惠而浦 (WHR) 2023 Q1 法說會逐字稿

Good morning, and welcome to Whirlpool Corporation's First Quarter 2023 Earnings Release Call. Today's call is being recorded. For opening remarks and introductions, I would like to turn the call over to Senior Director of Investor Relations, Korey Thomas.

早上好，歡迎來到惠而浦公司 2023 年第一季度收益發布電話會議。今天的通話正在錄音中。關於開場白和介紹，我想將電話轉給投資者關係高級總監 Korey Thomas。

Thank you, and welcome to our first quarter 2023 conference call. Joining me today are Marc Bitzer, our Chairman and Chief Executive Officer; and Jim Peters, our Chief Financial Officer. Our remarks today track with the presentation available on the Investors section of our website at whirlpoolcorp.com. Before we begin, I want to remind you that as we conduct this call, we'll be making forward-looking statements to assist you in better understanding Whirlpool Corporation's future expectations.

謝謝，歡迎參加我們 2023 年第一季度的電話會議。今天加入我的是我們的董事長兼首席執行官 Marc Bitzer；和我們的首席財務官 Jim Peters。我們今天的評論與我們網站 whirlpoolcorp.com 投資者部分的演示文稿一致。在我們開始之前，我想提醒您，在我們進行此次電話會議時，我們將做出前瞻性陳述，以幫助您更好地了解惠而浦公司的未來預期。

Our actual results could differ materially from these statements due to many factors discussed in our latest 10-K, 10-Q and other periodic reports. We also want to remind you that today's presentation includes the non-GAAP measures outlined in further detail on Slide 3 of the presentation. We believe these measures are important indicators of our operations as they exclude items that may not be indicative of results from our ongoing business operations.

由於我們最新的 10-K、10-Q 和其他定期報告中討論的許多因素，我們的實際結果可能與這些陳述存在重大差異。我們還想提醒您，今天的演示文稿包括演示文稿幻燈片 3 中進一步詳細概述的非 GAAP 措施。我們認為這些措施是我們運營的重要指標，因為它們排除了可能無法表明我們正在進行的業務運營結果的項目。

We also think the adjusted measures will provide you with a better baseline for analyzing trends in our ongoing business operations. Listeners are directed to the supplemental information package posted on the Investor Relations section of our website for the reconciliation of non-GAAP items to the most directly comparable GAAP measures. (Operator Instructions). With that, I'll turn the call over to Marc.

我們還認為調整後的措施將為您提供更好的基線來分析我們正在進行的業務運營的趨勢。聽眾被引導到我們網站投資者關係部分發布的補充信息包，以將非 GAAP 項目與最直接可比的 GAAP 措施進行核對。 （操作員說明）。有了這個，我會把電話轉給馬克。

Thanks, Korey, and good morning, everyone. As you will have noted in our earnings release, we did start the year with a very solid first quarter. It was the first quarter which demonstrated significant improvement from our Q4 of last year. And it was a quarter which puts us firmly on track towards our full year guidance. If you look at the drivers of this improved performance, we did not get a lot of help from a macro environment. The global industry demand was down but frankly, that is what we expected.

謝謝，Korey，大家早上好。正如您在我們的收益發布中所指出的那樣，我們確實以非常穩健的第一季度開年。這是第一季度，與去年第四季度相比有顯著改善。這個季度使我們堅定地走上了全年指導的軌道。如果您查看這種改進性能的驅動因素，我們並沒有從宏觀環境中獲得很多幫助。全球行業需求下降，但坦率地說，這是我們的預期。

It was instead our consistent and disciplined execution of our operational priorities that drove this improvement. We were able to achieve meaningful cost reductions. We improved our supply chain. Our product innovations drove strong consumer demand, and we gained market share both sequentially and year-over-year.

相反，我們對運營優先事項的一貫和有紀律的執行推動了這一改進。我們能夠實現有意義的成本降低。我們改進了供應鏈。我們的產品創新推動了強勁的消費者需求，我們的市場份額環比和同比均有所增長。

In short, we did what we told you we would do. This first quarter further strengthens our confidence in our full year guidance. While the macro environment remains challenging and volatile, we know we have the right operational priorities and demonstrate that we can execute them with rigor and discipline.

簡而言之，我們做了我們告訴你我們會做的事。第一季度進一步增強了我們對全年指導的信心。雖然宏觀環境仍然充滿挑戰和動盪，但我們知道我們有正確的運營重點，並證明我們可以嚴格和紀律地執行它們。

Our market share gains, in particular in the U.S. builder segment, will continue throughout the year, coupled with early signs of a stronger U.S. housing market, we expect to see an improved revenue top line as the year progresses.

我們的市場份額增長，尤其是在美國建築商領域的增長，將在全年持續，加上美國房地產市場走強的早期跡象，我們預計隨著今年的進展，收入收入將有所改善。

Beyond our Q1 operational and financial performance, this morning we will also give you a short update on our portfolio transformation, which is fully on track.

除了我們第一季度的運營和財務業績，今天上午我們還將向您簡要介紹我們的投資組合轉型，該轉型已完全步入正軌。

Turning to Slide 6, I will provide an overview of our first quarter results. Across the globe, we're still seeing lower demand due to softer consumer sentiment impacting discretionary appliance purchases which resulted in a revenue decline of 5.5%.

轉到幻燈片 6，我將概述我們第一季度的業績。在全球範圍內，由於消費者信心疲軟影響可自由支配的電器購買，導致收入下降 5.5%，我們仍然看到需求下降。

Our Q1 operating margin of 5.4% is 200 basis points ahead of Q4 and our North America margin improved by 420 basis points to a 10% EBIT margin. Overall, we delivered first quarter ongoing earnings per share of $2.66 in line with our expectations and are reaffirming our ongoing EPS guidance of $16 to $18.

我們第一季度的營業利潤率為 5.4%，比第四季度高 200 個基點，而我們的北美利潤率提高了 420 個基點，達到 10% 的息稅前利潤率。總體而言，我們第一季度的持續每股收益為 2.66 美元，符合我們的預期，並重申我們持續的 EPS 指引為 16 美元至 18 美元。

Now turning to Slide 7, I will share more details on our 200 basis points of sequential margin expansion. Our overall Q1 price mix was in line with our expectations. The year-over-year price mix margin decline is largely driven by our limited participation and promotions during the first half of 2022.

現在轉到幻燈片 7，我將分享更多關於我們連續擴大利潤率 200 個基點的細節。我們第一季度的整體價格組合符合我們的預期。價格組合利潤率同比下降主要是由於我們在 2022 年上半年的參與和促銷有限。

For full year, we continue to expect the promotional environment to be at similar levels as the second half of 2022. On a sequential basis, our price/mix is slightly improved versus Q4, but frankly, this is simply a reflection of the normal seasonal promotion activities, which tend to be higher during the fourth quarter.

對於全年，我們繼續預計促銷環境將與 2022 年下半年處於相似水平。按順序計算，我們的價格/組合比第四季度略有改善，但坦率地說，這只是正常季節性的反映促銷活動，在第四季度往往會更高。

Looking at both net cost takeout and raw materials, let me first remind you what we told you during our last earnings call. We anticipated that Q3 and Q4 marked the peak of our cost inflation, and we would expect this to now turn favorable. And that is exactly what you see in the sequential cost progression where a total of net costs and raw materials show a 0.5 point of favorable cost development.

查看淨成本和原材料，讓我首先提醒您我們在上次財報電話會議上告訴您的內容。我們預計第三季度和第四季度標誌著我們的成本通脹達到頂峰，我們預計現在情況會轉好。這正是您在連續成本進展中看到的，淨成本和原材料的總和顯示出 0.5 個有利的成本發展點。

As the year progresses, we do expect net cost takeout and raw materials to be the key driver of margin improvement. Our cost actions are on track. We will see more seasonal volume leverage and raw materials will continue to improve even though at the low end of our raw material expectations.

隨著時間的推移，我們確實預計淨成本和原材料將成為提高利潤率的主要驅動力。我們的成本行動步入正軌。我們將看到更多的季節性交易量槓桿，原材料將繼續改善，儘管處於我們原材料預期的低端。

Finally, we had a negative impact from foreign currency of 25 basis points year-over-year, ultimately delivering Q1 ongoing EBIT margin of 5.4%.

最後，我們受到外幣同比 25 個基點的負面影響，最終實現第一季度 5.4% 的持續息稅前利潤率。

Turning to Slide 8. I will provide an update on our supply chain operational priorities. We aim for flawless supply chain execution. And while our historical supply chain model has served us very well over many decades, the last few years have shown us is that in order to succeed moving forward, we need a more responsive and adaptive supply chain. We have significantly expanded our dual sourcing of critical components and prioritize high-value strategic parts and components to derisk this part of our supply chain.

轉到幻燈片 8。我將提供有關我們供應鏈運營優先事項的最新信息。我們的目標是實現完美的供應鏈執行。儘管我們過去的供應鏈模式在過去幾十年中一直為我們提供了很好的服務，但過去幾年向我們表明，為了成功向前發展，我們需要一個更具響應性和適應性的供應鏈。我們顯著擴大了關鍵部件的雙重採購，並優先考慮高價值的戰略零部件，以降低我們供應鏈這一部分的風險。

Additionally, over the past 2 years, we have also made significant progress in reducing our parts complexity. In the first quarter, we further reduced our active parts by approximately 5%. This is a key driver in increasing our supply chain resiliency. As a result, our overall product availability is significantly improved versus 2022, even though not yet fully to pre-pandemic levels.

此外，在過去 2 年中，我們在降低零件複雜性方面也取得了重大進展。在第一季度，我們進一步減少了約 5% 的活動部件。這是提高我們供應鏈彈性的關鍵驅動力。因此，與 2022 年相比，我們的整體產品可用性有了顯著提高，儘管尚未完全達到大流行前的水平。

Turning to Slide 9, we provide an update on our cost figures. First, I want to put this in context. Our business saw unprecedented levels of inflation with $2 billion of cost inflation in 2022 on top of an incremental $1 billion of raw material inflation in 2021. Coming into this year, we were aiming to reduce our cost base by $800 million to $900 million, of which $300 million to $400 million were raw material benefits and $500 million were internal cost takeout actions.

轉到幻燈片 9，我們提供了成本數據的更新。首先，我想把它放在上下文中。我們的業務出現了前所未有的通貨膨脹水平，2022 年成本通貨膨脹達到 20 億美元，而 2021 年原材料通貨膨脹增加了 10 億美元。進入今年，我們的目標是將成本基數減少 8 億美元至 9 億美元，其中其中 3 億至 4 億美元是原材料收益，5 億美元是內部成本支出行動。

In short, we're on track. More specifically, recent material cost trends would put us at the lower end of this range. While our internal net cost takeout actions of approximately $500 million are largely on track.

簡而言之，我們走上了正軌。更具體地說，最近的材料成本趨勢將使我們處於該範圍的低端。雖然我們大約 5 億美元的內部淨成本外賣行動基本按計劃進行。

We continue to reduce supply chain inefficiency and premium costs. Our proactive headcount management delivered an additional one point reduction in our global sales workforce in the quarter bringing our aggregate reduction to approximately 5%. Additionally, we're seeing benefits from reduced discretionary spending and other indirect costs.

我們繼續降低供應鏈效率低下和溢價成本。我們積極的員工人數管理使我們的全球銷售人員在本季度又減少了一個百分點，使我們的總減少量達到約 5%。此外，我們還看到了可自由支配支出和其他間接成本減少帶來的好處。

To summarize, our net cost actions are on track and commodity prices have eased, but at a slower pace than initially expected. As a result, we're trending towards the lower end of our $800 million to $900 million total cost takeout range.

總而言之，我們的淨成本行動步入正軌，大宗商品價格有所回落，但速度低於最初預期。因此，我們正趨向於 8 億至 9 億美元總成本支出範圍的低端。

Now I'll turn it over to Jim to review our regional results.

現在我將把它交給吉姆來審查我們的區域結果。

Thanks, Marc, and good morning, everyone. Turning to Slide 11, I'll review results for our North America region. Our share recovery efforts driven by product innovation and improved supply chain execution continue to build momentum, delivering one point of sequential and year-over-year share gains. Consumer sentiment impacted first quarter industry demand down approximately 5.5% in line with our full year industry expectations of down 4% to 6%. We expect a Q2 industry decline of 5% to 10% and a second half industry decline of low to mid-single digits, as we compare to the near double-digit demand declines experienced in the back half of last year.

謝謝，馬克，大家早上好。轉到幻燈片 11，我將回顧我們北美地區的結果。我們在產品創新和改進的供應鏈執行力的推動下努力恢復市場份額，繼續保持勢頭，連續和同比增長一個百分點。消費者情緒影響第一季度行業需求下降約 5.5%，符合我們全年行業預期下降 4% 至 6%。我們預計第二季度行業下降 5% 至 10%，下半年行業下降幅度為中低個位數，與去年下半年接近兩位數的需求下降相比。

The region delivered over 400 basis points of sequential margin expansion and ongoing EBIT margin of 10% as our strong cost takeout actions gained traction alongside our first full quarter with InSinkErator. We remain confident in the structural strength of our North America business and continue to expect our actions to deliver very strong results, including approximately 100 basis points of sequential margin expansion in every quarter of 2023.

該地區實現了超過 400 個基點的連續利潤率增長和 10% 的持續息稅前利潤率，因為我們強有力的成本削減行動在我們與 InSinkErator 的第一個完整季度中獲得了牽引力。我們對北美業務的結構性優勢仍然充滿信心，並繼續期待我們的行動能夠帶來非常強勁的結果，包括 2023 年每個季度利潤率連續增長約 100 個基點。

Turning to Slide 12. I'll provide additional color around our mid- to long-term North America industry outlook. While we are experiencing short-term demand softness, we remain very optimistic about mid- and long-term demand trends. Replacement demand, which represents 55% of the total industry, will increase in the mid- to long term. After the post-financial crisis, industry, volume declined from 2008 to 2011. The industry began to grow again in 2013.

轉向幻燈片 12。我將圍繞我們的中長期北美行業前景提供更多顏色。雖然我們正在經歷短期需求疲軟，但我們對中長期需求趨勢仍然非常樂觀。佔整個行業 55% 的更換需求將在中長期內增加。金融危機後，行業從 2008 年到 2011 年有所下降。該行業在 2013 年開始再次增長。

Further, with remote and hybrid work trends continue to drive elevated usage of well above 2x pre-pandemic levels in our cooking appliances, reducing the replacement cycle by approximately 2 years. Combined with a very strong installed base of Whirlpool's family of appliances in 2 out of every 3 households in America supports strong replacement momentum.

此外，隨著遠程和混合工作趨勢繼續推動我們烹飪器具的使用率遠高於大流行前水平的 2 倍，從而將更換週期縮短了大約 2 年。再加上美國每 3 戶家庭中就有 2 戶安裝了 Whirlpool 電器系列，這支持了強勁的更換勢頭。

Additionally, housing demographics such as a moderating interest rate environment, the oldest housing stock in U.S. history, the need for household formations to catch up with population growth rates and the 2 million to 3 million unit undersupply of U.S. houses, supports mid- to long-term discretionary and new construction demand, which is 45% of the total industry.

此外，利率環境放緩、美國歷史上最古老的住房存量、家庭組成需要趕上人口增長率以及美國房屋供應不足 200 萬至 300 萬套等住房人口統計數據支持中長期。 -長期可支配和新建築需求，佔整個行業的 45%。

We feel extremely confident in our ability to capitalize on these significant tailwinds despite the near-term pressures of housing affordability and softening consumer sentiment impacting discretionary spending and have reflected all of these drivers in our mid- to long-term industry growth outlook of 3% to 4%.

儘管住房負擔能力和消費者信心疲軟影響了可自由支配支出的短期壓力，但我們對利用這些重大順風的能力感到非常有信心，並且在我們 3% 的中長期行業增長前景中反映了所有這些驅動因素到 4%。

Turning to Slide 13. I'll review results for our Europe, Middle East and Africa region. Excluding the impact of foreign currency and the divested Whirlpool Russia business, first quarter revenue was down approximately 8%, driven by continued industry demand weakness. EMEA benefited from cost actions alongside held-for-sale accounting benefits due to reduced depreciation of approximately $30 million that will continue each quarter until the transaction closes, which is expected in the second half of 2023 subject to regulatory approvals.

轉到幻燈片 13。我將回顧我們歐洲、中東和非洲地區的結果。排除外彙和剝離的 Whirlpool 俄羅斯業務的影響，受行業需求持續疲軟的推動，第一季度收入下降約 8%。 EMEA 受益於成本行動以及持有待售的會計收益，因為折舊減少了約 3000 萬美元，每個季度將持續到交易結束，預計在 2023 年下半年獲得監管批准。

Turning to Slide 14. I'll review results for our Latin America region. The region saw signs of demand improvement in Mexico and improving but still soft demand in Brazil, more than offsetting cost-based pricing carryover actions. Continued inflationary pressures were partially offset by our cost takeout actions, resulting in solid EBIT margins of over 5%.

轉到幻燈片 14。我將回顧我們拉丁美洲地區的結果。該地區看到墨西哥需求改善的跡像以及巴西需求改善但仍然疲軟的跡象，遠遠抵消了基於成本的定價結轉行動。持續的通貨膨脹壓力被我們的成本削減行動部分抵消，導致超過 5% 的穩定息稅前利潤率。

Turning to Slide 15, I'll review results for our Asia region. Excluding the impact of currency, revenue declined 3%, driven by consumer demand that has not yet fully recovered. The region delivered EBIT margins of 3.1%, driven by our cost takeout actions, offset by negative foreign currency and price/mix. We continue to believe in the long-term growth potential for the region, in India in particular.

轉到幻燈片 15，我將回顧我們亞洲地區的結果。排除貨幣的影響，受尚未完全恢復的消費者需求的推動，收入下降了 3%。該地區的息稅前利潤率為 3.1%，這得益於我們的成本削減行動，但被負外彙和價格/組合所抵消。我們繼續相信該地區，尤其是印度的長期增長潛力。

Turning to Slide 17, I'll discuss our full year 2023 guidance. We are reaffirming our ongoing EPS range of $16 to $18 and free cash flow guidance of approximately $800 million. Additionally, our net sales guidance of $19.4 billion alongside approximately 7.5% full year ongoing EBIT margins with North America exiting at 14% remains unchanged.

轉到幻燈片 17，我將討論我們的 2023 年全年指南。我們重申我們正在進行的 EPS 範圍為 16 美元至 18 美元，自由現金流指導約為 8 億美元。此外，我們 194 億美元的淨銷售額指引以及約 7.5% 的全年持續息稅前利潤率保持不變，北美為 14%。

As we navigate a softer first half demand environment, easing inflation and our cost takeout actions ramp, we continue to expect to deliver 35% to 40% of our earnings in the first half of the year. We are updating our GAAP guidance to reflect charges related to our EMEA business.

隨著我們度過上半年疲軟的需求環境、緩解通貨膨脹和我們的成本削減行動，我們繼續預計今年上半年將實現 35% 至 40% 的收益。我們正在更新我們的 GAAP 指南，以反映與我們的 EMEA 業務相關的費用。

First, we have recorded approximately $60 million in charges related to certain EMEA legacy legal matters. Second, held-for-sale accounting treatment effectively requires that we mark-to-market the value of our EMEA net assets through a quarterly assessment. Based on this assessment, we recorded a Q1 noncash loss related to the transaction of $222 million, primarily due to working capital changes and the impact of foreign currency. We may have additional adjustments that increase or decrease the noncash loss as we complete this reassessment each quarter. These items were removed from our ongoing earnings in Q1.

首先，我們記錄了與某些 EMEA 遺留法律事務相關的大約 6000 萬美元的費用。其次，持有待售的會計處理實際上要求我們通過季度評估按市值計價我們的 EMEA 淨資產價值。根據這一評估，我們記錄了與交易相關的第一季度非現金損失 2.22 億美元，這主要是由於營運資金變化和外彙的影響。當我們每個季度完成此重新評估時，我們可能會進行額外的調整，以增加或減少非現金損失。這些項目已從我們第一季度的持續收益中刪除。

I would like to highlight that the amount of consideration to be received for the transaction has not changed. Additionally, given EMEA's free cash flow is largely back-half weighted, the timing of the transaction closing could impact our 2023 free cash flow.

我想強調的是，交易收取的對價金額沒有改變。此外，鑑於 EMEA 的自由現金流主要採用後半加權，交易完成的時間可能會影響我們 2023 年的自由現金流。

Turning to Slide 18. I will discuss our capital allocation priorities, which remain unchanged. We remain committed to funding innovation and growth and expect to invest over $1 billion in capital expenditures and research and development this year including InSinkErator largest product launch in over a decade, which Marc will discuss in a moment.

轉向幻燈片 18。我將討論我們的資本分配優先事項，這些優先事項保持不變。我們仍然致力於為創新和增長提供資金，並預計今年將投資超過 10 億美元用於資本支出和研發，包括 InSinkErator 十多年來最大規模的產品發布，Marc 稍後將對此進行討論。

Additionally, we remain confident in our ability to generate strong free cash flow. Alongside our strong cash balance, we continue to have flexibility to support our commitment to return cash to shareholders, demonstrated with nearly 70 consecutive years of cash returned to shareholders through our very strong dividend. In the near term, we will continue to prioritize debt repayment, driving an optimal capital structure and maintaining our strong investment-grade credit rating.

此外，我們對我們產生強勁自由現金流的能力充滿信心。除了我們強勁的現金餘額外，我們還可以靈活地支持我們向股東返還現金的承諾，近 70 年來通過我們非常強勁的股息向股東返還現金就證明了這一點。在短期內，我們將繼續優先考慮償還債務，推動優化資本結構並維持我們強大的投資級信用評級。

Now I will turn the call over to Marc.

現在我將把電話轉給馬克。

Thanks, Jim. Turning to Slide 20. Let me provide an update on our portfolio transformation. Whirlpool today is a very different company from Whirlpool of the past. In the last 5 years, we have taken several significant steps to transform the company to a higher-growth, higher-margin business. These actions will create an even stronger and more value-creating Whirlpool and position us for the future.

謝謝，吉姆。轉到幻燈片 20。讓我提供有關我們投資組合轉型的最新情況。今天的 Whirlpool 與過去的 Whirlpool 是一家截然不同的公司。在過去的 5 年裡，我們採取了幾個重要步驟，將公司轉型為更高增長、更高利潤的業務。這些行動將創建一個更強大、更能創造價值的 Whirlpool，並為我們的未來做好準備。

Turning to Slide 21, I will highlight how the addition of InSinkErator is strengthening our portfolio and supports our #1 position in the Americas. In the fourth quarter of 2022, we closed the acquisition of InSinkErator, largest manufacturer of food waste disposers in the United States. Our integration efforts are well underway and remain on track. We sustained EBIT margins of above 20%, 75% replacement demand, we're excited about the rich history and strong product legacy that InSinkErator adds to our portfolio.

轉到幻燈片 21，我將強調 InSinkErator 的加入如何加強我們的產品組合併支持我們在美洲的第一位置。 2022 年第四季度，我們完成了對美國最大的食物垃圾處理器製造商 InSinkErator 的收購。我們的整合工作進展順利，並保持在正軌上。我們維持了 20% 以上的息稅前利潤率，75% 的更換需求，我們對 InSinkErator 為我們的產品組合增加的豐富歷史和強大的產品遺產感到興奮。

We continue to expect InSinkErator to add approximately 50 basis points to our consolidated EBIT margins.

我們繼續期望 InSinkErator 為我們的綜合息稅前利潤率增加大約 50 個基點。

Turning to Slide 22. I'm pleased to highlight our upcoming product launch. InSinkErator already has the best-selling product line with an overall 4.7 star rating. And we're excited to launch with NextGen product during the summer of 2023. This marks the biggest InSinkErator product launch over the past decade. Our fully redesigned disposals to bring multiple innovative new features and performance improvements, including InSinkErator's quite performance with SoundSeal noise reduction technology and a rugged induction motor with enhanced multi-grind performance, allowing consumers to divert even more food waste from landfills. The easiest installed ever, thanks to a complete redesign of a disposer. And like our current disposals, the NextGen units will be manufactured in our Racine, Wisconsin facility.

轉到幻燈片 22。我很高興強調我們即將推出的產品。 InSinkErator 已經擁有最暢銷的產品線，總體評分為 4.7 星。我們很高興在 2023 年夏季推出 NextGen 產品。這標誌著 InSinkErator 過去十年來最大規模的產品發布。我們完全重新設計的垃圾處理器帶來多項創新功能和性能改進，包括 InSinkErator 採用 SoundSeal 降噪技術和堅固耐用的感應電機，具有增強的多研磨性能，使消費者能夠從垃圾填埋場轉移更多的食物垃圾。由於對處理器進行了徹底的重新設計，因此安裝最簡單。和我們目前的處置一樣，NextGen 裝置將在我們威斯康星州拉辛的工廠生產。

The next generation disposer is expected to deliver growth and margin expansion through enhanced product offerings and manufacturing efficiencies.

下一代處理器有望通過增強的產品供應和製造效率實現增長和利潤擴張。

Now turning to Slide 23. I will provide an update on our Europe transaction. As a reminder, in January, we agreed to contribute our European major domestic appliance business into a newly formed entity with Arcelik. We expect the transaction to close during the second half of '23, subject to regulatory approvals. We will own approximately 25% of a new company. And the new company is expected to have over EUR 6 billion of annual sales with over EUR 200 million of cost synergies. We have a potential to unlock long-term value creation for our ability to monetize our minority interest.

現在轉到幻燈片 23。我將提供我們歐洲交易的最新情況。提醒一下，在 1 月份，我們同意將我們的歐洲主要家用電器業務貢獻給與 Arcelik 新成立的實體。我們預計該交易將在 23 年下半年完成，但需獲得監管部門的批准。我們將擁有一家新公司大約 25% 的股份。預計新公司的年銷售額將超過 60 億歐元，成本協同效應將超過 2 億歐元。我們有潛力釋放長期價值創造，因為我們有能力將我們的少數股權貨幣化。

Coupled with our 40-year Whirlpool brand licensing agreement, we expect $750 million net present value of future cash flows. Additionally, post closing, we expect positive impact of the transaction to our value creation metrics of a 200 basis point improvement to return on invested capital, alongside a 150 basis point improvement in ongoing EBIT margin and $250 million of incremental free cash flow annually.

加上我們 40 年的惠而浦品牌許可協議，我們預計未來現金流的淨現值為 7.5 億美元。此外，在交易結束後，我們預計該交易對我們的價值創造指標產生積極影響，即投資資本回報率提高 200 個基點，持續息稅前利潤率提高 150 個基點，每年增加 2.5 億美元的自由現金流。

Turning to Slide 24. Let me close with a few remarks. The broader macro cycle has continued to present challenges for most industries and the impact of a recent banking crisis has renewed consumer concerns impacting sentiment and demand. In this environment, we executed our operational priorities delivering a solid first quarter performance, and we are confident in the medium- to long-term demand dynamics while remaining focused on operating the business in a way that allows us to benefit from rebounding demand.

轉到幻燈片 24。讓我以幾點說明結束。更廣泛的宏觀週期繼續為大多數行業帶來挑戰，最近銀行業危機的影響再次引發消費者對影響情緒和需求的擔憂。在這種環境下，我們執行了我們的運營重點，提供了穩健的第一季度業績，我們對中長期需求動態充滿信心，同時繼續專注於以一種使我們能夠從需求反彈中受益的方式運營業務。

We expect our 2023 operational priorities to deliver $800 million to $900 million in cost takeout alongside our North America business delivering share gains driven by product innovation and improved supply chain execution. We reaffirm our ongoing EPS guidance of $16 to $18 and continue to unlock value with our ongoing portfolio transformation efforts.

我們預計 2023 年的運營重點將實現 8 億至 9 億美元的成本削減，同時我們的北美業務將通過產品創新和改進的供應鏈執行力實現份額收益。我們重申我們正在進行的 16 美元至 18 美元的每股收益指導，並通過我們正在進行的投資組合轉型努力繼續釋放價值。

A common theme we've discussed over the last 3 years is that Whirlpool has successfully navigated the fast-changing environment. We expect to do it again this year with our operational priority plus $1.4 billion of cash on hand, providing balance sheet flexibility and our expectation for mid- to long-term demand tailwind. Whirlpool is well positioned to deliver significant value creation.

我們在過去 3 年中討論的一個共同主題是 Whirlpool 已成功駕馭快速變化的環境。我們預計今年將以我們的運營優先級加上 14 億美元的手頭現金再次這樣做，提供資產負債表的靈活性和我們對中長期需求順風的預期。 Whirlpool 有能力創造重要的價值。

Now we will end our formal remarks and open it up for questions.

現在我們將結束我們的正式發言並開始提問。

(Operator Instructions). Your first question comes from the line of Susan Maklari from Goldman Sachs.

（操作員說明）。你的第一個問題來自高盛的 Susan Maklari。

My first question is the market share gains that you saw this quarter were impressive. Can you talk a bit more about what drove those? And how you're thinking about your business relative to the industry outlook for volumes that you outlined for the second quarter and then the back half?

我的第一個問題是您在本季度看到的市場份額增長令人印象深刻。你能多談談是什麼推動了這些嗎？您如何看待您的業務與您概述的第二季度和下半年的行業前景有關？

Susan, so let me just give you a little bit more color on the market share gains in North America in particular. So as we indicated in the prepared remarks, we basically, both sequentially and year-over-year, we gained slightly (inaudible) point of share. That is largely a result of one, supply chain just been in a much better shape, not completely resolved, but we're in a much better shape. And two, we have a number of really good market innovations out there, like the 2 in 1 Laundry, (inaudible) washing, so there's a couple of really good innovation also (inaudible), which drive a lot of very healthy business. So ultimate supply chain and innovation and market allowed us to regain that market share or some of the market share.

蘇珊，所以讓我給你更多關於北美市場份額增長的顏色。因此，正如我們在準備好的評論中指出的那樣，基本上，無論是順序還是同比，我們都獲得了輕微（聽不清）的份額。這在很大程度上是一個結果，供應鏈只是處於更好的狀態，沒有完全解決，但我們的狀態要好得多。第二，我們有許多非常好的市場創新，比如二合一洗衣，（聽不清）洗滌，所以也有一些非常好的創新（聽不清），這推動了很多非常健康的業務。所以最終的供應鍊和創新和市場讓我們重新獲得了市場份額或部分市場份額。

On a full year basis, as we indicated before, on a full year base, U.S., we expect the industry to be down 4% to 6% more front half loaded than back half, back half, we expect an improvement. And I would also expect that on a sustained basis, we will gain share every quarter.

在全年的基礎上，正如我們之前指出的那樣，在美國的全年基礎上，我們預計該行業的前半部分負載比後半部分多下降 4% 至 6%，我們預計後半部分會有所改善。而且我還預計，在持續的基礎上，我們每個季度都會獲得份額。

Okay. That's helpful. And you mentioned that the easing of the commodity prices has been perhaps a bit more tepid than what you had initially expected. We've obviously seen steel come off of its more recent trough lately. Can you talk a bit more about how you're thinking of the cadence of those commodity pressures? And what you're expecting for price cost as we move through the balance of the year?

好的。這很有幫助。你提到大宗商品價格的回落可能比你最初預期的要溫和一些。我們顯然已經看到鋼鐵最近擺脫了最近的低谷。你能多談談你是如何看待這些商品壓力的節奏的嗎？在今年餘下的時間裡，您對價格成本的期望是什麼？

Yes. So Susan, so again, put it in perspective, we indicated on a pure raw material side, but we would get a $300 million to $400 million benefit this year that is on top of a $500 million kind of internal cost takeout, which we target for.

是的。所以 Susan，再一次，客觀地說，我們在純原材料方面表示，但今年我們將獲得 3 億至 4 億美元的收益，這是在我們的目標是 5 億美元的內部成本支出之上為了。

On the raw material side, within the range, but frankly, we're probably more right now trending towards the $300 million as opposed to the $400 million that is simply a reflection of, yes, material prices are coming down, but maybe not at the pace that some people would have expected, but well within the range. I also want to remind everybody the big raw material items like steel, we don't buy spot. We typically have, in most cases, 3 to 12 months contract, which gives us a little bit of protection against any kind of spot volatility, but again, overall, we're $300 million to $400 million right now, more trending towards $300 million but obviously, still a lot of volatility in the market.

在原材料方面，在這個範圍內，但坦率地說，我們現在可能更傾向於 3 億美元，而不是 4 億美元，這只是反映了，是的，材料價格正在下降，但也許不會一些人會預期的速度，但在範圍內。還要提醒大家，像鋼材這樣的大宗原材料，我們是不買現貨的。在大多數情況下，我們通常有 3 到 12 個月的合同，這可以為我們提供一點保護，防止任何形式的現貨波動，但同樣，總體而言，我們現在有 3 億到 4 億美元，更趨向於 3 億美元但顯然，市場的波動性依然很大。

Your next question comes from the line of Sam Darkatsh from Raymond James.

你的下一個問題來自 Raymond James 的 Sam Darkatsh。

Two just real quick clarification questions, if I could. With respect to your production versus your shipments from a volume unit standpoint in the quarter. Did you underproduce the shipments again? And what was the impact of earnings or profitability, if you could?

如果可以的話，兩個只是真正的快速澄清問題。從本季度的體積單位角度來看，關於您的生產與出貨量。你是不是又少生產了貨物？如果可以的話，收入或盈利能力的影響是什麼？

Yes. I'd say, Sam, if you really look at, I wouldn't say that we underproduce the shipments. In fact, we did build a little bit of inventory in some key areas. But what we did do is we produced obviously less than we did last year in Q1, and we did produce less than we did in Q4. So you've got both a lower year-over-year and a quarter-over-quarter impact of just lower volumes and the leverage we get off of it. But in terms of where our production are, we're pretty well matched to what our shipments are with just some strategic areas that we've decided to reinforce some of our inventories as we head into more of a peak season around the globe.

是的。我會說，山姆，如果你真的看的話，我不會說我們的出貨量不足。事實上，我們確實在一些關鍵領域建立了一點庫存。但我們所做的是我們的產量明顯低於去年第一季度的產量，而且我們的產量確實低於第四季度。因此，由於銷量下降以及我們從中獲得的槓桿作用，您的同比和環比影響都較低。但就我們的生產地點而言，我們與我們的出貨量非常匹配，只有一些戰略領域，我們決定在我們進入全球更多的旺季時加強我們的一些庫存。

And again, Sam, just to reiterate because I think you're raising a very important question. So I think we produce pretty much in line with shipments and towards -- compared to January 1, we'll build a slight amount of inventory. However, on a year-over-year base, we produce less and that's just simply we don't want to get the inventories out of hand. We want to backfill some spots where we had some availability issues. So we feel pretty good about where right now the supply chain is and where we balance from an inventory perspective.

Sam，再次重申，因為我認為你提出了一個非常重要的問題。所以我認為我們的生產與出貨量基本一致，而且與 1 月 1 日相比，我們將建立少量庫存。然而，與去年同期相比，我們的產量減少了，這只是我們不想讓庫存失控。我們想回填一些存在可用性問題的地方。因此，我們對目前供應鏈的位置以及我們從庫存角度平衡的位置感到非常滿意。

And then my second question, and this is just housekeeping, I apologize. The ongoing corporate expense for the quarter was around $75 million. I think it was running around $30 million to $40 million each quarter last year, what is the reasoning for the step-up sequentially? And then what are your expectations for the corporate expense for the year, just to make sure we're all looking at the right line.

然後是我的第二個問題，這只是客房服務，我很抱歉。本季度持續的公司支出約為 7500 萬美元。我認為它去年每個季度運行大約 3000 萬到 4000 萬美元，連續增加的原因是什麼？然後你對今年的公司支出有何期望，只是為了確保我們都在尋找正確的路線。

Yes. Sam, that's a good question. And part of what's in there that increases that run rate is because that's before you have the adjustments from GAAP to ongoing. And so you do have some transactional costs within there that are related to the EMEA transaction that are then included in that bucket. But on our GAAP statements, and then you'll see that in the corporate bucket to begin with.

是的。山姆，這是個好問題。那裡增加運行率的部分原因是因為那是在你從 GAAP 調整到持續之前。因此，您確實有一些與 EMEA 交易相關的交易成本，然後包含在該存儲桶中。但是在我們的 GAAP 報表中，您會首先在公司桶中看到這一點。

Then the other thing is also last year within the first quarter, when you're looking at a little bit of a comparison here, we did have a gain in the first quarter of last year that came from a sale leaseback that sits in that number also. So right now, typically, what we would say is for the full year, we expect that to run around $200 million, it is what it historically has on a full year basis. It will be a little bit elevated this year with some of those transaction costs in there that then just get included in the gain from an ongoing perspective on the gain and loss due to the sale.

然後另一件事也是去年第一季度，當你在這裡看一點比較時，我們在去年第一季度確實有收益，這是來自那個數字的售後回租還。所以現在，通常情況下，我們會說的是全年，我們預計將達到 2 億美元左右，這是歷史上全年的水平。今年它會稍微升高一些，其中一些交易成本會被計入收益中，從持續的角度來看，銷售帶來的收益和損失。

Your next question comes from the line of Mike Rehaut from JPMorgan.

你的下一個問題來自摩根大通的 Mike Rehaut。

Thanks. Good morning, everyone. Just wanted to circle back to the market share gains. And I appreciate, before you kind of talking about the drivers of those gains in terms of what allowed for them, in other words, from a supply chain angle, et cetera. I was wondering if you could also kind of address it from the end market perspective. In other words, do you feel like the gains occurred more in the builder channel versus retail or any product categories or any parts of retail? Any other color around from that perspective, where the gains came from?

謝謝。大家，早安。只是想回到市場份額的增長上。我很感激，在你談論這些收益的驅動因素之前，換句話說，從供應鏈的角度等等。我想知道您是否也可以從終端市場的角度來解決這個問題。換句話說，與零售或任何產品類別或零售的任何部分相比，您是否覺得建築商渠道的收益更多？從那個角度來看周圍還有其他顏色，收益從何而來？

Michael, so -- and again, I presume that is particularly U.S. market specific question. So if you look at the Q1, we feel very good about the share gains in laundry, dish and cooking, and we still have some work to be done in refrigeration. That's from a product perspective.

邁克爾，所以——我認為這是特別針對美國市場的問題。所以如果你看看第一季度，我們對洗衣、洗碗和烹飪的份額增長感覺非常好，我們在製冷方面還有一些工作要做。這是從產品的角度。

On the distribution side, it's pretty much across the board. We feel actually pretty good of above balance of sale, which we have with more trade customers. We feel particularly good about our, not just short-term but long-term share gains which we have in build the segment. Now needless to say that in Q1, that is not a big driver because the builder channel in Q1 was not very high. I think that's more a reason we're bullish on mid and long-term because our position within the builder segment is a very strong one and has strengthened over the last couple of years.

在分銷方面，它幾乎是全面的。實際上，我們與更多的貿易客戶有更多的銷售餘額，我們感覺非常好。我們對我們在建立該細分市場時獲得的不僅是短期而且長期的份額收益感到特別滿意。現在不用說，在第一季度，這不是一個很大的驅動因素，因為第一季度的建設者渠道不是很高。我認為這更多是我們看好中長期的原因，因為我們在建築商領域的地位非常強大，並且在過去幾年中得到加強。

Great. Thanks for that, Marc. I guess, secondly, there's comments before about expectations around the promotional activities for 2023 being in line with the back half of '22, but still below pre-pandemic levels. And it appears that first quarter came in line with expectations from a price/mix perspective. So I guess the question is, what are the indications so far that you've seen that give you confidence to reiterate your expectations for promotions for the full year. Obviously, it's a big concern for investors as demand will be overall for the year down year-over-year and concerns, particularly around the back half that commercial activity might increase. So I'm wondering if the -- from some perspectives, how channel inventories are progressing or just the overall cadence of what you've seen year-to-date or maybe looking into the second quarter, but I was wondering if you could expand a little bit about how you're thinking about promotions this year, what still gives you the confidence that things are on track relative to last quarter?

偉大的。謝謝你，馬克。我想，其次，之前有評論稱 2023 年促銷活動的預期與 22 年的後半年一致，但仍低於大流行前的水平。從價格/組合的角度來看，第一季度似乎符合預期。所以我想問題是，到目前為止，您看到哪些跡象讓您有信心重申您對全年晉升的預期。顯然，這對投資者來說是一個很大的擔憂，因為今年的整體需求將同比下降，而且人們擔心，尤其是在下半年，商業活動可能會增加。所以我想知道——從某些角度來看，渠道庫存是如何進展的，或者只是你今年迄今所看到的或可能展望第二季度的整體節奏，但我想知道你是否可以擴大關於您如何考慮今年的促銷活動，與上一季度相比，是什麼仍然讓您有信心事情步入正軌？

Yes, Michael. So of course, as you know, it's always difficult to make prediction on promotional environment, but we said in the prepared remarks, we expect full year '23 to be similar to the backup of '22. I think the prime driver of confidence behind this one is the second half and even the first quarter played out in the market pretty much as we anticipated because, of course, people compared to '21, but '21 was pretty much a complete absence of promotion. So I think you have now, what I would call, a reasonably normalized promotional environment. And of course, we monitor that very closely. We participate in smart value creation promotion that has been our stated guidance and policy internally. So as such, the last 3 quarters, we were not surprised by what we've seen and how we participated. And also Q1 played out pretty much exactly to that level. And from that perspective, our stance on promotion where we participate and where we don't, has not changed, and we don't intend to change that.

是的，邁克爾。所以當然，正如你所知，對促銷環境做出預測總是很困難，但我們在準備好的評論中說過，我們預計 23 年全年與 22 年的備份相似。我認為這背後的主要信心驅動力是下半年，甚至第一季度在市場上的表現與我們預期的差不多，因為當然，人們與 21 年相比，但 21 年幾乎完全沒有晉升。所以我認為你現在擁有一個合理規範的促銷環境。當然，我們會非常密切地監視它。我們參與智能價值創造促進，這已成為我們內部規定的指導方針和政策。因此，在過去的 3 個季度中，我們對我們所看到的以及我們的參與方式並不感到驚訝。而且 Q1 的表現幾乎完全達到了那個水平。從這個角度來看，我們對參與和不參與的推廣的立場沒有改變，我們也不打算改變這一點。

And I'd say maybe if I'd add a little bit to it, Michael, too, is when we look back to try and compare the patterns and all that and the periods of promotion, we see things that are similar to 2019, not necessarily the level of depth, as we said, we don't see that, that the levels that were prepandemic, but the amount of promotional periods and the durations of some of them are very similar to that type of a time period. So it's kind of normalized from what we saw during COVID.

我想說的是，如果我再補充一點，邁克爾也一樣，當我們回顧過去嘗試比較模式和所有這些以及促銷時期時，我們會看到與 2019 年類似的事情，不一定是深度水平，正如我們所說，我們沒有看到大流行前的水平，但促銷期的數量和其中一些的持續時間與那種類型的時間段非常相似。因此，從我們在 COVID 期間看到的情況來看，它有點標準化。

Michael, just because you also raised the trade inventory, first of all, and I know you're fully aware of that. The last 2 or 3 years have seen extreme swings on inventory up and down given the supply chain disruptions, which we all face in the industry. I think we now see more normalized trade inventory levels. And from what we see across the board, most trade inventory levels end of Q1 were pretty much normalized. So neither elevated or usually kind of significantly low, so we feel pretty good about the trade inventory position. I don't think there's a lot of pressure out there from excess inventory. So I think by and large, it's pretty well balanced.

邁克爾，首先是因為你也提高了貿易庫存，我知道你已經完全意識到了這一點。在過去的 2 或 3 年裡，由於我們在行業中都面臨的供應鏈中斷，庫存出現了極大的上下波動。我認為我們現在看到更加正常化的貿易庫存水平。從我們的全面觀察來看，第一季度末的大多數貿易庫存水平都已基本正常化。所以既沒有升高也沒有顯著降低，所以我們對貿易庫存狀況感覺很好。我認為庫存過剩不會帶來很大壓力。所以我認為總的來說，它非常平衡。

Your next question comes from the line of David MacGregor from Longbow Research.

您的下一個問題來自 Longbow Research 的 David MacGregor。

Slide 12, where you laid out the history of the AHAM data is interesting. That's total appliances rather than quarter 6, I guess. But I wonder I really want to isolate replacement demand and see if you could talk a little bit about what you've got baked into the 3% to 4%? And anything you can provide on discretionary builder as well, it would be interesting as well. But just trying to sort of parse out individual components of that number and see what it is your thinking?

幻燈片 12，您在其中列出了 AHAM 數據的歷史，這很有趣。我猜這是總電器而不是第 6 季度。但我想知道我真的想隔離更換需求，看看你是否可以談談你已經融入 3% 到 4% 的東西？您也可以在 discretionary builder 上提供任何內容，這也會很有趣。但是只是試圖解析出該數字的各個組成部分，看看你在想什麼？

So David, as you all know, we basically, in the most simplistic terms, you can split the demand in 2 components. One is a replacement and the other one is by and large discretionary. Replacement demand, even in the last couple of quarters, actually has been pretty stable as we expected, even slightly up. because, of course, COVID and also post-COVID drove significantly higher appliance usage. So as such, replacement demand is very solid and even slightly increasing. What has taken a [beat] in the last 12 months is, frankly, discretionary demand because, of course, consumer sentiment is a key driver of discretionary demand and consumer sentiment because of war in Ukraine, interest rate shocks and all kind of other external bad news, may drove sentiment down. So that is the part which you've seen come down the last couple of quarters.

所以大衛，正如你們所知，我們基本上，用最簡單的術語來說，您可以將需求分為兩個部分。一個是替代品，另一個基本上是酌情決定的。更換需求，即使在過去幾個季度，實際上也如我們預期的那樣相當穩定，甚至略有上升。因為，當然，COVID 和後 COVID 推動了更高的設備使用率。因此，更換需求非常穩固，甚至略有增加。坦率地說，過去 12 個壞消息，可能會壓低市場情緒。所以這就是你在過去幾個季度看到的部分。

Now on a go-forward basis, again, we continue to expect replacement demand to be solid or even increasing, and we also see a kind of rebalancing on the discretionary basis. In particular, also related to your question on housing. Of course, when you read all the articles on housing, you feel a little bit like sky is falling. We don't fully subscribe to that point of view. And actually, if you look at the Q1 housing data, if you look at housing starts, 1.42 million, actual has been very strong than most anticipated.

現在，在向前發展的基礎上，我們再次預計更換需求將保持穩定甚至增加，我們還看到一種基於酌情權的再平衡。特別是，也與你關於住房的問題有關。當然，當你看到所有關於住房的文章時，你會有一種天塌下來的感覺。我們不完全同意這種觀點。事實上，如果你看一下第一季度的房屋開工數據，142 萬套，實際比大多數人預期的要強勁。

You look at the builder results, and D.R. Horton came up with strong results, (inaudible) this morning pretty strong results. The housing market is not as bad as most people have anticipated. And if you take the housing start and then you add you to the completion 6 to 9 months to it, I think towards the back end of this year, I think you may see more strength coming out of the housing market than most people anticipated. So we feel gradually good about the increasing discretionary demand and particularly coming also from builder side. Now frankly, not exactly the next 1 or 2 quarters, but towards the year-end, I think we feel pretty good.

您查看生成器結果，然後 D.R.霍頓取得了不錯的成績，（聽不清）今天早上的成績相當不錯。房地產市場並不像大多數人預期的那樣糟糕。如果你把房屋開工，然後加上 6 到 9 個月的完工時間，我認為到今年年底，你可能會看到房地產市場的力量比大多數人預期的要多。因此，我們對不斷增長的可自由支配需求逐漸感到滿意，尤其是來自建築商方面的需求。現在坦率地說，不完全是接下來的 1 或 2 個季度，但到年底，我認為我們感覺很好。

I'd say the other thing as we look at it longer term, as we've mentioned, is there's still an undersupply of housing in the U.S., and you've got to take that into account and the replacement side of the business as we know it's going to grow for an extended period of time if you just look at back at some of the previous peaks.

正如我們所提到的，從長遠來看，我要說的是另一件事，即美國的住房供應仍然不足，你必須考慮到這一點，以及業務的替代方面如果你回顧一下之前的一些高峰，我們知道它會增長很長一段時間。

So also from a long-term perspective, there are just a lot of things out there that indicate to us that we should see continued growth. And even additionally, if the housing market stays where it is, then you most likely see an increase in the number of remodels as consumers will invest in their existing home if they're not going to move if it makes sense. So we see all of those as opportunities on a mid- to long-term basis.

因此，從長期的角度來看，還有很多事情向我們表明我們應該看到持續增長。此外，如果房地產市場保持原狀，那麼您很可能會看到改建數量的增加，因為如果消費者在合理的情況下不打算搬家，他們將投資於現有房屋。因此，我們將所有這些視為中長期的機會。

Okay. Jim, you had made reference when you were talking about the sale of the European business that because of the seasonality of working capital, there could be some impact on your full year free cash flow. Can you just talk about the risk that, that might represent to the $800 million guide number?

好的。吉姆，你在談到出售歐洲業務時曾提到，由於營運資金的季節性，可能會對你的全年自由現金流產生一些影響。你能談談這可能代表 8 億美元指導數字的風險嗎？

Yes, David. And here's what I'd say is the seasonality of our business overall with working capital tends to -- we build throughout the first half of the year, it comes down throughout the second half of the year. And EMEA is a little bit more pronounced on that. And so depending on when we would close this transaction, obviously due to the regulatory approvals, that are still to come. You would see being closer to almost a net zero effect at the end of the year. versus what could be a $100 million possible impact if it's earlier within the quarter. So that's the kind of range that I think you should just put there and expect that could be in that type of range. But the closer we get to year-end, the closer it will probably most likely just be at a net zero type of level.

是的，大衛。這就是我要說的是我們整體業務的季節性與營運資金的趨勢——我們在今年上半年建立，它在下半年下降。歐洲、中東和非洲地區在這一點上更為明顯。因此，這取決於我們何時結束這筆交易，顯然是由於監管部門的批准，這還有待完成。您會在年底看到接近淨零效應。如果在本季度早些時候，可能會產生 1 億美元的影響。所以這就是我認為你應該放在那裡的那種範圍，並期望它可能在那種類型的範圍內。但我們越接近年底，它就越有可能處於淨零水平。

David, let me maybe also a what Jim is saying. First of all, to reiterate what Jim said also in the prepared remarks, what we get as precede and future value creation out of this Europe transaction has not changed. Now with the held-for-sale accounting various moving parts left and right and up and down, it's basically mark-to-market, but it doesn't change what you get for the business. The cash flow seasonality is, Europe of all our region is the one which turns positive on cash flow the latest in the year, typically turns positive in Q4, so the closer you get to the year-end, the more business base is 0.0 for the cash flow. And depending on where we exactly close it, that could have an impact.

大衛，讓我也聽聽吉姆的話。首先，重申吉姆在準備好的發言中所說的話，我們從這次歐洲交易中獲得的先例和未來價值創造沒有改變。現在，隨著持有待售會計的各種移動部分左右上下，它基本上是按市值計算的，但它不會改變你從業務中得到的東西。現金流的季節性是，我們所有地區的歐洲是最近一年現金流轉為正的，通常在第四季度轉為正，所以越接近年底，業務基數越多為 0.0現金流量。根據我們確切關閉它的位置，這可能會產生影響。

Your next question comes from the line of Liz Suzuki from Bank of America.

你的下一個問題來自美國銀行的 Liz Suzuki。

I'm just curious how much InSinkErator contributed to North American net sales and whether it's fair to assume that excluding InSinkErator that North American sales would have looked more like down in the high single digits. And then if the share gains that you cited were independent of InSinkErator.

我只是好奇 InSinkErator 對北美淨銷售額的貢獻有多大，以及是否可以公平地假設將 InSinkErator 排除在外，北美銷售額看起來更像是高個位數下降。然後，如果您引用的份額收益獨立於 InSinkErator。

So first of all, the share gains were independent of InSinkErator because that's not captured in the T5 and T6, what we typically report. So that is purely major domestic appliance sales. The InSinkErator, again, consistent with what we previously communicated, we expect 2023 about $600 million of net sales. Q1, Q2 because of seasonality will be slightly lower. So all part $130 million, $140 million. So that's pretty much what you should include in there. Keep also in mind of the North America sales numbers, we also have Canada in there and KitchenAid small domestic and a small domestic appliance business in Q1, Q2, also we expected is still a little bit softer than the major domestic market. But on major appliances, we had a very solid share gain. And actually, on a pure major appliances, we were pretty close to revenue 0.0.

因此，首先，份額收益獨立於 InSinkErator，因為 T5 和 T6 沒有包含我們通常報告的內容。所以那是純粹的國內大家電銷售。 InSinkErator 再次與我們之前傳達的一致，我們預計 2023 年的淨銷售額約為 6 億美元。 Q1、Q2因為季節性會略低。所以所有部分都是 1.3 億美元，1.4 億美元。所以這幾乎就是您應該包含在其中的內容。還要記住北美的銷售數字，我們還有加拿大和 KitchenAid 小型家用電器業務在第一季度，第二季度，我們預計仍然比主要國內市場略微疲軟。但在大家電方面，我們的份額增長非常可觀。實際上，在純大型電器上，我們的收入非常接近 0.0。

Your next question comes from the line of Eric Bosshard from Cleveland Research.

你的下一個問題來自 Cleveland Research 的 Eric Bosshard。

Two questions for you. First of all, curious about your take on the current consumer demand trends, there are some moving parts in 2Q. But even if you clean up the comparisons in terms of industry growth, I'm just curious how you would characterize the momentum in terms of current demand?

兩個問題問你。首先，想知道您對當前消費者需求趨勢的看法，第二季度有一些變化。但即使你清理了行業增長方面的比較，我也很好奇你會如何描述當前需求方面的勢頭？

Yes, Eric. So I mean, in short, in particular, U.S. demand, as expected. So that's how I would characterize it. Again, we -- based -- because, of course, the baseline which you had in '22, but based also what we've seen in consumer sentiment, we expect the first half to be softer in the ballpark of minus 5% to minus 10%. It may be a little bit close to the minus 5%, and we expect the back half to get closer to 0 line.

是的，埃里克。所以我的意思是，簡而言之，特別是美國的需求，正如預期的那樣。這就是我描述它的方式。同樣，我們——基於——因為，當然，你在 22 年的基線，但也基於我們在消費者情緒中看到的情況，我們預計上半年將在負 5% 至負 10%。可能有點接近-5%，我們預計後半部分會更接近0線。

So again, part of that is just the baseline effect of '22, which was a little bit softer in the second half, but we also do see a gradual improvement of the discretionary side of demand, which has been a little bit suppressed in Q3, Q4 and Q1 and there may be some carryover into Q2, but by and large, it's as expected, which also means it's not as bad as some people were saying it could be. And of course, when you read the press around our articles about the macroeconomic environment, frankly, I think the U.S. economy is more resilient than most people expected. And that's what we also see on the consumer demand side as the year progresses.

因此，再次強調，部分原因只是 22 年的基線效應，下半年有所緩和，但我們也確實看到需求的可自由支配方面逐漸改善，這在第三季度受到了一些抑制、Q4 和 Q1 以及 Q2 可能會有一些結轉，但總的來說，這是預期的，這也意味著它並不像某些人所說的那樣糟糕。當然，當你閱讀我們關於宏觀經濟環境的文章時，坦率地說，我認為美國經濟比大多數人預期的更有彈性。隨著時間的推移，這也是我們在消費者需求方面看到的情況。

Okay. And then secondly, in terms of the promotional environment and perhaps it's linked to your outlook that you expressed there, you talked about the stable promotion environment. And I appreciate your comments in the second half were similar to your expectations of last year. The second half also did get more promotional. And so again, what underlines your expectation that promotions are stable from here after the step-up that we saw take place in the back half of last year? Why doesn't it not step up again?

好的。其次，就促銷環境而言，也許與您在那裡表達的前景有關，您談到了穩定的促銷環境。我很欣賞你在下半年的評論與你去年的預期相似。下半場也確實得到了更多的宣傳。因此，在去年下半年我們看到的升級之後，是什麼再次強調了您對從這裡開始的促銷穩定的期望？為什麼它不再加強？

Eric, I can only repeat what I said in the earlier question is. Right now, the last 3 quarters turn out from promoter environment exactly as we expected. Again, when people refer to more promotion, that compares to '21 with no promotions, okay? So right now, we see a reasonable stable promotional environment and has been now extended over 9 months. Of course, we have a sense about what's happened in Q2, but also here, we don't expect major surprises. The U.S. industry will always be an environment where you see some promotions around certain holidays, but we don't see that right now getting out of hand in any way or reaching whatever, to a 16 to a 17 level. So that's what right now gives us the confidence that we expect to see a reasonable stable promotional environment.

Eric，我只能重複我在之前的問題中所說的。現在，最後 3 個季度從發起人環境中完全符合我們的預期。同樣，當人們提到更多促銷時，那是與沒有促銷的 21 年相比，好嗎？所以現在，我們看到了一個合理穩定的促銷環境，現在已經延長了 9 個月。當然，我們對第二季度發生的事情有所了解，但在這裡，我們預計不會出現重大意外。美國行業永遠是這樣一種環境，你會在某些假期前後看到一些促銷活動，但我們現在看不到它以任何方式失控或達到 16 到 17 的水平。所以這就是現在讓我們有信心看到一個合理穩定的促銷環境。

Your next question comes from the line of Mike Dahl from RBC Capital Markets.

你的下一個問題來自 RBC Capital Markets 的 Mike Dahl。

Just a couple kind of follow-up housekeeping on the held-for-sale accounting with the depreciation suspension, so it sounds like that's about $120 million for the year. So tax affected, maybe that's like about $80, above $90. I guess the question is, was that already anticipated in your prior guide? Or is that incremental in terms of that impact versus what you laid out earlier this year?

只是在暫停折舊的情況下對持有待售會計進行了一些後續管理，所以聽起來這一年大約是 1.2 億美元。所以受稅收影響，可能大約是 80 美元，高於 90 美元。我想問題是，您之前的指南中是否已經預料到這一點？或者，與您今年早些時候提出的影響相比，這種影響是否有所增加？

No, that was already included. If you look at the 2.5% that we guided to of margins for EMEA for the year, that's included in that. And obviously, we had a small little bit of that in Q4 that came as we turn these assets to held-for-sale. And I think as you look at that, you step back, the thing you've got to keep in mind is as you go to 2024 and once this transaction gets approval and closes, you're going to take the entire EMEA business out of it to look at what our ongoing run rate of the business will be.

不，那已經包括在內了。如果你看一下我們指導的 EMEA 年度利潤率的 2.5%，它就包含在其中了。顯然，當我們將這些資產轉為持有待售資產時，我們在第四季度有一小部分。我認為，當你看到這一點時，你退後一步，你必須記住的是，到 2024 年，一旦這筆交易獲得批准並完成，你將把整個 EMEA 業務從看看我們的業務持續運行率是多少。

And so whether you have depreciation or not this year, the underlying business or the remaining business that will stay, that's got the same. And what that will drive year-over-year as you just look into next year alone, it's about 125 to 150 basis points of improvement in our overall margins just by taking the EMEA business out this year. So it is included, but I think as you look forward, you've got to say, you know what, EMEA will be completely -- will not be in the picture post 2023.

因此，無論你今年是否有折舊，基礎業務或剩餘業務將保留下來，都是一樣的。僅就明年而言，這將推動同比增長，僅通過今年將 EMEA 業務排除在外，我們的整體利潤率就會提高約 125 至 150 個基點。所以它被包括在內，但我認為當你期待時，你必須說，你知道嗎，EMEA 將完全 - 不會出現在 2023 年後的圖片中。

Right. Okay. That makes sense. And then the second question, again kind of follow up here just on the corporate side. Similar to the held-for-sale with respect to depreciation, was there anything in terms of potential like stranded overhead costs that got shifted out of EMEA into corporate? I know you highlighted a couple of things that were maybe transactional in nature, but is there something that's more ongoing in terms of how we should be thinking about the stranded cost potentially?

正確的。好的。這就說得通了。然後是第二個問題，再次在公司方面進行跟進。與折舊方面的持有待售類似，是否存在從 EMEA 轉移到公司的擱淺管理費用等潛在費用？我知道您強調了一些本質上可能是交易性的事情，但是就我們應該如何考慮潛在的擱淺成本而言，是否還有更多正在進行的事情？

No. I would say there's nothing that we shifted out of EMEA into our corporate bucket. Again, I highlighted a few of the just the unique items that are in there. And obviously, we also have some other things where we may decide to make investments at a corporate level throughout the year that can cause that bucket to go up and down on a quarterly basis. But again, to my point earlier, we expect that to be about $200 million a year on a run rate in the existing situation today. So no other significant items to highlight within there.

不，我想說我們沒有將任何東西從 EMEA 轉移到我們的企業桶中。我再次強調了其中的一些獨特物品。顯然，我們還有其他一些事情，我們可能會決定全年在公司層面進行投資，這可能會導致該桶按季度上下波動。但同樣，就我之前的觀點而言，我們預計在目前的情況下，每年的運行率約為 2 億美元。因此，其中沒有其他重要項目要突出顯示。

Michael, just to echo what Jim is saying. And to be crystal clear, so the held-for-sale only applies to the assets and business, which are part of the scope of the agreement. Okay? There is no corporate element in this held-for-sale that is sitting in our normal corporate ongoing cost, and it's not stripped out in any way. So that's crystal clear on this one.

邁克爾，只是為了回應吉姆所說的話。需要明確的是，持有待售僅適用於協議範圍內的資產和業務。好的？在我們正常的公司持續成本中，這種持有待售的公司元素沒有，也沒有以任何方式剝離。所以這一點非常清楚。

So now when we came to the last question, I just want to thank you all for joining us today. I think you heard that we are off to a very solid start. We feel good about how our operational priorities are being executed upon. There is no big surprises from what we see from a market environment, which is still challenging, but we knew were coming in. But we feel we executed a very solid Q1, and we feel confident about the full year. So with that in mind, I wish you all a wonderful day and talk to you at our next quarterly earnings call in July. Thanks a lot.

所以現在當我們談到最後一個問題時，我只想感謝大家今天加入我們。我想你聽說我們有了一個非常堅實的開端。我們對如何執行我們的運營重點感到滿意。我們從市場環境中看到的情況並沒有太大的驚喜，這仍然充滿挑戰，但我們知道我們正在進入。但我們覺得我們執行了非常穩健的第一季度，我們對全年充滿信心。因此，考慮到這一點，我祝大家度過愉快的一天，並在我們 7 月份的下一個季度收益電話會議上與您交談。多謝。

Ladies and gentlemen, that concludes today's conference call. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。您現在可以斷開連接。