3M (MMM) 2022 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the 3M First Quarter Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded, Tuesday, April 26, 2022.

女士們，先生們，謝謝你們的支持。歡迎參加 3M 第一季度收益電話會議。 （操作員說明）提醒一下，本次會議將於 2022 年 4 月 26 日星期二錄製。

I would now like to turn the conference over to Bruce Jermeland, Senior Vice President of Investor Relations at 3M.

我現在想將會議轉交給 3M 投資者關係高級副總裁 Bruce Jermeland。

Thank you, and good morning, everyone, and welcome to our first quarter earnings conference call. With me today are Mike Roman, 3M's Chairman and Chief Executive Officer; Monish Patolawala, our Chief Financial and Transformation Officer; and John Banovetz, our Chief Technology Officer. John is joining us today to discuss our progress on the sustainability goals that we introduced in February last year. Mike, Monish and John will make some formal comments, then we will take your questions.

謝謝大家，大家早上好，歡迎參加我們的第一季度收益電話會議。今天和我在一起的是 3M 的董事長兼首席執行官 Mike Roman； Monish Patolawala，我們的首席財務和轉型官；和我們的首席技術官 John Banovetz。 John 今天與我們一起討論我們在去年 2 月推出的可持續發展目標方面取得的進展。 Mike、Monish 和 John 將發表一些正式的評論，然後我們將回答您的問題。

Please note that today's earnings release and slide presentation accompanying this call are posted on the homepage of our Investor Relations website at 3m.com. Please turn to Slide 2. Please take a moment to read the forward-looking statement. During today's conference call, we will be making certain predictive statements that reflect our current views about 3M's future performance and financial results. These statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties. Item 1A of our most recent Form 10-K lists some of the most important risk factors that could cause actual results to differ from our predictions.

請注意，本次電話會議隨附的今天的收益發布和幻燈片演示已發佈在我們的投資者關係網站 3m.com 的主頁上。請轉到幻燈片 2。請花點時間閱讀前瞻性聲明。在今天的電話會議中，我們將做出某些預測性陳述，以反映我們當前對 3M 未來業績和財務業績的看法。這些陳述基於對受風險和不確定性影響的未來事件的某些假設和預期。我們最近的 10-K 表格的第 1A 項列出了一些可能導致實際結果與我們的預測不同的最重要的風險因素。

Please note, throughout today's presentation, we'll be making references to certain non-GAAP financial measures. Reconciliations of the non-GAAP measures can be found in the attachments to today's press release.

請注意，在今天的演講中，我們將參考某些非公認會計準則財務指標。非公認會計原則措施的對賬可在今天新聞稿的附件中找到。

Please turn to Slide 3. Before I hand the call over to Mike, I would like to take a moment and highlight a financial reporting change we are making starting here in Q1 2022. We recognize that the increases in legal-related charges that we have incurred the past couple of years have impacted investors' understanding of our underlying financial and operating performance. We have been disclosing respirator and PFAS impacts in our public filings and have decided to provide additional disclosure by expanding the scope of our non-GAAP measurement adjustments to include all impacts of accrual changes and legal fees for respirator masks, PFAS and Combat Arms matters. This change is a result of discussions we have had with many of you, along with recent benchmarking work we have done.

請轉到幻燈片 3。在我將電話轉給邁克之前，我想花點時間強調一下我們從 2022 年第一季度開始在這裡進行的財務報告更改。我們認識到，我們擁有的法律相關費用的增加過去幾年發生的事件影響了投資者對我們基本財務和經營業績的理解。我們一直在公開文件中披露呼吸器和 PFAS 的影響，並決定通過擴大我們的非 GAAP 衡量調整的範圍來提供額外的披露，以包括呼吸器面罩、PFAS 和戰鬥武器事項的應計變更和法律費用的所有影響。這一變化是我們與你們中的許多人進行討論的結果，以及我們最近所做的基準測試工作。

This morning, we issued a Form 8-K with updated non-GAAP financial performance history for the past 3 years. Further, we will be issuing a Form 8-K amending our most recent annual report on Form 10-K to reflect the effects of this change in our non-GAAP measures and changes in segment reporting immediately after filing our Q1 2022 Form 10-Q this afternoon. Also, our Q1 2022 financial performance and full year 2022 guidance in today's press release and presentation incorporate these changes. Please note that our guidance does not include future changes to reserves for PFAS or Combat Arms.

今天早上，我們發布了一份 8-K 表格，其中包含過去 3 年的非 GAAP 財務業績歷史更新。此外，我們將發布 8-K 表格，修訂我們最近的 10-K 表格年度報告，以反映我們在提交 2022 年第一季度表格 10-Q 後立即對我們的非公認會計原則措施和分部報告的變化產生的影響今天下午。此外，我們在今天的新聞稿和演示文稿中的 2022 年第一季度財務業績和 2022 年全年指導也納入了這些變化。請注意，我們的指導不包括未來對 PFAS 或戰鬥武器儲備的變化。

Highlighted on this slide is the impact of this change to our non-GAAP financial reporting. As you can see, operating margins in 2021 were 22.2% on this new adjusted basis or up 70 basis points from pre-COVID levels in 2019 versus down 40 basis points on the previous basis. And adjusted EBITDA margins have expanded 110 basis points since 2019 to 27.6%.

這張幻燈片突出顯示了這一變化對我們的非公認會計原則財務報告的影響。如您所見，在這個新調整的基礎上，2021 年的營業利潤率為 22.2%，或比 2019 年新冠疫情前的水平上升 70 個基點，而之前的基礎上下降了 40 個基點。自 2019 年以來，調整後的 EBITDA 利潤率已擴大 110 個基點至 27.6%。

Looking specifically at our Q1 2022 performance on Slide 4, adjusted earnings were $2.65 per share. This result excludes total special items of $0.39 per share, which is comprised of $0.13 of legal related costs in the quarter, along with a $0.26 charge for PFAS-related remediation in Belgium, which we previously announced via a press release and Form 8-K filing on March 30. As we indicated in the March press release and Form 8-K filing, this charge would be reflected as an adjustment in arriving at our first quarter results adjusted for special items.

具體來看我們在幻燈片 4 上 2022 年第一季度的表現，調整後的收益為每股 2.65 美元。這一結果不包括每股 0.39 美元的特殊項目總額，其中包括本季度 0.13 美元的法律相關費用，以及我們之前通過新聞稿和 8-K 表宣布的比利時 PFAS 相關補救費用 0.26 美元3 月 30 日提交。正如我們在 3 月份的新聞稿和 8-K 表格文件中指出的那樣，這筆費用將反映為我們在獲得針對特殊項目調整的第一季度業績時的調整。

We remain committed to providing strong transparency in reporting our financial performance. And of course, we are always here to address your questions.

我們仍然致力於在報告我們的財務業績時提供高度的透明度。當然，我們總是在這裡解決您的問題。

With that, please turn to Slide 5, and I'll now hand the call off to Mike. Mike?

有了這個，請轉到幻燈片 5，我現在將呼叫交給邁克。麥克風？

Thank you, Bruce. Good morning, everyone, and thank you for joining us. In a challenging global environment, 3M delivered a strong start to 2022. As Bruce just noted, to provide additional clarity on litigation-related costs and our underlying business performance, starting in the first quarter, we are reporting adjusted earnings to exclude significant litigation costs, which was $0.13 in Q1.

謝謝你，布魯斯。大家早上好，感謝您加入我們。在充滿挑戰的全球環境中，3M 在 2022 年取得了強勁的開局。正如布魯斯剛剛指出的那樣，為了進一步明確訴訟相關成本和我們的基本業務表現，從第一季度開始，我們報告調整後的收益以排除重大訴訟成本，第一季度為 0.13 美元。

As we communicated on March 30, we also made an additional investment related to our operations in Zwijndrecht, Belgium, which resulted in a $0.26 charge. Excluding this investment, our financial outlook for 2022 remains unchanged. As you recall, at our strategic outlook meeting in February, we committed to driving growth and shareholder value in 2022 by continuing to innovate for our customers and reposition our portfolio to win in attractive markets.

正如我們在 3 月 30 日溝通的那樣，我們還進行了與我們在比利時 Zwijndrecht 的業務相關的額外投資，產生了 0.26 美元的費用。不包括這項投資，我們對 2022 年的財務展望保持不變。您還記得，在 2 月份的戰略展望會議上，我們承諾通過繼續為我們的客戶創新和重新定位我們的產品組合以在有吸引力的市場中獲勝，從而在 2022 年推動增長和股東價值。

We also committed to deliver strong margins, EPS and cash flow through a focus on operational excellence while continuing to invest in growth, productivity and sustainability. In the first quarter, we executed well and followed through on these commitments, which I will discuss on Slide 6.

我們還致力於通過專注於卓越運營來提供強勁的利潤率、每股收益和現金流，同時繼續投資於增長、生產力和可持續性。在第一季度，我們執行得很好，並兌現了這些承諾，我將在幻燈片 6 中討論。

We're relentlessly focused on serving our customers while managing supply chain disruptions, inflation and geopolitical pressures. We posted organic growth of 2%, along with sequential margin improvement, adjusted EPS of $2.65 and robust cash generation. Overall, demand is strong, though the global economic outlook has softened due to challenges in certain end markets, evolving impacts from COVID and recent geopolitical events.

我們不懈地專注於為客戶服務，同時管理供應鏈中斷、通貨膨脹和地緣政治壓力。我們公佈了 2% 的有機增長，同時利潤率連續提高，調整後每股收益為 2.65 美元，現金產生強勁。總體而言，需求強勁，儘管由於某些終端市場的挑戰、COVID 和最近的地緣政治事件的影響不斷變化，全球經濟前景已經疲軟。

All of our businesses started the year with good performance. End market demand was strong in Safety and Industrial, partially offset by a decline in disposable respirators. In Transportation and Electronics, our automotive business continued to outperform build rates despite the impact of semiconductor shortages. Health Care performed well with 5% growth and Consumer grew 3% in addition to 9% growth last year.

我們所有的業務都以良好的表現開年。安全和工業領域的終端市場需求強勁，部分被一次性呼吸器的下降所抵消。在運輸和電子領域，儘管受到半導體短缺的影響，我們的汽車業務仍繼續超越建造速度。醫療保健表現良好，增長了 5%，消費者在去年增長 9% 的基礎上增長了 3%。

To position us for long-term growth, we continue to prioritize investments in high-growth opportunities across our businesses, commercial opportunities that are sizable and significant. For example, our automotive electrification platform grew 20% organically on the strength of new innovations on top of 30% growth in 2021. In Health Care, our biopharma business posted 15% organic growth as 3M Science advances the development and manufacturing of new therapeutics and vaccines. To support growing demand for our biopharma solutions, we are investing $35 million to double capacity at our plant in Columbia, Missouri.

為實現長期增長，我們將繼續優先投資於我們業務中的高增長機會，即規模巨大且意義重大的商業機會。例如，我們的汽車電氣化平台在 2021 年增長 30% 的基礎上，憑藉新的創新實現了 20% 的有機增長。在醫療保健領域，我們的生物製藥業務實現了 15% 的有機增長，因為 3M Science 推進了新療法的開發和製造以及疫苗。為了滿足對我們的生物製藥解決方案不斷增長的需求，我們將投資 3500 萬美元將我們位於密蘇里州哥倫比亞的工廠的產能翻番。

We also continue to manage our portfolio and unlock value for our customers and shareholders. We are on track to close the divestiture of our food safety business in the third quarter. And in March, we divested our floor products business in Western Europe, enabling us to prioritize other parts of our Consumer business.

我們還繼續管理我們的投資組合，為我們的客戶和股東釋放價值。我們有望在第三季度完成對食品安全業務的剝離。 3 月，我們剝離了在西歐的地板產品業務，使我們能夠優先考慮我們消費者業務的其他部分。

In addition, yesterday, we announced that we acquired the technology assets of LeanTec, a provider of digital inventory management solutions for the automotive aftermarket segment in the United States and Canada. It is another example of how we win in the core and build for the future, creating new platforms to access emerging trends and opportunities. In this case, the connected body shop, 1 of 3M's digital platforms that brings together data, analytics and material science. We continue to navigate global supply chain disruptions, which have been amplified by recent geopolitical unrest. We are doing whatever is necessary to take care of customers, while managing extended lead times and elevated inventory levels. At the same time, we have continued to drive strong pricing to offset inflation.

此外，昨天，我們宣布收購 LeanTec 的技術資產，LeanTec 是一家為美國和加拿大的汽車售後市場提供數字庫存管理解決方案的提供商。這是我們如何贏得核心並為未來建設的另一個例子，創建新平台以獲取新興趨勢和機遇。在這種情況下，互聯車身車間是 3M 的數字平台之一，它匯集了數據、分析和材料科學。我們繼續應對全球供應鏈中斷，最近的地緣政治動盪加劇了這種中斷。我們正在採取一切必要措施來照顧客戶，同時管理延長的交貨時間和提高的庫存水平。與此同時，我們繼續推動強勁的定價以抵消通脹。

Like many other global companies, we are actively managing through the conflict in Ukraine. Our focus remains on ensuring the safety of 3Mers in harm's way. I am proud how 3M has stepped up to help from donating nearly $4 million to employees welcoming refugees into their homes. We stand with our Ukrainian colleagues and have suspended operations in Russia. Given what we are seeing around the world, we expect supply chain challenges to persist for the foreseeable future.

與許多其他全球公司一樣，我們正在積極應對烏克蘭的衝突。我們的重點仍然是確保 3Mers 不受傷害的安全。我為 3M 如何加緊幫助，向歡迎難民回家的員工捐贈近 400 萬美元而感到自豪。我們與我們的烏克蘭同事站在一起，並暫停了在俄羅斯的業務。鑑於我們在世界各地看到的情況，我們預計供應鏈挑戰將在可預見的未來持續存在。

Our balance sheet remains strong, allowing us to invest in the business while returning $1.6 billion in the quarter to our shareholders through both dividends and share repurchases. We increased our dividend in the first quarter, marking our 64th consecutive year of increases. With respect to litigation, we are vigorously defending ourselves in Combat Arms bellwether cases. We are pleased that a jury cited with 3M in the most recent bellwether trial earlier this month, which was a plaintiff's counsel pick. To date, we have won 6 and lost 8 trials and have appealed or will appeal all adverse verdicts. Eight bellwethers were also dismissed by plaintiffs before they went to trial.

我們的資產負債表依然強勁，使我們能夠投資該業務，同時通過股息和股票回購在本季度向股東返還 16 億美元。我們在第一季度增加了股息，這是我們連續第 64 年增加股息。在訴訟方面，我們在戰鬥武器的領頭羊案件中積極為自己辯護。我們很高興陪審團在本月早些時候最近的領頭羊審判中引用了 3M，這是原告的律師選擇。迄今為止，我們已經贏了 6 次，輸了 8 次，並且已經或將上訴所有不利的判決。八名領頭羊在開庭前也被原告駁回。

I would also like to provide an update on operational disruptions at our factory in Zwijndrecht, which I know is top of mind. Last month, I visited Belgium to meet with local leaders and affirm our commitment to the Zwijndrecht community. As previously stated, we continue to work with Flemish authorities to address our remediation obligations and work toward greater operational certainty.

我還想提供關於我們在茨維恩德雷赫特工廠的運營中斷的最新信息，我知道這是我最關心的。上個月，我訪問了比利時，與當地領導人會面，並確認了我們對 Zwijndrecht 社區的承諾。如前所述，我們將繼續與佛蘭德當局合作，履行我們的補救義務並努力提高運營確定性。

Last September, we announced an investment of EUR 125 million to advance air and water stewardship in our existing operations, which has included the installation of a new state-of-the-art filtration system. In addition, last month, we committed EUR 150 million to remediation that addresses legacy manufacturing and disposal of PFAS on 3M site and in the surrounding area. To help reduce the impact to customers, we are supplying from other global sites and actively working to address any future potential impacts. We will continue to collaborate with officials to bring idle processes back online in Zwijndrecht, deliver essential products to our customers and follow through on our commitments. On May 11, we will publish our Global Impact Report, highlighting our progress to our sustainability commitments. In a moment, 3M's Chief Technology Officer, John Banovetz, will provide an update on an important part of these commitments, our environmental stewardship goals.

去年 9 月，我們宣布投資 1.25 億歐元，以推進我們現有業務的空氣和水管理，其中包括安裝一個新的最先進的過濾系統。此外，上個月，我們承諾投入 1.5 億歐元進行修復，以解決 3M 工廠和周邊地區遺留的 PFAS 製造和處置問題。為了幫助減少對客戶的影響，我們正在從其他全球站點供應產品，並積極努力解決任何未來的潛在影響。我們將繼續與官員合作，讓 Zwijndrecht 的閒置流程重新上線，向我們的客戶提供基本產品並履行我們的承諾。 5 月 11 日，我們將發布《全球影響報告》，重點介紹我們在可持續發展承諾方面取得的進展。稍後，3M 的首席技術官 John Banovetz 將提供有關這些承諾的重要部分的最新信息，即我們的環境管理目標。

In summary, the first quarter was a good start to the year for 3M, and I thank all of our employees for their contributions. As I mentioned earlier, we are committed to addressing the broader challenges of supply chain disruption and litigation risk as we continue to invest in our underlying businesses, which remain strong and well positioned to grow.

總之，第一季度對 3M 來說是一個良好的開端，我感謝我們所有員工的貢獻。正如我之前提到的，我們致力於應對供應鏈中斷和訴訟風險等更廣泛的挑戰，因為我們繼續投資於我們的基礎業務，這些業務仍然保持強勁並處於良好的增長狀態。

We are maintaining our full year expectations as adjusted for the reporting change that we have discussed, which will provide greater clarity regarding our underlying performance as we navigate litigation matters. At 3M, we are driven by purpose and powered by 4 industry-leading businesses, unique global capabilities and a highly experienced and diverse team. I am confident in our ability to grow above the macro and improve our operational performance as we move through 2022.

我們將維持我們的全年預期，並根據我們討論過的報告變化進行調整，這將使我們在處理訴訟事務時更清楚地了解我們的基本業績。在 3M，我們以目標為動力，由 4 個行業領先的業務、獨特的全球能力和經驗豐富的多元化團隊提供支持。我相信我們有能力在 2022 年邁向宏觀並改善我們的運營績效。

I will now turn it over to John Banovetz. John?

我現在將把它交給 John Banovetz。約翰？

Thank you, Mike. And please turn to Slide 7. As a global manufacturer, 3M has a long record of environmental stewardship. Over the last 2 decades, we have reduced our greenhouse gas emissions by 75%, while more than doubling our revenue. Nearly 50% of our global electricity use is renewable, on our way to 100%. And over the last 5 years, our innovations have helped customers avoid 100 million tons of emissions. To drive our growth as a company, we will continue to build on our strong foundation, advance our strategy and invest in science-based commitments to improve the environment.

謝謝你，邁克。請轉到幻燈片 7。作為一家全球製造商，3M 在環境管理方面有著悠久的記錄。在過去的 2 年中，我們將溫室氣體排放量減少了 75%，同時我們的收入增加了一倍以上。我們全球近 50% 的電力使用是可再生的，我們正朝著 100% 邁進。在過去的 5 年中，我們的創新已幫助客戶減少了 1 億噸排放。為了推動我們作為一家公司的發展，我們將繼續鞏固我們的堅實基礎，推進我們的戰略，並投資於以科學為基礎的承諾以改善環境。

Last year, we accelerated our leadership with a commitment to invest $1 billion and deliver our new goals around air, water and waste. As you see on the left side of the slide, our goals are meaningful, authentic and impactful to the world. They are rooted in 3M Science, applying math to a path to rapidly bend the curve on emissions. We committed to a 10% reduction in water use by 2022 and a 25% reduction by 2030. To improve water quality, we committed to install filtration technology by 2023 at our largest water using sites, and we committed to become carbon neutral with aggressive milestones along the way.

去年，我們承諾投資 10 億美元並實現我們在空氣、水和廢物方面的新目標，從而加快了我們的領導地位。正如您在幻燈片左側看到的那樣，我們的目標對世界來說是有意義的、真實的和有影響的。它們植根於 3M 科學，將數學應用於快速彎曲排放曲線的路徑。我們承諾到 2022 年將用水量減少 10%，到 2030 年減少 25%。為了改善水質，我們承諾到 2023 年在我們最大的用水點安裝過濾技術，我們承諾通過積極的里程碑實現碳中和一路上。

Finally, we will reduce our use of virgin fossil-based plastic by 125 million pounds by 2025. Over the last year, we have made strong progress on each of our goals, putting us ahead of schedule in some areas and on track in all other areas. We have already cut our carbon footprint by 25% and reduced our use of water by more than 10%, which included a new closed-loop water recirculation system at our factory indicator, Alabama.

最後，到 2025 年，我們將減少 1.25 億磅原始化石塑料的使用量。在過去的一年裡，我們在每個目標上都取得了長足的進步，在某些領域提前了計劃，在所有其他領域都走上了正軌領域。我們已經將碳足跡減少了 25%，用水量減少了 10% 以上，其中包括在我們的工廠指標阿拉巴馬州安裝了一個新的閉環水再循環系統。

As Mike mentioned, we've also advanced our filtration capabilities in Zwijndrecht with a new state-of-the-art system. Part of the EUR 125 million investment we announced last September with additional work completed at several other 3M sites. Later this year, in Cordova, Illinois, for example, new filtration technologies will be fully installed including ion exchange and reverse osmosis. We've announced $165 million investment in Cottage Grove, Minnesota, which follows our decision last year to close our incinerator resulting in improved waste management while reducing energy and water usage at the site.

正如 Mike 所提到的，我們還在 Zwijndrecht 使用最先進的新系統提升了我們的過濾能力。作為我們去年 9 月宣布的 1.25 億歐元投資的一部分，在其他幾個 3M 工廠完成了額外的工作。例如，今年晚些時候，在伊利諾伊州的科爾多瓦，將全面安裝新的過濾技術，包括離子交換和反滲透。我們宣佈在明尼蘇達州的 Cottage Grove 投資 1.65 億美元，這是繼去年我們決定關閉我們的焚化爐後，我們在改善廢物管理的同時減少了現場的能源和水使用量。

In addition, over the last year, we have reduced our use of plastic by 19 million pounds through innovative designs in our Consumer business, such as our Scotch double-sided mounting tape, which we reformulated to eliminate PVC plastic and packaging and reduce our solvent use by 300,000 pounds per year.

此外，在過去一年中，我們通過消費品業務的創新設計減少了 1900 萬磅的塑料用量，例如我們重新配製的 Scotch 雙面安裝膠帶，以消除 PVC 塑料和包裝並減少溶劑每年使用 300,000 磅。

In summary, we are on track to meet or exceed each of the goals laid out last February, and we will advance our progress in 2022. This year, we expect to reduce our water usage by an additional 5%, double our reduction of virgin-based plastic and further expand our filtration capabilities across our largest water using sites.

總而言之，我們有望實現或超過去年 2 月制定的每一個目標，我們將在 2022 年推進我們的進展。今年，我們預計將用水量再減少 5%，使我們的原始用水量減少一倍基塑料，並在我們最大的用水場所進一步擴展我們的過濾能力。

I'm proud of how 3Mers have come together to follow through on our commitments. Moving forward, we will continue to work with communities, customers and governments to advance our environmental stewardship and make a difference in the world. As Mike mentioned, I encourage you to read our annual Global Impact Report to be released on May 11 with more details on our priorities and progress.

我為 3Mers 如何團結起來履行我們的承諾而感到自豪。展望未來，我們將繼續與社區、客戶和政府合作，推進我們的環境管理並為世界帶來改變。正如邁克所說，我鼓勵您閱讀我們將於 5 月 11 日發布的年度全球影響報告，其中包含有關我們優先事項和進展的更多詳細信息。

Now I will turn it to Monish, who will cover the details of the quarter. Monish?

現在我將把它交給 Monish，他將介紹本季度的細節。莫尼什？

Thank you, John. And I wish you all a very good morning. Please turn to Slide 9. The 3M team delivered strong execution in Q1 in a macro environment that remains extremely fluid and increasingly uncertain. We remained focused on delivering for our customers, drove operational execution and maintained cost discipline, while also continuing to invest in the business to fuel growth. First quarter total sales were $8.8 billion, which increased 1.7% on an organic basis. As a reminder, organic sales growth does not include impacts from FX or M&A. Adjusted operating income was $1.9 billion, with adjusted operating margins of 21.4% and adjusted earnings per share of $2.65.

謝謝你，約翰。祝大家早上好。請轉到幻燈片 9。3M 團隊在第一季度在一個仍然非常不穩定且越來越不確定的宏觀環境中實現了強大的執行力。我們仍然專注於為客戶提供服務，推動運營執行並保持成本紀律，同時繼續投資於業務以推動增長。第一季度總銷售額為 88 億美元，有機增長 1.7%。提醒一下，有機銷售增長不包括外匯或併購的影響。調整後的營業收入為 19 億美元，調整後的營業利潤率為 21.4%，調整後的每股收益為 2.65 美元。

On this slide, you can see the components that impacted our operating margins and earnings per share performance as compared to Q1 last year. We continue to drive price actions, realize savings from past restructuring and maintain strong spending discipline, which helped offset both known and new headwinds. As I highlighted in my February Investor Day presentation, we made significant progress driving actions in 2021 to address rising raw material and logistics costs. We are leveraging the power of daily management, data and data analytics, along with the spirit of embracing the [red] to direct actions to offset the inflationary pressures.

在這張幻燈片上，您可以看到與去年第一季度相比影響我們的營業利潤率和每股收益表現的因素。我們繼續推動價格行動，從過去的重組中節省開支並保持嚴格的支出紀律，這有助於抵消已知和新的不利因素。正如我在 2 月份的投資者日演講中強調的那樣，我們在 2021 年推動行動以應對不斷上漲的原材料和物流成本，取得了重大進展。我們正在利用日常管理、數據和數據分析的力量，以及擁抱[紅色]的精神來指導行動以抵消通脹壓力。

During last year, we developed new sourcing and pricing tools and processes to improve agility, drive alignment and simplify our processes. In addition, we are also enhancing our reporting and data analytics capabilities by rolling out tools that model price realization, leakage and elasticity. These efforts continue to pay off in Q1 as benefits from selling price actions offset raw material and logistics headwinds.

去年，我們開發了新的採購和定價工具和流程，以提高敏捷性、推動一致性並簡化我們的流程。此外，我們還通過推出對價格實現、洩漏和彈性進行建模的工具來增強我們的報告和數據分析能力。這些努力在第一季度繼續得到回報，因為售價行為的好處抵消了原材料和物流方面的不利因素。

Looking ahead, while we see raw material and logistics inflation persisting, we will continue to leverage daily management powered by data and data analytics with the expectation of offsetting raw material and logistics inflation through pricing actions in 2022. Also, during the first quarter, we completed the final actions related to our December 2020 restructuring announcement. Since Q4 2020, we have incurred total pretax restructuring charges of approximately $280 million versus an original expectation of $250 million to $300 million. These actions are expected to deliver total pretax savings of approximately $250 million are at the top end of our estimated range of $200 million to $250 million. We realized $180 million of the savings in 2021 and expect the balance of the savings of $70 million in 2022, which is incorporated in our guidance.

展望未來，雖然我們看到原材料和物流通脹持續存在，但我們將繼續利用由數據和數據分析支持的日常管理，期望通過 2022 年的定價行動來抵消原材料和物流通脹。此外，在第一季度，我們完成了與我們 2020 年 12 月重組公告相關的最後行動。自 2020 年第四季度以來，我們的稅前重組費用總額約為 2.8 億美元，而最初的預期為 2.5 億至 3 億美元。這些行動預計將帶來約 2.5 億美元的稅前總節省，處於我們估計的 2 億至 2.5 億美元範圍的頂端。我們在 2021 年實現了 1.8 億美元的節省，預計 2022 年將節省 7,000 萬美元的餘額，這將納入我們的指導。

In the quarter, we experienced a year-on-year decline in disposable respirator demand of nearly $50 million, which negatively impacted operating margins by 10 basis points and earnings by $0.03 a share. On any given day, our global sourcing, manufacturing and supply chain teams continue to navigate a number of items, including raw material and logistics availability, evolving COVID-related impacts, including mandated lockdowns, employee absenteeism in our U.S. factories in January and February and now in China. The continued shutdown of certain operations in our plant in Belgium. And recently, the impacts on the geopolitical crisis in the Ukraine. These dynamics continue to result in ongoing changes to demand plans, along with increasing costs and pressuring manufacturing productivity as we work to serve our customers.

在本季度，我們的一次性呼吸器需求同比下降近 5000 萬美元，這對營業利潤率和每股收益 0.03 美元產生了負面影響。在任何一天，我們的全球採購、製造和供應鏈團隊都會繼續處理許多項目，包括原材料和物流可用性、不斷變化的 COVID 相關影響，包括強制封鎖、1 月和 2 月我們美國工廠的員工缺勤以及現在在中國。我們在比利時的工廠繼續關閉某些業務。最近，對烏克蘭地緣政治危機的影響。隨著我們努力為客戶服務，這些動態繼續導致需求計劃的不斷變化，以及成本增加和製造生產力壓力。

Also, as you will hear from me throughout the year, we continue to prioritize investments in growth, productivity and sustainability to drive long-term performance. And capitalize on trends in large, attractive markets, including automotive, home improvement, safety, health care, electronics and software.

此外，正如您全年都會聽到的那樣，我們將繼續優先考慮對增長、生產力和可持續性的投資，以推動長期業績。並利用具有吸引力的大型市場的趨勢，包括汽車、家居裝修、安全、醫療保健、電子和軟件。

Moving to raw materials. We continue to experience inflationary pressures with a year-on-year increase of approximately $215 million in the quarter, which resulted in a headwind of 2.4 percentage points to margins and $0.30 per share to earnings. Foreign exchange fluctuation is something we are watching closely, particularly given the geopolitical uncertainties. During the quarter, FX was a benefit of 10 basis points to margins, however, was a negative $0.04 per share impact to earnings year-on-year, primarily the result of the strength of the U.S. dollar.

轉向原材料。我們繼續承受通脹壓力，本季度同比增長約 2.15 億美元，導致利潤率下降 2.4 個百分點，每股收益下降 0.30 美元。我們正在密切關注外匯波動，特別是考慮到地緣政治的不確定性。在本季度，外匯對利潤率帶來了 10 個基點的收益，但對收益的同比影響為每股 0.04 美元，這主要是由於美元走強。

Other financial items increased earnings by a net $0.04 per share year-on-year with benefits from a lower share count and a decline in net interest expense, more than offsetting a headwind from a higher tax rate. While year-on-year margins and earnings declined, it is also important to look sequentially given the fluid and uncertain environment. Our actions to continue to drive price to offset inflation, navigate supply chain challenges and control costs enabled us to expand adjusted margins and earnings 140 basis points and $0.20 per share, respectively.

其他金融項目的每股收益同比淨增長 0.04 美元，這得益於股票數量減少和淨利息支出下降，抵消了更高稅率帶來的不利影響。儘管同比利潤率和收益有所下降，但鑑於環境多變且不確定，按順序觀察也很重要。我們繼續推動價格以抵消通貨膨脹、應對供應鏈挑戰和控製成本的行動使我們能夠將調整後的利潤率和收益分別擴大 140 個基點和每股 0.20 美元。

Please turn to Slide 10. First quarter adjusted free cash flow was $715 million, with conversion of 47%, which was in line with our expectations. Year-on-year conversion was lower due to higher cash compensation and an increase in CapEx for growth and sustainability investments.

請轉到幻燈片 10。第一季度調整後的自由現金流為 7.15 億美元，轉換率為 47%，符合我們的預期。由於較高的現金補償以及增長和可持續投資的資本支出增加，同比轉化率較低。

Looking at the full year, our free cash flow conversion expectations of 90% to 100% remain unchanged. As you know, we currently have a very fluid environment, especially around global supply chain and logistic challenges. Therefore, we will experience some working capital ups and downs in the short run, but you should see the benefits of the power of data and analytics and operational rigor start to play out once things stabilize.

縱觀全年，我們對 90% 至 100% 的自由現金流轉換預期保持不變。如您所知，我們目前的環境非常不穩定，尤其是在全球供應鍊和物流挑戰方面。因此，我們將在短期內經歷一些營運資金的起伏，但一旦事情穩定下來，您應該會看到數據和分析的力量以及運營嚴謹性的好處開始發揮作用。

Capital expenditures were $424 million in the quarter, up 37% year-on-year as we increase investments in growth, productivity and sustainability. For the full year, we continue to expect CapEx to be in the range of $1.7 billion to $2 billion.

本季度資本支出為 4.24 億美元，同比增長 37%，原因是我們增加了對增長、生產力和可持續性的投資。對於全年，我們繼續預計資本支出將在 17 億美元至 20 億美元之間。

During the quarter, we returned $1.6 billion to shareholders through the combination of cash dividends of $852 million and share repurchases of $773 million. Our cash flow, the global economic situation and our stock price are all factors into determining the pace and amount of share repurchases. We believe our current stock price presents a good buying opportunity and we have been active in the market to start the year. While we are currently out of the market due to the pending food safety divestiture, we currently anticipate $2 billion in aggregate share repurchases over the course of the full year. Net debt stands at $13.3 billion, up approximately 2% as we continue to invest in the business.

在本季度，我們通過 8.52 億美元的現金股息和 7.73 億美元的股票回購向股東返還了 16 億美元。我們的現金流、全球經濟形勢和我們的股價都是決定股票回購速度和數量的因素。我們相信我們目前的股價提供了一個很好的買入機會，並且我們在今年開始時一直活躍在市場上。雖然我們目前由於即將進行的食品安全剝離而退出市場，但我們目前預計全年將進行 20 億美元的總股票回購。隨著我們繼續投資該業務，淨債務為 133 億美元，增長約 2%。

Our capital structure is well positioned, giving us financial flexibility and optionality. Our strong balance sheet and cash flow generation capability, along with disciplined capital allocation continues to provide us the financial flexibility to invest in our business, pursue strategic opportunities and return cash to shareholders while maintaining a strong capital structure.

我們的資本結構處於有利位置，為我們提供了財務靈活性和選擇性。我們強大的資產負債表和現金流生成能力，以及嚴格的資本分配，繼續為我們提供財務靈活性，以投資於我們的業務、尋求戰略機會和向股東返還現金，同時保持強大的資本結構。

Please turn to Slide 12 for our business group performance for Q1. I will start with our Safety and Industrial business which posted organic growth of 0.5% year-on-year in the first quarter. This result included a disposable respirator sales decline of approximately $50 million year-on-year, which negatively impacted Safety and Industrial's Q1 organic growth by 1.5 percentage points. Our personal safety business declined mid-single digits organically versus last year's 20% pandemic-driven comparison. Looking ahead, we continue to anticipate that COVID-related disposable respirator demand will decline as we move through 2022. However, if trends change, we remain prepared to respond to changes in demand as COVID impacts evolve.

請轉到幻燈片 12，了解我們第一季度的業務組業績。我將從我們的安全和工業業務開始，該業務在第一季度實現了 0.5% 的有機增長。這一結果包括一次性呼吸器銷售額同比下降約 5000 萬美元，這對 Safety and Industrial 第一季度的有機增長產生了 1.5 個百分點的負面影響。我們的人身安全業務與去年的 20% 大流行驅動的比較相比，有機地下降了中個位數。展望未來，我們繼續預計，隨著我們進入 2022 年，與 COVID 相關的一次性呼吸器需求將下降。但是，如果趨勢發生變化，我們仍然準備好應對隨著 COVID 影響的演變而發生的需求變化。

Turning to the rest of Safety and Industrial. Industrial adhesives and tapes, electrical markets, abrasives and closure and masking were all up mid-single digits compared to last year, while roofing granules and automotive aftermarket businesses were up low single digits. Safety and Industrial's first quarter adjusted operating income was $699 million, down 14% versus last year. Adjusted operating margins were 22.9%, down 3.5 percentage points. Year-on-year, adjusted operating margin performance was impacted by higher raw materials and logistics costs and manufacturing productivity headwind. Partially offsetting these impacts were selling price increases, spending discipline and benefits from restructuring actions.

轉向安全和工業的其餘部分。與去年相比，工業粘合劑和膠帶、電氣市場、磨料以及封閉和遮蔽均增長了中個位數，而屋頂顆粒和汽車售後市場業務增長了低個位數。安全與工業第一季度調整後的營業收入為 6.99 億美元，比去年下降 14%。調整後的營業利潤率為 22.9%，下降 3.5 個百分點。與去年同期相比，調整後的營業利潤率表現受到更高的原材料和物流成本以及製造生產力逆風的影響。部分抵消這些影響的是銷售價格上漲、支出紀律和重組行動帶來的好處。

The Safety and Industrial Business Group continues to focus on building the future through emerging trends and opportunities. Most recently, 3M acquired the technology assets of LeanTec to advance digital solutions for auto body shops. This digital platform integrates data capture and analysis with material product platforms, providing shop owners and managers more access to data for enhanced productivity and inventory management.

安全和工業業務集團繼續專注於通過新興趨勢和機遇建設未來。最近，3M 收購了 LeanTec 的技術資產，以推進汽車修理廠的數字化解決方案。該數字平台將數據採集和分析與材料產品平台集成在一起，為店主和經理提供更多數據訪問權限，以提高生產力和庫存管理。

Moving to Transportation and Electronics on Slide 13 which declined 0.3% on an organic basis, primarily due to the ongoing impact of semiconductor supply chain constraints on the automotive and consumer electronics end markets.

轉向幻燈片 13 上的運輸和電子產品，該產品有機下降 0.3%，主要是由於半導體供應鏈限制對汽車和消費電子終端市場的持續影響。

Organic sales in our auto OEM business were flat year-on-year versus a 5% decline in global car and light truck builds as we continue to gain penetration on automotive platforms. Our electronics-related business declined low single digits organically, with declines across consumer electronics, particularly smartphones and TVs. These declines were partially offset by continued strong demand for our products and solutions in semiconductor and factory automation end markets.

我們汽車 OEM 業務的有機銷售額同比持平，而全球汽車和輕型卡車生產下降 5%，因為我們繼續在汽車平台上獲得滲透。我們與電子產品相關的業務有機地下降了低個位數，消費電子產品出現下降，尤其是智能手機和電視。這些下降被半導體和工廠自動化終端市場對我們的產品和解決方案的持續強勁需求部分抵消。

Turning to the rest of Transportation and Electronics. Commercial solutions grew high single digits. Advanced materials was flat, while transportation safety was down mid-single digits year-on-year. First quarter operating income was $496 million, down 11% year-on-year. Operating margins were 21.2%, down 2 percentage points year-on-year. Operating margins were impacted by higher raw materials and logistics costs, manufacturing productivity impacts and investments in auto electrification. These year-on-year headwinds were partially offset by increases in selling price, strong spending discipline and benefits from restructuring actions. The Transportation and Electronics Business Group is focused on executing well against its strategic imperatives to build new growth platforms in high-growth segments, including automotive electrification, semiconductor, electronic materials and graphic and architectural films.

轉向運輸和電子的其餘部分。商業解決方案增長了個位數。先進材料持平，而運輸安全同比下降中個位數。第一季度營業收入為 4.96 億美元，同比下降 11%。營業利潤率為21.2%，同比下降2個百分點。營業利潤率受到更高的原材料和物流成本、製造業生產力影響以及對汽車電氣化的投資的影響。銷售價格上漲、嚴格的支出紀律和重組行動帶來的好處部分抵消了這些同比不利因素。運輸和電子業務集團專注於執行其戰略要求，在汽車電氣化、半導體、電子材料以及圖形和建築薄膜等高增長領域建立新的增長平台。

Turning to our Health Care business on Slide 14 which posted a first quarter organic sales increase of 4.7% with growth across every business. Our medical solutions business increased mid-single digits organically. First quarter U.S. elective medical procedure volumes were approximately 85% to 90% of pre-COVID levels as COVID slowed the pace of procedures, particularly in January and February. Sales in our oral care business grew low single digits year-on-year. Global oral care procedure volumes dipped in January and February due to COVID but started to recover in March. Overall, patient visits for the quarter were 85% to 90% of pre-pandemic levels.

在幻燈片 14 上轉向我們的醫療保健業務，該業務第一季度有機銷售額增長 4.7%，各項業務均實現增長。我們的醫療解決方案業務有機地增長了中個位數。第一季度美國的選擇性醫療程序量約為 COVID 前水平的 85% 至 90%，因為 COVID 放慢了程序的步伐，尤其是在 1 月和 2 月。我們口腔護理業務的銷售額同比增長低個位數。受新冠疫情影響，全球口腔護理手術量在 1 月和 2 月有所下降，但在 3 月開始恢復。總體而言，本季度的患者就診率為大流行前水平的 85% 至 90%。

We continue to watch COVID-related trends and its impacts on the global health care industry, including labor shortages, which drove lower-than-expected surgical and dental procedure volumes in the quarter. The separation and purification business increased mid-single digits year-on-year with sustained demand for biopharma filtration solutions for COVID-related vaccines and therapeutics.

我們繼續關注與 COVID 相關的趨勢及其對全球醫療保健行業的影響，包括勞動力短缺，這導致本季度的外科和牙科手術量低於預期。隨著對 COVID 相關疫苗和療法的生物製藥過濾解決方案的持續需求，分離和純化業務同比增長中個位數。

Health information systems grew mid-single digits, driven by strong growth in revenue cycle management and clinician solutions. And finally, food safety increased high single digits. As Mike mentioned, we remain on track for a Q3 close of the planned divestiture of this business, which will be combined with NEOGEN.

在收入周期管理和臨床醫生解決方案的強勁增長的推動下，健康信息系統增長了中個位數。最後，食品安全以高個位數增長。正如邁克所提到的，我們仍有望在第三季度完成該業務的計劃剝離，該業務將與 NEOGEN 合併。

Health Care's first quarter operating income was $448 million, down 3.5% year-on-year. Operating margins were 21.1%, down 1.4 percentage points. Year-on-year operating margins were impacted by raw materials and logistics costs manufacturing productivity, investments in the business and food safety deal-related costs. These impacts were partially offset by benefit from leverage on sales growth, strong spending discipline and benefits from restructuring actions.

醫療保健第一季度營業收入為 4.48 億美元，同比下降 3.5%。營業利潤率為21.1%，下降1.4個百分點。同比營業利潤率受到原材料和物流成本、製造生產率、業務投資和食品安全交易相關成本的影響。這些影響被銷售增長的槓桿作用、嚴格的支出紀律和重組行動帶來的好處部分抵消。

Despite the current environment, the Health Care Business Group is focused on delivering clinically differentiated innovative platforms that improve patient outcomes and reduce cost of care. We have been sharply focused on 3 key segments: wound care; health care IT; and biopharma filtration. These segments are well supported by key market trends, which include: increasing chronic conditions driven by an aging population; shifting of care to lowest cost setting; improving health care access trends; and finally, digital and connected solutions.

儘管存在當前環境，醫療保健業務集團仍專注於提供臨床差異化的創新平台，以改善患者治療效果並降低護理成本。我們一直專注於三個關鍵領域：傷口護理；醫療保健 IT；和生物製藥過濾。這些細分市場受到主要市場趨勢的大力支持，其中包括：人口老齡化導致慢性病增加；將護理轉移到成本最低的環境；改善醫療保健獲取趨勢；最後是數字化和互聯解決方案。

Please turn to Slide 15. Lastly, our Consumer business delivered first quarter organic growth of 3.4% versus last year, with growth across every business. Our home improvement business continued to perform well, up low single digits on top of last year's growth of over 20%. This business continued to deliver strong growth with our home improvement retail customers in our category-leading Filtrete and Command brands. Stationery and office, and home care grew low single digits organically in Q1. And finally, our consumer health and safety business was up low teens year-on-year.

請轉到幻燈片 15。最後，我們的消費者業務在第一季度實現了 3.4% 的有機增長，與去年相比，每個業務都實現了增長。我們的家裝業務繼續表現良好，在去年超過 20% 的增長基礎上增長了低個位數。該業務繼續與我們的家居裝飾零售客戶在我們領先的 Filtrete 和 Command 品牌中實現強勁增長。文具、辦公室和家庭護理在第一季度有機地增長了低個位數。最後，我們的消費者健康和安全業務同比增長了十幾歲。

Consumer's operating income was $224 million, down 17% compared to last year. Operating margin was 17.1%, down 3.7 percentage points year-on-year. Historically, Q1 is typically our lowest margin quarter of the year for our Consumer business. But this year's operating margin was further impacted by ongoing supply chain constraints, along with higher raw materials and outsourced hard goods manufacturing costs and manufacturing productivity impacts. These headwinds were partially offset by good price performance, strong spending discipline and benefits from restructuring actions. Continuing to innovate and drive sustainability within the Consumer Business Group is a top priority.

消費者的營業收入為 2.24 億美元，與去年相比下降了 17%。營業利潤率為17.1%，同比下降3.7個百分點。從歷史上看，第一季度通常是我們消費者業務一年中利潤率最低的季度。但今年的營業利潤率進一步受到持續的供應鏈限制，以及更高的原材料和外包硬商品製造成本以及製造生產力的影響。這些不利因素被良好的價格表現、嚴格的支出紀律和重組行動帶來的好處部分抵消。在消費者業務集團內繼續創新和推動可持續發展是重中之重。

As consumers and businesses are increasingly shopping online, they want solutions that protect their packages and contents while making the process more convenient and sustainable than ever. As a result, we recently launched Scotch Cushion Lock, a new sustainable alternative to plastic cushion wrap and a perfect solution for protecting and packaging items with 100% recycled paper. Our Scotch portfolio is centered on innovating and serving this large and growing market.

隨著消費者和企業越來越多地在網上購物，他們需要解決方案來保護他們的包裹和內容物，同時使這一過程比以往任何時候都更加方便和可持續。因此，我們最近推出了 Scotch Cushion Lock，這是一種新的可持續替代塑料墊包裝的產品，也是使用 100% 再生紙保護和包裝物品的完美解決方案。我們的蘇格蘭威士忌產品組合以創新和服務於這個龐大且不斷增長的市場為中心。

Please turn to Slide 17 for a discussion on our 2022 outlook. As you know, most companies are facing a macro environment that has become even more fluid and uncertain due to several factors, including continued global supply chain and logistics challenges, ongoing impact from semiconductor constraints, particularly on the automotive and electronics industries, evolving impacts of COVID-19, growing geopolitical uncertainties, increasing foreign exchange volatility, and finally, rising inflationary pressures, including raw materials, logistics, labor and energy costs. This has resulted in softening trends impacting full year growth expectations for GDP and IPI. Both macro indices are now expected to be up approximately 3% versus up 4% at the start of the year.

請轉到幻燈片 17，討論我們的 2022 年展望。如您所知，由於多種因素，大多數公司面臨的宏觀環境變得更加不穩定和不確定，包括持續的全球供應鍊和物流挑戰，半導體限制的持續影響，特別是對汽車和電子行業的影響，不斷變化的影響COVID-19、地緣政治不確定性增加、外匯波動加劇，以及最終通脹壓力上升，包括原材料、物流、勞動力和能源成本。這導致趨勢減弱，影響 GDP 和 IPI 的全年增長預期。現在預計這兩個宏觀指數都將上漲約 3%，而年初的漲幅為 4%。

Despite the fluid and uncertain macro environment, we continue to expect organic growth in the range of 2% to 5%. Adjusted earnings per share is expected to be $10.75 to $11.25. This range incorporates the change to our adjusted earnings that Bruce highlighted at the start of the call. And finally, free cash flow conversion expectations remain in the range of 90% to 100%.

儘管宏觀環境不穩定且不確定，但我們仍預計有機增長將在 2% 至 5% 之間。調整後的每股收益預計為 10.75 美元至 11.25 美元。這個範圍包含了布魯斯在電話會議開始時強調的調整後收益的變化。最後，自由現金流轉換預期保持在 90% 到 100% 的範圍內。

Before I wrap up, let me make a few comments regarding the second quarter. First, we are seeing a slow start to sales in April, primarily due to COVID-related impacts in China, along with the geopolitical crisis in the Ukraine. Raw materials and logistics costs are expected to be up, impacting Q2 year-on-year by approximately $225 million. We expect disposable respirator demand to decline both year-on-year and sequentially by approximately $100 million to $200 million.

在結束之前，讓我對第二季度發表一些評論。首先，我們看到 4 月份的銷售開始緩慢，主要是由於中國與 COVID 相關的影響，以及烏克蘭的地緣政治危機。原材料和物流成本預計將上升，對第二季度的同比影響約為 2.25 億美元。我們預計一次性呼吸器需求將同比下降約 1 億至 2 億美元。

During the first quarter and particularly over the last month, growth expectations for Transportation and Electronics end markets have moderated. Second quarter global auto builds are currently forecasted to increase approximately 2% year-on-year, however, declined 3% sequentially. And smartphones are forecasted to be up approximately 1% year-on-year but declined 5% sequentially. We expect both U.S. medical and oral care elective procedure volumes in Q2 in the range of 90% to 95% of pre-COVID levels. And finally, as a reminder, last year's second quarter included an approximately $90 million operating income benefit or $0.12 per share from a Brazilian Supreme Court social tax ruling.

在第一季度，尤其是上個月，交通和電子終端市場的增長預期已經放緩。目前預計第二季度全球汽車製造量將同比增長約 2%，但環比下降 3%。智能手機預計同比增長約 1%，但環比下降 5%。我們預計第二季度美國的醫療和口腔護理選擇性手術量將在 COVID 前水平的 90% 至 95% 之間。最後，提醒一下，去年第二季度包括來自巴西最高法院社會稅裁決的約 9000 萬美元的營業收入收益或每股 0.12 美元。

To wrap up, although we remain cautious in this current environment, we are bullish about the long term. We are committed to delivering for our customers, taking appropriate price actions, driving operational execution and managing spending while continuing strong financial rigor and maintaining a strong capital structure and financial flexibility. In the long run, we will grow [about] the macro, expand margins and deliver strong cash.

最後，儘管我們在當前環境下仍保持謹慎，但我們看好長期前景。我們致力於為我們的客戶提供服務，採取適當的價格行動，推動運營執行和管理支出，同時保持強大的財務嚴謹性並保持強大的資本結構和財務靈活性。從長遠來看，我們將[關於]宏觀發展，擴大利潤率並提供強勁的現金。

I want to take a minute to thank the 3M employees for delivering for our customers and shareholders in a very uncertain and fluid environment. Our team delivered 1.7% organic sales growth in the quarter, 21.4% adjusted margin, up 140 basis points sequentially and generated $715 million in adjusted free cash flow.

我想花一點時間感謝 3M 員工在非常不確定和多變的環境中為我們的客戶和股東提供服務。我們的團隊在本季度實現了 1.7% 的有機銷售增長，調整後的利潤率為 21.4%，環比增長 140 個基點，並產生了 7.15 億美元的調整後自由現金流。

I also want to take a moment to personally thank our customers and suppliers for putting their trust and confidence in us and from maintaining strong and close partnership that help us navigate the current challenges. We had a good start to the year. We are watching the environment closely and working on navigating current challenges with more work to do.

我還想花點時間親自感謝我們的客戶和供應商對我們的信任和信心，以及保持強大而密切的合作夥伴關係，幫助我們應對當前的挑戰。我們有一個良好的開端。我們正在密切關注環境，並努力應對當前的挑戰，還有更多工作要做。

That concludes my remarks for the first quarter. With that, we will now take your questions.

我對第一季度的發言到此結束。有了這個，我們現在將回答您的問題。

(Operator Instructions) Our first question comes from Steve Tusa with JPMorgan Securities.

（操作員說明）我們的第一個問題來自摩根大通證券的 Steve Tusa。

Can you just maybe give a little more precision on the second quarter? And then, I mean, there's a lot of kind of moderate downward revisions to some of the assumptions. I'm just -- not 100% clear to me how the guide is reaffirmed, maybe you're talking about more -- you're still within the range but towards the low end? Just kind of those 2 factors, just to start.

您能否在第二季度給出更精確的信息？然後，我的意思是，對一些假設有很多適度的向下修正。我只是 - 我不是 100% 清楚指南是如何重申的，也許你在談論更多 - 你仍然在範圍內但接近低端？只是這兩個因素，只是開始。

Sure, Steve. I'll just start with the overall guide for the year. As you know, we don't give quarterly guidance. So the guide for the year coming into the year was 2% to 5% organic growth. We are continuing to see that, that, that's doable in the 2% to the 5% growth, no change there at all. The purpose of giving you the second quarter outlook was just as you're building your models to help you think through the macroeconomic environment, as I've said, the start to April was slower, mainly driven by China and the work there. But we'll have to see when the lockdowns are released and how fast China ramps up historically when they have the ramp-up is there. So we're just giving you what we've seen in April.

當然，史蒂夫。我將從今年的總體指南開始。如您所知，我們不提供季度指導。因此，今年的指南是 2% 到 5% 的有機增長。我們繼續看到，這在 2% 到 5% 的增長中是可行的，根本沒有變化。為您提供第二季度展望的目的就像您正在構建模型以幫助您思考宏觀經濟環境一樣，正如我所說，4 月的開局較慢，主要受中國及其工作的推動。但是我們必須看看什麼時候解除封鎖，以及中國在歷史上加速增長的速度有多快。所以我們只是給你我們在四月份看到的。

And then you can see some of the macro trends in the auto and consumer industry have gone down sequentially, driven by semiconductor and chip shortages, but health care starts moving up from the 85% to the 90% to the 90% to the 95%. So puts and takes for the year, we still see ourselves getting to the 2% to the 5% range that we told you about with adjusted earnings per share of $10.75 to $11.25. So no change there.

然後你可以看到汽車和消費行業的一些宏觀趨勢在半導體和芯片短缺的推動下連續下降，但醫療保健開始從 85% 上升到 90% 到 90% 到 95% .因此，今年的看跌期權，我們仍然看到自己達到了我們告訴你的 2% 到 5% 的範圍，調整後的每股收益為 10.75 美元至 11.25 美元。所以那裡沒有變化。

Overall, I would say -- and end market demand has remained strong in the first quarter. So far, we are seeing it strong other than for what I told you about China, but we are overall still seeing markets strong. And I think time will play itself out on how some of these uncertainties go through the year, but bullish about the long term and bullish about the year.

總的來說，我想說 - 第一季度終端市場需求仍然強勁。到目前為止，除了我告訴你的中國之外，我們看到它很強勁，但我們總體上仍然看到市場強勁。我認為時間會在這些不確定性如何度過這一年中發揮作用，但看好長期並看好今年。

Our next question comes from Scott Davis with Melius Research.

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

I think a lot of the issues that you addressed this morning are pretty comparable to what we've seen everywhere else. But can we talk a little bit about pricing? I know you stopped breaking that out as a line item, but perhaps, you can talk more big picture. I mean, last quarter, you were up 2.6% price and your core volumes this quarter, around 2%. So that would imply you probably -- if I had to guess, you probably a little bit better than that in price and maybe volumes are more flattish on apples-to-apples. But can you talk about kind of the price cost parity goals? I mean when do you think -- given the higher costs that have come in even just in the last month. When do you think you can reach your price cost parity? Can you reach it this year and perhaps when? And directionally, our price is still going up. And I'll pass it on after that.

我認為你今天早上討論的許多問題與我們在其他地方看到的問題相當。但是我們能談談定價嗎？我知道您不再將其作為一個項目進行細分，但也許，您可以談論更大的圖景。我的意思是，上個季度，您的價格上漲了 2.6%，本季度您的核心銷量上漲了 2% 左右。所以這意味著你可能 - 如果我不得不猜測，你可能會比價格好一點，而且蘋果對蘋果的銷量可能更加持平。但是你能談談價格成本平價目標嗎？我的意思是你認為什麼時候 - 考慮到即使在上個月就已經出現了更高的成本。您認為何時可以達到價格成本平價？你能在今年達到它，也許什麼時候達到？從方向上看，我們的價格仍在上漲。在那之後我會傳遞它。

Sure, Scott. Listen, the team did an amazing job. As I've talked about the tools that we've had, the daily management. Last year, we started slow on pricing, 0.14%, went up to 1.4% in Q3 and 2.6% in Q4. This quarter, we continued the momentum, which was driven by 2 pieces, the carryover impact, plus new pricing. As I said in my prepared remarks, we more than offset the amount of inflation -- so if you just do the math on a rate basis, not just on a dollar basis. So that's -- we got a 3% plus price in the quarter. The team is very focused on looking at the extra inflation that's coming in, they're already working on higher price. And as I said in my prepared remarks, the goal is to offset the extra inflation that we are seeing with extra price. And so a really good start to the first quarter.

當然，斯科特。聽著，團隊做得很棒。正如我已經談到我們擁有的工具，日常管理。去年，我們的定價開始放緩，為 0.14%，第三季度升至 1.4%，第四季度升至 2.6%。本季度，我們繼續保持勢頭，這是由 2 件、結轉影響和新定價推動的。正如我在準備好的講話中所說，我們不僅抵消了通貨膨脹的數量——所以如果你只是根據利率進行計算，而不僅僅是以美元為基礎。所以這就是 - 我們在本季度獲得了 3% 以上的價格。該團隊非常關注即將到來的額外通脹，他們已經在努力提高價格。正如我在準備好的講話中所說，目標是用額外的價格來抵消我們所看到的額外通脹。因此，第一季度的開局非常好。

Our next question comes from Nigel Coe with Wolfe Research. Mr. Coe, your line is open. You may proceed with your question.

我們的下一個問題來自 Wolfe Research 的 Nigel Coe。科先生，您的電話已開通。你可以繼續你的問題。

Operator, why don't we move ahead to the next question, please?

接線員，我們為什麼不繼續下一個問題呢？

We will move on to the next 1 from Julian Mitchell with Barclays.

我們將繼續與巴克萊銀行的 Julian Mitchell 一起討論下一個 1。

Maybe just a first question around the -- I understood on the Belgian plant, the remediation measures. But it is a topic that you sort of mentioned a bunch of times in recent months, and we get that question a lot on the plant from investors. Just trying to scale sort of the import of the plant to 3M's kind of aggregate operations. Maybe help us understand kind of what impact from the plant production issues is dialed into your guidance now, now that you're sort of giving us a full update with 1 quarter behind you. Where are we in terms of kind of inventories at that plant that you can keep shipping from it even without full production?

也許只是第一個問題——我了解比利時工廠的補救措施。但這是你最近幾個月多次提到的一個話題，我們從投資者那裡得到了很多關於工廠的問題。只是試圖將工廠的進口規模擴大到 3M 的聚合業務。也許可以幫助我們了解植物生產問題的影響現在已納入您的指導，現在您正在向我們提供完整的更新，但落後了 1 個季度。就該工廠的庫存種類而言，我們在哪裡？即使沒有全面生產，您也可以繼續從那裡發貨？

Yes, Julian. So as we've talked in the past, we've had some certain operations shut down at that plant, and we continue to work on -- with local authorities on the updated permits that we have there and continue to work to resolve that. We're a leading provider out of that plant for specialty fluids, including heat transfer fluids that are used in semiconductor, and we're working to address the operational disruptions we have. Zwijndrecht is an important source of supply for those materials to our customers. And so we're working to resolve it there, so we can continue to supply from there. We're also looking to supply from capacity that we have at alternative sites where possible. So it's it was an impact that we saw in Q1. It's something that's built into our outlook. It is something we're working with customers on to address any ongoing disruption for them. So it's something we'll keep updating you on as we mitigate the impacts, and we can update you as appropriate going forward.

是的，朱利安。因此，正如我們過去所說，我們已經關閉了該工廠的某些業務，我們將繼續努力 - 與地方當局一起處理我們在那裡擁有的更新許可證，並繼續努力解決這個問題。我們是該工廠中特種流體（包括用於半導體的傳熱流體）的領先供應商，我們正在努力解決我們遇到的運營中斷問題。 Zwijndrecht 是向我們的客戶供應這些材料的重要來源。所以我們正在努力在那裡解決它，這樣我們就可以繼續從那裡供應。我們還希望盡可能利用我們在替代站點的產能來供應。所以這是我們在第一季度看到的影響。這是我們的觀點中內置的東西。這是我們正在與客戶合作解決他們的任何持續中斷的事情。因此，隨著我們減輕影響，我們會不斷更新您的信息，並且我們可以在未來酌情更新您。

Understood. But it's not a sort of material headwind dialed in for Q2 or the balance of the year. You can sort of cope with it, the shortage still.

明白了。但這並不是第二季度或今年餘下時間的一種重大逆風。你可以應付它，仍然短缺。

Yes. There is a process we're working through. And so there's some uncertainty there. We've got to resolve the permit issues there. We've got a permit renewal as we go through the year. So this is all something that we're working on. We've been careful to say that we have certain operations that have been interrupted at this time. There's a potential for operations to resume. There's a potential for operation -- additional operations to shut down. So we've been careful to lay out the possibilities. What we saw in Q1 was part of our results and is an interruption that we're working on with customers.

是的。我們正在處理一個過程。所以那裡有一些不確定性。我們必須解決那裡的許可問題。隨著我們一年的過去，我們已經獲得了許可證更新。所以這都是我們正在努力的事情。我們一直很小心地說，此時我們有某些操作已被中斷。有可能恢復運營。有潛在的操作——關閉額外的操作。所以我們一直小心翼翼地列出各種可能性。我們在第一季度看到的是我們結果的一部分，是我們與客戶合作的中斷。

That's helpful. And then just my follow-up around the EMEA region. You saw organic sales down about 2% there in the first quarter. Understood that probably April is maybe trending worse than that based on Monish's comments. Maybe help us understand kind of what are you seeing in EMEA exactly? Most companies seem to say it's about the same as it was a few months ago. Your sort of numbers and comments imply that you are seeing some kind of shorter cycle weakness there. So maybe help us understand kind of what's changing in Europe by region or industry in terms of demand for you?

這很有幫助。然後只是我在歐洲、中東和非洲地區的後續行動。你看到第一季度的有機銷售額下降了約 2%。了解到，根據 Monish 的評論，四月的趨勢可能比四月更糟。也許可以幫助我們準確了解您在 EMEA 看到的情況？大多數公司似乎都說這與幾個月前大致相同。您的數字和評論表明您在那裡看到了某種較短的周期弱點。因此，也許可以幫助我們了解歐洲各地區或行業在對您的需求方面發生了什麼變化？

Yes. And Julian, as you recall, we realigned around our businesses back in March of 2019. So we really are managing each of our 4 go-to-market models globally and executing in the areas. We update you on just how we're performing overall in the areas of the world. And so EMEA down 2% in Q1, really was led by declines in our Consumer and Safety and Industrial businesses. Transportation and Electronics was down slightly. Health care was up actually low single digits in the quarter. So we saw some impact from both, I would say, COVID as well as the supply chain disruptions and the -- I would say, the challenges in Ukraine. So it's a -- it is an ongoing dynamic that we're watching closely. We saw strong growth in a number of our businesses as we came through the quarter and Monish walked through the outlook on the macro. So certainly, that will have an impact on EMEA. But I would say we're watching it closely as we look at the rest of the year.

是的。朱利安，您還記得，我們早在 2019 年 3 月就圍繞我們的業務進行了重新調整。因此，我們確實在全球管理我們的 4 種上市模式並在這些領域執行。我們會向您更新我們在世界各地的整體表現。因此，第一季度歐洲、中東和非洲地區下降了 2%，這實際上是由於我們的消費者、安全和工業業務的下降。交通和電子行業小幅下跌。醫療保健在本季度實際上上漲了個位數。所以我們看到了一些影響，我想說，COVID 以及供應鏈中斷以及 - 我想說的是烏克蘭的挑戰。所以這是一個 - 這是我們正在密切關注的持續動態。當我們度過這個季度時，我們看到了一些業務的強勁增長，而 Monish 則對宏觀前景進行了展望。當然，這將對歐洲、中東和非洲地區產生影響。但我會說，我們正在密切關註今年餘下的時間。

Our next question comes from Jeff Sprague with Vertical Research Partners.

我們的下一個問題來自垂直研究合作夥伴的 Jeff Sprague。

Just thinking about the adjusted framework, and I didn't get a chance to go back and look at all the restatements. But just to be clear, so on a move-forward basis, we're just excluding litigation and environmental-related costs, both on the go forward and on the way you restated the numbers?

只是想著調整後的框架，我沒有機會回去看看所有的重述。但為了清楚起見，在前進的基礎上，我們只是排除訴訟和與環境相關的成本，無論是在前進的路上還是在你重述數字的方式上？

I'm not sure I follow Jeff, but you're asking, are we going to a go-forward basis? Yes. So we have made the adjustment that going forward, all costs for significant litigation matters will be shown as an adjustment to our earnings. And so you will see the GAAP EPS number, which is reported and adjusted earnings per share. And we have also -- we have also filed an 8-K showing you restating the history. And just so that you can catch up on what it was, and Bruce talked about in his prepared remarks is, for example, in 2021, we would have excluded approximately $0.61, which was cost for significant litigation matters as a -- to show it as an adjustment, which will be 140 basis points of margin impact.

我不確定我是否關注 Jeff，但您會問，我們是否會繼續前進？是的。因此，我們進行了調整，未來重大訴訟事項的所有費用都將顯示為對我們收益的調整。因此，您將看到 GAAP EPS 數字，該數字是報告和調整後的每股收益。我們還 - 我們還提交了一份 8-K 文件，向您展示重述歷史。只是為了讓您了解它是什麼，布魯斯在他準備好的講話中談到的是，例如，在 2021 年，我們將排除大約 0.61 美元，這是重大訴訟事務的成本，以顯示它作為調整，這將對保證金產生 140 個基點的影響。

Yes, Jeff, the other comment I would have is it does not include potential changes in future reserves, just so that's clear.

是的，傑夫，我的另一條評論是它不包括未來儲備的潛在變化，這很清楚。

Yes. I mean the thing that's tricky about this guide, it's not to editorialize, right, but I think you're leaving things like Brazil charges and gains that are truly one-off in the numbers. And stuff like litigation that might be lumpy but is sort of ongoing and pulling that out of the numbers. I mean I guess we all have the discretion to use GAAP if we want. But it's just a confusing construct, I think, to use.

是的。我的意思是本指南的棘手之處，不是要進行社論，對，但我認為您將留下諸如巴西收費和收益之類的東西，這些東西在數字上確實是一次性的。諸如訴訟之類的事情可能很混亂，但仍在進行中並將其從數字中剔除。我的意思是，我想如果我們願意，我們都有使用 GAAP 的自由裁量權。但我認為這只是一個令人困惑的結構。

Fair point, Jeff. Fair point. At the end, listen, the first results are GAAP EPS. There's no going away from that. The reason we have broken this out into 2 was there was a lot of requests from investors asking us to show -- to bring better clarity to the underlying performance of our business. And we have disclosed $90 million. We disclosed that last year, too. We are disclosing it this year, too, as a reminder of what we disclosed last year. And there was an ask for people to know how much we were spending on cost for our litigation-related matters. So we've shown that as a separate line item.

公平點，傑夫。有道理。最後，聽著，第一個結果是 GAAP EPS。沒有辦法擺脫這一點。我們將其分為兩部分的原因是投資者有很多要求我們展示 - 以使我們業務的基本表現更加清晰。我們已經披露了 9000 萬美元。我們去年也披露了這一點。我們今年也將披露它，以提醒我們去年披露的內容。並且要求人們知道我們在訴訟相關事務上花費了多少成本。因此，我們將其顯示為單獨的訂單項。

You can put it either way. At the end of the day, GAAP EPS is the first thing. Second is the adjustment. So you can see how much you're spending on litigation and you can see the -- bring clarity to our underlying business. So hopefully, that clarifies.

你可以說任何一種方式。歸根結底，GAAP EPS 是第一件事。二是調整。因此，您可以看到您在訴訟上花費了多少，並且您可以看到 - 使我們的基礎業務更加清晰。所以希望，這澄清了。

And then just on the kind of the litigation milestones. Can you update us on what is next on the docket? I believe there's a few more things on Combat Arms. Maybe there's some other things we should be aware of as we're looking over the balance of the year.

然後只是關於訴訟里程碑的類型。你能告訴我們接下來要做什麼嗎？我相信Combat Arms還有更多內容。在我們查看今年的餘額時，也許還有一些其他的事情我們應該注意。

Yes. So Jeff, we still have 2 Combat Arms, bellwether cases to go here in May. So those are the next 2 trials on the docket. Beyond that, it's a little less clear what the next cases will be. If you look at PFAS, the other 1 trial schedules, I would say, have been moving frequently. We were currently scheduled for 2 trials this year. We have a June trial in Michigan, and then we have an October trial in Alabama. The aqueous film-forming foam, a multi-district litigation, the first trial there is not expected until 2023. So that gives you kind of an update.

是的。所以傑夫，我們還有 2 個戰鬥武器，5 月份的領頭羊箱子要送到這裡。所以這些是接下來的 2 項試驗。除此之外，下一個案例將是什麼還不太清楚。如果您查看 PFAS，我會說其他 1 個試驗時間表一直在頻繁變動。我們目前計劃今年進行 2 次試驗。我們在密歇根州進行了 6 月的審判，然後在阿拉巴馬州進行了 10 月的審判。水性成膜泡沫，一個多區訴訟，一審預計要到 2023 年。所以這給你一種更新。

Our next question comes from Andy Kaplowitz with Citi.

我們的下一個問題來自花旗銀行的 Andy Kaplowitz。

Monish, to the extent you can, could you give us a little more color on how you're thinking about Safety and Industrial margin moving forward? I know margin was down year-over-year, but it was materially up sequentially versus the last couple of quarters. Is that a function of maybe better mix with mask being a bit stronger? I think you mentioned strong spending discipline restructuring to the extra $70 million restructuring benefits find their way into the segment in the quarter in a bigger way.

Monish，在你力所能及的範圍內，你能否就你如何看待安全和工業利潤率的發展給我們更多的色彩？我知道利潤率同比下降，但與過去幾個季度相比，它連續大幅上升。這是一個可能更好地混合面具的功能嗎？我認為你提到了強有力的支出紀律重組，額外的 7000 萬美元重組福利在本季度以更大的方式進入該細分市場。

Yes. So I would tell you, I'll start, Andy, with -- if you go back to Mike Vale's comments at Investor Day, he talked about one of his priorities is continuing to drive margin expansion. And we saw that sequentially. We knew going into the year that the year-on-year comp will be difficult, as you correctly pointed out with the amount of inflation. But the team has driven momentum on all items, which is price, continue to see the restructuring benefits, we're able to continue to drive productivity in the factories, at the same time, continue to invest in the right amount of growth as based on the priority platforms that we have listed out, and you saw it in the first quarter.

是的。所以我會告訴你，我會開始，安迪，如果你回到邁克維爾在投資者日的評論，他談到他的首要任務之一是繼續推動利潤率擴張。我們依次看到了這一點。正如您正確指出的通貨膨脹量那樣，我們知道進入這一年會很困難。但是團隊已經推動了所有項目的動力，即價格，繼續看到重組的好處，我們能夠繼續提高工廠的生產力，同時繼續投資於適當的增長量在我們列出的優先平台上，您在第一季度就看到了。

Our mask respirator did come in better. When we had come in the beginning of the quarter, we had told you it would be down sequentially. $100 million to $150 million. It came in at $50 million down. So we know we came in stronger. I think we'll have to watch what the year plays out when it comes to mask respirator and see where that lands [us]. We've also told you, it does have an impact on us on an incremental margin basis. And coming into the year, we had said it to be down 700 on a year-over-year basis.

我們的面罩呼吸器確實做得更好。當我們在本季度初來的時候，我們告訴過你它會依次下降。 1億至1.5億美元。它下降了5000萬美元。所以我們知道我們變得更強大了。我認為我們將不得不觀察這一年在面罩呼吸器方面的表現，並看看它落在哪裡[我們]。我們還告訴過你，它確實對我們產生了增量利潤的影響。進入這一年，我們曾說過它會同比下降 700 個。

But to sum it up, Mike Vale and his team are focused on continuing to drive margin expansion as all the initiatives that they've taken from productivity, price, restructuring continue to play out. Offset that and as stability comes in, you'll start seeing the productivity also starting to kick in from a margin perspective. So a good start to the year.

但總而言之，Mike Vale 和他的團隊專注於繼續推動利潤增長，因為他們從生產力、價格和重組方面採取的所有舉措都在繼續發揮作用。抵消這一點，隨著穩定性的到來，您將開始看到生產力也開始從利潤的角度開始發揮作用。所以今年開了個好頭。

Monish, that's helpful. And I just want to follow up on Jeff's question just to make sure I understand the ongoing litigation costs. It looks like ex the special charge related to the Belgium facility that you're [guiding to] about $0.35 of special items for '22, but your litigation expenses have been running at like $0.13, $0.14 a quarter. So are you expecting the litigation costs to ramp down as the year goes on? Are there gains you're expecting? Any more color there? Am I understanding it right?

莫尼什，這很有幫助。我只想跟進 Jeff 的問題，以確保我了解正在進行的訴訟費用。看起來像與比利時設施相關的特殊費用，您 [指導] 22 年的特殊項目約 0.35 美元，但您的訴訟費用一直在 0.13 美元左右，每季度 0.14 美元。那麼，您是否預計訴訟成本會隨著時間的推移而下降？有你期待的收益嗎？還有顏色嗎？我理解對了嗎？

Yes, Andy, this is Bruce. If you look at our press release attachments, we lay out about $600 million in pretax charges estimated for the year. That includes the Zwijndrecht charge that we took in Q1. So setting that aside, underlying ongoing litigation cost to be about $450 million. From a total EPS impact for the year, we forecast $0.86, which includes $0.26 related to Zwijndrecht charge in Q1. So yes, the remaining $0.60, we took roughly $0.13 here in Q1.

是的，安迪，這是布魯斯。如果您查看我們的新聞稿附件，我們會為該年度估計約 6 億美元的稅前費用。這包括我們在第一季度收取的 Zwijndrecht 費用。因此，撇開這些不談，潛在的持續訴訟成本約為 4.5 億美元。從今年的總每股收益影響來看，我們預測為 0.86 美元，其中包括與第一季度的 Zwijndrecht 費用相關的 0.26 美元。所以是的，剩下的 0.60 美元，我們在第一季度花了大約 0.13 美元。

Our next question comes from Joe Ritchie with Goldman Sachs.

我們的下一個問題來自高盛的喬·里奇。

Bruce, I just wanted to follow up on the $600 million. I'm just curious, like, what does that actually encompass in terms of litigation? And then also, is that all cash?

布魯斯，我只是想跟進 6 億美元。我只是好奇，例如，這在訴訟方面實際上包括什麼？還有，那都是現金嗎？

Yes. So when we provided our guidance back in February, encompassed in the $10.15 to $10.65 was a plan of about $0.60 of costs related to ongoing litigation matters around PFAS, Combat Arms and respirator. So -- and then we had an additional $0.26 charge as we announced on March 30. So that what brings it to a total of $0.86.

是的。因此，當我們在 2 月份提供指導時，包含在 10.15 美元至 10.65 美元之間的是與 PFAS、戰鬥武器和呼吸器相關的正在進行的訴訟事項相關的約 0.60 美元的計劃。所以 - 然後我們在 3 月 30 日宣布額外收取 0.26 美元的費用。所以它的總費用為 0.86 美元。

Relative to cash, Joe, that's difficult to know exactly when that plays out. For example, the $0.26 charge we took here in Q1 will be paid out over time as remediation actions take place. But also, it's important to remember that there is no presumed forecast relative to updates to reserves. So largely, we'll be cash driven but won't line up 100%.

相對於現金，喬，很難確切地知道什麼時候會發生。例如，我們在第一季度收取的 0.26 美元費用將隨著補救措施的實施而隨著時間的推移而支付。但同樣重要的是要記住，沒有關於儲量更新的假定預測。所以在很大程度上，我們將是現金驅動的，但不會100%排隊。

Got it. That's helpful. And then really, just wanted to follow up on China. I saw that it was down low single digits in the quarter. I'd be curious, Mike or Monish, maybe just provide how that was trending as the quarter ended and into April.

知道了。這很有幫助。然後真的，只是想跟進中國。我看到它在本季度下降了個位數。我會很好奇，邁克或莫尼什，也許只是提供當季度結束和四月份的趨勢。

And then also, if you could provide a little bit of end market color, I would imagine that respirator sales are probably holding up a little bit better. But any type of commentary you can provide on trends there by end market would be helpful.

然後，如果你能提供一點終端市場的顏色，我想呼吸器的銷售可能會好一點。但是，您可以就終端市場的趨勢提供任何類型的評論都會有所幫助。

Yes. Sure, Joe. I'll start with what you said, it were down low single digits in the first quarter. That was a reminder, a top of 30% or more than 30% growth in Q1 of last year. We've been impacted in Q1 by the COVID lockdowns. It's impacting manufacturing and distribution. And we saw that as we finished the quarter -- it's also contributing to, I would say, a soft start to April as well. And it's really driving increasing backlog, factory shutdowns for us, also complying with government safety mandates, you're seeing increased port congestion, reduced air cargo capacity. So a number of things impacting that softer start.

是的。當然，喬。我將從你所說的開始，第一季度下降了個位數。這是一個提醒，去年第一季度增長了 30% 或超過 30%。我們在第一季度受到 COVID 封鎖的影響。它正在影響製造和分銷。我們在本季度結束時看到了這一點 - 我想說，這也有助於 4 月的軟開端。它確實推動了我們的積壓增加、工廠關閉、遵守政府安全規定、港口擁堵加劇、航空貨運能力下降。因此，有許多因素會影響較軟的啟動。

I would say it's -- the outlook remains uncertain. It's difficult to predict. We see maybe a 1 percentage point kind of headwind as we start Q2, but that can change as we go through the year. So it's important market we're seeing in Q1, we saw Health Care leading the way up mid-teens. We saw declines across Consumer, Safety and Industrial, and Transportation and Electronics, all down mid-single digits. So that's what got you to the low single digits.

我想說的是——前景仍然不確定。很難預測。在第二季度開始時，我們可能會看到 1 個百分點的逆風，但隨著我們一年的過去，這種情況可能會發生變化。所以這是我們在第一季度看到的重要市場，我們看到醫療保健在青少年中期處於領先地位。我們看到消費者、安全和工業、運輸和電子產品的下降，均下降到中個位數。所以這就是讓你達到低個位數的原因。

Our next question comes from Andrew Obin with Bank of America.

我們的下一個問題來自美國銀行的 Andrew Obin。

Just a question on the Consumer business. Historically, looking at your Consumer peers gives you a fairly good indication where you guys can come out, but sort of looking at where Avery is, Kimberly, I think Procter & Gamble have reported. Your numbers seem to be at this quarter, quite a bit below the peer group.

只是關於消費者業務的問題。從歷史上看，看看你的消費者同行會給你一個很好的指示，你們可以從哪裡出來，但是看看艾弗里在哪裡，金佰利，我認為寶潔公司已經報導過。您的數字似乎在本季度，遠低於同行。

And also, in particular, if you look at some of the verticals that you disclosed like the roofing granules, home improvement, separation purification, I would have expected those to do better given the end market?

而且，特別是，如果你看看你披露的一些垂直領域，比如屋頂顆粒、家居裝修、分離淨化，我會期望這些在終端市場上做得更好？

I guess the question I'm asking, we know the issue in the Belgium facility, but should we be thinking about a specific vertical within your technology portfolio that's being particularly impacted by supply chain that sort of gauges your ability to grow in this environment?

我想我要問的問題是，我們知道比利時工廠的問題，但我們是否應該考慮您的技術組合中的特定垂直領域，該垂直領域受到供應鏈的特別影響，以衡量您在這種環境中的成長能力？

Yes, Andrew, I would say you highlighted a couple of those particular challenges. The supply chain more broadly is impacting all of our businesses. So we're seeing disruptions in raw materials, [lytics], inflation, all that's impacting broadly our portfolio. Consumer did have organic growth up 3% in Q1 on top of 9% last year. And it was across all divisions. It was led by consumer health and safety also our home care and our home improvement products continue to lead the way.

是的，安德魯，我想說你強調了其中的幾個特殊挑戰。供應鏈更廣泛地影響著我們所有的業務。因此，我們看到原材料中斷、[裂解]、通貨膨脹，所有這些都廣泛影響了我們的投資組合。消費者在第一季度的有機增長確實高於去年的 9%。它遍及所有部門。它以消費者的健康和安全為主導，我們的家庭護理和家居裝修產品繼續引領潮流。

So we're seeing growth. And stacked on top of last year's growth, we're seeing good -- continued performance, good performance. They're not seeing any specific or particular impact. And if you look across the portfolio, aside from some of the disruptions from Zwijndrecht, we're not seeing supply chain focused in 1 part of our portfolio or another. It is, I would say, more -- some of the impacts maybe from COVID, having a geographic impact, health care, elective procedures still looking for there.

所以我們看到了增長。在去年的增長基礎上，我們看到了良好的表現——持續的表現，良好的表現。他們沒有看到任何具體或特定的影響。如果您查看整個產品組合，除了 Zwijndrecht 的一些中斷之外，我們沒有看到供應鏈集中在我們產品組合的一部分或其他部分。我想說的還有更多——一些影響可能來自 COVID、具有地理影響、醫療保健、仍在尋找那裡的選修程序。

And as Monish highlighted, the outlook for the macro in certain end markets is softening. That's less about supply chain disruptions. Maybe automotive and electronics being impacted by semiconductor shortages, but it's really more end market slowdowns that are impacting our businesses where you see an impact on something like electronics or automotive?

正如莫尼什強調的那樣，某些終端市場的宏觀前景正在走軟。這與供應鏈中斷無關。也許汽車和電子產品受到半導體短缺的影響，但實際上更多的是終端市場放緩正在影響我們的業務，您看到對電子產品或汽車等產品的影響？

Got you. And just a follow-up question. Interesting to note that you guys continue to push into electronics. You highlighted it as one of your sort of technologies within your periodic table. Can you just talk more about sort of potential M&A opportunities when it comes to digital? And how do you sort of see it fitting into your broader portfolio?

得到你。只是一個後續問題。有趣的是，你們繼續進軍電子領域。您在元素週期表中強調它是您的一種技術。在數字化方面，您能多談談潛在的併購機會嗎？您如何看待它適合您更廣泛的投資組合？

Yes, our M&A strategy, an important part of capital allocation. We see it as a place we can create value. And the way we create value there is, as you're pointing at, we look at prioritizing attractive markets, higher growth markets that can leverage 3M capabilities, our technology, our manufacturing, our global reach to customers. And so that really kind of steers us in our strategy for M&A. And when we can identify companies that we can integrate into 3M and really leverage those strengths of 3M, that's -- and move into more attractive, higher-growth market spaces, that's what's going to drive us, whether it's in opportunities around electronics or any 1 of our 4 businesses.

是的，我們的併購戰略，是資本配置的重要組成部分。我們將其視為可以創造價值的地方。正如您所指出的，我們創造價值的方式是優先考慮有吸引力的市場、可以利用 3M 能力、我們的技術、我們的製造、我們對客戶的全球影響力的更高增長的市場。因此，這確實在引導我們制定併購戰略。當我們能夠確定我們可以整合到 3M 並真正利用 3M 的優勢的公司時，那就是——並進入更具吸引力、更高增長的市場空間，這就是推動我們前進的動力，無論是在電子產品方面還是在任何領域。我們 4 家企業中的 1 家。

Our next question comes from Brendan Luecke with Bernstein.

我們的下一個問題來自 Brendan Luecke 和 Bernstein。

So just I wanted to circle back on a couple of items from the guidance call earlier this year. Wondering how your point of view may have changed given ongoing pressures on the business. So first off, I believe you talked about some 30% incremental net of respirator impact. Is that still a target in light of continued inflationary headwinds? And then second part would be around operating cash flows. You guys have guided to, I think, $7 billion to $8 billion, but we came in around $1 billion in Q1. Wondering sort of what the puts and takes look like to get to the FY target there.

所以我只是想回顧一下今年早些時候的指導電話會議中的幾個項目。想知道鑑於業務面臨的持續壓力，您的觀點可能發生了怎樣的變化。所以首先，我相信你談到了 30% 的增量淨呼吸器影響。鑑於持續的通脹逆風，這仍然是一個目標嗎？然後第二部分將圍繞運營現金流。我認為你們已經指導了 70 億到 80 億美元，但我們在第一季度的收入約為 10 億美元。想知道那裡的看跌期權是什麼樣子才能達到 FY 目標。

Yes. So I'll start with your operating leverage question, Brendan. What I've said is always in the long term, 30% to 40% is what our targeted leverage is -- incremental leverage. And when you just think about it and look at our gross margin, which is anywhere between 45% to 50%, you can see you can get to the 30% to 40%. On top of that, what I would tell you, volume gives us the best leverage. So the more we can grow, you're going to get more incremental leverage. Add to that productivity in the factory, strategic sourcing will add more to that leverage and then continued actions to drive simplification, et cetera, all of them drive positive leverage.

是的。因此，我將從您的運營槓桿問題開始，布倫丹。我所說的始終是長期的，30% 到 40% 是我們的目標槓桿——增量槓桿。當你仔細想想，看看我們的毛利率，它在 45% 到 50% 之間，你可以看到你可以達到 30% 到 40%。最重要的是，我要告訴你的是，交易量給了我們最好的槓桿。因此，我們可以發展得越多，您將獲得更多的增量槓桿。除了工廠的生產力，戰略採購將增加更多的槓桿作用，然後繼續採取行動推動簡化，等等，所有這些都會推動積極的影響。

Then to that, we take some of that and we invest it back into growth, productivity and sustainability and then, of course, manage the litigation matters, et cetera, is ongoing. So when you put all that together, long term 30% to 40% is what is doable. When we came into the guide for the year, we had said it's 30% to 40% is our target. We said around 30%. If you look at the midpoint of the range right now, which we have given you, which is 2% to 5% (inaudible) growth, $10.75 to $11.25 on an EPS basis and you put in FX, which could range anywhere from 1% to 2%, we ended at 2% right now for the first quarter and you assume that, that carries over, you will see that we are still targeting at the 30%.

然後，我們將其中的一部分投資於增長、生產力和可持續性，然後，當然，管理訴訟事務等正在進行中。所以當你把所有這些放在一起時，長期 30% 到 40% 是可行的。當我們進入年度指南時，我們曾說過 30% 到 40% 是我們的目標。我們說大約 30%。如果您現在查看我們給您的範圍的中點，即增長 2% 到 5%（聽不清），每股收益為 10.75 美元到 11.25 美元，並且您投入外匯，範圍可能在 1% 之間到 2%，我們現在在第一季度以 2% 結束，您假設，如果繼續下去，您會看到我們仍然以 30% 為目標。

We are seeing higher inflation as everyone is seeing, but as I've said in my prepared remarks, we are going to offset that inflation, our target to offset that by price actions. We've started strong in the first quarter. You can see incremental leverage was up -- if the math is nearly 70% leverage in the first quarter sequentially and will continue to drive leverage. We, of course, have to factor in all the uncertainty that's going on in the world. But the team's committed to driving it. And I would say in the long run, also I don't see why we can't get to the 30% to the 40%. Hopefully, I answered your question, Brendan, on item 1.

正如每個人都看到的那樣，我們正在看到更高的通脹，但正如我在準備好的講話中所說，我們將抵消通脹，我們的目標是通過價格行動來抵消通脹。我們在第一季度開始強勁。你可以看到增量槓桿上升——如果第一季度的數學計算是連續接近 70% 的槓桿，並將繼續推動槓桿。當然，我們必須考慮到世界上正在發生的所有不確定性。但是團隊致力於推動它。我會說從長遠來看，我也不明白為什麼我們不能達到 30% 到 40%。希望我回答了您關於第 1 項的問題，Brendan。

On your second item on operating cash flow, again, we have reiterated that we are -- and we started the year with 90% to 100% free cash flow conversion. We told you that at Investor Day, we reiterate. We have a path to get to the 90% to 100% free cash flow conversion. The first quarter at a 47% conversion was pretty much what we expected. It was all in the guide in the 90% to the 100%. The first quarter conversion is driven by 2 pieces. One is higher compensation expenses from a year-over-year basis as we paid out. And secondly is higher investments in sustainability that we had also called out. But if you look at history of 3M, the first quarter is always the lowest from a conversion [rates] than you build. So we still see a path to the 90% to the 100%.

關於您關於運營現金流的第二項，我們再次重申我們是 - 我們在今年開始時實現了 90% 到 100% 的自由現金流轉換。我們告訴過你，在投資者日，我們重申。我們有一條途徑可以實現 90% 到 100% 的自由現金流轉換。第一季度 47% 的轉化率幾乎符合我們的預期。這一切都在 90% 到 100% 的指南中。第一季度轉換由 2 件驅動。一個是我們支付的同比補償費用較高。其次，我們也呼籲對可持續性進行更高的投資。但是如果你看看 3M 的歷史，第一季度的轉化率總是比你建立的最低。所以我們仍然看到從 90% 到 100% 的道路。

Our next question comes from Deane Dray with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Deane Dray。

A question for Monish, please. Just on the FX assumption for the year. 3M, historically, has been one of the few companies that actually use financial hedges on FX. Is this still in place? And there's typically a lag when you use those hedges, so -- versus what you're seeing in the spot market? Just what's -- I can see you've got that 1% to 2% in guidance, but are the hedges at play?

請向 Monish 提問。僅基於當年的外匯假設。從歷史上看，3M 一直是少數幾家在外匯上實際使用金融對沖的公司之一。這還在嗎？當你使用這些對沖時通常會有滯後，所以 - 與你在現貨市場上看到的相比？只是什麼——我可以看到你有 1% 到 2% 的指導，但是對沖在起作用嗎？

Yes. So we do cash flow hedging, Deane, and that's been done even before my time. The team continues to do that as per the rules that are out there. For the first quarter, it was a -- FX was a $0.04 headwind. And then on a revenue, it was a 2% headwind. If you just take -- and it's very volatile, it's all due to the strength of the U.S. dollar. But if you just had to snap the chalk line a week ago and say, if that's what the trend is for the future, I would say on a revenue basis, it's somewhere between 1% to 2% impact. And then from an EPS perspective, it's a $0.05 to $0.10 headwind we've taken $0.04, so then you'll have another $0.01 to $0.06. Again, it's very volatile, Deane. So it's really hard. I'm just giving you a point in time based on just snapping the chalk line a week ago on those currency rates.

是的。所以我們做現金流對沖，迪恩，這甚至在我之前就已經完成了。團隊繼續按照現有規則執行此操作。第一季度，外匯是 0.04 美元的逆風。然後在收入方面，這是一個 2% 的逆風。如果你只是採取 - 它非常不穩定，這完全是由於美元的強勢。但是，如果您只需要在一周前打斷粉筆線並說，如果這就是未來的趨勢，我會說在收入的基礎上，它的影響在 1% 到 2% 之間。然後從每股收益的角度來看，這是 0.05 美元到 0.10 美元的逆風，我們已經採取了 0.04 美元，所以你將再獲得 0.01 美元到 0.06 美元。再次，它非常不穩定，迪恩。所以真的很難。我只是根據一周前對這些貨幣匯率的粉筆線給你一個時間點。

Our final question comes from Nigel Coe with Wolfe Research.

我們的最後一個問題來自 Wolfe Research 的 Nigel Coe。

Sorry about that. It wasn't a mute-button issue. I just want to make that very clear. So just to put a finer point on the guide. I mean you've acknowledged the dollar stronger, raw material pressure, China, Europe. So lots of incremental headwinds, but what is the offset to that, Monish, in terms of keeping the range essentially unchanged?

對於那個很抱歉。這不是靜音按鈕問題。我只想說得很清楚。因此，只是為了在指南上提出一個更好的觀點。我的意思是你已經承認美元走強，原材料壓力，中國，歐洲。如此多的增量逆風，但在保持範圍基本不變方面，Monish 對此有何抵消？

So I'll start with just -- you take the top line growth at 2% to 5% that we came into the year with, we continue to see that, Nigel, play itself out. If you take GDP, IPI, that's growing, give or take, 3% to 4%. You take auto build rates, which are still at the 5% growth rate. We have told you we can get 300 to 500 basis points of outbuild in the long term. You saw in this quarter, the team did on a negative 5% auto growth rate, they came in at plus -- were flat. So it's 500 basis points. Health Care started slow in January and February, we still see ourselves getting to in U.S. elective procedures, 95% to 100%. You look at OC [SD] or oral care, we are starting to see that back. Again, January was down due to the Omicron variant, but we have seen that back up. And then Consumer is -- we said low to mid-single digits. That's where they delivered in the first quarter. So that remains as is. So I would say when you look at all of this from a macro perspective for the year as a whole, it's -- we still see ourselves in that range of 2% to 5%. And of course, we continue to get more price to offset the inflation. So that's #1.

因此，我將從剛剛開始-您將我們今年以來的收入增長 2% 到 5%，我們繼續看到奈傑爾，發揮自己的作用。如果你拿 GDP 和 IPI 來衡量，那就是在增長，給予或接受，3% 到 4%。您採用汽車製造率，仍然保持 5% 的增長率。我們已經告訴過您，從長遠來看，我們可以獲得 300 到 500 個基點的增建。您在本季度看到，該團隊的汽車增長率為負 5%，他們的收入為正值 - 持平。所以是500個基點。醫療保健在 1 月和 2 月開始緩慢，我們仍然看到自己在美國的選擇性程序中達到了 95% 到 100%。你看看 OC [SD] 或口腔護理，我們開始看到這一點。再次，由於 Omicron 變體，1 月份有所下降，但我們已經看到了這一趨勢。然後是消費者——我們說的是低到中個位數。那是他們在第一季度交付的地方。所以它保持原樣。所以我想說，當你從全年的宏觀角度來看這一切時，我們仍然認為自己在 2% 到 5% 的範圍內。當然，我們繼續獲得更多的價格來抵消通貨膨脹。這就是#1。

I would say, secondly, we did bring out the second quarter because we wanted you all to know what we are seeing from a headwinds perspective, I'm sure you're hearing it from all industries, and we are not telling you anything new that you haven't heard from others. And then on EPS, which is $10.75 to $11.25, I go back to volume gives us the best leverage. So the 2% to 5% growth there plus the continued work that the teams are doing to drive productivity in the factories, strategic sourcing, continuing to be smart about investments in the growth, productivity and sustainability. All of that put together, we see the calculus that gets us to the $10.75 to the $11.25, and that's what we are working towards. I think things will play out as they will play out in the short run. But again, I go back to long-term growth about macro margin expansion and cash, it's clearly doable and these short-term headwinds will all play itself out.

我想說，其次，我們確實推出了第二季度，因為我們希望你們所有人都知道我們從逆風的角度看到了什麼，我相信你們從所有行業都聽到了，我們不會告訴你們任何新的東西你沒有從其他人那裡聽到的。然後在每股收益（10.75 美元到 11.25 美元）上，我回到交易量給我們提供了最好的槓桿。因此，那裡 2% 到 5% 的增長加上團隊為提高工廠生產力、戰略採購、繼續明智地投資於增長、生產力和可持續性所做的持續工作。所有這些放在一起，我們看到了讓我們從 10.75 美元到 11.25 美元的微積分，這就是我們正在努力的方向。我認為事情會發展，因為它們會在短期內發揮作用。但是，我再次回到關於宏觀利潤率擴張和現金的長期增長，這顯然是可行的，這些短期逆風都會自行發揮作用。

Okay. That's great. And I know we're running late here. So -- but it seems like you're working around the Belgium facility issue, which is just good news. But it seems to me -- and maybe this is a question for Mike, that Belgium was a symptom of a broader problem, which is to date, we've had litigation actions against PFAS, and now it seems to be more operational. And Germany, I know was proposing (inaudible) to phase out PFAS products. California has got some similar proposals as well. So how is the Board thinking about this, #1? And then secondly, how material could this be for 3M longer term? Just any color there would be helpful.

好的。那太棒了。我知道我們在這裡遲到了。所以——但看起來你正在解決比利時設施問題，這只是個好消息。但在我看來——也許這是邁克的一個問題，比利時是一個更廣泛問題的徵兆，迄今為止，我們已經對 PFAS 提起訴訟，現在它似乎更具操作性。我知道德國正在提議（聽不清）逐步淘汰 PFAS 產品。加州也有一些類似的提議。那麼董事會是如何考慮這個問題的，#1？其次，這對 3M 的長期而言有多大意義？任何顏色都會有幫助。

Yes. Nigel, maybe I'll just try to kind of frame this up a little bit. So there are 2 parts to what we're managing in Zwijndrecht, and I would say, in our manufacturing sites around the world, there's a historical impact of the PFAS chemistries, PFOA, PFOS that we exited and announced the exit almost 20 years ago now and -- or exited almost 20 years ago. And then there's ongoing operations. And so we're working on both of those in Zwijndrecht as the charge that we announced in March was to resolve remediation related to that historical PFOA-PFOS manufacturing.

是的。奈傑爾，也許我會試著把它框起來一點。因此，我們在 Zwijndrecht 管理的工作有兩個部分，我想說的是，在我們在世界各地的製造基地中，PFAS 化學品、PFOA、PFOS 具有歷史影響，我們在大約 20 年前退出並宣布退出現在和 - 或近 20 年前退出。然後是正在進行的操作。因此，我們正在 Zwijndrecht 開展這兩項工作，因為我們在 3 月份宣布的指控是解決與歷史上的 PFOA-PFOS 製造相關的補救措施。

And then we're working with the authorities in Flanders around an operating permit going forward. And that's something that we've been doing around the world at our 5 sites with regulatory authorities and continue to do that. It's -- PFAS continues to be a critical -- PFAS substances, there's more than 4,000 of them. We continue to have some PFAS in our products that is critical to customer needs in health care, electronics, automotive. And so it's something we're managing with those sites, managing with those authorities and something we'll keep you updated on as appropriate as we go forward.

然後，我們正在與法蘭德斯當局合作，圍繞未來的經營許可證。這是我們在世界各地與監管機構合作的 5 個站點一直在做的事情，並將繼續這樣做。它是——PFAS 仍然是一種關鍵——PFAS 物質，其中有 4,000 多種。我們的產品中繼續含有一些 PFAS，這對醫療保健、電子產品和汽車領域的客戶需求至關重要。因此，這是我們與這些網站一起管理的事情，與那些當局一起管理的事情，我們會在我們前進的過程中隨時向您提供最新信息。

That concludes the question-and-answer portion of our conference call. I will now turn the call back over to Mike Roman for some closing comments.

我們電話會議的問答部分到此結束。我現在將把電話轉回給 Mike Roman 以徵求一些結束意見。

To wrap up, we had a good start to the year with solid growth, sequential margin expansion and strong cash generation. We are positioned for a successful 2022, and we'll stay focused on taking care of our customers, driving growth and improving our operational performance. Thank you for joining us.

總而言之，我們在今年有一個良好的開端，增長穩健，利潤率連續擴張，現金產生強勁。我們為 2022 年的成功做好了準備，我們將繼續專注於照顧我們的客戶、推動增長和提高我們的運營績效。感謝您加入我們。

Ladies and gentlemen, that does conclude the conference call for today. We thank you for your participation, and we ask that you please disconnect your lines.

女士們先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。