Element Solutions Inc (ESI) 2026 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Element Solutions Q2 2026 financial results conference call. (Operator Instructions)

各位女士、先生，早安，歡迎參加 Element Solutions 2026 年第二季財務業績電話會議。(接線員指示)

I will now turn the call over to Varun Gokarn, Vice President of Strategy and Integration. Please go ahead.

現在我將把電話交給策略與整合副總裁 Varun Gokarn。請開始。

Good morning, and thank you for participating in our second-quarter 2026 earnings conference call. Joining me today are our CEO, Ben Gliklich; and CFO, Carey Dorman. In accordance with Regulation FD, we are webcasting this conference call. A replay will be made available in the Investors section of the company's website.

早安，感謝各位參與我們 2026 年第二季財報電話會議。今天與我一同出席的有執行長 Ben Gliklich，以及財務長 Carey Dorman。依據 Regulation FD 規定，我們將以網路直播方式進行本次電話會議。重播將於公司網站的投資人專區提供。

Before we begin, I want to remind everyone that our announced merger with Solstice Advanced Materials remains subject to shareholder and regulatory approvals and customary closing conditions. As such, we will be limiting our comments on the proposed transaction to what has already been made available in public filings and will not be taking questions about the transaction.

在開始之前，我想提醒各位，我們已宣布與 Solstice Advanced Materials 的合併案仍須取得股東與主管機關核准，並滿足慣常交割條件。因此，我們將把對該擬議交易的評論限制在公開申報文件中已揭露的內容，且不會回答任何與該交易相關的問題。

During today's call, we will make certain forward-looking statements that reflect our current views about the company's future performance and financial results. These statements are based on assumptions and expectations of future events, which are subject to risks and uncertainties. Please refer to the earnings release, supplemental slides, and most recent SEC filings on our website for a discussion of material risk factors that could cause actual results to differ from our expectations and predictions.

在今天的電話會議中，我們將作出若干前瞻性陳述，反映我們目前對公司未來營運表現與財務結果的看法。這些陳述係基於對未來事件的假設與預期，而未來事件可能受風險與不確定性影響。請參閱我們網站上的財報新聞稿、補充簡報，以及最新的 SEC 申報文件，其中討論了可能導致實際結果與我們的預期與預測不同的重要風險因素。

Today's materials also include financial information that has not been prepared in accordance with US GAAP. Please refer to the earnings release and supplemental slides for definitions and reconciliations of these non-GAAP measures to comparable GAAP financial measures.

今天的資料亦包含未依照美國 GAAP 編製的財務資訊。請參閱財報新聞稿與補充簡報，以取得這些非 GAAP 指標的定義，以及與可比 GAAP 財務指標之間的調節表。

It is now my pleasure to introduce our CEO, Ben Gliklich.

現在我很榮幸介紹我們的執行長 Ben Gliklich。

Thank you, Varun, and good morning, everybody. Thank you for joining. Before we review this record quarter, I'd like to reiterate our rationale for the announced agreement to merge with Solstice Advanced Materials. This proposed transaction unites our complementary competencies to better meet customer demands for scaled, broad strategic supply partners while also increasing avenues to prudently invest our cash flows for growth and unlocking compelling synergies.

謝謝你，Varun，各位早安。感謝各位加入。在我們回顧這個創紀錄的季度之前，我想再次說明我們已宣布與 Solstice Advanced Materials 合併協議的策略理由。這項擬議交易將結合我們互補的核心能力，更好地滿足客戶對具規模、覆蓋面廣之策略供應夥伴的需求，同時也增加我們審慎投資現金流以推動成長的途徑，並釋放具吸引力的綜效。

Together, we stand to build an even stronger Electronics portfolio across chip and PCB fabrication, packaging and assembly while accelerating investment in the commercialization of new advanced materials and other growth priorities. We will have a broader, highly differentiated value proposition in thermal management and front-end copper interconnect formation. The combined company will be a market leader in profit growth and cash flow generation with multiple high-growth businesses.

合併後，我們將有機會在晶片與 PCB 製造、封裝與組裝等領域打造更強大的電子產品組合，同時加速投資於新型先進材料的商業化及其他成長優先事項。我們在熱管理與前段銅互連形成方面，將具備更廣泛且高度差異化的價值主張。合併後的公司將在獲利成長與現金流創造方面成為市場領導者，並擁有多個高成長事業。

Finally, the over $180 million in cost synergy potential is real and actionable with clear additional upside over time. Integration planning has begun, and we're assembling a joint team of leaders from both of our businesses to ensure the organizations are integrated thoughtfully, and we fully capture the strategic and financial promise of the combination. Carey will lead the effort on our side, equipped with deep knowledge of our businesses and processes as well as experience successfully leading many similar exercises over his tenure at Element.

最後，超過 1.8 億美元的成本綜效潛力是真實且可落地執行的，並且隨時間推移仍有明確的額外上行空間。整合規劃已經啟動，我們正組建由雙方事業領導者共同組成的團隊，以確保組織能被審慎整合，並充分實現此次結合在策略與財務上的承諾。Carey 將代表我們這一方領導此項工作；他對我們的業務與流程具備深厚理解，且在 Element 任職期間也曾成功主導多次類似的整合工作。

Our North Star at Element Solutions has always been shareholder value creation, and we've had a robust dialogue with our investors since this announcement, and we'll continue to listen intently to their feedback. We work for our shareholders and value their input on important decisions such as this.

在 Element Solutions，我們的北極星始終是為股東創造價值。自本次公告以來，我們已與投資人進行了充分且深入的對話，並將持續專注聆聽他們的回饋。我們為股東而工作，也重視他們對此類重要決策的意見。

As today's results show, our organic path has tremendous momentum and combining our business with Solstice should provide an incremental lever to deliver greater value than we otherwise would have. The stock's reaction to the announcement has been disappointing, and both ESI and Solstice recognize the need to show from a cultural as well as operational perspective that we can execute against this significant opportunity.

如同今天的業績所示，我們的有機成長路徑具備強勁動能，而與 Solstice 的結合應可提供額外槓桿，帶來超出我們原本可達成的更大價值。市場對該公告的股價反應令人失望，ESI 與 Solstice 皆認知到，我們需要從企業文化與營運兩個層面證明我們能把握並落實這項重大機會。

The first test of that execution will be integration. And together with other leaders from ESI and our Board, I'll be very focused on working to ensure this integration is planned and executed to our standards for excellence and delivery.

對執行力的第一個考驗將是整合。我將與 ESI 的其他領導團隊及董事會一同高度聚焦，確保整合規劃與執行符合我們對卓越與交付的標準。

Now turning to our second-quarter results. Element Solutions posted a record quarter as organic growth accelerated in our Electronics portfolio and the Specialties business continued to deliver bottom line growth despite a mixed backdrop. Our results were enhanced by strong contributions from our recent acquisitions, which are performing very well.

接著談我們第二季的業績。Element Solutions 繳出創紀錄的一季：我們的電子產品組合有機成長加速，而 Specialties 事業在外部環境好壞參半的情況下，仍持續帶動獲利成長。我們近期收購案亦有強勁貢獻，且表現非常出色，進一步強化了本季成果。

Overall, these results demonstrate the ongoing success of our strategy to penetrate the highest value, fastest-growing subsegments in our addressable markets, and are a testament to years of work by our teams, collaborating across labs, manufacturing sites, applications facilities and alongside our customers at their locations. We're growing with our customers increasingly as a partner working together to address the most pressing technical challenges. There are significant opportunities for our teams to improve value and use manufacturing processes, particularly as pockets of the electronic supply chain have become constrained relative to accelerating demand.

整體而言，這些成果展現了我們策略的持續成功：深入我們可服務市場中價值最高、成長最快的次領域；同時也證明了我們團隊多年來的努力——跨實驗室、製造據點、應用設施協作，並在客戶現場與其並肩合作。我們與客戶共同成長，愈來愈像是合作夥伴，一起解決最迫切的技術挑戰。我們的團隊在提升價值與運用製造流程方面仍有顯著機會，特別是在電子供應鏈部分環節相較於加速成長的需求出現產能受限之際。

In the second quarter, we delivered double-digit organic sales growth for the third quarter in a row and margin expansion when excluding the impact of pass-through metals. Importantly, our profitable growth is happening alongside increasing investment in people, technology, and plants to support the future.

第二季，我們連續第三個季度實現有機銷售額雙位數成長；若排除轉嫁金屬（pass-through metals）的影響，亦達成毛利率/利潤率擴張。更重要的是，我們的獲利成長是在持續加大對人才、技術與廠房投資的同時發生，以支撐未來發展。

Sales in our Electronics segment grew 20% organically as activity accelerated across our supply chain in support of the ongoing AI infrastructure build-out. Technical requirements in data center hardware and other high-performance Electronics continue to increase, and our business provides critical enabling solutions across thermal management, power density, and advanced packaging applications to name a few.

我們電子事業部門的銷售額有機成長 20%，因應持續進行的 AI 基礎建設擴建，我們供應鏈各環節的活動明顯加速。資料中心硬體與其他高效能電子產品的技術要求持續提高；我們的業務在熱管理、功率密度、先進封裝等多個應用領域提供關鍵的賦能解決方案。

We're seeing volume growth in the highest value categories across our end markets, from leading-edge semi and high-end circuit board fabs to device assemblers, and a strong pull for innovation to enable greater levels of device performance and manufacturing yield or throughput. This dynamic drove double-digit organic net sales growth in each of our Electronics verticals.

我們看到終端市場中最高價值類別的出貨量成長，涵蓋先進製程半導體與高階電路板晶圓廠到裝置組裝廠；同時也看到對創新的強勁拉動，以實現更高的裝置效能與製造良率或產出（throughput）。這股動能帶動我們電子事業各垂直領域皆實現雙位數的有機淨銷售成長。

As we discussed at our May Investor Day, we're making investments to meet the increasing demands of our customers, adding additional manufacturing capacity for several high-growth product lines and increasing our laboratory footprint and innovation resources to remain on the leading edge. One of our largest focus areas has been Kuprion, where we're working to commercialize a differentiated new technology to solve several emerging customer pain points around thermal management, power delivery and plating copper on challenging substrates.

正如我們在 5 月投資人日所討論的，我們正進行投資以滿足客戶日益增加的需求，為多條高成長產品線新增製造產能，並擴大實驗室規模與創新資源，以維持技術領先。我們最大的重點領域之一是 Kuprion；我們正推動一項具差異化的新技術商業化，以解決客戶在熱管理、電力傳輸，以及在具挑戰性的基材上進行銅電鍍等方面的多項新興痛點。

Our development partners working with this material are incredibly enthusiastic, which is evident in a growing commercial pipeline. We're actively sampling products from our first plant to qualify it through our customers, and we have high conviction in the opportunity in this market and urgency to establish incumbency with this technology.

與我們共同開發此材料的合作夥伴反應極為熱烈，這也反映在持續擴大的商業機會管線上。我們正積極提供第一座工廠的產品樣品，並透過客戶進行認證；我們對此市場機會具高度信心，也有強烈的緊迫感要以此技術建立先行者與既有供應地位。

Over the past quarter, we've made plans to increase throughput at our initial plant and increase the scope of our second site, which will be located nearby in California. Taken together, our capacity outlook for year-end 2027 is higher than it was entering the quarter.

在過去一季，我們已規劃提升初始工廠的產出（throughput），並擴大第二據點的建置範圍；第二據點將設於加州、且位置鄰近。綜合而言，我們對 2027 年底的產能展望較本季初更高。

Beyond investments in organic growth, we continue to demonstrate the returns of prudent capital allocation into attractive adjacencies that bring value to our customers. The integrations of Micromax and EFC are going well. Both businesses are performing ahead of our plans for this year and contributed meaningful adjusted EBITDA growth in the quarter. It was both operational excellence and prudent capital allocation that led to the 27% increase in adjusted EPS we delivered in the second quarter.

除了有機成長投資之外，我們也持續展現將資本審慎配置至具吸引力的相鄰領域所帶來的回報，並為客戶創造價值。Micromax 與 EFC 的整合進展順利。兩項業務今年的表現均優於我們的計畫，並在本季貢獻了可觀的調整後 EBITDA 成長。正是營運卓越與審慎的資本配置，促成我們在第二季交出調整後 EPS 年增 27% 的成果。

Carey will now take you through our second-quarter business results in more detail. Carey, please?

Carey 現在將帶各位更詳細地回顧我們第二季的業務成果。Carey，請？

Thanks, Ben. Good morning, everyone. On slide 3, you can see a summary of our second-quarter financial results. We delivered record quarterly revenue, adjusted EBITDA, and adjusted EPS. Organic net sales grew 15% and constant currency adjusted EBITDA increased 33% year over year.

謝謝，Ben。各位早安。在第 3 頁投影片，您可以看到我們第二季財務結果的摘要。我們創下單季營收、調整後 EBITDA 與調整後 EPS 的歷史新高。有機淨銷售成長 15%，以固定匯率計算的調整後 EBITDA 年增 33%。

Electronics organic net sales growth of 20% was broad-based. Each of the segment's verticals grew organically by double digits, led by our semiconductor business, which grew 31% in the quarter.

電子業務有機淨銷售成長 20%，成長動能相當廣泛。該事業部各垂直領域的有機成長皆達雙位數，其中以我們的半導體業務領先，本季成長 31%。

Adjusted EBITDA margins, excluding pass-through metals, improved 120 basis points year over year to 27.8% this quarter, which was in line with the first quarter despite significant sequential non-metal raw material inflation. The year-on-year improvement was primarily driven by product mix with organic growth in higher-value product lines and partially offset by inflation in our Specialty segment as well as continued OpEx investment to support growth initiatives and fund above-target incentive compensation.

本季調整後 EBITDA 利潤率（不含轉嫁金屬）年增 120 個基點至 27.8%，儘管非金屬原物料出現顯著的季比通膨，仍與第一季水準一致。年增改善主要由產品組合帶動，較高價值產品線的有機成長提升占比；但部分被我們 Specialty 事業部的通膨，以及為支持成長計畫而持續投入營運費用（OpEx）並提列高於目標的激勵薪酬所抵銷。

Building on that last point, if we exclude the above-target component of incentive compensation accruals in the quarter, driven by our outperformance relative to plan, OpEx in the second quarter would have been more than $10 million lower, and adjusted EBITDA margins would have been nearly 30%, which has been a long-term target for us.

延續剛才那點，如果我們排除本季激勵薪酬提列中「高於目標」的部分（係因我們相對於計畫的超額表現所致），第二季的 OpEx 將會低逾 1,000 萬美元，而調整後 EBITDA 利潤率將接近 30%，這一直是我們的長期目標。

On slide 4, we share additional detail on the drivers of organic net sales growth in our two segments. In Electronics, 20% organic growth was driven by sustained investment in AI infrastructure and other high-performance computing applications. Demand remains particularly strong across semiconductor packaging, advanced PCB chemistries, and engineered assembly materials supporting data centers and Power Electronics. The backdrop remains softer in consumer and automotive markets, but this was more than offset by strength in AI-related applications and continued customer investment in next-generation technologies.

在第 4 頁投影片，我們分享兩大事業部有機淨銷售成長驅動因素的更多細節。在電子業務方面，20% 的有機成長主要來自對 AI 基礎設施及其他高效能運算應用的持續投資。半導體封裝、先進 PCB 化學品，以及支援資料中心與電力電子（Power Electronics）的工程組裝材料等領域，需求仍特別強勁。消費性與車用市場的大環境仍較疲弱，但 AI 相關應用的強勁表現與客戶對次世代技術的持續投資，已足以抵銷上述影響。

Semiconductor Solutions organic net sales grew 31% with improved order patterns for Power Electronics products and growing momentum in thermal interface materials for high power consumption applications such as AI GPUs and CPUs. We also saw strong and growing demand for advanced packaging solutions from OSATs in Asia.

半導體解決方案（Semiconductor Solutions）有機淨銷售成長 31%，受惠於電力電子產品訂單型態改善，以及高功耗應用（如 AI GPU 與 CPU）所需的導熱介面材料動能提升。我們也看到亞洲 OSAT（委外半導體封裝測試廠）對先進封裝解決方案的需求強勁且持續成長。

Revenue growth for the product within this business was magnified in the quarter by the substantial year-over-year increase in precious metal prices that are inputs to many of these solutions. The Assembly Solutions business grew 18% organically, supported by broad demand for high reliability solder paste in Asia and further enhanced by growth in engineered preform materials used in data center applications.

本業務中該產品的營收成長，在本季因貴金屬價格（為多項解決方案的投入材料）年比大幅上漲而被放大。組裝解決方案（Assembly Solutions）業務有機成長 18%，受惠於亞洲對高可靠度錫膏的廣泛需求，並進一步由資料中心應用所使用的工程預成型材料（engineered preform materials）成長所帶動。

The Indian market continues to show robust growth for Assembly as Electronics manufacturing supply chain diversification continues. Circuitry Solutions net sales improved 15% organically, benefiting from continued demand for metallization solutions tied to AI infrastructure and high-performance compute. We are supporting customers as they add capacity and are seeing traction with technologies that are critical to increasingly complex PCB architectures.

隨著電子製造供應鏈持續多元化，印度市場的組裝業務仍展現強勁成長。電路解決方案（Circuitry Solutions）淨銷售有機成長 15%，受惠於與 AI 基礎設施及高效能運算相關的金屬化解決方案需求持續。我們正支援客戶擴增產能，並看到對於日益複雜 PCB 架構至關重要的技術逐步取得進展。

Finally, this business is also benefiting from continued growth in Southeast Asia, where we have a strong and expanding presence. Micromax is not included in our organic net sales growth calculation but contributed approximately $130 million to reported sales in the quarter, roughly two-thirds of which is related to metals. The business continues to perform well ahead of plan and is growing revenue and adjusted EBITDA significantly on an ex-metals basis. We are very pleased with these results and the progress of the integration.

最後，該業務也受惠於東南亞持續成長，我們在當地具備強大且持續擴張的布局。Micromax 未納入我們的有機淨銷售成長計算，但本季對公告銷售額貢獻約 1.30 億美元，其中約三分之二與金屬相關。該業務持續大幅優於計畫表現，並在不含金屬（ex-metals）基礎上，營收與調整後 EBITDA 皆顯著成長。我們對這些成果以及整合進展感到非常滿意。

Turning to our Specialties segment. Industrial Solutions grew 3% organically in the quarter due to a modest return to growth in European industrial markets early in the quarter and from global surcharges and price increases tied to rising raw material inflation. This business has been restructuring its go-to-market and supply chain strategy over the last year. We are happy to see the strong execution beginning to play out.

接著談我們的 Specialty 事業部。工業解決方案（Industrial Solutions）本季有機成長 3%，主要因本季初歐洲工業市場溫和回到成長，以及因原物料通膨上升而帶動的全球附加費（surcharges）與漲價。過去一年，該業務一直在重整其市場進入策略（go-to-market）與供應鏈策略。我們很高興看到強勁的執行力開始展現成果。

Our Offshore Energy Solutions business grew 1% organically, slower than Q1, driven by timing impacts and some disruption from the war in Iran. Finally, EFC gases and Advanced Materials contributed $16 million of revenue in the second quarter. Demand for electronics, satellites and electrical infrastructure applications remains strong, though this business is more lumpy than our others.

我們的離岸能源解決方案（Offshore Energy Solutions）業務有機成長 1%，較第一季放緩，主要受時點因素影響，並受到伊朗戰爭造成的一些干擾。最後，EFC 氣體與先進材料（Advanced Materials）在第二季貢獻 1,600 萬美元營收。電子、衛星與電力基礎設施應用的需求仍然強勁，但該業務相較於其他業務波動性更高。

Commercial activity is very healthy, and we expect EFC to have a substantially larger second half sequentially, and we have good visibility into that. The EFC team is executing at a high level, growing wallet share with existing semiconductor and space customers and winning new qualifications in both.

商務活動非常健康，我們預期 EFC 下半年將出現顯著的季比成長，而且我們對此具備良好能見度。EFC 團隊執行表現優異，持續提升既有半導體與航太客戶的錢包份額（wallet share），並在兩個領域都取得新的認證資格（qualifications）。

Slide 5 addresses cash flow and the balance sheet. Adjusted free cash flow for the quarter was $74 million, a strong increase sequentially and year over year. With metal prices relatively stable, we have seen the benefit of the higher earnings growth we are experiencing this year.

第 5 頁投影片說明現金流與資產負債表。本季調整後自由現金流為 7,400 萬美元，無論季比或年比皆大幅增加。在金屬價格相對穩定的情況下，我們已看到今年更高的獲利成長所帶來的效益。

We did continue to invest in working capital, albeit more modestly as we continue to see increased volume demand across the business. The cadence of our cash generation is typically more second half weighted, and we expect this year to follow a similar pattern, assuming metal prices stay at current levels.

我們仍持續投入營運資金，但幅度較為溫和，因為我們持續看到全公司各業務的需求量增加。我們的現金創造節奏通常偏向下半年較強；若金屬價格維持在目前水準，我們預期今年也將呈現類似型態。

On the capital expenditure side, we invested $28 million this quarter, bringing year-to-date investment to over $50 million. As we have discussed, we are accelerating investment in certain high-value product areas such as Kuprion and thermal interface materials for hyperscale customers, while at the same time moving aggressively on existing plant consolidation projects in our Industrial Solutions supply chain.

在資本支出方面，本季我們投資 2,800 萬美元，使年初至今投資總額超過 5,000 萬美元。如同我們先前所討論，我們正加速投資於某些高價值產品領域，例如面向超大規模（hyperscale）客戶的 Kuprion 與導熱介面材料；同時也在工業解決方案供應鏈中，積極推進既有工廠整併專案。

We now expect CapEx for the year to be roughly $100 million, which is on the higher end of the guidance range we provided last quarter, though it's still less than 3% of sales. These are high-returning projects with attractive paybacks that support long-term growth.

我們目前預期全年資本支出約為 1 億美元，位於我們上季提供之指引區間的較高端，但仍低於銷售額的 3%。這些都是高報酬專案，回收期具吸引力，並支持長期成長。

Turning to the balance sheet. Our net leverage ratio at the end of the quarter was 2.9 times on a pro forma basis, including Micromax and EFC. Given earnings strength and expected cash flow, we anticipate reducing leverage to roughly 2.5 times by the end of the year.

接著看資產負債表。以備考（pro forma）基礎計算並納入 Micromax 與 EFC 後，本季末的淨槓桿比率為 2.9 倍。考量獲利強勁與預期現金流，我們預期在年底前將槓桿降至約 2.5 倍。

And with that, I will turn the call back to Ben.

以上，我把電話會議交回給 Ben。

Thank you, Carey. Our company is strong and well positioned in attractive growth markets. In each of our businesses, we've identified opportunities and built strategies to deliver substantial profit growth through investment in people and capabilities over a multiyear time frame.

謝謝你，Carey。我們公司體質強健，且在具吸引力的成長市場中具備良好定位。在各項業務中，我們已辨識機會並建立策略，透過在多年期時間框架內投資人才與能力，以實現可觀的獲利成長。

We pride ourselves on customer centricity. And on this front, we're seeing the fruits of persistent investments in technical service capabilities, technology road map exchanges, and a focus on customer pain points where we can improve product performance or customer productivity.

我們以客戶為中心為傲。在這方面，我們看到持續投入技術服務能力、技術路線圖交流，以及聚焦客戶痛點（我們可藉此提升產品效能或客戶生產力）所結出的成果。

Organic acceleration in the first half, and in particular, the sources of that growth give us confidence in a strong year and momentum into 2027. Underlying demand in the high-end electronics market remains and the positions we've established in the fastest-growing, highest value niches of these markets should serve us well.

上半年有機成長加速，尤其是成長來源，使我們對今年的強勁表現以及延續至 2027 年的動能充滿信心。高階電子市場的基本需求仍在，而我們在這些市場中成長最快、價值最高的利基領域所建立的地位，將有助於我們持續受益。

As a result, we are raising our adjusted EBITDA guidance to a range of $690 million to $710 million for the full year. This range reflects the trends we saw in the first half, combined with ongoing execution of our strategic road maps in each of our businesses, while taking into account the onetime benefits of metal hedge gains realized in the first half of 2026, having recorded the associated costs in the second half of 2025.

因此，我們將全年調整後 EBITDA 指引上調至 6.90 億至 7.10 億美元。此區間反映我們在上半年觀察到的趨勢，並結合各業務策略路線圖的持續落實，同時也納入 2026 年上半年已實現的金屬避險收益所帶來的一次性效益（相關成本已於 2025 年下半年入帳）。

We expect third-quarter adjusted EBITDA to be approximately $180 million with demand conditions sequentially similar to the first half and taking into consideration some risk from raw material and logistics inflation that we may not recapture immediately through improved pricing and sourcing actions. We now expect 2026 adjusted EPS growth of approximately 20% on a full-year basis.

我們預期第三季調整後 EBITDA 約為 1.8 億美元，需求狀況與上半年相比呈現連續性相近，同時也考量到原物料與物流通膨帶來的部分風險；這些成本上升我們可能無法立即透過改善定價與採購來源的行動完全回收。我們目前預期 2026 年調整後 EPS 以全年基礎計算約成長 20%。

Element Solutions is executing very well, and the proposed Solstice transaction is recognition of what we've done, what we're doing today and what we're capable of doing in the future. From a foundation of remarkable predecessor companies like MacDermid, Enthone, Alpha, Micromax, EFC, Coventya, Kester, H.K. Wentworth, OM Group, Polytechnic, and Kuprion, we built something bigger and greater than any of them could be individually.

Element Solutions 的執行表現非常出色，而擬議中的 Solstice 交易正是對我們已完成的、目前正在做的，以及未來有能力做到的事情之肯定。我們以 MacDermid、Enthone、Alpha、Micromax、EFC、Coventya、Kester、H.K. Wentworth、OM Group、Polytechnic 與 Kuprion 等卓越前身公司為基礎，打造出一個比其中任何一家單獨存在時都更大、更強的事業體。

We don't forget the histories of those businesses, which are far longer than our own and also that those businesses were built on the shoulders of others that came before them. We're immensely proud of this chapter, but it is not the first nor clearly will it be the last for our businesses. So for now, let me conclude once again by thanking all of our stakeholders for their continued support of Element Solutions, and in particular, our people who are entirely responsible for all of our success in the past and our potential in the future.

我們不會忘記這些企業的歷史，它們的歷程遠比我們更悠久；同時也不會忘記，這些企業也是建立在更早之前前人所奠定的基礎之上。我們對這個篇章深感自豪，但這既不是我們業務的第一章，也顯然不會是最後一章。因此，現在請容我再次作結，感謝所有利害關係人持續支持 Element Solutions；尤其要感謝我們的同仁，過去所有的成功以及未來的潛力，完全歸功於他們。

With that, operator, please open the line for questions. And as a reminder, we will not be taking questions on the recently announced proposed merger with Solstice. Thank you.

接下來，接線員，請開放提問。並提醒各位，我們不會就近期宣布的與 Solstice 擬議合併案接受提問。謝謝。

(Operator Instructions) Josh Spector, UBS.

（接線員指示）UBS 的 Josh Spector。

Congrats on a solid quarter here. I wanted to just ask around really kind of your expectations here for the second half and kind of the phasing that's baked into your guidance. You don't have the typical 3Q uplift, but that's more smartphone driven. So what's your assumption there?

恭喜本季表現穩健。我想請教一下你們對下半年整體的預期，以及你們在指引中所隱含的分季節奏。你們沒有出現典型的第三季拉升，但那通常是由智慧型手機帶動。所以你們在這方面的假設是什麼？

And then just within the rest of it, that's obviously having a big uplift around the data center side. Do you think there's further acceleration that pulls more into it? Or are you assuming that you're kind of stable from here?

另外，就其餘部分而言，資料中心端顯然有很大的拉升。你們認為是否還會有進一步加速、使更多需求提前反映？還是你們假設從現在起大致維持穩定？

Sure thing, Josh. Thanks for the question and feedback. The way to explain sequential performance here is threefold. Continuation of the strong demand that we've seen through the second quarter across the Electronics complex. We are not expecting the typical seasonal ramp in the smartphone market, just given what's been a very weak consumer electronics backdrop.

當然可以，Josh。謝謝你的提問與回饋。要解釋這裡的季對季表現，可以從三個面向來看。第一，是我們在電子相關業務組合中，第二季持續看到的強勁需求延續。第二，考量到消費性電子的整體背景一直很疲弱，我們不預期智慧型手機市場會出現典型的季節性拉升。

We've outperformed that year to date, but we're not counting on a substantial ramp. We're factoring a headwind from raw material and logistics inflation driven by the conflict in Iran, and we're factoring in a modest softening in Micromax, which has been the biggest source of outperformance on a year-to-date basis, and that gets you to a roughly flat sequential performance.

雖然我們今年迄今的表現優於市場，但我們並未把顯著拉升納入假設。第三，我們納入了由伊朗衝突所驅動的原物料與物流通膨所帶來的逆風，同時也納入 Micromax 的溫和走弱；Micromax 一直是今年迄今超預期表現的最大來源。綜合以上因素，就會得到大致持平的季對季表現。

And then for Q4, we're basically just thinking that normal seasonality and fewer operating days given the holidays, so things drop off a little bit from Q3 to Q4, and that's how we get to our full-year guide.

至於第四季，我們基本上是以正常季節性以及假期導致的營業天數較少來思考，因此從第三季到第四季會略為下滑，而這就是我們如何推導出全年指引。

Okay. That's helpful. I just wanted to ask at a high level generally. Just -- I mean, you're continuing to execute well on a stand-alone basis. You're investing more in Kuprion.

了解。這很有幫助。我想再從較高層次問一下。就是——我的意思是，你們在獨立營運的情況下仍持續執行得很好。你們也在 Kuprion 加大投資。

I guess outside of the cost savings that you see from the combination with Solstice, what does ESI as a stand-alone shareholder not get in ESI stand-alone that you see them getting in the combined basis? Are there big sales opportunities you think you miss out on? Is there something that's missing in terms of the Kuprion build-out? Just any help kind of expanding on that a little bit, please?

我想問的是，撇除你們認為與 Solstice 結合可帶來的成本節省之外，作為 ESI 獨立股東，在 ESI 單獨存在時拿不到、但在合併後你們認為股東可以得到的是什麼？你們是否認為會錯失很大的銷售機會？或是在 Kuprion 的擴建上有什麼不足？能否請你協助稍微延伸說明一下？謝謝。

Yeah. Look, we really don't want to take questions relating to the merger announcement with Solstice. And we've made plenty of public disclosure and also comments in the prepared remarks. I'll limit my comments to what we just said in the prepared remarks, which is that this broader Electronics portfolio advantages our collective shareholders in terms of the breadth of what we can offer to our customers and our customers' customers at an increasingly pivotal time for innovation in the supply chain.

是的。你看，我們真的不想回答與 Solstice 合併公告相關的問題。我們已經做了充分的公開揭露，也在事先準備的講稿中有所評論。我會把回應限縮在我們剛才於準備稿中所說的內容：也就是這個更廣泛的電子產品組合，能在供應鏈創新日益關鍵的時刻，讓我們能為客戶以及客戶的客戶提供更完整的產品與服務廣度，從而使我們共同的股東受益。

Bhavesh Lodaya, BMO Capital Markets.

BMO Capital Markets 的 Bhavesh Lodaya。

A separate question is just on ESI. In the past, we have discussed that splitting the company into electronics and nonelectronics was possible, but there was too much efforts, too much brain damage. There are too many shared assets. Is that the same view today? And would you have like an updated number for what the dis-synergies could look like if you were to split the company today?

我有一個與此分開的問題，關於 ESI。過去我們討論過把公司拆分為電子與非電子業務是可能的，但需要太多努力、造成太多「腦損」（brain damage）。因為共享資產太多。今天你們仍是同樣的看法嗎？如果今天要拆分公司，你們能否更新一下可能的反協同（dis-synergies）成本大概會是什麼樣子？

So look, as we've always been clear that we've got a great portfolio at Element of high-quality businesses, they're market-leading businesses with durable moats, customer intimacy, and tremendous cash flows. We've also been clear that we're not emotional about any of our businesses.

你看，正如我們一向說得很清楚，Element 擁有一個很棒的投資組合，都是高品質的業務；它們在市場上具領先地位，擁有可持續的護城河、與客戶緊密的合作關係，以及可觀的現金流。我們也一直很清楚，我們對任何一項業務都不帶情緒。

And if someone is willing to offer value in excess of what we believe fair value for our business plus the, we'll call it, brain damage and separation costs associated with carving out businesses would be, that we're open-minded about those types of transactions. We think our portfolio is very well positioned for long-term growth across all of its end markets and vectors and aren't currently contemplating any such transaction. It's sort of a moot point as we sit here today.

如果有人願意出價，所提供的價值高於我們認為的業務公允價值，再加上——我們姑且稱之為——把業務切割出去所伴隨的「腦損」與分拆成本，那麼我們對這類交易會保持開放態度。我們認為我們的投資組合在所有終端市場與成長向量上，都已為長期成長做好非常好的布局，目前並未在考慮任何此類交易。以我們今天所處的情況來看，這點其實有點不具實質意義。

Got it. And then as we think about Electronics earnings from here, obviously, metals pricing has created a bit of volatility in the sales side of things. How would you say a deflationary metals pricing environment plays out over the next one year?

了解。接著，當我們思考未來電子業務的獲利時，顯然金屬價格在銷售端造成了一些波動。你會如何看待在未來一年若處於金屬價格通縮的環境，會如何發展？

Yeah. So obviously, we've seen the impact of higher metal prices on the top line. We try to adjust for that as best we can with our ex metals, both margins and organic growth numbers. There is a bit of metal in assorted parts of the portfolio, whether that's nickel in our industrial business or some precious metals in our wafer-level packaging businesses.

是的。很明顯，我們已看到金屬價格上升對營收（top line）的影響。我們會盡可能透過「剔除金屬」（ex metals）的方式來調整，包括毛利率與有機成長等指標。在我們的投資組合中，有些部分確實含有金屬成分，例如工業業務中的鎳，或晶圓級封裝業務中的部分貴金屬。

And for the most part, we don't realize margins on metals. When metal prices go up, that gives us a little bit of an opportunity to take price in some of our businesses -- Micromax being one of them -- but deflationary metals pricing should not have a material impact on profit dollars.

而在大多數情況下，我們並不在金屬本身上實現毛利。當金屬價格上漲時，會讓我們在部分業務中有一些提價空間——Micromax 就是其中之一——但金屬價格通縮不應對獲利金額造成重大影響。

Mike Harrison, Seaport Research Partners.

Seaport Research Partners 的 Mike Harrison。

I was hoping that you could give a little bit more detail on the Micromax business. It seems like the second quarter was again ahead of expectations, and you're indicating that maybe you don't expect that strength to continue. Is that just some lumpiness inherent in the business? Maybe just give a little bit more detail on how you're thinking about the outlook there.

我希望你能就 Micromax 業務提供更詳細的說明。看起來第二季再次優於預期，而你們也表示可能不預期這樣的強勢會延續。這只是該業務本身固有的波動性嗎？也請再多談談你們對那邊展望的思考方式。

Yeah, sure thing, Mike. So Micromax has been performing exceptionally well out of the gates. That's volume-driven and to some extent, pricing driven. We have been opportunistic around pricing given the metals volatility, and that's contributed to substantial earnings outperformance. We also started the year with a somewhat conservative assumption for what the business could be this year.

好的，沒問題，Mike。Micromax 一開始的表現就非常出色。這主要是由出貨量帶動，某種程度上也受價格因素驅動。鑑於金屬價格波動，我們在定價上採取了較為機會式的策略，而這也促成了顯著的獲利超預期。此外，我們在年初對今年該業務可能達到的水準採取了相對保守的假設。

The numbers you see in our disclosure around Micromax aren't burdened by some of the, we'll call it, stand-alone costs or integration-related costs that we've had to add at the Element level to support that business. So maybe it's modestly -- it's represented as modestly greater than its underlying contribution. But given it's a relatively new business for us, and we're still getting more familiar with its earnings cadence, we thought it prudent to be somewhat conservative relative to the current run rate as we look to the back half.

你在我們揭露中看到的 Micromax 數字，並未承擔一些我們稱之為獨立成本或整合相關成本；這些成本是在 Element 層級為了支援該業務而額外增加的。因此，呈現出來的貢獻可能略高於其實際的基礎貢獻。但由於這對我們而言是相對新的業務，我們仍在更熟悉其獲利節奏，因此在展望下半年時，相較於目前的運行水準，我們認為採取較保守的態度是審慎的。

All right. And then my second question is on the Power Electronics business. Just trying to understand how much of the strength that you're seeing there is related to some improvement in underlying markets. And how much might be more related to you guys finding new applications, new customers and those customers maybe starting to ramp some of those new applications?

了解。那我的第二個問題是關於電力電子（Power Electronics）業務。我想了解你們在那裡看到的強勁表現，有多少是來自終端市場基本面改善。又有多少可能更多是因為你們找到新的應用、新的客戶，而這些客戶可能開始放量導入這些新應用？

Yeah, Mike, this is Carey. So I think the answer is both. In Q2, in particular, Power Electronics are -- the EV business has performed quite well, both with our legacy customers and the expanding customers in -- particularly in Asia. That has been somewhat of a volatile set of end markets.

是的，Mike，我是 Carey。我想答案是兩者皆有。尤其在第二季，電力電子——電動車（EV）業務表現相當不錯，無論是我們的既有客戶，或是新增的客戶群——特別是在亞洲。這些終端市場本身波動性相對較高。

We expect that -- some of that volatility to continue, but really good strength there. And then we have been seeing expanding applications in data center power modules and other, let's say, emerging applications tied to AI and high-performance compute, and we expect those customer wins and those trends to continue. So a nice mix of both.

我們預期這種波動仍會持續一段時間，但那裡的強勁動能確實很好。此外，我們也看到資料中心電源模組等應用在擴張，以及其他可稱為與 AI 與高效能運算相關的新興應用；我們預期這些客戶得標與趨勢將會延續。因此兩者的組合都很不錯。

Yes. There's a lot of runway for the Power Electronics portfolio.

是的。電力電子產品組合還有很長的成長跑道。

Chris Parkinson, Wolfe Research.

Wolfe Research 的 Chris Parkinson。

Ben, I know it's difficult to ascertain at times, but just in terms of advanced packaging trends, where you specifically fit in, which crosses both assembly and some circuitry, can you just do your best to parse out what's driving those businesses, where you think you're performing relative to the market and where you -- where roughly you think you should be on a run rate basis?

Ben，我知道這有時候很難判斷，但就先進封裝（advanced packaging）的趨勢而言，你們具體的切入點同時涵蓋組裝以及部分電路材料；你能否盡量拆解一下是什麼在驅動這些業務、你們相對於市場的表現如何，以及以目前的運行水準來看，你們大概應該落在什麼樣的 run rate？

Yeah. Sure thing, Chris. So our advanced packaging portfolio is performing quite well. We've seen substantial growth as we've always said, advanced packaging is somewhat of a generic term. So to say this specific product is an advanced packaging product, we sell one product that goes across multiple different substrates into different types of board. So it's hard to be very precise in that regard.

是的。當然可以，Chris。我們的先進封裝產品組合表現相當好。我們看到顯著成長；正如我們一直說的，「先進封裝」在某種程度上是一個相對泛用的術語。因此要說某一個特定產品就是先進封裝產品——我們有一項產品可跨多種不同基材、用於不同類型的板材。所以在這方面很難做到非常精準的界定。

But I'd say really strong traction, I would say, share gain in the IC substrate, the package substrate portion of our circuitry business. Our high-end paste business and assembly is performing very well. Our wafer-level packaging business is performing very well. But what's most exciting around advanced packaging that we're really right now in the crucible of establishing processes of record for the transition from CoWoS to CoPoS and other emerging technologies that we expect to ramp, call it, 18 months from now and become very big markets for us. And we feel confident that we're going to win those pieces of business and the advanced packaging business will accelerate as we move into '27 and 2028.

但我會說動能非常強，我認為在我們電路業務中的 IC 基板、封裝基板這一塊有市占提升。我們的高階錫膏（paste）業務與組裝表現非常好。我們的晶圓級封裝（wafer-level packaging）業務也表現非常好。不過在先進封裝方面最令人振奮的是：我們目前正處於關鍵階段，正在建立從 CoWoS 轉向 CoPoS 以及其他新興技術的標準製程（process of record）；我們預期這些技術大約在 18 個月後開始放量，並成為對我們而言非常大的市場。我們有信心能拿下這些業務，並且隨著我們進入 2027 年與 2028 年，先進封裝業務將會加速成長。

Got it. And just switching over to semi. Could you just give us what you're willing to give on just breaking down the organic growth in semi between precious metals, volume price. It seems like you're doing very well in the -- the wafer plating chemistries likely gaining share is my guess. Could you just do your best to kind of break that down for us and how we should once again interpret that for the second half and into '27?

了解。那再切換到半導體（semi）。你能否在你願意分享的範圍內，拆解一下半導體有機成長的組成：貴金屬因素、出貨量、價格？看起來你們在晶圓電鍍化學品（wafer plating chemistries）方面做得很好，我猜可能正在提升市占。你能否盡量幫我們拆解一下，並說明我們應如何再次解讀下半年以及到 2027 年的走勢？

Yeah, Chris, this is Carey. I'll speak about the current performance, and I think expectations for this year. So both the Power Electronics and the wafer plating businesses saw volume growth in the high teens. And then both businesses benefited from additional pricing tied to precious metals, silver and gold primarily, respectively.

是的，Chris，我是 Carey。我先談目前的表現，以及我認為今年的預期。電力電子與晶圓電鍍兩項業務的出貨量成長都達到十幾個百分點的高段（high teens）。此外，兩項業務也都受惠於與貴金屬相關的額外定價因素，主要分別與白銀與黃金連動。

So if you think about the total 30%-plus organic growth we showed in the quarter, call it, 60% to two-third of it would have been volume and the rest would have been price/mix. I think we expect that volume trend to continue throughout the rest of the year. I made the comment a few minutes ago around the Power Electronics business specifically.

因此，如果你看我們本季呈現的 30% 以上有機成長，約可說其中 60% 到三分之二來自出貨量，其餘則來自價格/組合（price/mix）。我認為我們預期這個出貨量趨勢在今年剩餘時間會持續。我幾分鐘前也特別針對電力電子業務提到過。

And again, a growing part of that business is tied to data center applications, but there's still -- the majority of that business is still tied to Power Electronics for electric vehicles, which again does have some volatility, and we're taking a little bit of a conservative view on that through the rest of the year. I think it's too early to comment on '27.

而且，該業務中與資料中心應用相關的比重正在提升，但——其大部分仍然與電動車的電力電子相關；而這部分確實仍有一定波動性，因此我們對今年剩餘時間採取稍微保守的看法。我認為現在談 2027 年還太早。

Pete Osterland, Truist.

Truist 的 Pete Osterland。

I just wanted to start with an update on Kuprion. Could you size approximately the revenue you expect to see in 2027 from Kuprion? And just more broadly, as you ramp, will it all be truly incremental? Do you expect any cannibalization of existing sales?

我想先請你更新一下 Kuprion。你能否大致量化一下你們預期 2027 年 Kuprion 的營收規模？另外更廣泛地說，隨著你們放量，這些是否都會是真正的增量？你們是否預期會侵蝕（cannibalization）既有銷售？

Thanks for the question, Pete. So Kuprion is a good story. Over the course of the quarter, we identified ways to get more product, more capacity out of our initial plant in Fremont, which is now sampling and qualifying material with customers. and we were able to expand our plan for our second Fremont site and made progress towards construction of the third site, which will be in Connecticut. So the sort of takeaway from all of that is our expectations for Kuprion or active copper capacity by year-end 2027 increased pretty materially over the course of the second quarter.

謝謝你的問題，Pete。Kuprion 是個很好的故事。在本季期間，我們找到了方法，讓位於 Fremont 的初始工廠能產出更多產品、釋放更多產能；該工廠目前已在向客戶送樣並進行材料認證（qualifying）。同時，我們也擴大了第二個 Fremont 廠址的規劃，並推進第三個廠址（將設於康乃狄克州）的建設準備。因此，整體重點是：我們對 Kuprion（或活性銅 active copper）在 2027 年底的產能預期，在第二季期間有相當幅度的上修。

From a commercialization perspective, we're making really good progress, and we have customers pulling the product very aggressively, which should translate into material revenue in 2027 and profit contribution. It's dangerous to size these things because that second site in California may come online in the middle of the year or the latter part of the year, and that will have a pretty big impact on what revenue we can expect. But the outlook for 2028, for instance, is very robust from a revenue and profit perspective given our capacity plans.

從商業化角度來看，我們進展非常順利，客戶對產品的拉貨相當積極，這應會在 2027 年轉化為可觀的營收與獲利貢獻。但要精確量化規模是有風險的，因為加州的第二個廠址可能在年中或下半年投產，而這會對我們可期待的營收造成相當大的影響。不過以 2028 年為例，考量我們的產能規劃，無論在營收或獲利面，展望都非常強勁。

Very helpful. And then also, I appreciate the color on Micromax. I wanted to follow up by asking about your other recent acquisition, particularly with EFC sales falling sequentially in the second quarter. How is the business performing? What drove the decline? And what do you expect in the second half?

非常有幫助。另外也謝謝你對 Micromax 的補充說明。我想追問你們另一項近期收購案，尤其是 EFC 銷售在第二季出現季減。這項業務目前表現如何？下滑的原因是什麼？以及你們對下半年的預期為何？

Yeah. So the EFC business is a lumpier business than our other businesses. And it's not a business that was operated on a quarter-to-quarter basis, not that ours is, but with quarterly forecasts in its prior iteration. I would say that our confidence in the full year is -- or rather our conviction in their ability to hit that $30 million for the full year of 2026 is higher today than it was a quarter ago, given the really strong commercial pull and customer engagements.

是的。所以 EFC 業務相較於我們其他業務，波動性更大、起伏更明顯。而且它不是那種以逐季方式來營運的業務——我們的也不是——但在先前的版本中，它是以季度預測來運作。我會說，鑑於非常強勁的商業拉動與客戶互動，我們對全年——更確切地說，對他們在 2026 全年達成 3,000 萬美元的能力——的信心/把握度，今天比一季前更高。

Given it is a bit lumpier, it also has pretty good visibility into large new wins, and they are winning big pieces of business. So the business is healthy. I wouldn't read anything into the seasonality, if you will, or the phasing. We're going to have a very big back half for EFC.

鑑於它確實比較「不均勻」，它對大型新案的可見度其實也相當不錯，而且他們正在拿下大筆業務。所以這個業務是健康的。我不會對你所說的季節性或節奏安排做過度解讀。EFC 在下半年會非常強勁。

The only thing I'd add to that is just given that seasonality and a little bit more lumpiness, the incrementals when the revenue does pick up are much higher than we would see for the rest of our business. So we expect that to manifest in the second half as well.

我唯一想補充的是，考量到季節性以及更高的波動性，當營收回升時，其增量（邊際貢獻）會比我們其他業務高得多。所以我們也預期這點會在下半年顯現出來。

John Roberts, Mizuho.

John Roberts，瑞穗（Mizuho）。

I appreciate it's hard to define advanced, but would you give us kind of a wide range of what you would characterize as advanced for your core sales in Electronics?

我理解「先進」很難定義，但你能否給我們一個比較寬的範圍，說明在電子業務的核心銷售中，你們會把哪些情況歸類為「先進」？

So we've had a lot of questions in the past, John, around advanced packaging, right? And we've quantified advanced packaging as several hundred million dollars of revenue. Advanced is an even more generic term than advanced packaging. And what I would say is that, by and large, what we're selling is skewing towards higher-end applications.

John，我們過去收到很多問題是關於先進封裝，對吧？而我們把先進封裝量化為數億美元的營收。「先進」這個詞甚至比「先進封裝」更泛。我想說的是，整體而言，我們銷售的產品組合正偏向更高階的應用。

You see that in our growth relative to industry growth, whether that's printed circuit board volumes or semiconductor MSI, which would be the underlying market indicators for our end markets. And we've been very substantially outpacing those markets for the past several years.

你可以從我們相對於產業成長的成長表現看出來，不論是印刷電路板（PCB）出貨量，或是半導體 MSI（這些會是我們終端市場的底層市場指標）。而在過去幾年，我們一直大幅領先這些市場。

So we can't say that every product we have goes into leading-edge applications, but the business skews disproportionately towards advanced technologies. I would say it's a very negligible percentage of our revenue that is going to really legacy analog-type applications.

所以我們不能說每一項產品都用在最先進的應用上，但我們的業務確實在很大程度上偏向先進技術。我會說，我們營收中真正流向非常傳統、類比型舊世代應用的比例非常小。

Okay. I was going to -- a corollary here. Would you characterize consumer and mainstream electronics organic as down modestly?

好的。我想延伸問一下。你會把消費性與主流電子的有機成長描述為小幅下滑嗎？

Yes. For the market or for our business, John? John, for the market or for our business because the market is down.

是的。你是問市場還是我們的業務，John？John，你是問市場還是我們的業務，因為市場是在下滑。

For your business is what I was asking.

我問的是你們的業務。

No, no. If you look at Q1, I don't have the data for Q2, but in Q1, smartphone units were down overall, but our business was up mid-single digits. And I would expect something similar to that because there's been a divergence, particularly in the smartphone market between local Chinese OEMs and Western non-Chinese OEMs and our business skews towards those non-Chinese OEMs where the market has been a bit more healthy.

不，不是。如果你看第一季，我沒有第二季的數據，但在第一季，智慧型手機整體出貨量是下滑的，但我們的業務是中個位數成長。我預期會有類似的情況，因為特別是在智慧型手機市場，本地中國 OEM 與西方非中國 OEM 之間出現分化，而我們的業務更偏向那些非中國 OEM，那一塊市場相對更健康一些。

And then overall for the company, could I ask what are your largest raw materials that are non-metals? And actually, how much are they up as you talk about kind of inflation from the Middle East, et cetera?

另外，就整體公司而言，我能否請教你們最大的非金屬原物料是哪些？以及你們提到來自中東等因素的通膨，這些原物料實際上上漲了多少？

Yeah. So John, there's a broad swath of raw materials that are ex metal. If you think about the ones that have driven the pressure, it has been things that are derivatives of oil, so ethylene and propylene-based products. The biggest hit in the second quarter were in the industrial businesses and the offshore businesses where those products are more prevalent. But there's not anyone, but it's sort of things in that oil value chain.

好的。John，非金屬的原物料範圍很廣。如果你想的是造成壓力的那些，主要是石油衍生品，例如乙烯與丙烯系產品。第二季受影響最大的是工業業務與離岸業務，因為那些產品在那裡更常見。但不是某一個單一品項，而是大致屬於石油價值鏈中的那些東西。

Ex-metal, there's -- we have no major concentrations within any specific raw materials or molecules.

在非金屬方面，我們在任何特定原物料或分子上都沒有重大的集中度。

Jon Tanwanteng, CJS Securities.

Jon Tanwanteng，CJS Securities。

Very nice quarter and outlook. I was wondering if you could talk a little bit more about the semiconductor business in general, just the impact of the growth on mix and margins and if you expect that to continue significantly outpacing the circuitry and assembly business growth as we move into the future quarters?

本季表現與展望都很不錯。我想請你更廣泛談談半導體業務：成長對產品組合與毛利率的影響是什麼？以及展望未來幾季，你是否預期它會持續顯著超越電路與組裝業務的成長？

Yeah. It's a good question. This is Carey. So given the metal components in the semiconductor businesses, the actual contribution margins there are not too different from the average for the Electronics business. So what we -- from a growth perspective, certainly, semi has been outperforming volume-wise, and we would expect that to continue to be our highest volume growth business through the rest of this cycle.

是的。這是個好問題。我是 Carey。由於半導體業務中包含金屬成分，那裡的實際貢獻毛利率與電子業務的平均水準差異不大。所以從成長角度來看，半導體在出貨量（volume）方面確實表現更強，而我們預期在本輪週期剩餘期間，它會持續是我們出貨量成長最高的業務。

But in terms of a margin and margin mix, I don't think we're seeing a meaningful difference in that and the rest of the Electronics business. You add into that.

但就毛利率與毛利率組合而言，我不認為我們看到它與電子業務其他部分之間有顯著差異。你再補充一下。

Got it. That's helpful. And then just from a raw materials and market share standpoint, are you able to -- have you been seeing excessive share gain, I guess, over what you would normally see just given the impact on your competitors? Or is that something that's a more normal course? And if you are seeing share gain, do you expect that to be sticky?

了解。這很有幫助。另外，從原物料與市占的角度，你們是否能——我想問的是，考量到競爭對手受到的影響，你們是否看到超出平常的市占提升？還是說這比較屬於正常情況？如果你們確實看到市占提升，你們預期這會具有黏著性、能維持下去嗎？

Yeah, it's a great question. So in general, the broader Electronics industry is short certain inputs, right, and capacity constrained as well. Those inputs tend not to be things in our value chain, right? So we are not capacity constrained.

是的，這是個很好的問題。整體而言，更廣泛的電子產業在某些投入品上供應不足，而且產能也受限。但那些投入品通常不在我們的價值鏈中。所以我們並沒有產能受限。

I would say that, by and large, our competition isn't capacity constrained, though there are a few areas we talked about Kuprion, for example, what we're doing in STMS and other engineered materials where I would say we are capacity constrained, and we're adding capacity as fast as we can to meet the surge in demand. So I wouldn't say that there is a shortage of what we make as a general term.

我會說，大體上我們的競爭對手也沒有產能受限，雖然有少數領域——例如我們提到的 Kuprion，以及我們在 STMS 和其他工程材料所做的事情——在那裡我會說我們是產能受限的，而我們正以最快速度擴產，以滿足需求激增。所以我不會說我們所生產的東西在一般意義上是短缺的。

We are taking share in certain technologies where we've been first to market, established positions of incumbency or innovated ways to increase our customers' throughput because they're capacity constrained, right? And so if we can allow for them to increase their production, there's a lot of value they can capture and that justifies some switching, which is very uncommon in our industry.

我們在某些技術上正在取得市占，原因是我們率先上市、建立了既有供應地位，或是創新出能提升客戶產出效率的方法，因為他們本身是產能受限的。因此，如果我們能讓他們提高產量，他們就能捕捉到很大的價值，這也使得某些轉換供應商的行為變得合理——而在我們這個產業中，這其實非常罕見。

And so we have been taking share in several areas across our businesses on the basis of our technology, and that has led to some level of outperformance. And we would envision that to be sticky. The switching costs are really high.

因此，我們基於技術優勢，在多個業務領域都取得了一些市占，並帶來一定程度的超額表現。而我們預期這會具有黏著性、能維持下去。轉換成本非常高。

The other area where we've seen some share opportunities has been given the spike in metal prices, some of our local competitors haven't had the -- haven't been capitalized to float metal and handle the payment terms in the industry. And so we've seen customers turning to us because competitors aren't able to continue to operate.

另外一個我們看到市占機會的領域是：由於金屬價格飆升，一些本地競爭對手在資本實力上不足，無法墊付金屬庫存並承擔產業中的付款條件。因此我們看到客戶轉向我們，因為競爭對手無法持續營運。

In those situations, we're making sure the business isn't transactional because we're not interested in that transactional-type business. We're interested in longer-term sticky business and making sure that the fact that we are a viable long-term supplier is recognized in the way we do business with our customers and by our customers. And so we have seen some share gains from that as well.

在這些情況下，我們會確保這些業務不是一次性、交易型的，因為我們對那種交易型業務沒有興趣。我們關注的是更長期、具黏著性的業務，並確保我們作為可長期供應商的可行性，能在我們與客戶的合作方式以及客戶對我們的認知中被體現。因此，我們也從這方面看到了一些市占提升。

Frank Mitsch, Fermium Research.

Frank Mitsch，Fermium Research。

Nice second-quarter results. You commented that the organic outlook improved through the second quarter. I was wondering if you might be able to provide any metrics around that in terms of the underlying industry or what you're seeing specifically to make that comment that the organic outlook improved throughout the second quarter.

第二季業績很不錯。您提到第二季期間有機成長展望有所改善。我想請問您是否能提供一些相關指標，例如就底層產業面或您具體觀察到哪些情況，讓您做出「第二季期間有機展望改善」這樣的評論？

And then, of course, the durability of that back in mid-May when you had your Investor Day, you offered us a midterm 7% organic growth outlook. Have things materially changed in that regard? Any color there would be very helpful.

另外，當然也想問這個趨勢的持續性：回到5月中旬你們舉辦投資人日的時候，你們給了我們中期7%的有機成長展望。在這方面情況有沒有出現實質變化？若能補充一些說明會非常有幫助。

Yeah, absolutely. So thanks for the question, Frank. Look, the organic outlook improved, meaning our outlook for the year and organic growth this year improved relative to the jumping off point at the end of the first quarter. And the reason for that is we continue to see capacity expansions in the supply chain and pull from our customers, right? Their levels of activity continue to increase.

是的，當然。謝謝你的問題，Frank。你看，我們所說的有機展望改善，是指我們對今年全年以及今年有機成長的展望，相較於第一季末的起點有所提升。原因在於，我們持續看到供應鏈的產能擴張，以及客戶端的拉貨動能，對吧？他們的活動水準持續提高。

We said something similar about a year ago where we said there was concern was there pull forward and we said, this doesn't feel like inventory in the channel. Our customers are adding capacity to meet what they expect to be demand and that capacity addition continues across the supply chain. And so in that context, our customers are making long-term investment decisions, and we're partnering with them to supply them with critical materials for their production processes.

大約一年前我們也說過類似的話，當時有人擔心是否存在提前拉貨，我們當時說，這感覺不像是通路庫存。我們的客戶是在增加產能，以滿足他們預期的需求，而這種產能增加在整個供應鏈中仍在持續。因此在這樣的背景下，我們的客戶正在做長期投資決策，而我們與他們合作，為其生產流程提供關鍵材料。

And so we don't see that abating in the near term. The medium-term targets that we -- or medium-term growth rates we articulated at our Investor Day are exactly that they're medium term, and I wouldn't say they change over a 90-day period. I would say that underlying industry health is very strong right now, and the outlook is as well.

因此我們不認為短期內會趨緩。我們在投資人日所提出的中期目標——或中期成長率——就是中期，我不會說它會在90天內就改變。我會說，目前底層產業的健康狀況非常強勁，展望也是如此。

Terrific. Very helpful. And Carey, you called out higher incentive comp in the second quarter, a $10 million headwind. How do you think about incentive comp trending for the balance of the year?

太好了。非常有幫助。另外，Carey，你提到第二季較高的獎酬性薪酬（incentive comp），帶來1,000萬美元的不利影響。你如何看待獎酬性薪酬在今年剩餘期間的走勢？

Yeah. So it's a good question. Thank you. So the incentive comp accruals are based on our expectations for our full-year plan, and we update those on a quarterly basis and true up the accruals.

好的。這是個好問題。謝謝。獎酬性薪酬的提列是基於我們對全年計畫的預期，我們會按季更新並調整（true up）提列金額。

So as of now, our -- what we're seeing in Q2 is sort of the level of expense that we would expect to see in Q3 and Q4 unless our plan changes. And as we've indicated here, our guide that we update provided is kind of consistent with where those accruals are. So I would expect a similar level throughout the rest of the year.

所以就目前而言，我們在第二季看到的，大致就是我們預期第三季與第四季會看到的費用水準，除非我們的計畫有所改變。而如同我們在此所指出的，我們更新後提供的指引與目前這些提列水準大致一致。因此我預期今年剩餘期間會維持相近水準。

Arun Viswanathan, RBC Capital Markets.

Arun Viswanathan，RBC Capital Markets。

Congrats on a very strong quarter here. So I guess I just wanted to understand the strength in the semiconductor side. Maybe you can just elaborate a little bit on what drove that and how you see that kind of evolving as you potentially go through the next few quarters. Do you think the -- you need to make any capacity additions there to meet growing demand?

恭喜本季表現非常強勁。我想我主要想了解半導體端的強勢表現。也許你可以再多談一點是什麼因素驅動，以及你如何看待未來幾季可能的演變。你認為是否需要在那邊增加一些產能，以滿足成長中的需求？

Sure thing. So the semi business was very strong in the second quarter. As we said earlier, about two-thirds of that is volume and a third of that is metal price inflation. We adjust for most of our metals that we pass through. But in the semi business and also in the industrial business, for instance, we don't make those adjustments.

沒問題。半導體業務在第二季非常強勁。如同我們先前所說，其中約三分之二來自出貨量（volume），三分之一來自金屬價格通膨。對於我們大多數會轉嫁的金屬，我們會做調整。但在半導體業務以及例如工業業務中，我們不會做那些調整。

So the volumetric strength is something we expect to continue in the metal prices, we can't predict. We are not capacity constrained by and large, in the semi business. And so we wouldn't have to make substantial investment to support ongoing growth there.

出貨量的強勢是我們預期會持續的；至於金屬價格，我們無法預測。整體而言，我們在半導體業務並未受到產能限制。因此我們不需要進行大幅投資，就能支撐那邊的持續成長。

And if I could just ask a follow-up. Do you comment on your outlook as far as utilization rates at some of your customers? Do you see those continuing to ramp up? And where are we kind of in that cycle from your perspective, if you have any views there?

如果我可以再追問一個問題。你能否評論一下，就你們部分客戶的產能利用率（utilization rates）而言的展望？你是否看到它們持續爬升？從你的角度來看，我們大概處於這個循環的哪個階段？如果你有任何看法的話。

Yeah. It's a good question, right? We've got a very broad set of customers from semi fabs to printed circuit board fabs to assemblers. And then, of course, on the specialty side of the business, it's a whole different set of customers.

是的。這是個好問題，對吧？我們的客戶群非常廣，從半導體晶圓廠到印刷電路板（PCB）工廠，再到組裝廠。當然，在特用（specialty）業務那一側，又是完全不同的一組客戶。

What I would say is that across all of our Electronics customers, we're seeing capacity additions, right? We're seeing the device assemblers and assembly shops building out more capacity. We're seeing printed circuit boards building out capacity both in China and outside of China. We're seeing huge investments in capacity in Taiwan and Korea in those markets. And then, of course, semi fabs are expanding capacity at the leading edge.

我會說，在我們所有電子類客戶中，我們都看到產能增加，對吧？我們看到裝置組裝商與組裝工廠正在擴建更多產能。我們看到印刷電路板在中國以及中國以外都在擴建產能。我們看到台灣與韓國市場在產能方面有巨額投資。然後當然，半導體晶圓廠也在先進製程（leading edge）擴充產能。

Capacity utilization varies by customer type and by what they're building, right? So leading-edge semi versus legacy nodes. Similarly, with printed circuit board fabs, there are a lot of different types of printed circuit board technologies, and those lines aren't fungible per se. It certainly at the more advanced end, we're seeing very high utilization rates, which is supporting substantial capacity additions at all of our major customers in the leading-edge circuit board fabs, semi foundries and device assemblers, EMS ships.

產能利用率會因客戶類型以及他們生產的產品而異，對吧？例如先進製程半導體相對於成熟製程節點（legacy nodes）。同樣地，就印刷電路板工廠而言，PCB技術種類很多，而這些產線並非完全可互換。可以確定的是，在較先進的那一端，我們看到非常高的產能利用率，這也支撐了我們主要客戶在先進電路板工廠、半導體晶圓代工廠以及裝置組裝商、EMS廠的大幅產能擴張。

There are no further questions at this time. I will now turn the call back to CEO, Ben Gliklich for closing remarks.

目前沒有其他問題。我現在把電話交回給執行長Ben Gliklich做結語。

Great. Thank you, Lynn, and thanks to everybody for joining. We'll see you guys soon. Have a good day.

很好。謝謝你，Lynn，也謝謝各位參與。我們很快再見。祝大家有美好的一天。

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

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。