Kaiser Aluminum Corp (KALU) 2022 Q4 法說會逐字稿

Greetings, and welcome to the Kaiser Aluminum Corporation Fourth Quarter and Full Year 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎來到凱撒鋁業公司第四季度和 2022 年全年收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。

It is now my pleasure to introduce your host, Kim Orlando, with Addo Investment Relations. Thank you. You may begin.

現在我很高興向您介紹 Addo Investment Relations 的主持人 Kim Orlando。謝謝。你可以開始了。

Thank you. Good morning, everyone, and welcome to Kaiser Aluminum's Fourth Quarter and Full Year 2022 Earnings Conference Call. If you have not seen a copy of our earnings release, please visit the Investor Relations page of our website at kaiseraluminum.com. We have also posted a PDF version of the slide presentation for this call.

謝謝。大家早上好，歡迎來到凱撒鋁業的第四季度和 2022 年全年收益電話會議。如果您還沒有看到我們的收益發布副本，請訪問我們網站 kaiseraluminum.com 的投資者關係頁面。我們還發布了本次電話會議的幻燈片演示文稿的 PDF 版本。

Joining me on the call today are President and Chief Executive Officer, Keith Harvey; Executive Vice President and Chief Financial Officer, Neal West; and Vice President and Chief Accounting Officer, Jennifer Huey.

今天和我一起參加電話會議的有總裁兼首席執行官 Keith Harvey； Neal West 執行副總裁兼首席財務官；副總裁兼首席會計官 Jennifer Huey。

Before we begin, I'd like to refer you to the first 3 slides of our presentation and remind you that the statements made by management and the information contained in this presentation that constitute forward-looking statements are based on management's current expectations. For a summary of specific risk factors that could cause results to differ materially from the forward-looking statements, please refer to the company's earnings release and reports filed with the Securities and Commission, including the company's annual report on Form 10-K for the full year ended December 31, 2022, which will be filed later today, February 23, 2023. The company undertakes no duty to update any forward-looking statements to conform the statement to actual results or changes in the company's expectations.

在我們開始之前，我想向您介紹我們演示文稿的前 3 張幻燈片，並提醒您管理層所做的陳述和本演示文稿中包含的構成前瞻性陳述的信息是基於管理層當前的預期。有關可能導致結果與前瞻性陳述存在重大差異的具體風險因素的摘要，請參閱公司的收益發布和向美國證券交易委員會提交的報告，包括公司 10-K 表格年度報告的完整內容截至 2022 年 12 月 31 日的年度，將於今天晚些時候，即 2023 年 2 月 23 日提交。公司不承擔更新任何前瞻性陳述以使該陳述符合實際結果或公司預期變化的義務。

In addition, we have included non-GAAP financial information in our discussion. Reconciliations to the most comparable GAAP financial measures are included in the earnings release and in the appendix of the presentation. Reconciliations of certain forward-looking non-GAAP financial measures to comparable GAAP financial measures are not provided because certain items required for such reconciliations are outside of our control and/or cannot be reasonably predicted or provided without unreasonable effort. Any reference in our discussion today to EBITDA means adjusted EBITDA, which excludes non-run rate items for which we have provided reconciliations in the appendix.

此外，我們在討論中包含了非 GAAP 財務信息。與最具可比性的 GAAP 財務指標的對賬包含在收益發布和演示文稿的附錄中。未提供某些前瞻性非 GAAP 財務措施與可比較的 GAAP 財務措施的對賬，因為此類對賬所需的某些項目不在我們的控制範圍內和/或無法合理預測或提供。我們今天討論中提到的任何 EBITDA 均指調整後的 EBITDA，不包括我們在附錄中提供對賬的未運行率項目。

At the conclusion of the company's presentation, we will open the call for questions.

在公司介紹結束時，我們將開始提問。

I would now like to turn the call over to Keith Harvey. Keith?

我現在想把電話轉給 Keith Harvey。基思？

Thanks, Kim, and thank you all for joining us for a review of our fourth quarter and full year 2022 results.

謝謝 Kim，也感謝大家加入我們，回顧我們的第四季度和 2022 年全年業績。

Turning to Slide 6. Before we begin today, I wanted to remind everyone of our recently announced change to the presentation of our adjusted EBITDA to discontinue the use of adjustments to plant level LIFO and the consequential impact on certain other non-GAAP measures. Please refer to our press release issued on January 26, 2023, as well as our earnings press release and supplemental slide presentation for further details on this matter.

轉到幻燈片 6。在我們今天開始之前，我想提醒大家我們最近宣布對調整後 EBITDA 的介紹進行更改，以停止使用對工廠級 LIFO 的調整以及對某些其他非 GAAP 措施的相應影響。有關此事的更多詳細信息，請參閱我們於 2023 年 1 月 26 日發布的新聞稿，以及我們的收益新聞稿和補充幻燈片演示文稿。

While 2022 was a highly challenging year for Kaiser amid unprecedented supply chain disruptions and ongoing inflationary cost pressures, we made remarkable progress to position the business for success.

由於前所未有的供應鏈中斷和持續的通脹成本壓力，2022 年對 Kaiser 來說是極具挑戰性的一年，但我們在定位業務取得成功方面取得了顯著進展。

Beginning first with our results. As anticipated, the challenges at our packaging operations at Warrick continue to weigh on our performance in the fourth quarter. Adjusted EBITDA in the fourth quarter was relatively consistent with the prior quarter at approximately $30 million, primarily reflecting headwinds associated with our ability to increase prices to recover higher commodity and input costs, coupled with lower packaging shipments as we experienced some destocking, primarily by beverage customers at the end of the year. For the full year, adjusted EBITDA declined to $142 million due mainly to significant supply chain disruptions at Warrick that have since been resolved.

首先從我們的結果開始。正如預期的那樣，我們在 Warrick 的包裝業務面臨的挑戰繼續影響我們第四季度的業績。第四季度調整後的 EBITDA 與上一季度相對一致，約為 3000 萬美元，主要反映了與我們提高價格以收回較高的商品和投入成本的能力相關的不利因素，以及我們經歷了一些去庫存（主要是飲料）導致包裝出貨量減少年底的客戶。全年，調整後的 EBITDA 下降至 1.42 億美元，這主要是由於 Warrick 的重大供應鏈中斷已經得到解決。

Additionally, a compression in market-driven scrap discounts negatively impacted both the fourth quarter and second half of the year in 2022. In an effort to minimize the impact on our customers due to ongoing supply disruptions we experienced last year, we purchased metal in the second half of 2022 at a higher cost, which led to a metal inventory imbalance due to lower scrap utilization. We estimate incremental cost in the fourth quarter of $19 million due to inventory imbalance and unrecovered alloy cost.

此外，市場驅動的廢鋼折扣壓縮對 2022 年第四季度和下半年都產生了負面影響。為了盡量減少由於我們去年經歷的持續供應中斷而對我們的客戶造成的影響，我們在2022 年下半年成本較高，導致廢料利用率較低導致金屬庫存失衡。由於庫存不平衡和未回收的合金成本，我們估計第四季度的增量成本為 1900 萬美元。

For the full year, total incremental cost of $73 million included those costs previously identified due to supply chain disruptions at Warrick, along with unusual freight and third quarter outage costs at our Trentwood facility. We expect the majority of these imbalances and the resulting higher costs associated with these actions to dissipate over the next several quarters.

全年，7300 萬美元的總增量成本包括之前確定的由於 Warrick 供應鏈中斷而產生的成本，以及特倫特伍德工廠的異常運費和第三季度停運成本。我們預計這些失衡中的大部分以及與這些行動相關的由此產生的更高成本將在未來幾個季度內消失。

The demand environment for the quarter was mixed as we experienced destocking in general engineering rod and bar and packaging in the quarter. Aerospace demand continued to improve and shipments sharply increased in the quarter as our Trentwood facility resumed normal operations after successfully completing a major outage in the third quarter. Automotive demand remains steady as the industry continued to recover from its semiconductor and other supply chain challenges.

本季度的需求環境喜憂參半，因為我們在本季度經歷了通用工程棒材和包裝的去庫存。由於我們的特倫特伍德工廠在第三季度成功完成大停電後恢復正常運營，本季度航空航天需求繼續改善，出貨量大幅增加。隨著該行業繼續從其半導體和其他供應鏈挑戰中復蘇，汽車需求保持穩定。

Now turning to Slide 7. I'd like to now discuss some of the areas in which we've made significant progress in 2022 to position Kaiser for success.

現在轉到幻燈片 7。我現在想討論我們在 2022 年取得重大進展的一些領域，以使 Kaiser 取得成功。

Beginning with Warrick. After completing this transformative acquisition in 2021 and resolving the various supply chain issues that hampered our performance in 2022, we have refined our strategy to best capitalize on the long-term growth opportunity ahead of us.

從瓦里克開始。在 2021 年完成這一變革性收購併解決了阻礙我們 2022 年業績的各種供應鏈問題之後，我們完善了戰略，以最好地利用擺在我們面前的長期增長機會。

First, we made changes to our organizational structure at Warrick, which went into effect at the beginning of this year, to augment the existing management team with several seasoned Kaiser leadership members. The combined team is highly focused on accelerating the integration of Warrick into Kaiser's operating system.

首先，我們對 Warrick 的組織結構進行了更改，該更改於今年年初生效，以增加現有的管理團隊，增加幾名經驗豐富的 Kaiser 領導成員。合併後的團隊高度專注於加速 Warrick 與 Kaiser 操作系統的整合。

Second, we made solid progress working with our packaging customers to negotiate improvements related to the timing of contained metal and alloy price adjustments facilitating the pass-through of higher commodity and input costs in existing customer contracts to help mitigate the quarterly impact of higher material and other inflationary costs on our business. While we were pleased to have successfully renegotiated certain of our contracts with key customers, additional discussions are ongoing.

其次，我們在與包裝客戶的合作中取得了堅實的進展，以協商改進與所含金屬和合金價格調整時間相關的改進措施，促進現有客戶合同中較高商品和投入成本的轉嫁，以幫助減輕較高材料和合金的季度影響。我們業務的其他通貨膨脹成本。雖然我們很高興與主要客戶成功地重新談判了某些合同，但其他討論仍在進行中。

Third, we further diversified our supply base to lower our reliance on any single supplier or geographical region. Our new contracts enabled us to flex our volumes to better align with customer demand.

第三，我們進一步多元化我們的供應基礎，以降低我們對任何單一供應商或地理區域的依賴。我們的新合同使我們能夠調整我們的數量以更好地滿足客戶需求。

And finally, we are prioritizing investments for growth through our roll coat capacity expansion project, which is expected to convert approximately 25% of our current output to higher-margin coated products. With the building mostly completed and equipment now beginning to arrive, we are focused on readying the site for startup in early 2024, with the goal of being fully operational by mid to late 2024.

最後，我們正在通過我們的輥塗產能擴張項目優先投資增長，預計該項目將把我們目前產量的大約 25% 轉化為利潤更高的塗層產品。隨著建築物的大部分完工和設備現在開始到達，我們專注於為 2024 年初的啟動做好準備，目標是在 2024 年中後期全面投入運營。

In addition, we are continuing to make progress with the physical separation of our Warrick facility from the adjacent Alcoa smelter and power plant, which we anticipate finalizing by early 2024. Longer term, we intend to increase our use of recycled materials as a percentage of raw materials at Warrick to increase the sustainability of our packaging products.

此外，我們正在繼續推進我們的 Warrick 設施與鄰近的美鋁冶煉廠和發電廠的物理分離，我們預計將在 2024 年初完成。從長遠來看，我們打算增加回收材料的使用百分比Warrick 的原材料，以提高我們包裝產品的可持續性。

Lastly, following the abrupt cessation of magnesium deliveries to Warrick last year from one of our suppliers, U.S. MAG, which led us to declare force majeure during the third quarter of 2022, we are actively pursuing damages through litigation.

最後，去年我們的供應商之一美國 MAG 突然停止向 Warrick 供應鎂，這導致我們在 2022 年第三季度宣布不可抗力，我們正在積極通過訴訟尋求損害賠償。

Currently, all of our magnesium requirements have been secured through 2023 and partially into 2024. We remain bullish on the long-term outlook for our packaging business, following the positive strides we made in 2022 and guided by our refined strategy as we move forward.

目前，到 2023 年我們所有的鎂需求都已得到保證，部分到 2024 年。我們仍然看好我們包裝業務的長期前景，繼我們在 2022 年取得積極進展並在我們前進的過程中以我們完善的戰略為指導。

Moving to Slide 8. Beyond our packaging operations, we remained well positioned to benefit from the recovery we've been experiencing in aerospace and continued demand for general engineering products following the completion of a long planned major outage at our Trentwood facility in the third quarter of 2022. The mill is back up and running, with lead times remaining extended.

轉到幻燈片 8。除了我們的包裝業務之外，我們仍然處於有利地位，可以從我們在航空航天領域經歷的複蘇以及在第三季度我們特倫特伍德工廠完成長期計劃的大停電後對通用工程產品的持續需求中受益2022 年。該工廠已恢復運行，交貨時間仍延長。

In summary, 2022 was a pivotal year in Kaiser's evolution as we laid the necessary groundwork to position our company for long-term sustainable growth. I want to thank our team for their dedication and perseverance through the various supply chain disruptions and for maintaining a commitment to safety. Our teams, again, achieved strong safety performance in 2022, even as we experienced historically high turnover rates, hiring and training more than 900 employees, a strong testament to our safety-minded focus and processes.

總而言之，2022 年是 Kaiser 發展的關鍵一年，因為我們為公司的長期可持續增長奠定了必要的基礎。我要感謝我們的團隊在各種供應鏈中斷期間的奉獻精神和毅力，以及他們對安全的承諾。我們的團隊在 2022 年再次取得了出色的安全績效，儘管我們經歷了歷史性的高流動率，僱用和培訓了 900 多名員工，這有力地證明了我們注重安全的重點和流程。

While many monumental hurdles are now behind us, we believe that challenges will continue as they relate to broader macroeconomic uncertainty marked by ongoing inflationary pressures, supply chain inconsistencies and labor turnover. As such, we remain intently focused on continuing to pursue cost reduction efforts in our operations, improving efficiencies as our operation stabilize, and continued commercial actions to improve our margins.

雖然許多巨大的障礙已經過去，但我們相信，挑戰將繼續存在，因為它們與更廣泛的宏觀經濟不確定性有關，這些不確定性以持續的通脹壓力、供應鏈不一致和勞動力流動為特徵。因此，我們仍然專注於繼續努力降低我們的運營成本，在我們的運營穩定時提高效率，並繼續採取商業行動來提高我們的利潤率。

While our efforts will take time to manifest, we are confident in our go-forward strategy and our ability to execute, given our solid market position as a key supplier in diverse end markets with strong secular growth characteristics, strong customer relationships and multiyear contracts with key strategic partners.

雖然我們的努力需要時間才能體現出來，但我們對我們的前瞻性戰略和執行能力充滿信心，因為我們作為多元化終端市場的主要供應商具有穩固的市場地位，具有強勁的長期增長特徵、牢固的客戶關係和多年合同重要戰略合作夥伴。

I'll now turn the call over to Neal for more detail on the quarter. Neal?

我現在將電話轉給尼爾，了解本季度的更多細節。尼爾？

Thank you, Keith, and good morning, everyone. Before I discuss our full year and fourth quarter 2022 results, as Keith highlighted, I want to remind everyone of our January 26, 2023 press release, where we announced changes to the presentation of certain non-GAAP financial measures following discussions with the Securities and Exchange Commission staff.

謝謝你，基思，大家早上好。正如 Keith 強調的那樣，在我討論我們 2022 年全年和第四季度的業績之前，我想提醒大家注意我們 2023 年 1 月 26 日的新聞稿，在與證券交易委員會和交易委員會工作人員。

Part of our discussion with the SEC staff, we renamed value-added revenue, or VAR, to conversion revenue and revised our presentation of adjusted EBITDA, adjusted operating income, adjusted net income and adjusted EPS to discontinue the use of non-run rate adjustment item, identified as adjustment to plant-level LIFO. Separately, we revised our calculation for hedge costs of alloyed metal effective for the full year ended December 31, 2022. Please refer to the January announcement, our earnings release and slide presentation for additional details.

我們與 SEC 工作人員討論的一部分，我們將增值收入或 VAR 重命名為轉換收入，並修改了調整後的 EBITDA、調整後的營業收入、調整後的淨收入和調整後的每股收益，以停止使用非運行率調整項，標識為對工廠級後進先出法的調整。另外，我們修改了截至 2022 年 12 月 31 日的全年生效的合金對沖成本計算。請參閱 1 月公告、我們的收益發布和幻燈片演示以了解更多詳細信息。

Now let's turn to Slide 10. For the full year 2022, conversion revenue was $1.4 billion. Note that the impact of the changes we instituted beginning in 2022 to more fully reflect contained metal pass-through in our hedge cost of alloyed metal in comparison to our historical presentation conversion revenue resulted in roughly $112 million conversion revenue reduction in 2022.

現在讓我們轉到幻燈片 10。2022 年全年，轉換收入為 14 億美元。請注意，與我們的歷史列報轉換收入相比，我們從 2022 年開始實施的變更的影響是在我們的合金金屬對沖成本中更充分地反映所含金屬轉嫁成本，導致 2022 年轉換收入減少約 1.12 億美元。

Turning to Slide 11 and reviewing our conversion revenue by end market. Aero high-strength conversion revenue totaled $103 million in the fourth quarter of 2022 after an $8 million adjustment for incremental alloyed metal, reflecting a 25% improvement on a 28% increase in shipments over the prior year quarter. Growth in shipments was driven by improving demand for commercial aerospace applications in addition to strong plate shipments following our third quarter plant outage at our Trentwood facility.

轉到幻燈片 11 並查看我們按終端市場劃分的轉化收入。在對增量合金金屬進行 800 萬美元調整後，航空高強度轉換收入在 2022 年第四季度總計 1.03 億美元，反映出貨量較上年同期增長 28%，增長 25%。除了我們在特倫特伍德工廠的第三季度工廠停產後強勁的板材出貨量外，出貨量的增長還受到商業航空航天應用需求增加的推動。

For the full year 2022, aero high-strength conversion revenue totaled $356 million, up 13% over the prior year, after a $32 million adjustment for alloyed metals, reflecting a 15% increase in shipments driven by improving commercial aerospace demand and continuing strong demand for our biz jet and defense applications.

2022 年全年，航空高強度轉換收入總計 3.56 億美元，比上年增長 13%，此前對合金金屬進行了 3200 萬美元的調整，反映出在商業航空需求改善和持續強勁需求的推動下出貨量增長了 15%用於我們的公務機和國防應用。

Moving to Slide 12. Packaging conversion revenue was $134 million in the fourth quarter, up 2% year-over-year after a $23 million adjustment for alloyed metal. Shipments were 16% lower year-over-year as we work to return to a more normalized operation following the declaration of force majeure at our work operation in the third quarter of 2022, in addition to lower shipments due to destocking in the beverage can markets.

轉到幻燈片 12。第四季度包裝轉換收入為 1.34 億美元，在對合金金屬進行 2300 萬美元調整後同比增長 2%。出貨量同比下降 16%，因為我們在 2022 年第三季度的工作運營宣布不可抗力後努力恢復更正常的運營，此外，由於飲料罐市場去庫存導致出貨量下降.

For the full year 2022, packaging conversion revenue was $555 million, up 42% after adjusting for $49 million for alloyed metal on a 21% increase in shipments over 2021. As a reminder, our packaging shipments in 2021 reflected only 9 months of activity as the acquisition of Warrick closed on March 31, 2021. In addition, our full year 2022 shipments were negatively impacted by approximately GBP 57 million due to the magnesium related force majeure event that occurred during the third quarter of 2022.

2022 年全年，包裝轉換收入為 5.55 億美元，在調整合金金屬 4900 萬美元後增長 42%，出貨量比 2021 年增長 21%。提醒一下，我們 2021 年的包裝出貨量僅反映了 9 個月的活動，因為對 Warrick 的收購於 2021 年 3 月 31 日結束。此外，由於 2022 年第三季度發生的與鎂相關的不可抗力事件，我們 2022 年全年的出貨量受到了約 5700 萬英鎊的負面影響。

Now moving to Slide 13. General engineering products conversion revenue for the fourth quarter was $92 million after the impact of a $4 million alloyed metal adjustment. General engineering conversion revenue was up 26%, driven by higher pricing, coupled with 7% reduction in shipments, which was predominantly due to normal seasonality and destocking at service centers for our extruded rod and bar products.

現在轉到幻燈片 13。在 400 萬美元的合金金屬調整影響後，第四季度通用工程產品轉換收入為 9200 萬美元。通用工程轉換收入增長了 26%，這主要是由於價格上漲以及出貨量減少 7%，這主要是由於我們的擠壓棒材和棒材產品的正常季節性和服務中心的去庫存。

For the full year 2022, general engineering conversion revenue was $367 million, up 23% after a $22 million impact for alloyed metal, led by higher pricing and a modest 2% year-over-year increase in shipments, given the destocking of our extruded rod and bar products and the impact of the third quarter treatment planned outage.

2022 年全年，通用工程轉換收入為 3.67 億美元，在合金金屬受到 2200 萬美元的影響後增長 23%，這是由於我們的擠壓材料去庫存導致價格上漲和出貨量同比溫和增長 2%棒材和棒材產品以及第三季度處理計劃停產的影響。

And moving to Slide 14. Auto conversion revenue was $25 million after a $2 million adjustment for alloyed metal, up 10% over the fourth quarter 2021, driven by a 6% increase in shipments and improved pricing. For the full year 2022, auto conversion revenue was $96 million after a $7 million adjustment for alloyed metal, relatively flat year-over-year on a modest 3% increase in shipments compared to 2021 as shipments remain stable amid persistent industry supply chain issues. Additional detail on conversion revenue and shipments by end market applications can be found in the appendix of this presentation.

轉到幻燈片 14。在對合金金屬進行 200 萬美元調整後，汽車改裝收入為 2500 萬美元，比 2021 年第四季度增長 10%，這得益於出貨量增長 6% 和定價改善。 2022 年全年，在對合金金屬進行 700 萬美元調整後，汽車改裝收入為 9600 萬美元，同比相對持平，出貨量與 2021 年相比小幅增長 3%，因為出貨量在持續存在的行業供應鏈問題中保持穩定。有關終端市場應用的轉換收入和出貨量的更多詳細信息，請參閱本演示文稿的附錄。

Now turning to Slide 15. Reported operating income for the full year 2022 was $4 million, including $15 million of additional depreciation expense predominantly related to the Warrick acquisition. After adjusting for $31 million of non-run-rate charges, including a $24 million noncash impairment of goodwill and other intangibles related to our Warrick acquisition, a $3 million adjustment to our environmental reserves related to historical PCB cleanup activity at our Trentwood facility and a $2 million restructuring charge related to our corporate office relocation, adjusted operating income was $35 million, down 62% year-over-year.

現在轉到幻燈片 15。報告的 2022 年全年營業收入為 400 萬美元，其中包括主要與 Warrick 收購相關的 1500 萬美元額外折舊費用。在調整了 3100 萬美元的非運行率費用後，包括 2400 萬美元的非現金商譽減值和與我們的 Warrick 收購相關的其他無形資產，與我們特倫特伍德工廠歷史 PCB 清理活動相關的環境儲備調整 300 萬美元，以及與公司辦公室搬遷相關的 200 萬美元重組費用，調整後營業收入為 3500 萬美元，同比下降 62%。

Moving forward, we are flexing our highly variable cost structure to match current demand, in addition to initiating staffing reductions in our corporate plant overhead structure as we complete the full integration of Warrick into our operations and finalize relocation of corporate headquarters at Franklin. As a result, we expect to take additional restructuring charges over the course of the next year as we identify and initiate these additional cost reduction actions.

展望未來，我們正在調整我們高度可變的成本結構以滿足當前需求，此外，隨著我們完成將 Warrick 完全整合到我們的運營中並最終完成富蘭克林公司總部的搬遷，我們開始減少我們公司工廠間接結構的人員編制。因此，隨著我們確定並啟動這些額外的成本削減行動，我們預計明年將收取額外的重組費用。

For the fourth quarter of 2022, reporting operating loss was $22 million. After adjusting for the $25 million of non-run rate charges I just discussed, adjusted operating income was $3 million, down 85% year-over-year. For the full year 2022, our effective tax rate was 21.9% compared to 22.9% in 2021. For the full year 2023 and over the long term, we expect our effective tax rate before discrete items to be in the low to mid-20% range under current tax regulations.

2022 年第四季度，報告的運營虧損為 2200 萬美元。在調整我剛才討論的 2500 萬美元的未運行率費用後，調整後的營業收入為 300 萬美元，同比下降 85%。對於 2022 年全年，我們的有效稅率為 21.9%，而 2021 年為 22.9%。對於 2023 年全年和長期而言，我們預計不計離散項目的有效稅率將處於 20% 的中低水平現行稅法下的範圍。

Further, we anticipate that our cash taxes will remain in the low to mid-single digits until we consume our federal NOLs, which, as of year-end 2022, were $161 million. Reported net loss for the full year of 2022 was $30 million or $1.86 loss per diluted share compared to a net loss of $19 million or a loss of $1.17 per diluted share in 2021. After adjusting for the non-run rate items noted, adjusted net loss for '22 was $2 million or a loss of $0.14 per adjusted diluted share compared to adjusted net income of $33 million or $2.03 per adjusted diluted share in 2021.

此外，我們預計，在我們消耗聯邦 NOL 之前，我們的現金稅將保持在中低個位數，截至 2022 年底，該 NOL 為 1.61 億美元。報告的 2022 年全年淨虧損為 3000 萬美元或攤薄後每股虧損 1.86 美元，而 2021 年為淨虧損 1900 萬美元或攤薄後每股虧損 1.17 美元。在針對未提及的未運行率項目進行調整後，調整後淨額'22 的虧損為 200 萬美元或調整後攤薄每股虧損 0.14 美元，而 2021 年調整後淨收入為 3300 萬美元或調整後攤薄每股虧損 2.03 美元。

Reported net loss for the fourth quarter of 2022 was $26 million or $1.66 loss per diluted share compared to net income of $2 million or $0.11 income per diluted share in the prior year period. Adjusted for non-run rate items noted above, adjusted net loss for the fourth quarter of 2022 was $7 million or $0.45 loss per adjusted diluted share compared to adjusted net income of $5 million or $0.33 per adjusted diluted share in the prior year quarter.

報告的 2022 年第四季度淨虧損為 2600 萬美元或攤薄後每股虧損 1.66 美元，而去年同期的淨收入為 200 萬美元或攤薄後每股收益為 0.11 美元。針對上述未運行率項目進行調整後，2022 年第四季度調整後淨虧損為 700 萬美元或調整後攤薄每股虧損 0.45 美元，而去年同期調整後淨收入為 500 萬美元或調整後攤薄每股虧損 0.33 美元。

Turning to Slide 16. As Keith highlighted, adjusted EBITDA for the full year 2022 was $142 million, a decrease of $43 million compared to 2021. The decline predominantly reflects the impact of significant supply chain issues, specifically related to magnesium and hot metal supply in our packaging operation, which we have extensively discussed in prior quarter earnings calls.

轉到幻燈片 16。正如 Keith 強調的那樣，2022 年全年調整後的 EBITDA 為 1.42 億美元，與 2021 年相比減少了 4300 萬美元。下降主要反映了重大供應鏈問題的影響，特別是與鎂和鐵水供應相關的影響我們的包裝業務，我們在上一季度的財報電話會議上對此進行了廣泛討論。

Reduced packaging and plate shipments due to the magnesium related force majeure, we took in the third quarter, coupled with the third quarter planned outage at our Trentwood operation, further impacted results as we discussed in our third quarter earnings release.

由於與鎂相關的不可抗力，我們在第三季度減少了包裝和板材出貨量，再加上我們在第三季度特倫特伍德業務計劃停運，進一步影響了我們在第三季度收益發布中討論的結果。

In addition, higher inflationary driven costs during the year, which we are aggressively working to offset through pricing actions, cost reduction efforts and efficiency improvement projects further impacted results. Adjusted EBITDA as a percentage of conversion revenue was 10.3% in 2022.

此外，年內通貨膨脹驅動的成本上升，我們正在積極努力通過定價行動、成本削減努力和效率改進項目來抵消，這進一步影響了結果。 2022 年調整後的 EBITDA 佔轉換收入的百分比為 10.3%。

Moving to Slide 17. Adjusted EBITDA for the fourth quarter 2022 was $30 million. Our fourth quarter adjusted EBITDA was relatively consistent with the third quarter of 2022 as anticipated and was down approximately $19 million from the prior year quarter. A year-over-year $91 million improvement in pricing and mix helped offset the impact of higher inflationary costs across our businesses. which we identified in manufacturing costs, including labor, energy, employee-related costs and operating supplies.

轉到幻燈片 17。2022 年第四季度調整後的 EBITDA 為 3000 萬美元。我們第四季度調整後的 EBITDA 與預期的 2022 年第三季度基本一致，比去年同期下降了約 1900 萬美元。定價和組合方面的同比改善 9100 萬美元幫助抵消了我們業務中通貨膨脹成本上升的影響。我們在製造成本中確定了這些成本，包括勞動力、能源、員工相關成本和運營用品。

However, the quarter was impacted by lower scrap utilization and higher volume of purchase in get as we continue to recover from the supply chain disruption at our work operation and higher unrecovered alloy costs, which, as indicated by Keith, was approximately $19 million. Our commercial teams remain focused on improving pricing to offset the impact of higher inflationary costs and have already achieved additional contract revisions towards the end of 2022 that will further assist us in operating in a higher cost environment as we move through 2023. Adjusted EBITDA as a percentage of conversion revenue was 8.4% in the fourth quarter of 2022.

然而，本季度受到廢料利用率降低和採購量增加的影響，因為我們繼續從工作運營中的供應鏈中斷中恢復過來，以及未回收的合金成本增加，正如 Keith 所指出的那樣，約為 1900 萬美元。我們的商業團隊仍然專注於改進定價以抵消更高的通貨膨脹成本的影響，並且已經在 2022 年底之前完成了額外的合同修訂，這將進一步幫助我們在 2023 年的更高成本環境中運營。調整後的 EBITDA 作為2022 年第四季度，轉換收入的百分比為 8.4%。

Now turning to a discussion on our balance sheet and cash flow on Slide 18. As of December 31, 2022, total cash of approximately $57 million and more than $558 million of borrowing availability on our revolving credit facility provide a total liquidity of approximately $615 million. There are no borrowings underneath the revolving credit facility during the fourth quarter.

現在轉向幻燈片 18 上關於我們資產負債表和現金流量的討論。截至 2022 年 12 月 31 日，我們的循環信貸額度的現金總額約為 5700 萬美元，超過 5.58 億美元的可用借款提供了約 6.15 億美元的總流動性.第四季度循環信貸額度下沒有借款。

Subsequent to year-end, we elected to draw down on our revolver by approximately $19 million as we continue to invest in our growth capital projects, specifically the roll coat line and packaging. We believe our total liquidity remains strong with $539 million remaining available on our revolver and $33 million of cash, giving us confidence in our ability to be able to further our growth strategy and continue returns to our valued stockholders.

年末之後，我們選擇從左輪手槍中提取約 1900 萬美元，因為我們繼續投資於我們的增長資本項目，特別是輥塗生產線和包裝。我們相信我們的總流動資金仍然強勁，我們的左輪手槍剩餘 5.39 億美元和 3300 萬美元現金，這使我們相信我們有能力進一步推進我們的增長戰略並繼續為我們尊貴的股東帶來回報。

As a reminder, our senior note interest costs are fixed at $48 million annually, and we have no debt maturing until 2028. For the full year 2022, our $142 million of EBITDA and available cash funded $170 million of working capital usage, of which $121 million predominantly related to inventory build. In addition, $143 million of capital, $46 million of interest, $50 million of dividends paid and $6 million of cash taxes.

提醒一下，我們的優先票據利息成本固定為每年 4800 萬美元，我們沒有債務在 2028 年之前到期。在 2022 年全年，我們 1.42 億美元的 EBITDA 和可用現金為 1.7 億美元的營運資金使用提供了資金，其中 121 美元萬主要與庫存建設有關。此外，還有 1.43 億美元的資本、4600 萬美元的利息、5000 萬美元的已付股息和 600 萬美元的現金稅。

We expect working capital to be a source of funds over the next few quarters as the business focuses on inventory rationalization, adjusting to a more normalized supply chain environment. On January 12, we announced our Board of Directors declared a quarterly dividend of $0.77 per common share, underscoring the confidence our Board and management have in our long-term strategy for profitable growth and increasing shareholder value.

我們預計營運資金將成為未來幾個季度的資金來源，因為該業務專注於庫存合理化，以適應更規範的供應鏈環境。 1 月 12 日，我們宣布董事會宣布派發每股普通股 0.77 美元的季度股息，強調了董事會和管理層對我們實現盈利增長和增加股東價值的長期戰略的信心。

And now I'll just turn the call back over to Keith to discuss our 2023 outlook. Keith?

現在我將把電話轉回基思，討論我們 2023 年的展望。基思？

Thanks, Neal. Now I'll turn to our outlook for the first quarter of 2023.

謝謝，尼爾。現在我將談談我們對 2023 年第一季度的展望。

Beginning with aerospace on Slide 20. We expect continued strong momentum for aero and high-strength shipments in the first quarter, with shipments sequentially approximately 5% higher in the first quarter versus the fourth quarter of 2022. And conversion revenue improving by 5% to 10% in the same period as the recovery continues in commercial aerospace towards pre-pandemic levels, which we believe should be attainable by the year-end 2024.

從幻燈片 20 上的航空航天開始。我們預計第一季度航空和高強度出貨量將保持強勁勢頭，第一季度的出貨量比 2022 年第四季度環比增長約 5%。轉換收入增長 5% 至同期增長 10%，因為商業航空業繼續向大流行前水平復蘇，我們認為到 2024 年底應該可以實現這一目標。

Rate increases for single aisle and wide-body jets are being planned for this year as supply chains improve, airline passenger miles continue to increase and declarations by the air framers support a stronger 2023. The demand for business jet production remains strong and the backlog for business jet remains robust, with production increases set to grow each year over the next several years.

隨著供應鏈的改善、航空公司乘客里程的持續增加以及飛機製造商的聲明支持更強勁的 2023 年，今年計劃提高單通道和寬體噴氣式飛機的費率。對公務機生產的需求依然強勁，積壓的訂單公務機仍然強勁，未來幾年產量將逐年增長。

Defense has been holding strong and is expected to continue as a result of increasing demand for the F-35 and other legacy platforms, which Kaiser is well positioned to support. Following the upgrades at our Trentwood mill and competitive position of our other facilities servicing the aerospace and high strength end markets, we remain bullish on our ability to service the incremental demand expected in the first quarter and beyond.

由於對 F-35 和其他傳統平台的需求不斷增加，凱撒有能力支持這些平台，國防一直保持強勁，預計將繼續保持強勁勢頭。在我們的 Trentwood 工廠升級以及我們為航空航天和高強度終端市場服務的其他設施的競爭地位之後，我們仍然看好我們滿足第一季度及以後預期的增量需求的能力。

Turning now to Slide 21, in packaging. With the most significant supply chain challenges experienced in 2022 at our Warrick rolling mill now behind us, we anticipate a return to more normalized operations in 2023 and albeit with some lingering impacts of higher metal costs and a continued lag in price adjustments to fully pass through certain costs with 1 or 2 existing contracts.

現在轉到幻燈片 21，包裝。我們的 Warrick 軋鋼廠在 2022 年經歷的最重大的供應鏈挑戰現在已經過去，我們預計 2023 年將恢復更加正常化的運營，儘管金屬成本上漲的一些揮之不去的影響和價格調整的持續滯後才能完全通過1 或 2 個現有合同的某些成本。

We expect continued destocking with some customers in the first quarter with those orders being moved into the balance of 2023. Shipments in the first quarter are expected to be flat to fourth quarter of 2022, with conversion revenue down an expected 3% to 4% in the same period comparison due to a slightly unfavorable mix.

我們預計第一季度一些客戶將繼續去庫存，這些訂單將轉移到 2023 年的餘額中。第一季度的出貨量預計將與 2022 年第四季度持平，轉換收入預計下降 3% 至 4%同期比較由於略微不利的組合。

As indicated previously, our capacity for 2023 remains fully committed, and our targeted growth investment in a new roll coat line is expected to become fully operational in 2024. Accordingly, we remain very excited about Warrick's long-term potential and competitive positioning in the packaging market.

如前所述，我們在 2023 年的產能仍然得到充分承諾，我們對新輥塗生產線的目標增長投資預計將在 2024 年全面投入運營。因此，我們對 Warrick 在包裝領域的長期潛力和競爭定位感到非常興奮市場。

Now turning to general engineering on Slide 22. Demand for general engineering plate and rod and bar products has slowed as distributor inventories further increased in the fourth quarter with distributors taking advantage of lower metal prices to pull ahead orders during the fourth quarter of last year.

現在轉向幻燈片 22 上的通用工程。通用工程板材和棒材產品的需求已經放緩，因為經銷商庫存在第四季度進一步增加，經銷商利用較低的金屬價格在去年第四季度提前下訂單。

Also announced late last year was the Biden administration's restrictions on semiconductor chip exports to China, which resulted in softening demand for semiconductor plate from previous strong levels. That said, the slowdown in semiconductor plate has opened capacity at our Trentwood facility to accommodate the rising aerospace demand, highlighting a key benefit of our unique diversification strategy.

去年年底還宣布了拜登政府限制向中國出口半導體芯片，導致半導體板材需求從之前的強勁水平走軟。也就是說，半導體板塊的放緩已經打開了我們特倫特伍德工廠的產能，以適應不斷增長的航空航天需求，突出了我們獨特的多元化戰略的一個關鍵優勢。

Longer term, we believe demand will remain steady, led by the continued trend towards reshoring for domestic supply of semiconductors, industrial and machine tool end-use applications. Pricing remains stable for these products, and we expect shipments and conversion revenue in the first quarter to be down approximately 5% to 7% sequentially compared to the fourth quarter of 2022.

從長遠來看，我們認為，在半導體、工業和機床終端應用的國內供應持續回流趨勢的帶動下，需求將保持穩定。這些產品的定價保持穩定，我們預計與 2022 年第四季度相比，第一季度的出貨量和轉換收入將下降約 5% 至 7%。

Now I'll turn to Slide 23 and a review on automotive. Despite pent-up demand and expected higher build rates for trucks and light vehicles in North America in 2023, we continue to expect a slow recovery due to persistent challenges facing the industry. Currently, we don't expect a meaningful recovery in this market until mid- to late 2023. We expect shipments in the first quarter to be up 3% to 4%, with conversion revenue up 10% to 15% sequentially versus the fourth quarter of 2022, driven by improved pricing and pass-through costs on certain programs.

現在我將轉到幻燈片 23 和汽車評論。儘管 2023 年北美卡車和輕型車輛的需求被壓抑，預計建造率將提高，但由於該行業面臨的持續挑戰，我們繼續預計復甦將緩慢進行。目前，我們預計該市場要到 2023 年中後期才會出現有意義的複蘇。我們預計第一季度的出貨量將增長 3% 至 4%，轉換收入將比第四季度增長 10% 至 15% 2022 年，受某些項目定價和轉嫁成本提高的推動。

Turning now to Slide 24 and a summary of my outlook. Holistically, we believe Kaiser is well-positioned to navigate the current demand environment prevailing in our end markets. EBITDA margins in the first quarter of 2023 are expected to improve approximately 200 basis points over the previous quarter, and we are cautiously optimistic our EBITDA margins will continue to strengthen as we move throughout the year and return to more normalized cost, improved efficiencies and continued commercial actions.

現在轉到幻燈片 24 和我的展望摘要。整體而言，我們相信 Kaiser 處於有利地位，可以駕馭當前終端市場普遍存在的需求環境。預計 2023 年第一季度的 EBITDA 利潤率將比上一季度提高約 200 個基點，我們對我們的 EBITDA 利潤率將繼續走強持謹慎樂觀態度，因為我們全年都在移動並回歸到更正常的成本、提高效率和持續商業行為。

However, given continued strong inflationary pressures, ongoing macroeconomic uncertainty and recessionary concerns, we will not be providing our outlook for adjusted EBITDA and margins for the full year 2023. In addition, we believe the full year 2022 adjusted EBITDA and margins represent the trough as we move forward into 2023.

然而，鑑於持續強勁的通脹壓力、持續的宏觀經濟不確定性和經濟衰退擔憂，我們將不會提供 2023 年全年調整後 EBITDA 和利潤率的展望。此外，我們認為 2022 年全年調整後 EBITDA 和利潤率代表低谷我們前進到 2023 年。

Further, we are well-prepared to address economic adversity given our strong liquidity position and ability to flex our variable cost structure. At the same time, we believe it is prudent to continually taking advantage of the growth opportunities ahead of us, while continuing our long-standing focus for managing debt and delivering solid returns to our shareholders.

此外，鑑於我們強大的流動性狀況和靈活調整可變成本結構的能力，我們已做好充分準備應對經濟逆境。與此同時，我們認為繼續利用擺在我們面前的增長機會，同時繼續我們長期專注於管理債務和為股東提供可觀回報的做法是明智的。

Looking at our capital allocation strategy. We remain committed to supporting the growth of our business in 2023, while concurrently continuing our track record of stockholder returns through quarterly cash dividends, which we have paid for 16 consecutive years without reduction or suspension.

看看我們的資本配置策略。我們仍然致力於在 2023 年支持我們的業務增長，同時通過季度現金股息繼續我們的股東回報記錄，我們已經連續 16 年支付現金股息，沒有減少或暫停。

Our total CapEx planned for 2023 is approximately $170 million to $190 million, with approximately 60% of that dedicated to our growth initiatives, including our roll coat #4 expansion at our packaging operations and other projects to improve our capacity, quality and sustainability. Major maintenance spending is expected to be approximately $40 million for the year, with approximately 30% of that spending to occur in the first quarter.

我們計劃在 2023 年投入的資本支出總額約為 1.7 億至 1.9 億美元，其中約 60% 用於我們的增長計劃，包括我們在包裝業務中的 4 號輥塗擴建以及其他旨在提高產能、質量和可持續性的項目。預計全年主要維護支出約為 4000 萬美元，其中約 30% 發生在第一季度。

Now turning to Slide 26. In summary, I'm very pleased with the progress we've made to position Kaiser for a stronger future. Importantly, our longer-term strategy remains intact, and we continue to believe we can deliver conversion revenue of approximately $2 billion and an EBITDA margin in the mid- to high 20% range, the timing of which remains subject to expected investments and macroeconomic conditions.

現在轉到幻燈片 26。總而言之，我對我們為 Kaiser 打造更強大未來所取得的進展感到非常高興。重要的是，我們的長期戰略保持不變，我們仍然相信我們可以實現約 20 億美元的轉化收入和 20% 中高水平的 EBITDA 利潤率，具體時間仍取決於預期投資和宏觀經濟狀況.

With that, I'll now open the call to any questions you may have. Operator?

有了這個，我現在將打開您可能有的任何問題的電話。操作員？

(Operator Instructions) Our first question comes from the line of Timna Tanners with Wolfe Street -- please -- with Wolfe Research.

（操作員說明）我們的第一個問題來自 Timna Tanners 與 Wolfe Street 的合作——拜託——與 Wolfe Research 合作。

I'm trying to get a handle on kind of the factors in 2023 that keep you from achieving the ultimate EBITDA margin goal. So just trying to go through one by one, one being packaging/destocking, which, I think, is supposed to abate. I'd just like a little bit more color on that. The other being any lingering issues with supply chain and some end markets?

我正試圖了解 2023 年阻礙您實現最終 EBITDA 利潤率目標的各種因素。所以只是試圖一個接一個地進行，一個是包裝/去庫存，我認為這應該會減少。我只是想要多一點顏色。另一個是供應鍊和一些終端市場是否存在任何揮之不去的問題？

But could you try to go through and provide us a little bit more color on the things that are keeping you from achieving the EBITDA margin goal? And how you expect to -- some of the plans to kind of progress through those challenges?

但是你能否嘗試通過並為我們提供更多關於阻礙你實現 EBITDA 利潤率目標的事情的顏色？以及您期望如何 - 一些通過這些挑戰取得進展的計劃？

Sure. I appreciate your question. So let's start with Warrick. So obviously, we had a -- as we've identified about $73 million of incremental costs that hit us in 2022, we can -- looking at those costs and moving forward in '23, we believe 60% to 70% of those costs are not going to reoccur. So that's behind us, and we wouldn't expect it to happen in '23.

當然。我很感激你的問題。那麼讓我們從瓦里克開始吧。很明顯，我們有一個 - 因為我們已經確定了 2022 年影響我們的大約 7300 萬美元的增量成本，我們可以 - 看看這些成本並在 23 年向前推進，我們相信這些成本的 60% 到 70%不會再次發生。所以這已經過去了，我們不希望它發生在 23 年。

Remainder of those costs, we expect that to continue to abate as we go through the next several quarters because we pass through some lagging cost associated with alloys, and we rebalanced and normalized our inventories. We brought in a lot of inventory last year through that force majeure period to make sure that our customers weren't disadvantaged. And we'll be smoothing out that over the next several quarters.

這些成本的其餘部分，我們預計在接下來的幾個季度中會繼續減少，因為我們通過了與合金相關的一些滯後成本，並且我們重新平衡和規範了我們的庫存。去年那個不可抗力時期，我們帶來了大量庫存，以確保我們的客戶不會處於不利地位。我們將在接下來的幾個季度裡解決這個問題。

The second thing is that we've got a more stable operation now at the Warrick facility. All those disruptions last year created tremendous inefficiencies in the operations. And we're starting to see those settle down and resume back to more normal rates. Those will occur as we go throughout the year, but we expect those to continue to improve.

第二件事是我們現在在 Warrick 工廠的運營更加穩定。去年所有這些中斷導致運營效率極低。我們開始看到那些穩定下來並恢復到更正常的利率。這些將隨著我們全年的進行而發生，但我們希望這些會繼續改善。

And so we'll have a high focus on that and on cost reduction. On cost production, we anticipate producing $8 million to $10 million through the year on cost reduction. And that's an area that we're going to focus on. And as we get more efficient, we believe we'll be able to pull that out. Our -- if you look at our contract discussions that we've had, especially around packaging, we've continued to have improved mix, pricing, improve the pass-through conditions on all our current contracts. And if you look back over the last several 4 to 5 quarters, you'll see that we've been improving those sales margins by roughly 20% and above.

因此，我們將高度關注這一點和降低成本。在成本生產方面，我們預計全年在成本降低方面將產生 800 萬至 1000 萬美元。這是我們要關注的領域。隨著我們變得更有效率，我們相信我們將能夠實現這一目標。我們的——如果你看看我們已經進行的合同討論，特別是圍繞包裝的討論，我們將繼續改進組合、定價，改善我們所有當前合同的傳遞條件。如果你回顧過去的 4 到 5 個季度，你會發現我們一直在將這些銷售利潤率提高大約 20% 或以上。

So we're getting those additional prices, improve MAX through. It's really been an issue around these costs that we've experienced, okay? And so that focus is really our area. And you talked about -- another part of your question was around the destocking and what we expected to occur.

所以我們得到了那些額外的價格，通過改進 MAX。我們經歷過的這些成本確實是一個問題，好嗎？因此，重點確實是我們的領域。你談到了——你問題的另一部分是關於去庫存以及我們預期會發生什麼。

We think that those -- I don't know if transitory destocking is a word to use, but we believe that it's a short-term phenomena. There was a lot of material in the inventory and there were some consumer habit changes that have taken place. Our customers, basically, feel that, that's being moved back to the end of the year.

我們認為那些 - 我不知道是否可以使用暫時性去庫存這個詞，但我們認為這是一種短期現象。庫存中有很多材料，並且發生了一些消費者習慣的變化。基本上，我們的客戶認為，這將被推遲到年底。

First quarter is generally one of the slowest quarters from a packaging perspective. So we expect to heat up back into the second and to the third quarter to be quite strong and back to the levels that we experienced in the first quarter of last year.

從包裝的角度來看，第一季度通常是最慢的季度之一。因此，我們預計到第二季度和第三季度會非常強勁，並回到去年第一季度的水平。

So that's our outlook. We think if the market continues to hold still, we've got good conditions in place, relatively good pricing increases and stabilization of operations will help us start getting our cost.

這就是我們的前景。我們認為，如果市場繼續保持穩定，我們已經具備了良好的條件，相對較好的價格上漲和穩定的運營將幫助我們開始收回成本。

That's really helpful. So could we assume that if you see the sequential improvement that you described and for the reasons that you just gave, could you be closer to that targeted EBITDA margin exit 2023?

這真的很有幫助。那麼我們是否可以假設，如果您看到您描述的連續改進以及您剛才給出的原因，您是否可以更接近 2023 年目標 EBITDA 利潤率退出？

Well, I look at it this way, Timna. If I take a look at what happened to us in 2022, and we had some gut checks last year, no question. but we delivered $142 million of EBITDA. If you roll back in that $73 million of incremental cost, and then if you look at this LIFO impact adjustment that we made, which was roughly a $22 million impact to EBITDA for the year, this business would have delivered roughly $237 million EBITDA which would equate to roughly a 17% margin.

好吧，我是這樣看的，提姆納。如果我看一下 2022 年發生在我們身上的事情，去年我們進行了一些直覺檢查，毫無疑問。但我們交付了 1.42 億美元的 EBITDA。如果你回滾這 7300 萬美元的增量成本，然後你看看我們所做的後進先出影響調整，這對當年的 EBITDA 產生了大約 2200 萬美元的影響，那麼該業務將交付大約 2.37 億美元的 EBITDA，這將相當於大約 17% 的利潤率。

And at the beginning of last year, we anticipated the business before we knew all this was in front of us that our -- this business was going to deliver a 17% to 20% margin. So I think we're on the right track. We just had a number of those unique things impacting us.

去年年初，我們在知道所有這一切擺在我們面前之前就預料到了我們的業務——這項業務將帶來 17% 到 20% 的利潤率。所以我認為我們走在正確的軌道上。我們剛剛遇到了許多影響我們的獨特事物。

The uncertainty with '23, obviously, is whether there's going to be a hard landing versus a soft landing on any type of recession. And we've seen a slight slowdown in the first quarter as we've identified, but not uncertain as to what the rest of the year looks like. And so as we go forward, as we mentioned in our prepared statement, we felt -- we feel Q4 was really the trough where we are.

顯然，'23 的不確定性是在任何類型的衰退中是否會出現硬著陸與軟著陸。正如我們所確定的那樣，我們已經看到第一季度略有放緩，但不確定今年餘下時間的情況。因此，正如我們在準備好的聲明中提到的那樣，在我們前進的過程中，我們覺得——我們覺得第四季度確實是我們所處的低谷。

We're digging back out of this. And as the year progresses, if it progresses as we expect, we expect to continually improve back to our historic margins.

我們正在對此進行深入研究。隨著時間的推移，如果它像我們預期的那樣進展，我們預計會不斷提高回到我們的歷史利潤率。

Okay. Helpful. If I could squeeze one last one in. Can you provide any further detail on the mentioned lawsuit against U.S. MAG and your insurance recovery potential there?

好的。有幫助。如果我能擠進最後一個。你能提供更多關於提到的針對美國 MAG 的訴訟的細節和你在那裡的保險恢復潛力嗎？

Really can't make any comments, Timna, while that's underway. That's in -- the starting up right now. We expect toward the end of the year to have some more definitive explanation for that. But certainly, we felt that there were damages that the force majeure was not under accepted conditions, and it impacted our company. And we're going to fight to recover those damages.

真的不能發表任何意見，Timna，在這期間。那就是——現在開始。我們預計到今年年底會有一些更明確的解釋。但可以肯定的是，我們認為不可抗力不在可接受的條件下會造成損害，這對我們公司造成了影響。我們將努力挽回這些損失。

Our next question comes from the line of Emily Chieng with Goldman Sachs.

我們的下一個問題來自高盛的 Emily Chieng。

My first question is just around the Warrick roll mill -- roll coat line that you're building right now. As you think about that coming online, just any thoughts around supply chain issues that may impact the time line of when that does come online? And then secondly, ahead of that starting to -- that starting up. Do you need to take time off-line at Warrick to have that installed and commissioned?

我的第一個問題是關於 Warrick 軋輥廠——您正在建造的輥塗生產線。當您考慮上線時，關於供應鏈問題的任何想法可能會影響上線時間？其次，在開始之前——開始。您是否需要在 Warrick 離線進行安裝和調試？

Emily, thanks for your question. So the Warrick roll coat line is anything, inflationary and timing on any of these things have been quite challenging. But for now, we're on track on timing.

艾米麗，謝謝你的問題。因此，Warrick 滾塗生產線是任何東西，通貨膨脹和任何這些東西的時機都非常具有挑戰性。但就目前而言，我們正在按時進行。

Inflationary costs, as you can imagine, price of steel and other of those things have continued to push some upward pressure on the budgets, but those are within the realm that we expected.

正如您所想像的，通貨膨脹成本、鋼鐵價格和其他類似因素繼續對預算施加一些上行壓力，但這些都在我們預期的範圍內。

Timing is to have the equipment. As I mentioned, the building is erected, the equipment is beginning to come in, and we're on expectation to have that in place in some time early in 2024.

時機是有設備。正如我所提到的，建築物已經豎立，設備開始投入使用，我們預計在 2024 年初的某個時間將其安裝到位。

If you were to see the layout of our operation, Emily, it's completely segregated against all the other operations. So there should be no impact to any of the day-to-day operations in place as they stand. We have a qualification plan to get us there, fully operational and ready to begin supply by mid- to late 2024. So we expect that is to all in online.

艾米麗，如果你看到我們行動的佈局，它與所有其他行動完全隔離開來。因此，目前的任何日常運營都不會受到影響。我們有一個資格計劃，可以讓我們在那裡全面運作，並準備在 2024 年中後期開始供應。所以我們預計這一切都是在線的。

And as a reminder on that, the reason we're so excited about that influx, so there's two areas to look at for Warrick. One is on those costs, and we saw what could happen to us in 2022. And we're quickly looking to adjust those and get those in perspective.

提醒一下，我們對這種湧入如此興奮的原因，所以有兩個方面需要關注 Warrick。一個是關於這些成本，我們看到了 2022 年可能發生的事情。我們正在迅速尋求調整這些成本並正確看待這些成本。

But on the second part is the top line growth for that business. And as we've mentioned before this investment, once delivered, is going to allow us to improve margins on coated products versus non-coated greater than 3x. So that's a significant enhancement for us, and that will be on roughly 25% of the existing capacity.

但第二部分是該業務的收入增長。正如我們之前提到的，這項投資一旦交付，將使我們能夠將塗層產品的利潤率提高到非塗層產品的 3 倍以上。所以這對我們來說是一個重大的提升，這將佔現有產能的大約 25%。

Any significant amount of that money is already -- the volume is under contract. So we're very excited to get that in place. We think that's going to have significant impact to our earnings and not only for the shorter term, but through the end of the decade. So that's our current situation, and things remain on track there.

這筆錢中的任何一大筆錢都已經到賬了——合同中有這筆錢。所以我們很高興能做到這一點。我們認為這將對我們的收益產生重大影響，不僅在短期內，而且在本十年末。所以這就是我們目前的情況，那裡的事情仍在軌道上。

Great. And then a follow-up. I'd just love to hear a little bit more color around sort of your contract discussions, and maybe if there's been any incremental progress made on getting improved pricing and pass-throughs on a couple of these different cost items there.

偉大的。然後是跟進。我只是想听到關於您的合同討論的更多顏色，也許如果在改進定價和傳遞這些不同成本項目方面取得了任何漸進進展。

What has progressed since the last quarter update? And then how do you think about what the components are that we should embed into this new hedged cost of alloyed metals? What are the alloys there specifically that we should start tracking more closely?

自上個季度更新以來取得了哪些進展？那麼您如何看待我們應該將哪些組件嵌入到這種新的合金金屬對沖成本中？我們應該開始更密切地跟踪哪些合金？

Yes. So we're -- so on the contract negotiations, those have continued to go very well, Emily. We're seeing improved pricing even on existing contracts, as we started -- we purchased in 2021, and we saw some even in the current shorter-term contracts, we saw opportunities for improvement. And indeed, we've seen over 20% on conversion revenue per pound increases over the last 5 quarters.

是的。所以我們——關於合同談判，艾米麗，這些談判一直進展順利。我們甚至看到現有合同的定價有所改善，正如我們在 2021 年購買的那樣——我們甚至在當前的短期合同中也看到了一些，我們看到了改進的機會。事實上，我們已經看到過去 5 個季度每磅的轉化收入增加了 20% 以上。

And then as we look further out, we're seeing improved mix. We're seeing improved pricing opportunities. We're looking at inflationary pass-throughs to help us negate some of the challenges that impacted us in 2022 and expected this year. So I would say that the environment there for improvement and pass-throughs and better mixes and the ability for us to do what we do in our businesses and go after high margins and niche areas with very low-cost operations are intact. So we're very pleased about the progress there.

然後當我們看得更遠時，我們看到了改進的組合。我們看到了改進的定價機會。我們正在研究通貨膨脹傳遞，以幫助我們消除 2022 年影響我們並預計今年會出現的一些挑戰。因此，我想說的是，那裡用於改進、傳遞和更好組合的環境，以及我們在我們的業務中做我們所做的事情、追求高利潤和低成本運營的利基領域的能力都完好無損。所以我們對那裡的進展感到非常高興。

Now the challenge that we identified in 2022, we made great progress with customers in really how we look at moving these costs through our system on a -- generally, these are done on an annual basis. And we've done some things with our customers to help us look at those quarterly impacts and moving those costs forward on a quicker basis.

現在，我們在 2022 年確定了挑戰，我們與客戶取得了很大進展，實際上我們如何看待通過我們的系統轉移這些成本——一般來說，這些都是每年完成的。我們已經與客戶一起做了一些事情，以幫助我們了解這些季度影響並更快地轉移這些成本。

But even more importantly, we've identified a lot more of these commodity pass-throughs. And then our discovery of a number of these, especially through those high commodity increases, we found a couple of disconnects with a couple of our contracts where we're not passing through the entire cost of things such as magnesium.

但更重要的是，我們已經確定了更多此類商品傳遞。然後我們發現了其中的一些，特別是通過那些高商品增長，我們發現了一些與我們的合同脫節的地方，我們沒有通過鎂等東西的全部成本。

And we're working with customers to really make those adjustments and get those back in line with where the remainder of our contracts are. So that's a little bit of the lag that we're talking about. And then when you get to the point of what alloys are we looking at? What are we -- we're looking at everything.

我們正在與客戶合作，真正進行這些調整，並使它們與我們剩餘合同的位置保持一致。所以這就是我們正在談論的一點點滯後。然後當你談到我們正在研究的合金時？我們是什麼——我們正在審視一切。

I mean we're looking at all alloys. So magnesium, obviously being on the top of the list, but we follow metal prices for aluminum. We're following manganese. We're following copper for our other products, other product lines, copper and all of those. We're looking at energy. We're looking at also our metal input cost.

我的意思是我們正在研究所有合金。所以鎂，顯然位居榜首，但我們關注鋁的金屬價格。我們正在關注錳。我們正在為我們的其他產品、其他產品線、銅和所有這些產品追踪銅。我們正在研究能源。我們也在考慮我們的金屬投入成本。

So one of the large impacts to us, as we called out, especially in the second half of the year, because of those supply disruptions, it really got us off of our game in bringing in the right types of materials, such as more scrap and lower-cost units and forced us into some higher costs, which we paid the price for. And -- but our go-forward is that we'll have a much better handle on managing those costs as we move forward those input costs, which will affect the

因此，正如我們所呼籲的那樣，尤其是在今年下半年，由於這些供應中斷，對我們造成的重大影響之一確實讓我們無法引進正確類型的材料，例如更多的廢料和成本較低的單位，並迫使我們付出更高的成本，我們為此付出了代價。而且 - 但我們的前進方向是，隨著我們推進這些投入成本，我們將更好地管理這些成本，這將影響

That is all the time we have for questions. I'd like to hand it back to Mr. Keith Harvey for closing remarks.

這就是我們提問的全部時間。我想把它交還給 Keith Harvey 先生作結束語。

Okay. Well, thank you for joining us today. We look forward to returning to a more normalized operating conditions with stronger profitable growth in 2023. And I look forward to updating you on your progress in April. Have a great day.

好的。好吧，謝謝你今天加入我們。我們期待在 2023 年恢復更正常的運營條件，實現更強勁的盈利增長。我期待著在 4 月份向您通報最新進展。祝你有美好的一天。

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。此時您可以斷開線路，度過美好的一天。