Sonoco Products Co (SON) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

My name is Krista, and I will be your conference operator today.

我叫克里斯塔，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the third-quarter 2024 Sonoco Products earnings conference call.

此時此刻，我歡迎大家參加 Sonoco Products 2024 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

Thank you.

謝謝。

I would now like to turn the conference over to Lisa Weeks, Vice President of Investor Relations.

我現在想將會議交給投資者關係副總裁 Lisa Weeks。

Ms. Weeks, you may begin.

威克斯女士，您可以開始了。

Thank you, Krista, and thanks to everyone for joining us today for Sonoco's third-quarter earnings call.

謝謝克里斯塔，也謝謝大家今天參加我們的索諾科第三季財報電話會議。

Last evening, we issued a news release highlighting our financial performance for the third quarter and prepared a presentation that we will reference during this call.

昨晚，我們發布了一份新聞稿，重點介紹了我們第三季度的財務業績，並準備了一份演示文稿，供我們在本次電話會議中參考。

The press release and presentation are available online under the Investor Relations section of our website at sonoco.com.

新聞稿和簡報可在我們網站 sonoco.com 的投資者關係部分線上取得。

As a reminder, during today's call, we will discuss a number of forward-looking statements based on current expectations, estimates, and projections.

提醒一下，在今天的電話會議中，我們將討論一些基於當前預期、估計和預測的前瞻性陳述。

These statements are not guarantees of future performance and are subject to certain risks and uncertainties.

這些陳述並非對未來績效的保證，並受到某些風險和不確定性的影響。

Therefore, actual results may differ materially.

因此，實際結果可能存在重大差異。

Please take a moment to review the forward-looking statements on page 2 of the presentation.

請花點時間查看簡報第 2 頁的前瞻性聲明。

Additionally, today's presentation includes the use of non-GAAP financial measures, which management believes provides useful information to investors about the company's financial condition and results of operations.

此外，今天的演示還包括使用非公認會計準則財務指標，管理層認為這些指標為投資者提供了有關公司財務狀況和經營業績的有用資訊。

Further information about the company's use of non-GAAP financial measures, including definitions as well as reconciliations to GAAP measures is available under the Investor Relations section of our website.

有關公司使用非公認會計原則財務指標的更多信息，包括定義以及與公認會計原則指標的調節，請訪問我們網站的投資者關係部分。

Please join me this morning in welcoming Howard Coker, President and CEO; Rob Dillard, Chief Financial Officer; and Rodger Fuller, Chief Operating Officer.

今天早上請和我一起歡迎總裁兼執行長霍華德·科克 (Howard Coker)；羅布·迪拉德，財務長；羅傑‧富勒，營運長。

For today's call, we will have a prepared remarks section regarding our results for the quarter and our outlook for the fourth quarter, followed by a Q&A session.

在今天的電話會議中，我們將有一個準備好的評論部分，內容涉及我們本季的業績和第四季的前景，然後是問答環節。

If you will please turn to page 5 in our presentation.

如果您願意，請翻到我們簡報的第 5 頁。

I will now turn the call over to our CEO, Howard Coker.

我現在將把電話轉給我們的執行長霍華德·科克。

Thank you Lisa.

謝謝麗莎。

Good morning, everyone and thank you for joining our third quarter call.

大家早安，感謝您參加我們的第三季電話會議。

As we announced late yesterday, we had another solid quarter where we delivered sequential and year over year increases in adjusted EBITDA, adjusted EBITDA margins, and earnings.

正如我們昨天晚些時候宣布的那樣，我們又經歷了一個穩健的季度，調整後 EBITDA、調整後 EBITDA 利潤率和收益均實現環比和同比增長。

During the third quarter, sales were $1.68 billion, adjusted EBITDA was $281 million, and EBITDA margins remained strong at 16.8%.

第三季銷售額為 16.8 億美元，調整後 EBITDA 為 2.81 億美元，EBITDA 利潤率維持在 16.8% 的強勁水準。

Adjusted earnings per share were $1.49, and operating cash flow was $162 million in the quarter.

該季度調整後每股收益為 1.49 美元，營運現金流為 1.62 億美元。

In consumer, volumes were higher year over year in metal packaging and TFP. rigid paper can volume recovery continues to pace below our expectations, but we're hopeful this will improve as we head into the next year.

在消費領域，金屬包裝和 TFP 的銷量較去年同期成長。硬紙罐銷售量的恢復速度繼續低於我們的預期，但我們希望進入明年時情況會有所改善。

As expected, industrial volumes were flat sequentially and up year over year in North America and Europe.

正如預期的那樣，北美和歐洲的工業銷量環比持平，但同比有所增長。

Industrial price cost impacts remained a headwind, which are expected to improve than before.

工業價格成本影響仍然是一個阻力，預計會比以前有所改善。

Overall, another solid quarter from the Sonoco team led by excellent productivity results of $39 million.

總體而言，Sonoco 團隊又一個穩健的季度取得了 3,900 萬美元的出色生產力成果。

And I just wanted to express thanks to the entire Sonoco family.

我只是想向整個索諾科家族表示感謝。

This has been a difficult six-week period.

這是一段艱難的六週。

When the first hurricane Helene track was posted, Sonoco had 63 facilities that were in the storm's potential path.

當第一個颶風海倫路徑發佈時，索諾科有 63 個設施位於風暴的潛在路徑上。

We shut down operations and halted production for the last three days of the quarter in the affected areas, the supply chain disruptions continuing through the first week of October.

我們在本季的最後三天關閉了受影響地區的營運並停止了生產，供應鏈中斷一直持續到十月的第一周。

A short time later, Hurricane Milton made a path towards our operations in Florida with major damage to our plant city location.

不久之後，颶風米爾頓襲擊了我們在佛羅裡達州的工廠，對我們的工廠城市位置造成了嚴重破壞。

Through all this, we maintained our focus on caring for our people and finding creative ways to deliver products for our customers.

透過這一切，我們始終專注於關心我們的員工並尋找創造性的方式為我們的客戶提供產品。

So to all the employees who gave generously to help your fellow team members and lift each other up during time with me, we thank you.

因此，對於所有在與我共事期間慷慨解囊、幫助團隊成員並互相鼓勵的員工，我們表示感謝。

If you please turn to page 6, where I'll provide an update on a few near-term strategic priorities.

如果您請翻到第 6 頁，我將提供一些近期策略重點的最新資訊。

We continue to operate with discipline by driving productivity from supply chain savings, production efficiencies, and fixed cost reductions.

我們透過供應鏈節省、生產效率和固定成本降低來提高生產力，並持續遵守紀律。

These focused efforts are underpinned by portfolio simplification and focused capital investment, which have resulted in $141 million of productivity through the end of the third quarter.

這些重點工作以投資組合簡化和集中資本投資為基礎，截至第三季末，生產力達到 1.41 億美元。

I couldn't be more pleased with the efforts from the entire Sonoco team.

我對整個 Sonoco 團隊的努力感到非常滿意。

We also remain focused on cost optimization activities, including footprint consolidations, most notably in industrial.

我們也持續關注成本優化活動，包括足跡整合，尤其是在工業領域。

We're in the process of closing one paper mill and three paper converting operations in China by the end of this year.

我們正計劃在今年年底前關閉中國的一家造紙廠和三家紙張加工工廠。

These activities will continue across our global industrial network as part of our ongoing network optimization program.

作為我們正在進行的網路優化計劃的一部分，這些活動將在我們的全球工業網絡中繼續進行。

We also continue to invest strategic capital and innovation to support organic growth and sustainability initiatives.

我們也繼續投資策略資本和創新，以支持有機成長和永續發展計劃。

At the recent 2024 Food and Drink Federation, we received the Sustainable Innovations Award for our mono materials.

在最近舉行的 2024 年食品和飲料聯合會上，我們的單一材料獲得了永續創新獎。

Pringles can are recognized for inspiring European consumer packaged goods companies towards fully recyclable packaging.

品客洋芋片罐因激勵歐洲消費品包裝公司採用完全可回收包裝而受到認可。

Innovation linked to sustainability as a competitive differentiator in our rigid paper container business, and we continue to invest for future growth in these products.

與永續發展相關的創新是我們硬紙容器業務的競爭優勢，我們將繼續投資以促進這些產品的未來成長。

Regarding additional strategic priorities, we were pleased to announce the acquisition of Eviosys in late June, representing an important milestone to scale our strategic metal packaging platform.

關於其他策略優先事項，我們很高興地宣佈於 6 月下旬收購 Eviosys，這是擴展我們的策略金屬封裝平台的一個重要里程碑。

The approval processes are well underway, and Roger and the team are making great progress on planning for seamless integration.

審批流程正在順利進行，Roger 和團隊在無縫整合規劃方面取得了巨大進展。

Based on the current schedule, we expect to close the transaction in the fourth quarter of this year.

根據目前的時間表，我們預計將在今年第四季完成交易。

If you turn to page 7, we're looking forward to the addition of Eviosys, which will position Sonoco as one of the leading metal food can and aerosol packaging manufacturers globally.

如果您翻到第 7 頁，我們期待 Eviosys 的加入，這將使 Sonoco 成為全球領先的金屬食品罐和氣霧劑包裝製造商之一。

Through the combination of our existing innovative infrastructure and Eviosys technically advanced and well-invested manufacturing footprint, we look forward to serving both existing and new customers and unlocking new opportunities and attractive end markets and geographies.

透過將我們現有的創新基礎設施與 Eviosys 技術先進且投資充足的製造足跡相結合，我們期待為現有和新客戶提供服務，並釋放新的機會和有吸引力的終端市場和地區。

The financial profile of this combination is compelling.

這組合的財務狀況引人注目。

The transaction will be immediately accretive to earnings and cash flow and this year's returns are expected to be well in excess -- or I should say, the first year returns well in excess of our cost of capital.

這項交易將立即增加收益和現金流，預計今年的回報將遠遠超出——或者我應該說，第一年的回報將遠遠超過我們的資本成本。

But most importantly, it gives a strong, powerful operating platform in which to advance both commercial and operating improvements that will help us continue to drive sustainable value and returns for our shareholders.

但最重要的是，它提供了一個強大的營運平台，可以推動商業和營運改進，幫助我們繼續為股東帶來可持續的價值和回報。

If you'll turn to page 8.

如果你翻到第8頁。

In September, we announced that we were reviewing strategic alternatives for our thermoformed and flexible packaging business, EFP, which is part of the consumer packaging segment.

9 月，我們宣布正在審查熱成型和軟包裝業務 EFP 的策略替代方案，EFP 是消費包裝領域的一部分。

The goal of the review is to accelerate Sonoco's portfolio simplification strategy, improve pro forma leverage, and continue to align value-creating capital investments to the highest return opportunities to further increase shareholder value.

此次審查的目標是加快 Sonoco 的投資組合簡化策略，提高預期槓桿率，並繼續將創造價值的資本投資與最高回報機會結合起來，以進一步提高股東價值。

With this expanded divestiture plan for TFP and our previously announced ThermoSafe divestiture, Sonoco will finance the Eviosys acquisition with debt and cash and no longer plans to issue equity.

透過擴大 TFP 剝離計劃以及我們先前宣布的 ThermoSafe 剝離，Sonoco 將透過債務和現金為 Eviosys 收購提供資金，並且不再計劃發行股權。

Based on our current plans, we expect to reduce net leverage from previous estimates within 24 months of the Eviosys acquisition.

根據我們目前的計劃，我們預計在收購 Eviosys 後 24 個月內，淨槓桿率將低於先前的估計。

From a timing perspective, we still expect to continue the strategic review of TFP through Q4 of this year.

從時間上看，我們仍然預期TFP的策略評估將持續到今年第四季。

TFP has been a valuable part of the Sonoco family for many years, and the contributions have been and continue to be impactful to the company.

多年來，TFP 一直是 Sonoco 家族的重要組成部分，其貢獻已經並將繼續對公司產生影響。

And with that, I'm going to turn it over to Rob for a brief financial update.

接下來，我將把它交給羅布，以獲取簡短的財務更新。

Rob?

搶？

Thanks, Howard.

謝謝，霍華德。

I'm pleased to present the third-quarter 2024 financial results starting on page 10 of this presentation.

我很高興從本簡報第 10 頁開始介紹 2024 年第三季財務業績。

Please note that all results are on an adjusted basis and all growth metrics on a year-over-year basis, unless otherwise stated.

請注意，除非另有說明，所有結果均經過調整，所有成長指標均按年計算。

The GAAP to non-GAAP EPS reconciliation is in the appendix of this presentation as well as in the press release.

GAAP 與非 GAAP EPS 調整表位於本簡報的附錄以及新聞稿中。

As Howard said, we continue to deliver strong financial results through our enduring operating model and strong market positions.

正如霍華德所說，我們透過持久的營運模式和強大的市場地位繼續實現強勁的財務表現。

We grew adjusted EPS to $1.49, which was within our guidance range and exceeded the consensus analyst estimates.

我們將調整後每股收益提高至 1.49 美元，這在我們的指導範圍內，並且超出了分析師的普遍預期。

This result was driven by positive productivity of $0.31 per share and positive volume mix of $0.06 per share offset by negative price cost of $0.29 per share.

這一結果的推動因素是每股 0.31 美元的正生產力和每股 0.06 美元的正銷售組合被每股 0.29 美元的負價格成本所抵消。

For the quarter, sales decreased 2% to $1.68 billion as volume increases were offset by negative price and negative $92 million from actions to exit or divest nonstrategic position.

本季銷售額下降 2%，至 16.8 億美元，銷售成長被負價格和退出或剝離非策略部位行動造成的 9,200 萬美元負額所抵銷。

Excluding these strategic actions, net sales would have grown 3%.

排除這些策略行動，淨銷售額將成長 3%。

We continue to believe that divesting the protective solutions business, exiting nonprofitable thermoforming markets, and reclassifying the recycling business will increase our focus and execution.

我們仍然相信，剝離防護解決方案業務、退出無利可圖的熱成型市場以及對回收業務進行重新分類將提高我們的重點和執行力。

Volumes across our diversified portfolio were positive but miss as several businesses experienced near double-digit improvements while others had low or no growth.

我們多元化投資組合的銷售量雖然積極，但也出現了偏差，因為一些業務實現了接近兩位數的增長，而其他業務則增長緩慢或沒有增長。

Overall, volume was positive low single digits in the quarter as mid-single-digit increases in consumer and industrial offset declines in all other.

總體而言，本季成交量呈正低個位數，因為消費者和工業的中位數成長抵消了所有其他方面的下降。

Organic volume was positive low single digits as low single-digit increases in consumer and all other, offset a marginal decline in Industrial.

有機銷售量為正低個位數，因為消費者和其他所有領域的低個位數成長抵消了工業的邊際下降。

Price impacted sales negative 1% or $17 million.

價格對銷售額的影響為負 1%，即 1700 萬美元。

Negative price was the product of contractual resets in new or existing long-term contracts.

負價格是新的或現有的長期合約中合約重置的產物。

We continue to execute our strategic pricing strategy, and we're focused on balancing long-term customer partnerships with improved price cost.

我們繼續執行我們的策略定價策略，我們致力於平衡長期客戶合作夥伴關係與改善的價格成本。

Adjusted EBITDA was $281 million, and adjusted EBITDA margin was 16.8%.

調整後 EBITDA 為 2.81 億美元，調整後 EBITDA 利潤率為 16.8%。

This is the highest adjusted EBITDA since Q3 2022 and the highest adjusted EBITDA margin since Q1 2022 when we had meaningful metal price overlap.

這是自 2022 年第三季以來調整後的最高 EBITDA，也是自 2022 年第一季以來最高的調整後 EBITDA 利潤率，當時我們的金屬價格有明顯重疊。

We achieved this strong profitability through a tight focus on productivity and lower cost.

我們透過密切關註生產力和降低成本來實現如此強勁的獲利能力。

Productivity was positive $39 million in the quarter.

該季度的生產率為正 3900 萬美元。

This was our seventh quarter of year-over-year productivity improvement.

這是我們第七個季度生產力年增。

We anticipate that this trend will continue despite more challenging comparatives in Q4.

我們預計，儘管第四季度的比較更具挑戰性，但這一趨勢仍將持續。

Price cost was negative $37 million due to timing gaps between index-driven price and cost changes on a year-over-year basis.

由於指數驅動的價格與成本同比變動之間存在時間差距，價格成本為負 3,700 萬美元。

While we anticipate sequential improvement in price cost in Q4, we expect negative price cost on a year-over-year basis due to increased fixed and other expenses.

雖然我們預計第四季度價格成本將連續改善，但由於固定費用和其他費用增加，我們預期價格成本將比去年同期為負。

Page 11 has our consumer segment results.

第 11 頁顯示了我們的消費者細分結果。

Our consumer businesses achieved strong volume increases and drove earnings growth through positive productivity.

我們的消費業務實現了銷售的強勁成長，並透過積極的生產力推動了獲利成長。

Consumer sales were flat at $984 million, while volume growth in TFP and metal packaging drove mid-single digits overall consumer volume increases.

消費者銷售額持平於 9.84 億美元，而 TFP 和金屬包裝的銷售成長推動整體消費者銷售實現中位數成長。

Our core customers continue to communicate that increased promotion is expected to increase demand, and we expect a more predictable and improved trend as a result.

我們的核心客戶持續表示，加大促銷力道預計會增加需求，我們預期趨勢將因此變得更加可預測和改善。

Consumer price decreased 2% due to index-based price resets across the segment.

由於整個細分市場基於指數的價格重置，消費者價格下降了 2%。

We expect this trend will continue in Q4.

我們預計第四季度這一趨勢將持續。

Consumer adjusted EBITDA increased 6% to $160 million due to strong performance in TFP and metal packaging.

由於 TFP 和金屬包裝的強勁表現，消費者調整後 EBITDA 成長 6%，達到 1.6 億美元。

We have increasing conviction that our strategy of investing in our consumer segment is generating improved profitability through volume growth and productivity.

我們越來越相信，我們對消費領域的投資策略正在透過銷售成長和生產力提高獲利能力。

In the quarter, volume mix was positive $8 million, and productivity was positive $18 million.

本季度，銷售組合為正 800 萬美元，生產率為正 1,800 萬美元。

This drove a 90-basis point increase in consumer adjusted EBITDA margin to 16.2%.

這使得消費者調整後 EBITDA 利潤率成長了 90 個基點，達到 16.2%。

On a more granular level, RPC performed as expected with sales declining low single digits to low single-digit volume declines.

從更細化的角度來看，RPC 的表現符合預期，銷售額下降至低個位數，銷量下降至低個位數。

We have partnership relationships with our core customers in RPC and believe that these volume shortfalls are temporary and due to mix.

我們與 RPC 領域的核心客戶建立了合作夥伴關係，並相信這些數量短缺是暫時的，並且是由於混合造成的。

This is not a trend, and we expect that volume and mix will normalize soon.

這不是一種趨勢，我們預計數量和結構將很快恢復正常。

TFP sales were flat as positive low single-digits organic volumes and strong acquisition performance from [ENEPAL] was offset by the impact of the exit of a nonprofitable thermoforming market.

TFP 銷售額持平，因為有機銷量為低個位數，[ENEPAL] 的強勁收購業績被不盈利的熱成型市場退出的影響所抵消。

Metal Packaging sales increased mid-single digits as positive high single-digit organic volume was offset by negative index-based price resets.

由於正的高個位數有機銷售被基於負指數的價格重置所抵消，金屬包裝銷售額增長了中個位數。

Template negotiations in 2025 or 2025 are ongoing.

2025年或2025年的模板談判正在進行中。

These negotiations are expected to last into the end of Q4, and we have no further updates currently.

這些談判預計將持續到第四季末，目前我們沒有進一步的更新。

Page 12 has our Industrial segment results.

第 12 頁包含我們的工業部門績效。

Industrial market conditions remain mixed.

工業市場狀況依然喜憂參半。

And while we are optimistic, we continue to believe that we're in a U-shaped market trend.

雖然我們很樂觀，但我們仍然相信我們正處於 U 形市場趨勢。

Industrial sales increased 1% to $585 million.

工業銷售額成長 1%，達到 5.85 億美元。

These results include the reclassification of recycling which reduced sales by $20 million in the quarter.

這些結果包括回收品的重新分類，導致該季度銷售額減少了 2,000 萬美元。

Adjusted for the impact of recycling reclassification, industrial sales would have increased 4%.

調整回收再分類的影響後，工業銷售將成長 4%。

Volume increased mid-single digits, and organic volume was marginally negative.

成交量增加了個位數，有機成交量略為負值。

Price increased low single digits due to index-based price resets.

由於基於指數的價格重置，價格上漲了低個位數。

We're maintaining strong margin in Industrial due to tight cost controls and operational efficiency.

由於嚴格的成本控制和營運效率，我們在工業領域保持了強勁的利潤率。

Industrial adjusted EBITDA was $102 million as $18 million of positive productivity and $8 million of positive volume mix was offset by $23 million of negative price cost.

工業調整後 EBITDA 為 1.02 億美元，其中 1,800 萬美元的正生產力和 800 萬美元的正銷售組合被 2,300 萬美元的負價格成本所抵銷。

Page 13 has our results for all other businesses.

第 13 頁包含我們所有其他業務的結果。

All other sales were $107 million as the divestiture of protective solutions meaningfully impacted sales.

所有其他銷售額為 1.07 億美元，因為防護解決方案的剝離對銷售額產生了重大影響。

Excluding the impact of protective solutions, all of their sales would have grown low single digits.

排除防護解決方案的影響，他們所有的銷售額都會成長較低的個位數。

All other adjusted EBITDA was $20 million as $4 million of productivity was offset by negative price cost.

所有其他調整後的 EBITDA 為 2,000 萬美元，因為 400 萬美元的生產力被負價格成本所抵消。

Moving to page 14.

移至第 14 頁。

Our capital allocation framework aligns with our business strategy to drive value creation through earnings growth and margin improvement.

我們的資本配置框架與我們的業務策略一致，透過獲利成長和利潤率提高來推動價值創造。

The four pillars of our capital allocation model are capital investment to drive growth and improve profitability, dividend increases to reward shareholders, programmatic M&A to action the portfolio strategy, and share repurchases to return capital and maximize shareholder value.

我們資本配置模型的四大支柱是推動成長和提高獲利能力的資本投資、獎勵股東的增加股利、實施投資組合策略的程序性併購，以及回報資本和最大化股東價值的股票回購。

Our goal is to be the most disciplined deployer of capital in our industry.

我們的目標是成為業界中最有紀律的資本部署者。

To achieve this goal, we utilize a dynamic capital allocation strategy that allocates capital to the best strategies and the best businesses.

為了實現這一目標，我們採用動態資本配置策略，將資本分配給最佳策略和最佳業務。

Through this, we expect to improve ROIC and generate strong cash flow.

透過這一點，我們期望提高投資回報率並產生強勁的現金流。

Today, this strategy has generated impressive results.

如今，這項戰略已經產生了令人矚目的成果。

We have generated over $250 million of productivity since the beginning of 2023, and we have invested -- we are investing to increase volumes in our core RPC and metal packaging businesses.

自 2023 年初以來，我們已經創造了超過 2.5 億美元的生產力，並且我們已經進行了投資——我們正在投資以增加我們核心 RPC 和金屬包裝業務的產量。

We expect that these strategies will drive the next phase of growth and profitability improvement.

我們預計這些策略將推動下一階段的成長和獲利能力的提高。

In addition to these organic plans, we're preparing to close the acquisition of Eviosys in Q4.

除了這些有機計劃之外，我們還準備在第四季度完成對 Eviosys 的收購。

This acquisition and the evaluation of strategic alternatives for both EFP and ThermoSafe will enable more focused investment through our fewer bigger business strategy.

此次收購以及對 EFP 和 ThermoSafe 策略替代方案的評估將透過我們更少的更大的業務策略實現更集中的投資。

Following these transactions, each of our three core businesses will have a leading global market position.

這些交易完成後，我們的三大核心業務都將擁有全球領先的市場地位。

Through this, we expect to drive greater efficiency and improved customer support.

透過這一點，我們希望提高效率並改善客戶支援。

We're excited about these next steps, and we will provide further updates as our plans progress.

我們對接下來的步驟感到興奮，隨著計劃的進展，我們將提供進一步的更新。

On page 15, we have our cash flow performance for the quarter.

第 15 頁顯示了本季的現金流表現。

Strong operating performance drove solid operating cash flow of $162 million.

強勁的經營業績推動穩健的經營現金流達到 1.62 億美元。

We're on track with all major capital initiatives.

我們正在按計劃實施所有重大資本計劃。

We invested $92 million in the quarter, and we anticipate investing between $350 million and $375 million in 2024.

我們在本季投資了 9,200 萬美元，預計 2024 年投資在 3.5 億至 3.75 億美元之間。

Turning to page 16.

翻到第16頁。

The foundation of our value creation strategy is disciplined management of our investment-grade balance sheet.

我們價值創造策略的基礎是對投資等級資產負債表的嚴格管理。

This strategy provides Sonoco incredible access to capital, strong liquidity, and low cost.

這項策略為 Sonoco 提供了令人難以置信的資本獲取管道、強大的流動性和低成本。

We are pleased that we utilized this access to capital to great effect in the financing of the Eviosys acquisition.

我們很高興我們利用這種資金管道在收購 Eviosys 的融資過程中取得了巨大的效果。

We've now closed or secured commitments for the $3.9 billion to fund the acquisition.

我們現已完成或已獲得 39 億美元的收購承諾。

We received commitments for a three-year $700 million delayed draw term loan in July.

我們於 7 月收到了為期三年、價值 7 億美元的延期提款定期貸款承諾。

This term loan will be drawn to fund the Eviosys acquisition and is intended to be repaid with the proceeds from the sale of ThermoSafe in 2025.

這筆定期貸款將用於資助 Eviosys 的收購，並計劃用 2025 年出售 ThermoSafe 的收益來償還。

In September, we received commitments for our 364-day $1.5 billion delayed draw term loan.

9 月，我們收到了 364 天 15 億美元延遲提取定期貸款的承諾。

This term loan will be drawn to fund the Eviosys acquisition and is intended to be repaid with the proceeds from the sale of TFP in 2025.

這筆定期貸款將用於資助 Eviosys 的收購，並計劃以 2025 年出售 TFP 的收益來償還。

Additionally, we expect to repay the 2025 maturities and other debt with the proceeds from the sale of TFP.

此外，我們預計將以出售 TFP 的收益償還 2025 年到期的債務和其他債務。

Finally, in September, we raised $1.8 billion in bond financing with maturities of 2, 5, and 10 years to fund the Eviosys acquisition.

最後，在 9 月份，我們籌集了 18 億美元的債券融資，期限分別為 2 年、5 年和 10 年，為收購 Eviosys 提供資金。

This was an incredibly successful capital raise, and it was over 5 times oversubscribed.

這是一次非常成功的融資，超額認購超過 5 倍。

As a result, we were able to achieve a weighted average cost of debt on these bonds of 4.7%.

因此，我們能夠實現這些債券的加權平均債務成本為 4.7%。

We believe that this reflects investor confidence in our strategy and the strength of our credit position.

我們相信，這反映了投資者對我們的策略和我們信用狀況實力的信心。

This issuance was investment-grade rated by Moody's, S&P and Fitch.

本次發行獲得穆迪、標準普爾和惠譽的投資等級評等。

We're committed to reducing debt and maintaining our investment grade credit rating, and we are targeting to be below 3 times net leverage in

我們致力於減少債務並維持我們的投資級信用評級，我們的目標是淨槓桿率低於 3 倍

[2026].

[2026]。

Page 17 has our guidance for Q4 2024.

第 17 頁提供了我們 2024 年第四季的指導。

Guidance for Q4 2024 adjusted EPS is $1.15 to $1.35. We expect consumer volumes to grow low single digits in Q4 due to acquisitions and improvements in TFP and RPC.

2024 年第四季調整後每股盈餘指引為 1.15 美元至 1.35 美元。我們預計，由於 TFP 和 RPC 的收購和改進，第四季度消費者數量將出現低個位數成長。

We expect industrial volumes will remain flat in Q4 as we do not yet anticipate a robust recovery.

我們預計第四季度工業產量將持平，因為我們尚未預期強勁復甦。

Price trends are expected to improve, though price cost is still expected to be negative in Q4.

儘管價格成本預計第四季仍為負值，但價格趨勢預計將改善。

OCC is expected to experience a typical seasonal decline in Q4 and the TAM bending chip index is expected to continue to reflect market increases.

OCC 預計將在第四季度經歷典型的季節性下降，而 TAM 彎曲晶片指數預計將繼續反映市場成長。

We are reaffirming our guidance for full year 2024 adjusted EPS and tightened the range to $5.05 to $5.25.

我們重申對 2024 年全年調整後每股收益的指導，並將區間收窄至 5.05 美元至 5.25 美元。

Similarly, we are reaffirming our full year 2024 adjusted EBITDA guidance of $1.05 billion to $1.09 billion, and we are reaffirming our operating cash flow guidance of $650 million to $750 million.

同樣，我們重申 2024 年全年調整後 EBITDA 指引為 10.5 億美元至 10.9 億美元，我們重申營運現金流指引為 6.5 億美元至 7.5 億美元。

Now Rodger will further discuss the outlook for the businesses.

現在羅傑將進一步討論業務前景。

Thank you, Rob.

謝謝你，羅布。

If you please turn to page 18 for our view of segment performance drivers for the fourth quarter of 2024.

請參閱第 18 頁，了解我們對 2024 年第四季細分市場業績驅動因素的看法。

In the consumer segment, we expect fourth quarter sales to be lower year-over-year due to a thermoforming facility closure and negative price cost headwinds.

在消費領域，由於熱成型工廠關閉和價格成本不利因素，我們預計第四季銷售額將年減。

We expect consumer volumes to be up year over year from improving demand and new business wins in our rigid paper containers and TFP businesses.

我們預計，由於需求改善以及硬紙容器和 TFP 業務新業務的贏得，消費者數量將逐年增長。

Our sustainable solutions with Sonoco proprietary technology and design continues to be well accepted in the marketplace.

我們採用 Sonoco 專有技術和設計的可持續解決方案繼續受到市場的廣泛接受。

In metal can for the fourth quarter, we expect seasonally lower food can volumes after the peak pack season in Q3.

在第四季的金屬罐方面，我們預計食品罐銷售在第三季的包裝旺季之後會出現季節性下降。

But in total, we expect metal can volume to be essentially flat year over year.

但總的來說，我們預計金屬罐銷量將比去年同期基本持平。

From a profitability perspective, we anticipate price cost to be flat sequentially and down slightly year over year, and productivity continue to be positive across all our consumer business.

從獲利能力的角度來看，我們預計價格成本將環比持平，同比略有下降，並且我們所有消費業務的生產力繼續保持正值。

Early in the fourth quarter, as Howard mentioned, we were impacted by a major facility damage to one of our large thermoforming operations in Florida, and we lost approximately two weeks of operating time.

正如霍華德所提到的，在第四季度初期，我們在佛羅裡達州的一個大型熱成型工廠受到重大設施損壞的影響，我們損失了大約兩週的運作時間。

We're working through insurance recoveries now for this damage, and we'll try to resolve that during the quarter.

我們現在正在針對這一損失進行保險賠償，我們將盡力在本季解決這個問題。

Turning to industrial, we expect sales to be slightly down sequentially from last quarter and year over year, including the impact of a reclassification of our recycling business and the exit of some nonprofitable locations in Asia and Europe.

談到工業，我們預計銷售額將比上季和去年同期略有下降，包括我們的回收業務重新分類以及亞洲和歐洲一些非營利地點退出的影響。

Paper volumes are expected to be stable year over year.

紙張銷售量預計將較去年同期穩定。

Price cost in North America will be positive in the fourth quarter as contract pricing has been reset and input OCC costs are lower.

由於合約定價已重置且 OCC 投入成本較低，第四季度北美的價格成本將為正值。

Overall, our price costs will remain negative as price recovery is lagging in the rest of the world.

整體而言，由於世界其他地區的價格復甦滯後，我們的價格成本仍將維持負值。

Similar to consumer, we expect industrial productivity to be positive in the industrial businesses in the fourth quarter.

與消費者類似，我們預期第四季工業企業的工業生產力將為正值。

Also, as Howard mentioned, we continued on our footprint optimization journey.

此外，正如霍華德所提到的，我們繼續我們的足跡優化之旅。

Beyond our actions and industrial China business, we are reviewing our network of operations throughout other geographies where we operate and anticipate future closures and consolidations.

除了我們的行動和工業中國業務之外，我們正在審查我們在其他地區開展業務的營運網絡，並預計未來將關閉和合併。

In our other businesses, we expect lower sales from seasonality and from the divestiture of our protective packaging businesses.

在我們的其他業務中，我們預計銷售額將因季節性和保護性包裝業務的剝離而下降。

In conclusion, for the fourth quarter, the team's focused on strong execution in support of our customers' footprint optimization, and all forms of productivity will continue to be critical as we navigate the puts and takes of the current global environment.

總而言之，在第四季度，團隊專注於強大的執行力，以支援客戶的足跡優化，並且在我們應對當前全球環境的變化時，各種形式的生產力將繼續至關重要。

And with that, back to you, Howard.

說到這裡，回到你身上，霍華德。

Thanks, Howard.

謝謝，霍華德。

If you'll turn to page 20, I want to take a moment to remind everyone of the plans that we laid out to deliver long-term shareholder value in our February 2024 Investor Day.

如果您翻到第 20 頁，我想花點時間提醒大家我們在 2024 年 2 月投資者日制定的旨在實現長期股東價值的計劃。

Over the next five years, we're targeting adjusted EBITDA of $1.5 billion with a high teens EBITDA mark.

未來五年，我們的調整後 EBITDA 目標為 15 億美元，其中 EBITDA 高達十數億美元。

And we are expecting to generate cumulative operating cash flow of $4 billion to $5 billion, all while we remain committed to our growing and competitive dividend.

我們預計將產生 40 億至 50 億美元的累計營運現金流，同時我們仍致力於提供不斷成長且具競爭力的股息。

We're in full execution mode of our NextEra Enterprise strategy, with the integration of the highly strategic Eviosys acquisition, further portfolio simplification strategy, and execution of our long-range plans in our legacy paper and metal packaging businesses we expect to deliver these results.

我們正處於 NextEra Enterprise 策略的全面執行模式，透過整合高度策略性的 Eviosys 收購、進一步的產品組合簡化策略以及在我們的傳統紙張和金屬包裝業務中執行我們的長期計劃，我們希望能夠實現這些成果。

In closing, on page 21, we have a number of upcoming investor events through the end of the year as well as our next Investor Day we're planning in February.

最後，在第 21 頁，我們將在今年年底舉辦一系列投資者活動，並計劃在 2 月舉辦下一次投資者日活動。

We look forward to providing updates on our journey in the coming months.

我們期待在未來幾個月內提供有關我們旅程的最新資訊。

And with that, operator, please open the line for us.

那麼，接線員，請為我們接通線路。

(Operator Instructions) George Staphos, Bank of America Securities.

（操作員指示）George Staphos，美國銀行證券公司。

Thanks so much.

非常感謝。

Hi, everyone.

大家好。

Good morning.

早安.

Hope you can hear me okay.

希望你能聽到我的聲音。

Thanks for the details.

感謝您提供詳細資訊。

So I just wanted to bring up kind of a strategic question to start, and I'm sure you've gotten this since the last conference calls that you've done.

所以我只想提出一個戰略問題作為開始，我相信自從上次電話會議以來您已經明白了這個問題。

Eviosys, you've outlined why this is a good acquisition in your view for Sonoco.

Eviosys，您已經概述了為什麼您認為這對 Sonoco 來說是一次很好的收購。

You're getting a leading food and aerosol can business, et cetera.

您將獲得領先的食品和氣霧罐業務等。

At the same time, you're doing the strategic review for TFP, which, while maybe smaller, is also a leading player in its markets.

同時，您正在對 TFP 進行策略審查，該公司雖然規模可能較小，但也是其市場中的領導者。

So help us understand what this potential trade, if you will, does to your return on capital and your capital intensity and your growth outlook for the company?

那麼請幫助我們了解這種潛在的交易（如果您願意的話）會對您的資本回報率、資本強度以及公司的成長前景產生什麼影響？

So thanks, George.

謝謝，喬治。

A lot to unpack there as usual.

像往常一樣，有很多東西需要打開。

What I would tell you is -- let me start with your question on TFP leading to, I mean, leading position they have in the market, you can question that, but yes, very good businesses.

我要告訴你的是——讓我從你關於 TFP 的問題開始，我的意思是，他們在市場上擁有領先地位，你可以質疑這一點，但是，是的，非常好的企業。

And in the segments that we serve and the niches we serve, you're right, we have very strong market positions.

在我們服務的細分市場和我們服務的利基市場中，你是對的，我們擁有非常強大的市場地位。

But as we looked at what it was going to cost from a capital outlay perspective, be it organic or inorganic, the size of the market opportunities within these niches really didn't think that, that was going to take us to where we needed to be as we compare it to the strong capital demands that we have in our organic core paper can business.

但當我們從資本支出的角度來看它的成本時，無論是有機的還是無機的，這些利基市場機會的規模確實沒有想到，這將把我們帶到我們需要的地方正如我們將其與我們有機核心紙罐業務的強勁資本需求進行比較一樣。

We've talked a lot about the investments we're making there globally.

我們已經談論了很多我們在全球範圍內進行的投資。

And as we look at the metal side, again, a niche market but a much larger market where we will have a significant position on a global basis and feel like we stack all these up.

當我們再次審視金屬方面時，這是一個利基市場，但卻是一個更大的市場，我們將在全球範圍內佔據重要地位，並且感覺我們將所有這些都疊加起來。

And frankly, as we finished our five-year strategic plan journey and looked at the amount of capital demand, we had too many miles to feed.

坦白說，當我們完成五年策略計畫並審視資本需求量時，我們有太多的里程需要滿足。

So at the end of the day, we're trading up if you will, in terms of market opportunity, size, position, and frankly, differentiation opportunities from a technology, sustainability and a growth perspective.

因此，歸根結底，如果你願意的話，我們會在市場機會、規模、地位以及坦率地說，從技術、可持續性和成長角度的差異化機會方面進行交易。

Okay.

好的。

If I could, I just want to see if you have it.

如果可以的話，我只是想看看你有沒有。

Do you have any kind of quantification, Howard or Rob in terms of what you think this would add to your return on capital, 1 point, 2 points?

霍華德或羅伯，您認為這會增加您的資本回報率，1 點，2 點，您有任何量化嗎？

What it may or may not do in terms of your growth rate organically going forward and the capital intensity?

就您未來的有機成長率和資本密集度而言，它可能會或可能不會產生什麼作用？

If there's any way you can dimensionalize it for us with figures.

如果有什麼方法可以用數字為我們將其維度化。

And then my follow-on, and I'll turn it on -- turn it over to the other folks.

然後我的後續行動，我會把它打開——把它交給其他人。

Assuming no change with TFP, right, you're doing a strategic review, what do you think your interest expense is on a going forward basis for Sonoco?

假設 TFP 沒有變化，對吧，您正在進行策略審查，您認為 Sonoco 未來的利息支出是多少？

And then let's assume you do move on from TFP, what would be the cost of debt for the debt you'd pay down with those proceeds?

然後，假設您確實放棄 TFP，那麼您用這些收益償還債務的債務成本是多少？

Yeah, George, that's a good question.

是的，喬治，這是個好問題。

We think a lot about capital return and capital efficiency as a core component of our strategy as we think about the businesses.

當我們考慮業務時，我們經常考慮資本回報和資本效率，將其作為我們策略的核心組成部分。

One reason why we are pivoting, as Howard said, to these three core businesses is their capital efficiency and ability to generate return on investments in those businesses.

正如霍華德所說，我們轉向這三個核心業務的原因之一是它們的資本效率和在這些業務中產生投資回報的能力。

As you know, kind of the current ROE, depending upon how you calculate it, it's about a 12%, 12.1% is our current calculation.

如您所知，目前的 ROE 大約是 12%，這取決於您如何計算，我們目前的計算結果是 12.1%。

We expect that to meaningfully improve to the teens as we execute these transactions.

我們希望在執行這些交易時能夠對青少年產生有意義的改善。

The primary reason for that is recycling capital at a better basis, selling businesses at higher margins and buying at lower and then also the capital efficiency of the remaining business.

其主要原因是在更好的基礎上回收資本，以更高的利潤出售業務並以更低的利潤購買，然後也是剩餘業務的資本效率。

And so a quantification of a guide to that is pro forma for all these transactions will have added over $1 billion in revenue and over $200 million of EBITDA and the capital investment required of the business will be the same, if not less.

因此，所有這些交易的預期量化指南將增加超過 10 億美元的收入和超過 2 億美元的 EBITDA，並且業務所需的資本投資將是相同的，甚至更少。

And so the capital efficiency per capital required per dollar of EBITDA generated by the business will be less, and the growth rates and ability to continue to invest in those businesses will be greater, we believe.

因此，我們認為，企業產生的每美元 EBITDA 所需的人均資本效率將會更低，而成長率和繼續投資於這些企業的能力將會更高。

Rob, you said $20 million of EBITDA you said incremental.

Rob，你說 2000 萬美元的 EBITDA 是增量。

It'll be about $200 million depending on what you're doing with synergies there.

大約是 2 億美元，這取決於你在那裡利用協同效應做什麼。

I think you're also including Thermoset.

我想你還包括熱固性塑膠。

Also including Thermoset.

還包括熱固性塑膠。

The divestiture of Thermoset, which we've announced and that will be coming later in the year.

我們已經宣布剝離 Thermoset，並將於今年稍後進行。

And on the financing side of those questions.=?

在這些問題的融資方面。

Yeah.

是的。

So for the interest expense, I mean, we're committed and fully oriented to our plan, and we've structured this plan and are progressing with the strategic alternatives for these two businesses with great effect.

因此，對於利息支出，我的意思是，我們致力於並完全面向我們的計劃，我們已經制定了該計劃，並正在為這兩項業務制定戰略替代方案，取得了巨大的效果。

We feel really confident that we're going to hit the base plan, and that we'll be able to repay these term loans, which was why we did term loans for the easy repayability.

我們非常有信心，我們將達到基本計劃，並且我們將能夠償還這些定期貸款，這就是我們為輕鬆償還而提供定期貸款的原因。

Those term loans actually have higher cost of debt.

這些定期貸款實際上具有更高的債務成本。

They're SOFR plus 3.8%.

它們是 SOFR 加 3.8%。

So they're kind of right now in the 6%s of debt that we would be paying off on a pro forma basis.

因此，他們現在的債務相當於我們預計要償還的 6%。

I think that pro forma for all of that completed, even with the repayment of the 2025s, which are 1.8%, our total cost of debt will be in the low 4s.

我認為，預計所有這些都已完成，即使在 2025 年償還 1.8%，我們的總債務成本也將在 4 左右。

We anticipate that even if we weren't to do these deals, which we fully intend to that we could refinance those -- that capital at similar rates, and thus it wouldn't affect our overall cost of debt meaningfully at all.

我們預計，即使我們不進行這些交易（我們完全打算這樣做），我們也可以以類似的利率對這些資本進行再融資，因此它根本不會對我們的整體債務成本產生有意義的影響。

All right.

好的。

I'll turn it over.

我會把它翻過來。

Thank you.

謝謝。

Thanks George.

謝謝喬治。

Ghansham Panjabi, Baird.

甘沙姆‧潘嘉比 (Ghansham Panjabi)，貝爾德 (Baird)。

Hey guys, good morning.

嘿夥計們，早安。

You know, just focusing on the current operating outlook for the businesses that you do have, at least for now, what does it feel like in terms of the operating backdrop for industrials and consumer?

您知道，只要專注於您現有業務的當前營運前景，至少目前而言，工業和消費者的營運背景感覺如何？

Do you see any sort of green shoots on a volumetric basis.

您是否在體積基礎上看到了任何類型的綠芽？

I understand the productivity and price costs and so on and so forth, but in terms of your volumes as we look out to 2025, what is the base case at this point?

我了解生產力和價格成本等等，但就我們展望 2025 年的產量而言，目前的基本情況是什麼？

Yeah.

是的。

Thanks, Ghansham.

謝謝，甘沙姆。

First off, let's talk about fourth quarter is where probably an end of the end of October, I would say that we're pretty encouraged by the volume levels we're seeing.

首先，我們來談談第四季度可能是十月底，我想說我們對我們所看到的交易量水平感到非常鼓舞。

I think some of that, however, is a carryover from the loss of or the downtime associated with the hurricanes.

然而，我認為其中一些是颶風造成的損失或停機造成的。

But totally a positive trend that we're starting this quarter out on.

但這完全是我們本季開始的正面趨勢。

For next year, we're not building in a tremendous amount of optimism, low single digits up on the consumer side, basically flat on the industrial because we aren't seeing -- it still feels like -- particularly on the industrial side, it feels like we're still trying to crawl out of this the slowdown.

對於明年，我們並沒有建立起巨大的樂觀情緒，消費者方面的增幅較低，工業方面基本持平，因為我們沒有看到——仍然感覺——特別是在工業方面，感覺我們仍在努力擺脫經濟放緩的影響。

I will reinforce the fact that the industrial team has done a fantastic job in terms of maintaining the margin profile, the productivity that we're seeing in the lighter environment.

我要強調的事實是，工業團隊在維持利潤狀況以及我們在較寬鬆的環境中看到的生產力方面做得非常出色。

But I'm looking for -- we're expecting a significant turnaround next year.

但我正在尋找——我們預計明年會出現重大轉變。

What we are seeing on the consumer side is real positive signs then offset by some lower volumes that we don't see as necessarily a secular more of a mix-related short-term issue.

我們在消費者方面看到的是真正的積極跡象，然後被一些較低的銷售所抵消，我們認為這不一定是與混合相關的短期問題。

But again, going into next year, we're going to be taking more of a conservative viewpoint there.

但同樣，進入明年，我們將採取更多保守的觀點。

Got it.

知道了。

And then on the portfolio side, obviously, you're swapping large portions, right, with Eviosys and simultaneous strategic reviews.

然後在投資組合方面，顯然，您正在與 Eviosys 交換大部分，對吧，並同時進行策略審查。

How are you managing the organization, including your employees and also your customers during this period of uncertainty to sort of ensure execution consistency?

在這個不確定的時期，您如何管理組織，包括您的員工和客戶，以確保執行的一致性？

And then just related to that, pro forma for Eviosys and assuming you exit TFP in ThermoSafe, what would be the split between metal and paper?

然後與此相關的是，Eviosys 的備考，假設您在 ThermoSafe 中退出 TFP，金屬和紙張之間的差異是什麼？

And would you have any plastics left at that point?

那時你還有剩餘的塑膠嗎？

Yes, Ghansham.

是的，甘沙姆。

I really appreciate the question because that -- as I look at this organization, and talk to you guys, this is probably the largest spirit of change this company has been through in our 125-year history.

我真的很欣賞這個問題，因為當我審視這個組織並與你們交談時，這可能是這家公司在我們 125 年的歷史中所經歷的最大的變革精神。

And so how are we managing through, what we need to accomplish is -- what Sonoco has always done is open, honesty, communications fairness.

那麼我們如何渡過難關，我們需要完成的是——Sonoco 一直以來所做的就是開放、誠實、溝通公平。

And frankly, from a customer perspective, making sure that they were still receiving the tremendous service and quality that they've grown accustomed to from Sonoco as we go through this transition.

坦白說，從客戶的角度來看，確保他們在我們經歷這一轉變時仍然能夠從 Sonoco 獲得他們已經習慣的優質服務和品質。

Similarly, the internal communications, et cetera, we're being very thoughtful and highly handle that.

同樣，內部溝通等等，我們都非常周到並高度處理。

Second part of the question, metal versus paper.

問題的第二部分，金屬與紙張。

I don't know, the split is probably about 50%, 50%.

我不知道，比例大概是50%、50%左右。

And, you know, you have to -- effectively, we're out of single use plastic.

而且，你知道，你必須——實際上，我們已經用完了一次性塑膠。

We will -- we are going to continue with our industrial plastics division which produces plastic cores, supports our res division, etcetera, but it's more durable and are single use.

我們將 - 我們將繼續我們的工業塑膠部門，該部門生產塑膠芯，支持我們的資源部門等，但它更耐用並且是一次性的。

So we will be -- we'll talk extensively and when we're together in February, you know, predominantly from a consumer perspective -- not predominantly fully, parked in the two most recycled substrates with within the recycling industry being paper, aluminum, and steel.

因此，我們將——我們將進行廣泛的討論，當我們二月份聚在一起時，你知道，主要是從消費者的角度——而不是完全完全，停在回收行業內的兩種最可回收的基材上，即紙張、鋁和鋼材。

Okay, perfect.

好的，完美。

Thank you.

謝謝。

Matt Roberts, Raymond James.

馬特羅伯茨，雷蒙德詹姆斯。

Thank you and good morning, everybody.

謝謝大家，早安。

First off, I hope you all and all the team members that were impacted by the storms are recovering and doing well.

首先，我希望你們所有人以及所有受風暴影響的團隊成員都能夠康復並一切順利。

My first question on productivity, Rodger, I mean, that continues to come in strong, well above the initial $100 million that you laid out earlier in the year.

我的第一個問題是關於生產力的，羅傑，我的意思是，生產力繼續強勁，遠高於您今年早些時候最初投入的 1 億美元。

So were you able to realize these continued savings?

那麼您能夠實現這些持續的節省嗎？

And where is there still room for those other gains in 4Q irrespective of volume?

無論成交量如何，第四季的其他收益還有哪些空間？

And to the gains this year seeing now have any impact either on the timing or magnitude in regard to the longer-term $300 million to $500 million that you laid out through 2028 last February.

現在看到的今年的收益對您去年 2 月為 2028 年制定的 3 億至 5 億美元長期計劃的時間安排或規模有何影響。

Yes, Matt, good question.

是的，馬特，好問題。

We talked -- in the last quarter or the quarter before, we laid out that $300 million to $500 million range, really based on volumes and the uncertainty around the global economy and global environment.

我們談過——在上個季度或前一個季度，我們制定了 3 億至 5 億美元的範圍，實際上是基於數量以及全球經濟和全球環境的不確定性。

But even at that time, I had confidence we could hit the high end of that range, assuming volume was reasonable.

但即使在那個時候，我也有信心我們可以達到該範圍的高端，假設交易量合理。

And obviously, the last seven, eight quarters, we've done an excellent job of delivering productivity.

顯然，過去七、八個季度，我們在提高生產力方面做得非常出色。

And that confidence really came from the capital we've invested in our businesses over the last four to five years in optimizing our global paper mill footprint, investing and modernizing our most impactful production lines, consolidating unprofitable operations and investments, and automation, all that takes time.

這種信心確實來自於我們過去四到五年在業務上投資的資本，包括優化我們的全球造紙廠足跡、投資和現代化我們最具影響力的生產線、整合無利可圖的運營和投資以及自動化，所有這些需要時間。

And what we're seeing now over the last few quarters is it's really, really kicking in.

在過去的幾個季度中，我們現在看到的是，它確實正在發揮作用。

So I'm confident it can continue, assuming volumes stay where they are and improve so.

因此，我相信它可以繼續下去，假設銷量保持不變並有所改善。

For the fourth quarter in our guidance, we've muted the productivity some, it will be positive.

對於第四季度的指導，我們已經降低了一些生產力，這將是積極的。

I think it's in the $20 million range in our guidance. simply because of the way the holidays fall this year in the middle of a week.

我認為在我們指導的 2000 萬美元範圍內。只因為今年的假期落在一週的中間。

The last part of December is going to -- our customers will take downtime, and we'll probably follow our customers.

12 月下旬—我們的客戶將需要停機，我們可能會跟隨我們的客戶。

So with the team staying focused, the continued investments we're making, some still to come, we've got investments laid out for the next two years to continue to drive growth and productivity.

因此，隨著團隊保持專注，我們正在持續進行投資，有些尚未完成，我們已經為未來兩年​​做好了投資，以繼續推動成長和生產力。

So we're confident.

所以我們有信心。

We'll re-up that estimate on productivity in February when we're together.

當我們在一起時，我們將在二月重新提高對生產力的估計。

But my confidence is high.

但我的信心很高。

The team's confidence is high that will continue to deliver going forward.

團隊充滿信心，將繼續向前邁進。

Even with the portfolio changes that we talked about, we're already preparing for those changes and how we'll change our investment strategy to focus on those three global leadership platforms

即使我們談到了投資組合的變化，我們已經在為這些變化以及我們將如何改變投資策略以專注於這三個全球領導平台做好準備

Okay, great.

好的，太好了。

Thank you very much for all that color there.

非常感謝那裡的所有顏色。

And then my next question Maybe, Rob, on the divestitures.

羅布，我的下一個問題也許是關於資產剝離。

The ThermoSafe timing in 3Q '25, it seems more definitive at least, but still in line with the 12 to 18 months that you laid out previously.

ThermoSafe 的時間表在 25 年第三季度，至少看起來更明確，但仍然與您之前製定的 12 到 18 個月一致。

Given it's still a year away, is there anything that gives you more confidence in providing a more specific range for that business?

鑑於距離發布還有一年的時間，有什麼能讓您更有信心為該業務提供更具體的產品系列嗎？

And I know you said no further updates on TFP, but it doesn't stop me if you're trying to see if you could provide any additional color in terms of transaction options or magnitude of the range that you're considering here in the fourth quarter.

我知道你說過沒有關於 TFP 的進一步更新，但如果你想看看是否可以在交易選項或你正在考慮的範圍大小方面提供任何額外的顏色，這並不能阻止我。

Yes.

是的。

Thanks, Matt.

謝謝，馬特。

Both questions are really valid.

這兩個問題都非常有效。

I think ThermoSafe, we're getting really positive performance from that business in the market.

我認為 ThermoSafe，我們從該業務在市場上獲得了非常積極的表現。

I think that we were waiting for a bit of an inflection point as they went through a bubble this year in volume.

我認為我們正在等待一個拐點，因為今年它們在數量上經歷了泡沫。

That business is performing really well as a result.

結果，該業務的表現非常好。

I think that they've got a really ambitious growth and innovation plan that's going to show incredible -- incredibly well in the market.

我認為他們有一個非常雄心勃勃的成長和創新計劃，這將在市場上表現出令人難以置信的效果。

And that business is really well positioned to launch a process in the near future.

該業務確實處於有利位置，可以在不久的將來啟動流程。

We are anticipating that through that process with the interest that we've already gotten, we'll be able to run a very efficient process and in that in the middle part of next year with the fund available by the end of next year for sure.

我們預計，透過這個流程，憑藉我們已經獲得的利息，我們將能夠運行一個非常高效的流程，並在明年中期完成，資金肯定會在明年年底前到位。

ThermoSafe -- the TFP process is well underway.

ThermoSafe－TFP 流程正在順利進行中。

We're running an option.

我們正在運行一個選項。

We have advisers as we stated, that are doing an excellent job.

正如我們所說，我們的顧問做得非常出色。

We feel really confident about how that process is unfolding.

我們對這一過程的進展非常有信心。

A high degree of confidence in how the business is performing throughout that process, which is always a great indicator of success in a process.

對業務在整個流程中的表現抱持高度信心，這始終是流程成功的重要指標。

I think the management team is doing a great job and that we feel, as always, when you're selling a business, you start to realize how great it is.

我認為管理團隊做得很好，我們一如既往地覺得，當你出售一家企業時，你會開始意識到它有多棒。

And then when you -- it's hard to kind of let things go, but we're committed to kind of getting this portfolio simplified in the right way and TFP was just the next step in that.

然後，當你——很難放手，但我們致力於以正確的方式簡化這個投資組合，而 TFP 只是下一步。

And so we feel like we'll have a signed agreement in six weeks or so.

所以我們覺得我們將在六週左右的時間內簽署一份協議。

And we're excited about announcing that and then getting those funds in the bank.

我們很高興宣布這一消息並將這些資金存入銀行。

And Matt, let me just add, I've been asked a few times, so I'll just preempt it if someone wants to ask it, is that with ThermoSafe, this is a capacity issue for us in terms of deals.

馬特，讓我補充一下，我已經被問過幾次了，所以如果有人想問的話，我會先發製人，對於 ThermoSafe，這對我們來說是交易方面的容量問題。

So we're at the tail end of, obviously, the Eviosys, right in the middle of the TFP.

顯然，我們處於 Eviosys 的尾部，處於 TFP 的中間。

We don't have the human and capital to try to do with ThermoSafe at the same time.

我們沒有人力和資本來嘗試同時使用 ThermoSafe。

So that's why we're doing the back-to-back.

這就是我們進行背對背的原因。

And as Rob indicated, we expect ThermoSafe to be aligned them well early in the first half of next year.

正如 Rob 指出的那樣，我們預計 ThermoSafe 將在明年上半年早些時候對它們進行協調。

That'll make sense.

這是有道理的。

Appreciate the additional color there.

欣賞那裡的額外顏色。

Anthony Pettinari, Citi.

安東尼佩蒂納裡，花旗銀行。

Is it possible to talk a little bit more about -- is it possible -- can you talk a little bit more about the decision-making process for potentially exiting single-use plastic?

是否有可能更多地談論一下——是否有可能——你能更多地談論可能退出的一次性塑膠的決策過程嗎？

And I guess what I'm asking is was this purely kind of an ROIC decision that you would just make for any business?

我想我要問的是，這純粹是你會為任何企業做出的投資報酬率決定嗎？

Or were you kind of contemplating sustainability trends or regulatory or getting feedback from customers or other stakeholders that kind of made you want to accelerate the move out of consumer plastic more into metal and paper?

或者您是否在考慮永續發展趨勢或監管，或從客戶或其他利害關係人那裡獲得回饋，這讓您想要加速從消費塑膠轉向金屬和紙張？

Just curious if you kind of walk us through the decision-making process.

只是好奇您是否能引導我們完成決策過程。

Yes.

是的。

This goes back to 4, 5 years ago when we as a leadership team really take a hard look.

這可以追溯到四五年前，當時我們作為領導團隊確實認真審視過這一點。

As you guys would recall, we had a lot of complexity within our portfolio.

你們可能還記得，我們​​的產品組合非常複雜。

And so we spent the first couple of years, this leadership team, and looking at all of our businesses and evaluating certainly the financial metrics that you referenced.

因此，我們在最初的幾年裡，這個領導團隊審視了我們所有的業務，並評估了您提到的財務指標。

But we're -- which ones of these have the potential in and of themselves to be a major future core platform or Sonoco where we significantly number 1 or number 2 in the selected markets.

但我們 - 其中哪些本身有潛力成為未來主要的核心平台或 Sonoco，我們在選定的市場中排名第一或第二。

And a lot of analysis went into that financially as well on.

財務方面也進行了大量分析。

And that's where we decided.

這就是我們決定的地方。

As you recall, we created the all other category to start with.

您還記得嗎，我們首先創建了所有其他類別。

And we've been a little in the way of that.

我們在這方面有點阻礙。

And then certainly, the TFP combined asset played a role in that.

當然，TFP 綜合資產在其中發揮了作用。

Sustainability was not part of the conversation.

可持續性並不是談話的一部分。

There is -- I firmly believe -- we firmly believe that there's a fit purpose needs for all of the products in our applications, but it certainly doesn't hurt with the story at the end of the day, particularly in other parts of the world

我堅信，我們堅信我們應用程式中的所有產品都有合適的用途需求，但這肯定不會影響最終的故事，特別是在應用程式的其他部分。

Got it.

知道了。

No, it's very helpful.

不，這很有幫助。

And then I'm just wondering on metal pack.

然後我只是想知道金屬包裝。

I mean you saw positive price cost and organic volume growth despite what seemed like a pretty weak tax season, at least for many crops.

我的意思是，儘管稅收季節似乎相當疲軟，但至少對許多作物而言，您看到了積極的價格成本和有機產量增長。

I'm just wondering if you can talk a little bit more about sort of the drivers of the strong performance.

我只是想知道您是否可以多談談強勁表現的驅動因素。

And how you kind of characterize inventories across aerosol and food when you kind of look at the customer base?

當您觀察客戶群時，您如何描述氣霧劑和食品的庫存特徵？

Yeah.

是的。

What I'd say, on the food side, slightly down actually.

我想說的是，在食物方面，實際上略有下降。

But if you take in consideration, if you recall, fourth quarter last year, we had a customer that -- bankrupt owners, we had to take the right down.

但如果你考慮一下，如果你還記得，去年第四季度，我們有一個客戶——破產的業主，我們不得不取消權利。

So that obviously is lost volume.

所以這顯然是體積的損失。

So effectively, our food can volume was about flat.

所以實際上，我們的食品罐容量基本上持平。

Driver there, a good mix of customers with good pack seasons, coupled with a bit of share gain within existing customers.

那裡的司機、良好的客戶組合和良好的打包季節，再加上現有客戶中的一些份額增長。

On the aerosol side, we're seeing a return to normalcy, if you will.

在氣溶膠方面，如果你願意的話，我們正在看到恢復正常。

I think aerosols if we talk about inventory bills, destocking, post COVID, you can certainly tie yourself to disinfectants where someone bought a case, and it is taking them a while to work through.

我認為氣溶膠，如果我們談論庫存費用、去庫存、新冠疫情後，你肯定可以把自己和消毒劑聯繫起來，有人買了一箱，他們需要一段時間才能解決。

What we're seeing from our our legacy customers is coming back to pulling at normalized rates

我們從老客戶那裡看到的情況是恢復正常利率

The, the second thing that's happened mid-year was a smaller competitor in the market decided to drop out and that certainly introduced some incremental volume as well.

年中發生的第二件事是市場上較小的競爭對手決定退出，這當然也帶來了一些增量。

So the combination on the aerosol side.

所以組合在氣霧劑方面。

Okay.

好的。

That's super helpful.

這非常有幫助。

I'll turn it over.

我會把它翻過來。

Sure.

當然。

Mark Weintraub, Seaport Research Partners.

馬克‧溫特勞布 (Mark Weintraub)，海港研究夥伴。

Thank you.

謝謝。

I just want to follow up a little bit on the M&A since it really just strikes me that you don't seem to be getting any credit for this transformation if you can deliver the types of things you're talking about in terms of accretion.

我只想對併購進行一些跟進，因為讓我感到震驚的是，如果你能夠提供你所談論的增長方面的事情，那麼你似乎並沒有從這種轉變中獲得任何榮譽。

And first, thank you for the explanation on timing with ThermoSafe.

首先，感謝您對 ThermoSafe 計時的解釋。

That was very clear and helpful.

這非常清楚且有幫助。

One of the other questions that I think is coming up is to getting to that $200 million of EBITDA accretion, it sort of embeds like $430 million from Eviosys.

我認為即將出現的其他問題之一是如何實現 2 億美元的 EBITDA 增值，這相當於從 Eviosys 嵌入了 4.3 億美元。

And I see that you are reiterating that in your slide deck, which is great.

我看到您在幻燈片中重申了這一點，這很棒。

But if you look to the first six months, the EBITDA was not at that type of run rate.

但如果你看看前六個月，你會發現 EBITDA 並不是這樣的運作率。

And so I just wanted to check in and get a sense as to what level of confidence do you have at this juncture?

所以我只是想了解一下您此時此刻的信心程度如何？

Are you getting the updates so that you have good visibility.

您是否收到更新以便您有良好的可見性。

That really is a good base number to be using as we try to analyze the net effect of these transactions.

當我們嘗試分析這些交易的淨效應時，這確實是一個很好的基數。

Yeah.

是的。

Mark, that's the number we continue to use.

馬克，這是我們繼續使用的號碼。

No, we have not received a firm year-to-date number at this point in time, but indications are we should be right around what we targeted.

不，我們目前還沒有收到確切的年初至今的數字，但有跡象表明我們應該接近我們的目標。

So we're not concerned about that at all.

所以我們根本不擔心這個。

In fact, Rodger can speak to it.

事實上，羅傑可以說話。

But as we've noted, Rodger was heading up the integration spend a lot of time in Europe with the team.

但正如我們所指出的，羅傑負責領導整合工作，他在歐洲與團隊一起度過了很多時間。

All of that is going extremely well.

所有這一切都進展得非常順利。

And I think if anything, we're walking away with a strong result in terms of our targets around synergies and opportunities there.

我認為，如果有什麼不同的話，那就是我們在圍繞協同效應和機會的目標方面取得了強勁的成果。

Yeah, Mark, seasonally, for Eviosys' third quarter is their strongest quarter, and that carries pretty strongly in October 1 of the fourth quarter as well.

是的，馬克，從季節性來看，Eviosys 的第三季度是他們最強勁的季度，第四季 10 月 1 日的表現也相當強勁。

So it's hard to look at the first half results and annualize that.

因此，很難查看上半年的業績並將其年化。

As Howard said, we don't have that update yet, but we'll get it soon.

正如霍華德所說，我們還沒有更新，但我們很快就會得到。

But they're in the middle of their heavy season in October and like our October seems to be in pretty good shape.

但他們正處於十月的旺季中期，就像我們的十月似乎狀況相當不錯。

And yeah, great, they have a fantastic leadership team, developing good relationships, focusing on all the planning that goes into the integration since the day 1.

是的，太棒了，他們擁有一支出色的領導團隊，建立了良好的關係，從第一天起就專注於整合過程中的所有規劃。

Obviously, there are a lot of things we don't know yet, but doing a lot of communications, spend a lot of time with the team, and getting very comfortable with the synergy targets that we laid out.

顯然，還有很多事情我們還不知道，但是我們進行了大量的溝通，花了很多時間與團隊在一起，並對我們制定的協同目標感到非常滿意。

And Mark, your first -- your opening comments doesn't seem to feel like we're getting a lot of credit for what's to come.

馬克，你的第一句話——你的開場白似乎並不讓人覺得我們對即將發生的事情得到了很多讚揚。

Thank you to agree with that 100%.

感謝您百分百同意這一點。

We are a deal of a century.

我們是一個世紀的交易。

My viewpoint in terms of where we're trading at this point in time.

我對目前交易情況的看法。

But I mean, uncertainty, I get it.

但我的意思是，不確定性，我明白。

We got a lot going on.

我們發生了很多事情。

I opened up by saying that we're at -- this is not a norm for Sonoco.

我首先說，我們現在的處境——這對索諾科公司來說不是常態。

We are in the midst of more change in this company ever undertaken in its history, but we are extremely excited, confident.

我們正處於這家公司歷史上前所未有的變革之中，但我們非常興奮和自信。

And we think that we know we will move out our forecast and our expectations, and the market will respond accordingly.

我們認為我們知道我們將改變我們的預測和期望，市場也會做出相應的反應。

Appreciate the color.

欣賞顏色。

(Operator Instructions) George Staphos, Bank of America Securities.

（操作員指示）George Staphos，美國銀行證券公司。

Hi, thanks for taking the follow on guys.

嗨，感謝您對大家的關注。

I was hoping you can maybe give us a bit more detail in terms of what you're seeing in the industrial markets.

我希望您能向我們提供有關您在工業市場中所看到的更多細節。

You've got some positive momentum on URB pricing, which is good.

URB 定價有一些積極的勢頭，這是很好的。

You said industrial markets are still sort of trying to crawl out from the recovery or into a recovery.

您說工業市場仍在嘗試走出復甦或進入復甦。

Can you give us a sense for what the cadence of volume has been?

能為我們介紹一下音量的節奏嗎？

And there's been a lot of discussion.

而且已經有很多討論。

On the earnings calls, we were just -- at one of the industry conferences about the supply of boxboard globally, recognizing that you are being what you do is very much a niche.

在財報電話會議上，我們剛剛在一場有關全球紙板供應的行業會議上認識到，你所做的事情在很大程度上是一個利基市場。

Nonetheless, are you seeing any pressure from the supply that's out there in the boxboard markets or really not that big of a deal at all for many reasons, including your integration?

儘管如此，您是否看到了來自紙板市場供應的壓力，或者由於多種原因（包括您的整合）實際上根本沒有那麼大的壓力？

So pricing trends, how is that moving?

那麼定價趨勢如何？

Demand, what kind of cadence in the third quarter into the fourth quarter and the outlook for next year is flat, why if you're improving?

需求，第三季到第四季的節奏是怎樣的，明年的前景是持平的，如果有所改善，為什麼？

And then supply on boxboard globally and what it means for you or not?

然後在全球範圍內供應紙板，這對您意味著什麼？

George, it's Rodger.

喬治，我是羅傑。

I'll try to give you some color and if you have a follow-up to that, fine.

我會盡力給你一些顏色，如果你有後續行動，那就好。

But yeah, tube and core volumes, especially in North America, have been pretty good the last two quarters, up a couple of percent in the third quarter.

但是，是的，管材和芯材銷量，尤其是在北美，在過去兩個季度表現相當不錯，第三季度增長了幾個百分點。

It's just been uneven.

只是一直不平衡而已。

And that's what we've seen really across the board, even in the paper side of our business.

這就是我們所看到的真正全面的情況，甚至在我們業務的紙本方面也是如此。

You feel like you're really seeing some volume push up, and then it softens up.

您會感覺確實看到音量上升，然後又變軟。

But if you look at the third quarter specifically, paper mill cores and film cores were both strong on a year-over-year basis, which we feel like is driven by consumer spend and retail on food and other types of products.

但如果你具體觀察第三季度，你會發現造紙芯和薄膜芯同比都表現強勁，我們認為這是由消費者支出以及食品和其他類型產品的零售所推動的。

On the other side, textiles, protective packaging, light goods very weak.

另一方面，紡織品、防護包裝、輕貨非常疲軟。

And that's something we've seen in the last couple of quarters.

這就是我們在過去幾個季度看到的情況。

So it kind of bounces from quarter-to-quarter.

所以它會逐季度反彈。

If you look at the fourth quarter, we expect it to be basically flat in North America.

如果你看看第四季度，我們預計北美地區基本上持平。

The real weakness that we're seeing in driving that global industrial number down is outside the US.

我們看到導致全球工業數據下降的真正弱點是在美國之外。

Asia very, very slow in both paper and tube and core.

亞洲的紙、管材和芯材生產速度非常非常慢。

Even the work we're doing to exit China Industrial, the rest of the Asian market is very slow.

即使我們正在做退出中國工業的工作，亞洲其他市場的進展也非常緩慢。

Europe, a lot more competitive on the boxboard side, on the tube and core side, and we've seen weakness there.

歐洲，在紙板方面、管材和芯材方面更具競爭力，我們已經看到了那裡的弱點。

We've exited the Greece markets, so we're doing our best to get out of nonprofitable operations.

我們已經退出希臘市場，因此我們正在盡最大努力擺脫非營利業務。

But all in all, pretty uneven.

但總而言之，很不平衡。

And that's why we're calling it flat next year because you just don't see any sustainable trends as you look forward.

這就是為什麼我們稱明年將持平，因為你在展望未來時看不到任何可持續的趨勢。

On the URB side, capacity in the third quarter for us was still pretty strong in North America, about 94%.

在 URB 方面，我們第三季在北美的運能仍然相當強勁，約為 94%。

Globally, about 89%, because we were driven down by Europe and Asia.

從全球來看，大約是 89%，因為我們受到歐洲和亞洲的推動。

We expect that to come down some in the fourth quarter, simply because of the holidays pretty normal in the high 80%s, probably.

我們預計第四季度這一數字會有所下降，這可能只是因為 80% 的人假期很正常。

But yes, we're not -- again, we get the question all the time, boxboard, imports or URB imports, we see a little bit of that.

但是，是的，我們不是 - 再次，我們一直收到這個問題，紙板，進口或 URB 進口，我們看到了一些。

We don't see anything that's changed substantially.

我們沒有看到任何實質的改變。

But we're seeing the same thing in our paper markets.

但我們在紙張市場上也看到了同樣的情況。

Tissue and tile was strong in the third quarter.

衛生紙和磁磚第三季表現強勁。

It seems to be slowing some in the fourth quarter. probably just inventory adjustments.

第四季似乎有所放緩。可能只是庫存調整。

So it's -- the reason we're saying flat next year because there's just no sustainable trends that are really tied to on a multi-quarter basis.

所以這就是我們說明年持平的原因，因為沒有真正與多個季度相關的可持續趨勢。

Understood.

明白了。

I've gotten a question coming in.

我收到一個問題。

I'll relay it on behalf of somebody.

我會代表某人轉達它。

Do you expect any regulatory hiccups with Eviosys?

您預計 Eviosys 會出現任何監管問題嗎？

If you could comment there?

如果你可以在那裡發表評論嗎？

And then also the question why do you think what's going on in RPC is not secular as opposed to just timing?

還有一個問題，為什麼你認為 RPC 中發生的事情不是世俗的，而只是計時的？

Thanks, guys.

謝謝，夥計們。

And now good luck for the quarter.

現在祝本季好運。

Yeah.

是的。

Thanks, George.

謝謝，喬治。

No, we don't -- we've received clearance from across the board and are now in the countdown phase with the CMA.

不，我們沒有——我們已經獲得了全面的許可，現在正處於與 CMA 的倒數階段。

So we don't expect any issues there.

所以我們預計不會有任何問題。

Yes, RPC really, you can tie it to just a couple of customers.

是的，確實是 RPC，您可以將它與幾個客戶綁定。

And frankly, if it was their conference call, they'd be saying high volumes have been pretty good.

坦白說，如果這是他們的電話會議，他們會說高銷量已經相當不錯了。

They measure their performance as it relates to kilos of product base they've produced and shipped, and it's been good.

他們衡量自己的績效，因為這與他們生產和運輸的產品基礎的公斤數有關，而且效果很好。

But it's created a mix issue for us as they've gone to slightly larger packs versus smaller packs.

但這給我們帶來了一個混合問題，因為他們選擇了稍大的包裝而不是較小的包裝。

So it's a math issue in terms of units run through our RPC organization.

因此，這是一個關於我們 RPC 組織運行的單元的數學問題。

That's why I say this happens.

這就是為什麼我說會發生這種情況。

It can be a quarter or two and then it trends back, and we get back to a normalized mix.

可能是一兩個季度，然後趨勢就會回來，我們就會回到正常化的組合。

Okay, thanks so much for all the time guys.

好的，非常感謝大家一直以來的支持。

Have a great one.

祝你玩得開心。

All right, thanks.

好的，謝謝。

Gabe Hajde, Wells Fargo.

加布·哈吉德，富國銀行。

Good morning, everyone.

大家早安。

Two questions.

兩個問題。

Rodger, I think you made a reference to TAM lending chip prices continuing to move up.

Rodger，我認為您提到了 TAM 貸款晶片價格持續上漲。

And I was curious if there's an active price increase in the marketplace that we're not aware of or haven't seen, meaning, was that a reference to indices moving higher?

我很好奇市場上是否存在著我們不知道或沒有看到的正面價格上漲，也就是說，這是否是指指數走高？

Or is this just a function of what's been posted working through your contracts?

或者這只是透過您的合約發布的內容的一個功能？

Yeah, I think it was in Rob's prepared comments, Gabe.

是的，我認為這是羅布準備好的評論，加布。

But we're okay where it is.

但我們在哪裡都還好。

We don't expect it to move higher this year.

我們預計今年不會走高。

So at this point, with OCC coming down, we expect it will be flat for the balance of the year

因此，在這一點上，隨著 OCC 的下降，我們預計今年剩餘時間將持平

Okay.

好的。

Must have misheard that.

一定是聽錯了。

And then there's some consolidation in a couple of your big customers.

然後你的幾個大客戶會進行一些整合。

Just curious, looking back in history, how that's impacted the business, if at all?

只是好奇，回顧歷史，這對業務有何影響（如果有的話）？

What I'd tell you is I know exactly which one you're talking about, it's been very positive.

我要告訴你的是，我確切地知道你在談論哪一個，這是非常積極的。

I guess I don't want to get into brands, but typically, when we see a consolidation like this there, we see much more activity in terms of promotion of the brand.

我想我不想涉足品牌領域，但通常情況下，當我們看到這樣的整合時，我們會看到更多的品牌推廣活動。

And this particular example, tremendous opportunities to increase distribution chains and channels where the previous -- they now have had a strong presence.

這個特殊的例子，增加了分銷鍊和通路的巨大機會，而以前，他們現在已經擁有了強大的影響力。

So we're bullish and frankly, we have great relationships with all of our customers.

所以我們很樂觀，坦白說，我們與所有客戶都保持著良好的關係。

And the example that you're citing, I say the same there.

你引用的例子，我也是這麼說的。

So we think this is a very, very positive thing.

所以我們認為這是一件非常非常正面的事情。

And the prior owners have done a fantastic job in reinvigorating the brand, and we expect that there's going to be even more coming.

之前的所有者在重振品牌方面做得非常出色，我們預計還會有更多的事情發生。

Great.

偉大的。

Thank you, guys.

謝謝你們，夥計們。

Good luck.

祝你好運。

Thanks, Gabe.

謝謝，加布。

And that concludes our question-and-answer session.

我們的問答環節到此結束。

I will now turn the conference back over to Lisa Weeks for closing remarks.

現在我將把會議轉回麗莎·威克斯進行閉幕致詞。

Yeah, thank you, everyone for joining us today.

是的，謝謝大家今天加入我們。

As Howard noted, we're going to be out and about in the fourth quarter.

正如霍華德所說，我們將在第四季外出走動。

We look forward to speaking with you and seeing you at our Investor Day in February.

我們期待與您交談並在二月份的投資者日見到您。

If you have any questions, please don't hesitate to reach out, and we'll be happy to take any follow ups that you may have.

如果您有任何疑問，請隨時與我們聯繫，我們將很樂意採取任何後續行動。

Thank you again and hope you all have a wonderful day.

再次感謝您並希望大家度過愉快的一天。

Ladies and gentlemen, this does conclude today's conference call.

女士們先生們，今天的電話會議到此結束。

Thank you for your participation and you may now disconnect.

感謝您的參與，您現在可以斷開連接。