惠而浦 (WHR) 2023 Q3 法說會逐字稿

Good morning, and welcome to Whirlpool Corporation's Third Quarter 2023 Earnings Release Call. Today's call is being recorded.

早安，歡迎參加惠而浦公司 2023 年第三季財報發布電話會議。今天的通話正在錄音。

For opening remarks and introductions, I would like to turn the call over to Senior Director of Investor Relations, Korey Thomas.

對於開場白和介紹，我想將電話轉給投資者關係高級總監 Korey Thomas。

Thank you, and welcome to our earnings 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 a presentation available on the Investors section of our website at whirlpoolcorp.com.

謝謝您，歡迎參加我們的財報電話會議。今天加入我的還有我們的董事長兼執行長 Marc Bitzer；以及我們的財務長吉姆彼得斯 (Jim Peters)。我們今天的言論與我們網站 Whirlpoolcorp.com 投資者部分的簡報一致。

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. 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.

在開始之前，我想提醒您，在我們進行本次電話會議時，我們將做出前瞻性聲明，以幫助您更好地了解惠而浦公司的未來期望。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有重大差異。

We also want to remind you that today's presentation includes the non-GAAP measures outlined in further detail at the beginning of our earnings 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. We also think the adjusted measures will provide you with a better baseline for analyzing trends in our ongoing business operations.

我們也想提醒您，今天的演示包括我們在收益演示開始時進一步詳細概述的非公認會計準則衡量標準。我們相信這些指標是我們營運的重要指標，因為它們排除了可能無法表明我們持續業務營運結果的項目。我們也認為調整後的措施將為您提供更好的基準來分析我們正在進行的業務營運的趨勢。

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. At this time, all participants are in a listen-only mode. Following our prepared remarks, the call will be open for analyst questions. As a reminder, we ask that participants ask no more than 2 questions.

聽眾可閱讀我們網站投資者關係部分發布的補充資訊包，以將非公認會計準則項目與最直接可比較的公認會計準則衡量指標進行核對。此時，所有參與者都處於只聽模式。在我們準備好的發言之後，電話會議將開放供分析師提問。提醒一下，我們要求參與者提出的問題不要超過 2 個。

With that, I'll turn the call over to Marc.

這樣，我會將電話轉給馬克。

Thanks, Korey, and good morning, everyone. Before we discuss our Q3 results in more detail, I want to acknowledge the great news that we received earlier this week. On Tuesday, the European Commission announced the unconditional approval of our European transaction with Arçelik.

謝謝，科里，大家早安。在我們更詳細地討論第三季的業績之前，我想先確認一下我們本週早些時候收到的好消息。週二，歐盟委員會宣布無條件批准我們與 Arçelik 的歐洲交易。

With this decision and earlier clearances from Austria, Germany and China, we passed a major regulatory hurdle and are now fully focused on obtaining Phase II approval from the U.K.'s CMA. While transaction closure within this year is unlikely, we are confident that we can close by April next year.

憑藉這項決定以及奧地利、德國和中國先前的許可，我們克服了一個重大監管障礙，現在完全專注於獲得英國 CMA 的第二階段批准。雖然交易不太可能在今年內完成，但我們有信心在明年 4 月之前完成交易。

The transaction closure will unlock significant value for us, largely coming from an improved free cash flow of $250 million per year. Later during this call, we will give you more detail about the expected regulatory process and the value creation of this transaction.

這項交易的完成將為我們釋放巨大的價值，這主要來自於每年 2.5 億美元的自由現金流的改善。稍後在本次電話會議中，我們將向您提供有關預期監管流程和本次交易價值創造的更多詳細資訊。

Looking more short term at our Q3 results, we are pleased with our operational progress and our top line growth and what is still a very challenging environment. The bottom line showed solid progress over last year but is essentially flat from prior quarters.

從更短期的角度來看我們第三季的業績，我們對我們的營運進展和營收成長以及仍然充滿挑戰的環境感到滿意。與去年相比，淨利潤顯示出堅實的進步，但與前幾季基本持平。

Our operational progress during the entire year has been sustained and even accelerated during Q3. We improved our supply chain execution. We accelerated our cost takeout actions and are fully on track towards our full year cost targets and we launched several innovative products across multiple categories. As a result, we were able to gain market share in almost all of our major businesses.

我們全年的營運進展在第三季持續甚至加速。我們改進了供應鏈執行力。我們加快了成本削減行動，完全步入全年成本目標的正軌，並推出了多種跨多個類別的創新產品。結果，我們幾乎在所有主要業務中都獲得了市場份額。

As I mentioned earlier, the market environment is still challenging. Market demand in the Americas has been solid, but this is entirely driven by a very strong replacement demand related to increased appliance usage at home, a trend which we expected and which we expect to continue.

正如我之前提到的，市場環境仍然充滿挑戰。美洲的市場需求一直很強勁，但這完全是由與家庭電器使用增加相關的非常強勁的更換需求所推動的，這是我們預期的趨勢，我們預計這種趨勢將持續下去。

The other side of demand discretionary purchases have been even softer than anticipated as a result of increased mortgage rates and low consumer confidence. The low discretionary demand sparked the more intensive promotional environment, in particular in North America. Essentially, we're back to pre-COVID promotional environment. Being back to pre-COVID promotional environment is not surprising. However, we expected this to occur 1 or 2 quarters later.

由於抵押貸款利率上升和消費者信心低迷，可自由支配的購買需求的另一面甚至比預期還要疲軟。較低的可自由支配需求引發了更密集的促銷環境，特別是在北美。本質上，我們又回到了新冠疫情之前的促銷環境。回到新冠疫情之前的促銷環境並不令人意外。然而，我們預計這會在一兩個季度後發生。

Looking into the fourth quarter, we do not anticipate this environment to fundamentally change, and we do expect our business to perform on a similar level as Q3. As a result, we're updating our full year guidance. We now expect full year EBIT margins of 6.25% to 6.5%. At the same time, we were able to achieve additional tax benefits. Putting both together allows us to remain at the lower end of our original guidance of approximately $16, but with a lower free cash flow of $500 million.

展望第四季度，我們預計這種環境不會發生根本改變，我們確實預期我們的業務表現將與第三季度類似。因此，我們正在更新全年指導。我們目前預計全年息稅前利潤率為 6.25% 至 6.5%。同時，我們也能夠獲得額外的稅收優惠。將兩者加在一起使我們能夠保持在約 16 美元的原始指導下限，但自由現金流較低為 5 億美元。

Turning to Slide 6. I will provide an overview of our solid third quarter. We delivered 3% of top line growth both year-over-year and sequentially. Promotions, which were normalizing sooner than expected, were more than offset by over a point of share gains in North America, strong and growing replacement demand, our builder channel benefiting from a shortage of existing homes and the InSinkErator acquisition.

轉向投影片 6。我將概述我們穩健的第三季。我們的營收年增了 3%。促銷活動比預期更快地正常化，但被北美超過一個百分點的份額增長、強勁且不斷增長的替換需求、我們的建築商渠道受益於現有房屋短缺和愛適易收購所抵消。

We realized $300 million of cost takeout benefits in the quarter and are fully on track to deliver over $800 million of cost takeout in 2023. Our actions drove 100 basis point margin expansion year-over-year, with solid EBIT margin of 6.5% and ongoing earnings per share of $5.45.

我們在本季實現了3 億美元的成本削減效益，並完全預計在2023 年實現超過8 億美元的成本削減。我們的行動推動利潤率同比增長100 個基點，息稅前利潤率為6.5%，並持續成長每股收益 5.45 美元。

Now turning to Slide 7, I will share more details on our 100 basis point margin expansion. Sequentially, price/mix negatively impacted margins by 150 basis points and 375 basis points year-over-year, driven from a normalization of promotions, which was largely absent in recent years and reemerged in the third quarter of 2022.

現在轉向投影片 7，我將分享更多關於我們 100 個基點利潤擴張的細節。隨後，由於促銷正常化，價格/組合對利潤率產生了同比 150 個基點和 375 個基點的負面影響，而促銷正常化近年來基本上沒有出現，並在 2022 年第三季度重新出現。

The promotional environment is now reflecting return to historical levels faster than previously expected and normal seasonal patterns, which are weighted more towards the second half of each year. In addition, mix was negatively impacted in the quarter due to over-indexed share gains in laundry.

目前，促銷環境正以比之前預期更快的速度恢復到歷史水平，並反映出正常的季節性模式，這些模式在每年下半年的比重更大。此外，由於洗衣業的股票漲幅指數過高，本季的混合業務受到了負面影響。

As our laundry share was disproportionately impacted by supply chain disruptions during the pandemic, our strong cost actions delivered both sequential and year-over-year benefit of 100 and 625 basis points, respectively. Both year-over-year and sequentially, we invested more in marketing and technology. Ultimately, we delivered ongoing EBIT margin of 6.5%.

由於我們的洗衣市場份額受到疫情期間供應鏈中斷的不成比例的影響，我們強有力的成本行動使環比和同比效益分別提高了 100 和 625 個基點。無論是同比還是連續，我們在行銷和技術方面的投資都增加了。最終，我們實現了 6.5% 的持續息稅前利潤率。

Turning to Slide 8, you will see our operational priorities are fully on track. Our resilient and adaptive supply chain has delivered share gains throughout the Americas. We have addressed recent supply challenges, significantly reducing the risk of supplier-driven disruptions by expanding dual sourcing and reducing parts complexity by more than 50% since 2021.

轉向投影片 8，您將看到我們的營運重點已完全步入正軌。我們的彈性和適應性供應鏈在整個美洲實現了份額成長。我們已經解決了最近的供應挑戰，透過擴大雙重採購並將零件複雜性自 2021 年以來降低了 50% 以上，顯著降低了供應商驅動的中斷風險​​。

We're fully on track to deliver over 800 million of cost reductions in 2023, even with some raw material cost benefits coming slightly later than originally expected. And while we're not providing guidance for 2024, we're increasingly confident about sustained cost progress well into 2024 due to a number of factors.

我們完全預計在 2023 年實現超過 8 億美元的成本削減，儘管一些原材料成本效益的到來略晚於最初的預期。雖然我們沒有提供 2024 年的指導，但由於多種因素，我們對 2024 年的持續成本進展越來越有信心。

A significant cost takeout during the second half of 2023 will obviously create sizable carryover benefit. The recent trends in raw materials, in particular, steel and freight rates, which have been favorable throughout the year are likely to continue to create tailwinds.

2023 年下半年的大幅成本削減顯然將創造可觀的結轉效益。原材料（尤其是鋼鐵和運費）的近期趨勢全年都有利，可能會繼續帶來利好。

Now I will 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. Good morning, everyone. Turning to Slide 10. I'll review results for our North America business. The region saw mid-single-digit revenue growth, both sequentially and year-over-year, with improved supply chain execution and new product introductions delivering over a point of year-over-year share gains, coupled with resilient replacement and builder demand, the addition of InSinkErator and strong cost actions, partially offset by normalized promotions negatively impacting price/mix. Overall, the region delivered double-digit margins of 10%.

謝謝，馬克。大家，早安。轉向幻燈片 10。我將回顧我們北美業務的結果。該地區的收入環比和同比均實現了中個位數增長，供應鏈執行的改善和新產品的推出帶來了超過一年的份額增長，再加上有彈性的更換和建築商需求，愛適易的加入和強而有力的成本行動，部分被正常化的促銷活動對價格/組合的負面影響所抵銷。總體而言，該地區實現了 10% 的兩位數利潤率。

Turning to Slide 11. I will discuss how North America is well positioned to grow and expand margins. We continue to invest in product innovation with a 25% increase in new product introductions this year compared to 2022, leading to premium product share gains. Our strong portfolio of brands targets over 90% of consumers, with 3 of those brands delivering well over $1 billion of North America sales annually. We are the #1 choice for U.S. national homebuilders. And our strong direct-to-consumer business has been growing at 20% annual compounded growth rate in the U.S. since 2018.

轉向投影片 11。我將討論北美如何處於有利地位來成長和擴大利潤。我們持續投資於產品創新，與 2022 年相比，今年的新產品推出量增加了 25%，從而實現了優質產品份額的成長。我們強大的品牌組合面向超過 90% 的消費者，其中 3 個品牌的北美銷售額每年遠超過 10 億美元。我們是美國國內住宅建築商的第一選擇。自 2018 年以來，我們在美國強大的直接面向消費者業務一直以 20% 的年複合成長率成長。

Additionally, we have a relentless focus on delivering the best cost position and reducing complexity. With an industry demand of over 56 million annual units between the United States and Canada and approximately 75,000 to 100,000 replacement units are purchased every day and an undersupply of houses continues to exist in the U.S. Our brand and product leadership, coupled with our operational priorities, has North America business well positioned to deliver margin expansion in 2024 and beyond.

此外，我們始終致力於提供最佳成本定位並降低複雜性。美國和加拿大之間的行業需求每年超過 5600 萬套，每天大約購買 75,000 至 100,000 套替換單位，而美國的房屋供應仍然不足。我們的品牌和產品領先地位以及我們的運營重點，北美業務已做好準備，可在2024 年及以後實現利潤率擴張。

Turning to Slide 12. You can see a few recent examples of our product leadership. From our top-load laundry innovation for pet lovers and the industry's only 2-in-1 agitator washing machine to our latest premium KitchenAid French store refrigerator with superior craftsmanship and purposeful innovation like the industry's largest third rack dishwasher, or the first in the industry flush mount microwave hood combo. These innovative new products demonstrate our commitment to being the best kitchen and laundry company, improving life at home for our consumers and strengthen our leading position in North America. As we look forward to 2024, we have an even stronger lineup of new product introductions that we expect will positively impact price/mix and market share.

轉向投影片 12。您可以看到我們產品領先地位的一些最新範例。從我們為寵物愛好者提供的頂級洗衣創新和業界唯一的二合一攪拌式洗衣機，到我們最新的優質KitchenAid 法式商店冰箱，它具有卓越的工藝和有目的的創新，如業界最大的三架洗碗機或業界第一台洗碗機嵌入式安裝微波爐罩組合。這些創新的新產品體現了我們致力於成為最好的廚房和洗衣公司、改善消費者的家庭生活並鞏固我們在北美的領先地位的承諾。展望 2024 年，我們推出了更強大的新產品陣容，預計將對價格/組合和市場份額產生積極影響。

Turning to Slide 13. I'll review results for our Europe, Middle East and Africa region. The region saw continued demand weakness as the inflationary environment and geopolitical tensions continue to weigh on consumer sentiment. Revenue was down 2% year-over-year, excluding the Russia business, which was divested in Q3 of last year. The region delivered margin expansion year-over-year from cost takeout actions and held-for-sale accounting benefits due to reduced depreciation. Later in the call, Marc will provide additional insights on the Europe transaction as it continues to progress through the regulatory process.

轉向幻燈片 13。我將回顧歐洲、中東和非洲地區的結果。由於通膨環境和地緣政治緊張局勢持續影響消費者信心，該地區的需求持續疲軟。不包括去年第三季剝離的俄羅斯業務，營收年減 2%。該地區的利潤率同比增長，得益於成本削減行動以及折舊減少帶來的持有待售會計收益。在稍後的電話會議中，馬克將就歐洲交易在監管流程中不斷取得的進展提供更多見解。

Turning to Slide 14, I'll review the results for our Latin America region. The region saw strong share gains and industry recovery in both Mexico and Brazil, with a double-digit net sales increase year-over-year of 14% and sequential growth of 5%. Strong cost takeout actions and higher volumes drove 100 basis point expansion in EBIT margins year-over-year.

轉向幻燈片 14，我將回顧拉丁美洲地區的結果。該地區墨西哥和巴西的市場份額增長強勁，行業復甦，淨銷售額同比增長 14%，環比增長 5%，實現兩位數增長。強勁的成本削減行動和銷售增加推動息稅前利潤率年增 100 個基點。

Turning to Slide 15. I'll review results for our Asia region. Excluding the impact of currency, revenue declined approximately 8%, driven by continued consumer demand weakness. The region delivered EBIT margins of 2.2%, with our cost takeout actions more than offset by negative price/mix.

轉向幻燈片 15。我將回顧亞洲地區的結果。排除匯率影響，受消費者需求持續疲軟的推動，營收下降約 8%。該地區的息稅前利潤率為 2.2%，我們的成本削減行動被負價格/組合所抵消。

Turning to Slide 16. I will discuss our full year 2023 guidance. Our net sales guidance of $19.4 billion is unchanged. We are revising our full year ongoing earnings per share to approximately $16 and free cash flow guidance to approximately $500 million.

轉向幻燈片 16。我將討論我們的 2023 年全年指導。我們 194 億美元的淨銷售額指引不變。我們正在將全年持續每股收益修訂為約 16 美元，並將自由現金流指引修訂為約 5 億美元。

As previously discussed, we continue to expect to deliver over $800 million of cost takeout. However, as promotions have normalized to historical levels sooner than expected and the macro environment weighs on discretionary demand, which continues to be depressed, we now expect to deliver EBIT margins of 6.25% to 6.5% with fourth quarter operational results expected to be in line with our Q3 performance. Our guidance also includes updated expectations for our adjusted effective tax rate. Now between 0 to negative 5% for 2023, reflecting European legal entity restructuring benefits.

如前所述，我們繼續預計將實現超過 8 億美元的成本削減。然而，由於促銷活動早於預期恢復到歷史水平，且宏觀環境對持續低迷的可自由支配需求造成壓力，我們現在預計息稅前利潤率為6.25% 至6.5%，第四季度營運業績預計將與此相符。與我們第三季的表現。我們的指導還包括對調整後的有效稅率的最新預期。現在到 2023 年，利率將在 0 到負 5% 之間，反映了歐洲法人實體重組的好處。

I would like to remind you as the European transaction progresses, the close timing may have a material impact on our guidance. We also expect our 2024 adjusted effective tax rate and cash tax rate to be impacted by the closing of the Europe transactions and to be below historical norms. We currently estimate that it will be at or below 15%. We also continue to expect to repay approximately $500 million of debt associated with the InSinkErator acquisition during the fourth quarter, in line with our commitment to maintaining our investment-grade credit rating.

我想提醒您，隨著歐洲交易的進展，成交時間可能會對我們的指導產生重大影響。我們也預計 2024 年調整後的有效稅率和現金稅率將受到歐洲交易結束的影響，並低於歷史標準。我們目前估計該比例將在 15% 或以下。我們也預計將在第四季度償還與 InSinkErator 收購相關的約 5 億美元債務，這符合我們維持投資等級信用評級的承諾。

Turning to Slide 17. I will review our regional expectations for 2023. Globally, we now expect a flat industry, with industry demand up 1% to 2% in North America due to stronger-than-expected replacement volumes, trade customer inventory replenishment and resilient builder demand. We expect these demand trends to continue and to see low single-digit industry growth in 2024. Industry expectations in EMEA of down 6% to 8% reflect an increasingly challenging macroeconomic and geopolitical environment. Latin America has seen significant demand recovery, and we now expect industry to be flat to up to 2%.

轉向幻燈片17。我將回顧我們對2023 年的區域預期。在全球範圍內，我們現在預計行業將持平，由於替換量強於預期、貿易客戶庫存補充以及北美地區的行業需求增長1% 至2 %，建商需求富彈性。我們預計這些需求趨勢將持續下去，並在2024 年看到較低的個位數產業成長。歐洲、中東和非洲地區的產業預期下降6% 至8%，反映出日益嚴峻的宏觀經濟和地緣政治環境。拉丁美洲的需求已顯著復甦，我們目前預計產業成長率將持平至 2%。

Finally, Asia demand continues to be impacted by softer consumer sentiment and we now expect industry to be down 2% to 3%. We have adjusted EBIT margins to reflect the normalized promotional environment negatively impacting price/mix. We expect solid full year North America margins of approximately 10%. With industry demand weakness in EMEA continuing, we now expect EBIT margins to be approximately 1%. And we now expect Latin America and Asia to deliver EBIT margins of approximately 6% and approximately 3%, respectively.

最後，亞洲需求持續受到消費者信心疲軟的影響，我們現在預計產業將下降 2% 至 3%。我們調整了息稅前利潤率，以反映正常化的促銷環境對價格/組合的負面影響。我們預計北美全年利潤率穩定在 10% 左右。由於歐洲、中東和非洲地區的產業需求持續疲軟，我們目前預期息稅前利潤率約為 1%。我們現在預計拉丁美洲和亞洲的息稅前利潤率將分別約為 6% 和 3% 左右。

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 19. Let me provide an update on our portfolio transformation. We have and are continuing to take the right actions to transform Whirlpool into a higher-growth, higher-margin business. In the last 5 years, we have significantly streamlined our business. The divestitures of Embraco and Whirlpool China, along with other transactions to transform a company based on 3 strong pillars: small appliances, major appliances and commercial appliances. We also acquired Elica India and InSinkErator as part of our portfolio transformation.

謝謝，吉姆。轉向投影片 19。讓我介紹一下我們的投資組合轉型的最新情況。我們已經並將繼續採取正確的行動，將惠而浦轉變為一家成長速度更快、利潤率更高的企業。在過去 5 年中，我們顯著簡化了業務。恩布拉科和惠而浦中國的剝離，以及其他交易，使公司轉型為基於三大支柱的公司：小家電、大型家電和商用電器。作為我們產品組合轉型的一部分，我們也收購了 Elica India 和 InSinkErator。

In 2022, we announced a strategic review of our Europe business, which we concluded in January. We agreed to contribute our European major domestic appliance business into a newly formed entity with Arçelik. Our portfolio transformation efforts, in addition to delivering on our operating priorities, have moved on track to being a higher-growth, higher-margin business.

2022 年，我們宣布對歐洲業務進行策略審查，並於 1 月完成。我們同意將我們的歐洲主要家用電器業務併入與 Arçelik 成立的新實體。除了實現我們的營運優先事項之外，我們的投資組合轉型工作也已步入發展更高成長、更高利潤的業務軌道。

Turning to Slide 20. I will provide an update on the Europe transaction. As I mentioned before, we passed major regulatory milestones with the European Commission, unconditionally clearing the transaction in addition to approvals from Germany, Austria and China.

轉向幻燈片 20。我將提供歐洲交易的最新情況。正如我之前提到的，我們通過了歐盟委員會的重大監管里程碑，除了德國、奧地利和中國的批准外，無條件批准了該交易。

The U.K.'s Competition and Market Authority is conducting a Phase II review of the transaction. We look forward to continuing the dialogue with the CMA about the newly formed entity that will benefit consumers with broad product and service offerings, bringing together the best of the best in innovation, brands and sustainable manufacturing.

英國競爭與市場管理局正在對該交易進行第二階段審查。我們期待繼續與 CMA 就新成立的實體進行對話，該實體將透過廣泛的產品和服務讓消費者受益，匯集創新、品牌和永續製造領域的精華。

We believe the European Commission's decision along with the other approval supports the view that consumers will benefit from this transaction. We will continue to work diligently with all parties to close on transaction. And as mentioned before, we are confident that the transaction will close by April 2024. Until then, we will continue to focus on Europe delivering the best product and consumer-preferred brands. And we continue to be excited about the significant value creation this transaction will deliver.

我們相信歐盟委員會的決定以及其他批准都支持了消費者將從此交易中受益的觀點。我們將繼續與各方努力合作以完成交易。如同先前所提到的，我們有信心交易將於 2024 年 4 月完成。在此之前，我們將繼續專注於歐洲，提供最好的產品和消費者喜愛的品牌。我們仍然對這筆交易將帶來的重大價值創造感到興奮。

Turning to Slide 21. Let me remind you of the benefits of the transaction. We will own approximately 25% of a newly formed European appliance company. As part of this agreement, we have a potential to unlock long-term value creation for ability to monetize our minority interest.

轉向投影片 21。讓我提醒您交易的好處。我們將擁有一家新成立的歐洲電器公司約 25% 的股份。作為該協議的一部分，我們有潛力釋放長期價值創造，從而能夠將我們的少數股權貨幣化。

Coupled with a 40-year Whirlpool brand licensing agreement, we expect approximately $750 million net present value of future cash flows. Additionally, post-closing, we expect the transaction to improve our value creation metrics annually by $250 million of incremental free cash flows and a 150 basis point improvement in ongoing EBIT margin.

加上為期 40 年的惠而浦品牌授權協議，我們預計未來現金流量淨現值約為 7.5 億美元。此外，交易完成後，我們預計該交易將每年將我們的價值創造指標提高 2.5 億美元，增加自由現金流，並將持續息稅前利潤率提高 150 個基點。

In anticipation of the closing of the Europe transaction, we expect to have a new financial reporting segment structure starting January 2024, including segmenting our attractive small domestic appliance business. You can expect to receive more details on our new financial segments in our Q4 earnings release in January.

預計歐洲交易即將完成，我們預計從 2024 年 1 月開始採用新的財務報告分部結構，包括對我們有吸引力的小型家用電器業務進行細分。您可以期待在 1 月發布的第四季度收益報告中收到有關我們新金融部門的更多詳細資訊。

Turning to Slide 22. Let me close with a few remarks. We delivered a solid third quarter performance in a challenging macro environment. Our operational priorities delivered 100 basis points improvement of margin expansion to improve supply chain execution, share gains in North America and $300 million of cost takeout actions.

轉向投影片 22。讓我以幾句話結束。在充滿挑戰的宏觀環境中，我們第三季的業績表現穩健。我們的營運優先事項實現了 100 個基點的利潤擴張，以改善供應鏈執行、北美的份額收益以及 3 億美元的成本削減行動。

We are on track to deliver over $800 million of cost takeout actions in 2023. As we look to next year, we are confident that Whirlpool is well positioned to deliver growth and margin expansion. We expect positive cost takeout to continue into 2024 from both our net cost actions and recent favorable commodity trends.

我們預計在 2023 年實現超過 8 億美元的成本削減行動。展望明年，我們相信惠而浦處於有利地位，能夠實現成長和利潤率擴張。我們預計，從我們的淨成本行動和近期有利的商品趨勢來看，積極的成本削減將持續到 2024 年。

Combined with resilient replacement and builder demand, our leading position as a U.S. builders' #1 choice with over 2 billion in annual sales in this channel channels and our continued product innovation, we are well positioned to deliver long-term shareholder value.

結合彈性更新和建築商需求、我們作為美國建築商第一選擇的領先地位（該管道年銷售額超過 20 億美元）以及我們持續的產品創新，我們有能力提供長期股東價值。

Additionally, our portfolio transformation will continue to unlock significant value creation. The Europe transaction alone is expected to deliver approximately 150 basis points of margin expansion and approximately $250 million of annual incremental free cash flow. We're confident in the trajectory of our business and our portfolio transformation, driving us towards a higher growth, higher margin business.

此外，我們的投資組合轉型將繼續釋放巨大的價值創造。光是歐洲交易一項預計就能實現約 150 個基點的利潤率擴張和約 2.5 億美元的年度增量自由現金流。我們對我們的業務軌跡和投資組合轉型充滿信心，推動我們實現更高成長、更高利潤率的業務。

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

現在我們將結束正式發言並開始提問。

(technical difficulty) gains are coming from. And how should we think about the mix component in there and perhaps how that's also fitting into that price/mix headwind that you're facing?

（技術難度）收益是從哪裡來的。我們應該如何考慮其中的混合成分，以及它如何適應您面臨的價格/混合逆風？

Susan, it's Marc. By the way, first of all, some of you may have heard some acoustic interference on the earlier part of the call. I apologize for that. Believe me, it's not a new form of entertainment which we're trying to add to the earnings call. It's just -- it's a technical glitch. So I apologize for that.

蘇珊，我是馬克。順便說一句，首先，你們中的一些人可能在通話的前半部分聽到了一些聲音幹擾。我對此表示歉意。相信我，我們試圖在財報電話會議上添加的並不是一種新的娛樂形式。這只是——這是一個技術故障。所以我對此表示歉意。

So let me, Susan, come back to your question around demand, share gains and mix and promotion and I guess, given that it's probably -- it's a question which was on the mind of most analysts on the call, let me just give you a little bit more expansive answer. So let's first talk about the demand.

所以，蘇珊，讓我回到你關於需求、分享收益、組合和促銷的問題，我想，考慮到這可能是大多數分析師在電話會議上想到的一個問題，讓我給你一個答案更廣泛一點的答案。那我們先來說說需求。

The demand on -- and I'm particularly referring to North America, and the other regions obviously follow different dynamics. North America showed solid volume growth in Q3 and in full year, we now guide to 1% to 2%. As you know, the demand, if you simplify, it falls into 2 components. One is the replacement side of the business and the other one is the discretionary side.

我特別指的是北美和其他地區的需求顯然遵循不同的動態。北美地區在第三季和全年的銷售成長強勁，我們目前的預期為 1% 至 2%。如您所知，如果簡化的話，需求可以分為兩個部分。一種是業務的替代方，另一種是委託方。

The replacement side of business has been one, which has been very strong. And to put that in perspective, historically, when we look at the North America split between replacement and discretionary, you would see replacement demand being kind of 53%, 54%. That part hovers now around 60%. So it is very high.

業務的更新換代是其中之一，而且非常強勁。從歷史角度來看，當我們觀察北美地區的更換需求和可自由支配需求時，您會發現更換需求分別為 53% 和 54%。這部分現在徘徊在 60% 左右。所以它是非常高的。

In absolute terms, what it means, it has been growing. That part actually is not surprising. It's actually something which we talked about repeatedly, but post COVID, we see significantly increased appliance usage at home, which in turn drives fast replacement cycle. So the replacement side has been strong.

從絕對值來看，這意味著它一直在成長。這部分其實並不奇怪。這其實是我們反覆討論過的事情，但在新冠疫情之後，我們看到家裡的電器使用量顯著增加，這反過來又推動了快速的更換週期。所以替補方的實力一直很強。

The downside of a replacement side being strong, replacement business typically comes with a slightly lower mix than discretionary demand. Somebody who replaces a broken down refrigerant in a kitchen typically doesn't go for the same mix as home remodel and an entirely new kitchen. So it's good volume, slightly lower mix. But that has been basically the growth driver in the industry.

替換業務的缺點是強勁，替換業務的組合通常略低於可自由支配的需求。更換廚房中損壞的冷媒的人通常不會選擇與家庭改造和全新廚房相同的組合。所以音量很好，混音稍低。但這基本上是該行業的成長動力。

The other side is the discretionary demand side, which, as you know, typically is driven or is highly correlated with consumer confidence and existing home sales. As you all know, existing home sales pretty much dropped to slightly below 4 million, which is now all the way back to 2010 post financial crisis, and consumer sentiment is very soft.

另一方是可自由支配的需求方，如您所知，這通常是由消費者信心和現有房屋銷售驅動或高度相關的。眾所周知，現房銷售幾乎跌至略低於400萬套，現在已經回到了2010年金融危機後的水平，消費者信心非常疲軟。

So the discretionary side of the demand has been very soft throughout Q3, but it could almost stay throughout the entire year. That side typically comes with higher mix. And so because of that shift towards replacement, the entire business comes with a slightly lower mix. And the other side, the lower discretionary demand, that's why now are being chased by a lot of players in the industry, and that probably drove the promotional environment.

因此，在整個第三季度，可自由支配的需求一直非常疲軟，但幾乎可能會持續一整年。那一面通常帶有更高的混合。因此，由於向替代的轉變，整個業務的組合略低。另一方面，可自由支配的需求較低，這就是為什麼現在受到業內許多參與者的追捧，這可能推動了促銷環境。

And just to be clear on the promotional environment, and we were very mindful, including work, it has normalized. It is not normalizing. What we mean with that, it has basically gotten back to pre-COVID level, but we also mean that we expect a stabilization going forward. It is not higher than pre-COVID. It's just earlier back to than we originally expected, which is entirely driven by the drop of discretionary demand and in turn, kind of more intense promotional environment. So that is right now, that has been kind of our change versus original expectations when it just happened earlier than expected.

需要明確的是促銷環境，我們非常注意，包括工作，它已經正常化。這還沒有正常化。我們的意思是，它基本上已經回到了新冠疫情之前的水平，但我們也意​​味著我們預計未來會趨於穩定。它並不高於新冠疫情之前的水平。只是比我們最初預期的要早一些，這完全是由可自由支配需求的下降以及更激烈的促銷環境所推動的。所以現在就是這樣，這就是我們對最初預期的改變，因為它發生得早於預期。

Now we know how to operate in that environment, as we demonstrated for many years. It's kind of -- it is a normal promotional environment. We participate in promotional value creating. And I think we have a pretty good knowledge base and algorithms in terms of how to drive maximum promotion effectiveness. So Susan, that was the long answer to your question, and I hope I clarified a little bit.

現在，正如我們多年來所證明的那樣，我們知道如何在這種環境中運作。這是正常的促銷環境。我們參與促銷價值創造。我認為我們在如何最大限度地提高促銷效果方面擁有相當好的知識庫和演算法。蘇珊，這就是你問題的長答案，我希望我能澄清一點。

Yes. No, that was a very helpful color. And maybe turning to the margins a bit. I know that you mentioned expecting some of those continued raw material tailwinds into 2024. But I guess as we think about the $300 million to $400 million range that you've talked about, any sense of where we're falling today within that? And any additional color you can provide as you're thinking about the cost environment for next year?

是的。不，那是一種非常有用的顏色。也許會轉向邊緣一點。我知道您提到預計 2024 年原料將繼續順風順水。但我想，當我們考慮您談到的 3 億至 4 億美元的範圍時，您知道我們今天在這個範圍內的位置嗎？當您考慮明年的成本環境時，您可以提供其他顏色嗎？

Yes. Susan, let me take first and then maybe Jim may also add something on the cost environment. Again, stepping back, and beginning of the year, we guided towards an $800 million cost takeout and we're right now looking at $800 million-plus something for the full year. So we're pretty much fully on track.

是的。蘇珊，讓我先說，然後吉姆可能還會在成本環境方面添加一些內容。再次退一步，今年年初，我們的目標是 8 億美元的成本支出，而我們現在正在考慮全年的成本支出超過 8 億美元。所以我們幾乎完全步入正軌。

Also in terms of the split of the average is coming from, it's pretty close to where we had in mind. So roughly less than half of that is raw materials and the other ones are really true cost takeout, be it in logistic costs or in product and reengineering, et cetera. So we feel pretty good about where we are.

另外，就平均值的劃分而言，它非常接近我們的想法。因此，其中大約不到一半是原材料，其他成本確實是真正的成本支出，無論是物流成本還是產品和再設計等。所以我們對自己所處的位置感覺很好。

As you can also see from our numbers, the momentum in taking up its cost has picked up as the year has been progressing. So as you saw on the chart, I think it's on Page 8 or so. You see we had very little cost takeout in Q1, a little bit more on Q2. Q3, we had some $300 million. In Q4, we see already even more.

從我們的數據中也可以看出，隨著時間的推移，承擔成本的動能有所增強。正如您在圖表上看到的那樣，我認為它位於第 8 頁左右。您會看到，我們第一季的成本支出非常少，第二季的成本增加了一點。第三季度，我們大約有 3 億美元。在第四季度，我們已經看到了更多。

So we certainly do like the momentum, which we see on the cost takeout. And what that means also, because I know you're all curious about 2024, first of all, you will because of just how it's skewed in the year, you will have carryover of this cost takeout into next year. But frankly, we also like some of the underlying dynamics and what we see right on cost. We also do expect some additional tailwinds on the raw material side, in particular, on steel as we head into next year.

因此，我們確實喜歡這種勢頭，我們在成本削減中看到了這一點。這也意味著什麼，因為我知道你們都對 2024 年感到好奇，首先，由於這一年的傾斜情況，你們將把這筆成本結轉到明年。但坦白說，我們也喜歡一些潛在的動態以及我們在成本方面的正確看法。我們也預期原料方面將出現一些額外的有利因素，特別是在進入明年時鋼鐵方面。

I mean I'd just emphasize what Marc said is I think the trends are very positive. We do believe there'll be a good amount of carryover in the range of 25% as we head into next year. And the momentum we have right now is in line with what we expected and a very positive trend from a cost perspective heading into next year.

我的意思是我只想強調馬克所說的是我認為趨勢非常正面。我們確實相信，進入明年時，將會有 25% 左右的大量結轉。我們現在的勢頭符合我們的預期，從成本角度來看，明年的趨勢非常積極。

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

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

Two questions. The first has to do with your -- you're citing expectations next year for margin expansion. I was hoping if you could help quantify or at least give us a sense of a reasonable ballpark for '24 North American margins. Obviously, price/cost is coming in more profound headwind than you thought. I think your North American margin guide for the fourth quarter alone is like down 300, 400 basis points versus where it was before. But then you're also citing the expectations for unit growth next year and the roll of tailwinds and the cost takeout rollover. So if you could help bracket what margin expansion expectations should be right now for North American segment margins next year, that would be really helpful.

兩個問題。第一個與你的——你引用了明年利潤率擴張的預期有關。我希望您能幫助量化或至少讓我們了解 24 年北美利潤率的合理大致情況。顯然，價格/成本面臨的阻力比您想像的更為嚴重。我認為光是第四季度北美利潤率指南就比之前下降了 300、400 個基點。但隨後您也引用了對明年單位成長的預期以及順風和成本外延的滾動。因此，如果您能幫助確定明年北美細分市場利潤率目前的利潤率擴張預期，那將非常有幫助。

Sam, it's Marc. So as you know, we give a precise guidance, the detailed guidance in January 2024. But let me -- to use your words, give us some brackets around that margin expectation is. First of all, looking into '23, then I can talk about '24. As you know, if you go back further, the back half of '22, we had disappointing margins as a company and in North America, kind of like single-digit margins. And our job #1 was to quickly reestablish double-digit margins. As you've seen, we've done that, and we've done it more because we expanded to double-digit margins and picked up share. So we achieved both margin expansion and share.

山姆，我是馬克。如您所知，我們在 2024 年 1 月給出了精確的指導，詳細的指導。但讓我用您的話來說，給我們一些關於利潤預期的括號。首先，看看'23，然後我可以談談'24。如你所知，如果你再回顧一下，22 世紀後半葉，我們作為一家公司的利潤率令人失望，在北美，利潤率有點像個位數。我們的首要任務是迅速重建兩位數的利潤率。正如您所看到的，我們已經做到了這一點，而且我們做得更多，因為我們的利潤率擴大到了兩位數，並提高了市場份額。因此，我們實現了利潤率和份額的擴大。

But right now, we're kind of, you can call it, we have sustained margins in Q2, Q3, Q4, pretty much around 10%. In all transparency, and that's what Jim alluded to earlier, we expect it to be 11% or 11%- plus. But -- so we're pleased with double-digit 10%. But frankly, because all the reasons which I mentioned before, because of the promotional environment, we're not yet 11%.

但現在，我們可以這麼說，我們在第二季、第三季、第四季保持了持續的利潤率，幾乎在 10% 左右。在所有透明度方面，這就是吉姆之前提到的，我們預計它將達到 11% 或 11% 以上。但是——所以我們對兩位數的 10% 感到滿意。但坦白說，因為我之前提到的所有原因，由於促銷環境，我們還沒有達到11%。

So as we look in 2024, the key question, obviously, on everybody's mind is, when do you expect North American margins in the tune of 12%-plus? Okay, which I think is a realistic target corridor. The key question is what are the drivers in order to get there? And again, starting from a baseline of 10% roughly margin. But the 2 biggest drivers, or 3, actually, is one is we have to sustain the cost takeout. Again, as I heard -- as I mentioned earlier, I feel good about the momentum that we have. But then it will not be sufficient in '24, and we got to find additional cost opportunity for '24, and we're working on a lot of things. And I think once we come up with guidance, we will see, I would say, another sizable element of cost target, which we have for '24.

因此，當我們展望 2024 年時，顯然每個人都關心的關鍵問題是，您預計北美利潤率何時會達到 12% 以上？好的，我認為這是一個現實的目標走廊。關鍵問題是實現這目標的驅動力是什麼？再次，從大約 10% 的利潤率基線開始。但實際上，兩個最大的驅動因素，或者說三個，是我們必須維持成本削減。正如我之前提到的，我再次對我們所擁有的勢頭感到滿意。但到了 24 年，這還不夠，我們必須為 24 年找到額外的成本機會，我​​們正在做很多事情。我認為，一旦我們提出指導意見，我們就會看到，我想說的是，我們為 24 年制定的成本目標的另一個重要組成部分。

Second one is we have to continue to releverage the business from a volume perspective. Our business and the size of business like North America has fixed costs. And if you look at our volume right now, it is still fairly quite a bit below pre-COVID. So releveraging that business will have a significant impact also, of course, on the EBIT margin. So where is the volume growth coming from? That ultimately comes back to, yes, we expect a low single-digit growth in the market, but we are very confident in our sustained momentum on market share gains and product innovation, which will broaden the business and in particular, at one point, maybe not in Q1, Q2, the builder business will pick up. And that, of course, as you know, disproportionately benefits us.

第二，我們必須繼續從數量角度重新利用業務。我們的業務以及像北美這樣的業務規模都有固定成本。如果你現在看看我們的交易量，你會發現它仍然比新冠疫情爆發前要低很多。因此，重新利用該業務當然也會對息稅前利潤率產生重大影響。那麼銷量成長從何而來？最終回到，是的，我們預計市場將出現低個位數成長，但我們對市場佔有率成長和產品創新的持續勢頭非常有信心，這將擴大業務，特別是在某一時刻，也許不是第一季、第二季度，建築商業務就會回升。當然，正如您所知，這對我們來說是不成比例的好處。

The reason why I'm saying it's not Q1 and Q2, we all see this great order intakes from the builders. But Sam, as you know very well, it takes 8 to 10 months until an order on the builder side turns into a blind shipments. So we know we have volume momentum coming into next year, driven by products and channel mix, and that will continue to help us kind of releverage our business. These are the 2 fundamental drivers to get back North America to what I would call healthy 12%-plus margins. Now the exact timing, again, that is something which we will talk about in the guidance.

我之所以說這不是第一季和第二季度，是因為我們都看到了來自建築商的大量訂單。但是Sam，你很清楚，建築商方面的訂單需要8到10個月的時間才能變成盲目發貨。因此，我們知道，在產品和通路組合的推動下，明年我們將擁有銷售動力，這將繼續幫助我們重新利用我們的業務。這是讓北美地區恢復 12% 以上的健康利潤率的兩個基本驅動力。現在，我們將在指南中再次討論確切的時間。

My second question, you mentioned retailer refill as a dynamic that was occurring also in the quarter. Can you help quantify what sell-through versus sell-in was in North America and what the retailer inventory weeks on hand look like versus prepandemic at this point?

我的第二個問題，您提到零售商補充是本季也發生的動態。您能否協助量化北美地區的銷售量與銷售量以及零售商目前的庫存週數與疫情大流行前的情況？

Yes, Sam, I think if you -- zooming out beyond Q3, the entire COVID and post-COVID has been, as you all know, almost a roller-coaster of up and down of retail demand. I mean I know technically people refer to the bullet effect, but believe me we felt it. So we have been destocking, restocking, and these swings have been more amplified than the actual consumer demand was over the last 2 or 3 years.

是的，山姆，我想，如果你把目光放到第三季之後，眾所周知，整個新冠疫情和後新冠疫情幾乎是零售需求上下波動的過山車。我的意思是，我知道從技術上講人們會提到子彈效應，但相信我，我們感受到了它。因此，我們一直在去庫存、補庫存，這些波動比過去兩三年的實際消費者需求更大。

I think now, particularly end of Q3, things look reasonably balanced. What I mean with that, I think in Q3, we still saw some restocking of the retailers. So technically, industry growth you saw in Q3 was ahead of the actual consumer sell-out in our view. And right now the consumer sell-out, which we experienced, is pretty much in line with what we guided on the full year industry growth. So call this low single digit, 1% to 2%, with some ups and downs during the promotional period.

我認為現在，特別是在第三季末，情況看起來相當平衡。我的意思是，我認為在第三季度，我們仍然看到零售商進行了一些補貨。因此，從技術上講，我們認為第三季的行業成長領先於實際的消費者銷售。目前，我們所經歷的消費者銷售情況與我們對全年行業成長的指導非常一致。所以稱這個為低個位數，1%到2%，在促銷期間會有一些起伏。

As you know, we -- unfortunately, we know our numbers, but we don't know entire industry sell-out numbers. But the Q3 shipments were slightly ahead of the consumer demand and again, as a result of rebalancing inventories. At this point, we do believe the retailers appropriately stopped from an inventory perspective going to the promotion period.

如您所知，不幸的是，我們知道我們的數字，但我們不知道整個行業的銷售數字。但由於庫存重新平衡，第三季出貨量再次略高於消費者需求。在這一點上，我們確實認為零售商從庫存角度適當地停止了促銷期。

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。

Marc, I wanted to ask you about promotional programs. And you've noted as recently as this call that you're prepared to participate in promotions only if they're value-added. So can you help us understand how you define a value-added promotion? And then what exactly is the metric you use to determine what is value-added? And how would you characterize what you're doing now promotionally within the context of that discipline?

馬克，我想問你有關促銷計劃的問題。您在最近的電話會議中註意到，只有當促銷活動具有增值價值時，您才准備參加。那麼您能否幫助我們了解您如何定義增值促銷？那你用來確定什麼是增值的指標到底是什麼？您如何描述您現在在該學科背景下所做的促銷工作？

Yes. So David, let me -- we could probably spend 2 hours on promotion effectiveness. I would say our teams and for years of our experience about being too arrogant or priding ourselves too much, I think we know 1 or 2 things about merchandising. So we have a very, very good understanding about price elasticity and sensitivity by product category, by price segment, by time of the year, in between promotions and during promotions. So we have -- it all starts with -- we believe we have a good knowledge base of really understanding how consumer demand actually lifts versus a non-promotion environment.

是的。大衛，讓我——我們可能會花 2 個小時來研究促銷效果。我想說的是，我們的團隊以及我們多年來關於過於傲慢或過於驕傲的經驗，我認為我們對行銷了解一兩件事。因此，我們對按產品類別、按價格區間、按一年中的時間、促銷期間和促銷期間的價格彈性和敏感度有非常非常好的了解。因此，我們——這一切都始於——我們相信我們擁有良好的知識基礎，可以真正理解消費者需求相對於非促銷環境如何實際提升。

We also have a very good understanding in our view in terms of what is pure pull forward or cannibalization versus true incremental growth. Now of course, we all recognize it's all driven by competitive forces, et cetera, but it's -- we have a pretty good knowledge base. Against this knowledge base, we assess technically what we call an investment. That's just the cost of promotion relative to normalized prices against what kind of margin pickup and what we call this contribution margin pickup we get. If that is positive, that's typical then when we, in our expectation, make a decision about do we participate or not. I know that sounds overall technically, but it's not a one single formula. It is entirely driven by detail, by price, by segment, by category, by channel in terms of where we make the decision to participate or not.

我們對什麼是純粹的拉動或蠶食與真正的增量成長有著很好的理解。當然，現在我們都認識到這一切都是由競爭力量等驅動的，但我們擁有相當好的知識基礎。根據這個知識庫，我們從技術上評估我們所說的投資。這只是相對於標準化價格的促銷成本，以及我們獲得的利潤率上升和我們所說的貢獻利潤率上升。如果這是正面的，那麼當我們按照我們的期望做出是否參與的決定時，這就是典型的情況。我知道這在技術上聽起來很全面，但它不是一個單一的公式。就我們決定參與或不參與而言，它完全由細節、價格、細分市場、類別、管道驅動。

Maybe I could follow up with you offline on that. My second question is around the free cash flow guidance revision to $300 million reduction. Can you just talk through -- I'm guessing that's the reduced income and maybe some working capital impact there as well. But I guess along the lines of Sam's question, if there's any way you could kind of bracket out how we should think about free cash flow in 2024 at this point, I think that would be very helpful as well.

也許我可以在線下與你跟進此事。我的第二個問題是關於將自由現金流指引修訂為減少 3 億美元。你能談談嗎——我猜這是收入減少，也許還有一些營運資金的影響。但我想按照 Sam 的問題，如果有什麼方法可以列出我們此時應該如何考慮 2024 年的自由現金流，我認為這也會非常有幫助。

Yes, David, this is Jim. And first thing I'd say, your assessment is correct on free cash flow. The change in it was purely about 2/3 of that is due to lower earnings and the other 1/3 is due to that we think will come out of the year with slightly higher working capital. So obviously, we're not giving guidance for next year, but I think you should think about it. If you even look at where this year is working capital, despite the fact it's $100 million difference, it's not a big build. And I think going into next year, you shouldn't expect us to be building working capital nor taking it down significantly. We're probably going to be around that same point. Now as we talked about earlier, we haven't given guidance on earnings and margins yet, but with increased margins, we would expect our cash flow from earnings to improve.

是的，大衛，這是吉姆。首先我要說的是，您對自由現金流的評估是正確的。其中約 2/3 的變化純粹是由於收益下降，另外 1/3 是由於我們認為今年的營運資本會略有增加。顯然，我們不會給出明年的指導，但我認為你應該考慮一下。如果你看看今年的營運資金，儘管存在 1 億美元的差異，但這並不是一個大的建設。我認為進入明年，你不應該指望我們增加營運資金或大幅減少營運資金。我們可能會處於同一點。正如我們之前談到的，我們尚未給出盈利和利潤率的指導，但隨著利潤率的增加，我們預計盈利產生的現金流將會改善。

The biggest probably variable in the free cash flow for 2024, but will be fully reflected in 2025, is once we close the EMEA transaction here, we've talked about that we believe we will, on a full year basis, on an ongoing full year basis, deliver about $250 million additional free cash flow every year. We still would confirm that number. Now the timing of the transaction could close in early next year. So we will have an impact from having EMEA in, but when you get beyond that, we are still very, very confident in that $250 million of positive free cash flow that will come additionally on top of where we are today. And on top of what I talked about that I think earnings will be in a better place and working capital should be a relatively nonevent in terms of how it impacts free cash flow next year.

2024 年自由現金流中最大的可能變數是，一旦我們在這裡完成歐洲、中東和非洲地區的交易，我們相信我們將在全年的基礎上持續全面地實現這一目標，但將在2025 年得到充分反映。以年為基礎，每年提供約 2.5 億美元的額外自由現金流。我們仍然會確認這個數字。現在，交易時間可能會在明年初完成。因此，我們將因進入歐洲、中東和非洲地區而產生影響，但當你超越這一點時，我們仍然非常非常有信心，除了我們今天的水平之外，還將獲得2.5 億美元的正自由現金流。除了我所說的之外，我認為獲利將處於更好的位置，就明年對自由現金流的影響而言，營運資本應該是一個相對無關緊要的事件。

David, maybe just one additional comment on the working capital side. Obviously, the 2 big components, inventory, we feel reasonably good. We're down from Q2 probably 50 million, may be higher than we already had in mind. But it's -- we feel good about how we enter from an inventory position entering Q4. The big difference right now is actually receivables because frankly, that comes with growth. You grow a business, you carry a slightly higher receivables. And that will be, to some extent, the same thing in Q4. We feel good about our growth momentum, but it means not all the sales you collect is cash in the year. So there's also a time element about when we actually can collect the cash from receivables and falls into next year.

大衛，也許只是對營運資金的補充評論。顯然，對於庫存這兩個大部件，我們感覺相當不錯。我們比第二季減少了 5000 萬，可能比我們已經想到的要高。但我們對進入第四季的庫存狀況感到滿意。現在最大的區別實際上是應收帳款，因為坦白說，這伴隨著成長。當你發展業務時，你的應收帳款會稍微高一些。在某種程度上，第四季的情況也是如此。我們對我們的成長動能感到滿意，但這意味著您一年內收到的所有銷售額並非都是現金。因此，還有一個時間因素，即我們何時可以實際從應收帳款中收回現金並進入明年。

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

您的下一個問題來自克利夫蘭研究中心的 Eric Bosshard。

First of all, one clarification and then a question. From a clarification standpoint, Jim, you talked about the cost benefit accelerating through this year and then carrying into next year, does this make next year a little bit more front-end loaded than normal because of the progress you've made on costs, I guess, is the first point of clarification.

首先，澄清一下，然後提出問題。從澄清的角度來看，吉姆，您談到了今年成本效益加速，然後延續到明年，這是否會因為您在成本方面取得的進展而使明年的前端負載比正常情況多一些，我想，這是需要澄清的第一點。

I would say, listen, from a cost perspective, I think we will start the year and we will show positive year-over-year cost just because of that carryover going into next year and the trends that we're seeing. Now the other thing that you've got to take into account is just the natural seasonality of our business. And I think we've seen the business getting back to what's probably true pre-COVID type of seasonality where from a volume perspective, Q1 still tends to be the lightest and you see the pickup throughout the year. So I do believe cost will be a positive going into next year. But when you're looking at -- on a year-over-year basis, I think we've normalized into an environment where Q1 will still be one of our lower quarters from a volume perspective.

我想說，聽著，從成本的角度來看，我認為我們將在今年開始，並且由於明年的結轉和我們所看到的趨勢，我們將顯示出積極的同比成本。現在您必須考慮的另一件事是我們業務的自然季節性。我認為我們已經看到業務回到了新冠疫情前真正的季節性，從銷量的角度來看，第一季仍然是最輕的，而且全年都在回升。因此，我確實相信明年的成本將是正面的。但當你從同比的角度來看時，我認為我們已經進入了這樣一種環境：從銷售的角度來看，第一季仍將是我們的較低季度之一。

Okay. And then the other point of clarification that the strategic payback from Europe, I understand and is certainly compelling. The EPS impact in '24, can you just help us clarify how we should be thinking about this? Is this also accretive to EPS next year as well? Or how does that work?

好的。然後澄清的另一點是，來自歐洲的戰略回報，我理解並且肯定是令人信服的。 24 年每股獲利的影響，您能幫我們澄清一下我們應該如何考慮這個問題嗎？這是否也會增加明年的每股盈餘？或者說這是如何運作的？

It will not be so much accretive to EPS because if you think about it, right now, EMEA is close to a breakeven business. So it will improve our overall margins. It does have negative cash flows that will improve that. But from an absolute earnings perspective, it starts to become a net neutral there.

它不會對每股收益產生太大的增值，因為如果你仔細想想，目前歐洲、中東和非洲地區的業務已經接近收支平衡。因此，這將提高我們的整體利潤率。它確實有負現金流，這會改善這一點。但從絕對收益的角度來看，它開始變得淨中性。

Now as I said, the bigger lift comes is that it's a 150 basis point improvement in EBIT margins. It's an improvement in free cash flow, and then it's a reduction in the volatility and the seasonality of our business also. And I think the thing I need to point out on the cash flow is within the year, the seasonality of EMEA's cash flow is much greater than the single benefit of $250 million that we're getting. So the biggest benefit really comes on the free cash flow side.

正如我所說，更大的提升是息稅前利潤率提高了 150 個基點。這是自由現金流的改善，然後是我們業務的波動性和季節性的減少。我認為關於現金流，我需要指出的是，在一年內，歐洲、中東和非洲現金流的季節性遠遠大於我們獲得的 2.5 億美元的單一收益。因此，最大的好處其實來自於自由現金流方面。

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

您的下一個問題來自加拿大皇家銀行資本市場部的 Mike Dahl。

The first one, just stick with margins and specifically North America. I think the part that I'm struggling with is your cost tailwinds have accelerated through the year. Your margin guide for the fourth quarter is kind of at or below 10%. If we think full year impact, '23 versus '24, I understand that tailwinds have ramped through the year, but full year, your cost-out actions probably are kind of equal between the 2 years, if not still slightly weighted for '23. So the promotional cadence has normalized and is expected to remain steady. The cost takeouts for now have probably reached their peak run rate. The bridge to margin improvement in '24 in North America it is -- again, it's cost and volume, but doesn't that mean it's really just volume next year in terms of driving the levers? Or what's the -- I'm struggling to see that magnitude of uplift to get from kind of 9 to 10 in 4Q up to 11, 12 next year.

第一個，堅持利潤，特別是北美。我認為我正在努力解決的問題是您的成本順風在這一年中加速了。你們第四季的利潤指導值在 10% 或以下。如果我們考慮全年的影響，'23 與'24，我知道這一年的順風已經加大，但全年，你的成本支出行動可能在兩年之間是相等的，如果不是仍然稍微加權' 23 。因此，促銷節奏已經正常化，預計將保持穩定。目前的成本支出可能已經達到了最高運行率。北美 24 年利潤率改善的橋樑是成本和銷售量，但這是否意味著明年在推動槓桿方面實際上只是銷售？或者是什麼——我正在努力看到提升幅度從第四季的 9 到 10 到明年的 11、12。

Yes. And Mike, let me start, and then I'll let Marc kind of add on to this. I think as you even alluded to in your question there is right now, we do see actually cost continuing to drive further benefits, and we will see additional cost benefits coming into next year. And then also, you did highlight that, as we've said, we believe the promotional environment has normalized. So that should not be a factor in terms of margin impact year-over-year as we go into next year. Cost should be a positive impact. And then picking up additional share and volume will also have a positive impact both on our margins, just from the incremental margin that comes from that, in addition to the leverage and benefit we get within our factories, and other things, our logistics network from the leverage that we get on that. And you've got to remember today that today, if we look at our environment, we still have -- we don't need to add capacity or anything. So each unit that we add actually adds an incremental amount of margin that's above and beyond our margin that we have today. So those are the levers and the drivers. And Marc, if you want to.

是的。麥克，讓我開始，然後我會讓馬克補充一下。我認為，正如您在問題中提到的那樣，我們確實看到實際上成本繼續推動進一步的收益，並且我們將在明年看到額外的成本收益。然後，您確實強調，正如我們所說，我們相信促銷環境已經正常化。因此，當我們進入明年時，這不應該成為利潤率同比影響的一個因素。成本應該是一個正面的影響。然後，獲得額外的份額和銷售也將對我們的利潤產生積極的影響，僅來自於由此產生的增量利潤，除了我們在工廠和其他方面獲得的槓桿和效益，我們的物流網絡我們對此的影響力。今天你必須記住，今天，如果我們看看我們的環境，我們仍然不需要增加容量或任何東西。因此，我們添加的每個單位實際上都會增加一定的利潤，這超出了我們今天的利潤。這些就是槓桿和驅動因素。還有馬克，如果你願意的話。

Yes, Michael. Just first of all, to clarify, because you mentioned now margins are at or below, which was guided to 10%, and we delivered 10%. So we are on a sustained double-digit margin level and has that Q2, Q3 and Q4. So we feel very good about regaining with double digits in particular compared to 2022.

是的，邁克爾。首先澄清一下，因為您提到現在的利潤率等於或低於 10%，而我們交付的利潤率為 10%。因此，我們的利潤率持續保持在兩位數水平，並且在第二季、第三季和第四季都有。因此，我們對恢復兩位數感到非常高興，特別是與 2022 年相比。

Now on the cost side, there is also another element. Keep in mind what we showed you, we see significant progress among cost side. But as I think most of you know, given how standard costing works, you basically sell in Q4 the cost that you had in Q3 because you have 60 days of inventory. And the same is true for when you go in Q1. So the cost progress which we see in Q4 technically will only be fully P&L visible in the first 2 months of next year. So that's just timing that's normal than a cost accounting. So don't forget that part of the equation.

現在在成本方面，還有另一個因素。請記住我們向您展示的內容，我們看到成本方面取得了重大進展。但我想你們大多數人都知道，考慮到標準成本計算的工作原理，你們基本上在第四季度銷售的成本與第三季度的成本相同，因為你們有 60 天的庫存。當你進入第一季時也是如此。因此，從技術上講，我們在第四季度看到的成本進展只有在明年的前兩個月才能完全顯現。所以這只是比成本計算更正常的時間安排。所以不要忘記等式的這一部分。

Now to your point about it's only volume. No, we need cost volume and product introductions. All 3 of that cost, we feel very good. We have a momentum. We know how to get cost out, but it's a highly competitive environment where you just need to remain resilient on the cost takeout. Two, volume is, to Jim's point, about releveraging and just because it's -- at times the capacity that you already paid for, so you get the full lever.

現在談談你的觀點，它只是體積。不，我們需要成本量和產品介紹。這三項費用全部下來，我們感覺非常好。我們有動力。我們知道如何降低成本，但這是一個競爭激烈的環境，您只需要在成本降低方面保持彈性。第二，在吉姆看來，交易量是關於再槓桿化的，只是因為它有時是你已經支付的容量，所以你得到了充分的槓桿。

And three, ultimately you can only get the volume if you have strong products in the market. And I mean, as Jim showed earlier in my presentation, we feel very good about what we launched this year, and there's a lot of good new product launches in the pipeline. So again, I just -- I absolutely would not reduce it into volume. We need all 3 components.

第三，最終只有當你在市場上擁有強大的產品時，你才能獲得銷售量。我的意思是，正如吉姆在我之前的演講中所展示的那樣，我們對今年推出的產品感覺非常好，並且有很多優秀的新產品正在醞釀中。再說一次，我只是——我絕對不會減少它的數量。我們需要所有 3 個組件。

Yes, that's helpful. I appreciate the additional color there. My second question, just shifting gears, and I know there's probably some accounting technicalities around tax, but it's such a meaningful number to figure out, I'll ask it. I mean it's unusual to see a net tax benefit being considered part of ongoing EPS. And in this case, it's kind of like a north of $3 a share impact versus your prior guide, this shift in tax expectations. Can you just maybe give us a little more detail on what's actually driving this? And maybe more importantly, as we look out to the '24 and beyond, has your view changed on what a more normalized tax rate would be especially post the disposal of EMEA.

是的，這很有幫助。我很欣賞那裡的額外顏色。我的第二個問題，只是換個主題，我知道可能有一些關於稅收的會計技術細節，但這是一個非常有意義的數字，我會問它。我的意思是，將淨稅收優惠視為持續每股收益的一部分是不尋常的。在這種情況下，與您先前的指南相比，這種稅務預期的轉變有點像每股 3 美元以上的影響。您能否提供我們更多有關實際驅動因素的細節？也許更重要的是，當我們展望 24 世紀及以後時，您對更正常化的稅率的看法是否會改變，特別是在歐洲、中東和非洲地區處置之後。

Yes. And here's what I'd say, Michael, and whenever we've looked at a lot of these tax things because they flow through very unevenly from a GAAP perspective, so we normalize them typically from an ongoing perspective. The first thing is the cash benefits of what we realized within this quarter, and we'll realize this year and then what I'm about to talk about next year. We will come over a multiyear period of time. And so we will see ongoing cash benefits just from some of these tax benefits that we talked about it.

是的。這就是我要說的，邁克爾，每當我們研究很多這些稅收問題時，因為從公認會計準則的角度來看，它們的流動非常不均勻，所以我們通常會從持續的角度將它們標準化。首先是我們在本季實現的現金收益，我們將在今年實現，然後是我明年要談論的內容。我們將經歷多年的時間。因此，我們將看到我們談到的一些稅收優惠的持續現金福利。

So the second thing with that is, as you look at next year, listen, we expect our rate to be below 15%. And once we close the EMEA transaction and we're able to realize the benefits of some of the losses we'll have from investments we've made in there, we will see also in 2024, a significantly lower tax rate than we historically have. Then as I alluded to over the period of multiple years, we'll continue to realize cash benefits from that. And so right now, we're not going to give a full guide on next year's tax rate because it's very dependent upon when we close the EMEA transaction.

所以第二件事是，當你展望明年時，聽著，我們預期我們的比率將低於 15%。一旦我們完成了歐洲、中東和非洲地區的交易，並且我們能夠從在那裡進行的投資中獲得的一些損失中獲益，我們還將在 2024 年看到，稅率將顯著低於歷史水平。 。然後，正如我在多年來提到的那樣，我們將繼續從中實現現金收益。因此，現在我們不會提供有關明年稅率的完整指南，因為它很大程度上取決於我們何時結束歐洲、中東和非洲交易。

But then additionally, as we look forward beyond that, right now, I'd say absent of any changes in the tax environment out there at some point in time in a much more distant out future, we could see the rate going closer to 20%. But over the next couple of years, we will continue to see benefits from this transaction.

但此外，當我們展望未來時，現在，我想說，在更遙遠的未來的某個時間點，如果稅收環境沒有任何變化，我們可能會看到稅率接近 20 %。但在接下來的幾年裡，我們將繼續看到這筆交易的好處。

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

您的下一個問題來自美國銀行的 Liz Suzuki。

Just had a question about the cash flow and just the lowered out outlook implying that the majority of your free cash flow this year is being paid back out to shareholders in the form of the dividend. So at this point, how are you thinking about addressing the debt and reducing your ongoing interest expense burden?

剛剛有一個關於現金流的問題，下調的前景意味著今年您的大部分自由現金流將以股息的形式返還給股東。那麼此時此刻，您如何考慮解決債務問題並減少持續的利息支出負擔？

Yes. So this is Jim. And I think the first thing, we still intend to pay down $500 million of debt in the back half of -- or in the last fourth quarter here. That will come from cash on our balance sheet. As you pointed out, our free cash flow is funding our dividend, which will be around $400 million that will return to shareholders here. Obviously, the incremental 100 goes towards debt pay down. But we also have cash available on our balance sheet that we will use to pay that down. And then as we head into next year, we expect to continue to focus on paying down debt and reducing our level of leverage.

是的。這就是吉姆。我認為首先，我們仍然打算在下半年或最後一個第四季償還 5 億美元的債務。這將來自我們資產負債表上的現金。正如您所指出的，我們的自由現金流正在為我們的股息提供資金，大約 4 億美元將返還給股東。顯然，增加的 100 用於償還債務。但我們的資產負債表上也有可用現金，我們將用它來償還債務。然後，當我們進入明年時，我們預計將繼續專注於償還債務和降低槓桿水平。

Maybe just adding to this one because, again, also going back more in time. As you know, we held quite a bit of cash balance on our balance sheet now for a couple of years. And some of you may have asked why do you take on the debt. We actually our decision a couple of years ago was while the interest rates are very low, we wanted to lock in some long-term debt at favorable interest rates. And that's why we kept a fairly significant cash balance. Now we use the cash balance some of that to pay down some of the floating interest rates, which was the temporary loans, which also partly came from InSinkErator. So we basically now use net cash balance to pay down the more expensive part of the debt.

也許只是添加到這一點，因為同樣，也可以追溯到更多的時間。如您所知，幾年來我們的資產負債表上持有相當多的現金餘額。你們中的一些人可能會問為什麼要承擔債務。事實上，我們幾年前的決定是，在利率非常低的情況下，我們希望以優惠的利率鎖定一些長期債務。這就是我們保持相當大的現金餘額的原因。現在我們用其中的部分現金餘額來償還一些浮動利率，這就是臨時貸款，其中一部分也來自愛適易。因此，我們現在基本上使用淨現金餘額來償還債務中較昂貴的部分。

That makes sense. Just kind of thinking about long term, I mean, you did mention that your cash balance has been high for the last couple of years. But historically, it's been somewhere over 1 billion. So I guess how comfortable are you at a cash level below that threshold? Or what is your minimum level of cash that you'd like to have on the balance sheet?

這就說得通了。只是從長遠來看，我的意思是，您確實提到過去幾年您的現金餘額一直很高。但從歷史上看，這個數字已經超過 10 億。所以我猜你對低於這個門檻的現金水平有多滿意？或者您希望資產負債表上的最低現金水準是多少？

Yes. Liz, and this is Jim again. And part of that is driven by remember us geographically diverse company, we have cash in multiple jurisdictions. And to a certain extent, because some of those businesses are also separate publicly traded entities, there's restrictions on some of the usage of cash that we can use outside of those areas. And so I think, as you've alluded to, typically, we've always had a cash balance around $1 billion or maybe slightly above that. And that deals more with our geographic dispersion.

是的。莉茲，這又是吉姆。部分原因是我們是一家地理位置多元化的公司，我們在多個司法管轄區擁有現金。在某種程度上，由於其中一些企業也是獨立的公開交易實體，因此我們可以在這些領域之外使用的一些現金的使用受到限制。因此，我認為，正如您所提到的，通常情況下，我們的現金餘額一直在 10 億美元左右，甚至略高於此。這更多地涉及到我們的地理分佈。

Now as we exit EMEA, obviously, that will not be an area that will be retaining cash. So I would still, on an ongoing basis, expect us to be in the neighborhood of $1 billion, but it could be a little higher, a little lower at times depending on what our funding needs are as well as where we're generating cash and our ability to repatriate that into the U.S. and use for other things. So that's really more the driver, it's just that we have such a diverse geographic footprint.

現在，當我們退出歐洲、中東和非洲地區時，顯然，這不會是一個保留現金的領域。因此，我仍然預計我們的資金規模將在 10 億美元左右，但有時可能會稍高一點，有時會低一點，具體取決於我們的資金需求以及我們產生現金的地方以及我們將其匯回美國並用於其他用途的能力。所以這實際上更多的是驅動因素，只是我們的地理足跡如此多樣化。

So maybe just adding to this one, and Jim alluded to this one a little bit earlier. Basic question is why do you have to have cash on hand at all? So the simple reason is within the quarter, we have cash volatility. That's just the nature of our business when you collect it and when you build inventory, et cetera, and that was historically around this 1 billion. A very significant portion of that intra-quarter, but also intra-year volatility was driven by our European business. .

所以也許只是添加到這一點，吉姆早些時候提到過這一點。基本問題是為什麼你手邊必須有現金？原因很簡單，在本季內，我們有現金波動。這就是我們業務的本質，當你收集它、建立庫存等等時，歷史上這個數字大約是 10 億。季度內和年內波動的很大一部分是由我們的歐洲業務所驅動的。 。

Once you close the European transaction, you don't have that same kind of volatility in our cash flow streams, both intra-quarter and then also within the year. So what it all means is in a post-Europe transaction environment, we do not expect that we will hold $1 billion of cash because it's just not needed. We can -- we will quantify it coming to next year how much it will be, but it will not be on the level of 1 billion.

一旦完成歐洲交易，我們的現金流就不會出現同樣的波動，無論是季度內還是一年內。因此，這一切意味著在後歐洲交易環境中，我們預計不會持有 10 億美元現金，因為根本不需要。我們可以——我們將在明年量化它的數量，但不會達到 10 億的水平。

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

您的下一個問題來自摩根大通的 Mike Rehaut。

Doug Wardlaw on for Mike. I just wanted to kind of clarify and see if there's any type of trade-off between share and margins? And is it somewhat of a zero-sum game? And if you continue to gain market share, could we see similar margins in North America to what we see now moving forward?

道格沃德勞 (Doug Wardlaw) 替補邁克 (Mike)。我只是想澄清一下，看看份額和利潤之間是否存在任何類型的權衡？這是否有點零和遊戲？如果您繼續獲得市場份額，我們在北美是否會看到與現在類似的利潤率？

Yes. So it's Marc. I mean obviously -- I mean the simple answer is no. As we've demonstrated in Q3, we picked up share and margins year-over-year. So it doesn't need to be a trade-off. In the case of what we just demonstrated in Q3, we delivered both: share and margin expansion. And that is also our objective going forward.

是的。所以是馬克。我的意思顯然是——我的意思是簡單的答案是否定的。正如我們在第三季所展示的那樣，我們的份額和利潤率逐年上升。所以不需要進行權衡。就我們剛剛在第三季展示的情況而言，我們實現了：份額和利潤率的擴張。這也是我們前進的目標。

The key to have both share and margin expansion ultimately still comes back to having a strong product pipeline. With the products which we launched and which Jim showed earlier, we were able to expand both share and margin. If you wouldn't have these products, yes, I mean, you're right, then it probably will turn at one point into a zero-sum game. And that's why we'll continue to invest. That's why you may have seen also in Q3 with both year-over-year but also sequentially, continue to invest more in products and brands. And that's really the key to avoiding this trade-off.

市場佔有率和利潤率擴張的關鍵最終仍然在於擁有強大的產品線。透過我們推出的產品以及吉姆早些時候展示的產品，我們能夠擴大份額和利潤。如果你沒有這些產品，是的，我的意思是，你是對的，那麼它可能會在某個時刻變成一場零和遊戲。這就是我們將繼續投資的原因。這就是為什麼您可能在第三季也看到了同比和連續的成長，繼續在產品和品牌上進行更多投資。這確實是避免這種權衡的關鍵。

Great. And then secondly, and this is just another clarification question because I know you guys have done it throughout the call. In terms of the raw material cost savings carryover into 2024, do you guys have any sense on the size of dollars of what that might look like?

偉大的。其次，這只是另一個澄清問題，因為我知道你們在整個通話過程中都已經做到了這一點。就結轉到 2024 年的原料成本節省而言，你們知道這可能會帶來多少美元嗎？

No. At this time, we're not really giving any precise guidance on that because, as we mentioned before, the trends do seem very positive. We go through during our fourth quarter typically a negotiation process with many of our suppliers to help us bring more clarity to that number. And then typically, we don't give that number until we get to January. So right now, we would just say we expect it to be positive. And once we get to January, then we'll give a much more specific number.

不。目前，我們並沒有就此給出任何精確的指導，因為正如我們之前提到的，趨勢確實看起來非常積極。我們在第四季通常會與許多供應商進行談判，以幫助我們更明確這個數字。通常，我們要到一月才會給出這個數字。所以現在，我們只能說我們期望它是正面的。一旦到了一月份，我們就會給出更具體的數字。

So with that, let me just close the call. First of all, I appreciate all your attendance today and good questions. I mean, obviously, as you've seen before, we feel actually good about Q3. We had revenue growth. We expand our share. I think we're delivering on our operational priorities. Did we come all the way on the EBIT percentage? No, and we openly talked about it. But we feel good about the fundamentals of our business, both in Q3 and also as we look into Q4 next year. And we look forward to kind of give you a more detailed picture on Q4, but then more importantly, about '24 in January of next year. Thank you all for joining us.

那麼，讓我結束通話。首先，我感謝大家今天的出席和提出的好問題。我的意思是，顯然，正如您之前所看到的，我們對第三季度的感覺實際上很好。我們的收入有所成長。我們擴大我們的份額。我認為我們正在履行我們的營運優先事項。我們的息稅前利潤百分比是否一路走來？不，我們公開談論過它。但我們對第三季和明年第四季的業務基本面感覺良好。我們期待為您提供有關第四季度的更詳細信息，但更重要的是，大約是明年 1 月的 24 季度。感謝大家加入我們。

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。您現在可以斷開連線。