Silgan Holdings Inc (SLGN) 2024 Q4 法說會逐字稿

Good day and welcome to the Silgan Holdings Fourth Quarter 2024 Earnings Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Alex Hutter. Please go ahead.

大家好，歡迎參加 Silgan Holdings 2024 年第四季財報電話會議。今天的會議正在錄製。現在，我想將會議交給 Alex Hutter。請繼續。

Thank you and good morning. Joining me on the call today are Adam Greenlee, President and CEO; Bob Lewis, EVP Corporate Development and Administration; and Kim Ulmer, SVP and CFO. Before we begin the call today, we would like to make it clear that certain statements made on this conference call may be forward-looking statements.

謝謝，早安。今天與我一起參加電話會議的還有總裁兼執行長 Adam Greenlee；劉易斯 (Bob Lewis)，企業發展與管理執行副總裁；以及資深副總裁兼財務長 Kim Ulmer。在今天的電話會議開始之前，我們想明確表示，本次電話會議上的某些陳述可能是前瞻性陳述。

These forward-looking statements are made based upon management's expectations and beliefs concerning future events impacting the company and, therefore, involve a number of uncertainties and risks, including, but not limited to, those described in the company's annual report on Form 10-K for 2023 and other filings with the Securities and Exchange Commission. Therefore, actual results of operations or financial condition of the company could differ materially from those expressed or implied in the forward-looking statements.

這些前瞻性陳述是基於管理層對影響公司的未來事件的預期和信念而做出的，因此涉及許多不確定性和風險，包括但不限於公司 2023 年 10-K 表年度報告和向美國證券交易委員會提交的其他文件中所述的不確定性和風險。因此，公司的實際經營結果或財務狀況可能與前瞻性陳述中表達或暗示的結果有重大差異。

In addition, commentary on today's call may contain references to certain non-GAAP financial metrics, including adjusted EBIT, adjusted EBITDA, free cash flow and net income per diluted share or adjusted EPS. A reconciliation of these metrics, which should not be considered substitutes for similar GAAP metrics, can be found in today's press release and under the Non-GAAP Financial Information portion of the Investor Relations section of our website at silganholdings.com. With that, let me turn it over to Adam.

此外，今天電話會議的評論可能包含對某些非 GAAP 財務指標的引用，包括調整後的 EBIT、調整後的 EBITDA、自由現金流量和每股稀釋淨收益或調整後的每股盈餘。這些指標的對帳表可在今天的新聞稿中以及我們網站 silganholdings.com 上投資者關係部分的非 GAAP 財務資訊部分中找到，但這些指標不應被視為類似 GAAP 指標的替代品。說完這些，讓我把話題交給亞當。

Thank you, Alex, and we'd like to welcome everyone to Silgan's Fourth Quarter and Full Year 2024 Earnings Call. Our team delivered another year of strong performance in 2024 as the success of our winning strategy, the power of our portfolio, the strength of our team and our disciplined approach to capital deployment continued to set us apart from our competition and drive value for our shareholders.

謝謝你，亞歷克斯，我們歡迎大家參加 Silgan 的 2024 年第四季和全年財報電話會議。2024 年，我們的團隊又取得了強勁的業績，因為我們成功的致勝策略、我們投資組合的強大力量、我們團隊的實力以及我們嚴謹的資本配置方式繼續使我們在競爭中脫穎而出，並為股東創造價值。

Normalizing end-market conditions in most of our businesses showcased the organic growth potential of our strategic initiatives, and we delivered mid-single-digit organic adjusted EPS growth and double-digit free cash flow growth in 2024 despite customer destocking activities that impacted the first half of the year.

我們大多數業務的終端市場狀況正常化展示了我們戰略舉措的有機增長潛力，儘管客戶去庫存活動影響了上半年，但我們在 2024 年實現了中等個位數的有機調整後每股收益增長和兩位數的自由現金流增長。

We made significant progress towards achieving our multiyear $50 million cost-savings initiative while continuing to invest organically in our businesses to drive growth into the future. Our disciplined capital deployment model continued to create value for our shareholders as we announced and closed the acquisition of Weener Packaging during the year.

我們在實現多年期 5000 萬美元成本節約計劃方面取得了重大進展，同時繼續對我們的業務進行有機投資，以推動未來成長。隨著我們在年內宣布並完成Weener Packaging的收購，我們嚴謹的資本配置模式持續為股東創造價值。

We are pleased to add another high-margin, strong organic growth business to the Silgan portfolio and believe this to be a logical next step in the evolution of our capabilities in the attractive dispensing markets as we continue to evolve our portfolio.

我們很高興為 Silgan 投資組合增添另一家高利潤、強勁有機成長的企業，並相信隨著我們繼續發展投資組合，這是我們在具有吸引力的分配市場中能力發展的合理下一步。

Its advanced product and manufacturing technologies and strong innovation plan will bolster the organic growth and enhance the profile mix of the company for years to come. At the segment level, our Dispensing and Specialty Closures segment continued to perform exceptionally well in 2024 and delivered three consecutive quarters of double-digit organic growth in dispensing products to close out the year.

其先進的產品和製造技術以及強大的創新計劃將在未來幾年內促進有機成長並增強公司的投資組合。在細分市場層面，我們的分裝和特種封蓋部門在 2024 年繼續表現出色，並在年底連續三個季度實現了分裝產品的兩位數有機增長。

Our adjusted EBITDA margins in the segment expanded almost 75 basis points during the year and reached new record levels as the margin-enhancing mix and higher growth rate of our dispensing products continues to deliver meaningful upside to our bottom line. We drove operational improvement in the segment and continued to make progress against our multiyear cost-savings initiative.

由於利潤率提高的產品組合和分配產品的更高增長率繼續為我們的盈利帶來有意義的上升空間，我們該部門的調整後 EBITDA 利潤率在年內擴大了近 75 個基點，並達到了新的歷史水平。我們推動了該部門的營運改進，並在多年的成本節約計劃方面繼續取得進展。

In Metal Containers, our pet food markets, which represents a strategic growth category and approximately half of our segment volume, showed improving trends throughout the year with high single-digit growth in the second half of the year and double-digit growth in the fourth quarter as volumes normalized.

在金屬容器方面，我們的寵物食品市場代表著一個策略性成長類別，約占我們分部銷售量的一半，該市場全年呈現改善趨勢，下半年實現高個位數成長，第四季隨著銷售量正常化實現兩位數成長。

We once again validated our leadership in the market and the strength of our customer relationships by extending our decades-long supply partnership with our largest customer. Our team navigated dynamic volume conditions in the fruit and vegetable market with the impact of a large customer reducing their inventories to drive working capital during the year, compounded by severe weather that drove the worst fruit and vegetable pack in many years.

透過延長與最大客戶長達數十年的供應合作關係，我們再次驗證了我們在市場上的領導地位和與客戶關係的實力。我們的團隊應對了水果和蔬菜市場的動態銷售狀況，包括大客戶在年內減少庫存以推動營運資金，以及惡劣天氣導致水果和蔬菜出現多年來最嚴重的供應短缺。

In Custom Containers, our business delivered strong operating performance and experienced continued success in the marketplace as the commercialization of new contractual business wins and more normalized market conditions drove mid-single-digit volume growth and over 200 basis points of adjusted EBIT margin improvement.

在客製化貨櫃業務方面，我們的業務實現了強勁的營運業績，並在市場上取得了持續的成功，因為新合約業務的商業化和更正常化的市場條件推動了中等個位數的銷量增長和超過 200 個基點的調整後息稅前利潤率提高。

As we now turn our focus to 2025, with our strategic initiatives yielding strong organic growth, the contribution of the Weener acquisition and first year synergies, the full benefit of our cost-savings program and a partial recovery in the fruit and vegetable market, our business exits 2024 with strong momentum and is positioned to deliver record performance in 2025 with double-digit increases to both earned and free cash flow.

現在，我們將重點轉向 2025 年，由於我們的戰略舉措實現了強勁的有機增長、收購 Weener 的貢獻和第一年的協同效應、我們的成本節約計劃的全部收益以及水果和蔬菜市場的部分複蘇，我們的業務將在 2024 年以強勁勢頭結束，並有望在 2025 年實現現金紀錄的利潤。

At the segment level, we are expecting Dispensing and Specialty Closures organic volumes to grow by a mid-single-digit rate in 2025 driven by another year of high single-digit growth in our dispensing products and low single-digit growth in our closure products, resulting in an improved mix.

在細分市場層面，我們預計，到 2025 年，分裝和特種封蓋的有機銷量將以中等個位數增長，這得益於分裝產品今年將實現高個位數增長，而封蓋產品將實現低個位數增長，從而改善產品組合。

Metal Containers volumes are expected to grow by a mid-single-digit percentage driven primarily by mid-single-digit growth in pet food and a partial recovery in the fruit and vegetable volumes. Custom Containers volumes are expected to grow by a mid-single-digit percentage driven by the annualization of the new business wins that ramped up in 2024 as well as additional new business awards in 2025.

金屬容器的銷售量預計將以中位數個位數百分比成長，主要原因是寵物食品的中位數個位數成長以及水果和蔬菜銷售的部分復甦。客製化貨櫃銷量預計將以中等個位數百分比成長，這得益於 2024 年新業務勝利的年化以及 2025 年額外的新業務獎勵。

As we enter 2025, we are excited about the opportunities that lay ahead for the company and our ability to execute upon them. Our customer partnerships remain strong, and our teams remain focused on meeting the unique needs of our customers.

當我們進入 2025 年時，我們對公司未來的機會以及我們掌握這些機會的能力感到興奮。我們的客戶合作關係依然牢固，我們的團隊依然致力於滿足客戶的獨特需求。

We continue to compete and win in the markets we serve. Our strategic growth initiatives continue to shape the company's future, and our disciplined capital deployment model continues to create significant value for shareholders.

我們繼續在我們所服務的市場中競爭並獲勝。我們的策略成長計畫持續塑造公司的未來，我們嚴謹的資本配置模式持續為股東創造重要價值。

Before I turn it over to Kim, I'd also like to highlight that earlier this week, we announced that Philippe Chevrier will join our team as Executive Vice President and Chief Operating Officer as part of our executive office in Stanford. We look forward to Philippe fully participating in the collaborative management process that has proven to be so successful since the founding of our company.

在將麥克風交給 Kim 之前，我還想強調一下，本週早些時候，我們宣布 Philippe Chevrier 將加入我們的團隊，擔任執行副總裁兼首席營運官，隸屬於我們位於史丹佛的執行辦公室。我們期待 Philippe 全力參與我們公司自成立以來已被證明非常成功的協作管理進程。

He brings additional strong leadership capabilities to our team, a broad operational skill set, significant international experience and a deep understanding of the importance of commercial relationships, all of which will help them be successful at Silgan.

他為我們的團隊帶來了額外的強大領導能力、廣泛的營運技能、豐富的國際經驗以及對商業關係重要性的深刻理解，所有這些都將幫助他們在 Silgan 取得成功。

With that, Kim will take you through the financials for the quarter and our estimates for the first quarter and full year 2024.

接下來，Kim 將帶您了解本季的財務狀況以及我們對 2024 年第一季和全年的預測。

Thank you, Adam. As Adam highlighted, our business continued to deliver strong financial results and converted our profits into double-digit free cash flow growth in 2024. We closed on the Weener acquisition in October, which we financed using cash on hand, our revolver and a new EUR700 million term loan, and we successfully amended and extended our credit agreement during the fourth quarter.

謝謝你，亞當。正如亞當所強調的那樣，我們的業務繼續取得強勁的財務業績，並在 2024 年將我們的利潤轉化為兩位數的自由現金流成長。我們於 10 月完成了對 Weener 的收購，使用庫存現金、循環信貸和新的 7 億歐元定期貸款進行融資，並在第四季度成功修改和延長了信貸協議。

Our balance sheet and access to capital markets remain very strong. And after completing the Weener transaction, we ended the year at 3.3 times pro forma net debt to EBITDA, which is within our target leverage range.

我們的資產負債表和資本市場管道仍然非常強勁。完成 Weener 交易後，年底我們的淨債務與 EBITDA 比率為 3.3 倍，這在我們的目標槓桿範圍內。

Turning to the fourth quarter 2024 results. Net sales of approximately $1.4 billion increased 5% from the prior year period driven primarily by the addition of Weener business, which closed on October 15, which was partially offset by less favorable mix in the Metal Containers segment as expected.

展望2024年第四季的業績。淨銷售額約為 14 億美元，較上年同期增長 5%，主要原因是 Weener 業務的加入（該業務於 10 月 15 日完成），但金屬容器部門的產品組合如預期不佳，部分抵消了這一增長。

Total adjusted EBIT for the quarter of $151.7 million increased by 12% on a year-over-year basis with record adjusted EBIT in Dispensing and Specialty Closures and higher adjusted EBIT in the Metal Containers and Custom Containers segments. Record adjusted EPS of $0.85 increased $0.22 or [30%] the prior year. Turning to our segments.

本季總調整後息稅前利潤為 1.517 億美元，較上年同期增長 12%，其中分配器和特種封蓋業務的調整後息稅前利潤創歷史新高，金屬容器和定制容器業務的調整後息稅前利潤有所提高。調整後每股盈餘創紀錄為 0.85 美元，較前一年增加 0.22 美元，即 [30%]。轉向我們的細分領域。

Fourth quarter sales in our Dispensing and Specialty Closures segment increased 22% versus the prior year primarily as a result of the contribution from the Weener Packaging acquisition, which added approximately $100 million or 19% during the quarter and higher volume mix of 5%. The improvement in volume mix was driven primarily by a double-digit increase in organic volume of dispensing products during the quarter.

我們分配器和專用封蓋部門在第四季度的銷售額比上年同期增長了 22%，這主要得益於對 Weener Packaging 的收購，該收購在本季度增加了約 1 億美元或 19% 的銷售額，且銷量增長了 5%。銷售組合的改善主要得益於本季分配產品有機銷售的兩位數成長。

Record fourth quarter 2024 Dispensing and Specialty Closures adjusted EBIT increased $13 million or 15% versus the record achieved in the prior year period as a result of the contribution from the Weener Packaging acquisition, which added approximately $11.1 million, and favorable volume mix.

2024 年第四季創紀錄的配藥和特種封蓋調整後息稅前利潤較去年同期增加 1,300 萬美元或 15%，這得益於 Weener Packaging 收購的貢獻（增加了約 1,110 萬美元）和有利的銷售結構。

Late in the quarter, as a result of the announced restructuring program, we had the opportunity to further reduce inventories to more optimal levels, which cost us approximately $10 million in adjusted EBIT relative to our expectations entering the quarter as we sold through some higher-cost inventory.

在本季末，由於宣布了重組計劃，我們有機會將庫存進一步減少到更優化的水平，由於我們銷售了一些成本較高的庫存，這使我們的調整後息稅前利潤相對於我們進入本季度的預期損失了約 1000 萬美元。

This inventory reduction contributed to the reduction in working capital for the company, which was the primary driver of free cash flow exceeding our prior estimate for the year.

庫存減少導致公司營運資本減少，這是今年自由現金流超過我們先前估計的主要原因。

In our Metal Containers segment, sales declined 8% versus the prior year as a result of the lower price/mix due to less favorable mix driven by a double-digit increase in smaller cans for pet food and lower volumes for larger cans for the fruit and vegetable markets. Total volumes in the quarter were comparable to the prior year period. Metal Containers adjusted EBIT increased 3% primarily as a result of favorable price, cost and mix, including SG&A cost management.

在我們的金屬容器部門，由於寵物食品小罐頭銷量出現兩位數增長，而水果和蔬菜市場大罐頭銷量下降，導致產品組合不太有利，價格/產品組合下降，導致銷售額比上年下降 8%。本季的總量與去年同期相當。金屬容器調整後息稅前利潤成長 3%，主要由於優惠的價格、成本和產品組合，包括銷售、一般及行政費用管理。

In Custom Containers, sales increased 6% compared to the prior year quarter driven by a 4% increase in volumes as a result of the commercialization of new business awards and more favorable price, mix. Custom Containers adjusted EBIT increased 40% as compared to the fourth quarter of 2023 primarily due to an improved mix of products sold and higher volumes.

在客製化容器方面，由於新業務獎勵的商業化和更優惠的價格組合，銷量增長了 4%，銷售額比去年同期增長了 6%。與 2023 年第四季相比，客製化貨櫃調整後的息稅前利潤成長了 40%，這主要是由於銷售產品組合改善和銷售增加。

Looking ahead to 2025, we are estimating adjusted EPS in the range of $4 to $4.20, a 13% increase at the midpoint of the range as compared to $3.62 in 2024. This estimate includes interest expense of approximately $185 million, a tax rate of approximately 24%, corporate expense of approximately $40 million and a weighted average share count of approximately 107 million shares.

展望 2025 年，我們預計調整後的每股盈餘將在 4 美元至 4.20 美元之間，與 2024 年的 3.62 美元相比，中間值成長 13%。該估計包括約 1.85 億美元的利息支出、約 24% 的稅率、約 4,000 萬美元的公司支出和約 1.07 億股的加權平均股數。

Depreciation is expected to increase $40 million to $50 million on a year-over-year basis and be in the range of $265 million to $275 million. At the midpoint of our 2025 adjusted EPS range, we will exceed the prior record levels of adjusted EBIT, adjusted EBITDA and adjusted EPS achieved in 2022.

預計折舊費將年增 4,000 萬至 5,000 萬美元，介於 2.65 億美元至 2.75 億美元之間。在我們 2025 年調整後每股收益範圍的中點，我們將超過 2022 年實現的調整後息稅前利潤、調整後息稅折舊攤銷前利潤和調整後每股收益的先前創紀錄水平。

From a segment perspective, mid-teen percentage total adjusted EBIT growth in 2025 is expected to be driven primarily by a greater than 20% increase in Dispensing and Specialty Closures adjusted EBIT.

從細分市場角度來看，預計 2025 年調整後息稅前利潤總和將實現中等百分比增長，主要得益於配藥和特種封蓋調整後息稅前利潤 20% 以上的增長。

Custom Containers segment adjusted EBIT is expected to grow by a mid-teen percentage. And in the Metal Containers segment, we expect to recover approximately half of the $40 million decline in adjusted EBIT that we experienced in 2024.

客製化貨櫃部門調整後息稅前利潤預計將成長百分之十幾。在金屬容器部門，我們預計 2024 年調整後息稅前利潤 (EBIT) 4,000 萬美元的降幅將恢復約一半。

Based on our current earnings outlook for 2025, we are providing an estimate of free cash flow of approximately $450 million, a 15% increase from the prior year, as earnings growth will be partly offset by higher interest and tax with CapEx of approximately $300 million. This estimate also includes approximately $20 million of cash cost to support our cost-reduction program. Turning to our outlook for the first quarter of 2025.

根據我們目前對 2025 年的獲利預測，我們預計自由現金流約為 4.5 億美元，比去年增加 15%，因為獲利成長將被更高的利息和稅收部分抵消，資本支出約為 3 億美元。該估算還包括約 2000 萬美元的現金成本，用於支持我們的成本削減計劃。展望 2025 年第一季的展望。

We are providing an estimate of adjusted earnings in the range of $0.74 to $0.84 per diluted share, a 14% increase as compared to adjusted EPS of $0.69 in the prior year period. The year-over-year improvement in adjusted earnings in the first quarter is driven primarily by the inclusion of Weener Packaging, higher volumes in each segment and operational improvements, including the benefits from our cost-savings program, partially offset by higher interest and corporate expense.

我們預計調整後每股收益將在 0.74 美元至 0.84 美元之間，較去年同期的調整後每股收益 0.69 美元增長 14%。第一季調整後收益年增主要得益於威納包裝 (Weener Packaging)、各部門銷售增加以及營運改善（包括成本節約計畫帶來的收益），但利息和公司費用的增加部分抵消了這一影響。

First quarter volume and adjusted EBIT is expected to be above prior year levels in all three segments. That concludes our prepared comments, and we'll open the call for questions. Justin, would you kindly provide the directions for the question-and-answer session?

預計第一季三個部門的銷售和調整後息稅前利潤都將高於去年同期水準。我們的準備好的評論到此結束，我們將開始提問。賈斯汀，您能否提供問答環節的指導？

(Operator Instructions)

（操作員指令）

George Staphos, Bank of America.

美國銀行的喬治‧斯塔福斯 (George Staphos)。

Hi, everyone. Good morning. Thanks for the details. Hope you're doing well. Two quick ones for me and then a follow-on. Can you talk a little bit about what the learnings with Weener have been so far? What did you learn since you've owned it that are additive or for that matter, maybe a little bit more challenging than you expected as you were closing the deal and relative to the deal model?

大家好。早安.謝謝你的詳細資料。祝你一切順利。我先簡單問兩個問題，然後再回答其他問題。您能否談談迄今為止與維納一起學到了什麼？自從你擁有它以來，你學到了什麼？

Second question, can you talk about within the guidance for this year, what is discrete cost reduction and/or sort of built-in earnings gains, not that anything is ever guaranteed, relative to your initiatives from the last couple of years? And then, as I said, I had a quick follow-on.

第二個問題，您能否談談在今年的指引中，相對於過去幾年的舉措，離散成本削減和/或內置收益增長是什麼，這並不是保證任何事情？然後，正如我所說的，我進行了快速的跟進。

Sure. Look, the Weener addition to our portfolio, it's gone really well. We closed in mid-October. To your point, there are always learnings as you bring two organizations together. And I think that process has been very good.

當然。你看，Weener 加入我們的投資組合，效果非常好。我們十月中旬就關門了。正如您所說，將兩個組織合併在一起總會有學習成果。我認為這個過程非常好。

One that I would tell you initially is that they probably had more commercial opportunities in the business than maybe what we had given them credit for through our diligent process. And it's a similar conversation that we've had in some other acquisitions that we've done that we actually did take the opportunity to approve some capital prior to the close of the acquisition for future growth.

我首先要告訴你的是，他們在這個行業中可能擁有比我們透過勤勉的流程所給予他們的更多的商業機會。我們在進行的其他一些收購中也進行過類似的對話，我們實際上確實藉此機會在收購完成之前批准了一些資本用於未來成長。

And this is contractual business. In fairness, these are primarily with customers that you can think about as both Silgan customers and Weener customers. But the capital opportunity was there, and we took advantage of it.

這是合約業務。公平地說，這些主要針對的是您可以視為 Silgan 客戶和 Weener 客戶的客戶。但資本機會就在那裡，我們抓住了它。

So I think one learning is we're gaining confidence and even more confidence in the combined entities' ability to deliver the growth profile that we've projected. So feeling really good about it. I think outside of that, again, we anticipated a strong team coming over, a talented team, and that's exactly what we've got.

因此，我認為一個經驗就是我們越來越有信心，甚至對合併後的實體實現我們預測的成長目標的能力更有信心。所以感覺真的很好。我認為除此之外，我們再次期待一支強大的、才華橫溢的團隊到來，而這正是我們所擁有的。

So we're excited about the future. I think the teams are working well together and delivering on really the synergies and all the other integration activities that we get kind of into the process now with a full quarter.

所以我們對未來充滿興奮。我認為各個團隊合作得很好，真正發揮了協同效應，並且我們在整個季度中都將這些整合活動融入了這個流程中。

And then secondly, on the cost-reduction side of the portfolio, our second year of the $50 million cost-reduction program. Year one, we did deliver the $20 million of cost savings in '24. So I feel really good about that. Teams did an excellent job executing against the programs that we established. And then for '25, it's really the second portion of the EBIT improvement, which will be about $20 million -- I'm sorry, $30 million of improvement to round out the $50 million cost-reduction program.

其次，在投資組合的成本削減方面，這是我們實施 5,000 萬美元成本削減計畫的第二年。第一年，我們確實在24年實現了2,000萬美元的成本節約。所以我對此感覺非常好。團隊出色地執行了我們所製定的計劃。然後對於'25年，這實際上是息稅前利潤改進的第二部分，約為2000萬美元 - 對不起，3000萬美元的改進，以完善5000萬美元的成本削減計劃。

Okay. Adam, just on Weener, just a quick follow-on. So there's always going to be things that don't go as well. What have those been so far? And then where have the commercial opportunities been, where you've been maybe able to invest a little bit ahead of the curve?

好的。亞當，剛才談到維納，我只想快速跟進。所以總是會有一些事情進展不順利。到目前為止這些是什麼？那麼商業機會在哪裡？

And then just the tax rate was a little bit lower than we were expecting. What drove that?

然後稅率就比我們預期的低一點。是什麼導致了這現象？

Sure. Just back to Weener, right, clearly, not everything is seashells and balloons, George. So there's a lot of good stuff. There's a lot of stuff when you're bringing 2 organizations together that you have to work through. And I think it's just communication, but I'd tell you also, this is our 41st acquisition that we've done as a company.

當然。回到維納，對吧，顯然，不是所有東西都是貝殼和氣球，喬治。因此有很多好東西。當你將兩個組織合併在一起時，有很多事情需要處理。我認為這只是溝通，但我還要告訴你，這是我們公司進行的第 41 次收購。

And I think it's just as you integrate an organization of this size, let's call it, 6,000 employees, communication is really important and just making sure you're speaking the same language and communicating effectively back and forth through the organization. So that's it. And just sometimes that's easier than not. And I'll just say it was pretty standard for us, but we've got a lot of experience in working through those issues. I'll let Kim answer the tax rate question.

我認為，當你整合一個如此規模的組織時，比如說，有 6,000 名員工，溝通真的非常重要，確保你們使用相同的語言，並在整個組織內進行有效的溝通。就是這樣了。有時候這比不做容易得多。我只想說這對我們來說非常標準，但我們在解決這些問題方面擁有豐富的經驗。我讓金來回答稅率問題。

Sure. So for the tax rate for the fourth quarter, it was about 8.8%, and that was a benefit from tax restructuring we did in foreign operations. We do not expect that to repeat in 2025. So we'll be back to our 24% average rate as we go through the year next year.

當然。因此，第四季的稅率約為 8.8%，這是我們在海外業務進行稅收重組的好處。我們預計2025年不會再出現這種情況。因此，明年我們的平均利率將回到 24%。

Yes, George, just to come back around the question -- this is Bob -- come back around to the question you asked in terms of where the investments were. In typical markets that they have been operating in, very similar markets to where our Dispensing business plays as well. So nothing far afield from what good 2 organizations combined are very capable at doing. They are growthy markets. So we think there's good opportunity with those customers to not only launch these product lines, but to continue to grow with them on a go-forward basis.

是的，喬治，回到剛才的問題上──我是鮑伯──回到你問的關於投資地點的問題。他們經營的典型市場與我們的配藥業務所處的市場非常相似。因此，這與兩個組織聯合起來所能做到的好事相差甚遠。它們都是成長型市場。因此，我們認為，這些客戶不僅有很好的機會推出這些產品線，而且可以繼續與他們共同成長。

Yes, George, just to come back around the question -- this is Bob -- come back around to the question you asked in terms of where the investments were. In typical markets that they have been operating in, very similar markets to where our Dispensing business plays as well. So nothing far afield from what good two organizations combined are very capable at doing. They are growthy markets. So we think there's good opportunity with those customers to not only launch these product lines, but to continue to grow with them on a go-forward basis.

是的，喬治，回到剛才的問題上──我是鮑伯──回到你問的關於投資地點的問題。他們經營的典型市場與我們的配藥業務所處的市場非常相似。因此，這與兩個組織聯手所能做的好事相差甚遠。它們都是成長型市場。因此，我們認為，這些客戶不僅有很好的機會推出這些產品線，而且可以繼續與他們共同成長。

And as is typical with us, George, you can just assume that those are kind of mid- to longer-term contracts that support the capital investment.

喬治，就像我們通常的做法一樣，你可以假設這些都是支持資本投資的中長期合約。

Thank you very much.

非常感謝。

Ghansham Panjabi, Baird.

甘沙姆·潘賈比，貝爾德。

Thank you operator. Good morning everybody. Adam, just sort of looking at our model from a volume metric standpoint, in '22, volumes were down, '23 as well, up a little bit in '24. And just based on your characterization of '25, it sounds like you're expecting sort of a mid-single-digit increase in terms of volume. So can you help us bridge the differential as it relates to your confidence in being able to achieve that and just in context of many of your customers that have reported so far, especially the off-cycle reporters that seem much more muted on the outlook for volumes?

謝謝接線生。大家早安。亞當，從交易量指標的角度來看我們的模型，2022 年的交易量下降，2023 年的交易量也下降，2024 年略有上升。而且僅根據您對 25 年的描述，聽起來您預計銷量會有一個中等個位數的成長。那麼，您能否幫助我們彌合差異，因為它與您對實現這一目標的信心有關，並且僅考慮到迄今為止已報告的許多客戶，特別是非週期記者對銷量前景似乎更加沉默？

Yes. Sure. It's -- you highlighted some challenging years with a lot of moving parts between '22 and '24 there. But what I would tell you, Ghansham, as we came into those years, there was a lot of noise around the market of what was going on with consumers and what was going on with our customer base. And I think what you see at the back half to certainly the fourth quarter of '24 is just a much more normal kind of business environment that we're dealing with, with our customers or sort of through the -- through all the destocking activities.

是的。當然。您強調了 22 年至 24 年間的一些充滿挑戰的年份，其中有許多變數。但是，甘沙姆，我想告訴你，當我們進入那些年的時候，市場上充斥著關於消費者以及我們的客戶群正在發生的事情的喧囂。我認為，在 2024 年下半年到第四季度，我們所面臨的商業環境將更加正常，無論是與客戶打交道，還是透過所有的去庫存活動。

And we're seeing, in many cases, our volumes are more indicative of what consumer demand is for our products. So we feel like as we turn the page now to '25, there's just a lot less noise around what's going on with our customers and what's going on with consumers. And I'll continue to say, through that window of time that you outlined, Ghansham, consumer demand for our products remains fairly strong through that entire process.

我們發現，在許多情況下，我們的銷售量更能反映消費者對我們產品的需求。因此，我們感覺，當我們翻開新的一頁時，關於我們的客戶和消費者發生的事情的關注度已經低了很多。我要繼續說的是，Ghansham，在您概述的那個時間段內，整個過程中消費者對我們產品的需求仍然相當強勁。

And really, the disruption was more with our customers and what they were doing with their inventory, what they were doing with their commercial activities and pricing and promotional activities in the market. So as we sit here today, I think we've got a really good degree of confidence that the strategic initiatives that we've outlined that we're executing against them.

實際上，這種幹擾更多來自於我們的客戶，以及他們對庫存的處理方式、他們在商業活動以及市場上的定價和促銷活動。因此，今天我們坐在這裡，我認為我們對我們制定的和正在執行的策略性舉措非常有信心。

They're delivering the value and creating value for our shareholders that we had outlined. And I think '25 is going to be a much more normal year than what we've seen the last several years.

他們正在為我們的股東提供我們所概述的價值並創造價值。我認為 25 年將會是比過去幾年更正常的一年。

Okay. Understood. And then can you help us also bridge the earnings between the three 62 you generated in 2024 in the midpoint of your guidance? How much of it is from the acquisition? And what sort of operating leverage are you assuming on the legacy silicon businesses excluding Weener?

好的。明白了。然後，您能否幫助我們彌合您在 2024 年指導中期產生的 3 個 62 之間的收益？其中有多少來自於收購？您對除維納 (Weener) 之外的傳統矽片業務的經營槓桿有何看法？

Yes. A very good question. So a couple of things. One, just some of the big numbers right out of the gate, I'm just going to give you some adjusted EBIT number. So call it, $50 million from the Weener acquisition of additional adjusted EBIT.

是的。非常好的問題。有幾件事。首先，我只是要給你一些調整後的息稅前利潤 (EBIT) 數字。可以這麼說，這是從 Weener 收購中獲得的額外調整後息稅前利潤 5,000 萬美元。

We mentioned the $30 million of the cost-savings program for year two. And then you've really got organic growth that's driving the remainder of the improvement year-over-year. And then we're cycling over things. Some of the headwinds that we see, we've got some additional incremental interest expense. You've got some FX changes that have been taking place.

我們提到了第二年的3000萬美元的成本節約計劃。然後你真的獲得了有機增長，並推動了剩餘的逐年改善。然後我們就開始循環往復。我們看到的一些不利因素是，我們有一些額外的增量利息支出。你已經發現了一些正在發生的 FX 變化。

And then our corporate line is a little more expensive next year, in '25 than it was in '24. But all of that gets us to double-digit adjusted EBIT, adjusted EPS growth, and as Kim said earlier, double-digit adjusted free cash flow growth as well.

那麼，我們明年（也就是25年）的公司線價格會比24年稍微貴一點。但所有這些都使我們實現了兩位數的調整後息稅前利潤和調整後每股收益增長，而且正如 Kim 之前所說，調整後的自由現金流也實現了兩位數的增長。

Perfect. Thank you so much.

完美的。太感謝了。

Matt Roberts, Raymond James.

馬特羅伯茲、雷蒙詹姆斯。

Appreciate the bridge you just gave there on the total EBITDA expectations, but maybe you could provide any additional color on how you're thinking about that by segment. I mean, DSC seems like high value. It continues to drive growth there. In metal, any impacts you're expecting as pet food continues to be a higher mix or as steel is a pass-through? But any margin considerations there as we look into 2025?

感謝您剛才對整體 EBITDA 預期做出的解釋，但也許您可以提供一些額外的信息，說明您是如何按細分考慮這一問題的。我的意思是，DSC 看起來很有價值。它繼續推動那裡的成長。在金屬方面，由於寵物食品的成分不斷增加或鋼鐵成為一種流通產品，您預期會產生什麼影響？但當我們展望 2025 年時，有任何利潤考慮嗎？

Yes. Good question. I mean maybe just going through the segments quickly for you. So DSC, obviously, with double-digit first quarter growth in Dispensing volumes, again, our fourth straight quarter with expected double-digit growth in dispensing products, kind of high single digit for the year. That's a very mix-enhancing portfolio growth, not only for the company but for the segment as well.

是的。好問題。我的意思是也許只是為您快速瀏覽各個片段。因此，DSC 顯然在第一季實現了分配量兩位數的成長，這也是我們連續第四個季度分配產品預計將實現兩位數成長，今年的增幅將達到個位數左右。這是一個非常有利於組合增強的投資組合成長，不僅對公司如此，對整個部門而言也是如此。

So really, that's the driver for us in DSC. We'll see kind of low single-digit growth for our Specialty Closures business, non-Dispensing closures. And then you go over to some containers. It's really the story that we've been talking about, right? You've got mid-single-digit pet food growth through the course of the year in '25, partial recovery of fruit and vegetable.

所以事實上，這就是我們在 DSC 中的驅動力。我們將看到我們的專業封蓋業務（非分配封蓋）呈現低個位數成長。然後你轉到一些容器。這真是我們一直在談論的故事，對吧？25年全年寵物食品銷售量維持中位數個位數成長，水果和蔬菜銷售量也出現部分復甦。

And all of that is driving kind of low- to mid-single-digit growth for the segment in 2025. And then lastly, you get to Custom Container. We continue to win in that market. We're looking at kind of mid-single-digit growth in '25 off of a really good year in '24. And I think maybe back to Ghansham's question, this is probably the market that's most clearly the one that normalized as we came through '24.

所有這些都將推動該領域在 2025 年實現低至中等個位數的成長。最後，您將進入自訂容器。我們在該市場上繼續獲勝。由於24年業績非常好，我們預計25年將出現中等個位數的成長。我想也許回到 Ghansham 的問題，這可能是我們經歷 24 年後最明顯正常化的市場。

And I think we've got really good momentum heading into '25 that's driving the confidence behind the volume growth expectations.

我認為，我們在進入25年時擁有非常好的勢頭，這推動了銷售成長預期背後的信心。

Certainly appreciate the additional color there. Secondly, if I think of your M&A strategy, so recently, undertook the Weener acquisition, now going through some deleveraging. As you look into 2025, I mean, it seems like there is some talk for potential competitors to sell parts of their portfolio. But specifically for Silgan, are there any certain end markets or areas of technology that you'd still be interested following Weener integration in 2025? And if so, kind of what size or time line are you all comfortable with?

當然很欣賞那裡的額外色彩。其次，如果我考慮你們的併購策略，那麼最近，進行了Weener的收購，現在正在進行一些去槓桿化。展望 2025 年，似乎有傳言指出潛在競爭對手將出售其部分投資組合。但具體到西爾甘而言，在 2025 年維納整合之後，您是否仍對某些終端市場或技術領域感興趣？如果可以的話，你們能接受什麼樣的規模或時間軸？

And relatedly on the cash, I don't know if I missed this somewhere, but I believe you saw the Eurobonds due in March. Any considerations in addressing those?

就現金而言，我不知道我是否錯過了什麼，但我相信你看到了三月到期的歐洲債券。解決這些問題時有什麼考慮嗎？

Yes, Matt, this is Bob. I'll take the first part of that question. Yes. Look, having closed Weener in October, we're feeling good, as Adam suggested, about the collective teams. While there's work to be done, we're well on our way to the integrating of the operations, identifying and capturing the synergies there.

是的，馬特，這是鮑伯。我來回答這個問題的第一部分。是的。你看，在十月份關閉了 Weener 之後，正如亞當所說的那樣，我們對集體團隊感覺很好。雖然還有很多工作要做，但我們在整合業務、識別和利用綜效方面已經取得了很大的進展。

So we are actively looking at what's out there in the market from an M&A perspective. Our balance sheet would certainly support that. As Kim talked about, we're kind of right within our range with the free cash flow profile looking forward into '25 will be to the low end of that range by the time we're there. So there's nothing sort of getting in our way from an M&A perspective. We think that there's a good pipeline of potential opportunities out there, and very specifically, things that we think would be actionable in the near term and that would fit exactly where our investment thesis has been of late.

因此，我們正積極地從併購的角度觀察市場狀況。我們的資產負債表肯定會支持這一點。正如 Kim 所說，我們處於合適的範圍內，展望 25 年，自由現金流狀況將處於該範圍的低端。因此，從併購的角度來看，沒有任何事物可以阻礙我們。我們認為，那裡存在大量的潛在機會，具體來說，我們認為這些機會可以在短期內採取行動，而且完全符合我們最近的投資論點。

So we're optimistic and hard at work to try to identify and get those next opportunities out in front of us.

因此，我們保持樂觀並努力工作，嘗試發現並抓住擺在我們面前的下一個機會。

And on the 3.25% notes, so we'll be opportunistic in the markets around those as well. But we do have capacity under our revolver. So we're not feeling like we're constrained or forced to do something.

對於 3.25% 的票據，我們也會在其周邊的市場上抓住機會。但我們的左輪手槍確實有足夠的容量。所以我們並不覺得自己受到限製或被迫做某件事。

And thank you again. Thank you.

再次感謝您。謝謝。

Anthony Pettinari with Citi.

花旗銀行的 Anthony Pettinari。

Good morning. It's actually Bryan Burgmeier sitting in for Anthony. First one, just kind of on Dispensing, you called out the $10 million impact from inventory reduction in December. Was that within beverage caps or trigger sprayers or within beauty? Any detail on that? And then just kind of broadly, maybe how much line of sight does Silgan usually have to these types of customer inventory actions?

早安.實際上是布萊恩伯格邁爾 (Bryan Burgmeier) 代替安東尼。首先，關於分配，您指出 12 月庫存減少造成了 1000 萬美元的影響。那是在飲料瓶蓋或板機噴霧器內還是在美容內？有詳細資料嗎？然後從廣義上講，也許 Silgan 通常對這些類型的客戶庫存行動有多大的了解？

Bryant, a couple of things. Maybe first off, just in our Dispensing and Specialty Closure segment, so this was actually a part of a restructuring program that we had initiated in our flat cap kind of Specialty Closures business. So what we had done is really streamline the operations and moved volume to more efficient facilities to more efficient manufacturing lines. And as we got through that process, in fairness, we got to it earlier than anticipated, in Q4. And it allowed us to make a conscious decision that we actually drove down our inventory.

科比，有幾件事。也許首先，只是在我們的分配和特殊封蓋部門，所以這實際上是我們在平蓋特種封蓋業務中啟動的重組計劃的一部分。因此，我們所做的實際上是簡化運營，將生產量轉移到更有效率的設施和更有效率的生產線。而且，公平地說，我們比預期更早完成了這個過程，在第四季度就完成了。這使我們能夠做出有意識的決定，真正減少庫存。

So in fairness, this didn't really have anything to do with our customers. This was us saying, Geez, we have improved the operational footprint that we've been working on, and our optimal inventory levels can be much lower than what we anticipated.

所以公平地說，這實際上與我們的客戶沒有任何關係。我們說，天哪，我們已經改善了我們一直在努力的營運足跡，我們的最佳庫存水準可能比我們預期的要低得多。

So we took the opportunity to go ahead and do that. Obviously, there was a benefit of free cash flow. That really wasn't why we did this. But this was an opportunity to optimize kind of our inventory management, realize the full benefits of the restructuring programs that we had initiated and move forward from there.

因此我們抓住機會繼續這樣做。顯然，自由現金流是有好處的。這確實不是我們這樣做的原因。但這是一個優化我們的庫存管理、充分發揮我們發起的重組計劃的益處並繼續前進的機會。

So it was part of our flat cap closures business really as a result of the restructuring programs that we'd already initiated.

因此，它實際上是我們平蓋封閉業務的一部分，也是我們已經啟動的重組計劃的結果。

Got it. Got it. That makes a lot of sense. And then just on the guidance for high single-digit volume growth for your dispensing products this year. Are there more kind of new business wins being layered in, in 2025?

知道了。知道了。這很有道理。然後只是關於今年你們分配產品銷量將實現高個位數成長的指導。到 2025 年，是否會出現更多類型的新業務勝利？

Or are there -- is there maybe a benefit from new business wins in 2024 that you haven't lapped yet? Just kind of following up on Matt's question. I'm just thinking about sort of the growth that Silgan is seeing versus sort of the underlying market growth.

或者—2024 年新業務勝利可能為您帶來尚未享受的好處嗎？只是想回答一下馬特的問題。我只是在思考 Silgan 所看到的成長與潛在的市場成長之間的關係。

Great. Good question. We are continuing to have a lot of success, particularly with the dispensing products portion of our portfolio and in the Dispensing and Specialty Closures segment. So many new wins in 2024, some of which we've talked about, many more new wins in 2025. And really, as we've talked previously, the thesis here is we're competitively advantaged in this marketplace.

偉大的。好問題。我們繼續取得巨大成功，特別是在我們產品組合的分配產品部分以及分配和特殊封蓋領域。2024 年將會有更多新的勝利，其中一些我們已經談過了，2025 年將會有更多新的勝利。事實上，正如我們之前談到的，這裡的論點是我們在這個市場上具有競爭優勢。

Our innovation, our design teams are meeting very unique needs from a variety of customers and markets in the space. And we're continuing to have tremendous success. So additional new wins in '25. And that's a broad base across many, many markets that we serve. And then interestingly enough, we'll be preparing -- we've recently had a significant business award in our Specialty Closures segment that is more focused on 2026, but we'll be ramping up late in the year of '25.

我們的創新、我們的設計團隊正在滿足來自該領域各種客戶和市場的獨特需求。我們將繼續取得巨大的成功。因此在 25 年又取得了新的勝利。我們所服務的眾多市場都有著廣泛的基礎。有趣的是，我們正在做準備——我們最近在專業封蓋領域獲得了一項重要的業務獎項，該獎項更側重於 2026 年，但我們將在 2025 年底加大力度。

So that's included in our guidance. But really, as we think about the forward look of where we're going, we're taking that innovation, design, lightweighting for certain products. All of those elements are winning thesis -- or ideas in the market, let's say that. And we're driving growth through many, many of our markets.

所以這包含在我們的指導中。但實際上，當我們思考未來的發展方向時，我們會將創新、設計和輕量化應用到某些產品上。所有這些要素都是成功的論點——或者可以說是市場上的成功理念。我們正在透過許多市場推動成長。

Gabe Hajde, Wells Fargo Securities.

富國證券的 Gabe Hajde。

Adam Kim, Bob Ellis. Good morning. I'm going to use a saying I learned today, Give a mouse a cookie, the last verse milk. If I start with $1.20 billion of EBITDA sort of at the midpoint and I build down to the $450 million of free cash flow, I have about $100 million in there for cash taxes, which would imply maybe a $35 million working capital benefit. And I think I heard $20 million of integration and savings spend in there. Are there other cash components that we should be thinking about? And really, the crux of the question is just trying to understand sort of what the baseline should look like and then maybe what that enables you all to do on the M&A side.

亞當金、鮑伯艾利斯。早安.我要用今天學到的一句話，給老鼠一塊餅乾，最後一句話是牛奶。如果我從中間點的 12 億美元 EBITDA 開始，然後逐漸增加到 4.5 億美元的自由現金流，那麼我將有大約 1 億美元用於現金稅，這可能意味著 3500 萬美元的營運資本利得。我聽說那裡面的整合和節約開支高達 2,000 萬美元。我們還應該考慮其他現金部分嗎？實際上，問題的關鍵在於試圖了解基線應該是什麼樣子，然後也許了解這使你們能夠在併購方面做些什麼。

Yes. It's an interesting question, Gabe. I mean, I think some of the things that we're talking about that are working against free cash flow in 2025. Again, we talked about kind of higher interest expense, higher cash tax. I think you had most of the other components correct.

是的。這是一個有趣的問題，加布。我的意思是，我認為我們正在討論的一些事情會對 2025 年的自由現金流產生不利影響。再次，我們討論了更高的利息支出，更高的現金稅。我認為其他大部分組件都正確無誤。

So I think you're on the right line of thought. And I don't know if there was anything else that we can provide there that you didn't already have.

所以我認為你的想法是正確的。我不知道我們是否還能提供您尚未擁有的東西。

Some benefits from our rationalization programs as well. So we have lowered cash year-over-year on the rationalization programs.

我們的合理化計畫也帶來了一些好處。因此，我們在合理化計畫上的現金投入逐年減少。

And higher CapEx (inaudible).

更高的資本支出（聽不清楚）。

Yes. I've got the $300 million in there. I was really kind of walking from $1.20 of EBITDA to $450 million. And I had the $185 million of interest, et cetera. And that's where -- like I said, there was a little bit of a -- it looks like there's a working capital benefit this year.

是的。我已經拿到3億美元了。我的 EBITDA 實際上從 1.20 美元增長到了 4.5 億美元。我有 1.85 億美元的利息等等。正如我所說，這就是今年的營運資金收益。

And there will be, and maybe not quite as big as we had in 2024, but there will be a working capital benefit in 2025.

肯定會有，也許不如 2024 年那麼多，但 2025 年將會有營運資本利得。

Got it. Okay. And then the other one, Adam, you guys have talked a little bit and I feel like I missed part of what you answered to Anthony. The last question, the capacity constrained in parts of DC. And I'm, I'm thinking it's the high value add dispensing systems that you're adding some capacity this year, explains the higher CapEx. But would you be incurring any sort of start up expenses or frictional costs in the back half of this year to ramp for 2026?

知道了。好的。然後另一個，亞當，你們已經談了一點，我覺得我錯過了你對安東尼的回答的一部分。最後一個問題，華盛頓特區部分地區的產能受到限制。我認為，今年你們增加產能的原因是高附加價值分配系統，這解釋了更高的資本支出。但是，為了實現 2026 年的目標，您是否會在今年下半年承擔任何啟動費用或摩擦成本？

Or how should be thinking about that?

或者說應該怎麼思考這個問題？

Yes. So I mean we have been adding capacity literally every year since we've been working through the dispensing systems business and our DSC segment. So I would say, it's nothing really outside of the norm. So you're right, Gabe, we always have start-up costs with these projects and programs. We really don't talk about them a whole lot in this segment because they are much more on the incremental capacity addition side.

是的。所以我的意思是，自從我們開始從事分配系統業務和 DSC 部門以來，我們幾乎每年都在增加產能。所以我想說，這其實沒有什麼不正常的地方。你說得對，加布，我們在這些項目和計劃中總是有啟動成本。我們在這一部分中實際上並沒有過多地談論它們，因為它們更多的是在增量容量增加方面。

So we have those costs, and we commercialize those products and spend more time talking about the commercialization of the product and the start-up cost. Really, it's more of the same. And I would just tell you, we're having success and we're having success implementing the the program and kind of strategy that we've laid out over the last several years, and it's driving significant value for us.

所以我們有這些成本，我們將這些產品商業化，並花更多時間討論產品的商業化和啟動成本。確實，情況大致相同。我只想告訴你們，我們在實施過去幾年制定的計劃和策略方面取得了成功，這為我們帶來了巨大的價值。

Great Thank you.

非常感謝。

Mike Roxland, Truist Securities.

Truist Securities 的 Mike Roxland。

Thanks. Adam Bob came in. Thanks for taking my questions. Just -- congrats -- well, first, congrats on the year and the outlook as well. First question I had was, obviously, the company has done a tremendous job over the last decade transforming the portfolio, focusing on growth in DSC, high-end dispensing, perfumes, fragrances and the like, obviously, more recently with Weener and health care. Can you help us understand how you're seeing this business evolve, let's say, over the next five years? Currently, DSC represents, I think, 52% to 53% of EBITDA roughly. Where do you see that headed?

謝謝。亞當鮑伯進來了。感謝您回答我的問題。只是 — — 恭喜 — — 嗯，首先，恭喜這一年，也恭喜未來的前景。我的第一個問題是，顯然，公司在過去十年中做了大量工作，轉變了產品組合，專注於 DSC、高端分配、香水、香料等領域的成長，顯然最近也關注了維納和醫療保健。您能否幫助我們了解您認為這項業務將如何發展，比如說，在未來五年內？目前，我認為 DSC 大約佔 EBITDA 的 52% 到 53%。您認為其未來走向如何？

Mike, thank you. Yes, I mean, maybe let's just look back quickly. I mean, if you go back -- I think we've talked about this maybe on the last call. If you go back, call it, 10 years ago, the DSC segment today pro forma with Weener is bigger than the entirety of Silgan just 10 years ago. So you're right, we talked about this evolution that has sort of taken place as we've moved and invested heavily in our Dispensing and Specialty Closures growth segment.

麥克，謝謝你。是的，我的意思是，也許我們只是快速回顧一下。我的意思是，如果你回去的話——我想我們可能在上次通話中討論過這個問題。如果回溯到 10 年前，那麼今天 Weener 旗下的 DSC 部門的規模已經比 10 年前整個 Silgan 的規模還要大。所以你是對的，我們談論了這種演變，這種演變發生在我們轉向並大力投資我們的分配和特殊封蓋成長部門時。

Now fast forward, does that same sort of opportunity exist as we look forward? Sure, it does. We're going to continue to generate a lot of cash flow. Our job at our executive office here is to find the most efficient means and opportunities to deploy that capital. And I think as we also talked, our health care business now is a $200 million business.

現在快進，我們展望未來，是否存在同樣的機會？當然有。我們將繼續產生大量現金流。我們行政辦公室的工作是找到最有效的手段和機會來部署這些資本。我想正如我們所談論的，我們的醫療保健業務現在是一個價值 2 億美元的業務。

It's growing. It's growing faster than our other segments. And I think there's a lot of opportunity to grow both organically and through acquisition in the health care segment.

它正在生長。它的成長速度比我們其他部門都要快。我認為，醫療保健領域有許多透過有機成長和收購實現成長的機會。

Got it. Would it be fair to say that is your primary focus as you look to grow in DSC?

知道了。當您尋求在 DSC 中成長時，是否可以說這是您的首要關注點？

Yes, Mike, this is Bob. Look, what I would say is it's obviously our highest-margin, fastest-growing business. So we will continue to allocate capital toward that business as we continue to develop what are already pretty strong relationships with our customers. And we look to grow with our customers, which is exactly what we've done in some of our other segments as well. That doesn't mean that we're necessarily going to starve the remainder of the business.

是的，麥克，這是鮑伯。我想說的是，這顯然是我們利潤最高、成長最快的業務。因此，我們將繼續向該業務分配資金，同時繼續發展與客戶之間已經非常牢固的關係。我們希望與客戶共同成長，這正是我們在其他一些領域所做的事情。但這並不代表我們一定會讓剩餘的業務陷入困境。

We continue to have good access to capital to grow those businesses as well. The growth profile of those businesses, just by their very nature, tend to be slightly less than the Dispensing business. So that is the priority for capital, for sure.

我們繼續擁有良好的資本管道來發展這些業務。從本質上來說，這些業務的成長前景往往略低於配藥業務。因此，這肯定是資本的優先事項。

And the other thing I would add to that is on the organic investment side of the business, we do have opportunities with existing customers in health care, where we are investing, where we have long-term partnerships with those same customers. And we're excited about what the future holds for us, and we have been investing with those customers over time. And we'll probably have more to talk about here as we go forward, sharing some of those successes throughout the course of the year.

我想補充的另一件事是，在業務的有機投資方面，我們確實有機會與醫療保健領域的現有客戶合作，我們正在進行投資，並與這些客戶建立長期合作關係。我們對未來充滿期待，並且我們一直在與這些客戶一起進行投資。在未來的發展中，我們可能會有更多的話題可以討論，並在今年分享一些成功經驗。

Perfect. And then one -- just one quick follow-up. Can you just comment on the competitive landscape in milk cans? Obviously, it's been some of fluid the last two years, both here and in Europe. You have conditions -- have you seen markets become more challenging, maybe as some new players try to gain share?

完美的。然後 — — 只要快速跟進。您能評論一下牛奶罐的競爭格局嗎？顯然，過去兩年來，無論是在這裡還是在歐洲，情況都發生了一些變化。您有條件——您是否看到市場變得更具挑戰性，也許是因為一些新參與者試圖獲得份額？

Any concerns over pet food and maybe more -- partially as some companies try to mix up? Just want to get a sense of what you're seeing on the milk can side.

您是否擔心寵物食品，甚至可能更多——部分原因是一些公司試圖混淆？只是想了解你在牛奶罐那邊看到了什麼。

Yes. And I mean we've talked about this one over time as well. Just as a reminder, Mike, about 90% of our business is covered under long-term contracts in the Metal Containers business. So historically, Silgan has sort of been out of the fray of maybe some of those market activities. And I'd also note, as you saw in the press release, a highlight for the year is that we did extend our single largest customer another significant long-term contract.

是的。我的意思是我們也已經討論過這個問題了。麥克，提醒一下，我們大約 90% 的業務都屬於金屬容器業務的長期合約範圍。因此從歷史上看，西爾根可能已經退出了某些市場活動。我還要指出的是，正如您在新聞稿中看到的，今年的一大亮點是我們確實與我們最大的單一客戶延長了另一個重要的長期合約。

So that's really where we spend our time in the marketplace is working with our customers, helping them grow their business. And you don't have much further than pet food to say those investments that we've made over time, those long-term contracts that support our pet food volumes and investments have paid off for our customers, our shareholders and for Silgan. So look, we don't see a whole lot of difference in the market activity at this point in Metal Containers. And frankly, we're a little bit side of the normal fray anyway.

因此，我們在市場上真正花時間的地方就是與客戶合作，幫助他們發展業務。除了寵物食品之外，我們長期以來所做的投資以及支持我們寵物食品產量和投資的長期合約已經為我們的客戶、股東和 Silgan 帶來了回報。所以看起來，我們目前沒有看到金屬容器市場活動有太大差異。坦白說，無論如何，我們都有點置身於正常的爭論之外。

Got it. Thanks very much and good luck in 25.

知道了。非常感謝，祝你 25 歲好運。

Thank you.

謝謝。

Arun Viswanathan, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的阿倫·維斯瓦納坦 (Arun Viswanathan)。

Great. Thanks for taking my question. Congrats on a strong year and a good outlook here. I guess, first off, maybe you can just help us understand what you're hearing from your customers. I know it's maybe a seasonally less strong part of the year. But how are they feeling as you go into the new year as far as promotional activity? And potentially, have they seen any inflection point on demand trends, maybe just especially for Metal Container and DSC? Thanks.

偉大的。感謝您回答我的問題。祝賀我們度過了一個強勁的一年並擁有良好的前景。我想，首先，也許您可以幫助我們了解您從客戶那裡聽到了什麼。我知道這可能是一年中季節性較不強的時期。但就促銷活動而言，隨著新年的到來，他們的感受如何？他們是否可能看到需求趨勢的轉折點，特別是對於金屬容器和 DSC？謝謝。

Sure. Maybe we'll start with Metal Containers. And just -- I think it's one of the real successes -- a couple of real successes in the promotional activity. And we've talked about that. Really, the targeted promotional activity that we've seen in the wet pet food segment, particularly for TAP for our business, has been very successful.

當然。也許我們可以從金屬容器開始。我認為這是真正的成功之一，是促銷活動中取得的幾個真正的成功。我們已經討論過這個問題了。確實，我們在寵物濕食領域看到的有針對性的促銷活動，特別是針對我們業務的 TAP 的促銷活動非常成功。

And we talked about double-digit organic growth in Q4. Yes, we were cycling over a bit of destocking that happened in Q4 of '24. But really, the demand level was very strong, and we think that targeted investment by our customers and promotional activity drove volume in the quarter. And the good news for us is that will continue into '25. And so we spent a lot of time understanding that with that specific customer.

我們談到了第四季的兩位數有機成長。是的，我們正在經歷 2024 年第四季的一些去庫存過程。但實際上，需求水準非常強勁，我們認為客戶的有針對性的投資和促銷活動推動了本季度的銷售。對我們來說好消息是這種狀況將持續到25年。因此，我們花了很多時間去了解那位特定的客戶。

Another market in food cans I would tell you that we saw success in promotional activity was in the soup market. And really, it was very early in the process. So really, as we were cycling over maybe some easier comps earlier in the year because promotional activity did take hold late in '23 and through '24 in the soup market. So we feel good that our customers understand in the food can markets where promotional activity has worked, maybe where it could be more targeted. And then on the Dispensing and Specialty Closures side, it really does vary by market.

我想告訴你的是，我們在促銷活動中取得成功的另一個食品罐頭市場是湯市場。事實上，這個過程才剛開始。所以實際上，正如我們在今年早些時候循環討論的一些可能更容易的競爭者一樣，因為促銷活動確實在 23 年末和 24 年在湯市場中佔據了主導地位。因此，我們很高興看到我們的客戶了解食品罐頭市場的促銷活動在哪裡有效，以及在哪些地方促銷活動可以更有針對性。而在分配器和專用封蓋方面，它確實因市場而異。

You think about things like lawn care, very effective promotional activity; air care, fabric care, those kinds of products have had very targeted and very successful promotional activity. I think the one that we have talked about that wasn't quite as effective is on kind of the isotonic beverage products.

你會考慮諸如草坪護理之類的事情，這是非常有效的促銷活動；空氣護理、織物護理這些產品的促銷活動都非常有針對性，而且非常成功。我認為我們討論過的不太有效的是等滲透壓飲料產品。

And we've spent a lot of time with our customers as we now are putting forward our 2025 programs and objectives together a more targeted and focused promotional activity is what our customers are planning to drive volume growth in 2025.

我們花了很多時間與客戶在一起，現在我們正在提出我們的 2025 年計劃和目標，更有針對性和更集中的促銷活動正是我們的客戶計劃在 2025 年推動銷售成長。

So I think I'll move back to George's first question. There were definitely learnings that we have as far as working with our customers on their promotional activities, what was successful, what was challenged and maybe what modifications could be made to ensure success in 2025.

所以我想我會回到喬治的第一個問題。在與客戶合作進行促銷活動的過程中，我們確實學到了一些經驗，包括哪些是成功的，哪些是挑戰，以及可以進行哪些修改以確保在 2025 年取得成功。

Great. And then, I guess, you mentioned potentially elevated corporate costs or -- in '25. Obviously, you have a bigger company now. So what should we think about as a full year kind of corporate range? And then similarly, from a cash flow standpoint, obviously, you're performing at a much stronger rate now with a 15% increase in '25.

偉大的。然後，我想，您提到了可能增加的企業成本或—在'25 年。顯然，你的公司現在更大了。那麼，我們該把全年的公司範圍看作什麼呢？同樣，從現金流的角度來看，顯然，您現在的表現要強勁得多，25 年的成長率為 15%。

Do you expect to kind of continue to grow free cash flow at a much greater rate than, say, your EBITDA? Is there an increase in free cash flow conversion that's driving that? Or maybe you can just address those two issues.

您是否預計自由現金流將繼續以比 EBITDA 更快的速度成長？自由現金流轉換的增加是否推動了這項改變？或者你可能只解決這兩個問題。

Sure. So on the corporate side, we called out about $40 million for this year, and that increase year-over-year is primarily related to corporate development activity. So as we continue to see our leverage ratio come down and see opportunities in the market, we can be opportunistic around that.

當然。因此，在企業方面，我們今年的預算為 4,000 萬美元，年成長主要與企業發展活動有關。因此，隨著我們的槓桿率繼續下降並且市場出現機遇，我們就可以抓住機會。

And then on the free cash flow, we have, as you mentioned, really good improvement year-over-year from strong earnings as well as lower working -- or offset by a bit of a working capital benefit. We see those improvements in the earnings to continue, and we would expect that at some point, we'll be at $0.5 billion of free cash flow as we go through the years.

然後就自由現金流而言，正如您所提到的，由於盈利強勁以及營運資本減少（或者被少量營運資本收益所抵消），我們的自由現金流同比確實取得了很好的改善。我們看到獲利狀況將繼續改善，我們預計，隨著時間的推移，我們的自由現金流將在某個時候達到 5 億美元。

Great. Thanks a lot.

偉大的。多謝。

Jeff Zekauskas, JPMorgan.

摩根大通的 Jeff Zekauskas。

Thanks very much. You took $17.5 million in restructuring charges in Custom Containers. What are you spending the money on?

非常感謝。您在 Custom Containers 的重組費用中花費了 1750 萬美元。你把錢花在哪裡了？

Well, Jeff, it's part of our $50 million multiyear cost-savings program. So in fairness, we are putting that cash and capital back to work in the broader Silgan portfolio. So as we look at continuing to invest, and we talk about $300 million of CapEx in the year supporting primarily growth initiatives, that -- it's -- Custom Containers is one portion of that conversation. So in particular, in Custom Containers, we did close two plants in 2024 -- or announced the closure of two plants. And really, that's what's driving the cost profile.

嗯，傑夫，這是我們 5000 萬美元多年期成本節約計劃的一部分。因此公平地說，我們將這些現金和資本重新投入到更廣泛的 Silgan 投資組合中。因此，當我們考慮繼續投資時，我們談論的是今年 3 億美元的資本支出主要用於支持成長計劃，而客製化貨櫃就是這次談話的一部分。特別是在定制容器領域，我們確實在 2024 年關閉了兩家工廠 - 或宣布關閉兩家工廠。事實上，這正是影響成本狀況的因素。

The [rest of it] will be accrued across all of Silgan.

[其餘部分] 將在整個 Silgan 中累積。

Okay. In terms of Weener, when you look at it on a pro forma basis, how did the business perform in the fourth quarter?

好的。就維納而言，從預測數據來看，其第四季的業務表現如何？

Actually, it did really well. So we had expected them to have year-over-year growth in kind of their portfolio, and they delivered upon that. It was very consistent from both a volume and a profit standpoint versus our acquisition model. So actually, in fairness, it was slightly above it. So we're very pleased with the performance of the business right out of the gate.

事實上，它確實做得很好。因此，我們預計他們的投資組合將實現同比增長，而且他們也實現了這一目標。與我們的收購模式相比，從數量和利潤的角度來看，它非常一致。因此實際上，公平地說，它是略高於這個水平的。因此，我們對業務的一開始的表現就非常滿意。

And I think we're feeling more confident about delivering 2025 as well in the growth profile that we projected.

我認為，我們對實現 2025 年預計的成長前景也更有信心。

Yes, Jeff, the only other thing I would add to what Adam just gave you is that the free cash flow of that business was maybe slightly less than what we were anticipating. And that is entirely due to the fact that we had some investment opportunities come to us right at the outset of closing and in one particular case, even prior to closing that we were able to approved. So I think all of that leads to a very positive fundamental outlook for the business going forward.

是的，傑夫，除了亞當剛才告訴你的內容之外我唯一想補充的是，該業務的自由現金流可能略低於我們的預期。這完全是因為我們在交易結束之初就遇到了一些投資機會，在一個特殊的案例中，甚至在交易結束之前我們就獲得了批准。所以我認為所有這些都為未來業務帶來非常積極的基本前景。

Okay. Thanks very much.

好的。非常感謝。

Daniel Rizzo, Jefferies.

傑富瑞的丹尼爾·里佐 (Daniel Rizzo)。

Hey guys, thank you for squeezing me in. So you mentioned the commercial opportunities with Weener. I was just wondering if you're specifically referring to revenue synergies, I mean, cross-selling also. Kind of flip side of that, if you will have to kind of give up some sales because of too much overlap with a particular customer? Or that's not a problem at all?

嘿夥計們，感謝你們邀請我加入。所以您提到了與 Weener 的商業機會。我只是想知道您是否具體提到收入協同效應，我的意思是交叉銷售。另一方面，您是否會因為與特定客戶的重疊過多而不得不放棄一些銷售？或者這根本不是問題？

Dan, so no. I mean, in fairness, we did not model any revenue synergies between the businesses, and that really is not something that Silgan really does. Clearly, there are opportunities that we can cross-sell amongst our groups that are out in the field. So we are seeing opportunities come up between the businesses, but that wasn't part of our acquisition model.

丹，所以不行。我的意思是，公平地說，我們沒有模擬任何業務之間的收入協同效應，而這實際上並不是 Silgan 真正在做的事情。顯然，我們有機會在實地團隊之間進行交叉銷售。因此，我們看到企業之間出現了機遇，但這不是我們的收購模式的一部分。

Okay. And then I think you mentioned in -- within the metal business, Metal Containers, that you expect to get half of the food and vegetable business back that was lost in 2024. If I'm wrong, just correct me there. But also in addition to that, I was wondering if soup is still kind of doing better than historically speaking, what the outlook is for there and if it's even meaningful at this point.

好的。然後我想您提到過——在金屬業務、金屬容器中，您預計將收回 2024 年損失的一半食品和蔬菜業務。如果我錯了，請糾正我。但除此之外，我想知道從歷史上看，湯的銷量是否仍然比過去更好，前景如何，以及目前是否有意義。

It's very meaningful. It's an important market for us. So the good news, again, I'll kind of repeat what I said earlier, through the variety of challenges that we've had over the course of working with our customers and volumes in the last 2 years, what I would tell you, underlying demand for soup continued to be strong. So it has remained strong. We had a good quarter in Q4.

很有意義。對我們來說這是一個重要的市場。因此，好消息是，我再次重複我之前說過的話，透過過去兩年我們在與客戶合作過程中遇到的各種挑戰，我想告訴你的是，對湯的潛在需求持續強勁。因此它依然保持強勁。我們的第四季表現良好。

We're expecting kind of normalized soup volumes for 2025, and it still is an important part of of the business and what we do. Over to the fruit and vegetable markets, what I'd tell you very quickly, Dan, is that we're still working with our customers on finalizing their packaging. So we have a little less clarity at this point than what we would like, but we'll certainly have a lot more information as we come back together to discuss first quarter results in April. And I think what I would say -- I just want to clarify the comment. When we say recovering a, it's really the financial impact that the Metal Containers business saw year-over-year, so about a $40 million change in '24.

我們預計 2025 年湯的產量將實現正常化，它仍然是我們業務和工作的重要組成部分。談到水果和蔬菜市場，丹，我想很快告訴你的是，我們仍在與客戶合作，完成他們的包裝。因此，我們目前掌握的資訊不如我們所希望的那麼清楚，但當我們在 4 月聚在一起討論第一季業績時，我們肯定會獲得更多資訊。我想說的是——我只是想澄清一下這個評論。當我們說恢復時，實際上指的是金屬容器業務同比看到的財務影響，因此'24年的變化約為4000萬美元。

And we're anticipating getting half of that back as we move to '25.

我們預計到 25 年可以收回其中的一半。

Okay. Alright, thank you very much.

好的。好的，非常感謝。

Thanks.

謝謝。

George Staphos, Bank of America.

美國銀行的喬治‧斯塔福斯 (George Staphos)。

A couple of quick ones. So Philippe Chevrier, you mentioned that he brings strong leadership, strong operating skill set, international experience. Should we read into that, that maybe as you're having these additional opportunities in corporate development that maybe some of this is going to be outside of the states to a larger degree than in the past? Or are we sort of overthinking at this juncture?

幾個簡單的。所以，您提到 Philippe Chevrier 具有強大的領導力、強大的營運技能和國際經驗。我們是否應該這樣理解：也許當您在企業發展中獲得這些額外的機會時，其中一些機會可能比過去更大程度地在美國以外？或者說我們在這個節骨眼上想太多了？

Well, it's not a bad thought, George. I think that -- I mean we like mature markets, and we've never been shy about saying that. So I think if you look at where the last several acquisitions have been, there's been definitely an international flare, particularly a European flare, to those acquisitions as well. So I don't -- I wouldn't read too much into it. For me, this is all about our executive office.

嗯，這並不是一個壞想法，喬治。我認為——我的意思是我們喜歡成熟的市場，我們從不羞於這麼說。因此，我認為，如果你看看最近幾次收購的情況，你會發現這些收購肯定帶有國際色彩，尤其是歐洲色彩。所以我不會對此進行過多的解讀。對我來說，這全都是關於我們行政辦公室的。

We're sitting in our founders' room right now with Phil and Greg staring at us from their portraits on the wall. And it's that model that they generated with our collaborative office here that has been so successful for so long. So we're just excited that we're adding additional talent and thought leadership to our team here and excited to bring his experience to our skill set here in our Stamford office.

我們現在坐在創辦人的房間裡，菲爾和格雷格透過牆上的肖像看著我們。他們與我們這裡的協作辦公室共同創建的這個模型長期以來一直非常成功。因此，我們很高興能夠為我們的團隊增添更多人才和思想領導力，也很高興能夠將他的經驗帶到我們史丹佛辦公室的技能組合中。

Understood. And then just on pet food, and it comes up periodically and just want an update. As it's become an increasingly large piece of metal over time, has it changed the operations? Has it changed perhaps the growth profile we know? But maybe does it bring any risks or supply chain factors that you've got to manage differently than used to be the case?

明白了。然後只是關於寵物食品，它會定期出現並且只是想要更新。隨著時間推移，它變得越來越大，操作是否發生了改變？它是否改變了我們所知的成長狀況？但也許它會帶來一些風險或供應鏈因素，而你需要以與過去不同的方式來管理？

I'm guessing certainly, there's maybe some greater reliance on aluminum to some degree. So anything you could share with us there. Yes, it's been helpful. Yes, it's grown, sure, it's got a lower mix. But how does it change how you manage the business?

我猜測，在某種程度上，對鋁的依賴可能會更大。所以您可以與我們分享任何內容。是的，很有幫助。是的，它已經長大了，當然，它的混合程度較低。但它如何改變您管理業務的方式？

And maybe bring in some additional risks down the road.

也或許會帶來一些額外的風險。

Yes. It's a good question, George. I mean, look, the aluminum side of our business has grown significantly over time, as you just sort of outlined. And now pet food is, call it, over half of our volume. And in 2025, from a unit volume perspective, the vast majority of that is in aluminum.

是的。這是個好問題，喬治。我的意思是，正如您剛才概述的那樣，我們的鋁業務隨著時間的推移而顯著增長。現在，寵物食品占我們銷售的一半以上。到 2025 年，從單位體積來看，絕大部分將是鋁。

So we're buying significantly more aluminum from a raw material standpoint than we have in the past. And we have elected to, so it's a proactive statement I'm about to make, diversify the supply chain that we have for aluminum to make sure that we can continue to do what we do, which is support our customers on a requirements-based contractual arrangements for the long term. So you can think about our supply chain being diverse. You can think about it being kind of covered under long-term contracts and supporting the growth that we not only have delivered, but we continue to anticipate going forward as we've continued to really invest along with our customers in the pet food market for growth.

因此，從原料的角度來看，我們購買的鋁比過去多得多。我已經選擇這樣做，所以我要做出一個積極的聲明，那就是實現鋁供應鏈的多樣化，以確保我們能夠繼續做我們正在做的事情，即長期根據需求的合約安排為我們的客戶提供支援。所以你可以認為我們的供應鏈是多樣化的。您可以將其想像為在長期合約的覆蓋範圍內，並支持我們不僅實現的成長，而且我們將繼續期待未來的成長，因為我們將與客戶一起繼續在寵物食品市場進行真正的投資，以實現成長。

Do we reach a point in '25, sorry, I got a quick one here, where comps almost necessarily have to turn flat given that you're growing at high single digits and double digits right now? Or you don't see that at all during the four quarters during 2025?

抱歉，我只想問一個問題，在 25 年我們是否會達到這樣一個點，即考慮到現在的個位數和兩位數的高增長率，同店銷售額幾乎必然會持平？或者你在 2025 年的四個季度根本看不到這種情況？

Yes. George, I think we're still going to deliver growth for the course of the year. I think the comp I would maybe highlight right now is the one that we just delivered in Q4. So as you think of Q4 in '25, that will be a tough comp for us, but knowing what our customers have invested in from their capacity standpoint, knowing what our capabilities are and the growth rates that we collectively are expecting for pet food in '25, I feel very -- we collectively feel very strongly about delivering that kind of mid-single-digit volume growth. And again, we've been doing this for 30-plus years in the pet food market over a long horizon.

是的。喬治，我認為我們今年仍將實現成長。我認為我現在可能要強調的是，我們剛剛在第四季度交付了產品。因此，當您想到 25 年第四季度時，這對我們來說將是一個艱難的時期，但了解我們的客戶從產能角度進行了哪些投資，了解我們的能力以及我們對 25 年寵物食品的增長率的共同預期，我感覺非常 - 我們集體非常強烈地感覺到可以實現這種中等個位數的銷量增長。我們在寵物食品市場已經經營了 30 多年。

That is the kind of growth that we've continued to drive through this marketplace.

這就是我們在這個市場持續推動的成長。

Thanks Adam.

謝謝亞當。

And that does conclude the question-and-answer session. I'll now turn the call back over to Adam Greenlee for any additional or closing remarks.

問答環節到此結束。現在我會把電話轉回給亞當‧格林利 (Adam Greenlee)，讓他做任何補充演講或結束語。

Great. Thank you, Justin. Appreciate your support today. And thanks, everyone, for your interest in Silgan. Look forward to catching up again in April to review our first quarter results.

偉大的。謝謝你，賈斯汀。感謝您今天的支持。感謝大家對 Silgan 的關注。期待四月再次回顧我們的第一季業績。

Thank you. That does conclude today's conference. We do thank you for your participation. Have an excellent day

謝謝。今天的會議到此結束。我們非常感謝您的參與。祝您有美好的一天