杜邦 (DD) 2022 Q1 法說會逐字稿

Good morning, and welcome to the DuPont First Quarter 2022 Earnings Conference Call. (Operator Instructions) Thank you.

早上好，歡迎參加杜邦 2022 年第一季度收益電話會議。 （操作員說明）謝謝。

Chris Mecray, you may begin your conference.

Chris Mecray，你可以開始你的會議了。

Good morning, everyone. Thank you for joining us for a review of DuPont's first quarter 2022 financial results. Joining me today are Ed Breen, Chief Executive Officer; and Lori Koch, Chief Financial Officer. We prepared slides to supplement our comments during this review, which are posted on the Investor Relations section of DuPont's website and through the webcast link. Please read the forward-looking statement disclaimer contained in the slides.

大家，早安。感謝您與我們一起回顧杜邦公司 2022 年第一季度的財務業績。今天加入我的是首席執行官 Ed Breen；和首席財務官 Lori Koch。我們準備了幻燈片來補充我們在審查期間的評論，這些幻燈片發佈在杜邦網站的投資者關係部分和網絡廣播鏈接上。請閱讀幻燈片中包含的前瞻性聲明免責聲明。

During this financial review, we'll make forward-looking statements regarding our expectations or predictions about the future. Because these statements are based on current assumptions and factors that involve risks and uncertainties, our actual performance and results may differ materially from our forward-looking statements. Our 2021 Form 10-K as updated by current and periodic reports includes a detailed discussion of principal risks and uncertainties, which may cause differences.

在本次財務審查期間，我們將就我們對未來的預期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。我們根據當前和定期報告更新的 2021 年表 10-K 包括對可能導致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'll 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。

Good morning, and thank you for joining our first quarter financial review. We posted strong results this quarter. But before we discuss that, I would like to thank each of our employees for their continued dedication and strong commitment to our customers. Their perseverance in the face of many obstacles is what made our results possible.

早上好，感謝您加入我們的第一季度財務審查。我們在本季度發布了強勁的業績。但在我們討論這個問題之前，我要感謝我們的每一位員工，感謝他們對客戶的持續奉獻和堅定承諾。他們在許多障礙面前的毅力使我們的成果成為可能。

I'd especially like to express our appreciation for our China-based colleagues, many of whom have endured weeks of lockdowns, but have continued to operate and get necessary work on. Also, our hearts go out to those affected by the war in Ukraine, and we sincerely hope this conflict can be ended as soon as possible.

我要特別感謝我們在中國的同事，他們中的許多人已經忍受了數週的封鎖，但仍在繼續運作並進行必要的工作。此外，我們向受烏克蘭戰爭影響的人們表示同情，我們真誠地希望這場衝突能夠盡快結束。

Our first quarter results from continuing operations included a strong 9% organic sales increase from the prior year or 14% growth, including the layered acquisition contribution. Organic volume increased 3%, led by an 8% increase in the E&I segment. Overall customer demand remains strong across the vast majority of end markets, led by low double-digit volume growth in both semiconductor and industrial technologies with the E&I segment and mid-single-digit volume growth in water and shelter solutions within the water and protection business.

我們第一季度的持續經營業績包括比上一年強勁的 9% 的有機銷售額增長或 14% 的增長，包括分層收購的貢獻。有機銷量增長 3%，其中 E&I 板塊增長 8%。絕大多數終端市場的整體客戶需求仍然強勁，主要是因為半導體和工業技術的 E&I 部門的低兩位數增長以及水和保護業務中的水和住房解決方案的中個位數增長.

Our top line growth included 6% average pricing increases that we took to offset the continued cost inflation that we are experiencing. We realized price increases in all businesses totaling about $190 million and a fully offset raw material, logistics and energy cost deflation. I continue to be impressed by the job our teams are doing as we remain -- target to remain price cost neutral for the full year 2022, including the incremental actions taken in March, largely in reaction to the conflict-driven spike in energy and related costs during the period.

我們的收入增長包括 6% 的平均定價增長，以抵消我們正在經歷的持續成本通脹。我們實現了所有業務的價格上漲總計約 1.9 億美元，並完全抵消了原材料、物流和能源成本的通縮。我繼續對我們的團隊所做的工作印象深刻——我們的目標是在 2022 年全年保持價格成本中性，包括在 3 月份採取的增量行動，主要是為了應對沖突導致的能源和相關行業飆升期間的費用。

Turning to Slide 4, I'd like to update you on key focus areas for 2022 stakeholder value creation, including our portfolio transformation, our balanced approach to capital allocation and our continued focus on growth execution. First, we believe we are on track with what we noted previously regarding the timing associated with the M&M divestiture to Celanese. The M&M transaction is anticipated to be complete around the end of the year, and we are also continuing with the process to divest the Delrin business.

轉到幻燈片 4，我想向您介紹 2022 年利益相關者價值創造的關鍵重點領域，包括我們的投資組合轉型、我們的資本分配平衡方法以及我們對增長執行的持續關注。首先，我們相信我們在之前提到的與 M&M 剝離給塞拉尼斯相關的時間安排上正在走上正軌。 M&M 交易預計將在今年年底左右完成，我們還將繼續剝離 Delrin 業務。

For the Rogers acquisition, progress is being made on the required regulatory reviews while we remain optimistic by closing by the end of the second quarter. The process could extend into early third quarter. We continue to see no issue that would prevent a close of this transaction.

對於羅傑斯的收購，所需的監管審查正在取得進展，而我們對第二季度末結束保持樂觀。這一過程可能會延續到第三季度初。我們繼續認為沒有任何問題會阻止該交易的完成。

I'd like to reiterate that DuPont's financial profile -- pro forma for these transactions will firmly position the company with top quartile revenue growth, operating EBITDA margins and low cyclicality relative to top tier multi-industrial companies. Greater focus on secular high-growth end markets in electronics, water, industrial technologies, protection and next-generation automotive will serve as a sound basis for our innovation-led organic growth execution.

我想重申，杜邦的財務狀況——這些交易的備考將堅定地使公司處於收入增長前四分之一、經營 EBITDA 利潤率和相對於頂級多行業公司的低週期性。更加關注電子、水、工業技術、保護和下一代汽車領域的長期高增長終端市場，將為我們以創新為主導的有機增長執行奠定良好的基礎。

Regarding the Laird Performance Materials acquisition, we are also on track to achieve cost synergies of $63 million, somewhat ahead of initial expectations. The deal has been a success so far, including overall financial performance ahead of plan for both top and bottom line results and early progress to achieve commercial synergies on top of the cost synergies noted. As one example, we are starting to see some nice synergies with Laird process and equipment technology, enabling more effective solutions for downstream customers, including auto OEMs as well as consumer electronics applications.

關於 Laird Performance Materials 的收購，我們也有望實現 6300 萬美元的成本協同效應，略高於最初的預期。到目前為止，該交易取得了成功，包括整體財務業績超出計劃的頂線和底線結果，以及在所指出的成本協同效應之上實現商業協同效應的早期進展。例如，我們開始看到與萊爾德工藝和設備技術的一些很好的協同作用，為下游客戶提供更有效的解決方案，包括汽車原始設備製造商以及消費電子應用。

Regarding future capital allocation and namely the net cash we will receive from our planned divestitures, we will continue to pursue a balanced strategy that includes prioritizing the return of excess capital to shareholders as well as strategic M&A. This is consistent with our actions taken over the last year during which we increased our share repurchase and dividend allocation as well as completed the Laird acquisition.

關於未來的資本分配，即我們將從計劃剝離中獲得的淨現金，我們將繼續奉行平衡戰略，包括優先將多餘資本返還給股東以及戰略併購。這與我們去年採取的行動一致，在此期間我們增加了股票回購和股息分配，並完成了對萊爾德的收購。

Once the Rogers and M&M transactions are completed, we will be poised to continue to improve our portfolio and financial position as well as accelerate capital return options. Given the magnitude of the anticipated deal proceeds, we expect that there will be room to execute substantial incremental share buybacks while disciplined M&A will also remain a key deployment priority.

一旦 Rogers 和 M&M 交易完成，我們將準備好繼續改善我們的投資組合和財務狀況，並加快資本回報的選擇。鑑於預期交易收益的規模，我們預計將有空間執行大量增量股票回購，而嚴格的併購也將仍然是關鍵部署優先事項。

Regarding our existing $1 billion share repurchase program authorized during Q1, we anticipate completing that authorization during 2022, ahead of the 1-year duration initially guided.

關於我們在第一季度授權的現有 10 億美元股票回購計劃，我們預計在 2022 年完成該授權，超過最初指導的 1 年期限。

Turning to core growth, we continue to focus on execution of our innovation-based organic growth opportunities. We are pleased with 3% volume growth in the quarter given production constraints due to lack of raw material availability and supply chain challenges. We are excited about visible growth drivers enabled by our technical innovation teams and application engineers who are squarely focused on helping customers solve their most complex challenges.

轉向核心增長，我們繼續專注於執行我們基於創新的有機增長機會。由於缺乏原材料供應和供應鏈挑戰，生產受到限制，我們對本季度 3% 的銷量增長感到滿意。我們的技術創新團隊和應用工程師致力於幫助客戶解決最複雜的挑戰，這讓我們對可見的增長驅動力感到興奮。

In E&I, continued top line growth momentum this year is being driven by growth in semiconductor, health care and displays end markets by cyclical recovery in aerospace markets and by new share gains and innovation wins muted somewhat in auto by supply chain constraints. Key examples of recent new product successes driving growth and strong margin performance include newly launched mechanical planarization pads for semiconductor manufacturing as well as new lithographic photoresist for the high-performance computing market.

在電子與工業領域，今年持續的營收增長勢頭受到半導體、醫療保健和顯示器終端市場的增長、航空航天市場的周期性複蘇以及供應鏈限制在汽車領域的新份額增長和創新勝利的推動。最近新產品成功推動增長和強勁利潤表現的關鍵例子包括新推出的用於半導體製造的機械平面化焊盤以及用於高性能計算市場的新型光刻光刻膠。

In W&P, we expect growth in 2022 coming from each of the lines of business. Safety has seen market growth across major segments including aerospace, electrical infrastructure, oil and gas and health care, but muted by lower demand for protective garments.

在 W&P，我們預計 2022 年的增長來自每個業務線。包括航空航天、電氣基礎設施、石油和天然氣以及醫療保健在內的主要領域的安全市場都出現了增長，但由於對防護服的需求下降而受到抑制。

Shelter continues to experience growth opportunities from strong construction and remodeling trends. Water is experiencing strong mid- to high single-digit growth globally across all technologies. Examples of new innovation drivers for this segment include several new membrane product families within water to drive growth in desalination and wastewater markets as well as the launch of a new building insulation product offering increased sustainability solutions for customers.

Shelter 繼續從強勁的建設和改建趨勢中獲得增長機會。水在全球所有技術領域都在經歷強勁的中高個位數增長。該領域的新創新驅動力示例包括用於推動海水淡化和廢水市場增長的幾個新膜產品系列，以及推出新的建築保溫產品，為客戶提供更多的可持續性解決方案。

We also have a strong adhesive business that is positioned well to capture growth with its product offerings in next-generation auto and electric vehicles, especially through the commercial synergy opportunities that we expect through the Rogers acquisition.

我們還擁有強大的粘合劑業務，可以很好地利用其在下一代汽車和電動汽車中提供的產品來實現增長，尤其是通過我們期望通過收購羅傑斯獲得的商業協同機會。

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

有了這個，讓我轉向 Lori 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, we saw continued strong demand during the quarter in key end markets. Global supply chain challenges and cost inflation have persisted and even intensified during the quarter due to the war in Ukraine.

謝謝，Ed，大家早上好。正如 Ed 所說，我們看到本季度主要終端市場的需求持續強勁。由於烏克蘭戰爭，全球供應鏈挑戰和成本通脹在本季度持續存在，甚至加劇。

In response to inflation, we continued our strategic pricing actions and were able to fully offset higher costs during the quarter related to raw material, logistics and energy. These factors, along with our team's continued focus on execution, contributed to net sales, operating EBITDA and adjusted EPS results well above expectations.

為了應對通貨膨脹，我們繼續我們的戰略定價行動，並能夠在本季度完全抵消與原材料、物流和能源相關的更高成本。這些因素，以及我們團隊對執行的持續關注，促成了淨銷售額、經營 EBITDA 和調整後的每股收益結果遠高於預期。

Focusing on financial highlights on Slide 5 for the quarter. Net sales of $3.3 billion were up 9% on both an as-reported and organic basis versus the first quarter of 2021. The acquisition of Laird, partially offset by non-core divestitures, provided 2% net tailwind to net sales while currency was a 2% headwind during the quarter.

專注於本季度幻燈片 5 的財務亮點。與 2021 年第一季度相比，淨銷售額為 33 億美元，在報告和有機基礎上均增長 9%。收購 Laird（部分被非核心資產剝離所抵消）為淨銷售額提供了 2% 的淨順風，而貨幣是本季度逆風 2%。

Organic sales growth included 6% pricing gains and 3% higher volume. Pricing gains reflect the actions taken to offset overall cost inflation, including the spike in energy costs that we are seeing at our site. Volume growth reflected continued strong customer demand with order patterns remaining solid, led by electronics, industrial technologies, water and construction end markets. These factors resulted in organic sales growth during the quarter of 10% and 9% for W&P and E&I, respectively.

有機銷售增長包括 6% 的定價收益和 3% 的銷量增長。價格上漲反映了為抵消總體成本膨脹而採取的行動，包括我們在現場看到的能源成本飆升。銷量增長反映了持續強勁的客戶需求，在電子、工業技術、水和建築終端市場的帶動下，訂單模式保持穩定。這些因素導致 W&P 和 E&I 在本季度的有機銷售額分別增長 10% 和 9%。

On a regional basis, organic sales growth was broad-based globally with W&P driving growth in North America and EMEA and E&I driving growth in Asia Pacific.

在區域範圍內，有機銷售增長在全球範圍內具有廣泛的基礎，其中 W&P 推動了北美和 EMEA 的增長，而 E&I 推動了亞太地區的增長。

From an earnings perspective, operating EBITDA of $818 million was up 2% versus the year ago period and adjusted EPS of $0.82 per share was up 19%. The increase in operating EBITDA was driven by pricing actions, volume gains and strong earnings from the Laird acquisitions, which more than offset higher inflationary cost pressures as well as weaker product mix in W&P and the absence of a gain on asset divestiture in E&I last year.

從盈利的角度來看，營業 EBITDA 為 8.18 億美元，比去年同期增長 2%，調整後的每股收益為 0.82 美元，增長 19%。運營 EBITDA 的增長是由 Laird 收購的定價行為、銷量增長和強勁收益推動的，這足以抵消較高的通脹成本壓力以及 W&P 較弱的產品組合以及去年 E&I 資產剝離沒有收益.

Operating EBITDA margin during the quarter was 25%, which was better than our expectations set earlier this quarter, about 160 basis points below the year ago period, which I'll explain further.

本季度的經營 EBITDA 利潤率為 25%，好於我們本季度早些時候設定的預期，比去年同期低約 160 個基點，我將進一步解釋。

Navigating cost inflation was a key focus during the quarter, and our success in doing so was a significant driver in our results. While the majority of the raw material inflation that we have discussed in the past related to the M&M businesses, which are now part of discontinued operations, our Remainco businesses also have inflation exposure, and we saw a spike in energy costs during the quarter, most notably in W&P. We fully offset about $190 million of cost inflation during the quarter, which kept our results whole on a dollars basis. While these pricing actions enabled us to maintain a neutral earnings profile, price cost dynamics resulted in 150 basis point headwind to operating EBITDA margin during the quarter.

駕馭成本通脹是本季度的重點，我們在這方面的成功是我們業績的重要推動力。雖然我們過去討論的大部分原材料通脹都與 M&M 業務有關，這些業務現在是已停產業務的一部分，但我們的 Remainco 業務也有通脹風險，我們看到本季度能源成本飆升，大多數尤其是在 W&P。我們在本季度完全抵消了約 1.9 億美元的成本膨脹，這使我們的業績保持在美元的基礎上。雖然這些定價行動使我們能夠保持中性的盈利狀況，但價格成本動態導致本季度運營 EBITDA 利潤率下降 150 個基點。

Our underlying operating EBITDA margin adjusted to exclude price cost factors was 26.5% or essentially flat compared to the year ago period. Further, as you adjust margins in the prior period to exclude the onetime gain related to the asset sale in E&I, our underlying margin of 26.5% would have increased about 70 basis points from last year.

經調整以排除價格成本因素，我們的基本經營 EBITDA 利潤率為 26.5%，與去年同期相比基本持平。此外，當您調整前期利潤率以排除與 E&I 資產出售相關的一次性收益時，我們 26.5% 的基本利潤率將比去年增加約 70 個基點。

Another key metric that we track is incremental margins. On a reported basis, incremental margin for the quarter was 6% from the year ago period. However, I indicated previously the importance of evaluating our results on an underlying basis. If you remove the impact of price cost, incremental margin was over 20%, and if you also exclude the headwind from the onetime asset sales. On top of that, incremental margin was almost 60%. I mentioned these data points to illustrate the volume strength we are seeing within the portfolio.

我們跟踪的另一個關鍵指標是增量利潤。根據報告，本季度的增量利潤率比去年同期增長了 6%。但是，我之前指出了在基本基礎上評估我們的結果的重要性。如果排除價格成本的影響，增量利潤率超過 20%，如果還排除一次性資產銷售的逆風。最重要的是，增量利潤率接近 60%。我提到這些數據點是為了說明我們在投資組合中看到的成交量強度。

From a cash perspective, cash flow from operations during the quarter of $209 million and capital expenditures of $251 million resulted in a free cash outflow of $42 million. The cash outflow was the result of variable compensation payments to our employees, which were approximately $100 million more this year than our normal payout, and higher working capital trade includes set of actions taken to increase inventory in reaction to continued product supply constraints. We expect significant improvement in free cash flow as we move towards the second half of the year consistent with our typical seasonal pattern.

從現金的角度來看，本季度運營現金流為 2.09 億美元，資本支出為 2.51 億美元，導致自由現金流出 4200 萬美元。現金流出是我們向員工支付的可變薪酬的結果，今年比我們的正常支出多出約 1 億美元，而較高的營運資本交易包括為應對持續的產品供應限製而採取的增加庫存的一系列行動。隨著我們按照典型的季節性模式邁向下半年，我們預計自由現金流將顯著改善。

Turning to Slide 6. Adjusted EPS of $0.82 per share was up 19% compared to $0.69 per share in the year ago period. Higher volumes and strong results from Laird collectively provided a benefit to adjusted EPS in the quarter of $0.11 per share. These gains more than offset other previously disclosed portfolio related actions, weaker product mix in W&P and additional tax Kapton start-up costs in E&I totaling $0.09 per share in the aggregate. A lower share count and reduced interest expense from deleveraging actions continue to benefit our EPS results.

轉到幻燈片 6。調整後的每股收益為 0.82 美元，與去年同期的每股 0.69 美元相比增長了 19%。萊爾德更高的銷量和強勁的業績共同為該季度調整後的每股收益帶來了 0.11 美元的收益。這些收益足以抵消之前披露的其他與投資組合相關的行動、W&P 中較弱的產品組合以及 E&I 中的額外稅收 Kapton 啟動成本總計每股 0.09 美元。去槓桿行動帶來的股票數量減少和利息支出減少繼續有利於我們的每股收益結果。

Our base tax rate for the quarter was 21.8%, and we continue to expect our base tax rate for the full year 2022 to be in the range of 21% to 23%.

我們本季度的基礎稅率為 21.8%，我們繼續預計 2022 年全年的基礎稅率將在 21% 至 23% 之間。

Turning to segment results, beginning with E&I on Slide 7. E&I delivered net sales growth of 18%, including 9% organic growth and 11% portfolio benefit from Laird and a 2% headwind from currency. Organic growth for E&I includes an 8% increase in volume and a 1% increase in price. For A line of business view, organic sales growth was led by semiconductor technologies, which increased mid-teens as robust demand continued, led by the ongoing transition to more advanced nodes, growth in high-performance computing and 5G communications as well as share gains.

轉向細分結果，從幻燈片 7 上的 E&I 開始。E&I 實現了 18% 的淨銷售額增長，其中包括 9% 的有機增長和 11% 的投資組合受益於萊爾德以及 2% 的貨幣逆風。 E&I 的有機增長包括 8% 的銷量增長和 1% 的價格增長。對於 A line of business 的觀點，有機銷售增長由半導體技術引領，隨著強勁的需求持續增長，在向更先進節點的持續過渡、高性能計算和 5G 通信的增長以及份額增長的帶動下.

Within Industrial Solutions, organic sales growth was up low double digits on a continuation of strong volume growth led by OLED materials for new phone and television launches, ongoing strength for Kalrez product offerings, most notably for semi CapEx and strong demand for health care applications such as biopharma and tubing.

在工業解決方案中，有機銷售額增長低於兩位數，原因是新手機和電視推出的 OLED 材料導致銷量持續強勁增長，Kalrez 產品供應持續強勁，尤其是半資本支出和醫療保健應用的強勁需求，如作為生物製藥和管道。

Interconnect Solutions sales decreased low single digits on an organic basis, due to a slight volume decline. Volume gains for films and laminates in certain industrial end markets were more than offset by declines in consumer electronics, primarily related to China as well as the anticipated return to more normal seasonal order patterns for smartphones. For the full year, we expect Interconnect Solutions to be up mid-single digits on an organic basis, led by strong demand in the second half and additional capacity coming online later this year from our Kapton expansion. From a regional perspective, E&I delivered sales growth in all regions with high single-digit organic growth in Asia Pacific, noting China was down slightly.

由於銷量略有下降，互連解決方案銷售額有機地下降了低個位數。某些工業終端市場的薄膜和層壓板銷量增長被消費電子產品的下降所抵消，主要與中國有關，以及智能手機預計將恢復更正常的季節性訂單模式。全年，我們預計互連解決方案將在有機基礎上增長中個位數，這主要是由於下半年的強勁需求以及今年晚些時候我們的 Kapton 擴張將增加產能。從地區來看，E&I 在所有地區均實現了銷售額增長，並在亞太地區實現了高個位數的有機增長，其中中國略有下降。

Operating EBITDA for E&I of $476 million increased 9% as volume gains, strong earnings from Laird and pricing actions more than offset the absence of a prior year asset sale gain, higher raw material and logistics costs and a continuation of start-up costs associated with our Kapton capacity expansion. Operating EBITDA margin of 31% reflects sequential improvement from the fourth quarter of more than 200 basis points. On a year-over-year basis, the primary driver of the decline in operating EBITDA margin was the absence of a prior year gain. Adjusting margins in the prior year to exclude the onetime benefit, operating EBITDA margin was down 70 basis points year-over-year as a result of price cost and Kapton start-up costs more than offsetting volume gains.

E&I 的運營 EBITDA 為 4.76 億美元，增長 9%，原因是銷量增長、萊爾德的強勁收益和定價行動抵消了上一年資產出售收益的缺失、原材料和物流成本上升以及與我們的 Kapton 產能擴張。 31% 的經營 EBITDA 利潤率反映了比第四季度連續改善 200 多個基點。與去年同期相比，經營 EBITDA 利潤率下降的主要驅動因素是沒有上一年的收益。調整上一年的利潤率以排除一次性收益，由於價格成本和 Kapton 的啟動成本超過了銷量增長的影響，營業 EBITDA 利潤率同比下降了 70 個基點。

Turning to Slide 8, W&P delivered net sales growth of 8%, consisting of 10% organic growth and a 2% headwind from currency. Organic growth for W&P reflects broad-based pricing actions across the segment implemented to offset cost inflation. Volumes were flat as gains in shelter and water solutions were offset by declines in safety. From a line of business view, organic sales growth was led by Shelter Solutions, which was up high teens driven by pricing actions and continued robust demand in North American residential construction for products such as Tyvek, Kalrez as well as ongoing improvement in commercial construction for quarry and surface products. Sales for Water Solutions were up high single digits on an organic basis on volume and pricing gains. Global demand remains strong for all water technologies and across all regions.

轉到幻燈片 8，W&P 實現了 8% 的淨銷售額增長，其中包括 10% 的有機增長和 2% 的貨幣逆風。 W&P 的有機增長反映了該部門為抵消成本通脹而採取的廣泛的定價行動。由於避難所和水解決方案的收益被安全性下降所抵消，交易量持平。從業務角度來看，有機銷售增長由 Shelter Solutions 引領，在定價行為和北美住宅建築對 Tyvek、Kalrez 等產品的持續強勁需求以及商業建築持續改善的推動下，該公司銷售額增長了十幾倍。採石場和表面產品。 Water Solutions 的銷售額在數量和價格上漲的基礎上有機地增長了個位數。全球對所有水技術和所有地區的需求仍然強勁。

Within Safety Solutions, sales were up mid-single digits on an organic basis as pricing actions were partially offset by lower volumes of Tyvek as we shifted production from garments to other end market applications. Volumes were up slightly for aramid fibers on continued improvement in industrial end markets.

在安全解決方案中，由於我們將生產從服裝轉移到其他終端市場應用，Tyvek 銷量下降部分抵消了定價行為，部分抵消了安全解決方案的銷售額中個位數的有機增長。由於工業終端市場的持續改善，芳綸纖維的銷量略有上升。

Operating EBITDA for W&P of $341 million declined 4% versus last year due to a weaker product mix. Operating EBITDA margin was better than our expectations set earlier in the quarter, but the impact of price cost was about a 210 basis point headwind to margin. Excluding the price cost impacts, operating EBITDA margin was about 26%, approaching more normalized levels for W&P.

由於產品組合疲軟，W&P 的運營 EBITDA 為 3.41 億美元，較去年下降 4%。經營 EBITDA 利潤率好於我們在本季度早些時候設定的預期，但價格成本的影響對利潤率造成了約 210 個基點的逆風。排除價格成本影響，營業 EBITDA 利潤率約為 26%，接近 W&P 的更正常水平。

Before I turn it back over to Ed, I'll close with a few comments on our financial outlook on Slide 9. Despite the strong start to the year and solid demand, the macro environment remains volatile with several key and certain factors. Based on our expectations and in consideration of these uncertainties, our full year guidance ranges for operating EBITDA and adjusted EPS remain unchanged at $3.25 billion to $3.45 billion and $3.20 to $3.50 per share, respectively. These ranges include a $35 million earnings headwind as a result of suspending operations in Russia. We are increasing our guidance range for net sales to be between $13.3 billion and $13.7 billion to reflect price increases needed to offset cost inflation, which we now anticipate at $600 million in year-over-year headwinds.

在我將其轉回給 Ed 之前，我將在幻燈片 9 上對我們的財務前景發表一些評論。儘管今年開局強勁且需求強勁，但宏觀環境仍因幾個關鍵和某些因素而波動。基於我們的預期並考慮到這些不確定性，我們全年運營 EBITDA 和調整後每股收益的指導範圍保持不變，分別為每股 32.5 億美元至 34.5 億美元和 3.20 美元至 3.50 美元。這些範圍包括由於暫停在俄羅斯的業務而導致的 3500 萬美元的收益逆風。我們正在將淨銷售額的指導範圍提高到 133 億美元至 137 億美元之間，以反映抵消成本通脹所需的價格上漲，我們現在預計同比逆風為 6 億美元。

Although underlying demand in key end markets such as electronics, industrial technologies and water remains strong, we are seeing further supply chain constraints, primarily from additional government-mandated lockdowns in China, which will likely impact volume growth in the second quarter. Based on these anticipated headwinds as well as an element of previously projected Q2 sales realized in the first quarter, we expect second quarter 2022 sales to be between $3.2 billion and $3.3 billion or up about 5% year-over-year at the midpoint. Based on these same assumptions, we expect second quarter operating EBITDA between $750 million and $800 million, and adjusted EPS decrease $0.70 and $0.80 per share.

儘管電子、工業技術和水等關鍵終端市場的潛在需求依然強勁，但我們看到供應鏈進一步受到限制，主要來自中國政府強制實施的額外封鎖，這可能會影響第二季度的銷量增長。基於這些預期的不利因素以及之前預計的第一季度實現的第二季度銷售額的一部分，我們預計 2022 年第二季度的銷售額將在 32 億美元至 33 億美元之間，或在中點同比增長約 5%。基於這些相同的假設，我們預計第二季度的運營 EBITDA 將在 7.5 億美元至 8 億美元之間，調整後每股收益減少 0.70 美元至 0.80 美元。

At the midpoint of our guidance, second quarter operating EBITDA margin is expected to decline just over 100 basis points sequentially as supply chain constraints are assumed to impact production rates. We expect operating EBITDA margin in the back half of 2022 to improve on typical seasonal volume strength and improved plant utilization as we clear COVID-related production challenges impacting the first half of the year. This outlook assumes moderating China lockdown impacts as we get into mid-May, given the positive trajectory in the Shanghai region and our limited exposure around Beijing. However, further outlook risks could be triggered as the lockdown spreads to Shenzhen and the Pearl River Delta region, given the concentration of manufacturing and shipping there for DuPont as well as our suppliers.

在我們指導的中點，由於假設供應鏈限制會影響生產率，預計第二季度營業 EBITDA 利潤率將連續下降 100 個基點以上。我們預計 2022 年下半年的經營 EBITDA 利潤率將改善典型的季節性銷量強度和提高工廠利用率，因為我們清除了影響今年上半年的與 COVID 相關的生產挑戰。鑑於上海地區的積極發展軌跡以及我們在北京周邊的有限風險敞口，這一前景假設隨著我們進入 5 月中旬，中國的封鎖影響會緩和。然而，鑑於杜邦及其供應商的製造和運輸集中在深圳和珠江三角洲地區，可能會引發進一步的前景風險。

With that, let me turn the call back to Ed.

有了這個，讓我把電話轉回給 Ed。

Before we take your questions, I'd like to highlight that we published our annual sustainability report this week, and I'm really proud of the progress we made on our 2030 goals. Our sustainability strategy is grounded in 3 pillars: innovation, protecting people and the planet and empowering employees and customers.

在回答您的問題之前，我想強調一下，我們本週發布了年度可持續發展報告，我為我們在 2030 年目標方面取得的進展感到非常自豪。我們的可持續發展戰略基於三大支柱：創新、保護人類和地球以及賦予員工和客戶權力。

I'll just note a few highlights. DuPont is leveraging our innovation focus to help customers meet their sustainability goals. A great example of that is the new formulations within our building installation products that helped increase energy efficiency as well as new technologies from our Water Solutions business that reduced process energy intensity. We're also focusing on renewable energy as part of our integrated climate and energy approach.

我只會指出一些亮點。杜邦正在利用我們的創新重點來幫助客戶實現他們的可持續發展目標。一個很好的例子是我們的建築安裝產品中的新配方有助於提高能源效率，以及我們的水解決方案業務的新技術降低了過程能源強度。我們還將可再生能源作為我們綜合氣候和能源方法的一部分。

Last year, we signed a virtual power purchase agreement that will supply about 25% of DuPont's total electricity starting in 2023. Additionally, Apple just announced that DuPont was selected to join their supplier clean energy program. which is an example of DuPont working with industry partners to drive sustainability progress at scale. We continue to advance our commitments to DE&I. We are excited about the newest female nominee to our Board of Directors, Christina Johnson. Also the strong gender and ethnic representation of our leadership teams continues despite competitive labor markets.

去年，我們簽署了一項虛擬電力購買協議，從 2023 年開始，將提供杜邦總電力的 25% 左右。此外，蘋果剛剛宣布，杜邦被選中加入其供應商清潔能源計劃。這是杜邦與行業合作夥伴合作大規模推動可持續發展的一個例子。我們繼續推進我們對 DE&I 的承諾。我們對董事會的最新女性提名人克里斯蒂娜·約翰遜（Christina Johnson）感到興奮。此外，儘管勞動力市場競爭激烈，我們領導團隊的強大性別和種族代表性仍在繼續。

There are many great examples and stories in the report of how our teams are delivering on our purpose and driving sustainability. Overall, our teams have done a tremendous job.

報告中有許多很好的例子和故事，說明我們的團隊如何實現我們的目標並推動可持續發展。總的來說，我們的團隊做得非常出色。

With that, we are pleased to take your questions. And let me turn it back to the operator to open the Q&A.

有了這個，我們很高興回答您的問題。讓我把它轉回給運營商打開問答。

(Operator Instructions) Your first question comes from Steve Tusa from JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Steve Tusa。

This is actually Sam Yellen on for Steve. Can you talk about the sequential trends from 2Q to 2H? It looks like a big step up in EBITDA. Is that the China recovery or something else? And as part of that, maybe give us an update on the price cost spread on a quarterly basis? What are you expecting in 2Q and then in 2H when comparing to the neutral you did in Q1? And then is there anything else we're missing?

這實際上是山姆耶倫為史蒂夫效力的。您能談談從 2Q 到 2H 的連續趨勢嗎？這看起來像是 EBITDA 的一大進步。是中國復甦還是別的什麼？作為其中的一部分，也許可以按季度向我們提供有關價格成本價差的最新信息？與您在第一季度所做的中性相比，您對第二季度和第二季度的預期是什麼？然後我們還缺少什麼嗎？

No, thanks, Ashley. Yes, the second half ramp from the first half is really just a reflection of our seasonal volume improvement in the back half. Within E&I, it's primarily driven by smartphones as we go into the Christmas season and, within water, a lot in the construction space as we see a ramp there. So the list on volume is dropping to the bottom line, which is translating to the EBIT improvement and the margin improvement in the second half as we drive leverage through the P&L.

不，謝謝，阿什利。是的，從上半年開始，下半年的增長實際上只是反映了我們在下半年的季節性銷量增長。在 E&I 中，當我們進入聖誕節季節時，它主要由智能手機驅動，而在水中，由於我們看到那裡有一個坡道，所以在建築空間中很多。因此，交易量列表正在下降到底線，這意味著隨著我們通過損益表推動槓桿作用，下半年的息稅前利潤和利潤率有所改善。

On your question around net price, so we'll expect all year to remain neutral on net price cost that we raised the midpoint of the guidance for the full year to reflect about another $100 million of raw material escalation on a full year basis. So we're now expecting somewhere in the range of $600 million that will fully offset with price. So that won't change coming out of the first quarter for the rest of the year.

關於您關於淨價的問題，因此我們預計全年對淨價成本保持中立，我們提高了全年指導的中點，以反映全年原材料增加約 1 億美元。因此，我們現在預計將在 6 億美元的範圍內完全抵消價格。因此，在今年剩下的時間裡，第一季度的情況不會改變。

Ashley, I would just add to Lori's point, the first half to second half ramp, it is our typical seasonality. If you go back and look at last year, it's about a 7% sequential lift first half, second half, and that's typically what we do because of the items that Lori mentioned. So nothing unusual in the pattern there.

Ashley，我想補充一下 Lori 的觀點，上半場到下半場坡道，這是我們典型的季節性。如果你回過頭來看去年，上半年和下半年大約連續提升了 7%，這通常是我們所做的，因為 Lori 提到的項目。所以那裡的模式沒有什麼不尋常的。

Your next question comes from Scott Davis from Melius Research.

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

Welcome aboard, Chris. Anyway, the -- is there something -- can we talk in terms of like backlog or book-to-bill? Did backlog actually grow in the quarter? I mean, or any metric, I guess, you can give us -- to give us a sense of top line pent-up demand?

歡迎加入，克里斯。無論如何， - 有什麼東西 - 我們可以談論積壓或訂單到賬單嗎？積壓訂單在本季度真的增長了嗎？我的意思是，或者任何指標，我猜，你可以給我們 - 讓我們了解頂線被壓抑的需求？

Yes, Scott. The backlog looks great. It's been staying at very elevated levels. We look at it weekly. There's really no end market that's not feeling good. As you know, auto is down a little just because of auto production, but that's not a demand-driven thing. It's just chip shortages and supply chain issues. But all our end markets from an order pattern standpoint feel good as of looking at it this week. So no issues there at all. And really, the only issues we're dealing with here, again, it's not demand driven. It's really more centered around supply chain and China and COVID lockdowns for the guide on the second quarter. But if we didn't have those issues, our sales would definitely be higher in the second quarter, but that's what we're dealing with there.

是的，斯科特。積壓看起來很棒。它一直保持在非常高的水平。我們每週看一次。真的沒有感覺不好的終端市場。如你所知，汽車產量下降一點只是因為汽車生產，但這不是需求驅動的事情。這只是芯片短缺和供應鏈問題。但是從訂單模式的角度來看，我們所有的終端市場本週都感覺很好。所以根本沒有問題。真的，我們在這里處理的唯一問題，同樣，它不是需求驅動的。對於第二季度的指南，它實際上更側重於供應鍊和中國以及 COVID 鎖定。但如果我們沒有這些問題，我們的銷售額在第二季度肯定會更高，但這就是我們正在處理的問題。

Yes, it makes sense. And is price -- as we speak kind of now, is price still going up because inflation is still going up? Or are we at a point now where we've kind of hit some sort of plateau?

是的，這是有道理的。價格 - 正如我們現在所說的那樣，價格是否仍在上漲，因為通貨膨脹仍在上漲？還是我們現在處於某種平台期？

It seems like we've plateaued, Scott. We -- all the price increases are implemented. When the war broke out, we did a whole another round of price increases, mainly because the natural gas lifting is significantly as it did. And by the way, other constraints in there, but that was the big one. So we did a round of increases again, which we had just finished doing. We did it again in every business. And as we said, we caught all the inflation in the quarter by important roles on logistics and on energy. So we caught everything with $190 million of inflation that we saw. And as Lori just mentioned a minute ago, we think it's plateaued. If it hasn't, we'll do another round of price increases. I feel like we can get it if we have to, but it does appear to have plateaued. So we'll have an incremental $600 million of inflation if things hold where they're at for this year, and we'll have that all covered with price.

斯科特，我們似乎已經停滯不前。我們——所有的漲價都執行了。戰爭爆發的時候，我們又整整一輪漲價，主要是天然氣提價幅度大。順便說一句，還有其他限制，但這是最大的限制。所以我們又做了一輪增加，我們剛剛完成。我們在每一項業務中都這樣做了。正如我們所說，我們通過物流和能源方面的重要角色捕捉到了本季度的所有通貨膨脹。所以我們用我們看到的 1.9 億美元的通貨膨脹抓住了一切。正如 Lori 一分鐘前剛剛提到的那樣，我們認為它已經趨於穩定。如果沒有，我們將進行另一輪漲價。我覺得如果必須的話，我們可以得到它，但它似乎已經停滯不前。因此，如果今年的情況保持不變，我們將增加 6 億美元的通貨膨脹，我們將用價格覆蓋所有這些。

Your next question comes from Jeff Sprague from Vertical Research.

您的下一個問題來自 Vertical Research 的 Jeff Sprague。

Ed, on share repurchase -- excuse me, battling a little cold here. Hopefully, it's not COVID. Your language on share repurchase went from it being important last quarter to substantial incremental share repurchase. So I sense a bit of a pivot there in your posture. Maybe you could just elaborate a little bit more. And do you need to wait for the M&M proceeds to actually do more? Or can you get a bit of a running start on maybe the incremental that you're talking about?

Ed，關於股票回購——對不起，這裡有點冷。希望不是新冠病毒。你關於股票回購的語言從上個季度的重要性變成了大幅增加的股票回購。所以我感覺到你的姿勢有一點轉折。也許你可以再詳細一點。你是否需要等待 M&M 的收益實際上做得更多？或者你能從你所說的增量開始嗎？

Yes. So Jeff, you I think summarized it well. We're leaning much more towards a decent large, if you could call it, share repurchase with where our multiples at. I don't think this is where DuPont's model will be sitting in the future and obviously softness in everyone's stock price just because of recent external events out there. So we're going to step on the $1 billion share repurchase a little bit quicker as we said in our prepared remarks by a quarter or 4 months, something like that, and get it done early. And I would expect conversations with the Board that we're going to look at a much larger share repurchase program.

是的。所以傑夫，我認為你總結得很好。我們更傾向於一個體面的大公司，如果你可以稱之為，與我們的倍數分享回購。我不認為這就是杜邦公司未來的模式，而且由於最近的外部事件，每個人的股價都明顯疲軟。因此，我們將加快 10 億美元的股票回購步伐，正如我們在準備好的講話中所說的那樣，提前一個季度或四個月之類的時間，並儘早完成。我希望與董事會進行對話，我們將研究一個更大的股票回購計劃。

I don't think we need to wait until the proceeds are necessarily in, but I would like to make sure nothing else crazy is going on in the world. We do have a $5.2 billion outstanding loan on the Rogers piece that will get paid off. So our leverage will be north of 3. And with that, but when we get the proceeds from M&M, you kind of know the math. We're sitting on lots of billions of dollars here. So yes, you do secure a little bit of shift in tone because of where the multiples at. The market is a little bit tough right now for everybody, and my gut is we're going to step on it in a bigger way.

我認為我們不需要等到收益一定到位，但我想確保世界上沒有其他瘋狂的事情發生。我們確實有一筆 52 億美元的未償還貸款，用於償還羅傑斯的作品。所以我們的槓桿率將在 3 以北。這樣，當我們從 M&M 獲得收益時，你就知道數學了。我們在這裡坐擁數十億美元。所以是的，由於倍數的位置，你確實確保了一點點的音調變化。市場現在對每個人來說都有點艱難，我的直覺是我們將以更大的方式踏上它。

That's great to hear. And then also, could you just -- maybe this is for Lori, just how significant on the top line was China, kind of the lockdowns and supply chain and COVID issues? And how big a part of kind of the Q2 outlook is it?

聽到這個消息我很高興。然後，你能不能——也許這是給 Lori 的，中國在頂線上有多麼重要，比如封鎖、供應鍊和 COVID 問題？它在第二季度的前景中佔多大的比例？

Yes. In total, there's 2 major pieces that are impacting the 2Q guidance, so -- and they're both related to China. So first is a shift of sales that we had expected to land in 2Q that landed in 1Q, and that was primarily with our customers pulling in on volume because of what was going on in China. We would size that at about $3 million to $5 million of sales. And then as far as the shutdown that happened, it started to get progressively worse in mid-March, and we're anticipating a mid-May reopening. We estimate that we missed about $20 million worth of sales.

是的。總的來說，有 2 個主要部分影響了第二季度的指引，所以——它們都與中國有關。首先是我們預計在第二季度登陸的銷售額的轉變，在第一季度登陸，這主要是由於我們的客戶由於中國正在發生的事情而增加銷量。我們將把它定為大約 300 萬到 500 萬美元的銷售額。然後就發生的關閉而言，它在 3 月中旬開始變得越來越糟，我們預計 5 月中旬會重新開放。我們估計我們錯過了價值約 2000 萬美元的銷售額。

And there's also an impact on our margins with our plants not running at full capacity. So we have 2 sites in China that went into full lockdown mode in mid-March. We expect them to be fully reopened by mid-May. And then we had some key raw materials within our electronics business that we source from China that we weren't able to get full supply, so we ran some of our domestic plants at lower unit rates. And so that was impacting our margin profile in the second quarter as well.

我們的工廠沒有滿負荷運轉，這也對我們的利潤產生了影響。因此，我們在中國有 2 個站點在 3 月中旬進入完全鎖定模式。我們預計它們將在 5 月中旬之前完全重新開放。然後我們的電子業務中有一些關鍵原材料是從中國採購的，但我們無法獲得全部供應，因此我們以較低的單位費率運營了一些國內工廠。因此，這也影響了我們第二季度的利潤率狀況。

Yes. To give you a specific on what Lori said, in Circleville, Ohio, we make our Kapton, which is a high-margin product. We're fully sold out. We get half of a monomer that we need out of China, and we had delayed shipments out of China. So we did have supply at the monomer. So instead of shutting -- running it full tilt and then shutting the facility down, we just eased off the run rate some. We know when we're now getting supply from China. So there's an example. It kind of hits your rates for 1 month, 1.5 months, like that. So it's just these one-offs because of the China lockdowns, which hopefully it dissipates as we exit the quarter.

是的。為了讓您具體了解 Lori 所說的內容，我們在俄亥俄州的 Circleville 生產了 Kapton，這是一種高利潤產品。我們已經售罄。我們從中國獲得了一半我們需要的單體，我們推遲了從中國發貨。所以我們確實有單體供應。因此，我們沒有關閉——全速運行然後關閉設施，而是降低了一些運行速度。我們知道我們現在何時從中國獲得供應。所以有一個例子。就像那樣，它會影響您 1 個月、1.5 個月的費率。因此，由於中國的封鎖，這只是這些一次性的，希望在我們退出本季度時它會消散。

And I think the other piece, Jeff, too, with our guidance for the second quarter, but it's beyond just China and then the production-related effects with Russia. So we noted in our slides that we pulled Russia out. On a full year basis, it's about $35 million of EBITDA, probably about $80 million of sales that's impacting primarily 2Q and beyond.

我認為另一部分，傑夫，也是我們對第二季度的指導，但不僅僅是中國，還有與俄羅斯的生產相關影響。因此，我們在幻燈片中指出，我們將俄羅斯撤出。按全年計算，EBITDA 約為 3500 萬美元，銷售額可能約為 8000 萬美元，主要影響第二季度及以後。

And then, Jeff, when you look at the full year guide, we beat by $90 million on EBIT in the first quarter kind of from consensus. We're down kind of $60 million in the second quarter off of, I'll use you guys, consensus, all because of what Lori just described here. But then we have nothing in the second half that's unusual. It's our normal seasonal ramp. That's 7% that I mentioned. That's what we're counting on, including we'll get some better unit rates from the things we just described to you. So no real big change in order patterns for us that we would typically see.

然後，傑夫，當你查看全年指南時，我們在第一季度的息稅前利潤超過了 9000 萬美元，這是共識。我們在第二季度減少了 6000 萬美元，我會用你們的共識，這一切都是因為 Lori 剛剛在這裡描述的。但是下半場我們沒有什麼不尋常的。這是我們正常的季節性斜坡。這是我提到的 7%。這就是我們所指望的，包括我們將從我們剛剛向您描述的內容中獲得一些更好的單位費率。因此，我們通常會看到的訂單模式沒有真正的大變化。

Your next question comes from John Walsh from Credit Suisse.

您的下一個問題來自瑞士信貸的 John Walsh。

I guess just, first, thinking about a couple of end markets that you touch, where there's some investor angst, I mean, residential, auto, consumer smartphones. Can you talk about what you're kind of expecting there from volume? And then what you're expecting from price either if you can break it out, what's inflation? And then that price component that you have because of the higher value you're adding to the customers offering there?

我想，首先，想想你接觸的幾個終端市場，那裡有一些投資者焦慮，我的意思是，住宅、汽車、消費類智能手機。你能談談你對音量的期待嗎？然後你對價格的期望是什麼，如果你能打破它，什麼是通貨膨脹？然後，由於您為那裡提供的客戶增加了更高的價值，您所擁有的價格部分？

Yes. I would say as far as demand is concerned in the 3 end markets, you had noted, we saw strength in residential construction. We expect that to continue to be a point of strength in the second quarter. We did note softness in consumer electronics, but that was primarily in China with respect to the lockdown and also a little bit of an impact of our own viewing of seasonality with respect to when we do our normal smartphone shipments. So we've telegraphed in the past that the first half will be weaker, the second half will be stronger because of a change in seasonal patterns as we sell into the smartphone market. But on a full year basis, we expect that end market to be up mid-single digits.

是的。我想說，就三個終端市場的需求而言，您已經註意到，我們看到了住宅建設的強勁勢頭。我們預計這將繼續成為第二季度的一個優勢點。我們確實注意到消費電子產品的疲軟，但這主要是在中國，就鎖定而言，以及我們自己對季節性智能手機出貨時間的看法的一點影響。因此，我們過去曾發出電報，上半年會疲軟，下半年會因為我們向智能手機市場銷售的季節性模式發生變化而走強。但在全年的基礎上，我們預計終端市場將增長中個位數。

And then in auto, you've seen the revisions downward with respect to IHS auto builds. I think now it's sitting at 4% on a full year basis. So our estimates would probably be a little bit lighter than that with respect to what we think that the market will do. But the underlying demand remains strong. It's just really a matter of supply chain specifically around the chip constraints that are impacting that. But I think the highlight to you there is we do continue to see very strong growth within the EV space. And so for us, a large portion of that comes from our adhesives business. We saw a really nice growth in our EV-related sales in Q1, and we expect to about double those sales in Q2 in line with where the EV market is going in general. And we really look forward to the incoming business from Rogers to pair with our business to really take advantage of the opportunity there.

然後在汽車中，您已經看到 IHS 自動構建的向下修訂。我認為現在全年為 4%。因此，就我們認為市場會做的事情而言，我們的估計可能會比我們的估計要輕一些。但潛在需求依然強勁。這實際上只是一個供應鏈問題，特別是圍繞影響它的芯片限制。但我認為對你來說最重要的是，我們確實繼續看到電動汽車領域的強勁增長。所以對我們來說，其中很大一部分來自我們的粘合劑業務。我們在第一季度看到與電動汽車相關的銷售額增長非常好，我們預計第二季度的銷售額將翻一番，這與電動汽車市場的總體發展方向一致。我們真的很期待羅傑斯的新業務與我們的業務合作，真正利用那裡的機會。

On the price side, I wouldn't say it materially different across those end markets. It's what we're seeing with respect to inflation by segment. So within E&I, the inflation is not as material as what it is within W&P, and you see that in price. So we got about 1% in E&I in price and about 10% in W&P. So there is a difference there, but nothing more than just around the raw material inflation-related items.

在價格方面，我不會說這些終端市場有很大不同。這就是我們所看到的按細分市場劃分的通貨膨脹。因此，在 E&I 中，通貨膨脹不如 W&P 中的那麼重要，你可以從價格中看到這一點。所以我們在 E&I 的價格中得到了大約 1%，在 W&P 中得到了大約 10%。所以那裡是有區別的，但無非是圍繞與原材料通脹相關的項目。

And then maybe one quick follow-up to Jeff's question around capital allocation. Maybe can you just update us on what the deal pipeline looks like and if you're seeing sellers expectations change given what's happened in the public markets?

然後也許是對傑夫關於資本分配的問題的快速跟進。也許你能告訴我們交易管道是什麼樣子的嗎？鑑於公開市場發生的情況，你是否看到賣家的期望發生了變化？

Yes. So my gut is as we sit right now, I don't see any deal that we would want to do until we're in this 2023. And I'm not saying I know something is available in 2023. But the way stock prices are moving around right now and all, it just makes it a tougher environment. So I don't see anything happening until we get into 2023. And quite frankly, we don't have anything -- we have things we're -- a couple of things we're interested in, as I said before, but I don't see them actionable anytime in the near future. So that could change, so don't hold me to that. But I can't see anything happening until we're nicely into 2023, if then depending on what's going on.

是的。所以我的直覺是，我們現在坐在那裡，在我們進入 2023 年之前，我看不到任何我們想做的交易。我並不是說我知道 2023 年有什麼可用的。但是股票價格的方式現在都在四處走動，這只會使它成為一個更艱難的環境。所以在我們進入 2023 年之前，我看不到任何事情發生。坦率地說，我們沒有任何東西——我們有我們感興趣的東西——正如我之前所說的，我們感興趣的一些東西，但是我認為他們在不久的將來任何時候都不會採取行動。所以這可能會改變，所以不要讓我堅持下去。但在我們順利進入 2023 年之前，我看不到任何事情發生，如果那時取決於發生了什麼。

Your next question comes from Chris Parkinson from Mizuho.

您的下一個問題來自瑞穗的 Chris Parkinson。

There are a lot of moving parts to the DuPont capital allocation thesis, just including the net proceeds from deals, base free cash flow generation, working capital and then, obviously, your stated buyback goals. When it's all said and done, and I appreciate your remarks for the deal outlook for 2023, just absent anything new in 2022, what is the kind of the base range that you -- based on the current buyback that you believe you'll have cash on the balance sheet, just plus or minus?

杜邦的資本配置論點有很多變化的部分，僅包括交易的淨收益、基本自由現金流的產生、營運資金，然後顯然還有你聲明的回購目標。當一切都說完了，我很欣賞你對 2023 年交易前景的評論，只是在 2022 年沒有任何新的東西，你的基本範圍是什麼——基於你認為你將擁有的當前回購資產負債表上的現金，只是正數還是負數？

So are you talking after considering the proceeds from the M&M sales?

所以你是在考慮 M&M 銷售的收益後說話嗎？

Yes.

是的。

So yes, if you look at the proceeds from the M&M sales, the cash flow generation in 2022 and 2023 as well as where our leverage targets are at 2.75x, probably where we would expect to be, you quickly get to the $10 billion to $11 billion range of cash to deploy after we pay down the Rogers debt. So as we have mentioned on the call, it's significant. And we'll look to take a balanced approach to driving significant share repurchase as well as M&A opportunities.

所以，是的，如果你看看 M&M 銷售的收益、2022 年和 2023 年的現金流量以及我們的槓桿目標是 2.75 倍，可能是我們預期的水平，你很快就會達到 100 億美元在我們償還羅傑斯的債務後，需要部署 110 億美元的現金。正如我們在電話會議中提到的，這很重要。我們將尋求採取平衡的方法來推動重大的股票回購和併購機會。

Got it. And the second question I have, just obviously, over the last couple of weeks, there's been a bit of noise across global electronics, some of your peers, which has been pertinent to semis, 5G, base consumer electronics demand. A lot of that driving from China. But just can you just give us a quick update overall about how your team is thinking about your relative subsegments within E&I, just given the current demand environment? And then also how you would project your relative performance versus some of your core U.S. peers.

知道了。第二個問題，很明顯，在過去的幾周里，全球電子行業出現了一些噪音，你們的一些同行，這與半成品、5G、基本消費電子產品的需求有關。很多都是從中國開車過來的。但是，鑑於當前的需求環境，您能否向我們簡要介紹一下您的團隊如何考慮您在 E&I 中的相關子細分市場？然後還有你將如何預測你與一些核心美國同行的相對錶現。

Yes. So we see very strong demand continuing in electronics, and so we had very strong results in Q1. On a full year basis, we expect to be up pushing double digits within electronics between price and volume, and we'll obviously add to that as we close the Rogers transaction later this year. So we see a lot of strength, we see a lot of opportunity. If you look at -- we do a lot of detailed analysis about our results versus peers. And a couple of them have already been out before us, and we back up very nicely when you compare like-to-like product lines. And so we also stack up very nicely when you compare our results versus some of the key benchmarks out there.

是的。因此，我們看到電子產品的需求持續強勁，因此我們在第一季度取得了非常強勁的業績。在全年的基礎上，我們預計電子產品的價格和銷量將達到兩位數，我們顯然會在今年晚些時候完成羅傑斯交易時增加這一點。所以我們看到了很多力量，我們看到了很多機會。如果您看一下 - 我們對我們的結果與同行進行了很多詳細的分析。其中一些已經在我們之前推出，當您比較同類產品線時，我們的支持非常好。因此，當您將我們的結果與一些關鍵基准進行比較時，我們的結果也非常好。

So for example, MSI is one of the key components of the semi business. People are expecting that to be up 7% to 8%. We've mentioned that we should outperform by 200 to 300 basis points. And if you look at our Q1 results in semi, we were in line with that expectation. So we are very excited about the portfolio. We'll look to continue to see where we can opportunistically broaden and strengthen that portfolio as well.

例如，微星是半導體業務的關鍵組成部分之一。人們預計這一數字將上升 7% 至 8%。我們已經提到我們應該跑贏 200 到 300 個基點。如果你看一下我們在半年的第一季度業績，我們就符合這一預期。因此，我們對該產品組合感到非常興奮。我們將繼續尋找可以機會性地擴大和加強該投資組合的地方。

Your next question comes from Steve Byrne from Bank of America.

您的下一個問題來自美國銀行的 Steve Byrne。

Are there any water-treating technologies that are really deficient in your platforms? Would you consider acquiring or developing anything you don't have and maybe more broadly in water? Would you consider moving downstream to essentially utilize your expertise in the breadth of water-treating technologies you have to provide service to customers as a downstream expansion similar to Ecolab?

你們平台中是否存在真正缺乏的水處理技術？你會考慮收購或開發你沒有的東西，或者更廣泛地在水中嗎？您是否會考慮向下游移動，以充分利用您在水處理技術方面的專業知識，作為類似於 Ecolab 的下游擴展，您必須為客戶提供服務？

Yes, I would say two things, Steve. Our portfolio, we feel very good about. And it's a fairly broad portfolio, so we touch most of the water filtration type markets out there, wastewater home, home applications, which are big for us in China, desalination, as we mentioned in our prepared remarks. So we feel good about the breadth of what we have in the technology we have behind it, and we continue to bring new products out to market. The one area that we would look at, and by that it doesn't mean it's an acquisition, it could be organically done as we need to expand our manufacturing footprint and we need a bigger presence with the manufacturing in the Asia market, which is a very fast-growing market for us. So we've been studying very hard, a project there to bring up a facility in the next couple of years in that area. So that's a high priority for us.

是的，我想說兩件事，史蒂夫。我們的投資組合，我們感覺很好。這是一個相當廣泛的產品組合，所以我們觸及了大部分的水過濾類型市場，廢水家庭，家庭應用，這對我們在中國很重要，海水淡化，正如我們在準備好的評論中提到的那樣。因此，我們對我們所擁有的技術的廣度感到滿意，並且我們繼續將新產品推向市場。我們將關注的一個領域，這並不意味著它是一項收購，它可以有機地完成，因為我們需要擴大我們的製造足跡，我們需要在亞洲市場擴大製造業務，這是對我們來說是一個快速增長的市場。所以我們一直在非常努力地研究，一個項目將在未來幾年在該地區建立一個設施。所以這對我們來說是一個高度優先事項。

And then this kind of goes to the second part of your question there. The one opportunity we have or potentially have in our R&D teams and application teams are looking at is digitizing the water business. So we know when replacement components are needed ahead of time, and it's kind of systematized, and that could be a real opportunity for us to kind of satisfy our customers by doing it that way. And that opportunity, we've been studying hard for the last year.

然後這種類型進入你問題的第二部分。我們在研發團隊和應用團隊中擁有或可能擁有的一個機會是水業務數字化。所以我們知道什麼時候需要提前更換組件，並且它是系統化的，這可能是我們通過這樣做來滿足我們的客戶的真正機會。而那個機會，我們去年一直在努力學習。

Maybe any update from you on PFAS issues? Anything -- any trends that you're observing? Any changes to inbound inquiries that you can comment on?

也許您對 PFAS 問題有任何更新？任何東西——你觀察到的任何趨勢？您可以評論對入站查詢的任何更改？

Yes. Nothing new has changed on the landscape except, I'll just say, we continue to be in conversations with the plaintiffs down in the MDL. I feel like we will make progress this year on that. By the way, the judge has continued to encourage us, the judge down there in charge of these MDL cases has actually encouraged us and the plaintiffs we talk in and coming up with a settlement. And so I'll just leave it at that for now, but nothing new besides that.

是的。除了，我只想說，我們繼續與 MDL 中的原告進行對話之外，沒有什麼新的變化。我覺得今年我們會在這方面取得進展。順便說一句，法官繼續鼓勵我們，負責這些 MDL 案件的法官實際上鼓勵了我們和我們交談的原告並提出和解。所以我現在就暫且不談，但除此之外沒有什麼新內容。

Your next question comes from David Begleiter from Deutsche Bank.

您的下一個問題來自德意志銀行的 David Begleiter。

Ed, how is Rogers EBITDA tracking your earlier expectations given what you've seen in both Q1 and Q4? I believe the EBITDA view was $270 million for this year.

Ed，鑑於您在第一季度和第四季度看到的情況，羅傑斯 EBITDA 如何跟踪您之前的預期？我相信今年的 EBITDA 為 2.7 億美元。

Yes. So in the first quarter, they were under the impact of the same things that we were with respect to the China COVID situation. We're really looking forward to the second half when we will own them, and they have a pretty sizable expected ramp as those end markets really open up coming out of the China recovery, and they continue to see a nice growth opportunity within the EV space. And so I think if you look at the second half trajectory, that's being planned by Rogers, it would be more in line with where our expectations were on a full year basis for that portfolio.

是的。因此，在第一季度，他們受到了與我們在中國 COVID 局勢方面相同的事情的影響。我們真的很期待下半年我們將擁有它們，並且隨著這些終端市場在中國經濟復甦中真正開放，它們的預期增長幅度相當可觀，並且它們繼續在電動汽車中看到良好的增長機會空間。所以我認為，如果你看看羅傑斯計劃的下半年軌跡，它會更符合我們對該投資組合全年的預期。

They have the backlog. A lot of it is in the EV space. We've looked at it. So it's just a matter of, A, getting over the lockdown issue in China and then actually accomplishing the ramp in their production rates. But we think second half of the year, they'll be right around the ZIP code of where we would expect it.

他們有積壓。其中很多都在電動汽車領域。我們已經看過了。所以這只是一個問題，A，克服中國的封鎖問題，然後真正實現生產率的提高。但我們認為今年下半年，他們將在我們預期的郵政編碼附近。

Great. And Lori, can you comment on what was M&M EBITDA in the quarter?

偉大的。 Lori，您能否評論一下本季度的 M&M EBITDA 是多少？

Yes, so that will come out Friday in the Q. So in the Q, we'll deconstruct the discontinued operation summary that we've reported today. I can give you a high level that they were impacted, obviously, by the China COVID situation as well and the auto end markets obviously being the largest factor, but they did continue to do a really nice job of getting priced.

是的，所以這將在周五的 Q 中發布。所以在 Q 中，我們將解構我們今天報告的已終止的操作摘要。我可以給你一個很高的水平，他們顯然也受到了中國 COVID 形勢的影響，而汽車終端市場顯然是最大的因素，但他們在定價方面確實繼續做得很好。

Your next question comes from Aleksey Yefremov from KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Aleksey Yefremov。

Can you update us on the -- how the Delrin sale process is going?

您能否向我們介紹一下 Delrin 銷售流程的進展情況？

Yes. So Delrin, by the way, we've been putting the data room together and all that. We're just getting ready to launch on that, and we would expect that Delrin will take about a year, just like the other part of M&M to actually close the deal. So we'll get a deal done in a 4-, 5-month window and then regulatory approvals that will kind of take like a year. So data room is getting finished up. And obviously, we've had inbound phone calls about it, but we haven't really going into deep engagement, yet. We're just getting ready to do that kind of in the next couple of weeks.

是的。所以 Delrin，順便說一下，我們一直在把數據室放在一起。我們正準備在此基礎上推出，我們預計 Delrin 將需要大約一年的時間，就像 M&M 的其他部分實際完成交易一樣。因此，我們將在 4 個月、5 個月的窗口內完成交易，然後獲得監管部門的批准，這將需要大約一年的時間。所以資料室快要完工了。很明顯，我們已經接到過關於它的呼入電話，但我們還沒有真正深入參與。我們正準備在接下來的幾週內這樣做。

And Ed, you provided initially some expectations for valuation during the sale of mobility business, would you care to do the same about Delrin maybe in broad terms? What are your expectations for the multiple?

Ed，您最初在出售移動業務期間提供了一些估值預期，您是否願意在廣義上對 Delrin 做同樣的事情？您對倍數的期望是什麼？

No, I am not going to do that. We sold 90% of it at 14.1x. So I think what we said more than happened, and I will say Delrin is a very good business. It's a very high EBITDA business, so we're looking forward to a nice sale there.

不，我不會那樣做。我們以 14.1 倍的價格賣出了 90%。所以我認為我們所說的比實際發生的要多，我會說 Delrin 是一家非常好的企業。這是一項非常高的 EBITDA 業務，因此我們期待在那裡進行一次不錯的銷售。

Your next question comes from John Spector from UBS.

您的下一個問題來自瑞銀的 John Spector。

This is Josh Spector. So just a question on WMP and pricing and margins, particularly, I think in the past that segment, margins have been mid- to upper 20%. Now you're kind of more low to mid-20%. Very clear that you're getting pricing to offset inflation. But do you have any visibility to get pricing more than inflation over the next 18 months, 2 years? Should we expect margins to expand in the outlook over time?

這是喬什·斯佩克特。所以只是關於 WMP 和定價和利潤率的問題，特別是，我認為在過去的那個細分市場中，利潤率一直在 20% 的中上層。現在你有點低到中等 20%。很明顯，您正在通過定價來抵消通貨膨脹。但是，在接下來的 18 個月、2 年中，您是否能看到定價高於通脹？我們是否應該預期利潤率會隨著時間的推移而擴大？

Yes. So the underlying margin as we look at it, excluding pricing cost was close to 26% in the quarter, as we noted on the call. So starting to get back to the more normalized margins that we would expect for the segment in the upper 20s. So -- and in normal times to outside the inflation, we would expect to get 1% to 2% of price out of that portfolio that does drop to the bottom line with respect to new product innovations and favorable mix as we move into the more higher-margin segment. So we'll continue to see headwinds on as-reported margins as we go after the year just because of price costs, and we'll continue to let you know what that adjustment looks like, so you can get to more of an underlying margin basis opportunity for the WMP segment.

是的。因此，正如我們在電話會議上指出的那樣，本季度不包括定價成本的基本利潤率接近 26%。因此，開始回到我們對 20 多歲的細分市場所期望的更標準化的利潤率。所以——在正常時期到通貨膨脹之外，我們預計從該投資組合中獲得 1% 到 2% 的價格，隨著我們進入更多的新產品創新和有利的組合，這確實會下降到底線。利潤率較高的細分市場。因此，由於價格成本，我們將在今年之後繼續看到報告的利潤率受到不利影響，我們將繼續讓您知道調整的樣子，這樣您就可以獲得更多的潛在利潤率WMP 細分市場的基礎機會。

Okay. But I guess we could take that to mean that this -- if inflation stays where it is and your pricing towards that, this becomes more of the new normal and then its normal incremental margins. You're not expecting accelerated pricing to persist to drive margins back up in this segment over time. That's not your expectation.

好的。但我想我們可以認為這意味著——如果通脹保持在原位並且你的定價朝著那個方向發展，這將成為更多的新常態，然後是其正常的增量利潤率。您並不期望隨著時間的推移，加速定價會持續推動該細分市場的利潤率回升。那不是你的期望。

No, I think what would occur is hopefully commodity prices come down, and we hold obviously some of the price because of the products that we have. I would think that's the more rational way things could play out here. And you're not incorrect. This business can run at like 28% EBITDA margin. So we're certainly not pleased at 26%, but 26%, we don't feel bad about in this environment, but we would certainly strive to be more in that 28% range, and we have been there before.

不，我認為會發生的情況是商品價格有望下降，而我們顯然持有一些價格，因為我們擁有的產品。我認為這是事情在這裡發展的更合理的方式。你沒有錯。該業務可以以 28% 的 EBITDA 利潤率運行。所以我們當然對 26% 不滿意，但是 26%，我們在這種環境下並不感到難過，但我們肯定會努力在 28% 的範圍內更多，而且我們以前也有過。

So as Lori said, part of it, you'll just get by. If you just take all of this price cost out for a second because it's not normal times, we'll get a couple of points in pricing every year with our new product introductions. We don't get paid like you do in electronics, and we truly can get incremental net pricing in the business, which will help. But our biggest opportunity, as we've highlighted in the past, is continue to get capacity released from these bigger assets like Tyvek and Nomex. We have a lot of programs around that. And that will drive the throughput through those facilities, which really has an impact on the numbers. So we do think this business should run a couple of hundred basis points higher, and we'll get there.

所以正如 Lori 所說，其中一部分，你會過得去的。如果您只是因為現在不是正常時期而將所有這些價格成本考慮在內，那麼我們每年都會通過推出新產品而在定價上獲得幾分。我們不會像您在電子產品中那樣獲得報酬，而且我們確實可以在業務中獲得增量淨定價，這將有所幫助。但正如我們過去強調的那樣，我們最大的機會是繼續從 Tyvek 和 Nomex 等更大的資產中釋放產能。我們有很多關於這方面的計劃。這將推動這些設施的吞吐量，這確實對數字產生了影響。所以我們確實認為這項業務應該高出幾百個基點，我們會做到的。

Your next question comes from Vincent Andrews from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Vincent Andrews。

If I can just ask, in Safety Solutions, where you are sort of on, I guess, what would be considered hard COVID comps with Tyvek into health care, and was that part of what was driving sort of the weaker product mix in the overall segment?

如果我可以問一下，在安全解決方案中，我猜你處於什麼位置分割？

Yes, that was it. So it was a function of -- last year, we were producing full on Tyvek garments. And so we were limiting changeovers on the lines, just given that we weren't making other end markets like medical and other types of end market uses for Tyvek. And so as you now go into a more normalized environment, you have more changeovers. So therefore, your production is a little bit less, and that was what was driving the impact of the weaker mix within the W&P segment.

是的，就是這樣。所以這是一個功能 - 去年，我們生產的是 Tyvek 服裝。因此，我們限制了生產線的轉換，只是考慮到我們沒有為 Tyvek 製造其他終端市場，如醫療和其他類型的終端市場用途。因此，當您現在進入一個更加規範化的環境時，您會有更多的轉換。因此，您的產量會少一點，這就是推動 W&P 部門中較弱組合的影響的原因。

Okay. And just as a follow-up, Lori, and maybe this will make more sense, it would be easier to follow once we have the Q. But just looking at sort of what corporate did on an EBITDA basis in the quarter versus if I look at Slide 14 and you got corporate expense of $135 million, stranded cost of $50 million, which would total up to $185 million, and then you've got unquantified results of retained businesses in biomaterials. So can you give us a little bit of a help on sort of how this is going to progress over the year? Presumably, you start making progress on those stranded costs, the corporate, we can kind of run rate, but what about that third piece of the retained businesses in biomaterials?

好的。作為後續行動，Lori，也許這會更有意義，一旦我們有了 Q，就會更容易理解。但是，看看公司在本季度的 EBITDA 基礎上做了什麼，而不是我看在幻燈片 14 中，您獲得了 1.35 億美元的企業費用，5,000 萬美元的擱淺成本，總計高達 1.85 億美元，然後您獲得了生物材料保留業務的未量化結果。那麼，您能否就這一年的進展情況給我們一點幫助？大概，你開始在那些擱淺的成本上取得進展，企業，我們可以運行速度，但是生物材料中的第三部分保留業務呢？

Yes. So there are 3 buckets, as you had mentioned. And so the retained pieces, the margins, I would say, are in the mid once you get on an upward trajectory as we get outside of the COVID lockdown. So the largest piece of the retained business is the adhesives business, and it did see an impact in the quarter with respect to the China situation. So that's the biggest season. And we will disclose the revenue of the retained businesses in the Q on Friday. When you get back, you'll be able to calculate kind of what the margin profile was for that space.

是的。正如你所提到的，有 3 個桶。因此，當我們擺脫 COVID 鎖定時，一旦您進入上升軌跡，保留的部分，即利潤，就在中間。因此，保留業務中最大的一塊是粘合劑業務，它確實在本季度對中國形勢產生了影響。所以這是最大的賽季。我們將在周五披露Q中保留業務的收入。當您返回時，您將能夠計算出該空間的保證金配置文件的類型。

With respect to normal corporate expenses, those will be in the range of $135 million on a full year basis as we have in our supplemental guidance. And so you would expect around $25 million, $26 million for the quarter. And then the third piece are the net stranded costs, and we continue to be in the range of about a net $50 million on a full year basis, and that's our target to get after as we look to eliminate those going forward.

至於正常的公司開支，按照我們在補充指南中的規定，全年將在 1.35 億美元的範圍內。因此，您預計本季度約為 2500 萬美元，2600 萬美元。然後第三部分是淨擱淺成本，我們全年繼續保持在大約 5000 萬美元的淨成本範圍內，這是我們追求的目標，因為我們希望在未來消除這些成本。

Your next question comes from Mike Sison from Wells Fargo.

您的下一個問題來自富國銀行的 Mike Sison。

Just, I guess, a quick follow-up on Rogers. I guess if they're being affected by China in 2Q, sequentially, EBITDA probably doesn't improve a lot. And then if we get on the run rate that you noted for the second half, we're probably somewhere in the low $200 million for EBITDA. And I know you don't own the business yet. But so just as a follow-up, why do you think things will improve in the second half? And then any updates on synergies that you can accelerate given -- it seems like '22 is going to come in a little bit short for Rogers this year.

我想，只是對羅傑斯的快速跟進。我猜如果他們在第二季度受到中國的影響，那麼 EBITDA 可能不會有太大改善。然後，如果我們按照您在下半年指出的運行速度計算，我們的 EBITDA 可能處於 2 億美元的低位。我知道你還沒有擁有這家公司。但作為後續，為什麼你認為下半年情況會有所好轉？然後是任何可以加速的協同效應的更新——對於羅傑斯來說，22 年的時間似乎有點短。

Yes. Rogers will not run around $200 million in the second half of the year. They have -- the demand is there. We know the book, by the way, again, muted pretty significantly by COVID China. And don't forget, it's auto related, a lot of the business. So that's not being as hot as it should, even though end market demand is there. But they'll be running at a much more significant rate in the third quarter, assuming, again, the COVID stuff is all cleaned up, lockdowns have ended. And we have line of sight where we're allowed to talk about synergy work on the cost side of $115 million. We're highly confident in it on a percentage basis, with the combo of that coming in with our life business. It's not a percent that's on the high end at all.

是的。羅傑斯今年下半年的運營成本不會在 2 億美元左右。他們有——需求就在那裡。順便說一句，我們知道這本書再次被 COVID China 大大削弱了。不要忘記，它與汽車相關，很多業務。因此，儘管終端市場需求存在，但它並沒有像應有的那樣炙手可熱。但是，假設再次清理了 COVID 的東西，封鎖已經結束，它們將在第三季度以更高的速度運行。我們有視線，可以談論成本方面的協同工作，成本為 1.15 億美元。我們在百分比基礎上對此非常有信心，這與我們的人壽業務相結合。這根本不是高端的百分比。

So like Laird with $60 million, we now have line of sight detail by detail to $63 million in this one. We have -- we're really racking and stack and where we have a lot of it identified. So we'll get at it really quick. And remember, one of the things that will happen immediately on the Rogers synergies is there's corporate expense of some significance because it's a public company. And that will be cleaned up very, very quickly, and then we'll start on the rest of the synergies. So -- but it will run at a very different rate in the second half of the year.

因此，就像擁有 6000 萬美元的 Laird 一樣，我們現在將視線細節逐個增加到 6300 萬美元。我們有 - 我們真的在整理和堆疊，我們已經確定了很多。所以我們會很快搞定。請記住，羅傑斯協同效應將立即發生的一件事是，由於它是一家上市公司，因此存在一定意義的公司開支。這將很快得到清理，然後我們將開始處理其餘的協同效應。所以 - 但它會在今年下半年以非常不同的速度運行。

Right. So for '23, we should really be thinking about 270 plus whatever growth that the industry should provide as kind of the base case for -- when we model in Rogers for '23.

對。因此，對於 23 年，我們真的應該考慮 270 年以及該行業應該提供的任何增長作為基本案例——當我們在 Rogers 為 23 年建模時。

Yes, I think that's fair. With synergies kicking -- with then you got them kicking in. We'll hopefully move fast on that.

是的，我認為這是公平的。隨著協同效應的發揮——然後你讓他們開始發揮作用。我們希望能在這方面快速行動。

And your next question comes from Arun Viswanathan from RBC Capital Markets.

您的下一個問題來自加拿大皇家銀行資本市場的 Arun Viswanathan。

I guess I just had a longer-term question. So several years ago, your electronics business faced a lot of pressure in China around innovation and with the some Solamet paste product. I know that's been disposed of. But do you see that kind of issues cropping up in any of your markets in the future? That would be my first question.

我想我只是有一個長期的問題。所以幾年前，你們的電子業務在中國面臨著圍繞創新和一些索拉美漿料產品的巨大壓力。我知道那已經被處理掉了。但是您是否看到未來您的任何市場都會出現此類問題？那將是我的第一個問題。

No, I don't at all. There's nothing in the portfolio. Actually, not -- 95% of the portfolio is cutting-edge technology. If you haven't had the chance, we did all the kitchens recently on the electronics business. I think we're in a very strong technology position, and we're constantly innovating. It's a fast-paced innovation in electronics, both -- we're innovating literally monthly coming out with new products in the marketplace. We're always on the cutting edge. So I don't see that. I think what you were mentioning was Solamet based, which, yes, was more of a commoditized business that was current, but that's not where the portfolio is headed and certainly not in addition to the acquisitions with Laird and Rogers. They're very key positions we have in great technology plays.

不，我一點也不。投資組合中沒有任何內容。實際上，95% 的產品組合不是尖端技術。如果你沒有機會，我們最近在電子業務上做了所有的廚房。我認為我們處於非常強大的技術地位，並且我們在不斷創新。這是電子領域的一項快節奏創新——我們每個月都在進行創新，在市場上推出新產品。我們總是走在最前沿。所以我不這麼認為。我認為你提到的是基於 Solamet 的，是的，它更像是當前的商品化業務，但這不是投資組合的發展方向，當然也不是與 Laird 和 Rogers 的收購。他們是我們在偉大的科技劇中的關鍵職位。

Okay. And then if I could, is there any update you could provide on any of the PFAS dynamics? Do you expect any kind of settlement by year-end with the water districts? Or what are you working on, on that side?

好的。然後，如果可以的話，您是否可以提供有關 PFAS 動態的任何更新？您是否期望在年底與水區達成任何形式的解決方案？或者你在那邊做什麼？

Yes. No, we've been -- as we've mentioned before, we've been talking about settlement with the plaintiffs and mostly, obviously, around the water cases. And as I have mentioned a few minutes ago, the judge has even encouraged both parties to be talking to each other. I think that was made public, I don't know, a month or 6 weeks ago. So hopefully, good progress this year.

是的。不，我們一直 - 正如我們之前提到的，我們一直在談論與原告的和解，顯然，主要是圍繞水案。正如我幾分鐘前提到的，法官甚至鼓勵雙方互相交談。我認為這是公開的，我不知道，一個月或 6 週前。所以希望今年取得良好進展。

And the last question for today comes from Laurence Alexander from Jefferies.

今天的最後一個問題來自 Jefferies 的 Laurence Alexander。

I guess a question about your degree of visibility. In terms of how customers are sharing development schedules and order books and the shift in DuPont's portfolio, how many quarters out do you feel you have good visibility at this point?

我猜是關於你的知名度的問題。就客戶如何共享開發計劃和訂單以及杜邦產品組合的轉變而言，您認為您目前有多少個季度有良好的知名度？

Yes. I mean we do look at that to see how our order patterns are. I would say, on average, we have about 60 days visibility to orders that come in, in combination between E&I and W&P. It's a little bit longer in W&P than what it is in E&I. But as we had mentioned earlier in the call, we look at a 20-day order pattern every week, and it has not changed in any significance for the past several months. And so we continue to see very strong underlying demand. Some of our backlog within the water space and within the adhesive space has started to build with the dynamics that we're navigating within the China COVID situation, but overall demand remains very, very strong.

是的。我的意思是我們確實會查看它以了解我們的訂單模式如何。我想說，平均而言，我們對進來的訂單有大約 60 天的可見性，結合 E&I 和 W&P。 W&P 的時間比 E&I 的時間長一點。但正如我們之前在電話會議中提到的，我們每週都會查看 20 天的訂單模式，並且在過去幾個月中它沒有任何意義的變化。因此，我們繼續看到非常強勁的潛在需求。我們在水空間和粘合劑空間內的一些積壓工作已經開始隨著我們在中國 COVID 情況下導航的動態而建立，但總體需求仍然非常非常強勁。

And in part, I would just give you one other angle. Obviously, we look at very hard. And you sort of, I think, just made this comment. We work very closely with our customers on design wins. By the way, as those Laird and Rogers, it's a very key component of business. So we can see -- again, we can't see overall demand out 6 months, but we can see where trends are developing where we're going to have nice lift in business. So as Lori just mentioned, our adhesives business, we are bidding on and working from a design in on a lot of applications in the battery and the auto -- next-generation auto market. And we know where we're getting wins or we're close to getting wins. So that's something we track very, very closely to look at those trends, same within semiconductor, same within the water business. So that's important to us to look at also.

在某種程度上，我只想給你另一個角度。很顯然，我們看得很辛苦。我認為，你剛剛發表了這個評論。我們與客戶密切合作，以贏得設計勝利。順便說一句，就像那些萊爾德和羅傑斯一樣，它是業務的一個非常關鍵的組成部分。所以我們可以看到 - 再次，我們無法看到 6 個月後的整體需求，但我們可以看到趨勢正在發展，我們將在哪些方面取得良好的業務增長。因此，正如 Lori 剛才提到的，我們的粘合劑業務，我們正在競標並致力於電池和汽車——下一代汽車市場的許多應用的設計。我們知道我們在哪裡獲得勝利，或者我們接近獲得勝利。所以這是我們非常非常密切地跟踪以觀察這些趨勢，在半導體領域也是如此，在水業務中也是如此。所以這對我們來說也很重要。

I will turn the call back over to Chris Mecray for closing remarks.

我將把電話轉回給 Chris Mecray 做結束語。

All right. Thanks, everybody, for joining the call. And just for your reference, a copy of the transcript will be posted on our IR website shortly. This concludes our call. Thanks again.

好的。謝謝大家加入電話會議。僅供您參考，成績單的副本將很快發佈在我們的 IR 網站上。我們的電話到此結束。再次感謝。

This concludes today's conference call. You may now disconnect. Thank you.

今天的電話會議到此結束。您現在可以斷開連接。謝謝你。