Corteva Inc (CTVA) 2024 Q2 法說會逐字稿

Portions of this transcript marked (technical difficulty) indicate audio problems. The missing text will be supplied if a replay becomes available.

此文字記錄中標記為（技術難度）的部分錶示存在音訊問題。如果可以重播，將提供缺少的文字。

(technical difficulty) The Corteva Agriscience 2Q 2024 Earnings. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. (Operator Instructions)

（技術難度）Corteva Agriscience 2024 年第二季財報。所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。（操作員說明）

I will now turn the call over to Kim Booth, Vice President of Investor Relations. You may begin.

我現在將電話轉給投資者關係副總裁 Kim Booth。你可以開始了。

Good morning. And welcome to Corteva's second quarter and first half 2024 earnings conference call. Our prepared remarks today will be led by Chuck Magro, Chief Executive Officer; and Dave Anderson, Executive Vice President; and Chief Financial Officer. Additionally, Tim Glenn, Executive Vice President, Seed business unit; and Robert King, Executive Vice President, crop protection business unit, will join the Q&A session.

早安.歡迎參加 Corteva 的 2024 年第二季和上半年收益電話會議。我們今天準備好的演講將由執行長 Chuck Magro 主持；和戴夫·安德森，執行副總裁；和財務長。此外，種子業務部執行副總裁 Tim Glenn；作物保護業務部執行副總裁 Robert King 將參加問答環節。

We have prepared presentation slides to supplement our remarks during this call, which are posted on the Investor Relations section of the Corteva website and through the link to our webcast.

我們準備了簡報投影片來補充我們在本次電話會議期間的發言，這些幻燈片發佈在 Corteva 網站的投資者關係部分以及我們的網路廣播連結上。

During this call, we will make forward-looking statements, which are our expectations about the future. These statements are based on current expectations and assumptions that are subject to various risks and uncertainties.

在這次電話會議中，我們將做出前瞻性陳述，這是我們對未來的期望。這些陳述是基於目前的預期和假設，受到各種風險和不確定性的影響。

Our actual results could materially differ from these statements due to these risks and uncertainties, including but not limited to those discussed on this call and in the risk factors section of our reports filed with the SEC. We do not undertake any duty to update any forward-looking statements.

由於這些風險和不確定性，我們的實際結果可能與這些陳述有重大差異，包括但不限於本次電話會議以及我們向 SEC 提交的報告的風險因素部分中討論的風險和不確定性。我們不承擔更新任何前瞻性陳述的責任。

Please note in today's presentation, we'll be making references to certain non-GAAP financial measures. Reconciliations of non-GAAP measures can be found in our earnings press release and related schedules, along with our Supplemental Financial Summary slide deck, available on our Investor Relations website.

請注意，在今天的演示中，我們將參考某些非公認會計準則財務指標。非公認會計原則措施的調節可以在我們的收益新聞稿和相關時間表以及我們的投資者關係網站上提供的補充財務摘要幻燈片中找到。

It's now my pleasure to turn the call over to Chuck.

現在我很高興將電話轉給查克。

Thanks, Kim. Good morning, everyone, and thanks for joining us. We plan to update you today on our second quarter and first half performance, share our latest expectations for the second half of this year.

謝謝，金。大家早安，感謝您加入我們。我們計劃今天向您通報我們第二季和上半年的業績情況，分享我們對今年下半年的最新預期。

In the second quarter, Corteva delivered both top and bottom line growth and nearly 250 basis points of operating EBITDA margin expansion. This was driven by strong demand for our proprietary technology, which was also particularly evident in our Seed business results. We also saw crop protection volumes grow, a sign that the industry is starting to stabilize after almost two years of decline.

第二季度，Corteva 實現了營收和利潤的成長，以及營業 EBITDA 利潤率成長了近 250 個基點。這是由對我們專有技術的強勁需求所推動的，這在我們的種子業務業績中也特別明顯。我們也看到作物保護銷量有所增長，這表明該行業在經歷近兩年的下滑後開始趨於穩定。

Seed continued its impressive trajectory in the first half of the year, with 420 basis points of operating EBITDA margin expansion and broad-based pricing gains across all regions. While North America corn acres are down year over year, the team has managed to hold volumes relatively flat and gain share in the first half, a testament to both strong demand for our latest corn hybrids, as well as the strength of the pioneer business model.

今年上半年，Seed 繼續保持其令人印象深刻的發展軌跡，營業 EBITDA 利潤率成長了 420 個基點，所有地區的定價普遍上漲。雖然北美玉米種植面積逐年下降，但該團隊在上半年成功地保持了產量相對平穩並增加了份額，這證明了對我們最新玉米雜交品種的強勁需求，以及先鋒商業模式的實力。

Performance in Seed remains strong across products and technologies, and we are proud to be number one in the North America seed market for both corn and soybeans. We are particularly pleased to see Enlist E3 continue to be valued by farmers and we believe E3 technology is the future. It is on at least 65% of US soybean acres in 2024.

種子領域的產品和技術表現依然強勁，我們很自豪能夠成為北美玉米和大豆種子市場的第一名。我們特別高興看到 Enlist E3 繼續受到農民的重視，我們相信 E3 技術是未來。到 2024 年，美國至少 65% 的大豆種植面積將被種植。

Earlier this year, we announced the commercial availability of Pioneer brand Z-series soybeans in the US and Canada, which is the next generation of industry-leading genetics with the Enlist traits. This new class of soybeans offers farmers a strong defensive package, with a generational leap in yield potential and agronomic performance over any soybean lineup pioneer has ever introduced.

今年早些時候，我們宣布 Pioneer 品牌 Z 系列大豆在美國和加拿大上市，這是具有 Enlist 性狀的下一代行業領先基因。這種新型大豆為農民提供了強大的防禦性方案，其產量潛力和農藝性能比任何先驅推出的大豆系列都實現了世代飛躍。

In extensive 2023 impact trials, Z-series soybeans showed an average yield advantage of 2.7 bushels per acre over our own A-series soybeans, which delivers substantial economic benefit to growers. And I know most of you are well aware of how the Enlist transition has supported our aim of becoming royalty neutral by the end of the decade, but it's worth noting that our royalty income stream is also accelerating quickly in corn.

在廣泛的 2023 年影響試驗中，Z 系列大豆比我們自己的 A 系列大豆每英畝平均產量優勢為 2.7 蒲式耳，這為種植者帶來了可觀的經濟效益。我知道你們大多數人都很清楚入伍過渡如何支持我們在本世紀末實現特許權使用費中立的目標，但值得注意的是，我們的玉米特許權使用費收入流也在迅速加速。

In the first half of this year, we grew our royalty income by an impressive 40% when compared to the same period last year, led by the strength of new corn trait technologies like PowerCore Enlist. Our strategy of becoming a technology seller is gaining traction as reflected in our margins.

今年上半年，在 PowerCore Enlist 等玉米新性狀技術的帶動下，我們的特許權使用費收入與去年同期相比增長了 40%，令人印象深刻。我們成為技術銷售商的策略正在獲得越來越多的關注，這反映在我們的利潤率上。

Turning to the CP business, we can say that here too our technology remains a driver for farmers. By the end of June, we had registered over 100 new crop protection products globally. These new product registrations give farmers access to new, cutting-edge solutions that can help them increase yields and grow more food and fuel.

談到清潔生產業務，我們可以說，我們的技術仍然是農民的驅動力。截至6月底，我們已在全球註冊了100多種農作物保護新產品。這些新產品註冊使農民能夠獲得新的、尖端的解決方案，幫助他們提高產量並種植更多的糧食和燃料。

Overall, the crop protection business continues to navigate an imbalanced market, driven largely by residual destocking and competitive market dynamics. Still, we are encouraged by the 6% volume improvement in the second quarter.

總體而言，作物保護業務繼續在不平衡的市場中生存，這主要是由剩餘的庫存去化和競爭性市場動態推動。儘管如此，我們對第二季 6% 的銷售成長感到鼓舞。

Although net sales and operating EBITDA were down for the half, we're still anticipating that 2024 will be another year of top and bottom line growth and margin improvement for Corteva. Record-setting demand for grain, oil, seeds and biofuels is expected to continue through the end of 2024.

儘管上半年淨銷售額和營業 EBITDA 有所下降，但我們仍然預計 2024 年將是 Corteva 營收和利潤成長以及利潤率改善的另一年。糧食、石油、種子和生物燃料創紀錄的需求預計將持續到 2024 年底。

On-farm crop protection demand remains stable as farmers prioritize technology to maximize yield and we expect the market to begin to move towards more of a balance between sell in and sell out at the channel.

由於農民優先考慮技術以最大限度地提高產量，農場作物保護需求保持穩定，我們預計市場將開始在通路的銷售和銷售之間趨於平衡。

We also anticipate that farmers will continue to prioritize investments in top-tier seed technologies, given their direct impact on yields. To reflect the impact of the competitive market dynamics and weather-driven missed applications in North America and Europe in the first half for crop protection, we are lowering our full year net sales guidance by about 1% and operating EBITDA by about 2%, versus the midpoints we guided to last quarter.

我們也預計，鑑於頂級種子技術對產量的直接影響，農民將繼續優先投資頂級種子技術。為了反映上半年北美和歐洲作物保護領域競爭激烈的市場動態和天氣驅動的錯過申請的影響，我們將全年淨銷售額指引下調約 1%，運營 EBITDA 下調約 2%，而我們上季度指導的中點。

A few comments on 2025. It's still early and we need to see how the full year of 2024 plays out. Generally speaking, we remain constructive on 2025 and we are on a path that would get us into the framework for operating EBITDA and margin improvement. We feel good about what we can control delivering meaningful royalty benefits, productivity and cost deflation on a year-over-year basis.

關於2025年的一些評論。現在還為時過早，我們需要看看 2024 年全年的情況如何。總體而言，我們對 2025 年仍持建設性看法，我們正走在一條能夠進入 EBITDA 營運和利潤率改善框架的道路上。我們對自己能夠控制的內容感到滿意，能夠逐年提供有意義的特許權使用費收益、生產力和成本縮減。

Recall when we adjusted the 2025 framework back in February, we indicated that it was contingent upon stabilization in the crop protection market in 2024 and a return to growth in 2025. The volume improvement in the second quarter has given us some optimism in our second-half growth assumptions, but we are monitoring the competitive pricing environment very closely. We'll be providing more of a detailed update on our views of 2025 at our Investor Day event in November.

回想一下，當我們在 2 月調整 2025 年框架時，我們表示這取決於 2024 年植保市場的穩定和 2025 年恢復成長。第二季銷售的改善讓我們對下半年的成長假設感到樂觀，但我們正在密切關注競爭性的定價環境。我們將在 11 月的投資者日活動上提供有關 2025 年觀點的更多詳細更新。

Now turning to the outlook. The US crop mix shift from corn to soybeans played out as we expected. However, the main feature of 2024 growing season thus far has been the US corn and soybean crop condition ratings have been running well above 2023, creating an expectation for strong yields. Time will tell, but it is clear that strong yields are being dialed into the corn futures.

現在轉向前景。美國作物結構從玉米轉向大豆的情況正如我們預期的那樣。然而，到目前為止，2024 年生長季的主要特徵是美國玉米和大豆作物長勢評級遠高於 2023 年，創造了強勁單產預期。時間會證明一切，但很明顯，玉米期貨的強勁收益率正在發揮作用。

As global stocks of major grains and oilseeds stabilize, commodity prices have started to come under pressure, indicative that we're now below mid-cycle pricing. These lower prices combined with higher interest rates have led farmers to tighten their operating approach.

隨著全球主要穀物和油籽庫存穩定，大宗商品價格開始承受壓力，顯示我們現在低於週期中期定價。較低的價格加上較高的利率，導致農民收緊了經營方式。

But there is still a lot of confidence with the vast majority of farmers, and they know the formula for success and how to be prudent with the investment decisions they make in their operations. And they know they have to drive productivity in order to be competitive in the marketplace.

但絕大多數農民仍充滿信心，他們知道成功的秘訣，也知道如何在經營中謹慎做出投資決策。他們知道必須提高生產力才能在市場上具有競爭力。

Brand trust and the years of experience and expertise behind it is also extremely important. Farmers can always find cheaper seeds, but with Corteva brands, they know they can trust our long history of incremental annual yield improvement, which gives them confidence in the outcome, as well as peace of mind. And like most of us once you experience the best it's hard for farmers to settle for anything less.

品牌信任及其背後多年的經驗和專業知識也極為重要。農民總是能找到更便宜的種子，但有了 Corteva 品牌，他們知道他們可以信任我們不斷提高年產量的悠久歷史，這讓他們對結果充滿信心，也安心無憂。和我們大多數人一樣，一旦經歷了最好的事情，農民就很難接受其他的事情。

With that, let me turn it over to Dave for insights on our financial results and outlook.

接下來，讓我將其轉交給戴夫，以獲取有關我們財務表現和前景的見解。

Thanks, Chuck, and welcome, everyone, to the call. Let's start on slide 6, which provides the financial results for the quarter and the half. You can see from the numbers here.

謝謝查克，歡迎大家來電。讓我們從第 6 張投影片開始，它提供了本季和半季的財務表現。你可以從這裡的數字看出。

Sales and operating EBITDA for the first half were down slightly from prior year, although a little better than our latest estimate, driven by a strong finish in North America, the seeds season. Briefly touching on the quarter, organic sales were up 2% compared to prior year, with gains in both seed and crop protection. Pricing for the quarter was up 2% with gains in seed, partially offset by continued competitive pressure in crop protection.

上半年的銷售和經營 EBITDA 較上年略有下降，但略優於我們的最新估計，這是由於北美種子季節的強勁結束所致。簡單回顧本季，有機銷售額比去年同期成長 2%，種子和作物保護業務均成長。由於種子價格上漲，本季定價上漲 2%，但部分被作物保護持續的競爭壓力所抵銷。

Second quarter volumes were flat with volume gains in crop protection led by Latin America and North America, offset by seed volume declines in North America due to first quarter and second quarter timing. Top line growth and continued productivity and cost actions translated to earnings growth of 10% in the quarter and nearly 250 basis points of margin expansion compared to prior year.

第二季銷售量持平，拉丁美洲和北美帶動的作物保護銷售成長，被北美種子銷售量因第一季和第二季時間安排下降所抵銷。營收成長以及持續的生產力和成本行動導致本季獲利成長 10%，利潤率較上年同期成長近 250 個基點。

Now focusing on half, as a result of the tough first quarter organic sales were down 2% with seed growth offset by crop protection. Seed pricing gains were mid-single digit compared to prior year and offset by seed volume declines which were driven by lower planted area in EMEA and in Asia.

現在重點關註一半，因為第一季有機銷售困難，下降了 2%，而種子成長被作物保護抵消了。與去年相比，種子價格漲幅為中個位數，但被歐洲、中東和非洲和亞洲種植面積減少導致的種子產量下降所抵消。

Crop protection price and volume were both down in the half when competitive market dynamics in the really tough comp of the first quarter of 2023. The top line performance translated into operating EBITDA of approximately $2.95 billion for the half, down slightly compared to prior year. Seed pricing, the benefits from improved net royalty expense and productivity savings drove nearly 60 basis points of margin expansion.

在 2023 年第一季競爭非常激烈的市場動態中，農作物保護價格和銷售量均下降了一半。上半年的營業額 EBITDA 約為 29.5 億美元，與去年同期相比略有下降。種子定價、淨特許權使用費改善和生產力節省的好處推動了利潤率成長近 60 個基點。

Let's now go to slide 7 and review sales by segment. Seed net sales were up 2% in the half versus prior year. Organic sales were up 4% on broad-based pricing gains as we continue to price per value. Global seed pricing was up 5% with gains in every region and across the portfolio.

現在讓我們轉到幻燈片 7 並按細分市場回顧銷售額。上半年種子淨銷售額比去年同期成長 2%。由於我們繼續按價值定價，有機銷售因廣泛的定價收益而增長了 4%。全球種子價格上漲 5%，每個地區和整個投資組合都有所上漲。

In crop protection, both net sales and organic sales were down 11% in the half. Pricing was down 4% compared to prior year, driven by competitive price pressure and market dynamics. Crop protection pricing in EMEA was up 2%, largely in response to currency.

在作物保護領域，上半年淨銷售額和有機銷售額均下降了 11%。受競爭性價格壓力和市場動態的推動，定價較上年下降 4%。歐洲、中東和非洲地區的作物保護價格上漲了 2%，主要是受匯率影響。

Crop protection volumes were down in the half, although we did see volume growth of 6% in the second quarter. Demand for new products [in spinosad] drove volume gains over last year and importantly, we continue to expect volume growth in the second half driven largely by Brazil.

儘管我們確實看到第二季的銷量成長了 6%，但作物保護銷量在上半年有所下降。對新產品（多殺菌素）的需求推動了去年銷售的成長，重要的是，我們繼續預計下半年銷售的成長主要由巴西推動。

With that, let's go to slide 8 for a summary of the first half operating EBITDA performance. For the half operating EBITDA was just under our record first half 2023 to just over $2.95 billion. Pricing gains, coupled with improvement in net royalties and productivity actions were offset by volume declines in cost and currency headwinds.

接下來，讓我們轉到投影片 8，總結上半年的 EBITDA 營運表現。上半年營業 EBITDA 略低於 2023 年上半年的紀錄，略高於 29.5 億美元。定價收益以及淨特許權使用費和生產力行動的改善被成本和貨幣不利因素導致的銷售下降所抵消。

Higher seed commodity costs and crop protection inflation on input costs, reflecting the sell through of higher cost inventory were more than offset by benefits from reduced net royalty expense and productivity savings.

較高的種子商品成本和作物保護投入成本的上漲（反映了較高成本庫存的銷售）被淨特許權使用費減少和生產率節省帶來的收益所抵消。

SG&A for the half was up 1%, including an additional $25 billion of spend compared to prior year related to biologicals acquisitions. Excluding these costs, SG&A would have been approximately flat versus last year despite merit and inflation.

上半年的 SG&A 成長了 1%，其中與去年相比，與生物製品收購相關的支出增加了 250 億美元。排除這些成本，儘管業績和通貨膨脹，SG&A 與去年基本持平。

Let's now go to slide 9 and transition to the updated outlook for the year. The updated full year guidance reflects the current seed and crop protection markets in the best judgment of our key variables for the second half.

現在讓我們轉到幻燈片 9 並過渡到更新後的今年展望。更新後的全年指引反映了我們對下半年關鍵變數的最佳判斷，反映了當前種子和作物保護市場的情況。

We now expect net sales to be in the range of $17.2 billion to $17.5 billion or up 1% at the midpoint. The lower guidance in revenues is primarily due to North America and EMEA crop protection price and volume in the first half of the year in the updated second half BRL to USD assumptions.

我們現在預計淨銷售額將在 172 億美元至 175 億美元之間，中間值成長 1%。收入指引較低主要是由於更新後的下半年巴西雷亞爾兌美元匯率假設中北美和歐洲、中東和非洲作物保護價格和上半年銷售。

Operating EBITDA is now expected to be in the range of $3.4 billion to $3.6 billion, 4% growth compared to prior year. At the midpoint, the updated guidance driven by lower top line growth partially offset by less discretionary spending.

目前預計營運 EBITDA 將在 34 億美元至 36 億美元之間，較上年增長 4%。在中期，由較低的收入成長推動的更新指引被可自由支配支出的減少部分抵消。

We also now expect a cost tailwind for the year, driven by improved royalty expense, crop protection, raw material deflation and productivity benefits. And while we still expect increased R&D and SG&A for the year, the increases will be more modest than our prior guidance. With the strength of seed performance in the first half and crop protection volume and cost improvement in the second half of the year, we now expect operating EBITDA margin for the year of approximately 20% at the midpoint of guidance, or approximately 55 basis points above of margin expansion over last year.

我們現在也預計，在特許權使用費改善、作物保護、原材料通貨緊縮和生產力效益的推動下，今年的成本將出現順風。儘管我們仍預期今年的研發和銷售、一般管理費用將會增加，但增幅將比我們先前的指導更為溫和。鑑於上半年種子業績的強勁以及下半年作物保護產量和成本的改善，我們現在預計今年的營業 EBITDA 利潤率約為指導中點的 20%，即高出約 55 個基點利潤率比去年有所擴大。

Operating EPS is expected to be in the range of $2.60 to $2.80 per share, roughly flat versus last year at the midpoint. The change in EPS from our prior guidance primarily reflects lower earnings at the midpoint.

預計營運每股收益在 2.60 美元至 2.80 美元之間，與去年中位數大致持平。每股盈餘與我們先前指引的變化主要反映了中點收益的下降。

We're reaffirming our free cash flow guidance of $1.5 billion to $2 billion or approximately $1.75 billion at the midpoint and cash flow to EBITDA conversion rate of 45% to 50% for the full year '24. And finally, we're on track to complete 1 billion of share repurchases for the year, including 500 million completed during the first half.

我們重申 2024 年全年的自由現金流指引為 15 億至 20 億美元，中間值約為 17.5 億美元，現金流與 EBITDA 的轉換率為 45% 至 50%。最後，我們預計在今年完成 10 億股股票回購，其中上半年完成了 5 億股。

We also recently announced a 6.25% increase in the annual dividend, consistent with a dividend growth strategy, that both of these are testimony to the strength of our balance sheet and the cash flow outlook.

我們最近還宣布將年度股息增加 6.25%，這與股息成長策略一致，這兩者都證明了我們資產負債表的實力和現金流前景。

Going now to slide 10. Let's look at the key drivers for the first half performance and the setup for the remainder of the year. Again, the first half results were overall slightly ahead of our expectations, driven by the strength of the seed business.

現在轉到投影片 10。讓我們看看上半年業績的關鍵驅動因素以及今年剩餘時間的安排。同樣，在種子業務強勁的推動下，上半年業績整體略高於我們的預期。

North America delivered an impressive performance with 4% growth in organic sales compared to prior year despite the 3% reduction in US corn acres, crop protection, first half results were impacted by competitive market pressures.

儘管美國玉米種植面積減少 3%，但北美地區的有機銷售額仍較上年增長 4%，表現令人印象深刻，上半年業績受到市場競爭壓力的影響。

Overall, crop protection industry conditions have begun to improve, but not yet fully stabilized. Crop protection experienced low single digit rate inflation on input costs through the first half. Those market-driven cost headwinds were offset by benefits related to reduced seed net royalty expense and productivity actions. SG&A and R&D as expected were up modestly compared to last year.

總體而言，植保產業狀況已開始改善，但尚未完全穩定。上半年，作物保護投入成本通膨率處於低點。這些市場驅動的成本阻力被種子淨特許權使用費減少和生產力行動相關的利益所抵消。SG&A 和 R&D 與去年相比，如預期略有成長。

So if you turn to the right side of slide 10, regarding the second half of the year. Our assumptions are largely consistent with what we shared with you in early May. In seed, we expect a rebound in Brazil's safrinha corn area after a reduction in the 2023, 2024 season. However, an additional risk in Latin America is Argentina planted area due to corn stocks.

因此，如果你翻到幻燈片 10 的右側，關於今年下半年的情況。我們的假設與我們五月初與您分享的內容基本一致。在種子方面，我們預計巴西 safrinha 玉米麵積在 2023、2024 年產量減少後將出現反彈。然而，拉丁美洲的另一個風險是阿根廷因玉米庫存而導致的種植面積。

Crop protection volume gains will drive much of the growth in the second half with pricing expected to remain challenged. Our assumption is for volume growth versus prior year, led by Brazil and demand for new products and biologicals. Importantly, the order book for the second half crop protection sales in Brazil is trending ahead of last year.

農作物保護產量的成長將推動下半年的成長，但預計定價仍將面臨挑戰。我們的假設是銷售量與去年相比有所成長，以巴西為主導，以及對新產品和生物製品的需求。重要的是，巴西下半年作物保護銷售的訂單量趨勢比去年好。

Available data suggests channel inventories are trending down. These data points are positive signals that the market is moving towards more stabilization and supports the assumptions for volume growth in the second half. And as you know, we expect to see input cost deflation in crop protection during the second half of the year, coupled with productivity and cost actions, we anticipate a cost tailwind for crop protection.

現有數據顯示通路庫存呈下降趨勢。這些數據點是正面的訊號，顯示市場正在走向更加穩定，並支持下半年銷售成長的假設。如您所知，我們預計下半年作物保護的投入成本將會下降，再加上生產力和成本行動，我們預期作物保護的成本將順風順水。

As a reminder, we expect an increase in SG&A spend for full year '24, driven by normalized bad debt and compensation accruals and we'll also continue to increase the investment in R&D. So the balance of improved crop protection market conditions in Brazil and the continued focus on cost controls will drive second half growth.

提醒一下，我們預計 24 年全年的 SG&A 支出將在正常化壞帳和應計薪酬的推動下增加，並且我們還將繼續增加研發投資。因此，巴西作物保護市場狀況的改善和對成本控制的持續關注之間的平衡將推動下半年的成長。

That's important to point out the allocation of earnings between the third and fourth quarters. We expect normal earnings pattern for the second half, which implies an operating EBITDA loss in the third quarter and therefore, all of the second half earnings delivered in the fourth quarter.

指出第三季和第四季之間的收益分配非常重要。我們預計下半年獲利模式將正常，這意味著第三季將出現營業 EBITDA 虧損，因此下半年所有獲利將在第四季實現。

So let's now go to slide 11 and summarize the key takeaways. First, operating EBITDA performance for the first half was largely in line with expectations led by the strength of the seed business. Regarding the full year, driven mostly by the current market dynamics in crop protection, we are updating our full year guidance, but still on track for sales and earnings growth in 2024.

現在讓我們轉到投影片 11 並總結關鍵要點。首先，上半年的經營 EBITDA 表現基本上符合種子業務強勁帶動的預期。就全年而言，主要受當前作物保護市場動態的推動，我們正在更新全年指引，但 2024 年的銷售和獲利成長仍有望實現。

Seed momentum continued through the first half, driven by the strength of the portfolio and strong demand for our latest technologies, particularly in North America, with market share captured in both corn and soybeans. Overall, it's been an impressive first half for the seed business and continuing a strong trend by seed.

上半年，在產品組合的實力和對我們最新技術的強勁需求的推動下，種子勢頭持續強勁，尤其是在北美，玉米和大豆都佔據了市場份額。總體而言，種子業務的上半年表現令人印象深刻，並繼續保持種子的強勁趨勢。

Looking forward to the second half of the year, crop protection volume gains in Latin America and cost improvement from raw material deflation and productivity actions will drive much of the year over year EBITDA growth.

展望今年下半年，拉丁美洲作物保護產量的成長以及原材料通貨緊縮和生產力行動帶來的成本改善將推動 EBITDA 年成長。

And finally, the strong first half cash flow results keep us on track to deliver the midpoint of our free cash flow guidance range of $1.75 billion or approximately 50% conversion rate. And with that, let me turn it back over to Kim.

最後，上半年強勁的現金流結果使我們有望實現 17.5 億美元的自由現金流指導範圍的中點，即約 50% 的轉換率。接下來，讓我把它轉回給金。

Thanks, Dave. Now, before we get into the Q&A, Chuck, I believe you'd like to make a few closing remarks.

謝謝，戴夫。現在，在我們進入問答環節之前，查克，我相信您想發表一些結束語。

Thanks, Kim. I'd like to say a few words about the announcement we made after market yesterday that we will have a new Chief Financial Officer starting September 16. David Johnson will join Corteva from Atkore, a publicly traded company and leader in electrical safety and infrastructure solutions, where he also served as CFO.

謝謝，金。我想就我們昨天在盤後發布的公告說幾句話，我們將從 9 月 16 日開始任命一位新的財務長。David Johnson 將從 Atkore 加入 Corteva，Atkore 是一家上市公司，是電氣安全和基礎設施解決方案的領導者，他也擔任該公司的財務長。

David is an accomplished CFO with a proven track record of delivering strong results, operational efficiency, and financial discipline to large global organizations like ours. He has nearly three decades of experience, and as I've gotten to know David throughout this process, I believe he is the perfect choice for Corteva.

David 是一位卓有成就的財務官，在為像我們這樣的大型全球組織提供強勁業績、營運效率和財務紀律方面擁有良好的記錄。他擁有近三十年的經驗，隨著我在這個過程中對 David 的了解，我相信他是 Corteva 的完美選擇。

David will, of course, succeed Dave Anderson. To ensure a smooth transition, Dave will continue to serve on the executive leadership team as a strategic advisor to me until his retirement in the first quarter of 2025.

當然，大衛將接替戴夫安德森。為了確保平穩過渡，Dave 將繼續在執行領導團隊中擔任我的策略顧問，直到 2025 年第一季退休。

Dave joined Corteva over three years ago, which was, as many of you will remember, both a pivotal and critical time in our history. With his wealth of experience and his considerable expertise across industries, Dave gave this company, its Board, and its leadership assurance that this company's financial strategy was in the best of hands, and I think the results speak for themselves.

Dave 在三年多前加入 Corteva，正如你們許多人所記得的那樣，那是我們歷史上的一個關鍵時刻。憑藉豐富的經驗和跨行業的豐富專業知識，戴夫向這家公司、董事會和領導層保證，這家公司的財務策略掌握在最好的手中，我認為結果不言而喻。

So before I turn it over to Dave, I'd like to thank him for his service and his dedication to Corteva, to our investors and shareholders, and to our customers and employees. Dave, thank you. It's been an absolute privilege to serve alongside of you, and with that, over to you.

因此，在將其交給 Dave 之前，我要感謝他的服務以及他對 Corteva、我們的投資者和股東以及我們的客戶和員工的奉獻。戴夫，謝謝你。能夠與您並肩服務是我的榮幸，至此，一切就交給您了。

Thanks, Chuck. I really appreciate the kind words. It's obviously just been a terrific opportunity to work with Corteva, to work with you and the organization over the last several years, and I'm proud of what we've been able to accomplish, and I'm really pleased with the strengthening of finance team and the alignment of the finance organization to support our crop protection and Seed business unit.

謝謝，查克。我真的很感激這些客氣話。顯然，這是一個與 Corteva 合作的絕佳機會，在過去幾年中與您和該組織合作，我為我們所取得的成就感到自豪，我對加強財務團隊和財務組織的協調，以支持我們的作物保護和種子業務部門。

And I'm looking forward to supporting David in this transition. I know it's going to be a successful one. I know he's going to be a terrific CFO for Corteva. So thanks very much.

我期待著在這一轉變中支持大衛。我知道這將會是一次成功的活動。我知道他將成為 Corteva 出色的財務長。非常感謝。

Thanks, Dave. Now let's move on to your questions. I would like to remind you that our cautions on forward-looking statements and non-GAAP measures apply to both our prepared remarks and the following Q&A.

謝謝，戴夫。現在讓我們繼續回答您的問題。我想提醒您，我們對前瞻性陳述和非公認會計原則措施的警告適用於我們準備好的評論和以下問答。

Operator, please provide the Q&A instructions.

運營商，請提供問答說明。

(Operator Instructions)

（操作員說明）

Vincent Andrews, Morgan Stanley.

文森安德魯斯，摩根士丹利。

Thank you. And first of all, Dave, congratulations on your retirement and thank you very much for all the help over the past three years. Chuck, if I could ask you on your sort of initial comments on 2025, and please correct me where I'm wrong, but it sounded to me like you were sort of softening your stance on 2025 and sort of not saying, hey, I took 2024 down by $100 million, so just take that existing $3.9 billion to $4.4 billion range down by $100 million.

謝謝。首先，戴夫，祝賀您退休，並非常感謝您在過去三年中提供的所有幫助。Chuck，如果我可以問你對 2025 年的初步評論，請糾正我哪裡錯了，但在我看來，你對 2025 年的立場有所軟化，並且沒有說，嘿，我使2024 年減少了1億美元，因此只需將現有的39 億美元至44 億美元範圍減少1 億美元即可。

So I want to check in on those bridge items and see what's still intact versus what your incremental concerns might be. So you had $100 million of royalty improvement for 2025, another $200 million of productivity and cost actions for 2025, and I know we had been talking about but hadn't quantified some seed cost deflation for 2025, and then at least I expected some more crop chemical deflation for 2025.

因此，我想檢查這些過渡項目，看看哪些內容仍然完好無損，哪些內容可能是您增量關注的問題。因此，2025 年您有1 億美元的特許權使用費改進，2025 年還有2 億美元的生產力和成本行動，我知道我們一直在討論但沒有量化2025 年的一些種子成本通貨緊縮，然後至少我預計會有更多2025 年農作物化學通貨緊縮。

So if you could update us on those items, if there's any change, and then also indicate, is it the crop protection pricing that you're concerned about maybe, deteriorating further or are you worried about being able to get seed price mix in 2025 if the futures curves stay where they are? Thank you.

因此，如果您可以向我們通報這些項目的最新情況，如果有任何變化，請同時指出，您擔心的是作物保護價格，可能會​​進一步惡化，還是您擔心 2025 年能否獲得種子價格組合如果期貨曲線保持在原來的位置？謝謝。

Yes. Good morning, Vincent. So great question. I guess let me start by just saying we still have a lot of conviction over 2025. We feel very good about the things that are obviously in our control, and if you've looked at sort of how we describe the controllable levers, whether it's Seed out-licensing, the productivity and cost improvement that we're working through, biologicals growth, all these things, we said $350 million to $450 million in both 2024 and 2025. We're thinking that that number now is certainly north of $400 million for each of the years. So very good around the controllables.

是的。早上好，文森。很好的問題。我想首先要說的是，我們對 2025 年仍然充滿信心。我們對那些明顯在我們控制範圍內的事情感覺非常好，如果你看過我們如何描述可控槓桿，無論是種子對外許可、我們正在努力的生產力和成本改進、生物製品增長，所有這些，我們預計2024 年和2025 年將達3.5 億至4.5 億美元。我們認為現在這個數字每年肯定超過 4 億美元。可控性非常好。

When you think about Seed, we remain very comfortable with our base assumptions for 2024 and moving into 2025 and I would even go beyond 2025. The technology pipeline that we've built, we think is second to none in the industry, and our out-licensing now is ramping up very nicely as we made comments in our prepared remarks.

當你想到 Seed 時，我們對 2024 年和進入 2025 年的基本假設仍然非常滿意，我甚至會超越 2025 年。我們認為我們已經建立的技術管道在業內是首屈一指的，而且正如我們在準備好的演講中發表的評論一樣，我們的對外許可現在正在迅速增加。

And then as you rightly called out, we can see deflation now that's in the P&L in both Seed and CP. You're right, we have not given you full quantities yet. We'll do that at the right time. But we think that that could be a significant tailwind as we think through 2025 and even beyond that.

然後，正如您正確指出的那樣，我們現在可以看到種子和 CP 損益表中都存在通貨緊縮。你是對的，我們還沒有給你足額的數量。我們會在適當的時候這樣做。但我們認為，到 2025 年甚至更遠的時間，這可能是一個重要的推動因素。

So when you put all that together, we're very comfortable with, if you look at the forward guide now for 2024 and then you look at some of the ranges we've provided for 2025 and what we call the value framework, we're very comfortable we're on a path to that range. The biggest question though, and we can't ignore it, right, is not when we think about CP pricing.

因此，當您將所有這些放在一起時，我們非常滿意，如果您現在查看 2024 年的前瞻性指南，然後查看我們為 2025 年提供的一些範圍以及我們所說的價值框架，我們'我們很高興我們正在朝著這個範圍前進。不過，我們不能忽視的最大問題不是我們何時考慮 CP 定價。

So we needed to see a few things in this quarter, and so we're feeling pretty good that we saw volume growth in Q2 when it comes to CP, but it's been a pretty competitive environment when it comes to pricing. And so that's the thing that we're watching, we're not overly concerned, but it's something we're keeping an eye on.

因此，我們需要在本季度看到一些事情，因此我們感覺非常好，因為我們看到第二季 CP 的銷售成長，但就定價而言，這是一個相當有競爭力的環境。這就是我們正在關注的事情，我們並不過分擔心，但這是我們正在密切關注的事情。

And the 2025 framework then needs to connect to that and what we're hoping to see now is further stabilization in the CP industry and then eventually this market will return to growth because we've got two years now where we've seen declining organic growth, and to see three years, it would be quite unprecedented.

然後 2025 年框架需要與此聯繫起來，我們現在希望看到的是 CP 行業的進一步穩定，然後最終這個市場將恢復增長，因為我們已經看到有機增長在兩年內下降增長，並且看到三年，這將是前所未有的。

It's happened before, but it's been quite rare. And so we're still feeling that our base assumption of some growth in 2025 makes sense. And when you put all that together, I think the value framework would still be very comfortable for Corteva.

這種情況以前也發生過，但是非常罕見。因此，我們仍然認為 2025 年出現一定成長的基本假設是有道理的。當你把所有這些放在一起時，我認為價值框架對 Corteva 來說仍然非常舒適。

Joel Jackson, BMO.

喬爾傑克遜，BMO。

Hi. Good morning. Just following up on that. So the last hour, one of your competitors was talking about seeing kind of 6% revenue growth next year in crop chems. Speaking to what you're talking about, a volume recovery but competitive prices price decline. So I know it's following up on the prior question here, but is that in the ballpark of what you're seeing more higher or lower, and why would you be higher or lower than say that benchmark?

你好。早安.只是跟進此事。就在最後一小時，您的一位競爭對手正在談論明年作物化學品領域的收入將成長 6%。就您所說的而言，銷量有所回升，但競爭性價格卻有所下降。所以我知道它是對先前問題的後續，但是在你所看到的更高或更低的範圍內，為什麼你會比基準更高或更低？

Yes. Let me give you a perspective, Joel, and then I'll have Dave just talk about how we built the forward guide and Dave can give you some specifics. So, when we look at CP for the second quarter, our price was down approximately 5%, but our volumes were up 6%, and we really needed to see the volume growth.

是的。讓我給你一個觀點，喬爾，然後我會讓戴夫談談我們如何建立前向指南，戴夫可以給你一些細節。因此，當我們查看第二季度的 CP 時，我們的價格下降了大約 5%，但我們的銷量增長了 6%，我們確實需要看到銷量增長。

I think from a Corteva perspective, and I'm only going to speak about Corteva today. I think what we wanted to do is make sure that we manage the inventories going into the channel. Because look, we need to learn from what's happened, right? And we want our recovery when we look at Corteva to be sustainable as we work through the quarters. And so we're very comfortable. We like the path that we're on.

我是從Corteva的角度思考的，今天我只講Corteva。我認為我們想要做的是確保我們管理進入渠道的庫存。因為看，我們需要從發生的事情中學到教訓，對嗎？當我們看到 Corteva 在整個季度的工作中能夠持續復甦時，我們希望我們的復甦是可持續的。所以我們很舒服。我們喜歡我們所走的路。

I think when we think about how we guided the market, it's important to say that the midpoint came down about $100 million. Really, that was sort of first half impact, right? But we had some pretty significant weather that impacted the CP business, we lost some sprays, both in Europe and the US, and then there was the pricing dynamic, which we've already called out. So now when you think about how to think about the rest of 2024, Dave, I'll let you kind of comment on that.

我認為，當我們思考我們如何引導市場時，重要的是要說中點下降了約 1 億美元。真的，這就是上半場的影響，對吧？但我們遇到了一些相當嚴重的天氣影響了 CP 業務，我們在歐洲和美國失去了一些噴霧劑，然後是定價動態，我們已經指出了這一點。所以，戴夫，現在當你思考如何看待 2024 年剩下的時間時，我會讓你對此發表評論。

Sure, Chuck. And I think too, just related to 2025, I think, Chuck, we would get into any details and any specifics regarding that at a later time. It's really too early to comment on that. But importantly, Joel, as you know, for the first half -- let me talk about our pricing assumptions just a little bit and then we can talk about overall market, and Robert, you may want to comment a little bit just on what we're seeing at the farm gate in terms of just the continued demand there and the steadiness of that demand.

當然，查克。我也認為，與 2025 年相關，我想，查克，我們稍後會討論與此相關的任何細節和細節。現在對此發表評論還為時過早。但重要的是，喬爾，正如你所知，在上半年 - 讓我稍微談談我們的定價假設，然後我們可以談談整體市場，羅伯特，你可能想就我們的內容髮表一些評論我們在農場門口看到了那裡的持續需求和需求的穩定性。

But on the -- for the first half, as you saw, round numbers, we were around 4% pricing headwind in the business, crop protection business, 3.5%, specifically for the first half. Our expectation is for the full year, that's going to be a little greater, probably in the, I'm going to call it the low- to mid-single digits, really driven by the mix -- the geographic mix. We've got a much larger, as you know, an increase in Latin America's percent of total for the second half. So that's what's really influencing that number.

但就上半年而言，正如您所看到的，整數方面，我們的業務定價逆風約為 4％，作物保護業務為 3.5％，特別是上半年。我們對全年的預期會更大一些，我將其稱為中低個位數，這實際上是由地理組合驅動的。如您所知，下半年拉丁美洲佔總數的百分比增幅更大。這才是真正影響這個數字的因素。

When we look at volumes and volume expectations for the industry, and I'll let Robert comment on this more. I mean, all of what we're seeing, signs of what we're seeing, as Chuck said, are pointing to some return to normalcy, stabilization, if you will.

當我們研究該行業的銷量和銷量預期時，我會讓羅伯特對此進行更多評論。我的意思是，正如查克所說，我們所看到的所有情況、我們所看到的跡像都表明，如果你願意的話，一切都會恢復正常、穩定。

And we're seeing that in terms of the demand, in terms of usage of product, including the differentiated products that are, in terms of technology -- possessed technology and efficacy that the farmer needs. Robert, you may want to just comment a little bit about that, because I think that bears on the health of the overall business and the outlook.

我們看到，就需求而言，就產品的使用而言，包括差異化產品，就技術而言，擁有農民所需的技術和功效。羅伯特，您可能只想對此發表一點評論，因為我認為這關係到整體業務的健康狀況和前景。

Thanks, Dave. Joel, we finished up about as we expected in the first half. And so as you begin, as we move into the second half, you're going to see growth from really three areas in crop protection, new products, spinosad and biologicals. These will account for about 65% of our total growth for the business in the second half. And these are product areas that product lines that are performing better than the market and definitely better than the rest of our portfolio and historically have done so as well.

謝謝，戴夫。喬爾，上半場我們的表現與我們預期的差不多。因此，當我們進入下半年時，您將看到作物保護、新產品、多殺菌素和生物製品這三個領域的成長。這些將占我們下半年業務總成長的65%左右。這些產品領域的產品線表現優於市場，絕對優於我們產品組合的其他產品，而且歷史上也曾如此。

And further to that confidence of what we're seeing and our expectations, Brazil order book is very healthy and much more so than it was last year. We're about 20% ahead of where we were last year. So, again, that gives us confidence that things are moving.

除了對我們所看到的情況和我們的期望充滿信心之外，巴西的訂單非常健康，而且比去年要好得多。我們比去年領先了大約 20%。因此，這再次讓我們相信事情正在改變。

And then we think when you look at our biologicals, we have 70% of our full year orders already in hand. And so once again, it gives us lots of optimism for the second half that we'll be able to do what we're saying we can do and that'll roll into 2025.

然後我們認為，當你查看我們的生物製品時，我們已經掌握了 70% 的全年訂單。因此，這再次讓我們對下半年充滿樂觀，我們將能夠做到我們所說的話能夠做到的事情，並將持續到 2025 年。

Chris Parkinso, Wolf Research.

克里斯‧帕金索，沃爾夫研究中心。

Good afternoon. So one of your competitors put out its preliminary US Seed price card fairly early. I think 10 years ago it would have been on our hard-hit to go in August and now we have somebody putting out an early July. What are your presumptions in the marketplace of why that was done in terms of your current share gains in certain row crops, presumably soy, as well as your ongoing field performance? It's probably a little bit early to comment on the latter, but just any commentary and insight on why you think that was done would be particularly helpful. Thank you.

午安.因此，您的競爭對手之一很早就推出了其初步的美國種子價格卡。我想十年前，我們的重災區應該在八月去，而現在我們有人在七月初去。就您目前在某些中耕作物（可能是大豆）的份額收益以及您持續的田間表現而言，您對市場的假設是什麼？現在對後者發表評論可能有點早，但任何關於您認為這樣做的原因的評論和見解都會特別有幫助。謝謝。

Hey, Chris. This is Tim. I'll take a shot at this. So, it's hard to comment on what the motivations were for putting a price card out early. When you put a price card out early, there's -- I'd say a gap in details in terms of what you understand. You don't necessarily know what the mixed products that they're going to sell. You don't necessarily know what their growth net's going to be. And my best guess right now is there's not a farmer who's made a buy decision yet based off of that.

嘿，克里斯。這是蒂姆。我會嘗試一下。因此，很難評論提前推出價格卡的動機是什麼。當你提前拿出價格卡時，我想說的是，就你的理解而言，細節上有差距。您不一定知道他們要銷售什麼混合產品。你不一定知道他們的成長網是什麼。我現在最好的猜測是，還沒有一個農民據此做出購買決定。

So we're in the process of developing our 2025 plans. And I'd say we're weeks away from North America. We're generally pretty consistent in terms of timing and we'll stick to that timing as well. A little bit later in Europe, but more like a month or two out from most of Europe.

因此，我們正在製定 2025 年計劃。我想說我們距離北美還有幾週的時間。我們在時間安排上通常非常一致，我們也會堅持這個時間表。在歐洲晚了一點，但距離歐洲大部分地區大約一兩個月。

As we think about going into this market, obviously every year is a little bit different, and it's different in terms of the environment you're selling into, as well as what you're bringing to the market. What I'd say is in 2025, as we put together our pricing plans, especially in North America, it's really driven by innovation and new technology.

當我們考慮進入這個市場時，顯然每年都會有所不同，而且就銷售環境以及向市場帶來的產品而言，情況也有所不同。我想說的是，到 2025 年，當我們制定定價計畫時，尤其是在北美，它確實是由創新和新技術驅動的。

And the value approach that we take in terms of delivering value to our customer doesn't change here. So on corn, we have a very favorable mix enhancement as we think about introducing new hybrids with Vorceed and PowerCore, two very exciting and important technologies on corn that we'll be ramping up this year. And as was mentioned earlier in the prepared remarks, we're also going to have a significant ramp up of our Z-series soybeans, which will be within Enlist and really take our value prop to the next level with farmers.

我們為客戶提供價值所採取的價值方法在這裡不會改變。因此，在玉米方面，我們有一個非常有利的混合增強，因為我們考慮引入 Vorced 和 PowerCore 的新雜交品種，這兩項非常令人興奮且重要的玉米技術，我們將在今年加強。正如前面在準備好的演講中提到的，我們還將大幅增加 Z 系列大豆的產量，這些大豆將在 Enlist 範圍內，真正將我們對農民的價值提升到一個新的水平。

So, overall, our philosophy never changes. It is value driven, it's technology driven and it's focused on innovation and making sure that our customers have access to that new technology. And we have that long -- I'd say longstanding trust and understanding from our customers as we bring them something new and better that we're going to share in that value. So certainly a different market environment, can't really speculate on our competition and what their motivations are, but our focus and our approach really doesn't change in this environment.

因此，總的來說，我們的理念永遠不會改變。它是價值驅動的，它是技術驅動的，它專注於創新並確保我們的客戶獲得新技術。我們擁有客戶長期以來的信任和理解，因為我們為他們帶來了新的、更好的東西，我們將分享這項價值。因此，當然，在不同的市場環境中，無法真正推測我們的競爭對手及其動機是什麼，但我們的重點和我們的方法在這種環境下確實沒有改變。

Kevin McCarthy, Vertical.

凱文麥卡錫，《垂直》。

Thank you and good morning. Chuck, in adjusting the guidance, you called out a number of different factors, including corn stunt and the impact on acreage in Argentina, some flooding in Southern Brazil, and the crop protection chemical pricing environment, and perhaps, there are other factors.

謝謝你，早安。查克，在調整指導意見時，您提到了許多不同的因素，包括玉米生長遲緩和對阿根廷種植面積的影響、巴西南部的一些洪水以及植保化學品的定價環境，也許還有其他因素。

And so my question would be, how would you sort of rank order the relative importance of those? And then with regard to the pricing dynamic in particular, I was wondering if you could expand on the question of whether or not you had any one-time incentives embedded in the 5% price erosion as one of your competitors seemed to highlight earlier this morning.

所以我的問題是，你會如何對這些的相對重要性進行排序？然後，特別是關於定價動態，我想知道您是否可以進一步討論這樣一個問題：您是否在5% 的價格侵蝕中嵌入了任何一次性激勵措施，正如您的一位競爭對手今天早上早些時候強調的那樣。

Good morning, Kevin. So let me -- I'll start and then Dave should certainly comment. So, as we've mentioned already, the lowering of the guide was really a lot driven by where we are after the first half, right? So weather, missed applications and then the CP pricing dynamic.

早安，凱文。那麼讓我——我先開始，然後戴夫當然應該發表評論。所以，正如我們已經提到的，指南的降低很大程度上是由我們上半場之後的情況決定的，對嗎？天氣、錯過的申請以及 CP 定價動態。

The second half of the year, when we start thinking about it, what we're looking for is CP volume growth and a similar pricing dynamic that Dave just called out. And really the determining factor for the confidence in the second half will be on two things. It'll be on controlling the cost and the productivity controllables that we have and we feel very good about that. And then Brazil, and really it's Brazil volume that we're focused on.

今年下半年，當我們開始考慮時，我們正在尋找的是 CP 銷售成長以及 Dave 剛剛提到的類似定價動態。事實上，下半年信心的決定因素有兩點。這將取決於我們控製成本和生產力，我們對此感覺非常好。然後是巴西，我們真正關注的是巴西的銷售。

When you start thinking about the range though, the upside and the downside and the guide range, we kept it this time a little bit wider than we normally do at this time of the year, and that's really to reflect some of the uncertainty we're seeing in Argentina when it comes to corn stunt. And Argentine farmers right now are not looking to buy the Seed. So it is an uncertainty and there's a lot of different estimates out there.

不過，當你開始考慮區間、上行區間和下行區間以及指導區間時，我們這次將其保持得比每年這個時候通常要寬一些，這實際上是為了反映我們的一些不確定性。玉米特技時，我們會在阿根廷看到。阿根廷農民現在並不打算購買種子。所以這是一個不確定性，並且有很多不同的估計。

So we feel we're pretty nicely captured between, if you think about the guide range between $3.4 billion to $3.6 billion, we would fall into that range, I think, with what we know today, and this is evolving -- the story's evolving, from the planted acres in Argentina.

所以我們覺得我們很好地捕捉到了這個範圍，如果你考慮34 億美元到36 億美元之間的指導範圍，我認為，根據我們今天所知道的情況，我們會落入這個範圍，而且這正在不斷發展——故事正在發展，來自阿根廷的種植面積。

And then the assumption for the midpoint certainly captured when we've said this before in Brazil, to capture some of the planted acres that we lost last season. And that was really driven by weather. So we think things are looking better in Brazil, but time will tell and it's still a little early to call victory on that as well.

然後，當我們之前在巴西說過這一點時，中點的假設肯定得到了捕捉，以捕捉我們上個季節失去的一些種植面積。這實際上是由天氣驅動的。因此，我們認為巴西的情況看起來更好，但時間會證明一切，現在就宣布勝利還為時過早。

And then if you think about the upside of the guide range, and Dave, you should weigh in on this, that would have the global CP market starting to stabilize and more of a return to growth, which isn't out of the question in this market environment, but we did put that as the upside for the guide range.

然後，如果你考慮指導範圍的上行空間，戴夫，你應該權衡這一點，這將使全球 CP 市場開始穩定並更多地恢復增長，這在這種市場環境，但我們確實將其視為指導範圍的上行空間。

Dave, did I miss anything?

戴夫，我錯過了什麼嗎？

I think you captured very well, just to maybe state the perspective just in a slightly differently, just to reiterate to some degree what Chuck said. Kevin, in that base $3.5 billion, we've obviously got, as Chuck said, when talking about prepared remarks, the Brazil area of recovery, as well as the CP volume growth, you spoke to that, Robert spoke to that, in terms of particularly driven by Latin America, but also to some degree, APAC and North America increase in the second half, but really significantly driven by Brazil.

我認為你捕捉得很好，只是以稍微不同的方式陳述了觀點，只是在某種程度上重申了查克所說的話。凱文，在35 億美元的基礎上，我們顯然已經得到了，正如查克所說，在談到準備好的言論時，巴西地區的複蘇以及CP 數量的增長，你談到了這一點，羅伯特談到了這一點，尤其是拉丁美洲的推動，而且在某種程度上，亞太地區和北美下半年也有所增長，但真正顯著的是巴西的推動。

Pricing, we've given you the assumptions there. We feel that's good in terms of what we're seeing and our expectations. And then the other key point is what we've got dialed in, in terms of cost deflation for the crop protection raw materials. So those are the kind of the base, and then Chuck did a good job of just outlining on sort of the plus minus of that, and obviously, one of the things we're monitoring, Tim, you're monitoring, and we'll know more later, is the overall Argentina corn planted area, just that phenomenon.

定價，我們已經為您提供了假設。就我們所看到的和我們的期望而言，我們認為這很好。另一個關鍵點是我們在作物保護原料的成本下降方面所採取的措施。所以這些就是基礎，然後查克做得很好，概述了其中的優點和缺點，顯然，我們正在監視的事情之一，蒂姆，你正在監視，我們'稍後才知道，是阿根廷玉米的整體種植面積，就是這個現象。

So I would say that's the way we would see it, Kevin.

所以我想說這就是我們的看法，凱文。

David Begleiter, Deutsche Bank.

大衛‧貝格萊特，德意志銀行。

Thank you. Good morning. Chuck, just again, back on CP, I think you said, you're not overly concerned on the pricing pressure here. Why is that? And specifically, is the threat from generic producers in China, in your view, more or less than it was a year or two ago? Thank you.

謝謝。早安.Chuck，再說一遍，回到 CP，我想你說過，你並不太擔心這裡的定價壓力。這是為什麼？具體來說，您認為來自中國仿製藥生產商的威脅比一兩年前是多還是少？謝謝。

Yes. So, look, we think that there's a lot going on in the CP industry, David, and a lot of this that we'll reference now, we think will run its course, and it's on a pathway of having an improved and what I would consider to be a healthier CP market overall.

是的。所以，看，我們認為 CP 行業正在發生很多事情，大衛，我們現在將參考其中的很多內容，我們認為這將順其自然，並且它正走在一條改進的道路上，我認為整體而言， CP 市場將被認為是一個更健康的市場。

So when you start thinking about all of the moving parts here, what we're finding is that a lot of the industry players now are moving through their high-priced inventory, which is natural and it's part of the healing process that we would consider as part of the overall industry dynamic.

因此，當你開始考慮這裡的所有移動部件時，我們發現許多行業參與者現在正在清理他們的高價庫存，這是很自然的，也是我們會考慮的修復過程的一部分作為整個行業動態的一部分。

But what I would say is that, the fundamentals, what you have to keep sort of first and foremost, and the reason we're not overly concerned, and we've said this in the prepared remarks, but it's important to state again, on-farm demand is healthy.

但我想說的是，基本面，你首先必須保留的東西，以及我們不過分擔心的原因，我們已經在準備好的發言中說過了這一點，但重要的是要再次聲明，農場需求健康。

And in the first time in two years, I'd say what's going into the channel is now coming out of the channel. And so this is just a much healthier overall structure that we haven't seen in a couple of years.

兩年來第一次，我想說的是，進入頻道的東西現在已經從頻道中出來了。因此，這是我們幾年來從未見過的更健康的整體結構。

So you've got this dynamic where what's generally going into the channel is going out of the channel, on-farm applications are healthy. Of course, farmers are being smart about their investments and their applications, they always are. But what we're seeing is that that channel is a lot healthier. So that gives us some confidence.

因此，您會看到這種動態，通常進入渠道的東西會流出渠道，農場應用程式是健康的。當然，農民對他們的投資和應用很聰明，他們一直都是這樣。但我們看到的是，這個管道更健康。這給了我們一些信心。

And then what we needed to see was the volume growth into the channel in the second quarter. That was the first sign of what I would consider to be a stable market. And so the pricing dynamic is the way we've described it.

然後我們需要看到的是第二季度頻道數量的成長。這是我認為市場穩定的第一個跡象。因此，定價動態就是我們所描述的方式。

But as we work through this journey a little bit more and we need now to finalize this with Brazil, because we would say that from a destocking perspective, the US and now I'd say Europe, they're more or less destocked. And if you notice, we haven't used that language too much today, because we're feeling that the industry is finally behind that.

但隨著我們在這過程中繼續努力，我們現在需要與巴西敲定這一點，因為我們會說，從去庫存的角度來看，美國和現在我會說歐洲，他們或多或少都會去庫存了。如果你注意到的話，我們今天並沒有太多地使用這種語言，因為我們感覺整個產業終於支持了這種語言。

We have to go through now the Brazil environment. But like Robert said, certainly our order book is healthier than it was this time last year and farmers are planning to apply the product in the fourth quarter.

我們現在必須經歷巴西的環境。但正如羅伯特所說，我們的訂單肯定比去年這個時候更健康，農民計劃在第四季度應用該產品。

So when you put it all together, I think we are on a journey of stabilization. We feel like this is where we needed to be at this time of the year. But we do need to see how the second half actually unfolds. But that's why we have -- I think, guarded optimism is the way I would describe it.

因此，當你把所有這些放在一起時，我認為我們正處於穩定的旅程中。我們覺得這就是我們每年這個時候需要去的地方。但我們確實需要看看下半場實際上如何展開。但這就是為什麼我們——我想，我會用謹慎的樂觀來形容它。

Josh Spector, UBS.

喬許‧斯佩克特，瑞銀集團。

Yes. Hi. Good morning. Two things, if I can quickly here. First, I apologies if I missed this. But can you talk about your volume expectations in CP for the second half as you go through 3Q and 4Q? One of your peers just talked about a healthier 4Q versus 3Q. I wonder if you're seeing that the same way.

是的。你好。早安.有兩件事，如果我能快點來的話。首先，如果我錯過了這一點，我深表歉意。但您能談談您對第三季和第四季下半年 CP 銷售的預期嗎？您的一位同行剛剛談到了第四季度與第三季度相比更健康。我想知道你是否也這麼看。

And then secondly, thinking more longer term, I guess, Chuck, particularly given your experience in the industry, I think, you guys have talked about confidence on Seed pricing. But what typically have you seen -- you talked about you're not concerned about trade down, but what have you seen in prior cycles, particularly year one of a more pinched farmer?

其次，我想，查克，從更長遠的角度考慮，特別是考慮到您在該行業的經驗，我認為您已經談到了對種子定價的信心。但你通常會看到什麼——你談到你並不擔心貿易下降，但你在之前的周期中看到了什麼，特別是農民更加拮据的第一年？

Yes. Good morning, Josh. So do you want to talk about volumes, Robert, and then I'll come back and we should hear from Tim as well on Seed.

是的。早上好，喬許。那麼，羅伯特，你想談談銷量嗎？ 然後我會回來，我們也應該聽到提姆關於種子的消息。

Yes. Thanks. Well, on the volume stem for second half in crop protection, I'll let Dave talk specifically about some of the splits, but relatively balanced. Dave can reference some more numbers if needed there.

是的。謝謝。嗯，關於作物保護下半年的音量，我會讓戴夫具體談談一些分歧，但相對平衡。如果需要的話，戴夫可以參考更多的數字。

But when you think of us on Q3 and Q4, we don't have a large swing. It's about normal is the way I would think about it. Things are moving, as Chuck talked about, more stabilized. Brazil inventories are approaching normal ranges. And a large part of our business is Latin America in the second half. Specific to volume, we're going to be in mid-teens up on a second half basis. And again, that gives us optimism on how we see things shaping up for second half. Dave, something to add?

但當你想到我們在第三季和第四季時，我們並沒有出現很大的波動。這是正常的，這是我的思考方式。正如查克所說，事情正在發展，更加穩定。巴西庫存正接近正常範圍。下半年我們的業務很大一部分是在拉丁美洲。具體到成交量，下半年我們將達到十幾歲左右。這再次讓我們對下半年的情況感到樂觀。戴夫，有什麼要補充的嗎？

No. That covered it well, Robert. Let me just say that -- when we talk about normalization, it's interesting, because -- and we've mentioned this previously, but when you look at, for example, the Latin American numbers, you're really comparing to the weak second half of 2023 and particularly the fourth quarter of 2023.

不。這很好地涵蓋了這一點，羅伯特。我只想說，當我們談論正常化時，這很有趣，因為我們之前已經提到過這一點，但是當你看例如拉丁美洲的數字時，你實際上是在與弱第二個國家進行比較2023 年下半年，特別是2023 年第四季。

So some of the V percent that you're looking at, go back and look at cumulative, or if you look at cumulative volumes, 2022 and 2023 compared to 2020, or 2023 and 2024 compared to 2022, that's when you get into more of a, just a really normal, if you will, sort of expectation in terms of pattern. And there's nothing, Robert, to your point, I think that stands out between 3Q and 4Q. Tim, do you want to comment on Seed?

因此，您正在查看的一些V%，請返回並查看累積量，或者如果您查看累積量，2022 年和2023 年與2020 年相比，或者2023 年和2024 年與2022 年相比，那麼您就會了解更多a，如果你願意的話，這只是一種非常正常的模式期望。羅伯特，就你的觀點而言，我認為第三季和第四季之間沒有什麼突出的地方。提姆，你想對 Seed 發表評論嗎？

Yes. On the Seed side, we get the question a lot about the trading down and maybe I'll think about it in a couple ways. One is, in terms of technology ladder, it is very difficult for a farmer, once they've had certain Seed technologies, to be able to move down the ladder, if you want to think of that.

是的。在種子方面，我們收到了很多關於交易下跌的問題，也許我會從幾個方面考慮這個問題。一是，就技術階梯而言，農民一旦擁有了某些種子技術，就很難沿著階梯向下移動，如果你想的話。

So if they're used to planting, above ground insect control with certain herbicide-resistant traits, they kind of built their operation around that. If they're used to being triples above and below ground with multiple modes of herbicide resistance, they kind of are built that, equipment, labor, the whole bit is around that and we've not seen any meaningful trade down over time. And certainly, as recently as 6 or 7 years ago, we were in a very difficult environment and didn't see the trade down at that point in time.

因此，如果他們習慣於種植具有某些抗除草劑特性的地上昆蟲控制，他們就會圍繞這一點開展業務。如果它們習慣於在地上和地下三重，具有多種除草劑抗性模式，那麼它們的建造方式就是設備、勞動力，一切都圍繞著這些，隨著時間的推移，我們沒有看到任何有意義的交易下降。當然，就在六、七年前，我們還處於一個非常困難的環境中，當時並沒有看到貿易下降。

On the -- if you think about from a genetic side or trading down on brand, I think that what you have to understand is, you can say Seed is interchangeable, you can get different trade packages or comparable trade packages from different companies, but one thing about Seed is it is a very emotional decision.

如果你從基因方面考慮或在品牌方面進行交易，我認為你必須明白的是，你可以說種子是可以互換的，你可以從不同的公司獲得不同的貿易套餐或類似的貿易套餐，但是關於Seed 的一件事是，這是一個非常情緒化的決定。

And for that farmer, it's not just confidence that the genetics are going to perform and deliver a certain level of yield that's consistent with their expectations, but it's also the ability to be able to handle adversity, consistency over time, and plus the support and service they get from their point of sale.

對於那個農民來說，這不僅是對基因將發揮作用並提供符合他們期望的一定產量水平的信心，而且是能夠應對逆境、隨著時間的推移保持一致性的能力，以及支持和支持。銷售點獲得的服務。

And so, in a situation like this, our value proposition has to make sense and we're quite confident, that what we're delivering to those customers will be, make sense to them, will be additive to their operation.

因此，在這種情況下，我們的價值主張必須有意義，而且我們非常有信心，我們向這些客戶提供的服務將對他們有意義，並將有助於他們的營運。

And then the other point is, at times like this, especially when margins are compressed at the farm operation level, that last bushel is maybe all the profit that they make, if you want to think of it that way or put them in a positive cash flow situation.

另一點是，在這樣的時候，特別是當農場經營層面的利潤被壓縮時，最後一蒲式耳可能就是他們賺取的所有利潤，如果你想這樣想或把它們放在積極的位置現金流狀況。

And so, they see Seed differently than other decisions that they make over the course of their Seed operation. So, never take it for granted, always stay close to the customer and help them understand our value proposition. But history has shown that Seed holds in well.

因此，他們對 Seed 的看法與他們在 Seed 營運過程中做出的其他決定不同。因此，永遠不要認為這是理所當然的，始終與客戶保持密切聯繫，幫助他們了解我們的價值主張。但歷史表明，Seed 的效果很好。

Yes. Josh, just I'll echo what Tim said very quickly. So, in all my years, whether it was being a retailer or now on the Seed side, we just don't see it. And the reason we don't see it is because it's akin to gambling. That germplasm, especially if you think about our germplasm, it's approaching 100 years now and we've got more than decades of experience in breeding.

是的。喬希，我很快就會重複提姆所說的話。所以，在我這些年裡，無論是作為零售商還是現在在種子方面，我們只是看不到這一點。我們看不到它的原因是因為它類似於賭博。這種種質，尤其是我們的種質，距今已有近 100 年的歷史，我們在育種方面擁有數十年的經驗。

And if you just think about the Z-series that we just rolled out, that three bushels per acre against our best stuff, because that's a comparative Corteva versus Corteva, that could be the difference between profit and not.

如果你想想我們剛推出的 Z 系列，每英畝 3 蒲式耳與我們最好的產品相比，因為這是 Corteva 與 Corteva 的比較，這可能是利潤與虧損之間的差異。

I -- we are not -- like Tim said, we never take it for granted. Our obligation to our farmer customers is to ensure that next year's hybrids are better than this year's. And we invest a lot of money in R&D and plant breeding to ensure that happens. But with that comes some credibility in the marketplace, I think.

我——我們不是——就像蒂姆說的那樣，我們從不認為這是理所當然的。我們對農民客戶的義務是確保明年的雜交品種比今年的更好。我們在研發和植物育種方面投入了大量資金，以確保實現這一目標。但我認為，隨之而來的是市場上的一些可信度。

Frank Mitsch, Fermium Research.

弗蘭克米奇，費米研究中心。

Hey. Good morning, and congrats, Dave, on your pending retirement. It has been a pleasure working with you. There's been a lot of discussion, obviously, on CPC volumes and price. The common theme is higher volumes, but lower price. When do you think we might get back to an environment where pricing is flat or perhaps even positive on CPC?

嘿。早上好，恭喜戴夫即將退休。很高興與您合作。顯然，關於每次點擊費用的數量和價格有很多討論。共同的主題是產量更高，但價格更低。您認為我們什麼時候才能回到定價持平甚至每次點擊費用為正的環境？

Yeah, Frank. So I think we're approaching, I don't want to give you a quarter because, look, this whole dynamic that we've all faced with the destocking is almost unprecedented. And if I provide a quarter, I'm definitely sure I'll be wrong. But we're looking at the trend lines and we're very encouraged at where we're at.

是的，弗蘭克。所以我認為我們正在接近，我不想給你一個季度，因為，看，我們都面臨著去庫存的整個動態幾乎是前所未有的。如果我提供四分之一，我肯定我錯了。但我們正在關注趨勢線，我們對目前的情況感到非常鼓舞。

First and foremost, like we said a couple times already today, we did need to see the volume grow and we saw that. And we needed to see the volumes entering the channel and leaving the channel at about the same rate. And thank goodness, on-farm demand has been healthy.

首先也是最重要的，就像我們今天已經說過幾次一樣，我們確實需要看到銷量成長，我們也看到了這一點。我們需要看到進入通道和離開通道的數量大致相同。謝天謝地，農場需求一直很健康。

I think many of us are now moving the high-priced inventory through the P&L and into the marketplace, which is another important step. And our inventories, Dave, they're still a little higher than we'd like, but they are a lot better than they have been over the last couple of years.

我認為我們中的許多人現在正在透過損益表將高價庫存轉移到市場上，這是另一個重要的步驟。戴夫，我們的庫存仍然比我們希望的要高一些，但比過去幾年要好得多。

So, when you put all this together, I think we're on a path of recovery or what we call stabilization. And I probably need to leave the conversation there, because it's probably not healthy for me to forecast what will happen, except to say that, again, two years of organic decline has happened in the industry, but it is unusual. Three years is even more unusual.

因此，當你把所有這些放在一起時，我認為我們正走在復甦或我們所說的穩定之路上。我可能需要把談話留在那裡，因為對我來說預測將會發生的事情可能並不健康，除非再說一次，該行業已經發生了兩年的有機衰退，但這是不尋常的。三年更是不尋常。

Steve Byrne, Bank of America.

史蒂夫伯恩，美國銀行。

Sorry about that. There's a fair amount of uncertainty out there about whether dicamba will be available in 2025 or at least by early 2025. And I'd like to hear your view on, like, how would you rank the benefits to your business profitability-wise from that risk driving more independent Seed companies to license your Enlist germplasm and corn and soy, which you mentioned is gaining some momentum, Chuck.

對此感到抱歉。關於麥草畏是否會在 2025 年或至少在 2025 年初上市，存在著很大的不確定性。我想聽聽您的看法，例如，您如何看待推動更多獨立種子公司許可您的 Enlist 種質以及玉米和大豆的風險對您業務盈利能力的好處，您提到這些風險正在獲得一些動力，查克。

Is that a bigger benefit to you from such an uncertain outlook for dicamba versus increased shift to your own proprietary brand, your own Pioneer brand in Enlist corn and soy? How would you rank those?

麥草畏前景如此不確定，與轉向您自己的專有品牌、您自己的 Enlist 玉米和大豆先鋒品牌相比，這對您來說是否有更大的好處？你會如何排列這些？

Hey, Steve. This is Tim. Maybe I'll take a first shot and let Chuck wrap up there. So, obviously, you know, we're like everyone else, just kind of eyes open, waiting to see how this is going to turn out. And we did have -- we continue to have very strong adoption on the Enlist E3 side and soybeans. And as we said earlier today, we believe it was greater than 65% of the market, which is a tremendous amount of growth when you think about already being above 55% last year.

嘿，史蒂夫。這是蒂姆。也許我會先開槍，然後讓查克結束。所以，顯然，你知道，我們和其他人一樣，只是睜著眼睛，等著看事情會如何發展。我們確實有——我們在 Enlist E3 方面和大豆方面繼續得到非常廣泛的採用。正如我們今天早些時候所說，我們相信它的市場份額超過 65%，考慮到去年已經超過 55%，這是一個巨大的增長。

So do I believe that there's still room to grow? I really do believe there's room to grow. It's hard to size that up based off of the uncertainty around what that label is going to look like. And particularly, the ability to use the product in season, that's really the, I think the outstanding question there.

那我相信還有成長的空間嗎？我確實相信還有成長的空間。由於標籤外觀的不確定性，很難確定其規模。特別是，在當季使用產品的能力，我認為這確實是一個突出的問題。

So in terms of how it shapes up from 2025, I would expect market adoption to expand in 2025. Are there new companies that are going to be in there? Probably not a lot because there's well over 100 companies that are currently licensed and selling Enlist E3 soybeans today. So I'd say adoption's pretty wide across the market. It's just about how much more can the trade continue to penetrate.

因此，就 2025 年起的發展而言，我預計市場採用率將在 2025 年擴大。是否有新公司將進駐？數量可能不多，因為目前有超過 100 家公司獲得許可並銷售 Enlist E3 大豆。所以我想說整個市場的採用相當廣泛。問題只是貿易能夠繼續滲透多少。

Depending upon the outcome, certainly our brands will benefit at some level, certainly licensees and others who are distributing products will benefit. And so, to be able to size it up today just with that level of uncertainty probably doesn't make a lot of sense.

根據結果，我們的品牌肯定會在某種程度上受益，授權商和其他分銷產品的人也肯定會受益。因此，今天就能夠在這種不確定性的情況下對其進行評估可能沒有多大意義。

What I can say is there's more than likely adequate Seed to support substantial growth on a year-over-year basis between all the 100 plus companies that are producing and currently in the marketplace with Enlist E3 varieties.

我能說的是，有足夠的種子來支持所有 100 多家正在生產和目前在市場上銷售 Enlist E3 品種的公司逐年大幅成長。

Yes. I won't say much more than that on the dicamba. I think Tim covered it well, but if you just look at the strategy that we've implemented just a few years ago to be a technology seller instead of a technology buyer, we're very pleased with that.

是的。關於麥草畏我不會說太多。我認為蒂姆講得很好，但如果你看看我們幾年前實施的成為技術賣家而不是技術買家的策略，我們對此非常滿意。

And you can start to see some of that path to royalty neutrality that hit our bottomline, right? Like over 400 basis points of margin expansion in Seed. This doesn't happen overnight. This has been a long investment cycle.

您可以開始看到一些實現版稅中立的途徑觸及了我們的底線，對吧？例如 Seed 的利潤率擴張超過 400 個基點。這不會在一夜之間發生。這是一個漫長的投資週期。

But if you think about how our soybeans and our corn is performing and we do have the latest in the next-gen technology in the pipeline, as Tim already called out, with Vorceed and PowerCore, and then Enlist E-Series now adding to the mix and becoming more important.

但如果你想想我們的大豆和玉米的表現如何，我們確實擁有最新的下一代技術，正如 Tim 已經指出的那樣，Vorceed 和 PowerCore，然後 Enlist E 系列現在添加到了混合併變得更加重要。

And this year we're over 200 new hybrids and varieties in the marketplace. Next year we'll be at a similar number. We think that the strength of our Seed business will continue to gain momentum.

今年，我們在市場上推出了 200 多個新的雜交品種和品種。明年我們將達到類似的數字。我們認為我們種子業務的實力將繼續增強。

And then when you think about some of the lower costs and the deflation, as we called it, flowing through the P&L, we just like the path that Seed is on. I think the first half this year was a record, but I think that this business is just getting started. So we're extremely pleased with the performance of our Seed business right now.

然後，當你考慮一些較低的成本和通貨緊縮（正如我們所說的）流經損益表時，我們就像種子公司所走的道路一樣。我認為今年上半年是創紀錄的，但我認為這項業務才剛開始。因此，我們對目前種子業務的表現非常滿意。

Jeff Zekauskas, JPMorgan.

傑夫‧澤考斯卡斯，摩根大通。

Thanks very much. In your corn product line in the US, did doubles grow faster than triples? And you said that your corn royalties were up 40%. Is that a $20 million benefit or $10 million or $30 million? Can you size that?

非常感謝。在你們美國的玉米產品線中，雙倍玉米的生長速度是否比三倍玉米快？你還說你的玉米特許權使用費漲了40%。這是 2000 萬美元的福利還是 1000 萬美元或 3000 萬美元？你能確定那個尺寸嗎？

So in terms -- maybe I'll start off and let Dave size up from a financial standpoint. But in terms of our mix, our mix is pretty stable between years. And so we've been -- we have had a really strong offer in the past. So, yeah, we're transitioning to PowerCore, we're transitioning to Vorceed, but we've had a really strong competitive offer up till now. And this is just building off of that.

因此，也許我會先讓戴夫從財務角度進行評估。但就我們的組合而言，多年來我們的組合相當穩定。因此，我們過去曾提供過非常強勁的報價。所以，是的，我們正在過渡到 PowerCore，我們正在過渡到 Vorceed，但到目前為止，我們已經提供了非常強大的競爭性報價。這只是在此基礎上進行的。

So when you think about it from a between-year standpoint, that mix doesn't really change a whole lot, sometimes on the margin. But generally, I would say stable. And as we introduce the next level of technology, it's really more about replacing and upgrading rather than all of a sudden altering that mix.

因此，當你從年份之間的角度考慮時，這種組合併沒有真正發生太大變化，有時甚至是微小的變化。但總的來說，我會說穩定。當我們引入下一個等級的技術時，實際上更多的是更換和升級，而不是突然改變這種組合。

And on the corn licensing side, specifically at the PowerCore and Enlist is where we're growing. And we've been in the marketplace and licensing our genetics with that trade for the last couple of years and we're starting to see that build. And so Dave, I'll let you talk about it from a financial standpoint.

在玉米許可方面，特別是在 PowerCore 和 Enlist 方面，我們正在不斷發展。在過去的幾年裡，我們一直在市場上透過這種貿易許可我們的基因，並且我們開始看到這種情況的發展。戴夫，我會讓你從財務的角度來談談這個問題。

Yes. So the total -- Jeff, good morning. So the total royalty income referencing the 40%. So that's not just corn. That's our total, as Tim said. And what that equates to for us is that about $35 million increase. Hope that helps.

是的。總而言之，傑夫，早安。所以參考特許權使用費收入總額的40%。所以這不僅僅是玉米。正如蒂姆所說，這就是我們的總數。這對我們來說相當於增加了約 3500 萬美元。希望有幫助。

Kristen Owen, Oppenheimer.

克里斯汀歐文，奧本海默。

Great. Thank you so much. And I wanted to ask about the moving pieces on the free cash flow guidance since that was held stable, but you did lower the net income outlook. So if you could just update us with your thoughts on working capital and my understanding, it's probably too early to say on 2025, just given the operations puts and takes that you've defined already. Just help us understand how much of the working capital benefit is being captured 2024 versus 2025?

偉大的。太感謝了。我想問自由現金流指引的變化，因為自由現金流指引保持穩定，但你確實降低了淨利前景。因此，如果您能向我們介紹您對營運資本的最新想法和我的理解，那麼考慮到您已經定義的營運投入和支出，現在說 2025 年可能還為時過早。請幫助我們了解 2024 年與 2025 年相比，我們將獲得多少營運資本效益？

Sure. So, just quickly, thanks for the question. As you probably saw, we had benefits from both inventory and accounts payable with some offset in receivables in terms of our cash provided by working capital relative to the prior year. So if you will, the change on the change. So inventory was just under $500 billion of benefit, for [$165 million] and accounts payable about [$650 million]. And then again, we got some offset in accounts receivable and deferred revenue.

當然。所以，很快，謝謝你的提問。正如您可能看到的那樣，我們從庫存和應付帳款中受益，但與前一年相比，我們的營運資本提供的現金在應收帳款中有所抵銷。所以，如果你願意，就改變吧。因此，庫存效益接近 5,000 億美元，[1.65 億美元]，應付帳款約為[6.5億美元]。話又說回來，我們在應收帳款和遞延收入中得到了一些抵銷。

I think those trends are going to be -- continue. We're going to see continued benefit in terms of inventory as we sell through, in terms of cost of goods sold and the volume that we forecast for the second half of the year. And the same way with payables is procurement tends to now start to normalize. So we'll get that benefit.

我認為這些趨勢將會持續下去。隨著我們的銷售，我們將看到庫存、銷售成本和我們預測的下半年銷售持續受益。與應付帳款一樣，採購現在也開始趨於正常化。所以我們會得到這個好處。

Receivables are going to continue to be a bit of a headwind, particularly with the increase that we've got now in volume and revenues in the second half and particularly in the fourth quarter of the year. And when you look at the geographic mix of those revenues.

應收帳款將繼續成為一個不利因素，特別是考慮到我們在下半年，尤其是今年第四季的數量和收入的增長。當你看看這些收入的地理組合。

It's a little early to talk about 2025 with any degree of precision. We're obviously encouraged by what looks like a 50% free cash flow to EBITDA conversion for this year. We want to sustain that and improve that if possible going into 2025. So, again, that's something that's a little early, but we'll update you on. We're quite encouraged right now with the way in which cash is shaping up.

現在談論 2025 年的具體情況還為時過早。顯然，我們對今年 50% 的自由現金流轉化為 EBITDA 感到鼓舞。我們希望在 2025 年之前維持這一現狀，並在可能的情況下加以改進。所以，再說一遍，這有點早，但我們會向您通報最新情況。我們現在對現金的形成方式感到非常鼓舞。

Edlain Rodriguez, Mizuho.

艾德蘭·羅德里格斯，瑞穗。

Thank you. Good morning, everyone. I mean, Chuck, just wanted to get your insight into crop protection, the relationship or if there's any relationship between volume we're covering and the pricing pressure that we're seeing. Like, is there a relationship or will farmers apply the products regardless of pricing so pricing doesn't dictate what's going on with volume at all?

謝謝。大家早安。我的意思是，查克，只是想了解您對作物保護的見解，以及我們所報道的數量與我們所看到的定價壓力之間是否存在任何關係。例如，是否存在某種關係，或者農民是否會在不考慮定價的情況​​下使用產品，因此定價根本不決定銷售的變動？

Yes. Good morning, Edlain. So, look, I think that the dynamic that we're seeing right now on the farm, you can see the macro agricultural economy margins are tighter than they have been the last couple of years. But farmers are still at least the ones that I've spent some time this summer traveling through the Midwest and talking to lots of farmers. Tim and I were talking to a host of Pioneer reps as well this week. What we're finding is we've already talked about the dynamic with Seed.

是的。早安，艾德蘭。所以，看，我認為我們現在在農場看到的動態，你可以看到宏觀農業經濟利潤比過去幾年更緊縮。但至少今年夏天我花時間穿越中西部並與許多農民交談的人仍然是農民。我和提姆本週也與先鋒公司的許多代表進行了交談。我們發現我們已經討論過 Seed 的動態。

I think with CP, we're not seeing on any broad basis farmers making decisions based purely on economics. So if a crop needs to be protected in some fashion, they are protecting the crop. But look, given the margins that we have now on the farm, they're going to make sure that every dollar they spend has the right return on investment. And let's be clear, right, when they're investing in Seed or CP, that is a return on investment.

我認為，對於 CP，我們沒有看到農民純粹根據經濟因素做出任何廣泛的決策。因此，如果某種作物需要以某種方式保護，他們就是在保護作物。但看，考慮到我們農場現在的利潤，他們將確保他們花費的每一美元都有適當的投資回報。讓我們明確一點，當他們投資 Seed 或 CP 時，這就是投資回報。

What we're finding though is that, there is a -- if sometimes a farmer will use more of a commodity type product, they have to use that product oftentimes more often because it doesn't have the same efficacy as some of the newer technologies. So they might buy it for a lower price, but they're going to use more volume and I think that that is certainly what we've seen in some parts of the marketplace.

但我們發現的是，如果有時農民會使用更多的商品類型產品，他們就必須更頻繁地使用該產品，因為它不具有與一些較新產品相同的功效技術。因此，他們可能會以較低的價格購買它，但他們會使用更多的數量，我認為這肯定是我們在市場的某些部分所看到的。

But generally speaking, I think farmers are doing what we would expect them to do in this market. They are prioritizing their investments. They're ensuring that they're going to maximize yield because the yield is going to be what they're going to take and sell into the marketplace and make their returns.

但總的來說，我認為農民正在做我們期望他們在這個市場上做的事情。他們正在優先考慮投資。他們確保將產量最大化，因為產量將是他們將要出售到市場並獲得回報的東西。

So I think that we're in a market where technology is still going to be important, but we definitely need to ensure that we're providing farmers with a proper return on investment. And when we look at our CP portfolio, we think that certainly there is a lot that we can do to support farmers in those decisions.

因此，我認為我們所處的市場技術仍然很重要，但我們絕對需要確保為農民提供適當的投資回報。當我們審視我們的清潔生產產品組合時，我們認為我們當然可以做很多事情來支持農民做出這些決定。

And I will now turn the call back over to Kim booth.

現在我將把電話轉回給金·布斯。

Okay. So that can concludes today's call. We thank you for joining and for your interest in Corteva. We hope you have a safe and wonderful day.

好的。今天的電話會議到此結束。我們感謝您的加入以及對 Corteva 的興趣。我們希望您度過安全美好的一天。

And this concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。