有可靠性能的永續內容，更重要的是，具有工業規模。

The EVOLVE platform is built on 3 pillars. The first pillar is recovered, where we are focused on developing solutions made from circular value chains, such as end-of-life tire recycling and the plastics recycling value chain. The second pillar is renewable, where we are advancing solutions made from renewable materials or bio-based feedstocks. And finally, reduced where we seek to innovate new products made from processes with demonstrably lower greenhouse gas footprint.

EVOLVE 平台建立在 3 個支柱之上。第一個支柱是回收，我們專注於開發由循環價值鏈製成的解決方案，例如報廢輪胎回收和塑膠回收價值鏈。第二個支柱是再生能源，我們正在推動由再生材料或生物基原料製成的解決方案。最後，我們尋求創新採用溫室氣體足跡明顯較低的製程生產的新產品。

We believe our EVOLVE Sustainable Solutions platform will play a critical role in our sustainability journey as we look to collaborate with our customers to deliver solutions that address some of their most pressing sustainability challenges. We have a number of projects in various stages of development with our customers and technology partners, and I'm excited about the future innovations that they are expected to deliver. I'll now turn the call over to Erica to discuss the financial results of the quarter in more detail. Erica?

我們相信，我們的 EVOLVE 永續解決方案平台將在我們的永續發展之旅中發揮關鍵作用，因為我們希望與客戶合作，提供解決方案來解決他們最緊迫的永續發展挑戰。我們與客戶和技術合作夥伴有許多處於不同開發階段的項目，我對他們預計將提供的未來創新感到興奮。我現在將把電話轉給埃麗卡，更詳細地討論本季的財務表現。艾麗卡？

Thanks, Sean. I'll start with discussing the company results. I'm pleased to report the fourth quarter results of adjusted EPS of $1.65, which is the strongest quarter of this fiscal year. This performance was 6% above the same quarter last year, driven by record results in the Reinforcement Materials segment, partially offset by lower EBIT in our Performance Chemicals segment.

謝謝，肖恩。我將從討論公司業績開始。我很高興地報告第四季度的調整後每股收益為 1.65 美元，這是本財年最強勁的季度。這一業績比去年同期增長了 6%，這得益於增強材料部門創紀錄的業績，但部分被高性能化學品部門較低的息稅前利潤所抵消。

Cash flow from operations was strong at $138 million in the quarter, which included a working capital decrease of $1 million. Discretionary free cash flow was $88 million in the quarter. We ended the quarter with a cash balance of $238 million, and our liquidity position remained strong at approximately $1.3 billion.

本季營運現金流強勁，達 1.38 億美元，其中營運資本減少 100 萬美元。本季可自由支配的自由現金流為 8,800 萬美元。本季末，我們的現金餘額為 2.38 億美元，流動性狀況依然強勁，約 13 億美元。

Capital expenditures for the fourth quarter of fiscal 2023 were $78 million, and additional uses of cash during the fourth quarter were $23 million for dividends and $50 million for share repurchases. Our debt balance was $1.3 billion, and our net debt-to-EBITDA was at 1.7x.

2023財年第四季的資本支出為7,800萬美元，第四季額外使用的現金為2,300萬美元用於股利和5,000萬美元用於股票回購。我們的債務餘額為 13 億美元，淨債務與 EBITDA 的比率為 1.7 倍。

The operating tax rate for fiscal 2023 was 28%, and we anticipate our operating tax rate for fiscal 2024 to be in the range of 28% to 30%. One additional item to note is the benefit seen in the general unallocated income. During the quarter, we experienced a foreign currency loss due to a government devaluation in Argentina.

2023 財年的營業稅率為 28%，我們預期 2024 財年的營業稅率將在 28% 至 30% 之間。另一項需要注意的是一般未分配所得中看到的好處。本季度，由於阿根廷政府貶值，我們經歷了外匯損失。

In August, the Argentinian government devalued the currency against the U.S. dollar by approximately 20% in 1 day, resulting in an FX loss of approximately $7 million. We treated this as a certain item, consistent with how we have treated similar government-induced evaluations in other countries, most recently being Venezuela.

8月，阿根廷政府將貨幣兌美元在1天內貶值約20%，造成約700萬美元的外匯損失。我們將其視為一個特定項目，這與我們對待其他國家（最近是委內瑞拉）類似政府引發的評估的方式一致。

By treating this as a certain item, the interest and investment income earned in the quarter was not offset by as much of a currency headwind as in prior quarters. This line item of general and allocated income and expense includes currency exposures related to our net asset position, mainly related to the South American currencies and investment income we earn in those countries as well as interest income on our global cash balances.

透過將此視為某個項目，本季賺取的利息和投資收入不會像前幾季那樣被貨幣逆風所抵銷。一般和分配收入和支出的這一行項目包括與我們的淨資產頭寸相關的貨幣風險敞口，主要與南美貨幣和我們在這些國家賺取的投資收入以及我們的全球現金餘額的利息收入有關。

While these currency moves are quite difficult to predict, we are expecting that the quarterly amount in fiscal 2024 would be income in the range of $6 million to $8 million per quarter, driven by higher interest income from higher interest rates and the net impact from the South America currencies and investment income in those countries.

雖然這些貨幣走勢很難預測，但我們預計 2024 財年的季度收入將在每季 600 萬至 800 萬美元之間，這是由於利率上升帶來的利息收入增加以及南美貨幣和這些國家的投資收入。

Now moving to Reinforcement Materials. During the fourth quarter and full year of fiscal 2023, EBIT for the segment increased by $25 million and $74 million, respectively, as compared to the same periods in the prior year. The increase was principally driven by improved unit margins from higher pricing and product mix in our 2023 calendar year customer agreements partially offset by lower volumes.

現在轉向增強材料。 2023財年第四季和全年，該部門的息稅前利潤與上年同期相比分別增加了2,500萬美元和7,400萬美元。這一增長主要是由於我們 2023 年客戶協議中更高的定價和產品組合帶來的單位利潤率的提高，但部分被銷售下降所抵消。

Volumes were 2% lower in the quarter and 5% lower in the full year as compared to the comparable period in the prior year. The fourth quarter volumes included lower volumes in the Americas and Europe with higher volumes in Asia, driven by strength in China. The full year volumes were impacted by destocking activities during the year with volumes lower across all regions.

與去年同期相比，本季銷量下降 2%，全年銷量下降 5%。第四季的銷售包括美洲和歐洲的銷售下降，以及在中國強勁推動下亞洲的銷售量上升。全年銷售量受到年內去庫存活動的影響，所有地區的銷售量均有所下降。

Looking to the first quarter of fiscal 2024, we expect a sequential decrease in EBIT due to seasonally lower volumes in the Americas and a negative impact from foreign currency translation. We expect that year-over-year EBIT results in the first quarter of fiscal 2024 will be significantly higher than the first quarter of fiscal 2023 due to the improved price and mix from 2023 customer agreements and higher year-over-year volumes.

展望 2024 財年第一季度，我們預期由於美洲銷量季節性下降以及外幣換算的負面影響，息稅前利潤將連續下降。我們預計，由於 2023 年客戶協議的價格和組合的改善以及同比銷量的增加，2024 財年第一季的同比息稅前利潤將顯著高於 2023 財年第一季。

Now turning to Performance Chemicals. EBIT decreased by $13 million in the fourth fiscal quarter and $109 million for the full year as compared to the same period in fiscal 2022. The decrease in the fourth quarter was due to lower margins, driven by a less favorable product mix in specialty carbons and fumed metal oxide product lines. The segment was also impacted by pricing pressures in the fumed metal oxide and battery materials product lines.

現在轉向高性能化學品。與2022 財年同期相比，第四財季的息稅前利潤下降了1,300 萬美元，全年的息稅前利潤下降了1.09 億美元。第四季的下降是由於特種碳和碳材料產品組合不佳導致利潤率下降。氣相金屬氧化物產品線。該部門也受到氣相金屬氧化物和電池材料產品線定價壓力的影響。

Volumes were slightly negative in the quarter as the decrease in volumes year-over-year in the fumed metal oxides and inkjet product lines was mostly offset by growth in the specialty carbon, specialty compounds and battery materials product lines. The decrease in the full year volume in the full year was driven by 4% volume and lower unit margins. Volumes were lower across all product lines, except battery materials and most notably, a 17% year-over-year decline in fumed metal oxides volumes.

本季銷售量略有下降，因為氣相金屬氧化物和噴墨產品線的銷售量較去年同期下降大部分被特種碳、特殊化合物和電池材料產品線的成長所抵銷。全年銷量下降 4% 是由於銷量下降和單位利潤率下降所致。除電池材料外，所有產品線的銷量均有所下降，最值得注意的是，氣相金屬氧化物的銷量較去年同期下降了 17%。

Lower volumes in fuel metal oxides were driven by weaker demand in silicones applications and the impact from partner-driven downtime. Lower margins were driven by a less favorable product mix in battery materials and specialty carbons. Volumes in battery materials grew by 43% in the fiscal year and EBITDA was $21 million as aligned with our communication last quarter.

燃料金屬氧化物產量下降的原因是有機矽應用需求疲軟以及合作夥伴造成的停機影響。電池材料和特殊碳產品組合不佳導致利潤率下降。電池材料銷量在本財年增長了 43%，EBITDA 為 2,100 萬美元，與我們上季度的溝通一致。

Looking ahead to the first quarter of fiscal 2024, we expect a sequential volume decline due to seasonality in the Americas. We expect margins to remain relatively consistent sequentially as pricing and product mix benefits are expected to offset higher costs. We expect that year-over-year EBIT results in the first quarter of fiscal 2024 will be largely flat with last year as volume improvement is largely offset by higher costs, the absence of insurance proceeds that we had in Q1 of 2023 and an unfavorable impact from foreign currencies.

展望 2024 財年第一季度，我們預期由於美洲的季節性因素，銷售量將較上季下降。我們預計利潤率將連續保持相對穩定，因為定價和產品組合優勢預計將抵消更高的成本。我們預計 2024 財年第一季的息稅前利潤將年比結果將與去年基本持平，因為銷售量的改善在很大程度上被成本上升、2023 年第一季保險收益的缺乏以及不利影響所抵消來自外幣。

Now moving to cash flow. Sean talked earlier about the strength of our cash flow in fiscal 2023 and the uses of cash that are aligned with our capital allocation framework. As we look to 2024, we expect operating cash flow to remain strong, driven by our outlook for business EBITDA and the forward curve of oil prices. The uses of our cash flow will continue to be aligned with our capital allocation framework with capital expenditures expected to be in the range of $250 million to $275 million as we invest in maintenance and compliance capital to ensure our plants continue to run reliably and in attractive growth projects.

現在轉向現金流。 Sean 早些時候談到了我們 2023 財年現金流的實力以及與我們的資本配置框架相一致的現金使用情況。展望 2024 年，在業務 EBITDA 前景和油價遠期曲線的推動下，我們預期營運現金流將保持強勁。我們的現金流的使用將繼續與我們的資本分配框架保持一致，資本支出預計在2.5 億至2.75 億美元之間，因為我們投資於維護和合規資本，以確保我們的工廠繼續可靠地運作並具有吸引力增長項目。

We also anticipate the continued ability to return a significant amount of cash to shareholders through dividends and share repurchases. To provide a bit more detail on our key capacity investments in 2024, you can see that these projects cut across both segments. In the Reinforcement Materials segment, we are moving forward with our Indonesia plant expansion. Engineering for this project began a few years ago, but we paused the expansion during the pandemic. Today, we are the only carbon black manufacturer in Indonesia, and this site serves customers throughout the Southeast Asia region, which is growing at the fastest rate in the world for reinforcing carbons.

我們也預計將繼續透過股利和股票回購向股東返還大量現金。為了提供有關 2024 年關鍵產能投資的更多詳細信息，您可以看到這些項目橫跨這兩個細分市場。在增強材料領域，我們正在推動印尼工廠的擴建。這個專案的工程幾年前就開始了，但我們在疫情期間暫停了擴建。如今，我們是印尼唯一的炭黑製造商，該工廠為整個東南亞地區的客戶提供服務，該地區的增強炭成長速度是世界上最快的。

In the Performance Chemicals segment, we expect to complete the capacity additions in China related to battery materials that we have highlighted in the past to add conductive additives capacity. In addition to meet the expected battery materials demand growth outside of China, we are making investments to expand conductive additive capacity in the U.S. and Europe. These capacity investments are to serve the needs of our customers in those regions with local supply as the demand for EVs grows in those markets. We will begin these projects with the plan to align the timing of when the investments come online with the demand needs of our customers.

在高性能化學品領域，我們預計將完成中國與電池材料相關的產能增加，我們過去曾強調增加導電添加劑產能。除了滿足中國以外的預期電池材料需求成長外，我們還在投資擴大美國和歐洲的導電添加劑產能。這些產能投資是為了滿足這些地區的客戶的需求，因為這些市場對電動車的需求不斷增長。我們將開始這些項目，並計劃使投資上線的時間與客戶的需求保持一致。

In inkjet, we are undertaking debottlenecks at our existing plants in the U.S. to unlock additional capacity in a cost-effective manner to serve the expected increase in demand for packaging applications. I will now turn it back to Sean to discuss our outlook. Sean?

在噴墨領域，我們正在美國現有工廠消除瓶頸，以經濟有效的方式釋放額外產能，以滿足包裝應用需求的預期成長。現在我將把它轉回肖恩來討論我們的前景。肖恩？

Moving to our 2024 outlook. Clearly, we are entering the year with some uncertainty in terms of how the global economy will perform. The ongoing conflict in Ukraine continues to weigh heavily on Europe and the military escalation in the Middle East has the potential to impact commodity prices.

展望 2024 年。顯然，今年全球經濟的表現存在一些不確定性。烏克蘭持續的衝突持續給歐洲帶來沉重壓力，而中東的軍事升級也有可能影響大宗商品價格。

In China, the timing and pace of recovery is still uncertain. And in the United States, it remains unclear what the impact will be of the Fed's tight monetary policy. While these macro factors are affecting all companies, we feel good about the resilience of our portfolio and our earnings growth prospects for fiscal 2024.

在中國，復甦的時間和速度仍不確定。而在美國，聯準會緊縮貨幣政策的影響仍不清楚。雖然這些宏觀因素正在影響所有公司，但我們對我們的投資組合的彈性以及 2024 財年的獲利成長前景感到滿意。

Overall, we expect fiscal year 2024 adjusted earnings per share to be in the range of $6.30 to $6.80, which is up 22% at the midpoint over fiscal 2023. Let me take you through the key assumptions that underpin our outlook. As it relates to volumes, we believe that destocking is largely over in our key end markets, both for Reinforcement Materials and Performance Chemicals. We believe that the Q4 run rate is a good basis for Reinforcement Materials. If volumes improve from there, we could move higher into the range.

總體而言，我們預計 2024 財年調整後每股收益將在 6.30 美元至 6.80 美元之間，比 2023 財年中點增長 22%。讓我向您介紹一下支撐我們前景的關鍵假設。由於與銷售量相關，我們認為，增強材料和高性能化學品的主要終端市場的去庫存已基本結束。我們認為第四季的運作率是增強材料的良好基礎。如果成交量在此基礎上有所改善，我們可能會進一步提高該範圍。

For Performance Chemicals, we are not yet seeing external indicators point to improvement, so we expect that near-term volumes will likely stay around Q4 levels. Again, if we see recovery, I would say, potentially in the back half of fiscal '24, then we could move higher in the range.

對於高性能化學品，我們尚未看到外部指標表明有所改善，因此我們預計近期銷量可能會保持在第四季度左右的水平。再說一遍，如果我們看到復甦，我想說，可能是在 24 財年後半段，那麼我們可能會在該區間內走高。

Regarding margins, we do expect improved pricing and mix from our Reinforcement Materials calendar 2024 agreements. The magnitude of the increases would impact where we are in the range. For Performance Chemicals, we expect relatively consistent margins overall to the Q4 exit rate with some differences between product lines. As for costs, we expect higher costs will partially offset the Reinforcement Materials pricing and product mix benefits, driven by inflationary pressures, our new air pollution control projects starting up in the U.S. and a return to normal incentive compensation expense.

關於利潤率，我們確實預計 2024 年增強材料日曆協議中的定價和產品組合會有所改善。增加的幅度將影響我們所處的範圍。對於高性能化學品，我們預計第四季度的退出率整體利潤率相對穩定，但產品線之間存在一些差異。至於成本，我們預計，由於通膨壓力、我們在美國啟動的新空氣污染控制項目以及恢復正常的激勵補償費用，較高的成本將部分抵消增強材料定價和產品組合的收益。

Foreign exchange rates, interest rates and energy prices can all impact positioning in the range. The midpoint of our range assumes relatively consistent FX rates and interest rates with today's levels, and we are assuming the forward curve for oil. We also have assumed the tax rate to be in the range of 28% to 30%. So at the midpoint, it is 1 point higher than fiscal year 2023.

外匯、利率和能源價格都會影響該區間的定位。我們範圍的中點假設外匯匯率和利率與今天的水平相對一致，並且我們假設石油的遠期曲線。我們也假設稅率在 28% 至 30% 範圍內。因此，以中點計算，比 2023 財年高 1 個百分點。

As we think about the quarterly shape of earnings, the first quarter results are expected to be down sequentially from the fourth quarter of fiscal 2023 due to normal seasonality in the Americas and a higher tax rate. But step up in Q2 as normalized volumes return and new calendar year contract pricing is implemented in Reinforcement Materials.

當我們考慮季度獲利狀況時，由於美洲的正常季節性和較高的稅率，預計第一季業績將比 2023 財年第四季連續下降。但隨著標準化銷售量的恢復以及在增強材料領域實施新的日曆年合約定價，第二季的成長將會加快。

While we expect the near-term macroeconomic uncertainties to persist through fiscal 2024, our team is focused on long-term value creation and realizing the growth opportunities we have within the portfolio. During Investor Day in 2021, we launched our creating for Tomorrow strategy, which seeks to leverage our strengths and exposure to compelling macro tailwinds to drive strong growth of earnings and cash flows through 2024.

雖然我們預計短期宏觀經濟不確定性將持續到 2024 財年，但我們的團隊專注於長期價值創造並實現投資組合中的成長機會。在 2021 年投資者日期間，我們推出了「為明天而創造」策略，該策略旨在利用我們的優勢和對宏觀有利因素的影響，推動 2024 年盈利和現金流的強勁增長。

Delivering on our commitments is paramount for this management team, and we are very proud of the progress we've made so far. When we set the targets, we made certain demand and market assumptions based on the environment at the time. While many of those key assumptions have weakened since 2021, it hasn't impacted our focus on achieving our corporate objectives.

兌現我們的承諾對於這個管理團隊來說至關重要，我們對迄今為止所取得的進展感到非常自豪。我們在設定目標時，根據當時的環境做了一定的需求和市場假設。儘管自 2021 年以來，其中許多關鍵假設已經減弱，但這並沒有影響我們對實現企業目標的關注。

Let me first remind you of the corporate financial goals that we outlined at that time. We set out a corporate adjusted earnings per share targeted growth rate in the range of 8% to 12% compounded annually from 2021 through 2024. Over the same time, we expected to generate strong discretionary free cash flow in excess of $1 billion. We also outlined our capital allocation framework, which included $200 million to $300 million per year of capital expenditures. This amount included maintenance and compliance capital to maintain and run our assets and also to fund growth projects in high-value areas such as battery materials and inject for packaging.

讓我先提醒您我們當時概述的企業財務目標。我們將 2021 年至 2024 年的企業調整後每股盈餘目標複合成長率設定為 8% 至 12%。同時，我們預計將產生超過 10 億美元的強勁可自由支配現金流。我們也概述了我們的資本分配框架，其中包括每年 2 億至 3 億美元的資本支出。這筆金額包括維護和合規資本，用於維護和營運我們的資產，並為電池材料和包裝注射等高價值領域的成長項目提供資金。

As we look at our 2024 guidance range, we are on track to meet the adjusted earnings per share target despite softer-than-expected macroeconomic activity and weaker demand in our key end markets. The midpoint of our 2024 guidance would put us at a 9% CAGR over the 3-year period. While the expected growth in 2024 is within the range, our path to get there was not what was expected when we launched the goals.

在我們審視 2024 年指導範圍時，儘管宏觀經濟活動弱於預期且主要終端市場需求疲軟，但我們仍有望實現調整後的每股盈餘目標。我們 2024 年指導的中點將使我們在 3 年期間的複合年增長率為 9%。雖然 2024 年的預期成長在該範圍內，但我們實現這一目標的路徑並未達到我們啟動目標時的預期。

We projected higher growth in underlying demand drivers such as tire production, auto builds and polymer demand. We also expected foreign currency exchange rates and interest rates to remain consistent with 2021 levels. We have been able to overcome these headwinds, mainly due to the very strong performance in our Reinforcement Materials segment and remain on track to achieve our adjusted EPS objective.

我們預計輪胎生產、汽車製造和聚合物需求等潛在需求驅動因素將出現更高成長。我們也預期外幣匯率和利率將與 2021 年水準保持一致。我們之所以能夠克服這些不利因素，主要是由於我們的增強材料部門表現強勁，並持續實現調整後的每股盈餘目標。

Discretionary free cash flow continues to be quite strong at over $700 million through 2023, putting us in a good position to achieve our 3-year target of greater than $1 billion. Strong cash flow has allowed us to make the necessary sustaining and compliance investments while also committing to projects that will drive sustained earnings growth in the future.

到 2023 年，可自由支配的自由現金流將繼續保持強勁，超過 7 億美元，這使我們有能力實現超過 10 億美元的 3 年目標。強勁的現金流使我們能夠進行必要的持續性和合規性投資，同時也致力於推動未來持續獲利成長的專案。

Capital expenditures have been between $200 million and $300 million for fiscal years '22 and '23 and are expected to be in that range for fiscal year 2024. So while the macro environment has weakened since Investor Day 2 years ago, we remain confident in the resilience and the strength of our portfolio and in achieving the Investor Day targets.

'22 和'23 財年的資本支出在2 億至3 億美元之間，預計2024 財年也將在這一範圍內。因此，儘管自兩年前投資者日以來宏觀環境有所減弱，但我們仍然對投資組合的韌性和實力以及實現投資者日目標的能力。

I would like to close with a reminder of our corporate strategy and our priorities for fiscal year 2024. Our Creating for Tomorrow strategy charts a new phase of growth and breakout value creation by leveraging our strengths to lead in performance and sustainability. Our focus is on driving advantage growth, delivering innovative chemistry to enable a better future and relentlessly pursuing continuous improvement in everything that we do.

最後，我想提醒我們的企業策略和2024 財年的優先事項。我們的「創造明天」策略透過利用我們在績效和永續發展方面領先的優勢，描繪了成長和突破性價值創造的新階段。我們的重點是推動優勢成長，提供創新化學以實現更美好的未來，並不懈地追求我們所做的一切的持續改進。

Two years into the strategy, we've made tremendous progress in executing the strategy and achieving our long-term goals and the expectation is that we will build on that in fiscal 2024. As we look ahead to 2024, we're excited about the growth opportunities in front of us and have outlined some key priorities for the coming year.

該戰略實施兩年來，我們在執行該戰略和實現長期目標方面取得了巨大進展，預計我們將在 2024 財年在此基礎上再接再厲。展望 2024 年，我們對我們面臨著增長機遇，並概述了來年的一些關鍵優先事項。

First, we intend to deliver on our financial objectives, which include year-over-year growth in adjusted earnings per share and robust discretionary free cash flow generation to support growth investments and return cash to shareholders. Second, we'll continue to invest for Advantage growth. This means investments where we believe we have a right to win. Those areas include strategic investments in battery materials in the U.S. and Europe to leverage the growing EV market and our customers' demand for regional sourcing.

首先，我們打算實現我們的財務目標，包括調整後每股收益的同比增長和強勁的可自由支配的自由現金流生成，以支持增長投資並向股東返還現金。其次，我們將繼續投資優勢成長。這意味著我們相信我們有權利獲勝的投資。這些領域包括對美國和歐洲電池材料的策略性投資，以利用不斷增長的電動車市場和客戶對區域採購的需求。

Our priorities also include adding new reinforcing carbon capacity in Indonesia, where we are the only local supplier to meet the expected growing tire production demand in that region, and it includes adding capital-efficient capacity at our inkjet plant through a series of debottleneck projects.

我們的優先事項還包括在印尼增加新的增強碳產能，我們是唯一一家能夠滿足該地區預期不斷增長的輪胎生產需求的當地供應商，其中包括通過一系列去瓶頸項目增加我們的噴墨工廠的資本效率產能。

Third, we will continue to execute in the areas of commercial excellence by maintaining pricing and margin discipline and operational excellence with a focus on overall equipment effectiveness, yield and energy recovery. And finally, we seek to extend our leadership in sustainability by executing against our 2025 goals and building on a REVOLVE platform launch.

第三，我們將繼續在商業卓越領域執行任務，保持定價和利潤紀律以及卓越運營，重點關注整體設備效率、產量和能源回收。最後，我們尋求透過執行 2025 年目標並在 REVOLVE 平台發布的基礎上擴大我們在永續發展方面的領導地位。

I hope that provides some color on our priorities for 2024. While the macroeconomic and geopolitical environments will likely remain turbulent, we believe we have the right strategy, a talented team that is committed to execution and the balance sheet strength to deliver breakout value creation for our shareholders. Thank you very much for joining us today, and I will now turn the call back over for a question-and-answer session.

我希望這能為我們2024 年的優先事項提供一些色彩。雖然宏觀經濟和地緣政治環境可能仍然動盪，但我們相信我們擁有正確的戰略、致力於執行的才華橫溢的團隊以及強大的資產負債表實力，可以為客戶創造突破性的價值我們的股東。非常感謝您今天加入我們，我現在將轉回電話進行問答環節。

(Operator Instructions) And our first question comes from the line of John Roberts with Mizuho.

（操作員說明）我們的第一個問題來自約翰·羅伯茨和瑞穗的線路。

A nice quarter. Could you peel apart the performance outlook a little. Any significant difference in the outlook between masterbatch, silicon, zinc? And there's been a lot of evidence of decelerating growth in EVs. Have you seen that in the growth of your battery materials business yet?

一個美好的季度。能稍微剖析一下業績前景嗎？母粒、矽、鋅之間的前景有什麼顯著差異嗎？有大量證據顯示電動車的成長正在放緩。您在電池材料業務的成長中看到了這一點嗎？

Let me try to provide a bit of commentary on the guidance and how we're thinking about it. As I said, I think we see that destocking is largely over in our key end markets, both for Reinforcement and Performance Chemicals. So I think that's positive. But I would say in Performance Chemicals where your question when we're not yet seeing any external indicators that are pointing to improvement. So I think near-term volumes will likely stay near the Q4 levels.

讓我嘗試對指南以及我們的想法提供一些評論。正如我所說，我認為我們看到增強材料和高性能化學品的主要終端市場的去庫存已基本結束。所以我認為這是積極的。但我想說的是，在高性能化學品中，當我們還沒有看到任何顯示改善的外部指標時，你的問題就在哪裡。因此，我認為近期成交量可能會保持在第四季的水平附近。

I think to see improvement from that, we'd want to see some signs from key end market indicators, things like manufacturing, PMI, improvements in housing and construction and I think consumer confidence, particularly as it relates to durable goods. We're still seeing more of a skew towards services rather than durable goods. So we need to see those indicators to break out from kind of that current Q4 rate of volume in Performance Chemicals.

我認為要看到這種情況的改善，我們希望看到關鍵終端市場指標的一些跡象，例如製造業、PMI、住房和建築業的改善，以及消費者信心，特別是與耐用品相關的信心。我們仍然看到更多偏向服務而非耐用品。因此，我們需要看到這些指標能夠突破高性能化學品目前第四季的成交量。

I would say across the different product lines there in Performance Chemicals, where the only, I think, notable difference would be in fumed silica. Erica commented on the silicones market in her remarks. And clearly, the fumed silica market, our volumes were down by the largest amount across the product lines in Performance Chemicals. And this is because there's overall weakness in silicones, which is a big end market, the consumer stream silica.

我想說的是，在高性能化學品的不同產品線中，我認為唯一顯著的差異是氣相二氧化矽。艾麗卡在演講中對有機矽市場進行了評論。顯然，在氣相二氧化矽市場，我們的銷售量在高性能化學品的所有產品線中降幅最大。這是因為有機矽整體疲軟，而有機矽是一個巨大的終端市場，也就是消費者對二氧化矽的需求。

So I think that's often tied to housing and construction and infrastructure, and we're just simply not seeing movements there yet. So again, the Q4 level of volume, that sort of a rate in Performance Chemicals is, I think, the right way to think about it until we see some end market improvement.

因此，我認為這通常與住房、建築和基礎設施有關，而我們只是還沒有看到這些方面的變化。因此，我認為，在我們看到終端市場出現一些改善之前，第四季度的銷售水平，即高性能化學品的成長率是正確的思考方式。

In the second part of your question around battery materials, we're still seeing volumes growing strongly year-over-year. So I think that is positive. Though, as you point out, there are some signs that there's been some deceleration in the market. Certainly, some public commentary on this would point in that direction for sure. And I think it's -- the way we look at it, as we think about this over the long term, clearly, the shift to EVs, we think is a once-ever transition and will change the mobility sector.

在您關於電池材料的問題的第二部分中，我們仍然看到銷量逐年強勁增長。所以我認為這是積極的。不過，正如您所指出的，有一些跡象表明市場出現了一些減速。當然，對此的一些公眾評論肯定會指向這個方向。我認為，我們看待這個問題的方式，從長遠來看，顯然，向電動車的轉變，我們認為這是一次前所未有的轉變，並將改變移動出行領域。

But I don't think it will be a straight line, and there are a lot of moving parts here. Certainly, the level of EV penetration, the timing and startup of new battery plants. There are lots of regionalization pressures, government incentives. These things can be distorting in the short term.

但我認為這不會是一條直線，而且這裡有很多變化的部分。當然，電動車的普及程度、新電池工廠的時機和啟動。有許多區域化壓力和政府激勵措施。這些事情可能會在短期內造成扭曲。

And I think the timing of build-out of the regional supply chain to support battery plants in the U.S. and Europe, these are all factors that are at play here. So it's a complicated dynamic. But our view on this over the long term remains and we're positioning ourselves and investing prudently to win in this trend over the long term.

我認為建立區域供應鏈以支持美國和歐洲電池工廠的時機，這些都是在這裡發揮作用的因素。所以這是一個複雜的動態。但我們對此的長期看法仍然存在，我們正在定位自己並謹慎投資，以長期贏得這一趨勢。

Our next question comes from the line of Josh Spector with UBS.

我們的下一個問題來自瑞銀集團的 Josh Spector。

So I wanted to ask on reinforcement, I guess, specifically with the contract price assumptions for next year. I guess if I go through your guidance, I kind of get something of maybe to the tune of a $10 million benefit per calendar third quarter, looking at next year. This year, we were over $30 million a quarter benefit. Is that the right ballpark of what baked into your assumption? And I guess, how does that compare versus how negotiations are actually going so far?

所以我想問關於加固的問題，特別是明年的合約價格假設。我想，如果我仔細閱讀你的指導，我會得到一些可能是每個日曆第三季 1000 萬美元的福利，展望明年。今年，我們每季的收益超過 3000 萬美元。這對你的假設來說是正確的嗎？我想，這與迄今為止談判的實際進展相比如何？

Josh, thanks for the question. Let me just sort of pull the lens back a little bit here and talk about the time line and process. I think this year, negotiations are playing out along the time line of what we've historically seen where most of the contracts are finalized in the fall. And so we're currently in the midst of discussions with customers now. So it would be premature to comment on contract outcomes today.

喬什，謝謝你的提問。讓我把鏡頭拉回來一點，談談時間軸和過程。我認為今年的談判將按照我們歷史上看到的時間線進行，大部分的合約都是在秋天敲定。因此，我們目前正在與客戶進行討論。因此，今天評論合約結果還為時過早。

In terms of the current market environment, as I said, we believe destocking is largely over and volumes are normalizing from the weaker levels that we saw earlier in the year. And our view is that the long-term fundamentals haven't changed here. The supply-demand fundamentals remain favorable in both the Americas and Europe with no major capacity additions expected. And as we see that in combination with positive trends in end market demand, such as miles driven, those markets should remain fairly tight in 2024 and beyond. So that really hasn't changed at all.

就當前的市場環境而言，正如我所說，我們認為去庫存已基本結束，成交量正從今年早些時候的疲軟水平恢復正常。我們的觀點是，長期基本面並沒有改變。美洲和歐洲的供需基本面依然有利，預計產能不會大幅增加。正如我們所看到的，結合終端市場需求的正面趨勢（例如行駛里程），這些市場在 2024 年及以後應該會保持相當緊張的狀態。所以這確實沒有改變。

I think the other factor at play here is certainly costs of both ours and those of our competitors, which are going up, driven by increasing environmental and regulatory factors. And in order to support our customers in a sustainable way, we need to earn a fair return on these investments and higher operating costs. And so in order to do that, additional pricing is necessary.

我認為另一個起作用的因素肯定是我們和競爭對手的成本，由於環境和監管因素的增加，這些成本正在上升。為了以永續的方式支持我們的客戶，我們需要從這些投資和更高的營運成本中獲得公平的回報。因此，為了做到這一點，額外的定價是必要的。

And this is certainly an industry-wide issue, and our customers care about this because they too value our commitment to sustainability, and I think it's important to their own value proposition to their customers. in terms of promoting more sustainable products. So again, those factors have not changed. And in addition, in Europe, we're seeing customers continue to migrate away from Russian supply ahead of the EU sanctions, which take effect around mid-2024.

這當然是一個全行業的問題，我們的客戶關心這一點，因為他們也重視我們對永續發展的承諾，我認為這對他們向客戶提出的價值主張很重要。在推廣更永續的產品方面。再說一次，這些因素都沒有改變。此外，在歐洲，我們看到客戶在歐盟制裁於 2024 年中期左右生效之前繼續放棄俄羅斯供應。

So those market factors remain, and that's sort of how we see the environment. And just as a reminder, approximately 30% of our contract volumes are under multiyear deals from last year with additional price increases taking effect in 2024, and we view those as pricing -- the pricing on those contracts as a reference point for 2024.

因此，這些市場因素仍然存在，這就是我們對環境的看法。提醒一下，我們約 30% 的合約量是去年的多年期協議，價格將在 2024 年生效，我們將這些視為定價，將這些合約的定價作為 2024 年的參考點。

And so we sit here today we're in the zone of approximately 2/3 of the way through our contract negotiations with price increases achieved across these volumes. But I think saying anything further at this point wouldn't be appropriate. It's sensitive competitive information. But hopefully, that gives you a feel for the environment and our view on things here over the longer term.

因此，今天我們坐在這裡，我們的合約談判已經進行了大約 2/3，這些數量的價格已經上漲。但我認為此時進一步說任何話都是不合適的。這是敏感的競爭資訊。但希望這能讓您了解我們的環境以及我們對這裡事物的長期看法。

I mean that's helpful. And maybe I could try a bit another way is that if you're talking about volumes kind of flattish, just up low single in Reinforcement, you're talking about performance similar to fourth quarter levels. So most of the improvement looking at next year, if you have EBIT up $80 million to $100 million, maybe $20 million of that is annualized in performance, the residual, that's kind of how I get to that price cost or reinforcement. Is that a fair way to think about it? Or are there other moving pieces that I should be building into the bridge for next year?

我的意思是這很有幫助。也許我可以嘗試另一種方式，如果你談論的是銷量平淡，只是強化中的低單，那麼你談論的是類似於第四季度水平的表現。因此，明年的大部分改進，如果你的息稅前利潤增加了8000 萬美元到1 億美元，其中可能有2000 萬美元是年化績效，即剩餘，這就是我得出價格成本或強化的方式。這是一個公平的思考方式嗎？或者明年我應該在這座橋上建造其他移動的部件嗎？

Yes. Well, I think there are a lot of moving parts. Certainly, we are expecting that volumes would be up low single digits off 2023. And as I commented, the negotiations that we've completed so far are coming with price increases.

是的。嗯，我認為有很多活動部件。當然，我們預計 2023 年銷量將成長低個位數。正如我所說，我們迄今為止完成的談判將伴隨著價格上漲。

But then I think there are a number of other factors here. Certainly, China overall and how the China market behaves is a big factor with them making almost 40% of the world's tires. And then there are other factors here in terms of FX, interest rates and where commodity prices are. And so it's -- all of those factors don't move at the same direction at the same time.

但我認為這裡還有許多其他因素。當然，中國整體以及中國市場的表現是一個重要因素，因為中國製造了全球近 40% 的輪胎。此外，還有外匯、利率和大宗商品價格等其他因素。所以，所有這些因素不會同時朝同一方向移動。

So you have to think through all of these factors and we have and believe our range accommodates for those. But there are a lot of moving factors here, and so we want to lay out a range that we have confidence in, but one that we think is appropriate given the many uncertainties that are out there right now.

因此，您必須考慮所有這些因素，我們已經並相信我們的產品系列能夠滿足這些因素。但這裡有很多變化因素，因此我們希望制定一個我們有信心的範圍，但考慮到目前存在的許多不確定性，我們認為這個範圍是合適的。

Our next question comes from the line of Laurence Alexander with Jefferies.

我們的下一個問題來自勞倫斯·亞歷山大和傑弗里斯的對話。

Just a couple of things. First, what are you factoring in, if anything, in terms of the impact in Europe from shifting away from Russian imports in Carbon Black this summer or next summer?

只是幾件事。首先，您考慮的因素是什麼（如果有的話），今年夏天或明年夏天停止從俄羅斯進口炭黑對歐洲的影響？

Well, that certainly is a factor. As I walked through the overall environment that certainly is a factor in the discussions with customers because Russia had been a significant supplier to the European rubber and tire industry and with sanctions coming into effect midway through the calendar year 2024. I think customers clearly are looking at supply security as an important factor here.

嗯，這當然是個因素。當我了解整體環境時，這無疑是與客戶討論的一個因素，因為俄羅斯一直是歐洲橡膠和輪胎行業的重要供應商，並且制裁將於 2024 年中期生效。我認為客戶顯然正在關注供應安全是在這裡的一個重要因素。

I think the other thing that's important for customers beyond the supply security is ultimately this notion of sustainability. And I think the European producers operate at a different level of sustainability than the Russian players. And across the whole industrial complex in Europe, there are moves afoot to introduce things like carbon border adjustment taxes and these things because they know that suppliers outside the region aren't performing at the same level.

我認為，除了供應安全之外，對客戶來說最重要的另一件事最終是永續性的概念。我認為歐洲生產商的可持續發展水準與俄羅斯生產商不同。在歐洲的整個工業園區，正在採取措施引入碳邊境調整稅等措施，因為他們知道該地區以外的供應商表現不佳。

So I think the supply security and the sustainability aspects are important for our customers, and there are certainly factors that are driving customers to value more the regional supply. So I can't comment or isolate a specific amount to that variable, but it is certainly something that is important in the customer negotiations and important to our customers.

因此，我認為供應安全和永續性方面對我們的客戶很重要，並且肯定有一些因素促使客戶更加重視區域供應。因此，我無法評論或隔離該變數的具體數量，但它肯定在客戶談判中很重要，對我們的客戶也很重要。

Speaking of sustainability, can you give an update on how the elastomer composites program is going with the Rubber Black applications? And when would be the earliest that you think you would see any real demand impact from methanolysis if that technology pans out?

說到永續性，您能否介紹一下彈性體複合材料計畫與橡膠黑應用的最新進展？如果技術成功，您認為最早何時會看到甲醇分解對實際需求產生影響？

Sure. Yes. So we're excited about the progress in our elastomer composites or our E2C technology platform here. And I think, clearly, there continues to be penetration and success with this technology in the off-the-road tire segment, which is a very high-value segment for tire producers. And we continue to see good progress there.

當然。是的。因此，我們對彈性體複合材料或 E2C 技術平台的進展感到興奮。我認為，顯然，這項技術在越野輪胎領域將繼續滲透並取得成功，這對輪胎生產商來說是一個非常高價值的領域。我們繼續看到那裡取得了良好進展。

We're also seeing success with customers as they try to extend this technology into parts of the TBR, the truck and bus segment here. And we think in the long term, this technology certainly has potential to penetrate that part of the market, and that would open up the total addressable market in a pretty significant way for E2C.

我們也看到客戶取得了成功，他們試圖將這項技術擴展到 TBR 的一部分、卡車和巴士領域。我們認為，從長遠來看，這項技術肯定有潛力滲透到這部分市場，這將為 E2C 以相當重要的方式打開整個潛在市場。

Exactly trying to pin down the rate of commercialization or the timing is difficult here. The tire industry is, I think, appropriately cautious around new technology development. They take time, run extended road tests and the like to make sure that performance is there before putting these products, particularly consumer products out on the marketplace. And so that time line can certainly take some time here.

要準確地確定商業化的速度或時機在這裡很困難。我認為，輪胎產業對新技術的開發持適當的謹慎態度。在將這些產品（尤其是消費產品）推出市場之前，他們需要時間、進行擴展的道路測試等來確保其效能。因此，這個時間線肯定需要一些時間。

We did see revenues grow this year in this segment in E2C, which I think is supportive of the trend, as I said, in OTR and some encouraging signs on the TBR side of things. I think complementing E2C is also our EVOLVE technology platform launch this year. You can think about both of these as really sustainability plays in the tire space. E2C really very much focusing on improving where and as well as the rolling resistance or fuel economy potential of tires. And then our EVOLVE technology platform, really looking at sustainability angles like circularity and trying to enhance that.

我們確實看到今年 E2C 這一領域的收入有所增長，我認為這支持了 OTR 的趨勢，以及 TBR 方面的一些令人鼓舞的跡象。我認為E2C的補充也是我們今年推出的EVOLVE技術平台。您可以將這兩者視為輪胎領域的真正永續發展。 E2C 確實非常注重改善輪胎的滾動阻力或燃油經濟性潛力。然後是我們的 EVOLVE 技術平台，真正著眼於永續發展的角度，例如循環性，並努力增強這一點。

So you could think about these as very complementary. And I think very clearly, technologies that our customers care about because they're really pushing hard in this space around sustainability. So we're excited about the long term here and see good signs. But clearly, the timing to materiality in this industry, it just takes a bit longer. But we're seeing encouraging signs that are causing us to continue to invest in these spaces, and we think that's the right thing to do for the long term in this business.

所以你可以認為這些是非常互補的。我非常清楚地認為，我們的客戶關心的技術是因為他們確實在這個圍繞永續發展的領域努力推動。因此，我們對長期發展感到興奮，並看到了良好的跡象。但顯然，這個行業實現實質的時間只是需要更長的時間。但我們看到了令人鼓舞的跡象，促使我們繼續投資這些領域，我們認為從長遠來看，這對這項業務來說是正確的做法。

And then just on the methanolysis?

然後只是甲醇分解？

I'm sorry, Laurence, what was that?

對不起，勞倫斯，那是什麼？

Sorry, just on the -- sorry, on the methane pyrolysis, the kind of timing, if we are going to see a market impact, what would be the earliest that you would see it?

抱歉，關於甲烷熱解，如果我們要看到市場影響，您最早會看到什麼時間？

Well, difficult to tell because while there is a carbon material that comes out of that process, it is not Carbon Black. It is not an engineered carbon black the way that the tire industry has become accustomed to and formulated around. So I think there remain questions there with respect to the success of that technology. And we feel strongly that working on the elements of our EVOLVE technology platform are very viable approach for our customers to drive circularity and improve the footprint of the reinforcing carbons that they need in their materials.

嗯，很難說，因為雖然這個過程中產生了一種碳材料，但它不是炭黑。它不是輪胎行業已經習慣和製定的工程炭黑。因此，我認為該技術的成功仍然存在問題。我們強烈認為，對我們的客戶來說，開發 EVOLVE 技術平台的要素是非常可行的方法，可以推動循環並改善他們在材料中所需的增強碳的足跡。

Because I think critically, one of the things that customers care about is producing materials at industrial scale. And so our approach here, both between E2C and our EVOLVE technology platform, we think, is the right approach.

因為我批判性地認為，客戶關心的事情之一是以工業規模生產材料。因此，我們認為，我們在 E2C 和 EVOLVE 技術平台之間的方法是正確的方法。

Our next question comes from the line of Chris Kapsch with Loop Capital Markets.

我們的下一個問題來自 Loop Capital Markets 的 Chris Kapsch。

So following up on the RM segment and not focus so much on pricing, but more on the characteristically but perhaps underappreciated resiliency and stability of that business. So in a year like '23, say volumes were down 5%. Obviously, there was some destocking and the simply weaker demand. But curious if you had any sort of historical data, which might inform how the business tends to perform in the year subsequent to one like '23. Just wondering if we should think about low single-digit volume for '24, a somewhat derisked assumption based on the historical context.

因此，跟進 RM 細分市場，不要太關注定價，而是更關注該業務特有但可能被低估的彈性和穩定性。因此，在 23 年這樣的年份，銷量下降了 5%。顯然，庫存減少，需求也有所減弱。但很好奇您是否有任何類型的歷史數據，這些數據可能會告訴您業務在 23 年後的一年中的表現如何。只是想知道我們是否應該考慮 24 年的低個位數交易量，這是基於歷史背景的一個有點風險的假設。

So I think clearly, there's been significant destocking this year. I think across the industrial landscape. I think many are saying it's probably the most significant destocking cycle that we have seen. So I think while there's always been the sort of micro cycles of destocking and restocking, I think it was definitely much more pronounced as we came out of COVID and saw things accelerate in '21 and '22 and lots of supply chain disruptions and people really perhaps over buying just to have product. And now while that's been unwinding across '23.

所以我清楚地認為，今年庫存大幅減少。我認為在整個工業領域。我想很多人都在說這可能是我們見過的最重要的去庫存週期。因此，我認為，雖然總是存在某種去庫存和補庫存的微週期，但我認為，當我們走出新冠疫情並看到事情在21 和22 年加速發展以及許多供應鏈中斷時，這種情況肯定更明顯。也許只是為了擁有產品而過度購買。現在，雖然這種情況在 23 年已經逐漸緩解。

So it's a bit of a different environment, I would say, than historical. But normally, what you do see is that you see that destocking come back because customers have to have to operate at normalized inventory levels. And if demand is there, then they want to make sure that they have the inventory to meet fill rates and the cost of stock out goes higher in the calculus. And so people generally will then carry a little more inventory to protect against that cost of stock out.

所以我想說，這是一個與歷史環境不同的環境。但通常情況下，你會看到去庫存又回來了，因為客戶必須在正常的庫存水準下運作。如果有需求，那麼他們希望確保擁有滿足填充率的庫存，並且在計算中缺貨成本會更高。因此，人們通常會多持有一點庫存，以防止缺貨造成的成本。

But I wouldn't say we've seen signs yet of a restock. I think what we see is that the destocking is largely over. And I think there are lots of data points that are out there, public data points from our customers in their earnings calls and certain industry publications that I think all point to this.

但我不會說我們已經看到了補貨的跡象。我認為我們看到的是去庫存已經基本結束。我認為有很多數據點，來自我們客戶在財報電話會議中的公開數據點以及某些行業出版物，我認為所有這些都指向了這一點。

So I think what we're seeing now is something much closer to normal demand. But I think probably any significant restock would require a more robust economic growth. Again, because I think the calculus is if there's strong growth and people are expecting that to continue, then the cost of stock out goes up and they, therefore, would build a little more inventory to protect against that. I wouldn't say we're seeing signs of that yet.

所以我認為我們現在看到的情況更接近正常需求。但我認為任何重大的補貨可能都需要更強勁的經濟成長。再說一遍，因為我認為，如果經濟強勁增長，並且人們預計這種情況會持續下去，那麼缺貨的成本就會上升，因此，他們會增加一點庫存來防範這種情況。我不會說我們還沒有看到這種跡象。

Fair enough. And then I had a follow-up on the battery materials business. And the question sort of is around the evolving dynamic addressing both the EV supply chain and energy storage. So just curious how -- you talked about sort of an intensifying competitive dynamic as '23 ensued and the pricing pressure, which you called out last quarter.

很公平。然後我就跟進了電池材料業務。問題在於電動車供應鏈和能源儲存的動態變化。所以我很好奇——您談到了 23 年隨之而來的競爭加劇以及定價壓力，您在上個季度指出了這一點。

So just curious like when you're selling to the value chain, is there a more pronounced competitive intensity when focused on LFP cathode or battery makers versus the higher energy density NMC or NCA batteries? Just wondering if that bifurcation, if it's happening, is becoming any more pronounced or understood in and around the conductive carbon business specifically.

因此，我很好奇，就像當您向價值鏈銷售產品時，與更高能量密度的 NMC 或 NCA 電池相比，專注於 LFP 正極或電池製造商時是否存在更明顯的競爭強度？只是想知道這種分歧（如果正在發生）是否在導電碳業務及其周圍變得更加明顯或更容易理解。

Well, there's definitely a -- I think, a couple of important differences or points of bifurcation, I would say, Chris. One is that we definitely see that our view is that the market will bifurcate into a China market and a rest of world market. Now even inside of those geographic splits in terms of market, you do see differences depending on battery chemistry. So LFP is generally viewed as a lower performing in terms of range, for example, but also lower cost, whereas NMC chemistry is better at range. So therefore, viewed as a higher performing chemistry but higher cost.

嗯，我認為肯定存在一些重要的差異或分歧點，我想說，克里斯。一是我們確實看到我們的觀點是市場將分為中國市場和世界其他市場。現在，即使在市場的地理劃分中，您確實看到了取決於電池化學成分的差異。因此，LFP 通常被認為在續航里程方面表現較差，但成本也較低，而 NMC 化學物質的續航里程較好。因此，被視為性能更高的化學物質，但成本更高。

And so our market view is that there will be room for both technologies. What you see today is China does skew more towards LFP today. And that makes sense because if you look at the China EV market, you've got, first of all, a significant number of hybrid vehicles on the road. So the battery performance of hybrids is not as demanding. But then you've got a segment of lower-priced EVs where, again, the performance of the battery, the expectations is lower.

因此，我們的市場觀點是，這兩種技術都有空間。你今天看到的是中國今天確實比較傾向LFP。這是有道理的，因為如果你看看中國電動車市場，你會發現，首先，道路上有大量混合動力車。所以混合動力車對電池性能要求不那麼高。但是，還有一部分價格較低的電動車，人們對電池性能的期望也較低。

And therefore, there's a large chunk of that market that is pretty price competitive in terms of the vehicles and pushing all the way back up through the chemistry input. But what you see on the NMC side is something different where the performance requirements are higher. And therefore, the competitive intensity is lower.

因此，該市場的很大一部分在車輛方面具有相當的價格競爭力，並透過化學投入一路回升。但您在 NMC 方面看到的情況有所不同，因為效能要求更高。因此，競爭強度較低。

So when we're selling into customers or applications for NMC for high-value cars or for export of batteries to Western automakers, we're seeing that our pricing is remaining stable. And when we're selling outside of China, again, where the market is quite different orients more towards NMC and where the quality requirements of the Western auto OEs are very different than the low end of the OE market in China, we're seeing price stability there, too.

因此，當我們向客戶銷售高價值汽車的 NMC 或應用程式或向西方汽車製造商出口電池時，我們發現我們的定價保持穩定。當我們在中國境外銷售時，同樣，那裡的市場完全不同，更傾向於 NMC，而且西方汽車原始設備的品質要求與中國原始設備市場的低端市場有很大不同，我們看到那裡的價格也穩定。

So we do think the market will bifurcate both in terms of geography as well as chemistry. But ultimately, there will be a role for both chemistries, and we participate across both chemistries, but it's going to be about segmentation, where we participate, which customers, which applications, which geographies and trying to optimize that over time to build a valuable long-term business. That's the trick here.

因此，我們確實認為市場將在地理和化學方面出現分歧。但最終，這兩種化學物質都會發揮作用，我們會參與這兩種化學物質，但這將涉及細分，我們參與的領域、哪些客戶、哪些應用程式、哪些地區，並隨著時間的推移嘗試優化，以建立有價值的產品長期業務。這就是這裡的技巧。

That's helpful. Just as a quick follow-up and maybe it's an oversimplification, but it sounds like the pricing pressures within conductive carbons is somewhat aligned with the bifurcation, which China skewed LFP and Western markets skewed, NMC and NCA. But can you just talk about, you had one significant customer in Western markets that have delayed the ramp? I'm just curious if there's any more color on that as you see this market evolving.

這很有幫助。作為一個快速的後續行動，也許這過於簡單化了，但聽起來導電碳內部的定價壓力在某種程度上與中國偏向 LFP 和西方市場偏向 NMC 和 NCA 的分歧是一致的。但您能否談談，您在西方市場的一位重要客戶推遲了產能擴張？我只是好奇當你看到這個市場的發展時是否還有更多的色彩。

Yes. I can't add any more color, obviously, Chris, to that because we have confidentiality requirements with customers. But certainly, I think the ramp-up in the Western markets is a bit tricky to try to project. And as I said earlier, it won't be a straight line. I think there are just lots of moving parts here. I think the long-term trend and momentum around that remains, but the exact rate of vehicle penetration, the timing of new battery plants and how they start up, all the pressures around regionalization and governments putting money behind this definitely can have impact but also can create some distortions.

是的。顯然，克里斯，我不能對此添加更多色彩，因為我們對客戶有保密要求。但當然，我認為西方市場的成長很難預測。正如我之前所說，它不會是一條直線。我認為這裡有很多活動部件。我認為長期趨勢和勢頭仍然存在，但汽車滲透率的確切速度、新電池工廠的時機及其啟動方式、圍繞區域化的所有壓力以及政府投入資金肯定會產生影響，但也可能會造成一些扭曲。

And so there's just a lot of moving parts here that's difficult in the very short term to project with any high degree of precision, but we're really focused on trying to build out a valuable long-term business. Because ultimately, the whole mobility sector, we view will transition and mobility is a critical end market for us. Not just in this new space of batteries, but also our materials that support lightweighting will remain very important, in fact, more important, I would say, because EVs are heavier than internal combustion engines. So the trends around lightweighting will remain.

因此，這裡有很多移動部件，在短期內很難進行高精度的項目，但我們確實專注於嘗試建立有價值的長期業務。因為最終，我們認為整個行動旅遊產業將會轉型，而行動出行對我們來說是一個關鍵的終端市場。不僅在這個新的電池領域，我們支援輕量化的材料仍然非常重要，事實上，我想說，更重要的是，因為電動車比內燃機更重。因此，輕量化的趨勢將持續存在。

And then ultimately, I think the tire market reformulates tires to develop performance to better match EV. So this whole mobility transition is something that's very important for Cabot Corp. and that's why we're thinking about it over the long term.

最終，我認為輪胎市場會重新配製輪胎，以開發性能以更好地匹配電動車。因此，整個行動轉型對於卡博特公司來說非常重要，這就是我們長期考慮這個問題的原因。

Your next question comes from the line of David Begleiter with Deutsche Bank.

您的下一個問題來自德意志銀行的 David Begleiter。

Just one question. Sean, do you have a -- for Battery Materials, do you have an EBITDA forecast for 2024?

只有一個問題。 Sean，您對電池材料有 2024 年的 EBITDA 預測嗎？

Yes. For 2024, David, we are not providing a specific guide because I think there's a lot of moving parts, as said here. But we would expect that EBITDA in 2024 would grow with continued volume growth and better product mix in China as we optimize our participation and drive higher penetration of these higher-performing grades that I was just talking about here.

是的。對於 2024 年，David，我們沒有提供具體的指南，因為我認為有很多變化的部分，正如這裡所說的。但我們預計 2024 年的 EBITDA 將隨著中國銷售的持續成長和更好的產品組合而成長，因為我們優化了我們的參與並推動了我剛才在這裡談論的這些高性能等級的更高滲透率。

So we do expect that we would have earnings growth over 2024, probably something in line with how the market grows overall. And then you kind of pull the lens back here, again, we're playing for the long term here. We believe the business has the potential to be a material contributor to Cabot's earnings in the future. And so to give you a sense of that potential in roughly 5 years, we might expect this business could generate something around $100 million of EBITDA. But again, it won't be a straight line and lots of moving parts here.

因此，我們確實預期 2024 年獲利將會成長，這可能與市場的整體成長一致。然後你又把鏡頭拉回這裡，我們在這裡是為了長期發展。我們相信該業務有潛力為卡博特未來的盈利做出重大貢獻。因此，為了讓您了解大約 5 年內的潛力，我們可能會預期該業務可產生約 1 億美元的 EBITDA。但同樣，它不會是一條直線，這裡有很多移動部件。

So hopefully, that gives you some sense of how we are thinking about the long term and the business we're trying to build out while in this near-term environment, it's tricky and dynamic, but we are expecting EBITDA growth in 2018.

希望這能讓您了解我們如何考慮長期目標以及我們在近期環境中試圖建立的業務，這是棘手且動態的，但我們預計 2018 年 EBITDA 將會成長。

Thank you. I'll now hand the call back over to President and CEO, Sean Keohane for any closing remarks.

謝謝。現在，我將把電話轉回給總裁兼執行長肖恩·基歐恩 (Sean Keohane)，讓其致閉幕詞。

Well, thank you all for joining the call today and for our ramp of 2024 and our priorities, 2023, sorry, and our priorities for 2024 and appreciate your support of Cabot and look forward to talking to you again next quarter. Thank you.

好的，感謝大家今天加入電話會議，了解我們2024 年的進度和2023 年的優先事項，抱歉，以及我們2024 年的優先事項，感謝您對卡博特的支持，並期待下季度再次與您交談。謝謝。

Ladies and gentlemen, thank you for participating. This concludes today's program, and you may now disconnect.

女士們、先生們，感謝您的參與。今天的節目到此結束，您現在可以斷開連線了。