Chemours Co (CC) 2025 Q1 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 first-quarter and full-year 2025 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 2025 年第一季及全年業績電話會議。（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 over to Brandon Ontjes, Vice President, Head of Strategy and Investor Relations for Chemours. You may begin your call.

現在，我想將會議交給科慕公司副總裁兼策略與投資者關係主管 Brandon Ontjes。您可以開始通話了。

Good morning, everybody. Welcome to the Chemours Company's first-quarter 2025 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 2025 年第一季財報電話會議。今天與我一起出席的還有科慕總裁兼執行長 Denise Dignam 和資深副總裁兼財務長 Shane Hostetter。

Before we start, I'd 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 involve risks and uncertainties as described in Chemours' SEC filings. 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，涉及科慕公司向美國證券交易委員會提交的文件中所述的風險和不確定性。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義務。

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 yesterday evening. Also, we posted our earnings presentation to website yesterday as well.

在本次電話會議中，我們將參考一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。我們昨天晚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，我們昨天也在網站上發布了我們的收益報告。

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

說完這些，我會把電話轉給 Denise Dignam。

Thank you, Brandon, and thank you, everyone, for joining us. And starting off our call today, I want to highlight an announcement that was released concurrent with our earnings release yesterday evening regarding our strategic agreement with Navin Fluorine to produce our Opteon two-phase immersion cooling fluid. This manufacturing partnership leverages Navin's manufacturing expertise and Chemours' innovation in this space to address the data cooling center needs created by AI and next-generation chips.

謝謝你，布蘭登，也謝謝大家加入我們。在今天的電話會議開始時，我想強調昨天晚上與我們的收益報告同時發布的一份公告，該公告涉及我們與 Navin Fluorine 達成的戰略協議，以生產我們的 Opteon 雙相浸入式冷卻液。此次製造合作夥伴關係利用 Navin 的製造專業知識和科慕在該領域的創新來滿足人工智慧和下一代晶片帶來的資料冷卻中心需求。

We'll share more about the development of Chemours' participation in this market later in the call, but I want to highlight this exciting developments with you as we remain focused on executing our pathway to thrive in the enabling growth pillar and serving the market.

我們將在稍後的電話會議中分享更多有關科慕參與該市場的發展情況，但我想與大家一起強調這一令人興奮的發展，因為我們仍然專注於執行我們在支持性增長支柱中蓬勃發展的道路並服務於市場。

During today's call, I will begin by discussing our first quarter performance, followed by Shane, who will provide details around our financial results and outlook. Finally, I will address the positive progress we've made on our Pathway to Thrive strategy before taking your questions.

在今天的電話會議上，我將首先討論我們的第一季業績，然後由 Shane 提供有關我們的財務業績和前景的詳細資訊。最後，在回答大家的提問之前，我將先談談我們在「繁榮之路」策略上的正面進展。

Beginning with our results for the quarter. For our TSS business, we exceeded our overall expectations, delivering another strong quarter with a 40% year-over-year net sales increase in Opteon Refrigerants from increased demand for blend. Opteon Refrigerant blend demand has been even higher than expected as stationary OEM build inventories and experience increased sell-through demand in connection with the 2025 transition mandate under the US AIM Act.

從本季的業績開始。對於我們的 TSS 業務，我們超越了整體預期，又一個季度表現強勁，由於混合需求增加，Opteon 冷媒的淨銷售額年增 40%。由於固定式 OEM 建立庫存，並且根據美國 AIM 法案的 2025 年過渡授權，銷售需求增加，Opteon 冷媒混合物的需求甚至高於預期。

Much stronger than anticipated demand is also putting pressure on various areas of the supply chain, noticeable the around cylinders used to ship and transport to our 454B blend for stationary aftermarket sales. While we understand that there is tightness in supply of cylinders used, we are increasing our line fill capacity in order to quickly fill founders as a ride from our sources.

遠超預期的需求也給供應鏈的各個環節帶來了壓力，其中最明顯的是用於運送和運輸到我們固定售後市場銷售的 454B 混合物的氣瓶數量。雖然我們了解所用氣瓶的供應緊張，但我們正在增加管道填充能力，以便從我們的來源快速填充創始人。

We believe the situation will correct itself quickly and will not be a long-term issues for Chemours' ability to support the R-454B market transition. An important component to serving this increased customer demand has been directly correlated to the successful ramp of our 40% capacity expansion of Opteon feedstock at our Corpus Christi site.

我們相信這種情況很快就會得到糾正，並且不會成為科慕支持 R-454B 市場轉型能力的長期問題。滿足日益增長的客戶需求的一個重要因素與我們在科珀斯克里斯蒂工廠成功實現 Opteon 原料產能 40% 的擴張直接相關。

While we did experience a brief full site outage in January, this outage did not have an impact on our ability to serve the market. This outage was related to a third-party utility provider on-site that was outside of our control.

雖然我們在一月確實經歷了短暫的全站中斷，但這次中斷並沒有影響我們服務市場的能力。此次停電與我們無法控制的現場第三方公用事業提供者有關。

Incurring this unplanned outage in a very tight demand environment was not ideal. However, I want to highlight the impressive work from our team on-site to quickly get our plant up and running, ensuring no disruption to selling our customer orders. Altogether, our strong contribution from our Opteon's sales and performance during the quarter enabled our ability to drive margins of 30%, positioning us well as we move into peak cooling season for our TSS business over the next quarters.

在需求非常緊張的環境下發生這種非計劃性停機並不理想。然而，我想強調我們現場團隊的出色工作，他們迅速使我們的工廠恢復運轉，確保客戶訂單的銷售不會中斷。總而言之，本季 Opteon 的銷售和業績為我們帶來了強勁貢獻，使我們能夠實現 30% 的利潤率，為我們在接下來的幾個季度進入 TSS 業務的製冷高峰季節做好了準備。

Stepping back from our recent performance, I also want to touch on a few other topics related to TSS. In our last earnings call, I referenced broader cost inflation anticipated around R32, which is an important feedstock for our Opteon Refrigerant blends and efforts underway to pass these costs through.

回顧我們最近的表現，我還想談談與 TSS 相關的其他幾個主題。在我們上次的收益電話會議上，我提到了預計圍繞 R32 的更廣泛的成本通膨，這是我們 Opteon 冷媒混合物的重要原料，我們正在努力轉嫁這些成本。

Since our last update, we've been working closely with our customers to better align our agreements to do dress these headwinds inclusive of tariff exposure. As a result, we will be able to successfully offset these elevated input cost to our pricing going forward.

自上次更新以來，我們一直與客戶密切合作，以更好地協調我們的協議，以應對包括關稅風險在內的這些不利因素。因此，我們將能夠成功地抵銷這些增加的投入成本對我們未來定價的影響。

Although we are relying on third party production of R32, we have limited tariff exposure considering that we are able to source product directly in the US where needed, with most of our shipments go into Mexico, where we they can then sell directly to our customers. While having the highest cap exposure for Chemours, it is this supply chain flexibility which allows us to be able to mitigate the exposure of tariffs on the TSS refrigerant portfolio of our business.

雖然我們依賴第三方生產 R32，但考慮到我們能夠在需要時直接從美國採購產品，我們的關稅風險有限，我們的大部分貨物都運往墨西哥，然後我們可以在那裡直接賣給我們的客戶。雖然科慕的上限風險敞口最高，但正是這種供應鏈靈活性使我們能夠減輕關稅對我們業務的 TSS 冷媒產品組合的影響。

As an asset-light business, TSS is advantaged with the flexibility to serve our customers using third party product around the world. And level average different points of storage for blending to reduce tariff exposure.

作為一家輕資產企業，TSS 的優勢在於可以靈活地使用世界各地的第三方產品為我們的客戶提供服務。並對不同的儲存點進行平均水平混合，以降低關稅風險。

Moving over to TT. In TT, our team remains focused on executing against our strategic priorities and delivering for our customers amid an evolving TiO2 landscape in an uncertain macroeconomic and regulatory environment. For the broader TiO2 market, what has become apparent is a clear differentiation between those markets with fair trade regulations announced or in place versus those were actions against Chinese TiO2 dumping has not yet been pursued.

轉到 TT。在 TT，我們的團隊始終專注於執行我們的策略重點，並在不確定的宏觀經濟和監管環境中不斷變化的 TiO2 格局中為客戶提供服務。對於更廣泛的二氧化鈦市場而言，顯而易見的是，已宣布或實施公平貿易法規的市場與尚未針對中國二氧化鈦傾銷採取行動的市場之間存在明顯區別。

For Chemours, North America, Europe, and Brazil, which we categorize as our Western markets, reflect those markets with a more robust set of fair trade regulations in place or are evaluating final implementation after a trial period. Over time, these Western markets provide an added opportunity for Chemours with North America and Europe, making up nearly 70% of global TiO2 sales.

對於科慕而言，我們將北美、歐洲和巴西歸類為西方市場，這些市場已經制定了更完善的公平貿易法規，或在試用期後評估最終實施情況。隨著時間的推移，這些西方市場為科慕在北美和歐洲的業務提供了額外的機會，佔全球二氧化鈦銷售額的近 70%。

Speaking to the first quarter, these combined regions and countries actually drove a 12% sales increase sequentially from continued efforts to regain share and reflects highest first quarter combined regional sales since 2022. Alternatively, in those markets not yet possessing or pursuing a fair trade regulatory framework, primarily in other parts of Asia and Latin America, we're experiencing a high level of Chinese TiO2 products being dumped, driving lower pricing.

就第一季而言，這些地區和國家的合併銷售額實際上透過持續努力重新奪回份額，環比增長了 12%，創下了 2022 年以來第一季合併地區銷售額的最高紀錄。或者，在那些尚未擁有或推行公平貿易監管框架的市場中，主要是在亞洲和拉丁美洲的其他地區，我們正在經歷大量中國二氧化鈦產品的傾銷，導致價格下降。

In India more specifically, we know that while fair trade regulations are being considered, there's a large amount of Chinese-based TiO2 product being exported to this region driving near-term market dislocation. Our first quarter results reflected this impact was clear commercial volume strength in those Western markets and with weaker sales in China, India and other parts of Asia and Latin America.

更具體地說，在印度，我們知道，雖然正在考慮公平貿易法規，但大量中國產的二氧化鈦產品出口到該地區，導致短期市場混亂。我們第一季的業績反映出這種影響，即西方市場的商業銷售明顯強勁，而中國、印度和亞洲其他地區及拉丁美洲的銷售量則較弱。

With the context around our view of the global market and where opportunities may develop as more countries adopt fair trade provisions, we also believe that Chinese capacity while publicly announced, will not fully materialize in years ahead. This belief is based on Chinese producer awareness around the overcapacity and the challenges as to where these producers can sell products with key markets pursuing more faith and fair trade regulations.

結合我們對全球市場的看法以及隨著更多國家採用公平貿易條款可能帶來的機遇，我們也認為，儘管中國已公開宣布其產能，但未來幾年內不會完全實現。這種信念是基於中國生產商對產能過剩的認識，以及這些生產商在主要市場追求更多信任和公平貿易法規的情況下向何處銷售產品所面臨的挑戰。

This is further supported by a combination of other factors such as plant idling and shutdowns of persisting weak domestic market, along with impacts from higher sulfate pricing. To this, we are anticipating Chinese lower production levels in 2025, breaking a 10-year trend of increasing output.

持續疲軟的國內市場導致工廠閒置、停工，以及硫酸價格上漲的影響等一系列因素進一步佐證了這一趨勢。對此，我們預期2025年中國產量水準將會下降，打破10年來產量成長的趨勢。

As we continue to pursue opportunities in this transition in global TiO2 landscape, it brings back the importance of driving our low cost TiO2 position globally. In the first quarter, while we did continue to drive cost reductions, our cost savings realized were offset by the cold weather downtime we experienced earlier in the quarter.

隨著我們繼續在全球 TiO2 格局的轉變中尋求機遇，我們再次意識到在全球推動低成本 TiO2 地位的重要性。在第一季度，雖然我們確實繼續降低成本，但我們實現的成本節約卻被本季早些時候經歷的寒冷天氣停工所抵消。

While this preserves the approximately $40 million that took out the first quarter of 2024, we have to be even more aggressive in our cost out and operational efforts to offset any potential near-term pricing volatility as we move through this transition and to protect our margins. Our work to drive incremental volumes across targeted markets and our laser focus on cost out efforts will be evident in our margins at the market gains more certainty.

雖然這保留了 2024 年第一季的約 4,000 萬美元，但我們必須在成本削減和營運方面更加積極，以抵消我們在此過渡過程中可能出現的任何短期價格波動並保護我們的利潤率。我們致力於推動目標市場的增量銷售，並專注於降低成本，這將體現在市場利潤率的提高上，從而獲得更多確定性。

Turning now to APM. As anticipated, we continue to see weakened and cyclical end markets and products serving the hydrogen market, which impacted our net sales for the quarter. Despite continued softness in the market, we increased our adjusted EBITDA margin by 1 percentage point to 11%, driven by lower cost.

現在轉向 APM。正如預期的那樣，我們繼續看到終端市場和服務氫市場的疲軟和週期性產品，這影響了我們本季的淨銷售額。儘管市場持續疲軟，但由於成本降低，我們將調整後的 EBITDA 利潤率提高了 1 個百分點，達到 11%。

As a further part of our strategy execution, we also advanced our portfolio management initiatives in APM, which I'll discuss in more detail later in today's call. At the corporate level, while we continue to remain focused on reducing costs, we did incur additional costs associated with legal preparation efforts in connection with upcoming litigation matters aligned with our strength in the long-term strategic pillar.

作為我們策略執行的進一步部分，我們也推進了 APM 中的投資組合管理計劃，我將在今天稍後的電話會議上更詳細地討論這一點。在公司層面，雖然我們繼續專注於降低成本，但我們確實產生了與即將發生的訴訟事項相關的法律準備工作相關的額外成本，這與我們的長期策略支柱的優勢相一致。

Before handing it off to Shane, I'd like to address some of the geopolitical and macroeconomic dynamics we are watching. As it pertains to recent tariff announcements, we've determined that provided there is not a material impact to consumer confidence, these regulatory actions are not expected to have a significant impact on our current outlook due to the mitigation plans we have in place.

在交給肖恩之前，我想先談談我們正在關注的一些地緣政治和宏觀經濟動態。就最近的關稅公告而言，我們確定，只要這些監管行動不會對消費者信心產生重大影響，由於我們已經制定了緩解計劃，預計不會對我們目前的前景產生重大影響。

Previously, I referenced our mitigation plan for TSS, but in other parts of our business, notably in APM, we have implemented surcharges and are pursuing opportunities to sell product in place of Chinese source products in the US. In TT, we don't expect much impact from tariffs considering that TiO2 is excluded but continue to pursue efforts to protect US TiO2 production in the markets we sell into. We also do not be any significant impact to TT raw material pricing due to tariffs.

之前，我提到了我們針對TSS的緩解計劃，但在我們業務的其他部分，特別是在APM，我們已經實施了附加費，並正在尋求機會在美國銷售替代中國產產品的產品。在 TT，考慮到 TiO2 被排除在外，我們預計關稅不會產生太大影響，但我們會繼續努力保護我們銷售的市場上的美國 TiO2 生產。關稅也不會對 TT 原材料定價產生任何重大影響。

Across our portfolio, we are regularly monitoring the regulatory environment, ensuring the reliability of our supply and continuing ongoing advocacy efforts to highlight the importance of Chemours' offerings across key markets. We are confident in the steps we're taking today, as well as our ability to be agile and adapt to these dynamic market conditions. We'll continue to evaluate further mitigation efforts as needed and are confident in our strong competitive position across our key markets.

在我們的產品組合中，我們定期監控監管環境，確保供應的可靠性，並持續不斷地進行宣傳努力，以強調科慕產品在主要市場的重要性。我們對今天採取的措施以及靈活適應動態市場條件的能力充滿信心。我們將繼續根據需要評估進一步的緩解措施，並對我們在主要市場的強大競爭地位充滿信心。

With that, I'll turn it over to Shane to walk through our financial results.

接下來，我將把時間交給 Shane 來介紹我們的財務表現。

Thank you, Denise, and good morning, everyone. Before I get into the details of our results, I want to highlight that we have made certain revisions to our previously issued annual 2023 financials as well as our quarterly and annual 2024 financials. These updates are included in our earnings disclosures and reconciliations of such can be found in our Form 10-Q. We will use these revised financials as points of comparison for our discussions today and going forward.

謝謝你，丹尼斯，大家早安。在詳細介紹我們的業績之前，我想強調的是，我們對先前發布的 2023 年年度財務報表以及 2024 年季度和年度財務報表做了一些修改。這些更新包含在我們的收益揭露中，其對帳可在我們的 10-Q 表中找到。我們將以這些修訂後的財務數據作為我們今天及今後討論的比較點。

Now, let's take a closer look at our financial results, beginning with our quarterly performance. Our consolidated net sales for the first quarter were approximately $1.4 billion, which were consistent with prior year as a 5% increase in volume was partially offset by 4% price decline and a slight 1% currency headwind.

現在，讓我們仔細看看我們的財務業績，從季度業績開始。我們第一季的綜合淨銷售額約為 14 億美元，與去年同期持平，因為銷量增長 5% 但被價格下降 4% 和輕微的 1% 的貨幣逆風部分抵消。

For the first quarter, adjusted EBITDA was $166 million, down from $191 million in the prior year. This decrease was primarily driven by lower pricing across all businesses, primarily due to free own weakness in TSS and regional pricing dynamics in TT, as well as unfavorable currency movements and lower volumes in APM. These headwinds were partially offset by higher TSS volumes in our Opteon Refrigerant blends. as well as lower costs in APM.

第一季度，調整後的 EBITDA 為 1.66 億美元，低於去年同期的 1.91 億美元。這一下降主要是由於所有業務的定價下降所致，這主要是由於 TSS 本身的弱點和 TT 的區域定價動態，以及不利的貨幣變動和 APM 的交易量下降。這些不利因素被我們的 Opteon 冷媒混合物中更高的 TSS 量以及更低的 APM 成本部分抵消。

For the first quarter, Chemours reported a net loss of $4 million or $0.03 per diluted share compared to net income of $54 million, or $0.36 per diluted share in the prior year. The current quarter net loss and lower earnings were driven by the performance headwinds I just mentioned, as well as restructuring charges associated with the announced shutdown of APM's SPS Capstone business.

科慕第一季淨虧損 400 萬美元，即每股虧損 0.03 美元，而去年同期淨收入 5,400 萬美元，即每股虧損 0.36 美元。本季淨虧損和收益下降是由於我剛才提到的業績逆風，以及宣布關閉 APM 的 SPS Capstone 業務相關的重組費用。

Without these restructuring and other charges, our consolidated adjusted net income was $19 million in this quarter, or $0.13 per diluted share, which was down from $47 million of adjusted net income, or $0.31 per diluted share in the prior year.

不計這些重組和其他費用，本季我們的綜合調整後淨收入為 1,900 萬美元，即每股攤薄收益 0.13 美元，低於去年同期的 4,700 萬美元調整後淨收入或每股攤薄收益 0.31 美元。

Now, let's turn to our business segment performance, starting with TSS. In the first quarter, TSS achieved net sales of $466 million, a 3% increase from the prior year. This growth in sales was primarily driven by 10% volume increase, partially offset by 6% price decline and a 1% currency hit.

現在，讓我們來看看我們的業務部門表現，從 TSS 開始。第一季度，TSS實現淨銷售額4.66億美元，較上年成長3%。銷售額的成長主要得益於 10% 的銷售成長，但被 6% 的價格下降和 1% 的貨幣衝擊部分抵消。

The increase in TSS volumes were driven by 40% year-over-year sales growth in our Opteon Refrigerants, which reflects the continued strength in our blends, driven by the transition of OEMs in stationery air conditioning equipment under the US AIM Act, paired with increased demand for our FP&O products, largely due to time; partially offset by volume decrease in our Freon Refrigerants portfolio in connection with the US AIM Act transition. The decrease in pricing year-over-year was primarily driven by lower Freon Refrigerant pricing caused by the elevated HFC inventory levels in the US market.

TSS 銷售的成長得益於我們的 Opteon 冷媒銷售額同比增長 40%，這反映了我們混合物的持續強勁增長，這得益於美國 AIM 法案下固定空調設備 OEM 的轉型，加上對我們的 FP&O 產品的需求增加，這主要是由於時間的推移；部分抵消了與美國 AIM 銷售產品的氟利昂銷售量下降的產品。價格年減主要是由於美國市場 HFC 庫存水準升高導致氟利昂冷媒價格下降。

First quarter adjusted EBITDA for TSS decreased by 6% to $141 million compared to the prior year. Adjusted EBITDA margin of 30% also decreased 3 percentage points. this decrease was driven primarily by the reference from pricing weakness, partially offset by the increased demand for our Opteon Refrigerant blends.

TSS 第一季調整後 EBITDA 與去年同期相比下降 6% 至 1.41 億美元。調整後的 EBITDA 利潤率為 30%，也下降了 3 個百分點。這一下降主要是由於價格疲軟所致，但部分被我們對 Opteon 冷媒混合物的需求增加所抵消。

Sequentially, TSS net sales increased by 19%, which was driven by volume increase of 19% and a price increase of 1%, with currency being a slight 1% headwind. Overall, volume and price increases were primarily related to typical seasonal trends across refrigerant portfolios amid the stationary transition under the US AIM Act.

TSS 淨銷售額環比成長 19%，這得益於銷量成長 19% 和價格上漲 1%，而貨幣則略微下跌 1%。總體而言，銷售和價格上漲主要與美國 AIM 法案下的平穩過渡期間冷媒組合的典型季節性趨勢有關。

Now, let's move to our TT segment. In the first quarter, TT's net sales increased 1% year-over-year to $597 million, primarily due to a 6% increase in volume, partially offset by 4% decrease in price, and a 1% currency headwind. The increase in volume was primarily concentrated in Western markets where we've seen progress caused by the newly established fair-trade regulations, whereas the decrease in price was across all markets.

現在，讓我們進入 TT 部分。第一季度，TT 的淨銷售額同比增長 1% 至 5.97 億美元，主要由於銷量增長 6%，但價格下降 4% 和貨幣逆風 1% 部分抵消了這一增長。銷售量的成長主要集中在西方市場，我們看到了新建立的公平貿易法規帶來的進步，而價格的下降則遍及所有市場。

TT's first quarter adjusted EBITDA decreased 28% to $50 million compared to the prior year, with adjusted EBITDA margin declining 4 percentage points to 8%. The decline in EBITDA was primarily driven by lower price. Also, we saw additional costs from plant downtime, primarily driven by cold weather at our US sites early in the quarter, which were offset by year-over-year cost savings in TT.

TT 第一季調整後 EBITDA 較上年同期下降 28% 至 5,000 萬美元，調整後 EBITDA 利潤率下降 4 個百分點至 8%。EBITDA 的下降主要是因為價格下跌。此外，我們還看到工廠停工造成的額外成本，這主要是由於本季度初我們美國工廠的寒冷天氣造成的，但 TT 的同比成本節約抵消了這一成本。

Sequentially, TT's first quarter net sales decreased by 6%, driven by a 3% decline in volume and a 3% decrease in price. While we did expect stronger volumes in our primary markets of North America, Europe, and Brazil where fair-trade regulations have been established, this was more than offset by weaker volumes in the rest of the world.

與上一季相比，TT 第一季淨銷售額下降了 6%，因為銷量下降了 3%，價格下降了 3%。雖然我們確實預期北美、歐洲和巴西等主要市場的銷售量會有所成長，因為這些市場已經建立了公平貿易法規，但這被世界其他地區銷售的疲軟所抵消。

Turning to our APM segment. In the first quarter of 2025, APM reported net sales of $294 million, a 3% decrease compared to the prior year. This decrease was primarily driven by 2% currency headwind from the euro and a 1% decrease in [both] while pricing remained flat. The volume decrease was primarily driven by weakness in cyclical end markets and products serving the hydrogen market.

轉向我們的 APM 部分。2025 年第一季度，APM 報告淨銷售額為 2.94 億美元，較前一年下降 3%。這一下降主要是由於歐元匯率下跌 2% 以及 [兩者] 均下跌 1%，而價格則保持穩定。銷售下降主要是由於週期性終端市場和服務氫能市場的產品的疲軟。

APM's first quarter adjusted EBITDA increased 7% to $32 million compared to the prior year, with adjusted EBITDA margin increasing by 1 percentage point. The increase was primarily due to lower costs, partially offset by unfavorable currency and lower volumes. Sequentially, net sales decreased by 9%, mainly due to a 9% volume decrease and a slight 1% currency headwind, partially offset by 1% increase in price.

APM 第一季調整後 EBITDA 較上年同期成長 7% 至 3,200 萬美元，調整後 EBITDA 利潤率增加 1 個百分點。成長的主要原因是成本降低，但被不利的貨幣和較低的銷售部分抵消。淨銷售額環比下降 9%，主要由於銷量下降 9% 和貨幣輕微下跌 1%，但價格上漲 1% 部分抵消了這一影響。

I also wanted to briefly touch on an announcement we previously discussed on our Q4 earnings call regarding the decision to exit our SPS Capstone business. In connection with this decision in early January, the company recorded charges of $27 million, $13 million of which are cash related and will be paid in the next couple of quarters. We remain on track to exit the SPS business by the end of the second quarter pending regulatory approval.

我還想簡要談談我們之前在第四季度收益電話會議上討論過的關於退出 SPS Capstone 業務的決定的公告。針對 1 月初的這項決定，該公司記錄了 2,700 萬美元的費用，其中 1,300 萬美元與現金相關，將在未來幾季內支付。等待監管部門批准後，我們仍將在第二季末退出 SPS 業務。

Moving to our Other segment, we recorded net sales of $11 million and adjusted EBITDA of $1 million in the first quarter. And lastly, our corporate expenses as an offset to our adjusted EBITDA, totaled $57 million in the first quarter, a slight increase compared to the prior year and higher than we had anticipated.

轉向我們的其他部門，我們在第一季錄得淨銷售額 1100 萬美元，調整後 EBITDA 為 100 萬美元。最後，作為調整後 EBITDA 抵銷部分的公司費用在第一季總計 5,700 萬美元，與去年相比略有增加，且高於我們的預期。

The increase in corporate expense in the quarter was primarily due to higher legal costs, which were not contemplated in our guidance. These were partially offset by lower costs associated with the Audit Committee's internal review and material weakness remediation completed in 2024.

本季公司費用的增加主要是由於法律費用的增加，而這在我們的指導中並未考慮到。這些成本被 2024 年完成的審計委員會內部審查和重大缺陷補救措施相關的成本降低部分抵消。

Turning to our liquidity and an update I'd like to highlight our capital allocation approach. As of March 31, 2025, our consolidated gross debt stood at $4.1 billion, with approximately $1.1 billion in total liquidity. This Includes $464 million in unrestricted cash and cash equivalents, along with approximately $623 million available under our revolving credit facility.

談到我們的流動性和最新情況，我想強調我們的資本配置方法。截至 2025 年 3 月 31 日，我們的總合併債務為 41 億美元，總流動資金約 11 億美元。其中包括 4.64 億美元的非限制現金和現金等價物，以及我們循環信貸額度下的約 6.23 億美元。

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 was 5 times adjusted EBITDA, reflecting an increased sequentially compared to 4.5 times at year end.

此外，該公司還保留了 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，我們的淨槓桿率為調整後 EBITDA 的 5 倍，與去年年底的 4.5 倍相比有所增加。

Regarding our cash flow for the first quarter, with operating cash outflows of $112 million compared to outflows of $290 million in the same quarter last year. The improvement in operating cash outflow was primarily due to the prior year unwinding of year-end 2023 net working capital actions during first quarter of 2024.

關於我們第一季的現金流，經營現金流為 1.12 億美元，而去年同期的營運現金流為 2.9 億美元。經營現金流出的改善主要是由於 2024 年第一季期間解除了前一年 2023 年年末的淨營運資本行動。

Capital expenditures for the first quarter totaled $84 million, a decrease of 18% compared to the prior year. This decrease was driven by lower capital expenditures across each of our businesses as the company continues to narrow spin on only focused strategic and essential areas.

第一季資本支出總計8,400萬美元，較上年同期下降18%。這一下降是由於我們各項業務的資本支出減少所致，因為公司繼續縮小僅專注於策略和關鍵領域的範圍。

As we anticipated coming into the first quarter, free cash flow reflected a use of $196 million, primarily due to previously committed to working capital investments compared to a use of $392 million in the prior year. Additionally, the company paid $37 million in dividends to shareholders during the quarter. Related to this, I'll discuss our go-forward capital allocation strategy more detail momentarily.

正如我們預期的那樣，第一季的自由現金流使用量為 1.96 億美元，這主要是由於先前承諾的營運資本投資，而去年同期的使用量為 3.92 億美元。此外，該公司本季向股東支付了 3,700 萬美元的股息。與此相關，我將稍後更詳細地討論我們的未來資本配置策略。

As part of our continued focus on our balance sheet and liquidity, we are pleased to announce an amendment and extension to our credit agreement, which further strengthens our liquidity profile and our financial flexibility. The amended credit facility extends revolver commitments to 2030 for the capacity of up to $1 billion until October 2026.

作為我們持續關注資產負債表和流動性的一部分，我們很高興地宣布對我們的信貸協議進行修訂和延期，這進一步增強了我們的流動性狀況和財務靈活性。修訂後的信貸安排將循環信貸承諾延長至 2030 年，直至 2026 年 10 月，信貸額度最高可達 10 億美元。

Following the completion of this amendment on May 2, the company's capacity under the revolving credit facility was increased $300 million to a total of $948 million. So this, combined with the cash at quarter end, would equal $1.4 billion of accessible liquidity. This amendment to our credit agreement allows added liquidity flexibility along with our free cash flow to fund working capital and other focus areas like strategic growth projects, while also balancing our efforts to get through targeted net leverage of below 3 times at mid-cycle.

繼 5 月 2 日完成此項修訂後，該公司的循環信貸額度增加了 3 億美元，總額達到 9.48 億美元。因此，加上季度末的現金，這將相當於 14 億美元的可用流動資金。此次信貸協議修訂將增強我們的流動性靈活性，並利用自由現金流為營運資金和策略性成長項目等其他重點領域提供資金，同時平衡我們的努力，以實現中期低於 3 倍的目標淨槓桿率。

Since I started with Chemours last year and we developed past we'd described, a focus of mine was to ensure we maintain a balanced and disciplined capital allocation policy to drive shareholder value. We have evaluated our dividend and payout level and other key metrics over a wide dispersion of financial and cash flow performance scenarios, including potential impacts from current uncertain macroeconomic conditions and volatile capital markets against the landscape of strategic priorities under Pathway to Thrive. As a result of this review, the company believes a change in the balance between capital return to shareholders and the flexibility of our balance sheet is critical to creating long-term value.

自從去年我加入科慕以來，我們的發展已經超越了我們所描述的範圍，我的工作重點是確保我們保持平衡且嚴謹的資本配置政策，以推動股東價值。我們評估了我們的股息和派息水平以及其他關鍵指標，這些指標涵蓋了廣泛的財務和現金流表現情景，包括當前不確定的宏觀經濟條件和動蕩的資本市場對「繁榮之路」戰略重點格局的潛在影響。經過此次審查，公司認為改變股東資本回報與資產負債表彈性之間的平衡對於創造長期價值至關重要。

Therefore, earlier this week, the Board of Directors declared a dividend for the second quarter at a reduced rate of $8.75 per share, reflecting a 65% reduction to our previous dividend level. This action is not reflective of concerns or changes with regard to management's expectations of mid-cycle earnings or long-term cash generation.

因此，本週早些時候，董事會宣布第二季股息降低至每股 8.75 美元，比先前的股息水準降低 65%。這項措施並不反映管理階層對中期獲利或長期現金所產生的預期的擔憂或變化。

Rather, this aligns our dividend with the white balance sheet flexibility to drive long-term shareholder returns. Also, this dividend level ensures Chemours continues its long-term practice of returning cash to shareholders through dividends as part of our capital allocation strategy.

相反，這使我們的股息與白資產負債表靈活性保持一致，以推動長期股東回報。此外，這一股息水準確保科慕繼續其長期做法，即透過股息向股東返還現金，這是我們資本配置策略的一部分。

With these first quarter results in mind, I would now like to discuss our expectations for the second quarter of 2025, followed by our outlook for the full year beginning with TSS. For the second quarter, we expect overall TSS' net sales to increase sequentially in the low 20% range, driven by double-digit growth expected in both our Opteon and Freon Refrigerants, reflecting traditional seasonality. TSS' adjusted EBITDA is expected to increase approximately 30% sequentially, primarily driven by strong volume increases and favorable pricing impacts.

考慮到第一季的業績，我現在想討論我們對 2025 年第二季的預期，然後討論一下從 TSS 開始的全年展望。對於第二季度，我們預計 TSS 的整體淨銷售額將環比增長 20% 左右，這得益於 Opteon 和 Freon 冷媒預計均將實現兩位數增長，這反映了傳統的季節性。TSS 的調整後 EBITDA 預計將環比增長約 30%，主要得益於強勁的銷售成長和有利的定價影響。

Looking ahead to the full year, we continue to anticipate strong 2025 results for TSS, an improvement over 2024. The pattern of year-over-year double-digit net sales growth in Opteon Refrigerants will persist throughout the year, driven by volume expansion in our Opteon Refrigerant blends.

展望全年，我們繼續預期 TSS 2025 年業績將強勁，較 2024 年有所改善。受 Opteon 冷媒混合物產量擴大的推動，Opteon 冷媒淨銷售額將全年維持同比兩位數成長的趨勢。

Whereas our Freon sales will continue to decline as we continue to balance quote allocations towards our low GWP offerings. I'll highlight this transition. Our Freon in the US are projected to decrease by half in 2025 compared with the prior year, with no recovery in HFC pricing anticipated. With the mix shift to a higher concentration of Opteon, we continue to anticipate that adjusted EBITDA margins will continue to be around 30% for the remainder of 2025.

然而，隨著我們繼續平衡低 GWP 產品的報價分配，我們的氟利昂銷售將繼續下降。我將重點介紹這項轉變。預計到 2025 年，美國的氟利昂數量將比前一年減少一半，而 HFC 價格預計不會回升。隨著產品組合轉向更高濃度的 Opteon，我們繼續預期調整後的 EBITDA 利潤率將在 2025 年剩餘時間內持續維持在 30% 左右。

For our TT business, we expect TT's net sales to increase sequentially by high-single digits, driven by seasonal increase in volumes primarily in our Western markets. Adjusted EBITDA is also expected to increase in the low-40% range, sequentially, due to the anticipated seasonal volume increase as well as operating tailwind following the first quarter cold weather downtime at our US sites, which we don't anticipate to occur.

對於我們的 TT 業務，我們預計 TT 的淨銷售額將環比成長高個位數，這主要得益於我們西方市場的季節性銷售成長。調整後的 EBITDA 預計也將環比增長 40% 左右，這是由於預期的季節性產量增長，以及第一季美國工廠因寒冷天氣停工（我們預計不會發生這種情況）後的運營順風。

For the full year, we continue to expect 2025 results to be slightly better than 2024, while we navigate a very dynamic global landscape and continue to focus on executing our growth strategy across fair trade markets. Also, we remain focused on executing our TT transformation plan with anticipating cost reductions becoming more pronounced in the second half.

就全年而言，我們仍然預計 2025 年業績將略好於 2024 年，同時我們將應對不斷變化的全球形勢，並繼續專注於在公平貿易市場執行我們的成長策略。此外，我們仍將專注於執行 TT 轉型計劃，預計下半年成本降低將更加明顯。

For our APM business, we expect APM's net sales to increase in the low-teens, sequentially, with volumes across the segment expected to be seasonally higher on customer demand. Adjusted EBITDA is anticipated to remain consistent sequentially.

對於我們的 APM 業務，我們預計 APM 的淨銷售額將環比增長 10% 左右，並且由於客戶需求的緣故，預計整個部門的銷量將出現季節性增長。預計調整後的 EBITDA 將與上一季保持一致。

For the full year, we expect the reference to weakness in cyclical end markets and products serving our hydrogen and markets to continue to impact APM results. However, we expect tailwinds from our ongoing cost efforts and portfolio management initiatives to help alleviate some of these headwinds.

就全年而言，我們預計週期性終端市場以及為我們的氫氣和市場提供服務的產品的疲軟將繼續影響 APM 的表現。然而，我們預計，我們正在進行的成本控制和投資組合管理措施將有助於緩解其中的一些不利因素。

On a consolidated basis, we anticipate our second quarter net sales to increase in the low- to mid-teens, sequentially. And our consolidated adjusted EBITDA to increase between 40% to 45% sequentially.

從綜合來看，我們預計第二季淨銷售額將較上季成長 15% 至 16%。我們的合併調整後 EBITDA 將較上季成長 40% 至 45%。

Also, we anticipate corporate expenses to decrease in the low-single digits sequentially. For our anticipated cash flow, we expect free cash flow to be slightly positive in the second quarter with capital expenditures in the range of approximately $50 million.

此外，我們預期企業支出將較上季下降個位數。對於我們預期的現金流，我們預計第二季自由現金流將略為正值，資本支出約為 5,000 萬美元。

Turning to the full year 2025, we expect adjusted EBITDA to be in the range of $825 million to $950 million. This is compared to our previous guidance of $825 million to $975 million.

展望 2025 年全年，我們預計調整後的 EBITDA 將在 8.25 億美元至 9.5 億美元之間。相較之下，我們先前的指導價為 8.25 億美元至 9.75 億美元。

We refined the top end of our adjusted EBITDA range as we consider the dynamic TT market landscape and at historical volatility, which was part of the initial factors that drove the broad range. For the high end of our range, we would anticipate a more favorable demand environment for TT in APM, along with successful TSS pricing actions, input cost moderation, and some Freon pricing surge. Alternatively, for the low end of our range, we would anticipate continued delay in TiO2 demand recovery, higher input cost pressures in TSS, and the impact of a weaker macroeconomic environment on the APM business.

我們考慮到動態的 TT 市場格局和歷史波動性，改進了調整後的 EBITDA 範圍的上限，這是推動廣泛範圍的初始因素之一。對於我們產品系列的高端產品，我們預計 APM 中 TT 的需求環境將更加有利，同時 TSS 定價行動將取得成功，投入成本將有所緩和，氟利昂價格也將有所上漲。或者，對於我們範圍的低端，我們預計 TiO2 需求復甦將繼續延遲，TSS 的投入成本壓力更高，以及較弱的宏觀經濟環境對 APM 業務的影響。

As we highlighted earlier, due to mitigating actions taken by the team, announced tariffs are not anticipated to have a significant direct impact. And while we are not currently seeing evidence of more recessionary trends from indirect tariff impacts, should a recession develop in the second half of 2025, the company anticipates that 2025 adjusted EBITDA guidance range could be reduced.

正如我們之前強調的那樣，由於團隊採取了緩解措施，預計宣布的關稅不會產生重大直接影響。雖然我們目前沒有看到間接關稅影響導致更多衰退趨勢的證據，但如果 2025 年下半年出現衰退，該公司預計 2025 年調整後的 EBITDA 指導範圍可能會縮小。

Regarding cash flow for the full year 2025, we expect free cash flow conversion to be solidly positive for the full year with free cash flow conversion for the second half of the year expected to be in the range of 60% to 80%. Our capital expectations reflect some working capital unwind and lower investments in the second half of the year, consistent with the typical seasonality of our business. Also, we expect full year capital expenditures to be in the range of $225 million to $275 million.

對於 2025 年全年的現金流，我們預計全年自由現金流轉換率將保持正成長，下半年自由現金流轉換率預計在 60% 至 80% 之間。我們的資本預期反映了下半年部分營運資本的減少和投資的減少，這與我們業務的典型季節性一致。此外，我們預計全年資本支出將在 2.25 億美元至 2.75 億美元之間。

With that, I'll hand it back over to Denise to highlight additional cash topic before she discusses our progress against Pathway to Thrive.

說完這些，我將把話題交還給 Denise，讓她重點討論額外的現金話題，然後再討論我們在「繁榮之路」方面取得的進展。

Thank you, Shane. Continuing from Shane's update on cash, I wanted to take a moment to highlight an additional topic, which will provide a benefit for our cash flows in the coming years. With our new leadership team in place, we have been relentless in going through every single contractual commitment and point of spend across the enterprise.

謝謝你，肖恩。繼續 Shane 關於現金的更新，我想花點時間強調一個額外的主題，這將為我們未來幾年的現金流帶來好處。隨著我們新領導團隊的到位，我們堅持不懈地審查整個企業的每項合約承諾和支出點。

Nothing has been left untouched, and I appreciate our teams' patience as we vigorously exhaust every aspect of key spend. With these efforts ongoing and now infused in our DNA, one set of longer-term commitments has stood out relating to the ongoing purchase of certain high-grade ore.

一切都已落實，我們全力以赴，用盡了關鍵支出的各個方面，我感謝我們團隊的耐心。隨著這些努力的持續進行，並已融入我們的 DNA，其中與持續購買某些高品位礦石有關的一系列長期承諾脫穎而出。

More specifically, two high-grade ore feedstock contracts were signed prior to the climbing closure, and it represented a significant spend over that time, approaching $200 million per year. A primary purpose of purchasing those ore feedstock was for usage at our client's site up until its closure in Q3 2023.

更具體地說，在關閉登山礦井之前簽署了兩份高品位礦石原料合同，這意味著當時的一筆巨額支出，接近每年 2 億美元。購買這些礦石原料的主要目的是供我們客戶的現場使用，直到 2023 年第三季關閉。

Now, to our innovation and operational capabilities, we are materially less reliant on this type of feedstock. As ore represents one of the highest input costs at our company, the reduction of high-grade ore as part of our feedstock to the significant opportunity for Chemours.

現在，就我們的創新和營運能力而言，我們對這種原料的依賴程度已大大降低。由於礦石是我們公司投入成本最高的項目之一，因此減少高品位礦石作為原料對科慕來說是一個重大機會。

Looking ahead over the next two years, these contracts are set to expire. One at the beginning of '26 and the second at the beginning of 2027. As these contracts roll off, we derive significant longer-term benefits.

展望未來兩年，這些合約即將到期。一次是在 26 年初，另一次是在 2027 年初。隨著這些合約的到期，我們獲得了顯著的長期利益。

The first, providing us the ability to purchase high-grade ore at our discretion. And the second, providing us with an opportunity to continue to access (technical difficulty) that sits in inventory today.

第一，讓我們能夠自行購買高品位礦石。第二，為我們提供了繼續解決當前庫存（技術難題）的機會。

Based on this adjustment to our contractual commitments with the opportunity to shift our purchases to more cost effective ore-grade, we anticipate that this net cash flow benefit will approximate $100 million to $115 million, considering existing market conditions.

基於對我們合約承諾的調整，以及將我們的採購轉向更具成本效益的礦石等級的機會，考慮到現有的市場條件，我們預計這一淨現金流收益將約為 1 億至 1.15 億美元。

Our efforts here, paired with Shane's leadership are indicative of the continued diligence our team is conducting, relying on our core expertise and innovation and challenging historical processes to drive prudent capital allocation. To this point, I would like to highlight a few important updates around our execution progress.

我們在這裡的努力，加上 Shane 的領導，表明我們的團隊正在持續努力，依靠我們的核心專業知識和創新以及挑戰歷史進程來推動審慎的資本配置。至此，我想強調我們執行進度的一些重要更新。

Under operational excellence pillar, we continued to build on our cost-out efforts from previous years and are progressing well towards our $125 million of run rate savings achievement in 2025 in view of our longer term $250 million savings by 2027. We continued to see the successful ramp up of our key assets Corpus facility to produce our key Opteon feedstock to support the low GWP transition underway in the US and Europe.

在卓越營運支柱下，我們繼續在前幾年的成本削減工作的基礎上繼續努力，並朝著 2025 年實現 1.25 億美元運行率節約的目標穩步前進，考慮到我們到 2027 年的長期節約目標為 2.5 億美元。我們繼續看到我們的關鍵資產 Corpus 工廠成功擴大生產，以生產我們的關鍵 Opteon 原料，以支持美國和歐洲正在進行的低 GWP 轉型。

More recently, we've added two new great additions to our team and a new business president for TT, Damian Gumpel, and a new VP of Operations, [Anna Clements] to oversee our centralized manufacturing center of excellence where we would drive efficient and consistent operational performance across our businesses.

最近，我們團隊又增添了兩位優秀新成員，一位是 TT 的新業務總裁 Damian Gumpel，另一位是新的營運副總裁 [Anna Clements]，負責監督我們的集中製造卓越中心，以便我們在整個業務中推動高效、一致的營運績效。

Turning to our second pillar, enabling growth. We remain committed to investing in high return, low-risk initiatives across our portfolio, while driving commercial effectiveness. Our efforts to drive Opteon growth, as referenced, our key part of this strategic pillar.

轉向我們的第二個支柱，促進成長。我們將繼續致力於投資於我們投資組合中高回報、低風險的項目，同時提高商業效益。我們努力推動 Opteon 的成長，這是我們這項策略支柱的關鍵部分。

This also pairs with our efforts to drive commercial growth as an essential effort as we face an evolving TiO2 fair market landscape and focus on driving the highest level of commercial effectiveness across our entire customer base.

這也與我們推動商業成長的努力相結合，這是一項必不可少的努力，因為我們面臨著不斷變化的 TiO2 公平市場格局，並專注於在整個客戶群中推動最高水平的商業效益。

Another critical development in our enabling growth pillar has been around our liquid cooling announcements, which include the Navin Fluorine manufacturing agreement for two-phase emerging cooling fluid, which I referenced earlier. This partnership will be foundational to our participation in this exciting liquid cooling space, enabling us the ability to expand our footprint over time.

我們推動成長支柱的另一個重要發展是圍繞液體冷卻的公告，其中包括我之前提到的雙相新興冷卻液的 Navin Fluorine 製造協議。此次合作將為我們參與這一令人興奮的液體冷卻領域奠定基礎，使我們能夠隨著時間的推移擴大我們的足跡。

While technology in this cooling space continues to quickly develop closely tied to the advancements in AI, we would like to clarify our growth expectations. As we shared in the past, we believe that while our participation in this space will develop in the near-term and we'll have a more concentrated expansion later in the decade.

雖然該冷卻領域的技術繼續快速發展並與人工智慧的進步密切相關，但我們想澄清一下我們的成長預期。正如我們過去所分享的，我們相信，雖然我們在這個領域的參與將在短期內發展，但我們將在未來十年內實現更集中的擴張。

This expansion will align with the increased power needs, heat emittance, and server rack density associated with next-generation GPU and CPU chip advancements. More specifically, at the next-generation of chips advanced, new liquid point technologies will be essential to optimize chip performance and provide the lowest total cost of ownership compared to alternatives.

這種擴展將與下一代 GPU 和 CPU 晶片進步相關的增加的電力需求、發熱量和伺服器機架密度相一致。更具體地說，在下一代先進的晶片中，新的液點技術對於優化晶片性能和提供與其他替代方案相比最低的總體擁有成本至關重要。

To participate in the liquid cooling market as it develops, we have expanded our offering to the two-phase director chip fluids. This additional direct-to-chip product will serve the bridging technology from single-phase directed chip to full immersion cooling.

為了參與不斷發展的液體冷卻市場，我們已將產品範圍擴大到雙相導向晶片流體。這種附加的直接晶片產品將服務於從單相定向晶片到全浸入式冷卻的橋接技術。

To highlight this, we've included a slide in our presentation to display the adoption time timing of emerging cooling as AI develop in the years ahead. Over time, we believe two-phase emerging cooling will become more pronounced with the market adoption of the third and fourth generation of chip. Ultimately, as these chip technologies advance, two-phase emerging cooling become the most effective cooling solution.

為了強調這一點，我們在簡報中加入了一張投影片，以展示未來幾年隨著人工智慧的發展而採用新興冷卻技術的時間安排。隨著時間的推移，我們相信隨著市場對第三代和第四代晶片的採用，兩階段新興冷卻現象將變得更加明顯。最終，隨著這些晶片技術的進步，兩相新興冷卻成為最有效的冷卻解決方案。

To briefly touch on our two-phase direct-to-chip offering, this product will enable the use of higher efficiency fluid that can be retrofitted into existing single-phase direct-to-chip application. Our participate in this market does not require any new capital investments, leveraging an existing product portfolio and R&D expertise.

簡單介紹一下我們的兩相直接晶片產品，該產品將能夠使用更有效率的流體，並可改裝到現有的單相直接晶片應用中。我們參與這個市場不需要任何新的資本投資，利用現有的產品組合和研發專業知識。

While an important incremental offering for the market, the portion of our anticipated sales in this space will serve as a smaller portion of our overall liquid cooling opportunity. Based on our latest understanding of the market development over time and the TAM for liquid cooling, we now anticipate that the market will achieve a $3 billion liquid cooling fluid market TAM by 2035 and $1.5 billion by 2030.

雖然這對市場來說是一個重要的增量產品，但我們預計該領域的銷售額將占我們整體液體冷卻機會的一小部分。根據我們對市場隨時間發展和液體冷卻 TAM 的最新了解，我們現在預計，到 2035 年，液體冷卻液市場 TAM 將達到 30 億美元，到 2030 年將達到 15 億美元。

This supply TAM is reflective of the expected market from the fluid itself and exclude additional equipment, which was included in our earlier estimates. Considering our positioning in the market as the only provider of next-generation emerging cooling fluids, we anticipate being a key participant.

此供應 TAM 反映了流體本身的預期市場，不包括我們先前估計中包含的額外設備。考慮到我們在市場上作為下一代新興冷卻液的唯一供應商的定位，我們期望成為一個關鍵的參與者。

This could vary as AI and underlying chip market develop. We remain very optimistic about our participation in this exciting market and look forward to sharing more with you as we grow in this space in future periods.

隨著人工智慧和底層晶片市場的發展，這種情況可能會有所不同。我們對參與這個令人興奮的市場仍然非常樂觀，並期待在未來的一段時間內隨著我們在這個領域的發展與您分享更多。

On our portfolio management pillar, we continue to make notable progress under our previously announced European asset review through the exit of our SPS business and continuing to review the remaining assets under consideration. Outside of our ongoing portfolio efforts, we also continue to focus on promoting our product to higher value applications, which was clear in APM's improved performance solutions results, more than offsetting declines in APM and advanced materials.

在我們的投資組合管理支柱上，我們透過退出 SPS 業務並繼續審查正在考慮的剩餘資產，繼續在先前宣布的歐洲資產審查中取得顯著進展。除了我們正在進行的投資組合努力之外，我們還繼續致力於將我們的產品推廣到更高價值的應用，這在 APM 改進的性能解決方案結果中得到了明確，足以抵消 APM 和先進材料的下滑。

Lastly, in our fourth pillar, strengthening the long-term, we remain focused on advocating for the criticality of our chemistries, ensuring that we've made measurable progress on addressing legacy liabilities and use the best sign analytical methods and data to support our responsible manufacturing practices. In the first quarter, we engaged with policymakers and advanced advocacy efforts to highlight the importance of Chemours essential chemistry amid the evolving US trade policy landscape and EU regulatory landscape.

最後，在我們的第四個支柱上——加強長期發展方面，我們仍然專注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，並使用最佳的跡象分析方法和數據來支持我們負責任的製造方法。在第一季度，我們與政策制定者合作並推動宣傳工作，強調科慕基本化學品在不斷變化的美國貿易政策格局和歐盟監管格局中的重要性。

In parallel, we continued our ongoing commitment to responsible manufacturing practices. We also remain focused on actively resolving legacy liabilities, including ongoing preparations for upcoming litigation matters, including those related to the New Jersey DET.

同時，我們繼續致力於負責任的生產實踐。我們也將繼續致力於積極解決遺留債務，包括為即將發生的訴訟事項（包括與新澤西州 DET 相關的訴訟事項）進行持續準備。

In our supplemental deck, we've included this slide highlighting the progress we've made to resolve legacy litigation since our inception as Chemours. We believe that this summary reflects the substantial progress we've made over time and a summary of what remains.

在我們的補充資料中，我們新增了這張投影片，重點介紹了自科慕成立以來我們在解決遺留訴訟方面所取得的進展。我們相信，這份總結反映了我們隨著時間的推移所取得的實質進展，以及對剩餘工作的總結。

We have this as a strategic pillar as we see it as a key area to resolve in order to drive shareholder value. We will seek to resolve these matters as prudently as possible.

我們將此作為策略支柱，因為我們認為這是推動股東價值的關鍵解決領域。我們將盡可能謹慎地解決這些問題。

I'm proud significant progress we've made to date in executing our Pathway to Thrive strategy. We believe are notable progress against each of these strategic pillars is essential to driving long-term success and value creation for Chemours across our three businesses.

我為我們迄今為止在執行「繁榮之路」策略方面取得的重大進展感到自豪。我們相信，在這些策略支柱上取得顯著進展對於推動科慕三大業務的長期成功和價值創造至關重要。

To add, I would like to briefly address a question I often receive around the current Chemours portfolio and if there's a quicker way to return shareholder value considering our existing composition. I can assure you that management and the Board have possessed all the possibilities with our business, and we believe it is essential to drive execution of our transformation strategy.

另外，我想簡要回答我經常收到的有關當前科慕產品組合的問題，以及考慮到我們現有的產品組合，是否有更快的方式來回報股東價值。我可以向你們保證，管理階層和董事會已經掌握了我們業務的所有可能性，我們相信推動轉型策略的執行至關重要。

More specifically, resolving legacy litigation, improving our operational performance, and stabilizing our balance sheet to enable such flexibility, as Shane conveyed, are essential components for these returns.

更具體地說，正如 Shane 所言，解決遺留訴訟、提高我們的營運績效以及穩定我們的資產負債表以實現這種靈活性是實現這些回報的重要組成部分。

I would like to thank all our employees for their continued dedication and efforts that have made our progress this quarter possible and enabled us to continue advancing our Pathway to Thrive strategy. I look forward to providing future updates on our operational and financial performance and delivery against our Pathway to Thrive.

我要感謝所有員工的持續奉獻和努力，使我們本季度取得了進展，並使我們能夠繼續推進我們的繁榮之路策略。我期待著在未來提供有關我們的營運和財務業績以及實現「繁榮之路」的交付情況的最新資訊。

We now open the line up for questions.

我們現在開始回答問題。

(Operator Instructions) John McNulty, BMO.

（操作員指示） John McNulty，BMO。

So I guess I had a question on the strategic venture that you announced yesterday on the Navin Fluorine. I think that's how you pronounce it. Can you help us to think about how much capacity they can provide you?

所以我想我對您昨天宣布的 Navin Fluorine 戰略合作有一個疑問。我認為這就是你的發音方式。您能幫助我們考慮它們能為您提供多少容量嗎？

I also know you were targeting commercialization and being able to deliver some product in 2026. I guess, can you help us to frame that and how this fits into that, as well as if you have any orders at this point or expense you have any orders starting in 2026?

我還知道，你們的目標是實現商業化，並且能夠在 2026 年推出一些產品。我想，您能幫助我們建立這個框架以及它如何適應這個框架嗎？還有，如果您現在有任何訂單或費用，您是否有任何從 2026 年開始的訂單？

Yes, we're super excited about the work we're doing with Navin. This is really a critical step in our commercialization. As you saw in the deck, we laid out the different products that's for the commercialization. As we move into more field trials this is going to be really important.

是的，我們對與 Navin 合作的工作感到非常興奮。這確實是我們商業化過程中關鍵的一步。正如您在簡報中看到的，我們列出了用於商業化的不同產品。隨著我們進行更多的現場試驗，這一點將變得非常重要。

We're investing about $14 million in the asset and we've aligned the size of the asset, really in two components. One is the stage of commercial lease, commercialization brand, but also understanding that we want to refine the process technology for future scale-up.

我們在該資產上投資了約 1400 萬美元，並且我們已經調整了資產規模，實際上分為兩個部分。一個是商業租賃、商業化品牌的階段，同時也了解到我們希望改進製程技術以便將來擴大規模。

When you think about a field trial, you think about, you know, two to five tons would be needed. We've announced a field trial with NTT. So we have the opportunity to do dozens of field trials and more position to add additional volume as we get those customer commitment after that field trial.

當你考慮現場試驗時，你會想到，你知道，需要兩到五噸。我們已宣布與 NTT 進行現場試驗。因此，我們有機會進行數十次現場試驗，並且在現場試驗後獲得客戶承諾後，可以進一步增加產量。

Got it. Okay. And then on TiO2, I guess a couple of questions on that. One, did I hear right that you guys are expecting 2025 EBITDA to be up versus 20204? I thought that would change but just wanted to clarify.

知道了。好的。然後關於 TiO2，我想問幾個問題。首先，我是否聽得沒錯，你們預計 2025 年 EBITDA 將比 2020 年上升？我以為情況會改變，但我只是想澄清一下。

And then maybe more importantly, on the ore savings that you're talking about, I think you said $100 million to $150 million. Is that working capital savings or is that actual costs that will hit the bottom line?

然後也許更重要的是，關於您談到的礦石節省，我想您說的是 1 億到 1.5 億美元。這是營運資本節省還是會影響底線的實際成本？

And I guess in terms of the phasing in of that, it sounds like there are two contracts that you're that you're dealing with. One comes to an end in '26, one in '27. Does that saving phasing evenly or it is lumpy from one year to the next? I guess, how should we think about that?

我想，就這一階段的實施而言，聽起來您正在處理兩份合約。一個在 1926 年結束，一個在 1927 年結束。儲蓄是均勻分階段進行的還是逐年不均勻的？我想，我們該如何看待這個問題？

I'm going to kick it off, and I'll turn it over to Shane. But I think this is an example of the new management team and how we are leaving no stone unturned aligned with our operational excellence pillar. So I'm going to --

我要開始發言了，然後我會把發言權交給 Shane。但我認為這是新管理團隊的一個例子，以及我們如何竭盡全力與卓越營運支柱保持一致。所以我要--

The one specific item that you mentioned on TT, we did state that 2025 will be better than '24 in TT and that's from an earnings perspective. Going into the hybrid ore and those contracts that I think I've been pretty transparent on optimizing cash conversion and really thinking through how to reduce such.

您在 TT 上提到的一個具體事項，我們確實指出 2025 年 TT 的表現將比 2024 年更好，這是從盈利角度來看的。進入混合礦石和那些合同，我認為我在優化現金轉換方面已經相當透明，並且真正思考如何減少這種情況。

And this is really just an area we honed in on as we continue to look at inventory spend. As you think about phasing of such, a really good cash flow-oriented item, as we think about the back end of '26 is where you'll see some of that come in. And really, certainly, as you enter into '27, given that's when the less contracts up and the range of it's about $100 million to $150 million in cash flow.

這實際上只是我們在繼續關注庫存支出時重點關注的一個領域。當您考慮分階段實施此類專案時，我們就會想到 26 年後期您會看到其中一些專案進入市場。確實，當你進入 27 年後，合約就會減少，現金流的範圍大約在 1 億美元到 1.5 億美元之間。

Got it. Thanks very much for the color.

知道了。非常感謝這個顏色。

John Roberts, Mizuho.

瑞穗的約翰羅伯茲。

Could discuss maybe the timing on the dividend cut? Why now? And why not just eliminate the dividend completely?

可以討論一下削減股利的時機嗎？為什麼是現在？為什麼不徹底取消股利呢？

Yes, I've been pretty transparent through, you know, the last nine months about having a balanced and disciplined capital allocation policy on that side. And in those priorities, we really started with focused growth investments and prioritizing improving liquidity, as well as replying fiscally in response to settling liabilities.

是的，過去九個月來，我一直非常透明地表明我在這方面實行平衡且嚴謹的資本配置政策。在這些優先事項中，我們確實從重點成長投資開始，並優先提高流動性，以及在財務上回應解決債務問題。

We really believe the resizing of the dividend allows us the flexibility in the balance sheet to really execute on these priorities and really strategically grow the company through Pathway to Thrive. As it relates to sizing and relate that, you know, obviously, you can think about there was a lot of discussion to deliberation analysis to get to where we felt was a comfortable reduction of the dividend.

我們確實相信，調整股息可以讓我們在資產負債表上擁有靈活性，從而真正執行這些優先事項，並透過「繁榮之路」真正實現公司策略性成長。因為它與規模有關，而且您知道，顯然，您可以考慮進行大量的討論和審議分析，以達到我們認為合適的股息減少幅度。

Notably, I think this really aligns us with an appropriate payout that are still attractive to the chemicals and industrial space while providing us a lot of a decent amount for flexibility in the balance sheet.

值得注意的是，我認為這確實使我們獲得了適當的回報，這對化學和工業領域仍然具有吸引力，同時為我們的資產負債表提供了相當大的靈活性。

And then your Opteon competitor here in the US has announced a pretty hefty surcharge related to the tariffs. What are your price expectations for Opteon here near-term?

然後，您在美國本土的 Opteon 競爭對手宣布了與關稅相關的相當高額的附加費。您對 Opteon 近期的價格預期為何？

Yeah, we don't really talk about pricing, competitive pricing, but you can see the proof is in our results. We're a really strong performer with our franchise. We're really focused on the transition to and supporting our customers.

是的，我們實際上並不談論定價、競爭性定價，但你可以看到我們的結果就是證據。我們的特許經營表現非常出色。我們真正關注的是向客戶的過渡和支持。

Thank you.

謝謝。

Peter Osterland, Truist.

彼得·奧斯特蘭（Peter Osterland），Truist。

First, just wanted to ask on the TiO2 pricing, how did TiO2 price has been trending in the more regulated markets where you're seeing stronger volume growth? Was any of the sequential decline for pricing in the first quarter in those markets? And what do you expect any from pricing in those markets in the second quarter and beyond?

首先，我只是想問 TiO2 的定價問題，在監管更嚴格、銷售成長更強勁的市場中，TiO2 的價格趨勢如何？這些市場第一季的價格是否有連續下降？您對第二季及以後這些市場的定價有何預期？

We really don't want to talk about forward pricing. What I can tell you is that and we see stabilization in the, what we're calling the fair-trade markets. We see stabilization in price and MC actually bought -- we've had volume increases in those markets as well.

我們確實不想談論遠期定價。我可以告訴你們的是，我們看到所謂的公平貿易市場正在趨於穩定。我們看到價格趨於穩定，而且 MC 確實購買了——我們在這些市場的銷量也有所增加。

Great. Thanks. And then I just wanted to ask on segment margins in TT, will there be any lingering impact from the weather-related outages that would roll into the second quarter? Do you have any higher cost inventories to work through? And if so, could you size the impact?

偉大的。謝謝。然後我想問 TT 的分部利潤率，與天氣相關的停電是否會產生持續影響並延續到第二季​​？您是否有需要處理的成本較高的庫存？如果是的話，您能評估一下其影響嗎？

Notably, we did have some one-time costs come through related to those weather items in Q1 that we've talked about this being a one quarter item whereby we will see some tailwinds and that really contributes to the guide that we're seeing in growth in earnings from Q1 to Q2. Outside of that, we don't see impacts at this time related to any other operational issues.

值得注意的是，我們確實有一些與第一季天氣因素相關的一次性成本，我們已經討論過這是一個季度性因素，我們將看到一些順風，這確實有助於我們看到從第一季度到第二季度的收益增長。除此之外，我們目前沒有看到與任何其他營運問題相關的影響。

Great. Thanks for the color.

偉大的。謝謝你的顏色。

Laurence Alexander, Research Analyst.

勞倫斯‧亞歷山大 (Laurence Alexander)，研究分析家。

First, on the TiO2 side, what are you seeing in terms of effective capacity shutdowns in Asia? And can you just give a benchmark for how much you expect to come out of the market and how quickly?

首先，就二氧化鈦方面而言，您看到亞洲有效產能關閉的情況如何？您能否給出一個基準，說明您預計退出市場的規模和速度？

And then secondly, can you touch on deregulation and how -- and just regulatory trends and how you're thinking about positioning for the next iteration of the Opteon lifecycle?

其次，您能否談談放鬆管制以及監管趨勢，以及您如何考慮為 Opteon 生命週期的下一個迭代進行定位？

Relative to TiO2, our intelligence is that we see a couple of hundred thousand tons coming out of the market. But I think that is it's evolving, right, as there's more from fair trade zones established, as we think about the finalization in Brazil and India, I think that will change.

就 TiO2 而言，我們了解到市場將出現數十萬噸的供應缺口。但我認為它正在不斷發展，對吧，隨著更多公平貿易區的建立，當我們考慮巴西和印度的最終確定時，我認為這種情況將會改變。

There's been a recognition that the industry in China themselves that there's an issue with supply. And just looking at trends with other markets where when you see this happening, you'd have seen China pull back on capacity increases as well as shuttering. So we see more to come in that area.

人們已經認識到中國業界本身存在供應問題。看看其他市場的趨勢，當你看到這種情況發生時，你會發現中國正在減少產能成長以及關閉產能。因此，我們預見該領域將有更多發展。

When it comes to deregulation, if you're referring to in the US, the AIM Act, we don't see any change there. And actually, the Trump administration signed the first AIM Act. And you know, as we move forward, we're continuing our innovation and continuing to work on next-generation refrigerants that are going to be driving down on global warming potential even more.

說到放鬆管制，如果您指的是美國的《AIM 法案》，我們沒有看到任何變化。事實上，川普政府已經簽署了第一部AIM法案。你知道，隨著我們不斷前進，我們將繼續創新，繼續研究下一代冷媒，以進一步降低全球暖化潛力。

Thank you.

謝謝。

Arun Viswanathan, RBC Capital.

加拿大皇家銀行資本管理公司的阿倫‧維斯瓦納坦 (Arun Viswanathan)。

So just on TSS, first of all, just wanted to understand your comments a little bit more on the supply tightness in both the content, refrigerant content as well as cylinders. So when do you expect that some of this tightness to be alleviated? And what measures are you taking to address that? It sounds like it's kind of short-lived, but why do you believe that?

因此，就 TSS 而言，首先，我只是想更多地了解您對內容、冷媒含量以及氣瓶的供應緊張程度的評論。那麼您預計什麼時候這種緊張局面能夠得到緩解呢？您採取了什麼措施來解決這個問題？聽起來這似乎是短暫的，但為什麼你相信這一點呢？

And again, on the cylinder side, is there anything else you can do to source other cylinders? And then, similarly, on R32, what can you do there to be maybe broaden your supply base? Thanks.

再次，在氣缸方面，您還可以做些什麼來獲取其他氣缸？然後，同樣地，對於 R32，您可以做些什麼來擴大您的供應基礎？謝謝。

Relative to the cylinders shortage, the first one, when I say this is not a commodity issue. We're meeting all of our OEM commitments and servicing the aftermarket. I mean, I one thing I just want to mention, our outlooks aren't perfect. The last transition occurred 30 years ago.

相對於氣瓶短缺，第一個問題，我說的這不是一個商品問題。我們正在履行所有 OEM 承諾並為售後市場提供服務。我的意思是，我只想提一件事，我們的觀點並不完美。上一次轉型發生在30年前。

So we are learning as we go, but we are pulling out all the stops. We've added additional shifts. We've put in third party operations, and we see this normalizing in the next couple of months.

因此，我們一邊學習一邊前進，並全力以赴。我們增加了班次。我們已經投入了第三方運營，並且預計未來幾個月內將會恢復正常。

And then just on the updated capital allocation approach. So maybe you can just describe some of the opportunities from a CapEx perspective that you're pursuing that you thought would be better use of your capital than the dividend.

然後只是更新資本配置方法。因此，也許您可以從資本支出的角度描述您正在追求的一些機會，您認為這些機會比股息更能充分利用您的資本。

Maybe just quantify from a CapEx perspective and maybe some returns metrics? Is there anything like that we could to use to see how you came to that decision or the Board did at least. Thanks.

也許只是從資本支出的角度來量化，也許是一些回報指標？有什麼類似的東西可以幫助我們了解您或至少董事會是如何做出這項決定的。謝謝。

We're going to be on expanding our capital completely aligned with our Pathway to Thrive. We have high priority investments in our next-generation refrigerants, emerging cooling under our enabling growth. And then I'm going to turn it over to Shane for maybe some more color.

我們將完全按照我們的繁榮之路擴大我們的資本。我們高度優先投資於下一代冷媒，這是我們推動成長的新興冷卻技術。然後我要把它交給 Shane，讓他再多加一些顏色。

I think there's a mixture of two things, right? Size in strategic growth but also balance sheet flexibility as we talk about reasoning for the dividend reduction. As we think about the growth initiatives, Denise just talked about some main items related to next-generation refrigerants as well as emerging cooling. I'm really excited about those type capabilities as we think about emerging markets.

我認為這是兩種情況的混合，對嗎？當我們談論減少股息的理由時，不僅要考慮策略性成長的規模，還要考慮資產負債表的靈活性。當我們考慮成長計畫時，丹尼斯剛剛談到了與下一代冷媒以及新興冷凍技術相關的一些主要項目。當我們考慮新興市場時，我對這些類型的能力感到非常興奮。

We don't get into specific return hurdles on these calls. But I just really want to make sure that we have obviously looking at such from a payback and IRR perspective that is comfortably over our weighted average cost of capital.

我們不會在這些電話中討論具體的回報障礙。但我真的想確保我們顯然從回報和 IRR 的角度來看待這個問題，這遠遠超過我們的加權平均資本成本。

And also, Arun, you had asked earlier about the dynamics of R32. So yes, I think it's important as we think about that supply dynamics that we emphasize. We have a pretty good network outside of the US is related to any R32, as well as we do have significant amount of blending in areas outside of US, namely in Mexico.

另外，阿倫，您之前詢問過有關 R32 的動態問題。所以是的，我認為當我們考慮我們強調的供應動態時這一點很重要。我們在美國以外擁有與任何 R32 相關的相當不錯的網絡，我們在美國以外的地區（即墨西哥）確實有大量的混合。

And finally, we're working very well with our customers to think through those costs and thinking through the associated price to make sure that we return a appropriate value from that to the market.

最後，我們與客戶進行良好的合作，仔細考慮這些成本和相關價格，以確保我們為市場帶來適當的價值。

Thanks.

謝謝。

Josh Spector, UBS.

瑞銀的喬希·斯佩克特。

First, I wanted to follow up on the agreement on the emerging cooling capacity. Just to be clear, it sounds like your answer to John, that's small scale to get you out into field trials. I was curious, longer-term, is that more of a manufacturing partnership where you can potentially get told agreements to scale that up as the capital light weight for Chemours? Or would you still require Chemours to make a larger owned facility investment to scale that up?

首先，我想跟進有關新興冷卻能力的協議。需要明確的是，這聽起來就像你對約翰的回答，那是小規模的，可以讓你進行實地試驗。我很好奇，從長遠來看，這是否更像是一種製造業合作夥伴關係，您是否有可能達成協議，將其擴大為科慕的輕資本？或者您仍需要科慕公司進行更大規模的自有設施投資來擴大規模？

Your read of what's the purpose of this capacity in the sizes is right on. As we move forward into commercialization, we're always looking at how to best use our capital and what's the most prudent way. And we haven't decided yet on what the structure is going to be, but certainly, we'll be looking for partnerships with customers as we go forward.

您對這種容量大小的用途的理解是正確的。在我們邁向商業化的過程中，我們一直在尋找如何最好地利用我們的資本以及最謹慎的方式。我們還沒有決定具體的結構，但毫無疑問，我們將在未來尋求與客戶建立合作關係。

Okay, that makes sense. And just on TSS at a high level, if tariffs stay where they are today, is that a positive or negative for Chemours? Just considering your production base and purchases versus the market at large, how would you characterize it?

好的，這很有道理。就 TSS 的高水準而言，如果關稅維持在目前的水平，這對科慕來說是利好還是利空？僅考慮您的生產基礎和採購量與整個市場相比，您如何描述它？

I would say that it's really not a negative or a positive. I mean, we basically have over the years developed great flexibility in our supply chain. We have lots of options. So it's really not something that stand up.

我想說這確實不是消極的也不是積極的。我的意思是，多年來我們的供應鏈基本上已經具備了極大的彈性。我們有很多選擇。所以這確實不是什麼站得住腳的事。

Well, I guess what I'm trying to figure out is because the market at Chemours have more of a negative impact because there's more imports maybe more of a US base. So that benefit Chemours or would you say the same thing of the market as a whole?

嗯，我想弄清楚的是，由於科慕的市場受到的負面影響更大，因為進口量可能更多來自美國。那麼這對科慕有利嗎？或者您認為這對整個市場也有好處嗎？

I think that I don't really have a strong opinion on that. I think our main focus is really around transitioning to Opteon and that portfolio. So I guess I would say I don't think from a competitive standpoint, it's really I think it's more neutral.

我認為我對此並沒有強烈的意見。我認為我們的主要重點實際上是向 Opteon 及其產品組合過渡。所以我想我不會從競爭的角度來看待這個問題，我認為它實際上更加中立。

Okay. Thank you.

好的。謝謝。

Duffy Fischer, Goldman Sachs.

高盛的達菲費雪。

Couple of questions around TSS. So first on the pricing embedded in your Freon numbers from Q1, if you compare that to the Chinese pricing today, just to say, how much further could you fall to explore? What's the delta between your realized pricing and let's say commodity prices in China today in Freon or HFC products?

關於 TSS 的幾個問題。因此，首先關於第一季度氟利昂數據中包含的定價，如果將其與今天的中國定價進行比較，那麼，您還能探索到什麼程度？您的實際定價與當今中國氟利昂或氫氟碳化物產品的商品價格之間的差異是多少？

So yes, as you think about the pricing, you know, we talk about stability in pricing in the US on that side. We really have not gotten into where the floor might be compared to a China pricing.

所以是的，當您考慮定價時，您知道，我們談論的是美國那邊的定價穩定性。我們確實還沒有弄清楚與中國定價相比，底價可能在哪裡。

But the most important thing to think about as it relates to the dynamics here is we're really focusing on the agenda that HFO sizes, Opteon interest in that. That's really where our quote allocation is being distributed.

但與此處的動態相關的最重要的事情是，我們真正關注的是 HFO 規模的議程以及 Opteon 對此的興趣。這實際上就是我們的報價分配的地方。

We're in the aftermarket still on the HFCs and we'll continue to be diligent around that side. But at the same point is we're really excited about the transition and really the profitability and margin analysis on the HFO side under Opteon.

我們仍在從事氫氟碳化合物的售後市場，我們將繼續在這方面保持謹慎。但同時，我們對 Opteon 旗下 HFO 方面的轉型以及獲利能力和利潤率分析感到非常興奮。

Okay. And then can you explain the dynamics to it? Seems like what you're doing is you're bringing product into Mexico that might be from countries with higher tariffs in Mexico would have and then you're changing the product enough through blending that it would carry basically the Mexico equivalent coming into the US and not the origin countries. Is that generally what the strategy is here with both HFO and HFC products?

好的。那你能解釋一下它的動態嗎？看起來你正在做的是，你將來自對墨西哥徵收更高關稅的國家的產品帶入墨西哥，然後你通過混合對產品進行足夠的改變，使其基本上與進入美國而不是原產國的墨西哥產品相同。這通常是針對 HFO 和 HFC 產品的策略嗎？

Duffy, the answer to that is yes. We are doing a lot of lending in areas like Mexico. I don't think the strategy is to bring to Mexico to blend and bring it over to the US so as to do anything for circumvention side or any of that side. it's really that our focus is the OEMs that are local to Mexico and other areas in that side and that's where these props are going.

達菲，答案是肯定的。我們在墨西哥等地區開展了大量貸款業務。我不認為我們的策略是把產品帶到墨西哥進行混合，然後帶到美國，以便為規避方面或任何方面做任何事情。我們的重點實際上是墨西哥本地和其他地區的原始設備製造商 (OEM)，這些道具就是前往這些地方的。

Okay. Thank you.

好的。謝謝。

Vincent Andrews, Morgan Stanley.

摩根士丹利的文森安德魯斯。

This is Justin on for Vincent. I was just hoping you could help us understand the assumptions within the lower than 60% and the high end 80% cash flow conversion for 2H. How much of that range is just depend on stronger/weaker EBITDA in the back half? And are there any working capital assumptions have changed from the low end to the high end of that guidance? Thank you.

這是賈斯汀 (Justin) 代替文森特 (Vincent)。我只是希望您能幫助我們理解下半年低於 60% 和高端 80% 的現金流轉換假設。這個範圍有多少只取決於下半年更強/更弱的 EBITDA？營運資本假設是否已從該指導的低端變為高端？謝謝。

I think the influence of the range is two factors. One is obviously just the unwind of the working capital or execution upon the initiatives I talked about to really generate and emphasize cash flows cash conversion. The other side of that is definitely dynamics between earnings on this slower versus higher range and the impacts to where working capital would go related to higher or lower sales on that side.

我認為影響範圍有兩個因素。顯然，一個只是營運資本的放鬆或執行我所談到的舉措，以真正產生和強調現金流現金轉換。另一方面，肯定是較慢和較高範圍內的收益之間的動態關係，以及與該範圍內銷售額的增加或減少相關的營運資本流向的影響。

Understood. Thank you. And then you cited lower investments in 2H within that cash flow framework. Is that incrementally lower investment or were those projects pushed out or canceled? Or is that the same level that you are expecting going into the year? Thank you.

明白了。謝謝。然後您提到在現金流框架內下半年的投資較低。這會逐步降低投資，還是這些項目被推遲或取消了？或者這與你預計今年的水平相同？謝謝。

Yes, actually. I mean, this is really just fine tuning the estimates as it relates to investments. I think there's two points there. On the script, I mentioned lower working capital investments.

是的，確實如此。我的意思是，這實際上只是對與投資相關的估計進行微調。我認為這裡有兩點。在腳本中，我提到了較低的營運資本投資。

Yes, I think we talked about coming into the year in the first half having committed working capital investments from the prior year that you see coming through inventory. In the back half, there's going to be lower investment given just our concerted effort to really make sure that we're spending on only critical and essential items and strategic guidance on that side.

是的，我想我們談到了進入今年上半年時我們已經承諾的上一年的營運資本投資，這些投資是透過庫存實現的。在下半年，由於我們齊心協力確保只在關鍵和必要的項目上花錢，並提供策略指導，因此投資將會減少。

In the capital area, you'll notice that I brought it down roughly about $25 million from a year-to-date range. And that's really, again, making sure that we're just focused on what's essential from a capital perspective as well.

在首都地區，你會注意到我將其從年初至今的範圍降低了約 2500 萬美元。這實際上再次確保我們只專注於從資本角度來看至關重要的事情。

Wonderful. Thank you for your time.

精彩的。感謝您抽出時間。

Michael Leithead, Barclays.

巴克萊銀行的邁克爾·萊特黑德。

First, I just wanted to poke on the TiO2 ore side of things. As you think bigger picture about your strategy, given ore seems to have been a headwind, how do you think about potentially back integrating more into the ore operations going forward?

首先，我只是想探究一下 TiO2 礦石方面的情況。當您從更大角度考慮您的策略時，考慮到礦石似乎一直是阻力，您如何看待未來可能更多地重新整合到礦石業務中？

As you know, we have mined. We are now about 15% back integrated today. We're very focused on the productivity of those mines. But really, our strategy and our core strength is really the diversity of ores that we can process. So our work and our investments are really more on innovating, being able to process even cheaper ore. So that's really our strategy versus more backward integration.

如您所知，我們已經開採。如今，我們的整合度已恢復約 15%。我們非常關注這些礦山的生產力。但實際上，我們的策略和核心優勢在於我們能夠加工的礦石的多樣性。因此，我們的工作和投資實際上更集中在創新上，以便能夠加工更便宜的礦石。所以這其實是我們的策略，而不是進一步向後整合。

Got it. That makes sense. And then second, on the liquid cooling front, if everything goes to plan from here today on your four-step pathway to serve the market, when would be the earliest adoption and sales we should see into data centers occur?

知道了。這很有道理。其次，在液體冷卻方面，如果今天一切按照您為市場服務的四步驟路徑進行，那麼我們最早什麼時候會看到資料中心的採用和銷售？

Yes. I mean what we've said is that really it's really the back end of the decade where we would start to see sales.

是的。我的意思是，我們確實要到本世紀末才會開始看到銷售。

Got it. Thank you.

知道了。謝謝。

We have reached the end of our question-and-answer session. Thank you for joining the Chemours Company first-quarter and full-year 2025 results conference 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 2025 年第一季及全年業績電話會議。您現在可以斷開連線。