Corteva Inc (CTVA) 2025 Q1 法說會逐字稿

Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the Corteva Agriscience first-quarter 2025 earnings. Today's conference is being recorded. (Operator Instructions)

早安.我叫奧德拉，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Corteva Agriscience 2025 年第一季財報。今天的會議正在錄製中。（操作員指示）

At this time, I would like to turn the conference over to Kim Booth, Vice President, Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁 Kim Booth。請繼續。

Good morning and welcome to Corteva's first-quarter 2025 earnings conference call. Our prepared remarks today will be led by Chuck Magro, Chief Executive Officer; and David Johnson, Executive Vice President and Chief Financial Officer. Additionally, Judd O'Connor, 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 2025 年第一季財報電話會議。我們今天的準備演講將由執行長 Chuck Magro 和執行副總裁兼財務長 David Johnson 主持。此外，種子業務部執行副總裁賈德·奧康納 (Judd O'Connor) 和作物保護業務部執行副總裁羅伯特·金 (Robert King) 也將參加問答環節。

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. During this call, we will make forward-looking statements which are our expectations about the future.

我們準備了演示幻燈片來補充我們在本次電話會議上的發言，這些幻燈片發佈在 Corteva 網站的投資者關係部分以及透過我們的網路廣播連結發布。在本次電話會議中，我們將做出前瞻性陳述，即我們對未來的預期。

These statements are based on current expectations and assumptions that are subject to various risks and uncertainties. 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.

這些聲明是基於目前的預期和假設，受各種風險和不確定性的影響。由於這些風險和不確定性，我們的實際結果可能與這些聲明有重大差異，包括但不限於本次電話會議中討論的風險和不確定性以及我們向美國證券交易委員會提交的報告中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義務。

Please note in today's presentation we'll be making references to certain non-GAAP financial measures. Reconciliations of the 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 GAAP 財務指標。非公認會計準則 (non-GAAP) 指標的對帳表可在我們的收益新聞稿和相關附表中查看，也可在我們的投資者關係網站上找到補充財務摘要幻燈片。

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

我很高興將電話轉給查克。

Thanks, Kim. Good morning, everyone, and thanks for joining us today. Spring is always a busy and exciting time for agriculture, and this year is no exception. 2025 is off to a good start. Planning in the northern hemisphere is proceeding well, the weather has cooperated for the most part, and CPD stocking is firmly behind us.

謝謝，金。大家早安，感謝大家今天加入我們。春季是農業生產忙碌又令人興奮的時節，今年也不例外，2025年開局良好。北半球的規劃進展順利，天氣大部分時間都很好，CPD 儲備工作也順利完成。

There are some back half risks we are monitoring. We will discuss those today, but let's start with the quarter. Year over year, Corteva's saw a 15% increase in Q1 EBITDA, and nearly 400 basis points of margin expansion driven by strong cost execution in three growth platforms Biological, CPU products, and Seed out Licensing.

我們正在監控後半部分的一些風險。我們今天將討論這些問題，但讓我們從本季開始。與去年同期相比，科迪華第一季的 EBITDA 成長了 15%，利潤率擴大了近 400 個基點，這得益於生物、CPU 產品和種子授權三個成長平台的強勁成本執行。

Both of our segments delivered healthy double-digit EBITDA gains. The biggest driver was operational excellence, and on this front, we are tracking well against the $400 million net cost target we set for ourselves.

我們的兩個部門均實現了健康的兩位數 EBITDA 成長。最大的驅動力是卓越的運營，在這方面，我們正在順利實現我們為自己設定的 4 億美元淨成本目標。

More on this later, this performance allows us to reaffirm our full-year guidance, which we announced in February. It also allows us to de-risk the second half of the year, David will explain more. Factored into our guidance is the fact that farmers in the US are projected to shift planted area from Soybeans to Corn, resulting in a projected increase in Corn of about 5%.

稍後我們將詳細介紹，這一表現使我們能夠重申我們在二月宣布的全年指導。這也使我們能夠降低下半年的風險，David 將進行更多解釋。我們的指導中考慮到這樣一個事實：美國農民預計將把種植面積從大豆轉向玉米，導致玉米產量預計增加約 5%。

And if current trends hold, Enlist Beans will be planted on just over 65% of all US Soybean acres in 2025. As it approaches maturity, Enlist is the number one selling Soybean technology in the US. As our focus is now set on becoming the leading provider of Soybean technology in Brazil, and we're making great strides on that front, having sold more than 3 million units of Conkesta E3 Soybeans over the last three years.

如果目前的趨勢持續下去，到 2025 年，Enlist Beans 將佔據美國大豆種植面積的 65% 以上。隨著技術日趨成熟，Enlist 已成為美國銷量第一的大豆技術。我們現在的重點是成為巴西領先的大豆技術供應商，我們在這方面取得了長足的進步，在過去三年中已經銷售了超過 300 萬單位的 Conkesta E3 大豆。

Globally from an overall industry perspective, we're seeing somewhat mixed fundamentals. Record demand for grains and oil Seeds continue, and farmers are investing in premium Seed and Crop protection technology to enhance and protect their yield.

從全球整體產業角度來看，我們看到的基本面有些好壞參半。穀物和油籽的需求持續創下紀錄，農民正在投資優質種子和作物保護技術，以提高和保護產量。

Although Corn is faring relatively well so far this year and is less reliant on export trade, overall Crop prices and margins have moderated somewhat as planted area shifts and trade uncertainty begins to weigh on the markets.

儘管今年迄今玉米的銷售情況相對較好，且對出口貿易的依賴程度較低，但隨著種植面積的變化和貿易不確定性開始對市場造成壓力，整體作物價格和利潤率有所下降。

Getting back to Corteva. Our Seed business is off to a strong start. Organic sales were up 2% in the quarter, driven by pricing, reflecting the value our Seed technology consistently delivers to farmers. Our Seed order book reflects strong demand for our product lineup, and we are planning to bring about 500 new products to the market this year with approximately 300 new Seed hybrids and varieties.

回到 Corteva。我們的種子業務起步強勁。受定價推動，本季有機銷售成長 2%，反映了我們的種子技術持續為農民帶來的價值。我們的種子訂單反映了對我們產品系列的強勁需求，我們計劃今年向市場推出約 500 種新產品，其中包括約 300 種新種子雜交種和品種。

We are also seeing meaningful improvements on the cost side, allowing Seed to deliver just under 400 basis points of margin enhancement for the quarter. On Crop protection, organic sales were up 3% in the quarter, driven by double digit volume growth for both new products and biologicals, two of our near-term strategic growth platforms.

我們也看到成本方面出現了顯著改善，這使得 Seed 本季的利潤率提高了近 400 個基點。在作物保護方面，本季有機銷售額成長 3%，這得益於我們近期兩大策略成長平台——新產品和生物製劑的銷售量均達到兩位數成長。

We've now seen four consecutive quarters of volume gains, a sign that the channel is operating at healthy levels. Our latest view of the Crop protection market for the full year is a flattish environment with low single digit volume gains offset by low single digit pricing headwinds.

我們現在已經看到連續四個季度的銷售成長，這表明該通路的運作處於健康水平。我們對全年作物保護市場的最新看法是，市場環境趨於平穩，低個位數的銷售成長被低個位數的價格阻力所抵消。

For Corteva, we continue to expect high single digit volume gains, more than offsetting low single digit pricing headwinds. However, our revised thinking is that price pressure will persist into the second half, but to a lesser extent than what we've seen in the first half.

對於科迪華，我們繼續預期其銷售將實現高個位數成長，足以抵消低個位數定價帶來的不利影響。然而，我們修正後的想法是，價格壓力將持續到下半年，但程度將低於上半年。

Our plan for Crop protection in Brazil for the second half contemplates an EBITDA contribution about the same as last year. A strong performance, but if we did it once, we can do it again. On Seed in Brazil, we have spent a fair amount of time talking about the inroads we're making on Soybeans with Conkesta, but I'd be remiss not to mention the exciting developments we're seeing in the market for Corn.

我們針對巴西下半年的作物保護計畫預計 EBITDA 貢獻與去年大致相同。表現很出色，但如果我們做到過一次，我們就能再次做到。在巴西種子方面，我們花了相當多的時間談論我們與 Conkesta 在大豆市場上的進展，但如果不提我們在玉米市場上看到的令人興奮的發展，那我就是失職了。

Brazil's Corn ethanol industry has seen remarkable growth since the country's first plant in 2017, with production poised to nearly double by early next decade. Corn is expected to account for nearly a third of Brazil's total ethanol production by 2026, strengthening Brazil's position as the world's second largest ethanol producer.

自 2017 年巴西第一家工廠建成以來，該國玉米乙醇產業取得了顯著成長，預計到下一個十年初產量將增加近一倍。預計到2026年玉米將佔巴西乙醇總產量的近三分之一，鞏固巴西作為世界第二大乙醇生產國的地位。

The rise in production is also linked to Brazil's increasing Safrinha corn output, which has doubled over the past decade. Given our leading position in Brazil Corn, this is certainly going to be a structural value creator for us.

產量的成長也與巴西Safrinha玉米產量的增加有關，該品種玉米產量在過去十年中翻了一番。鑑於我們在巴西玉米領域的領先地位，這無疑將為我們創造結構性價值。

Moving on to tariffs, an important topic in the quarter. This is a fluid situation, as you all know, but we'll try to summarize how Corteva may or may not be impacted by the tariffs currently in place, which in 2025 is largely a Crop protection story.

繼續討論關稅，這是本季的一個重要話題。眾所周知，這是一個不穩定的情況，但我們將嘗試總結科迪華可能或可能不會受到現行關稅的影響，這在 2025 年主要是作物保護的故事。

Long story short, based on what we know today, the direct cost impact to Corteva in 2025 should be about $50 million which we believe is manageable. While we work through the process of identifying the level and nature of mitigation efforts, we have not at this time dialed the puts and takes into our financial numbers that David will discuss in a few minutes.

長話短說，根據我們目前所知，2025 年對科迪華的直接成本影響應該約為 5000 萬美元，我們認為這是可以控制的。雖然我們正在努力確定緩解措施的等級和性質，但目前我們還沒有計算出大衛幾分鐘後將要討論的財務數字的投入和產出。

The main takeaway is that tariffs are not impacting our full year guidance range. But please note, we have work to do to mitigate the impact. It is important to reiterate the significance of our domestic manufacturing footprint. Two of our largest Crop protection franchises, Enlist and Spinosyns, are both produced here in the US.

主要的結論是關稅不會影響我們的全年指導範圍。但請注意，我們還需要做一些工作來減輕影響。必須重申國內製造業足跡的重要性。我們最大的兩家作物保護特許經營企業 Enlist 和 Spinosyns 均在美國生產。

We are also seeing the benefits of our global multi-sourcing capabilities as we work to minimize the impact on costs and customers. That said, our bigger concern lies with American farmers. American farmers are the backbone of the world's food supply, working sun up to sun down to produce the food we eat every day.

在我們努力將對成本和客戶的影響降至最低的過程中，我們也看到了全球多源採購能力帶來的好處。話雖如此，我們更擔心的是美國農民。美國農民是世界糧食供應的中堅力量，他們日夜辛勤工作，生產我們每天所吃的食物。

As the American growing season moves closer to the harvest, we hope to see export markets open up for North American grain and oilseeds. I don't think we're alone in this view, and it goes without saying that the financial well-being of our farmers affects the entire industry, and the world does need the food.

隨著美國生長季節越來越接近收穫，我們希望看到北美穀物和油籽的出口市場開放。我認為我們並不是唯一持有這種觀點的人，毋庸置疑，農民的經濟狀況會影響整個產業，而且世界確實需要糧食。

So as we sit here today in the beginning of May, I am pleased with our first-quarter performance. Double-digit EBITDA gains and almost 400 basis points of margin improvement is not easy to come by in this market environment, and it is driven by another quarter of operational excellence.

因此，當我們今天在五月初坐在這裡時，我對我們的第一季的表現感到滿意。在這種市場環境下，實現兩位數的 EBITDA 成長和近 400 個基點的利潤率提升並不容易，而這得益於又一個季度的卓越營運。

As we all know, the first quarter doesn't dictate the year in agriculture. But the first half is playing out a little better than we expected. The tariff situation appears to be manageable based on what we know today, and we're showing good progress on our growth platforms.

眾所周知，農業的第一季並不能決定全年。但上半年的情況比我們預期的好一些。根據我們目前掌握的情況，關稅狀況似乎是可控的，而且我們的成長平台也取得了良好的進展。

I believe we have the appropriate level of attention on improving our cost position through our controllable levers. It's worth repeating that we expect to net cost improvements of $400 million driven by productivity and raw material tailwinds.

我相信，我們已充分重視透過可控的手段改善我們的成本狀況。值得重申的是，我們預計在生產力和原料順風的推動下，淨成本改善將達到 4 億美元。

In addition, our path to royalty-neutrality and transitioning to a net out-license or technology by later this decade is expected to generate another $65 million in benefits this year. These self-help levers continue to drive value creation for the company and provide meaningful, some might say, transformational margin enhancement through the Ag cycle.

此外，我們朝著專利費中立的方向發展，並在本世紀末過渡到淨對外授權或技術，預計今年將再產生 6,500 萬美元的收益。這些自助槓桿繼續推動公司的價值創造，並透過農業週期提供有意義的（有些人可能會說）轉型利潤率的提升。

With that, let me turn the call over to David.

說完這些，讓我把電話轉給大衛。

Thanks, Chuck, and welcome, everyone, to the call. Let's start on slide 6, which provides the financial results for the first quarter. You can see from the numbers, results for the quarter were strong, led by more corn acres in North America along with favorable timing and execution on controllables in both Seed and Crop Protection. Organic sales were up 3% compared to last year with Seed up 2% and Crop Protection up 3%. Currency was a significant headwind to top line for the quarter at 5% of sales, in line with expectations.

謝謝查克，歡迎大家參加電話會議。讓我們從第 6 張投影片開始，它提供了第一季的財務結果。從數據中可以看出，本季的業績表現強勁，主要原因是北美玉米種植面積增加，以及種子和作物保護領域可控因素的有利時機和執行。有機產品銷售額與去年相比成長了 3%，其中種子銷售額成長了 2%，作物保護銷售額成長了 3%。貨幣對本季的銷售額產生了重大阻力，佔銷售額的 5%，符合預期。

Seed pricing was up 3% in the quarter with pricing gains in most regions as we continue to price for value. Latin America was the one exception. Our price was down, as expected, given the competitive dynamics in Brazil as we close out the Safrinha season. Seed volume was down 1% compared to prior year. More corn acres in the US and spring weather drove gains in North America that were offset by declines in other regions.

由於我們繼續按價值定價，本季種子價格上漲了 3%，大多數地區的價格都有所上漲。拉丁美洲是唯一的例外。隨著薩夫林哈賽季即將結束，考慮到巴西的競爭態勢，我們的價格正如預期的那樣下降了。種子數量與去年相比下降了 1%。美國玉米種植面積增加和春季天氣推動了北美產量的成長，但其他地區的產量下降抵消了這一增長。

Seed volume in EMEA and Latin America was down mostly due to seasonal timing cess. Crop Protection price was down 2%, as expected, driven by competitive market dynamics. Crop Protection volume was up 5% with gains in nearly every region. Notably, new products delivered double-digit volume gains in the quarter.

歐洲、中東和非洲地區以及拉丁美洲的種子產量下降主要是因為季節性因素的影響。受市場競爭動態的影響，作物保護產品價格如預期下跌了 2%。作物保護產品銷售上漲 5%，幾乎每個地區都有成長。值得注意的是，本季新產品的銷售量實現了兩位數的成長。

Operating EBITDA was up 15% over last year. Operating EBITDA margin of nearly 27% was up 390 basis points driven by organic sales growth, coupled with significant benefits from lower input costs and productivity.

營業 EBITDA 較去年同期成長 15%。營業 EBITDA 利潤率接近 27%，上漲 390 個基點，這得益於有機銷售額的成長，以及投入成本和生產力降低帶來的顯著效益。

Moving on to slide 7 for a summary of the first quarter operating EBITDA performance. Operating EBITDA was up more than $150 million to just under $1.2 billion. Price and mix, volume gains and cost benefits more than offset currency headwinds.

請翻到投影片 7，查看第一季營運 EBITDA 業績的總結。營業 EBITDA 成長超過 1.5 億美元，達到略低於 12 億美元。價格和產品組合、銷售成長和成本效益足以抵消貨幣逆風的影響。

Seed continues to make progress on its path to royalty-neutrality with another $20 million decrease in net royalty expense. This improvement was driven by both increased out-licensing income and lower trade licensing expense.

Seed 在特許權使用費中立的道路上繼續取得進展，淨特許權使用費支出又減少了 2000 萬美元。這項改善是由對外授權收入的增加和貿易授權費用的降低所推動的。

Seed and Crop Protection combined to deliver more than $200 million in productivity and cost benefits, including lower Seed commodity costs in all regions, led by North America. In the first quarter, SG&A was up modestly compared to prior year driven by higher compensation and normalized debt accruals. The increased investment in R&D aligns with our target and is on track to reach 8% of sales for the full year.

種子和作物保護業務合計帶來了超過 2 億美元的生產力和成本效益，包括以北美為首的所有地區的種子商品成本降低。第一季度，由於薪資增加及債務應計正常化，銷售、一般及行政費用較上年同期小幅上漲。增加研發投入符合我們的目標，可望達到全年銷售額的 8%。

The higher costs were partially offset by a benefit from currency. As expected, currency was roughly $90 million headwind on EBITDA driven by the Turkish Lira and Canadian dollar. Both Seed and Crop Protection had an impressive first quarter and delivered double-digit EBITDA growth and meaningful margin expansion.

成本的增加被貨幣收益部分抵銷。正如預期的那樣，受土耳其里拉和加元的影響，EBITDA 遭受了約 9000 萬美元的貨幣逆風。種子和作物保護業務第一季均取得了令人印象深刻的業績，實現了兩位數的 EBITDA 成長和顯著的利潤率成長。

Moving on to slide 8 for the remainder of the key sensitivities that could impact our full-year results within the guidance range. At this point in the year, there are a few key factors that could drive results to the upper or lower end of our full-year guidance.

請繼續參閱投影片 8，以了解在指導範圍內可能影響我們全年業績的其餘關鍵敏感因素。今年這個時候，有幾個關鍵因素可能會影響我們全年業績預期的上限或下限。

While the industry is expecting more corn acres in the US, and our order books would support that, not all of Crop is in the ground yet. So we need to finish up the North America season and see what ultimately gets planted.

儘管業界預計美國玉米種植面積將增加，而且我們的訂單也支持這一點，但並非所有玉米都已播種。因此，我們需要結束北美季節並看看最終種植了什麼。

In Latin America, we're expecting an increase in both summer and Safrinha corn areas in Brazil and a partial recovery in corn area in Argentina after much of it was lost due to corn stunt in the past season. There are many factors that could still influence farmer decisions in the region and could impact our second-half results. We're now expecting Crop Protection prices to be down low single digits throughout the year, offset by high single-digit volume growth.

在拉丁美洲，我們預計巴西夏季玉米和二季玉米種植面積將會增加，阿根廷的玉米種植面積也將部分恢復，上一季因玉米矮化而損失了大部分玉米種植面積。仍有許多因素可能影響該地區農民的決策，並可能影響我們下半年的表現。我們現在預計，全年作物保護產品的價格將下降個位數，但銷售量將以個位數的高成長來抵消下降。

Demand for biologicals and new products continues to be strong and gives us confidence in our ability to deliver growth. We recognize that tariffs and global trade policy continue to be a source of uncertainty. Although our exposure to tariffs is expected to be manageable given the level of Crop Protection imports, the associated costs and any potential mitigation actions are not factored into our guidance.

對生物製品和新產品的需求持續強勁，這使我們對實現成長的能力充滿信心。我們認識到關稅和全球貿易政策仍然是不確定的根源。儘管考慮到作物保護產品的進口水平，我們預計關稅風險是可控的，但相關成本和任何潛在的緩解措施並未計入我們的指導範圍。

Nevertheless, as Chuck mentioned earlier, tariffs should not impact our full-year guidance range based on what we know today. With that, let's go to slide 9 and transition to the key assumptions for the first half and second half of the year.

不過，正如查克之前提到的，根據我們目前所知，關稅不應該影響我們的全年指引範圍。接下來，讓我們轉到投影片 9，並轉到上半年和下半年的關鍵假設。

Driven by the strength of the first quarter, we now expect net sales for the first half to be about flat versus prior year with operating EBITDA up low to mid-single digits driven by favorable timing and cost benefits and additional volume in the first half.

受第一季強勁表現的推動，我們目前預計上半年淨銷售額將與去年持平，而受有利時機、成本效益和上半年銷量增加的推動，營業 EBITDA 將出現低至中等個位數的增長。

As a reminder, this is stronger than we originally thought. In our original guidance that we provided back in February, we were assuming first-half EBITDA would be about flat. Seed is expected to continue the momentum from the first quarter, deliver solid organic growth in the first half of the year, led by North America, more corn acres and a strong product lineup. Crop Protection is expected to deliver solid volume growth over prior year, including double-digit growth in Biologicals and new products.

提醒一下，這比我們最初想像的還要強大。在我們二月提供的原始指引中，我們假設上半年的 EBITDA 將基本持平。種子業務預計將延續第一季的勢頭，在北美、玉米種植面積增加和強大的產品陣容的帶動下，在上半年實現穩健的有機增長。作物保護業務預計將比上年實現穩健的銷售成長，其中生物製劑和新產品將實現兩位數成長。

Pricing will continue to be pressured as expected. The Seed and Crop Protection will deliver significant benefits from lower input costs in the first half, while SG&A is expected to modestly increase compared to prior year.

正如預期的那樣，定價將繼續面臨壓力。種子及作物保護業務將因上半年投入成本降低而獲得顯著收益，而銷售、一般及行政費用預計較上年同期小幅增加。

R&D is expected to be about flat in the first half. Turning to the second half of the year. We expect strong sales and operating EBITDA growth driven by low single-digit price and double-digit volume growth over last year.

預計上半年研發支出將基本持平。展望下半年。我們預計，受去年低個位數價格和兩位數銷售成長的推動，銷售額和營業 EBITDA 將出現強勁成長。

Crop Protection operating EBITDA is expected to be roughly in line with the strong second-half 2024 results, while Seed is expected to drive growth through price and volume gains. Seed price is expected to remain strong in the back half of the year driven by the strength of the portfolio in Latin America, while Crop Protection pricing is expected to continue at a rate of low single-digit decline compared to prior year.

作物保護業務的營運 EBITDA 預計將與 2024 年下半年的強勁業績大致持平，而種子業務預計將透過價格和銷售上漲來推動成長。受拉丁美洲投資組合強勁推動，種子價格預計在今年下半年保持強勁，而作物保護價格預計將繼續以低於上年個位數的速度下降。

Both Seed and Crop Protection are expected to deliver double-digit sales volume led by Latin America. We will continue to deliver cost savings in the second half of the year but at a lower rate than the first half given the timing of Crop protection deflation and productivity as well as timing of Seed pits due to the seasonality of the business.

種子和作物保護業務的銷售額預計將實現兩位數成長，拉丁美洲的銷售額將領先。我們將在下半年繼續節省成本，但考慮到作物保護通貨緊縮和生產力的時間以及由於業務季節性而導致的種子坑的時間，節省的速度將低於上半年。

Again, while we do not expect the net costs associated with tariffs to affect our full-year guidance range, as of now, any associated costs and impact from mitigation efforts will be weighted towards the second half of the year given the timing of the Crop Protection inventory turns.

再次，雖然我們預計與關稅相關的淨成本不會影響我們的全年指導範圍，但截至目前，考慮到作物保護庫存週轉的時間，任何相關成本和緩解措施的影響都將集中在下半年。

And finally, currency. We expect about 50% of the full-year headwind will be reflected in the second half of the year driven by our exposures to the Brazilian real. To summarize, with our updated assumptions for the first and second half of the year, we remain on track for full-year operating EBITDA of $3.7 billion with a few small changes to our original assumptions.

最後是貨幣。我們預計，由於我們對巴西雷亞爾的敞口，全年約 50% 的不利因素將反映在下半年。總而言之，根據我們對今年上半年和下半年的最新假設，我們仍有望實現全年 37 億美元的營業 EBITDA，但對最初的假設進行了一些小的調整。

We expect to deliver low single-digit pricing gains for the year but at a modestly lower rate than originally assumed. And volume is expected to be higher now driven by increased North America corn acres and strong demand for Crop protection as the market continues to stabilize.

我們預計今年的價格漲幅將維持在個位數以下，但幅度將略低於最初的預期。隨著市場持續穩定，受北美玉米種植面積增加和作物保護需求強勁的推動，預計產量將會更高。

With that, let's go to slide 10, and summarize the key takeaways. First, while there's still much of the year left to go, we delivered an impressive performance in the first quarter, ahead of expectations. Organic sales growth was driven by a continuation of our price-for-value strategy, strong North American Seed deliveries and mid-single-digit volume gains in Crop Protection.

接下來，讓我們翻到第 10 張投影片，總結一下重點。首先，雖然今年還剩下很多時間，但我們在第一季取得了令人印象深刻的業績，超出了預期。有機銷售額的成長得益於我們持續推行的「價格至上」策略、強勁的北美種子交付以及作物保護業務中個位數的銷售成長。

We delivered more than $200 million in cost savings from lower Seed and Crop Protection raw material costs and productivity. Together with organic sales growth in both businesses and improved product mix, this translates to 390 basis points of margin expansion over prior year.

透過降低種子和作物保護原料成本和提高生產率，我們節省了超過 2 億美元的成本。加上兩項業務的有機銷售成長和產品組合的改善，這意味著利潤率比上年擴大了 390 個基點。

The strong first quarter cash flow supports our ability to deliver the midpoint of our free cash flow to EBITDA guidance range of 40% to 45% conversion rate. And finally, we remain on track for $1 billion of share repurchases in 2025.

強勁的第一季現金流支持我們實現自由現金流與 EBITDA 指導範圍中點 40% 至 45% 的轉換率。最後，我們仍計劃在 2025 年回購 10 億美元的股票。

With that, let me turn it back to Kim.

說完這些，讓我把話題轉回金身上。

Thanks, David. 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. Operator, please provide the Q&A instruction.

謝謝，大衛。現在我們來回答你的問題。我想提醒您，我們對前瞻性陳述和非公認會計準則衡量標準的謹慎既適用於我們準備好的評論，也適用於以下問答。操作員，請提供問答指示。

Thank you. We will now begin the question-and-answer session. (Operator Instructions) We'll take our first question from Chris Parkinson at Wolfe Research.

謝謝。我們現在開始問答環節。（操作員指示）我們將回答 Wolfe Research 的 Chris Parkinson 提出的第一個問題。

And it looks like we lost Chris's line, Joel Jackson, BMO Capital Markets.

看起來我們失去了克里斯、喬爾傑克森、BMO 資本市場的聯繫。

Morning. Thanks for taking my question. Chuck, I thought like in your -- some of your very first few words on this call today, you talked about some risks in the back half that you will get into. So what you're guiding to is that the first half of the year will be something like 83%, 84%, 85% for the full year. That leaves about $500 million to $600 million of EBITDA for the second half of the year. So like there's not much play there. Like how much risk upside/downside is really in the second half there?

早晨。感謝您回答我的問題。查克，我想，就像你今天在這次電話會議上說的最初幾句話一樣，你談到了後半部分你將面臨的一些風險。所以您預測上半年的銷售額將達到全年的 83%、84% 或 85% 左右。這意味著今年下半年的 EBITDA 約為 5 億至 6 億美元。所以那裡沒什麼好玩的。例如下半年的上行/下行風險到底有多大？

Are we talking $200 million, $100 million? Can you maybe kind of quantify some of the comments and -- because it is a pretty large on earnings that happened in the first half of the year. Thanks.

我們說的是 2 億美元還是 1 億美元？您能否量化一些評論？因為這對上半年的收益影響很大。謝謝。

Yeah. Well, Joel, thanks for the question. So here's how we're thinking about it. First of all, the first quarter, right? So close to $1.2 billion, 400 bps of margin improvement, 15% increase, I think in EBITDA, something like that.

是的。好吧，喬爾，謝謝你的提問。這就是我們對此的看法。首先是第一季度，對吧？因此接近 12 億美元，利潤率提高 400 個基點，EBITDA 成長 15%，我認為是這樣的。

So it was a little better than we thought, to be candid with you. But as you know, the first quarter doesn't make the year. And we really don't like to move on guide in Q1, especially before the crop's in the ground. But Q1 was better than we thought. If you now think about that for the first half, we actually think that the first half is going to be better than our original plan as well.

坦白說，這比我們想像的要好一點。但正如你們所知，第一季並不代表全年。我們真的不想在第一季改變計劃，特別是在農作物種植之前。但第一季的情況比我們想像的還要好。如果你現在考慮一下上半年的情況，我們實際上認為上半年也會比我們最初的計劃更好。

So the second half of the year, the way we're thinking about it right now, what we can see looking forward, is that it's been derisked since the February guide, which I think is a good positive first step. Obviously, there's puts and takes, and I'll have David kind of walk through them.

因此，就我們現在考慮的情況來看，我們展望下半年，可以看到自二月指南以來，風險已經降低，我認為這是一個很好的積極的第一步。顯然，這其中有得有失，我會讓大衛來解釋。

But to get to your question, the way I'm thinking about the second half now is we need Crop Protection, for example, in Brazil to do essentially what they did last year. So it was a strong quarter last year, if you recall, but nothing more than that. So I actually think that our guide, even though we've kept it the same, has been derisked pretty significantly.

但回到你的問題，我現在對下半年的想法是，我們需要作物保護部門，例如巴西，基本上做他們去年所做的事情。如果你還記得的話，去年是一個強勁的季度，但僅此而已。因此，我實際上認為，儘管我們的指南保持不變，但風險已經大大降低。

Now what we're looking at in terms of the clouds, of course, over the future, the biggest one that I'll draw your attention to, and then I'll let David talk about some of the financial levers, is really CP price, down low single digits. We now believe we'll be down low single digits for the full year, that is reflected in the [3.7 or at least the 3.6 to the 3 8]. Could it go -- get worse than that? Yes.

現在，我們所看到的是未來的陰雲，我提請大家注意的最大問題是，然後我會讓大衛談論一些財務槓桿，實際上是 CP 價格下降了個位數。我們現在相信，全年的銷售額將下降個位數，這反映在[3.7 或至少 3.6 到 3.8]。情況會變得更糟嗎？是的。

Obviously, it could -- could it get better than that? Yes. But we feel that, again, the risk and when you look at the guide from 3.6 to 3.8, having the CP pricing down low single digits for the full year is reflected in that. So overall, we're feeling very good about this.

顯然，它可以——可以變得更好嗎？是的。但我們再次感覺到，風險存在，當你查看從 3.6 到 3.8 的指南時，全年 CP 定價下降個位數的低位就反映在了這一點上。總的來說，我們對此感覺非常好。

And then we'll -- like usual, Joel, we'll update the market with a full guide, puts and takes, after the first half. But maybe, David, you could talk about currency and some of the other financial moves.

然後，我們會 — — 像往常一樣，喬爾，我們會在上半年之後向市場提供完整的指南、看跌期權和看漲期權的更新。但是，大衛，也許你可以談談貨幣和其他一些金融措施。

Yes, Joel. So, thanks for the question. If we step back, I just would remind our original guide was 10% EBITDA growth over prior year. And when we first thought about how the first half and second half would play out, we did expect the first half to be about flat to prior year. So now given the strength of the first quarter, think we're back into the range.

是的，喬爾。謝謝你的提問。如果我們退一步來看，我只想提醒大家，我們最初的指導是 EBITDA 比前一年增長 10%。當我們第一次思考上半年和下半年將如何發展時，我們確實預計上半年將與去年同期持平。因此，現在考慮到第一季的強勁表現，我們認為我們已經回到了這一範圍內。

We said low to mid-single digits. We're probably getting a little bit more refined there in the 4% to 5% range. So if you look at what that might mean for the back half of the year, it's still a 40% increase over prior year. So it's still a pretty significant increase. It might not be so much in dollars because it's obviously a smaller half than our first half.

我們說的是低到中等個位數。我們可能會在 4% 到 5% 的範圍內進行更精細的調整。因此，如果你看看這對下半年意味著什麼，它仍然比去年同期成長了 40%。所以這仍然是一個相當顯著的成長。以美元計算的話可能沒那麼多，因為這一半顯然比我們的前一半還要小。

But still, we found it prudent to kind of take some of the risk that we had in our original and start backing down that back half. And as Chuck mentioned, a lot of that is assumption that CP will be pretty much in line with last year, and the benefits year over year will be primarily in Seed.

但我們仍然認為，承擔最初版本中的一些風險並開始放棄後半部分是明智之舉。正如查克所提到的，很大程度上這是假設 CP 將與去年基本一致，並且逐年的好處主要在於種子。

So when you think about the $300 million-or-so increase in EBITDA dollars year over year, we're now assuming about the same first half and second half, so a little bit more balanced. If we go into some of the actual drivers, and I think we tried to articulate this on slide 8 a little bit. Where we are in FX, we had the $275 million original guide.

因此，當您考慮到 EBITDA 金額同比增長 3 億美元左右時，我們現在假設上半年和下半年的情況大致相同，因此更加平衡一些。如果我們深入研究一些實際的驅動因素，我想我們試圖在第 8 張投影片上稍微闡明這一點。在外匯領域，我們有 2.75 億美元的原始指南。

I would say right now, we're still in that region. I mean I would say the first half, the first quarter was $90 million, that's what we expected. We expect about half of this impact to be in the first half. We still expect to happen.

我想說現在我們仍然處於那個地區。我的意思是，我想說上半年、第一季的營收是 9,000 萬美元，這正是我們預期的。我們預計其中約一半的影響將發生在上半年。我們仍然期待發生。

The back half of the year, as we've articulated before, is mostly a BRL story. And as we look at our exposures, I mean one of the things I want to just remind everyone, it's not only the rate but making sure that we can forecast and understand our exposures in the back half of the year.

正如我們先前所闡述的，今年下半年主要是巴西雷亞爾走勢強勁。當我們審視我們的風險敞口時，我想提醒大家的一件事是，不僅要考慮利率，還要確保我們能夠預測和了解下半年的風險敞口。

And when you look at those two elements, we feel like we're in the right range with $275 million. We talked about corn acres. Probably the one thing that Chuck had mentioned before was the one risk on Crop Protection pricing, we did say that probably a little bit softer than we expected on our original guide.

當你考慮這兩個因素時，我們覺得 2.75 億美元處於正確的範圍內。我們談論了玉米種植面積。查克之前提到的一件事可能是作物保護定價的一個風險，我們確實說過，這可能比我們最初的指南中預期的要低一些。

We're offsetting some of that with volume. And then I'm sure we'll be talking quite a bit about trade policy and those sort of things, but we are looking at the $50 million impact to trade policy, and we're looking at how we mitigate that.

我們正在透過數量來抵消其中的一些影響。然後我相信我們會談論很多關於貿易政策和諸如此類的事情，但我們正在研究對貿易政策的 5000 萬美元的影響，我們正在研究如何減輕這種影響。

So that's pretty much where we're balanced right now. And then I would assume after Q2 actuals, we'll then revisit not only these assumptions, Joel, but also interest and all those other things that go into the basis of our EPS guide.

這就是我們現在基本平衡的狀態。然後我假設在第二季的實際情況之後，我們不僅會重新審視這些假設，喬爾，還會重新審視利息以及構成我們每股盈餘指南基礎的所有其他事項。

Chris Parkinson, Wolfe Research.

克里斯帕金森，沃爾夫研究公司。

I apologize. I was so excited to ask my question, I accidentally hung up on you. Talking about agriculture -- I apologize. So guys, when you take a step back, obviously, you've had a decent amount of success across your Seed portfolio over the last few years.

我很抱歉。我太興奮地問了這個問題，不小心掛斷了你的電話。談到農業——我很抱歉。所以，夥計們，當你退一步考慮時，顯然，過去幾年來，你的種子投資組合已經取得了相當大的成功。

And some would say, oh, there's not much more to come. But at the same time, you still have a lot of products left in terms of launches and the kind of the progression in both the United States and Latin America.

有些人可能會說，哦，接下來不會再有更多了。但同時，就美國和拉丁美洲的發布和進展而言，仍有許多產品尚未推出。

And in Latin America, correct me if I'm wrong, it seems like corn planting could actually be in a much better place than it's been in the last two years. So can you just briefly speak about, just across the Americas, where you feel the most enthusiastic about what's left to come? And perhaps a little bit of a longer-term comment of what you're still enthusiastic about and where the street should be essentially reshifting its attention to? Thank you so much.

在拉丁美洲，如果我錯了請糾正我，看起來玉米種植情況實際上可能比過去兩年好得多。那麼，您能否簡單談談，就整個美洲而言，您對未來最感興趣的是什麼？或許您可以稍微發表一下長期評論，看看您仍然對什麼感興趣，以及華爾街應該將注意力轉移到哪裡？太感謝了。

Yeah. Good morning, Chris, so I'll have Judd take the question, but let me just remind you, from a strategic perspective, there's really exciting things happening with our Seed business. Our history has been that we've been a net importer, licensee of technology. And what we're trying to do is strategically shift this to being an out-licenser of technology. And we're seeing really good traction when it comes to that strategy, Enlist is sort of the poster child for that.

是的。早安，克里斯，我讓賈德回答這個問題，但我只想提醒你，從戰略角度來看，我們的種子業務確實發生了令人興奮的事情。我們的歷史一直是技術的淨進口商和技術被授權者。我們正在嘗試做的是從策略上轉變為技術對外授權者。我們看到這項策略確實取得了很好的進展，Enlist 就是這項策略的典型代表。

But it's now happening in Enlist in Brazil, it's happening in corn, it's happening in canola. And then don't get me started about hybrid wheat because that's coming in the next three years. And we think that could be $1 billion of revenue opportunity at its peak. And so the pipeline is, I say, far from getting peak yet. In fact, I think the best is yet to come. But the way you've asked the question in terms of what's happening in certain regions, I'll have Judd answer that.

但現在，這種情況正在巴西的恩利斯地區、玉米地區和油菜籽地區發生。然後不要讓我開始談論雜交小麥，因為它將在未來三年內問世。我們認為，在高峰期，這可能帶來 10 億美元的收入機會。所以我認為，管道還遠遠沒有達到頂峰。事實上，我認為最好的事情還未到來。但是，鑑於您詢問的是某些地區正在發生的事情，我會讓賈德來回答。

Yeah. Chris, thanks for the question. And just maybe parlaying off of some of Chuck's comments about some of the spaces that we see as future growth potential, if you look at North America, of course, the talk has been consistently around are we going to put 95 million acres of corn in the ground. That's obviously very favorable for us. Our product portfolio is very, very strong right now.

是的。克里斯，謝謝你的提問。也許只是從查克關於我們認為具有未來成長潛力的一些領域的評論中得出的結論，如果你看看北美，當然，人們一直在談論我們是否要種植 9500 萬英畝的玉米。這對我們來說顯然非常有利。我們現在的產品組合非常非常強大。

And we see not only pricing opportunities with additional productivity and yield that we're bringing in the portfolio, but also, again, just a larger planted area. Planning progress, we're kind of right on where we typically see from a five-year window, not ahead, not behind. We've got a few favorable weeks. So it looks like we have a very legitimate chance to put those 95 million acres of corn in the ground. E3 performance has been extremely good as well, our germplasm on the Soybean side.

我們不僅看到了透過投資組合中引入的額外生產力和產量所帶來的定價機會，而且還看到了更大的種植面積。規劃進度，我們大致處於五年期窗口期的正常水平，既不超前，也不落後。我們已經歷了幾個順利的星期。因此看起來我們有一個非常合理的機會將這 9500 萬英畝玉米種植到地裡。我們的大豆種質在 E3 的表現也非常好。

So from a North America perspective, 2025 looks like it's going to be another solid year of growth. Shift down to Latin America now. This will be the first time in, what, the last four, five years, we've actually seen an expansion in summer corn planted area.

因此，從北美的角度來看，2025 年似乎將是另一個穩健成長的一年。現在轉移到拉丁美洲。這將是過去四、五年來我們第一次看到夏季玉米種植面積的擴大。

Local economics for growers in Brazil right now with ethanol expansion, which I think Chuck mentioned earlier in the call, is really solid. So it's meriting more corn acres going into the ground, which is certainly a good thing.

我認為查克在電話會議中早些時候提到過，隨著乙醇生產的擴大，巴西的當地種植者的經濟狀況目前確實很穩健。因此，值得增加玉米種植面積，這當然是件好事。

Safrinha, mid-single digit -- low to mid-single-digit continued expansion as we get into the fourth quarter. And we see the order book fill up, and we start to recognize revenue for Safrinha that will go in the ground after the first of the year. So feel very good about that. Chuck mentioned licensing, we've had a big move, was just down in Brazil a couple of weeks ago.

薩夫里尼亞，中等個位數－進入第四季度，低至中等個位數的擴張持續進行。我們看到訂單已滿，我們開始確認薩夫林哈的收入，這些收入將在年初後投入使用。所以對此感覺非常好。查克提到了許可，我們已經採取了重大舉措，幾週前才剛去過巴西。

We're working closely with a number of multipliers, bringing new germplasm, and obviously, Conkesta E3 and make it available to a significantly larger percentage of the market. So we see a real opportunity for some lift there in margin expansion. So couldn't be more excited about where we are in North America right now. We've got to get the crop in the ground, and the demand signals coming from Latin America, good.

我們正在與許多繁殖者密切合作，帶來新的種質，顯然還有 Conkesta E3，並使其能夠覆蓋更大比例的市場。因此，我們看到了提高利潤率的真正機會。所以我們對於目前在北美的情況感到非常興奮。我們必須把農作物種到地裡，來自拉丁美洲的需求訊號很好。

And maybe just one final mention. Our summer book and our Safrinha book are well ahead of prior year's pace in terms of what we see coming on the corn side. So I hope that answered your question. Thanks, Chris.

最後再提一下。就我們對玉米的預期而言，我們的夏季書籍和 Safrinha 書籍的步伐遠遠領先於去年。我希望這回答了你的問題。謝謝，克里斯。

Vincent Andrews, Morgan Stanley.

摩根士丹利的文森安德魯斯。

Thank you and good morning. Chuck, I'm wondering if you could color in your comments on the price environment in Crop Protection a little bit more. And in particular, what's driving sort of the change in the sort of trajectory or cadence of the negative pricing?

謝謝，早安。查克，我想知道您是否可以對作物保護的價格環境再多說一點。具體來說，是什麼因素推動了負定價軌跡或節奏的變化？

It seems like it's a little bit less negative but for a longer period of time. And is that uniform across markets and products? And are you seeing anything different from the generic competitors today versus six, nine months ago and likewise versus your branded peers? Thank you.

看起來，負面影響似乎沒那麼嚴重，但持續時間卻更長。這在各個市場和產品中都是統一的嗎？與六、九個月前相比，您是否發現今天的仿製藥競爭對手和您的品牌競爭對手有何不同？謝謝。

Yeah, good morning, Vincent, so why don't I have Robert give a perspective, and then I'll come back with some higher-level comments. Go ahead, Robert.

是的，早安，文森特，那麼我先讓羅伯特發表觀點，然後我再回來發表一些更高層次的評論。繼續吧，羅伯特。

Yeah. Vince, thanks. Price across for the year will dampen out as we get to the back part of the year as we begin to lap last year. And so you're your question there about it looks like it's still there, but it's not as bad is spot on. When you think about what's driving it and how does it look as we move forward, we're seeing some good signs of stabilizing coming out of China.

是的。文斯，謝謝。當我們進入下半年並開始回顧去年時，全年價格將會下降。所以你的問題是，它看起來仍然存在，但並沒有那麼糟。當你思考推動這項進程的因素以及未來發展前景時，我們會發現中國出現了一些穩定的良好跡象。

The generics pricing out of there have been stable for several months. So that's encouraging. And that's something that we watch a whole lot. This business has been a low single-digit organic growth business for a long time when you look at it over the decades, and it will return there. But we need to see -- we do need to see China's economy stabilize a little bit more.

那裡的仿製藥價格幾個月來一直保持穩定。這令人鼓舞。這是我們經常關注的事情。如果你回顧過去幾十年，你會發現這項業務長期以來一直是低個位數有機成長業務，而且它還會回到這個水平。但我們需要看到——我們確實需要看到中國經濟更穩定一點。

So that -- so the supply availability will tighten up a bit more. When we start to see those things, then we can start to think more about where is the bottom, what does that look like, et cetera. But we're in a pretty good position as we move across the rest of this year with our pricing primarily because our growth is all going to come from our Biologicals and new products.

因此，供應情況將會更加緊張。當我們開始看到這些東西時，我們就可以開始更多地思考底部在哪裡，它是什麼樣子的，等等。但隨著今年剩餘時間的推進，我們的定價處於相當有利的地位，主要是因為我們的成長將全部來自我們的生物製劑和新產品。

And in those areas, as we've talked about before, we have a higher margin, higher premium on those because of higher technology and it's continued to be pulled by the farmers across as well. So we think we're in a good place as it pertains to pricing. It is something that Chuck talked about earlier that we are paying a lot of attention to. But you're correct that it will soften as we continue to move through the year. Chuck?

正如我們之前所討論的，在這些地區，由於技術含量更高，我們的利潤更高，溢價也更高，而且農民也繼續從中受益。因此，我們認為就定價而言，我們處於有利地位。這是查克之前談到的、我們非常關注的事情。但您說得對，隨著時間的推移，這種情況將會逐漸緩和。查克？

Yeah. Maybe, Vincent, just a couple of my thoughts on this market. So look, I think what we've seen over the last two to three years was almost unprecedented. And what it feels like to us now is that there's some stability underneath the market. It's not going up yet, but volumes are healthy in going into the channel, but the channels now are much healthier than they have been for the last two or three years.

是的。也許，文森特，這只是我對這個市場的一些想法。所以，我認為我們在過去兩三年中看到的情況幾乎是前所未有的。我們現在的感覺是市場已經趨於穩定。雖然還沒有上升，但進入管道的量是健康的，但現在的管道比過去兩三年要健康得多。

So they're in the healthy range, which is what we needed to see. So we're seeing good volume. There's good uptake and on-farm demand is still quite healthy and strong. So farmer behavior, which is underpinning all of this is really quite healthy. And now what we're watching is just the generics coming out of Asia.

所以它們處於健康範圍內，這正是我們需要看到的。因此，我們看到了良好的交易量。吸收率良好，農場需求仍然相當健康且強勁。因此，支撐這一切的農民行為實際上非常健康。現在我們所關注的只是來自亞洲的仿製藥。

And that seems to have hit a floor as well. So that's another positive indication. But look, this is a competitive market. It's well supplied. You've got higher interest rates, so the channel is being very selective.

而且這似乎也已經觸底。這是另一個積極的跡象。但看看吧，這是一個競爭激烈的市場。供給充足。由於利率較高，因此通路的選擇性非常強。

All these things are weighing on the price-volume dynamic. But when we sit here today, we're more encouraged today than we have been in some time. What we'll need to see now, though, is we need to see sort of the generic pricing start to tick up a little bit in pricing, and that should turn the corner on the industry. One last comment is on Brazil.

所有這些都對價格-交易量動態產生影響。但今天當我們坐在這裡時，我們比以前任何時候都受到更大的鼓舞。然而，我們現在需要看到的是，我們需要看到通用價格開始略有上漲，這應該會為產業帶來轉機。最後一則評論是關於巴西的。

So Brazil is -- it's going to have more acres, as Judd referenced. I think the channel is a lot healthier than it has been. And so we're optimistic that we've seen sort of, at least for now, the recovery in Brazil is well underway. And that is a critical market for Corteva, as you know.

正如賈德所說，巴西將擁有更多的土地。我認為該管道比以前健康得多。因此，我們樂觀地看到，至少目前，巴西的經濟復甦正在順利進行中。如您所知，這對 Corteva 來說是一個關鍵市場。

Kevin McCarthy, Vertical Research Partners.

凱文·麥卡錫（Kevin McCarthy），Vertical Research Partners。

Yeah, thank you and good morning. Chuck, I realize it's been less than six months since your Capital Markets Day in New York, but I thought you might provide a brief update on the two new growth platforms that you unveiled there.

是的，謝謝你，早安。查克，我知道距離您在紐約舉辦的資本市場日還不到六個月，但我想您可以簡要介紹您在那裡推出的兩個新的增長平台。

It sounds like you're still excited about wheat. Maybe talk a little bit about the ramp to the economic opportunity. Are you still on track for a 2027 launch in hybrid red winter wheat? And any update on the winter canola for biofuels as you expand that pilot program?

聽起來你仍然對小麥很有興趣。也許可以稍微談談一下經濟機會的提升。您是否仍計劃於 2027 年推出雜交紅冬小麥？在擴大試點計畫的同時，有關用於生物燃料的冬季油菜籽有什麼最新進展嗎？

Yeah. Good morning, Kevin, happy to do it. So on wheat, as I mentioned, it is -- you think about wheat, and we said this at the Capital Markets Day, it's the largest row crop by area, so 500 million acres worldwide. And if we can do what we did for corn almost 100 years ago, and hybridize it, it will move the needle from a technology perspective for farmers, and it will actually put a dent in global food security on a positive scale. So this is a big deal for the world, we believe.

是的。早安，凱文，很高興能這麼做。因此，就小麥而言，正如我所提到的，它是——想想小麥，我們在資本市場日說過，它是面積最大的行種植作物，全球種植面積達 5 億英畝。如果我們能夠像近 100 年前對玉米那樣進行雜交，那麼從技術角度來看，這將為農民帶來巨大的改變，並且實際上會對全球糧食安全產生積極的影響。因此我們認為這對世界來說是一件大事。

Corteva has what we consider to be a proprietary sterility system, which will change the economics for farmers, and we will be able to bring genetic game to wheat. So that is really what we're trying to do. The crop that we had through our test plots this year, we'll be able to harvest them very soon, in the next, I'd say, weeks.

科迪華擁有我們認為的專有不孕系統，它將改變農民的經濟狀況，我們將能夠為小麥帶來基因改良。這就是我們真正想做的事。我們今年透過試驗田收穫的農作物，很快就能收穫，我想，就在接下來的幾週內。

But we think that the initial unlock of yield will be somewhere between 10% and 20%. And we -- our intention is to be a leader in this area and to do a combination of providing our own technology but also to license the technology.

但我們認為初始解鎖收益率將在 10% 至 20% 之間。我們的目標是成為該領域的領導者，不僅提供我們自己的技術，還提供技術授權。

And we are still on track for 2027 launch. And as I mentioned, this could be $1 billion of revenue at its peak. So pretty exciting initiative that the team at Corteva is very excited with. Now winter canola, so this is the second year of our pilot program. This is happening in six or seven states in the south here in the US.

我們仍有望在 2027 年推出。正如我所提到的，這在高峰期可能達到 10 億美元的收入。這是一個非常令人興奮的舉措，科迪華的團隊對此感到非常興奮。現在是冬油菜，這是我們試點計畫的第二年。美國南部有六、七個州正在發生這種情況。

The crop did survive the winter quite well. Again, it will be later this month when we run it through and check out the yields. But all systems are go on biofuels using canola, and we're really excited about this. And this coming season, we'll actually expand it from 30,000 acres approximately to maybe even in the hundreds of thousands of acres. So it's starting to gain a lot of momentum.

農作物確實很好地度過了冬天。再次，我們將在本月晚些時候進行檢查並查看收益。但所有系統都使用油菜籽生產生質燃料，我們對此感到非常興奮。而在接下來的這個季節，我們實際上將種植面積從大約 30,000 英畝擴大到甚至數十萬英畝。因此它開始獲得很大的發展勢頭。

And again, the reason that there's so much interest in this is farmers have choice. So farmers can plant winter wheat or they can go to a canola option now, and it's quite profitable for them. And then this is in conjunction with our relationship with Bunge and Chevron, where Bunge will take the crop and crush it into the oil and Chevron will move it into their biofuels. So this is a kind of a win-win-win across the board, and I think farmers in the South are very excited about having options here.

再次強調，人們對此如此感興趣的原因是農民有選擇權。因此，農民現在可以種植冬小麥或油菜籽，這對他們來說非常有利可圖。這是結合我們與邦吉和雪佛龍的關係，邦吉將把農作物壓榨成油，而雪佛龍則將其製成生物燃料。所以這是一個全方位的三贏，我認為南方的農民對於這裡的選擇感到非常興奮。

Josh Spector, UBS.

瑞銀的喬希·斯佩克特。

Yeah, hi, good morning. I wanted to ask two quick ones with the guidance around the tariff impact. So it's a little bit confusing where you call out the $50 million impact. You say actions are ongoing, but then your guidance says that you don't include tariff impacts within there. So can you clarify, I guess, that assumption, what you're baking in there? And just to follow up quickly on the FX side of things.

是的，你好，早安。我想快速問兩個有關關稅影響的問題。因此，當你說出 5000 萬美元的影響時，就會有點令人困惑。您說行動正在進行中，但您的指導意見卻說其中不包括關稅影響。那麼，我想，您能否澄清一下那個假設，即您在其中烘烤什麼？只是為了快速跟進外匯方面的事宜。

I just want to be clear if that Brazilian real exposure is locked in or if there's just -- we're not sure where rates are going to be in a few months from now when we're leaving that assumption unchanged. Thanks.

我只是想明確一下，巴西雷亞爾的風險敞口是否被鎖定，或者只是——如果我們保持這個假設不變，我們不確定幾個月後利率會是多少。謝謝。

Good morning, Josh, let me take the tariff question, and then David can handle the Brazil real. So the way we're thinking about this is after a lot of work in this area, we've been able -- what I would say is to reduce the overall macro tariff impact on Corteva to around the $50 million that we communicated today.

早安，喬希，讓我來回答關稅問題，然後大衛可以處理巴西雷亞爾。因此，我們對此的看法是，在這個領域做了大量工作之後，我們已經能夠——我想說的是，將對科迪華的整體宏觀關稅影響降低到我們今天傳達的 5000 萬美元左右。

And we have -- we feel very strong pathways to mitigate a lot more of this, but we need a little bit more time to finalize the action. So -- because of that, we chose not to include it in the guidance range for now. As well as $50 million with a $200 million guidance range, it's very manageable.

我們認為有非常強大的途徑來緩解這種情況，但我們需要更多時間來完成行動。因此——由於這個原因，我們選擇暫時不將其納入指導範圍。加上 2 億美元的指導範圍和 5,000 萬美元，這是非常容易管理的。

But when we get to the first half, we will hopefully have a lower number and we can give the net impact in our guide. And the reason we chose to keep it separated just for one more quarter is because we felt it was important for investors to be able to see the core business unobstructed by tariffs.

但當我們進入上半場時，我們希望得到一個較低的數字，並且我們可以在我們的指南中給出淨影響。我們之所以選擇再將其分開一個季度，是因為我們認為讓投資者能夠看到核心業務不受關稅影響非常重要。

And we have taken a lot of mitigation steps that are going to bear fruit here. So that's our thinking today, and we'll update the market as we know more. We're being very transparent with that -- the number today would be $50 million. But we feel that through network optimization, further cost productivity actions, we can move a long way down the scale of reducing that further.

我們已經採取了許多緩解措施，這些措施將會取得成效。這就是我們今天的想法，我們會在了解更多資訊後向市場更新。我們對此非常透明——今天的數字是 5000 萬美元。但我們認為，透過網路優化和進一步的成本生產行動，我們可以大幅降低這一水平。

David, the Brazil real?

大衛，巴西雷亞爾？

Yeah. So if you look at Brazil real, I think most people -- we mentioned this before, our exposure is definitely back half-related. So about 85% of our total BRL exposure is in the back half of the year. As we sit here today, we are hedged at over 80% for Q3 and just under 20% for Q4. And we always layer that in as the exposures become more clear as we progress through the year.

是的。因此，如果你看一下巴西雷亞爾，我想大多數人——我們之前提到過這一點，我們的風險敞口肯定是與巴西雷亞爾有一半相關的。因此，我們巴西雷亞爾總敞口的約 85% 發生在下半年。截至目前，我們對第三季的對沖率已超過 80%，對第四季的對沖率略低於 20%。隨著時間的流逝，我們總是會將這些資訊分層整理，因為曝光情況會變得越來越清晰。

So I think if you look at where we're able to forward-hedge that right now, we're just under the 6.0 that we had put in our original guide. So I would say that's slightly favorable to where we are right now. We're also looking at our exposures have gone up a little bit as we expect a little bit more volume and a little less price in Brazil. So all in all, I'd say, pretty balanced right now. Again, we'll have a little bit more clarity at the end of Q2, and I am sure we will update this assumption.

因此，我認為，如果您看看我們現在能夠進行前瞻性對沖的地方，我們剛好低於我們原始指南中設定的 6.0。所以我想說這對我們目前的狀況來說稍微有利。我們還發現，我們的曝光度有所上升，因為我們預計巴西的銷量會略有增加，而價格會略有下降。總而言之，我想說，目前相當平衡。再次，我們將在第二季末獲得更清晰的認識，我相信我們會更新這個假設。

David Begleiter, Deutsche Bank.

大衛‧貝格萊特，德意志銀行。

Hi, This is Emily Fusco on for Dave Begleiter. So with the likely further share shift in Chinese Soybean imports from the US to Brazil, how is Corteva positioned for this? And how much more profitable are Soybean sales in the US than Brazil? Thank you.

大家好，我是 Emily Fusco，為 Dave Begleiter 節目節目。那麼，隨著中國大豆進口份額可能進一步從美國轉移到巴西，科迪華將如何應對？美國的大豆銷售利潤比巴西高多少？謝謝。

Yeah, so good morning, Emily, let's step back and then I'll have Judd talk about profitability between Corn and Soybeans for -- at least for Corteva. But the way we're thinking about this right now is farmers today are really focused on getting the crop into the ground. You can see the area shift, right? So they have sort of prioritized Corn over Soybeans, at least this year, because the economics make sense to do that.

是的，早上好，艾米麗，讓我們先退一步，然後我會讓賈德談談玉米和大豆之間的盈利能力——至少對於科迪華來說。但我們現在考慮的是，如今的農民真正關注的是將作物種植到地裡。您可以看到區域轉移，對嗎？因此，至少今年他們優先種植玉米而不是大豆，因為這樣做符合經濟效益。

Now you're right to call out -- so if you think about Soybeans, 50% of the US Soybeans are exported. And the three top destinations for this are China, Mexico and the EU. And that -- and those three account for 65% of that 50%. So what we think is happening is a lot of this is already reflected in the trading markets, and farmers can then make the proper decisions.

現在你說得對——如果你想想大豆，50% 的美國大豆都用於出口。其中，前三大目的地是中國、墨西哥和歐盟。這三者佔了那 50% 中的 65%。因此，我們認為，許多情況已經反映在交易市場中，農民可以做出正確的決定。

What we're hopeful to see and what we need to see is that come harvest that some of these export markets reopen so that US farmers will be able to export Soybeans around the world. And when you think about where else certain countries can get their Soybeans from, what usually comes to mind is Brazil and Argentina because they're also major exporters of Soybeans. But what we would say is that Brazil and Argentina, they cannot fill the total global demand for Soybeans.

我們希望看到並且我們需要看到的是，收穫季節到來時，一些出口市場重新開放，以便美國農民能夠向世界各地出口大豆。當你考慮某些國家還能從哪裡獲得大豆時，通常會想到巴西和阿根廷，因為它們也是大豆的主要出口國。但我們要說的是，巴西和阿根廷無法滿足全球對大豆的總需求。

So, US production is absolutely needed. And it's very early. It's only May, but that's what we're hoping to see. And as this kind of works itself through, what we would expect to see is even further area shifts if this persists. And you may even see premium pricing for Soybeans coming out of Latin America because it will warrant it.

因此，美國的生產是絕對必要的。而且現在還很早。雖然現在才五月，但這正是我們希望看到的。隨著這種情況逐漸顯現，如果這種情況持續下去，我們預計會看到進一步的區域轉變。你甚至可能會看到拉丁美洲大豆的溢價，因為它有理由這麼做。

So lots to be determined on this question. But from a Corteva-specific, from an economic perspective, maybe, Judd, you can answer that.

因此，這個問題有很多需要確定。但從 Corteva 的具體經濟角度來看，也許，賈德，你可以回答這個問題。

Yeah. So I think what you're seeing currently from a market perspective is both in North America and Latin America, just from where commodity prices are versus inputs and farmer economics is saying, 95 million acres of Corn in the US, assuming that we have another few weeks of solid planning.

是的。因此，我認為，從市場角度來看，目前北美和拉丁美洲的情況是這樣的，僅從商品價格與投入以及農民經濟的關係來看，美國的玉米種植面積為 9500 萬英畝，假設我們再進行幾週的周密規劃。

And you see an expansion for the first time in summer corn in Brazil and continued expansion, kind of low to mid-single digits expected in Safrinha. So good economics on the Corn side in both markets. However, from a Soybean perspective, still good, solid economics, lower input crop from a fertility perspective with soy.

巴西夏季玉米產量首次出現成長，並將繼續成長，預計薩夫里尼亞的產量將達到低至中等個位數。因此，兩個市場的玉米經濟狀況都很好。然而，從大豆的角度來看，大豆仍然是一種良好、穩固的經濟作物，從生育角度來看，大豆的投入作物較低。

From a Corteva perspective, and I think we've shared this in the past, typically, when we see 1 million acre shift go from soy to corn, it's about $10 million to $15 million of EBITDA shift internal to Corteva. So, we'll see where we land, but those are the forecast as we are today. And our order books would support that.

從科迪華的角度來看，我想我們過去已經分享過這一點，通常，當我們看到 100 萬英畝的土地從大豆轉向玉米時，科迪華內部的 EBITDA 轉移約為 1000 萬至 1500 萬美元。所以，我們會看到我們降落在哪裡，但這些是我們今天的預測。我們的訂單簿將支持這一點。

Steve Byrne, Bank of America.

美國銀行的史蒂夫伯恩。

Yeah, thank you. This out-licensing model that you've launched, is that targeting roughly 20% of the US Corn Seed market with these independent seed companies? Where do you see the potential for you to penetrate that? You're using this PowerCore trait. Is it -- is that because there's no proteins in there that you've had to license?

是的，謝謝。你們推出的這種對外授權模式，是否旨在透過這些獨立種子公司佔領美國玉米種子市場約 20% 的份額？您認為您在哪些方面有潛力實現這一目標？您正在使用此 PowerCore 特性。是不是因為裡面沒有你需要許可的蛋白質？

And then just one more on Corn Seed, specifically in Asia. Your -- that region represents 5% of your Seed sales, but it's a quarter of the global corn production. Is that a region that you think you can gain share? And if not, what's the challenge? Is it less desirable for any particular reason?

然後再談一下玉米種子，特別是在亞洲。該地區的種子銷售額佔全球的 5%，但玉米產量卻佔全球的四分之一。您認為您可以在這個地區獲得份額嗎？如果不是，那麼挑戰是什麼？是否由於某種特殊原因，它不那麼受歡迎？

Yeah. Hi, Steve, let me take the first one on out-licensing and then Judd can answer the Asia opportunity question. So look, for us, the step-back, right, we were an insignificant player when it comes to Corn, but even Soybean out-licensing. We've already pegged the global opportunity for Corn and Soybean licensing to be about $4 billion, and it's really driven from the US and Brazil.

是的。你好，史蒂夫，首先讓我來回答關於對外授權的問題，然後賈德可以回答關於亞洲機會的問題。所以，對我們來說，退一步來說，在玉米方面，我們是一個無足輕重的參與者，但在大豆方面，我們甚至獲得了外部許可。我們已經將玉米和大豆許可的全球機會估計為約 40 億美元，而這主要受到美國和巴西的推動。

So that is absolutely the opportunity set. We have over 100 licensees of both Corn and Soybean right now. That list is getting added to. And from my perspective, I don't see why we can't have a meaningful share of that $4 billion over time. PowerCore is -- what I'd say is our first foray into corn out-licensing.

所以這絕對是一個機會。目前，我們擁有超過 100 個玉米和大豆許可證持有者。該列表正在不斷添加。從我的角度來看，我不明白為什麼我們不能隨著時間的推移從這 40 億美元中分得一杯羹。PowerCore 是我們首次涉足玉米對外授權領域。

It's fantastic technology, especially when you put that trade technology with our leading germplasm. And you look at it as a full packaging system. And it's competing very well and the demand for it is increasing quite readily.

這是一項了不起的技術，尤其是當你將這項貿易技術與我們領先的種質結合時。你可以把它看作是一個完整的包裝系統。它的競爭非常激烈，需求也迅速成長。

So I don't want to give you a specific number because I think the opportunity is to be determined. But there is no reason why we can't have our fair share of that overall out-licensing market, and I'd say globally. APAC and our opportunity, Judd?

所以我不想給你一個具體的數字，因為我認為機會還有待確定。但我們沒有理由不能在整個對外授權市場，甚至是全球範圍內，獲得應有的份額。亞太地區和我們的機會，賈德？

Yeah. So from an APAC perspective, you think about the region, you think about the various countries, a lot of small holder farmers in APAC. There are some markets that we don't participate in as heavily as others. But you're right, Steve. I think there is certainly an opportunity for us to continue to expand our germplasm penetration in APAC.

是的。因此，從亞太地區的角度來看，您可以考慮該地區、考慮各個國家以及亞太地區的許多小農。我們對某些市場的參與程度不如對其他市場那麼深入。但你是對的，史蒂夫。我認為我們肯定有機會繼續擴大我們在亞太地區的種質滲透率。

As we get additional countries that are looking at next-gen technologies, i.e., gene editing and GMO, I think it will even allow us to have a broader presence there. But big market, a lot of acres, a lot of small holder farmers, very different than North America and Latin America. We've got a great presence there today. But I think it's fair to say that the team in APAC and we believe from an R&D and a commercial perspective that we can participate bigger in those markets, so opportunity.

隨著越來越多的國家開始關注下一代技術，即基因編輯和基因改造技術，我認為這將使我們在這些國家擁有更廣泛的影響力。但是，這裡的市場很大，土地面積很大，小農戶也很多，與北美和拉丁美洲有很大不同。今天我們在那裡表現十分出色。但我認為可以公平地說，亞太地區的團隊和我們從研發和商業角度都相信，我們可以更參與這些市場，所以機會很多。

Duffy Fischer, Goldman Sachs.

高盛的達菲費雪。

Yeah, good morning guys. Kind of a specific question on your approach in Brazil between your Conkesta E3 and then the competing Intacta. So if you're pitching this to the Seed multipliers down there, you could look -- is the efficacy against bugs better with your product?

是的，大家早安。我想問一個具體問題，關於你們在巴西對 Conkesta E3 和競爭對手 Intacta 採取的策略。因此，如果您將此產品推銷給下面的種子乘數，您可以看看—您的產品對抗蟲子的功效是否更好？

Or is it relatively the same? In Brazil, having 2,4-D versus Dicamba, is that an advantage? And then are they getting a different price between the two, so there's more profit maybe with one versus the other? What's the pitch, I guess, to the Seed multiplier your product versus the competitor?

還是相對來說是一樣的？在巴西，使用 2,4-D 比使用二氯苯氧乙酸有優勢嗎？那麼，他們在兩者之間是否會得到不同的價格，因此其中一個的利潤可能比另一個更高？我想，與競爭對手相比，您的產品對種子乘數的定位是什麼？

Yeah. Great question. Thank you. And maybe start from the top. First of all, from a technology standpoint, Conkesta versus Intacta, 2,4-D versus Dicamba, we have very competitive technologies on both sides of that equation.

是的。好問題。謝謝。也許可以從頂部開始。首先，從技術角度來看，Conkesta 與 Intacta、2,4-D 與 Dicamba 相比，我們在等式的兩邊都擁有非常有競爭力的技術。

We had been going down the path for a number of years of very much a branded business. And shifting to multipliers and licensees expands our ability to penetrate the market significantly faster than if we try to do so within just a branded business.

多年來，我們一直致力於品牌經營。與僅在品牌業務範圍內嘗試相比，轉向乘數和許可證可以大大擴展我們滲透市場的能力。

Growers are looking for this technology and the efficacy and the utility of the technology. So we're excited about that. Multipliers are looking for another option, and they want to be able to bring choices to their customer base.

種植者正在尋找這項技術以及該技術的功效和實用性。所以我們對此感到很興奮。乘數者正在尋找另一種選擇，他們希望能夠為他們的客戶群帶來選擇。

And so those are the two big pieces of opportunity that creates. And maybe more so than anything else, it allows us to put our technology in the hands of more people faster and penetrate that space and make the technology available for them. So we're excited about the move. We're in the kind of infant first to second year here. So we'll see this expand quickly, and we'll certainly keep you informed as to how it's going.

這就是所創造的兩個重大機會。也許最重要的是，它使我們能夠更快地將我們的技術交到更多人手中，並滲透到這個領域並讓他們能夠使用這項技術。因此我們對這項舉措感到非常興奮。我們正處於嬰兒期的第一年到第二年。因此，我們會看到它迅速擴展，並且我們一定會隨時向您通報進展。

Patrick Cunningham, Citi.

花旗銀行的派崔克‧坎寧安 (Patrick Cunningham)。

Hi, good morning. Seed production costs were solidly lower in the quarter, and just want to understand the extent of commodity cost inflation hitting the P&L versus execution on productivity. And how much of an offset the trade launches have been or will be for the balance of the year?

嗨，早安。本季種子生產成本穩定下降，只是想了解商品成本通膨對損益表和生產力執行的影響程度。而貿易啟動對今年餘下時間的抵銷作用有多大呢？

Yeah. So maybe I'll start and then throw it to David for the P&L [Qs]. I think we were, from a cost standpoint, down about $100 million in the first quarter. A big piece of it is commodity. A big piece of it is productivity. So it's both.

是的。因此，也許我會開始，然後將其交給 David 以獲取損益表 [Qs]。我認為，從成本角度來看，第一季我們損失了約 1 億美元。其中很大一部分是商品。其中很大一部分是生產力。所以兩者都有。

We have seen continued improvement in terms of our licensing fees on the soy side, and we saw some of that come into the first quarter. We'll see more of that as we get into the first half of the year. So we've just got commodity going the right way. We've got a huge effort and a huge push around productivity.

我們看到大豆的授權費用持續改善，其中一些改善已經在第一季出現。進入上半年，我們將會看到更多這樣的情況。所以我們的商品已經走上正確的道路。我們在提高生產力方面付出了巨大的努力和巨大的推動。

This has been a multi-year effort. It's coming to fruition at this point in time. And so it feels good. Second half, I think we should see something similar come through. But again, we have to deliver that and we've got to get the product in the ground.

這是一項多年的努力。現在它正在取得成果。所以感覺很好。下半場，我認為我們應該會看到類似的情況發生。但我們必須再次實現這一目標，並且必須將產品推廣到地面。

So David, anything I missed there?

那麼 David，我遺漏了什麼嗎？

You pretty much proceeded right on about $200 million for the full year. We did see $100 million in Q1. Kind of in Q2, Q3, we do see some of those offsets like the new trade introduction costs and those sort of things. So that's why it's a little bit front-end loaded in the first half. In the back half, we are expecting about the same level.

您全年的收入基本上都在 2 億美元左右。我們確實在第一季看到了 1 億美元的收入。在第二季和第三季度，我們確實看到了一些抵銷因素，例如新貿易引入成本之類的。這就是為什麼前半部有點前端加載的原因。在後半段，我們預計會達到大致相同的水平。

So when you add it all together, it's about $200 million for Seed, $200 million also for CP. You'll see a little bit of that in the first part of the year, also mainly in Q1, because we saw the deflation kind of starting to level out. And remember, we saw some of that in the back half of the year. So that's why it looks a little bit more front-end loaded than when you look at Q1 versus our overall $400 million for the year. Again, we feel pretty good with where we are at this point in time on the $400 million.

所以當你把所有錢加在一起時，Seed 大約是 2 億美元，CP 也是 2 億美元。您會在今年上半年看到一些這樣的情況，主要是在第一季度，因為我們看到通貨緊縮開始趨於平穩。請記住，我們在下半年已經看到了一些這樣的情況。因此，與第一季相比，與我們全年 4 億美元的總額相比，它看起來前端負載更大一些。再說一次，我們對目前 4 億美元的狀況感到非常滿意。

Edlain Rodriguez, Mizuho.

瑞穗的埃德萊恩·羅德里格斯 (Edlain Rodriguez)。

Thank you. Good morning everyone. Chuck, one quick one for you. I mean, I think at the beginning of the call, you've described like the Ag -- you've described the Ag fundamentals as mixed. Like what concerns you the most? Is it the level of crop prices that you don't think are fully supportive? I mean, what do you think the mix has sort of been good?

謝謝。大家早安。查克，給你一個簡單的問題。我的意思是，我認為在通話開始時，您已經將農業的基本面描述為混合的。您最關心什麼？您是否認為農作物價格水準不足以提供充分支撐？我的意思是，您認為這種混合有什麼好處嗎？

Yeah. Good morning, Edlain, so here's how I'm seeing the global Ag markets, and we said some of this already, right? But planting has went quite well so far this year and weather has cooperated. I think we're still expecting record demand for grains and oilseeds, which is a key barometer for me. Global inventories, especially with corn, they're relatively tight.

是的。早安，艾德萊恩，以下是我對全球農業市場的看法，我們已經討論過其中的一些了，對吧？但今年到目前為止，種植進展順利，天氣也很好。我認為我們仍然預期穀物和油籽的需求將創歷史新高，這對我來說是一個關鍵的晴雨表。全球庫存，尤其是玉米庫存，相對緊張。

And you can see what farmers have done, right? They're going to plant more corn, which makes all the sense. And I think in the first quarter, we said it was going to be the year of Corn. And it's too early to call that, but it certainly looks that way to me. And then on farm demand, not only for the top hybrids and varieties, but also for the top-branded CP technologies, they're robust.

你可以看到農民們做了什麼，對吧？他們打算種植更多的玉米，這是完全合理的。我認為在第一季度，我們就說過今年將是玉米年。現在下結論還為時過早，但在我看來確實如此。然後就農場需求而言，不僅對頂級雜交品種和良種的需求，而且對頂級品牌 CP 技術的需求也很強勁。

So, if you put all that into positive comments, that -- there's a lot there to like when it comes to the Ag fundamentals. The one area that we're watching, of course, is just -- if you look at crop pricing, they have come down a little bit, and that has tightened margins.

因此，如果您將所有這些都納入積極的評論中，那麼當涉及農業基本面時，有很多值得喜歡的地方。當然，我們正在關注的一個領域是——如果你看看農作物價格，你會發現它們已經略有下降，這導致利潤率收緊。

Now it's not consistent around the world. For example, Brazil is seeing -- actually, there's some higher pricing for crop prices and higher margins for Brazilian farmers, which is driving the behavior that we've just described in Brazil, and there's really solid fundamentals in Brazil. But margins have come off a little bit for farmers here in the United States.

現在世界各地都不再一致。例如，巴西實際上看到農作物價格上漲，巴西農民的利潤率也更高，這推動了我們剛才所描述的巴西的行為，而且巴西的基本面確實穩固。但美國農民的利潤卻下降。

So that's the one thing that we're watching, and we haven't seen any behavior change nor would we expect it. In fact, when things get a little tight, usually what happens is farmers actually invest in technology. And that's exactly what we're seeing today. So when I think about the fundamentals, more or less, I'd say, there's some strength there. But then you have to kind of overlay, and I don't want to bring it back entirely to trade in tariffs.

這是我們正在觀察的一件事，我們還沒有看到任何行為變化，我們也沒有預料到會有變化。事實上，當情況變得有點緊張時，農民通常會投資科技。這正是我們今天所看到的。因此，當我考慮基本面時，我會或多或少地說，那裡存在一些優勢。但隨後你必須採取某種疊加措施，而且我不想將其完全恢復到關稅貿易。

But the second half of the year, we do need to see some export windows open up for the grain that will be harvested. And so that's another thing that are we concerned about? I'd say no, not yet, but it is something we're watching.

但下半年，我們確實需要看到一些即將收穫的糧食出口窗口開放。這是我們關心的另一件事嗎？我想說還沒有，但我們正在關注這件事。

So -- and I think that this is all related, the macroeconomic plus the geopolitical landscape, I think that is all kind of built into the commodity trading prices right now, and we need to kind of see how that goes through the second half of the year.

所以——我認為這一切都是相關的，宏觀經濟加上地緣政治格局，我認為這都已經融入到目前的大宗商品交易價格中，我們需要看看下半年的情況如何。

The last comment, which we've already talked about, is CP pricing. So we've already made the change today that we think that it's -- the pricing for the industry will be down low single digits for the full year. That is reflected in the guide. It's our best thinking today. And right now, that would be our view. And it is also, I think, a second thing we're carefully monitoring as we get through the first half of the year. Hopefully, that helps.

最後一則評論，我們已經討論過了，就是 CP 定價。因此，我們今天已經做出了改變，我們認為——全年行業價格將下降個位數。這在指南中有所體現。這是我們今天最好的想法。目前，這就是我們的觀點。我認為，這也是我們在上半年密切關注的第二件事。希望這能有所幫助。

Jeff Zekauskas, JPMorgan.

摩根大通的 Jeff Zekauskas。

Thanks very much. What percentage of Corn hybrids that you sell in the US are imported from other countries? And is that a source of tariff penalty? And for Dave, the EBITDA guide difference is $200 million, but the cash flow expectation is $400 million difference. What is it about your business where the cash flows are harder to predict than the EBITDA?

非常感謝。您在美國銷售的玉米雜交種有多少比例是從其他國家進口的？這是關稅懲罰的來源嗎？對戴夫來說，EBITDA 指引差異為 2 億美元，但現金流預期差異為 4 億美元。您的企業的現金流量為什麼比 EBITDA 更難預測？

So Jeff, thanks for the question. In terms of what percentage of Corn hybrids that we sell commercially in the US -- come outside the US, essentially, the answer is zero. We have some parent seed in some of our facilities that come in from different parts of the world where we've got 24 -- or 12-month a year growing seasons from parent.

傑夫，謝謝你的提問。至於我們在美國商業銷售的玉米雜交種中有多少比例來自美國以外，答案基本上是零。我們的一些設施中有一些來自世界各地的母本種子，這些母本種子有 24 個生長季節，或者說一年 12 個月的生長季節。

But almost exclusively around the world, I mean -- and I want to say 90%-plus of our production is local, which is why you see such a really insignificant tariff impact. So maybe pass the second question -- or the second piece of your question to David.

但我的意思是，幾乎完全在世界各地——我想說我們的生產 90% 以上都是本地的，這就是為什麼關稅的影響如此之小。所以也許可以把第二個問題——或者問題的第二部分交給大衛。

Yeah. So on the cash, the reason why you have that situation is when you look at our cash flows for the year, a significant part of our positive cash flow is in Q4. And when you look at the different reasons for what drives that number, one of the biggest ones is the cash credit mix, which we don't know to very much into the year, almost into December, into different parts of December. So that is a large driver of our overall number. I think when we look at Q1, and we're $500 million better than where we were last year.

是的。因此，就現金而言，出現這種情況的原因是，當您查看我們今年的現金流時，我們會發現我們正現金流的很大一部分來自第四季度。當你查看導致這一數字的不同原因時，你會發現其中最大的原因之一是現金信貸組合，我們對這一數字的了解並不多，幾乎進入了 12 月，進入了 12 月的不同時期。所以這是我們總體數量的一大推動力。我認為，當我們看第一季時，我們的營收比去年同期增加了 5 億美元。

So we obviously feel really good about that. Higher EBITDA, better working capital, we can control the working capital, obviously. So I think we're in good shape there.

所以我們顯然對此感到非常高興。更高的 EBITDA，更好的營運資本，我們顯然可以控制營運資本。所以我認為我們的情況很好。

And that concludes our Q&A session. I will now turn the conference back over to Kim Booth for closing remarks.

我們的問答環節到此結束。現在我將會議交還給 Kim Booth 並請他致閉幕詞。

Great. That concludes our call. We thank you for joining, and for your interest in Corteva. We hope you have a safe, and wonderful day.

偉大的。我們的通話到此結束。感謝您的加入以及對 Corteva 的關注。我們希望您度過安全美好的一天。

And this concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。