希悅爾 (SEE) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q2 2023 Sealed Air Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Brian Sullivan, Executive Director, Investor Relations and Assistant Treasurer. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 Sealed Air 2023 年第二季度收益電話會議。 （操作員指示）請注意，今天的會議正在錄製中。我現在想將會議交給今天的發言人，投資者關係執行董事兼助理財務主管布萊恩·沙利文 (Brian Sullivan)。請繼續。

Thank you, and good morning, everyone. With me today are Ted Doheny, our CEO; and Dustin Semach, our CFO. Before we begin our call, I would like to note that we have provided a slide presentation with enhanced visuals to illustrate who we are, what we do, and where we're going. Please visit sealedair.com where today's webcast and presentation can be downloaded from our Investors page.

謝謝大家，大家早上好。今天和我在一起的有我們的首席執行官特德·多尼 (Ted Doheny)；以及我們的首席財務官達斯汀·塞馬克 (Dustin Semach)。在我們開始通話之前，我想指出的是，我們提供了帶有增強視覺效果的幻燈片演示，以說明我們是誰、我們做什麼以及我們要去哪裡。請訪問 sealair.com，可以從我們的投資者頁面下載今天的網絡廣播和演示文稿。

Statements made during this call stating management's outlook or predictions for future periods are forward-looking statements. These statements are based solely on information that is now available to us. We encourage you to review the information in the section entitled Forward-Looking Statements in our earnings release and slide presentation, which applies to this call.

本次電話會議期間發表的聲明管理層的前景或對未來時期的預測屬於前瞻性聲明。這些陳述僅基於我們現在掌握的信息。我們鼓勵您查看我們的收益發布和幻燈片演示中標題為前瞻性陳述的部分中的信息，該部分適用於本次電話會議。

Additionally, our future performance may differ due to a number of factors. Any of these factors are listed in our most recent annual report on Form 10-K and as revised and updated on our quarterly reports on Form 10-Q and current reports on Form 8-K, which you can also find on our website or on the SEC's website. We discuss financial measures that do not conform to U.S. GAAP. You will find important information on our use of these measures and their reconciliations to U.S. GAAP in our earnings release. Included in the appendix of today's presentation, you will find U.S. GAAP financial results that correspond to the non-U.S. GAAP measures we reference throughout the presentation.

此外，我們未來的表現可能會因多種因素而有所不同。所有這些因素都列在我們最新的 10-K 表格年度報告中，並在我們 10-Q 表格季度報告和 8-K 表格當前報告中進行了修訂和更新，您也可以在我們的網站或美國證券交易委員會的網站。我們討論不符合美國公認會計準則的財務措施。您將在我們的收益報告中找到有關我們使用這些措施及其與美國公認會計原則（U.S. GAAP）的調節的重要信息。在今天演示文稿的附錄中，您將找到與我們在整個演示文稿中引用的非美國公認會計準則衡量標準相對應的美國公認會計準則財務結果。

I will now turn the call over to Ted. Operator, please turn to Slide 3. Ted?

我現在將把電話轉給特德。接線員，請翻到幻燈片 3。Ted？

Thank you, Brian, and thank you for joining our call. Today, we will discuss our second quarter results and provide updates on our 2023 outlook and our continuous journey to Reinvent SEE from the best in packaging to a world-class company, automating sustainable packaging solutions. We're introducing a new program called Cost take-out to Grow as part of our Reinvent SEE 2.0 to return to growth and take out our cost in this challenging post-COVID environment. After that, we'll open up the call for your questions.

謝謝你，布萊恩，也感謝你加入我們的電話會議。今天，我們將討論第二季度的業績，並提供 2023 年展望的最新信息，以及我們不斷重塑 SEE 從包裝行業最佳公司到世界一流公司、實現可持續包裝解決方案自動化的歷程。作為 Reinvent SEE 2.0 的一部分，我們正在推出一項名為“成本削減以增長”的新計劃，以恢復增長並在充滿挑戰的後新冠疫情環境中削減成本。之後，我們將打開電話詢問您的問題。

Starting with Slide 3. On this chart, we show our adjusted EBITDA performance since 2017 through the lens of major episodic events. The chart recaps where we are today, but most importantly, where we are going and how we're repositioning for future growth. We'd like to give you visibility to what we see for 2024 through 2025 and set the stage for a Cost take-out to Grow program. As we entered 2018, we were faced with major challenges such as the start of War on Plastics and remaining stranded costs after the Diversey sale. The company's operating leverage and earnings power were not where we wanted to be, and our stock price had been stagnant for the previous 3 years. That was the case for action to launch our Reinvent SEE program based on our 4P'S.

從幻燈片 3 開始。在此圖表中，我們通過重大偶發事件展示了自 2017 年以來調整後的 EBITDA 表現。該圖表回顧了我們今天的處境，但最重要的是，我們將走向何方以及我們如何重新定位以實現未來的增長。我們想讓您了解 2024 年至 2025 年的情況，並為“成本削減增長”計劃奠定基礎。進入 2018 年，我們面臨著重大挑戰，例如塑料戰爭的開始以及泰華施出售後剩餘的擱置成本。公司的經營槓桿和盈利能力沒有達到我們想要的水平，而且我們的股價在過去三年裡一直停滯不前。在這種情況下，我們需要採取行動啟動基於 4P'S 的 Reinvent SEE 計劃。

We established the SEE operating model, setting the tone for a transformation to world-class. The Reinvent SEE growth strategy centered on the pillars of automation, digital, and sustainability. Through Reinvent SEE, we realized annual savings over $300 million, margin expansion greater than 270 basis points and 5% top line growth, including M&A.

我們建立了SEE運營模式，為向世界一流轉型奠定了基調。 Reinvent SEE 增長戰略以自動化、數字化和可持續發展為支柱。通過 Reinvent SEE，我們每年節省了超過 3 億美元，利潤率擴大了 270 個基點以上，收入增長了 5%（包括併購）。

In early 2020, COVID shook the world and profoundly impacted the way of life globally. COVID brought demand surges in e-commerce and food retail caused wide supply chain disruptions, rapid inflation, product shortages and overstocking. We built Reinvent SEE aiming to become world-class based on our 4P'S: people, performance, products, processes and sustainability.

2020年初，新冠肺炎疫情震撼了世界，深刻影響了全球的生活方式。新冠疫情帶來的電子商務和食品零售需求激增，導致供應鏈廣泛中斷、通貨膨脹迅速、產品短缺和庫存過剩。我們創建 Reinvent SEE 的目的是基於我們的 4P'S：人員、績效、產品、流程和可持續性，成為世界一流的企業。

Last quarter, we introduced our new SEE corporate brand, highlighting our transformation into an automation, digital, and sustainability packaging solutions company. We are now evolving Reinvent SEE 2.0 to growth and expand the cost take-out and productivity program to $140 million to $160 million of annual savings to be fully realized by the end of 2025. This Cost take-out to Grow program will redirect SEE resources from crisis problem solving to focus on driving major growth opportunities. We are transforming SEE go-to-market team to an efficient and effective solutions-focused organization, accelerating automation across our business verticals and launching new product innovations enabled by sustainable materials and digital solutions.

上季度，我們推出了新的 SEE 企業品牌，強調我們向自動化、數字化和可持續包裝解決方案公司的轉型。我們現在正在發展 Reinvent SEE 2.0 以實現增長，並將成本削減和生產力計劃擴大到每年節省 1.4 億至 1.6 億美元，並在 2025 年底之前完全實現。這一成本削減到增長計劃將重新調整 SEE 資源從解決危機問題到專注於推動重大增長機會。我們正在將 SEE 上市團隊轉變為一個高效且有效的以解決方案為中心的組織，加速整個業務垂直領域的自動化，並推出由可持續材料和數字解決方案支持的新產品創新。

We will increase the operating leverage and earnings power in the business by further optimizing our supply chain footprint and driving digitally-enabled SG&A productivity improvements. Bringing it all together, with our Cost take-out to Grow, we are targeting low single digit growth, fueling our SEE operating engine, which will result in margin expansion in our journey to world class.

我們將通過進一步優化我們的供應鏈足跡並推動數字化的銷售、管理和管理（SG&A）生產力的提高，提高業務的運營槓桿和盈利能力。將所有這些結合起來，通過我們的成本削減來實現增長，我們的目標是低個位數增長，為我們的SEE 運營引擎提供動力，這將導致我們在邁向世界一流的旅程中實現利潤率擴張。

Now moving to Slide 4. We'd like to showcase how we are creating high-quality growth. We break down our growth by geography, market, product, and MySEE, our online digital platform. In the second quarter, our digital online transactions grew to 16% of total company sales, representing a sequential increase from approximately 10% in Q4 of 2022 and approximately 14% in Q1 of 2023. This rapid growth reflects the speed of our digital transformation, our ability to adapt to changing needs of our customers, enabling us to serve customers we are not efficiently reaching today.

現在轉到幻燈片 4。我們想展示我們如何創造高質量增長。我們按地理位置、市場、產品和在線數字平台 MySEE 來細分我們的增長。第二季度，我們的數字在線交易增長至公司總銷售額的16%，較2022 年第四季度的約10% 和2023 年第一季度的約14% 環比增長。這種快速增長反映了我們數字化轉型的速度，我們適應客戶不斷變化的需求的能力，使我們能夠為我們今天無法有效覆蓋的客戶提供服務。

Towards the bottom of the slide, you can see the current percent of online transactions for each of our business verticals. Our largest penetration is in our Automated Protective Solutions business. Starting with Consumer Ready solutions, representing over 50% of total revenue. These solutions are designed to meet the evolving needs of food processors, retailers and brand owners as they seek to respond to shifting consumer preferences and to create an at-home experience.

在幻燈片底部，您可以看到我們每個業務垂直領域當前在線交易的百分比。我們最大的滲透是在我們的自動化防護解決方案業務中。首先是面向消費者的解決方案，佔總收入的 50% 以上。這些解決方案旨在滿足食品加工商、零售商和品牌所有者不斷變化的需求，以應對不斷變化的消費者偏好並創造居家體驗。

In the second quarter, Consumer Ready Solutions declined low single digit in volume, primarily driven by softer demand in our processors in food, retail end markets. The rapid increase in inflation over the past several quarters has impacted discretionary spending, resulting in decelerating market demand. Consumers are trading down from premium to lower-priced proteins. This dynamic impacted all regions with EMEA being hit the hardest.

第二季度，消費者就緒解決方案的銷量下降了低個位數，這主要是由於食品和零售終端市場的加工商需求疲軟所致。過去幾個季度通脹的快速上升影響了可自由支配支出，導致市場需求放緩。消費者正在從優質蛋白質轉向低價蛋白質。這種動態影響了所有地區，其中歐洲、中東和非洲地區受到的打擊最為嚴重。

SEE Automation solutions for proteins continue to be a bright spot and grew approximately 40% from strong share gains with major meat processors in the quarter. Despite the softer global protein market, Automation grew double digits in all regions with APAC showing the strongest momentum growing greater than 50%.

SEE 蛋白質自動化解決方案繼續成為亮點，本季度與主要肉類加工商的份額強勁增長，增長了約 40%。儘管全球蛋白質市場疲軟，但自動化在所有地區均實現了兩位數增長，其中亞太地區表現出最強勁的勢頭，增長超過 50%。

Throughout 2023 and into 2024, we expect the retail softness to continue. The U.S. cattle cycle will be a headwind for the business, partially offset by tailwinds from the Australian herd cycle, which already positively impacted our business. Automation will continue to be a secular driver across all these markets.

從 2023 年到 2024 年，我們預計零售業將持續疲軟。美國牛群週期將成為業務的逆風，部分被澳大利亞牛群週期的順風所抵消，澳大利亞牛群週期已經對我們的業務產生了積極影響。自動化將繼續成為所有這些市場的長期驅動力。

The next business vertical, Fluids and Liquids now representing greater than 10% of company sales in the quarter experienced mid-single-digit growth before counting Liquibox. We continue to see the modest food service recovery and strong growth in Automation. We're bringing medical into this business vertical further capturing the synergy between CRYOVAC's material science and Liquibox' fitment and attachment technologies.

下一個垂直業務領域——流體和液體——在算上 Liquibox 之前，目前佔本季度公司銷售額的 10% 以上，經歷了中個位數的增長。我們繼續看到食品服務的溫和復蘇和自動化的強勁增長。我們將醫療帶入這個垂直行業，進一步捕捉 CRYOVAC 的材料科學與 Liquibox 的裝配和連接技術之間的協同作用。

Our third business vertical is our Automated Protective Solutions, which represents approximately 35% of our business today, focusing on a variety of markets and customers ranging from industrials to e-commerce fulfillment. Weak end market demand and channel destocking continued to impact volume performance in the quarter. We're focusing our efforts on turning around this vertical by expanding SEE Automation capabilities and fiber-based solutions. We're increasing engagement and reaching more customers through our MySEE digital platform, now representing approximately 35% of this vertical's revenue.

我們的第三個業務垂直領域是自動化防護解決方案，約占我們當今業務的 35%，專注於從工業到電子商務履行等各種市場和客戶。終端市場需求疲軟和渠道去庫存繼續影響本季度的銷量表現。我們正集中精力通過擴展 SEE 自動化功能和基於光纖的解決方案來扭轉這一垂直局面。我們正在通過 MySEE 數字平台提高參與度並吸引更多客戶，該平台目前約佔該行業收入的 35%。

We're actively performing a strategic review of our protective portfolio for further areas to optimize and unlock value. As a small example, we recently announced the closure of our Kevothermal, temperature assurance business.

我們正在積極對我們的保護產品組合進行戰略審查，以進一步優化和釋放價值。舉一個小例子，我們最近宣布關閉 Kevo Thermal 溫度保證業務。

Transitioning now to Slide 5. We delve into SEE's growth pillars, namely automation, digital, and sustainability, all crucial in addressing our customers' most pressing packaging challenges. During the second quarter, we reached new significant milestones, demonstrating our commitment to our customers in delivering incremental value-add capabilities to enable profitable growth for SEE. Automation exhibited robust growth for the quarter, increasing by approximately 20%. Food automation was particularly strong up approximately 40% year-over-year from continued market share gains at major protein producers. We anticipate delivering over $525 million, up 10% in annual revenue this year.

現在轉到幻燈片 5。我們深入研究 SEE 的增長支柱，即自動化、數字化和可持續性，這些對於解決客戶最緊迫的包裝挑戰至關重要。第二季度，我們實現了新的重要里程碑，體現了我們對客戶提供增量增值能力以實現 SEE 盈利增長的承諾。自動化在本季度表現出強勁增長，增幅約為 20%。由於主要蛋白質生產商的市場份額持續增長，食品自動化的表現尤其強勁，同比增長約 40%。我們預計今年的年收入將增長 10%，超過 5.25 億美元。

With regards to digital solutions, we achieved several significant milestones. As an example of how digital printing is fueling SEE Automation, we introduced a new prismiq digital printer unit to print protein bags at our customers' facilities, enabling them to customize their products at the point of packaging. Transactions on MySEE platform surpassed $1 billion annual run rate in the second quarter, demonstrating robust digital engagement. Following the successful introduction of our online design studio, onboarded customers experienced high-speed web-to-print solutions, streamlined graphics process and reduced print lead times. As we move more of the company online, we continue to unlock operational efficiencies, reach new customers and make it easier to do business with SEE.

在數字解決方案方面，我們實現了幾個重要的里程碑。作為數字印刷如何推動 SEE Automation 的一個例子，我們推出了一款新的 prismiq 數字打印機單元，用於在客戶的設施中打印蛋白質袋，使他們能夠在包裝時定制產品。第二季度 MySEE 平台的交易額超過 10 億美元，展現了強勁的數字化參與度。成功推出我們的在線設計工作室後，新客戶體驗了高速網絡打印解決方案、簡化的圖形流程並縮短了打印交付週期。隨著我們將更多的公司業務轉移到線上，我們將繼續提高運營效率、吸引新客戶並讓與 SEE 開展業務變得更加容易。

On the sustainability front, we're proud to share that our MSCI and Sustainalytics ratings have improved, recognizing our ESG progress. Back in July, together with ExxonMobil Australia, we announced a unique circularity initiative for protein trace. The collaboration will avert more than 900 tons of plastic waste annually from landfills or incineration. We take great pride in the industry partnerships we've created to deliver scalable and sustainable solutions, making our world better than we find it.

在可持續發展方面，我們很自豪地告訴大家，我們的 MSCI 和 Sustainalytics 評級有所提高，認可了我們在 ESG 方面取得的進展。早在 7 月份，我們就與埃克森美孚澳大利亞公司一起宣布了一項獨特的微量蛋白質循環計劃。此次合作每年將避免 900 多噸塑料廢物被填埋或焚燒。我們為提供可擴展且可持續的解決方案而建立的行業合作夥伴關係感到非常自豪，讓我們的世界變得比我們發現的更加美好。

Turning to Slide 6. This is another example of how the combination of best-in-class CRYOVAC auto pouch equipment and film, Liquibox dispensing technologies and prismiq digital connectivity bring value and create customer returns. On the top right-hand side of the slide, you see the use of CRYOVAC technology barrier bags filling lemonade within a quick service restaurant environment. This automated form, fill, and seal solution enables greater than 2x operational efficiency and over 30% waste reduction compared with traditional back of the store lemons, slicing and squeezing, improved speed of service, reduces storage requirements, enhances safety while offering a seamless source of fresh lemonade throughout a given day.

轉向幻燈片 6。這是一流的 CRYOVAC 自動袋設備和薄膜、Liquibox 點膠技術和 prismiq 數字連接的結合如何帶來價值並創造客戶回報的另一個例子。在幻燈片的右上角，您可以看到在快速服務餐廳環境中使用 CRYOVAC 技術阻隔袋填充檸檬水。與傳統的店後檸檬、切片和擠壓相比，這種自動化成型、填充和密封解決方案可實現2 倍以上的運營效率和30% 以上的廢物減少，提高服務速度，降低存儲要求，增強安全性，同時提供無縫來源一天中的新鮮檸檬水。

In this example, the operational savings were over $10 million for the customer. We're introducing a new solution designed not only to bring additional operational savings, but also create new revenue sources for QSR brand owners, a prefilled fresh lemonade, bag in the box can replace carryout rigid plastic jugs for quick service restaurants. This growth opportunity for our customers extend shelf life from hours to days, enables in-store retail carryout formats and digital marketing opportunities to enhance consumer experience. This application will disrupt rigid containers with an improved sustainability profile through less and more efficient packaging.

在此示例中，為客戶節省了超過 1000 萬美元的運營成本。我們推出的新解決方案不僅可以帶來額外的運營節省，還可以為 QSR 品牌所有者創造新的收入來源，盒裝預裝新鮮檸檬水可以取代快餐店外賣的硬質塑料罐。這一增長機會為我們的客戶提供了將貨架期從數小時延長至數天的機會，使店內零售外賣形式和數字營銷機會能夠增強消費者體驗。該應用將通過更少和更高效的包裝來顛覆剛性容器，從而提高可持續性。

Now I'd like to turn the call over to Dustin to review our financial results. Dustin?

現在我想將電話轉給達斯汀，以審查我們的財務業績。達斯汀？

Thank you, Ted, and good morning, everyone. Now moving to second quarter's results. Let's turn to Slide 7. In the quarter, on a constant currency basis, net sales were down 1% and adjusted EBITDA of $280 million was down 5% compared to last year. Volumes were relatively flat sequentially, excluding M&A effects, reflecting volume stabilization since the beginning of the year. Sequentially, EBITDA improved about 5% from $267 million in the first quarter of 2023, partially driven by improved sequential volumes and cost reduction. Adjusted earnings per share in the quarter of $0.80 was down 22% compared to a year ago on a constant currency basis but increased 8% sequentially from $0.74 in the first quarter of 2023.

謝謝你，特德，大家早上好。現在轉向第二季度的業績。讓我們轉向幻燈片 7。本季度，按固定匯率計算，淨銷售額下降 1%，調整後 EBITDA 為 2.8 億美元，與去年同期相比下降 5%。排除併購影響，成交量環比持平，反映出年初以來成交量的穩定。隨後，EBITDA 從 2023 年第一季度的 2.67 億美元增長了約 5%，部分原因是連續銷量的提高和成本的降低。按固定匯率計算，本季度調整後每股收益為 0.80 美元，較去年同期下降 22%，但較 2023 年第一季度的 0.74 美元環比增長 8%。

Turning to Slide 8. Liquibox contributed 5% to top line sales of approximately $75 million was more than offset by organic declines driven by continued market pressures and customer destocking in Protective as well as continued weakness in food (inaudible).

轉向幻燈片 8。Liquibox 為約 7500 萬美元的總銷售額貢獻了 5%，但被持續的市場壓力和保護性產品的客戶去庫存以及食品持續疲軟（聽不清）導致的自然下降所抵消。

Second quarter adjusted EBITDA of $280 million, which included [$19] million contribution from Liquibox, decreased [$13] million or 4% compared to last year with margins of 20.3%, down 40 basis points. This performance was mainly driven by lower volumes within Protective. As it relates to adjusted earnings per diluted share in the second quarter of $0.80, our adjusted tax rate was 26.9% compared to 24.7% in the same period last year. We did not repurchase any shares in the second quarter. Our weighted average diluted shares outstanding in the second quarter of 2023 was 144.8 million.

第二季度調整後 EBITDA 為 2.8 億美元，其中包括 Liquibox 的[19]百萬美元貢獻，與去年相比減少[13]百萬美元或 4%，利潤率為 20.3%，下降 40 個基點。這一業績主要是由於 Protective 銷量下降所致。由於與第二季度 0.80 美元的調整後每股攤薄收益相關，我們調整後的稅率為 26.9%，而去年同期為 24.7%。第二季度我們沒有回購任何股票。 2023 年第二季度我們的加權平均稀釋後流通股為 1.448 億股。

Moving to Slide 9. In the second quarter, food net sales of $881 million were up 3% on an organic basis, primarily driven by price realization. Volume was flat year-over-year with growth in Automation in our organic Fluids and Liquids business offset by continued weakness in retail demand. Volume was slightly up versus the first quarter. Food adjusted EBITDA of $191 million in the second quarter was up 16% in constant dollars compared to last year, with margins at 21.7%, up 90 basis points, mainly due to the contribution from Liquibox and lower operating costs, partially offset by unfavorable net price realization of $10 million.

轉到幻燈片 9。第二季度，食品淨銷售額為 8.81 億美元，有機增長 3%，這主要是由價格實現推動的。我們的有機液體和液體業務的自動化增長被零售需求的持續疲軟所抵消，銷量同比持平。成交量較第一季度略有上升。第二季度食品調整後EBITDA 為1.91 億美元，按固定美元計算比去年增長16%，利潤率為21.7%，增長90 個基點，主要歸功於Liquibox 的貢獻和較低的運營成本，部分被不利的淨利潤所抵消實現價格1000萬美元。

Protective second quarter net sales of $500 million were down 18%, driven by volume declines in all regions from continued market pressures in industrial, electronics and fulfillment markets and continued customer destocking activities. While we expect destocking activities to moderate, headwinds in end market demand are projected to continue in the second half. Protective adjusted EBITDA of $96 million was down 24% in constant dollars in the second quarter with margins at 19.2%, down 140 basis points due to lower volumes and associated operational leverage, partially offset by favorable net price realization of $11 million. Sequentially, EBITDA margins improved 300 basis points primarily driven by favorable net price realization and cost control.

第二季度保護性淨銷售額為 5 億美元，下降 18%，原因是工業、電子和履行市場的持續市場壓力以及客戶持續的去庫存活動導致所有地區的銷量下降。雖然我們預計去庫存活動將放緩，但預計下半年終端市場需求將繼續面臨阻力。第二季度保護性調整後EBITDA 為9600 萬美元，按固定美元計算下降24%，利潤率為19.2%，由於銷量和相關運營槓桿下降，下降了140 個基點，部分被1100 萬美元的有利淨價實現所抵消。隨後，EBITDA 利潤率提高了 300 個基點，這主要是由於有利的淨價格實現和成本控制。

On Slide 10, we review our second quarter net sales by segment and by region. In constant dollars, net sales were down 1%, with 12% growth in Food, while Protective was down 18%. By region, we grew APAC by 6%, offset by a decline of 2% in Americas and EMEA being flat.

在幻燈片 10 上，我們按細分市場和地區回顧了第二季度的淨銷售額。按不變美元計算，淨銷售額下降 1%，其中食品銷售額增長 12%，而防護用品銷售額下降 18%。按地區劃分，亞太地區增長了 6%，但美洲地區下降了 2%，歐洲、中東和非洲地區則持平。

Now let's turn to free cash flow on Slide 11. Through the second quarter, free cash flow was a use of cash of $130 million compared to $94 million source of cash in the same period a year ago. Working capital has improved through our continued efforts to reduce inventory. However, benefits were offset by the previously disclosed deposit Internal Revenue Service of $175 million. Excluding the impact of IRS deposit, free cash flow would have been a source of cash of $45 million.

現在讓我們轉向幻燈片 11 上的自由現金流。整個第二季度，自由現金流使用了 1.3 億美元的現金，而去年同期的現金來源為 9,400 萬美元。通過我們不斷努力減少庫存，營運資金得到改善。然而，收益被之前披露的美國國稅局 1.75 億美元的存款所抵消。排除國稅局存款的影響，自由現金流將是 4500 萬美元的現金來源。

On Slide 12, we outlined our purpose-driven capital allocation strategy focused on maximizing value for our shareholders. As anticipated, we closed out the second quarter with a net leverage ratio of approximately 4.1x. We expect to use free cash flow generation to delever throughout the year and into 2024. We are working to optimize our portfolio and actively addressing opportunities to unlock value.

在幻燈片 12 上，我們概述了以目的為導向的資本配置策略，重點是為股東實現價值最大化。正如預期的那樣，我們第二季度末的淨槓桿率約為 4.1 倍。我們預計全年乃至 2024 年將利用自由現金流來實現去槓桿化。我們正在努力優化我們的投資組合，並積極尋找釋放價值的機會。

Let's turn to Slide 13 to review our 2023 outlook. Our guidance at the beginning of the year anticipated a V-shaped recovery in the second half of full year 2023. Based on continued end market demand weakness, compounded by destocking, we expect an L-shape recovery through 2023 and into 2024, reflecting a post-COVID lower growth environment. As a result, we are revising our full year guidance, which includes the following. We expect net sales to be in the range of $5.4 billion to $5.6 billion, which at the midpoint is down 3% on a reported basis and down 7% organically. We now expect Liquibox to contribute approximately $300 million in sales for 2023. Second half will be similar to the first half of 2023, reflecting volume stabilization throughout the year, the slight uptick in volumes in the fourth quarter.

讓我們轉向幻燈片 13 來回顧我們的 2023 年展望。我們年初的指引預計 2023 年下半年將出現 V 型複蘇。由於終端市場需求持續疲軟，加上去庫存，我們預計 2023 年和 2024 年將出現 L 型複蘇，反映出新冠疫情后增長放緩的環境。因此，我們正在修訂全年指導，其中包括以下內容。我們預計淨銷售額將在 54 億美元至 56 億美元之間，其中值按報告數據下降 3%，有機下降 7%。我們現在預計 Liquibox 將在 2023 年貢獻約 3 億美元的銷售額。下半年將與 2023 年上半年類似，反映出全年銷量穩定，第四季度銷量略有上升。

We expect full year adjusted EBITDA to be in the range of $1.075 billion to $1.125 billion, which assumes adjusted EBITDA margin of approximately 20%. Full year adjusted EPS is expected to be in the range of $2.75 to $2.95. We expect full year 2023 free cash flow, excluding the previously disclosed tentative tax settlement to be in the range of $325 million to $375 million, which implies a free cash flow conversion of approximately 85% at the midpoint.

我們預計全年調整後 EBITDA 將在 10.75 億美元至 11.25 億美元之間，假設調整後 EBITDA 利潤率約為 20%。全年調整後每股收益預計在 2.75 美元至 2.95 美元之間。我們預計 2023 年全年自由現金流（不包括之前披露的暫定稅收結算）將在 3.25 億美元至 3.75 億美元之間，這意味著自由現金流中點轉換率約為 85%。

Lastly, for the third quarter of 2023, we expect net sales to be in the range of $1.360 billion to $1.380 billion and adjusted EBITDA to be $260 million to $270 million with an earnings per share of between $0.60 and $0.64 per share.

最後，我們預計 2023 年第三季度淨銷售額將在 13.60 億美元至 13.80 億美元之間，調整後 EBITDA 為 2.6 億美元至 2.7 億美元，每股收益將在 0.60 美元至 0.64 美元之間。

As Ted mentioned earlier, due to the current environment, we launched Cost take-out to Grow as part of Reinvent 2.0 to restore earnings and volume growth in 2024 and beyond. I look forward to giving you more details and updating you on the progress to the $140 million to $160 million of annual savings targeted by the end of 2025 and our growth initiatives on subsequent earnings calls.

正如 Ted 之前提到的，由於當前的環境，我們推出了“成本削減以增長”作為 Reinvent 2.0 的一部分，以恢復 2024 年及以後的收入和銷量增長。我期待在隨後的財報電話會議上向您提供更多詳細信息，並介紹到 2025 年底實現年度節省 1.4 億至 1.6 億美元的目標的進展情況以及我們的增長計劃。

With that, let me now pass the call back to Ted for closing remarks. Ted, over to you.

現在，讓我將電話轉回給特德，讓他發表結束語。特德，交給你了。

Thanks, Dustin. As we look to the remainder of 2023 and into 2024, the combination of Reinvent SEE 2.0 initiatives and new product introductions will help us revert to low single digit growth. We continue to be cautious on the global economic outlook and lingering impact of inflation. We are confident that our Cost take-out to Grow program will put us back to the earnings growth path and position us to address significant opportunities in our end markets.

謝謝，達斯汀。展望 2023 年剩餘時間和 2024 年，Reinvent SEE 2.0 計劃和新產品推出的結合將幫助我們恢復低個位數增長。我們對全球經濟前景和通脹揮之不去的影響繼續持謹慎態度。我們相信，我們的“成本削減增長”計劃將使我們重回盈利增長道路，並使我們能夠抓住終端市場的重大機遇。

I also want to take a moment to recognize our people. Their hard work and dedication to relentlessly drive our company to world-class performance.

我還想花點時間來認識一下我們的員工。他們的辛勤工作和奉獻精神不懈地推動我們公司取得世界一流的業績。

With that, I open the call for questions. Operator?

就這樣，我開始提問。操作員？

Thank you. (Operator Instructions) Our first question comes from Ghansham Panjabi from Baird.

謝謝。 （操作員說明）我們的第一個問題來自 Baird 的 Ghansham Panjabi。

This is Matt Krueger sitting in for Ghansham. Thanks for taking my question and for all the details. I was hoping that you could provide some added detail on your volume expectations by segment for the second half of 2023. Your guidance appears to imply a slowdown in Food in addition to the weakness in Packaging. Why would this be the case versus the second quarter? And what were the volume run rates for each of the businesses during July? And if you even want to break out some of those details by subsegment, that would be great.

這是馬特·克魯格（Matt Krueger）代替甘沙姆（Ghansham）。感謝您提出我的問題並提供所有詳細信息。我希望您能提供一些關於 2023 年下半年按細分市場的產量預期的更多細節。您的指導似乎意味著，除了包裝行業的疲軟之外，食品行業也將放緩。與第二季度相比，為什麼會出現這種情況？七月份每個業務的銷量運行率是多少？如果您甚至想按子細分來細分其中一些細節，那就太好了。

Matt, this is Dustin speaking. Great question. So a couple of points. We highlighted and you go back to some of the prepared remarks, starting with Food. If you think about the second half of the year, what you're really looking at is a shift in the U.S. cattle cycle since the beginning of the year, starting in Q2 and now going throughout the remaining portion of the year. It's being partially offset to some degree with what's happening in Australia herd cycle as well, but not fully. And so that's what -- that market impact is compounding volume in the second half as it relates to Food.

馬特，我是達斯汀。很好的問題。所以有幾點。我們強調了，然後你回到一些準備好的評論，從食物開始。如果您考慮今年下半年，您真正關注的是自年初以來美國養牛週期的轉變，從第二季度開始一直持續到今年剩餘時間。在某種程度上，澳大利亞畜群週期的情況也部分抵消了這一影響，但並非完全抵消。這就是——市場影響使下半年與食品相關的銷量增加。

Keep in mind, holistically though, if you think about the business from first half to second half in Food and Protective, you're looking at general volume stabilization. If you move to Protective, looking at the second half, we talked about we're still seeing end market weakness in demand. And then that's being compounded by obviously destocking. So the longer -- the weaker the demand in our end markets, if [you're not getting] in the destocking cycle, you're seeing that extend into Q3 as well as the compounding market. So those 2 factors were driving high single digit declines in the second half for Protective from a volume perspective.

但請記住，從整體上看，如果您考慮上半年到下半年食品和防護用品的業務，您會看到總體銷量穩定。如果你轉向保護性，看看下半年，我們談到我們仍然看到終端市場需求疲軟。然後，明顯的去庫存使情況變得更加複雜。因此，時間越長，我們終端市場的需求就越弱，如果[你沒有進入]去庫存週期，你會看到這種情況會延伸到第三季度以及復利市場。因此，從銷量角度來看，這兩個因素導致下半年保護性產品出現高單位數跌幅。

Our next question comes from Lawrence De Maria from William Blair.

我們的下一個問題來自威廉·布萊爾的勞倫斯·德·瑪麗亞。

As much I want to ask about some of the growth opportunities, I would like to understand some of the volume declines in terms of market declines versus, let's say, switching share losses and some of the trade downs. So can you kind of discuss the volume of market declines versus destocking in the second half? And what kind of share losses there potentially are and have you lost any share due to pricing actions?

儘管我很想詢問一些增長機會，但我想了解市場下滑帶來的一些銷量下降，以及換股損失和一些交易下降。那麼您能否討論一下下半年市場下跌量與去庫存量的關係？可能會出現什麼樣的份額損失？您是否因定價行為而損失了任何份額？

All right, Larry, this is Dustin Semach. I'll start off, and then Ted can chime in. So if you look at kind of going back to the prior question as well, I'll go up by segment, Larry. So if you look at Food, what we're seeing is -- volume holistically, right, think of it as down in the roughly 4% range in the second half of the year. You have a little bit of uptick in price slightly because we see this more of a year-over-year comp. And then when you look at market, it's down about 4% holistically. There's -- we're looking at share loss to about down 1 point and that's being offset to some degree in our other growth areas. And I'll let Ted come back to that point because I'll move to Protective quickly.

好的，拉里，我是達斯汀·塞馬赫。我先開始，然後特德可以插話。所以，如果你也想回到之前的問題，我會逐段討論，拉里。因此，如果你看看食品，我們會看到——整體銷量在今年下半年下降了大約 4%。價格略有上漲，因為我們看到這更多的是同比比較。然後當你觀察市場時，整體下降了約 4%。我們預計份額損失將下降約 1 個百分點，而這在一定程度上會在我們的其他增長領域得到抵消。我會讓特德回到這一點，因為我會很快轉向保護。

When you come back to Protective in the second half of the year, we're seeing more pressure on price. You're seeing that on the commodity resin side really coming from the first half. So you see price down about 3% holistically in the second half with volume down high single digit, of which about half of it is market, the other 25, 30 points is destocking and the rest is going to be share loss offset by some growth.

當你在下半年回到保護性時，我們看到價格壓力更大。您會看到，在商品樹脂方面，這種情況確實來自上半年。所以你會看到下半年價格整體下跌約3%，成交量下跌高個位數，其中大約一半是市場，另外25、30個點是去庫存，其餘的將是份額損失，但會被一些增長所抵消。

And I'll turn it to Ted to talk a little bit about the growth in each area.

我將請 Ted 談談每個領域的增長情況。

Sure. And picking up on the share loss piece, if we look -- talk to Food first, we talked about what's happening with the resins. We feel like we've got that stabilizing, but we did still have a little carryover for the resin with our customers who we did lose because we didn't have the resin converting those back, they got to get rid of the stock that they have. Market slowing is slowing that down a bit into the third quarter. We think we should have that hopefully gained back by the end of the year.

當然。談到份額損失，如果我們首先與食品公司交談，我們討論了樹脂的情況。我們覺得我們已經得到了穩定，但我們確實仍然對我們的客戶有一點殘留，我們確實失去了這些客戶，因為我們沒有樹脂將這些樹脂轉化回來，他們必須擺脫他們的庫存有。市場放緩使得這一趨勢在第三季度有所放緩。我們認為我們應該有望在今年年底前恢復這一勢頭。

The other part on the share gain is with the automation driving some of our growth. On the Food side, as we shared pretty strong, really have a great backlog. We got some of that pickup. We got some of the part shortages we had that we talked about in the Food business alone, up 40%, still driving to 10% growth for the year and into next year.

份額增長的另一部分是自動化推動了我們的部分增長。在食品方面，正如我們所分享的那樣，確實有大量的積壓訂單。我們得到了一些皮卡。我們僅在食品業務中就遇到了一些零件短缺問題，短缺量增加了 40%，仍然推動今年和明年 10% 的增長。

Some of the activity on the automation, we're working on new products. And right now, with our customers being under strain, they're reducing their CapEx, we're kind of fighting that right now, helping them, calling in, what can we do to help them with their productivity issues, we still think automation has opportunities for us on Food in the second half and going in strong into next year.

關於自動化的一些活動，我們正在開發新產品。現在，由於我們的客戶面臨壓力，他們正在減少資本支出，我們現在正在與之鬥爭，幫助他們，打電話，我們能做些什麼來幫助他們解決生產力問題，我們仍然認為自動化我們在下半年的食品方面有機會，並在明年強勁增長。

On the Protective side, the share gain really is -- the pressure we've been seeing is with the destocking, we're seeing that reduced but still strong in the quarter. We still think we'll have more of that in the second half, but that the fiber -- the plastic, the fiber push is still there. We're working on that. That will be playing out through the rest of the year. So we do see some stabilization in the Protective side. Same thing on the growth with Protective, we really think going with our e-commerce platform, getting better reach, getting -- reaching more customers also with the fiber-based solutions coming on board and also the automation, as you saw on the prepared remarks, we have some significant opportunities moving on the Protective side coming in the second half. But right now, the first half of the year is tough, second and half year going to stabilize and building into next year.

在保護性方面，股票收益確實是——我們所看到的壓力來自去庫存，我們看到壓力有所減少，但本季度仍然強勁。我們仍然認為下半年我們會有更多這樣的產品，但纖維——塑料、纖維的推動仍然存在。我們正在努力解決這個問題。這將在今年剩餘時間裡持續進行。因此，我們確實看到保護方面出現了一些穩定。與Protective 的增長相同，我們確實認為通過我們的電子商務平台，可以通過基於光纖的解決方案以及自動化來獲得更好的覆蓋範圍，從而接觸到更多的客戶，正如您在準備好的產品中看到的那樣評論說，下半年我們將有一些重大機會轉向保護性方面。但目前來說，上半年是艱難的，下半年將趨於穩定並進入明年。

Our next question is from George Staphos from BofA Securities.

我們的下一個問題來自美國銀行證券公司的喬治·斯塔福斯。

Thanks for the details. My question is a 2-parter combining the volume outlook with the savings on CTO2Grow. Ultimately, what should be the cadence on the $140 million to $160 million savings that you spell out on Slide 3? And how pressure-tested are they, Ted, to the volume outlook?

感謝您提供詳細信息。我的問題是一個將 CTO2Grow 的銷量前景與節省費用結合起來的 2 部分問題。最終，您在幻燈片 3 中闡述的節省 1.4 億至 1.6 億美元的節奏應該是怎樣的？特德，他們對銷量前景的壓力測試有多大？

And the reason I ask, and this is kind of the second question, some of the issues that you cite here in the back half of the year, the cattle cycle, automation, perhaps not growing as quickly because your customers are holding back CapEx. These are factors that were talked about in past quarters and the company's view was they shouldn't be that big of a deal. So are your customers -- does Sealed Air need to get close -- or SEE need to get closer to its customers to have maybe a better view on the volume outlook and in turn, how that will ultimately play into the savings and the cadence there. Good luck in the quarter.

我問的原因是第二個問題，你在今年下半年提到的一些問題，牛週期，自動化，也許增長速度不那麼快，因為你的客戶抑制了資本支出。這些是過去幾個季度討論過的因素，該公司認為這些因素不應該有那麼大的影響。您的客戶也是如此——Sealed Air 是否需要接近客戶——或者 SEE 需要更接近其客戶，以便更好地了解銷量前景，進而了解這最終將如何影響那裡的節省和節奏。祝本季度好運。

George, good question. Let me let Dustin start with just unpacking some of those numbers, and then I will answer the question about how close we are to our customers and why we had that demand shift from first quarter to second quarter.

喬治，好問題。讓我讓達斯汀首先解開其中一些數字，然後我將回答有關我們與客戶的距離有多近以及為什麼我們的需求從第一季度轉移到第二季度的問題。

Thank you, Ted, and thank you, George. So to quickly answer that question, I just want to take a step back and talk about Reinvent SEE, right? Just as a reminder, is we're announcing the $140 million to $160 million outlook over the next couple of years through 2025. Going back to Reinvent SEE 1.0, the initial kind of commitment was roughly $225 million, which resulted in over $370 million in savings. And the point to make there is that as we move throughout the markets beyond '23 and into '24, we're going to continue to focus on taking out (inaudible) amount of cost and driving the necessary amount of savings to continue to restore earnings power.

謝謝你，特德，謝謝你，喬治。因此，為了快速回答這個問題，我只想退一步談談 Reinvent SEE，對吧？提醒一下，我們將宣布未來幾年到 2025 年的 1.4 億至 1.6 億美元的前景。回到 Reinvent SEE 1.0，最初的承諾約為 2.25 億美元，這導致了超過 3.7 億美元的投資節省。需要指出的是，隨著我們在 23 年之後進入 24 年整個市場，我們將繼續專注於消除（聽不清）成本並推動必要的節省以繼續恢復盈利能力。

But going back to the $140 million to $160 million, so if you think about the cadence about -- there will be -- you'll see this begin to feather in, in Q3 and Q4. We're already off and running. The teams are actively engaged and executing as we speak. And then what you're going to see is 60%, 70% of that $150 million at the midpoint appear in 2024 and the remaining portion in 2025.

但回到 1.4 億到 1.6 億美元，所以如果你考慮一下節奏——將會有——你會看到這在第三季度和第四季度開始逐漸顯現。我們已經出發了。正如我們所說，團隊正在積極參與和執行。然後你會看到，中間 1.5 億美元的 60%、70% 會在 2024 年出現，其餘部分會在 2025 年出現。

Now I'll turn it back to you, Ted.

現在我會把它轉回給你，特德。

Yes. And then so George, to the second part of the question about being close to our customers. Going through this right now, extremely close to our customers right now with the pressure especially in the Food side, where they've seen the demand change. You can hear with some of our larger customers are announcing publicly what's going on with their demand reduction for the year, so we are side by side. We're seeing that feeling that or look one quarter later, we have much greater visibility to what we see, and that's where you see the adjustment in the second half.

是的。然後喬治就關於貼近客戶的問題的第二部分進行了回答。現在正在經歷這個，現在與我們的客戶非常接近，特別是在食品方面，他們看到了需求的變化，面臨著壓力。您可以聽到我們的一些大客戶公開宣布今年需求減少的情況，因此我們並肩作戰。我們看到了這種感覺，或者說一個季度後，我們對所看到的情況有了更大的了解，這就是下半年的調整。

To the second part of your question, the automation has been part one, releasing what we had in the backlog, getting that strong growth in the first half, we [feel] the pipeline is still strong. We've been reducing the bookings. The pipeline is still quite strong to get and we have to get those converted. What we're fighting with is with their reduction in demand and the reduction of their heavy intense focus on cost reduction is how can we come in and help them take their cost out through automation, and that's the issue that we're going through right now to build up our backlog for the end of this year and going strong into 2024. We feel pretty good about that on the automation side that we can hit. We have some work to do, but we think the automation is really strong, bright spot for us going forward.

對於你問題的第二部分，自動化是第一部分，釋放了我們積壓的內容，在上半年實現了強勁增長，我們[感覺]管道仍然強勁。我們一直在減少預訂。管道仍然很強大，我們必須將它們轉換。我們面臨的問題是他們需求的減少以及他們對降低成本的高度關注的減少是我們如何介入並幫助他們通過自動化降低成本，這就是我們正在經歷的問題現在我們正在積壓今年年底的積壓訂單，並在2024 年保持強勁勢頭。我們對自動化方面可以實現的目標感到非常滿意。我們還有一些工作要做，但我們認為自動化確實很強大，是我們前進的亮點。

Our next question comes from Michael Roxland from Truist Securities.

我們的下一個問題來自 Truist Securities 的 Michael Roxland。

Ted, in fluids, you mentioned i think quarter and the prior quarter about your confidence in regaining lost volumes -- Food volumes from last year. How much additional progress have you made in 2Q? And can you also talk about your approach in Food on a go-forward basis? One of your larger competitors recently acquired a food packaging business targeting modular vacuum packaging solutions for protein, dairy, and it tends to increase its food packaging volumes to gain market share. So I just wanted to find out how you're going to address that increase in competitiveness.

泰德，在液體方面，您提到了我認為季度和上一季度您對恢復損失量（去年的食品量）的信心。您在第二季度取得了多少額外進展？您能否進一步談談您在食品領域的做法？您的一個較大的競爭對手最近收購了一家食品包裝業務，目標是蛋白質、乳製品的模塊化真空包裝解決方案，並且它傾向於增加其食品包裝量以贏得市場份額。所以我只是想知道你們將如何解決競爭力的提高問題。

So the first part, how we're feeling comfortable building on what I just said before, we are with our customers directly. So again, feel pretty confident on the automation on what we're doing with the customers in the Food space.

所以第一部分，我們在我之前所說的基礎上感到如何舒服，我們直接與客戶聯繫。再次強調，我們對食品領域客戶所做的自動化工作充滿信心。

On the resin piece, which is a different subject as we regain where we didn't have that resin in the past, we feel very good with our customers, with our brand, with our service that we can get that business back. Again, we have to get them to deplete the inventory they have with someone else. So feel really good about that at one, even myself personally being engaged with those customers, let's go get that business.

在樹脂件上，這是一個不同的主題，因為我們重新獲得了過去沒有樹脂的地方，我們對我們的客戶、我們的品牌、我們的服務感覺非常好，我們可以重新獲得業務。同樣，我們必須讓他們耗盡他們在其他人那裡的庫存。因此，即使是我個人也正在與這些客戶接觸，對此感覺非常好，讓我們去開展這項業務吧。

The second part of your question with what our competitors doing in automation, part of our growth in automation being well above the market has been taking share. So we feel really good about that. We talked about in the fourth quarter, we had a major conversion with one of our largest customers, actually taking that business back that we lost over 5 years ago. We got that back, making gains. We have some of that equipment in place, actually have it on one of the slides of the new equipment that we brought in. So we feel very good about that. We feel like we have the best products. We feel like we have the best equipment. We have new designs coming in place, so feel really good about it.

你的問題的第二部分是我們的競爭對手在自動化方面做了什麼，我們在自動化方面的增長遠高於市場的部分原因是搶占了市場份額。所以我們對此感覺非常好。我們在第四季度談到，我們與最大的客戶之一進行了重大轉變，實際上收回了我們 5 年前失去的業務。我們得到了回報，取得了收益。我們已經準備好了一些設備，實際上將其放在我們引進的新設備的一張幻燈片上。所以我們對此感覺非常好。我們覺得我們擁有最好的產品。我們感覺我們擁有最好的設備。我們即將推出新設計，因此感覺非常好。

We'll always have competition. But I feel very good with our CRYOVAC incredible brand with our customers, we have the product, we can go get the business. We have a tremendous sales and service team. So we feel quite confident giving the team better tools, I think we're in a good place despite what the competition is doing.

我們永遠都會有競爭。但我對我們的 CRYOVAC 令人難以置信的品牌與我們的客戶感覺非常好，我們擁有產品，我們可以去獲得業務。我們擁有一支龐大的銷售和服務團隊。因此，我們非常有信心為團隊提供更好的工具，我認為無論競爭對手在做什麼，我們都處於有利位置。

Next question next question is from Phil Ng with Jefferies.

下一個問題由 Phil Ng 和 Jefferies 提出。

Dustin did a great job in talking about the cost element of your restructuring effort. So Ted, help us kind of think through perhaps the growth side of things. How long do you think these initiatives will take hold we'll see it on the bottom line? And some of the challenges you're calling out on volumes seem like it could linger into 2024. So just curious, what's your level of confidence in getting back to growth from a top line and earnings perspective when we look out to 2024?

達斯汀在談論重組工作的成本要素方面做得很好。所以特德，請幫助我們思考事物的增長方面。您認為這些舉措會持續多久，我們會在底線看到它？您在銷量方面提出的一些挑戰似乎可能會持續到 2024 年。所以我很好奇，當我們展望 2024 年時，您對從營收和盈利角度恢復增長的信心有多大？

Great question. And -- but I'll have to share because Dustin did take the cost out and there saw already some of the lines where I've used -- it's been great having Dustin here, a clean set of eyes, and I've used the phrase already for my mom, "A new broom sweeps clean." So what you see there on our Cost take-out to Grow building on the success of Reinvent, we have really good line of sight. What he didn't say is we will continue to under promise and over deliver on those savings.

很好的問題。而且——但我必須分享，因為達斯汀確實把成本去掉了，而且已經看到了我用過的一些台詞——達斯汀在這裡真是太棒了，他有一雙乾淨的眼睛，我也用過這句話已經對我媽媽說：“一把新掃帚清掃乾淨。”因此，您在“重塑成本”的成功基礎上看到的“增長成本”，我們擁有非常好的視野。他沒有說的是，我們將繼續兌現這些節省的承諾，並超額兌現。

So on the growth element, if you look at the curve on Slide 3, that is where we put a tremendous part of our resources taking care of that COVID period. We originally called out the COVID crisis. We've gone through so many crisises around the world, our scientists, our engineering team, our service technicians, taking care of that bump that was out there, we redirected resources to take care of business. And actually, we had to redesign products that we already had. So to answer your question on my confidence, can we bring -- get us back to growth as we put in the slide committing to low single-digit growth, our internal plans are above that single-digit growth.

因此，在增長因素方面，如果你看一下幻燈片 3 上的曲線，就會發現我們在新冠疫情期間投入了大量資源。我們最初提出了新冠危機。我們在世界各地經歷瞭如此多的危機，我們的科學家、我們的工程團隊、我們的服務技術人員，為了解決那裡出現的問題，我們重新調整資源來處理業務。實際上，我們必須重新設計已有的產品。因此，為了回答你關於我的信心的問題，當我們在幻燈片中承諾低個位數增長時，我們能否讓我們恢復增長，我們的內部計劃高於這個個位數增長。

So how do we do that? You already -- we talked about inorganic with Liquibox. 5.5% growth is coming in there as we drive our largest -- our fastest growing, highest margin segment, so we feel really good about that. How are we doing on automation on the growth going forward? Feel very good. That's got to be north to double digit right now so far this year, quite strong going out? Yes. The digital solutions are just coming into fruition. Going again that hump that the COVID crisis behind us, putting our engineers on our digital solutions, feel really good about that.

那麼我們該怎麼做呢？你已經——我們用 Liquibox 討論過無機物。隨著我們推動規模最大、增長最快、利潤率最高的細分市場的發展，我們將實現 5.5% 的增長，因此我們對此感到非常滿意。我們在未來增長的自動化方面做得如何？感覺很好。今年到目前為止，這個數字一定會達到兩位數，相當強勁嗎？是的。數字解決方案剛剛取得成果。再次回到新冠危機背後的駝峰，讓我們的工程師使用我們的數字解決方案，感覺真的很好。

And then breaking out the fourth area of those new products, again, designing for this new curve on Reinvent 2.0, we have new trays coming out, new fiber-based products coming out. We now have to have those realized to beat that low single digit volume growth out there. So again, under promise, just like on the cost side, we're going to beat that on the growth side, I have high confidence we're going to beat that going forward.

然後再突破這些新產品的第四個領域，再次為 Reinvent 2.0 上的這條新曲線進行設計，我們推出了新的托盤，推出了新的基於纖維的產品。我們現在必須實現這些目標，以應對較低的個位數銷量增長。因此，再次強調，就像在成本方面一樣，我們將在增長方面擊敗它，我非常有信心我們將在未來擊敗它。

Our next question comes from Gabe Hajde from Wells Fargo.

我們的下一個問題來自富國銀行的 Gabe Hajde。

Maybe I'll ask the question a little bit differently. I'm honing in on Slide #3, where you talk about CTO2Grow, enabling you to get low single digit volume growth. And then further on the right-hand side of the slide, you talk about sales growth of 5% to 7%. So I'm assuming implied in there is some gross price as well as acquisition-related growth.

也許我會以不同的方式問這個問題。我正在仔細研究第 3 張幻燈片，其中您談到了 CTO2Grow，使您能夠實現低個位數的銷量增長。然後在幻燈片的右側，您談到了 5% 到 7% 的銷售額增長。因此，我假設總價格以及收購相關的增長都隱含在其中。

So I guess in the near term, given that you're focused on deleveraging, M&A tends to be fairly lumpy, is it safe to say that you're assuming that you'll get back to some sort of contribution from net or gross price in that algorithm? And I guess just to clarify on the guidance, you're calling down, I think, Liquibox to be $50 million lower in revenue. What's driving that? And does that come back in 2024 and beyond?

因此，我想在短期內，鑑於您專注於去槓桿化，併購往往相當不穩定，可以肯定地說您會從淨價或總價中獲得某種貢獻在那個算法中？我想只是為了澄清指導意見，我認為你要求 Liquibox 的收入減少 5000 萬美元。是什麼推動了這一點？ 2024 年及以後還會出現這種情況嗎？

Okay. So great question. I'll comment first on net price. And then the comments you made around Cost take-out to Grow and you see on this chart on Slide 3, that kind of course correction. So what we're calling right now is the $140 million to $160 million of annual savings through 2025. And if you think about that line, that dotted line, that's what it represents, okay? And then low single digit growth during that period. And to your point, if you call it, if you look at capital allocation, we are focused in the short term on deleveraging, right? So that's an organic number we're pointing out.

好的。很好的問題。我將首先評論淨價。然後，您圍繞“成本削減以實現增長”所做的評論，以及您在幻燈片 3 的圖表中看到的這種路線修正。所以我們現在所說的是到 2025 年每年節省 1.4 億至 1.6 億美元。如果你想想那條線，那條虛線，那就是它所代表的意思，好嗎？然後在此期間出現低個位數增長。就你的觀點而言，如果你稱之為資本配置，我們短期內的重點是去槓桿化，對嗎？這就是我們指出的有機數字。

In general, we can see net price realization somewhat, I would say, negative, excluding Cost take-out to Grow, right, for the next couple of years, and we talked about that in terms of where resin pricing is at today, where end market demand that holistically was driving that kind of short-term view on pricing, an idea is that when we get through that curve into 2025, that will enable us to get back on over to the right-hand side because our balance sheet will be much further leverage. Pricing environment, markets will be in a different place, and then we're able to get back on to our SEE operating model, which you can see on the bottom right-hand corner.

總的來說，我們可以看到淨價實現有些負面，不包括未來幾年的增長成本，我們討論了今天樹脂定價的情況，終端市場需求整體上推動了這種短期定價觀點，一個想法是，當我們穿過這條曲線進入2025 年時，這將使我們能夠回到右側，因為我們的資產負債表將進一步發揮槓桿作用。定價環境、市場將處於不同的位置，然後我們能夠回到我們的 SEE 運營模式，您可以在右下角看到這一模式。

Yes. The second part, Gabe, this is Ted, where you mentioned about the Liquibox. Liquibox being right now a step down from what we talked about before, the short issues coming in a quarter into the business. We've had operational issues right now into the quarter. We had some quality issues. We feel like we're on top of that. We brought the CRYOVAC team in there to fix it. We've even had some personnel issues in the plants. We've adjusted rates. I believe we have that fixed and on top of -- we've also, with our customers, they've seen the slowdown in the market, so we've been face-to-face with our team, our CRYOVAC team with the Liquibox team and we think we have some significant opportunities. Right now in the short term there, those are issues, and that's why we took that number down for the year.

是的。第二部分，加布，我是泰德，你提到了 Liquibox。 Liquibox 現在比我們之前討論的情況有所下降，短期問題將在業務進入一個季度後出現。本季度我們遇到了運營問題。我們遇到了一些質量問題。我們感覺我們已經掌握了一切。我們請了 CRYOVAC 團隊來修復它。我們的工廠甚至出現了一些人事問題。我們調整了費率。我相信我們已經解決了這個問題，而且除此之外，我們還與我們的客戶一起看到了市場的放緩，所以我們一直與我們的團隊、我們的 CRYOVAC 團隊和Liquibox 團隊和我們認為我們有一些重要的機會。現在在短期內，這些都是問題，這就是我們今年減少這個數字的原因。

But the last one on the cost synergy, though, we're actually ahead. Even though the volumes are down, we are ahead on the cost synergies there in the model. And so we get the volumes back up, [where we] think we'll far exceed the cost synergies on the Liquibox. Going into '24, '25 and '26, that is definitely part of getting back to the growth algorithm with the growth in Liquids and Fluids business, so we're still quite confident about that.

但最後一項關於成本協同效應的問題，我們實際上是領先的。儘管銷量下降，但我們在模型中的成本協同效應方面處於領先地位。因此，我們的銷量有所回升，[我們]認為我們將遠遠超過 Liquibox 的成本協同效應。進入 24 年、25 年和 26 年，隨著液體和流體業務的增長，這絕對是回歸增長算法的一部分，因此我們對此仍然充滿信心。

Our next question comes from Josh Spector with UBS.

我們的下一個問題來自瑞銀集團的喬什·斯佩克特。

I guess one thing I wanted to ask about was more on the cost side, specifically margins within Protective. You had a pretty nice step up in 2Q on flat sales sequentially. So just wondering kind of on your expectations for second half, I think you talked about pricing down, but price net of cost, I guess, could that be up? And if margins improve, do you think you could actually see Protective earnings up year-over-year in the fourth quarter? Or is that too aggressive?

我想我想問的一件事更多是在成本方面，特別是 Protective 的利潤率。第二季度的銷售額連續持平，取得了相當不錯的進步。所以只是想知道您對下半年的預期，我想您談到了定價下降，但我想扣除成本後的價格會上漲嗎？如果利潤率改善，您認為第四季度的保護性收益是否真的會同比增長？或者說這太激進了？

Great question, Josh. And so as we mentioned earlier, 2 points or a couple of different dynamics that I'll call out. One is, if you think about the second half of the year, we're talking about volume stabilization. Having that volume stabilization sequentially coming from the first half really gives us an opportunity as we think about cost control, which benefited in Q2 and would Cost take-out to Grow, benefiting further. And what I haven't really splitly said, but I will say now, which is $140 million to $160 million, obviously, with Protective in-house performed in the first half of the year and really the back half of '22, a lot of those cost savings will actually proportionally be focused on our Protective segment holistically.

好問題，喬什。正如我們之前提到的，我將指出兩點或幾個不同的動態。一是，如果你考慮今年下半年，我們正在談論的是銷量穩定。從上半年開始，銷量連續穩定，這確實給我們提供了一個機會，因為我們考慮成本控制，這在第二季度受益，並且成本下降將進一步受益。我還沒有真正分開說，但我現在要說的是，顯然，這是 1.4 億到 1.6 億美元，內部保護是在今年上半年和 22 年下半年進行的，很多這些成本節省實際上將按比例集中在我們的整體防護領域。

If you think about the second half and to your point, you are going to have margins sitting in the high teens roughly for the -- think of it as the first for Q3. And by the time you get to Q4 on an absolute dollar basis, you should be very similar to where Protective was in Q4 of 2022.

如果你考慮下半場並就你的觀點而言，你的利潤率將大致在十幾歲左右——可以將其視為第三季度的第一個季度。當你到達第四季度（按絕對美元計算）時，你應該與 Protective 在 2022 年第四季度的情況非常相似。

The only thing to add on that on the growth side of looking at the Protective is the portfolio we did highlight in the prepared remarks. The continued portfolio review and actually changing that portfolio, we will -- we are planning to have margin expansion by the shift in the product mix going into the second half of the year. Also with the new products coming in and in automation will be driving a different mix in the volume. So we should have, again, margin expansion in the second half. That's what we're planning on.

從保護性增長的角度來看，唯一需要補充的是我們在準備好的評論中強調的投資組合。持續的投資組合審查並實際改變該投資組合，我們計劃通過進入下半年的產品組合轉變來擴大利潤率。此外，隨著新產品的出現和自動化，將推動銷量的不同組合。因此，下半年我們的利潤率應該會再次擴大。這就是我們的計劃。

Our next question comes from Arun Viswanathan of RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的阿倫·維斯瓦納坦 (Arun Viswanathan)。

So if we look at the midpoint of the guidance, let's say, $1.1 billion for this year and the second -- implying kind of like a $553 million number for the second half. So yes, you're exiting at kind of that $1.1 billion rate. You will be facing some pretty easy comps next year in Protective. I think Food also as far as the back half maybe is positioned out in a little bit better way as well. How do you think about growth next year? Do you envision returning to that SEE operating model growth level of EBITDA maybe in the in the mid- to high upper single-digit range? And what are the risks to keep in mind that would prevent you from getting to that range?

因此，如果我們看一下指導的中點，比如說，今年和第二年的收入為 11 億美元，這意味著下半年的數字約為 5.53 億美元。所以，是的，你將以 11 億美元的價格退出。明年你將在 Protective 中面對一些相當簡單的比賽。我認為食物的後半部分也可能以更好的方式定位。您如何看待明年的增長？您是否預計回到 SEE 運營模式的 EBITDA 增長水平可能在中高個位數範圍內？需要記住哪些風險會阻止您達到該範圍？

How about if we take [Tin] on the answer because we have the new CFO with readjusting with the CTO2Grow, and then I'll add some color on how it gets back to the model.

我們是否可以接受 [Tin] 的答案，因為我們有新的 CFO 正在使用 CTO2Grow 進行重新調整，然後我將添加一些關於如何返回模型的顏色。

Absolutely. So Arun, again, I really appreciate the question. A couple of comments I would make. As we think about next year, right, volume growth is critical. If you think about restoring earnings and that's part of the reason we talk about CTO2Grow is really both sides of the coin, getting back to low single digit volume growth and then restoring our earnings. If we get back to low single digit volume growth, we believe the Cost take-out to Grow program will run earnings growth ahead of overall top line growth. At that point, it won't get back to quite, I'd say, mid- to high single digits for 2024, but anticipating kind of mid-single-digit-ish relative to 2024 earnings growth.

絕對地。所以阿倫，我再次非常感謝這個問題。我想發表幾點評論。當我們考慮明年時，銷量增長至關重要。如果你考慮恢復盈利，這就是我們談論 CTO2Grow 的部分原因，這實際上是硬幣的兩面，回到低個位數的銷量增長，然後恢復我們的盈利。如果我們回到較低的個位數銷量增長，我們相信成本削減增長計劃將使盈利增長領先於整體營收增長。到那時，我想說，到 2024 年，它不會回到中個位數到高個位數，但預計相對於 2024 年的盈利增長，將達到中個位數左右。

So going back to your point, what are the kind of pluses and minuses as we think about that. One is, we're obviously coming off a down year. If you think about next year, I made a comment earlier in one of the questions around net price realization and that being slightly negative. That, to some degree, is what's putting pressure on our point of view at this point in time, which could shift as the market develops is putting pressure on what we see is that 60%, 70% of the $150 million coming into play next year, right?

回到你的觀點，我們認為這有哪些優點和缺點。一是，我們顯然正經歷著低迷的一年。如果您考慮明年，我早些時候在有關淨價實現的問題之一中發表了評論，並且略有負面。在某種程度上，這就是目前對我們的觀點施加壓力的原因，隨著市場的發展，這種觀點可能會發生變化，這給我們帶來的壓力是，接下來將發揮作用的1.5 億美元中的60%、70%年，對嗎？

And again, what plus that up or plus that down from that point of view really comes in how you perform on volumes and how those end market gets to look and [until they] shift or change from our point of view today as we progress out the next 6 months of the year.

再說一次，從這個角度來看，加起來或加下來，真正取決於你在銷量上的表現以及這些終端市場的外觀，[直到它們]隨著我們的進展而從我們今天的觀點轉變或改變一年中接下來的6 個月。

Now I'll turn it to Ted.

現在我將把它交給特德。

Yes. Arun, just building off of that is going through this depth and as we've put the CTO2Grow in there. And again, on the theme to under-promise, over-deliver the cost side, again, this is what we have in the plan. Our plan is to beat that. On the growth side, we got to get back to growth. As I shared is exactly what you've looked at in the model, but this is implying low end on the growth going into '24, '25 and '26. We have to turn that engine around to get those growth initiatives and to add 1% or 2% on top of what you see here to get it back to the model.

是的。 Arun，正是以此為基礎，我們已經將 CTO2Grow 放入其中。再說一次，關於承諾不足、超額交付成本方面的主題，這也是我們計劃中的內容。我們的計劃就是要克服這一點。在增長方面，我們必須恢復增長。正如我所分享的，這正是您在模型中看到的內容，但這意味著 24 年、25 年和 26 年的增長處於低端。我們必須扭轉這個引擎以獲得這些增長計劃，並在您在這裡看到的基礎上添加 1% 或 2%，以將其返回到模型中。

Right now, those numbers are below the model for the outlook years. What we have to do internally is to beat that. We also, with the market going behind us, we think we -- that will lift. As we've shown with Reinvent what we did the first time, we leverage very nicely, but we've got to leverage off growth. So our crisis going forward, we have a growth crisis, and that's what we have the whole team going after it. And we will leverage quite nicely getting that growth, and that's what we're focused on to beat what you see here.

目前，這些數字低於展望年份的模型。我們內部要做的就是克服這一點。我們還認為，隨著市場的發展，我們的情況將會好轉。正如我們通過重塑我們第一次所做的事情所展示的那樣，我們的槓桿作用非常好，但我們必須利用增長。因此，我們未來的危機是增長危機，這就是我們整個團隊所追求的。我們將很好地利用這種增長，這就是我們的重點，以擊敗您在這裡看到的。

Our next question is from Adam Samuelson from Goldman Sachs.

我們的下一個問題來自高盛的亞當·薩繆爾森。

Yes. Maybe continuing on the discussion in Protective and I appreciate that you're doing some portfolio review. Is there an element here of you have to shrink to grow in terms of some parts of the business that are -- that might be more commoditized that you have to functionally exit those business lines and trying to replace those with newer higher-margin business?

是的。也許繼續在“保護”中進行討論，我很感激您正在做一些投資組合審查。這裡是否存在一個因素，即您必須縮小業務的某些部分才能實現增長，這些業務可能更加商品化，以至於您必須在功能上退出這些業務線並嘗試用更新的更高利潤業務取代它們？

And is there a time lag when that transition happens that might be impacting your shipments and kind of your confidence in and the growth cadence going into next year?

這種轉變發生時是否存在時間滯後，這可能會影響您的出貨量以及您對明年的增長節奏的信心？

Yes, Adam, it's an interesting -- I have to actually pause and think what you said shrink to grow. What we're -- part of the review on the portfolio, what we're looking at is does it fit into where we want to go? If you noticed, we changed the name, what was called Product Care, we went to Protective. Now we're calling it Automated Protective Solutions. So the lens we're putting on this business, does it fit our strategy of automation, digital and sustainable solutions for our customers.

是的，亞當，這很有趣——我實際上必須停下來想想你所說的收縮是增長的。作為投資組合審查的一部分，我們關注的是它是否符合我們想要的目標？如果您注意到的話，我們更改了名稱，即“產品護理”，我們改為“保護”。現在我們稱之為自動化防護解決方案。因此，我們對這項業務的關注是否符合我們為客戶提供自動化、數字化和可持續解決方案的戰略。

So what's being pruned or shrunk curve doesn't fit-in if it has a discrete products like where we shed the [Reflectix] business. We just talked about Kevothermal. These are discrete products, great products, but don't fit into that automation lens that we have for this business.

因此，如果它有像​​我們放棄 [Reflectix] 業務那樣的離散產品，那麼被修剪或收縮的曲線就不適合。我們剛剛談到了 Kevo Thermal。這些是離散產品，很棒的產品，但不適合我們針對該業務的自動化鏡頭。

So those businesses, if we can't grow them, we're looking to do something else with them. The other side of the Protective, as we strengthen this portfolio continue to get the cost right. So that's that cost to grow, we can grow more effectively and efficiently. And how we go to market through our digital transformation, reaching more customers more effectively and efficiently, where in the past, we said we couldn't afford to go to this customer, that customer. We want to get more nimble and go reach with these tremendous product lines we haven't (inaudible) Automated Protective Solutions portfolio, get to the reach of those customers and some of the new products that we have coming in. So we think we can grow this business, but we got some work to do.

因此，如果我們無法發展這些業務，我們就會尋求利用它們做其他事情。保護性的另一面，隨著我們加強該產品組合，繼續保持正確的成本。這就是增長成本，我們可以更有效、更高效地增長。以及我們如何通過數字化轉型進入市場，更有效、更高效地接觸更多客戶，而在過去，我們說我們無力接觸這個客戶、那個客戶。我們希望變得更加靈活，並利用我們尚未（聽不清）自動化防護解決方案組合的龐大產品線，接觸到這些客戶以及我們推出的一些新產品。所以我們認為我們可以發展這項業務，但我們還有一些工作要做。

Our next question comes from Christopher Parkinson with Mizuho Securities.

我們的下一個問題來自瑞穗證券的克里斯托弗·帕金森。

This is John on for Chris. Can you dig deeper on your current automation strategy? It appears that your clients have been pretty receptive recently. And so if you could provide more detail on your current backlog and how that's been trending versus your initial expectations? And then also, if you could just touch on digital and MySEE and how you see that growing in the intermediate term?

這是約翰替克里斯發言。您能更深入地了解當前的自動化策略嗎？看來你的客戶最近很容易接受。那麼，您是否可以提供有關當前積壓工作的更多詳細信息以及與您最初的預期相比的趨勢如何？另外，您能否談談數字化和 MySEE？您如何看待其在中期的增長？

Good. So the first part of the question on the automation on where we are, feel good about that. We talked about our bookings. If we look into last year, we had some of our product lines in automation. On Protective and in Food at actually too high a level because we couldn't ship. So that pipeline, we worked -- the bookings, we've worked down. That was part of the growth in the first half of the year, seeing that up significantly.

好的。因此，關於自動化問題的第一部分是關於我們所處的位置，對此感覺良好。我們討論了我們的預訂。如果我們回顧一下去年，我們有一些自動化產品線。在防護和食品方面實際上水平太高，因為我們無法發貨。因此，我們已經完成了這條管道——預訂工作。這是上半年增長的一部分，增長顯著。

The second half of the year, we're working that bookings to down, but the issue that we're focused on is the pipeline, turning the pipeline into bookings. So as I shared earlier on the call, we're balancing that with a market, the demand reduction where customers are challenged on their CapEx spending, we have to actually work harder. We have to show significant in savings where we can help them in their productivity. So that's the challenge for us right now into the second half and going into next year. And also bringing in new automated solutions, new products. So that part, we feel good about.

今年下半年，我們正在努力減少預訂量，但我們關注的問題是渠道，將管道轉化為預訂量。因此，正如我早些時候在電話會議上分享的那樣，我們正在與市場平衡，需求減少，客戶在資本支出方面面臨挑戰，我們實際上必須更加努力。我們必須在可以幫助他們提高生產力的方面顯示出顯著的節省。這就是我們現在到下半年和明年面臨的挑戰。還引入了新的自動化解決方案、新產品。所以這部分我們感覺很好。

The second part of the question, if you can help me, Dustin?

問題的第二部分，達斯汀，你能幫我嗎？

Going back through MySEE and...

回顧一下 MySEE 並...

Our digital solution, yes, as we're working on MySEE and how we make it easier for -- to do business with our customers, you see that moving fairly quickly. Again, Protective is where we have the most conversions. And our largest distributors are coming online with us and very cooperatively, seeing that we can help in the interactions working back and forth. We're talking about not just touchless in our factories, how can we touchless with our operations, communicate anything with customer service, order entry, et cetera. So we see that moving quickly. We need to get over half the company to really feel that tipping point, but with the second part of MySEE that we're excited about is slowly starting to happen, can we use our online design studios and help our customers actually design their products online quicker and faster so we can start bringing in the scalability? That part is still underway with more good things to come.

是的，我們的數字解決方案，當我們致力於 MySEE 以及我們如何使其更容易與客戶開展業務時，您會發現進展相當快。同樣，保護性是我們轉化次數最多的領域。我們最大的分銷商也與我們一起上線，並且非常合作，因為我們可以在來回的互動中提供幫助。我們談論的不僅僅是工廠中的非接觸式操作，我們如何才能在運營中實現非接觸式操作，與客戶服務、訂單輸入等進行任何溝通。所以我們看到這一切進展很快。我們需要讓超過一半的公司真正感受到這個臨界點，但隨著我們興奮的MySEE 第二部分正在慢慢開始發生，我們是否可以使用我們的在線設計工作室並幫助我們的客戶實際在線設計他們的產品越來越快，以便我們可以開始引入可擴展性？這部分仍在進行中，更多美好的事情即將到來。

Okay. Operator, I think that was time for -- or we have time for 1 more call and to wrap it up.

好的。接線員，我認為是時候——或者我們還有時間再打 1 個電話並結束它。

I am showing no further questions at this time. So I would like to turn the conference back to Ted Doheny for closing remarks.

我目前沒有提出任何進一步的問題。因此，我想請特德·多尼 (Ted Doheny) 致閉幕詞。

Right. I would like to thank everyone for their time today. We are definitely excited about the opportunities ahead for SEE, and we look forward to speaking again in November. Thank you very much.

正確的。我要感謝大家今天抽出寶貴的時間。我們對 SEE 未來的機會感到非常興奮，並期待在 11 月再次發言。非常感謝。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。