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，感謝你們的支持。歡迎參加 3M 第一季財報電話會議。 （操作員指示）提醒一下，本次會議將於 2022 年 4 月 26 日星期二進行錄製。

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

現在，我想將會議交給 3M 公司投資者關係資深副總裁 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，早安，歡迎參加我們的第一季財報電話會議。今天與我一起出席的還有 3M 公司董事長兼執行長 Mike Roman；我們的財務與轉型長 Monish Patolalawala；以及我們的技術長 John Banovetz。今天，約翰與我們一起討論我們在去年 2 月提出的永續發展目標的進展。麥克、莫尼什和約翰將發表一些正式評論，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，今天的收益報告和本次電話會議的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。請翻到投影片 2。請花點時間閱讀前瞻性聲明。在今天的電話會議中，我們將做出一些預測性陳述，反映我們對 3M 未來業績和財務結果的當前看法。這些聲明是基於對未來事件的某些假設和預期，這些假設和預期受風險和不確定性的影響。我們最新的 10-K 表格第 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，在今天的演示中，我們將參考某些非 GAAP 財務指標。非公認會計準則 (non-GAAP) 指標的對帳表可在今天的新聞稿附件中找到。

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.

請翻到幻燈片 3。在將電話交給麥克之前，我想花點時間強調我們將從 2022 年第一季開始的財務報告變更。我們認識到，過去幾年我們產生的法律相關費用的增加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，並決定透過擴大非 GAAP 計量調整的範圍來提供額外披露，以涵蓋呼吸器面罩、PFAS 和戰鬥武器事宜的應計變更和法律費用的所有影響。這項變更是我們與你們中的許多人進行討論以及最近進行的基準測試工作的結果。

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 年更新的非 GAAP 財務業績歷史。此外，我們將在今天下午提交 2022 年第一季 10-Q 表後立即發布 8-K 表，對我們最新的 10-K 表年度報告進行修訂，以反映這一非公認會計準則指標變化和分部報告變化的影響。此外，我們今天的新聞稿和簡報中的 2022 年第一季財務業績和 2022 年全年指引也包含了這些變化。請注意，我們的指導不包括對 PFAS 或戰鬥武器儲備的未來變化。

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%.

本投影片重點強調了這項變更對我們的非公認會計準則財務報告的影響。如您所見，以新的調整後基礎計算，2021 年的營業利潤率為 22.2%，比 2019 年 COVID 之前的水平上升了 70 個基點，而比之前的基礎下降了 40 個基點。調整後的 EBITDA 利潤率自 2019 年以來擴大了 110 個基點，達到 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.

具體來看投影片 4 上的 2022 年第一季業績，調整後每股盈餘為 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 0.13 美元的法律相關費用，以及比利時 PFAS 相關補救費用 0.26 美元，我們此前已於 3 月 30 日通過新聞稿和 8-K 表格文件宣布了這一消息。正如我們在 3 月的新聞稿和 8-K 表格文件中所指出的，這項費用將在計算我們第一季經特殊項目調整後的業績時反映為一項調整。

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財務表現時提供高度透明度。當然，我們隨時準備好解答您的問題。

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

請翻到投影片 5，現在我將把電話交給 Mike。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。大家早安，感謝大家的收看。在充滿挑戰的全球環境中，3M 在 2022 年取得了強勁開局。正如 Bruce 剛才指出的那樣，為了更清楚地說明訴訟相關成本和我們的基本業務表現，從第一季度開始，我們將報告調整後的收益，以排除重大訴訟成本，該成本在第一季為 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 日所溝通的那樣，我們還對比利時茲韋恩德雷赫特的業務進行了額外投資，產生了 0.26 美元的費用。除這項投資外，我們對 2022 年的財務前景保持不變。大家還記得，在我們 2 月的策略展望會議上，我們承諾透過繼續為客戶進行創新並重新定位我們的產品組合以在有吸引力的市場中取勝，在 2022 年推動成長和股東價值。

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.

我們也致力於透過專注於卓越營運實現強勁的利潤率、每股盈餘和現金流，同時繼續投資於成長、生產力和永續性。在第一季度，我們執行得很好，履行了這些承諾，我將在第 6 張投影片上討論。

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.

我們堅持不懈地專注於服務客戶，同時應對供應鏈中斷、通貨膨脹和地緣政治壓力。我們實現了 2% 的有機成長，利潤率連續提高，調整後每股收益為 2.65 美元，現金產生能力強勁。總體而言，需求強勁，儘管由於某些終端市場的挑戰、COVID 的影響以及最近的地緣政治事件，全球經濟前景有所疲軟。

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.

我們各項業務年初都取得了良好的業績。安全和工業領域的終端市場需求強勁，但一次性呼吸器的銷售下降部分抵消了這一需求。在運輸和電子領域，儘管受到半導體短缺的影響，我們的汽車業務仍然繼續表現出色。醫療保健產業表現良好，成長了 5%，消費品產業除去年 9% 的成長外，今年又成長了 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.

為了實現長期成長，我們繼續優先投資於我們業務中的高成長機會以及規模龐大、意義重大的商業機會。例如，我們的汽車電氣化平台在 2021 年成長 30% 的基礎上，憑藉新的創新實現了 20% 的有機成長。在醫療保健領域，隨著 3M Science 推進新療法和疫苗的開發和製造，我們的生物製藥業務實現了 15% 的有機成長。為了滿足我們生物製藥解決方案日益增長的需求，我們投資 3,500 萬美元，將位於密蘇裡州哥倫比亞的工廠的產能翻倍。

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.

我們也將繼續管理我們的投資組合併為我們的客戶和股東釋放價值。我們預計在第三季完成食品安全業務的剝離。今年三月，我們剝離了西歐的地板產品業務，以便優先發展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，昨天我們宣布收購了LeanTec的技術資產，LeanTec是一家為美國和加拿大汽車售後市場提供數位庫存管理解決方案的供應商。這是我們如何在核心領域中獲勝並著眼於未來的另一個例子，創建新的平台以獲取新興趨勢和機會。在這種情況下，互聯車身修理廠是 3M 的數位平台之一，它將數據、分析和材料科學融為一體。我們持續應對全球供應鏈中斷問題，近期的地緣政治動盪加劇了這個問題。我們正在盡一切努力照顧客戶，同時管理延長的交貨時間和提高的庫存水準。同時，我們繼續推行強勁定價以抵銷通膨。

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.

與許多其他跨國公司一樣，我們正在積極應對烏克蘭衝突。我們的重點仍然是確保處於危險中的 3Mers 的安全。 3M 公司向歡迎難民入住家園的員工捐贈了近 400 萬美元，我對此感到非常自豪。我們與烏克蘭同事站在一起，並已暫停在俄羅斯的業務。鑑於我們在世界各地看到的情況，我們預計供應鏈挑戰在可預見的未來仍將持續存在。

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，這使我們能夠投資於業務，同時在本季透過股息和股票回購向股東返還 16 億美元。我們在第一季增加了股息，這是我們連續第 64 年增加股息。關於訴訟，我們正在戰鬥武器領頭羊案件中積極為自己辯護。我們很高興，在本月初的最新標誌性審判中，陪審團支持 3M，這是原告選擇的律師。到目前為止，我們已贏得 6 場審判，輸掉了 8 場審判，並且已經或將對所有不利判決提出上訴。八名領頭羊也在開庭審理前被原告解僱。

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.

我還想提供有關茲韋恩德雷赫特工廠營運中斷的最新情況，我知道這是人們最關心的問題。上個月，我訪問了比利時，會見了當地領導人並確認了我們對茲韋恩德雷赫特社區的承諾。如前所述，我們將繼續與弗蘭德當局合作，履行我們的補救義務，並努力實現更大的營運確定性。

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，用於推進現有營運中的空氣和水管理，其中包括安裝新的最先進的過濾系統。此外，上個月，我們承諾投入 1.5 億歐元用於解決 3M 工廠及週邊地區遺留的 PFAS 製造和處置問題。為了幫助減少對客戶的影響，我們從全球其他站點供貨，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，使茲韋恩德雷赫特的閒置流程恢復正常，向我們的客戶提供必需的產品，並履行我們的承諾。 5 月 11 日，我們將發布全球影響報告，重點介紹我們在履行永續發展承諾方面取得的進展。稍後，3M 技術長 John Banovetz 將介紹這些承諾的一個重要部分，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.

總而言之，第一季對 3M 來說是一個好的開端，我感謝所有員工的貢獻。正如我之前提到的，我們致力於解決供應鏈中斷和訴訟風險等更廣泛的挑戰，同時我們將繼續投資於我們的基礎業務，這些業務仍然強勁且具有良好的成長潛力。

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.

我們維持對全年的預期，並根據我們討論過的報告變更進行調整，這將使我們在處理訴訟事宜時更清楚地了解我們的基本業績。在 3M，我們以目標為導向，並由四大行業領先業務、獨特的全球能力以及一支經驗豐富且多元化的團隊提供支援。我相信，在 2022 年，我們有能力超越宏觀層面實現成長，並提高我們的營運績效。

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

現在我將把發言權交給 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，麥克。請翻到幻燈片 7。作為一家全球製造商，3M 長期以來一直致力於環境管理。在過去的二十年裡，我們的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。全球近 50% 的電力消耗來自再生能源，我們正朝著 100% 的目標邁進。在過去的五年裡，我們的創新幫助客戶避免了 1 億噸的排放。為了推動公司的發展，我們將繼續鞏固基礎，推進策略，並投資於基於科學的承諾，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，實現有關空氣、水和廢物的新目標，從而加快了我們的領導地位。正如您在幻燈片左側看到的，我們的目標是有意義的、真實的並且對世界有影響的。它們植根於 3M 科學，將數學應用於快速改變排放曲線的途徑。我們承諾在 2022 年將用水量減少 10%，到 2030 年減少 25%。為了改善水質，我們承諾在 2023 年之前在我們最大的用水點安裝過濾技術，並且我們承諾實現碳中和，並在此過程中取得積極的里程碑。

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 億磅的原生化石塑膠使用。在過去的一年裡，我們在每個目標上都取得了長足的進步，在某些領域提前完成了計劃，在所有其他領域也都步入了正軌。我們已經將碳足跡減少了 25%，並將用水量減少了 10% 以上，其中包括在我們位於阿拉巴馬的工廠安裝新的閉環水循環系統。

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.

正如麥克所提到的，我們也透過新的最先進的系統提高了茲韋恩德雷赫特的過濾能力。這是我們去年 9 月宣布的 1.25 億歐元投資的一部分，並且已在其他幾個 3M 工廠完成了額外工作。例如，今年晚些時候，伊利諾伊州科爾多瓦將全面安裝包括離子交換和逆滲透在內的新型過濾技術。我們宣布向明尼蘇達州科蒂奇格羅夫投資 1.65 億美元，此前我們去年決定關閉焚化爐，從而改善廢物管理，同時減少現場能源和水的使用。

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，在過去的一年裡，我們透過消費品業務的創新設計減少了 1,900 萬磅的塑膠使用量，例如我們的 Scotch 雙面膠帶，我們對其進行了重新配製，以消除 PVC 塑料和包裝，從而每年減少 30 萬磅的溶劑使用量。

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，我們預計將實現或超越去年 2 月制定的每個目標，並將在 2022 年取得更大進展。今年，我們預計將再減少 5% 的用水量，將原生塑膠的用量減少一倍，並進一步擴大我們在最大用水點的過濾能力。

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 齊心協力履行承諾而感到自豪。展望未來，我們將繼續與社區、客戶和政府合作，推動我們的環境管理，為世界做出貢獻。正如麥克所說，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，其中詳細介紹了我們的優先事項和進展。

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

現在我將請 Monish 介紹本季的詳細資訊。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。祝大家早安。請翻到投影片 9。在一個依然極不穩定且不確定性日益增加的宏觀環境中，3M 團隊在第一季表現出色。我們始終專注於為客戶提供服務，推動營運執行並保持成本紀律，同時繼續投資業務以促進成長。第一季總銷售額為 88 億美元，有機成長 1.7%。提醒一下，有機銷售成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，調整後的營業利益率為 21.4%，調整後的每股盈餘為 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.

在這張投影片上，您可以看到與去年第一季相比影響我們的營業利潤率和每股盈餘表現的因素。我們繼續推動價格行動，實現過去重組帶來的節約，並維持嚴格的支出紀律，這有助於抵消已知和新的不利因素。正如我在二月份投資者日演講中所強調的那樣，我們在 2021 年採取行動應對原材料和物流成本上漲方面取得了重大進展。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膨壓力。

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，以提高靈活性、推動協調並簡化流程。此外，我們還透過推出模擬價格實現、洩漏和彈性的工具來增強我們的報告和數據分析能力。這些努力在第一季繼續獲得回報，因為銷售價格行動帶來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，儘管我們看到原材料和物流通脹將持續存在，但我們將繼續利用由數據和數據分析驅動的日常管理，期望透過 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 2020 年 12 月重組公告相關的最終行動。自 2020 年第四季以來，我們已發生約 2.8 億美元的稅前重組費用，而最初預期為 2.5 億至 3 億美元。預計這些措施將帶來約 2.5 億美元的稅前節省，處於我們估計的 2 億至 2.5 億美元範圍的最高值。我們在 2021 年實現了 1.8 億美元的節省，預計 2022 年節省的餘額將達到 7000 萬美元，這已納入我們的指導中。

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.

本季度，我們的一次性呼吸器需求年減了近 5,000 萬美元，這對營業利潤率產生了 10 個基點的負面影響，每股收益減少了 0.03 美元。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事項，包括原材料和物流的可用性、不斷演變的與 COVID 相關的衝擊（包括強制封鎖）、1 月和 2 月我們美國工廠以及現在中國工廠的員工缺勤情況。我們位於比利時的工廠的某些業務繼續關閉。以及最近烏克蘭地緣政治危機的影響。這些動態持續導致需求計劃的不斷變化，同時在我們努力服務客戶的過程中增加成本並對製造生產力造成壓力。

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，正如您將在全年聽到的那樣，我們將繼續優先投資於成長、生產力和永續性，以推動長期業績。並利用汽車、家居裝飾、安全、醫療保健、電子和軟體等大型、有吸引力的市場的趨勢。

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.

轉向原料。我們繼續面臨通膨壓力，本季通膨壓力年增約 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。本季度，外匯對利潤率產生了 10 個基點的收益，但對每股收益產生了 0.04 美元的同比負影響，這主要是由於美元走強所致。

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.

其他金融項目每股淨收益較上年同期增加 0.04 美元，受益於股份數量減少和淨利息支出下降，足以抵消稅率提高的不利影響。儘管利潤率和收益同比有所下降，但考慮到當前動盪和不確定的環境，觀察其連續表現也很重要。我們採取的行動包括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，這使我們能夠將調整後的利潤率和每股收益分別提高 140 個基點和 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.

請翻到投影片 10。第一季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。由於現金補償增加以及成長和永續性投資的資本支出增加，轉換率較去年同期下降。

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，我們的 90% 至 100% 的自由現金流轉換預期保持不變。如您所知，我們目前面臨的環境非常不穩定，尤其是在全球供應鏈和物流挑戰方面。因此，短期內我們將經歷一些營運資金的起伏，但一旦情況穩定下來，你就會看到數據和分析的力量以及營運嚴謹性帶來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.

由於我們增加了對成長、生產力和永續性的投資，本季資本支出為 4.24 億美元，年增 37%。就全年而言，我們繼續預期資本支出將在 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.

本季度，我們透過 8.52 億美元的現金股利和 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、全球經濟情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，我們目前的股價代表著一個很好的買入機會，並且我們在年初就一直活躍在市場上。雖然由於即將進行的食品安全資產剝離，我們目前已退出市場，但我們目前預計全年股票回購總額將達到 20 億美元。由於我們繼續對業務進行投資，淨債務達到 133 億美元，成長約 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.

我們的資本結構良好，為我們提供財務靈活性和選擇性。我們強大的資產負債表和現金流創造能力，加上嚴格的資本配置，繼續為我們提供財務靈活性，以投資我們的業務，尋求戰略機會並向股東返還現金，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.

請翻到投影片 12 了解我們第一季業務集團的業績。我首先從我們的安全和工業業務開始，該業務第一季同比增長 0.5%。這一結果包括一次性呼吸器銷售額年減約 5,000 萬美元，這對安全和工業第一季的有機成長產生了 1.5 個百分點的負面影響。與去年受疫情影響的 20% 的同比下降相比，我們的個人安全業務有機下降了中等個位數。展望未來，我們仍然預計，隨著 2022 年的到來，與 COVID 相關的一次性呼吸器需求將會下降。但是，如果趨勢發生變化，我們仍然準備好應對隨著 COVID 影響的演變而出現的需求變化。

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.

轉向其餘的安全和工業領域。與去年相比，工業黏合劑和膠帶、電氣市場、磨料、封閉和遮蔽市場均實現了中等個位數的成長，而屋頂顆粒和汽車售後市場業務則實現了低個位數的成長。安全與工業部門第一季調整後的營業收入為 6.99 億美元，較去年同期下降 14%。調整後營業利益率為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原材料和物流成本上漲以及製造業生產力逆風的影響。銷售價格上漲、支出紀律和重組行動帶來的好處部分抵銷了這些影響。

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致力於透過新興趨勢和機會來建立未來。最近，3M 收購了 LeanTec 的技術資產，以推進汽車修理廠的數位化解決方案。此數位平台將數據擷取和分析與材料產品平台結合，為店主和經理提供更多數據存取權限，從而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.

轉到幻燈片 13 上的運輸和電子行業，其有機下降了 0.3%，這主要是由於半導體供應鏈限制對汽車和消費性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.

由於我們繼續在汽車平台上滲透，我們的汽車 OEM 業務的有機銷售額與去年同期持平，而全球轎車和輕型卡車產量則下降了 5%。我們的電子相關業務有機下滑了個位數，消費性電子產品，尤其是智慧型手機和電視，都出現了下滑。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.

轉向其餘的運輸和電子領域。商業解決方案實現了高個位數成長。先進材料價格持平，而運輸安全價格較去年同期下降中個位數。第一季營業收入為4.96億美元，年減11%。營業利益率為21.2%，較去年同期下降2個百分點。原材料和物流成本上漲、製造生產力下降以及汽車電氣化投資均對營業利潤率產生了影響。這些年比不利因素被銷售價格上漲、嚴格的支出紀律和重組行動帶來的好處部分抵銷。運輸和電子業務集團致力於執行其戰略要務，在汽車電氣化、半導體、電子材料以及圖形和建築薄膜等高成長領域建立新的成長平台。

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.

我們來看幻燈片 14 的醫療保健業務，該業務第一季有機銷售額增長 4.7%，所有業務均實現成長。我們的醫療解決方案業務有機成長了中等個位數。由於新冠疫情減緩了手術速度，尤其是在 1 月和 2 月，第一季美國選擇性醫療手術量約為新冠疫情之前的 85% 至 90%。 我們的口腔護理業務銷售額年增了個位數。受新冠疫情影響，1 月和 2 月全球口腔護理手術量下降，但 3 月開始回升。整體而言，本季的患者就診量達到疫情前的 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，這導致本季外科手術和牙科手術量低於預期。分離和純化業務同比增長中等個位數，因為對 COVID 相關疫苗和治療的生物製藥過濾解決方案的需求持續存在。

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.

在收入週期管理和臨床醫生解決方案強勁成長的推動下，健康資訊系統實現了中等個位數成長。最後，食品安全指數上漲了個位數。正如麥克所提到的，我們仍有望在第三季完成這項業務的剝離計劃，並將其與 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.

醫療保健業務第一季營業收入為4.48億美元，較去年同期下降3.5%。營業利益率為21.1%，下降1.4個百分點。年比營業利潤率受到原材料和物流成本、製造生產力、業務投資以及食品安全交易相關成本的影響。這些影響被銷售成長的槓桿效應、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.

儘管當前情況如此，醫療保健業務集團仍致力於提供臨床差異化的創新平台，以改善患者的治療效果並降低照護成本。我們一直專注於三個關鍵領域：傷口護理；醫療保健資訊科技；和生物製藥過濾。這些細分市場得到了主要市場趨勢的良好支持，包括：人口老化導致的慢性病增加；將護理轉移到成本最低的環境中；改善醫療保健獲取趨勢；最後是數位化和互聯解決方案。

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.

請翻到投影片 15。最後，我們的消費者業務第一季與去年相比實現了 3.4% 的有機成長，所有業務均實現了成長。我們的家裝業務持續表現良好，在去年超過 20% 的成長基礎上，又出現了低個位數的成長。該業務繼續透過我們類別領先的 Filtrete 和 Command 品牌的家居裝修零售客戶實現強勁成長。文具、辦公和家庭護理在第一季實現了低個位數的有機成長。最後，我們的消費者健康和安全業務年增了百分之十幾。

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.

消費者業務的營業收入為 2.24 億美元，較去年同期下降 17%。營業利益率為17.1%，較去年同期下降3.7個百分點。從歷史上看，第一季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受到持續的供應鏈限制以及原材料和外包耐久財製造成本上漲和製造生產力影響的進一步影響。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了這些不利因素。持續創新並推動消費者業務集團的永續發展是重中之重。

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選擇在線購物，他們希望獲得能夠保護包裝和內容的解決方案，同時使購物過程比以往更加便利和永續。因此，我們最近推出了 Scotch Cushion Lock，這是塑膠緩衝包裝的新型永續替代品，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專注於創新和服務這個龐大且不斷成長的市場。

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.

請翻到投影片 17，了解我們對 2022 年的展望。眾所周知，大多數公司都面臨著更動盪和不確定的宏觀環境，這歸因於多種因素，包括持續的全球供應鏈和物流挑戰、半導體限制的持續影響（尤其是對汽車和電子行業）、COVID-19 的影響不斷演變、地緣政治不確定性增加、外匯波動，以及最終通膨壓力上升，包括原材料、成本、成本、成本。這導致趨勢疲軟，影響了 GDP 和 IPI 的全年成長預期。預計這兩個宏觀指數目前將上漲約 3%，而年初時則上漲了 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，我們仍預期有機成長率將在 2% 至 5% 之間。調整後每股收益預計為 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仍維持在 90% 至 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，請允許我對第二季發表一些評論。首先，我們看到 4 月銷售起步緩慢，主要是因為中國新冠疫情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漲，對第二季造成年比約 2.25 億美元的影響。我們預計一次性呼吸器的需求將年減約 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，特別是上個月，運輸和電子終端市場的成長預期有所放緩。目前預測第二季全球汽車產量將年增約 2%，但較上季下降 3%。預計智慧型手機銷量將年增約 1%，但較上季下降 5%。我們預計，第二季度美國醫療和口腔護理選擇性手術量將達到疫情前的 90% 至 95%。最後，需要提醒的是，去年第二季度，巴西最高法院的社會稅裁決帶來了約 9,000 萬美元的營業收入收益，即每股 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.

總而言之，儘管我們在當前環境下仍保持謹慎，但我們對長期前景持樂觀態度。我們致力於為客戶提供服務、採取適當的價格行動、推動營運執行和管理支出，同時繼續保持強大的財務嚴謹性並維持強大的資本結構和財務靈活性。從長遠來看，我們將實現宏觀成長、擴大利潤率並實現強勁現金流。

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流動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% 的有機銷售額增長，調整後利潤率為 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.

我也想藉此機會親自感謝我們的客戶和供應商對我們的信任和信心，並感謝他們與我們保持著牢固而密切的合作關係，幫助我們應對當前的挑戰。今年我們有了一個好的開始。我們正在密切關注環境並努力應對當前的挑戰，還有更多的工作要做。

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

我對第一季的發言到此結束。現在我們將回答大家的提問。

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

（操作員指示）我們的第一個問題來自摩根大通證券的史蒂夫·圖薩。

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.

您能否更詳細地介紹一下第二季的情況？然後，我的意思是，對一些假設有很多適度的下調。我只是——不是 100% 清楚指南是如何重申的，也許您說的是更多——您仍然在範圍內，但朝著低端發展？這只是這兩個因素的開始。

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，今年的指導目標是實現 2% 至 5% 的有機成長。我們繼續看到，2% 到 5% 的成長是可行的，根本沒有改變。向您提供第二季度展望的目的就像您建立模型以幫助您思考宏觀經濟環境一樣，正如我所說，四月份的開局較慢，主要是受中國及其那裡的工作所驅動。但我們必須觀察何時解除封鎖，以及中國歷史上恢復的速度有多快。因此，我們只是向您提供我們在四月看到的情況。

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，受半導體和晶片短缺的影響，汽車和消費產業的一些宏觀趨勢連續下降，但醫療保健開始從 85% 上升到 90%，再到 90% 和 95%。因此，就今年的收益和收益而言，我們仍然預計會達到我們之前提到的 2% 至 5% 的區間，調整後的每股收益為 10.75 美元至 11.25 美元。因此沒有變化。

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——第一季終端市場需求依然強勁。到目前為止，除了我所說的中國市場以外，我們都看到市場表現強勁，但總體而言，我們仍然看到市場表現強勁。我認為時間會告訴我們這些不確定因素將如何度過這一年，但我對長期前景和今年前景都持樂觀態度。

Our next question comes from Scott Davis with Melius Research.

我們的下一個問題來自 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.

我認為您今天早上討論的許多問題與我們在其他地方看到的問題非常相似。但我們可以談談定價問題嗎？我知道您不再將其作為一項具體內容進行分解，但也許您可以談論更宏觀的情況。我的意思是，上個季度，你們的價格上漲了 2.6%，本季的核心銷售量上漲了 2% 左右。所以，這可能意味著——如果我必須猜測的話，你的價格可能會比這更好一點，而且交易量可能在同類產品中更加平穩。但是您能談談價格成本平價目標嗎？我的意思是，考慮到上個月的成本增加，您認為什麼時候會發生這種情況？您認為什麼時候可以達到價格成本平價？今年能達到嗎？什麼時候能達到？從方向上看，我們的價格仍在上漲。之後我會將其傳遞下去。

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，這個團隊做得非常好。正如我所談到的，我們擁有的工具，日常管理。去年，我們的定價起步較慢，為 0.14%，第三季上漲至 1.4%，第四季上漲至 2.6%。本季度，我們延續了這一勢頭，這主要得益於兩個因素，即結轉影響和新定價。正如我在準備好的演講中所說，我們抵消了通貨膨脹的數額——如果你只是根據利率而不是美元來計算的話。所以——本季我們的價格上漲了 3% 以上。團隊非常關注即將出現的額外通貨膨脹，他們已經在努力提高價格。正如我在準備好的演講中所說，我們的目標是透過額外的價格來抵消我們所看到的額外的通貨膨脹。因此第一季的開局非常好。

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，您的線路已開通。你可以繼續你的問題。

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

接線員，請問我們可以繼續回答下一個問題嗎？

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

我們將繼續討論巴克萊銀行的朱利安米切爾 (Julian Mitchell) 的下一篇演講。

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?

也許只是關於——我了解比利時工廠的補救措施的第一個問題。但這是近幾個月來您多次提到的一個話題，投資者也經常向我們詢問有關該工廠的問題。只是嘗試將工廠的進口規模擴大到 3M 的整體營運規模。既然您在一個季度後向我們提供了完整的更新，也許可以幫助我們了解工廠生產問題對您的指導產生了什麼樣的影響。就該工廠的庫存而言，即使沒有全面生產，您仍然可以繼續從中發貨嗎？

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。正如我們過去所說的那樣，我們已經關閉了工廠的一些特定業務，我們將繼續與當地政府合作，更新我們在那裡的許可證，並繼續努力解決這個問題。我們是該工廠特種流體（包括用於半導體的傳熱流體）的領先供應商，我們正在努力解決所遇到的營運中斷問題。茲韋恩德雷赫特是我們客戶這些資料的重要供應來源。因此，我們正在努力解決這個問題，以便能夠繼續從那裡供貨。我們也希望盡可能利用其他地點的產能進行供應。這是我們在第一季看到的影響。這是我們固有觀念。我們正在與客戶合作解決他們正在遇到的任何干擾。因此，我們會在減輕影響的同時不斷向您通報最新情況，並會在適當的時候向您通報。

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。但這並不是第二季或全年的重大不利因素。你可以設法應對這個問題，但短缺仍然存在。

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。我們正在進行一個流程。因此存在一些不確定性。我們必須解決那裡的許可證問題。我們今年要更新許可證。所以這都是我們正在努力的事情。我們非常謹慎地表示，目前我們的某些操作已經中斷。有可能恢復營運。有可能會出現需要關閉其他操作的情況。因此，我們一直謹慎地列出各種可能性。我們在第一季看到的是業績的一部分，也是我們正在與客戶合作解決的問題。

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。然後就是我對 EMEA 地區的後續關注。第一季有機銷售額下降了約 2%。根據 Monish 的評論，我了解到 4 月的趨勢可能比這更糟。或許可以幫助我們了解您在歐洲、中東和非洲地區到底看到了什麼？大多數公司似乎都表示情況與幾個月前差不多。您的數字和評論暗示您看到了某種較短週期的弱點。那麼也許您可以幫助我們了解歐洲各地區或各行業的需求發生了哪些變化？

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，你還記得，我們​​在 2019 年 3 月重新調整了業務。因此，我們實際上在全球範圍內管理我們的 4 種上市模式，並在各個領域執行。我們將向您通報我們在世界各地區的整體表現。因此，歐洲、中東和非洲地區第一季的銷售額下降了 2%，這實際上是由於我們的消費者、安全和工業業務的下滑所致。運輸和電子行業股價略有下降。本季醫療保健費用實際上只上漲了個位數。因此，我們看到了新冠疫情、供應鏈中斷以及烏克蘭挑戰等因素的影響。所以這是我們正在密切關注的持續動態。在本季度，我們看到多項業務都實現了強勁成長，而莫尼什也闡述了宏觀前景。因此，這肯定會對 EMEA 產生影響。但我想說，我們正在密切關註今年剩餘時間的情況。

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

我們的下一個問題來自 Vertical Research Partners 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?

只是考慮調整後的框架，我沒有機會回頭去看所有的重述。但需要明確的是，從未來來看，我們只是排除了訴訟和環境相關的成本，無論是未來的還是您重述數字的方式？

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.

我不確定我是否明白傑夫的意思，但你問的是，我們是否會繼續前進？是的。因此，我們做出了調整，今後所有重大訴訟事項的費用都將顯示為我們收益的調整。因此您將看到 GAAP EPS 數字，即報告和調整後的每股盈餘。而且我們還提交了一份 8-K 文件，向您重述了歷史。為了讓您了解情況，布魯斯在準備好的演講中談到，例如，在 2021 年，我們將排除約 0.61 美元，這是重大訴訟事項的成本 - 將其顯示為調整，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，我要說的另一點是，它不包括未來儲備的潛在變化，只是為了清楚起見。

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，這本指南的棘手之處在於，它不是要發表社論，對吧，但我認為你遺漏了諸如巴西的費用和收益之類的數據，而這些確實是一次性的。而像訴訟這樣的事情可能比較複雜但卻在持續進行，並且無法從數字中看出。我的意思是，如果我們願意的話，我們所有人都有權利自行決定使用 GAAP。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.

說得對，傑夫。公平地說。最後，聽著，第一個結果是 GAAP EPS。這是無法改變的。我們將其分為兩部分的原因是，許多投資者要求我們展示——以便更清楚地了解我們業務的基本表現。我們已經披露了 9000 萬美元。我們去年也披露了這一點。我們今年也會透露這些訊息，以提醒我們去年揭露的內容。有人要求人們了解我們在訴訟相關事宜上花費了多少成本。因此我們將其顯示為單獨的項目。

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.

不管怎樣說都可以。歸根究底，GAAP EPS 是第一位的。二是調整。因此，您可以看到您在訴訟上花費了多少錢，並且您可以看到——這為我們的基礎業務帶來了清晰度。希望這能澄清一切。

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事情。您能告訴我們下一步的議程安排嗎？我相信戰鬥武器上還有一些其他的東西。當我們回顧今年的餘額時，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。傑夫，我們還有 2 個戰鬥武器標竿案例要在 5 月處理。這就是接下來的兩次審判。除此之外，接下來的案件將會是什麼還不太清楚。如果你看一下 PFAS，我想說其他 1 個試驗時間表一直在頻繁變動。我們目前計劃今年進行兩次試驗。我們將於 6 月在密西根州進行審判，然後在 10 月在阿拉巴馬州進行審判。這起水成膜泡沫案是一場跨區域訴訟，預計要到 2023 年才會進行首次審判。所以這給了你一種最新情況。

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.

莫尼什，如果可以的話，您能否向我們詳細介紹一下您對未來安全和工業利潤的看法？我知道利潤率同比有所下降，但與前幾個季度相比，利潤率環比大幅上升。這是否是與面膜更好地混合而使功效更強的一種功能？我認為您提到了強有力的支出紀律重組，額外的 7000 萬美元重組收益將在本季度以更大的規模進入該部門。

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。所以我想告訴你，安迪，我首先要說的是——如果你回顧一下邁克·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。我們知道，進入今年，同比增速將會很困難，正如您根據通貨膨脹率正確指出的那樣。但團隊已經推動了所有項目的勢頭，也就是價格，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，繼續根據我們列出的優先平台投資適當的增長，你在第一季度就看到了這一點。

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表現得更好。當我們進入本季初時，我們告訴您它會連續下降。 1億到1.5億美元。虧損額為 5,000 萬美元。所以我們知道我們變得更強大了。我認為我們必須觀察今年口罩呼吸器的發展情況，看看它會對我們造成什麼影響。我們也告訴過您，它確實會對我們的增量利潤產生影響。進入今年以來，我們曾表示，這一數字將與去年同期相比下降 700 人。

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，麥克·維爾和他的團隊專注於繼續推動利潤率擴張，因為他們在生產力、價格、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從利潤率的角度開始發揮作用。今年的開始很好。

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。我只是想跟進傑夫的問題，以確保我了解正在進行的訴訟費用。看起來，例如與比利時工廠相關的特殊費用，您預計 22 年的特殊項目費用約為 0.35 美元，但您的訴訟費用每季約為 0.13 美元或 0.14 美元。那麼您是否預期訴訟成本會隨著時間的推移而下降？您期望獲得什麼利益嗎？還有顏色嗎？我的理解對嗎？

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，您會發現我們列出了預計今年的稅前費用約為 6 億美元。其中包括我們在第一季承擔的茲韋恩德雷赫特的費用。因此，撇開這一點不談，正在進行的訴訟費用約為 4.5 億美元。從全年每股收益總影響來看，我們預測為 0.86 美元，其中包括第一季與 Zwijndrecht 費用相關的 0.26 美元。是的，剩下的 0.60 美元，我們在第一季拿走了大約 0.13 美元。

Our next question comes from Joe Ritchie with Goldman Sachs.

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，我只是想跟進這 6 億美元的事情。我只是好奇，就訴訟而言，這實際上包含什麼？還有，這些都是現金嗎？

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，當我們在二月提供指導時，10.15 美元到 10.65 美元中​​包含了一項約 0.60 美元的計劃，用於支付與 PFAS、戰鬥武器和呼吸器相關的正在進行的訴訟事宜的費用。所以 — — 然後我們又收取了 0.26 美元的額外費用，正如我們在 3 月 30 日宣布的那樣。這樣總計就達到了 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%.

喬，相對於現金，很難確切知道什麼時候會發生這種情況。例如，我們在第一季收取的 0.26 美元費用將隨著補救措施的實施而分期支付。但同樣重要的是要記住，對於儲備更新沒有假定的預測。因此，總體而言，我們將以現金為驅動，但不會 100% 投入。

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。然後實際上，我只是想跟進中國的情況。我發現本季的降幅只有個位數。我很好奇，Mike 或 Monish，也許只是提供本季末和 4 月份的趨勢如何。

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.

另外，如果您可以提供一些終端市場的情況，我想呼吸器的銷售可能會保持得更好一些。但是，您提供的有關終端市場趨勢的任何評論都會有所幫助。

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。我先從你所說的開始，第一季的成長率下降了個位數。這提醒我們，去年第一季的成長率最高達到了 30% 或超過 30%。我們在第一季受到了新冠疫情封鎖的影響。它正在影響製造和分銷。我們看到，在本季結束時，這也有助於 4 月的順利開局。這確實導致了積壓訂單的增加、工廠的關閉，同時為了遵守政府的安全規定，你會看到港口擁擠加劇、空運能力下降。因此，有許多因素影響著這種較軟的啟動。

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。這很難預測。在第二季開始時，我們可能會遇到 1 個百分點的逆風，但隨著時間的推移，這種情況可能會改變。因此，我們在第一季看到的重要市場是醫療保健市場，其成長率達到十幾歲左右。我們看到消費品、安全和工業、運輸和電子等行業的銷售額均出現下降，降幅均在中等個位數左右。這就是你的收入達到個位數低點的原因。

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

下一個問題來自美國銀行的安德魯‧奧賓 (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.

我只是想問一下關於消費者業務的問題。從歷史上看，看看你的消費者同行，就能很好地表明你們能走到哪裡，但看看艾弗里、金伯利的情況，我想寶潔公司已經報告了。您本季的數據似乎比同業低很多。

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，特別是如果您看一下您透露的一些垂直行業，例如屋頂顆粒、家居裝修、分離淨化，我預計這些行業在終端市場的表現會更好？

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?

我想問的問題是，我們知道比利時工廠存在的問題，但是我們是否應該考慮您的技術組合中受到供應鏈特別影響的特定垂直領域，以衡量您在這種環境下成長的能力？

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幾個特殊的挑戰。更廣泛的供應鏈正在影響我們所有的業務。因此，我們看到原材料、[溶解]、通貨膨脹的中斷，所有這些都對我們的投資組合產生了廣泛的影響。消費者第一季的有機成長率確實達到了 3%，而去年同期為 9%。並且它涉及所有部門。它由消費者健康和安全引領，同時我們的家庭護理和家居裝修產品也繼續引領潮流。

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.

所以我們看到了成長。在去年的成長基礎上，我們看到了持續的良好表現。他們沒有看到任何具體或特殊的影響。如果你看整個投資組合，除了茲韋恩德雷赫特的一些中斷之外，我們沒有看到供應鏈集中在我們投資組合的某個部分或另一個部分。我想說的是，更多的是——一些影響可能來自 COVID，對地理、醫療保健、選擇性程序產生影響，我們仍在尋找這些影響。

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?

正如莫尼什所強調的，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方面的影響嗎？

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?

明白了。這只是一個後續問題。有趣的是，你們繼續進軍電子產品領域。您將其列為您的元素週期表中的一種技術。您能否詳細談談數位領域的潛在併購機會？您認為它如何融入您的更廣泛的投資組合？

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，我們的併購策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、我們的製造以及我們全球客戶影響力的高成長市場。這確實指導了我們的併購策略。當我們能夠找到可以融入 3M 的公司並真正利用 3M 的優勢時，那就是——進入更具吸引力、增長更快的市場空間，這就是推動我們前進的動力，無論是在電子產品領域還是在我們四大業務中的任何一個領域。

Our next question comes from Brendan Luecke with Bernstein.

我們的下一個問題來自伯恩斯坦的 Brendan Luecke。

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.

因此，我只是想回顧一下今年早些時候指導電話會議中的幾個事項。想知道在業務持續面臨壓力的情況下您的觀點會發生怎樣的變化。首先，我相信您談論的是呼吸器影響的淨增量約為 30%。在通膨持續不利的情況下，這仍然是一個目標嗎？第二部分是關於經營現金流。我認為你們的預期是 70 億到 80 億美元，但我們第一季的預期是 10 億美元左右。想知道要達到財政年度目標需要付出什麼努力和付出什麼回報。

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。所以我將從你的經營槓桿問題開始，布倫丹。我一直說的是，從長遠來看，我們的目標槓桿率是 30% 到 40%——增量槓桿率。只要您考慮一下並查看我們的毛利率，它在 45% 到 50% 之間，您就會發現您可以達到 30% 到 40%。最重要的是，我想告訴你，交易量為我們提供了最好的槓桿作用。因此，我們發展得越多，您就會獲得更多的增量槓桿。除了工廠的生產力之外，策略性採購將進一步增強這種槓桿作用，然後繼續採取行動推動簡化等等，所有這些都將帶來積極的槓桿作用。

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，我們拿出其中的一部分，將其重新投資於成長、生產力和永續性，然後，當然，管理訴訟事宜等等，這些都在進行中。因此，當你把所有這些放在一起時，長期來看 30% 到 40% 是可行的。當我們制定年度指南時，我們說過我們的目標是 30% 到 40%。我們說大約30%。如果您看我們現在給出的範圍的中點，即 2% 到 5%（聽不清）的增長，每股收益為 10.75 美元到 11.25 美元，並且您輸入外匯，其範圍可能在 1% 到 2% 之間，我們現在第一季的收盤價是 2%，如果您發現我們仍然以 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.

正如大家所看到的，我們正在經歷通貨膨脹的上升，但正如我在準備好的發言中所說的那樣，我們將抵消通貨膨脹，我們的目標是透過價格行動來抵消通貨膨脹。我們在第一季表現強勁。您可以看到增量槓桿率上升了——如果計算的話，第一季的槓桿率連續接近 70%，並且將繼續推動槓桿率上升。當然，我們必須考慮到世界上正在發生的所有不確定性。但團隊致力於推動這項進程。我想說，從長遠來看，我也不明白為什麼我們不能達到 30% 到 40% 的目標。布倫丹，希望我回答了你關於第 1 項的問題。

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%.

關於您提到的第二項營運現金流，我們再次重申—今年年初我們的自由現金流轉換率為 90% 至 100%。我們在投資者日告訴您這一點，我們重申這一點。我們有一條途徑可以實現 90% 到 100% 的自由現金流轉換。第一季的轉換率為 47%，這與我們的預期基本一致。這一切都在指南中的 90% 到 100% 範圍內。第一季的轉換由2件推動。一是，隨著我們支付的金額增加，薪資費用較去年同期增加。其次，我們也呼籲加大對永續性的投資。但如果你回顧 3M 的歷史，你會發現第一季的轉換率總是最低的。因此我們仍然看到了從 90% 到 100% 的路徑。

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

下一個問題來自加拿大皇家銀行資本市場的 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?

請問 Monish 一個問題。僅基於今年的外匯假設。從歷史上看，3M 是少數幾家真正使用外匯金融對沖的公司之一。這還有效嗎？而且，使用這些對沖通常會出現滯後，那麼——與您在現貨市場上看到的情況相比呢？只是——我知道您給了 1% 到 2% 的指導，但是對沖是否在發揮作用？

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。因此，我們進行現金流對沖，迪恩，這在我之前就已經完成了。團隊將繼續按照現有的規則行事。對於第一季而言，外匯匯率為 0.04 美元的逆風。而就收入而言，則面臨 2% 的逆風。如果你只是考慮——而且它非常不穩定，這都是由於美元的強勢造成的。但是，如果您在一周前就斷定未來趨勢如此，那麼我會說，以收入為基礎，影響大約在 1% 到 2% 之間。然後從每股收益的角度來看，這是一個 0.05 美元到 0.10 美元的不利因素，我們已經拿走了 0.04 美元，所以你還會有另外 0.01 美元到 0.06 美元。再說一遍，它非常不穩定，迪恩。所以真的很難。我只是根據一週前這些貨幣匯率的走勢給出一個時間點。

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?

很抱歉。這不是靜音按鈕的問題。我只是想把這一點說清楚。因此，只是為了在指南中提出更詳細的要點。我的意思是你已經承認美元走強、原料壓力、中國、歐洲。因此，存在許多增量阻力，但是，莫尼什，就保持範圍基本不變而言，對此的抵消是什麼？

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，我首先要說的是——我們今年的營收成長率為 2% 至 5%，奈傑爾，我們會繼續看到這一成長。如果以 GDP 和 IPI 來算，成長率大約在 3% 到 4% 之間。以汽車製造率來看，其成長率仍為 5%。我們已經告訴過您，從長遠來看，我們可以獲得 300 到 500 個基點的擴建。您在本季看到，該團隊在汽車成長率為負 5% 的情況下實現了正成長——持平。所以是 500 個基點。醫療保健在一月和二月起步緩慢，但我們仍然看到美國選擇性手術的比例達到 95% 至 100%。看看 OC [SD] 或口腔護理，我們開始看到這一點。同樣，1 月由於 Omicron 變體的影響而出現下降，但我們已經看到其回升。然後消費者是——我們說的是低到中等個位數。這就是他們在第一季實現的成果。所以維持現狀。因此我想說，當你從宏觀角度看待這一切全年時，我們仍然認為成長率處於 2% 到 5% 的範圍內。當然，我們會繼續提高價格來抵銷通貨膨脹。這就是第一點。

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的數據，因為我們希望大家知道我們從逆風角度看到了什麼，我相信你們從各個行業都聽到了這些，我們並沒有告訴你們任何你們沒有從其他人那裡聽到過的新消息。然後，對於每股盈餘 (EPS)，即 10.75 美元到 11.25 美元，我回到交易量，這為我們提供最佳槓桿。因此，2% 到 5% 的成長率加上團隊為提高工廠生產力、策略採購所做的持續努力，以及繼續明智地投資於成長、生產力和永續性。綜合所有這些，我們看到了將價格從 10.75 美元提高到 11.25 美元的計算結果，這就是我們努力的目標。我認為事情會在短期內按照它本來的樣子發展。但是，我再次回到宏觀利潤率擴張和現金的長期成長，這顯然是可行的，這些短期阻力都會自行消失。

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。我知道我們已經遲到了。所以——但看起來你正在解決比利時工廠的問題，這只是個好消息。但在我看來——也許這對麥克來說是一個問題，比利時是一個更廣泛問題的徵兆，到目前為止，我們已經對 PFAS 提起了訴訟，現在它似乎更具可操作性了。我知道德國正在提議（聽不清楚）逐步淘汰 PFAS 產品。加州也提出了一些類似的提議。那麼董事會對此有何看法，#1？其次，這對 3M 的長期發展有何重要意義？任何顏色都有幫助。

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，也許我應該試著稍微解釋一下這一點。因此，我們在茲韋恩德雷赫特管理的工作分為兩部分，我想說，在我們遍布全球的製造基地，PFAS 化學品、PFOA、PFOS 都有歷史性的影響，我們在近 20 年前就退出並宣布退出了這些化學品——或者說，在近 20 年前就退出了。然後還有正在進行的操作。因此，我們正在茲韋恩德雷赫特處理這兩項案件，因為我們在三月宣布的指控是為了解決與歷史上的 PFOA-PFOS 製造相關的補救問題。

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，我們正在與佛蘭德斯當局合作，爭取未來的經營許可證。我們已經在全球 5 個工廠與監管機構合作進行這項工作，並將繼續這樣做。 PFAS 仍然是關鍵物質，其種類超過 4,000 種。我們的產品中仍含有一些 PFAS，這對於醫療保健、電子、汽車領域的客戶需求至關重要。因此，我們正在與這些網站和當局合作管理此事，我們將在後續工作中適時向您通報最新進展。

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.

我們的電話會議問答部分到此結束。現在我將把電話轉回給邁克·羅曼 (Mike Roman)，請他發表一些結束語。

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，我們今年開局良好，成長穩健，利潤率持續擴大，現金產生能力強勁。我們已為 2022 年的成功做好準備，並將繼續專注於照顧我們的客戶、推動成長和提高我們的營運績效。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。感謝您的參與，請您斷開線路。