希悅爾 (SEE) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q4 2024 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 first speaker today, Mark Stone. Please go ahead.

您好，感謝您的支持。歡迎參加 2024 年第四季 Sealed Air 收益電話會議。（操作員指示）請注意，今天的會議正在錄音。現在我想將會議交給今天的第一位演講者馬克·斯通。請繼續。

Thank you, and good morning, everyone. Before I begin our prepared remarks, I'd like to introduce myself. I am Mark Stone, Sealed Air's new Vice President of Investor Relations. Brian Sullivan now serves as our company's Treasurer. I'm glad to be here this morning and look forward to engaging with our investor community.

謝謝大家，早安。在我開始我們的準備好的發言之前，我想先介紹一下自己。我是希悅爾公司新任投資者關係副總裁馬克‧史東。布萊恩·沙利文 (Brian Sullivan) 現擔任我們公司的財務主管。我很高興今天早上來到這裡，並期待與我們的投資者社群進行交流。

With me today are Dustin Semach, our newly appointed President and CEO, and Ronnie Johnson, our recently named Interim CFO. Before we begin our call, I would like to note that we have provided a slide presentation to supplement the call. Please visit sealedair.com where today's webcast and presentation can be downloaded from our Investor Relations page.

今天與我一起的還有我們新任命的總裁兼首席執行官達斯汀·塞馬赫 (Dustin Semach) 和我們最近任命的臨時首席財務官羅尼·約翰遜 (Ronnie Johnson)。在我們開始通話之前，我想指出我們已經提供了幻燈片簡報來補充通話。請造訪 sealair.com，您可以從我們的投資者關係頁面下載今天的網路廣播和簡報。

Statements made during this call, stating management's outlook or estimates 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.

本次電話會議中所做的陳述，顯示管理階層對未來時期的展望或估計，屬於前瞻性陳述。這些聲明完全基於我們目前掌握的資訊。我們鼓勵您查看我們的收益報告和幻燈片簡報中標題為「前瞻性陳述」的部分中適用於本次電話會議的資訊。

Additionally, our future performance may differ due to a number of factors, many of these factors are listed in our most recent annual report on Form 10-K as revised and updated on our quarterly reports on Form 10-Q and current reports on Form 8-K.

此外，我們未來的業績可能會因多種因素而有所不同，其中許多因素均列在我們最新的 10-K 表年度報告中，並已在 10-Q 表季度報告和 8-K 表當前報告中進行了修訂和更新。

We discuss financial measures that do not conform to US GAAP. You will find important information on our use of these measures and their reconciliation to US GAAP in our earnings release. Included in the appendix of today's presentation, you will find US GAAP financial results that correspond to the non-US GAAP measures we reference throughout the presentation.

我們討論不符合美國公認會計準則的財務指標。您將在我們的收益報告中找到有關我們使用這些指標及其與美國公認會計準則 (US GAAP) 的協調的重要資訊。在今天簡報的附錄中，您將找到與我們在整個簡報中引用的非美國 GAAP 指標相對應的美國 GAAP 財務結果。

I will now turn the call over to Dustin and Ronnie. Operator, please turn to slide 3. Dustin?

現在我將把電話轉給達斯汀和羅尼。接線生，請翻到幻燈片 3。達斯汀？

Thank you, Mark, and thank you for joining us for our fourth quarter earnings call. Before we begin, I'd like to address the recent CEO transition. Let me start by saying I am very grateful for the opportunity and privilege to be sold or CEO, and I couldn't be more excited about our future.

謝謝你，馬克，謝謝你參加我們的第四季財報電話會議。在我們開始之前，我想談談最近的執行長的變動。首先，我要說的是，我非常感謝擔任銷售或執行長的機會和特權，我對我們的未來感到無比興奮。

I recognize that quick changes at the CEO level can raise concerns for all of our stakeholders. Let me assure you, our strategy has not changed. We continue to execute against the plans developed under my leadership as Co-CEO and President, and those initiatives are already taking hold.

我認識到執行長層面的快速變化可能會引起我們所有利害關係人的擔憂。我向你們保證，我們的策略沒有改變。我們將繼續執行我擔任聯席執行長兼總裁期間所製定的計劃，這些措施已開始生效。

Over the past two years, we have stabilized our business performance, rebuilt our leadership team, strengthen our balance sheet and transform back into two market-focused business segments, food and Protective.

在過去的兩年裡，我們穩定了業務表現，重建了領導團隊，加強了資產負債表，並重新轉型為兩個以市場為中心的業務部門——食品和防護。

While we have made significant progress, there is much work ahead of us to improve outcomes for our customers and shareholders, and we plan to accelerate the pace of execution from here. I am partnering with our Board, segment presidents and the rest of the Sealed Air team to meet these challenges head on with urgency as we continue our transformation journey.

雖然我們已經取得了重大進展，但為了改善客戶和股東的成果，我們還有很多工作要做，我們計劃從現在開始加快執行步伐。我正在與董事會、各部門總裁以及 Sealed Air 團隊的其他成員合作，在我們繼續轉型之旅的同時，緊急應對這些挑戰。

With that, I'm excited to give an update on how we closed out 2024 and provide insight into our ongoing transformation in 2025. We exceeded our expectations in the fourth quarter, including coming in higher than our guided midpoint across adjusted EBITDA, adjusted EPS and free cash flow, and driving constant currency sales growth. We have now consistently delivered against expectations for six straight quarters, reflecting improved discipline and fundamentals and better commercial execution.

我很高興能夠介紹我們在 2024 年取得的成績，並深入了解我們在 2025 年的持續轉型。我們在第四季度的表現超出了預期，包括調整後的 EBITDA、調整後的 EPS 和自由現金流均高於我們的指導中點，並推動了固定貨幣銷售的成長。我們現在已經連續六個季度超出預期，反映出紀律和基本面的改善以及商業執行的改善。

The strength of our food business more than offset the challenges in Protected throughout 2024. Excluding the restoration of our incentive compensation pools, we drove mid-single-digit adjusted EBITDA growth despite a sales decrease of 2%. During the fourth quarter, we accelerated the operationalization of our food and Protective businesses. We have now fully integrated our commercial innovation and supply chain teams into each respective segment.

我們食品業務的強勁表現足以抵銷 2024 年 Protected 業務面臨的挑戰。不計激勵薪酬池的恢復，儘管銷售額下降了 2%，但我們仍實現了中等個位數的調整後 EBITDA 成長。第四季度，我們加快了食品和防護業務的運作。我們現在已經將商業創新和供應鏈團隊完全整合到各個相應的部門。

As we completed the full reorganization, we continue to streamline our cost structure to improve organizational agility and our cost positions. We are getting closer to the markets we serve and our customers by reducing silos, complexity and bureaucracy while building a culture of accountability and ownership.

隨著我們完成全面重組，我們繼續精簡成本結構，以提高組織敏捷性和成本地位。透過減少孤島、複雜性和官僚主義，同時建立責任感和主人翁精神的文化，我們更加貼近我們所服務的市場和客戶。

Brian will give more detail on our fourth quarter performance in a few minutes. But first, let me shift to 2025. Our focus this year is to further unlock the underlying potential in each business based on the respective end markets and portfolios. Both businesses in market support consistent low single-digit volume growth.

布萊恩將在幾分鐘內詳細介紹我們第四季的表現。但首先，讓我先把時間轉到2025年。我們今年的重點是根據各自的終端市場和產品組合進一步釋放每個業務的潛在潛力。市場上的兩家企業均維持了持續的低個位數銷售成長。

With the leverage across our footprint, our strategy is to drive mid-single-digit earnings growth and deliver high cash flow conversion on an organic basis over the long term. Over the next two years, we are targeting to deleverage the balance sheet to 3 times.

利用我們業務範圍內的槓桿作用，我們的策略是推動中個位數的獲利成長，並在長期內實現高現金流轉換。未來兩年，我們的目標是將資產負債表的槓桿比率降低至3倍。

Once that is accomplished, we will be able to return to a more balanced approach to capital allocation, including disciplined M&A and a return of capital to our shareholders. As we are now organized by segment, we have more visibility into the cost structures of each business, the resources devoted to each portfolio and the impact of capital allocation, giving us more levers to help each business achieve their potential.

一旦實現這一目標，我們將能夠恢復更平衡的資本配置方式，包括有紀律的併購和向股東返還資本。由於我們現在按部門進行組織，我們可以更清楚地了解每個業務的成本結構、投入到每個投資組合的資源以及資本配置的影響，從而為我們提供了更多槓桿來幫助每個業務發揮其潛力。

More importantly, we are instilling an end market and customer focus throughout each business, which will guide our allocation of resources, innovation and capital towards the portfolios that drive the most long-term customer value. While the shift in investment strategy will take time to yield results, we are in parallel, actively improving commercial execution and service levels across the business. Shifting our culture to become high-performing, engaged and powered and accountable is at the center of our transformation within the company.

更重要的是，我們在每個業務中灌輸終端市場和客戶關注點，這將引導我們將資源、創新和資本配置到能夠帶來最大長期客戶價值的投資組合上。雖然投資策略的轉變需要時間才能產生效果，但同時，我們正在積極提高整個企業的商業執行力和服務水準。轉變我們的文化，使其變得有效率、積極參與、充滿活力和責任感，是我們公司內部轉型的核心。

We continue to strengthen the end market leadership teams and in parallel push decision-making further down in the organization to empower our field and supply chain teams to own their customer outcomes. While we made progress over the last year, especially in food, we will continue to adjust and we have the right talent in our most critical positions and fully make the shift in our culture.

我們將繼續加強終端市場領導團隊，同時將決策權進一步下放到組織內部，使我們的現場和供應鏈團隊能夠掌控客戶成果。雖然我們在過去一年中取得了進步，特別是在食品領域，但我們仍將繼續調整，在最關鍵的職位上配備合適的人才，並全面實現我們的文化轉變。

We've been operating in a dynamic macro environment where we have increased volatility due to uncertainty around global trade and its potential impact on our customers' demand patterns and supply chains, input costs and foreign exchange movements.

我們一直處於動態的宏觀環境中，由於全球貿易的不確定性及其對客戶需求模式和供應鏈、投入成本和外匯走勢的潛在影響，我們的波動性加劇。

On the potential tariff impacts, while most of our business is domestic production for domestic assumption, we do have trade with countries which could be impacted by the tariff discussions. This time, we plan on mitigating tariff impacts through changes in our supply chain and by passing through additional cost to our customers, if necessary.

關於潛在的關稅影響，雖然我們的大部分業務都是國內生產，但我們確實與可能受到關稅討論影響的國家有貿易往來。這次，我們計劃透過改變供應鏈並在必要時將額外成本轉嫁給客戶來減輕關稅的影響。

More importantly, we are partnering with our customers and helping them navigate the potential back to their business, which is much more difficult to predict at this stage. Our outlook only contemplates tariffs that are currently in effect.

更重要的是，我們正在與客戶合作，幫助他們將潛力帶回他們的業務，這在現階段更難預測。我們的展望僅考慮當前有效的關稅。

With the foundation of each business now fully built, it's all about unyielding focus and execution within the markets our food and Protective businesses serve. I will now dive into each business' outlook in 2025. Food is coming off a strong 2024, where we are able to grow volumes mid-single digits and gain share.

現在，每項業務的基礎都已完全建立，剩下的就是我們食品和防護業務所服務的市場中堅定不移的專注和執行。現在我將深入探討每個企業在 2025 年的前景。2024 年，食品業將迎來強勁發展，屆時我們的銷售量將實現中等個位數成長，市場佔有率也將持續擴大。

Over the past year, we've refocused on the core values that make Cryovac into the brand it is today. servicing our customers day in and day out and keeping them up and running with the best packaging solutions.

在過去的一年裡，我們重新關注了 Cryovac 成為如今品牌的核心價值。日復一日地為客戶提供服務，並保證他們能夠以最佳的包裝解決方案正常運作。

Our world-class engineering and manufacturing capabilities enable us to create unmatched packaging solutions that improve our customer outcomes by improving their processing yields and throughput while extending shelf life, ensuring safety, and enhancing brand image of their products. While industrial fresh red meat end markets ended 2024 in a better position than we originally anticipated, we see compression in the North American beef cycle increasing as we progress through the year, which will put pressure on our shrink bag volumes.

我們世界一流的工程和製造能力使我們能夠創造無與倫比的包裝解決方案，透過提高客戶的加工產量和吞吐量，同時延長保質期，確保安全性並提升其產品的品牌形象，從而改善客戶的成果。雖然工業新鮮紅肉終端市場在 2024 年底的狀況比我們最初預期的要好，但我們看到隨著時間的推移，北美牛肉週期的壓縮會增加，這將對我們的收縮袋產量造成壓力。

The situation is dynamic as the cost of feedstock has increased significantly over the last couple of quarters, putting pressure on our customers' businesses. However, with the breadth of our portfolio, we are focusing on higher growth businesses, such as case ready and fluids, whose end markets are less volatile and represent a growth opportunity this year and beyond. The share gains made in these portfolios in 2024 will continue to ramp this year, giving us positive momentum right out the gate.

由於原料成本在過去幾季大幅上漲，情況不斷變化，給我們客戶的業務帶來了壓力。然而，由於我們產品組合的廣度，我們專注於高成長業務，例如即用型和液體，其終端市場波動較小，代表今年及以後的成長機會。這些投資組合在 2024 年取得的股票收益將在今年持續增加，為我們帶來正面的發展動能。

Foods growth will be further supported by new innovations in automation and sustainable offerings. Leverage across the footprint, combined with our recently streamlined structure will drive the business to a projected mid-single-digit earnings growth in 2025. While we expect foods and markets to be more dynamic this year, I'm confident this business is on the right trajectory, and we are well positioned to fully achieve its underlying long-term potential.

自動化和永續產品的創新將進一步支持食品的成長。整個業務範圍內的槓桿作用，加上我們最近精簡的結構，將推動業務在 2025 年實現預計中等個位數的盈利增長。雖然我們預計今年的食品和市場將更加活躍，但我相信這項業務正走在正確的軌道上，我們已準備好充分發揮其潛在的長期潛力。

I'm now going to shift to our Protective segment. While we made progress last year repositioning this business by refocusing on our customers in end markets, there is more work ahead of us to stabilize the business and drive an inflection point in volumes.

我現在要轉到我們的保護部分。雖然我們去年透過重新關注終端市場的客戶重新定位了這項業務並取得了進展，但我們仍需做更多工作來穩定業務並推動銷售的轉折點。

We have completed several transformation programs initiated last year to restore customer focus. First, we reorganized our North American go-to-market team to simplify our coverage and minimize customer touch points internally. As part of the reorganization, we strengthened our relationships with our distribution partners by aligning our field to theirs to ensure we are going to market together.

我們已完成去年啟動的幾項旨在恢復客戶關注的轉型計畫。首先，我們重組了北美行銷團隊，以簡化我們的覆蓋範圍並最大限度地減少內部客戶接觸點。作為重組的一部分，我們透過將我們的領域與分銷合作夥伴的領域相結合來加強與分銷合作夥伴的關係，以確保我們能夠共同進行行銷。

Lastly, we implemented many commercial excellence initiatives including streamlining our pricing approach to improve time to quote and implementing a more simplified growth-oriented incentive program for our field among many others.

最後，我們實施了許多商業卓越舉措，包括簡化定價方法以縮短報價時間，以及為我們的領域實施更簡化的以成長為導向的激勵計劃等等。

Combination of these market-oriented actions has laid the foundation to give us more flexibility and control over the mix of products we sell into the market. We will focus on shifting our portfolio over time to the solutions that deliver the most customer value like AUTOBAG and Instapak.

這些以市場為導向的行動為我們在市場上銷售的產品組合方面提供更多的靈活性和控制力奠定了基礎。我們將致力於逐步將我們的產品組合轉向能夠為客戶帶來最大價值的解決方案，例如 AUTOBAG 和 Instapak。

Beyond the focus on the go-to-market approach, we continue to shape the solution portfolio by becoming more substrate agnostic in the portfolios that are sold into consumer-facing end markets like e-commerce. Our immediate focus is on commercializing the fiber mailer offerings we have previously discussed and bringing to market our hybrid AUTOBAG offerings.

除了專注於市場進入方法之外，我們還透過在面向消費者的終端市場（如電子商務）銷售的產品組合中變得更加不受基板限制來繼續塑造解決方案組合。我們的當務之急是將我們之前討論過的纖維郵遞產品商業化，並將我們的混合 AUTOBAG 產品推向市場。

While we have made progress on our mailer development with the second iteration of our fiber mailer, now called the Jiffy and Boss mailer, we have been slow to fully industrialize and bring to market. We plan to accelerate the expansion by moving into multiple markets within the US, giving us the ability to serve local as well as national accounts.

雖然我們在郵件開發方面取得了進展，我們的第二代纖維郵件（現在稱為 Jiffy 和 Boss 郵件）已經面世，但我們在完全工業化和推向市場方面進展緩慢。我們計劃透過進入美國多個市場來加速擴張，使我們能夠為本地和全國客戶提供服務。

Market traction with customers and distribution partners has been strong following the product launch at Pexco last November. Total mailers market represents more than $3 billion with fiber offerings outpacing their flexibles and hybrid counterparts.

自去年 11 月在 Pexco 推出該產品以來，市場對客戶和分銷合作夥伴的吸引力一直很強。整個郵寄市場價值超過 30 億美元，其中光纖產品遠遠超過柔性和混合產品。

As we scale up our offerings in our mailers and auto bagging, we will be able to fully participate in the underlying growth in e-commerce, where we have been losing the most share over the past few years. Our current outlook is targeting a second half inflection in volumes in Protective. We believe we are taking the right actions to stabilize the business and ensure we are participating fully in the markets we serve. So it's not a matter of if but a matter of when we inflect our performance.

隨著我們擴大郵寄和自動裝袋服務範圍，我們將能夠充分參與電子商務的潛在成長，過去幾年我們在電子商務領域的份額損失最大。我們目前的展望是，下半年防護產品銷售將出現轉折點。我們相信，我們正在採取正確的行動來穩定業務並確保我們充分參與我們所服務的市場。因此，這不是我們是否改變表現的問題，而是何時改變表現的問題。

While it's difficult to predict the exact timing, we are focused month-to-month on improving our win rates, reducing customer churn, and improving service levels as well as taking a more proactive approach to our cost structure. As we continue to see the actions we are taking make an impact on our performance, our confidence on timing will improve. We will continue to give you updates throughout the year as we make progress.

雖然很難預測確切的時間，但我們每月都專注於提高贏率、減少客戶流失、提高服務水平，並採取更積極主動的方式來控製成本結構。隨著我們不斷看到我們所採取的行動對我們的表現產生影響，我們對時間安排的信心就會增強。隨著我們取得的進展，我們將繼續全年向您提供最新消息。

Finally, as I mentioned earlier, the reorganization by segment has provided us more clarity on Protective's support structure, giving us the ability to set the right level of resourcing tailored to each segment. We are leveraging this visibility to ensure we are maximizing productivity in the field and within our production facilities.

最後，正如我之前提到的，按部門重組使我們更清楚地了解 Protective 的支援結構，使我們能夠為每個部門設定適當的資源水平。我們正在利用這種可見性來確保最大限度地提高現場和生產設施內的生產力。

As a part of our ongoing cost takeout efforts, we will close two plants by the end of the year to further optimize our footprint. When you pull all of this together, we are returning to top line growth on a constant currency basis with continued momentum in food, partially offset by challenges in our Protective business.

作為我們正在進行的成本削減工作的一部分，我們將在今年年底前關閉兩家工廠，以進一步優化我們的足跡。將所有這些因素綜合起來，我們將在固定匯率基礎上恢復營收成長，食品業務繼續保持成長勢頭，但防護業務面臨的挑戰將部分抵消這一增長。

When you combine the cost actions at the end of last year, with ongoing productivity initiatives throughout 2025, we are targeting mid-single-digit EBITDA growth at constant currency. We will continue to drive strong free cash flow conversion and strengthen our balance sheet through debt pay down.

如果將去年年底的成本行動與 2025 年全年持續的生產力措施結合起來，我們的目標是以固定匯率實現中等個位數的 EBITDA 成長。我們將繼續推動強勁的自由現金流轉換，並透過償還債務來加強我們的資產負債表。

With uncertainties around tariffs, their impact on our customers' business and unfavorable FX movements, we are staying focused on controlling the controllables, ensuring we are taking care of our customers taking a proactive approach to our cost structure and increasing the pace of execution. I am excited about where we are taking this business and the benefits we will drive over time for all stakeholders.

由於關稅的不確定性、其對我們客戶業務的影響以及不利的外匯走勢，我們將繼續專注於控制可控因素，確保我們能夠照顧到我們的客戶，採取積極主動的方式處理我們的成本結構並加快執行速度。我對我們業務的發展方向以及我們將為所有利害關係人帶來的長期利益感到非常興奮。

Before I turn it over to Ronnie to give a more detailed update on our fourth quarter and full year 2024 results and 2025 outlook, I want to first welcome her in her new position as our interim Chief Financial Officer. Roni, over to you.

在讓羅尼更詳細地介紹我們 2024 年第四季和全年業績以及 2025 年展望之前，我首先歡迎她擔任我們的臨時財務長。羅尼，交給你了。

Thank you, Dustin, and good morning, everyone. It's a privilege to step into this interim CFO role, and I look forward to engaging with you all. Let's turn to slide 4 to review Sealed Air's fourth quarter performance.

謝謝你，達斯汀，大家早安。我很榮幸能夠擔任臨時財務長一職，並期待與大家合作。讓我們翻到投影片 4 回顧 Sealed Air 第四季的業績。

Net sales were $1.4 billion in the quarter, up 1% on a constant currency basis and were $5.4 billion for the full year, down 1% at constant currency. Adjusted EBITDA in the quarter was $271 million, down 1% compared to last year as reported.

本季淨銷售額為 14 億美元，以固定匯率計算成長 1%；全年淨銷售額為 54 億美元，以固定匯率計算下降 1%。本季調整後的 EBITDA 為 2.71 億美元，較去年同期下降 1%。

For the full year, adjusted EBITDA was $1.11 billion, relatively flat with prior year. As reported, adjusted EPS in the quarter of $0.75, was down 15% compared to a year ago. Our adjusted tax rate was 28% in the quarter compared to 18% in the same period last year, which benefited from the reversal of liabilities related to uncertain tax positions. We did not repurchase any shares in the quarter. Our weighted average diluted shares outstanding was $146 million. For the year, adjusted EPS of $3.14 was down 1%, primarily driven by higher tax expense, partially offset by lower net interest.

全年調整後 EBITDA 為 11.1 億美元，與前一年基本持平。據報道，本季調整後的每股收益為 0.75 美元，較去年同期下降 15%。本季我們的調整後稅率為 28%，而去年同期為 18%，這得益於與不確定稅務狀況相關的負債的沖銷。本季我們沒有回購任何股票。我們的加權平均稀釋流通股數為 1.46 億美元。全年調整後每股收益為 3.14 美元，下降 1%，主要原因是稅費增加，但淨利息減少部分抵消了這一影響。

Turning to slide 5. Reported sales were flat in the quarter as volume growth was negated by FX headwinds. On a constant currency basis, sales were up 1% on higher volumes reflecting strength in food, partially offset by continued declines in Protective.

翻到幻燈片 5。由於外匯不利因素抵消了銷售成長，本季報告銷售額持平。以固定匯率計算，銷售額因銷量增加而成長 1%，反映出食品業務的強勁成長，但防護產品業務的持續下滑部分抵銷了這一成長。

Fourth quarter adjusted EBITDA of $271 million decreased $3 million or 1% compared to last year with a margin of 19.7%, down 20 basis points. Adjusted EBITDA performance reflects positive volume and productivity benefits, including cost takeout actions, offset by the restoration of our incentive compensation pools and unfavorable net price realization.

第四季調整後的 EBITDA 為 2.71 億美元，較去年同期減少 300 萬美元或 1%，利潤率為 19.7%，下降 20 個基點。調整後的 EBITDA 表現反映了積極的數量和生產力效益，包括成本削減行動，但被我們激勵薪酬池的恢復和不利的淨價實現所抵消。

Moving to slide 6. Food sales of $923 million for the quarter were up 5% on an organic basis primarily due to volume growth in all regions, driven by strength in our shrink bag business and continued share gain in case-ready solutions.

移至幻燈片 6。本季食品銷售額為 9.23 億美元，有機成長 5%，這主要得益於所有地區的銷售成長，這得益於我們的收縮袋業務強勁成長以及盒裝解決方案份額的持續成長。

In the fourth quarter, the industrial food processing end market outperformed our expectations, coupled with volume growth within our fluids business. Food adjusted EBITDA of $208 million in the fourth quarter was up 7% with a margin of 22.5%, up 70 basis points.

第四季度，工業食品加工終端市場表現超出了我們的預期，同時我們的流體業務銷售也實現了成長。第四季食品調整後 EBITDA 為 2.08 億美元，成長 7%，利潤率為 22.5%，上漲 70 個基點。

Productivity benefits and volume growth more than offset the impact of higher incentive compensation and unfavorable FX. Transitioning to the Protective business, Fourth quarter net sales were $450 million, down 7% from the prior year and up slightly on a sequential basis.

生產力效益和產量成長足以抵消更高的激勵薪酬和不利外匯的影響。轉向防護業務，第四季淨銷售額為 4.5 億美元，較上年下降 7%，季減。

Protected sales continue to be impacted by weakness in certain industrial portfolios and pressure within our Void-fill product lines. Protective adjusted EBITDA of $67 million was down 26% in the fourth quarter. The decrease in adjusted EBITDA was mainly driven by lower volumes and unfavorable net price realization.

受保護的銷售繼續受到某些工業組合的疲軟以及我們的填充產品線的壓力的影響。第四季保護性調整後 EBITDA 為 6,700 萬美元，下降了 26%。調整後 EBITDA 的下降主要是由於銷售下降和淨價實現不利。

On slide 7, we review our fourth quarter net sales by segment and region. On a constant dollar basis, Americas was up 1%, driven by strength in food, partially offset by continued softness in Protective portfolios.

在第 7 張投影片上，我們按部門和地區回顧了第四季度的淨銷售額。以固定美元計算，美洲股市上漲 1%，受食品價格走強推動，但受保護性投資組合持續疲軟的影響，部分抵消了這一漲幅。

Constant dollar growth of 1% in EMEA was driven by solid volume performance in food. Constant dollar growth of 1% in APAC was driven by strong Australian cattle and land cycles, offset by continued weakness in Asia Protective applications. With the reorganization behind us, starting in Q1 2025, we will no longer report sales by region, focusing only on our segments to better reflect how we manage the business.

歐洲、中東和非洲地區以美元計算的固定成長率達到 1%，這得益於食品銷量的穩健成長。亞太地區以美元計算的固定成長率達到 1%，這得益於澳洲強勁的牛群和土地週期，但被亞洲防護應用的持續疲軟所抵消。隨著重組的完成，從 2025 年第一季開始，我們將不再按地區報告銷售額，而只專注於我們的分部，以更好地反映我們如何管理業務。

Now let's turn to free cash flow and leverage on slide 8. We consistently generated free cash flow throughout the year, which totalled $454 million compared to $467 million a year ago, when adjusted for the impact of the resolution of certain prior year's tax matters in both years. This was particularly strong cash flow conversion, considering our restructuring and associated payments increased to $58 million from $19 million a year ago as we accelerated our cost takeout actions.

現在讓我們來看看第 8 張投影片上的自由現金流和槓桿率。我們全年持續產生自由現金流，經兩年內解決某些前幾年稅務問題的影響調整後，本年度自由現金流總計 4.54 億美元，而去年為 4.67 億美元。考慮到我們加快了成本削減行動，重組和相關支付從一年前的 1900 萬美元增加到 5800 萬美元，這是特別強勁的現金流轉換。

We maintained our capital allocation discipline through our focus on deleveraging the balance sheet and ended 2024 with a net leverage ratio of 3.6 times compared to a peak of 4.1 times in the second quarter of 2023.

我們透過專注於降低資產負債表的槓桿率來維持資本配置紀律，到 2024 年底，淨槓桿率為 3.6 倍，而 2023 年第二季的峰值為 4.1 倍。

We are well on track to exceed our previously communicated target of 3.5 times net debt to adjusted EBITDA by the end of 2025. Our total liquidity position was $1.4 billion, including $372 million in cash and the remaining amount in a committed and fully undrawn revolver. We are now committed to bringing down net debt to adjusted EBITDA, to approximately 3 times by the end of 2026.

我們預計在 2025 年底前超越我們先前提出的目標，即淨債務與調整後 EBITDA 比率達到 3.5 倍。我們的總流動資金狀況為 14 億美元，其中包括 3.72 億美元現金和已承諾且未完全提取的循環信貸餘額。我們現在致力於在 2026 年底將淨債務降至調整後 EBITDA 的約 3 倍。

Let's turn to slide 9 to review our 2025 outlook. As Dustin mentioned, several internal initiatives are underway to drive low single-digit top line growth. Some of these actions will take time to materialize. As a result, we expect net sales to be in the range of $5.1 billion to $5.5 billion, which assumes 1% growth at the midpoint, excluding the impact of FX and which we expect to represent a 2% headwind for the year.

讓我們翻到第 9 張投影片來回顧 2025 年的展望。正如達斯汀所提到的，我們正在實施多項內部舉措，以推動低個位數的營收成長。其中一些行動需要時間才能實現。因此，我們預計淨銷售額將在 51 億美元至 55 億美元之間，假設中間值成長 1%，不包括外匯的影響，我們預計這將代表今年 2% 的逆風。

Within food, we expect constant dollar sales growth of 2%, primarily from price. Within Protected, we project full year sales to be down 3% year-over-year. We expect challenges in the first half to continue and are targeting an inflection in volumes in the second half which will result in a full year decline of approximately 2%.

在食品領域，我們預計美元銷售額將以 2% 的固定匯率成長，這主要得益於價格。在受保護的領域，我們預計全年銷售額將年減 3%。我們預計上半年的挑戰將持續，並預計下半年銷售將出現拐點，這將導致全年下降約 2%。

We expect pricing pressures to persist further reducing top line by 1%. We expect full year adjusted EBITDA to be in the range of $1.075 billion to $1.175 billion, representing approximately 1% year-over-year growth at the midpoint which assumes a margin of approximately 21%. FX is expected to be 2%, approximately $25 million unfavorable on adjusted EBITDA.

我們預計定價壓力將持續存在，導致營業收入進一步減少 1%。我們預計全年調整後的 EBITDA 將在 10.75 億美元至 11.75 億美元之間，假設利潤率約為 21%，則中位數年增約 1%。預計外匯影響為 2%，調整後的 EBITDA 預計損失約 2,500 萬美元。

On a constant currency basis, the midpoint of our guidance assumes year-over-year growth of approximately 3.5%. The midpoint of our adjusted EBITDA guidance includes $90 million year-over-year cost savings more than offsetting negative net price realization and FX headwinds.

以固定匯率計算，我們的預期中位數假設年成長約為 3.5%。我們調整後的 EBITDA 指引的中點包括 9,000 萬美元的年比成本節約，足以抵銷負淨價實現和外匯不利因素。

Full year adjusted EPS is expected to be in the range of $2.90 to $3.30 per share with the midpoint representing constant currency growth of 2%. The adjusted EPS guide assumes an adjusted tax rate of approximately 27% and relatively consistent year-over-year net interest expense.

預計全年調整後每股收益將在 2.90 美元至 3.30 美元之間，中間值代表 2% 的固定貨幣成長率。調整後的每股盈餘指南假設調整後的稅率約為 27%，且淨利息支出與去年同期相比相對穩定。

We expect full year 2025 free cash flow to be approximately $400 million reflecting continued strong cash generation while absorbing higher restructuring payments associated with our cost takeout actions. Our capital expenditures are expected to be approximately $220 million.

我們預計 2025 年全年自由現金流約為 4 億美元，這反映了持續強勁的現金產生能力，同時吸收了與我們的成本削減行動相關的更高的重組支付。我們的資本支出預計約為 2.2 億美元。

For the first quarter of 2025, we expect net sales and adjusted EBITDA to be ranged around $1.26 billion and $260 million and adjusted EPS between $0.65 and $0.70 per share. Our Q1 expectations reflect FX headwinds of approximately 3% on the top and bottom line, continued volume pressures in Protective and downward pressure in the North American beef market impacting our shrink bag business. Our ranges and outlook reflect the dynamic environment we continue to operate in. As we gain more visibility throughout the year, we will adjust and update expectations accordingly.

對於 2025 年第一季度，我們預計淨銷售額和調整後 EBITDA 將在 12.6 億美元至 2.6 億美元之間，調整後每股收益將在 0.65 美元至 0.70 美元之間。我們對第一季度的預期反映了外匯逆風對公司營收和利潤的影響，保護性措施的持續實施以及北美牛肉市場的下行壓力影響了我們的收縮袋業務。我們的範圍和前景反映了我們持續營運的動態環境。隨著我們全年獲得更多關注，我們將相應地調整和更新預期。

Turning to slide 10. We closed out the year ahead of our expectations and have built a strong foundation for further growth in 2025. While uncertainty and limited visibility remain -- we are executing well within food, and we are accelerating our efforts to stabilize our Protective business. This year represents an important milestone as we returned back to sales and adjusted EBITDA growth with a longer-term focus on outperforming the markets we serve.

翻到第 10 張投影片。我們提前完成了今年的業績，並為 2025 年的進一步成長奠定了堅實的基礎。儘管不確定性和有限的可見性仍然存在——但我們在食品領域表現良好，並且正在加快努力穩定我們的保護業務。今年是一個重要的里程碑，因為我們恢復了銷售額和調整後 EBITDA 的成長，並將長期重點放在超越我們所服務的市場。

Our leadership, organizational structure and strategy are in place, and we are now focused on executing in market helping our customers navigate this dynamic environment and driving returns to our shareholders. With that, Dustin and I look forward to your questions. Operator, we would like to begin the Q&A session.

我們的領導力、組織結構和策略已經到位，我們現在專注於在市場中執行，幫助我們的客戶應對這個動態環境，並為我們的股東帶來回報。因此，達斯汀和我期待您的提問。接線生，我們想開始問答環節。

(Operator Instructions)

（操作員指示）

Anthony Pettinari, Citi.

花旗銀行的安東尼‧佩蒂納裡 (Anthony Pettinari)。

Good morning. Dustin, assuming Protective volumes remain negative in the first half, are there parts of that business that you expect to be maybe a significantly larger drag on volumes than kind of the segment average -- or conversely, are there kind of parts of the business that are already seeing a volume inflection?

早安.達斯汀，假設上半年保護性業務的銷量仍然為負，您是否預計該業務的某些部分對銷量的拖累會比該部門的平均水平大得多？或者相反，該業務的某些部分是否已經出現了銷售轉折點？

Yes. So Anthony, again, thank you for the question. And a couple of comments on that. If you actually look at the past year, very similar trends that we talked about in '24, we're going into -- if you think about in '24, our industrial portfolio was largely down in kind of the mid-single digits perspective from the volume. And there were some bright spots in there largely our shrink films.

是的。安東尼，再次感謝你的提問。對此我有一些評論。如果你真的回顧過去的一年，你會發現我們在 24 年討論的趨勢非常相似，如果你想想 24 年，從交易量來看，我們的工業投資組合大幅下降了個位數。其中有一些亮點，主要是我們的收縮薄膜。

And then the fulfillment, it was down in the high single digits, and that was really the areas we've talked about historically around polyboifill as well as our polymailers being a pressure point on the fulfillment side being offset by our APS business, which again was positive volumes in '24.

然後，履行情況下降了個位數，這實際上是我們歷史上談論過的關於 polyboifill 的領域，而我們的 polymailer 是履行方面的一個壓力點，被我們的 APS 業務所抵消，而 APS 業務在 24 年再次實現了正增長。

When you think about '25, we expect those similar trends to continue with one major difference, which is part of what you're experiencing in the first half relative to having lighter volumes, and we kind of see the first half being in that the first quarter will be in the high single digit and you're looking at the mid-single-digit range in the second quarter and then evening out in the second half.

當您考慮 25 年時，我們預計這些類似的趨勢將繼續下去，但有一個主要區別，即您在上半年所經歷的部分情況相對於交易量較少，並且我們認為上半年的情況是，第一季度將處於高個位數，而第二季度將處於中等個位數範圍，然後在下半年趨於平穩。

And what you're doing there is wrapping on some of the large churn we had in the prior year. And these are the items we discussed publicly around some of the fill air business, particularly from Amazon that we lost as they converted into fully paper voice fill.

而你們所做的就是解決我們去年遇到的一些重大客戶流失問題。這些是我們公開討論的一些關於填充空氣業務的項目，特別是來自亞馬遜的業務，我們在他們轉向完全紙質語音填充時失去了這些業務。

Okay. That's very helpful. And then just switching gears. I think in your guidance, you said that you're only contemplating tariffs that have been enacted. And I guess there's all kinds of scenarios we could imagine. But can you talk about maybe just some of the sensitivities in terms of what regions are you moving product cross-border or maybe customers have specific sensitivities? Or I mean, when you look at Mexico, Canada, Europe, China, like where is the potential impact to seal there?

好的。這非常有幫助。然後就換檔了。我認為在您的指導中，您說過您只考慮已經頒布的關稅。我想我們可以想像各種各樣的場景。但是，您能否談談一些敏感度問題，例如，您在哪些地區進行產品跨境運輸，或者客戶是否有特定的敏感度？或者我的意思是，當你看看墨西哥、加拿大、歐洲、中國時，在那裡封印的潛在影響在哪裡？

Sure. And so Anthony, keep in mind, I'll go back to the some other frame of the script, which is the comments we made around the tariffs aren't expected. This is largely the new Chinese tariff that was put into effect by about 30 days ago, which we don't see us having any material impact on our business. This is a small portion of Protected that important to the US.

當然。所以安東尼，請記住，我會回到劇本的其他部分，那就是我們圍繞關稅所發表的評論是意料之外的。這主要是因為大約 30 天前中國實施的新關稅，我們認為這不會對我們的業務產生任何實質影響。這只是對美國來說很重要的「受保護」的一小部分。

As it relates to the broader comments I made, which is most of our business is domestic production for domestic consumption, which really prevents that issue holistically. But in our North American business, we do trade both with Mexico as well as Canada, which is where you would see the most pronounced potential impact for us.

這與我所做的更廣泛的評論有關，即我們的大部分業務都是國內生產，供國內消費，這確實從整體上避免了這個問題。但在我們的北美業務中，我們與墨西哥和加拿大都有貿易往來，這對我們的潛在影響最為明顯。

And I say potential because again, if you go back to the comments in the script, right now at this point in time, we're making shifts in our supply chain to accommodate that as well. And then obviously, if we need to pass through costs to our customers, we will do that if necessary.

我之所以說有潛力，是因為如果你回顧一下腳本中的評論，你會發現現在此時此刻，我們正在對供應鏈進行調整以適應這種情況。顯然，如果我們需要將成本轉嫁給客戶，我們會在必要時這樣做。

Okay. That's helpful. I'll turn it over.

好的。這很有幫助。我把它翻過來。

Ghansham Panjabi, Baird. (Operator Instructions)

甘沙姆·潘賈比，貝爾德。（操作員指示）

Hey, everyone. Good morning. Thanks. It's actually Josh Vesely on for Ghansham. Thanks for taking my question, and Dustin, congratulations on the new role. Maybe Dustin, and I know you gave some detail in the prepared remarks. But if you could just from a high-level standpoint, give us some additional color on what your initial priorities will be for the company as CEO, whether that might be potentially rightsizing any recent changes within the organization, maybe an acceleration in cost outs, et cetera. Just any color there would be great.

嘿，大家好。早安.謝謝。實際上是喬許·維斯利 (Josh Vesely) 代替甘沙姆 (Ghansham)。感謝您回答我的問題，達斯汀，祝賀您擔任新職務。也許是達斯汀，我知道你在準備好的發言中給了一些細節。但是，如果您能從高層的角度，向我們進一步說明一下，作為首席執行官，您最初的公司優先事項是什麼，是否可能對組織內部最近的任何變化進行調整，是否可能加速成本支出，等等。任何顏色都很棒。

Hey, Josh, of course, and thank you for the question and congratulations. So a couple of comments I'll make, and I go back to what we discussed earlier, which is really I break it down into three buckets. The first being this acceleration around our customer focus. And again, I go back to the comments we made, which is what's been great in the fourth quarter as we finally brought to market fully our food and Protective business and operationalizing both those businesses in terms of fully integrating our commercial innovation supply chain teams.

嘿，喬希，當然了，謝謝你的提問，恭喜你。因此，我將發表幾點評論，並回到我們之前討論的內容，實際上我將其分成三個部分。首先是加速以客戶為中心。我再次回顧我們先前所發表的評論，第四季度取得了巨大成功，我們終於將食品和防護業務全面推向市場，並透過全面整合我們的商業創新供應鏈團隊，將這兩項業務投入營運。

As I think about the priorities going forward, it's about this relentless focus on the customer. I talked about some of the initiatives in Protective that were already in place and for Protective is largely about executing against those initiatives now that they're fully kind of implemented.

當我思考未來的優先事項時，我始終將重點放在客戶身上。我談到了「保護」中已經實施的一些舉措，對於「保護」來說，現在主要是執行這些已經完全實施的舉措。

Within food, specifically, we talked about the fact that we see some pressure on shrink bags largely due to our exposure to the industrial protein markets. And our focus is really on case ready and fluid solutions because the retail end markets they serve represent higher growth for us. But to do that effectively, you have to rethink your go to market, you have to rethink innovation. And that's in combination of the work that we're doing with Steve.

具體來說，在食品領域，我們談到收縮袋麵臨一些壓力，這主要是因為我們接觸了工業蛋白質市場。我們的重點是即用型和流體解決方案，因為它們服務的零售終端市場對我們來說代表著更高的成長。但為了有效地做到這一點，你必須重新思考你的市場進入方式，你必須重新思考創新。這是我們與史蒂夫合作完成的工作的結合。

We're working through that process now. We expect that to yield results in 2025. So first acceleration is really making those two pivots, the higher growth areas for food and as well as Protective continuing to stabilize that business.

我們現在正在進行該流程。我們預計這將在 2025 年取得成果。因此，第一個加速實際上是在實現這兩個支點，即食品的較高成長領域以及保護性業務的持續穩定。

The second piece, as we mentioned in the script as well is really around your point around accelerating cost takeout. And one of the really positives about going to this new operating model that gives us more visibility to the cost structure of each business. And so we're more intentional now going forward. But again, trying to be proactive, particularly in Protective, where you may see more volume weakness as we go and making sure that we're getting ahead of that going forward in combination with the cost takeout that we took in the fourth quarter as well.

第二部分，正如我們在腳本中提到的那樣，實際上是圍繞著您關於加速降低成本的觀點。採用這種新營運模式的真正積極因素之一是，它讓我們更清楚地了解每個業務的成本結構。因此，我們現在更加有意識地向前邁進。但再次強調，我們要積極主動，特別是在防護領域，隨著我們的發展，你可能會看到銷量進一步走弱，並確保我們能夠在未來結合第四季度的成本削減來領先於這一趨勢。

So the third piece and the last comment I'll make is around, again, this piece around leadership Again, really pleased where we're at for the total company leadership as well as some of our end market teams. But we're going to have to -- as we go forward throughout this year, we're going to continue to make those adjustments to make sure we have the right people in the right positions to ensure that we're successful going forward and largely thinking around having that kind of growth-oriented mindset.

因此，我要說的第三點也是最後一點是關於領導力的，我對公司整個領導層以及一些終端市場團隊的現狀感到非常滿意。但我們必須——隨著我們在今年的推進，我們將繼續做出這些調整，以確保我們在合適的崗位上配備合適的人才，以確保我們未來的成功，並主要考慮擁有這種以成長為導向的思維方式。

Phil Ng, Jefferies.

傑富瑞的 Phil Ng。

Hi, guys. Congratulations, Dustin, Roni, and Mark, in your new respective roles and good luck with that. My question is on Protective. Dustin, I guess, you're calling for a back half ramp up, volume is a little more pressure in the first half.

嗨，大家好。恭喜達斯汀、羅尼和馬克擔任各自的新職務，並祝你們好運。我的問題是關於保護的。達斯汀，我想，你要求後半段增加音量，前半段的壓力要大一些。

Is the weakness in the first half largely the Amazon hangover or you're seeing more pressure in certain pockets. It just feels like demand has been a little choppier. And then on the pricing side, too, what are you seeing on that front? Are you seeing more heightened competition?

上半年的疲軟主要是由於亞馬遜的後遺症，還是您看到某些領域的壓力更大了？感覺需求有點不穩定。那麼在定價方面，您看到了什麼？您是否看到競爭更加激烈了？

Then lastly, you talked about scaling up auto bag and your fiber mailer. That process has been probably a little slower than I would have expected. How do you kind of see that ramping up perhaps this year in [2026]?

最後，您談到了擴大自動袋和纖維郵袋的規模。這個過程可能比我預期的要慢一些。您認為今年這股趨勢會如何發展？[2026]？

All right, Phil. I appreciate that. And I'll break down your question to three parts you kind of laid out. The first one is just kind of the first half in Protective. And it is. It's a mix of continued, I would say, underperformance, but more but split between the underperformance of the business that we're experiencing kind of in Q4 as well as a hanger from Amazon, but also a couple of other customer turns that we had in Q1. And I think the really important point to leave you with there is that going into this year, we're in a better position from a churn perspective than we had been in the prior two years, right?

好的，菲爾。我很感激。我會將您的問題分解為您列出的三個部分。第一個只是《Protective》的前半部。事實確實如此。我想說，這是持續表現不佳的混合體，但更多的是，我們在第四季度經歷的業務表現不佳，以及來自亞馬遜的衣架，還有我們在第一季度遇到的其他幾個客戶的轉變。我認為真正重要的一點是，進入今年，從客戶流失率的角度來看，我們的處境比前兩年好，對嗎？

So on a positive note, particularly as it comes to more material customers, -- and so that's been a positive piece. And then the second piece is we talked about that change in the go-to-market model, particularly in North America, and some of the changes we're making, and it does take time to work through that transition.

因此，從積極的方面來看，特別是當涉及更多的實質客戶時，這是一個積極的方面。第二部分是我們討論了市場進入模式的變化，特別是在北美，以及我們正在進行的一些改變，完成這項轉變確實需要時間。

So we expect some choppiness as we continue to work through that in the first quarter, and then you expect the benefit starting in the second quarter. So you'll benefit from those initiatives kind of fully emotion coupled with the fact that you're kind of fully wrapped now on the churn that happened last year.

因此，我們預計在第一季繼續解決這個問題的過程中會出現一些波動，然後預計從第二季開始就會受益。因此，您將從這些措施中受益匪淺，而且您現在已經完全了解了去年發生的客戶流失情況。

As it relates to the fiber piece of it -- or excuse me, I got the pricing piece first. So pricing overall, as you know, holistically, from a resi perspective, you're seeing resins slightly flat right now. Competition in Protective, particularly in our fulfillment areas where competition is still -- if you think about the pressure you have on (inaudible).

因為它與光纖部分有關——或者對不起，我首先得到了定價部分。因此，如您所知，從整體上看，從樹脂的角度來看，目前樹脂的整體定價略有穩定。保護領域的競爭，特別是在我們的履行領域，競爭仍然存在——如果你想想你在（聽不清楚）。

You're seeing more pressure there from competition, but everywhere else, if you think about this kind of lower for longer volume environment Protective, you still feel that, but I wouldn't say it's a difference from 2024. And with resins now beginning to slightly inflate, you're expecting the ability to potentially take more price in the market, and it's reflected in our guidance in both food and Protective.

您會看到來自競爭的壓力越來越大，但在其他地方，如果您考慮這種更低的、更長量的環境保護，您仍然會感覺到這一點，但我不會說這與 2024 年有什麼不同。現在，隨著樹脂價格開始略微上漲，您預計市場可能會出現更高的價格，這也反映在我們對食品和防護方面的指導中。

The second piece and the last part of your question is around fiber mailer, I acknowledge the fact that we're -- we've been slower even ourselves. We're not happy with where we're at relative to the scale up. But on a positive note, the market is receiving the mailer very well. We talked about some of the wins in the fourth quarter. And those were largely just demonstrating that we have those proof points now, not just from the local customers, but also large national accounts.

您的問題的第二部分和最後一部分是關於光纖郵遞員的，我承認事實上我們——甚至我們自己的速度也比較慢。我們對目前的規模並不滿意。但從正面的一面來看，市場對這封郵件的接受度很高。我們談論了第四節的一些勝利。這些在很大程度上只是證明我們現在有了這些證據點，不僅來自本地客戶，還來自大型全國客戶。

And so the focus -- when I go back to the acceleration in the pace of execution, which you've seen in the script in the press release, really when I'm talking about areas like this where we can increase that scale. We have the product, the innovation portion of it's done. It's really about implementing the lines and getting out in the market and filling them up, and that's what we're focused on.

因此，當我回到執行速度的加速時，正如您在新聞稿的腳本中看到的，當我真正談論我們可以增加規模的領域時，重點是。我們有了產品，其創新部分已經完成。這實際上是關乎線路的實施、進入市場並填補空白，而這正是我們所關注的。

Edlain Rodriguez, Mizuho.

瑞穗的埃德萊恩·羅德里格斯 (Edlain Rodriguez)。

Good morning, everyone. And again, congrats, Dustin. I think in the prepared remarks, you've talked about enhancing the profitability of each baseband. In your view, like what is the earnings power of each business in terms of volume and margins as we look into 2026 and beyond.

大家早安。再次恭喜你，達斯汀。我認為在準備好的評論中您已經談到了提高每個基帶的盈利能力。您認為，展望 2026 年及以後，每項業務在銷售和利潤方面的獲利能力如何？

Again, appreciate the congratulations, and I'll start here. So there's a couple of comments I would make. One is we have not issued longer-term guidance for both individual segments, right? And that's something that as a leadership team, we're working through in terms of how we see the business shaping up over the next two years to three years. But what I will tell you and what we put in the script is around the fact that in both businesses, the end markets that we currently serve are in the low single-digit range, and that is from a volume perspective.

再次感謝您的祝賀，我將從這裡開始。因此我想提出幾點評論。一是我們還沒有針對這兩個單獨的部門發布長期指導，對嗎？作為領導團隊，我們正在努力解決這個問題，以預測未來兩到三年的業務發展。但我要告訴你的以及我們在腳本中提到的事實是，在這兩個業務中，我們目前服務的終端市場都處於低個位數範圍內，這是從數量的角度來看的。

And if you think about pricing over time, being somewhat linear, and what you would expect on that is the ability to drive low single-digit and mid-single-digit kind of earnings power, both based on where they're (inaudible) the markets they serve, the portfolios we have as well as the footprint we have right now and the capacity within that footprint.

如果你考慮價格隨時間的變化，它會呈線性變化，而你所期望的是能夠推動低個位數和中個位數的盈利能力，這兩者都取決於它們所處的市場（聽不清楚）、它們所服務的市場、我們擁有的投資組合以及我們目前的足跡和該足跡內的容量。

Longer term, so if you think about the first phase, and I think what we talked about in 2025 is really we need to fully realize that. We recognize, if you look at our food business, very positive, the performance we had in '24, we're expecting another strong year in that similar vein in '25 for our Protected business, we're still obviously working through the turnaround, trying to stabilize it and get it back to a place where it's really achieving its underlying potential before we enhance it further with further capital deployment as well as innovation, and there'll be more to come on those topics as we progress throughout the year.

從長遠來看，如果你考慮第一階段，我認為我們在 2025 年談論的是我們真正需要充分實現這一點。我們認識到，如果你看一下我們的食品業務，就會發現它非常積極，我們在 24 年的表現也很好，我們預計 25 年我們的受保護業務也將再次表現強勁，我們顯然仍在努力扭轉局面，試圖穩定它並讓它回到真正發揮其潛在潛力的位置，然後我們通過進一步的資本部署和創新來進一步增強它，隨著我們全年的進展，我們將在這些主題上進行更多討論。

Josh Spector, UBS.

瑞銀的喬希·斯佩克特。

Yes. Hi, good morning. I wanted to ask on the pricing within food. I think from your comments earlier, you said 2% growth in most of that price. I'm just curious about the visibility of that either through contracts or pass-throughs or if there's anything unique that's happening to drive pricing up? I mean, I know resins are up a little, but not a ton. And that seems about a point better than what I typically assume for that segment. So if you could unpack that a bit, that would be helpful. Thank you.

是的。嗨，早安。我想詢問食品的定價。我認為從您之前的評論來看，您說的是大部分價格上漲了 2%。我只是好奇透過合約或轉嫁方式是否能夠看到這一點，或者是否有任何獨特的事情推動價格上漲？我的意思是，我知道樹脂價格上漲了一點，但不是很多。這似乎比我通常對該部分的假設要好一點。因此，如果您能稍微解釋一下這一點，那將會很有幫助。謝謝。

Hey, Josh, this is Dustin speaking. So a couple of comments I would make on that is we are already benefiting from formula pricing heading into the year. So just keep in mind, we've talked about this in the past, but a big portion of this is in our North American business, where you have the pass-throughs and really based on how resins and those indices have moved in the back half you'll see that benefit now heading into '25, right? And if you expect resins to continue to inflate, there's a lag, but that lag will continue to drive.

嘿，喬希，我是達斯汀。因此，我想說的幾點是，進入今年以來，我們已經從配方奶粉定價中受益。所以請記住，我們過去曾討論過這個問題，但其中很大一部分是在我們的北美業務中，您在那裡有轉嫁，並且實際上基於樹脂和這些指數在下半年的走勢，您會看到現在進入'25 年的好處，對嗎？如果你希望樹脂繼續膨脹，那麼就會有一個滯後，但這種滯後將繼續推動。

Beyond that, we have been able to take price in that business. Again, it's very modest, but reflecting some of the underlying inputs we have. And it really speaks to the value proposition of the portfolios. But it's really a mix of those two dynamics sitting within our business today that's driving that outcome. And I think that also the point I would leave you with is that for the first time heading into 2025, we're operating in a more stable environment where you kind of -- while you have some inflation in resins, it's more fully wrapped than you experienced all the volatility from -- think of it as pre-COVID all the way to 2024.

除此之外，我們也能夠在該業務中獲得收益。再次強調，這非常溫和，但反映了我們的一些基本投入。它確實體現了投資組合的價值主張。但實際上，正是我們目前業務中存在的兩種動力的結合才導致了這一結果。我認為我還想告訴大家的一點是，進入 2025 年，我們將首次在一個更加穩定的環境中運營，儘管樹脂價格會有一些上漲，但比起疫情之前一直到 2024 年所經歷的所有波動，這種波動更為全面。

Stefan Diaz, Morgan Stanley.

摩根士丹利的史蒂芬·迪亞茲。

Hi, Dustin, Roni and Mark. Thanks for taking my question, and congrats on the new roles. Maybe Dustin, can you let us know how much automation revenue you had in 2024? And then maybe what your expectations are for this part of the business in 2025? Like, for example, are you seeing any green shoots or any conversation changes with customers, given the increased focus on near-shoring. And then maybe longer term, are you still thinking about this part of the business as a material growth vector for Sealed Air going forward? Thanks.

嗨，達斯汀、羅尼和馬克。感謝您回答我的問題，並祝賀您獲得新職位。也許是達斯汀，可以告訴我們你在 2024 年的自動化收入是多少嗎？那麼，您對 2025 年這部分業務的期望是什麼？例如，鑑於對近岸外包的關注度不斷增加，您是否看到任何復甦跡像或與客戶的對話有任何變化？那麼從長遠來看，您是否仍將這部分業務視為 Sealed Air 未來的實體成長載體？謝謝。

Hey there. I appreciate the comments and the questions. So I'm going to start with kind of your second question first, just to frame it up. look, automation continues, has been historically, and continues to be an incredibly important part of the business. But it's -- again, I go back to it one of the three legs of that total stool between material science service as well as the equipment offering and the automation offering is really that combination that creates the strength of the value proposition to our customers for our packaging solutions. And so it's continued to be that way.

嘿。我感謝大家的評論和提問。因此，我將先回答你的第二個問題，以便明確問題框架。瞧，自動化一直持續，從歷史上看，它一直是、並將繼續成為業務中極其重要的一部分。但是 - 我再次回到材料科學服務以及設備供應和自動化供應之間的整體凳子的三條腿之一，這種組合實際上為我們的客戶創造了包裝解決方案的價值主張的力量。情況一直如此。

I know in the past, there's been maybe a focus on potentially on that particular piece. But the way we see it is really is an enabler of, again, pulling through material sense. And we've talked about over the past couple of years where the parts and services of the business have continued to perform really well, but the actual equipment sales have declined.

我知道過去人們可能一直在關注這個特定的作品。但我們認為，它實際上是一種再次激發物質意識的推動因素。我們談到，過去幾年，業務的零件和服務持續表現良好，但實際設備銷售額卻下降了。

Historically, that's been driven by some of the capital constraints of our customers in terms of where we're at in terms of the investment cycle. And what I would tell you is going forward, we're actually optimistic. Breaking down because really talking about it together, it really is more meaningful as you think about it between food and Protective.

從歷史上看，這是由我們客戶在投資週期中所處位置的一些資本限制所驅動的。我想告訴你們的是，我們對未來其實是持樂觀態度的。分解一下，因為真正在一起談論它，當你在食物和保護之間思考它時，它確實更有意義。

When you think about Protective overall holistically, you're looking at a business that is we're really expecting to drive equipment growth going into '25, and that's really coming off the back of our renewed focus on our auto bagging equipment. We talked about it in the script a little bit about the new hybrid auto baggers, which are really substrate agnostic, allowing me around run poly as well as fiber with really limited changeovers.

當你從整體上考慮防護設備時，你會看到我們真正期望在 25 年推動設備成長的業務，而這實際上源於我們對自動裝袋設備的重新關注。我們在腳本中稍微討論了有關新型混合自動裝袋機的內容，這種裝袋機實際上與基材無關，讓我能夠以非常有限的轉換次數運行聚乙烯和纖維。

Same thing on the food side, where I would say we still see some pressure in that business. But again, it's more reflective of the dynamics of the industry than less about the strength of their portfolio. And in both of them, we're really focused on net new placements. So right, as you think about us more new customers, new placements that drive new material sales rather than think of it as replacing older equipment. So that's kind of our focus right now. But -- and again, all in the spirit of driving more material sales longer term.

食品方面的情況也一樣，我想說我們仍然看到該行業存在一些壓力。但同樣，它更多地反映了行業的動態，而不是其投資組合的實力。在這兩種情況下，我們真正關注的是淨新增投放量。所以，沒錯，正如您所想，我們將有更多的新客戶、新的佈局來推動新材料的銷售，而不是將其視為更換舊設備。這就是我們現在關注的重點。但是——再說一次，這一切都是為了長期推動更多的物質銷售。

Michael Roxland, Truist Securities.

Truist Securities 的 Michael Roxland。

Thank you, Dustin, Roni, and Mark for taking my questions, and congrats on your new role. In terms of -- Dustin, you mentioned shift in the culture to become high-performing and engaged and accountable and want to put push decision-making down into the organization. The comment that you ended it with is that you made progress last year, especially through it. So it towns like progress in Protective was more muted. So just wondering if anything occur that ended more noble progress in Protective that you're trying to address currently?

感謝達斯汀、羅尼和馬克回答我的問題，並祝賀你們獲得新的職位。就達斯汀而言，您提到了文化的轉變，即變得有效率、積極參與、負責任，並希望將推動決策權下放到組織中。您最後評論說，您去年取得了進步，尤其是透過它。因此，在城鎮保護的進展較為緩慢。所以只是想知道是否發生了一些事情，導致您目前正在嘗試解決的保護方面取得更大的進步？

Great question, Michael. And a couple of comments I would make as part of this. One is, this is really important, and I want to leave you with that over the past two years, we've been on a journey in this area and every step that we've taken relative to leadership, structure, strategy. At the center of that is really making sure that we're enabling this culture because longer term, we really need all 16,000 plus of us to really be rolling in the right direction.

很好的問題，麥可。對此，我想提出幾點評論。首先，這非常重要，我想告訴你們，在過去的兩年裡，我們在這個領域走過了一段旅程，我們在領導、結構和策略方面邁出了每一步。其中的核心是確保我們能夠實現這種文化，因為從長遠來看，我們確實需要所有 16,000 多名員工都朝著正確的方向前進。

And the comment I made specifically in food is it was not intentional in the sense of the way it came to be, but we really got to the structure in food much more quickly than we have yet in Protective. And it's really also a statement about the complexity of Protective as a business. We've talked about this in the past, albeit it's 30%, 40% of the overall business.

我特別針對食物做出的評論是，它並不是有意為之，但我們確實比在保護方面更快地了解了食物的結構。這其實也說明了防護業務的複雜性。我們過去曾討論過這個問題，儘管它只佔整體業務的 30% 到 40%。

It is a much -- a very complex business with multiple portfolios operating across many geographies. So it's more of a statement about the complexity of the business and how you navigate that. And as we think about the structure of the company at the very top, there's a lot more work as you kind of work it down all the way down to the field.

這是一項非常複雜的業務，擁有多個投資組合，營運範圍遍佈多個地區。因此，它更多的是關於業務的複雜性以及如何應對這種複雜性的陳述。當我們思考公司最高層的結構時，你會發現，隨著業務的深入，還有很多工作要做。

And again, really positive step. I would say the North American go-to-market transformation that was put into place at the beginning of the year is material. We've gotten really positive feedback from our end customers with our distribution partners. So it's moving in the right direction. There's just more work ahead of us to tackle not just to make sure that piece of it's actually working, and you're seeing it in the results. But the rest of it is actually in a similar place.

這又是一個非常積極的舉措。我想說，今年年初實施的北美市場轉型具有重要意義。我們從最終客戶和分銷合作夥伴那裡得到了非常正面的回饋。所以它正朝著正確的方向發展。我們面前還有更多的工作要做，不僅要確保這一部分確實有效，而且您還能從結果中看到它。但其餘部分實際上處於類似位置。

[Jeff] Zekauskas, J.P. Morgan.

[傑夫]澤考斯卡斯，摩根大通。

Thanks very much. Can you talk about the Protective segment in 2024. That is -- what the growth rate was on the industrial side and what the growth rate was on the e-commerce side and maybe what the split is now between those two businesses. And then for Roni, cost of goods sold was down about $80 million year-over-year. Can you talk about what was behind that? Was that raw materials or cost reduction? Or how do you analyse that?

非常感謝。您能談談 2024 年的保護部分嗎？也就是說，工業方面的成長率是多少，電子商務方面的成長率是多少，以及這兩個業務之間的差距現在是多少。對羅尼來說，銷售成本年減了約 8,000 萬美元。你能談談背後的原因嗎？那是原料還是成本降低？或者您如何分析這一點？

Okay. So Jeff, great question. Thank you for that. If I go back to some of the earlier questions around this particular piece of it, -- if you looked at the split between the two is roughly 60% industrial, 40% fulfillment. That's within the Protective segment right now relative to 2024.

好的。傑夫，這個問題問得好。謝謝你。如果我回顧之前關於這一特定部分的一些問題，你會發現兩者之間的分割大約是 60% 是工業，40% 是履行。相對於 2024 年而言，這屬於目前的保護範圍。

And as I mentioned earlier, our industrial portfolio was down from a volume perspective and kind of that low single-digit kind of mid-single-digit range. And then on the fulfillment side, it was a step higher on the other side of it, which was -- it was down in mid-single-digit to high single-digit range, depending on the portfolio.

正如我之前提到的，從數量角度來看，我們的工業投資組合有所下降，降幅在低個位數到中個位數之間。然後在履行方面，另一方面則更高了一步，即 - 根據投資組合的不同，它下降了中個位數到高個位數的範圍。

Now in both areas, there were bright spots. And they could give you an idea in a couple of areas you had shrink film, as an example, we called out, we've talked about our inflatables, and we've also talked about our auto bagging equipment and material sales, which were all very positive.

現在這兩個領域都出現了亮點。他們可以給你一些有關收縮膜的領域的想法，例如，我們談到了我們的充氣產品，我們也談到了我們的自動裝袋設備和材料銷售，這些都是非常積極的。

Yes. From a cost of goods sold perspective, as a percentage of sales, we do see correlation in the reduction of cost of sales, aligning with the overall sales reduction. However, that is combined with a little bit of favorability on the raw material pricing side.

是的。從銷售成本的角度來看，作為銷售額的百分比，我們確實看到銷售成本的降低與整體銷售的減少是一致的。然而，這與原材料定價方面的一些有利因素相結合。

Yes. And then -- and Jeff, just to complement, Keep in mind, too, that we talked about the cost takeout actions that we took last year -- we started out the year talking about roughly $90 million. We ended the year at $89 million. A significant portion of the cost takeout as well as other productivity is also hitting the cost of goods sold [plans].

是的。然後——傑夫，補充一下，請記住，我們討論了去年採取的成本削減行動——年初我們討論的成本削減金額約為 9000 萬美元。我們本財年的營收為 8,900 萬美元。成本支出的很大一部分以及其他生產力也影響了銷售成本[計劃]。

Arun Viswanathan, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Arun Viswanathan。

Hey, thanks for taking my question. Congrats on the new role as well, Dustin and Roni and Mark. So I guess I just wanted to understand the guidance ranges a little bit more. So it looks like you're up about 3.5% for EBITDA at the midpoint, 2.5% for EPS. And what would really drive you to the upper end of your range? Was that -- is that kind of very macro dependent. Is it maybe continued outperformance in food and maybe the stoppage of underperformance and Protective -- or how should we think about attaining that range? Or is the midpoint really more what you have line of sight towards? Thanks.

嘿，謝謝你回答我的問題。也恭喜達斯汀、羅尼和馬克獲得新職位。所以我想我只是想更多地了解指導範圍。因此看起來中點的 EBITDA 上漲了約 3.5%，EPS 上漲了 2.5%。那麼什麼才能真正推動您達到您期望值的上限呢？這是否非常依賴宏觀因素？是食品業繼續表現優異，並停止表現不佳的情況並採取保護措施——或者我們應該如何考慮達到這個範圍？或者中點其實更接近你的視線？謝謝。

Hey, Arun, it's Duston speaking. I would tell you, I'll break it down into three individual components. So -- the first in our food business, as we kind of alluded to, if you go back to last year, we entered the year thinking that the North American beef cycle will be a headwind to the business. And we're down probably in the 4% range, at least at the beginning of the year, and we ended up being flat and even benefited the fourth quarter.

嘿，阿倫，我是達斯頓。我會告訴你，我會把它分解成三個獨立的部分。因此，正如我們所提到的，首先是在我們的食品業務中，如果回顧去年，我們在進入這一年時就認為北美牛肉週期將對業務造成阻力。至少在年初，我們的銷售額下降幅度可能在 4% 左右，但最終保持平穩，甚至在第四季度還實現了盈利。

As we think about next year, we're in a similar position, right, where the her hasn't been rebuilt and so what you're hearing at least the initial thinking is that you're down 3% to 4% again going into the full year.

當我們考慮明年時，我們處於類似的境地，對吧，她還沒有重建，所以你聽到的至少是最初的想法是，進入全年，你會再次下降 3% 到 4%。

You want [to point] about macro dependent, I think one of the areas that gets you to the higher end of the range is the food business, if you see that actually become much better for the full year, which is always a possibility. Again, well, I'll just caveat it being that we're in a dynamic environment.

您想[指出]關於宏觀依賴，我認為讓您達到高端的領域之一是食品業務，如果您發現全年情況實際上變得更好，這始終是有可能的。再說一次，我只是想提醒一下，我們處在一個動態的環境中。

The second piece on Protective is, to your point, is the acceleration of -- dependent on when can we inflect volumes. And as I mentioned in the script, the timing is difficult to predict. And as part of the reason you're calling a second half inflection point, but we do believe that we're taking the right actions in the business to make that happen is at what rate and pace of speed do you actually see that improvement, right?

關於保護的第二部分，正如你所說，是加速——取決於我們何時可以改變交易量。正如我在劇本中提到的那樣，時間很難預測。您之所以稱之為下半年的拐點，部分原因在於我們確實相信，我們在業務上採取了正確的行動來實現這一目標，那麼您實際上以什麼樣的速度和速度看到了這種改善，對嗎？

And then the third piece is, as we alluded to in the script, we're still thinking through while we're already committing to roughly $90 million of cost savings in 2025. We're really now taking a look at both businesses and making sure that their cost structures are fit for purpose, which could obviously yield going back to the EBITDA line, not necessarily on the sales side, that gives you potential further lift as we think about the back half of 2025.

第三點是，正如我們在腳本中提到的那樣，我們仍在思考，但我們已經承諾在 2025 年節省約 9000 萬美元的成本。我們現在正在認真審視這兩家公司，確保它們的成本結構符合目標，這顯然可以帶來 EBITDA 方面的收益，而不一定是在銷售方面，當我們考慮 2025 年下半年時，這可能會帶來進一步的提升。

Matt Roberts, Raymond James.

馬特羅伯茲、雷蒙詹姆斯。

Hey, Dustin, Roni, Mark. Good morning. I'll let go everyone else sentiments. Dustin, on the -- there are two plants closing, I believe, by year-end, and these specific product lines that you're reducing the contribution mix from in those closures? And maybe when you think about that portfolio rebalance or the complexity in the Protective segment that you discussed.

嘿，達斯汀、羅尼、馬克。早安.我會放下大家的情緒。達斯汀，我相信到年底會有兩家工廠關閉，而由於這些關閉，你們減少了這些特定產品線的貢獻組合嗎？也許當您考慮投資組合重新平衡或您所討論的保護部分的複雜性時。

When you look at the facility footprint, is there a major overlap in terms of assets or sales functions or even resins from underperforming lines versus areas that are not structurally challenged. Basically, when you think of facilities in relation to the total portfolio, how do you weigh trade-offs in either maintaining the underperforming assets versus investing in areas of innovation that you discussed? Wonder if there are potentially more closures coming with cost takeout or how you weigh the trade-off there. Thank you for taking the question.

當您查看設施佔地面積時，您會發現，在資產或銷售功能方面，甚至在表現不佳的生產線的樹脂與沒有結構挑戰的區域之間是否存在很大的重疊。基本上，當您考慮與整個投資組合相關的設施時，您如何權衡維持表現不佳的資產與投資於您討論過的創新領域之間的權衡？想知道是否會因為成本增加而導致更多企業倒閉，或者您如何權衡其中的利弊。感謝您回答這個問題。

Matt, great question. And that was a very complex one. So -- and I appreciate you asking because it's very thoughtful. And what I would tell you is that as we -- as it relates to the two specific ones, this is around specifically network optimization. We've put it in reference largely to Protective and it's largely consolidation. It's not reducing contribution from an individual product line.

馬特，這個問題問得好。這是一個非常複雜的問題。所以——我很感謝你的提問，因為這非常周到。我想告訴你的是，就我們而言——就這兩個具體問題而言，這是圍繞著網路優化展開的。我們主要將其視為保護性措施，並且主要將其視為整合措施。這不會減少單一產品線的貢獻。

It's all about improving your cost position relative to those particular products, which is what largely most of our network optimization has been done. As it relates to -- thus far, we're down about, I want to say, kind of mid-single digits in terms of facilities over the past two years.

這一切都是為了提高您相對於這些特定產品的成本地位，這也是我們大部分網路優化工作所做的。就目前而言，我想說，在過去兩年中，我們的設施數量下降了大約個位數。

And so as it relates to your question around, as you say about kind of going forward and how you weigh these options largely -- and specifically as it relates to Protective, we feel good about the mine go back to that domestic production for domestic assumption. And if you really take a Protective (technical difficulty) metropolitan market.

因此，就您的問題而言，正如您所說的，關於未來的發展以及您如何權衡這些選擇 - 特別是與保護性措施相關的問題，我們對礦山恢復國內生產和國內假設感到滿意。如果你真的佔領了一個保護性（技術難度）大都會市場。

And so what's important as we evaluate those things is largely which geographic markets you want to go into and then which metropositive markets you want to serve within the countries that we operate in today, which is obviously sprawling and broadly international.

因此，當我們評估這些事情時，重要的主要是你想進入哪些地理市場，然後你想在我們今天運營的國家內服務哪些大都市市場，這顯然是龐大而廣泛的國際市場。

And so we feel good about the footprint we have. And in terms of where we're at today, there's always potential for more network optimization, and we're very thoughtful about how we evaluate that. Those are very big decisions that we spend a lot of time really thinking through -- and as part of the reason today, we're not announcing that.

因此，我們對自己所擁有的足跡感到滿意。就我們目前的狀況而言，網路優化始終具有潛力，我們非常認真地評估這一點。這些都是非常重大的決定，我們花了很多時間認真思考——這也是我們今天不宣布這些決定的原因之一。

And again, I go back to it's not just from a lens of cost takeout for cost takeout sake. It's got to create longer-term value. So Again, when you think about a Protected market, the last thing you want to do is exclude yourself from a metro politic market that you think may have longer-term growth because you have short-term challenges.

我再次強調，這不僅是為了降低成本而降低成本。它必須創造長期價值。所以，再說一次，當你考慮受保護的市場時，你最不想做的事情就是將自己排除在你認為可能有長期成長的大都市政治市場之外，因為你面臨短期挑戰。

And so as I mentioned beforehand, we feel really good about the portfolio we have in Protective and it's largely right now, focusing on commercial execution as we move forward. And so -- and making sure that we obviously put volume back into our plants. So we can benefit from the other side of this and the incremental is going on the way up versus the deleveraging we've experienced. And so that's where our head's at today.

正如我之前提到的，我們對我們在 Protective 中的投資組合感到非常滿意，目前我們主要關注的是未來的商業執行。所以——確保我們顯然將產量重新投入到我們的工廠。因此，我們可以從另一方面受益，而且相對於我們經歷的去槓桿，增量正在不斷上升。這就是我們今天要討論的問題。

Chris Parkinson, Wolfe Research.

克里斯帕金森，沃爾夫研究公司。

Great. Thank you so much. Can you just talk a little bit more about global protein markets and kind of what you expect in 2025, what's embedded in your guidance? Just given some of the noise on the Red meat side as well as potential headwinds to poultry. Just any dynamics that you think are worth on would be very helpful. Thank you.

偉大的。太感謝了。您能否再多談談全球蛋白質市場以及您對 2025 年的預期以及您的指導方針是什麼？只是考慮到紅肉方面的一些噪音以及家禽方面的潛在阻力。任何您認為有價值的動態都會非常有幫助。謝謝。

Sure, Chris. So a great question. And -- and again, kind of piggyback off of the comments that I made earlier. If you think about particularly, I would say, our Latin America and Australian cycles are kind of -- they're around the peaks.

當然，克里斯。這是一個很好的問題。並且 — — 再次，有點重複我之前所作的評論。如果你特別考慮一下，我想說，我們的拉丁美洲和澳洲的周期有點 - 它們處於高峰期。

And then if you think about our North American cycle. That's the area that last year we thought was going to be 3% to 4% down and then now it ended up being flat. And now we're kind of looking at this year, just [3] to [4] down kind of what's baked into our current outlook.

然後如果你考慮一下我們的北美週期。去年我們以為這個區域會下降 3% 到 4%，但現在卻持平了。現在我們來展望今年，大概就是 [3] 到 [4] 左右，這是我們目前展望的內容。

The flip side is that when you go back to last year and you look at most of the markets, whether it was dairy, smoke and process, foodservice, even poultry, they were slightly down for us globally to keep in mind beyond North America now. And as we go into next year, those areas have slight upside, which is really playing in well to the strategy.

另一方面，當你回顧去年，看看大多數市場，無論是乳製品、煙燻和加工食品、食品服務，甚至是家禽，除了北美以外，全球範圍內的市場都略有下滑。進入明年，這些領域將略有上漲，這對我們的策略非常有利。

I go back to it. We had very strong gains in our portfolios outside of shrinkage. But going into next year, those markets, which, in many cases, actually lend themselves more to retail end markets versus industrial food processing kind of end markets that presents more opportunity.

我回去再說。除縮水外，我們的投資組合獲得了非常強勁的收益。但進入明年，這些市場在許多情況下實際上更適合零售終端市場，而不是工業食品加工終端市場，後者將提供更多機會。

And we see those being positive, even poultry because largely what most people are referring to in poultry, there's concerns around as largely Turkey, where we have less exposure, and that's really tied to the varying flu. And so I think that for us, we still see poultry, poultry assumption moving up. It plays well into our strategies around case ready and we see that as a long-term source of growth, not just in the short term in '25, but in '26 and beyond.

我們看到這些都是正面的，甚至家禽也是，因為大多數人提到的家禽主要是土耳其，而我們在土耳其接觸的較少，這與各種流感確實有關。因此我認為，對我們來說，家禽、家禽假設仍然在上升。它與我們圍繞案例準備的策略很好地契合，我們認為這是一個長期的成長源，不僅是在 25 年的短期內，而且在 26 年及以後。

Gabe Hajde, Wells Fargo.

富國銀行的 Gabe Hajde。

Good morning. I will echo the congratulations from everyone. Two hopefully quick ones, Dustin. First, the large player in e-com made an investment in one of your pure-play kind of fiber-based competitors. I think this move is pretty unique, at least relative to what we've observed historically. So two questions. Does this change your view at all on how to maximize value out of maybe the Protective segment. And are you seeing increased activity in the M&A world in either the so or Protective segments?

早安.我將與大家一起表示祝賀。希望你們能盡快完成兩件事，達斯汀。首先，電子商務領域的大型企業對你們一家純粹從事光纖業務的競爭對手進行了投資。我認為這項舉措非常獨特，至少相對於我們歷史上觀察到的情況而言。所以有兩個問題。這是否會改變您對如何從保護部分實現價值最大化的看法？您是否看到 SO 或保護領域的併購活動增加？

And second, you called out $89 million, I think, of cost out in 2024. I think Roni mentioned $90 million was embedded in the outlook. I don't know if you're specifically ascribing all, call it, $180 million to cost out to grow. But I think you're initially targeting $150 million. Where is the upside coming from? And then maybe if you're willing to quantify what that runway looks like. Thank you.

其次，我認為您指出 2024 年的成本為 8900 萬美元。我認為羅尼提到的前景包含了 9000 萬美元。我不知道您是否明確地將所有所謂的 1.8 億美元歸因於成長成本。但我認為你最初的目標是 1.5 億美元。好處從何而來？然後也許你願意量化跑道的樣子。謝謝。

Thank you, Gabe. It's a great question. So I'm going to start with talking about specifically Ranpak, which I believe is what you're referring to. And then -- and then I'll turn it to Roni to not only walk you through the cost out to give you clarity there, but walk you through kind of the EBITDA bridge for the year and then talk you through a little bit about net price realization that plays into that EBITDA bridge as well.

謝謝你，加布。這是一個很好的問題。因此，我將首先具體討論 Ranpak，我相信這就是您所指的。然後 — — 然後我會把它交給羅尼，他不僅會帶您了解成本，讓您清楚了解情況，還會帶您了解今年的 EBITDA 橋，然後稍微向您講解一下對 EBITDA 橋產生影響的淨價實現情況。

So when you think about -- I go back to the comment around Ranpak specifically in Amazon, while it's unusual for Amazon to operate this way, I would say, with their industrial partners on the retail side is actually quite common on how they operate this way on their AWS, their cloud services or cloud infrastructure business with their services partners. So it's very similar.

所以當你思考的時候——我回到關於 Ranpak 的評論，特別是在亞馬遜，雖然亞馬遜以這種方式運營並不常見，但我想說，他們在零售方面與工業合作夥伴的這種運營方式實際上很常見，他們在 AWS、雲端服務或雲端基礎設施業務上與他們的服務合作夥伴以這種方式運營。所以非常相似。

And if you go back to it, really what we see from this is that it's -- one is continuity of supply, but also the -- from Ranpak specifically, and this goes back to the business they won last year on the paper side. which is paper void fill, but a much more simplified version of that in terms of how they're offering it to Amazon.

如果你回顧一下，我們真正看到的是——一方面是供應的連續性，另一方面是——特別是來自 Ranpak 的，這可以追溯到他們去年在紙張方面贏得的業務。這是紙質填充物，但就他們向亞馬遜提供的方式而言，這是一個更簡化的版本。

As you take our natural reaction to it, keep in mind that paper oilfield today is a relatively small part of our overall portfolio. where we see growth from a fiber perspective and particularly in fulfillment, is less around the box and what's in and how you solve for voice fill in the box. It's more around the actual packaging formats, particularly on the mailers, which is the reason why we talk about doubling down the fiber discrete mailer itself as well as our auto backing equipment, which is in itself the form of a mail, right, which we've already had a lot of success with.

當你看到我們對此的自然反應時，請記住，今天的紙質油田只是我們整體投資組合中相對較小的一部分。我們從光纖角度看到的成長，特別是在履行方面，較少關注盒子本身、裡面有什麼以及如何解決盒子裡的語音填充問題。它更多地圍繞著實際的包裝格式，特別是郵件，這就是我們談論加倍纖維離散郵件本身以及我們的自動背襯設備的原因，它本身就是一種郵件的形式，對，我們已經取得了很多成功。

And so we see -- we don't see it as unusual what they're doing. Now what it does do for us is it could potentially create an opportunity relative because just kind of publicly doubling down and strengthen their relationship, which gives us an opportunity for others that may not respond well to it. But it doesn't change our strategy. It doesn't change our thinking about how the opportunity we see in that business. We believe in what we're doing. We believe it will yield results.

所以我們看到──我們並不認為他們的所作所為有什麼不尋常之處。現在它對我們所做的就是它可能創造一個機會親屬，因為只是公開加倍努力並加強他們的關係，這為我們提供了一個機會，而其他人可能不會對此做出很好的反應。但這不會改變我們的策略。這並沒有改變我們對該業務中機會的看法。我們相信我們所做的事情。我們相信它會產生成果。

And then going back to your question around the cost out, I think I'll clarify one point that [89] versus the [90] in 2024 was just talking about where we set out at the beginning the year where we landed. I'm going to turn it over to Roni to talk about the EBITDA bridge for the full year because it's similar that may create some of the confusion and then talk about net price realization.

然後回到你關於成本的問題，我想我要澄清一點，2024 年的 [89] 與 [90] 只是在談論我們在年初出發時所處的位置。我會把它交給羅尼來談論全年的 EBITDA 橋樑，因為它很相似，可能會造成一些混淆，然後再談論淨價實現。

Yes. Thanks, Dustin. Thanks, Dave, for the question. From an EBITDA bridge perspective, as you are aware, we are facing FX headwinds of roughly $25 million. And combined with that, we are seeing unfavorable net price realization of roughly $65 million. This is split or this is driven rather by an increase in costs of $105 million due to inflation, offset by price increases of roughly $40 million.

是的。謝謝，達斯汀。謝謝戴夫提出這個問題。從 EBITDA 橋樑角度來看，如您所知，我們面臨約 2500 萬美元的外匯逆風。再加上這一點，我們看到淨價實現不利，約 6500 萬美元。這是由於通貨膨脹導致的成本增加 1.05 億美元，但被約 4,000 萬美元的價格上漲所抵消。

The combination of FX and net price realization are effectively offset by the $90 million of savings that we referenced in the script. The $90 million of savings can be split between $65 million of cost takeout actions and $25 million of productivity efficiencies.

外匯和淨價實現的組合被我們在腳本中提到的 9000 萬美元的節省有效抵消。9000 萬美元的節省可以分為 6500 萬美元的成本削減措施和 2500 萬美元的生產力效率提高。

When we think about the CTO program, we set out to achieve the $140 million to $160 million of savings. As you had mentioned, through 2024, we did realize $100 million of CTO savings and the incremental $65 million will bring us to the high end of that range.

當我們考慮 CTO 計劃時，我們的目標是節省 1.4 億至 1.6 億美元。正如您所提到的，到 2024 年，我們確實實現了 1 億美元的 CTO 節省，而增量的 6500 萬美元將使我們達到該範圍的高端。

When it comes to the productivity savings, Justin talked a little bit about plant optimization, et cetera. The $25 million is largely driven by that. From a comparative perspective, it's generally difficult to guide on because it's heavily contingent on what we do within the plants.

當談到生產力節約時，賈斯汀談了一些關於工廠優化等內容。2500萬美元的資金主要來自於此。從比較的角度來看，這通常很難指導，因為它很大程度上取決於我們在工廠內所做的事情。

And so Gabe, just to follow on to that point. So if you think about holistically and what she's referring to is really the productivity that we're driving within our plants, on that particular piece of it. But broadly speaking, it's the same categories we've been going after the past two years, just now with the new structure in place, we have a lot more visibility to each cost structure. So it's given us more tailored opportunity to make adjustments.

那麼 Gabe，我們繼續討論這一點。因此，如果你從整體上考慮，她所指的實際上是我們在工廠內部、在特定部分所推動的生產力。但從廣義上講，這些類別與我們過去兩年一直採用的類別相同，只是現在有了新的結構，我們對每個成本結構有了更多的了解。因此，它為我們提供了更多有針對性的調整機會。

If you go back historically, some of the comments we've talked about, which is whether it's other back office optimization, which we continue to go after and then also areas around further automation within most of our functions and other G&A productivity enhancements.

如果回顧歷史，我們討論過的一些評論，即是否是其他後台優化，我們是否會繼續追求，以及我們大多數職能中的進一步自動化以及其他 G&A 生產力增強領域。

And so what I'll leave you with on this particular piece is that we're staying flexible as we go throughout the year to make sure that we're proactive. And so while this is a starting point or outlook for the -- we were taking another hard look at the Protective cost structure, particularly as we progress off the year, if we're not seeing our initiatives take hold as quickly as we would have planned. And so I would say on this particular topic, stay tuned.

因此，關於這一點，我要告訴你們的是，我們將在全年保持靈活性，以確保我們積極主動。因此，雖然這是一個起點或前景——我們正在再次認真審視保護成本結構，特別是隨著我們今年的進展，如果我們沒有看到我們的舉措像我們計劃的那樣迅速發揮作用。因此我想說，關於這個特定主題，請繼續關注。

Thank you. I'm showing no further questions at this time. I would now like to turn it back to Dustin for closing remarks.

謝謝。我目前沒有其他問題。現在我想請達斯汀做最後發言。

I'd like to thank everyone for their time today. I'm incredibly excited about our future, and I look forward to updating you throughout 2025 as we execute on our strategy to return Sealed Air to growth. Lastly, I'd like to close by reiterating my appreciation for all the Sealed Air team members for their tireless efforts in solving our customers most critical challenges and their continued commitment to our transformation. Thank you.

我要感謝大家今天抽出時間。我對我們的未來感到無比興奮，並期待在 2025 年期間向您匯報最新情況，我們將執行策略，讓 Sealed Air 恢復成長。最後，我要再次感謝所有 Sealed Air 團隊成員，感謝他們為解決客戶最關鍵的挑戰所做的不懈努力以及對我們轉型的持續承諾。謝謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。