Chemours Co (CC) 2024 Q3 法說會逐字稿

Good morning. My name is Daniel and I will be your conference operator today. I would like to welcome everyone to the Chemours company third-quarter 2024 results conference call. Currently all participants are in listen-only mode. A question and answer session will follow the conclusion of the prepared remarks. I would like to remind everyone that this conference call is being recorded.

早安.我叫丹尼爾，今天我將擔任你們的會議操作員。歡迎大家參加科慕公司 2024 年第三季業績電話會議。目前所有參與者都處於僅監聽模式。準備好的發言結束後將舉行問答環節。我想提醒大家，這次電話會議正在錄音。

I would now like to hand the conference call over to Brandon Ontjes, Vice President of Investor Relations for Chemours. You may begin your conference.

我現在想將電話會議交給科慕投資者關係副總裁 Brandon Ontjes。您可以開始您的會議了。

Good morning, everybody. Welcome to The Chemours company's third-quarter 2024 earnings conference Call. I'm joined today by Denise Dignam, Chemours' President and Chief Executive Officer; and our Chief Financial Officer, Shane Hostetter.

大家早安。歡迎參加科慕公司 2024 年第三季財報電話會議。今天，科慕總裁兼執行長 Denise Dignam 也加入了我的行列。以及我們的財務長 Shane Hostetter。

Before we start, I would like to remind you that comments made on this call as well as in the supplemental information provided on our website contain forward-looking statements and involve risks and uncertainties as described in Chemours' SEC filings.

在我們開始之前，我想提醒您，對本次電話會議的評論以及我們網站上提供的補充資訊包含前瞻性陳述，並涉及科慕 SEC 文件中所述的風險和不確定性。

These forward-looking statements are not guarantees of future performance and are based on certain assumptions and expectations of future events that may not be realized. Actual results may differ, and Chemours undertakes no duty to update any forward-looking statements as a result of future developments or new information.

這些前瞻性陳述並非對未來績效的保證，而是基於對可能無法實現的未來事件的某些假設和預期。實際結果可能有所不同，科慕不承擔因未來發展或新資訊而更新任何前瞻性陳述的責任。

During the course of this call, we will refer to certain non-GAAP financial measures that we believe are useful to investors evaluating the company's performance. A reconciliation of non-GAAP terms and adjustments is included in our press release issued this morning. Also, we have posted our earnings presentation to our website earlier today.

在本次電話會議期間，我們將參考某些我們認為對投資者評估公司績效有用的非公認會計準則財務指標。我們今天早上發布的新聞稿中包含了非公認會計準則條款和調整的調節。此外，我們今天早些時候已在我們的網站上發布了收益報告。

With that, I will turn the call over to Denise Dignam.

這樣，我會將電話轉給 Denise Dignam。

Thank you, Brandon, and thank you, everyone, for joining us. In addition to releasing our quarter 3 results earlier this morning, we outlined a refreshed corporate strategy for Chemours. This strategy is the result of a lot of hard work over the last several months, and we are excited to share it with you. We have strong businesses, good momentum across the company and a path to value creation.

謝謝你，布蘭登，也謝謝大家加入我們。除了今天早上早些時候發布第三季業績外，我們還概述了科慕新的企業策略。該策略是過去幾個月大量努力的結果，我們很高興與您分享。我們擁有強大的業務、整個公司的良好勢頭以及創造價值的道路。

Shane and I will start with our strong third quarter performance, provide our outlook for the fourth quarter and share some key considerations as we head into 2025. We will then review our refreshed strategy and take your questions.

Shane 和我將從我們強勁的第三季業績開始，提供我們對第四季度的展望，並分享我們進入 2025 年時的一些關鍵考慮因素。然後我們將審查更新後的策略並回答您的問題。

Starting with the quarter, there were two key factors that contributed to our strong performance. Our teams demonstrated consistent and effective operational execution across the business, and we continue to put many of the one-off events and disruptions from earlier this year behind us.

從本季開始，有兩個關鍵因素促成了我們的強勁業績。我們的團隊在整個業務中展示了一致且有效的營運執行力，並且我們繼續將今年早些時候發生的許多一次性事件和乾擾拋在腦後。

We are pleased to see stability in the macro environment around our target markets and with strong continued execution, we are confident that we will be well positioned to meet customer demand. Our efforts are reflected in year-over-year volume increases across all of our businesses and stronger than-anticipated results in our TSS and TT businesses.

我們很高興看到目標市場周圍的宏觀環境保持穩定，並且憑藉強勁的持續執行力，我們相信我們將能夠很好地滿足客戶的需求。我們的努力體現在我們所有業務的銷量同比增長以及我們的 TSS 和 TT 業務的業績好於預期。

Our TSS business hit a sales record for the third quarter with a robust 21% year-over-year increase in Opteon refrigerants. This reflects nearly 60% of our total TSS refrigerant sales for the quarter, up from 50% in the prior year. These results are in line with our previous expectations of double-digit growth in Opteon refrigerants and affirm our continued transition to Opteon as we move deeper into stationary air conditioning adoption.

我們的 TSS 業務第三季創下銷售記錄，Opteon 冷媒較去年同期成長 21%。這佔本季 TSS 冷媒總銷售額的近 60%，高於去年的 50%。這些結果符合我們先前對 Opteon 冷媒實現兩位數成長的預期，並證實了隨著我們深入固定式空調，我們將繼續向 Opteon 過渡。

We saw the same execution in our TT business with volumes stronger than we anticipated even with some of the lagging constraints from the Altamira drought that impacted our capacity early in the third quarter. Our underlying TiO2 circuit has operated well and with these impacts behind us, we are well positioned to meet customer demand as markets improve. The TiO2 team continued to make strong progress against our TT transformation plan, achieving an incremental $30 million in savings during the quarter and bringing total savings to approximately $130 million in 2024.

我們在 TT 業務中看到了同樣的執行情況，成交量強於我們的預期，儘管阿爾塔米拉乾旱造成了一些滯後的限制，影響了我們第三季初的產能。我們的基礎 TiO2 電路運作良好，隨著這些影響的過去，我們有能力隨著市場的改善滿足客戶的需求。TiO2 團隊繼續在我們的 TT 轉型計劃上取得強勁進展，本季度實現了 3000 萬美元的增量節省，到 2024 年節省總額達到約 1.3 億美元。

This year-to-date achievement exceeds the targeted $125 million in year-over-year savings, driving an improvement in our adjusted EBITDA margin to 13%. These results are inclusive of $18 million in Altamira drought related costs reflected during the third quarter.

今年迄今為止的成就超出了年比節省 1.25 億美元的目標，推動我們調整後 EBITDA 利潤率提高至 13%。這些結果包括第三季反映的 1800 萬美元的阿爾塔米拉乾旱相關成本。

While we've exceeded our year-over-year annual savings goal, our continued focus on cost leadership under this program will continue with an additional $10 million to $15 million in savings anticipated in the fourth quarter plus additional savings layered on in 2025, which will address later in more detail.

雖然我們已經超越了同比年度節省目標，但我們將繼續關注該計劃下的成本領先地位，預計第四季度將額外節省 1,000 萬至 1,500 萬美元，並在 2025 年進一步節省，這稍後會更詳細地討論。

Turning to APM. While Advanced Materials results were weaker than anticipated due to pricing conditions in softer market environment, we did experience sequential volume growth across both parts of the APM portfolio as well as a 9% year-over-year net sales increase in Performance Solutions, underscoring the continued demand for our high-value specialty fluoropolymer applications.

轉向 APM。儘管由於市場環境疲軟的定價條件，先進材料業績弱於預期，但我們確實經歷了 APM 產品組合兩個部分的銷量環比增長，以及性能解決方案的淨銷售額同比增長 9%，這凸顯了對我們高價值特種含氟聚合物應用的持續需求。

In early September, we ramped up production on our second high grade Teflon PFA resin production line, which is a critical material for semiconductor manufacturing. This expansion will be a meaningful contributor to our Performance Solutions portfolio as we move into the fourth quarter and periods ahead.

九月初，我們提高了第二條高級 Teflon PFA 樹脂生產線的產量，該樹脂是半導體製造的關鍵材料。隨著我們進入第四季度和未來幾個時期，這一擴張將對我們的效能解決方案組合做出有意義的貢獻。

Before moving on to an overview of our refreshed corporate strategy, I'll turn it over to Shane to walk through our financial results. Shane?

在概述我們更新後的公司策略之前，我將把它交給肖恩來概述我們的財務表現。謝恩？

Thank you, Denise, and good morning, everyone. Let's take a closer look at our financial results. Our consolidated net sales for the third quarter were approximately $1.5 billion, up 1% compared to the prior year quarter. This increase was driven by a 5% increase in volume partially offset by a 3% decline in pricing with currency a slight 1% headwind.

謝謝你，丹尼斯，大家早安。讓我們仔細看看我們的財務表現。我們第三季的綜合淨銷售額約為 15 億美元，比去年同期成長 1%。這一增長是由成交量增長 5% 推動的，部分被定價下降 3% 所抵消，貨幣匯率略有 1% 的逆風。

Turning to adjusted EBITDA. We saw a slight decrease from $211 million last year to $208 million this quarter. This decline was largely attributable to lower pricing with smaller impacts from currency fluctuations and portfolio changes. However, these declines were partially offset by increased volumes as well as cost reductions.

轉向調整後的 EBITDA。我們看到本季的營收從去年的 2.11 億美元略有下降至 2.08 億美元。這一下降主要歸因於定價較低，貨幣波動和投資組合變化的影響較小。然而，銷量的增加和成本的降低部分抵消了這些下降。

As a point of reference, in last year's fourth quarter, we revised our prior year non-GAAP adjusted EBITDA including the third quarter to eliminate adjustments for raw material write-offs and also to correct the understatement of accrued liabilities related to contract litigation following the decommissioning of our Taiwan facility. These revisions should help clarify last year's third quarter results for comparison purposes under US GAAP.

作為參考，在去年第四季度，我們修訂了上一年非公認會計準則調整後的 EBITDA（包括第三季度），以消除原材料沖銷的調整，並糾正與合約訴訟相關的應計負債的低估。我們台灣工廠的退役。這些修訂應有助於澄清去年第三季的業績，以便根據美國公認會計準則進行比較。

For the third quarter, Chemours reported a net loss of $27 million or $0.18 per diluted share compared to net income of $12 million or $0.08 per share in the prior year. The current quarter net loss includes a $56 million non-cash impairment charge. Aligning with our capital focus, we reviewed assumptions for all strategic projects in the third quarter to ensure spend was prudent and appropriate for their respective returns. This analysis included new industry projections for hydrogen, which indicated slower growth and reduced near-term demand.

第三季度，科慕淨虧損 2,700 萬美元，即稀釋後每股 0.18 美元，而上一年淨利為 1,200 萬美元，即每股 0.08 美元。本季淨虧損包括 5,600 萬美元的非現金減損費用。根據我們的資本重點，我們審查了第三季所有策略項目的假設，以確保支出審慎且適合各自的回報。該分析包括對氫的新行業預測，這表明成長放緩並減少了近期需求。

In response, we adjusted certain strategic spend, specifically delaying investments in our hydrogen venture, which triggered a review of the APM segment, resulting in a full impairment of the segment's goodwill. Excluding our impairment charge, our consolidated adjusted net income came in at $61 million this quarter or $0.40 per diluted share, which was down for $65 million of adjusted net income last year or $0.43 per diluted share, largely due to the lower overall pricing I previously mentioned.

作為回應，我們調整了某些策略支出，特別是推遲了對氫能企業的投資，這引發了對 APM 部門的審查，導致該部門的商譽全面受損。不包括我們的減損費用，本季我們的綜合調整後淨利為6,100 萬美元，或稀釋後每股0.40 美元，比去年調整後淨利6,500 萬美元或稀釋後每股0.43 美元下降，這主要是由於我之前的整體定價較低。

Now let's turn to our business segment performance, starting with TSS. In the third quarter, TSS achieved record net sales of approximately $460 million, a 6% increase from the prior year. This growth was primarily driven by an 8% rise in volume, which was partially offset by a 2% decline in pricing, with currency impacts remaining relatively flat.

現在讓我們來看看我們的業務部門表現，首先是 TSS。第三季度，TSS 淨銷售額創歷史新高，約 4.6 億美元，比上年成長 6%。這一增長主要是由銷量增長 8% 推動的，但價格下降 2% 部分抵消了這一增長，而貨幣影響仍然相對平穩。

We continue to see pricing pressures, primarily due to softer Freon refrigerant prices linked to elevated HFC inventory levels in the United States. However, this trend was partially offset by stronger pricing in Opteon refrigerants.

我們繼續看到價格壓力，主要是由於氟利昂冷媒價格疲軟與美國氫氟碳化物庫存水準上升有關。然而，這一趨勢被 Opteon 冷媒價格上漲所部分抵銷。

On the volume side, we experienced robust growth fueled by heightened demand for Opteon refrigerants driven by ongoing adoption in stationary and auto end markets. We also saw strong performance across our phone, propellents and other portfolio.

在銷售方面，由於固定設備和汽車終端市場的持續採用，對 Opteon 冷媒的需求增加，推動了我們的強勁成長。我們的手機、推進劑和其他產品組合也表現強勁。

However, TSS adjusted EBITDA did fall 13% year-over-year to $141 million, resulting in an adjusted EBITDA margin of 31%. This decline was largely due to decreased Freon refrigerant pricing, higher costs associated with securing near-term quota allowances as well as rising raw material costs. These declines were partially offset by increased volumes in Opteon refrigerants driven by the continued adoption of low GWP products, particularly in stationery and auto end markets.

然而，TSS 調整後 EBITDA 確實年減 13% 至 1.41 億美元，導致調整後 EBITDA 利潤率為 31%。這一下降主要是由於氟利昂冷媒價格下降、與確保近期配額配額相關的成本上升以及原材料成本上升。這些下降被持續採用低 GWP 產品（特別是在文具和汽車終端市場）推動的 Opteon 冷媒銷售增加所部分抵消。

Sequentially, TSS net sales declined 10%, reflecting typical seasonal trends across our refrigerants portfolios and the aforementioned price declines and free on refrigerants, though this was partially mitigated by increased volumes in Opteon refrigerants within stationary end markets.

隨後，TSS 淨銷售額下降了 10%，反映了我們冷媒產品組合的典型季節性趨勢以及上述價格下降和免費冷媒，儘管固定終端市場中 Opteon 冷媒銷量的增加部分緩解了這一影響。

Now let's move to our TT segment. In the third quarter, TT's net sales fell 2% year-over-year to $679 million, primarily due to a 2% reduction in pricing. Volumes also provided a 1% increase, while unfavorable currency movements presented less than a 1% (inaudible) compared to the prior year.

現在讓我們進入 TT 部分。第三季度，TT 的淨銷售額年減 2% 至 6.79 億美元，主要是因為定價下降 2%。與前一年相比，交易量也增加了 1%，而不利的貨幣變動則不到 1%（聽不清楚）。

Adjusted EBITDA increased 23% to $85 million compared to the prior year, with adjusted EBITDA margin improving 3 percentage points to 13%. This boost in earnings was driven by cost savings realized through the TT transformation plan, partially offset by decline in pricing and $18 million in costs related to the unplanned Altamira downtime. Sequentially, TT's net sales increased by 1%, driven by price.

與前一年相比，調整後 EBITDA 成長 23%，達到 8,500 萬美元，調整後 EBITDA 利潤率提高 3 個百分點，達到 13%。收益的成長得益於 TT 轉型計劃實現的成本節約，但部分被定價下降以及與阿爾塔米拉計劃外停機相關的 1800 萬美元成本所抵消。隨後，在價格的推動下，TT 的淨銷售額成長了 1%。

Turning to APM. In the third quarter of 2024, the APM segment reported net sales of $348 million or a 1% increase compared to the prior year. This growth was largely driven by a 9% rise in volume partially offset by a 7% decline in pricing due to product mix, with currency fluctuations also creating a slight 1% headwind.

轉向 APM。2024 年第三季度，APM 部門淨銷售額為 3.48 億美元，較上年成長 1%。這一成長主要是由銷售成長 9% 推動的，但部分被產品組合導致的價格下降 7% 所抵消，貨幣波動也造成了 1% 的輕微阻力。

Notably, this volume growth was strong across both Advanced Materials and Performance Solutions. With Performance Solutions achieving a 9% year-over-year growth, the pricing decline stemmed from softer market conditions in our macroeconomically sensitive end markets as well as shifts in products.

值得注意的是，先進材料和高性能解決方案的銷售成長強勁。性能解決方案實現了 9% 的同比增長，價格下降源於我們對宏觀經濟敏感的終端市場的疲軟市場狀況以及產品的變化。

For the APM segment, adjusted EBITDA decreased 43% to $39 million as APM's adjusted EBITDA margin fell 9 percentage points to 11%. This decline was primarily driven by cost mix combined with lower absorption. Sequentially, net sales rose by 3%, fueled by increased volumes primarily within Performance Solutions.

對於 APM 部門，調整後 EBITDA 下降 43%，至 3,900 萬美元，因為 APM 調整後 EBITDA 利潤率下降 9 個百分點，至 11%。這一下降主要是由成本結構和吸收率下降所致。隨後，淨銷售額成長了 3%，主要得益於性能解決方案銷量的成長。

Separately, our other segment recorded net sales and adjusted EBITDA of $14 million and $3 million, respectively in the current quarter. Corporate expenses as an offset to adjusted EBITDA totaled $57 million in the third quarter, a $3 million increase from the same period last year, which aligned with our expectations.

另外，我們的其他部門本季的淨銷售額和調整後 EBITDA 分別為 1,400 萬美元和 300 萬美元。第三季調整後 EBITDA 的抵銷額企業費用總計 5,700 萬美元，比去年同期增加 300 萬美元，符合我們的預期。

Shifting our focus to our balance sheet and liquidity. As of September 30, 2024, our consolidated gross debt stood at $4.1 billion, with approximately $1.2 billion in liquidity. This includes $596 million in unrestricted cash and cash equivalents, along with $652 million available under our revolving credit facility. Additionally, the company retained $70 million restricted cash and cash equivalents, primarily related to escrows under the terms of the MOU related to potential future legacy [liabilities] .

將我們的重點轉移到資產負債表和流動性。截至 2024 年 9 月 30 日，我們的綜合債務總額為 41 億美元，流動資金約 12 億美元。其中包括 5.96 億美元的無限現金和現金等價物，以及我們的循環信貸額度下的 6.52 億美元。此外，該公司保留了 7,000 萬美元的限制性現金和現金等價物，主要與根據與未來潛在遺產相關的諒解備忘錄條款進行託管有關[負債]。

Our cash provided by operating activities in the third quarter was $139 million, which increased 6% from $131 million in the same quarter last year. Capital expenditures for this quarter totaled $76 million compared to $86 million in the prior year as the company continues to focus spending on strategic priorities. Additionally, the company paid $38 million in dividends to shareholders during the current quarter.

第三季經營活動提供的現金為1.39億美元，比去年同期的1.31億美元成長6%。由於公司繼續將支出重點放在策略優先事項上，本季的資本支出總額為 7,600 萬美元，而上一年為 8,600 萬美元。此外，該公司在本季向股東支付了 3,800 萬美元的股息。

So overall, we are very pleased with the quarter. Having exceeded our performance expectations with continued market momentum and positive trends in several key areas. For instance, we saw year-over-year volume increases across all our businesses. Notably, volume trends in Opteon continued to show strong adoption with high double-digit year-over-year growth through new stationary units. This trend is expected to continue as we transition to air conditioning OEMs in the US under the (inaudible) into 2015.

總的來說，我們對這個季度非常滿意。憑藉持續的市場動力和幾個關鍵領域的積極趨勢，超出了我們的業績預期。例如，我們所有業務的銷量都較去年同期成長。值得注意的是，Opteon 的銷售趨勢繼續顯示出強勁的採用率，透過新的固定裝置實現了兩位數的同比高增長。隨著我們在 2015 年（聽不清楚）向美國空調原始設備製造商轉型，這一趨勢預計將持續下去。

For TT, our stable TiO2 volumes exceeded expectations despite lingering manufacturing, while we also stay ahead of our TT Transformation Plan. And for APM, results in Performance Solutions were strong compared to the prior year, with our Teflon PFA line up and running as planned, which will contribute to our Performance Solutions portfolio as we look ahead to the fourth quarter.

對於 TT 來說，儘管生產停滯不前，但我們穩定的 TiO2 產量超出了預期，同時我們也保持領先於 TT 轉型計劃。對於 APM 而言，性能解決方案的業績與去年相比強勁，我們的 Teflon PFA 系列已按計劃投入運行，這將有助於我們展望第四季度的性能解決方案組合。

Lastly, we've also made substantial progress on the control issues stemming from earlier this year. Notably, we have successfully remediated two of our four material weaknesses as of the third quarter, and continue to progress the other two remaining controls issues to appropriate remediation.

最後，我們在今年稍早產生的控制問題上也取得了實質進展。值得注意的是，截至第三季度，我們已成功修復了四個重大缺陷中的兩個，並繼續推進其他兩個剩餘的控制問題以進行適當的修復。

With this third quarter perspective, I'd like to now provide our expectations as we head into the fourth quarter and also as we frame our thinking for 2025. For the fourth quarter, TSS will experience normal refrigerant seasonality, which will drive a sequential decline in net sales in the low teens. We expect to see continued double-digit year-over-year growth in Opteon refrigerants in the fourth quarter.

從第三季的角度來看，我現在想提供我們在進入第四季以及製定 2025 年思路時的預期。第四季度，TSS 將經歷正常的冷媒季節性，這將導致淨銷售額連續下降至十幾歲。我們預計第四季 Opteon 冷媒將繼續實現兩位數的年成長。

However, TSS adjusted EBITDA is expected to decrease in the low 20% range sequentially due to seasonal trends. Also, it's important to highlight that our Corpus Christi Texas expansion remains on track with the expectation that this additional capacity of our Opteon brand will be available starting in the beginning of 2025.

然而，由於季節性趨勢，TSS 調整後 EBITDA 預計將連續下降 20% 左右。此外，需要強調的是，我們在德州科珀斯克里斯蒂的擴張仍在正常進行，預計我們的 Opteon 品牌的額外產能將於 2025 年初開始投入使用。

This 40% expansion is critical to support the USs OEM regulatory transition, which requires newly manufactured residential and light commercial air conditioning systems to transition to low global warming potential refrigerants at the beginning of next year. We plan to have half of the capacity available at the beginning of 2025, and we believe our market leadership and our production network place Chemours in a strong position to support this important regulatory transition.

這 40% 的擴張對於支持美國 OEM 監管過渡至關重要，該過渡要求新製造的住宅和輕型商用空調系統在明年初過渡到低全球暖化潛能製冷劑。我們計劃在 2025 年初提供一半的產能，我們相信我們的市場領導地位和生產網絡使科慕處於支持這一重要監管過渡的有利地位。

Looking ahead, we anticipate the pattern of double-digit net sales growth in Opteon refrigerants to persist throughout 2025, driven by volume expansion in the Opteon refrigerant plants. The strength in net sales will be driven primarily through volume growth in the US air conditioning market as demand transitions from many legacy HFC producers to available options for low GWP alternatives to HFOs such as R32.

展望未來，我們預計，在 Opteon 冷媒工廠銷售擴張的推動下，Opteon 冷媒的兩位數淨銷售額成長模式將持續到 2025 年。隨著需求從許多傳統 HFC 生產商轉向 R32 等 HFO 的低 GWP 替代品的可用選擇，美國空調市場的銷售成長將主要推動淨銷售額的成長。

In 2025, we will continue to actively sell Freon products, although they will increasingly represent a smaller portion of the TSS refrigerant portfolio as our markets continue transitioning to Opteon. We anticipate that US Freon pricing will remain at low levels in 2025.

到 2025 年，我們將繼續積極銷售氟利昂產品，儘管隨著我們的市場繼續向 Opteon 過渡，它們在 TSS 冷媒產品組合中所佔的比例將越來越小。我們預計 2025 年美國氟利昂定價將維持在較低水準。

We also expect slight strength in foam, propellents and other products as we move into 2025. These factors, combined with additional cost reduction efforts support our expectations that adjusted EBITDA margins will remain around 30% or greater, assuming that Freon pricing remains stable.

進入 2025 年，我們也預期泡棉、推進劑和其他產品將略有走強。這些因素，加上額外的成本削減努力，支持我們的預期，即假設氟利昂定價保持穩定，調整後的 EBITDA 利潤率將保持在 30% 左右或更高。

Turning to our TT business. In the fourth quarter, we expect a mid- to high single digit sequential net sales decline, with seasonality driving lower volumes combined with impacts from mix of regional sales. We also expect adjusted EBITDA to decrease between mid to high teens in line with the sequentially lower volumes and mix drivers. This decline will continue to be supported by our continued cost out efforts under the TT Transformation Plan, which, as highlighted has exceeded expectations and will continue into the fourth quarter.

轉向我們的 TT 業務。在第四季度，我們預期淨銷售額將出現中高個位數的環比下降，季節性因素導致銷售下降，加上區域銷售組合的影響。我們也預期調整後的 EBITDA 將在中位數到高位數之間下降，這與銷售量和混合驅動因素的連續下降一致。這種下降將繼續受到我們在 TT 轉型計劃下持續的成本削減努力的支持，正如所強調的那樣，該計劃已經超出了預期，並將持續到第四季度。

Looking ahead to 2025 for TT, we anticipate volume stabilization and opportunities for an improved demand environment, driven by recent rate cuts in the US and Europe. We also will continue our cost out efforts under the TT Transformation Plan. We believe that these continued cost out efforts, combined with a continually improving demand environment will continue to produce enhanced earnings leverage as we move into the future.

展望 TT 的 2025 年，我們預期在美國和歐洲近期降息的推動下，銷售量將穩定，需求環境將有改善的機會。我們也將繼續根據 TT 轉型計畫進行成本削減工作。我們相信，這些持續的成本削減努力，加上不斷改善的需求環境，將在我們走向未來時繼續產生增強的獲利槓桿。

For our APM business, we anticipate a low single digit net sales decline driven by macro weakness in our advanced materials and markets, slightly offset by increases in Performance Solutions, driven by positive contributions from our new Teflon PFA line. Adjusted EBITDA is anticipated to be broadly flat sequentially due to portfolio mix combined with continued cost reduction efforts across the business.

對於我們的APM 業務，我們預計，由於我們的先進材料和市場的宏觀疲軟，淨銷售額將出現低個位數的下降，但由於我們新的Teflon PFA 系列的積極貢獻，性能解決方案的增長略有抵消。由於投資組合組合以及整個業務持續降低成本的努力，調整後的 EBITDA 預計將基本持平。

Moving into 2025, while we anticipate a continued macro recovery, APM's recovery tends to be further back in the supply chain, which leads us to believe that this recovery won't meaningfully start to impact the business until at earliest later in the year. We anticipate this persisting weakness could offset some of the positive top line strength from the new Teflon PFA line. That said, this favorable product mix on top of additional cost reduction efforts should continue to drive improvements in APM's margins as we head into next year.

進入 2025 年，雖然我們預計宏觀經濟將持續復甦，但 APM 的復甦往往會進一步追溯到供應鏈，這使我們相信這種復甦最早要到今年晚些時候才會開始對業務產生有意義的影響。我們預計這種持續的疲軟可能會抵消新 Teflon PFA 系列帶來的一些積極的營收優勢。也就是說，隨著我們進入明年，這種有利的產品組合加上額外的成本削減措施應該會繼續推動 APM 利潤率的提高。

Our consolidated expectations for the fourth quarter are a mid to high single digit sequential decline in net sales, with adjusted EBITDA down in the high teens to the low 20% range compared with the third quarter. Also, as a part of this change, we anticipate that corporate expenses will be generally in line with the third quarter.

我們對第四季的綜合預期是淨銷售額環比出現中高個位數下降，調整後的 EBITDA 與第三季相比下降了十幾%到 20% 左右。此外，作為這項變更的一部分，我們預計企業支出將與第三季基本一致。

Moving into 2025, we will continue to (inaudible) as well as driving out costs in our business and corporate functional expenses, which we will provide additional insight later in our strategy section of this call. As we look ahead to our liquidity, we anticipate our overall cash balance in the fourth quarter will remain generally in line with the third quarter as we expect positive operating cash flow.

進入 2025 年，我們將繼續（聽不清楚）並降低業務成本和公司職能支出，我們將在本次電話會議的策略部分稍後提供更多見解。當我們展望我們的流動性時，我們預計第四季度的整體現金餘額將與第三季基本保持一致，因為我們預計正營運現金流。

We do also expect additional CapEx primarily concentrated around planned major maintenance activities across our businesses and the reference expansion underway a TSS production site in Corpus Christi, which will increase our expected total CapEx in the fourth quarter to be in the range of approximately $100 million.

我們也預期額外的資本支出主要集中在我們各業務中規劃的主要維護活動以及科珀斯克里斯蒂TSS 生產基地正在進行的參考擴張，這將使我們第四季的預期總資本支出增加到約1 億美元。

As we move ahead, we do not anticipate any liquidity concerns or events that would impact liquidity related compliance concerns with our banking (inaudible).

隨著我們的前進，我們預計不會出現任何流動性問題或會影響我們銀行業務流動性相關合規問題的事件（聽不清楚）。

With that, I'll hand it back over to Denise for more strategic discussions.

這樣，我會將其交還給丹尼斯進行更多戰略討論。

Thank you, Shane. Since becoming CEO in March, I focused my time on stabilizing the company, adding a new leadership partner in Shane and spending a lot of time with our stakeholders to help develop our path forward. As I shared in the prior quarter, this effort reflected a new set of Chemours values in safety, integrity, partnership, ownership and respect, providing the foundation for our new vision to deliver trusted chemistry making people lives better and helping our communities to thrive.

謝謝你，謝恩。自從三月成為執行長以來，我把時間集中在穩定公司上，增加了謝恩（Shane）作為新的領導合作夥伴，並花了很多時間與我們的利益相關者一起幫助制定我們的前進道路。正如我在上一季分享的那樣，這項努力體現了科慕在安全、誠信、夥伴關係、所有權和尊重方面的一套新價值觀，為我們的新願景奠定了基礎，即提供值得信賴的化學物質，讓人們生活得更美好，並幫助我們的社區繁榮發展。

Our refreshed strategy, which we are calling Pathway to Thrive, capitalizes on the fundamental strength of our businesses, our incredible talent and competitive differentiators. It provides a clear framework and actionable steps to create short and long-term value centered around our four pillars, operational excellence, enabling growth, portfolio management and strengthening the long term. We have set a number of key targets over the next three years and are confident that solid execution across the business will drive differentiated value creation for shareholders.

我們稱之為「繁榮之路」的更新策略充分利用了我們業務的基本實力、我們令人難以置信的人才和競爭優勢。它提供了一個清晰的框架和可行的步驟，圍繞我們的四大支柱創造短期和長期價值：卓越營運、促進成長、投資組合管理和加強長期發展。我們在未來三年設定了許多關鍵目標，並相信整個業務的紮實執行將推動為股東創造差異化的價值。

I'd like to now provide some additional details around each of these four pillars. Starting with operational excellence. We can achieve incremental run rate cost savings of greater than $250 million across the company starting next year through 2027. This overall cost savings plan comprises an additional $100 million cost savings program under our TT Transformation Plan and $150 million in targeted savings evenly across the other businesses and corporate costs.

我現在想圍繞這四個支柱提供一些額外的細節。從卓越營運開始。從明年到 2027 年，我們可以在整個公司內實現超過 2.5 億美元的增量運行成本節省。這項整體成本節約計畫包括我們的 TT 轉型計畫下的額外 1 億美元成本節約計畫以及在其他業務和企業成本中均勻分配的 1.5 億美元目標節約計畫。

We have developed a programmatic approach for achieving these cost savings, including the use of efficiency-creating technology across the company. Given the cyclicality of our industry, cost management must be part of our DNA. It's a continuous exercise for us.

我們開發了一種程序化方法來實現這些成本節約，包括在整個公司內使用提高效率的技術。鑑於我們行業的周期性，成本管理必須成為我們 DNA 的一部分。這對我們來說是一個持續的練習。

And while we have addressed much of the low hanging fruit, we continue to be disciplined and committed to operating as efficiently and effectively as possible. A top priority when I became CEO was getting these cost efforts underway. As a result, we expect to realize approximately 50% as a run rate of these savings by the end of 2025.

儘管我們已經解決了許多容易實現的目標，但我們仍繼續遵守紀律並致力於盡可能高效和有效地運作。當我成為執行長時，首要任務是進行這些成本工作。因此，我們預計到 2025 年底，這些節省的運行率將實現約 50%。

Our second pillar is enabling growth. Chemours is committed to strategically investing in high-return, low-risk initiatives across our portfolio. We are targeting a greater than 5% revenue CAGR from 2024 through 2027, assuming no significant macro events over that time. We will prioritize expanding and rapidly growing end markets, concentrating on data center point, next-generation refrigerant, and semiconductor fabrication.

我們的第二個支柱是促進成長。科慕致力於在我們的產品組合中對高回報、低風險的舉措進行策略性投資。假設在此期間沒有發生重大宏觀事件，我們的目標是 2024 年至 2027 年收入複合年增長率超過 5%。我們將優先考慮擴大和快速成長的終端市場，重點關注資料中心點、下一代冷媒和半導體製造。

Our recently completed Teflon PFA line investment is a great example of this commitment. Our high purity resins serve as a key component in semiconductor fabs. We also remain strongly committed to moving into data center cooling through the continued development of our specialty two phase immersion cooling product Opteon 2P50. As we target our investments in these higher growth businesses, we will also pull back on certain slower growth investments to prioritize our capital focus.

我們最近完成的 Teflon PFA 生產線投資就是這項承諾的一個很好的例子。我們的高純度樹脂是半導體工廠的關鍵組件。我們也堅定地致力於透過持續開發我們的專業兩相浸入式冷卻產品 Opteon 2P50 進軍資料中心冷卻領域。當我們將投資目標瞄準這些高成長業務時，我們也會撤回某些成長較慢的投資，以優先考慮我們的資本重點。

We are placing our APM Nafion expansion at Villers Saint Paul fran on hold, considering the near term weakness in the hydrogen market. We are leaders in this space and continue to believe in the long term potential, but we believe for now, we can satisfy demand with our existing assets.

考慮到氫市場近期的疲軟，我們將暫停 Villers Saint Paul fran 的 APM Nafion 擴建計劃。我們是這個領域的領導者，並繼續相信長期潛力，但我們相信目前我們可以利用現有資產來滿足需求。

Additionally, we are working through a plan to reduce our investment in our previously communicated foam expansion in TFS to align with our strategic priorities while still addressing the market at a much lower investment threshold.

此外，我們正在製定一項計劃，減少先前溝通過的 TFS 泡沫擴張投資，以符合我們的策略重點，同時仍以低得多的投資門檻來滿足市場需求。

Going forward, our investments must be guided by a disciplined capital allocation program and will prioritize high growth areas such as data center cooling, next generation refrigerant and semiconductor fabrication. We expect these investment activities to be funded by organic cash flow generation and achieved cost savings across all of our businesses. We believe prioritizing these compelling growth opportunities (inaudible) Chemours on the best path to enhance our competitive positioning and capture significant share in an evolving landscape.

展望未來，我們的投資必須以嚴格的資本分配計畫為指導，並將優先考慮資料中心冷卻、下一代冷媒和半導體製造等高成長領域。我們預計這些投資活動將由有機現金流產生提供資金，並在我們所有業務中實現成本節約。我們相信，優先考慮這些引人注目的成長機會（聽不清楚）科慕是增強我們的競爭地位並在不斷發展的格局中佔據重要份額的最佳途徑。

Our third strategic pillar, portfolio management is reflective of our ongoing commitment to strategically optimizing our existing businesses and assets. We must continue to shift our focus from products to applications in higher growth, higher margin markets. We believe that this approach paired with regularly revisiting the returns of our asset base with an emphasis on the specialty components of our business will enhance shareholder value.

我們的第三個策略支柱，投資組合管理反映了我們對策略性優化現有業務和資產的持續承諾。我們必須繼續將重點從產品轉向更高成長、更高利潤市場的應用。我們相信，這種方法與定期重新審視我們資產基礎的回報並專注於我們業務的專業組成部分相結合，將提高股東價值。

Our executive team will continue to monitor and evaluate Chemours positioning and portfolio to effectively navigate and respond to market changes. We also will take a hard look at our existing asset footprint, particularly in APM to ensure we have the optimal asset base for our future needs.

我們的執行團隊將繼續監控和評估科慕的定位和產品組合，以有效駕馭和應對市場變化。我們也將認真審視我們現有的資產足跡，特別是在 APM 方面，以確保我們擁有滿足未來需求的最佳資產基礎。

Lastly, our fourth pillar, strengthening the long term reflects our prioritization of resolving legacy litigation matters. Our commitment to responsible manufacturing and our advocacy efforts that create awareness and inform regulations and policies globally that recognize the criticality of our chemistries.

最後，我們的第四個支柱，即加強長期發展，反映了我們優先解決遺留訴訟問題。我們對負責任製造的承諾以及我們的宣傳工作，旨在提高認識並為全球法規和政策提供訊息，以認識到我們化學品的重要性。

As it relates to our legacy PFAS liabilities, I would like to take a moment to provide a framework on how they consider our litigation efforts. I'll start with a very high view of the foremost common types of claimants and claims.

由於它與我們遺留的 PFAS 負債有關，我想花點時間提供一個框架，說明他們如何考慮我們的訴訟工作。我將從對最常見的索賠人和索賠類型的高度視角開始。

The first type relates to water system claims that involve cost to abate or meet regulatory requirements. Through our participation as part of the US water district settlement finalized earlier in 2024, we were able to resolve a substantial amount of claims in this area related to water providers.

第一類涉及水系統索賠，涉及減少或滿足監管要求的成本。透過參與 2024 年初敲定的美國水區和解協議的一部分，我們能夠解決該地區與供水商相關的大量索賠。

The second type of claims are government-related, including regulatory agencies and state attorneys general that may arise through the regulatory process or through litigation proceedings. The third type of claims are personal injury, which have largely been consolidated or grouped by (inaudible). The last type of claims are property related, primarily involving loss of value.

第二類索賠與政府相關，包括可能透過監管程序或訴訟程序產生的監管機構和州總檢察長。第三類索賠是人身傷害索賠，這些索賠主要按以下類別合併或分組：（聽不清楚）。最後一類索賠與財產相關，主要涉及價值損失。

What's important to understand about these legacy liabilities and related resolution efforts is that these claims often involve parties that actively regulate us, working to resolve these outstanding matters productively not only addresses legacy liabilities, but it also can help our ability to obtain permits that allow us to profitably grow business lines and achieve our short and long term strategies.

了解這些遺留責任和相關解決工作的重要一點是，這些索賠通常涉及積極監管我們的各方，努力有效地解決這些未決問題不僅可以解決遺留責任，而且還可以幫助我們獲得許可，使我們能夠以獲利方式發展業務並實現我們的短期和長期策略。

Our continued engagement in a meaningful dialogue with regulators is important in our advocacy for trusted chemistry. A recent example is the permit at Washington works for the new PFA line to expansion which would not have happened without great efforts from our team and a productive dialogue with our regulators and government officials at the state and federal level.

我們持續與監管機構進行有意義的對話對於我們倡導值得信賴的化學非常重要。最近的一個例子是，如果沒有我們團隊的巨大努力以及與州和聯邦層面的監管機構和政府官員的富有成效的對話，華盛頓新的 PFA 線路擴建工程的許可是不可能實現的。

We are committed to making continued progress on resolving PFAS liabilities. Each claim is different and varying in stages. However, we are encouraged by the progress we've made in each group. That said, these efforts are not something that can be rushed and will take time to thoughtfully and responsibly resolve.

我們致力於在解決 PFAS 責任方面不斷取得進展。每項主張都是不同的，並且階段性地改變。然而，我們對每個小組所取得的進步感到鼓舞。也就是說，這些努力不是可以操之過急的事情，需要時間經過深思熟慮和負責任地解決。

We believe meaningful resolutions can be achieved over time and that we can materially progress resolution of legacy litigation matters and related exposures over the next several years. We will continue to provide updates on our resolution efforts going forward.

我們相信，隨著時間的推移，可以實現有意義的解決方案，並且我們可以在未來幾年內實質地推進遺留訴訟事項和相關風險的解決方案。我們將繼續提供有關我們今後解決問題的最新資訊。

These pillars of our strategy are key to driving near- and long-term returns across our top three franchises. It's with these pillars and the synergies that connect us as one business that we continue to be excited by the value we can return to our shareholders as the best owners and operators of this company. Our business mix has driven the company's ability to navigate down cycles and sustain ample liquidity while consistently returning cash to shareholders.

我們策略的這些支柱是推動我們三大特許經營業務近期和長期回報的關鍵。正是憑藉著這些支柱和協同效應，我們成為一個企業，我們作為這家公司的最佳所有者和經營者，能夠為股東帶來價值，我們對此感到興奮不已。我們的業務組合推動了公司能夠應對下行週期並維持充足的流動性，同時持續向股東返還現金。

Chemours scale, in particular, by cash generation from our TT segment has provided and continues to provide available capital to support the targeted and focused growth of our TSS and APM businesses while prudently resolving legacy litigation matters in the best interest of our stakeholders.

科慕的規模，特別是透過我們的TT 部門產生的現金，已經並將繼續提供可用資本來支持我們的TSS 和APM 業務的有針對性和集中的增長，同時為了我們利益相關者的最佳利益審慎解決遺留訴訟問題。

In closing, we are confident in our refreshed corporate strategy and the pillars serve as an important framework for how we will operate going forward and communicate our progress. We have set aggressive targets, but I am confident that they are achievable and will lead to continued benefits for our customers and communities as we drive enhanced value creation for shareholders.

最後，我們對更新後的企業策略充滿信心，這些支柱將成為我們未來營運和溝通進度的重要框架。我們制定了雄心勃勃的目標，但我相信這些目標是可以實現的，並且在我們推動為股東創造更多價值的同時，將為我們的客戶和社區帶來持續的利益。

This is a strategy that takes everyone at Chemours and I am grateful for the contributions that our employees make every day to live our Chemours value and deliver trusted chemistry. I look forward to speaking with you further and keeping you updated on our operational and financial progress.

這是一項需要科慕每個人都參與的策略，我非常感謝我們的員工每天為實踐我們的科慕價值觀並提供值得信賴的化學產品所做的貢獻。我期待與您進一步交談，並隨時向您通報我們的營運和財務進展。

And now we will open it up for your questions.

現在我們將開放它來回答您的問題。

(Operator instructions)

（操作員說明）

Arun Viswanathan, RBC Capital Markets.

阿倫‧維斯瓦納坦 (Arun Viswanathan)，加拿大皇家銀行資本市場部。

Great. Thanks for taking my question. Congrats on the results. Good to see the new strategy rolled out as well. I guess just, maybe I'll have a question in TSS as well as TT. So in TSS, how long do you think we'll be waiting through these higher levels of inventories of HFCs? And what kind of pricing drag do you expect as you move into '25 from that? Thank you.

偉大的。感謝您提出我的問題。祝賀結果。很高興看到新策略的推出。我想，也許我會在 TSS 和 TT 中提出問題。那麼，在 TSS 中，您認為我們要等待這些較高水準的氫氟碳化合物庫存多久？當您進入 25 世紀時，您預計會出現什麼樣的定價拖累？謝謝。

Yes, Arun, thanks for the question. As I think about the inventory levels, we haven't given guidance on natural levels on (inaudible). Denise did talk about this on the script of thinking through the pricing related to HFCs at the current price is going to last at these levels into '25, given just the dynamics of the inventory and supply.

是的，阿倫，謝謝你的提問。當我考慮庫存水準時，我們尚未就自然水準提供指導（聽不清楚）。Denise 確實在劇本中談到了這一點，考慮到庫存和供應的動態，當前價格下的 HFC 相關定價將持續到 25 年。

Yes, maybe just add on. So you know that our strategy is to lead in the transformation, the transitions are to HFO technology in our Opteon product line, and we continue to have double digit growth in this area. Over time, the Freon portfolio is going to become less and less relevant as quota declines.

是的，也許只是添加。所以您知道，我們的策略是引領轉型，轉型是在我們的 Opteon 產品線中轉向 HFO 技術，並且我們在這一領域繼續保持兩位數的成長。隨著時間的推移，氟利昂產品組合將隨著配額的減少而變得越來越不重要。

And going into 2025, we believe that these levels will remain kind of where they are. Our job is to maximize value and in this conversion and really to, really this Opteon maximizing our potential in this next step down in light commercial and residential.

進入 2025 年，我們相信這些水準將保持不變。我們的工作是實現價值最大化，在這種轉變中，實際上，Opteon 最大限度地發揮了我們在輕型商業和住宅領域下一步的潛力。

Okay, thanks. And then on TT, I'm just wondering how you see your utilization rates evolving as you move into '25? Have you seen any noticeable improvement in demand levels? We've been hearing obviously mostly sluggish, although with the rate cuts approaching. Do you have any optimism that maybe we could see some increase in demand as we move into maybe the back half of '25? Thanks.

好的，謝謝。然後在 TT 上，我只是想知道，隨著進入 25 年，您的使用率如何變化？您是否看到需求水準有明顯改善？儘管降息臨近，但我們聽到的消息顯然大多是低迷的。您是否樂觀地認為，隨著我們進入 25 世紀後半葉，我們可能會看到需求增加？謝謝。

Thanks for the question. So first of all, I just really want to congratulate the team on such a great strong third quarter. Our plants are running well, and our team is executing excellently. Our position actually for TiO2 has been consistent, I would say, for the year. We don't see market any kind of momentum changing there. There's not really a sign of market recovery. But we're very excited about the interest rate reductions in the US.

謝謝你的提問。首先，我真的想恭喜球隊第三季表現如此出色。我們的工廠運作良好，我們的團隊執行力出色。我想說，今年我們對 TiO2 的立場其實是一致的。我們認為市場動力沒有任何變化。市場並沒有真正復甦的跡象。但我們對美國的降息感到非常興奮。

We'll see what happens this week the Fed and also some reductions in Europe. We have seen some small share gains going in Europe. Nothing to write home about, but definitely, there's something there with Chinese producers picking up some share in Europe. We've done a tremendous job executing on the Transformation Plan. We're ahead of plan. Going into 2025, we feel confident and we're going to be ready to take advantage of any market opportunity that comes our way.

我們將看看本週聯準會會發生什麼事以及歐洲的一些降息。我們看到歐洲的份額出現了一些小漲。沒什麼值得大書特書的，但毫無疑問，中國生產商在歐洲獲得了一些份額。我們在執行轉型計劃方面做得非常出色。我們比計劃提早了。進入 2025 年，我們充滿信心，並將做好充分準備，充分利用出現的任何市場機會。

Thanks.

謝謝。

Josh Spector, UBS.

喬許‧斯佩克特，瑞銀集團。

Yeah. Hi, good morning. I wanted to follow up on Shane's comments on TSS margins looking at 2025. I think, Shane, you said greater than 30% if Freon prices stay where they are. I think your guidance reflects around 31% this year. And our view was that Corpus will come on at a higher margin and help the segment into 2025.

是的。嗨，早安。我想跟進 Shane 對 2025 年 TSS 利潤率的評論。我想，Shane，你說過如果氟利昂價格保持在原來水平，增幅將超過 30%。我認為您的指導反映了今年的 31% 左右。我們的觀點是，Corpus 將以更高的利潤率出現，並協助該細分市場進入 2025 年。

So what are some of the other moving pieces that you think about? And is there anything negative, I guess, we need to be baking in about why margins would be down year-over-year? Or is your framework just conservative at this point? Thanks.

那麼您認為還有哪些令人感動的作品呢？我想，我們需要思考為什麼利潤率會逐年下降，有什麼負面影響嗎？還是你的框架目前還只是保守的？謝謝。

Yes. Thanks, Josh. Yes, you're right, with the greater than 30% on that side. As I think about other perspectives to think about within that margin guidance, we've put a slide in the deck to kind of look at the balance between price and volume, but there's also a bucket around cost and other, with that HFC pricing, we do anticipate quota on that side to be purchased. Raw materials, with the mix between stationary and that coming on board into next year, will have an impact as well.

是的。謝謝，喬許。是的，你說得對，超過 30% 的人站在這一邊。當我考慮在利潤指導範圍內考慮其他觀點時，我們在甲板上放了一張幻燈片來看看價格和數量之間的平衡，但還有一個圍繞成本和其他的問題，即 HFC 定價，我們確實預計會購買該方面的配額。原料，包括固定原料和明年即將上市的原料，也將產生影響。

And then if we think about the balance between Corpus production and those that we source outside of the US, that probably will be a little bit less in that bucket, as you pointed out as Corpus comes along.

然後，如果我們考慮 Corpus 生產與我們在美國境外採購的產品之間的平衡，正如您在 Corpus 出現時所指出的那樣，這一數量可能會更少。

Okay. Thanks. And if I could just ask quickly on the cost savings. How much are you expecting to achieve in '24 from that greater than $250 million number you talked about in '25?

好的。謝謝。我是否可以快速詢問節省成本的情況。您預計在 24 年能從您在 25 年談到的超過 2.5 億美元的數字中獲得多少成果？

So maybe just talk about the, for '24, we are expecting, we've already exceeded the plan for the TT transformation so far. We're expecting additional value going into the fourth quarter. As part of operational excellence, we've really laid out a really robust plan of cost savings really across the company incremental savings on top of the TT transformation plan through 2024. Maybe I'll let Shane talk a little bit more about the details.

所以也許只是談論一下，對於 24 年，我們預計，到目前為止，我們已經超出了 TT 轉型的計劃。我們預計第四季將產生額外價值。作為卓越營運的一部分，我們確實制定了一項非常穩健的成本節約計劃，在 2024 年之前的 TT 轉型計劃的基礎上，在整個公司範圍內實現增量節約。也許我會讓謝恩多談談細節。

Thanks, Denise. Yes, I think I'd point that it's incremental. So as we think about 2025, '26 and '27, we anticipate $250 million out in those years with about 50% of that $250 million being run rated at the end of '25. That said, with the intricacies around, the cost out program, we do anticipate some of the value that we talked about, the earnings run rate being towards the back half of '25.

謝謝，丹妮絲。是的，我想我會指出它是漸進的。因此，當我們考慮 2025 年、26 年和 27 年時，我們預計這些年將支出 2.5 億美元，其中 2.5 億美元中的約 50% 將在 25 年底進行評級。也就是說，由於成本支出計畫的複雜性，我們確實預期了我們談到的一些價值，獲利運行率將接近 25 年下半年。

Mike Leithead, Barclays.

麥克萊特黑德，巴克萊銀行。

Great. Thanks. Good morning team. First, two related to the APM goodwill impairment. First, I usually think of goodwill assessment being a year-end process. So what prompted the timing of it now? Was it the investment deferral related to hydrogen, if I heard you right?

偉大的。謝謝。早上好，團隊。首先，有兩個與 APM 商譽減損相關。首先，我通常認為商譽評估是一個年終過程。那麼是什麼促使現在選擇這個時機呢？如果沒聽錯的話，是氫相關的投資延期嗎？

And second, I think you previously talked about the segment over the medium term, growing GDP plus with low 20s percent EBITDA margins. What is sort of the new financial algorithm for this business?

其次，我認為您之前談到了中期的細分市場，即 GDP 成長以及 EBITDA 利潤率低至 20% 的情況。該業務的新財務演算法是什麼？

Yes. Thanks, Mike. I'll take the impairment item first in this side. Coming into the quarter, I really wanted to make sure we looked at just overall investments with the strategic lens of how much capital outlay there is versus related returns.

是的。謝謝，麥克。我先拿這邊的減損項目。進入本季度，我真的想確保我們只從戰略角度來看待整體投資，即資本支出與相關回報的關係。

And as we looked at the hydrogen investment, still very important to us. However, the market shifted on us, really the future cash flow is associated with us, we're a little bit delayed. And so with that, it made the choice to put on hold investments in this area until we really have more clarity on the market development.

當我們審視氫能投資時，它對我們來說仍然非常重要。然而，市場轉向了我們，未來的現金流確實與我們相關，我們有點延遲了。因此，它決定暫停在這一領域的投資，直到我們真正對市場發展有了更清晰的了解。

Yes. I mean, and I'll just comment relative to what our expectations are around the margin, what we've previously said. So I would say in APM, for sure, we have work to do, that all the pillars of pathway to apply for APM. So reducing cost with operational excellence, focusing growth on high return, low risk investments and making the decisions that as we did with hydrogen when we need to make them.

是的。我的意思是，我只會根據我們之前所說的關於我們的預期進行評論。所以我想說，在 APM 方面，我們當然還有工作要做，也就是申請 APM 途徑的所有支柱。因此，透過卓越營運來降低成本，將成長重點放在高回報、低風險的投資上，並像我們在需要時對氫所做的那樣做出決策。

Also shifting our portfolio to the high value applications and then looking at streamlining our product and asset footprint. So work to do, but we have a plan. We are very confident in our Performance Solutions portfolio and we believe we'll get to the projections that we've previously talked about.

也將我們的產品組合轉向高價值應用，然後考慮簡化我們的產品和資產足跡。所以還有工作要做，但我們有一個計劃。我們對我們的效能解決方案組合非常有信心，我們相信我們將實現我們之前討論過的預測。

Great. That's super helpful. And then second, I wanted to ask, as you're working through the refreshed corporate strategy and the outline is helpful. Two, as it relates to the TT business. One, is there any change to your go-to-market strategy there. Obviously, a lot in the world has changed since you initially took this approach a few years ago. Has that changed at all?

偉大的。這非常有幫助。其次，我想問一下，因為您正在製定更新的公司策略，並且大綱很有幫助。第二，因為它涉及到 TT 業務。第一，您的市場進入策略是否有任何改變？顯然，自從幾年前您最初採用這種方法以來，世界已經發生了很多變化。這有什麼改變嗎？

And then second, has the role of the TT business in the portfolio changed at all? And what I mean by that is you're highlighting a shift towards higher value growth markets. I would say TiO2 probably doesn't really grow greater than 5% annually like you intend for the company. So when you thought through everything, does TT in the long term belong in the Chemours portfolio?

其次，TT 業務在投資組合中的角色是否改變了？我的意思是，您強調的是向更高價值成長市場的轉變。我想說，TiO2 的年增長率可能不會像您為公司設定的那樣真正超過 5%。那麼，當您深思熟慮後，從長遠來看，TT 是否屬於科慕產品組合？

Sure, maybe I'll take the second question first. First of all, as we develop the pathway to thrive, we've done significant work to understand how these, the roles of each business. And we believe that there's substantial benefit to our shareholders for these businesses to stay together. We have a strong combined footprint and especially in the coming years and I just want to highlight three key points.

當然，也許我會先回答第二個問題。首先，當我們開發出繁榮之路時，我們做了大量工作來了解每個企業的角色。我們相信，這些企業保持在一起會為我們的股東帶來巨大的好處。我們擁有強大的綜合足跡，尤其是在未來幾年，我只想強調三個關鍵點。

First is, these are complex businesses with large manufacturing assets and scale helps. There's lots of synergies that we can leverage, particularly when you think about running safe operations. Also, the cash generation of the TT business is important for growth in TSS and APM, especially as we're looking at the market cycle and also the product life cycle right now of, in TSS and APM is really important.

首先，這些都是複雜的企業，擁有大量的製造資產和規模優勢。我們可以利用許多協同效應，特別是當您考慮安全營運時。此外，TT 業務的現金產生對於 TSS 和 APM 的成長非常重要，特別是當我們關注市場週期以及 TSS 和 APM 目前的產品生命週期時，這一點非常重要。

And the third thing is just around our legacy legal liabilities. And we have, they're complex. And in many cases, our claimants are the people who regulate us. So we need to maintain purposeful relationships so that we can resolve these matters and enabling our growth. So with all of those things, we're confident that this structure and these pillars actually deliver the most value for our shareholders.

第三件事是關於我們遺留的法律責任。我們有，它們很複雜。在許多情況下，我們的索賠人是監管我們的人。因此，我們需要維持有目的的關係，以便我們能夠解決這些問題並促進我們的成長。因此，透過所有這些事情，我們相信這種結構和這些支柱實際上可以為我們的股東帶來最大價值。

Great, thank you.

太好了，謝謝。

Vincent Andrews, Morgan Stanley.

文森安德魯斯，摩根士丹利。

Thank you and good morning everyone. Wondering if I could just ask around Freon. I think, Shane, your comments were sort of assume the price has stayed where they are. What's the latest in terms of where inventories are and where demand is?

謝謝大家，早安。想知道我是否可以問問氟利昂。我認為，肖恩，你的評論有點假設價格保持不變。最新的庫存狀況和需求狀況如何？

And as we think into '25 and some of the moving parts that could move around demand, whether it's interest rates, housing, auto, whatever. What do you think the range of outcomes is on pricing for next year?

當我們考慮到 25 世紀以及一些可能圍繞需求變化的變化因素時，無論是利率、住房、汽車還是其他什麼。您認為明年的定價結果範圍如何？

Yes. As I think about the Freon pricing, we talked about the inventory levels a little earlier. There's certainly still levels from an HFC perspective in the market, and that is really keeping overall Freon prices down at where they're at. And we've talked about really the anticipation of those levels staying in '25.

是的。當我考慮氟利昂定價時，我們早些時候討論了庫存水平。從氫氟碳化合物的角度來看，市場上肯定仍然存在一定水平，這確實使氟利昂整體價格保持在當前水平。我們確實討論了對 25 年保持這些水平的預期。

As we think about just overall demand for HFOs, right, in this side, we're really happy with the stationary market and the commitment to residential as well as commercial into the next year. I think, obviously, with interest rates and other areas from an economic perspective and what that might provide we're excited that hopefully, as we think about next year, it might be a little bit more in the back half, kind of demand on that perspective. I don't know, Denise, if you want to add anything?

當我們考慮對 HFO 的整體需求時，在這方面，我們對固定市場以及明年對住宅和商業的承諾感到非常滿意。我認為，顯然，從經濟角度來看，從利率和其他領域以及這可能提供的內容來看，我們很興奮，希望在我們考慮明年時，後半段的需求可能會更多一些那個觀點。我不知道，丹妮絲，你是否想補充什麼？

Yeah, I think you summed it up well.

是的，我覺得你總結得很好。

So maybe just a follow-up on that (inaudible) to be a little bit more specific. We've seen the Fed cut rates, but we've seen the back end of the curve kind of work their way back up and mortgage rates are back in the [7s.] So to keep prices flat where they are, do you actually, do you need to see the back end of the curve come down to sort of allow for some pickup in demand on the whether it's new homes or existing homes or things like that or even to get better rates for automobile, for new cars. So if we stay in a high end back end of the rate curve, does that hurt pricing, do you think or not?

因此，也許只是對此（聽不清楚）的後續行動，更具體一點。我們已經看到聯準會降息，但我們也看到曲線的後端有所回升，抵押貸款利率又回到了[7s]。到曲線的後端下降，以允許需求回升，無論是新房子還是現有房屋或類似的東西，甚至是為了獲得更好的汽車、新車價格。因此，如果我們停留在利率曲線的高端後端，這是否會損害定價，您認為與否？

Yes. I mean I think, as we think about just overall pricing, I think the curve coming down certainly could help on that side, but it really depends upon the inventories on the HFC level and how they actually play out here.

是的。我的意思是，我認為，當我們考慮整體定價時，我認為下降的曲線肯定會在這方面有所幫助，但這實際上取決於 HFC 水平的庫存以及它們在這裡的實際表現。

I think the other thing that just to keep in mind is that, this is a regulatory transition and the quota will be reduced. So that in itself is a driver that we have full confidence in the growth that we're going to see continued double digit growth in Opteon.

我認為要記住的另一件事是，這是一個監管過渡，配額將會減少。因此，這本身就是我們對成長充滿信心的驅動力，我們將看到 Opteon 持續實現兩位數成長。

Thank you very much.

非常感謝。

Laurence Alexander, Jefferies.

勞倫斯·亞歷山大，杰弗里斯。

So good morning. First, can you give some perspective on how on the FERC ruling on nuclear power in the grid kind of last week might affect the demand pull for your immersion solutions relative to some of the alternatives?

早安.首先，您能否就上週 FERC 對電網核電的裁決可能如何影響您的浸入式解決方案相對於某些替代方案的需求拉動提供一些看法？

Secondly, can you give an example of how sort of looking at the assets on a return basis has shifted (inaudible) compared to what was in place (inaudible) over the last three years?

其次，您能否舉例說明與過去三年的情況（聽不清楚）相比，基於回報的資產看法發生了怎樣的變化（聽不清楚）？

Sure. So I'll give some comments relative to announcements on the nuclear power. First of all, that's fantastic. It's going to take a lot of time. Those kinds of transitions don't happen overnight. I don't see it as. So I think it's a positive trend just in general in order to advance these, advanced chips.

當然。因此，我將針對核電公告發表一些評論。首先，這太棒了。這將需要很多時間。這些轉變不會在一夜之間發生。我不這麼認為。因此，我認為總體而言，為了推進這些先進晶片的發展，這是一個積極的趨勢。

But from an emerging point perspective, it really doesn't change the picture. While the product has sustainability benefits of reducing power consumption water footprint, it has a huge performance benefit, right?

但從新興的角度來看，這確實沒有改變現狀。雖然該產品具有減少功耗水足跡的可持續性優勢，但它也具有巨大的性能優勢，對吧？

So with this technology being able to get over 500 watts, 600, 700, 800 watts, it's not something that you can do with the current technology. So I don't see that. I see them kind of maybe complementary in order to make the transition that we need to make.

因此，這項技術能夠獲得超過 500 瓦、600、700、800 瓦的功率，這不是現有技術可以做到的。所以我不這麼認為。我認為它們可能是互補的，以便實現我們需要進行的轉變。

I'll take the second question. On the looking at our overall asset and capital outlay related to returns, I really wanted to make sure, as we think about how we're investing, given where our leverage is, given where on that side, we want to make sure we're investing smartly with the appropriate returns. I

我來回答第二個問題。考慮到我們與回報相關的整體資產和資本支出，我真的想確保，當我們考慮如何投資時，考慮到我們的槓桿水平，考慮到這一邊的位置，我們希望確保我們「以適當的回報進行明智的投資。我

think it's allowed us to make sure that we're balancing the investments on that side as well as our liquidity from a debt perspective as well as settling with the litigation matters, while returning cash to our shareholders. So, I think it's just one more key element to providing guidance for us to really execute on our capital priorities.

認為這使我們能夠確保從債務角度平衡這方面的投資和流動性，並解決訴訟問題，同時向股東返還現金。因此，我認為這只是為我們真正執行資本優先事項提供指導的另一個關鍵要素。

Thank you.

謝謝。

John Roberts, Mizuho.

約翰·羅伯茨，瑞穗。

Thank you. In your three year growth target of 5%, are you counting on any growth from titanium dioxide? You talk about asset footprint optimization and so forth. How are you thinking about the three year growth there?

謝謝。在您 5% 的三年成長目標中，您是否指望二氧化鈦帶來任何成長？您談到了資產足跡優化等等。您如何看待三年來的成長？

Sure. What we've, in that projection, what we've dialed in is you know that there is cyclicality in some of the business, in particular, TT. So we have actually dialed in downside cyclicality in that. What we have in that 5% CAGR is some market recovery as well as cyclicality.

當然。在該預測中，我們所撥入的是，您知道某些業務（尤其是 TT）存在週期性。所以我們實際上已經調整了下行週期性。5% 的複合年增長率意味著市場的一定程度的復甦以及週期性。

We also have our own efforts around commercial excellence and things that we're going to be doing as well as what's happening, what's going to be happening with our Opteon growth with the AIM Act and the step-down and our PFA line too. I don't know, Shane, if there's anything else that you think you should

我們也圍繞著商業卓越做出了自己的努力，以及我們將要做的事情以及正在發生的事情，隨著 AIM 法案和降級以及我們的 PFA 系列，我們的 Opteon 成長將會發生什麼。我不知道，Shane，你是否認為還有什麼需要做的？

Yes. And I just want to make sure we highlight, Denise mentioned the cyclicality. As we think about the market from that perspective, we're anticipating that there is a bit of a return, but that's not the bulk of and the bulk of it is commercial as well as just executing what we execute and controlling

是的。我只是想確保我們強調，丹尼斯提到了周期性。當我們從這個角度思考市場時，我們預計會有一些回報，但這並不是大部分，而且大部分是商業性的，以及只是執行我們執行和控制的內容

And then remind me, what originally created the goodwill in APS that you're now writing down?

然後提醒我，是什麼最初在 APS 中創造了您現在寫下的商譽？

Sure. Yes. That goodwill when we spun the company, when the company was spun from DuPont, that goodwill was assigned to that segment based on just the fair value (inaudible)

當然。是的。當我們分拆公司時，當公司從杜邦分拆出來時，商譽僅根據公允價值分配給該部門（聽不清楚）

Got it. Thank you.

知道了。謝謝。

Hassan Ahmed, Alembic Global Advisors.

哈桑·艾哈邁德 (Hassan Ahmed)，Alembic 全球顧問。

Morning, Denise and Shane. Question on TT. You guys obviously addressed some of the near and medium-term issues and opportunities. Could you talk a bit about the sort of anti-dumping measures that we are seeing out there. Obviously, it started with the EU, and now it's spreading to countries and regions. So what potentially could be the opportunity for you guys there, be it as soon as 2025 and beyond?

早安，丹妮絲和謝恩。關於TT的問題。你們顯然解決了一些近期和中期的問題和機會。您能談談我們所看到的反傾銷措施嗎？顯然，它是從歐盟開始的，現在正在向其他國家和地區蔓延。那麼，最快到 2025 年及以後，你們那裡的潛在機會是什麼？

Thanks, Hassan. So there has been a lot of activity in this area, whether it's tariffs or anti-dumping duties. And so there's definitely signs there that would be helpful for us. But I want to go back to our pathway to thrive.

謝謝，哈桑。所以這個領域有很多活動，無論是關稅還是反傾銷稅。因此，肯定有一些跡象對我們有幫助。但我想回到我們蓬勃發展的道路上。

Our job is to control what we can control. And we've done really a great job (inaudible) out our transformation plan, the TT transformation plan, and that really has to be key to our future which is continuing to drive to continued low cost position, and that's really what's going to be important in the long run.

我們的工作是控制我們能控制的事情。我們在轉型計劃、TT 轉型計劃方面做得非常出色（聽不清楚），這確實是我們未來的關鍵，我們的未來將繼續推動持續的低成本地位，而這確實是我們未來的目標從長遠來看很重要。

Understood. And again, if I could just sort of dig a bit deeper into the nearer term side of things. Sequentially, in Q3, you guys within TT had flat volumes and you sort of talked about some market share gains there. Because obviously, relative to your competitors, it seemed you outperformed sequentially in Q3 on the volume side of things.

明白了。再說一次，如果我能更深入地研究一下事情的近期方面。接下來，在第三季度，TT 內部的銷量持平，並且你們談到了那裡的一些市場份額的成長。因為顯然，相對於您的競爭對手，您在第三季度的銷量方面似乎連續表現優於您。

Now for Q4, for TT, you guys are talking about mid to high single digit declines, right, which again surprises me a little bit or maybe it's just a function of the market that after the sort of massive destocking that we saw over the last couple of years, I would have thought that maybe seasonality would not be that acute.

現在對於第四季度，對於 TT，你們正在談論中高個位數下降，對吧，這再次讓我有點驚訝，或者這可能只是市場的一個功能，在我們過去看到的大規模去庫存之後幾年後，我以為季節性可能不會那麼嚴重。

So if you could sort of explain the sequential move from Q2 to Q3, the relatively flat volumes there, the near-term Q4 guidance you're giving and how we should think about what tends to be a seasonally strong first half with the backdrop of all the destocking and the like? And again, this antidumping side of things. Could we actually potentially in a lower interest rate environment, see a nice solid uptake in volumes?

因此，如果您能解釋一下從第二季度到第三季度的順序變化、相對平穩的交易量、您給出的近期第四季度指導，以及我們應該如何考慮在所有的去庫存之類的？再說一次，反傾銷方面的事情。我們是否真的有可能在較低的利率環境下看到銷售的強勁成長？

Okay, maybe just, there's a lot there. It's okay. So going from Q2 to Q3, I mean, just trying to say that the team did a great job. It's really just the commercial excellence at work there as well as great operational performance. Going into Q4, I mean, for sure, there's seasonality. And if we look at, in particular, in North America, I don't think that's a surprise.

好吧，也許只是，那裡有很多東西。沒關係。所以從第二季到第三季度，我的意思是，只是想說團隊做得很好。這實際上是因為那裡的商業卓越性以及出色的營運績效。進入第四季度，我的意思是，肯定存在季節性。如果我們特別關注北美地區，我認為這並不令人意外。

But we were, as I said, able to pick up a little share in Europe, so we see some stability there. Certainly, there is strong momentum if interest rates continue to drop, if there's antidumping duties for sure, lower interest rates are going to drive that (inaudible) market. So yes, we see there could be a potential for upside in 2025.

但正如我所說，我們能夠在歐洲獲得一點份額，因此我們看到那裡有一些穩定性。當然，如果利率繼續下降，如果確實存在反傾銷稅，那麼較低的利率將推動該（聽不清楚）市場的發展。所以，是的，我們認為 2025 年可能會有上漲潛力。

Very helpful. Thank you so much, Denise.

非常有幫助。非常感謝你，丹妮絲。

Caleb Bowman, BMO.

迦勒鮑曼，BMO。

Hi, This is John McNulty on for Caleb. Let me start out with a question on the corporate strategy and the cost cutting. So of the $250 million of savings that you expect, can you help us to understand how much of that is just true cost out? And how much of it would be efficiency measures that are somewhat dependent on volumes recovering?

大家好，我是凱萊布的約翰·麥克納爾蒂。讓我先問一個關於公司策略和成本削減的問題。那麼，在您預計的 2.5 億美元節省中，您能否幫助我們了解其中有多少是真正的成本支出？其中有多少是在某種程度上依賴銷售恢復的效率措施？

Yes. Thanks, John. As I think about the balance, we have a programmatic item on that side that the majority of this is identified cost out savings, whether it be through procurement enhancing operations, functional optimization or asset footprint in that side. So I would say it's more your former than (inaudible)

是的。謝謝，約翰。當我考慮平衡時，我們在這方面有一個計劃性項目，其中大部分是確定的成本節省，無論是透過採購來增強營運、功能優化還是這方面的資產足跡。所以我想說這更像是你的前任而不是（聽不清楚）

Yes. And maybe just to add on to what Shane has said. Look at the, what we say is really critical for us to perform and to deliver this value is operational excellence. The low hanging fruit has been addressed. This is really about that, about approaching everything with diligence. We know that transformation can never stop and productivity has to be top of mind. We've had great productivity in TT, and we're just going to extend that to all the other businesses in corporate following the same, I'll say the same playbook.

是的。也許只是補充謝恩所說的話。看看，我們所說的對我們執行和交付這一價值真正至關重要的是卓越營運。容易實現的目標已經解決。這確實是關於這一點，關於勤奮地對待一切。我們知道，轉型永遠不會停止，生產力必須成為首要考慮因素。我們在 TT 方面擁有很高的生產力，我們將把這種生產力擴展到企業中的所有其他業務，遵循同樣的策略，我會說同樣的策略。

Got it. Okay. Fair enough. And then just a question on the data center opportunity. I think you're still, well, I guess, can you give us an update as to when you're on track to have that pilot facility up, I think it was supposed to be middle of '26 or second half of '26?

知道了。好的。很公平。然後是關於數據中心機會的問題。我想你仍然，嗯，我想，你能給我們一個關於你何時有望建立該試點設施的最新資訊嗎？

So maybe you can give us an update there. And then have you seen, or can you speak to the interest that you're seeing regarding the potential for contracts from either hyperscalers or even OEM partners that you might be looking to work with? Can you help us to think about that?

也許您可以向我們提供最新情況。那麼您是否看到過，或者您能否談談您所看到的關於來自您可能希望與之合作的超大規模企業甚至 OEM 合作夥伴的合約潛力的興趣？你能幫助我們思考一下嗎？

Yes. So for data centers, what we talked about was in '26 to be able to have a commercial quantities available for sales. So we're still on track for that, and we hope to in the short term to announce what our plans are for that. Relative to the interest we're seeing, we are seeing a lot of interest done. This is a really special technology with a lot of value. So we're seeing a lot of interest. But as I talked about before, this is a new technology. So it's going to take time for that adoption. But certainly, nothing but positive signs.

是的。因此，對於資料中心，我們談論的是 26 年能夠擁有可供銷售的商業數量。因此，我們仍在努力實現這一目標，我們希望在短期內宣布我們的計劃。相對於我們所看到的興趣，我們看到了許多興趣。這是一項非常特殊的技術，具有很大的價值。所以我們看到了很多興趣。但正如我之前談到的，這是一項新技術。因此，採用該技術需要時間。但可以肯定的是，除了積極的跡象之外什麼都沒有。

Okay. Got it. Actually, if I could sneak one last one in just around the Freon pricing or the Freon sales that you've been reporting. So if I think about what you've reported over the last few years, in '22 and '23, there was a sequential drop from 2Q to 3Q of somewhere in the neighborhood of 25% to 30%. This year, it was less, it was around 14%.

好的。知道了。實際上，如果我能在您報告的氟利昂定價或氟利昂銷售情況附近偷偷透露最後一項。因此，如果我考慮您在過去幾年中所報告的內容，在 22 年和 23 年，從第二季度到第三季度連續下降了 25% 到 30% 左右。今年則有所減少，約 14%。

Should we take that as a sign that some of this destocking, whether it's the pricing pressure tied to it or the volume pressure we've kind of found that bottom and now we're just stabilizing? Is that kind of the right takeaway? Or is there something else that might be driving that?

我們是否應該將此視為某種去庫存的跡象，無論是與之相關的定價壓力還是我們已經觸底而現在剛剛穩定的銷售壓力？這是正確的做法嗎？或者有其他因素可能推動這一趨勢嗎？

Yes. So thanks, John. As we think about just the dynamics, right, we've talked about HFCs fading on that side with HFO adoption coming on that side. We're very happy and really seeing strong adoption that's in the HFO and the Opteon side, especially ahead of when the stationary market ahead of this from an (inaudible) change.

是的。所以謝謝，約翰。當我們考慮動態時，對吧，我們已經討論過 HFC 在這方面的衰落，而 HFO 的採用也在這方面。我們非常高興，並且確實看到 HFO 和 Opteon 方面的強勁採用，尤其是在固定市場發生（聽不清楚）變化之前。

Now as we think about kind of just how these are going down, we do think that the declines within Freon are steadying, right? I mean we do foresee that at continuing as HFO adoption continues, but it's certainly at a slower pace than what we've seen in the past.

現在，當我們思考這些是如何下降的時，我們確實認為氟利昂的下降正在穩定，對嗎？我的意思是，我們確實預見到隨著 HFO 的採用繼續下去，但它的速度肯定比我們過去看到的要慢。

Got it. Thanks very much for the call.

知道了。非常感謝您的來電。

Thank you. We have reached the end of our question and answer session. Thank you for joining the Chemours third-quarter 2024 results conference call. You may now disconnect.

謝謝。我們的問答環節已經結束。感謝您參加科慕 2024 年第三季業績電話會議。您現在可以斷開連線。