惠而浦 (WHR) 2024 Q1 法說會逐字稿

Good morning, and welcome to Whirlpool Corporation's First Quarter 2024 Earnings Call. Today's call is being recorded. Joining me today are Marc Bitzer, our Chairman and Chief Executive Officer; and Jim Peters, our Chief Financial and Administrative Officer. Our remarks today track with a presentation available on the Investors section of our website at whirlpoolcorp.com.

早安，歡迎參加惠而浦公司 2024 年第一季財報電話會議。今天的通話正在錄音。今天加入我的還有我們的董事長兼執行長 Marc Bitzer；以及我們的財務和行政官 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 will 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，我們將做出前瞻性陳述，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 our results from 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。

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.

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。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。

(Operator Instructions)

（操作員說明）

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

這樣，我會將電話轉給馬克。

Thanks, Scott, and good morning, everyone. I'm pleased to report that despite a challenging macro environment, we reported a solid first quarter, in line with our expectations, and we're on track to deliver on our full year guidance.

謝謝斯科特，大家早安。我很高興地向大家報告，儘管宏觀環境充滿挑戰，但我們第一季的業績表現穩定，符合我們的預期，並且我們有望實現全年指導。

This quarter marked the completion of our EMEA transaction following the U.K.'s CMA approval. It is a major milestone in our portfolio transformation initiative to a higher growth and higher-margin business, unlocking significant value creation opportunities for Whirlpool. As expected, the North America industry volumes were soft during the first quarter as promotions remained elevated on the back of persistently high interest rates, which continue to put pressure on housing affordability and overall consumer discretionary spending.

本季標誌著我們在獲得英國 CMA 批准後完成了 EMEA 交易。這是我們實現更高成長和更高利潤業務的投資組合轉型計畫的一個重要里程碑，為惠而浦釋放了重大的價值創造機會。正如預期的那樣，第一季北美行業銷量疲軟，因為利率持續高企，促銷活動仍然增多，這繼續給住房負擔能力和整體消費者可自由支配支出帶來壓力。

Against this backdrop, we were highly selective with how we promoted and pulled back on promotions that were not value-creating, and we did so while maintaining our market share position. We also remain disciplined and execute towards our operational priorities, achieving meaningful cost reductions in the quarter.

在此背景下，我們對促銷和取消不創造價值的促銷活動非常有選擇性，同時保持了我們的市場份額地位。我們也保持紀律並執行我們的營運優先事項，在本季度實現了有意義的成本削減。

Looking holistically at our business portfolio, we had a strong quarter in our small domestic appliance business, where we saw top line and margin expansion. We continue to innovate in this business and launch our automatic Espresso machine product lineup. Outside the U.S., our Latin America and Asia business performed very well, and we continue to see meaningful long-term potential from these businesses.

整體來看我們的業務組合，我們的小型家用電器業務在本季表現強勁，我們看到了營收和利潤率的擴張。我們在這項業務上不斷創新，並推出了自動濃縮咖啡機產品系列。在美國以外，我們的拉丁美洲和亞洲業務表現非常出色，我們繼續看到這些業務具有重大的長期潛力。

In the quarter, we also executed on the announced sale of our 24% stake in Whirlpool of India, retaining 51% ownership. We remain firmly committed to returning value to our shareholders and continued our nearly 70-year track record of steady or increasing dividends by recently declaring a dividend of $1.75 to be paid in the second quarter, putting us on track to deliver $400 million of dividends for the year.

本季度，我們也宣佈出售印度惠而浦 24% 的股份，保留 51% 的所有權。我們仍然堅定地致力於為股東回報價值，並延續了近70 年來穩定或增加股息的記錄，最近宣布將在第二季度支付1.75 美元的股息，這使我們有望為以下公司提供4 億美元的股息：那一年。

We also continue to derisk our balance sheet and are on track to achieve our long-term leverage targets. We remain committed to our long-term free cash flow goals and fully expect free cash flow to ramp up throughout the year from our seasonal low in the first quarter and with the closing of the European transaction.

我們也持續降低資產負債表風險，並有望實現我們的長期槓桿目標。我們仍然致力於我們的長期自由現金流目標，並完全預期自由現金流將從第一季的季節性低點和歐洲交易結束後全年上升。

As we look to the year ahead, we continue to view 2024 as a tale of 2 halves. In particular, we expect the promotional environment in the U.S. to remain elevated in the first half of the year, a carryover impact from last year. However, we will be comping high promotions in the second half of the year.

展望未來一年，我們仍然將 2024 年視為一個分為兩半的故事。特別是，我們預計美國的促銷環境將在今年上半年保持在較高水平，這是去年的延續影響。然而，我們將在下半年進行高額促銷活動。

We announced the North America promotion program price increase of 5%, which is now in effect to offset inflationary pressures, which would also benefit our top line. We do see value in our products and expect the benefits from this action to positively impact the second half of 2024.

我們宣布北美促銷計劃價格上漲 5%，現已生效，以抵消通膨壓力，這也將有利於我們的收入。我們確實看到了我們產品的價值，並預計這項行動的好處將對 2024 年下半年產生積極影響。

Our positive view of the U.S. housing market remains unchanged. Given the current undersupplying of 3 million to 4 million houses in the market, we remain very bullish on the trajectory of the housing sector and its medium- and long-term prospects. We're clearly well positioned to benefit from a coming housing rebound given the high correlation between existing home sales and appliance sales.

我們對美國房地產市場的正面看法保持不變。鑑於目前市場上有300萬至400萬套房屋供應不足，我們仍然非常看好房地產行業的發展軌跡及其中長期前景。鑑於現有房屋銷售和家電銷售之間的高度相關性，我們顯然處於有利地位，可以從即將到來的房地產反彈中受益。

We have a strong position with the builders as we work with 8 out of the top 10, holding the #1 share position with builders, which we expect to continue to grow. Importantly, we have a very strong product pipeline for 2024, and we continue to invest in new product development as we laid out at Investor Day.

我們在建築商中擁有強大的地位，因為我們與前 10 名中的 8 家合作，在建築商中保持第一的份額，我們預計這一份額將繼續增長。重要的是，我們在 2024 年擁有非常強大的產品線，並且我們將繼續投資於新產品開發，正如我們在投資者日上所闡述的那樣。

We're particularly excited about the new products that we're rolling out this year, more to come there. We also remain focused on maintaining cost discipline and are taking actions to increase cost takeout in the second half of the year. While we're seeing sticky inflation, especially in our supply chain costs, these actions should put us on the path to deliver $300 million to $400 million in cost savings, excluding any raw material savings.

我們對今年推出的新產品感到特別興奮，還會有更多產品推出。我們也持續致力於維持成本紀律，並採取行動增加下半年的成本支出。雖然我們看到了黏性通貨膨脹，尤其是供應鏈成本，但這些行動應該能讓我們節省 3 億至 4 億美元的成本（不包括任何原材料節省）。

Overall, I'm confident where we're taking the right steps to drive long-term shareholder value, and are on track with both our short-term goals as well as with our long-term strategic plans that we outlined at our recent Investor Day.

總的來說，我相信我們正在採取正確的步驟來推動長期股東價值，並且正在實現我們的短期目標以及我們在最近的投資者中概述的長期戰略計劃天。

We are exiting the first quarter on solid footing, and we continue to expect meaningful progress in the remainder of the year. The actions we have taken give us the confidence to reaffirm our full year guidance of $13 to $15 ongoing earnings per share.

我們將以堅實的基礎結束第一季度，並繼續預計今年剩餘時間將取得有意義的進展。我們採取的行動使我們有信心重申全年每股持續收益 13 至 15 美元的指導方針。

Turning to Slide 5, I will provide an overview of our first quarter results. Net sales declined approximately 3% in the quarter. As we said in our January earnings call, the carryover of the second half 2023 normalized promotional environment unfavorably impacts price/mix in the first half of 2024.

轉向投影片 5，我將概述我們第一季的業績。本季淨銷售額下降約 3%。正如我們在 1 月的財報電話會議中所說，2023 年下半年正常化促銷環境的延續將對 2024 年上半年的價格/組合產生不利影響。

In North America, we held on to the market share we gained last year. At the same time, MDA Latin America saw strong share gains along with improved industry demand for [prior] region. Our prior year carryover cost actions delivered as expected, $100 million of year-over-year cost takeout in the first quarter. As previously noted, the sticky inflation impact on supply chain costs, we experienced a slower start to our incremental cost actions, leading us to trend towards the lower end of a $300 million to $400 million range for cost takeouts at this time.

在北美，我們保持了去年獲得的市場份額。同時，隨著[先前]地區產業需求的改善，MDA 拉丁美洲市場佔有率出現強勁成長。我們上一年的結轉成本行動如期實現了預期，第一季的年比成本支出為 1 億美元。如前所述，由於黏性通膨對供應鏈成本的影響，我們增量成本行動的啟動速度較慢，導致我們目前的成本支出趨向於 3 億至 4 億美元範圍的下限。

We delivered ongoing earnings per share of $1.78 with ongoing EBIT margins of 4.3%, including the margin-dilutive MDA Europe business. Excluding Europe's major domestic appliance business, we delivered ongoing EBIT margins of approximately 5.5%. As you may recall, we expect this transaction will structurally improve our margins by approximately 100 basis points on a go-forward basis.

我們的持續每股收益為 1.78 美元，持續的息稅前利潤率為 4.3%，其中包括利潤攤薄的 MDA 歐洲業務。不包括歐洲主要家用電器業務，我們的息稅前利潤率持續約 5.5%。您可能還記得，我們​​預計此交易將在結構上將我們的利潤率提高約 100 個基點。

The results were largely in line with our expectations, but not fully the way we expected due to the challenging North America macro environment.

結果基本上符合我們的預期，但由於北美宏觀環境充滿挑戰，並不完全符合我們的預期。

Free cash flow was negatively impacted by nonrecurring cash outflows associated with the MDA Europe business of approximately $250 million to $300 million, reaffirming our expectation that the Europe transaction will strengthen our 2025 free cash flow delivery.

自由現金流受到 MDA Europe 業務相關的約 2.5 億至 3 億美元的非經常性現金流出的負面影響，這再次證實了我們的預期，即歐洲交易將加強我們 2025 年自由現金流的交付。

Finally, 2024 marks the 69th consecutive year of dividends, with $1.75 per share paid in the first quarter.

最後，2024 年是連續第 69 年派息，第一季派發每股 1.75 美元。

Turning to Slide 6, I will review our first quarter ongoing EBIT margin drivers. Price/mix impacted margin unfavorably by 375 basis points. For context, this is similar to what we saw in the second half of 2023. We expect this trend to improve as a result of recently announced increase of our promotion price programs in North America. Our cost takeout actions delivered 225 basis point margin expansion through strong realization of prior year carryover actions, as previously mentioned.

轉向投影片 6，我將回顧第一季持續的息稅前利潤率驅動因素。價格/組合對利潤率產生了 375 個基點的不利影響。就背景而言，這與我們在 2023 年下半年看到的情況類似。如前所述，我們的成本削減行動透過強而有力地實現上一年的結轉行動，實現了 225 個基點的利潤率擴張。

As you have all seen, raw material costs have recently trended upwards. Steel remains stubbornly high and geopolitical tensions are impacting oil prices. While not meaningfully impacting margin in Q1, we continue to closely follow commodity trends, which could potentially put pressure on our raw material guidance.

正如大家所看到的，原材料成本最近呈上升趨勢。鋼鐵價格仍居高不下，地緣政治緊張局勢正在影響油價。雖然不會對第一季的利潤率產生有意義的影響，但我們繼續密切關注大宗商品趨勢，這可能會對我們的原料指導造成壓力。

Finally, we saw approximately 50 basis points favorable margin impacted largely from a strengthening peso and Brazilian real. Ultimately, we delivered ongoing EBIT margin of 4.3%.

最後，我們看到大約 50 個基點的有利利潤主要受到比索和巴西雷亞爾走強的影響。最終，我們的息稅前利潤率為 4.3%。

Now I will turn it over to Jim to review our segment results and full year guidance.

現在我將把它交給吉姆來審查我們的部門業績和全年指導。

Thanks, Marc. Good morning, everyone. Turning to Slide 7, I'll review first quarter results for our MDA North America business. With stable share, revenue was down 8% year-over-year as the segment continued to be impacted by the promotional environment. The U.S. industry was down approximately 2%, with elevated mortgage rates impacting existing home sales and discretionary demand. Overall, the segment delivered 5.6% EBIT margins for the quarter.

謝謝，馬克。大家，早安。轉向幻燈片 7，我將回顧我們的 MDA 北美業務第一季的業績。份額穩定，但由於該細分市場繼續受到促銷環境的影響，收入較去年同期下降8%。美國工業下降了約 2%，抵押貸款利率上升影響了現有房屋銷售和可自由支配的需求。總體而言，該部門本季的息稅前利潤率為 5.6%。

While the MDA North America business had a slower start than expected, we are confident that previously announced promotional program actions will drive sequential margin expansion of over 1 point per quarter, with pricing action benefits being fully realized in the third quarter.

雖然 MDA 北美業務的起步速度慢於預期，但我們相信，先前宣布的促銷計劃行動將推動每季利潤率環比增長超過 1 個百分點，定價行動的好處將在第三季度完全實現。

Turning to Slide 8, I will review the broader cost environment and how sticky inflation has led to a slower ramp-up in incremental cost benefits in 2024. As you may recall, beginning in 2021 and continuing through 2022, we experienced unprecedented inflation and absorbed $2.5 billion of raw material inflation along with rising labor and freight costs. In 2023, we delivered our cost takeout actions, driving approximately $500 million of net cost takeout coupled with $300 million of raw material benefits.

轉向幻燈片8，我將回顧更廣泛的成本環境，以及黏性通膨如何導致2024 年增量成本效益增長放緩。通膨並吸收了25 億美元的原物料通膨以及勞動力和貨運成本的上漲。 2023 年，我們實施了成本削減行動，實現了約 5 億美元的淨成本削減以及 3 億美元的原材料效益。

We took a significant step towards resetting our cost structure. However, we have seen inflation persist more than expected in 2024 and our input, logistics and labor costs remain elevated.

我們在重置成本結構方面邁出了重要一步。然而，我們看到 2024 年通膨持續超過預期，我們的投入、物流和勞動成本仍然很高。

Despite the macro environment, we delivered approximately $100 million of cost takeout in the first quarter, supported by strong carryover from 2023 actions. We expect to see our manufacturing and supply chain cost actions continue to ramp up throughout the year.

儘管存在宏觀環境，但在 2023 年行動的強勁結轉的支持下，我們在第一季實現了約 1 億美元的成本支出。我們預計我們的製造和供應鏈成本行動將在全年持續上升。

With the EMEA transaction finalized, this allows us to simplify the complexity of our organization operating model globally. We executed the first wave of our global actions in the first quarter, and we'll begin to see the margin benefit in the second quarter. Additionally, the second wave of actions will be executed in Q2, and we will see the full impact of the organizational simplification efforts in Q3. Both waves combined eliminate approximately 1,000 global salary laws. We remain confident these actions will position our business to be successful now and into the future.

隨著歐洲、中東和非洲交易的完成，我們得以在全球範圍內簡化組織營運模式的複雜性。我們在第一季執行了第一波全球行動，我們將在第二季開始看到利潤率效益。此外，第二波行動將在第二季執行，我們將在第三季看到組織簡化工作的全面影響。這兩波浪潮總共廢除了全球約 1,000 條工資法。我們仍然相信，這些行動將使我們的業務在現在和未來取得成功。

Turning to Slide 9. I will share more about our actions to expand margins in North America. In the first quarter, we saw a promotional environment in the U.S. similar to what we saw in the second half of 2023, without the incremental volume lifts we would expect. It is clear the current level of promotional investments is not achieving our value-creation expectations. We remain committed to creating value with our promotional participation, and we are acting to address both the sticky inflation and promotional intensity.

轉向投影片 9。第一季度，我們在美國看到的促銷環境與 2023 年下半年類似，但銷售量並未出現我們預期的增量提升。顯然，目前的促銷投資水準並未達到我們的價值創造預期。我們仍然致力於透過促銷參與創造價值，並且我們正在採取行動解決黏性通貨膨脹和促銷強度問題。

As Marc mentioned earlier, we announced a weighted average 5% promotional program price increase. We believe these promotional program actions are in line with our strategy of participating in promotions that create value and reflect the value of our products and brands. By adjusting our promotional programming prices, we are able to quickly and efficiently increase net prices with relatively little lead time.

正如 Marc 之前提到的，我們宣布促銷計劃的加權平均價格上漲 5%。我們相信這些促銷計劃行動符合我們參與創造價值並反映我們產品和品牌價值的促銷活動的策略。透過調整我們的促銷節目價格，我們能夠在相對較短的交貨時間內快速有效地提高淨價格。

To provide a little context, we communicated and implemented these program changes, in the month of April as opposed to our previously executed list price increases, which typically takes 60 to 90 days to implement. These promotional program changes, coupled with our company-wide organization actions are expected to deliver sequential margin expansion for North America throughout 2024.

為了提供一些背景訊息，我們在 4 月溝通並實施了這些計劃變更，而不是我們之前執行的標價上漲，後者通常需要 60 至 90 天才能實施。這些促銷計畫的變化，加上我們全公司範圍內的組織行動，預計將在 2024 年實現北美地區利潤率的連續成長。

Starting on Slide 10, I'll review the results for our MDA Europe business. Revenue was down 5% year-over-year as the segment continued to see demand weakness from negative consumer sentiment. EBIT margins decreased 50 basis points year-over-year impacted by negative price mix. As a reminder, MDA Europe will no longer be a reportable business segment moving forward.

從幻燈片 10 開始，我將回顧我們的 MDA 歐洲業務的結果。由於消費者信心不佳導致需求持續疲軟，營收年減 5%。受負面價格組合影響，息稅前利潤率較去年同期下降 50 個基點。謹此提醒，MDA Europe 今後將不再是可報告的業務部門。

Turning to Slide 11. Our MDA Latin America business reported very strong results in the quarter. The segment saw 8% net sales growth, excluding currency, driven by share gains throughout the region and an improving industry in both Brazil and Mexico, more than offsetting unfavorable price/mix. EBIT margins expanded to nearly 8% from incremental volumes, cost actions and approximately 200 basis points from an operating tax-related item.

轉向幻燈片 11。由於整個地區的份額增長以及巴西和墨西哥行業的改善，該細分市場的淨銷售額增長了 8%（不包括貨幣），足以抵消不利的價格/組合。由於增量、成本行動以及營業稅相關項目的約 200 個基點，息稅前利潤率擴大至近 8%。

Turning to Slide 12, I'll review the solid results for our MDA Asia business. Revenue was down 2%, excluding currency, with increased volumes from share gains. Negative price/mix impacted both sales and margins, with cost takeout actions driving margin expansion to 4.6% for the quarter.

轉向幻燈片 12，我將回顧我們 MDA 亞洲業務的紮實成果。不計貨幣收入下降 2%，但股票收益增加。負價格/組合影響了銷售額和利潤率，成本削減行動推動本季利潤率擴大至 4.6%。

Turning to Slide 13. I'll review the very strong results for our SDA Global business. The segment delivered approximately 7 points of net sales growth, excluding currency, driven by key countries and our direct-to-consumer business. We expect continued net sales momentum from our expanded product offering throughout the year. As a reminder of the seasonality for the SDA segment, the first quarter typically represents less than 20% of full year revenues.

轉向幻燈片 13。在主要國家和我們的直接面向消費者業務的推動下，該部門實現了約 7 個百分點的淨銷售額成長（不包括貨幣）。我們預計全年我們擴大的產品供應將持續保持淨銷售動能。提醒人們注意 SDA 部門的季節性，第一季的收入通常不到全年收入的 20%。

Finally, we achieved 18% EBIT margins through our cost actions, new product introductions and volume growth. We expect our first half margins to be in line with or slightly better than what was communicated at Investor Day as we will have incremental marketing investments in Q2 related to new product launches.

最後，透過我們的成本行動、新產品推出和銷售成長，我們實現了 18% 的息稅前利潤率。我們預計上半年的利潤率將與投資者日所傳達的水平一致或略好一些，因為我們將在第二季度增加與新產品發布相關的行銷投資。

Turning to Slide 14. I will review a few of our exciting new product launches across our business segments. During Q1, we launched many new products across our regional major domestic appliance businesses and global small domestic appliance business. Earlier this month, we launched and floored our new semi and fully automatic KitchenAid espresso machines at premium retailers, providing a product lineup offering in one of the categories with the highest growth potential based on current market trends. You no longer have to be a barista to make a high-quality espresso at home. Our new lineup of espresso machines offers quality performance, versatility, unique features and a beautiful design, all coming from a brand that has been trusted in the kitchen for over 100 years.

轉向投影片 14。一季度，我們在區域大家電業務和全球小家電業務領域推出了多款新產品。本月早些時候，我們在優質零售商處推出並銷售了新型半自動和全自動 KitchenAid 濃縮咖啡機，提供了基於當前市場趨勢的最具成長潛力的類別之一的產品陣容。您不再需要成為咖啡師才能在家中製作高品質的濃縮咖啡。我們的全新濃縮咖啡機系列具有優質的性能、多功能性、獨特的功能和精美的設計，所有這些都來自於 100 多年來在廚房中備受信賴的品牌。

We also introduced our KitchenAid grain and rice cooker with an integrated scale and water tank that automatically senses the amount of grains, rice or beans and dispenses the ideal amount of water. I am extremely pleased to share that these products won multiple awards, recognizing their design from Red Dot and IF.

我們還推出了帶有整合式秤和水箱的 KitchenAid 穀物電鍋，可自動感應穀物、米或豆類的數量並分配理想的水量。我非常高興地告訴大家，這些產品榮獲了多項獎項，並獲得了紅點和 IF 對其設計的認可。

SDA Global continues to expect strong growth in margins from new product introductions. Within North America, for homes with pets, we launched our first Maytag Pets Dishwasher. Using the PetPro Sanitation cycle, you can now conquer pet grime in your pets' bowls like a pro.

SDA Global 繼續預計新產品的推出將帶來利潤的強勁成長。在北美，針對有寵物的家庭，我們推出了第一台 Maytag 寵物洗碗機。使用 PetPro 衛生循環，您現在可以像專業人士一樣克服寵物碗中的寵物污垢。

Finally, as an example, one of the many regional product launches, in Latin America, we launched a freestanding range with the most powerful burner in the value segment, redefining what is accessible to consumers. These are just a few examples of how we are investing in our future growth and innovation to improve life at home.

最後，作為一個例子，在拉丁美洲推出的眾多區域產品之一中，我們推出了一個獨立式系列，配備了價值細分市場中最強大的燃燒器，重新定義了消費者可以使用的產品。這些只是我們如何投資未來成長和創新以改善家庭生活的幾個例子。

Turning to Slide 15. Let me remind you of the benefits expected following the closure of the Europe transaction. Whirlpool now owns 25% of a newly formed appliance company, Banco Europe BV. From a governance perspective, we have 2 of the 6 board seats. We expect to participate in the significant efficiencies that Banco will generate, including sustained productivity building upon already established purchasing capabilities and continued commitment to product design, innovation and sustainability.

轉向投影片 15。惠而浦現在擁有新成立的家電公司 Banco Europe BV 25% 的股份。從治理角度來看，我們擁有 6 個董事會席次中的 2 個。我們期望參與銀行將產生的顯著效率，包括基於已建立的採購能力的持續生產力以及對產品設計、創新和永續性的持續承諾。

We have the potential to unlock long-term value creation through our ability to monetize our minority interest at an estimated net present value of $500 million. Even though we envision a long-term profitable relationship with Arçelik, the shareholder agreement includes a number of exit options at predetermined parameters after 5 years.

我們有潛力透過將少數股權貨幣化（預計淨現值為 5 億美元）來釋放長期價值創造。儘管我們設想與 Ar§elik 建立長期獲利關係，但股東協議包括 5 年後按預定參數提供的多種退出選項。

Our 40-year Whirlpool brand licensing agreement is expected to generate predictable cash flows of more than $20 million per year. Overall, we expect $750 million net present value of future cash flows and approximately $250 million to $300 million of incremental free cash flow expected in 2025, with the absence of the cash-consuming MDA Europe business.

我們為期 40 年的惠而浦品牌授權協議預計每年將產生超過 2000 萬美元的可預測現金流。整體而言，在不考慮消耗現金的 MDA Europe 業務的情況下，我們預計 2025 年未來現金流量淨現值為 7.5 億美元，自由現金流增量約為 2.5 億至 3 億美元。

We are excited to have achieved this milestone in our portfolio transformation that significantly progresses us towards a higher growth, higher margin business.

我們很高興在我們的投資組合轉型中實現了這一里程碑，這極大地推動了我們向更高成長、更高利潤率的業務邁進。

Turning to Slide 16, I will review our full year 2024 guidance. We are reaffirming our ongoing earnings per share range of $13 to $15, and free cash flow guidance of $550 million to $650 million. Additionally, our net sales guidance of approximately $16.9 billion, alongside approximately 6.8% full year ongoing EBIT margins remains unchanged. Although our MDA North America business had a slower-than-expected start to 2024, we are confident that we have the right actions in place to expand margins sequentially throughout the year.

轉向幻燈片 16，我將回顧我們的 2024 年全年指導。我們重申我們持續的每股收益為 13 至 15 美元，自由現金流指引為 5.5 億至 6.5 億美元。此外，我們約 169 億美元的淨銷售額指引以及約 6.8% 的全年息稅前利潤率保持不變。儘管我們的 MDA 北美業務到 2024 年的開局速度慢於預期，但我們相信我們會採取正確的行動來逐年擴大利潤率。

We expect second half MDA North America margins to expand approximately 4 points compared to the first 6 months of 2024. We still expect MDA North America full year margins of approximately 9% with an exit rate of 10% to 11%. We expect to deliver approximately 30% to 35% of our earnings in the first half of the year and continue to expect a full year adjusted tax rate of 0%, reflecting the benefits of the Europe transaction.

我們預計下半年 MDA 北美利潤率將比 2024 年前 6 個月擴大約 4 個百分點。我們預計上半年將實現約 30% 至 35% 的盈利，並繼續預計全年調整後稅率為 0%，這反映了歐洲交易的好處。

We are updating our GAAP guidance to reflect noncash charges related to the Europe transaction. We continue to expect our full year GAAP tax rate to be approximately 25%. However, as we finalize the impact of the transaction, the GAAP tax rate may be materially impacted.

我們正在更新我們的 GAAP 指南，以反映與歐洲交易相關的非現金費用。我們仍然預計全年 GAAP 稅率約為 25%。然而，當我們最終確定交易的影響時，公認會計準則稅率可能會受到重大影響。

Turning to Slide 17. Our free cash flow guidance remains unchanged. In the first quarter, working capital consumed approximately $600 million of cash. Accounts receivable was impacted by sales seasonality within the quarter with weak industry demand in January, while March ended stronger than March of 2023. Accounts payable were impacted by lowering production levels in the quarter as we took actions to match supply with demand. As we progress through the year, we expect to see accounts receivable and accounts payable recovered to similar levels at the end of 2023, generating sequential free cash flow from working capital throughout the year.

轉向投影片 17。第一季度，營運資金消耗了約6億美元的現金。應收帳款受到本季銷售季節性的影響，1 月份行業需求疲軟，而3 月份的表現強於2023 年3 月。行動。隨著今年的進展，我們預計應收帳款和應付帳款將在 2023 年底恢復到類似水平，從而全年從營運資本中產生連續的自由現金流。

As we navigate the challenging macro environment in North America, we will continue to optimize our working capital. Overall, we continue to expect free cash flow of $550 million to $650 million.

在我們應對北美充滿挑戰的宏觀環境時，我們將繼續優化我們的營運資本。總體而言，我們仍然預期自由現金流為 5.5 億至 6.5 億美元。

Turning to Slide 18. I will review how we are on track to deliver our 2024 capital allocation priorities. We continue to take actions to strengthen our balance sheet. In the first quarter, we completed the sale of 24% of Whirlpool of India's outstanding shares while retaining a majority interest. And the divestiture of our Brastemp branded water filtration business in Brazil is expected to close later this year. Combined, these 2 actions generate approximately $500 million of cash in 2024.

轉向投影片 18。我們繼續採取行動加強我們的資產負債表。一季度，我們完成了印度惠而浦24%流通股的出售，同時保留了多數股權。我們在巴西的 Brastemp 品牌水過濾業務的剝離預計將於今年稍後完成。這兩項行動合計到 2024 年將產生約 5 億美元的現金。

With our first quarter dividend of $1.75 per share, and declaring the same for Q2, we are on track to pay dividends of approximately $400 million in 2024. Additionally, we repaid $500 million of our term loan in April, demonstrating our commitment to maintaining our strong investment-grade credit rating. We completed $50 million of share buybacks in the first quarter, offsetting dilution from employee compensation programs. As you can see, we are on track to deliver our 2024 capital allocation priorities.

我們的第一季股息為每股1.75 美元，並宣布第二季度股息相同，我們預計在2024 年支付約4 億美元的股息。我們致力於維持我們的股息強勁的投資級信用評級。我們在第一季完成了 5,000 萬美元的股票回購，抵銷了員工薪酬計畫的稀釋效果。正如您所看到的，我們正在實現 2024 年資本配置優先事項。

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 recap what you heard today. First quarter results were largely in line with expectations while navigating a challenging macro environment. We had a strong performance in SDA Global, MDA Latin America and MDA Asia. While we had a slower-than-expected start in North America, we continue to be well positioned to disproportionately benefit from a recovery in the U.S. housing market, with 8 of the top 10 U.S. builders under contract. We are and will continue to take action to address the macroeconomic environment, including the already implemented promotion program price increase of 5%. We expect sequential margin expansion to begin in Q2 and fully ramped up by the third quarter.

謝謝，吉姆。前往投影片 19，讓我回顧一下您今天聽到的內容。在應對充滿挑戰的宏觀環境的同時，第一季業績基本上符合預期。我們在 SDA Global、MDA Latin America 和 MDA Asia 表現強勁。儘管我們在北美的起步慢於預期，但我們仍處於有利地位，可以從美國房地產市場的復甦中獲得不成比例的好處，美國十大建築商中有 8 家簽訂了合約。我們正在並將繼續採取行動應對宏觀經濟環境，包括已實施的提價5%的促銷計劃。我們預計利潤率將在第二季開始連續擴張，並在第三季全面擴大。

With approximately $100 million of cost takeout delivered in the first quarter, we remain focused on delivering $300 million to $400 million of full year cost takeouts. We have already taken action on our company-wide organization simplification and the second wave will be completed in the second quarter.

第一季交付了約 1 億美元的成本支出，我們仍專注於全年交付 3 億至 4 億美元的成本支出。我們已經對全公司範圍內的組織簡化採取了行動，第二波行動將在第二季完成。

The EMEA transaction represents a considerable step towards a higher growth, higher margin business. The transaction is expected to meaningfully accelerate our structural free cash flows by approximately $250 million to $300 million in 2025. We have clear capital allocation priorities, including sustaining our strong dividend and reducing debt leverage, supported by strong 2024 cash generation. We are confident that we have right operational priorities and actions to navigate this dynamic environment and deliver sustained shareholder returns.

歐洲、中東和非洲地區的交易代表著向更高成長、更高利潤業務邁出的重要一步。該交易預計將在2025 年顯著加速我們的結構性自由現金流約2.5 億至3 億美元。降低債務槓桿。我們相信，我們有正確的營運優先事項和行動來應對這個充滿活力的環境並提供持續的股東回報。

And that concludes our formal remarks, and we will now open it up for questions.

我們的正式發言到此結束，現在我們將開始提問。

(Operator Instructions)

（操作員說明）

Your first question comes from the line of Susan Maklari from Goldman Sachs.

你的第一個問題來自高盛的 Susan Maklari。

I want to start by focusing a bit on the North America MDA segment. You mentioned that you expect to get 1 point of price every quarter relative to the 5% promotional increase -- promotional price increase that's been announced. I guess what gives you the confidence on that 1%? Does it feel like that is conservative or in line with where you think things will come in? And how do you think volumes will move in response to that? And just can you help us perhaps to bridge as that comes through getting from that 5.6% margin you reported this quarter, the 10% to 11% exit rate you expect for this year?

我想先專注於北美 MDA 細分市場。您提到，相對於已宣布的 5% 促銷價格上漲，您希望每季獲得 1 個百分點的價格上漲。我猜是什麼讓你對這 1% 充滿信心？感覺這是保守的還是符合你認為事情會發生的情況？您認為成交量會如何變動？您能否幫助我們彌補本季度報告的 5.6% 利潤率與您預計今年 10% 至 11% 的退出率之間的差距？

Susan, it's Marc. So let me just comment on the North America margins and the pricing announcements which we've done. And first of all, maybe, which I think is beneficial for the broader audience, explain a little bit how pricing in North America is typically structured. First of all, starting out with the retailers set the consumer prices. So the way how we typically talk about prices towards retail and how we guided is there's typically 2 goalposts.

蘇珊，我是馬克。因此，讓我只評論一下北美的利潤率和我們所做的定價公告。首先，也許，我認為這對更廣泛的受眾有益，並解釋一下北美的定價通常是如何建構的。首先，從零售商開始製定消費者價格。因此，我們通常談論零售價格以及指導價格的方式通常有兩個目標。

One is what we call the MARP, manufacturers adjusted retail price, which tends to be the high mark, and there is promotion price programs. And they're typically tied towards corp advertising, so there's a monitor incentive to stick to these prices.

一種是我們所說的MARP，製造商調整零售價，往往是高標，並且有促銷價格計劃。而且它們通常與公司廣告聯繫在一起，因此有監督激勵措施來堅持這些價格。

On our retail side, the vast majority of volume, typically about 70% is somewhat tied towards this promotion price programs. So what we have announced is a structural across-the-board increase of these promotional price programs of 5%. If you compare that to moving MARPs, there is a benefit of being able to move faster because it doesn't take a lead time so it's in effect now. And it really affects the real business. So it's very relevant.

在我們的零售方面，絕大多數銷售量（通常約為 70%）在一定程度上與促銷價格計劃相關。所以我們宣布的是這些促銷價格計畫結構性全面上漲 5%。如果將其與移動 MARP 進行比較，就會發現能夠更快地移動的好處是，因為它不需要提前時間，所以現在就生效了。它確實影響了真正的業務。所以這是非常相關的。

In terms of timing, first of all, for Q2, even though it's now in effect, of course, you can't touch April anymore, so it starts touching May and Memorial Day and then July 4 and then it starts building from there. So that's just the sequence of how you get into the market.

就時間安排而言，首先，對於第二季度，即使現在已經生效，當然，你不能再觸及四月了，所以它開始觸及五月和陣亡將士紀念日，然後是7 月4 日，然後從那裡開始建造。這就是您進入市場的順序。

As a reminder, and this is typically to our successful price increase in the past, a 5% typically doesn't translate directly into 5% bottom line impact. There is some leakage because of the margin protection, but you typically would expect over time to be this 2% to 3% net price realization. So that explains the sequential move. So of that one in Q2, we expect about 1 point and then subsequently with similar elements. So that's a buildup of the range.

提醒一下，這通常是我們過去成功的漲價的結果，5% 通常不會直接轉化為 5% 的底線影響。由於保證金保護，存在一些洩漏，但隨著時間的推移，您通常會期望淨價實現 2% 到 3%。這就解釋了順序移動。因此，對於第二季度的那個，我們預計約為 1 分，然後隨後會有類似的元素。這就是範圍的累積。

Now the volume impact, of course, North America is a highly competitive market environment. But frankly, we feel very confident about our product, product launches as we evidenced over the last 15 months. We had solid share gains. We have a strong product pipeline. So we do believe our promotional pricing and the revised promotion pricing fully reflects the value which the consumer gets for it and what consumer is willing to pay for it. So actually, I think we're pretty confident, particularly also on the back of a distribution gains, which we got in the last 3 to 4 quarters that the volume impact will be moderated.

現在銷售有影響，當然北美是一個競爭激烈的市場環境。但坦白說，我們對我們的產品和產品發布充滿信心，正如我們在過去 15 個月中所證明的那樣。我們的股票收益強勁。我們擁有強大的產品管道。因此，我們確實相信我們的促銷定價和修訂後的促銷定價充分反映了消費者從中獲得的價值以及消費者願意為此支付的價格。所以實際上，我認為我們非常有信心，特別是在分配收益的支持下，我們在過去 3 到 4 個季度中獲得了銷售影響將得到緩解。

Okay. That's helpful color, Marc. And then maybe turning to the small domestic appliance business. You had some really impressive results there, especially on that margin. Can you talk a bit more about what drove some of those factors? And just how you're thinking about where we are today relative to the guide that you didn't change for this year? What are the puts and takes that take us through the next couple of quarters?

好的。這是有用的顏色，馬克。然後也許會轉向小家電業務。你們在那裡取得了一些非常令人印象深刻的成果，尤其是在這一點上。您能多談談推動其中一些因素的因素嗎？您如何看待我們今天相對於您今年沒有更改的指南的情況？帶領我們度過接下來幾季的看跌期權和看跌期權是什麼？

Yes, Susan. So SDA, very much like Latin America and Asia, had a really strong start of the year, and we feel very good about, we're very proud of it. The small domestic appliance business is a combination of both. We had good cost progress. That's one element. We had a very solid sell-through on -- called our bread and butter business, the Stand Mixer, but frankly, also some of the new product introductions like the cordless and the rice and grain cooker.

是的，蘇珊。因此，SDA 與拉丁美洲和亞洲非常相似，今年開局非常強勁，我們對此感覺非常好，我們為此感到非常自豪。小家電業務是兩者的結合。我們的成本進展良好。這是一個要素。我們的麵包和奶油業務立式攪拌機的銷量非常穩定，但坦白說，還有一些新產品的推出，例如無線電飯鍋和米飯和穀物炊具。

So there's some good momentum also coming from these new product introductions. So put that all together, we had a very strong Q1. The reason why, I mean, Q1 is not the right quarter to kind of change the full year guidance, it's just in particular on the SDA business, it's the smallest of all 4 quarters. So versus full year coming and the seasonality of the small domestic appliance business is more back-half loaded. We also have a massive product launch in Q2, which we will invest with significant marketing dollars. So there are some moving parts. But no matter what, we're off to a very strong start. And could there be some upside at 1 point, yes, but it's way too early to kind of commit and confirm that.

因此，這些新產品的推出也帶來了一些良好的動力。因此，把所有這些放在一起，我們有一個非常強勁的第一季。我的意思是，為什麼第一季不是改變全年指引的合適季度，特別是在 SDA 業務上，它是所有 4 個季度中最小的一個。因此，與全年相比，小家電業務的季節性更加落後。我們也將在第二季推出大規模產品，我們將投入大量行銷資金。所以有一些活動部件。但無論如何，我們都有一個非常強勁的開端。是的，在某一點上是否會有一些上漲空間，但現在做出承諾並確認這一點還為時過早。

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

您的下一個問題來自摩根大通的 Michael Rehaut。

First, I just wanted to drill down a little bit on the movement in North American industry shipments. I think you said down 2%, which would actually, if you kind of strip out the headwind from your price/mix in the quarter, would be consistent with the slight sequential gains, but also the AHAM shipments kind of spread down 6% for the quarter. I was wondering if you could kind of reconcile those 2?

首先，我只想深入了解北美工業出貨量的走勢。我認為你說下降了 2%，實際上，如果你從本季度的價格/組合中剔除不利因素，這將與輕微的連續增長一致，而且 AHAM 的出貨量也下降了 6%。我想知道你是否可以調和這兩個？

And also more broadly, just talk about the discretionary demand and why it's lagging here perhaps in spite of some of the promotional activity. And you're talking about a -- kind of on a bigger picture question, a price increase. If your competitors are not following that, I'm just kind of wondering, in a weaker demand backdrop, if they don't follow, let's say, if there could be some potential for share loss in the next quarter or 2?

更廣泛地說，只是談論可自由支配的需求，以及為什麼儘管進行了一些促銷活動，但它仍然滯後。你談論的是一個更大的問題，就是價格上漲。如果你的競爭對手沒有遵循這一點，我只是想知道，在需求疲軟的背景下，如果他們不遵循這一點，比方說，在下一個或第二個季度是否有可能出現份額損失？

So Michael, it's Marc. Let me first address the industry shipments. As you noted, AHAM has restated the Q1 numbers, and had some restatements in the past. This restatement was driven by one of the smaller import players. And frankly, we have some questions about the consistency and validity of these restatements. And the reason I'm saying this one typically in the past, we -- between what we know from our sell-through data, what we know from our balance of sales from retailer, it typically triangulates very well with the AHAM data, and we feel pretty confident about the numbers which we've given are directionally correct.

邁克爾，是馬克。讓我先談談行業出貨量。正如您所指出的，AHAM 重述了第一季的數據，並且過去也曾進行過一些重述。這項重述是由一家規模較小的進口企業所推動的。坦白說，我們對這些重述的一致性和有效性有一些疑問。我過去通常說這個的原因是，我們從銷售數據中了解到的信息，從零售商的銷售平衡中了解到的信息，它通常與 AHAM 數據很好地進行了三角測量，並且我們對我們給出的數字的方向是正確的充滿信心。

Having said that, so if you would take the revised AHAM numbers, that would mean we had, in Q1, a fairly sizable market share gain, which would be nice, but I think it's more fair to say we basically held on to the share gains, which we had last year and sequentially, it's flat to slightly up. And I think that's a more realistic scenario. So right now and also based on the sell-through data, I would say and that is, again, pretty much in line with the expectations which we had coming into Q1.

話雖如此，如果你採用修訂後的 AHAM 數據，那就意味著我們在第一季度獲得了相當大的市場份額，這很好，但我認為更公平的說法是我們基本上保持了份額我們去年和隨後的漲幅持平或略有上升。我認為這是一個更現實的場景。因此，現在並且根據銷售數據，我想說，這與我們對第一季的預期非常一致。

U.S. industry was down minus 2%. I think sell-through was pretty much in that ballpark, and that's also what we seem to be confirmed. It doesn't change our full year outlook on 0% to 2%, obviously, with some moving parts, and of course, there's also a baseline from last year Q3 and Q4. And we all know it's ultimately driven -- consumer sentiment is mixed.

美國工業下降-2%。我認為銷量基本上在這個範圍內，這也是我們似乎已經證實的。顯然，這並沒有改變我們對 0% 到 2% 的全年展望，但有一些變化，當然，還有去年第三季和第四季的基線。我們都知道它的最終驅動因素是──消費者情緒好壞參半。

The mortgage rates don't help existing home sales. I think as a result of stubbornly high mortgage rates, you might see still fairly solid new home sales, existing home sales being soft. But you may also see a resurgence of home improvements and remodeling because people -- the consumer equity, but the balance sheet is not bad, people have money, they just don't want to leave existing homes. So I think you will see more and more trends towards remodeling refurbishment. And to be honest, that's not a bad business for us.

抵押貸款利率無助於現有房屋銷售。我認為，由於抵押貸款利率居高不下，您可能會看到新屋銷售仍然相當強勁，而現有房屋銷售卻疲軟。但你也可能會看到房屋裝修和改造的復甦，因為人們——消費者權益，但資產負債表還不錯，人們有錢，他們只是不想離開現有的房屋。所以我認為你會看到越來越多的改建翻新趨勢。說實話，這對我們來說並不是一件壞事。

So again, we -- right now, at this point, we still feel the 0% to 2% industry guidance is the right one. As it relates to promotional price increase, again, let's first of all, keep in mind, historically, consumer elasticity to broader category pricing is very little, i.e., given that it's an infrequent purchase, consumers, there's no high-percent sensitivity on consumer's side towards category pricing. And of course, we're living in a competitive environment.

再說一次，我們現在，在這一點上，我們仍然認為 0% 到 2% 的行業指導是正確的。由於它與促銷價格上漲有關，我們首先要記住，從歷史上看，消費者對更廣泛類別定價的彈性很小，也就是說，考慮到消費者的購買頻率不高，對消費者的價格沒有很高的敏感度。當然，我們生活在一個競爭激烈的環境中。

We do what we think is right for our business where we participate and do promotions, which create value for us. And we do what we think our products are valued for in the marketplace. And again, it comes back to we have a strong product pipeline. And with that product pipeline and the distribution gains of last year, I think we have a very good opportunity to make the price increase work and have a very moderated impact on volume.

我們做我們認為適合我們業務的事情，參與並進行促銷活動，為我們創造價值。我們做我們認為我們的產品在市場上有價值的事情。再說一遍，我們擁有強大的產品線。憑藉該產品線和去年的分銷收益，我認為我們有一個很好的機會來使價格上漲發揮作用並對銷售產生非常溫和的影響。

Okay. No, I appreciate that. I guess also just wanted to focus on the EBIT margin bridge for the full year. I noticed that your components remain unchanged in terms of price/mix and net cost. At the same time, you're talking about a 5% price increase on your promotional program actions, which would be a -- everything else equal, a positive. I'm wondering why that component hasn't been changed?

好的。不，我很欣賞這一點。我想也只是想關注全年的息稅前利潤橋樑。我注意到你們的組件在價格/組合和淨成本方面保持不變。同時，您正在談論促銷計劃行動的 5% 價格上漲，這將是——在其他條件相同的情況下，積極的一面。我想知道為什麼該組件沒有改變？

Also, the net cost, you're talking about maybe being at the lower end of the cost actions as well as some incremental cost inflation on areas like freight, logistics, et cetera. So it seems like maybe there's a little bit of downside risk there, a little bit of upside risk maybe on the price/mix. Just kind of your thoughts on why some of the components haven't changed yet while some of the inputs have.

此外，您所說的淨成本可能處於成本行動的較低端，以及貨運、物流等領域的一些增量成本通膨。所以看起來可能存在一點下行風險，價格/組合上可能存在一點上行風險。請談談您對為什麼某些組件尚未更改而某些輸入已更改的想法。

Yes, Michael, this is Jim. Let me start and then I'll have Marc kind of chime in. And as you called out, as we look at where we are at the end of the first quarter, we do believe these are the big drivers. And we do believe in terms of order of magnitude, they're directionally correct, but they're also order-of-magnitude correct. I would say, to your point on the price/mix, as we roll out the price increases -- the promotional price increase that we've done here, it's coming out throughout Q2, so we'll see the benefit partially in Q2, later Q2, but in the back half of the year.

是的，邁克爾，這是吉姆。讓我開始，然後我會讓馬克插話。 正如你所說，當我們看看第一季末的情況時，我們確實相信這些是重要的推動因素。我們確實相信，就數量級而言，它們在方向上是正確的，但它們在數量級上也是正確的。我想說，就您關於價格/組合的觀點而言，當我們推出價格上漲時——我們在這裡所做的促銷價格上漲，它將在整個第二季度推出，所以我們將在第二季度觀看到部分好處，第二季晚些時候，但在今年下半年。

As we look at it today, it should take us to the higher end of the range or possibly even better than that as we get to the back half of the year. But I'd say, right now, that's why at least we use a range to point out where that could be, but we do think we're going to the higher end there.

正如我們今天所看到的，當我們進入今年下半年時，它應該會帶我們達到該範圍的高端，甚至可能更好。但我想說，現在，這就是為什麼我們至少使用一個範圍來指出可能的情況，但我們確實認為我們會達到更高的水平。

From a net cost perspective, as we did highlight, we do think we're possibly at the low end of that range right now. And we are driving the cost actions that we mentioned, but I would say, if you looked at the broader range of the $300 million to $400 million, we're probably closer to the low end. So we do see some possible upside on price/mix, but we do know we have some additional incremental inflation that we weren't counting on in the net cost. And right now, we believe they'd offset each other on a full year basis, most likely, but as we get through the second quarter, we'll continue to have a better picture of what all our actions will deliver for the full year.

從淨成本的角度來看，正如我們所強調的，我們確實認為我們目前可能處於該範圍的低端。我們正在推動我們提到的成本行動，但我想說，如果你看看 3 億至 4 億美元的更廣泛範圍，我們可能會更接近低端。因此，我們確實看到價格/組合可能出現一些上漲，但我們確實知道我們有一些額外的增量通膨，而我們並未將其計入淨成本。目前，我們相信它們很可能會在全年基礎上相互抵消，但隨著第二季的結束，我們將繼續更好地了解我們所有的行動將在全年帶來什麼。

Michael, just maybe to add on this one, obviously, and that's just the nature of Q1. If you first of all, look at our different businesses, you have 3 businesses, which are right now running higher than even the EBIT guidance, and North America is slightly running behind, but we have the EBIT guidance.

邁克爾，顯然，也許只是補充這一點，這就是第一季的本質。如果你先看看我們的不同業務，你有 3 個業務，它們現在的運行速度甚至高於 EBIT 指導，北美稍微落後，但我們有 EBIT 指導。

I think at the end of the day, right now, yes, there's still some moving parts, but there's way to move too early to kind of even think about the change in this one. The same is a little bit on the components. First of all, just to clarify, the bridge which you saw, that's the total company bridge, that's not necessarily North America. To Jim's point, on the net cost, yes, because sticky inflation were kind of more on the low end. But I think also with what we demonstrated, we deliver as carryover and additional costs actually Q1, I think we're pretty solid on this one.

我認為歸根結底，現在，是的，仍然有一些變化的部分，但現在考慮這一變化還為時過早。組件上也有一點相同。首先，澄清一下，你所看到的橋樑，那是整個公司的橋樑，不一定是北美。就吉姆的觀點而言，就淨成本而言，是的，因為黏性通膨在某種程度上處於低端。但我認為，根據我們所展示的情況，我們實際上在第一季以結轉和額外成本的形式交付，我認為我們在這方面相當穩健。

On pricing, and we -- with the price increase which we announced, yes, it could be on a better part of that range. But again, there's still a lot of moving parts. But overall, put it all together, we feel confident about this margin guidance in -- as a total EBIT, which we've given for the full year.

在定價方面，隨著我們宣布的漲價，是的，它可能會在該範圍的更好部分。但同樣，仍然有很多活動部件。但總的來說，總而言之，我們對全年息稅前利潤總額的指引充滿信心。

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。

I guess I just wanted to start off asking about U.S. retail inventories. It looks like there was a pretty significant destock in January ahead of the retail year-end. It was followed by some relatively flat units in February and March, if you combine the 2 months. But how much additional destock do you think is left at retail? And how would that impact the typical 2Q seasonal build in refrigeration?

我想我只是想先詢問美國零售庫存的情況。看起來一月零售年底前庫存大幅減少。如果將這 2 個月合併起來的話，緊隨其後的是 2 月和 3 月的一些相對平穩的單位。但您認為零售業還剩下多少去庫存量？這將如何影響典型的第二季季節性冷氣建設？

Yes. So David, it's Marc. So you're correct. In January, there was quite a bit of destocking of the retail side. I think there was a little bit of a rebuild back up on March. So I would still say by slightly down versus year-end, we're still, by and large, a little bit elevated inventory level in the retail environment, not particularly concerning, but slightly elevated. So what we saw end of the year has not been completely reduced because, again, there was some rebuild back into March.

是的。大衛，是馬克。所以你是對的。 1月份，零售端去庫存量較大。我認為三月有一些重建。因此，我仍然想說，與年底相比略有下降，總的來說，零售環境中的庫存水準仍然略有上升，不是特別令人擔憂，但略有上升。因此，我們在年底看到的情況並沒有完全減少，因為三月又出現了一些重建。

It doesn't make me overly nervous and it's -- and again, to some extent, expected. And I don't think it should impact typically refrigeration seasonality.

這並沒有讓我過度緊張，而且在某種程度上，這也是預料之中的。我認為這不會影響典型的冷凍季節性。

Okay. I guess as a follow-up, I just wanted to ask you about the Arcelik transaction. Your 25% stake in the earnings moves to the equity income line, I would believe, but can you quantify the stranded costs that were left behind and how those costs resolve over the remaining 3 quarters of this year? And what could that represent the way of incremental margin benefit for full year '25 versus full year '24?

好的。我想作為後續行動，我只是想問一下有關 Arcelik 交易的情況。我相信，您在收益中所佔的 25% 股份將轉移至股權收益線，但您能否量化留下的擱淺成本以及這些成本在今年剩餘 3 個季度內如何解決？這代表了 25 年全年與 24 年全年相比增量利潤率的方式是什麼？

Yes, David, this is Jim. And maybe I'll start out with that. And as you said, now that our 25% stake will move to a different line in the P&L and being only 25% will obviously be significantly smaller. If you look at it from a stranded cost perspective, you would see most of that flow through our corporate expense line, which actually right now is trending in a relatively positive level. And why is that?

是的，大衛，這是吉姆。也許我會從這個開始。正如您所說，現在我們 25% 的股權將轉移到損益表中的另一行，而只有 25% 的股權顯然會小得多。如果您從擱淺成本的角度來看，您會發現大部分資金流經我們的公司費用線，而實際上目前該費用線正處於相對積極的水平。為什麼是這樣？

Well, there's a couple of things there. One, we actually did sell off that business in terms of fully operating business. So there weren't a significant amount of stranded costs that stayed. I mean we did -- a lot of the costs went with it. And we do have some remaining costs that we may have had, but obviously, in a transaction like this, you have transaction service agreements, where you're also providing those services and being paid for them.

嗯，有幾件事。第一，就全面運營業務而言，我們實際上確實出售了該業務。因此，並沒有大量滯留成本。我的意思是我們做到了——隨之而來的是許多成本。我們確實有一些剩餘的成本，但顯然，在這樣的交易中，你有交易服務協議，你也提供這些服務並為此付費。

So when we look at it like that, and then we look at the cost takeout actions and the organization simplification actions that we're taking, those are also then offsetting any of the stranded cost that we might see. So right now, we don't see the stranded cost as a significant headwind for us this year because, as I said, we're taking actions to really deal with them.

因此，當我們這樣看待它時，然後我們看看我們正在採取的成本削減行動和組織簡化行動，這些行動也抵消了我們可能看到的任何擱淺成本。因此，目前我們並不認為擱淺成本對我們今年來說是一個重大阻力，因為正如我所說，我們正在採取行動來真正解決這些問題。

When you look at 2025 and beyond, the biggest driver on margin improvement is just the fact that we don't have the dilutive EMEA business within our portfolio anymore, because as I said, most of the costs will come out within this year, so there's not a big year-over-year impact, but we don't have that dilution. What you will see going into 2025, similar to what you see in 2024 is when we take cost actions like this, there's always a carryover because it's a partial year type of thing.

當你展望 2025 年及以後時，利潤率改善的最大推動因素就是我們的投資組合中不再有稀釋性的 EMEA 業務，因為正如我所說，大部分成本將在今年內顯現，所以同比影響並不大，但我們沒有那種稀釋。進入 2025 年，與您在 2024 年看到的情況類似，當我們採取這樣的成本行動時，總會有結轉，因為它是部分年度類型的事情。

So this year, we started with about $100 million of carryover from the prior year in terms of cost actions. And I think as you just look towards next year, that's typically what you would expect on this type of cost takeout business. Now again, we're not going to go further into that, but you should always assume that because these benefits come later in the year, there is a carryover component to next year. And we did talk about that at Investor Day, too, as you look at a multiyear cost trend -- cost takeout trend, we do expect some continuing benefits from this.

因此，今年，我們在成本行動方面從前一年結轉了約 1 億美元。我認為，當您展望明年時，這通常是您對此類成本外送業務的期望。現在，我們不打算進一步討論這個問題，但您應該始終假設，因為這些福利會在今年晚些時候出現，所以會有結轉到明年的部分。我們在投資者日也談到了這一點，當你看到多年的成本趨勢——成本外賣趨勢時，我們確實期望從中獲得一些持續的好處。

David, maybe just to add to Jim's point, one for clarity, absolutely correct, minority interest. Keep in mind, there's also a sizable royalty income from a Whirlpool brand. That will show up in operating results in North America because that's where the majority of the Whirlpool brand work is happening and the cost is being paid. So there is a benefit to our North America business. The other comment on the stranded cost, to Jim's point, again, that's very important to note. The vast majority of existing costs were basically passed on in this transaction. The stranded costs, I would say, is largely dealt with, and that comes back to what we announced already in Q1 and what we are -- I think you may have seen some headlines yesterday.

大衛，也許只是為了補充吉姆的觀點，為了清晰、絕對正確、少數利益。請記住，惠而浦品牌還可以帶來可觀的特許權使用費收入。這將體現在北美的營運業績中，因為惠而浦品牌的大部分工作都在北美進行，成本也在那裡支付。因此，我們的北美業務有一個好處。對於吉姆的觀點，關於擱淺成本的另一條評論再次強調這一點非常重要。現有的絕大多數成本基本上都在本次交易中轉嫁了。我想說，擱淺的成本已基本解決，這又回到了我們在第一季度已經宣布的內容以及我們的情況——我想您昨天可能已經看到了一些頭條新聞。

We are taking out $100 million of infrastructure and organization costs. To be clear, that goes beyond what would have been the stranded cost because ultimately, we have now a significantly simplified business. And as such, we have now the opportunity to also have a significantly simplified organizational setup. So the $100 million goes way beyond the pure stranded costs, which would have been there.

我們正在支出 1 億美元的基礎設施和組織成本。需要明確的是，這超出了擱淺成本，因為最終我們現在的業務已大大簡化。因此，我們現在有機會大幅簡化組織設置。因此，這 1 億美元遠遠超出了原本應該存在的純粹擱淺成本。

Your next question comes from the line of Laura Champine from Loop Capital.

您的下一個問題來自 Loop Capital 的 Laura Champine。

Just wanted to clarify comments that you've made. So the outlook for revenues hasn't changed. The price increase has been announced. And my understanding is that you expect to realize, say, 1% in Q2 and then 2% to 3% in the back half. Does that price increase in North America have any impact in your views on taking market share this year in North America?

只是想澄清您發表的評論。因此，收入前景並沒有改變。價格上漲已經宣布。我的理解是，你期望在第二季度實現 1%，然後在後半段實現 2% 到 3%。北美的價格上漲對您今年爭奪北美市場份額的看法有什麼影響嗎？

So Laura, it's Marc. So again, what Jim alluded to and what I also reconfirmed earlier, that's a 1 point net P&L impact, which we expect in Q2 and then Q3 subsequently. But of course, that also then has an impact on the net revenues. At this point, and of course, that depends on overall market development, et cetera, I would expect our market share to be stable in the current environment and after the promotional price increase.

勞拉，是馬克。再說一次，吉姆提到的以及我之前也再次確認的，這是 1 點的淨損益影響，我們預計在第二季和隨後的第三季會出現這種情況。當然，這也會對淨收入產生影響。當然，這取決於整體市場發展等，我預計我們的市場份額在當前環境下以及促銷價格上漲後將保持穩定。

Okay. So market share is stable as opposed to market share gains. So there is a change in share, not a change in your view for industry-level demand in North America. Is that true?

好的。因此，市場佔有率是穩定的，而不是市場佔有率成長的。因此，份額發生了變化，而不是您對北美行業級需求的看法發生了變化。真的嗎？

Well, again, Laura, you're right. It's just, of course, when you go into price increases, you don't exactly know what will happen to your market, short and midterm. Right now, I think we are adjusting production volumes and everything else with the assumption that we hold market share in that environment. But again, there's a lot of moving parts still, and we need to see now our retailers and everything else responds to that environment.

好吧，勞拉，你是對的。當然，只是當你進入價格上漲時，你並不確切知道你的市場短期和中期會發生什麼。目前，我認為我們正在調整產量和其他一切，假設我們在這種環境下佔據市場份額。但同樣，仍然有很多變化的部分，我們現在需要看到我們的零售商和其他一切對這種環境做出反應。

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。

And I wanted to say congratulations to Korey on the new post. Well deserved, Korey. A couple of questions here. First, the price increase in North America seems at least partially a function of what you call the sticky elements of supply chain-related inflation. Can you go a little bit more in the weeds in terms of what specifically you're seeing there? And I'm more so interested in, is this widespread in the industry? Or is this more Whirlpool-specific, especially knowing that you may be potentially alone in the price increase announcement?

我想對科里就任新職位表示祝賀。當之無愧，科里。這裡有幾個問題。首先，北美的價格上漲似乎至少部分是由供應鏈相關通膨的黏性因素造成的。你能進一步深入了解你在那裡看到的具體內容嗎？我更感興趣的是，這種情況在業界普遍存在嗎？或者這是否是惠而浦特有的，特別是知道您可能是唯一一個宣布漲價的人？

Sam, it's Marc. I mean, ultimately, the rationale for a price increase is twofold. One is the sticky inflation as we call it. The second part is very simply what we already alluded to in Q1 is, the discretionary demand is limited. Replacement demand is very strong, but discretionary demand is limited. So it just does not economically make sense to have a lot of promotional investments than the lift you get from these investments is just limited. It's just pure math, the economics just don't work. So there's 2 components on why we're doing the promotion price program adjustments.

山姆，我是馬克。我的意思是，最終，漲價的理由是雙重的。一是我們所說的黏性通貨膨脹。第二部分非常簡單，我們在第一季已經提到過，可自由支配的需求是有限的。更換需求非常旺盛，但可自由支配的需求有限。因此，進行大量促銷投資在經濟上沒有意義，因為從這些投資中獲得的提升是有限的。這只是純粹的數學，經濟學根本行不通。因此，我們進行促銷價格計劃調整的原因有兩個部分。

On the sticky inflation, of course, I don't know the competitors' P&L, but I would assume that is industry spreads. And the reason why I'm saying this one is we see it, to some extent, logistic cost. We see it in certain strategic components, which -- and it's very rarely do we have exclusive suppliers. So it's still the tail end of a broader cost inflation, which we saw last year, which are right now sticky, as we said before.

當然，在黏性通膨方面，我不知道競爭對手的損益，但我假設這是行業利差。我之所以這麼說，是因為我們在某種程度上看到了物流成本。我們在某些​​策略組件中看到了這一點，而且我們很少有獨家供應商。因此，這仍然是我們去年看到的更廣泛的成本通膨的尾聲，正如我們之前所說，現在的情況很棘手。

So its components, it's logistic cost. Raw material trends to Jim's earlier point, they didn't impact Q1. But of course, we're closely watching what happens to steel prices, oil prices, et cetera. And these are broad-based commodities, so not exclusive to us.

所以它的組成部分，就是物流成本。根據吉姆先前的觀點，原物料趨勢並沒有影響第一季。當然，我們正在密切關注鋼鐵價格、石油價格等的變化。這些都是基礎廣泛的商品，因此並非我們所獨有。

Got it. And then my second question, if I could ask you, Jim, for a walk to get to the free cash flow or I should say the cash from operations guide. I mean, obviously, the first quarter cash burn of $870 million, at least versus what we were expecting, it was considerably more of a burn than we thought. And it implies about -- I don't know, call it, $2 billion or so in cash from ops in Q2 to Q4. And I'm trying to get there. I can see with the net income and the D&A and the working capital guide, at least by my math, it gets somewhere around $1.6 billion, $1.7 billion. So I'm still light by about $400 million, $500 million. So if you could help with at least a specific walk to get to that guide, Jim?

知道了。然後是我的第二個問題，吉姆，我是否可以請你散步以獲得自由現金流，或者我應該說來自營運指南的現金。我的意思是，顯然，第一季現金消耗為 8.7 億美元，至少與我們的預期相比，這比我們想像的要多得多。這意味著——我不知道，可以這麼稱呼，第二季到第四季營運部門將帶來約 20 億美元的現金。我正在努力實現這一目標。我可以看到，根據淨收入、D&A 和營運資金指南，至少根據我的計算，它約為 16 億美元、17 億美元。所以我還少了約 4 億、5 億美元。那麼，吉姆，您是否可以幫助至少走一段特定的路才能到達該指南？

And Sam, I think that probably the bigger component that you're missing in there and now is even more prevalent in 2024 than it's probably been in some of the recent years is with the elevated level of promotions in the back half of the year, a lot of that gets paid out in the first half of the year. So that's where you're going to see a significant swing in terms of -- and it's kind of similar to what we used to see in the 2017, 2018, 2019 time frame when our first quarter cash flow would be in the minus $800 million to $900-some million range.

Sam，我認為，您可能缺少的一個更大的組成部分，現在在 2024 年甚至比近幾年來更加普遍，是下半年促銷水平的提高，其中許多在今年上半年就得到了支付。因此，這就是您將看到的顯著波動，這有點類似於我們在 2017 年、2018 年、2019 年時間範圍內看到的情況，當時我們第一季的現金流將在負 8 億美元左右到900 美元到數百萬美元不等。

And so I think you had all the components there. As you say, we build up earnings throughout the year. We have certain things within the first quarter, and that does include the EMEA -- 100% of all the EMEA effects within the first quarter. Some of that we thought would come later in the year, paying some of the legacy liabilities, but all of that has actually occurred within the first part of the year, but then that big swing is we pay those promotional programs out early in the year for the prior year, and then we build up the accruals throughout the year. So it builds up on our balance sheet, and there's very little cash flowing out, which helps us throughout the year.

所以我認為你已經擁有了所有組件。正如你所說，我們全年都會增加收入。我們在第一季有一些事情，其中​​確實包括 EMEA——第一季所有 EMEA 影響的 100%。我們原以為其中一些會在今年晚些時候發生，支付一些遺留債務，但所有這些實際上都發生在今年上半年，但最大的轉變是我們在年初支付了這些促銷計劃上一年的費用，然後我們累積全年的應計費用。因此，它建立在我們的資產負債表上，而且現金流出很少，這對我們全年都有幫助。

And then in the first quarter of next year, we pay those out again. We have other similar programs like employee compensation programs and things like that, that operate, but promotional programs are the biggest driver. And I think if you add that piece into what you're walking there, you'll get closer to your $2 billion number. So that's how we get there.

然後在明年第一季度，我們再次支付這些費用。我們還有其他類似的計劃，例如員工薪酬計劃等，但促銷計劃是最大的推動力。我認為，如果你將這一塊加到你正在步行的地方，你會更接近 20 億美元的數字。這就是我們到達那裡的方式。

Your next question comes from the line of Michael 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 Michael Dahl。

I want to start with back on the North America margins, just to make sure I heard correctly. I think there was a comment that second half will be up 400 basis points versus first half. So I guess that implies that your second quarter margin is still kind of in the 6s to 7% and the first half would be in kind of the 6%, 6.5% range. And then you're exiting -- the second half will be north of 10%.

我想從北美邊緣開始，只是為了確保我聽到的是正確的。我認為有評論說下半年將比上半年上漲400個基點。所以我猜這意味著第二季的利潤率仍然在 6% 到 7% 之間，而上半年則在 6% 到 6.5% 的範圍內。然後你就退出了——下半年將超過 10%。

I think the prior expectation was to start around 8% and build more slowly and maybe be in like the 9.5% range for the second half, exiting closer to 10%. So it seems like the year started slower, the backdrop is a little more challenging, but your second half margin guide has actually effectively gone up. And I understand the incremental pricing, but that's off of a lower base. So can you just -- another way of asking, just help us walk through kind of what changed in the guide and that expectation for now a better ramp?

我認為之前的預期是從 8% 左右開始，然後緩慢成長，下半年可能會達到 9.5% 的範圍，最後接近 10%。因此，今年似乎開始較慢，背景更具挑戰性，但下半年的利潤指導實際上已經有效上升。我理解增量定價，但這是基於較低的基數。那麼，您能否以另一種方式詢問，幫助我們了解指南中發生的變化以及現在對更好坡道的期望？

Yes, Michael, this is Jim. And I think you did highlight a couple of the points, but let me expand upon that is, one, at the beginning of the year, we did not assume that we were going to take pricing in North America. And obviously, that's one of the things that now as we look at the environment, we look at where the promotional spend has normalized to, and we look at what it's driving from a volume perspective and that it's not driving the value creation that we thought, we've taken some incremental actions. And that would say that, yes, we did start off a little bit slower than we thought in North America.

是的，邁克爾，這是吉姆。我認為您確實強調了幾點，但讓我詳細說明一下，第一，在今年年初，我們並沒有假設我們將在北美定價。顯然，這是現在我們審視環境時的一件事，我們會審視促銷支出已經標準化的情況，我們會從數量的角度審視它的推動力，但它並沒有推動我們認為的價值創造，我們採取了一些漸進行動。這就是說，是的，我們在北美的起步確實比我們想像的要慢一些。

Now when you add in a 5% price increase, and if you just say, okay, a portion of that -- only a certain portion of that gets realized, you still, for the back half of the year, that's somewhere between a 1.5 to 2.5 point type of margin improvement that you build up throughout the year and throughout the back half. And then -- or for the full year, but that builds throughout the back half.

現在，當你加上 5% 的價格上漲時，如果你只是說，好吧，其中一部分 - 只有其中的一部分得到實現，你仍然會在今年下半年，這介於 1.5 之間全年和下半年建立的2.5 點類型的利潤改善。然後——或者全年，但這是在整個下半年建立的。

The second thing is what I would say is, listen, from a cost takeout perspective, as we mentioned before, we will continue to see benefits of that build. But now if we look where we are, we're trying to drive increment while we see cost being -- inflation being stronger than we thought we're trying to drive, and we will drive incremental cost actions to offset that. So we do expect that to build throughout the year.

第二件事是我要說的是，聽著，從成本支出的角度來看，正如我們之前提到的，我們將繼續看到該構建的好處。但現在，如果我們看看我們所處的位置，我們正在努力推動增量，同時我們看到成本——通貨膨脹比我們想像的要強，我們將推動增量成本行動來抵消這一點。因此，我們確實預計這一情況將在全年持續成長。

But the biggest variable of what we originally assumed is pricing right now. Additionally, if you look at where we see the industry at the beginning of the year, we do also and we said, as we started the year, we do expect, as we get later in the year, to see the industry at least normalize some and hopefully stabilize some coming off what is a down base right now.

但我們最初假設的最大變數是現在的定價。此外，如果你看看我們在今年年初對這個行業的看法，我們也會這樣做，我們說過，在今年年初，我們確實預計，隨著今年晚些時候的到來，該行業至少會正常化一些，並希望能夠穩定一些，擺脫目前的低迷狀態。

Got it. Okay. And then just a follow-up on the cash flow question. I guess, with the driver being some of those -- the timing and payments to the extent that you're reducing your promotional activity going forward, I guess should we see as much of a build in the accruals in the back half? And then I think in the past, you have highlighted the seasonality in EMEA cash flows where you typically maybe get some inflows in the back half of the year. This year, you're only absorbing the outflows, you don't get the inflows. So is that dynamic that still the -- it seems like it will be a different dynamic in terms of the first half, second half than maybe you've seen in the past.

知道了。好的。然後是現金流問題的後續行動。我想，由於驅動因素是其中一些——時間和付款，以至於你減少了未來的促銷活動，我想我們是否應該看到後半段應計費用的增加？然後我認為在過去，您強調了歐洲、中東和非洲現金流的季節性，您通常可能會在今年下半年獲得一些流入。今年，你只吸收了資金流出，而沒有吸收資金流入。那麼，這種動態是否仍然存在——就上半場、下半場而言，這似乎將是一種與你過去看到的不同的動態。

Yes. Here's what I would say is, listen, I still think, as you get to the end of the year, we still have higher promotional accruals than we do now because if you just think seasonality in the promotional periods, even in an environment where we're raising our promotional program prices, they're still going to be Black Friday and there's still going to be things that go on in December in terms of promotional programs, that will be at higher levels than they are throughout the year.

是的。我想說的是，聽著，我仍然認為，到了年底，我們的促銷應計費用仍然比現在更高，因為如果你只考慮促銷期間的季節性，即使在我們的環境中正在提高我們的促銷計劃價格，黑色星期五仍然會發生，並且12 月促銷計劃方面仍然會發生一些事情，其水平將高於全年水平。

So we will build the accruals throughout the year. I'd say the other thing that you look at on cash flow, and you mentioned EMEA, and part of the reason why we said our cash flow would be $550 million to $650 million this year despite the fact that typically on these type of earnings, we would think we could generate a higher level of cash flow is that we've assumed that EMEA would have a negative this year without a positive to correspond with it necessarily in the back half of the year. And some of that negative was just the unwinding of some of the working capital programs, working capital finance programs that we had in Europe.

因此，我們將全年增加應計費用。我想說的是您在現金流方面關注的另一件事，您提到了歐洲、中東和非洲，這也是我們說今年我們的現金流將達到5.5 億至6.5 億美元的部分原因，儘管事實上通常基於這些類型的收益，我們認為我們可以產生更高水準的現金流，因為我們假設歐洲、中東和非洲地區今年將出現負數，而下半年卻沒有相應的正數。其中一些負面因素只是我們在歐洲的一些營運資本計畫、營運資本融資計畫的取消。

So we expected this. This is where we expected to start. We did expect it, and we said, when we go to 2025, you can then take that negative for EMEA and add that to this year's number to give you where you should plan to be for next year.

所以我們預料到了這一點。這就是我們期望開始的地方。我們確實預料到了這一點，而且我們說過，當我們到 2025 年時，您可以將 EMEA 的負值添加到今年的數字中，從而得出明年的計劃。

I think the other thing that maybe we haven't highlighted yet in the questions around free cash flow, you will see an improvement in working capital throughout the year. And when we get to the end of the year, you will see a significant improvement in working capital from where we are today. And that is one of the big drivers where our cash flow is today to where we expect to end the year.

我認為，在有關自由現金流的問題中，我們可能尚未強調的另一件事是，您將看到全年營運資本的改善。當我們到年底時，您會看到我們的營運資本比今天有了顯著改善。這是我們今天的現金流達到我們預計年底的主要驅動因素之一。

Your next question comes from the line of Rafe Jadrosich from Bank of America.

您的下一個問題來自美國銀行的 Rafe Jadrosich。

Just following up on the price increase. Can you just talk about what portion of the business does it cover? Is it for the entire North America MDA business? And then how do you -- what are you assuming in terms of realization in your guidance? Is it that net 1% increase that you're baking into the guidance for the remainder of the year?

只是跟進漲價的情況。您能簡單談談它涵蓋了哪些業務嗎？是針對整個北美 MDA 業務嗎？然後你如何——你在你的指導中假設實現什麼？您將 1% 的淨成長納入今年剩餘時間的指導中嗎？

So let me just reexplain the price increase. So overall, we said earlier, it affects about 70% of our North America business. To give you a little bit more, of course, what it excludes is builder-related programs, or other programs, which are typically not covered by the promotion -- by the [PMPs] as we call, these promotion programs. So roughly, you can assume it's about 70% is across the board.

那麼讓我重新解釋一下價格上漲。因此，總的來說，我們之前說過，它影響了我們約 70% 的北美業務。當然，為了給您更多信息，它排除了與建築商相關的計劃或其他計劃，這些計劃通常不屬於促銷活動（我們所說的 [PMP]）的範圍，即這些促銷計劃。粗略地說，您可以假設大約 70% 是全面的。

The absolute amount, of course different product group or product groups. So in some cases, you would see a $20, $30 increase in some case, $70 to $80. So that's -- but it is across the board. It's structurally -- and in large effect, in particular, the retail and freestanding business.

當然，絕對數量不同的產品組或產品組。因此，在某些情況下，您會看到增加 20 美元、30 美元，在某些情況下，增加 70 美元到 80 美元。所以這就是——但這是全面的。從結構上講，尤其是零售和獨立業務，在很大程度上是如此。

Now to your point about the realization we said earlier, it's a 5% increase. What it means for bottom line, we would expect 2% to 3% net P&L impact, building throughout the different quarters.

現在談談我們之前所說的關於實現的觀點，增加了 5%。這對淨利潤意味著什麼，我們預計對淨損益的影響為 2% 至 3%，並在不同季度不斷增加。

And then how do you think strategically about market share relative to pricing? If margins start to improve in the second half, but you're giving up some market share, is that a trade-off that you're willing to make? Is that -- just how do you think about the balance between pricing and volume?

那麼您如何從策略角度考慮相對於定價的市場佔有率？如果下半年利潤率開始改善，但您放棄了一些市場份額，您是否願意做出這種權衡？您是如何看待定價和銷售之間的平衡的？

Just to clarify, we didn't say we want to give up market share. I said right now, our assumption is that we basically hold market share and that assumption is built based on the product pipeline, which we have, the distribution expansion, which we gained last year. So ultimately, you have to earn market share from a consumer. So you got to provide for consumer value proposition through innovation and what we deliver product, which is being earned. And we feel actually really based on the momentum which we built last year and what we see coming, we feel very confident that what we offer as a consumer, value proposition justifies and potentially at one point offers the opportunity to even expand market share.

需要澄清的是，我們並沒有說我們要放棄市場佔有率。我現在說過，我們的假設是我們基本上佔據了市場份額，並且該假設是基於我們擁有的產品管道和我們去年獲得的分銷擴張而建立的。因此最終，你必須從消費者那裡贏得市場份額。因此，你必須透過創新和我們提供的產品來為消費者提供價值主張，這是我們贏得的。我們認為，實際上，基於我們去年建立的勢頭以及我們對未來的展望，我們非常有信心，我們作為消費者提供的服務、價值主張是合理的，並且有可能在某一時刻提供甚至擴大市場份額的機會。

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。

A follow-up and then a question, if I could. The 1Q margin around 2 points lower than expected. You've talked about it a little bit, but the bridge between the 7.5% or 8% and the 5%, 6%, what explains that difference?

如果可以的話，先進行跟進，然後再提出一個問題。第一季利潤率比預期低約 2 個百分點。您已經談到了一點，但 7.5% 或 8% 與 5%、6% 之間的橋樑，如何解釋這種差異？

In terms of which, are you talking North America or global margin?

就這方面而言，您是在談論北美還是全球利潤率？

Just the North American margin.

只是北美的利潤。

So as we said, I mean, within the North America margin and the slower start to the year, we would say is, one, that what we saw is volume was a little bit weaker than we thought. Cost was a little bit higher than we thought from an inflationary perspective. And then the promotional environment was right about where we thought, but again, probably at the higher end of what we thought. So you take all those factors and combine them, and that's why we would have said we had a slower start.

正如我們所說，我的意思是，在北美利潤率和今年開局較慢的情況下，我們會說，第一，我們看到的是成交量比我們想像的要弱一些。從通貨膨脹的角度來看，成本比我們想像的還要高。然後，促銷環境與我們的想法相符，但同樣，可能處於我們想法的高端。所以你把所有這些因素結合起來，這就是為什麼我們會說我們起步較慢。

Now you start to roll that forward. And as we said, that's why we're taking incremental actions, especially on the cost and the pricing side, is we did see things in the first quarter that told us that we needed to take additional actions on top of what we planned. But I'd say those are the 3 biggest drivers, but the sticky inflation was probably one of the biggest impacts we saw at least within the first quarter compared to what we expected.

現在你開始向前推進。正如我們所說，這就是為什麼我們要採取增量行動，特別是在成本和定價方面，因為我們確實在第一季看到的情況告訴我們，我們需要在計劃的基礎上採取額外的行動。但我想說，這些是三個最大的驅動因素，但與我們的預期相比，黏性通膨可能是我們至少在第一季看到的最大影響之一。

Eric, it's Marc. Let me just add to this one because I think one of your earlier questions was referring to North American margin of 8% in Q1. As you know, we don't give quarterly margin by region, okay? If you ask me, it's absolutely true. North America is off to a slower start. I think that offers our internal expectation by probably 1 to 1.5 points, which ultimately, to Jim's point, is a reflection of promotional environment was intense, some of the inflation has turned out to be more sticky when we originally assumed.

埃里克，這是馬克。讓我補充一下這一點，因為我認為您之前的一個問題是指第一季北美利潤率為 8%。如您所知，我們不會按地區提供季度利潤，好嗎？如果你問我，那絕對是真的。北美的起步較慢。我認為這可能使我們的內部預期提高了 1 到 1.5 個百分點，最終，吉姆認為，這反映了促銷環境的激烈程度，當我們最初假設時，一些通貨膨脹變得更加黏性。

There is also a third element, we -- typically in Q1 and Q2 in most regions, we start building a lot of production and inventory, and we're right now a little bit cautious, and we didn't build a lot of inventory. So that, of course, has lack of volume leverage on the production side. So these are the 3 elements.

還有第三個因素，我們通常在大多數地區的第一季和第二季度，我們開始建立大量的生產和庫存，我們現在有點謹慎，我們沒有建立大量的庫存。因此，當然，生產方面缺乏數量槓桿。這就是 3 個要素。

You heard earlier the comment in terms of how we intend to address it with both the promotion price increase, but frankly, also additional cost actions. Some of them we announced already. So that's how we intend to make the margin walk from Q1 in North America to the full year.

您之前聽過關於我們打算如何透過促銷價格上漲以及額外成本行動來解決這個問題的評論。其中一些我們已經宣布了。這就是我們打算如何使北美地區的利潤率從第一季延伸到全年。

And then the question on the promoted price. I guess specifically to just cut to the point, Memorial Day is 30 days from now. You've communicated to retailers that your promoted prices will be 5% higher. Had the retailers told you you're going to keep your space and we'll have the same discounts? Or is your product going to be discounted less than other products? Or are you going to lose space within the promoted programs that they're going to have for Memorial Day? What have retailers communicated to you will be the real-time effectiveness?

然後是關於促銷價格的問題。我想直接切入主題吧，陣亡將士紀念日是從現在起 30 天後。您已與零售商溝通，促銷價格將上漲 5%。零售商是否告訴您將保留您的空間並且我們將提供相同的折扣？或是你的產品的折扣會比其他產品少嗎？或者您會失去陣亡將士紀念日促銷活動的空間？零售商向您傳達的即時效果是什麼？

Yes. So Eric, and of course, then a question while I understand why you're asking it may go too far from the earnings call. As you know, we typically don't comment on individual retails or retail reaction. I would argue right now, it's kind of -- we are very confident that our price increase will be successful. Of course, with a short notice, Memorial Day may see something. But actually, right now, even how our April shipments went were in line with expectations. So I would say, overall, the initial reaction confirmed our confidence that the price increase will work. But please, I hope you accept that I can't comment on specific retailer comments.

是的。艾瑞克，當然，我理解你為什麼問這個問題，但這個問題可能與財報電話會議相差太遠。如您所知，我們通常不會對個別零售或零售反應發表評論。我現在想說的是，我們非常有信心我們的漲價將會成功。當然，在短暫的通知下，陣亡將士紀念日可能會看到一些東西。但實際上，目前我們四月的出貨情況也符合預期。所以我想說，總的來說，最初的反應證實了我們對漲價將會發揮作用的信心。但是，我希望您接受我無法對特定零售商的評論發表評論。

So that marks the end of our questions. First of all, I appreciate all the questions. Again to recap, we're overall satisfied with our Q1. Our earnings per share were largely in line with what we expected. We all recognize we have 3 regions of business units, which are running very strong even ahead. North America is off to a slower start. I think you also heard from us, we're taking clear and decisive actions to rest of the margins. And with that confidence, we're actually reconfirming our full year guidance. So again, I appreciate you all calling in, and hope to talk to you soon. Thanks a lot.

這標誌著我們問題的結束。首先，我感謝所有的問題。再次回顧一下，我們對第一季整體感到滿意。我們的每股盈餘基本上符合我們的預期。我們都認識到我們有 3 個地區的業務部門，即使在未來，它們的運作也非常強勁。北美的起步較慢。我想您也聽到了我們的消息，我們正在對其餘的利潤採取明確而果斷的行動。帶著這種信心，我們實際上正在重新確認我們的全年指導。再次感謝大家的來電，並希望盡快與你們交談。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。您現在可以斷開連線。