Chemours Co (CC) 2024 Q4 法說會逐字稿

Good morning, my name is Michelle and I will be your conference operator today. I would like to welcome everyone to the Chemours Company fourth quarter 2024 research results conference call. (Operator Instructions) I would like to remind everyone that this conference call is being recorded.

早安，我叫米歇爾，今天我將擔任您的會議主持人。歡迎大家參加科慕公司 2024 年第四季研究成果電話會議。（操作員指示）我想提醒大家，本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.

現在，我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 Fourth Quarter and Full Year 2024 Earnings Conference Call. I'm joined today by Denise Dignam, Chemours' President and Chief Executive Officer; and our Senior Vice President and Chief Financial Officer, Shane Hostetter.

大家早安。歡迎參加科慕公司 2024 年第四季和全年財報電話會議。今天與我一起出席活動的還有科慕總裁兼執行長 Denise Dignam；以及我們的資深副總裁兼財務長 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 that involve risks and uncertainties as described in or SEC filing. 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.

在我們開始之前，我想提醒您，本次電話會議中發表的評論以及我們網站上提供的補充資訊包含前瞻性陳述，這些陳述涉及美國證券交易委員會 (SEC) 文件中所述的風險和不確定性。這些前瞻性陳述並不能保證未來的業績，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義務。

During the course of this call, or 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've posted our earnings presentation to our website earlier today. With that, I will turn the call over to Denise Dignam.

在本次電話會議過程中，或參考我們認為對投資者評估公司績效有用的某些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對帳。此外，我們今天早些時候已在我們的網站上發布了我們的收益報告。說完這些，我會把電話轉給 Denise Dignam。

Thank you, Brandon, and thank you, everyone, for joining us. Over the past few months, we've been focused on executing against the refreshed corporate strategy that we outlined on our last earnings call, which we call Pathway to Thrive. Today, we are excited to share our results from the fourth quarter and full year 2024 as well as the significant progress we've made against our strategic pillars in just a few short months. Shane and I will begin by discussing our fourth quarter and full year performance. We will then provide a view of the first quarter and share some thoughts around the outlook for the full year 2025.

謝謝布蘭登，也謝謝大家加入我們。在過去的幾個月裡，我們一直專注於執行我們在上次財報電話會議上概述的更新後的公司策略，我們稱之為「繁榮之路」。今天，我們很高興分享我們 2024 年第四季和全年的業績以及我們在短短幾個月內在戰略支柱方面取得的重大進展。我和肖恩將首先討論我們第四季和全年的業績。然後，我們將對第一季進行回顧，並分享一些關於 2025 年全年前景的想法。

Next, we will discuss the progress we've made on our strategy in more detail and take your questions. Beginning with our results, we delivered another quarter of strong performance building on our momentum from the last quarter. Across all our businesses, we exceeded our adjusted EBITDA expectations for the quarter demonstrating our continued focus on operational excellence and fulfilling our shareholder commitments.

接下來，我們將更詳細地討論我們策略的進展，並回答大家的問題。從我們的業績開始，我們在上一季的發展勢頭基礎上，又取得了強勁的季度業績。在我們所有業務中，我們本季的調整後 EBITDA 均超出預期，顯示我們持續注重卓越營運並履行股東承諾。

For our TSS business, we again achieved a quarterly sales record driven by 23% year-over-year growth in Opteon refrigerants driven by the US AMAC and EU F-gas regulatory transitions underway. Our TSS earnings came in above our expectations, driven by this continued Opteon adoption and supported by a favorable product mix and lower costs in the fourth quarter.

對於我們的 TSS 業務，我們再次實現了季度銷售記錄，這得益於 Opteon 冷媒同比增長 23%，這得益於美國 AMAC 和歐盟 F-gas 監管轉型正在進行中。由於 Opteon 的持續採用以及第四季度有利的產品組合和較低成本的支持，我們的 TSS 收益超出了我們的預期。

In light of strong adoption, I'm pleased to share that we recently completed the expansion at our Corpus Christi site where we produce our neat Opteon refrigerant and are in the process of ramping this added capacity to support market demand. In TT, our team remains focused on driving strong commercial performance and advancing cost reduction efforts under the TT Transformation Plan.

鑑於強勁的採用勢頭，我很高興地告訴大家，我們最近完成了科珀斯克里斯蒂工廠的擴建，我們在該工廠生產純 Opteon 製冷劑，並且正在提高新增產能以滿足市場需求。在 TT，我們的團隊仍然專注於根據 TT 轉型計劃推動強勁的商業表現並推進成本削減工作。

As we had guided, we saw a sequential decline in our net sales driven by seasonal volume trends and regional mix. As we reflect on the year, even with the headwinds we saw in the first half of the year, our TT transformation plan has yielded clear results with approximately $140 million in annual savings, exceeding our initial target of $125 million.

正如我們所預期的，受季節性銷售趨勢和區域組合的影響，我們的淨銷售額出現季減。回顧這一年，儘管上半年面臨諸多阻力，但我們的 TT 轉型計畫已取得明顯成效，每年節省約 1.4 億美元，超過了我們最初設定的 1.25 億美元的目標。

While we continue to experience a weaker macro environment, the cost savings we achieved in TT more than offset weaker pricing during the year enabling us to deliver a net 1 percentage point increase in adjusted EBITDA margins, bringing us to 12% for the year. Under the operational excellence pillar of our Pathway to Thrive strategy, we will continue to execute cost reduction efforts at an efficient and orderly pace. We expect TT will achieve at least another $60 million in run rate savings by the end of 2025, representing approximately half of the $125 million corporate-wide target we set out for the upcoming year.

雖然我們繼續經歷較弱的宏觀環境，但我們在 TT 中實現的成本節約足以抵消年內較弱的定價影響，這使我們能夠實現調整後 EBITDA 利潤率淨增長 1 個百分點，使全年利潤率達到 12%。在我們的「繁榮之路」策略的卓越營運支柱下，我們將繼續以高效、有序的步伐執行成本削減工作。我們預計，到 2025 年底，TT 將再實現至少 6,000 萬美元的營運率節約，約占我們為來年設定的 1.25 億美元全公司目標的一半。

In APM, sales for the quarter were softer than anticipated due to weaker conditions in more economically sensitive end markets, combined with weaker demand for Nafion membranes in our hydrogen end markets, negatively impacting our Performance Solutions portfolio. However, much of the sequential weakness in Performance Solutions was offset by the encouraging progress we are seeing in our newly constructed high-purity Teflon PFA resin production line, which serves semiconductor customers.

在 APM 方面，由於經濟敏感的終端市場狀況較弱，再加上氫氣終端市場對 Nafion 膜的需求較弱，本季度的銷售額低於預期，對我們的性能解決方案產品組合產生了負面影響。不過，性能解決方案部門的連續疲軟大部分被我們新建的高純度 Teflon PFA 樹脂生產線所取得的令人鼓舞的進展所抵消，該生產線為半導體客戶提供服務。

Our earnings in APM were driven by better-than-expected cost performance primarily due to favorable inventory adjustments and true-ups in the quarter. At the corporate level, I am pleased to share that we fully remediated our four material weaknesses in internal control, which were identified in connection with the Audit Committee's internal review in early 2024.

我們在 APM 方面的收益是由好於預期的成本表現所推動的，這主要歸功於本季有利的庫存調整和調整。在公司層面，我很高興地告訴大家，我們已經全面糾正了內部控制中的四個重大缺陷，這些缺陷是在 2024 年初審計委員會的內部審查中發現的。

The remediation of these material weaknesses has been a significant undertaking for our organization and is symbolic of the final step needed to move past the events of the prior year and is reflective of efforts under our strength in the long-term strategic pillar. I also want to take a moment to highlight two recently announced updates to our executive team. First, I'd like to welcome Damian Gumbel as President of Chemours TT business.

彌補這些重大缺陷對我們組織來說是一項重大任務，它像徵著走出去年事件的最後階段，也反映了我們在長期策略支柱下所做的努力。我還想花點時間強調我們執行團隊最近宣布的兩項更新。首先，我歡迎 Damian Gumbel 擔任科慕 TT 業務總裁。

Most recently, Damian served as the Vice President, Corporate Strategy at the Olin Corporation and previously led Olin global epoxy business. Damian's strategic experience, business leadership and transformation background will help us continue to build on the success of our existing transformation plan and contribute significantly to advancing Chemours strategy. We're looking forward to him officially joining the team in early March.

最近，Damian 擔任 Olin Corporation 的企業策略副總裁，之前曾領導 Olin 全球環氧樹脂業務。Damian 的策略經驗、商業領導力和轉型背景將幫助我們繼續鞏固現有轉型計畫的成功，並為推動科慕策略做出重大貢獻。我們期待他在三月初正式加入球隊。

Second, I want to highlight the appointment of Diane Peso, our Chief Enterprise Enablement Officer. Since taking on the role of Interim TT Business President in March [2024], Diane has made significant contributions to building on a strong foundation for the TT business. In her new role, Diane will be focused on the execution of the operational excellence and growth enablement pillars of Pathway to Thrive strategy, working across our businesses to deliver results.

其次，我想強調我們首席企業支援長黛安‧佩索 (Diane Peso) 的任命。自 [2024 年] 3 月擔任臨時 TT 業務總裁以來，黛安為打造堅實的 TT 業務基礎做出了重大貢獻。在她的新職位上，黛安將專注於執行「繁榮之路」策略的卓越營運和成長支援支柱，並與我們的各項業務合作以取得成果。

Diane brings over 40 years of business leadership across Chemours business segments, and I can attest firsthand to her effective and collaborative leadership style. The appointments of Damian and Diane helps further solidify our leadership team and put us on the path to drive long-term value for our shareholders.

黛安在科慕各業務部門擁有 40 多年的商業領導經驗，我可以親自證明她高效且具有協作精神的領導風格。達米安和黛安的任命有助於進一步鞏固我們的領導團隊，並使我們走上為股東創造長期價值的道路。

Now I'll turn it over to Shane to walk through our financial results.

現在我將讓 Shane 來介紹我們的財務表現。

Thank you, Denise, and good morning, everyone. Let's take a closer look at our financial results, beginning with our quarterly performance. Our consolidated net sales for the fourth quarter were approximately $1.4 billion, down 1% compared to the prior year quarter. This decrease was driven by a 3% decline in pricing, partially offset by a 2% increase in volume, while currency impacts remained flat.

謝謝你，丹尼斯，大家早安。讓我們仔細看看我們的財務業績，從季度業績開始。我們第四季的綜合淨銷售額約為 14 億美元，較去年同期下降 1%。下降的主要原因是價格下降 3%，但銷量成長 2% 部分抵消了這一影響，而貨幣影響則保持穩定。

Turning to adjusted EBITDA for the fourth quarter. We saw an increase from $176 million in the prior year to $179 million this quarter. This increase was primarily driven by cost savings realized through the TT Transformation Plan, favorable inventory adjustments and true-ups in APM, and increased volumes in TSS, partially offset by lower pricing across all our businesses.

轉向第四季度的調整後 EBITDA。我們發現該金額從去年同期的 1.76 億美元增加至本季的 1.79 億美元。這一增長主要得益於透過 TT 轉型計劃實現的成本節約、APM 中有利的庫存調整和調整以及 TSS 中銷量的增加，但所有業務的定價均有所降低，從而部分抵消了這一增長。

For the fourth quarter, Chemours reported a net loss of $8 million or $0.05 per diluted share compared to a net loss of $18 million or $0.12 per diluted share in the prior year. Our consolidated adjusted net income came in at $16 million this quarter or $0.11 per diluted share, which was down from $46 million of adjusted net income in the prior year quarter or $0.31 per diluted share, largely due to favorable tax impacts due to a lower effective tax rate in the prior year.

科慕報告第四季淨虧損為 800 萬美元，即每股攤薄虧損 0.05 美元，而去年同期淨虧損為 1,800 萬美元，即每股攤薄虧損 0.12 美元。本季度，我們的綜合調整後淨收入為 1,600 萬美元，或每股攤薄收益 0.11 美元，低於去年同期的 4,600 萬美元或每股攤薄收益 0.31 美元，這主要是由於去年有效稅率較低導致的有利稅收影響。

Now let's turn to our full year results. Our consolidated net sales for the full year 2024 were approximately $5.8 billion, down 5% compared to the prior year. This decrease was driven by a 4% pricing decrease and a 1% decrease due to portfolio changes made during 2023, which reflects the sale of our glycolic acid business in 2023. Currency impacts were flat year-over-year, as well as our volumes as solid increases in TSS and TT were offset by weaker volumes in APM.

現在讓我們來看看我們的全年業績。我們 2024 年全年的綜合淨銷售額約為 58 億美元，較上年下降 5%。這一下降是由於價格下降 4% 以及 2023 年投資組合變化導致的 1% 下降，這反映了我們在 2023 年出售乙醇酸業務。貨幣影響與去年同期相比持平，我們的交易量也持平，因為 TSS 和 TT 的穩定成長被 APM 交易量的下降所抵消。

Adjusted EBITDA for the full year was $786 million compared to $1 billion in the prior year. The decrease year-over-year was primarily driven by pricing decreases across all businesses unfavorable currency impacts, portfolio changes, and higher costs in TSS and corporate expenses related to the Audit Committee's internal review and remediation. These increased costs were more than offset by cost savings realized through the TTE transformation [point].

全年調整後 EBITDA 為 7.86 億美元，上年為 10 億美元。與去年同期相比，下降的主要原因是所有業務的價格下降、不利的貨幣影響、投資組合變化、TSS 成本增加以及與審計委員會內部審查和補救相關的公司費用。這些增加的成本被透過 TTE 轉型實現的成本節約所抵消[觀點]。

For the full year, Chemours reported net income of $86 million or $0.57 per diluted share compared to a net loss of $238 million or $1.60 per diluted share in the prior year. As a reminder, the loss in 2023 was primarily due to costs related to the settlement of the US Public Water System Class Actions.

科慕報告稱，全年淨收入為 8,600 萬美元，即每股攤薄收益 0.57 美元，而去年同期淨虧損 2.38 億美元，即每股攤薄收益 1.60 美元。提醒一下，2023 年的損失主要是由於與美國公共供水系統集體訴訟和解相關的費用。

Our consolidated adjusted net income for the full year came in at $182 million, or $1.21 per diluted share, which was down from $425 million of adjusted net income last year or $2.82 per diluted share, primarily due to the prior year elevated earnings drivers I previously outlined.

我們全年的綜合調整後淨收入為 1.82 億美元，或每股攤薄收益 1.21 美元，低於去年的 4.25 億美元調整後淨收入或每股攤薄收益 2.82 美元，這主要歸因於我之前概述的前一年盈利驅動因素的提高。

Now let's turn to our business segment performance, starting with TSS. In the fourth quarter, as Denise mentioned, TSS again achieved record net sales of $390 million, a 3% increase from the prior year. This growth was primarily driven by a volume increase of 7%, which was partially offset by a price decrease of 4%, with currency impacts remaining flat year-over-year.

現在讓我們來看看我們的業務部門表現，從TSS開始。正如 Denise 所提到的，第四季度，TSS 再次實現創紀錄的 3.9 億美元的淨銷售額，比上年增長 3%。這一成長主要得益於 7% 的銷售成長，但部分被 4% 的價格下降所抵消，貨幣影響與去年同期相比持平。

The increase in volume was driven by 23% year-over-year sales growth in our Opteon referrers, which reflects continued strength in demand ahead of the transition to new, low GWP stationary air conditioning equipment starting in 2025 as mandated under the US AIM Act. Year-over-year pricing remained low similar to previous quarters due to soft pricing in our Freon refrigerants due to elevated HFC inventory levels, which continue to persist in the market.

銷售的成長主要得益於我們 Opteon 推薦商的銷售額年增 23%，這反映出根據美國 AIM 法案的規定，在 2025 年開始向新型低 GWP 固定式空調設備過渡之前，需求持續強勁。由於 HFC 庫存水準升高導致我們的氟利昂冷媒價格疲軟，因此同比價格與前幾季類似保持在低位，並且這種狀況在市場上持續存在。

TSS' fourth quarter adjusted EBITDA decreased slightly by 1% to $123 million compared to the prior year. Adjusted EBITDA margin also decreased 1 percentage point to 32%. This decrease was driven primarily by the aforementioned pricing weakness partially offset by lower costs that we don't anticipate will occur in the first quarter of 2025. Sequentially, TSS' net sales decreased by 17% and which was driven by a volume decrease of 13% and a price decrease of 4%. Overall, volume and price decreases were primarily related to typical seasonal trends across our refrigerant portfolios, combined with lower demand for our FP&O products during the quarter.

TSS 在第四季調整後 EBITDA 與去年同期相比小幅下降 1% 至 1.23 億美元。調整後的 EBITDA 利潤率也下降了 1 個百分點，至 32%。這一下降主要是由於前文提到的價格疲軟，但我們預計 2025 年第一季不會出現的成本降低部分抵消了這一下降。TSS 淨銷售額較上季下降 17%，原因是銷售量下降 13%，價格下降 4%。總體而言，銷售和價格下降主要與我們冷媒產品組合的典型季節性趨勢以及本季對我們的 FP&O 產品的需求下降有關。

Turning to full year results for TSS, net sales for the full year were $1.8 billion, a 1% decrease from the prior year. This decline was primarily driven by a price decrease of 3%, which was partially offset by a 2% volume increase, while currency impacts remained flat year-over-year. The decrease in price for the full year was primarily related to softer Freon refrigerant prices, partially offset by stronger Opteon refrigerant prices.

談到 TSS 的全年業績，全年淨銷售額為 18 億美元，較上年下降 1%。下降的主要原因是價格下降 3%，但銷量成長 2% 部分抵消了這一影響，而貨幣影響與去年同期相比持平。全年價格下降主要與氟利昂冷媒價格走軟有關，但被 Opteon 冷媒價格上漲部分抵銷。

Volume growth for the full year was driven by higher demand within the Opteon refrigerants portfolio due to continued stationary and automotive end market adoption partially offset by a volume decrease in the Freon Refrigerant portfolio in connection with the previously mentioned HFC step-downs under the US AIM Act and EU F-Gas regulation.

全年銷售成長主要得益於 Opteon 冷媒產品組合的需求增加，原因是固定式和汽車終端市場持續採用該製冷劑，但氟利昂冷媒產品組合的銷量下降（與前面提到的美國 AIM 法案和歐盟 F-Gas 法規下 HFC 的逐步減少有關）部分抵消了這一增長。

TSS' full year adjusted EBITDA decreased by 16% from the prior year to $576 million, resulting in an adjusted EBITDA margin of 31%. This decrease was primarily driven by the softer Freon refrigerant prices that I mentioned, higher costs associated with purchasing non-Corpus-based low GWP refrigerant, near-term quota allowances, lower fixed cost absorption in TSS' HFC product line as well as other input costs.

TSS 全年調整後 EBITDA 較前一年下降 16% 至 5.76 億美元，調整後 EBITDA 利潤率為 31%。這種下降主要是由於我提到的氟利昂冷媒價格走軟、購買非 Corpus 低 GWP 冷媒相關成本增加、近期配額補貼、TSS 的 HFC 產品線固定成本吸收降低以及其他投入成本。

Now let's move to our TT segment, beginning with quarterly results. In the fourth quarter, TT's net sales fell 3% year-over-year to $632 million, primarily due to a 2% decrease in pricing and a 1% decrease in volume while currency impact remained flat year-over-year. Adjusted EBITDA for the fourth quarter increased 20% to $77 million compared to the prior year, with adjusted EBITDA margin improving by 2 percentage points to 12%.

現在讓我們進入 TT 部分，從季度業績開始。第四季，TT 的淨銷售額年減 3% 至 6.32 億美元，主要由於價格下降 2% 且銷量下降 1%，而貨幣影響與去年同期持平。第四季調整後 EBITDA 較上年同期成長 20% 至 7,700 萬美元，調整後 EBITDA 利潤率提高 2 個百分點至 12%。

Cost savings realized through our TT transformation plan drove this boost in earnings and was partially offset by the previously mentioned decreases in pricing and volume. Sequentially, TT's fourth quarter net sales decreased by 6%, driven by a 4% decline in volume and a 2% decrease in price.

透過我們的 TT 轉型計劃實現的成本節約推動了收益的成長，並被前面提到的價格和銷售的下降部分抵消。與上一季相比，TT 第四季淨銷售額下降 6%，原因是銷量下降 4% 且價格下降 2%。

Turning to full year results. TT's net sales fell 4% year-over-year to $2.6 billion, primarily due to a 5% decrease in pricing, partially offset by a 1% increase in volume. Adjusted EBITDA for the full year increased 8%, $312 million compared to the prior year, with adjusted EBITDA margin improving by 1 percentage point to 12%. This earnings increase was primarily driven by approximately $140 million of cost savings realized through the TTE Transformation Plan during the year, which, as Denise mentioned earlier, exceeded our original commitment.

展望全年業績。TT 的淨銷售額年減 4% 至 26 億美元，主要由於價格下降 5%，但銷量成長 1% 部分抵消了這一影響。全年調整後 EBITDA 較上年成長 8%，為 3.12 億美元，調整後 EBITDA 利潤率提高 1 個百分點至 12%。此次收益成長主要得益於本年度透過 TTE 轉型計畫實現的約 1.4 億美元的成本節約，正如 Denise 之前提到的，這超出了我們最初的承諾。

The impact from the TT Transformation Plan was partially offset by the previously highlighted decrease in pricing. Also, TT's full year adjusted EBITDA includes $26 million costs across the second and third quarters related to the unplanned weather-related downtime at our Altamira Mexico manufacturing site. Since these disruptions at our site occurred over the summer, I am pleased to say that our operations have grown well, and we have fully supported our customer demand.

TT 轉型計劃的影響被先前強調的價格下降部分抵消。此外，TT 全年調整後的 EBITDA 包括第二季和第三季因墨西哥阿爾塔米拉製造工廠的計劃外天氣停工而產生的 2,600 萬美元成本。自從我們工廠在夏季發生這些中斷以來，我很高興地說我們的業務發展良好，我們完全支援了客戶的需求。

Turning to our APM segment. In the fourth quarter of 2024, APM reported net sales of $324 million, a 1% decline compared to the prior year. This decrease was largely driven by a 3% decline in price which was partially offset by a 2% increase in volume, while currency impacts remained flat. APM's volume increase was primarily related to our recent capacity expansion in high-purity Teflon PSA which more than offset the weaker demand that we saw for our products serving the hydrogen market in the quarter. The pricing decrease stemmed from product mix, connected to more economically sensitive end markets across the segment.

轉向我們的 APM 部分。2024 年第四季度，APM 報告淨銷售額為 3.24 億美元，較上年下降 1%。這一下降主要是由於價格下跌 3% 所致，但被 2% 的銷量成長部分抵消，而貨幣影響則保持平穩。APM 銷售的成長主要與我們最近在高純度特氟龍 PSA 的產能擴張有關，這足以抵消我們本季對服務氫氣市場的產品需求減弱的影響。價格下降源自於產品組合，與整個領域對經濟更敏感的終端市場有關。

APM's adjusted EBITDA in the fourth quarter increased 20% to $48 million, while adjusted EBITDA margin rose 3 percentage points to 15%. This increase was primarily due to favorable inventory adjustments and true-ups in the fourth quarter that are not expected to recur, which were partially offset by the aforementioned decrease in price due to overall product mix. Sequentially, net sales decreased by 8%, driven by a 6% volume decrease and a 2% decline in price with currency impacts remaining flat.

APM 第四季調整後 EBITDA 成長 20% 至 4,800 萬美元，調整後 EBITDA 利潤率上升 3 個百分點至 15%。這一增長主要歸因於第四季度有利的庫存調整和預計不會再次發生的調整，但被前述因整體產品組合導致的價格下降部分抵消。與上一季相比，淨銷售額下降了 8%，原因是銷量下降了 6%，價格下降了 2%，但貨幣影響保持不變。

Turning to full year results in APM. Net sales were $1.3 billion, reflecting a 9% decrease compared to the prior year. This decline was primarily driven by a 5% decrease in pricing as well as a 3% decrease in volume, with currency also creating a slight 1% headwind. The decline in volumes for the full year was primarily due to weaker demand in the hydrogen market that I mentioned earlier as well as lower volumes in more economically sensitive end markets.

轉向 APM 的全年業績。淨銷售額為 13 億美元，較上年下降 9%。下降的主要原因是價格下降 5% 以及交易量下降 3%，貨幣也造成了 1% 的小幅阻力。全年銷售下降主要是因為我之前提到的氫氣市場需求疲軟，以及經濟敏感度更高的終端市場銷售下降。

The price decrease seen during the year was due to product mix connected to the same economically sensitive end markets across the broad segment. APM's adjusted EBITDA for the full year decreased 41% to $161 million, resulting in an adjusted EBITDA margin decrease of 7 percentage points to 12%. This decrease in adjusted EBITDA was primarily due to the previously mentioned decreases in pricing as well as lower sales volumes and the related impact of lower volumes on fixed cost absorption, which further contributed to the earnings decrease.

今年價格下降的原因是整個細分市場的產品組合與相同的經濟敏感型終端市場有關。APM 全年調整後 EBITDA 下降 41% 至 1.61 億美元，導致調整後 EBITDA 利潤率下降 7 個百分點至 12%。調整後 EBITDA 的下降主要由於前面提到的定價下降以及銷售量下降以及銷售下降對固定成本吸收的相關影響，這進一步導致了收益的下降。

Regarding our APM segment, we continue to closely evaluate this business to reduce costs and identify opportunities to further optimize our footprint and enhance shareholder value as part of our Pathway to Thrive corporate strategy. Denise will discuss recent actions taken by the team in more detail shortly.

關於我們的 APM 部門，我們將繼續密切評估這項業務，以降低成本並尋找機會進一步優化我們的足跡並提高股東價值，這是我們「繁榮之路」企業策略的一部分。丹尼斯將很快更詳細地討論團隊最近的行動。

Moving to our other segment. We recorded net sales of $13 million and breakeven adjusted EBITDA for the fourth quarter. For the full year, our Other segment recorded net sales and adjusted EBITDA of $54 million and $8 million, respectively. And finally, our corporate expenses and offset to our adjusted EBITDA totaled $69 million in the fourth quarter, which represents a $20 million increase from the prior year. This increase was mainly driven by changes in reserves related to legacy asbestos matters in the fourth quarter.

轉到我們的其他部分。我們第四季的淨銷售額為 1,300 萬美元，調整後息稅折舊攤提前利潤 (EBITDA) 達到損益兩平。全年而言，我們的其他部門淨銷售額和調整後 EBITDA 分別為 5,400 萬美元和 800 萬美元。最後，我們第四季的公司費用和調整後 EBITDA 抵銷額總計 6,900 萬美元，比前一年增加 2,000 萬美元。這一增長主要由於第四季度與遺留石棉問題相關的儲備變化所致。

For the full year, corporate expenses totaled $255 million, a $43 million increase versus the prior year. This increase was primarily due to costs associated with the Audit Committee's internal review and related remediation as well as asbestos reserves recorded in the fourth quarter, which are not anticipated to recur.

全年企業支出總計 2.55 億美元，較前一年增加 4,300 萬美元。這一增長主要歸因於審計委員會內部審查和相關補救措施相關的成本以及第四季度記錄的石棉儲備，預計這些成本不會再次發生。

Turning to our balance sheet and liquidity. As of December 31, 2024, our consolidated gross debt stood at $4.2 billion, with approximately $1.4 billion in total liquidity. This includes $713 million in unrestricted cash and cash equivalents, along with approximately $640 million available under our revolving credit facility.

轉向我們的資產負債表和流動性。截至 2024 年 12 月 31 日，我們的總合併債務為 42 億美元，總流動資金約 14 億美元。其中包括 7.13 億美元的無限制現金和現金等價物，以及約 6.4 億美元的循環信貸額度。

Additionally, the company retained $50 million in restricted cash and cash equivalents, all of which is held in escrow under the terms of the memorandum of understanding related to potential future legacy liabilities. On a trailing 12-month basis, our net leverage remained unchanged at 4.4 times adjusted EBITDA sequentially.

此外，該公司保留了 5,000 萬美元的受限現金和現金等價物，所有這些資金均根據與潛在未來遺留負債相關的諒解備忘錄條款進行託管。在過去 12 個月中，我們的淨槓桿率保持不變，為調整後 EBITDA 的 4.4 倍。

For the fourth quarter, our cash provided by operating activities was $138 million, compared to $482 million in the same quarter last year. Elevated cash flow in the prior year quarter was driven by the actions from previous management as previously disclosed. Capital expenditures for the quarter totaled $109 million compared to $135 million in the prior year, driven by additional capital expenditures on APM's Teflon PFA expansion in the prior year, and efforts to focus capital spend on critical areas in the current year.

第四季度，我們的經營活動提供的現金為 1.38 億美元，去年同期為 4.82 億美元。如同先前所揭露的，去年同期現金流的增加是由前任管理層採取的行動所推動的。本季的資本支出總計 1.09 億美元，而去年同期為 1.35 億美元，這得益於上一年 APM 對 Teflon PFA 擴張的額外資本支出，以及本年度將資本支出集中在關鍵領域的努力。

Additionally, the company paid $36 million in dividends to shareholders during the quarter. For the full year, we had outflows of our operating cash of $633 million compared to operating cash inflows of $556 million in the prior year. The higher usage of operating cash flow reflects the release of the $592 million of restricted cash and cash equivalents related to the US public water system class action suit settlement following its final judgment, and also cash impacts due to the unwinding of the 2023 year-end net working capital actions.

此外，該公司本季向股東支付了 3,600 萬美元的股息。全年而言，我們的營運現金流為 6.33 億美元，而前一年的經營現金流入為 5.56 億美元。營運現金流使用率的提高，反映了美國公共供水系統集體訴訟和解最終判決後釋放的 5.92 億美元受限現金和現金等價物，以及 2023 年末淨營運資本行動解除帶來的現金影響。

Capital expenditures for the full year totaled $360 million compared to $370 million in the prior year. During the year, the company also paid $148 million in dividends to shareholders. I did want to take a moment to convey that we have been very focused on our balance sheet liquidity and have taken actions in recent months to ensure that we are well positioned in our debt structure to solidify this. As we move ahead, we do not anticipate any liquidity concerns or events that would impact liquidity-related compliance concerns with our banking companies.

全年資本支出總計 3.6 億美元，上年度為 3.7 億美元。本年度，該公司也向股東派發了1.48億美元的股利。我確實想花點時間傳達一下，我們一直非常關注我們的資產負債表流動性，並在近幾個月採取了行動，以確保我們的債務結構處於有利地位，以鞏固這一點。隨著我們向前發展，我們預計不會出現任何流動性問題或影響我們銀行公司流動性相關合規問題的事件。

Overall, we're encouraged by the progress we made during the fourth quarter, including the strong performance the team delivered. Although we saw challenging dynamics in certain end markets and geographies that impacted our top line, we were able to exceed our adjusted EBITDA expectations across all our businesses as we continue to control what we can control and focus on our commitment to both strengthen our operational execution and enhance overall cost efficiencies.

總體而言，我們對第四季度的進展感到鼓舞，包括團隊的強勁表現。儘管我們看到某些終端市場和地區面臨著影響我們營收的挑戰性動態，但我們能夠超越所有業務的調整後 EBITDA 預期，因為我們會繼續控制我們能夠控制的事情，並專注於我們的承諾，即加強我們的營運執行力並提高整體成本效率。

With these fourth quarter and full year results in month, I would now like to move to discuss our expectations for the first quarter of 2025 and our outlook for the full year. Beginning with TSS. For the first quarter, we expect overall TSS net sales to increase sequentially, driven by double-digit growth in Opteon refrigerants partially offset by a decrease in from refrigerants in connection with the ongoing US AMAC and EU F-gas regulatory transitions.

有了本月的第四季和全年業績，我現在想討論一下我們對 2025 年第一季的預期和全年的展望。從 TSS 開始。對於第一季度，我們預計整體 TSS 淨銷售額將環比增長，這主要得益於 Opteon 冷媒的兩位數增長，但部分抵消了美國 AMAC 和歐盟 F-gas 監管過渡期間冷媒銷售額的下降。

Sequentially, TSS' adjusted EBITDA is expected to increase slightly reflecting impacts from increased costs from a forced outage at our corporate site and additional input costs associated with the sites ramp-up of the new Opteon capacity expansion, which are both expected to have negative impacts on the first quarter's margins.

相比之下，TSS 的調整後 EBITDA 預計將略有增加，這反映了公司工廠強制停產造成的成本增加以及新 Opteon 產能擴張工廠提升相關的額外投入成本的影響，這兩項預計都將對第一季度的利潤率產生負面影響。

Looking further ahead, we anticipate overall 2025 results to be improved versus 2024 with a pattern of year-over-year double-digit net sales growth in Opteon refrigerants to persist throughout the year. Driven by volume expansion in our Opteon refrigerate [lens]. The strength in Opteon sales will come from the continued regulatory-driven demand amid the transition from a broader set of legacy HFC products to more targeted available options for low GWP products such as Chemour's HFC, Opteon brand or alternatives such as R-32.

展望未來，我們預計 2025 年的整體業績將比 2024 年有所改善，Opteon 冷媒的淨銷售額將維持同比兩位數成長的趨勢。得益於 Opteon 冷凍機容量的擴大[鏡片]。在從更廣泛的傳統 HFC 產品向更有針對性的低 GWP 產品（如科慕的 HFC、Opteon 品牌或 R-32 等替代品）過渡的背景下，Opteon 銷售的強勁增長將來自於持續的監管驅動需求。

For HFC pricing, we continue to anticipate that US real prices will remain at low levels into 2025. While we continue to monitor increasing input costs, primarily from R-32 and regulatory headwinds around the world, absent significant changes. We continue to anticipate that adjusted EBITDA margins will remain around 30% for the remainder of 2025.

對於 HFC 定價，我們繼續預期美國實際價格將在 2025 年維持在低水準。雖然我們持續監測不斷增加的投入成本，主要來自R-32和世界各地的監管阻力，但沒有重大變化。我們繼續預計，2025 年剩餘時間調整後的 EBITDA 利潤率將維持在 30% 左右。

For our TT business, in the first quarter, we expect volumes to remain stable sequentially. However, the segment's projected regional sales mix will result in lower net sales for the quarter. We expect adjusted EBITDA to decrease sequentially as a result of this regional mix as well as operational headwinds related to cold weather downtime at our US sites in January, further contributing to this decline. Despite these headwinds, we remain committed to our TT cost reduction targets for the full year.

對於我們的 TT 業務，在第一季度，我們預計銷售量將保持連續穩定。然而，該部門預計的區域銷售組合將導致本季淨銷售額下降。我們預計，由於區域分佈不均以及 1 月份美國工廠因寒冷天氣停工而導致的運營不利因素，調整後的 EBITDA 將環比下降，進一步加劇了這一下降。儘管面臨這些不利因素，我們仍致力於實現全年 TT 成本削減目標。

For the full year, we expect 2025 results to be better than 2024 with improvements becoming more evident in the second half of the year. We will continue to control what we can control through our cost-out programs and a focus on driving commercial excellence as evidenced in our share gains, while small, particularly in Europe. Furthermore, we've used the disruptions we faced in 2024 to improve our operational planning, and we are well positioned to meet customer orders moving forward.

就全年而言，我們預計 2025 年業績將優於 2024 年，下半年的改善將更加明顯。我們將繼續透過成本削減計劃來控制我們能夠控制的事情，並致力於推動商業卓越，這從我們的份額增長中可以看出，儘管份額增長幅度很小，特別是在歐洲。此外，我們利用 2024 年面臨的中斷來改善我們的營運計劃，並且我們已準備好滿足未來的客戶訂單。

For our APM business, we expect our top line to be impacted by softer demand across the segment, driven by the continued weakness in cyclical end markets as well as our products that serve the hydrogen and semiconductor markets. Adjusted EBITDA is also anticipated to decrease sequentially due to lower net sales during the quarter, further impacted by an unfavorable product mix. We also anticipate incurring additional costs in the first quarter as a result of an outage from scheduled major plant maintenance that extended into the beginning of 2025. Of note, as I mentioned earlier, the fourth quarter comparison period for APM did include favorable inventory adjustments and other true-ups, which are not anticipated to recur in the first quarter.

對於我們的 APM 業務，我們預計我們的營收將受到整個部門需求疲軟的影響，這受到週期性終端市場以及服務氫和半導體市場的產品持續疲軟的影響。由於本季淨銷售額下降，且受到不利產品組合的進一步影響，預計調整後 EBITDA 也將季減。我們也預計，由於計劃中的大型工廠維護停工延長至 2025 年初，第一季將產生額外成本。值得注意的是，正如我之前提到的，APM 的第四季比較期確實包括有利的庫存調整和其他調整，預計這些調整不會在第一季重現。

On a consolidated basis for the first quarter, we anticipate net sales to be flat to slightly down sequentially, with adjusted EBITDA also expected to be slightly down sequentially. This expectation includes a sequential decrease in corporate expenses as it all set to adjusted EBITDA of approximately 30% compared with the fourth quarter, inclusive of the fourth quarter costs associated with legacy asbestos matters.

從第一季的綜合數據來看，我們預計淨銷售額將與上一季持平或略有下降，調整後的 EBITDA 預計也將與上一季略有下降。這項預期包括公司費用的連續下降，因為與第四季度相比，調整後的 EBITDA 將下降約 30%，其中包括第四季度與遺留石棉問題相關的成本。

We anticipate these corporate costs in the first quarter of 2025 to be more reflective of the corporate cost expectations for the remainder of the year. Regarding our liquidity expectations for the first quarter, we expect operating cash flow to reflect a net usage consistent with traditional seasonality. We also expect capital expenditures to be in the range of $80 million.

我們預期 2025 年第一季的企業成本將更能反映今年剩餘時間的企業成本預期。關於我們對第一季的流動性預期，我們預期經營現金流將反映與傳統季節性一致的淨使用。我們也預計資本支出將在 8000 萬美元左右。

Turning to the full year 2025. We expect adjusted EBITDA to be in the range of $825 million to $975 million. For the high end of our range, we would anticipate a more favorable macroeconomic environment for TT and APM and along with TSS pricing action success, input cost moderation, and Freon pricing strength. Alternatively, for the lower end of our range, we would anticipate a worsening macroeconomic environment, higher input cost pressures in TSS, and increased local regulatory pressure on the APM business.

展望 2025 年全年。我們預計調整後的 EBITDA 在 8.25 億美元至 9.75 億美元之間。對於我們產品範圍的高端，我們預期 TT 和 APM 將擁有更有利的宏觀經濟環境，同時 TSS 定價行動將成功、投入成本將適度降低，氟利昂的價格也將走強。或者，對於我們範圍的低端，我們預計宏觀經濟環境將會惡化，TSS 的投入成本壓力將會上升，APM 業務的當地監管壓力將會加大。

These current expectations for adjusted EBITDA do not include significant changes in the broader regulatory landscape. Regarding cash flow for the full year, operating cash flow is expected to improve as the year progresses and more than fund anticipated capital expenditures ranging from $250 million to $300 million, while also ensuring dividend funding subject to Board approval quarterly. With that, I'll hand it back over to Denise to discuss recent progress for our pathway to drive strategy.

目前對調整後 EBITDA 的預期並未包括更廣泛監管環境的重大變化。至於全年現金流，預計隨著時間的推移，營運現金流將有所改善，並將足以支付預計 2.5 億至 3 億美元的資本支出，同時也能確保按季度支付董事會批准的股息。說完這些，我將把話題交還給丹尼斯，討論我們推動策略的途徑的最新進展。

Thank you, Shane. Last quarter, we shared our refreshed strategy for Chemours Pathway to Thrive. This strategy is intended to capitalize on our business' fundamental strengths, our incredible talent and our competitive differentiators to enhance shareholder value creation. Chemours strategy is focused on four pillars: operational excellence, enabling growth, portfolio management, and strengthening the long term, all rooted in the foundation of balanced and disciplined capital allocation.

謝謝你，肖恩。上個季度，我們分享了科慕繁榮之路的最新策略。此策略旨在利用我們業務的基本優勢、我們傑出的人才和我們的競爭優勢來提高股東價值創造。科慕策略專注於四大支柱：卓越營運、促進成長、投資組合管理和長期增強，所有這些都植根於均衡和規範的資本配置的基礎。

Efforts to execute our strategy were underway when we shared it in our Q3 call, and we've continued to take steps to structure the organization around its pillars to meet shareholder expectations. In addition to appointing Damian as TC Business President and Diane as Chief Enterprise Enablement Officer, we've also established a transformation office that is fully dedicated to driving results within each pillar of our strategy.

當我們在第三季電話會議上分享我們的策略時，我們正在努力執行該策略，並且我們將繼續採取措施，圍繞組織支柱建立組織，以滿足股東的期望。除了任命 Damian 為 TC 業務總裁和任命 Diane 為首席企業支援長之外，我們還成立了一個轉型辦公室，全力致力於推動我們策略各個支柱的成果。

Starting with operational excellence. We continue to target incremental run rate cost savings of greater than $250 million across the company starting this year and building through 2027. As a reminder, this overall cost savings plan comprises an additional $125 million in cost savings under our TT Transformation Plan, and $125 million in targeted cost savings spread evenly across the other businesses and corporate.

從卓越營運開始。我們繼續設定目標，從今年開始到 2027 年，全公司增量運行成本節省超過 2.5 億美元。提醒一下，該總體成本節約計劃包括我們的 TT 轉型計劃下的額外 1.25 億美元成本節約，以及平均分攤到其他業務和公司範圍的 1.25 億美元目標成本節約。

Of our total $250 million cost target, we remain on track to deliver half of these run rate cost savings by the end of 2025. As we progress further into the year, we'll look to provide regular updates on those savings, which remains focused on optimizing our asset footprint and reducing overhead costs. These efforts tie into our portfolio management pillar, which I will speak to shortly.

在我們的總成本目標 2.5 億美元中，我們仍有望在 2025 年底前實現其中一半的營運成本節約。隨著今年的進一步發展，我們將定期更新這些節省的情況，重點仍然在於優化我們的資產足跡和降低管理費用。這些努力與我們的投資組合管理支柱緊密相關，我稍後將會談到。

Our ability to execute a broader cost out program, which has been a focus of mine since moving into the CEO role, is rooted in our transformational expertise as exemplified in our success through our TT Transformation Plan continuing under Pathway to Thrive. To further emphasize our long-term efforts to drive down cost in TT, I want to highlight the announcement we made in December around our agreement with PCC Group to build and operate a chlor-alkali facility on the ground of our TiO2 plant into Leo, Mississippi.

我們執行更廣泛的成本削減計劃的能力，自從我出任首席執行官以來一直是我的工作重點，這根植於我們的轉型專業知識，正如我們在“繁榮之路”下繼續實施的 TT 轉型計劃所取得的成功所體現。為了進一步強調我們為降低 TT 成本所做的長期努力，我想強調我們 12 月宣布的與 PCC 集團達成的協議，該協議將在密西西比州利奧的 TiO2 工廠地面上建造和運營一座氯鹼設施。

We believe that this asset-light approach, working closely with a trusted partner in the chlorine space, will continue to bolster our efforts to become one of the world's lowest-cost TiO2 producers providing sizable operating cost advantages once the plant is operational in 2028. This plant adds to our vertically integrated chlorine positioning at our new Johnsonville site to ensure US domestic supply of TiO2.

我們相信，這種輕資產方式，加上與氯氣領域值得信賴的合作夥伴密切合作，將繼續支持我們努力成為世界上成本最低的 TiO2 生產商之一，並在 2028 年工廠投入運營後提供可觀的運營成本優勢。該工廠增強了我們在新約翰遜維爾工廠的垂直整合氯氣定位，以確保美國國內的 TiO2 供應。

More broadly, we have focused efforts on reducing corporate overhead costs, taking a zero-based budget approach to these costs. While reducing costs in an area of focus that we can control, we are also looking at improvements to drive further operational efficiencies. By using a standardized execution model through centers of excellence, we will drive best practices across our organization and help continue our momentum.

更廣泛地說，我們集中精力降低企業管理費用，並對這些費用採取零基預算方法。在降低我們能夠控制的重點領域成本的同時，我們也在尋求改進措施，以進一步提高營運效率。透過卓越中心使用標準化執行模型，我們將在整個組織內推動最佳實踐，並幫助我們保持發展勢頭。

Turning to our second pillar, enabling growth. Chemours remains committed to smartly investing in high-return, low-risk initiatives across our portfolio while driving commercial effectiveness. We are targeting a revenue CAGR of over 5% from 2024 through 2027, assuming no significant macro events over that time. As we shared at our last earnings call, we are prioritizing expansion in attractive spaces with a focus on data center cooling, next-generation refrigerant semiconductor fabrication, and the development of next-generation EV batteries.

轉向我們的第二個支柱，促進成長。科慕始終致力於在我們的產品組合中明智地投資高回報、低風險的項目，同時提高商業效益。我們的目標是，2024 年至 2027 年期間的收入複合年增長率超過 5%，假設在此期間沒有重大宏觀事件。正如我們在上次財報電話會議上所分享的那樣，我們優先考慮在有吸引力的領域進行擴張，重點是資料中心冷卻、下一代冷媒半導體製造以及下一代電動車電池的開發。

And as we saw this past quarter, we've already taken positive steps to expand our presence in the semiconductor space through successful capacity expansion of our high-purity Teflon PFA line in our APM business. I'm pleased to say that the production ramp-up of this asset has proceeded well.

正如我們在上個季度所看到的，我們已經採取積極措施擴大我們在半導體領域的影響力，透過成功擴大 APM 業務中高純度 Teflon PFA 生產線的產能。我很高興地說，該資產的產量提升進展順利。

With our focus on growth, I wanted to highlight the continued strength in demand for Opteon refrigerants, which experienced double-digit growth in 2024 which we anticipate will continue through 2025. As mentioned previously, we have completed a 40% expansion at Corpus Christi, of which half will be available in 2025, with the remaining capacity available in 2026.

由於我們專注於成長，我想強調對 Opteon 冷媒的需求持續強勁，該冷媒在 2024 年經歷了兩位數的成長，我們預計這種成長將持續到 2025 年。如前所述，我們已經完成了科珀斯克里斯蒂 40% 的擴建，其中一半將於 2025 年投入使用，剩餘產能將於 2026 年投入使用。

With this added capacity, we believe we will be well positioned to meet customer demand driven by the growth in Opteon in connection with the regulatory transition to low GWP refrigerants. Taken together, these actions reflect important steps towards achieving our targeted sales growth over the coming years and enhancing our competitive positioning in high-growth areas.

憑藉這項新增產能，我們相信我們將能夠更好地滿足客戶需求，而這些需求是由 Opteon 的成長以及轉向低 GWP 冷媒的監管所推動的。總的來說，這些舉措是我們在未來幾年實現銷售成長目標和增強在高成長領域的競爭地位的重要舉措。

We will continue to closely evaluate all investments to ensure a disciplined capital allocation approach aligned with our strategy and continue to expect our investments to be funded by organic cash flow generation cost savings realized across all our businesses. Our third strategic pillar, portfolio management is reflective of our ongoing commitment to optimize our existing businesses and assets by shifting our focus from products to applications in higher growth, higher-margin markets with the goal of enhancing shareholder value.

我們將繼續密切評估所有投資，以確保符合我們策略的嚴謹的資本配置方式，並繼續期望我們的投資由我們所有業務實現的有機現金流產生成本節省提供資金。我們的第三個策略支柱，投資組合管理，反映了我們持續致力於優化現有業務和資產，將我們的重點從產品轉向更高成長、更高利潤的市場應用，以提高股東價值為目標。

As I shared on our last earnings call, these efforts included an evaluation of our existing footprint to ensure we have an optimal asset base that is aligned with our future needs. In connection with these efforts, we are announcing a strategic review of our APM European asset footprint with a focus on creating value for shareholders and improving the quality of earnings, as we continue to aggressively reduce costs and improve our overall profitability.

正如我在上次財報電話會議上所分享的那樣，這些努力包括對我們現有的足跡進行評估，以確保我們擁有符合我們未來需求的最佳資產基礎。結合這些努力，我們宣布對 APM 歐洲資產足跡進行策略性審查，重點是為股東創造價值和提高獲利質量，同時我們將繼續積極降低成本並提高整體獲利能力。

Our focus is on enhancing our asset footprint to provide the highest level of shareholder value. While announcing the strategic review today, we started to take initial steps around our APM European assets in the third quarter. Those activities included the write-down of certain assets and putting our hydrogen focused td expansion on long-term hold.

我們的重點是擴大我們的資產足跡，以提供最高水準的股東價值。在今天宣布戰略評估的同時，我們在第三季開始圍繞 APM 歐洲資產採取初步措施。這些活動包括減記某些資產，並長期暫停以氫能為重點的TD擴張。

Adding to these earlier actions in January of 2025, we made the decision to exit our Surface Protection Solutions or SPS Capstone business. This action was taken due to regulatory changes and uncertainty that have caused reduced demand and market deselection. We expect all manufacturing activities for SPS product to cease by the end of second quarter of this year, pending local regulatory approval. Once complete, we expect the annualized revenue loss to be approximately $80 million to $90 million going forward with a challenging operating environment, compounded by increased costs, making SPS economics unfavorable going forward.

除 2025 年 1 月採取的這些早期行動外，我們還決定退出表面保護解決方案或 SPS Capstone 業務。採取這項措施是因為監管變化和不確定性導致需求減少和市場取消選擇。我們預計，待獲得當地監管部門批准後，SPS 產品的所有生產活動將在今年第二季末停止。一旦完成，我們預計未來年度收入損失將達到約 8,000 萬至 9,000 萬美元，且營運環境充滿挑戰，再加上成本增加，使得 SPS 未來的經濟狀況不利。

In connection with the SPS exit, we expect to incur total restructuring charges of approximately $60 million, of which half are expected to be cash payments. The cash payments associated with this exit are expected to be incurred throughout late 2025 and 2026. While these decisions are never easy, we believe these actions and continued evaluation of our portfolio are critical to ensure Chemour's long-term success and drive shareholder value.

與 SPS 退出相關，我們預計將產生總計約 6,000 萬美元的重組費用，其中一半預計以現金支付。此次退出相關的現金支付預計將在 2025 年底至 2026 年期間發生。雖然做出這些決定並不容易，但我們相信，這些行動以及對我們產品組合的持續評估對於確保科慕的長期成功和推動股東價值至關重要。

These actions also help us strengthen the overall Chemours portfolio and enable us to allocate capital to areas of the business generating a more positive return. We anticipate completing a review of our European APM asset base by the end of 2025, and we'll share updates as we progress.

這些舉措也幫助我們加強了科慕的整體產品組合，並使我們能夠將資本分配到能產生更積極回報的業務領域。我們預計將在 2025 年底前完成對歐洲 APM 資產基礎的審查，並將在審查過程中分享最新進展。

Lastly, in our fourth pillar, strengthening the long term, we remain focused on advocating for the criticality of our chemistries, ensuring that we make measurable progress on addressing legacy liabilities and use of best science, analytical methods, and data to support our responsible manufacturing practices.

最後，在我們的第四大支柱——加強長期發展方面，我們仍然致力於倡導化學的重要性，確保我們在解決遺留責任方面取得可衡量的進展，並使用最佳科學、分析方法和數據來支持我們負責任的製造方法實踐。

Our efforts in these areas are embedded at all levels of the company, and we engage with our regulatory stakeholders to support science-based regulation of our industry that provides clear standards that are supported by sound science and research. I'm proud of the significant progress we have made to date in executing our pathway to thrive strategy over the short course of a few months.

我們在這些領域的努力滲透到了公司的各個層面，並且我們與監管利益相關者合作，支持以科學為基礎的行業監管，提供由可靠的科學和研究支持的明確標準。我為我們在短短幾個月內實施繁榮戰略所取得的重大進展感到自豪。

We remain confident that our continued focus on the key pillars of our corporate strategy will drive strong operational and financial performance across our three businesses and ultimately position Chemours for long-term success and value creation.

我們堅信，我們持續專注於公司策略的關鍵支柱將推動三大業務領域實現強勁的營運和財務業績，並最終使科慕獲得長期成功和價值創造。

This progress was only made possible through the dedication and efforts of our employees, and I would like to thank our entire team for their hard work and efforts that have allowed us to bring this strategy forward as we continue delivering trusted chemistry. I look forward to providing additional updates on our operational and financial performance and our continued progress executing our pathway to drive strategy in the months to come.

這項進步離不開員工的奉獻和努力，我要感謝我們整個團隊的辛勤工作和努力，使我們能夠在繼續提供值得信賴的化學產品的同時推進這項策略。我期待在未來幾個月內提供有關我們的營運和財務表現的更多更新，以及我們在執行推動策略的道路上持續取得的進展。

(Operator Instructions)

（操作員指令）

Arun Viswanathan, RBC Capital Markets

Arun Viswanathan，加拿大皇家銀行資本市場

Great, thanks for taking my question. I hope you guys are well. So I guess, first off, I wanted to understand maybe the bridge from [24 to 25] EBITDA guidance. If I remember correctly, there were about $80 million or so of onetimers in '24. So if we add that back, it seems like there's about $40 million or $50 million of extra growth. Is the midpoint of your new range for ['25], am I right in that assessment?

太好了，感謝您回答我的問題。我希望你們都很好。所以我想，首先，我想了解從 [24 到 25] EBITDA 指引的橋樑。如果我沒記錯的話，1924 年的一次性投資金額大約是 8,000 萬美元左右。所以如果我們把這個數字加回來，似乎有大約 4,000 萬美元或 5,000 萬美元的額外增長。您新的範圍的中點是 ['25] 嗎，我的評估正確嗎？

And then if so, how would you kind of characterize that additional growth? Thanks.

如果是這樣，那麼您如何描述這種額外的增長？謝謝。

Thanks, Arun. Appreciate the question. So first of all, I just want to start with talking about this year and what we're excited about. I mean when we look at this year, the transition to the low GWP technology in the stationary market is really exciting for us. We also see green shoots in our TT business, and we're really laser-focused on delivering on Pathway to Thrive. As you say, there are some things to explain relative to the bridge from [24 to 25]. And I'm going to turn it over to Shane to give you a little bit more color on that.

謝謝，阿倫。我很感謝你提出這個問題。所以首先，我想先談談今年的情況以及令我們興奮的事情。我的意思是，當我們回顧今年時，固定市場轉向低 GWP 技術的轉變對我們來說確實令人興奮。我們的 TT 業務也出現了復甦跡象，我們真正專注於實現「繁榮之路」 (Pathway to Thrive)。正如你所說，有一些事情需要解釋，與橋樑有關[24至25]。現在我將把話題交給 Shane，讓他對此進行更詳細的闡述。

Yeah. Thanks, Arun. You mentioned a number of onetime costs, which, yes, we don't anticipate recurring next year. However, you probably saw the Q1 guidance. We are anticipating some operational headwinds in Q1 related to in TSS, a site-specific forced outage some weather-related items in TT, especially in January here in the elongated plant shutdown in APM. That's about $15 million to $20 million going in Q1.

是的。謝謝，阿倫。您提到了一些一次性成本，是的，我們預計明年不會再發生這些成本。不過，您可能看到了第一季的指引。我們預計第一季會出現一些營運方面的不利因素，包括 TSS 中的特定站點強制停產、TT 中的一些天氣相關項目，尤其是 1 月 APM 中的長期工廠停產。這意味著第一季的支出約為 1500 萬至 2000 萬美元。

But as I think ahead, we don't anticipate these to recur. We anticipate seasonality in TSS and TT in Q2 and Q3. And as Denise mentioned, very excited about the Opteon adoption, especially in commercial and stationary refrigerants. And then further, we're going to control what we can control, continue to align pathway to thrive and continue to reduce costs and manage that accordingly.

但我認為，我們預計這些不會再發生。我們預計第二季和第三季的 TSS 和 TT 將出現季節性變化。正如 Denise 所提到的，我對 Opteon 的採用感到非常興奮，特別是在商用和固定式冷媒方面。然後，我們將進一步控制我們能夠控制的事情，繼續調整發展道路，繼續降低成本並進行相應的管理。

Okay, thanks for that. And then as a follow-up to that. So looks like your second half, I think you mentioned, should be a little bit stronger than the first half. So it sounds like you could be exiting second half at a $500 million or so plus run rate of EBITDA. If you annualize that, you get to $1 billion plus for '26. Am I thinking about that the right way? And what would that require? Is that kind of maybe a better pre-pricing environment or maybe capitalizing on the capacity growth that you've had in TSS? Or would it also require some better TT markets? Thanks.

好的，謝謝。然後作為對此的後續行動。所以看起來你的後半部分，我想你提到過，應該比前半部分強一點。因此聽起來您下半年的營收可能會達到 5 億美元左右，外加 EBITDA 的運行率。如果以年計算，那麼26年的收益將超過10億美元。我這樣想對嗎？那這需要什麼？這是否可能是更好的預定定價環境，或者可能利用您在 TSS 中所擁有的容量成長？或者它是否還需要一些更好的 TT 市場？謝謝。

Thanks, Arun. I mean, I think it's early to give anything related to 2026 at this point. But as I think about kind of your math in '25 and Adam said we believe are going to help us with that guidance that we talked about for the full year. Certainly, the additional capacity at Corpus Christi from Nation perspective is contributing to that. We brought a PFA line on as well, which is going to help, continuing that cost-out program as we've talked about as well.

謝謝，阿倫。我的意思是，我認為現在給出與 2026 年相關的任何消息還為時過早。但是當我想到你在 25 年的數學計算和亞當所說的那樣時，我們相信我們所討論的全年指導將會對我們有所幫助。當然，從國家角度來看，科珀斯克里斯蒂的額外容量正在為此做出貢獻。我們還引入了 PFA 線路，這將有所幫助，繼續執行我們已經討論過的成本削減計劃。

And then also, we are seeing, as Denise talked about some green shoots in TT as it relates to share, but also thinking through a back half weighted, some market recovery as we look at the underlying KPIs.

而且，我們也看到，正如 Denise 談到的 TT 在與份額相關的方面出現了一些復甦跡象，但同時考慮到後半部分的加權，當我們查看底層 KPI 時，也看到了一些市場復甦。

Alright. Thanks a lot.

好吧。多謝。

Josh Spector, UBS.

瑞銀的喬希·斯佩克特（Josh Spector）

Yeah, hi, good morning. I wanted to follow up on TT. So you mentioned a couple of times green shoots in that business that you're seeing, but volumes aren't improving in your forecast sequentially, and you talked about some regional mix headwinds. So I think from the outside in, it looks like your TT business is maybe getting worse, but you're calling out Greenshoots. Can you help us understand kind of what's going on within that? Thanks.

是的，你好，早安。我想跟進 TT。因此，您幾次提到您看到的該業務的復甦跡象，但您的預測顯示銷量並沒有逐季改善，並且您還談到了一些區域組合阻力。因此我認為從外部來看，您的 TT 業務可能正在變得更糟，但您正在呼籲 Greenshoots。您能幫助我們了解其中發生的事情嗎？謝謝。

Sure. Yes. Thanks, Josh. Appreciate the question. Yes, going into -- first of all, we delivered a very strong fourth quarter. Coming into the first quarter, there's really a regional mix impact. When we talk about some of the green shoots we're seeing, it's really around some share gain that we're seeing in Europe. I would say it's still early days as you think about the antidumping impact.

當然。是的。謝謝，喬希。我很感謝你提出這個問題。是的，首先，我們的第四季表現非常強勁。進入第一季度，區域混合效應確實顯現出來。當我們談論看到的一些復甦跡象時，實際上指的是歐洲的市場份額有所增長。我想說，考慮反傾銷的影響還為時過早。

But if you look at the exports from China, as they go into Europe or even into Brazil, you see that there's quite a decline and not just a decline in overall volume but a decline in the high purity, high-quality TiO2. So there's a lot of inventory that had to be worked out, but you can see that decline occurring we're well positioned. We're -- we have a great value proposition, a great franchise around reliability, security of supply.

但如果你看看中國出口到歐洲甚至巴西的情況，你會發現下降幅度相當大，而且不只是總量下降，而且高純度、高品質的二氧化鈦數量也在下降。因此，有很多庫存需要處理，但你可以看到庫存正在下降，我們處於有利地位。我們擁有巨大的價值主張，以及圍繞可靠性和供應安全性的偉大特許經營權。

The other thing that -- first of all, we're going into the second quarter is generally a better season for the coatings market. And some of the macros that we look at the housing market index has increased again in January. It's the highest level it's been at in 9 months. And historically, that correlates to coatings demand. So that's what we mean when we say green shoots.

另一件事——首先，我們即將進入第二季度，這對於塗料市場來說總體來說是一個更好的季節。我們從宏觀角度來看，房地產市場指數在 1 月又有所上升。這是九個月以來的最高水準。從歷史上看，這與塗料需求有關。這就是我們說的「綠芽」的意思。

And we are -- we absolutely are not saying that feeling like we're in weak. As I said, the first quarter has a lot more to do with the regional mix and we're committed to our pathway to thrive and continuing to drive cost out in TT.

而且我們 — — 我們絕對沒有說我們覺得自己很軟弱。正如我所說，第一季與區域組合有很大關係，我們致力於我們的蓬勃發展之路，並繼續降低 TT 的成本。

Thanks. Just a follow-up, just the regional mix to be specific, is that selling more into Europe and less into North America? Or what's the change? And is that temporary for first quarter? Or does that reverse? Or is that a permanent shift?

謝謝。只是一個後續問題，具體來說是區域組合，是否在歐洲銷售更多而在北美銷售較少？或者有什麼變化？這對於第一季來說是暫時的嗎？或者情況正好相反？或者這是一個永久性的轉變？

Yeah, I would say that, that's accurate. And then I would definitely expect it to shift as we enter the seasonal coatings market in the US.

是的，我會說這是準確的。然後我肯定會預計，當我們進入美國季節性塗料市場時，它會發生轉變。

Okay, thank you.

好的，謝謝。

Hassan Ahmed, Global Advisors.

哈桑‧艾哈邁德 (Hassan Ahmed)，全球顧問。

Morning Denise and Shane. I just wanted to dig a bit deeper into the prior questions about TT and guidance, 2025 guidance in particular. I mean from the sounds of it, it seems, obviously, we haven't really seen much of an impact from the antidumping side of it. I'm just trying to get a more granular view with regards to what you're baking in, in your 2025 guidance in terms of TT pricing, volumes, and a potential boost from any sort of anti-dumping related market share gains?

早安，丹尼斯和肖恩。我只是想更深入地探討一下有關 TT 和指導、特別是 2025 年指導的先前問題。我的意思是，從聽起來，顯然我們並沒有真正看到反傾銷的巨大影響。我只是想更詳細地了解您在 2025 年指導中所考慮的 TT 定價、銷售以及反傾銷相關市場份額增長帶來的潛在提升？

Yeah. Thanks, Hassan. I mean from what we're baking in, we're not baking in any large macro change. What we're seeing is that we are seeing signs, and these things take time. There's inventory that has to work down. If you look at the China exports into the EU 27 and into Brazil, you can see that they are declining, which creates opportunity for us.

是的。謝謝，哈桑。我的意思是，從我們正在烘焙的內容來看，我們不會烘焙任何重大的宏觀變化。我們看到的是一些跡象，而這些事情需要時間。有一些庫存需要減少。如果你看看中國對歐盟27國和巴西的出口，你會發現它們正在下降，這為我們創造了機會。

Understood. And as a follow-up, I mean, as I sort of talk to industry consultants, TiO2 consultants, there seem to be pretty large divergences in what they're baking in, in terms of supply additions globally, right, particularly as they relate to China? Be it some of the supply additions that happened in 2024, be it some of the supply additions they are baking in for 2025 and beyond. I mean, can you sort of give us a view or a Chemours view of what the supply picture looks like, whether there is sort of forecasted tightness in utilization rates on a going-forward basis?

明白了。作為後續問題，我的意思是，當我與行業顧問、TiO2 顧問交談時，他們在全球供應增加方面似乎存在很大分歧，對嗎，特別是與中國有關的分歧？無論是 2024 年發生的一些供應增加，還是他們為 2025 年及以後製定的一些供應增加。我的意思是，您能否從科慕的角度向我們介紹一下供應情況，以及未來是否預期利用率會出現緊張局面？

Thanks, Hassan. Yeah, I mean I would say that we're not anticipating any significant increase in supply, and it really depends on utilization is going to depend on what happens with demand, which, as we're saying, right now, we're cautiously optimistic, I would say, but we would need some more macro signs to see utilization pick up.

謝謝，哈桑。是的，我的意思是，我們預計供應不會有任何顯著的增加，這實際上取決於利用率，而利用率又取決於需求的變化，正如我們所說的，現在我們持謹慎樂觀的態度，但我們需要更多的宏觀跡象才能看到利用率的上升。

So I mean just to get -- sorry to follow up, but just to get a bit more specific, I mean, some people have numbers north of sort of 0.5 million tonnes baked in for 2025 supply additions, while others have the number at 150,000 to 200,000. I mean those are major swings, which camp are you guys in?

所以我的意思是——抱歉，我只是想跟進，但只是為了更具體一點，我的意思是，有些人給出的數字是 2025 年供應增加量超過 50 萬噸，而其他人給出的數字是 15 萬到 20 萬。我的意思是，這些都是重大的轉變，你們又屬於哪一陣營？

I'm not exactly sure I understand your question. Are you talking about.

我不太確定我是否理解了你的問題。你在說什麼。

In terms of net capacity additions for 2025 in TiO2.

就 2025 年 TiO2 淨產能增量而言。

Yes. I mean it would definitely be on the low side.

是的。我的意思是它肯定會偏低。

Thank you so much.

太感謝了。

John McNulty, BMO.

約翰·麥克納爾蒂，BMO。

Yeah, thanks for taking my question. So I guess first one would just be around your CapEx. You're looking for $250 million to $300 million, so down a reasonable amount from 2024. Is it fair to assume that your CapEx budget doesn't include any CapEx for the data center opportunity that you've been talking about? And can you give us a little bit of color or thought on the timing for FID on that? And any other updates around the two-phase immersion cooling platform that you've been building out?

是的，感謝您回答我的問題。所以我猜第一個問題只是圍繞著你的資本支出。您期望的是 2.5 億到 3 億美元，因此比 2024 年下降了一個合理的數額。是否可以公平地假設您的資本支出預算不包括您一直在談論的資料中心機會的任何資本支出？您能否向我們介紹一下最終投資決定的時間安排或想法？關於您正在建造的兩相浸入式冷卻平台還有其他更新嗎？

Yeah, John, thanks. I'll take care of the CapEx, and then Denise can go into the merchant cooling update. As far as the CapEx goes, as you mentioned, $250 million to $300 million is what we guided. We continue to think about how to continue our growth initiatives and maintain asset light, where possible. So if you think about Denise talked a little bit about the PCC agreement, in TT and the unique way we did that. So as we think about just going forward, we're laser-focused on our liquidity and CapEx is one of those as well. And then Denise, do you want to go?

是的，約翰，謝謝。我會負責資本支出，然後 Denise 可以去進行商家冷卻更新。就資本支出而言，正如您所說，我們預計金額為 2.5 億至 3 億美元。我們繼續思考如何繼續我們的成長計劃並盡可能保持輕資產。因此，如果你想想丹尼斯在 TT 中談到的 PCC 協議以及我們做到這一點的獨特方式。因此，當我們考慮未來時，我們將重點放在流動性，而資本支出也是其中之一。那麼丹尼斯，你想去嗎？

Sure. Relative to how we're doing with in emerging cooling we're really still very excited about the space. We have significant value chain engagement. And we think this is going to be a large part of big part of the overall liquid cooling demand. But -- and I know you know this, but it's really going to be kicking in more towards the end of the decade because there will be a requirement for new data centers.

當然。相對於我們在新興冷卻領域的表現，我們對這個領域仍然感到非常興奮。我們擁有重要的價值鏈參與。我們認為這將成為整體液體冷卻需求的很大一部分。但是 — — 我知道你們知道這一點，但它實際上將在本世紀末發揮更大的作用，因為將需要新的資料中心。

The relative our asset plan. We talked about that before that we're going to be giving updates. We remain focused on achieving commercialization by next year. We -- underline have an underlying plan. Right now, there's some confidentiality around our process and intellectual property. And so there's some things that we're not really ready to disclose around that molecule, but we look forward very soon to be giving an update on that.

相關我們的資產計劃。我們之前討論過這個問題，我們將提供最新消息。我們仍然專注於明年商業化。我們—強調有一個基本計劃。目前，我們的流程和智慧財產權仍有一定的保密性。因此，有關該分子的一些資訊我們還沒有準備好披露，但我們期待很快對此進行更新。

Great, thanks very much for the call on that. And then just maybe on the TSS side, it sounds like there's a pretty wide range of outcomes as you're looking out to 2025, both on Opteon, and it sounds like there's some pretty solid volume growth there. I guess, can you help us to think about that as well as where you think we may be in the Freon inventory kind of destocking, when do you think we may be getting through that where we might see price starting to inflect since it seems like that's a big part of the range of outcomes that you've got for the year.

太好了，非常感謝您致電。然後也許就 TSS 方面而言，展望 2025 年，聽起來 Opteon 會有相當廣泛的結果，而且聽起來那裡的銷量會相當穩健地增長。我想，您能否幫助我們思考一下這個問題，以及您認為我們可能處於氟利昂庫存去庫存的哪個階段，您認為我們什麼時候可能度過這個難關，什麼時候我們可能會看到價格開始波動，因為這似乎是您今年所得到的一系列結果中很重要的一部分。

Thanks, John. First, I'm going to start with Freon. Last year was a unique year for us for Freon because there was a delay that was very unexpected with the technology transition where things were pushed out a year, sell-through was pushed out. So we were we were really impacted by Freon. Coming into this year, right, we're trying to use our quota really for the low GWP refrigerants. So our -- as we've said in our strategy, we are much less dependent on Freon this year.

謝謝，約翰。首先，我要從氟利昂開始。去年對我們 Freon 來說是特別的一年，因為技術轉型出現了意想不到的延遲，產品被推遲了一年，銷售也被推遲了。所以我們確實受到了氟利昂的影響。今年我們確實在嘗試將我們的配​​額用於低 GWP 冷媒。因此，正如我們在策略中所說，今年我們對氟利昂的依賴將大大減少。

And as a matter of fact, by the end of the year, we are really all Freon sales are going to be outside of the US and Europe. So -- but if we turn to the Opteon side, you saw a 23% growth in the fourth quarter. You can expect at least that kind of growth this year.

事實上，到今年年底，我們所有的氟利昂銷售都將在美國和歐洲以外的地區。所以——但如果我們轉向 Opteon 方面，你會看到第四季的成長率為 23%。今年至少可以期待這樣的成長。

But one thing -- and we're committed to a 30% margin in this space, One thing to keep in mind and kind of going back to when things transition to the HFO technology for the auto OEMs, this is a year where the -- it's the OEM year, where the aftermarket space where you have more, I'll say, pricing flexibility is lower. So it's about a 10%. Really what we're doing with the OEMs is securing our share for the long term. With that said, we still do have opportunity to pass through raw material price increases even to the OEM part of the market.

但有一件事 — — 我們致力於在這個領域保持 30% 的利潤率，有一件事要記住，回到汽車原始設備製造商向 HFO 技術過渡的時候，今年是原始設備製造商年，而售後市場的空間更大，我想說，定價靈活性更低。所以大約是 10%。我們與 OEM 合作的真正目的是確保我們的長期份額。話雖如此，我們仍有機會將原物料價格上漲的影響轉嫁到OEM市場部分。

Got it. Okay. That's very helpful. Thanks for the color.

知道了。好的。這非常有幫助。謝謝你的顏色。

Vincent Andrews, Morgan Stanley.

摩根士丹利的文森安德魯斯。

Hi, can I ask in the fourth quarter, you mentioned that you had some nonrecurring benefits from inventory true-ups in APM as well as, I guess, some nonrecurring cost benefits in TSS. Could you tell us what those were in particular, to the inventory? Can you talk about what triggered that? Or how that happened and what discretion you had related to it?

您好，我可以問一下在第四季度，您提到您從 APM 中的庫存調整中獲得了一些非經常性收益，以及我猜，從 TSS 中獲得了一些非經常性成本效益。您能具體告訴我們這些內容是什麼嗎？能談談是什麼引發了這件事嗎？或者這件事是怎麼發生的以及您對此有何判斷？

Yeah. Sure, Vincent. Yes, as I think about some of the benefits we saw that were kind of onetime in nature. I mentioned the items in APM and TSS. I mean these are really around inventory valuation items that happened in the fourth quarter some reserve changes. They're in the range of about $5 million to $10 million as I think about kind of sizing them up.

是的。當然，文森特。是的，我認為我們看到的一些好處本質上都是一次性的。我提到了 APM 和 TSS 中的項目。我的意思是，這些實際上都圍繞著第四季度發生的一些儲備變化的庫存估價項目。我認為它們的估值範圍在 500 萬美元到 1000 萬美元之間。

But I would say, I mean, there were benefits, but we also had some items in our corporate costs that were onetime in nature related to asbestos reserves as well. And as you can think about the additional corporate costs, I mean, that was in the range of $10 million to $15 million as well. So just trying to give some -- a little bit of color on the positives and negatives we saw from a onetime items in Q4.

但我想說，我的意思是，有好處，但我們的公司成本中也有一些項目是一次性與石棉儲量相關的。您可以考慮額外的公司成本，我的意思是，這個成本也在 1000 萬美元到 1500 萬美元之間。因此，我們只是想給出一些關於第四季度一次性項目中正面和負面因素的描述。

Okay. And then if I could just ask on TT, point taken on what's happening so far in Europe and Brazil in terms of the direction of Chinese exports. But we're a year from now, where do you envision those Chinese exports that don't go to Brazil or Europe anymore. Where do you think that wind up? Do you envision China cutting production? Or do you envision those going into other markets -- and if they go into other markets, what happens to the TiO2 that was previously servicing those other markets.

好的。然後，如果我可以在 TT 上問一下，就中國出口的方向而言，目前歐洲和巴西的情況如何。但一年之後，您認為那些不再銷往巴西或歐洲的中國出口產品會是什麼樣子？您認為最終結果會如何？您預計中國會減產嗎？或者您是否設想將它們引入其他市場——如果它們進入其他市場，那麼之前服務於其他市場的 TiO2 會發生什麼情況？

What you can see in the data is it's going to Asia and the Middle East. I think time will tell based on how prolonged the recurrence of the uptick in the market when that happens. I think there are some concern of customers around the profitability of some of these -- the Chinese producers and how long they can withstand the narrower margins.

您可以從數據中看到，這些貨物運往亞洲和中東。我認為，時間將根據市場上漲週期的長短來證明一切。我認為客戶對中國生產商的獲利能力以及他們能承受利潤率收窄多久感到擔憂。

John Roberts, Mizuho.

瑞穗的約翰羅伯茲。

Thank you. I guess we have now an ex DuPont or back at the EPA in a key position here. Do you think that changes any of the complexion around the PFAS activity over the next few years? And -- maybe give us an update on the upcoming New Jersey trial?

謝謝。我想我們現在有一位前杜邦公司員工或現任環保署員工在這裡擔任重要職務。您認為這會改變未來幾年 PFAS 活動的情況嗎？並且——能否提供我們即將在新澤西州舉行的審判的最新消息？

Sure. Relative to the EPA, we're really as you know, that the world came out relative to maximum concentration limits around specific molecules that were really not science-based. We're really glad that the Trump administration, the EPA has come up and put those in advance for 60 days. So we're really hopeful for a good dialogue on science-based targets.

當然。相對於 EPA，我們確實如你所知，世界針對特定分子所製定的最大濃度限值其實並不是基於科學的。我們非常高興川普政府和環保署提前 60 天提出了這些要求。因此，我們真誠希望就基於科學的目標展開良好的對話。

Relative to the New Jersey trial, we -- that is set for May we continue to prepare. And as always, there's -- you're getting money for trial. There's also opportunity for settlement as well.

相對於新澤西州的審判，我們——審判定於五月進行，我們將繼續做準備。像往常一樣，您會得到試用費用。還有解決的機會。

Okay, and then what's happening in the existing small fluorochemical based immersion cooling market? 3M is exiting. So what are their existing customers doing? And is there anyone stepping into that space here as they exit?

好的，那麼現有的小型基於氟化學的浸入式冷卻市場情況如何？3M 正在退出。那麼他們的現有客戶在做什麼？當他們離開時，有沒有人踏進這個空間？

Yeah. For the chemistry that 3M produce, there are Chinese producers. There are, I would say, some pretty significant corrosion issues with that product. So while it's in the market, there is definitely a big room for improvement.

是的。對於 3M 生產的化學品，有中國生產商。我想說，該產品有相當嚴重的腐蝕問題。因此，雖然它已經進入市場，但肯定還有很大的改進空間。

Thank you.

謝謝。

Laurence Alexander, Jeffreys

勞倫斯‧亞歷山大，傑弗里斯

So good morning. We'd just like to flesh out the regulatory comments about the downside risks for 2025 for APM. Can you just flesh out what -- if there's any particular timeline or events you're looking for or decisions that would -- and then how much of a swing in your forecast that would -- that scenario would entail? And also, can you put that in context in terms of what is APM facing over, say, the next three to five years?

早安.我們只是想充實 2025 年 APM 下行風險的監管評論。您能否詳細說明一下——是否存在任何特定的時間表或事件，或者會做出哪些決定——以及您的預測會有多大的變化——這種情況會帶來什麼？另外，您能否結合 APM 在未來三到五年面臨的情況來說明這一點？

Yes, Laurence, thanks yes, I mentioned that as I think about range provided within the low end to the high end. From a low end, the $825 million I put when I mentioned regulatory pressures in APM, that's really making sure just from an operational perspective, Denise just talked about some of the science-based items we were discussing with the EPA.

是的，勞倫斯，謝謝，是的，我提到過，我考慮的是從低端到高端提供的範圍。從低端來看，當我提到 APM 的監管壓力時，我提到的 8.25 億美元確實是為了確保從營運角度來看，丹尼斯剛才談到了我們正在與 EPA 討論的一些基於科學的項目。

We are excited about kind of developing that and having further conversations. But if there is some other conversations that go the other way, that's really what we were getting at is potential regulatory pressure there.

我們很高興能夠開展這一方面的發展並進行進一步的對話。但如果還有其他朝著相反方向發展的對話，那我們真正要討論的就是潛在的監管壓力。

As I think about your latter question around the next several years in APM, we're really committed to taking a look at just overall portfolio in line with Pathway to Thrive. And APM is certainly part of that and making sure that the product is we're operating are optimized from a return basis and thinking through the next steps, whether that be changes in portfolio like we just talked about with SPS, or putting hydrogen on the long-term hold. We're really committed to making sure that, that business is optimized from a return portfolio.

當我思考您關於 APM 未來幾年的後一個問題時，我們真正致力於根據 Pathway to Thrive 來審視整體投資組合。APM 肯定是其中的一部分，並確保我們營運的產品從回報基礎開始優化，並考慮下一步，無論是像我們剛才與 SPS 討論的那樣改變產品組合，還是長期持有氫氣。我們確實致力於確保業務從回報組合中得到最佳化。

Thank you.

謝謝。

Jeff Zekauskas, JPMorgan.

摩根大通的 Jeff Zekauskas。

Thanks -- your inventories were $1.47 billion in the quarter, which I think is up 12% sequentially and about 10% year-over-year, your sales are down. going on with that number? Why is it so high?

謝謝——本季你們的庫存為 14.7 億美元，我認為比上一季增長了 12%，比去年同期增長了約 10%，但你們的銷售額下降了。這個號碼怎麼回事？為什麼這麼高？

Yes. Thanks, Jeff. I think there's a confluence of a couple of events here. I would say, one is we did have a lot of planned maintenance activities at the end of the year. So we did build up inventories through that side that will continue to work down as we look into 2025. I think other aspects of this is really some related items in TSS around our quota -- and which will continue to work down in '25.

是的。謝謝，傑夫。我認為這裡有幾件事同時發生。我想說，一是我們在年底確實有很多計劃的維護活動。因此，我們確實透過這方面建立了庫存，到 2025 年，庫存將繼續減少。我認為這方面的其他方面實際上是圍繞我們的配額的TSS中的一些相關項目 - 並且將在'25年繼續發揮作用。

And then outside of that was some select purchases within TT to think through where their inventory balances are. I will say this, as we think about the path ahead of us from a liquidity, we are focused on making sure that we optimize our working capital going forward and thinking about days conversion. And I think there's opportunities within that inventory balance.

除此之外，還要在 TT 內進行一些精選採購，以思考他們的庫存餘額在哪裡。我想說的是，當我們從流動性的角度思考未來的道路時，我們專注於確保優化未來的營運資本，並考慮天數轉換。我認為庫存平衡中存在著機會。

You've talked about your possible cash flows for 2025, and you said you should cover your dividend of [150], roughly [275], so you total that up, that [425]. Is that your expectation with your EBITDA between '25 and over time? Or is there something that would lead you to have -- that would put pressure on your cash flows? Or that's kind of what you're expecting? Do you have an aspiration for 2025 cash flow?

你談到了 2025 年可能的現金流，你說你應該支付 [150] 的股息，大約是 [275]，所以你把這些加起來，[425]。這是您對 25 年及以後 EBITDA 的預期嗎？或是有什麼事情會導致您的現金流承受壓力？或者這正是您所期望的？您對 2025 年的現金流有什麼期望嗎？

Yeah. Thanks, Jeff. Certainly, we have an aspiration as we think about cash flow, we did not provide that externally as we talk about transparency, very happy with providing annual guidance on EBITDA. As I think about what we talked about from cash flow was we expect from that perspective to at least cover the CapEx and dividends on that side, just making sure that we give confidence on balancing strategic growth and debt pay down with other priorities of the company, i.e., making sure that we fund the organic CapEx as well as providing returns to shareholders.

是的。謝謝，傑夫。當然，我們在考慮現金流時有一個願望，在談論透明度時我們並沒有向外界提供這一點，我們很高興能夠提供 EBITDA 年度指導。我認為我們從現金流角度所討論的內容是，我們期望從這個角度至少覆蓋資本支出和股息，只是確保我們有信心平衡戰略增長和債務償還與公司的其他優先事項，即確保我們為有機資本支出提供資金並為股東提供回報。

Great, thanks.

太好了，謝謝。

Pete Osterland, Truist.

皮特‧奧斯特蘭 (Pete Osterland)，Truist。

Hey, good morning. Thanks for taking the questions. First, on the cost savings realized from the TT transformation plan in 2024, what drove the upside versus your original target? And as you began working on optimizing your cost structure through the new cost savings plan, are you finding any areas of the business where you think there may be upside to this target as well? Thank.

嘿，早安。感謝您回答這些問題。首先，關於 2024 年 TT 轉型計畫實現的成本節約，與您最初的目標相比，是什麼推動了這一成長？當您開始透過新的成本節約計畫來優化成本結構時，您是否發現業務中哪些領域可能也有利於實現這一目標？感謝。

Yes. Thanks, Pete. As I think about just TT transformation plan in total. Very proud of the team, just executing above the target. We saw some positives as it relates to just overall manufacturing area related costs and thinking through mainly around those fixed cash costs in the operations side. We're not -- as we think about the Pathway to Thrive targets of $250 million, we're still very focused on achieving those. As we continue on this path and if we see any upsides, commit to being transparent around that and thinking through if there is that side.

是的。謝謝，皮特。我總體上考慮的是 TT 轉型計劃。非常為團隊感到驕傲，他們超額完成了目標。我們看到了一些積極的因素，因為它僅與整體製造區域相關成本有關，並且主要圍繞營運方面的固定現金成本進行思考。我們不是——當我們想到 2.5 億美元的「繁榮之路」目標時，我們仍然非常專注於實現這些目標。當我們繼續沿著這條道路前進時，如果我們看到任何好處，我們會承諾對此保持透明，並仔細思考是否存在這一方面。

We are the first part of this, and we're very excited about the organization we put around the Pathway to Thrive, whether it be the committed transformation teams the other areas from our pillars that are leading such, and I'm confident that they can meet those targets and exceed in certain circumstances.

我們是這項工作的第一部分，我們對圍繞「繁榮之路」建立的組織感到非常興奮，無論是致力於轉型的團隊，還是領導這些團隊的其他支柱領域，我相信他們能夠實現這些目標，甚至在某些情況下超越目標。

Great. And then just a quick follow-up on free cash flow. It looks like you're guiding for free cash flow to be positive this year. Is that the assumption at the middle of the EBITDA guidance range? Or do you expect to be free cash flow positive even at the low end?

偉大的。然後快速跟進自由現金流。看起來你預計今年的自由現金流將為正值。這是 EBITDA 指導範圍中間的假設嗎？或者您是否預計即使在低端也會出現自由現金流為正的情況？

Yes. I mean it's a great question,. I mean I think from a positive free cash flow, I indicated such given that the overall guidance was that we can fund our CapEx as well as the dividends go. I think that if it is at the lower range, we can take other actions to think through working capital and making sure that we're balancing such. So committed to positive free cash flow and making sure that we're going forward, very focused on balancing spend to get into there.

是的。我認為這是一個很好的問題。我的意思是，我認為從正的自由現金流來看，我指出這一點，因為總體指導是我們可以為我們的資本支出和股息提供資金。我認為，如果處於較低範圍，我們可以採取其他行動來考慮營運資金並確保平衡。因此，我們致力於實現正自由現金流，並確保我們向前發展，非常注重平衡支出。

Thank you very much.

非常感謝。

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

我們的問答環節已經結束。感謝您參加科慕公司 2024 年第四季財報電話會議。您現在可以斷開連線。