杜邦 (DD) 2021 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the fourth quarter 2021 earnings call. (Operator Instructions) I would now like to hand the conference over to your speaker today, Pat Fitzgerald, from Investor Relations.

美好的一天，感謝您的支持。歡迎來到 2021 年第四季度財報電話會議。 （操作員說明）我現在想將會議交給您今天的演講者，來自投資者關係部的 Pat Fitzgerald。

Good morning, and thank you for joining us for DuPont's Fourth Quarter 2021 Earnings Conference Call. We are making this call available to investors and media via webcast. We have prepared slides to supplement our comments during this conference call. These slides are posted on the Investor Relations section of DuPont's website and through the link to our webcast.

早上好，感謝您參加杜邦 2021 年第四季度收益電話會議。我們正在通過網絡廣播向投資者和媒體提供此電話。我們準備了幻燈片來補充我們在這次電話會議期間的評論。這些幻燈片發佈在杜邦網站的投資者關係部分，並通過我們的網絡廣播鏈接發布。

Joining me on the call today are Ed Breen, Chief Executive Officer; and Lori Koch, Chief Financial Officer. Please read the forward-looking statement disclaimer contained in the slides.

今天和我一起參加電話會議的是首席執行官 Ed Breen；和首席財務官 Lori Koch。請閱讀幻燈片中包含的前瞻性聲明免責聲明。

During our call, we will make forward-looking statements regarding our expectations or predictions about the future. Because these statements are based on current assumptions and factors that involve risk and uncertainty, our actual performance and results may differ materially from our forward-looking statements. Our 2020 Form 10-K, as updated by our current and periodic reports, includes detailed discussion of principal risks and uncertainties, which may cause such differences.

在我們的電話會議中，我們將就我們對未來的期望或預測做出前瞻性陳述。由於這些陳述基於當前的假設和涉及風險和不確定性的因素，我們的實際業績和結果可能與我們的前瞻性陳述存在重大差異。根據我們當前和定期報告的更新，我們的 2020 年表 10-K 包括對可能導致此類差異的主要風險和不確定性的詳細討論。

Unless otherwise specified, all historical financial measures presented today exclude significant items. We will also refer to other non-GAAP measures. A reconciliation to the most directly comparable GAAP financial measure is included in our press release and posted to the Investor page of our website.

除非另有說明，今天提出的所有歷史財務指標均不包括重要項目。我們還將參考其他非公認會計原則措施。與最直接可比的 GAAP 財務指標的對賬包含在我們的新聞稿中，並發佈到我們網站的投資者頁面。

I'll now turn the call over to Ed.

我現在把電話轉給 Ed。

Thanks, Pat, and good morning, everyone. Thank you for joining our fourth quarter earnings call. In addition to discussing our fourth quarter results and outlook for 2022, this morning, I'll also comment on the progress of both our intended acquisition of Rogers and our process for divesting a majority of the M&M segment.

謝謝，帕特，大家早上好。感謝您參加我們的第四季度財報電話會議。除了討論我們第四季度的業績和 2022 年展望外，今天上午，我還將評論我們對羅傑斯的預期收購進展以及我們剝離大部分 M&M 部門的過程。

Our fourth quarter results were highlighted by 6% volume gains, including a 9% increase in the E&I segment and a 12% increase in W&P. M&M delivered top line results ahead of expectations, including volumes well ahead of global auto builds in the quarter. Customer demand was broad based across the portfolio, led by greater than 20% volume growth in Semiconductor Technologies and high-teens volume growth in water. Our top line performance also reflects significant pricing actions we took to offset $250 million of raw material inflation in the quarter. We are seeing increases in all businesses with about 3/4 of the impact in M&M. Our teams have done an outstanding job monitoring our input costs and quickly translating that into price increases to remain price cost neutral for the year.

我們的第四季度業績突出顯示了 6% 的銷量增長，其中包括 E&I 部門增長 9% 和 W&P 增長 12%。 M&M 的業績超出預期，包括本季度的全球汽車產量遠超預期。整個產品組合的客戶需求廣泛，其中半導體技術的銷量增長超過 20%，水的銷量增長了十幾倍。我們的最高業績還反映了我們為抵消本季度 2.5 億美元的原材料通脹而採取的重大定價行動。我們看到所有業務的增長，其中 M&M 的影響約佔 3/4。我們的團隊在監控我們的投入成本方面做得非常出色，並迅速將其轉化為價格上漲，從而在今年保持價格成本中性。

We are taking additional actions as we work to offset logistics costs, which during the fourth quarter were a $50 million headwind, mostly in W&P. I want to recognize, in fact, our employees who show up every day in our factories to keep our lines running and supplying the necessary products and solutions to deliver results like we reported today. Their unwavering commitment in the face of a relentless pandemic, ongoing supply chain disruptions and logistic challenges deserves our gratitude.

在努力抵消物流成本的同時，我們正在採取額外的行動，這在第四季度是 5000 萬美元的逆風，主要是在 W&P。事實上，我想表彰我們的員工，他們每天都出現在我們的工廠中，以保持我們的生產線正常運轉並提供必要的產品和解決方案，以實現我們今天報導的結果。面對無情的流行病、持續的供應鏈中斷和物流挑戰，他們堅定不移的承諾值得我們感謝。

Turning to Slide 3. I will provide an update on our portfolio transformation, and we'll review how our focus on those strategic actions, balanced capital allocation and innovation-led growth position us extremely well heading into 2022 to continue unlocking value for our shareholders, innovating for our customers and creating opportunity for our employees.

轉到幻燈片 3。我將介紹我們的投資組合轉型的最新情況，我們將回顧我們對這些戰略行動、平衡資本分配和創新主導的增長的關注如何使我們在進入 2022 年以繼續為我們的股東釋放價值，為我們的客戶創新，為我們的員工創造機會。

In November, we announced our planned acquisition of Rogers Corporation as well as our intent to divest a significant portion of our M&M segment. These portfolio actions will position DuPont among the top of a multi-industrial peer set with top quartile revenue growth, EBITDA margins and low cyclicality, all hallmarks of top-performing companies. Going forward, our business will be centered around the secular high-growth pillars of electronics, water, industrial technologies, protection and next-generation automotive. Our team sees strong customer demand across these pillars driven by megatrends such as the transition to hybrid and electric vehicles, clean water, sustainability and the move to 5G.

11 月，我們宣布了對羅傑斯公司的收購計劃以及我們剝離大部分 M&M 部門的意圖。這些投資組合行動將使杜邦在收入增長、EBITDA 利潤率和周期性低的多行業同行中名列前茅，這些都是表現最佳的公司的標誌。展望未來，我們的業務將圍繞電子、水、工業技術、保護和下一代汽車等長期高增長支柱。我們的團隊看到，大趨勢推動了這些支柱的強勁客戶需求，例如向混合動力和電動汽車的過渡、清潔水、可持續性和向 5G 的轉變。

The preparation for the Rogers acquisition is well underway and on track for end of second quarter closing. Several significant milestones in the path to closing have already been achieved. In mid-December, the waiting period under the HSR expired here in the U.S. and regulatory processes in other parts of the world are underway. Just 2 weeks ago on January 25, Rogers shareholders voted to approve the transaction.

收購羅傑斯的準備工作正在順利進行，並有望在第二季度末完成。在關閉的道路上已經實現了幾個重要的里程碑。 12 月中旬，美國的 HSR 等待期到期，世界其他地區的監管程序正在進行中。就在兩週前的 1 月 25 日，羅傑斯股東投票批准了這筆交易。

Excitement is building for combining this business with our portfolio of electronics offerings, which includes our recent acquisition of Laird Performance Materials. Our teams are anxious to get to the point where we could start working with the application engineers, R&D and sales teams at Rogers to map out the revenue synergy opportunities in the areas of next-generation auto, 5G infrastructure, defense electronics and clean energy. Combined with Laird, these acquisitions increase the total addressable market of our E&I business by approximately 50% and will deepen our penetration into markets such as electric vehicles, consumer electronics and industrial technologies.

將這項業務與我們的電子產品組合（包括我們最近收購的 Laird Performance Materials）相結合令人興奮不已。我們的團隊渴望能夠開始與羅傑斯的應用工程師、研發和銷售團隊合作，以規劃在下一代汽車、5G 基礎設施、國防電子和清潔能源領域的收入協同機會。與萊爾德一起，這些收購將我們的 E&I 業務的總潛在市場增加了約 50%，並將加深我們對電動汽車、消費電子產品和工業技術等市場的滲透。

A lot of work has been done to plan for the cost synergies associated with the Rogers acquisition, which we expect to be approximately $115 million. We also have line of sight to about $63 million of cost synergies from the Laird acquisition from last summer, which is ahead of our target. We are looking across both of the acquisitions as well as our existing E&I business to maximize our synergies through G&A and footprint optimization, along with procurement savings.

已經做了大量工作來計劃與羅傑斯收購相關的成本協同效應，我們預計約為 1.15 億美元。從去年夏天開始，我們還看到了 Laird 收購帶來的約 6300 萬美元的成本協同效應，這超出了我們的目標。我們正在研究這兩項收購以及我們現有的 E&I 業務，以通過 G&A 和足跡優化以及採購節省來最大化我們的協同效應。

We also announced that we have initiated a process to divest the majority of the M&M segment. Our work here is also on track and progressing well. As I had expected, there is a significant level of interest in this market-leading asset, and I am pleased with how the process is progressing. Our target is to have a signed agreement by the end of the first quarter with the closing in the fourth quarter of this year.

我們還宣布，我們已經啟動了剝離大部分 M&M 部門的流程。我們在這裡的工作也步入正軌，進展順利。正如我所預料的那樣，人們對這一市場領先的資產有著濃厚的興趣，我對這一過程的進展感到滿意。我們的目標是在第一季度末與今年第四季度完成簽署協議。

In addition to positioning the company as a top-performing multi-industrial, these transactions enable us to transform the portfolio while maintaining a strong balance sheet and continuing with a balanced financial policy.

除了將公司定位為表現最佳的多行業之外，這些交易還使我們能夠轉變投資組合，同時保持強勁的資產負債表並繼續採用平衡的財務政策。

Today, we announced that our Board has approved a 10% per share increase to our dividend which is consistent with our commitment for a dividend payout in the range of 35% to 45% and to grow the dividend annually in line with earnings. In addition, our Board has also authorized a new $1 billion share repurchase program, which enables us to continue returning value to our shareholders as we expect to complete the remaining $375 million under our existing authorization in the first quarter, ahead of the planned expiration.

今天，我們宣布我們的董事會已批准將我們的股息每股增加 10%，這符合我們在 35% 至 45% 的範圍內派發股息的承諾，並根據收益每年增加股息。此外，我們的董事會還批准了一項新的 10 億美元的股票回購計劃，這使我們能夠繼續向股東返還價值，因為我們預計在計劃到期之前第一季度完成現有授權下剩餘的 3.75 億美元。

After paying down the financing associated with the Rogers acquisition, we expect to deploy a significant portion of the remaining M&M proceeds to do further M&A to build on our core areas of strength as well as additional share repurchases. We will also generate strong cash flow this year in addition to the $240 million gross proceeds from the Biomaterials divestiture, which is the last of our noncore divestitures. Our strong balance sheet positions us well to deliver for all stakeholders through investment in our business, dividends, share repurchases and additional M&A.

在支付與羅傑斯收購相關的融資後，我們預計將剩餘 M&M 收益的很大一部分用於進一步併購，以鞏固我們的核心優勢領域以及額外的股票回購。除了 Biomaterials 剝離的 2.4 億美元總收益外，我們今年還將產生強勁的現金流，這是我們最後一次非核心剝離。我們強大的資產負債表使我們能夠通過對我們的業務、股息、股票回購和額外併購的投資為所有利益相關者提供服務。

Finally, we will deliver shareholder value through staying focused on innovation, which is at the core of DuPont. The 6% volume growth we delivered in the quarter and 10% volume growth for the year benchmarks well against our top peers. For the quarter, our volume gains, excluding M&M segment were up 10%. These results are proof point that the work of our R&D teams and application engineers who spent countless hours working alongside our customers, solving their most complex challenges is an advantage in the marketplace. Our focus on innovation is also at the core of our ESG strategy through both innovation in our own processes to reduce greenhouse gas emissions at our factories as well as new product innovations that support and advance our customer sustainability goals in areas such as clean water, clean energy, electric vehicles and connectivity. The levers of portfolio transformation, balanced capital allocation and innovation-led growth is a powerful combination to create long-term shareholder value at DuPont.

最後，我們將通過專注於創新來為股東創造價值，這是杜邦的核心。我們在本季度實現了 6% 的銷量增長和全年 10% 的銷量增長，這與我們的頂級同行相當。本季度，我們的銷量增長（不包括 M&M 細分市場）增長了 10%。這些結果證明，我們的研發團隊和應用工程師與我們的客戶一起花費了無數小時，解決他們最複雜的挑戰，他們的工作是市場上的優勢。我們對創新的關注也是我們 ESG 戰略的核心，通過我們自己的流程創新來減少我們工廠的溫室氣體排放，以及支持和推進我們客戶在清潔水、清潔等領域的可持續發展目標的新產品創新。能源、電動汽車和互聯互通。投資組合轉型、平衡資本配置和以創新為主導的增長的槓桿是在杜邦創造長期股東價值的強大組合。

With that, let me turn it over to Lori to discuss the details of the quarter as well as our financial outlook.

有了這個，讓我把它交給 Lori 來討論本季度的細節以及我們的財務前景。

Thanks, Ed, and good morning, everyone. As Ed mentioned, customer demand in our key end markets remained strong in the fourth quarter. We continue to face unprecedented global supply chain challenges and rising inflation. However, the swift pricing actions that we continue to implement are benefiting top line performance and maintaining earnings on a dollars basis. These factors, along with our intense focus on execution, contributed to net sales, operating EBITDA and adjusted EPS results above our guidance. In addition, we had solid cash flow generation and returned over $650 million in capital to shareholders during the quarter through $500 million in share repurchases and over $150 million in dividends.

謝謝，Ed，大家早上好。正如 Ed 所說，我們主要終端市場的客戶需求在第四季度保持強勁。我們繼續面臨前所未有的全球供應鏈挑戰和通脹上升。然而，我們繼續實施的快速定價行動有利於頂線業績並保持以美元為基礎的收益。這些因素，以及我們對執行的高度關注，促成了淨銷售額、經營 EBITDA 和調整後的每股收益結果高於我們的指導。此外，我們產生了穩健的現金流，並在本季度通過 5 億美元的股票回購和超過 1.5 億美元的股息向股東返還了超過 6.5 億美元的資本。

For the year, we returned more than $2.7 billion in capital to shareholders through $2.1 billion in share repurchases and $600 million in dividends.

這一年，我們通過 21 億美元的股票回購和 6 億美元的股息向股東返還了超過 27 億美元的資本。

Turning to Slide 4. Net sales of $4.3 billion were up 14% versus the fourth quarter of 2020, up 13% on an organic basis. Organic sales growth consists of 7% price gains, reflecting the continued actions we are taking to address inflationary pressure and 6% volume growth. A 2% portfolio tailwind reflects the net impact of strong top line results related to our acquisition of Laird and headwinds from noncore divestitures. Currency was a 1% headwind in the quarter.

轉到幻燈片 4。淨銷售額為 43 億美元，與 2020 年第四季度相比增長 14%，有機增長 13%。有機銷售增長包括 7% 的價格上漲，反映了我們為應對通脹壓力和 6% 的銷量增長所採取的持續行動。 2% 的投資組合順風反映了與我們收購 Laird 相關的強勁收入結果以及非核心資產剝離帶來的不利影響的淨影響。貨幣在本季度受到 1% 的不利影響。

Overall sales growth was broad based and reflects double-digit organic growth in all 4 regions and high single-digit to double-digit organic growth in all 3 reporting segments. From an earnings perspective, we reported fourth quarter operating EBITDA of $973 million and adjusted EPS of $1.08 per share, up 5% and 54%, respectively, from the year ago period. Our incremental margin in the quarter was pressured by price costs and logistics. Net of these impacts, our incremental margin was about 33% in 4Q.

整體銷售增長基礎廣泛，反映了所有 4 個地區的兩位數有機增長和所有 3 個報告部門的高個位數到兩位數的有機增長。從盈利的角度來看，我們報告第四季度運營 EBITDA 為 9.73 億美元，調整後每股收益為 1.08 美元，分別比去年同期增長 5% 和 54%。我們在本季度的增量利潤率受到價格成本和物流的壓力。扣除這些影響後，我們第四季度的增量利潤率約為 33%。

Ed mentioned earlier, the pricing actions that we took throughout the year, resulting in us offsetting about $250 million of raw material inflation in the quarter, and we also ended the year price cost neutral. The raw material inflation, coupled with about $50 million of higher logistics costs in the quarter, were headwinds to our margins. I will provide more detail of the margin compression we saw in the quarter in a few minutes.

Ed 早些時候提到，我們全年採取的定價行動，導致我們在本季度抵消了約 2.5 億美元的原材料通脹，並且我們也結束了年度價格成本中性。原材料價格上漲，加上本季度物流成本增加約 5,000 萬美元，對我們的利潤率構成不利影響。我將在幾分鐘後提供我們在本季度看到的保證金壓縮的更多細節。

From a segment perspective, E&I delivered 10% operating EBITDA growth on volume gains and earnings uplift from Laird, which more than offset raw material and logistics segments as well as start-up costs associated with our Kapton capacity expansion. In W&P, operating EBITDA increased 7% as pricing gains and volume growth more than offset higher raw material and logistics costs. We will remain disciplined in our pricing approach as we move into 2022 to address continued inflation. M&M operating EBITDA declined 3% as net pricing gains were more than offset by lower equity earnings due to higher natural gas costs in Europe.

從細分市場的角度來看，E&I 的營業 EBITDA 增長了 10%，這得益於 Laird 的銷量增長和盈利提升，這足以抵消原材料和物流細分市場以及與我們的 Kapton 產能擴張相關的啟動成本。在 W&P，運營 EBITDA 增長 7%，因為定價收益和銷量增長抵消了原材料和物流成本的上漲。隨著我們進入 2022 年以應對持續的通貨膨脹，我們將在定價方法上保持自律。 M&M 運營 EBITDA 下降 3%，原因是淨定價收益被歐洲天然氣成本上升導致的股權收益下降所抵消。

In the quarter, cash flow from operating activities was $621 million, and CapEx was $184 million, resulting in free cash flow of $437 million. Free cash flow conversion was 100%. In addition, we received gross proceeds of about $500 million during the quarter from our Clean Technologies divestiture, which was closed at the end of December. Before we go to the next slide, I would also like to make a few comments on our full year performance. Full year net sales of $16.7 billion grew 16% and were up 14% on an organic basis. The organic growth consists of a 10% increase in volume and a 4% increase in price.

本季度，經營活動產生的現金流為 6.21 億美元，資本支出為 1.84 億美元，自由現金流為 4.37 億美元。自由現金流轉換為 100%。此外，我們在本季度從 12 月底結束的清潔技術資產剝離中獲得了約 5 億美元的總收益。在我們轉到下一張幻燈片之前，我還想對我們的全年業績發表一些評論。全年淨銷售額為 167 億美元，增長 16%，有機增長 14%。有機增長包括 10% 的銷量增長和 4% 的價格增長。

Organic sales growth reflects double-digit growth in all 4 regions and in all 3 reporting segments. Further, all 9 of our business lines had organic growth in 2021 and 7 of the 9 business lines grew double digits. The 10% increase in volume for the year consists of gains in all 3 reporting segments and within all 9 business lines, reflecting robust global customer demand in secular growth areas such as electronics and water, along with recovery in end markets negatively impacted by the pandemic in prior year, such as automotive, commercial construction and select industrial markets.

有機銷售增長反映了所有 4 個地區和所有 3 個報告部門的兩位數增長。此外，我們的 9 條業務線在 2021 年均實現了有機增長，9 條業務線中有 7 條實現了兩位數增長。今年 10% 的銷量增長包括所有 3 個報告部門和所有 9 個業務線的增長，反映了電子和水等長期增長領域的強勁全球客戶需求，以及受大流行負面影響的終端市場的複蘇在上一年，例如汽車、商業建築和部分工業市場。

Full year operating EBITDA of $4.2 billion increased 21%, reflecting 1.3x operating leverage, operating EBITDA margin expansion of about 100 basis points and an incremental margin of 32%. Operating EBITDA increased for all 3 reporting segments during the year. Full year adjusted EPS of $4.30 per share was up about 95% from prior year on higher segment earnings, a lower share count and lower interest expense.

全年運營 EBITDA 為 42 億美元，增長 21%，反映了 1.3 倍的運營槓桿，運營 EBITDA 利潤率擴大了約 100 個基點，利潤率增加了 32%。年內所有 3 個報告分部的經營 EBITDA 均有所增加。全年調整後每股收益為 4.30 美元，較上年增長約 95%，原因是分部收益增加、股票數量減少和利息支出減少。

Slide 5 shows the impact that price/cost inflation had on our operating EBITDA margin in the fourth quarter. As costs continue to rise throughout 2021, our fourth quarter results reflects the largest headwind to quarterly margins for the year. In total, pricing actions fully offset about $250 million of raw material inflation, which was higher than our expectations for input costs coming into the quarter and mainly in the M&M segment. While our pricing actions have enabled us to maintain earnings, the price/cost inflation resulted in a significant headwind of about 150 basis points to operating EBITDA margins versus the year ago period. Additionally, higher logistics costs of about $50 million in the quarter resulted in a margin headwind of about 120 basis points. Offsetting the headwinds from raws and logistics was a 70 basis point improvement in operating EBITDA margin, which includes volume growth in E&I and W&P and the benefit associated with the Laird acquisition.

幻燈片 5 顯示了價格/成本通脹對我們第四季度運營 EBITDA 利潤率的影響。隨著整個 2021 年成本繼續上升，我們的第四季度業績反映了今年季度利潤率的最大逆風。總體而言，定價行動完全抵消了約 2.5 億美元的原材料通脹，這高於我們對進入本季度的投入成本的預期，主要是在 M&M 細分市場。雖然我們的定價行動使我們能夠維持盈利，但價格/成本通脹導致運營 EBITDA 利潤率與去年同期相比大幅下降約 150 個基點。此外，本季度約 5,000 萬美元的較高物流成本導致利潤逆風約 120 個基點。抵消原材料和物流的不利因素是經營 EBITDA 利潤率提高了 70 個基點，其中包括 E&I 和 W&P 的銷量增長以及與 Laird 收購相關的收益。

If you exclude the price cost and logistics headwinds in the quarter, on an ex M&M segment basis, our operating EBITDA margin was above 26.5% in the fourth quarter, further illustrating our strong performance and putting an emphasis on our planned portfolio actions.

如果排除本季度的價格成本和物流逆風，在不包括 M&M 細分市場的基礎上，我們第四季度的經營 EBITDA 利潤率高於 26.5%，進一步說明了我們的強勁表現，並強調了我們計劃的投資組合行動。

Turning to Slide 6, which provides more detail on the year-over-year changes in the net sales for the quarter. As I mentioned earlier, organic sales growth of 13% during the quarter consists of 7% pricing gains and 6% volume growth. In E&I, volume gains delivered 9% organic sales growth for the segment, led by higher volumes in Semiconductor Technologies of more than 20%. Semiconductor Technologies demand was driven by the ongoing transition to more advanced node technologies resulting from growth in electronics megatrends. Semi tech was up mid-teens for the full year and we expect to continue to outpace MSI growth as we head into 2022. We are seeing more investments in semiconductor capacity, which we expect to be a positive for us in the long term.

轉到幻燈片 6，它提供了有關本季度淨銷售額同比變化的更多詳細信息。正如我之前提到的，本季度 13% 的有機銷售增長包括 7% 的定價收益和 6% 的銷量增長。在電子與工業領域，銷量增長為該部門帶來了 9% 的有機銷售增長，其中半導體技術的銷量增長超過 20%。半導體技術的需求是由電子大趨勢的增長所導致的向更先進節點技術的持續過渡推動的。半導體技術全年上漲了十幾歲，我們預計在進入 2022 年時將繼續超過 MSI 的增長。我們看到對半導體產能的更多投資，從長遠來看，這對我們來說是積極的。

Industrial Solutions was up mid-teens during the quarter on volume growth, which was driven by ongoing strength for Kalrez and Vespel within electronics and industrial end markets, along with strong demand for medical silicones in biopharma and health care applications. Organic growth for Industrial Solutions was up mid-teens for the full year as well. As expected, organic sales growth for Interconnect Solutions was down in the quarter, reflecting the anticipated impact of the shift in demand related to premium next-generation smartphones to the first half of 2021, along with softness in automotive end markets related to the semi chip shortage. For the full year, organic SaaS growth for our Interconnect Solutions was up mid-single digit, and we expect to return to a more traditional seasonality in 2022.

由於 Kalrez 和 Vespel 在電子和工業終端市場的持續增長以及生物製藥和醫療保健應用對醫用有機矽的強勁需求，工業解決方案在本季度的銷量增長了十幾歲。全年工業解決方案的有機增長也在十幾歲左右。正如預期的那樣，互連解決方案的有機銷售增長在本季度有所下降，這反映了與高端下一代智能手機相關的需求轉移到 2021 年上半年的預期影響，以及與半導體芯片相關的汽車終端市場疲軟短缺。全年，我們的互連解決方案的有機 SaaS 增長達到中個位數，我們預計將在 2022 年恢復到更傳統的季節性。

In addition, we recently completed our Kapton expansion project here in the U.S., which expands our production of polyamide film and flexible circuit board materials. We will begin qualifying materials in the first half of this year for high-value applications, which will start to accelerate in the second half of 2022. For W&P, 17% organic sales growth during the quarter consisted of a 12% increase in volume, including volume gains in all 3 businesses and 5% pricing gains. Sales gains were led by high-teens organic growth in Safety Solutions as continued recovery in industrial end markets resulted in significant volume improvement for Nomex and Kevlar aramid fibers.

此外，我們最近在美國完成了 Kapton 擴建項目，擴大了我們的聚酰胺薄膜和柔性電路板材料的生產。我們將在今年上半年開始為高價值應用提供合格材料，這將在 2022 年下半年開始加速。對於 W&P，本季度 17% 的有機銷售增長包括 12% 的銷量增長，包括所有 3 項業務的銷量增長和 5% 的定價增長。隨著工業終端市場的持續復甦導致 Nomex 和 Kevlar 芳綸纖維的銷量顯著提高，安全解決方案的高青少年有機增長引領了銷售增長。

Within Water Solutions, high-teens organic sales growth reflects strong global demand for water technologies, primarily in industrial and desalination markets. Shelter Solutions sales increased on mid-teens organic growth, driven by continued strength in North American residential construction and continued recovery in commercial construction led by higher demand for quarrying services. Year-over-year pricing gains of 5% during the quarter relate primarily to actions taken in safety and shelter in response to raw material inflation and also reflects sequential price improvement from all 3 business lines within W&P versus the third quarter.

在 Water Solutions，青少年有機銷售額增長反映了全球對水技術的強勁需求，主要是在工業和海水淡化市場。得益於北美住宅建設的持續強勁以及對採石服務的需求增加導致商業建築的持續復甦，Shelter Solutions 的銷售額在十幾歲的有機增長中有所增長。本季度價格同比增長 5% 主要與為應對原材料通脹而採取的安全和庇護所採取的行動有關，也反映了 W&P 內所有 3 條業務線與第三季度相比的價格環比改善。

For the full year, W&P delivered 10% organic sales growth on 8% volume improvement and 2% pricing gains. Safety and Shelter Solutions were up low double digits organically, and Water Solutions was up mid-single digits for the year. The global demand for clean water technologies remained strong, and expanding our capacity remains a priority for us. For M&M, 13% organic sales growth during the quarter was driven by a 16% increase in price, offset slightly by a 3% decline in volumes. M&M has been the segment within our portfolio most significantly impacted by raw material inflation. The 16% local price increase during the quarter reflects continued actions taken to offset higher raw material and logistics costs. Volume declines reflect softness in global auto production due to supply constraints, primarily the semiconductor chip shortage.

全年，W&P 在銷量增長 8% 和定價增長 2% 的情況下實現了 10% 的有機銷售增長。安全和避難所解決方案有機地增長了兩位數，而水解決方案今年增長了中個位數。全球對清潔水技術的需求依然強勁，擴大產能仍然是我們的首要任務。對於 M&M，本季度 13% 的有機銷售增長是由 16% 的價格上漲推動的，但被銷量下降 3% 略微抵消。 M&M 一直是我們投資組合中受原材料通脹影響最嚴重的部分。本季度當地價格上漲 16% 反映了為抵消較高的原材料和物流成本而採取的持續行動。銷量下降反映了全球汽車生產因供應限製而疲軟，主要是半導體芯片短缺。

For the year, M&M organic sales growth was 24% on 12% higher volume and 12% pricing gains. All 3 business lines within M&M delivered organic sales growth of greater than 20% for the full year.

今年，M&M 有機銷售額增長 24%，銷量增長 12%，定價增長 12%。 M&M 的所有 3 個業務線全年實現了超過 20% 的有機銷售額增長。

Turning to Slide 7. Adjusted EPS of $1.08 per share was up 54% from $0.70 per share in the year ago period. Higher volumes and strong results from Laird more than offset higher logistics costs and other operating items such as Kapton start-up costs. Below-the-line items continue to benefit our EPS results compared to the year ago period, primarily a lower share count. Lower interest expense was mainly offset by a higher tax rate. For full year 2022, we expect our base tax rate to be in the range of 21% to 23%.

轉到幻燈片 7。調整後的每股收益為 1.08 美元，比去年同期的每股 0.70 美元增長了 54%。萊爾德更高的銷量和強勁的業績抵消了更高的物流成本和其他運營項目，如 Kapton 啟動成本。與去年同期相比，線下項目繼續使我們的每股收益結果受益，主要是股票數量減少。較低的利息支出主要被較高的稅率所抵消。對於 2022 年全年，我們預計基礎稅率將在 21% 至 23% 之間。

Let me close with a few comments on our financial outlook on Slide 8. We expect continued top line strength across the portfolio in 2022, led by ongoing strength in semiconductors as the industry continues to operate near capacity to meet demand, and consistent demand in areas such as industrial technologies, smartphone sales, housing starts and water filtration. Our plan assumes these market dynamics will lead to solid volume growth in 2022.

最後，讓我對幻燈片 8 的財務前景發表一些評論。我們預計 2022 年整個投資組合的收入將繼續保持強勁，這主要得益於半導體的持續強勢，因為該行業繼續接近產能以滿足需求，以及各地區的持續需求例如工業技術、智能手機銷售、房屋開工和水過濾。我們的計劃假設這些市場動態將導致 2022 年的銷量穩健增長。

In 2022, we are planning that raw material and logistics costs will remain at elevated levels with approximately $600 million of year-over-year headwinds versus 2021, primarily in the first half. Once again, the raw material inflation will be predominantly in our M&M segment. In response, we are implementing more price increases in all businesses, which will enable us to offset raw material and logistics costs on a full year basis, but we will lag in the first quarter. We expect our operating EBITDA margins to improve throughout 2022, driven by volume growth, productivity, acquisition synergies and full implementation of pricing actions.

到 2022 年，我們計劃原材料和物流成本將保持在較高水平，與 2021 年相比，主要是上半年的同比逆風約為 6 億美元。再一次，原材料通脹將主要發生在我們的 M&M 細分市場。作為回應，我們正在所有業務中實施更多的價格上漲，這將使我們能夠抵消全年的原材料和物流成本，但我們將在第一季度落後。我們預計，在銷量增長、生產力、收購協同效應和定價行動的全面實施的推動下，我們的經營 EBITDA 利潤率將在整個 2022 年有所改善。

In the first quarter, we expect net sales between $4.2 billion and $4.3 billion and operating EBITDA between $940 million and $980 million. At the midpoint of our guidance range, we are anticipating first quarter operating EBITDA margins to be about flat sequentially with the fourth quarter 2021. We expect sequential improvement in E&I and M&M to be offset by W&P as manufacturing cost increases stemming from the Omicron variant and ongoing logistics cost headwinds lead to sequential margin decline.

在第一季度，我們預計淨銷售額在 42 億美元至 43 億美元之間，營業 EBITDA 將在 9.4 億美元至 9.8 億美元之間。在我們指導範圍的中點，我們預計第一季度的營業 EBITDA 利潤率將與 2021 年第四季度環比持平。我們預計 E&I 和 M&M 的連續改善將被 W&P 抵消，因為 Omicron 變體和持續的物流成本逆風導致利潤率連續下降。

For the full year, net sales of $17.4 billion to $17.8 billion and operating EBITDA of approximately $4.4 billion at the midpoint reflects volume growth and acceleration of additional pricing gains throughout the year to offset the impact of both raw material and logistics cost increases. We expect operating EBITDA margin in the back half of 2022 to return to more normalized levels as impacts from the Omicron variant subsides as well as gains from volume improvement, productivity actions, acquisition synergies and full implementation of price increases.

全年淨銷售額為 174 億美元至 178 億美元，中點營業 EBITDA 約為 44 億美元，反映了全年銷量增長和額外定價收益加速，以抵消原材料和物流成本增加的影響。我們預計 2022 年下半年的經營 EBITDA 利潤率將恢復到更加正常的水平，因為 Omicron 變體的影響消退，以及銷量提高、生產力行動、收購協同效應和全面實施價格上漲帶來的收益。

In closing, I want to note that our guidance is based on the current DuPont portfolio today, including the businesses and scope of the planned M&M divestiture. Once we sign a deal, the in-scope M&M businesses will move to discontinued operations, and we will reset the guidance for RemainCo DuPont. With that, let me turn the call back to Ed.

最後，我想指出，我們的指導是基於目前杜邦公司目前的投資組合，包括計劃中的 M&M 剝離的業務和範圍。一旦我們簽署協議，範圍內的 M&M 業務將轉為停止運營，我們將重新設置對 RemainCo DuPont 的指導。有了這個，讓我把電話轉回給 Ed。

Thanks, Lori. Let me close by summarizing why I am excited about 2022 at DuPont. Our results demonstrate that our businesses deliver the solutions our customers demand. In a tight supply chain and challenging logistics environment, we delivered 6% volume growth, well ahead of our expectations coming into the quarter. Our teams continue to work closely with our customers to understand their complex material challenges and to win business by delivering innovative and sustainable solutions.

謝謝，洛里。最後，讓我總結一下為什麼我對杜邦公司的 2022 年感到興奮。我們的結果表明，我們的業務能夠提供客戶所需的解決方案。在供應鏈緊張和物流環境充滿挑戰的情況下，我們實現了 6% 的銷量增長，遠超本季度的預期。我們的團隊繼續與我們的客戶密切合作，以了解他們複雜的材料挑戰，並通過提供創新和可持續的解決方案贏得業務。

You can also see our teams are managing every lever within our control. This is evident through our delivery of pricing gains to offset every dollar of raw material inflation in 2021, and these actions continue into 2022. In addition to having our fundamentals in place, we are on track to complete a few substantial steps in the transformation of DuPont in 2022 with the planned Rogers acquisition and the M&M divestiture. These transactions as well as the potential for additional M&A in strategic areas, position DuPont as a premier multi-industrial company, focused in the areas of electronics, water, industrial technologies, protection and next-generation auto.

您還可以看到我們的團隊正在管理我們控制範圍內的每一個槓桿。這通過我們在 2021 年提供定價收益以抵消每一美元的原材料通脹這一點很明顯，這些行動將持續到 2022 年。除了我們的基本面到位外，我們有望完成一些實質性的轉型步驟杜邦在 2022 年計劃收購羅傑斯並剝離 M&M。這些交易以及在戰略領域進行額外併購的潛力，使杜邦成為首屈一指的多行業公司，專注於電子、水、工業技術、保護和下一代汽車領域。

And finally, because of our ability to complete this transformation while maintaining a strong balance sheet, we will be in a position to generate value for all stakeholders through organic and inorganic investment in our businesses and by staying committed to our dividend and share repurchases as we announced today. I look forward to providing you updates on each of these areas as we progress through 2022.

最後，由於我們有能力在保持強勁資產負債表的同時完成這一轉型，我們將能夠通過對我們的業務進行有機和無機投資，並在我們保持對股息和股票回購的承諾，為所有利益相關者創造價值。今天宣布。隨著我們到 2022 年的進展，我期待著為您提供這些領域的最新信息。

With that, let me turn it to Pat to open the Q&A.

有了這個，讓我把它交給帕特來打開問答。

Thanks, Ed. Before we move to the Q&A portion of our call, I would like to remind you that our forward-looking statements apply to both our prepared remarks and the following Q&A. (Operator Instructions) Operator, please provide the Q&A instructions.

謝謝，埃德。在我們進入電話的問答部分之前，我想提醒您，我們的前瞻性陳述適用於我們準備好的評論和以下問答。 （操作員說明）操作員，請提供問答說明。

(Operator Instructions) Your first question comes from the line of Jeff Sprague with Vertical Research.

（操作員說明）您的第一個問題來自 Vertical Research 的 Jeff Sprague。

Two questions from me. First, just on M&M. Ed, is the tenor of the discussion around valuation still in the ballpark of what you were thinking back in November, kind of given the market turmoil that we're looking at?

我的兩個問題。首先，就在 M&M 上。埃德，考慮到我們正在關注的市場動盪，圍繞估值的討論的基調是否仍然與您在 11 月的想法一致？

Yes. No change to the comment I made last time, feeling very good about the process. Multiple people very interested in the asset, and we're moving along as quickly as we can here. We'll have a deal to announce before the end of the first quarter.

是的。上次的評論沒有變化，過程感覺很不錯。很多人對該資產非常感興趣，我們正在盡可能快地前進。我們將在第一季度末之前宣布一項交易。

Great. And then just thinking about the portfolio after this, done a lot of the benchmarking work myself and the company does look a lot different when this is behind you. But I just wonder if you could give us a sense of what you think the organic growth profile of the company is once you get these 2 moves done? And should we be expecting kind of other portfolio moves? Or we're moving more into maybe, I don't know, maybe bolt-on acquisition mode with a focus on organic growth perhaps?

偉大的。然後只是考慮之後的投資組合，我自己做了很多基準測試工作，當這落後於你時，公司看起來確實有很大不同。但我只是想知道，一旦完成這兩項舉措，您是否可以讓我們了解您認為公司的有機增長概況？我們是否應該期待其他投資組合變動？或者我們正在更多地進入也許，我不知道，也許是專注於有機增長的附加收購模式？

Yes. Jeff, a couple of comments. And by the way, I think it really does transform the portfolio into a premier multi-industrial. When you look at just the fourth quarter results, if you take M&M out, the portfolio grew volume 10%. It was 6% with M&M in it. And by the way, if you look at the EBITDA margin profile, it would improve by 190 basis points with M&M out. So as we said before, with this move we're making, we're definitely going to improve our top line and the stability of it. We're going to improve our EBITDA margins, and we're clearly significantly reducing cyclicality in the portfolio. And by the way, I think in Lori's comments or my comments, 70% of our raw material increases this year were in the M&M segment. By the way, we're getting significant price and covering it, but somewhere down the road as the commodity cost unwind, the pricing unwinds. And if it was in the DuPont portfolio, by the way, our organic growth rate will look horrible for a year, even though the M&M business is a phenomenal business and a great cash generator.

是的。傑夫，有幾條評論。順便說一句，我認為它確實將投資組合轉變為首屈一指的多產業。當你只看第四季度的結果時，如果你把 M&M 剔除，投資組合的銷量增長了 10%。含 M&M 的比例為 6%。順便說一句，如果你看一下 EBITDA 利潤率概況，如果 M&M 退出，它將提高 190 個基點。因此，正如我們之前所說，通過我們正在採取的這一舉措，我們肯定會提高我們的收入和穩定性。我們將提高我們的 EBITDA 利潤率，並且我們顯然正在顯著降低投資組合中的周期性。順便說一句，我認為在 Lori 的評論或我的評論中，我們今年 70% 的原材料增長來自 M&M 細分市場。順便說一句，我們正在獲得可觀的價格並覆蓋它，但隨著商品成本的下降，定價也會下降。順便說一句，如果它在杜邦的投資組合中，我們的有機增長率將在一年內看起來很糟糕，即使 M&M 業務是一項非凡的業務並且是一個偉大的現金產生者。

So it really fixes a lot of things and have been, of course, adding Laird and Rogers by the way, the consistency of those secular end markets that we're adding in are very nice. And I'll give you an overall comment. When you look at the pie chart on new DuPont after these moves are made -- by the way and assuming maybe another key acquisition happens that we add into one of these secular areas, we talked about our 5 areas, you have about 45% of the portfolio that outgrows GDP and about 55% of the portfolio probably somewhere around GDP. So you're really very much tweaking that end market secular exposure we have to have a really consistent, nice, higher organic growth rate in the company.

所以它確實解決了很多問題，當然，順便說一句，添加了 Laird 和 Rogers，我們添加的那些長期終端市場的一致性非常好。我會給你一個整體的評論。當你在採取這些舉措後查看新杜邦公司的餅圖時——順便說一下，假設我們可能會在這些長期領域之一發生另一項關鍵收購，我們談到了我們的 5 個領域，你有大約 45%超過 GDP 的投資組合，大約 55% 的投資組合可能在 GDP 附近。所以你真的非常調整終端市場的長期風險敞口，我們必須在公司擁有一個真正一致、良好、更高的有機增長率。

Your next question comes from Scott Davis with Melius Research.

您的下一個問題來自於 Melius Research 的 Scott Davis。

Good luck with M&M. Looks like we're going to get an announcement in another couple of months. But I want to switch over to W&P, because it seems to be back on track, pretty big core growth numbers even excluding price. What -- was it your ability to meet customer demand in the quarter that changed? Or the actual customer orders go up substantially in the quarter? And is this business just a little lumpier than perhaps we may think it is, and you're going to have some ebbs and flows?

祝M&M好運。看起來我們將在再過幾個月得到一個公告。但我想切換到 W&P，因為它似乎回到了正軌，核心增長數字相當大，甚至不包括價格。什麼——您在本季度滿足客戶需求的能力發生了變化？還是本季度實際客戶訂單大幅增加？這個業務是不是比我們想像的要復雜一些，你會有一些潮起潮落？

Yes. A couple of things, Scott. First of all, the order rates have continued to go up. In the last couple of weeks, we've had really nice order input in the business. So that's continuing on a nice trend, and it's almost every one of those end markets that Lori touched on in her prepared remarks. But we also, in the quarter, did a nice job getting through some of our, call it, past due backlog. By the way, one of the areas, if you all remember this, this quarter, we had 19% growth in the water business. And the 2 quarters before that, we highlighted to you that we were having a tough time getting some shipments out the door in the water business. And we had low single-digit growth in the -- if you combine the second and third quarter, and it obviously should have been higher in the second and third quarter. So we really got a lot of the logistics cleaned up, the ports cleaned up a little bit in some of the areas where we ship our water products, and we got 19%.

是的。有幾件事，斯科特。首先，訂單率持續上漲。在過去的幾周里，我們在業務中收到了非常好的訂單輸入。因此，這種趨勢繼續保持良好趨勢，洛里在她準備好的講話中幾乎觸及了每一個終端市場。但我們在本季度也做得很好，通過了一些我們稱之為逾期積壓的工作。順便說一下，其中一個領域，如果你們都記得的話，本季度，我們的水業務增長了 19%。在此之前的兩個季度，我們向您強調，我們在水業務中很難將一些貨物運出去。如果將第二季度和第三季度結合起來，我們的個位數增長率很低，顯然第二季度和第三季度應該更高。所以我們確實清理了很多物流，在我們運送水產品的一些地區的港口清理了一點，我們得到了 19%。

So we flushed out a lot of that second and third quarter. Having said that, the water orders coming in still look very robust. So we're feeling good about what we're getting out the door to satisfy our customers and the order intake still coming into the company. So on the point I made a minute ago to Jeff, you combine W&P and E&I, which will be the new portfolio, 10% volume growth in the quarter on top of us getting pricing.

所以我們在第二和第三季度沖掉了很多。話雖如此，進來的水訂單看起來仍然非常強勁。因此，我們對我們為滿足我們的客戶而推出的產品以及仍在進入公司的訂單感到滿意。因此，我在一分鐘前對傑夫提出的觀點，你將 W&P 和 E&I 結合起來，這將是新的投資組合，在我們獲得定價的基礎上，本季度的銷量增長 10%。

Right. And Ed, is the strategy to price around raws or price around raws plus logistics?

對。 Ed，是圍繞原材料定價還是圍繞原材料加物流定價？

Yes. Scott, it's to get both. What I think happened to everybody, you see your input costs on the raws, and we've been getting pricing. Like we said, we covered it 100% in 2021. But the logistics costs, especially ocean freight, just started going bonkers around October, November, kept going up in December. And it wasn't even up and staying up, it was continuing to go up and some of the ocean freight is literally up 700%, 800%. It's crazy. So I think everyone is still chasing that, and that's really a big part of our story in the first quarter in W&P, where we're implementing more pricing. Well, by the way, we're implementing more pricing actions across the portfolio, but we're really going at it on the W&P side, because they have more of our logistics costs than the other 2 businesses. And we're putting through more pricing there. So as we get into second quarter for W&P, we'll start to see margin improvement to keep building as we go through the year.

是的。斯科特，兩者兼得。我認為每個人都發生了什麼事，你看到你的原始投入成本，我們一直在定價。就像我們說的那樣，我們在 2021 年實現了 100% 的覆蓋。但是物流成本，尤其是海運，在 10 月、11 月左右才開始瘋狂上漲，到 12 月繼續上漲。而且它甚至沒有上漲，它還在繼續上漲，一些海運實際上上漲了 700%、800%。這很瘋狂。所以我認為每個人都在追求這一點，這確實是我們在 W&P 第一季度故事的重要組成部分，我們正在實施更多定價。好吧，順便說一句，我們正在整個投資組合中實施更多的定價措施，但我們真的在 W&P 方面進行，因為他們比其他兩個業務擁有更多的物流成本。我們正在那裡進行更多定價。因此，當我們進入 W&P 的第二季度時，我們將開始看到利潤率的改善，以在我們度過這一年的過程中繼續增長。

And your next question comes from the line of Steve Tusa with JPMorgan.

你的下一個問題來自摩根大通的史蒂夫圖薩。

Are you still thinking kind of the same -- I know the market has been a little bit volatile, but any update on your expectation for the multiple for M&M ultimately?

你是否還在想同樣的事情——我知道市場有點波動，但你對 M&M 最終倍數的預期有什麼更新嗎？

Yes. I stick with my comments that I made last time. I think when I made the comments, our 2021 multiple was a little shy of 11%, and I said we will get more than that for this asset, but I think our multiple now is still a little shy of 11% in 2022. And I stick with my comment that I made last time.

是的。我堅持我上次發表的評論。我認為當我發表評論時，我們 2021 年的市盈率略低於 11%，我說我們會為這項資產獲得更多，但我認為我們現在的倍數在 2022 年仍略低於 11%。而且我堅持我上次的評論。

Great. And then just the kind of price/cost dynamics first half to second half. I'm sure that's part of the kind of seasonal ramp. I know it's a little bit tough to tease out what normal seasonality here is for this new portfolio, but maybe just put that in the context of the 1Q EBITDA guide, if you could. I'm sure that's an aspect.

偉大的。然後就是上半年到下半年的價格/成本動態。我確信這是季節性斜坡的一部分。我知道要弄清楚這個新投資組合的正常季節性有點困難，但如果可以的話，也許只是把它放在第一季度 EBITDA 指南的背景下。我確信這是一個方面。

Yes. So in the first quarter, we still see logistics as a headwind to earnings. They're probably in the same range that we called out for the fourth quarter of $50 million. So as the year goes on, we'll expect to offset that to land neutral on a full year basis on those raw material escalation and logistics. So that's a piece of our sequential margin improvement as the year goes on kind of getting back into more normal patterns in the second half.

是的。因此，在第一季度，我們仍將物流視為收益的逆風。它們可能與我們第四季度的 5000 萬美元處於同一範圍內。因此，隨著時間的推移，我們預計會在原材料升級和物流方面全年抵消這一影響。所以這是我們連續利潤率改善的一部分，因為今年下半年會恢復到更正常的模式。

Another benefit that we'll see as the year goes on, it's really just the volume drift. And so we'll expect sales to increase coming out of Q1 to get to the full year guide of a midpoint of $17.6 billion. And beyond that, just the lift that we're expecting around productivity as we enact some productivity actions, get more synergies out of the Laird transaction. So we're doing really well there. We've actually upped our expectations slightly from $60 million when we announced the deal. So now we're targeting closer to $63 million from the Laird synergies. So all of those things combined are what's giving us confidence in the margin ramp coming out of Q1.

隨著時間的推移，我們將看到的另一個好處是，實際上只是音量漂移。因此，我們預計第一季度的銷售額將增加，以達到 176 億美元的全年指導值。除此之外，當我們制定一些生產力行動時，我們對生產力的預期提升，從 Laird 交易中獲得更多協同效應。所以我們在那裡做得很好。當我們宣布這筆交易時，我們實際上已經從 6000 萬美元略微提高了我們的預期。所以現在我們的目標是從 Laird 協同效應中獲得接近 6300 萬美元。因此，所有這些因素加在一起讓我們對第一季度的利潤率增長充滿信心。

Your next question comes from John Walsh with Credit Suisse.

您的下一個問題來自瑞士信貸的約翰沃爾什。

Maybe just circling back to the guidance. If we look at 2021, you outperformed your initial guide by about 8% on EBITDA at the midpoint in the face of a lot of inflationary pressures. As we think about 2022 and how you kind of set the initial guide, is it really just running forward some supply chain continuation of the current environment? Or is there anything that's DuPont specific that we should be aware about when you set that guidance?

也許只是繞回指導。如果我們看一下 2021 年，在面臨很多通脹壓力的情況下，您在 EBITDA 中點的表現比最初的指導高出約 8%。當我們想到 2022 年以及您如何設定初始指南時，它真的只是在當前環境的一些供應鏈延續中向前推進嗎？或者，當您制定該指南時，我們應該注意哪些杜邦特有的內容？

No. I wouldn't say there's anything DuPont specific. So obviously, we still have caution in the first quarter around not being able to cover the logistics headwind as well as primarily within our W&P segment, some impacts on production because of Omicron. So we're seeing some lower production rates in January, primarily in our W&P business, which has large facilities here in the U.S. that's seen some absenteeism from the Omicron variant that's leading to lower production on assets that usually runs sold-out as well as higher labor costs as we deal with some overtime.

不，我不會說杜邦有什麼特別之處。因此，很明顯，我們在第一季度仍然對無法應對物流逆風以及主要在我們的 W&P 部門內持謹慎態度，因為 Omicron 對生產產生了一些影響。因此，我們在 1 月份看到一些較低的生產率，主要是在我們的 W&P 業務中，該業務在美國擁有大型設施，這導致 Omicron 變體出現一些缺勤情況，這導致通常售罄的資產以及由於我們處理一些加班，勞動力成本更高。

So the margin profile that we have at the midpoint in Q1 of 22.8%, we expect to escalate as the year goes on landing more to 25% on a full year basis. But to your question, I wouldn't say there's anything different in our methodology about how we provide guidance for the full year versus any other company.

因此，我們在第一季度中點的利潤率為 22.8%，我們預計隨著全年繼續下降至 25%，利潤率會上升。但是對於您的問題，我不會說我們的方法論與我們如何為全年提供指導與任何其他公司相比有什麼不同。

Yes. I would add one other comment also. Lori and I plan that raw material inflation stays where it's at for the full year. So that's an assumption that we have in our planning. So again, we've got to continue to get the price to cover the logistics and any other raw inflation that we see. And we are, again, enacting it across all the portfolio as we enter the new year here. That continues. But we're making that assumption that it stays up here, and we got to get it covered.

是的。我還要添加另一條評論。 Lori 和我計劃全年原材料通脹保持在原來的水平。所以這是我們在計劃中的一個假設。再說一次，我們必須繼續讓價格覆蓋物流和我們看到的任何其他原始通脹。當我們在這裡進入新的一年時，我們再次在所有投資組合中製定它。這繼續。但我們假設它一直在這裡，我們必須把它蓋住。

Yes. So I'll say we're expecting another $250 million in Q1 year-over-year, probably about the same range Q2, and then we expect it to plateau, not decline, but plateau in the second half.

是的。因此，我會說我們預計第一季度同比將再增加 2.5 億美元，可能與第二季度大致相同，然後我們預計它會在下半年趨於平穩，而不是下降，而是趨於平穩。

Great. Thank you for that color. And then maybe just a follow up on how you're thinking about volumes by geography or major countries, however you'd like to speak on it as we think about 2022?

偉大的。謝謝你的顏色。然後也許只是跟進您如何考慮按地理或主要國家/地區的數量，但是您想在我們考慮 2022 年時談論它嗎？

Yes. We expect continued robust growth again across the different regions. So in 2022, if you look at our guidance, we're at [6] (inaudible) at the midpoint on a total company basis. But if you take out the headwind that's in noncore from the divestiture of the clean tech business, we're actually at about 8% total growth in 2022. So we see strength again in North America and Europe, Asia Pacific, all kind of up in the high single-digit range with a little tempering in Latin America. But again, Latin America is not a huge portion of our footprint.

是的。我們預計不同地區將再次保持強勁增長。因此，在 2022 年，如果您查看我們的指導，我們在整個公司基礎上處於 [6]（聽不清）的中點。但如果排除清潔技術業務剝離帶來的非核心逆風，我們實際上在 2022 年的總增長率約為 8%。因此，我們再次看到北美和歐洲、亞太地區的強勁勢頭，所有這些都在上升在拉丁美洲的高個位數範圍內略有回火。但同樣，拉丁美洲並不是我們足蹟的很大一部分。

Your next question comes from David Begleiter with Deutsche Bank.

您的下一個問題來自德意志銀行的 David Begleiter。

Just on W&P pricing in this cycle, how sticky do you think it will be this time around versus maybe prior cycles?

僅就本週期的 W&P 定價而言，您認為這一次與之前的周期相比會有多大的粘性？

Yes. I mean we're looking to get kind of in the mid-single-digit price increases in this year, so we had 5% in Q4. We'll look to maintain that pace through the first half. It obviously will temper a bit in the second half on a year-over-year basis as you lap the price increases that we started in Q3 and picked up in Q4. So I would say W&P price stickiness is a little bit stickier than what we would see in the M&M business. So we would expect that to turnaround once the raw material starts to recede. So we're hoping that we can maintain those price increases, but we'll see what the raw material and the inflation environment looks like as we go forward.

是的。我的意思是，我們希望在今年實現中個位數的價格上漲，所以我們在第四季度上漲了 5%。我們希望在上半年保持這樣的速度。隨著我們在第三季度開始並在第四季度回升的價格上漲，它顯然會在下半年與去年同期相比有所緩和。所以我會說 W&P 的價格粘性比我們在 M&M 業務中看到的粘性要高一些。因此，我們預計一旦原材料開始消退，情況就會好轉。所以我們希望我們能夠維持這些價格上漲，但我們會看到原材料和通脹環境在我們前進的過程中會是什麼樣子。

Very good. And Ed, just on PFAS, any update on this issue? And what progress could you hope for this year in terms of removing the overhang?

很好。 Ed，就在 PFAS 上，關於這個問題有什麼更新嗎？您希望今年在消除懸垂方面取得什麼進展？

Yes, David. Look, I think we're going to make very good progress this year. I'll just give you a couple of things. Chemours, Corteva and DuPont are working extremely well together. I would say we're very synced up on wanting to get some outcomes here in the first half of 2022. So -- and I mentioned that, David, because one of the issues we had a year ago before we signed the cooperation agreement and the structure we put in place between the 3 companies, we were just wasting a lot of time talking internally within the 3 companies and wasting, I think, valuable time not being synced up because we didn't have that agreement in place.

是的，大衛。看，我認為我們今年會取得很好的進展。我只會給你一些東西。科慕、Corteva 和杜邦合作得非常好。我想說，我們非常希望在 2022 年上半年在這裡取得一些成果。所以 - 我提到了這一點，大衛，因為一年前我們在簽署合作協議和我們在這 3 家公司之間建立的結構，我們只是在這 3 家公司內部浪費了大量時間，我認為浪費了寶貴的時間，因為我們沒有達成該協議。

We're really, every single week now, in discussions with third parties to resolve issues. We're literally synced up on weekly calls, and it feels really good that we can make progress. Obviously, a big focus would be getting the water district cases settled on the PFAS side of things. We have a few states that will do some settlements with like we did in Delaware. And so we're feeling very, very good that we'll make some progress. And again, a lot of conversation is going on presently, and it's productive. And by the way, it's very high on Ed Breen's personal list. I understand the importance of getting that stuff resolved and personally spending a lot of time on it.

我們現在每週都在與第三方討論解決問題。我們在每週的電話會議上實際上是同步的，我們能夠取得進展感覺真的很好。顯然，一個重點是讓水區案件在 PFAS 方面得到解決。我們有幾個州會像在特拉華州那樣做一些定居點。所以我們感覺非常非常好，我們會取得一些進展。再說一次，目前正在進行很多對話，而且很有成效。順便說一句，它在 Ed Breen 的個人名單上非常高。我理解解決這些問題並親自花費大量時間的重要性。

Your next question comes from the line of Chris Parkinson with Mizuho.

你的下一個問題來自瑞穗的克里斯帕金森。

Just very quickly, could you speak to the current backdrop in semiconductors for '22, given the recent sector noise, the competitive environments? And just also how investors should be thinking about the current CapEx cycle flowing through your outlook for '23 and even potentially longer term?

很快，鑑於最近的行業噪音和競爭環境，您能否談談 22 年半導體的當前背景？以及投資者應該如何考慮當前的資本支出週期，流經你對 23 年甚至可能更長期的展望？

Well, the CapEx piece, as we've said, we're going to be on the higher side for about 1.5 years here still as we've got a couple of these big expansion projects going on. We're just winding -- so by the way, we're going to run about 6% on CapEx. We would like to, over the medium term, run that more a little bit under 5%, mid-4s, high 4s, somewhere in that range. But we were just finished up the Kapton program, but we've got some water expansion stuff we're looking at. And obviously, we have the big Tyvek expansion which is our single biggest CapEx program going on over in Luxembourg right now that still goes on for about 1.5 years. So we're going to run a little bit higher. But pretty much where our CapEx is going is where we need capacity, which is maybe a good problem to have.

好吧，正如我們所說，資本支出部分，我們將在這裡保持較高的 1.5 年，因為我們正在進行一些大型擴張項目。我們只是在纏繞——所以順便說一下，我們將在資本支出上運行大約 6%。我們希望，在中期內，在這個範圍內的某個地方，將其運行在略低於 5%、中等 4s、高 4s 的水平。但是我們剛剛完成了 Kapton 計劃，但我們正在研究一些水膨脹的東西。顯然，我們有特衛強的大規模擴張，這是我們目前在盧森堡進行的最大的資本支出計劃，仍然持續了大約 1.5 年。所以我們要跑得更高一點。但我們的資本支出幾乎是我們需要容量的地方，這可能是一個很好的問題。

Yes. And I think on the semi CapEx front, obviously, the industry is running, I think, at about 98% capacity right now. So contributing to the really strong growth that we saw overall, semi in 2021 was up 15%. We'll look to have this strength again maybe in the high single digits, low double digits in 2022. So -- and as they invest capacity and CapEx in the semi space, that obviously benefits our portfolio. So we tend to outpace MSI, so the amount of wafers produced by 200 to 300 basis points. So as that number continues to show strength in the coming years from all of the demand and the capacity that's going in, we'll participate in that uplift as well.

是的。而且我認為在半資本支出方面，顯然，我認為該行業目前的產能約為 98%。因此，為我們看到的整體強勁增長做出了貢獻，2021 年的半年增長了 15%。我們希望在 2022 年再次擁有這種優勢，可能是高個位數，低兩位數。所以——當他們在半空間投資產能和資本支出時，這顯然有利於我們的投資組合。所以我們傾向於超過微星，所以生產的晶圓量增加了 200 到 300 個基點。因此，隨著這一數字在未來幾年繼續顯示出所有需求和產能的強勁勢頭，我們也將參與到這一提升中。

Yes. Part of our growth, by the way, a nice piece of it, if you remember, from the teach-ins that Jon Kemp did is a lot of more complex semiconductors, more layered chips and all that, and that plays to our advantage, it gives us growth. But growth is, as you all know, has been a little tempered to Lori's comment right now because we need new fabs to come on board. So it looks like a nice business to be in over the next decade as new fabs come on, and we've seen a couple of announcements recently in the U.S. where some fabs are going. So it looks like a nice trend for the next decade.

是的。順便說一句，如果你還記得的話，我們增長的一部分是，從 Jon Kemp 所做的教學中，有很多更複雜的半導體、更多層的芯片等等，這對我們有利，它給了我們成長。但是，眾所周知，增長對 Lori 的評論現在有點緩和，因為我們需要新的晶圓廠加入。因此，隨著新晶圓廠的出現，在未來十年內開展這項業務似乎是一項不錯的業務，而且我們最近在美國看到了一些晶圓廠正在建設的公告。所以這看起來是未來十年的一個不錯的趨勢。

And just you hit on all the follow-on topics on W&P between prepared remarks. I just want to flush something out in terms of just given the strong pricing outlook, let's say, the eventually abating P&L and labor-related cost headwinds and then the growth outlook for, let's say, safety and protective versus shelter. Could you just remind us and just give us your updated thoughts on normalized margins for that segment going forward, let's say '23 forward?

只需您在準備好的評論之間找到關於 W&P 的所有後續主題。我只是想從強勁的定價前景來看一些東西，比如說，最終減弱的損益和與勞動力相關的成本逆風，然後是安全和保護與庇護所的增長前景。您能否提醒我們，並就該細分市場未來的標準化利潤率提供您的最新想法，假設 '23 前進？

Yes. So W&P, as we have mentioned, we'll see sequential margin deceleration from Q4 into Q1, really driven by the items that we had called out. But if you exclude the raw material and logistics net headwinds and the headwinds that we're seeing from a production perspective, the W&P margins in the quarter should be almost 500 basis points better than what we may post because of those headwinds. And so you're getting up more into the 26% range. I think going forward, that those margins should be in the 26%, 27% EBITDA margin profile.

是的。因此，正如我們所提到的，W&P 將看到從第四季度到第一季度的連續利潤率下降，這實際上是由我們已經提出的項目驅動的。但如果排除原材料和物流淨逆風以及我們從生產角度看到的逆風，本季度的 W&P 利潤率應該比我們可能發布的逆風高出近 500 個基點。所以你在 26% 的範圍內上升得更多。我認為展望未來，這些利潤率應該在 26%、27% 的 EBITDA 利潤率範圍內。

Your next question comes from John McNulty with BMO Capital.

您的下一個問題來自 BMO Capital 的 John McNulty。

Ed, it looks like you're going to have a mountain of cash once mobility is sold off. Can you speak to what you're seeing in terms of the M&A pipeline? It sounds like you've got some chunky targets out there. With the volatility that we've seen in the market, have you seen those multiples come in at all? Are they still hanging in there? I guess how should we be thinking about that?

埃德，一旦機動性被賣掉，看起來你將擁有一大筆現金。您能談談您在併購渠道方面看到的情況嗎？聽起來你有一些粗大的目標。隨著我們在市場上看到的波動，你有沒有看到這些倍數出現？他們還掛在那裡嗎？我想我們應該怎麼想？

Yes. I mean I think generally, the multiples are hanging in there, but we'll see how the year goes. We're, John, most likely won't do an acquisition until after we get the proceeds from M&M, which will be in the fourth quarter. And we're not missing out on something we want by waiting in that time window. So we'll see where things sit at that point in time. By the way, what we're looking at are things that are right in the wheelhouse of those 5 core secular growth areas that I mentioned to you. So we're not looking at something that's off another leg on the stool or something like that. We really feel we can beef up our opportunities in existing customers bases and expand customer bases and technology areas that we already know we sell into, and we can expand it and add to it.

是的。我的意思是我認為一般來說，倍數都在那裡，但我們會看看這一年會怎樣。約翰，在我們從 M&M 獲得收益之前，我們很可能不會進行收購，這將是在第四季度。在那個時間窗口等待我們不會錯過我們想要的東西。因此，我們將及時了解情況。順便說一句，我們正在研究的是我向您提到的這 5 個核心長期增長領域的正確駕駛室。所以我們不是在看凳子上另一條腿上的東西或類似的東西。我們真的覺得我們可以在現有客戶群中增加機會，擴大我們已經知道我們銷售的客戶群和技術領域，我們可以擴大和增加它。

I think by the way, Laird and Rogers are 2 perfect examples of that. I'm not saying it's in that area, but something like that [defense] will get a kind of cost synergies out of when we do it. So that's kind of our time line of what we're thinking that as we exit next -- this year we're in now, possibility for an acquisition or 2. By the way, this number could be, give or take, $1 billion, but we'll probably be sitting on between cash flow, selling M&M, buying Rogers, CapEx, everything else that kind of goes [into the kitty], we'll probably be sitting just for planning purposes with like $6 billion of excess cash, somewhere in that ZIP code as we consummate this year.

順便說一句，我認為萊爾德和羅傑斯就是兩個完美的例子。我並不是說它在那個領域，但是當我們這樣做時，類似[防禦]的東西會產生一種成本協同效應。所以這就是我們在下一次退出時所考慮的時間線——今年我們現在，有可能進行一次或兩次收購。順便說一下，這個數字可能是，給予或接受，10 億美元，但我們可能會坐在現金流之間，出售 M&M，購買羅傑斯，資本支出，以及其他所有 [進入小貓] 的東西，我們可能只是出於規劃目的而坐擁 60 億美元的超額現金，在我們今年完成的那個郵政編碼的某個地方。

Got it. No, that's helpful. And then just a question on the raw material and inflation front. I guess at this point, do you have actual constraints from a supply chain perspective where you're not -- you're being kind of held back in putting out product at this point, like whether it's force majeures or logistical challenges or what have you? Are you pretty well squared away at this point? And now it's just the inflation that you have to worry about? And when will that maybe settle then?

知道了。不，這很有幫助。然後只是關於原材料和通脹方面的問題。我想在這一點上，從供應鏈的角度來看，你是否有實際的限制，而你沒有——在這一點上，你在推出產品時受到了阻礙，比如是不可抗力還是後勤挑戰或有什麼你？在這一點上，您是否已經很清楚了？現在你只需要擔心通貨膨脹嗎？那什麼時候才能解決呢？

Yes. I would say, in general, the raw material constraints are pretty much behind us. There are some force majeures that we're dealing with, but they're not holding back our production. What is holding back our production is what I had mentioned earlier with some of the Omicron absenteeism at some of our sites in the U.S. that's primarily impacting the W&P segment. So we had planned our Q1 guidance, but that doesn't materially get better versus what we saw in January. So that's really the only place where we're seeing constrained production.

是的。我想說，總的來說，原材料限制已經遠遠落後於我們。我們正在處理一些不可抗力，但它們並沒有阻礙我們的生產。阻礙我們生產的是我之前提到的一些 Omicron 在美國一些工廠的曠工，這主要影響了 W&P 部門。所以我們計劃了我們的第一季度指導，但與我們在一月份看到的相比，這並沒有實質性地好轉。所以這確實是我們看到生產受限的唯一地方。

And we would think that's really a one quarter issue, the way Omicron is now coming down. We had a key production facility. We missed 2 days of production. I think it was 2 weeks ago, lack of staffing. We were back up on the third day. It's things like that. We're paying everyone over time to work more hours, and that's costing us money. And a lot of that, we obviously plan will subside here sometime in the first quarter. But from a planning purpose, we just made the assumption that January, February and March will all look the same because of Omicron and those type of issues.

我們會認為這實際上是一個四分之一的問題，Omicron 現在正在下降的方式。我們有一個關鍵的生產設施。我們錯過了 2 天的生產。我想那是兩週前的事了，人手不足。第三天我們又回來了。就是這樣。隨著時間的推移，我們付錢給每個人，讓他們工作更多時間，這讓我們付出了代價。其中很多，我們顯然計劃在第一季度的某個時候消退。但出於規劃目的，我們只是假設由於 Omicron 和這些類型的問題，1 月、2 月和 3 月看起來都一樣。

And your next question comes from Steve Byrne with Bank of America.

您的下一個問題來自美國銀行的史蒂夫·伯恩。

Would you attribute the 9% volume growth in E&I to your customers just running harder and some capacity expansions? Or is this also from share gains? And if the latter, what precludes you from not getting more price in the segment? Is that only possible with a price mix shift? And can you preclude the legacy products from declining in price?

您是否會將 E&I 9% 的銷量增長歸因於您的客戶更加努力地運營和一些產能擴張？或者這也是股票收益？如果是後者，是什麼阻止您在該細分市場中獲得更多價格？這只有在價格組合轉變的情況下才有可能嗎？你能阻止傳統產品的價格下降嗎？

Yes. So I would say it's a combination of just a really robust end markets within E&I as well as some share gain primarily within the semi space. And so our semi segment was up 22% in the quarter. That's mainly volume. Back to the earlier comment around the fabs running full out as well as some share gains on our point and also some benefit in the mix of chips that are being produced or those chips that have more advanced nodes favor our portfolio.

是的。因此，我會說它是 E&I 內非常強大的終端市場以及主要在半成品領域內的一些份額增長的結合。因此，我們的半成品部門在本季度增長了 22%。那主要是音量。回到之前關於晶圓廠全部用完的評論，以及我們觀點的一些份額收益，以及正在生產的芯片組合或具有更先進節點的芯片有利於我們的產品組合的一些好處。

And as far as price, we are getting price. It's netting out to a slight headwind because there is a normalcy that goes on within the electronics segment. And so we sized that about 1% annual fees in the E&I segment. That happens across the electronics industry. That's not something that's just a DuPont factor that goes on across electronics. And so if you take that out, we actually did net some price to be able to offset the raw material headwinds that we're seeing within E&I. But back to the pie chart that we provided in our slides, E&I is the smallest portion of our portfolio that has headwinds on the raw material front. So only about 10% of the headwinds that we saw of the $250 million in the quarter was from E&I.

就價格而言，我們正在得到價格。由於電子領域存在正常現象，因此受到了輕微的不利影響。因此，我們將 E&I 部分的年費定為大約 1%。這發生在整個電子行業。這不僅僅是電子產品中的杜邦因素。因此，如果你把它拿出來，我們實際上確實淨賺了一些價格，以抵消我們在 E&I 中看到的原材料不利因素。但回到我們在幻燈片中提供的餅圖，E&I 是我們投資組合中在原材料方面遇到阻力的最小部分。因此，我們在本季度看到的 2.5 億美元的不利因素中，只有約 10% 來自 E&I。

And in your remarks, Lori, you mentioned about the water technologies focusing on industrial end markets and desalination. So you clearly have the platform for purification. My question for you, do you have the right technology or do you need to hold on to it to expand from purification to extraction such as extracting minerals out of brine like lithium?

Lori 在您的發言中，您提到了專注於工業終端市場和海水淡化的水技術。所以你顯然有淨化的平台。我的問題是，您是否擁有正確的技術，或者您是否需要堅持將其從提純擴展到提取，例如從鹽水中提取鋰等礦物質？

We're -- let me just answer it this way. We're -- we would love to do an acquisition in the water area, and you'd probably pick up some technologies in that area. There are technologies we would like to add in the portfolio. By the way, there's not a ton of water assets out there. But as you know, we did 4 acquisitions, I don't know...

我們——讓我這樣回答。我們 - 我們很樂意在水域進行收購，您可能會在該領域獲得一些技術。我們希望在產品組合中添加一些技術。順便說一句，那裡沒有大量的水資源。但如你所知，我們進行了 4 次收購，我不知道...

End of '19.

19 年末。

The end of '19 and moved to track the time here. They were all smaller, but now we're growing it really nice. So that is a potential path for us, if there's not something a little chunkier that we really, really like. But that's a space we just feel the next couple of decades are great secular growth areas. And we've got great technology already we'd like to add to, probably very similar in the Laird and Rogers coming into E&I, how that adds on to existing technologies we have. So definitely an area of interest and could pick up some of those technologies in that extraction area.

'19 年末並移至此處跟踪時間。它們都變小了，但現在我們的成長非常好。所以這對我們來說是一條潛在的道路，如果沒有我們真正非常喜歡的更粗一點的東西。但這是一個我們認為未來幾十年是巨大的長期增長領域的空間。我們已經有了想要添加的很棒的技術，可能與進入 E&I 的 Laird 和 Rogers 非常相似，這如何添加到我們現有的技術中。所以絕對是一個令人感興趣的領域，並且可以在該提取領域採用其中的一些技術。

Your next question comes from John Roberts with UBS.

您的下一個問題來自瑞銀的約翰·羅伯茨。

You had uneven quarterly comps in interconnects in 2021 due to the smartphone launch timings and automotive. Any insights into the quarterly comps as we go through 2022? Where are the really uneven comparisons?

由於智能手機的發佈時間和汽車，您在 2021 年的互連季度組合不均衡。到 2022 年，對季度業績有何見解？真正不均衡的比較在哪裡？

Yes. So we'll go back to a more seasonal pattern in 2022, so that does create a headwind in Q1 because in Q1 of 2021, we were unseasonally high. That will resolve as the year goes on and create a tailwind in the back half. But overall, the seasonality will be more normal with Q3 being the highest as we supply materials into the smartphone space in advance of the Christmas sales.

是的。因此，我們將在 2022 年回到更具季節性的模式，這確實會在第一季度造成逆風，因為在 2021 年第一季度，我們處於非季節性的高位。隨著時間的推移，這將得到解決，並在後半段創造順風。但總體而言，季節性將更加正常，第三季度是最高的，因為我們在聖誕節銷售之前向智能手機領域供應材料。

Then on Slide 5, can you help us understand the headwinds that stay with DuPont or would continue in DuPont versus M&M? So how much of the logistics $50 million is continuing DuPont versus M&M? And in the part of M&M that stays with DuPont, is it performing in line with the rest of M&M? Or is it outperforming overall M&M?

然後在幻燈片 5 上，您能否幫助我們了解杜邦公司與 M&M 公司之間存在或將繼續存在的不利因素？那麼，5000 萬美元的物流費用中有多少是杜邦公司與 M&M 公司相比的呢？在留在杜邦的 M&M 部分，它的表現是否與 M&M 的其餘部分一致？還是它的表現優於整體 M&M？

Yes. So on the logistics front, of the $50 million, about $40 million stays in DuPont with the biggest piece of that being in W&P. So only about $10 million of the $50 million was within M&M. And as far as the business is staying with DuPont, it's primarily adhesives and multi-based heritage Dow businesses. Their margin profile is lower than the M&M segment today. We saw some significant headwinds on the price cost in 2021. We'll look for that to improve heading into 2022, but their margin profile was slightly below where M&M is.

是的。因此，在物流方面，在 5000 萬美元中，約有 4000 萬美元留在了杜邦，其中最大的一部分在 W&P。因此，這 5000 萬美元中只有大約 1000 萬美元在 M&M 中。至於業務留在杜邦，它主要是粘合劑和多基傳統陶氏業務。他們的利潤率低於今天的 M&M 細分市場。我們在 2021 年看到了價格成本的一些重大不利因素。我們將尋求在 2022 年之前有所改善，但它們的利潤率狀況略低於 M&M 的水平。

Your next question comes from Vincent Andrews with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Vincent Andrews。

Just a couple of cleanup questions here. I know you laid out sort of the shape of your raw materials expectations for 2022. On logistics, as you called out, the crazy numbers that we're seeing in ocean freight, are you assuming that, that stays the same through the year? Or are you allowing for that to correct a little bit in the back half?

這裡只是幾個清理問題。我知道您列出了您對 2022 年原材料的預期。在物流方面，正如您所說，我們在海運中看到的瘋狂數字，您是否假設這一年保持不變？或者你是否允許在後半部分糾正一點？

So it corrects in the back half, primarily in the fourth quarter as we lap that $50 million headwind that we saw in 4Q 2021. So we'll look for them to remain elevated Q1 through Q3 on a year-over-year basis and then Q4 moderate. The one difference coming out of Q1 is we do expect to get price coming out of Q1 into Q2 and beyond to offset that headwind in logistics.

因此，它在後半部分得到糾正，主要是在第四季度，因為我們在 2021 年第四季度看到了 5000 萬美元的逆風。因此，我們希望它們在第一季度到第三季度同比保持較高水平，然後第四季度適中。第一季度的一個不同之處是，我們確實希望從第一季度到第二季度及以後的價格能夠抵消物流方面的逆風。

Okay. And then just on the semis and maybe just going even into the tiers in the auto customers. There's chatter out there depending on who you're listening to that maybe there's some double ordering in semis or maybe the tiers have built up inventory waiting for the auto production to come back. But as you look across your businesses and your customer relationships and what you're seeing and hearing, what's your point of view on any of that stuff?

好的。然後只是半決賽，甚至可能只是進入汽車客戶的層次。根據您在聽誰的聲音，可能會有一些喋喋不休的消息，也許在半成品中有一些雙重訂購，或者可能各層級已經建立了庫存，等待汽車生產回來。但是，當您審視您的業務和客戶關係以及您所看到和聽到的內容時，您對這些內容有何看法？

Yes. We're not feeling any inventory build that would create a headwind as you head into 2022. I mean keep in mind, there is a little bit of a timing disconnect between the results within the M&M segment from a volume perspective in auto builds. And so in 2021, we significantly outpaced with volumes up 12% versus auto builds up 2%. So that could moderate a bit with respect to our performance versus auto builds in 2022. But overall, I don't feel like any inventory is building in the channel. And on the semi front, I think it'd be hard to be building inventory in semi just given the market is constrained. So we don't feel it there either.

是的。當您進入 2022 年時，我們沒有感覺到任何庫存增加會造成逆風。我的意思是請記住，從汽車製造的數量角度來看，M&M 細分市場的結果之間存在一點時間脫節。因此，在 2021 年，我們的銷量增長了 12%，而汽車銷量增長了 2%。因此，相對於 2022 年我們的表現與汽車製造相比，這可能會有所緩和。但總的來說，我覺得渠道中沒有任何庫存正在增加。在半成品方面，我認為僅僅考慮到市場受到限制，很難在半成品中建立庫存。所以我們在那裡也感覺不到。

Ladies and gentlemen, we have reached the allotted time for questions today. I will now turn the conference back over to Pat Fitzgerald for closing comments.

女士們，先生們，我們今天的提問時間已經到了。我現在將把會議轉回帕特·菲茨杰拉德（Pat Fitzgerald）來結束評論。

Thank you, everyone, for joining our call. For your reference, a copy of our transcript will be posted to the DuPont website. Please join us on March 3 for our next teach-in, which will include the Industrial Solutions line of business within our E&I segment. I hope you can join us. Thank you again. This concludes our call.

謝謝大家加入我們的電話。供您參考，我們的成績單副本將發佈到杜邦網站。請在 3 月 3 日加入我們，參加我們的下一次教學，其中將包括我們 E&I 部門中的工業解決方案業務線。我希望你能加入我們。再次感謝你。我們的電話到此結束。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation. You may now disconnect your lines.

女士們先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開線路。