Ingredion Inc (INGR) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Ingredion's fourth-quarter and full-year 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Ingredion 2024 年第四季和全年財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to turn the call over to Noah Weiss, Vice President of Investor Relations. Please go ahead.

現在，我想將電話轉給投資者關係副總裁 Noah Weiss。請繼續。

Good morning, and welcome to Ingredion's fourth-quarter and full-year 2024 earnings call. I'm Noah Weiss, Vice President of Investor Relations. Joining me on today's call are Jim Zallie, our President and CEO; and Jim Gray, our Executive Vice President and CFO. The press release we issued today, as well as the presentation we will reference for our fourth-quarter and full-year results, can be found on our website, ingredion.com, in the Investor section.

早安，歡迎參加 Ingredion 2024 年第四季和全年財報電話會議。我是投資者關係副總裁 Noah Weiss。參加今天電話會議的還有我們的總裁兼執行長 Jim Zallie；以及我們的執行副總裁兼財務長 Jim Gray。我們今天發布的新聞稿以及我們第四季度和全年業績的參考簡報可以在我們的網站 ingredion.com 的投資者部分找到。

As a reminder, our comments within this presentation may contain forward-looking statements. These statements are subject to various risks and uncertainties and include expectations and assumptions regarding the company's future operations and financial performance. Actual results could differ materially from those estimated in the forward-looking statements. And Ingredion assumes no obligation to update them in the future as or if circumstances change.

提醒一下，本簡報中的評論可能包含前瞻性陳述。這些聲明受各種風險和不確定性的影響，包括對公司未來營運和財務表現的預期和假設。實際結果可能與前瞻性陳述中的估計有重大差異。並且，如果情況發生變化，Ingredion 不承擔在未來更新這些資訊的義務。

Additional information concerning factors that could cause actual results to differ materially from those discussed during today's conference call or in this morning's press release can be found in the company's most recently filed annual report on Form 10-K and subsequent reports on Form 10-Q and 8-K.

有關可能導致實際結果與今天的電話會議或今天上午的新聞稿中討論的結果存在重大差異的因素的更多信息，請參閱公司最近提交的 10-K 表年度報告以及後續的 10-Q 表和 8-K 表報告。

During this call, we also refer to certain non-GAAP financial measures, including adjusted earnings per share, adjusted operating income, and adjusted effective tax rate, which are reconciled to US GAAP measures in Note 2 non-GAAP information included in our press release and in today's presentation appendix.

在本次電話會議中，我們還參考了某些非公認會計準則財務指標，包括調整後的每股收益、調整後的營業收入和調整後的有效稅率，這些指標與我們新聞稿和今天的演示附錄中包含的註釋 2 非公認會計準則資訊中的美國公認會計準則指標進行了調節。

With that, I will turn the call over to Jim Zallie.

說完這些，我會把電話轉給 Jim Zallie。

Thank you, Noah. And good morning, everyone. I am pleased to announce that Ingredion achieved significant double-digit adjusted EPS growth for the fourth quarter. This performance was driven by continued strong sales volume growth in Texture and Healthful Solutions, as well as exceptional performance from each of our Food and Industrial Ingredient segments.

謝謝你，諾亞。大家早安。我很高興地宣布，英瑞安第四季實現了顯著的兩位數調整後每股收益成長。這項業績得益於質地和健康解決方案部門持續強勁的銷售量成長，以及我們各食品和工業原料部門的出色表現。

Our 2024 reorganization and new segment structure positioned our teams well against our targeted markets and customer opportunities, establishing a solid foundation for the future. Our Food and Industrial Ingredients US/Canada business benefited from the renewal of multi-year contracts that enabled us to recapture inflationary impacts and recover margins, resulting in significant operating income growth for the fourth quarter.

我們的 2024 年重組和新的細分結構使我們的團隊能夠很好地適應目標市場和客戶機會，為未來奠定了堅實的基礎。我們的美國/加拿大食品和工業原料業務受益於多年期合約的續約，使我們能夠重新掌控通膨影響並恢復利潤率，從而實現第四季度營業收入大幅增長。

For Food and Industrial Ingredients LatAm, the Mexico and Andean businesses delivered strong results despite softer sweetener demand. The strength and agility of our business model in the region enabled us to manage pricing in the face of changing corn costs and currency fluctuations. These factors collectively led to a year-over-year increase of 5% in operating income or an increase of 8% when adjusting for the sale of the South Korea business.

對於拉丁美洲食品和工業原料而言，儘管甜味劑需求疲軟，但墨西哥和安第斯山脈業務仍取得了強勁的業績。我們在該地區的商業模式的優勢和靈活性使我們能夠在玉米成本變化和貨幣波動的情況下管理價格。這些因素共同導致營業收入年增 5%，調整韓國業務出售後則成長 8%。

Turning to a summary of our net sales volume growth for the quarter, Ingredion continued to drive organic growth with a 4% increase compared to last year when adjusted for the sale of our South Korea business. Beginning with Texture and Healthful Solutions, we experienced a double-digit sales volume increase for the second consecutive quarter. Food and beverage categories in the US, such as yogurt, beverages, and batters and breadings, were key contributors to this growth.

回顧本季淨銷售量成長情況，經調整韓國業務銷售額後，宜瑞安持續推動有機成長，與去年相比成長了 4%。從 Texture 和 Healthful Solutions 開始，我們連續第二季實現了兩位數的銷售成長。美國食品和飲料類別，例如優格、飲料、麵糊和麵包屑，是這一增長的主要貢獻者。

Despite ongoing food inflation impacting Western European markets, the categories most relevant to Ingredion in that region have consistently outperformed the overall market throughout 2024, especially in the latter half of the year. Sectors such as dressings, ready-to-eat and frozen meals, and dairy products continue to demonstrate recovery as consumers traveled and returned to more in-office work routines and placed an increased emphasis on value.

儘管持續的食品通膨影響了西歐市場，但該地區與 Ingredion 最相關的類別在整個 2024 年一直表現優於整體市場，尤其是在下半年。隨著消費者外出旅行、恢復更多辦公室辦公室習慣並更加註重價值，調味品、即食和冷凍食品以及乳製品等行業繼續呈現復甦勢頭。

As mentioned during our Texture Innovation Day, we are continuing to drive volume growth with our most differentiated products and solutions, which generally offer higher profitability. In the Food and Industrial Ingredients LatAm segment, net sales volumes were down 4% in the quarter, mainly due to soft sweetener sales to the Mexican beverage market, in addition to sales to the Andean confectionery category also experienced softer demand.

正如我們在質地創新日期間提到的那樣，我們將繼續利用最具差異化的產品和解決方案來推動銷售成長，這些產品和解決方案通常能帶來更高的獲利能力。在拉丁美洲食品和工業原料部門，本季淨銷售額下降 4%，主要是由於軟甜味劑銷售到墨西哥飲料市場，此外安第斯糖果類的銷售也遭遇需求疲軟。

Lastly, in Food and Industrial US/Canada, strong demand from papermaking and packaging customers was partially offset by weaker sweetener shipments. For the full-year 2024, gross profit dollars and margins reached record levels of $1.8 billion with a corresponding margin of 24%, up 270 basis points compared to 2023.

最後，在美國/加拿大的食品和工業領域，造紙和包裝客戶的強勁需求被甜味劑出貨量的下降部分抵消。2024 年全年毛利和利潤率達到創紀錄的 18 億美元，相應利潤率為 24%，比 2023 年增長 270 個基點。

Our operations and procurement teams have played a pivotal role in driving operational excellence across the organization. Their focus on optimizing capacity utilization, streamlining supply chain processes, and implementing procurement-led cost-saving measures have increased efficiency and reduced costs.

我們的營運和採購團隊在推動整個組織的卓越營運方面發揮了關鍵作用。他們注重優化產能利用率、簡化供應鏈流程並實施採購主導的成本節約措施，從而提高了效率並降低了成本。

Let me now update you on our progress against our three strategic pillars. Beginning with business growth, in the quarter, our Texture and Healthful Solutions segment demonstrated robust performance with strong sales volume growth and expanding operating income margins. We continue to progress our solutions-selling approach, focused on demonstrating the impact of textural solutions to improve taste and overall liking.

現在，讓我向大家通報我們在三大策略支柱方面所取得的進展。從業務成長開始，本季度，我們的質地和健康解決方案部門表現強勁，銷售量成長強勁，營業收入利潤率不斷擴大。我們繼續推進我們的解決方案銷售方法，重點展示質地解決方案對改善口感和整體喜好的影響。

Underpinning our solutions capabilities, we have invested in strengthening formulation expertise and improving the quality of customer briefs. We are focused on solving unique customer challenges by providing tailored solutions for health and wellness, clean label, and affordability. We are continuing to invest in future innovation and revenue growth.

為了鞏固我們的解決方案能力，我們投入了大量資金來加強配方專業知識並提高客戶簡報的品質。我們專注於透過提供針對健康和保健、清潔標籤和可負擔性的客製化解決方案來解決獨特的客戶挑戰。我們將繼續投資於未來的創新和收入成長。

Our Food and Industrial Ingredion's US/Canada segment demonstrated significant operating income growth. We successfully adjusted multi-year contracts to recapture prior year's inflationary impacts and enable margin recovery. Further supporting this segment's performance was strong demand from the papermaking and packaging industries.

我們的食品和工業 Ingredion 的美國/加拿大部門實現了顯著的營業收入成長。我們成功調整了多年期合約，以重新應對前一年通膨的影響並實現利潤率的恢復。造紙和包裝行業的強勁需求進一步支撐了該部門的業績。

Turning to the second strategic pillar, cost competitiveness through operational excellence, we are pleased to report that at the end of the first year of our Cost2Compete program, we exceeded our year-one run rate cost savings target of $18 million by more than 30%. We will meet or exceed our run rate target of $50 million by the end of 2025 and we'll provide an update to the program outlook later this year.

談到第二個策略支柱，透過卓越營運實現成本競爭力，我們很高興地報告，在 Cost2Compete 計劃的第一年結束時，我們超出了第一年 1800 萬美元的運行率成本節約目標，增幅超過 30%。到 2025 年底，我們將達到或超過 5,000 萬美元的運行率目標，並將在今年稍後更新該計劃的前景。

A significant portion of the targeted cost of goods sold savings in 2025 will come from strategic network-sourcing moves that enabled us to further optimize our asset footprint and close three of our smaller facilities, one each in the UK, Brazil, and Canada. It is also noteworthy to mention that this morning, we announced $100 million of investments to expand Ingredion's capabilities for delivering texture innovations to growing end markets while bolstering the economic viability and sustainability of the Indianapolis plant.

2025 年目標銷售成本節省中很大一部分將來自策略性網路採購舉措，這使我們能夠進一步優化資產足跡並關閉三家較小的工廠，分別位於英國、巴西和加拿大。另外值得一提的是，今天上午，我們宣布投資 1 億美元，以擴大 Ingredion 為不斷增長的終端市場提供質地創新的能力，同時增強印第安納波利斯工廠的經濟可行性和永續性。

Furthermore, by upgrading Indianapolis's energy infrastructure, Ingredion will improve operational efficiency and reliability while reducing greenhouse gas emissions. Additionally, these investments will enable the Indianapolis plant to lead in supplying the highest quality and most innovative specialty starch-based texturizers for global customers.

此外，透過升級印第安納波利斯的能源基礎設施，Ingredion 將提高營運效率和可靠性，同時減少溫室氣體排放。此外，這些投資將使印第安納波利斯工廠能夠為全球客戶提供最高品質和最具創新性的特殊澱粉基調。

Moving to our last pillar, our people-centric performance growth culture, in December, we were honored to be recognized for the first time ever by the Wall Street Journal as one of the 250 Best Managed Companies. This recognition demonstrated Ingredion's achievements in customer satisfaction, employee engagement, innovation, and financial strength.

說回我們的最後一大支柱，以人為本的績效成長文化。這項認可證明了宜瑞安在顧客滿意度、員工敬業度、創新和財務實力方面所取得的成就。

In addition, our dedication to fostering an inclusive work environment was further highlighted by Ingredion Brazil being designated as a Great Place to Work for 2025. And finally, Ingredion was named a top employer in Singapore and Thailand for the fifth consecutive year while achieving that status in China, Germany, Malaysia, and the United Kingdom for three consecutive years.

此外，我們致力於營造包容性的工作環境，而 Ingredion Brazil 則被評為 2025 年最佳工作場所，進一步彰顯了這一點。最後，宜瑞安連續第五年被評為新加坡和泰國的頂級雇主，並連續三年在中國、德國、馬來西亞和英國獲得該頭銜。

There are also a number of notable achievements to highlight after the first year of our global reorganization, business resegmentation, and Cost2Compete program. We advanced a customer-centric approach to optimizing and de-risking our supply chain by making selective investments and taking restructuring actions to enhance service and improve perfect order delivery.

我們在全球重組、業務重新細分和 Cost2Compete 計劃實施的第一年後，也取得了許多顯著的成就。我們透過選擇性投資和重組行動來增強服務並提高訂單交付的完美性，從而推進以客戶為中心的方法來優化和降低供應鏈風險。

Resegmentation also increased business performance visibility, providing a clearer view of segment demand drivers. Global operations standardized roles and processes, leveraging their global scale, which is just beginning to lead to better execution and improved efficiencies. Lastly, we made strategic investments for growth, progressing Texture and Healthful Solutions capacity expansions in Thailand, the US, and Germany.

重新細分還提高了業務績效的可見性，提供了更清晰的細分需求驅動因素的視圖。全球營運標準化了角色和流程，利用其全球規模，這才剛開始帶來更好的執行和更高的效率。最後，我們進行了策略性投資以實現成長，推動泰國、美國和德國的紋理和健康解決方案產能擴張。

Now I am pleased to hand it over to Jim Gray for the financial review. Jim.

現在我很高興將其交給吉姆·格雷進行財務審查。吉姆。

Thank you, Jim. And good morning, everyone. Moving to our income statement, net sales for the fourth quarter were $1.8 billion, down 6% versus prior year. Gross profit dollars grew 12%, with corresponding margins up 420 basis points to 25%. Reported and adjusted operating income were $162 million and $248 million, respectively, with adjusted operating income up 22% versus the prior year, driven by lower raw material costs, greater sales volume and fixed cost absorption, partially offset by price mix.

謝謝你，吉姆。大家早安。從我們的損益表來看，第四季的淨銷售額為 18 億美元，較上年下降 6%。毛利成長了 12%，相應利潤率上升了 420 個基點，達到 25%。報告和調整後的營業收入分別為 1.62 億美元和 2.48 億美元，調整後的營業收入較上年增長 22%，這得益於原材料成本下降、銷售量增加和固定成本吸收，但部分被價格組合所抵消。

Turning to our Q4 net sales bridge, the 6% decrease was driven by $92 million in lower price mix and $33 million of foreign exchange impacts, partially offset by positive sales volume growth of $77 million. Furthermore, the exit from South Korea had a $73 million impact on sales volume.

談到我們第四季的淨銷售額，6%的降幅是由於 9,200 萬美元的價格組合下降和 3,300 萬美元的外匯影響，但被 7,700 萬美元的正銷售量增長部分抵消。此外，退出韓國市場對銷售量造成了 7,300 萬美元的影響。

Turning to the next slide, we highlight net sales drivers for the fourth quarter. For the total company, net sales were down 6%. And excluding the impact of South Korea sales from results, net sales were down 2%. Texture and Healthful Solutions net sales were up 1%, driven by sales volume growth of positive 10%.

在下一張投影片中，我們將重點放在第四季的淨銷售驅動因素。整個公司的淨銷售額下降了 6%。若剔除韓國銷售的影響，淨銷售額則下降了 2%。由於銷售量 10% 的正成長，Texture 和 Healthful Solutions 的淨銷售額成長了 1%。

Price mix declined 10% for the quarter, primarily reflecting the pass-through of lower corn costs as well as lapping last year's higher pricing due to double-digit inflation experienced in specialty corn and energy costs. Food and Industrial Ingredients LatAm net sales were down 9%, and Food and Industrial Ingredients US/CAN net sales were down 2%. Both results impacted primarily from the pass-through of lower corn costs.

本季價格組合下降了 10%，主要反映了玉米成本下降的轉嫁以及去年由於特種玉米和能源成本出現兩位數通膨導致的價格上漲。食品和工業原料拉丁美洲淨銷售額下降 9%，食品和工業原料美國/加拿大淨銷售額下降 2%。這兩項業績主要受到玉米成本下降的影響。

The trajectory of our Texture and Healthful Solutions business is demonstrating a full recovery from the demand impacts of industry destocking experienced in 2023. The operating income has steadily returned to more consistent levels throughout 2024, particularly in the latter half of the year, recognizing that texture solutions is not significantly impacted by seasonality. This stable trend is expected to continue into 2025.

我們的質地和健康解決方案業務的發展軌跡表明，業務已從 2023 年行業去庫存帶來的需求影響中全面復甦。2024 年全年，尤其是下半年，營業收入穩步恢復到更穩定的水平，同時認識到紋理解決方案不會受到季節性的顯著影響。預計這一穩定趨勢將持續到 2025 年。

Turning to our earnings bridge, on the top half you can see the reconciliation from reported to adjusted earnings per share. Operationally, we saw an increase of $0.52 per share for the quarter. The increase was driven primarily by an operating margin increase of $0.67, partially offset by other income of minus $0.10 per share.

轉向我們的收益橋，在上半部您可以看到從報告的每股盈餘到調整後的每股盈餘的對帳。從營運角度來看，本季每股收益增加了 0.52 美元。成長的主要原因是營業利潤率增加了 0.67 美元，但每股其他收入減少了 0.10 美元，部分抵消了這一增長。

Moving to the change in non-operational items, we had an increase of $0.14 per share, primarily driven by lower financing costs of $0.19 per share, partially offset by a higher tax rate equivalent to minus $0.06 per share. Shifting to our year-to-date income statement highlights, net sales for the full year were approximately $7.4 billion, down 9% versus the prior year due mainly to lower corn costs. Gross profit dollars increased 2% and gross margin was up 270 basis points to 24.1%. Reported and adjusted operating income were $883.1 billion and $1.016 billion, respectively, with adjusted operating income up 5% from last year.

至於非經營項目的變化，我們的每股收益增加了 0.14 美元，這主要由於每股 0.19 美元的融資成本降低，但部分被每股相當於負 0.06 美元的較高稅率所抵消。轉向我們年初至今的損益表重點，全年淨銷售額約為 74 億美元，較前一年下降 9%，主要原因是玉米成本下降。毛利增加 2%，毛利率上升 270 個基點至 24.1%。報告和調整後的營業收入分別為 8,831 億美元和 10.16 億美元，調整後的營業收入比去年增長 5%。

Turning to our full-year net sales bridge, the 9% decrease was driven by $622 million in lower price mix and $52 million of foreign exchange impacts, partially offset by positive sales volume growth of $227 million. Furthermore, the exit from South Korea had a $283 million sales volume dollar impact.

談到我們的全年淨銷售額，9%的降幅是由 6.22 億美元的較低價格組合和 5,200 萬美元的外匯影響造成的，但被 2.27 億美元的正銷售量增長部分抵消。此外，退出韓國市場對銷售額產生了 2.83 億美元的影響。

Turning to the next slide, we highlight net sales drivers for the full year. For the total company, net sales were down 9%. However, excluding the impact of South Korea's sales from results, net sales were down 6%. Texture and Healthful Solutions' net sales were down 4%, price mix was down 10%, and sales volume was up 7% for the full year. Food and Industrial Ingredients LatAm net sales were down 7%, and Food and Industrial Ingredients US/Canada net sales were down 8% for the full year, both results impacted by the pass-through of lower corn costs.

在下一張投影片中，我們將重點放在全年淨銷售驅動因素。整個公司的淨銷售額下降了 9%。然而，若剔除韓國銷售的影響，淨銷售額則下降了 6%。Texture and Healthful Solutions 的淨銷售額下降 4%，價格組合下降 10%，全年銷售量成長 7%。食品和工業原料拉丁美洲淨銷售額下降 7%，食品和工業原料美國/加拿大淨銷售額全年下降 8%，這兩項業績均受到玉米成本下降的影響。

Let me turn to a full-year summary of each segment's performance now that we have completed our first-year reporting under new segmentation. For 2024, Texture and Healthful Solutions net sales were down 4% compared to the prior year and down 3% on a constant currency basis. Although Texture and Healthful Solutions operating income was down 11% from prior year, it is important to note the sequential profit improvement through each quarter in 2024 as we fully lap the impacts of industry destocking.

現在我們已經完成了新細分下的第一年報告，讓我來對每個部門的業績進行全年總結。2024 年，Texture 和 Healthful Solutions 的淨銷售額較前一年下降 4%，以固定匯率計算下降 3%。儘管 Texture and Healthful Solutions 的營業收入較上年下降了 11%，但值得注意的是，隨著我們充分認識到行業去庫存的影響，2024 年每個季度的利潤都實現了連續增長。

In Food and Industrial Ingredients LatAm, net sales were down 7% versus last year and down 6% on a constant currency basis. Operating income improved to $483 million, resulting in 7% year-over-year growth. Op income margin of 19.7% was driven by strong results overall in Mexico and an improving year-over-year input cost structure in Brazil as our transition to biomass energy was completed.

拉丁美洲食品和工業原料業務的淨銷售額較去年同期下降 7%，以固定匯率計算下降 6%。營業收入增至 4.83 億美元，年增 7%。營業利潤率達到 19.7%，這得益於墨西哥整體業績強勁，以及隨著我們完成向生物質能源的轉型，巴西的投入成本結構較去年同期改善。

Moving to Food and Industrial Ingredients US/Canada, full-year net sales were down 8%. Operating income was $373 million, up 25%, with operating income margin improving to 17.3%. The exceptional increase in operating income was driven primarily by renewal of multi-year customer contracts, which reflect catch-ups from prior years' higher inflation. The full-year results also benefited from lower raw material costs, though partially offset by lower price mix.

轉向美國/加拿大食品和工業原料，全年淨銷售額下降了 8%。營業收入為 3.73 億美元，成長 25%，營業收入利潤率提升至 17.3%。營業收入的異常成長主要得益於多年期客戶合約的續約，這反映了前幾年較高通膨的彌補。全年業績也受惠於原物料成本的下降，儘管被較低的價格組合部分抵銷。

For all other, a net sales decrease was driven by the overlap of South Korea's net sales included in the prior year. All other operating loss of minus $22 million was driven primarily by the sale of our South Korea business, which had contributed $30 million to the prior year's results. Turning to our year-to-date earnings bridge, the company delivered an increase of $1.23 per share. Operationally, we saw an increase of $0.52 per share. The increase was driven primarily by an operating margin increase of $1.09, partially offset by volume of minus $0.47 per share.

對於所有其他業務而言，淨銷售額的下降是由於上一年韓國淨銷售額的重疊所致。所有其他營運虧損為負 2,200 萬美元，主要由於出售我們的韓國業務所致，該業務為上一年的業績貢獻了 3,000 萬美元。回顧今年迄今的獲利情況，該公司每股收益成長了 1.23 美元。從營運角度來看，每股收益增加了 0.52 美元。成長的主要原因是營業利潤率增加了 1.09 美元，但每股銷量減少了 0.47 美元，部分抵消了這一增長。

Moving to the change in our non-operational items, we had an increase of $0.71 per share, primarily driven by lower financing costs of $0.85 per share, partially offset by a higher tax rate equivalent to $0.24 -- to a negative $0.24. Moving to cash flow, 2024 cash generated from operations was $1.4 billion. Cash from operations benefited from consistent net income growth and an exceptional contribution from working capital change, which is typical when we experience lower corn costs throughout the year.

談到我們非經營性項目的變化，我們的每股收益增加了 0.71 美元，主要原因是每股融資成本降低 0.85 美元，但部分被相當於 0.24 美元的較高稅率所抵消——為負 0.24 美元。談到現金流，2024 年營運產生的現金為 14 億美元。經營活動現金受益於淨收入的持續成長和營運資本變化的出色貢獻，這在我們全年經歷玉米成本較低時很常見。

We highlight here the change in working capital balances contributed almost $400 million to our cash from operations. As we look forward to 2025, we anticipate flat to slightly higher corn costs and are expecting to invest in working capital. Full-year 2024 capital expenditures out of disposals came in at $295 million. As announced earlier, we will continue to invest in growth initiatives and have begun several one-time but significant cost savings and infrastructure projects that will be completed by 2026.

我們在此強調的是營運資本餘額的變動為我們的營運現金貢獻了近 4 億美元。展望 2025 年，我們預計玉米成本將持平或略有上漲，並預計將投資營運資金。2024 年全年資產處置資本支出為 2.95 億美元。正如先前宣布的那樣，我們將繼續投資於成長計劃，並已啟動幾個一次性但意義重大的成本節約和基礎設施項目，這些項目將於 2026 年完成。

In the full year of 2024, we repurchased over $200 million of outstanding common shares, more than doubling our initial goal for share repurchases set at the beginning of the year. Our capital allocation priorities continue to be organic investment into our business, primarily focused on higher return growth opportunities; and secondarily, being mindful of total return to shareholders through our dividend and share repurchases. We actively look at M&A to accelerate our strategic priorities and believe that we have a strong balance sheet to consider the best options for shareholder value creation.

2024 年全年，我們回購了超過 2 億美元的流通普通股，是年初設定的股票回購目標的兩倍多。我們的資本配置重點仍是對我們業務的有機投資，主要關注更高回報的成長機會；其次，我們注重透過股利和股票回購為股東帶來總回報。我們積極考慮透過併購來加速我們的策略重點，並相信我們擁有強大的資產負債表來考慮為股東創造價值的最佳選擇。

As outlined in our 2025 guidance, we will be raising our capital expenditures to an investment level of $400 million to $450 million for '25. This represents a one-time step up from our historical capital investment range of $300 million to $350 million. One significant driver of this higher investment level is the opportunity to leverage incentives granted in the Inflation Reduction Act that will enhance our cost position and enable us to capture future efficiencies at our Indy plant.

正如我們 2025 年指引中所述，我們將把 2025 年的資本支出提高到 4 億至 4.5 億美元的投資水準。這意味著我們的資本投資範圍將從歷史性的 3 億美元一次性增加至 3.5 億美元。推動這一更高投資水準的一個重要因素是利用通貨膨脹削減法案中提供的激勵措施，這將增強我們的成本優勢，並使我們能夠提高印地工廠未來的效率。

Now let me turn to our outlook for 2025. For the full year of 2025, we anticipate continued sales volume growth and op income improvement. We expect net sales for Ingredion to be up low single digits, reflecting greater volume demand, partially offset by price mix and foreign exchange. We anticipate that adjusted operating income will be up mid-single digits.

現在我來談談我們對 2025 年的展望。對於 2025 年全年，我們預計銷售量將持續成長，營業收入也將改善。我們預計，Ingredion 的淨銷售額將成長低個位數，這反映了更大的銷售需求，但部分被價格組合和外匯所抵消。我們預計調整後的營業收入將成長中等個位數。

Our 2025 financing cost estimate is in the range of $50 million to $70 million to align with the reduction of overall debt levels and the anticipation of a stronger US dollar in our current foreign exchange outlook. For the full-year 2025, we expect reported and adjusted effective tax rates of 26% to 27.5%. For the full year, reported and adjusted EPS are expected to be in the range of $10.75 to $11.55. This guidance does not anticipate extraordinary changes in current tax rates, tariffs or trade, or food regulations.

我們對 2025 年融資成本的估計在 5,000 萬美元至 7,000 萬美元之間，以適應整體債務水準的降低以及當前外匯前景中美元走強的預期。對於 2025 年全年，我們預計報告和調整後的有效稅率為 26% 至 27.5%。就全年而言，報​​告和調整後的每股盈餘預計在 10.75 美元至 11.55 美元之間。本指南預計當前稅率、關稅或貿易或食品法規不會發生異常變化。

Furthermore, our expectation excludes acquisition-related integration and restructuring costs, as well as any potential impairment costs. We expect diluted weighted average shares outstanding to be between 65.5 million and 66.5 million shares. We are once again establishing a share repurchase objective of at least $100 million for 2025.

此外，我們的預期不包括與收購相關的整合和重組成本，以及任何潛在的減損成本。我們預計稀釋加權平均流通股數在 6,550 萬股至 6,650 萬股之間。我們再次設定 2025 年至少 1 億美元的股票回購目標。

We anticipate our 2025 cash from operations to be in the range of $800 million to $950 million. Corporate costs are now expected to be up in single digits to high single digits year over year, reflecting compensation increases and center-led investments in R&D and digital IT capabilities.

我們預計 2025 年營運現金流將在 8 億至 9.5 億美元之間。目前預計企業成本將年增個位數至高個位數，這反映了薪資的增加以及中心主導的對研發和數位 IT 能力的投資。

Turning to the segment detail for our 2025 outlook, for Texture and Healthful Solutions, we expect net sales to be up mid-single digits and operating income to be up mid-single digits to high single digits driven by sales volume growth. For Food and Industrial LatAm, we expect net sales to be flat and expect operating income to be up mid-single digits. For Food and Industrial US/Canada, we expect net sales to be down low single digits and operating income to be flat to down low single digits.

談到我們對 2025 年展望的細分市場細節，對於紋理和健康解決方案，我們預計淨銷售額將增長中等個位數，營業收入將增長中等個位數至高個位數，這主要得益於銷售量的增長。對於拉丁美洲食品和工業業務，我們預計淨銷售額將保持平穩，營業收入將成長中等個位數。對於美國/加拿大食品和工業業務，我們預計淨銷售額將下降低個位數，營業收入將持平至低個位數。

For all other, while not a segment per se, is made up of various businesses with distinct business drivers. We expect net sales combined for the sum of these businesses to be up high single digits, and operating income is anticipated to approach break-even profitability. Lastly, for the first quarter of 2025, we expect net sales to be down low single digits for the entire company and operating income to be up high single digits.

對於所有其他業務，雖然其本身不是一個細分市場，而是由具有不同業務驅動力的各種業務組成。我們預期這些業務合計的淨銷售額將成長高個位數，預計營業收入將接近損益兩平。最後，對於 2025 年第一季度，我們預計整個公司的淨銷售額將下降個位數，而營業收入將成長個位數。

That concludes my comments, and I'll turn it back over to Jim.

我的評論到此結束，我將把發言權交還給吉姆。

Thanks, Jim. Our record performance in 2024 provides momentum heading into 2025. In addition to solid volume growth in Texture and Healthful Solutions and operational execution across our entire business, we also exceeded our first-year Cost2Compete run rate savings target. Our exceptionally strong cash flow from operations bolstered by short-term working capital benefits has enabled us to step up organic investments in 2025.

謝謝，吉姆。我們在 2024 年創下的紀錄表現為 2025 年提供了動力。除了質地和健康解決方案的銷售穩定成長以及整個業務的營運執行之外，我們還超額完成了第一年的 Cost2Compete 運行率節約目標。由於短期營運資本利得的支持，我們異常強勁的經營現金流使我們能夠在 2025 年加大有機投資。

Additionally, we returned $426 million to shareholders in 2024, demonstrating our commitment to shareholder value. We anticipate further strengthening of customer collaborations to drive growth and continued Cost2Compete savings from the second year of initiatives to position us well to navigate a dynamic business environment in 2025. We will continue to allocate capital that prioritizes organic investment to drive future profit growth while returning capital through dividends and share repurchases to deliver shareholder value.

此外，我們在 2024 年向股東返還了 4.26 億美元，彰顯了我們對股東價值的承諾。我們期望從計劃實施的第二年開始進一步加強與客戶的合作，以推動成長並繼續實現 Cost2Compete 節約，使我們能夠在 2025 年更好地應對充滿活力的商業環境。我們將繼續優先分配有機投資的資本，以推動未來利潤成長，同時透過股利和股票回購返還資本，實現股東價值。

Now let's open the call for questions. Operator?

現在讓我們開始提問。操作員？

(Operator Instructions) Kristen Owen, Oppenheimer.

（操作員指示）克里斯汀歐文，奧本海默。

Good morning. Thank you for taking the question, and congratulations on the nice results.

早安.感謝您回答這個問題，並祝賀您取得的良好成績。

Thank you.

謝謝。

Thanks, Jim. Understanding that you guys did come in ahead of expectations in 2024, I'll say I was a little bit surprised by the 2025 EPS guidance. The low end implies just about a percentage of growth; high end, 8.5%. It's a pretty wide range of expectations there. Can you help us understand the swing factors, what would put the low end in play, and what needs to happen to achieve the high end?

謝謝，吉姆。了解到你們在 2024 年的表現確實超出了預期，我想說我對 2025 年每股盈餘指引感到有點驚訝。低端僅意味著一定百分比的成長；高端，8.5％。那裡的期望範圍相當廣泛。您能否幫助我們理解波動因素，哪些因素會導致低端發揮作用，以及需要做些什麼才能達到高端？

Yes, let me have Jim take that question.

是的，我請吉姆來回答這個問題。

Yes, Kristen, normally when I think we're beginning of the year, we're going to look at a range that's relatively wide. I think early on, there's also always going to be, well, which way is maybe the spring crop in the US going to kind of play out? As well as right now, I think this year, looking really at FX rates. So I think on the low side of our earnings estimate, probably greater currency weakness could play into facts in Brazil, Colombia, Europe, maybe China. I'd say there's probably some offsets maybe in the weakness in the Thai baht, which is generally a benefit from us.

是的，克里斯汀，通常當我認為我們在年初時，我們將會看到一個相對較寬的範圍。我認為，早期總是會存在這樣的問題：美國春季作物的產量將會如何？就目前而言，我認為今年要真正關注的是外匯匯率。因此，我認為，在我們的獲利預測偏低的情況下，巴西、哥倫比亞、歐洲甚至中國的貨幣可能會進一步走軟。我想說泰銖疲軟可能會帶來一些抵消作用，這對我們來說總體上是有利的。

We're watching kind of softer co-product values in Europe. We want to see how the French corn crop comes in. And then just generally slightly higher corn costs potentially always can be just a slight headwind even though we extensively hedge. Our upsides are really driven by a kind of greater-than-expected volume. I still believe that there's potentially even more volume -- unit volume growth out there in a very low inflationary environment in food and beverage, right? So that tends to be pretty positive for ingredients suppliers.

我們注意到歐洲的副產品價值有所下降。我們想看看法國玉米的收成如何。儘管我們進行了大量對沖，但總體而言，玉米成本略高可能始終會給我們帶來輕微的阻力。我們的優勢實際上是由超出預期的銷售所推動的。我仍然相信，在通膨水平極低的環境下，食品和飲料行業的銷售——單位銷售——可能會有更大的增長，對嗎？這對原料供應商來說往往是相當有利的。

I think there's also kind of increased wins as we look at customer reformulations, particularly maybe given some of the dynamics in the US. And then there's always some spot pricing opportunities. And so those are some of the flavor of the potential downsides but also the upsides in our guidance range.

我認為，當我們考慮客戶的重新配方時，勝利也會增加，特別是考慮到美國的一些動態。而且總是會有一些現貨定價機會。因此，這些是我們指導範圍內的一些潛在負面因素，但也是一些好處。

Yes, I think just to complement that, I think just at this point early in the year with some of the dynamic elements that are in play -- and I think you called out foreign exchange as one of the ones that we're watching closely. That all being said, we do a pretty good job managing that and have historically. But that's the reason at this point in the year, early in the year, for a wider range. But obviously, we looked at what that conveys from a center cut standpoint and what we feel would be in line with, say, the long-term profit outlook for the business.

是的，我認為只是為了補充這一點，我認為就在今年年初的這個時間點，有一些動態因素正在發揮作用——我認為您提到外匯是我們密切關注的因素之一。話雖如此，從歷史上看，我們在管理這一方面做得相當不錯。但這就是今年此時此刻、年初時範圍擴大的原因。但顯然，我們從中心切割的角度研究了這傳達了什麼訊息，以及我們認為什麼與企業的長期利潤前景一致。

Appreciate that color. And then if I could ask on the $100 million CapEx investment in Indiana, you noted the step up and the free cash flow that enabled that to happen, but just how this fits into your capital allocation strategy as you're thinking specifically for 2025 and '26? Would this impact your willingness to look at acquisition targets? How are you viewing the pipeline at this stage? And thoughts on the pace of share repurchases? I think you mentioned $100 million on the call, so just any context around that. Thank you.

欣賞那種顏色。然後，如果我可以問一下關於印第安納州 1 億美元資本支出的投資，您是否注意到這一舉措的實施產生了增量和自由現金流，但這與您的資本配置策略如何契合，因為您具體考慮的是 2025 年和 2026 年？這會影響您考慮收購目標的意願嗎？您如何看待現階段的管道？對於股票回購步伐有何看法？我認為您在電話中提到了 1 億美元，因此有關該金額的任何背景資訊均可。謝謝。

Yes. Well, Kristen, I think when you finish a year like we just did in '24 where we didn't have to invest in working capital -- and just to remind you, we put a lot of investment into working capital in 2022. That has now really come back. And because we've managed cash well, I think we have a really strong balance sheet.

是的。好吧，克里斯汀，我認為當你結束像我們在 24 年那樣的一年時，我們不必投資營運資金——只是提醒你，我們在 2022 年對營運資金投入了大量投資。現在它真的回來了。而且由於我們很好地管理了現金，我認為我們的資產負債表非常強勁。

So when you sit back and you say, well, what are the best opportunities to go create shareholder value? And the team thought -- I thought very broadly about this. Jim challenged us all, not just in our segments, but also in our operations. And we said, well, wait a minute, there's some very good investment opportunities for us. And one, continuing to invest in organic growth where we have capacity where we need it generally in other places around the world.

那麼當您坐下來說，那麼，創造股東價值的最佳機會是什麼？團隊認為——我對此進行了非常廣泛的思考。吉姆對我們所有人都提出了挑戰，不僅在我們的領域，而且在我們的營運中。我們說，好吧，等一下，對我們來說有一些非常好的投資機會。第一，繼續在我們有需要的地方和世界其他地方投資有機成長。

But when we looked at Indy, there was an opportunity to really upgrade some of what we do, as well as put in a co-generation plant there. And so that's a flagship plant for us when we think about global texture solutions. And so it just made sense to invest in Indy. That project has already started in '24, continues in 2025. It will wrap up in 26.

但當我們考察印第安納波利斯時，發現我們有機會真正升級我們的一些工作，並在那裡建立一個熱電聯產廠。因此，當我們考慮全球紋理解決方案時，這對我們來說是一個旗艦工廠。因此，投資印地是合理的。該計畫已於 2024 年啟動，並將於 2025 年繼續進行。會議將於 26 日結束。

And so I think as we noted, we're going to call this out for investors as what we call cost savings and infrastructure. We're going to call it its own bucket. And we'll talk a little bit more about the expected returns, but we believe that this is kind of at least the 10 to mid-teens IRR type of opportunity for us to deploy capital.

因此我認為正如我們所指出的，我們將向投資者指出這一點，即所謂的成本節約和基礎設施。我們將稱之為它自己的存儲桶。我們將進一步討論預期回報，但我們相信，對於我們部署資本而言，這至少是一種 10 到 15% 左右的 IRR 類型的機會。

Yes, I think the strength of the balance sheet and the cash generation over the last couple years gives us confidence to make these kinds of investments in the business that we're confident are right in line with our strategy given the importance that that Indianapolis plant, for example, plays.

是的，我認為過去幾年資產負債表的強勁和現金創造讓我們有信心對業務進行此類投資，考慮到印第安納波利斯工廠的重要性，我們相信這完全符合我們的策略。

But as evidenced by the share repurchases coming in more than 2 times what we originally targeted, we feel very confident that we've got the flexibility, balance sheet flexibility, to also pursue M&A, which obviously we have a pipeline that we're always continuing to assess. So it doesn't in any way preclude us from pursuing inorganic investments as well.

但從股票回購額超過我們最初目標的兩倍可以看出，我們非常有信心，我們擁有靈活性、資產負債表靈活性，也可以進行併購，顯然我們有一個一直在持續評估的管道。所以這絲毫不會妨礙我們進行無機投資。

Thank you so much.

太感謝了。

Josh Spector, UBS.

瑞銀的喬希·斯佩克特（Josh Spector）

Yes, hi, good morning. I wanted to ask just on the guidance framework. It seems to be if you go through the negative pricing and effects that you're assuming that volumes are up maybe mid-single-digit percent at your midpoint of expectations, and my reaction is pretty a healthy target if that's a right interpretation. So can you give us some context about what gives you confidence in that? Is that new wins? Are there specific markets? Really, what's driving that overall?

是的，你好，早安。我只是想問指導框架。似乎如果您考慮到負面定價和影響，您會假設交易量可能會按照您的預期中點上升中等個位數百分比，而如果這是一個正確的解釋，我的反應是相當健康的目標。那麼您能否向我們介紹一下是什麼讓您有這樣的信心呢？這是新的勝利嗎？有特定的市場嗎？真的，總體而言，是什麼推動了這個趨勢？

Yes, maybe to clarify, Josh, I mean, I would say that our sales volume expectation for Texture and Healthful Solutions is in that mid-single digits. And I would probably say that the F&I businesses have a lower sales volume target than that. We are seeing, though, significantly less price mix. So maybe I'm catching in your assumption that there's still some significant -- you may have in your assumptions or how you work through it or a greater price mix headwind. We see that dampening and much less in 2025 versus what we've experienced in 2024.

是的，也許需要澄清一下，喬希，我的意思是，我想說我們對 Texture 和 Healthful Solutions 的銷售量預期是在個位數的中間段。我可能會說 F&I 業務的銷售量目標要低於這個數字。然而，我們看到價格組合明顯減少。因此，也許我理解您的假設，即仍然存在一些重大問題——您可能在您的假設中，或者在您如何解決它或更大的價格組合逆風中。與 2024 年經歷的情況相比，2025 年我們看到這種抑制會減弱很多。

Yes, I guess let me step back and try that again. I thought at an overall level, you're guiding towards low single-digit revenue growth. That's net of pricing. That's a net of negative effects. If I say each of those are a point, I mean, maybe I'm differentiating between five versus three, can you clarify that point for me?

是的，我想讓我退後一步然後再試一次。我認為從整體來看，你們預期的營收成長率將達到低個位數。這是淨定價。這是一連串的負面影響。如果我說每個都是一個點，我的意思是，也許我在區分五個和三個，你能為我澄清一下嗎？

Yes. So I would say that still, again, we're looking at probably a total company, low single-digit to -- between low single-digit and mid-single-digit volume, slight price mix, and foreign exchange is maybe not as much as you assume when we look at the total revenue mix right now.

是的。因此，我想說的是，我們仍然在關注整個公司的銷量，低個位數到中個位數之間的銷量，輕微的價格組合，而外匯可能沒有你現在看總收入組合時假設的那麼多。

Okay, understood. Let me move on to another one quickly to ask just on the contract structure of what you have in place with the multi-year contracts. I think you said earlier you'll give maybe some more detail update later in the year. But can you just give us a state of the union on where we stand now in terms of how many of the contracts are on a multi-year basis, how much we need to think about coming off over the next couple years, and your visibility to being able to address some of that effectively?

好的，明白了。讓我快速轉到另一個問題，詢問你們多年合約的合約結構。我記得您之前說過，您可能會在今年稍後提供更詳細的更新。但是您能否向我們介紹一下我們目前的狀況，有多少合約是多年期的，未來幾年我們需要考慮多少合同，以及您對有效解決其中一些問題的看法？

Yes, let me just take a question in totality from a standpoint of, I guess, how do we feel coming out of contracting? I would say that in general, we're pleased with the results of contracting. And we expect operating income margins for Texture and Healthful Solutions, Food and Industrial Solutions LatAm, and our businesses that are in the other category to demonstrate margin expansion.

是的，讓我從整體上回答這個問題，我想，我們簽約後感覺如何？我想說，總的來說，我們對簽約的結果感到滿意。我們預計質地和健康解決方案、拉丁美洲食品和工業解決方案以及其他類別的業務的營業利潤率將有所擴大。

The margin expansion is going to be supported by price management and our corn procurement and hedging practices as we move through 2025's dynamic environment. For the Food and Industrial Ingredients US/Canada business, we are expecting to hold operating income margin for this segment as we have achieved significant operating margin expansion over the last two years in the range of just holding that margin, we think, is a great achievement.

隨著我們進入 2025 年的動態環境，價格管理以及我​​們的玉米採購和對沖實踐將支持利潤率的擴大。對於美國/加拿大食品和工業原料業務，我們預計該部門的營業收入利潤率將保持，因為過去兩年我們實現了顯著的營業利潤率擴張，我們認為，維持這一利潤率就是一項偉大的成就。

And the segment operating improvements [will be part] in his remarks by an increase in corporate costs as we invest in some digital transformation investments as well as R&D. And for the company, we anticipate operating income margin improvement to be in the range of 30 to 70 basis points. That's inclusive of those investments in operating incomes -- operating income or corporate costs, I should say.

他在演講中指出，由於我們在數位轉型以及研發方面進行了投資，企業成本也隨之增加，因此部門營運狀況的改善也將隨之增加。對於該公司而言，我們預計營業收入利潤率將提高 30 至 70 個基點。這包括對營業收入（我應該說是營業收入或公司成本）的投資。

The issue around multi-year contracts, I think the majority of those adjustments took place last year. So there's not any significant multi-year adjustments heading into 2025. There'll be one or two here and there, but not of the order of magnitude. Because typically when these contracts renew, they're multi-year contracts. So again, being able in the US/Canada Food and Industrial Ingredients business to be able to hold that 700 to 800 basis points increase over the last year or two is quite a significant achievement that I think highlights the strength of the business model in that business.

關於多年期合約的問題，我認為大部分的調整都是去年進行。因此，到 2025 年不會有任何重大的多年調整。這裡或那裡會有一兩個，但數量級不一。因為通常這些合約續約時都是多年期合約。所以，美國/加拿大食品和工業配料業務在過去一兩年內能夠保持 700 到 800 個基點的成長，這是一項相當重大的成就，我認為這凸顯了該業務商業模式的實力。

But contracting is complete. And the way that manifests in our business, Josh, is that we take all of those contracts. And as we put them into the system, we come up with kind of that weighted average change relative to when we locked in the underlying raw material with the customer for their volume commitment for 2025, run that. And then what you get from us is a perspective which Jim highlighted on our operating income margin expansion or stability.

但簽約已經完成。喬希，這在我們的業務中體現出來就是，我們承接了所有這些合約。當我們將它們放入系統時，我們會得出一種加權平均變化，相對於我們與客戶鎖定基礎原材料以實現 2025 年的數量承諾時的情況，然後運行它。然後您從我們這裡得到的是 Jim 強調的關於我們的營業收入利潤率擴大或穩定性的觀點。

Yes, and just to put a finer point to make sure there's no confusion, so there really is nothing materially outstanding in relationship to contracting. Contracting is complete, and that is the case in the US, and that is the case in Europe and pretty much around the world.

是的，為了確保不產生混淆，我們進一步說明一下，在簽訂合約方面確實沒有什麼實質性的懸而未決的問題。簽約已經完成，美國如此，歐洲如此，全世界幾乎都如此。

Got it. Thank you very much.

知道了。非常感謝。

Thank you.

謝謝。

Thanks, Josh.

謝謝，喬希。

Andrew Strelzik, BMO Capital Markets.

BMO資本市場部的 Andrew Strelzik。

Hey, good morning. Thanks for taking the questions. My first one, I wanted to go back to the Texture and Healthful Solutions guidance. And at the recent Innovation Day, I think you gave a profit growth algo that was at 8% to 10%. And recognizing you're giving a range for the guidance for this year, the low end of that obviously leaves room for some shortfall relative to that algo.

嘿，早安。感謝您回答這些問題。第一個，我想回到紋理和健康解決方案指導。在最近的創新日上，我認為您給出的利潤成長演算法是 8% 到 10%。並且認識到您給出了今年的指導範圍，該範圍的低端顯然為相對於該演算法的一些缺口留下了空間。

So I know you talked about FX. Is there anything else on the downside, on the lower end of that, that could be pressuring that below the algo? And then I guess the follow-on to that would be, as we get beyond 25, are you assuming then that you grow kind of towards the higher end of that outcome, and what drives that reacceleration?

我知道您談到了 FX。在它的下行趨勢中，是否還有其他因素可能會對演算法造成壓力？然後我想接下來的問題是，當我們超過 25 歲時，您是否假設您會朝著這個結果的高端發展，以及是什麼推動了這種重新加速？

The answer to your latter question is yes. And I think just on the range for Texture and Healthful Solutions is just being cautious a little bit about the strength of the dollar, kind of strength of some of the country's economies where we primarily are really growing texture and healthful. So Southeast Asia, looking at China, and looking at parts of Europe as well as the Middle East. We're still very optimistic, I think, about the strength of this business and just want to make sure that we still play through kind of how the strength of the dollar looks relative to some currencies.

對於後一個問題，答案是肯定的。我認為，對於質地和健康解決方案而言，我們需要對美元的強勢保持謹慎，這種強勢是一些國家的經濟實力所致，我們主要在這些國家發展質地和健康產品。因此，我們來看東南亞、中國、歐洲部分地區以及中東。我認為，我們對這項業務的實力仍然非常樂觀，只是想確保我們仍然能夠發揮美元相對於某些貨幣的強勢。

Got it. Okay, okay. And I know that the guidance doesn't really contemplate some of the outside potential factors around tariffs and trade and food ingredient regulations. I guess I'm just curious from your perspective how you weigh those risks and the positioning of the portfolio, particularly as it relates to scrutiny for the healthfulness of the food supply chain and where you might be positioned.

知道了。好的，好的。我知道該指導意見並沒有真正考慮到關稅、貿易和食品成分法規等一些外部潛在因素。我想我只是好奇，從您的角度來看，您如何權衡這些風險和投資組合的定位，特別是與審查食品供應鏈的健康性以及您可能定位的位置有關。

Do you think about demand shifts within your portfolio where that could be a net benefit? Do you see those as potential headwinds? I guess when you think about these things in their totality, should they come to pass how you weigh the portfolio's positioning? Thanks.

您是否考慮過您的投資組合中的需求變化會為公司帶來淨收益？您是否認為這些是潛在的阻力？我想，當您全面考慮這些事情時，它們是否應該成為您如何衡量投資組合的定位？謝謝。

Yes, let Jim and I tag team on this one. So first of all, as mentioned, I think, during our prepared remarks, the 2025 outlook does not consider extraordinary changes to current tax rates, to tariffs, or trade or food regulations. Ingredion, of course, we're monitoring any new announcements by the administration or any of the trading partners with the US to assess any potential impacts of, say, tariffs.

是的，讓吉姆和我聯手完成這件事。首先，正如我們在準備好的評論中所提到的，2025 年展望沒有考慮對當前稅率、關稅、貿易或食品法規進行特別更改。當然，我們正在關注美國政府或美國任何貿易夥伴的任何新公告，以評估關稅等任何潛在影響。

With respect to the US, Mexico, and Canada trade relationships, I think it is important, though, to highlight something that we've talked about in the past about our business, and that is that we have local manufacturing in each country. So for example, we're the only corn wet miller in Canada with two manufacturing facilities, and in Mexico with three manufacturing facilities that supply predominantly a local customer base. We source corn locally in each country, although we do rely on corn imports from the US into Mexico. So that's one of the things that obviously we'll be watching.

關於美國、墨西哥和加拿大的貿易關係，我認為有必要強調我們過去談論過的有關我們業務的一點，那就是我們在每個國家都有本地製造業。例如，我們是加拿大唯一擁有兩家製造工廠的玉米濕磨機製造商，在墨西哥唯一擁有三家製造工廠的玉米濕磨機製造商，主要為當地客戶群提供服務。我們在每個國家都本地採購玉米，儘管墨西哥確實依賴從美國進口玉米。所以這顯然是我們會關注的事情之一。

And this is a very dynamic situation right now, and we're committed to sharing any relevant updates to the full-year outlook as we gain more clarity and once we have some certainty around the impact on scope and timing of any potential tariffs. At the same time, we're doing scenario planning, as you would expect, to review our regional supply chain operations throughout LatAm, the US, and Canada, to look at alternative sourcing paths, should they arise, as you would expect. Jim, do you want to add to this?

目前的情況非常動態，我們致力於在獲得更多清晰資訊並確定任何潛在關稅的範圍和時間影響後，分享與全年展望相關的任何更新。同時，正如您所期望的那樣，我們正在進行情境規劃，以審查我們在拉丁美洲、美國和加拿大的區域供應鏈運營，並尋找可能出現的替代採購路徑，正如您所期望的那樣。吉姆，你想補充一下嗎？

No, Andrew, and I think to everybody listening, timing always helps, right? If it's clear that there is going to be an amount of a tariff and when, just supply chains like to move and they like to have time to be able to move. It allows us to think about our input costs. It thinks about where we are going to manufacture, how we approach customers in terms of what might be additional costs that we then have to pass through on pricing. as well as what's the impact of our customers' business to tariffs. So it allows us all to kind of think through each one of those in lockstep, and then come to, I think, a pretty good assessment in terms of whether there's opportunities or risks to the business.

不，安德魯，我想對於所有聽眾來說，時機總是有幫助的，對吧？如果明確了關稅金額和時間，供應鏈就會移動，並且需要有時間移動。它讓我們思考我們的投入成本。我們會考慮在哪裡生產，如何向客戶推銷，以及哪些額外成本需要轉嫁到定價上。以及我們客戶的業務對關稅有何影響。因此，它使我們所有人都能同步思考每個問題，然後得出一個我認為相當好的評估，即業務是否存在機會或風險。

Great. Thank you very much.

偉大的。非常感謝。

Thank you.

謝謝。

Pooran Sharma, Stephens.

普蘭夏爾馬，史蒂芬斯。

Thanks and congrats on the quarter.

感謝並祝賀本季取得佳績。

Thank you.

謝謝。

Thanks, Pooran. Welcome.

謝謝，Pooran。歡迎。

Thank you. Just wanted to ask about the Cost2Compete program. I know you achieved a good run rate thus far. But I was just wondering if you could provide a little bit more granularity in terms of specific cost levers that you thought had the most impact so far. And I believe you mentioned this, but if you could just talk about the biggest opportunities that you see in 2025 for Cost2Compete?

謝謝。只是想問有關 Cost2Compete 計劃的問題。我知道到目前為止你的運行率已經很好了。但我只是想知道您是否可以就您認為迄今為止影響最大的特定成本槓桿提供更詳細的資訊。我相信您提到了這一點，但您能否談談您認為 2025 年 Cost2Compete 最大的機會是什麼？

Sure. So just a reminder that we had set a target for the first year of the program. Typically, when you're ramping up activities along such a program that is enterprise wide, we had set a target. We delivered more than $23 million, which was greater than 30% of what we had originally targeted in the year.

當然。所以提醒一下，我們已經為該計劃的第一年設定了一個目標。通常，當您在整個企業範圍內進行此類計劃的活動時，我們會設定一個目標。我們的捐款超過了 2,300 萬美元，超過了我們當年原定目標的 30%。

So we built momentum throughout. But one of the levers that obviously was pulled was consistent with our play-to-win strategy refresh and the reorganization and resegmentation. And that obviously afforded us an opportunity to look across the entire organization and what winning skills and differentiating capabilities we needed to have to execute the strategy.

因此我們始終保持著良好的勢頭。但顯然，其中一個槓桿與我們的獲勝策略更新以及重組和重新細分相一致。這顯然為我們提供了一個機會來審視整個組織，以及執行該策略需要哪些致勝技能和差異化能力。

And so a number of people within our organization were reassigned to different roles. And then at the same time, that led to opportunities to streamline the organization. And so what was great about the program coming on the heels of completing a 2023 enterprise-wide strategy refresh is the ability to align our cost structure to our strategy and with people being on the right seat, right, and capacity utilizations across our network most efficiently. And that led to the decision to shutter three facilities.

因此，我們組織內的許多人員被重新分配到不同的職位。同時，這也帶來了精簡組織的機會。因此，在完成 2023 年企業範圍策略更新之後，該計劃的優點在於能夠使我們的成本結構與我們的策略保持一致，並且人員能夠安排在正確的位置，並且最有效地利用整個網路的容量。這導致了關閉三家工廠的決定。

Now they're smaller facilities, but some involve some investment in other plants to compensate. But from a standpoint of driving efficiency, modernization, and overall maximizing capacity utilization, that's where the second year, for the most part, of Cost2Compete savings are going to come from. Jim?

現在它們的規模較小，但有些需要對其他工廠進行投資以彌補。但從提高效率、現代化和整體最大化產能利用率的角度來看，第二年的 Cost2Compete 節省大部分來自於此。吉姆？

Yes. Well, and I'll just say that look, the work led by our Senior VP and Chief Supply Chain Officer, Eric Seip, and what Jim mentioned, looking at all of our manufacturing sites, the team has been looking at these for several years now. We have a different perspective. We've built a different set of capabilities. So we really can anticipate demand, where it's going to show up in the world, and then work towards what's the best way to really optimize our cost of production and our cost to move product.

是的。好吧，我只想說，看看我們的高級副總裁兼首席供應鏈官 Eric Seip 所領導的工作，以及 Jim 所提到的，看看我們所有的製造基地，團隊已經研究這些問題好幾年了。我們有不同的觀點。我們已經建構了一套不同的能力。因此，我們確實可以預測需求，預測它在世界各地的表現，然後努力尋找真正優化生產成本和產品運輸成本的最佳方法。

The only other thing I'd add is that, look, Cost2Compete is around expenses. But as Jim mentioned, as we get into these changes in manufacturing network, it also helps us achieve higher ROIC and a better return on our invested capital. And that's obviously, as an asset-intensive company, that's what we're always striving to do.

我唯一想補充的是，你看，Cost2Compete 是圍繞費用進行的。但正如吉姆所提到的，當我們進入製造網絡的這些變化時，它也幫助我們實現更高的投資回報率和更好的投資資本回報。顯然，作為一家資產密集型公司，我們一直努力做到這一點。

Right. I appreciate the color. Just on my follow up, wanted to see if you could help me understand kind of how to frame up net corn costs for the year. I know you do hedge a good chunk of your corn and your co-product values. But just thinking about the unhedged portion, we've seen some recent crop price rallies. some drought concerns out of South America. Does that concern you at all, and how should we be thinking about net corn costs for the year?

正確的。我很欣賞這個顏色。只是在我的後續跟進中，想看看你是否可以幫助我理解如何計算年度淨玉米成本。我知道你確實對大量玉米和副產品的價值進行了避險。但僅考慮未對沖的部分，我們就看到最近農作物價格上漲。一些關於南美洲乾旱的擔憂。這是否讓您擔心？

Let me take a lead on this one. When we are going through each specific customer's contracting in the fall of last year, even up through December, when that customer is calling us and saying, yes, I want to set the volume expectation and the price, we're taking kind of at that moment what the corn futures and/or our co-product futures layout looks like for the next year, and that's being incorporated into the price.

讓我來主導這一點。當我們審查每個特定客戶去年秋季甚至 12 月的合約時，當客戶打電話給我們說，是的，我想設定交易量預期和價格時，我們會考慮當時玉米期貨和/或我們副產品期貨的佈局情況，並將其納入價格中。

So I really look at 2025. And even though we've had some movement both in corn upward as well as soy, I think our more extensive hedging practices in the US, particularly against our firm or what we call our flat rate price contracts, is just significantly reduced value at risk.

所以我確實著眼於 2025 年。儘管玉米和大豆價格都出現了一些上漲，但我認為，我們在美國更廣泛的對沖做法，特別是針對我們公司或我們所謂的固定費率合同，只是顯著降低了風險價值。

So right now, what we just watch is let's look at the spring crop and plantings on time and what the health of the spring crop looks like and how that develops, whether it's here in the US or in Brazil or Argentina. It's going to probably impact the global cost of corn elsewhere in the world. We contract out relatively short in terms of a period, and so if there are changes in the cost of the corn, the teams are very agile and quick to catch up on what that change in raw material costs might be.

因此現在，我們只需觀察春季作物和播種情況，以及春季作物的健康狀況和發展情況，無論是在美國、巴西或阿根廷。這可能會影響世界其他地區的玉米成本。我們的承包期限相對較短，因此如果玉米成本發生變化，團隊就會非常靈活，很快就能掌握原料成本的變化。

In prep for this call, we did look at some of the noise coming out of Argentina, specifically about what you read about the drought down there. However, what we've been reassured of is the area where we source the corn from is not being impacted to the degree that you're reading about. So we feel pretty good for that particular country.

在準備這次電話會議時，我們確實關注了來自阿根廷的一些消息，特別是有關那裡乾旱的消息。然而，我們可以放心的是，我們的玉米供應地並沒有受到您所讀到的那種程度的影響。因此，我們對這個國家感到非常滿意。

But the other thing, Jim, that we have done is to mitigate earnings volatility is hedge and sell forward our co-products, which has really helped us in recent years, and we've done the same. And that's why, from a standpoint of the outlook for the next six months, we feel very good about the visibility that we have on co-product returns as well.

但是，吉姆，我們所做的另一件事是減輕獲利波動，對沖和遠期出售我們的聯產品，這在最近幾年確實對我們有幫助，我們也做了同樣的事情。這就是為什麼從未來六個月的前景來看，我們對副產品回報的可見性感到非常滿意。

All right. I appreciate the color. Congrats on the quarter again. I'll pass it on.

好的。我很欣賞這個顏色。再次恭喜本季取得佳績。我會傳達的。

Thank you, Pooran.

謝謝你，Pooran。

Ben Theurer, Barclays.

巴克萊銀行的本‧圖勒 (Ben Theurer)。

Hey, good morning, and thanks for squeezing me in. Jim, Jim, I just wanted to follow up a little bit on your expectations, maybe more on the first half, particularly as it relates to LatAm and the currencies there and what that impact is. Obviously, first half of '24, both BRL and Mexican peso were relatively strong, and we're seeing a much weaker level here. But at the same time, we're seeing a little bit of signs of maybe a little bit of a consumer softness in terms of just the feeling around the trade noise.

嘿，早上好，謝謝你擠出時間給我。吉姆，吉姆，我只是想稍微了解一下你的預期，也許更多是關於上半年，特別是與拉丁美洲及其貨幣相關的部分，以及其影響。顯然，24 年上半年，巴西雷亞爾和墨西哥比索都相對強勢，而我們現在看到的水平要弱得多。但同時，從貿易噪音的影響來看，我們看到了一些消費者疲軟的跡象。

So as you think about the cadence throughout the year, and I appreciate you already gave the guidance that net sales are expected to be down low single digit, but what are the risks in that region in particular as it relates to volume? And then on top of that, the FX that is obviously at worse compared to what the first half was.

因此，當您考慮全年的節奏時，我很感激您已經給出了預計淨銷售額將下降個位數的指導，但就銷量而言，該地區的風險具體是什麼？除此之外，與上半年相比，特效顯然更差。

Yes, so first of all, I just want to make sure for food industrial LatAm for 2025, we expect really net sales to be flat, right? And then so we do see a little bit of currency headwind just year over year for the full year. I think right now, if you look at the real as well as the peso relative to the dollar, we're taking both of those into account when we're looking at how we're setting 2025 guidance to the extent that there's weakness in the real, and the value of corn adjusts to maybe a global value of corn expressed in dollars.

是的，首先，我只想確保到 2025 年，拉丁美洲食品工業的淨銷售額確實會保持平穩，對嗎？因此，我們確實看到，與去年同期相比，全年貨幣出現了一些逆風。我認為現在，如果您觀察雷亞爾和比索相對於美元的匯率，我們會將這兩種情況都考慮在內，以便制定 2025 年的指導方針，因為雷亞爾會走弱，而玉米的價值可能會調整為以美元表示的全球玉米價值。

So what we've always typically done is priced that local price we're adjusting relative to the value of the US corn because Brazil can export, and so the local market adjusts. That's a pretty ingrained expectation, I think, within customers and our sales teams. Mexico is just slightly different because we are dollar denominated in reporting our business in Mexico. But we do look at hedging the peso where we have local exposure. So generally, if the peso weakens, we're going to see a little bit of upside because our costs will be less.

因此，我們通常的做法是，根據美國玉米的價值來調整當地價格，因為巴西可以出口，所以當地市場也會進行調整。我認為，這是客戶和我們的銷售團隊根深蒂固的期望。墨西哥略有不同，因為我們以美元計價來報告我們在墨西哥的業務。但我們確實考慮在有本地風險敞口的情況下對沖比索。所以一般來說，如果比索貶值，我們會看到一點上漲空間，因為我們的成本會降低。

Right. We'll see upside in Mexico with a weaker peso. And it's more of a headwind on Brazilian reali if it weakens.

正確的。隨著比索走弱，我們將看到墨西哥的上漲空間。而如果美元走弱，對巴西實體經濟而言將是更大的阻力。

Okay, understood. And then just as it relates to the capital allocation in general -- and appreciate the details you gave during the prepared remarks and some of the Q&A already on the CapEx for this year, the Indianapolis expansion project. So obviously, that picks up a little bit, your CapEx for this year.

好的，明白了。然後，就像它與一般的資本配置有關一樣——感謝您在準備好的發言中提供的細節以及有關今年資本支出（印第安納波利斯擴建項目）的一些問答。因此顯然，今年的資本支出會略有增加。

As we move beyond 2025 or that project in particular, is there something that you would expect to run also into 2026? And how do you think about just other facilities or other areas of potential increased CapEx just given that you're having still a fairly strong operating cash flow outlook for 2025?

當我們超越 2025 年或特別是那個專案時，您是否期望某些事情也能延續到 2026 年？鑑於您對 2025 年的營運現金流前景仍然相當強勁，您如何看待其他設施或其他可能增加資本支出的領域？

No, I think we really want to -- I really want to make sure we're clear, right, in that right now this is the cost savings and the infrastructure bet. While it takes us about two years to get this all done, we really see this as kind of one-time ad hoc. We want to make sure that a longer run that we want to come back on our cash flow that we're investing in the business is going to be our reliability capital and then usually between $80 million to $100 million in organic growth. And that organic growth capital has generally returned definitely in the high teens, if not even 20-plus percent type of IRRs is where we target.

不，我認為我們真的想要——我真的想確保我們清楚，對的，現在這是成本節約和基礎設施賭注。雖然我們花了大約兩年的時間才完成這一切，但我們確實認為這只是一次性的臨時措施。我們希望確保從長遠來看，我們在業務上投資的現金流將成為我們的可靠資本，並且通常實現 8,000 萬至 1 億美元的有機成長。而且有機成長資本的報酬率通常肯定能達到百分之十幾，甚至超過 20% 的 IRR 也是我們追求的目標。

That all being said, I think that the way you have to continue to think about the CapEx investments that we have made already, and we've talked about these many times in previous Investor Days and updates, we've invested strongly in our previously what we call Specialties and now more so Texture and Healthful Solutions. With headroom to grow example in China for China and in Mexico for our Texture and Healthful Solutions business in Thailand. And those investments still have headrooms for enabling of growth.

話雖如此，我認為你必須繼續考慮我們已經進行的資本支出投資，我們在之前的投資者日和更新中已經多次談到過這些，我們對之前所謂的特色產品以及現在更多的質地和健康解決方案進行了大力投資。例如，我們的中國業務和位於泰國的墨西哥的質地和健康解決方案業務都具有成長空間。這些投資仍然具有促進成長的空間。

So we've invested significant growth capital in, say, the last three, four years, and those investments haven't fully matured from a standpoint of the revenue and profit potential that they can continue to generate for the company.

因此，我們在過去三、四年投入了大量成長資本，但從它們能夠繼續為公司創造的收入和利潤潛力的角度來看，這些投資尚未完全成熟。

This particular Indianapolis investment, again, Jim called it our flagship facility for Texture and Healthful Solutions specialty starches and produced some of our most differentiated products, and this investment significantly modernizes the facility, significantly streamlines product flows between a very large plant, across a very large plant, as well as just how people traverse the plant, and then on top of it, we get the cost competitiveness and the environmental benefits from the cogeneration investment that we're making. So hopefully that puts CapEx and the implications on enabling future growth, as well as investing also in the reliability and cost competitive side of it.

吉姆再次將這項位於印第安納波利斯的特別投資稱為我們的紋理和健康解決方案特種澱粉旗艦工廠，生產我們一些最具差異化的產品，這項投資顯著實現了工廠的現代化，顯著簡化了大型工廠之間以及整個工廠內的產品流動，以及人們穿越工廠的方式，最重要的是，我們從正在進行的熱電聯產投資環境中獲得了成本競爭力和環境效益。因此，希望這將對資本支出和未來成長產生影響，同時也投資於可靠性和成本競爭力。

Perfect. Thank you very much.

完美的。非常感謝。

Okay. Thanks, Ben.

好的。謝謝，本。

Heather Jones, Heather Jones Research.

希瑟瓊斯，希瑟瓊斯研究。

Thank you for the question. Good morning. Congratulations on the quarter.

感謝您的提問。早安.恭喜本季取得佳績。

Thanks, Heather.

謝謝，希瑟。

Hey, good morning. I wanted to start out with the all other business, and that's a pretty sizable improvement you all are looking for in '25 versus '24. I'm assuming most of it is from the Saskatchewan plant, but just wondering if you could help us understand flesh that out a little bit.

嘿，早安。我想先從其他所有業務開始，這是大家所期待的25年相對於24年的相當大的進步。我假設大部分來自薩斯喀徹溫省的工廠，只是想知道您是否可以幫助我們稍微了解一下。

Yes, thank you so much for the question. So as a reminder, the other category is comprised of our Pakistan business, which is profitable and will have year-on-year growth; our sugar reduction business, which is profitable, and we'll have year-on-year growth; and our protein fortification business, which is steadily improving but still is loss making. And as mentioned, the decision to close the Vanscoy plant will have a net positive profit improvement impact of about $10 million in 2025.

是的，非常感謝您的提問。提醒一下，另一個類別包括我們的巴基斯坦業務，該業務已經盈利並且將實現同比增長；我們的減糖業務是獲利的，並且會實現逐年成長；我們的蛋白質強化業務正在穩步改善，但仍處於虧損狀態。如上所述，關閉 Vanscoy 工廠的決定將在 2025 年帶來約 1,000 萬美元的淨利潤改善影響。

So you have the Pakistan business with a great market position, and it will grow year-on-year. Sugar reduction based on all of the market trends. We anticipate some solid growth from that business unit as well our segment -- within our segment. And the protein fortification business is really hitting its stride. I would say it had a very strong year-on-year performance from the production out of our South Sioux City plant for the higher value or highest value pea protein isolate.

因此，你們的巴基斯坦業務擁有重要的市場地位，並且將逐年成長。根據所有市場趨勢減少糖分。我們預計該業務部門以及我們的分部內都將穩定成長。蛋白質強化業務現在確實正在蓬勃發展。我想說，我們南蘇城工廠生產的高價值或最高價值豌豆分離蛋白的年產量表現非常強勁。

And the contracting went very well as well as we head into 2025. So we are pretty confident in the year-on-year improvements we expect to see as that business works its way over the next couple years towards a profit breakeven. That's the target for that business. But in the meantime, the other businesses are doing well.

隨著我們即將進入 2025 年，承包工作進展非常順利。因此，我們對預期的同比成長非常有信心，因為該業務將在未來幾年內實現盈虧平衡。這就是該企業的目標。但同時，其他業務表現良好。

Thank you for that. And then on Latin America, just curious. I think, just looking at the slide, and you all are expecting EBIT to be up mid-single digits. And so my understanding was that '24 was the second record year for Mexico. I think you had a pretty good year in Argentina. So just wondering if you could give us -- help us to know what's driving that outlook.

謝謝你。關於拉丁美洲，我很好奇。我認為，只要看一下投影片，大家都會預期息稅前利潤會成長中個位數。因此我的理解是 24 年是墨西哥第二個創紀錄的年份。我認為你在阿根廷度過了相當不錯的一年。我只是想知道您是否可以幫助我們了解推動這種觀點的因素。

Yes, well, I mean, obviously, look, I think that there's still plenty of room to run in Brazil in our business. We mentioned that we're closing one of the smaller facilities there, but it allows us to rebalance some of our product, make some investment, and just continue to look at that product mix within Brazil.

是的，嗯，我的意思是，顯然，我認為我們的業務在巴西仍有足夠的發展空間。我們提到，我們正在關閉那裡較小的工廠，但這使我們能夠重新平衡部分產品，進行一些投資，並繼續關注巴西境內的產品組合。

And there's plenty of ways to upgrade that out of some what I would call probably higher volume, lower margin business into stuff that's much more differentiated and product lines that we can really service well. And then we always are quite positive on the Andean sub-region as well in terms of its opportunities, not just with corn but also with tapioca.

有很多方法可以將一些我稱之為可能銷量更高、利潤更低的業務升級為更具差異化的產品和我們能夠真正提供良好服務的產品線。我們始終對安第斯次區域的機會持非常樂觀的態度，不僅在玉米方面，而且在木薯方面也同樣如此。

Yes, I mean if you remember the first quarter of this year, I should say of 2024, there was a little softness from one of the nutritional supplement segments that we had in the Andean business in Colombia. But we indicated that we felt confident that was going to come back, and that did, and it finished actually very strongly and has momentum as it heads into 2025.

是的，我的意思是，如果您還記得今年第一季度，應該說是 2024 年第一季度，我們在哥倫比亞安第斯山脈業務中的營養補充劑部門之一出現了一些疲軟。但我們表示，我們有信心它會回歸，事實也確實如此，它實際上以非常強勁的速度結束，並且在邁向 2025 年時仍保持著強勁勢頭。

But really, the name of the game in LatAm that we feel we have within our control is network optimization and efficiencies that we continue to drive, and as Jim talked about it, mix upgrade. We see a big opportunity for mix upgrade across different segments. And that's a strategic project that our teams are executing over multi years. And so that's kind of what we feel will give us the additional lift in LatAm after really two very strong years -- again, these last two years in LatAm.

但實際上，我們覺得我們可以控制的拉美遊戲的名稱是我們繼續推動的網路優化和效率，以及正如吉姆所談到的混合升級。我們看到了跨不同細分市場的混合升級的巨大機會。這是我們的團隊多年來一直在執行的策略專案。因此，我們認為，在經歷了兩年非常強勁的成長之後，這將為我們在拉丁美洲地區帶來額外的提振——再次強調，這是拉丁美洲地區過去兩年的成長。

Okay, perfect. Thank you so much.

好的，完美。太感謝了。

Thank you.

謝謝。

(Operator Instructions) At this time, there are no more questions in the queue, and I would like to go ahead and turn the call back over to Jim Zallie.

（操作員指示）目前，隊列中沒有其他問題，我想繼續將電話轉回給 Jim Zallie。

All right. Thank you, operator. I want to thank all of you for joining us this morning. We look forward to seeing many of you at our upcoming Investor events, with the next significant engagement being CAGNY on February 18. And at this time, I just want to thank everyone for your continued interest in Ingredion.

好的。謝謝您，接線生。我要感謝大家今天上午參加我們的活動。我們期待在即將舉行的投資者活動中見到你們，下一個重要活動是 2 月 18 日的 CAGNY。此時，我只想感謝大家對 Ingredion 的持續關注。

Thank you all for participating in today's conference call. This does conclude today's meeting. You may all disconnect.

感謝大家參加今天的電話會議。今天的會議到此結束。你們都可以斷開連線。