惠而浦 (WHR) 2024 Q4 法說會逐字稿

Good morning, and welcome to Whirlpool Corporation's fourth-quarter 2024 earnings call.

早安，歡迎參加惠而浦公司 2024 年第四季財報電話會議。

Today's call is being recorded.

今天的通話正在錄音。

Joining me today are Marc Bitzer, our Chairman and Chief Executive Officer; and Jim Peters, our Chief Financial and Administrative Officer.

今天與我一起出席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。

Our remarks today track with the presentation available on the Investors section of our website at whirlpoolcorp.com. Before we begin, I want to remind you that as we conduct this call, we will be making forward-looking statements to assist you in better understanding Whirlpool Corporation's future expectations.

我們今天的演講與我們網站 whirlpoolcorp.com 投資者部分提供的簡報一致。在我們開始之前，我想提醒您，在我們進行此次電話會議時，我們將做出前瞻性陳述，以幫助您更好地理解惠而浦公司的未來期望。

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.

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聲明有重大差異。

We also want to remind you that today's presentation includes non-GAAP measures outlined in further detail at the beginning of our earnings presentation.

我們還想提醒您，今天的演示中包含了我們在收益演示開始時詳細概述的非 GAAP 指標。

We believe the measures are important indicators of our operations as they exclude items that may not be indicative of results from ongoing business operations.

我們認為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反映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.

我們也認為，調整後的措施將為您提供更好的基準，以分析我們正在進行的業務營運趨勢。

Listeners are directed to the supplemental information package posted on the Investor Relations section of our website for a reconciliation of non-GAAP items to the most directly comparable GAAP measures.

聽眾可參閱我們網站「投資者關係」部分發布的補充資訊包，以了解非 GAAP 項目與最直接可比較的 GAAP 指標的對帳。

(Operator Instructions)

（操作員指令）

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

說完這些，我會把電話轉給馬克。

Thanks, Scott, and good morning, everyone.

謝謝，斯科特，大家早安。

As we look back at 2024, we have to acknowledge that our financial performance has not yet been at the level where we all expect it to be.

回顧 2024 年，我們必須承認，我們的財務表現尚未達到我們所有人預期的水平。

At the same time, we are pleased with the progress we made throughout the year and improving our operational performance and accelerating our portfolio transformation.

同時，我們對全年取得的進展以及改善我們的營運績效和加快我們的投資組合轉型感到高興。

The completion of the Europe transaction was a key milestone in our ongoing portfolio transformation, unlocking significant value creation opportunities.

歐洲交易的完成是我們正在進行的投資組合轉型的一個重要里程碑，釋放了重大的價值創造機會。

Operationally, we delivered substantial cost reduction initiatives of approximately $300 million, while at the same time stabilizing and in some cases reversing the negative input cost trends we had experienced before.

在營運方面，我們實施了約 3 億美元的大幅成本削減舉措，同時穩定甚至扭轉了我們之前經歷過的負面投入成本趨勢。

We also simplified our organization and enabled business unit autonomy delivering structural cost savings of more than $100 million.

我們也簡化了組織架構，實現了業務部門自主，節省了超過 1 億美元的結構性成本。

As a result, since the first quarter, we have sequentially increased ongoing EBIT margin by 170 basis points achieving three consecutive quarters of margin expansion.

因此，自第一季以來，我們已連續將息稅前利潤率提高了 170 個基點，實現了連續三個季度的利潤率擴大。

With sequential margin expansion in combination with a favorable tax rate allowed us to deliver over $12 of ongoing earnings per share.

透過連續的利潤率擴大加上優惠的稅率，我們能夠實現每股超過 12 美元的持續收益。

We executed our capital allocation priorities and returned approximately $400 million of cash to shareholders and dividends, while paying down $500 million of debt, reinforcing our commitment to reducing our debt levels.

我們執行了資本配置優先事項，向股東和股息返還了約 4 億美元現金，同時償還了 5 億美元的債務，加強了我們對降低債務水準的承諾。

We achieved significant working capital efficiency, resulting in $385 million in free cash flow.

我們實現了顯著的營運資本效率，產生了 3.85 億美元的自由現金流。

As we look into 2025, we do not anticipate a sudden improvement of what has been a very challenging macro environment, in particular in the US.

展望 2025 年，我們預期極具挑戰性的宏觀環境不會突然改善，尤其是在美國。

We are highly optimistic about mid and long-term prospects of US housing market, at the same time, realistic about the pace of recovery and expect only a slow and gradual improvement in 2025.

我們對美國房地產市場的中長期前景非常樂觀，同時對復甦步伐持現實態度，預計2025年只會出現緩慢、逐步的改善。

We are following the various initiatives and ideas coming from the new administration.

我們正在關注新政府提出的各種措施和想法。

While some of these might be favorable for our business, we have not factored them into our outlook and that we remain focused on what is within our control.

雖然其中一些可能對我們的業務有利，但我們並沒有將它們納入我們的展望中，我們仍然專注於我們能夠控制的事情。

As you will hear later in more detail, we will stay very disciplined in our cost controls.

正如您稍後會詳細聽到的那樣，我們將嚴格控製成本。

While we're not assuming significant raw material cost savings, we have already lined up cost actions amounting to $200 million and has started to develop additional opportunities to exceed this target.

雖然我們沒有假設原料成本會大幅節約，但我們已經安排了總額為 2 億美元的成本行動，並已開始開發更多機會來超越這一目標。

In the US, we have just recently announced a further reduction in the depth of our promotion pricing program.

在美國，我們最近剛宣布進一步降低促銷定價計畫的深度。

This, in combination with a compelling lineup of new and innovative products is expected to help drive favorable price and mix in 2025.

結合引人注目的全新創新產品陣容，預計這將有助於在 2025 年推動有利的價格和產品組合。

I'm confident with our expected 2025 margin expansion and free cash flow improvement puts us firmly on our path to a higher-growth, higher-margin company.

我相信，我們預期的 2025 年利潤率擴大和自由現金流改善將使我們堅定地走上更高成長、更高利潤率的公司之​​路。

Turning to slide 6, I will provide an overview of our fourth quarter results.

在投影片 6 上，我將概述我們第四季的業績。

We had a fourth quarter with 2% organic growth, which, as a reminder, excludes currency and the Europe transaction driven by strength in our SDA, global and international business.

我們在第四季度實現了 2% 的有機成長率，提醒一下，這一成長率不包括貨幣和歐洲交易的影響，這得益於我們 SDA、全球和國際業務的強勁成長。

Global EBIT margins expanded both sequentially and year-over-year driven by previously announced promotional program and pricing actions in MDA North America and MDA Latin America.

受先前宣布的促銷計劃和 MDA 北美和 MDA 拉丁美洲定價行動的推動，全球息稅前利潤率環比和同比均有所擴大。

We delivered ongoing earnings per share of $4.57 and maintained our dividend of $1.75.

我們持續實現每股收益 4.57 美元，股息維持在 1.75 美元。

Turning to slide 7.

翻到第 7 張投影片。

I will provide an overview of our fourth quarter ongoing EBIT margin drivers.

我將概述我們第四季持續的息稅前利潤率驅動因素。

Price and mix unfavorably impacted margin by 100 basis points, slightly falling short of our initial expectation.

價格與產品組合對利潤率有不利影響，達 100 個基點，略低於我們最初的預期。

Price and mix was negatively impacted by retailer destocking in our MDA North American business coupled with very strong sellout as consumer confidence rebounded following the US presidential election.

由於美國總統大選後消費者信心反彈，我們的 MDA 北美業務零售商去庫存，以及產品售罄，價格和產品組合受到負面影響。

Aside from this one-time impact, our price and mix saw the expected benefit from the pricing actions in MDA North America and MDA Latin America.

除了這項一次性影響之外，我們的價格和產品組合還從 MDA 北美和 MDA 拉丁美洲的定價行動中獲得了預期的好處。

Our cost takeout actions delivered 175 basis points year over year, led by our continued manufacturing supply chain efficiencies and our organizational simplification actions.

我們的成本削減措施較上年同期提高了 175 個基點，這主要得益於我們持續提高製造供應鏈效率和採取組織簡化措施。

Raw materials were essentially flat as expected.

原物料基本持平，符合預期。

Marketing and technology had an unfavorable 50 basis point impact as we increased investments in our new products.

由於我們增加了對新產品的投資，行銷和技術產生了不利的 50 個基點的影響。

Currency reduced margin by 25 basis points year over year as the Brazilian real weakened relative to US dollar.

由於巴西雷亞爾兌美元走弱，貨幣利潤率較去年同期下降了 25 個基點。

The European transaction positively impacted the fourth quarter by 75 basis points as expected.

歐洲交易如預期對第四季產生了75個基點的正面影響。

Ultimately, we are pleased to have expanded margins year over year by 80 basis points.

最終，我們很高興看到利潤率年增了 80 個基點。

And now I will turn it over to Jim to review our Q4 and full year segment results and our perspective on 2025, including our capital allocation priorities.

現在，我將讓吉姆來回顧我們第四季度和全年分部業績以及我們對 2025 年的展望，包括我們的資本配置重點。

Thanks, Marc.

謝謝，馬克。

Good morning, everyone.

大家早安。

Turning to slide 8, I'll review fourth quarter and full-year results for our MDA North America business.

轉到第 8 張投影片，我將回顧我們的 MDA 北美業務的第四季度和全年業績。

Net sales declined 1% in the fourth quarter, driven by negative price mix.

受負面價格組合影響，第四季淨銷售額下降 1%。

This was primarily driven by the impact of the structural retailer destocking previously mentioned.

這主要是受到前面提到的零售商結構性去庫存的影響。

In addition, following the US presidential election, we saw consumer sentiment improve with strong sellout.

此外，美國總統大選後，我們看到消費者情緒有所改善，銷售強勁。

With many trade customer incentives tied to sell-out volume during the Black Friday period, we saw a negative price mix impact within the quarter, resulting in EBIT margins of 6.7%, which was below our expectations for the quarter.

由於許多貿易客戶激勵措施與黑色星期五期間的銷售量掛鉤，我們看到本季的價格組合受到負面影響，導致息稅前利潤率為 6.7%，低於我們對本季的預期。

Overall, the segment delivered a full-year EBIT margin of approximately 6.5%, largely in line with our most recent full year guidance.

總體而言，該部門全年息稅前利潤率約為 6.5%，與我們最近的全年指引基本一致。

Turning to slide 9, I'll review the results for our MDA Latin America business.

轉到第 9 張投影片，我將回顧我們的 MDA 拉丁美洲業務的業績。

In the fourth quarter, the segment had strong net sales growth of 7% year over year, excluding currency, driven by industry growth in Brazil and Mexico, along with pricing actions implemented in the quarter.

第四季度，該部門淨銷售額年增 7%（不包括匯率因素），這得益於巴西和墨西哥的產業成長以及本季實施的定價措施。

Fourth-quarter EBIT margin of 7.6% expanded by 240 basis points year over year, driven by pricing, cost actions and fixed cost leverage.

第四季息稅前利潤率為 7.6%，比去年同期增加 240 個基點，主要得益於定價、成本行動和固定成本槓桿。

Overall, we are pleased with the 140 basis points of margin expansion to deliver a 7% full year EBIT margin, meeting guidance expectations.

整體而言，我們對利潤率擴大 140 個基點感到滿意，全年息稅前利潤率達到 7%，符合指導預期。

Turning to slide 10.

翻到第 10 張投影片。

I'll review the results of our MDA Asia business.

我將回顧我們的MDA 亞洲業務的業績。

In the fourth quarter, the segment saw net sales growth of 9% year over year, excluding currency, as share gains and strong industry drove volume growth.

第四季度，由於市場佔有率上升和產業強勁成長推動銷售成長，該部門淨銷售額（不包括匯率因素）較去年同期成長 9%。

The segment delivered a 1.2% EBIT margin in the quarter with 170 basis points of margin expansion year over year from fixed cost leverage.

該部門本季的息稅前利潤率為 1.2%，固定成本槓桿作用使利潤率較上年同期擴大了 170 個基點。

Overall, MDA Asia delivered a 3.9% EBIT margin for the full year with 160 basis points of expansion year over year.

整體而言，MDA Asia 全年息稅前利潤率為 3.9%，較去年同期成長 160 個基點。

Turning to slide 11.

翻到第 11 張投影片。

I'll review the results of our SDA Global business.

我將回顧我們的 SDA 全球業務的表現。

The segment had multiple exciting launches in 2024 with new products introduced in high-potential growth categories for our business.

該部門於 2024 年推出了多款令人興奮的產品，並推出了對我們業務具有高潛力成長類別的新產品。

These new products, along with strong direct-to-consumer sales delivered year-over-year net sales growth of 6% for the quarter.

這些新產品加上強勁的直接面向消費者的銷售，推動本季淨銷售額年增 6%。

The segment delivered an EBIT margin of 12.5% in the quarter, impacted by increased marketing investments in our new products.

受新產品行銷投入增加的影響，該部門本季的息稅前利潤率為 12.5%。

Overall, SDA Global delivered a strong EBIT margin of 14.3% for the full year.

總體而言，SDA Global 全年實現了 14.3% 的強勁息稅前利潤率。

Turning to slide 12.

翻到第 12 張投影片。

I will review our guidance for 2025.

我將回顧我們 2025 年的指導方針。

We have provided a reset baseline for 2024 results, excluding both the European major domestic appliance business from Q1 of 2024 and India's July through December 2024 consolidated results from the anticipated Whirlpool of India market sale transaction that I will review in more detail shortly.

我們已為2024 年的業績提供了重置基線，排除了2024 年第一季的歐洲主要家用電器業務和印度2024 年7 月至12 月預期的惠而浦印度市場銷售交易的綜合業績，我將在不久後對其進行更詳細的審查。

The reset baseline excludes approximately $1.2 billion in net sales and approximately $6 million of EBIT, creating a like-for-like comparison for 2025 guidance.

重置的基線不包括約 12 億美元的淨銷售額和約 600 萬美元的息稅前利潤，從而與 2025 年指引進行同類比較。

On a like-for-like basis, 2024 net sales were approximately $15.4 billion with an ongoing EBIT margin of approximately 5.8%.

以同類計算，2024 年淨銷售額約 154 億美元，持續息稅前利潤率約為 5.8%。

We expect growth of approximately 3% to $15.8 billion in net sales in 2025 driven by a strong product launch pipeline expected to deliver share growth in MDA North America and continued strength in our SDA Global and international businesses.

我們預計，在強勁的產品發布管道的推動下，2025 年淨銷售額將增長約 3%，達到 158 億美元，預計將帶來 MDA 北美地區的份額增長以及 SDA 全球和國際業務的持續強勁增長。

On a like-for-like basis, we expect a 100 basis point ongoing EBIT margin expansion to be approximately 6.8%.

以同類計算，我們預計持續息稅前利潤率將擴大 100 個基點，約 6.8%。

Free cash flow is expected to deliver $500 million to $600 million, a 3.5% cash conversion of net sales, driven by improved earnings while sustaining lower working capital levels.

自由現金流預計將帶來 5 億至 6 億美元，淨銷售額的現金轉換率為 3.5%，這得益於獲利提高同時維持較低的營運資本水準。

We expect full year ongoing earnings per share of approximately $10.

我們預計全年每股收益約為 10 美元。

This includes an adjusted effective tax rate of 20% to 25%, which is an increase compared to 2024 and impacts 2025 ongoing earnings per share by approximately $7.

這包括 20% 至 25% 的調整後有效稅率，與 2024 年相比有所增加，並對 2025 年每股持續收益產生約 7 美元的影響。

Turning to slide 13.

翻到第 13 張投影片。

We show the drivers of our 2025 ongoing EBIT margin guidance.

我們展示了 2025 年持續息稅前利潤率指導的驅動因素。

We expect a positive impact of 75 basis points from price mix from previously announced pricing actions in the Americas and new product launches.

我們預計，先前宣布的美洲定價行動和新產品發布將對價格組合產生 75 個基點的正面影響。

In North America, this reflects recently announced promotional pricing actions, and the carryover pricing actions from Q2 2024 as well as the carryover pricing actions implemented in Latin America from Q4 2024.

在北美，這反映了最近宣布的促銷定價行動、從 2024 年第二季開始的延續定價行動以及從 2024 年第四季開始在拉丁美洲實施的延續定價行動。

We also have a very exciting lineup of higher-mix products and over 100 new products launching this year.

我們還擁有令人興奮的高混合產品陣容，今年將推出 100 多種新產品。

In MDA North America, we expect to transition over 30% of our products, the largest one-year transition in over a decade.

在 MDA 北美，我們預計將轉型超過 30% 的產品，這是十多年來最大的一年轉型。

We do not expect a material catalyst for existing home sales in 2025.

我們預期 2025 年現房銷售不會有實質的推動因素。

And as a result, we expect stable demand year over year.

因此，我們預期需求將逐年穩定。

Therefore, we are not factoring in an improvement in the mix from a discretionary demand rebound.

因此，我們沒有考慮到可自由支配需求反彈所帶來的產品組合改善。

We will drive further reductions to our fixed cost structure and expect 125 basis points of net cost margin benefit from more than $200 million of cost takeout actions.

我們將進一步削減固定成本結構，並預計透過超過2億美元的成本削減行動，淨成本利潤率將提高125個基點。

Based on previously executed supply agreements, we expect minimal to no impact on EBIT margin from raw materials this year.

根據先前簽訂的供應協議，我們預計今年原物料對息稅前利潤率的影響很小甚至沒有影響。

With a strong cadence of new product introductions this year, we plan to increase investments in marketing and technology, which will impact margin by approximately 50 basis points.

隨著今年新產品推出的強勁節奏，我們計劃增加對行銷和技術的投資，這將對利潤率產生約 50 個基點的影響。

Currency is expected to negatively impact margin by approximately 50 basis points as the Brazilian real has weakened relative to the US dollar.

由於巴西雷亞爾兌美元貶值，預計貨幣將對利潤率產生約 50 個基點的負面影響。

Finally, we expect our portfolio transformation to provide approximately 50 basis points of margin expansion due to the closure of the Europe transaction and anticipated India market sale transaction.

最後，由於歐洲交易的結束和預期的印度市場銷售交易，我們預計我們的投資組合轉型將提供約 50 個基點的利潤率擴張。

Turning to slide 14.

翻到第 14 張投影片。

I will review our segment guidance.

我將審查我們的分部指導。

Starting with industry demand, we expect the global industry to be approximately flat in 2025.

從產業需求開始，我們預計2025年全球產業將大致持平。

In the US, we expect to see similar demand trends that we saw throughout 2024.

在美國，我們預計會看到與 2024 年類似的需求趨勢。

Resilient replacement demand creates a solid foundation for industry volumes while consumer discretionary demand continues to be negatively impacted by elevated mortgage rates, resulting in weak existing home sales.

強勁的替代需求為行業銷售奠定了堅實的基礎，而非必需消費品需求繼續受到抵押貸款利率上升的負面影響，導致現房銷售疲軟。

Overall, we expect the MDA North America industry to be approximately flat.

總體而言，我們預計 MDA 北美產業將大致持平。

2024 saw a significant industry improvement in Latin America, with the strength decelerating later in the year.

2024年拉丁美洲的產業發展顯著改善，但後期實力已減弱。

We expect the MDA Latin America industry to be up slightly between 0% and 3%.

我們預計 MDA 拉丁美洲產業將小幅上漲 0% 至 3%。

India has one of the fastest growth rates globally, and we expect MDA Asia industry volumes to continue accelerating at 3% to 5% in 2025.

印度是全球成長率最快的國家之一，我們預計 2025 年 MDA 亞洲產業規模將繼續以 3% 至 5% 的速度成長。

Finally, we expect the SDA Global industry to be approximately flat with our volume growth driven by new products and continued investments in our direct-to-consumer business.

最後，我們預計 SDA Global 產業將大致持平，我們的銷售成長將受到新產品和對直接面向消費者業務的持續投資的推動。

For MDA North America, we expect to deliver a full year margin of approximately 7.5%.

對於 MDA 北美，我們預計全年利潤率約為 7.5%。

Previously announced pricing actions are expected to positively impact the first half margin and additional cost actions are expected to ramp up throughout the year.

先前宣布的定價行動預計將對上半年的利潤產生積極影響，並且預計全年將增加額外的成本行動。

For MDA Latin America, we expect EBIT expansion and a strong margin of approximately 7.5% from previously announced pricing actions and continued cost takeout.

對於 MDA 拉丁美洲，我們預計息稅前利潤 (EBIT) 將擴大，並且得益於先前宣布的定價行動和持續的成本削減，利潤率將達到約 7.5%。

For MDA Asia, we expect approximately 6% EBIT margin.

對於 MDA Asia，我們預計息稅前利潤率約為 6%。

As a reminder, the Asia guidance excludes Whirlpool of India in the second half of 2025 as the minority stake would no longer be consolidated.

提醒一下，亞洲指引不包括 2025 年下半年的印度惠而浦，因為少數股權將不再合併。

And for SDA Global, we expect a strong EBIT margin of approximately 15%.

對於 SDA Global，我們預計其息稅前利潤率將達到約 15%。

Overall, we expect 150 basis point margin expansion year over year with an ongoing EBIT margin of approximately 6.8%.

整體而言，我們預期利潤率將年增 150 個基點，持續息稅前利潤率約為 6.8%。

On slide 15, let me review how we are well positioned and expect to deliver growth and margin expansion in 2025.

在第 15 張投影片上，讓我回顧我們如何定位自己，並期望在 2025 年實現成長和利潤擴大。

Our organic growth of approximately 3% will be fueled by our new product introductions.

我們的新產品推出將推動約 3% 的有機成長。

As mentioned, we have a very strong lineup of launches this year with MDA North America transitioning over 30% of its products.

如上所述，我們今年推出了非常強大的產品陣容，其中 MDA North America 轉型了超過 30％ 的產品。

Our refrigeration category will see a significant impact with approximately 40% turnover of our current products across all of our brands.

我們的冷凍類別將受到重大影響，我們所有品牌的現有產品的營業額將達到約 40%。

With the new refrigeration products, we will not only appeal to a wide range of consumers but also reduce manufacturing complexity.

有了新的冷凍產品，我們不僅能吸引廣泛的消費者，而且還能降低製造的複雜性。

Launching in Q1, the new Maytag top-load laundry pair improves functionality with an innovative deep fill option and adds efficiency and ease to consumers with a wrinkle prevent drying option.

新款美泰克頂部裝載洗衣機於第一季推出，透過創新的深度填充選項提高了功能性，並透過防皺乾燥選項為消費者提高了效率和便利性。

Finally, we recently launched our Whirlpool Spin & Load dishwasher rack, a revolutionary accessory built with inclusivity in mind.

最後，我們最近推出了惠而浦 Spin & Load 洗碗機架，這是一款以包容性為概念的革命性配件。

With an easy-to-use 360-degree spinning rack, this product increases accessibility for a wide range of our consumers.

該產品配備易於使用的 360 度旋轉架，提高了廣大消費者的可近性。

These products are just a few examples of how Whirlpool is improving life at home for our consumers.

這些產品只是惠而浦為消費者改善居家生活的幾個例子。

Our new product launches and best-in-class logistics capabilities support direct-to-consumer and builder channel growth, which we expect will deliver value-creating share gains in 2025.

我們的新產品發布和一流的物流能力支援直接面向消費者和建築商的通路成長，我們預計這將在 2025 年帶來創造價值的份額成長。

Turning to cost.

談到成本。

As we look back at 2021 and 2022, we had unprecedented inflation of approximately $2.5 billion.

回顧 2021 年和 2022 年，我們經歷了前所未有的通貨膨脹，約 25 億美元。

However, we have not seen cost deflation to this magnitude yet, making our cost takeout priorities critical for our continued margin expansion.

然而，我們尚未看到如此幅度的成本縮減，因此，降低成本對於我們持續擴大利潤至關重要。

We've demonstrated our ability to deliver on our priorities by eliminating approximately $800 million in net cost over the past two years.

過去兩年來，我們總共削減了約 8 億美元的淨成本，證明了我們有能力實現我們的優先事項。

We will continue to deliver cost actions of over $200 million this year, driven by our ongoing portfolio transformation that enables us to take additional cost actions to simplify our organization, product design changes that optimize cost while delivering innovative solutions, and further manufacturing efficiencies through our world-class manufacturing and automation solutions.

今年，我們將繼續採取超過2 億美元的成本行動，這得益於我們正在進行的產品組合轉型，這使我們能夠採取額外的成本行動來簡化我們的組織，進行產品設計變更以優化成本，同時提供創新的解決方案，並透過我們的世界一流的製造和自動化解決方案。

To further highlight how we are investing in product leadership, on slide 16, I'm excited to review the new launches in our premium brands.

為了進一步強調我們如何投資於產品領導力，在第 16 張投影片上，我很高興回顧我們高端品牌的新產品。

The upcoming KitchenAid launch is the first full product redesign in a decade.

即將推出的 KitchenAid 是十年來首次徹底重新設計的產品。

Not only does this launch unlock a world of possibilities with customizable touch points such as knobs and handles to better integrate the appliance into consumers' house.

此次發布的產品不僅透過可自訂的觸點（例如旋鈕和手柄）開啟了無限可能，從而讓電器更好地融入消費者的家中。

But it also will include new features and solutions that speak to consumer needs and creativity.

但它還將包括滿足消費者需求和創造力的新功能和解決方案。

2025 also marks a very exciting launch in JennAir.

2025 年也是 JennAir 激動人心的一年。

The innovative induction downdraft cooktops not only enable infinite design potential but also flexible induction cooking zones and a powerful and effective extraction that is quieter than a hood.

創新電磁下吸式爐灶不僅具有無限的設計潛力，而且還具有靈活的電磁烹飪區域以及比抽油煙機更安靜的強大而有效的抽氣功能。

The downdraft ventilation liberates your kitchen space from bulky updraft hoods, clearing the view for windows and open concept designs.

下吸式通風設備將您的廚房空間從笨重的上吸式抽油煙機中解放出來，為窗戶和開放式概念設計提供清晰的視野。

Turning to slide 17, I will provide the drivers of our free cash flow guidance.

轉到第 17 張投影片，我將提供我們自由現金流指導的驅動因素。

We expect cash earnings of $1 billion to $1.1 billion, driven by earnings improvement and the closure of the Europe transaction, which, as a reminder, consumed $275 million of cash in 2024.

我們預計現金收益為 10 億至 11 億美元，這得益於收益改善和歐洲交易的完成，提醒一下，歐洲交易在 2024 年消耗了 2.75 億美元的現金。

We expect approximately $450 million of capital expenditures as we continue to invest in our products and fund organic growth.

由於我們將繼續投資於我們的產品並資助有機成長，我們預計資本支出約為 4.5 億美元。

We plan to sustain the efficient working capital levels we achieved in 2024 and do not expect a material change in 2025.

我們計劃維持 2024 年實現的高效營運資本水平，並且預計 2025 年不會發生重大變化。

We expect approximately $75 million of restructuring cash outlays related to previously executed actions and further complexity reduction with our simplified organizational model.

我們預計與先前執行的行動相關的重組現金支出約為 7500 萬美元，並且透過簡化的組織模型進一步降低複雜性。

Overall, we expect to deliver free cash flow of $500 million to $600 million or approximately 3.5% of net sales.

整體而言，我們預計將實現 5 億至 6 億美元的自由現金流，約佔淨銷售額的 3.5%。

Turning to slide 18.

翻到第 18 張投影片。

I will review our refreshed capital allocation priorities.

我將審查我們更新的資本配置優先事項。

Funding our organic growth is critical to delivering innovative products that meet our consumer needs.

資助我們的有機成長對於提供滿足消費者需求的創新產品至關重要。

We will continue to invest in new products with approximately $450 million of CapEx expected this year.

我們將繼續投資新產品，預計今年的資本支出約為 4.5 億美元。

Secondly, we are strongly committed to maintaining our investment-grade credit rating and reducing debt levels.

其次，我們堅定地致力於維持我們的投資等級信用評級並降低債務水準。

We expect to pay down $700 million of debt in 2025, taking a significant step on our path to our 2 times net debt leverage target.

我們預計在 2025 年償還 7 億美元的債務，朝著實現 2 倍淨債務槓桿目標邁出重要一步。

Thirdly, we are committed to returning cash to shareholders, and last year marked the 69th year of steady or increasing dividends.

第三，我們致力於向股東返還現金，去年是我們穩定或增加股利的第69年。

We will continue to evaluate our dividend funding and share aligns with our progress towards our long-term goals.

我們將繼續評估我們的股息融資情況，並使其與我們實現長期目標的進展保持一致。

As a reminder, dividend is approved quarterly by the Board of Directors.

提醒一下，股利由董事會每季批准。

Lastly, share buybacks and M&A are not a priority for 2025.

最後，股票回購和併購並不是 2025 年的重點。

Turning to slide 19.

翻到第 19 張投影片。

Let me review our commitment to improving our net debt leverage.

讓我回顧一下我們對改善淨債務槓桿的承諾。

Since 2022, we have paid down $1 billion of the InSinkErator term loan debt and are strongly committed to further reducing our debt.

自 2022 年以來，我們已經償還了 10 億美元的 InSinkErator 定期貸款債務，並堅定致力於進一步減少我們的債務。

We expect to pay down about $700 million in 2025 and expect to improve our net debt leverage to approximately 3.4 times.

我們預計到 2025 年將償還約 7 億美元，並預計淨債務槓桿率將提高至約 3.4 倍。

We are confident in our ability to further reduce our net debt leverage beyond 2025.

我們有信心在2025年後進一步降低淨債務槓桿。

Turning to slide 20.

翻到第 20 張投影片。

We have clear actions to address the upcoming debt maturities. $1.85 billion of debt is maturing in 2025, of which $350 million is a senior note due in May and $1.5 billion is the remaining term loan from the InSinkErator acquisition due in October.

我們有明確的行動來解決即將到期的債務。 18.5 億美元的債務將於 2025 年到期，其中 3.5 億美元為 5 月到期的優先票據，15 億美元為 10 月到期的收購 InSinkErator 的剩餘定期貸款。

With the meaningful debt repayment of approximately $700 million expected in 2025, we expect to refinance the remaining $1.1 billion to $1.2 billion.

預計 2025 年將償還約 7 億美元的債務，我們預計將為剩餘的 11 億至 12 億美元進行再融資。

As we look ahead, we have ample space in our flexible debt ladder to optimize our refinancing plans.

展望未來，我們在靈活的債務階梯中擁有充足的空間來優化我們的再融資計劃。

In addition to our free cash flow generation of $500 million to $600 million in 2025, we expect to generate cash from the anticipated India market sale transaction.

除了 2025 年產生的 5 億至 6 億美元的自由現金流外，我們還預計從預期的印度市場銷售交易中產生現金。

Turning to slide 21.

翻到第 21 張投影片。

Let me review the benefits of this potential India transaction.

讓我來回顧一下這筆潛在的印度交易的好處。

We currently hold a 51% stake in Whirlpool of India and intend to reduce our ownership stake to approximately 20%.

我們目前持有印度惠而浦 51% 的股份，並打算將我們的所有權股份減少至約 20%。

This transaction, subject to Board approval, aligns with our ongoing portfolio transformation.

此項交易需經董事會批准，符合我們正在進行的投資組合轉型。

We hold number one positions in all our business segments outside of MDA Asia, and this will allow us to focus on our leading share and brand portfolio positions.

我們在MDA Asia以外的所有業務領域均佔據第一的位置，這將使我們能夠專注於領先的份額和品牌組合地位。

However, we continue to believe Whirlpool of India has a strong long-term trajectory for growth.

然而，我們仍然相信印度惠而浦擁有強勁的長期成長軌跡。

This transaction will enable Whirlpool of India to focus on growth acceleration as an independent business, along with utilizing their well-funded business to invest further in products and innovation.

這項交易將使惠而浦印度公司作為獨立企業專注於加速成長，同時利用其資金雄厚的業務進一步投資於產品和創新。

We believe these actions will also deliver value to Whirlpool of India's shareholders.

我們相信這些措施也將為印度惠而浦的股東帶來價值。

This transaction is expected to not only accelerate growth in Whirlpool of India, but also allow us to utilize the $550 million to $600 million of net cash generation towards our debt repayment.

預計此交易不僅將加速惠而浦印度公司的成長，也能讓我們利用 5.5 億至 6 億美元的淨現金來償還債務。

We would also have continued revenue from our Whirlpool brand license in India.

我們也將繼續從印度的惠而浦品牌授權中獲得收入。

This transaction is expected to close mid to late 2025.

此交易預計將於 2025 年中後期完成。

Now I will turn the call over to Marc.

現在我將把電話轉給馬克。

Thanks, Jim.

謝謝，吉姆。

Turning to slide 22.

翻到第 22 張投影片。

Let me review what you heard today.

讓我回顧一下你們今天聽到的內容。

I'm proud of what the team has accomplished in 2024 through a very challenging macro environment.

我為團隊在 2024 年極具挑戰性的宏觀環境中所取得的成就感到自豪。

The European transaction was a major milestone delivering value to shareholders.

這次歐洲交易對股東而言是一個重要的里程碑，為他們帶來價值。

We anticipate the transaction to reduce our stake in Whirlpool of India that we announced today also unlocks additional shareholder value and further strengthens our balance sheet.

我們預計，今天宣布的交易將減少我們在印度惠而浦的股份，同時也將釋放額外的股東價值並進一步增強我們的資產負債表。

We delivered approximately $300 million of cost savings and see further opportunities to deliver more than $200 million in 2025.

我們節省了約 3 億美元的成本，並看到了 2025 年實現超過 2 億美元進一步節省的機會。

We are excited about our very strong pipeline of new products that will launch in 2025, helping us to drive sustained growth and margin progression.

我們對 2025 年推出的強大新產品線感到非常興奮，這將有助於我們實現持續成長和利潤率提升。

Our Latin American business remains a bright spot, delivering strong top line growth and substantial margin expansion.

我們的拉丁美洲業務仍然是一個亮點，實現了強勁的營收成長和大幅的利潤率擴大。

We expect our Global SDA business to continue to accelerate growth in high potential categories as the new products resonate with consumers.

隨著新產品引起消費者的共鳴，我們預計我們的全球 SDA 業務將繼續在高潛力類別中加速成長。

And overall, I'm confident that we have the right strategy and operational priorities in place to deliver our guidance of 3% organic net sales growth and 150 basis points of margin expansion.

總的來說，我相信我們制定了正確的策略和營運重點，以實現 3% 的有機淨銷售額成長和 150 個基點的利潤率成長的預期。

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回答問題。

(Operator Instructions) Susan Maklari, Goldman Sachs.

（操作員指示）高盛的 Susan Maklari。

Marc, my first question is, thinking a little bit about the shift that you saw in volumes you mentioned that there was a significant destock at one of the retailers.

馬克，我的第一個問題是，思考一下您所看到的數量變化，您提到其中一個零售商的庫存大幅減少。

Can you talk a bit about was that Whirlpool specific?

能談談惠而浦的具體情況嗎？

And then with that, how should we also think of the move in industry volumes perhaps in your volumes relative to AHAM?

那麼，我們該如何看待產業銷售的變化，例如你們的銷售量相對於 AHAM 的銷售量？

And perhaps relative to some of the geopolitical trade actions that could be coming through with the new administration?

或許這與新政府可能採取的一些地緣政治貿易行動有關？

Susan.

蘇珊。

So let me split the answer in two pieces.

因此，讓我將答案分為兩部分。

One, the AHAM, the latter one and then first about the retail destocking.

第一是 AHAM，即後者，首先是關於零售去庫存。

Retail destocking ultimately is, I would call it, a reflection of supply chain efficiency.

我認為零售業去庫存最終是供應鏈效率的體現。

Post -- I don't know if there's a couple of years ago now, post-COVID, inventory levels at retail were high and because supply chain was not very stable.

我不知道幾年前，也就是疫情過後，零售業的庫存水準很高，因為供應鏈不太穩定。

And I think -- we have a stable supply chain.

我認為－我們擁有穩定的供應鏈。

We jointly took out a lot of inefficiency in supply chain -- have much more efficient supply chain to secure availability.

我們共同消除了供應鏈中的許多低效率——擁有更有效率的供應鏈來確保可用性。

So it is a reduction of inventory.

因此，這是庫存的減少。

It's a one-time reduction because you just take it down to the level where it is.

這是一次性的減少，因為你只需將其降低到原來的水平。

But it's not more.

但僅此而已。

Would we have wished to happen [throughout] many quarters?

我們是否希望在許多方面都發生這種情況？

No, but it's now behind us.

不，但是現在這已經成為過去了。

So again, not too much to read into this one apart from, yes, it's an efficient supply chain, and you don't need the inventory levels that you may have needed two or three years ago.

因此，除了這是一個高效的供應鏈之外，不需要過多解讀，你不需要兩三年前可能需要的庫存水準。

But it was sizable and of course, that impacts our Q4.

但它的規模相當大，當然會影響我們的第四季。

On AHAM, and again, this is a little bit of a similar comment as we made in the earning calls, the AHAM number this year had I would say, an unusual amount of distortion and re-reporting.

關於美國家電製造商協會 (AHAM)，這與我們在收益電話會議上發表的評論有點類似，我想說，今年美國家電製造商協會 (AHAM) 的數據存在大量異常扭曲和重新報告的情況。

And as such, I'm a little bit careful reading too much into the monthly or sometimes even quarterly AHAM numbers.

因此，我對過度解讀月度甚至季度的 AHAM 數據有些謹慎。

Overall, I think on our '25 -- or '24 market share, it's been stable to slightly down.

總體而言，我認為我們的 25 年或 24 年市場份額一直保持穩定或略有下降。

It improved after our promotional price changes in April sequentially improved, and we feel pretty good.

自從我們4月份的促銷價格變化連續改善之後，情況就有所改善，我們感覺非常好。

And of course, even though we don't have industry data, but we have our specific sellout which actually we pay more attention to.

當然，雖然我們沒有行業數據，但我們有具體的銷售數據，我們實際上更加關注這一點。

And that particular following the election was very strong.

選舉之後，這種現象尤其嚴重。

So we feel very good about the momentum which builds towards the end of the quarter, which didn't translate into sell-in, but the sellout was very, very strong.

因此，我們對本季末形成的勢頭感到非常滿意，這種勢頭並沒有轉化為拋售，但拋售非常非常強勁。

Now to your question with regard to geopolitical.

現在回答您關於地緣政治的問題。

Did we expect or anticipate some, call it, more Asia imports coming in November, December into US?

我們是否預計或預言11月和12月美國將進口更多亞洲商品？

Yes, and we continue to expect that.

是的，我們繼續期待這一點。

I mean, not all the customs data available.

我的意思是，並非所有的海關數據都可以獲得。

But I would expect once you see our custom data, but you will see an increase of people trying to load inventory prior to potential policy changes.

但我預計，一旦您看到我們的自訂數據，您就會看到在潛在的政策變更之前試圖加載庫存的人數增加。

Again, we don't have final data, but based on -- if you look at container tariffs and everything else, I think it's very fair to assume that you saw a temporary increase of shipment from Asia.

再說一次，我們沒有最終數據，但基於——如果你看看貨櫃關稅和其他所有因素，我認為可以合理地假設來自亞洲的貨運量暫時增加。

But again, we don't have a final data at this point.

但目前我們還沒有最終數據。

Okay.

好的。

That's very helpful color.

這是非常有用的顏色。

And then turning to price.

然後談到價格。

You mentioned that you have another promotional price increase that is out there.

您之前提到，目前還有另一次促銷價格上漲。

Can you give us your thoughts on the ability to realize that effort in there given the operating backdrop and the demand environment that you outlined on the call?

考慮到您在電話中概述的營運背景和需求環境，您能否告訴我們您對實現這項努力的能力的看法？

And how we should be thinking about the potential for mix as those new products that you talked about gain some momentum?

當您談到的那些新產品獲得一些發展勢頭時，我們應該如何考慮混合的潛力？

Yes.

是的。

Susan, good question.

蘇珊，好問題。

So let me maybe just split in two pieces.

因此，我不妨將其分為兩部分。

One is more the promotional investments or promotional depth and one is more of a mix element.

一個是更多的促銷投入或促銷深度，一個是更多的混合元素。

And again, stepping back even what we communicated in last year, when we did the first kind of reduction of promotional depth and then ultimately, it's a reflection of the marketplace.

再說一遍，回顧我們去年傳達的訊息，當時我們第一次減少了促銷深度，最終，這是市場的反應。

And again, I'm zooming out here a little bit, but it's -- last year, we saw a 30 year of existing home sales.

再次，我在這裡稍微縮小了範圍，但這是——去年，我們看到了 30 年的現房銷售。

Existing home sales drive discretionary demand.

現有住房銷售推動可自由支配的需求。

The market right now is strongly driven by replacement demand and in that environment, it just does not make economic sense to go very deep on promotional investments.

當前市場受替代需求的強烈推動，在這種環境下，深入進行促銷投資沒有任何經濟意義。

That's what we corrected last year in April.

這就是我們去年四月所糾正的。

And frankly, we found traction.

坦白說，我們找到了牽引力。

We're very pleased with the progress, which we saw Q2 and Q3 and it also largely was sustained in Q4.

我們對第二季和第三季的進展感到非常滿意，而這項進展在第四季也基本上得以維持。

So we -- the decision which we made last year was absolutely the right one.

所以我們——我們去年做出的決定絕對是正確的。

Given that the environment around it has not structurally changed, we continue to see the same opportunity going forward.

鑑於周圍環境尚未發生結構性變化，我們將繼續看到未來的同樣機會。

It just does not make sense to go that deep and that long on promotional periods.

在促銷期間花那麼長時間是沒有意義的。

And that's what we communicated already through our trade environment.

這正是我們透過貿易環境所傳達的訊息。

And based on what we've done last year, we are very confident that we will find traction.

根據我們去年所做的工作，我們非常有信心能夠取得進展。

Now the other part, and this is -- I think Jim alluded to this one earlier, and that is big for us, in particular in North America.

現在談談另一部分，我想吉姆之前提到過這一點，這對我們來說意義重大，特別是在北美。

Again, I want to reemphasize.

我想再次強調。

In the last 10 years, we've never launched as many new products in North America as in '25.

在過去的十年裡，我們在北美推出的新產品數量從未像25年那麼多。

And you know -- I mean, you followed our industry for a long time.

而且您知道 — — 我的意思是，您已經關注我們的行業很長一段時間了。

Our industry mix is the name of a game and mix comes with new product introduction.

我們的行業組合是一個遊戲的名稱，組合伴隨著新產品的推出。

So what we showed earlier -- the entire new KitchenAid line, and we haven't launched for 10 years.

所以我們之前展示的是整個全新的 KitchenAid 系列，我們已經 10 年沒有推出過了。

We have a JennAir fantastic downdraft, and we basically renew the entire refrigeration range in North America.

我們擁有 JennAir 出色的下吸式氣流，並且我們基本上更新了北美的整個冷凍系列。

So that's -- we're very confident will the drive mix.

所以，我們對混合驅動非常有信心。

So the combination of promotional lack or reduced promotional depth and product mix come from new product introduction gives us the confidence why we kind of communicate now one point or minimum one point of positive pricing in '25.

因此，促銷的缺乏或促銷深度的降低，以及新產品推出後的產品組合，讓我們有信心現在可以傳達『25年一個點或至少一個點的積極定價。

Michael Rehaut, JPMorgan.

摩根大通的麥可‧雷豪特 (Michael Rehaut)。

I wanted to hit on the new product launches that you've described, and it seems pretty expensive.

我想了解您所描述的新產品發表會，但它似乎相當昂貴。

Just if you can kind of give us a sense of how those product launches are expected to impact the financials throughout the year, perhaps on a quarterly basis or first half, second half in terms of impact on revenues price mix, perhaps even margin?

您能否向我們介紹這些產品的發布將如何影響全年的財務狀況，也許是按季度、上半年、下半年，對收入、價格組合甚至利潤率的影響？

I'm particularly interested in what you anticipate the impact will have on mix for the year.

我特別感興趣的是您預計這會對今年的混合產生什麼影響。

And also if there's any sort of above average, let's say, I don't want to say one-time costs and new products are always kind of a constant part of your efforts every year.

而且如果有任何高於平均的成本，比如說，我不想說一次性成本和新產品總是你每年努力的一部分。

But if it's an outsized level if that's kind of a -- let's say, a particular headwind this year relative to perhaps next year?

但如果這個水準過大，那麼這是否是一種——比方說，今年相對於明年而言是一個特殊的逆風？

So Michael, again, overall, we communicate one point of positive pricing.

因此，邁克爾，總的來說，我們傳達了一個積極的定價觀點。

Now that is a combination of what I mentioned earlier, but promotional and the mix.

這就是我之前提到的促銷和混合的組合。

To your point, and you know that also mix has multiple components.

如您所說，並且您知道 mix 也有多個元件。

One, of course, there's just a positive mix from getting the new products at an attractive price or margin point.

首先，當然，以有吸引力的價格或利潤點獲得新產品會帶來正面的組合。

But yes, we also invest in product transitions.

但確實，我們也對產品轉型進行了投資。

That is fully factored in.

這已經充分考慮了。

You could call these transitions where also, to some extent, onetime expenses, but they're factored in.

您可以將這些轉變稱為某種程度上的一次性費用，但它們已被考慮。

So it's a kind of a combination of all of these elements.

所以它是所有這些元素的組合。

In terms of timing, these launches are spread throughout the year.

從時間上看，這些發射分佈在全年。

So there is a number of refrigeration products, which we introduced in March.

我們在三月推出了一系列冷凍產品。

We will display and show kind of a JennAir product with KB that will be large in Q2, and the KitchenAid will launch is later in Q3.

我們將展示一種帶有 KB 的 JennAir 產品，該產品將在第二季度大規模推出，而 KitchenAid 將在第三季稍後推出。

So it's pretty much spread throughout the year.

因此它幾乎遍布全年。

So there's not one quarter where everything comes through but it's pretty much spread throughout the year.

因此，並不是某個季度就能將所有事情都完成，而是基本上貫穿全年。

The reason why we're actually very bullish on the positive impact on mix is also, keep in mind, KitchenAid and JennAir are premium brands and to have new attractive products, in particular premium brand typically gives you a good lift in the margin.

我們之所以非常看好產品組合帶來的正面影響，也因為請記住，KitchenAid 和 JennAir 都是高端品牌，擁有有吸引力的新產品，尤其是高端品牌，通常可以大幅提升利潤率。

And the other side of the equation, refrigeration tends to be below our average margin to have now new products, frankly, a better cost base, but also help on that side.

而等式的另一邊，冷凍往往低於我們的平均利潤率，現在有新產品，坦白說，更好的成本基礎，但也在這方面有所幫助。

So that's why these products matter a lot.

這就是為什麼這些產品如此重要。

And based just on our margin profile, I think we will get a good lift.

而且僅根據我們的利潤率狀況，我認為我們將獲得良好的提升。

And Michael, just to add to what Marc said, as you think about the KitchenAid transition throughout the year, and it will help our mix, help our margins, increase our share in that space.

邁克爾，我補充馬克所說的話，想想 KitchenAid 全年的轉型，這將有助於我們的產品組合，幫助我們的利潤率，增加我們在該領域的份額。

But also remember, we anticipate this year, the discretionary segment will still be under pressure.

但也請記住，我們預計今年可自由支配的支出領域仍將面臨壓力。

So this gets amplified as a benefit as you go forward, and that segment begins to improve.

因此，隨著您的前進，這種優勢將被放大，並且該部分將開始改善。

So that's why we're really excited about this launch kind of ahead of improvement in the discretionary segment because I think then you'll just see even more significant benefits as that starts to come back.

因此，這就是為什麼我們對這次發布感到非常興奮，因為它預示著可自由支配的細分市場的改善，因為我認為，隨著這一領域的復甦，你會看到更顯著的好處。

Right.

正確的。

Thanks for that.

謝謝。

Secondly, I wanted to hit on a couple of areas that one, just a clarification on the inventory reduction that hit you in the fourth quarter.

其次，我想談幾個方面，首先，我想澄清一下第四季庫存減少的情況。

Curious if you could kind of quantify perhaps what you estimate the impact was that on both sales and the lost incremental leverage of that if you sold that -- your sell-through rate?

好奇的是，您是否可以量化一下，您估計這對銷售額以及如果您銷售該商品而損失的增量槓桿的影響——您的銷售率？

If you have any estimate on how that impacted 4Q North American sales?

您對這對第四季北美銷售有何影響有何估計？

Secondly, any comments on if you've been able to kind of quantify tariff exposure if we have 25% tariffs, let's say, on China, Mexico and Canada?

其次，如果我們對中國、墨西哥和加拿大徵收 25% 的關稅，您是否能夠量化關稅風險？

So Michael, obviously, you made an impact.

所以邁克爾，顯然你產生了影響。

We're not exactly -- we cannot give you the size of that impact of the destocking, but we refer to sizable, and we don't use that term easily.

我們無法確切地告訴你去庫存的影響有多大，但我們指的是相當大的，我們不會輕易使用這個術語。

Directionally, you can say the delta between Q4 North America run rates and versus what we had in mind is largely almost entirely driven by this one time.

從方向上看，可以說第四季北美運行率與我們所預期之間的差異很大程度上幾乎完全是由這次驅動的。

But it's a one time, it's behind us.

但這只是一次性事件，已經過去了。

So that's why but that's directionally to size.

這就是原因，但這是針對尺寸的。

So it was meaningful.

所以這很有意義。

But again, it's behind us.

但再說一遍，這一切都已成為過去。

And ultimately, yes, it comes with a much better supply chain efficiency.

最終，是的，它會帶來更好的供應鏈效率。

The second part of tariff, and we alluded to this one in the earlier remarks, any impact of additional tariffs are not included in our guidance because as you all know, we wouldn't know at this point what to plan for.

第二部分是關稅，我們在之前的評論中提到過這一點，任何額外關稅的影響都沒有包含在我們的指導中，因為大家都知道，我們目前還不知道要計劃什麼。

As we all know, there's a lot of speculation.

眾所周知，存在著許多猜測。

The important thing is again, remind everybody, more than 80% of the products which we sell in the US are produced in US.

重要的一點是，再次提醒大家，我們在美國銷售的80％以上的產品都是在美國生產的。

That is very different for our competitors.

這與我們的競爭對手截然不同。

We are a US producer and we're highly dependent on the US and we're proud to be in the US.

我們是美國生產商，我們高度依賴美國，我們對在美國感到自豪。

So most people read that you should be beneficiary from tariffs.

因此大多數人認為你應該是關稅的受益者。

As you also know, tariff have positive consequences and sometimes there are also unintended negative consequences.

正如你們所知，關稅有正面的影響，但有時也會產生意想不到的負面影響。

So -- once we know what might be communicated when we can give you a proper dimension on this one.

所以—一旦我們知道可以傳達什麼，我們就可以為您提供適當的維度。

But right now, it's not factored in, but ultimately, we are US producer.

但目前，這還沒有被考慮在內，但最終，我們是美國生產商。

Laura Champine, Loop Capital.

勞拉‧尚皮恩 (Laura Champine)，Loop Capital。

Thanks for taking my question.

感謝您回答我的問題。

The small appliances business was a little bit light of what we were looking for in sales, but especially margins.

小家電業務的銷售額和利潤率沒有達到我們的預期。

So I know you're making marketing investments in new products there.

所以我知道你正在對新產品進行行銷投資。

How do you get comfort that your marketing investments are targeted correctly, and that the product is strong enough to support those investments?

如何確保您的行銷投資目標正確，並且產品足夠強大以支持這些投資？

Yeah.

是的。

So Laura, again, to put it in context, we -- the overall SDA market, similar to the major market, is moving sideways.

因此，勞拉，再次說明背景情況，我們 — — 整體 SDA 市場與主要市場類似，正在橫盤整理。

So you haven't seen a lot of growth in the SDA market.

所以你沒有看到 SDA 市場有太大的成長。

Actually, most subsegments are actually negative from the SDA market.

事實上，大多數細分市場對 SDA 市場而言都是負面的。

So we achieved a solid single-digit growth in Q4.

因此我們在第四季度實現了穩健的個位數成長。

But yes, we would like to see this business at double-digit sales growth, and that's our clear expectation.

但是的，我們希望看到這項業務的銷售實現兩位數的成長，這是我們明確的期望。

The marketing investments, you saw we broke it down for the company overall, but not for business segment.

行銷投資，您可以看到，我們將其按公司整體進行細分，但沒有按業務部門進行細分。

But we showed them in the presentation that the marketing investments in Q4 were up almost 0.5 point of overall company margin.

但我們在演示中向他們展示了第四季的行銷投資幾乎占公司整體利潤的 0.5 個百分點。

A big portion of that was for the SDA business.

其中很大一部分用於 SDA 業務。

We launched coffee maker, we launched KitchenAid Go, the Evergreen, so there's a lot of investments and there are investments in our future.

我們推出了咖啡機，推出了 KitchenAid Go、Evergreen，所以我們進行了大量投資，並且對未來進行了投資。

In particular, when you enter a largely a new category like for us, fully automatic coffee maker, you have to -- mean you have a wonderful product, and by the way, it gets very high remarks from consumers and trade.

特別是，當你進入一個像我們這樣的全新類別時，全自動咖啡機，你必須——意味著你有一個很棒的產品，順便說一句，它會得到消費者和貿易商的高度評價。

But of course, you need to tell the market that you have a new product.

但當然，你需要告訴市場你有新產品。

So -- and we're very pleased with our momentum which we see on the subsegments, but it will take some time to build these segments and the build the awareness in this segment.

所以 - 我們對在細分市場中看到的勢頭感到非常滿意，但建立這些細分市場並建立這一細分市場的知名度需要一些時間。

But that's the margin in Q4 was entirely impacted by -- yes, we invested a lot in these new product launches and talking about these new product launches.

但第四季度的利潤率完全受到了影響——是的，我們在這些新產品的發布和談論上投入了大量資金。

David MacGregor, Longbow Research.

麥格雷戈（David MacGregor），長弓研究公司（Longbow Research）。

When we think back to the third-quarter call and you had talked about fourth-quarter margin expansion, you talked about pricing, cost actions, the recovery in production rates, and then reduced EMEA joint venture drag.

當我們回想第三季的電話會議時，您談到了第四季度的利潤率擴大，談到了定價、成本行動、生產力的恢復，然後減少了 EMEA 合資企業的拖累。

I just wanted to focus in on that recovery and production rates for a moment and just talk about the extent to which you were able to achieve that or how it factored into the numbers?

我只想暫時關註一下回收率和生產力，並談談你們能夠實現這一目標的程度，或者它是如何影響數字的？

And then should we be thinking about that as a potential benefit in 2025?

那麼，我們是否應該將其視為 2025 年的潛在利益？

Is there an opportunity to realize some productivity off of absorption there (multiple speakers) market?

是否有機會透過吸收（多個發言者）市場來實現一些生產力？

So David, your observation is correct.

所以大衛，你的觀察是正確的。

In short, basically, what we -- when we realized the destocking of a trade in Q4, we, of course, adjusted our production volumes and we did not produce as much as we originally anticipated in Q4 as evidenced by the inventory levels.

簡而言之，基本上，當我們意識到第四季度貿易去庫存時，我們當然會調整生產量，而且從庫存水平來看，第四季度的產量沒有達到我們最初的預期。

Our inventory levels are pretty low because we didn't want to keep the factors just running and building inventory.

我們的庫存水準非常低，因為我們不想讓工廠一直運作並建立庫存。

So we enter the year with actually fairly low inventories.

因此，我們進入今年以來，庫存實際上相當低。

But that's why we also said cash flow don't factor in that we can get additional working capital efficiencies because if at all, we probably likely have to expand inventory.

但這就是為什麼我們還說現金流不考慮我們可以獲得額外的營運資本效率，因為如果有的話，我們很可能必須擴大庫存。

So we're starting the year not with, hey, we've got to reduce inventory.

因此，我們在新年伊始就不打算減少庫存。

We actually versus what we think is sellout.

我們實際上反對我們所認為的出賣。

I think we will have healthy and steady production volumes -- to what extent that drives some leverage or volume leverage, it could, but let's see how the quarter and the year progresses.

我認為我們將擁有健康且穩定的生產量——這在多大程度上可以推動一些槓桿或產量槓桿，但讓我們看看本季和今年的進展。

But you're absolutely right.

但你完全正確。

We certainly did not get the volume leverage in Q4, quite the opposite.

我們當然沒有在第四季獲得銷售槓桿，恰恰相反。

Yeah, David.

是的，大衛。

I mean just to reiterate, as Marc said, I mean we really came out of the year with what we would say are lower but more appropriate inventories.

我只是想重申，正如馬克所說，我們的庫存確實在今年有所減少，但更為合適。

And I think throughout this year, depending where the market goes and all that, we'll continue to try and obviously keep our production, and our inventory levels match to our sales.

我認為，今年全年，根據市場走向等因素，我們將繼續努力保持產量和庫存水準與銷售量相匹配。

And so while there could be some upside because of some of the -- a little bit of upside in the production, we're still going to keep that match throughout this year.

因此，儘管由於生產上的一些原因可能會有一些好處，但我們今年仍將保持這種局面。

So it's not a significant amount of upside in production.

因此，這對生產來說並不是什麼顯著的上升空間。

Okay.

好的。

And then I just want to go back to the price mix and the new product introductions.

然後我只想回到價格組合和新產品介紹的話題。

It seems with so comprehensive rollout of new products or reinvention of basically of the refrigeration line.

似乎隨著新產品的全面推出或冷凍生產線的重新改造。

All the defined design for manufacturing opportunities that come with an initiative like that.

所有明確的設計都是為了伴隨這樣的措施而來的製造機會。

It strikes me that there should be a little more in the way of pricing benefit in there than we've got in the mix.

我認為，其中的定價優勢應該比我們所得到的多一點。

I'm just wondering if there's offsets, or I mean you talked already about some of the promotional effort that needs to be done to support that initiative.

我只是想知道是否有抵消，或者我的意思是您已經談到了需要開展的一些促銷活動來支持該計劃。

But it struck me as a bit of a light number.

但我覺得這個數字有點太輕了。

And I'm just wondering if you could open that up and talk a little more about that?

我只是想知道您是否可以公開討論這個問題並進一步討論一下？

David, from a new product introduction, there's two factors.

大衛，從新產品介紹來看，有兩個因素。

First of all, there's just timing.

首先，只是時間問題。

I mean, as I said, it takes for pretty much the entire year to launch all these products.

我的意思是，正如我所說的，推出所有這些產品幾乎需要一整年的時間。

Then in particular, the KitchenAid line comes in Q3.

特別是 KitchenAid 系列在第三季上市。

So there is a timing element and the offsetting element, and I think Mike Rehaut was referring to is on earlier, all new product launches come with transition expenses.

因此，這其中存在時間因素和抵消因素，我認為 Mike Rehaut 之前提到的是，所有新產品的發布都會帶來過渡費用。

So they're fully factored in.

因此這些因素均已被充分考慮。

And I think Jim alluded this one earlier.

我認為吉姆之前曾提到過這一點。

Of course, that will not then be a factor on '26, but we factored that in '25.

當然，這不會成為26年的因素，但我們在25年已經將其考慮在內了。

You launch new products, you get a good mix.

您推出新產品，獲得了良好的產品組合。

You have to pay for product transitions in the markets, and that's the element in there.

你必須為市場上的產品轉型付費，這就是其中的要素。

But in R&D, I mean these new products, in particular in the premium side, they will drive upside for us.

但在研發方面，我的意思是這些新產品，特別是高端產品，它們將為我們帶來上升空間。

Sam Darkatsh, Raymond James.

山姆達卡什，雷蒙德詹姆斯。

Two quick questions.

兩個簡單的問題。

First, these are pretty straightforward, but what's the expected North American margin progression that you're expecting this year?

首先，這些問題非常簡單，但您預計今年北美的利潤率成長是多少？

So Sam, overall, we guide for 7.5. We don't break it down quarterly.

所以 Sam，整體來說，我們的評分是 7.5。我們不會按季度進行細分。

I would expect you would see more balance seasonality throughout the year.

我希望你能夠在全年看到更平衡的季節性。

So if you -- so we're not planning for hockey stick.

所以如果你 — — 那我們不打算使用曲棍球棒。

So we continue to work on all the dimensions, and we know we have some carryover benefits.

因此，我們將繼續在各個方面開展工作，我們知道我們將獲得一些延續效益。

So I think it will be more balanced from a seasonal perspective.

所以我認為從季節角度來看它會更加平衡。

Yeah.

是的。

I mean, Sam, I think about a lot of the cost actions we put in place in 2024 will continue and strengthen throughout 2025 and early 2025.

我的意思是，山姆，我認為我們在 2024 年採取的許多成本行動將在 2025 年和 2025 年初繼續並加強。

And then with the promotional pricing that we announced in December obviously, you start to get the benefits earlier in the year for that.

然後，透過我們在 12 月宣布的促銷價格，您顯然可以在年初開始享受這些優惠。

So I mean that's why Marc said it will probably be less of a progression throughout the year and more steady.

所以我的意思是，這就是為什麼馬克說，全年的進展可能不會那麼迅速，而是更穩定。

Got you.

明白了。

And then -- and I apologize if you've mentioned this before.

然後——如果您之前提到過這一點，我深感抱歉。

I missed it.

我錯過了。

But could you quantify what the sell-through was your own and perhaps the industry as well in the fourth quarter and then what you're seeing thus far in January?

但是，您能否量化您自己以及整個行業在第四季度的銷售情況，以及您在一月份迄今為止的銷售情況？

So Sam, again, sell-through, I can refer to our numbers because, of course, we don't know the broader industry numbers, we have some indication.

所以 Sam，再次，關於銷售量，我可以參考我們的數字，因為當然，我們不知道更廣泛的行業數字，我們有一些跡象。

First of all, in general, just for clarification, I'm referring to the North America market or US market, in particular.

首先，總的來說，只是為了澄清，我指的是北美市場或美國市場。

The sell-through in the industry and with us was pretty soft coming into the election, very soft.

在選舉前，該行業的銷售情況以及我們的銷售情況都相當疲軟，非常疲軟。

I mean we are used to the election cycles, but it was softer than before and picked up strongly post election.

我的意思是我們已經習慣了選舉週期，但它比以前更為溫和，並且在選舉後強勁回升。

So again, it's not completely different from previous election cycles, but just the magnitude of swings were more pronounced.

所以，這與之前的選舉週期並沒有什麼不同，只是波動的幅度更明顯。

And so we saw very strong sell-out kind of in December.

因此我們看到 12 月份的銷售情況非常強勁。

I mean, it was very strong.

我的意思是，它非常強大。

So that, to some extent, has slowed down a little bit in January.

因此，從某種程度上來說，一月份的成長速度有所放緩。

But of course, we're not releasing January numbers.

但當然，我們不會公佈一月份的數據。

And you can say, is that lever related whatever else, but we certainly saw very good momentum in the market. towards the back half of Q4.

您可能會說，該槓桿是否與其他槓桿有關，但我們確實看到了市場非常好的動力。接近第四季的後半段。

And we feel very good about how we did in that market based on qualitative feedbacks which we get from our trade customers in terms of balance of sale, which will either maintained or, in some cases, even strengthened.

根據我們從貿易客戶那裡得到的關於銷售平衡的定性回饋，我們對自己在該市場的表現感到非常滿意，銷售平衡將會保持下去，在某些情況下甚至會得到加強。

I would, certainly, for our numbers, you should strongly assume that our sell-out in Q4 was quite a bit of ahead of a sell-in, which we had in the quarter.

當然，根據我們的數據，您應該強烈認為我們第四季的銷售量比本季的銷售量高出許多。

I mean that's consistent with our prior comments.

我的意思是這與我們之前的評論一致。

So we know pretty much where we sell how it is, very precisely and was well ahead of what we shipped into the industry.

因此，我們非常清楚我們在哪裡銷售產品，非常準確，並且遠遠領先於我們向行業推出的產品。

Rafe Jadrosich, Bank of America.

美國銀行的 Rafe Jadrosich。

On the first one, just the 75 basis points of price mix that you're assuming in the '25 guidance.

第一個問題，您在 25 年指引中假設的價格組合僅為 75 個基點。

Can you give us -- break -- help us understand how much of that is carryover from 2024 versus mix versus the price related to the product launches?

您能否幫助我們了解其中有多少是從 2024 年結轉的，有多少是與產品發布相關的價格組合？

And maybe what's sort of the realization that you're seeing on the '25 price so far?

到目前為止，您對 25 美元的價格有何看法？

Yeah.

是的。

So overall, on the price mix overall, so it's -- there is a small portion of carryover, but that comes from last year's April.

因此，總體而言，就整體價格組合而言，有一小部分結轉，但那是來自去年 4 月的。

So you basically have essentially only one quarter of carryover.

因此，基本上只有四分之一的結轉。

The bigger portion on the promotional changes come from what we just announced, which we start seeing pretty much as of our March numbers internally.

促銷變化的大部分來自於我們剛剛宣布的內容，我們從三月的內部數據開始看到這些變化。

So that's the larger portion.

這是較大的部分。

And yes, then the element of a new product launches.

是的，然後新產品的元素就發布了。

We're not splitting out in terms of how much the two different elements is.

我們不會根據兩種不同元素的數量來區分。

But that starts in particular, building throughout the year.

但這是特別開始的，並在全年不斷加強。

Okay.

好的。

That's very helpful.

這非常有幫助。

And then just on the fourth quarter North America margin, were there any additional outside of the price mix impact from that shift that you had on inventory?

那麼僅在第四季度北美利潤率上，除了價格組合影響之外，這種轉變對庫存還有其他影響嗎？

Was there an additional production headwind in the fourth quarter?

第四季是否仍有額外的生產阻力？

When we look at the '25 guide, it does look like it's below what the prior expected fourth quarter run rate was for North America, but this does feel like a one-time inventory shift.

當我們查看'25指南時，它確實看起來低於之前預期的北美第四季度運行率，但這確實感覺像是一次性的庫存轉移。

So we're just trying to understand if there are any other changes as you go into '25?

所以我們只是想了解，進入 25 年後是否還會有其他變化？

So Rafe, in Q4, above -- beyond what we talked about, there's not a lot of other moving parts.

因此，Rafe，在上面的 Q4 中，除了我們討論的內容之外，沒有太多其他活動部件。

I mean there's always moving parts in business but not sizable or material.

我的意思是，商業中總是存在一些變動的部分，但這些變動不是規模很大，也不是實質的。

And yes, you had and we saw what David MacGregor was earlier commenting to, yes, we adjusted our production to not get out of hand with our inventory and that, of course, negatively impacted that one.

是的，我們看到了戴維·麥格雷戈之前的評論，是的，我們調整了生產以避免庫存失控，當然，這對生產產生了負面影響。

So as you referred to the '25 guidance of 7.5% EBIT, in all transparency, we -- in the last one or two years, we did not fully deliver to what we expected.

因此，正如您所提到的 25 年 7.5% 息稅前利潤的指導方針，坦白說，在過去的一兩年裡，我們並沒有完全達到我們的預期。

And of course, going into this year, we want to be safeguarding what we commit to and make sure that all the pricing actions, all the cost actions, really will deliver these numbers.

當然，進入今年，我們希望捍衛我們的承諾，並確保所有定價行動、所有成本行動都能真正實現這些數字。

So whatever you want to read the 7.5%, but it's kind of -- we fully recognize the 7.5% does not reflect what is potential of that business because we all know where the business has been and where it can be.

所以無論你想把 7.5% 讀成什麼，但它是——我們完全認識到 7.5% 並不能反映該業務的潛力，因為我們都知道該業務曾經在哪里以及將來可以在哪裡。

But at the same time, we want to be very realistic and assure that we absolutely can deliver that 7.5%.

但同時，我們也希望非常現實地保證我們絕對能夠實現 7.5% 的目標。

Yeah.

是的。

And I want to remind everybody that the 7.5% is a 100 basis point improvement on a full year type of basis.

我想提醒大家，7.5% 是在全年基礎上提升 100 個基點。

And so you got to look at not just the exit rate and the quarterly run rate.

因此，你不僅要關注退出率和季度運行率。

But on a full year basis, that's 100 basis points.

但以全年計算，這個數字是 100 個基點。

Additionally, as we point out, we will have some incremental marketing and technology investments within the year.

此外，正如我們所指出的，我們將在今年內增加一些行銷和技術投資。

And while probably KitchenAid had a disproportion amount this year.

儘管 KitchenAid 今年的銷售額可能有點不成比例。

As we put more marketing behind the new product launches in North America, it's probably a little bit more disproportionate to the North America market that we are going to invest behind the product launches we're doing this year.

由於我們在北美新產品發布上投入了更多的行銷，因此我們今年在產品發布上的投資可能與北美市場不成比例。

So I think that's a couple of things to keep in mind.

所以我認為有幾件事需要牢記。

Mike Dahl, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Mike Dahl。

Just back on a couple of the tariff dynamics.

我再來回顧幾個關稅動態。

I understood that you're not in a position to necessarily quantify potential impacts at this point.

我知道你現在還無法量化潛在的影響。

But two things that might be helpful.

但有兩件事可能會有幫助。

One, can you remind us what percentage of your cost of goods are in Mexico right now and how that compares to your sense of the industry?

首先，您能否提醒我們，目前你們的商品成本中有多少比例是在墨西哥，以及這與您對這個行業的了解如何？

And then you did mention, Marc, the dynamic around maybe some load-in on imports ahead of potential tariffs.

然後你確實提到了，馬克，在潛在關稅實施之前，可能會出現一些進口加載的動態。

How have you accounted for that and whether or not there's puts and takes around that flowing into the market in your guide?

您如何解釋這一點，以及在您的指南中是否有流入市場的看跌期權和看漲期權？

So Michael, first of all, again, to recalibrate everyone on production volumes.

因此，邁克爾，首先，再次重新調整每個人的生產量。

What I said before is more than 80% of what we sell in the US is produced in the US.

我之前說過，我們在美國銷售的產品80%以上都是在美國生產的。

The remaining 20%, typically, we don't speed up but directionally put it half and half between China and Mexico.

對於剩下的 20%，我們通常不會加速，而是定向地將其分成中國和墨西哥各佔一半。

That's directionally with some plus and minus.

從方向上看，這有優點也有缺點。

But again, it's -- that's pretty much a profile.

但再說一遍，這幾乎就是一份個人資料。

That is very different from our competitors.

這與我們的競爭對手非常不同。

Our competitors are largely not US producers.

我們的競爭對手大多不是美國生產商。

Despite all the communication of verbiage, we put it differently -- in total, we produce more appliance than probably the entire rest of the industry combined.

儘管我們用各種措辭進行交流，但我們的說法卻不同——總體而言，我們生產的家電可能比整個行業中其他廠商的總和還要多。

So we are a US producer.

所以我們是美國生產商。

Most other players are largely import players.

其他大多數球員大多都是外援球員。

Again, we know all the talk out there, but they're large importer players.

再說一遍，我們知道外面所有的傳言，但他們是大型進口商。

So the profile is a very different one.

因此，其概況非常不同。

And of course, there's multiple stores, country where we source from, it could be China, it could be Vietnam, Thailand, Mexico, it's spread on a number of bases.

當然，我們有多家商店，我們的採購來源國可能是中國，可能是越南、泰國、墨西哥，分佈在多個基地。

So yes, our profile is very different than competitive set.

是的，我們的概況與競爭對手有很大不同。

But as I mentioned before, is -- at this point, we just don't know what might come with a tariff.

但正如我之前提到的，目前我們還不知道關稅會帶來什麼後果。

And once we know -- we very well know how to factor it in, but we just don't know what to factor in today.

一旦我們知道了——我們非常清楚如何將其考慮在內，但我們只是不知道今天該將什麼考慮在內。

Now on the second part of your question on the presumed loading in of some Asian imports.

現在談談您問題的第二部分，關於推定一些亞洲進口產品入庫的問題。

Again, we don't have all the customer data that's probably going to come in the next couple of weeks.

再說一遍，我們並沒有掌握未來幾週內可能獲得的所有客戶資料。

But I would expect that you will see some load-in, which, by the way, first of all, there's also [ranging] from Asia versus now becoming for Chinese New Year.

但我預計你會看到一些加載，順便說一句，首先，還有來自亞洲的加載，而不是現在的農曆新年。

So there's always a little bit an element of loading in.

因此總是存在一點載入元素。

I think this year, in anticipation of potential tariffs, I think you saw an acceleration of that loading.

我認為，今年，由於預期潛在的關稅，這種負擔將會加速。

But again, at this point, I don't have facts.

但目前我還沒有事實根據。

We concur that from the rumors of noise, which we have marketplace.

我們一致認為，我們從謠言的噪音中，已經看到了市場。

And ultimately, if you look at container costs, it's always a good indicator.

最後，如果你看看貨櫃成本，它始終是一個很好的指標。

Got it.

知道了。

Okay.

好的。

That's still helpful.

這還是有幫助的。

Thanks.

謝謝。

My second question, I guess, just around India.

我想，我的第二個問題與印度有關。

The -- in terms of the net cash proceeds of $550 million to $600 million, Jim, I think as of last quarter, you had close to $300 million in cash consolidated on your balance sheet related to Whirlpool India.

就 5.5 億至 6 億美元的淨現金收益而言，吉姆，我認為截至上個季度，您的資產負債表上與惠而浦印度相關的合併現金接近 3 億美元。

I guess I just want to clarify that $550 million to $600 million, is that the actual cash proceeds?

我想我只是想澄清一下，5.5 億到 6 億美元是實際現金收益嗎？

But then when thinking about the balance sheet, in fact, we have to offset that, and so the net is closer to kind of $300 million in terms of what ends up being reflected on your balance sheet?

但是，當我們考慮資產負債表時，實際上我們必須抵銷這一點，因此，就最終反映在資產負債表上的淨額而言，淨額是否更接近 3 億美元？

Or how should we think about that

或者我們應該如何思考這個問題

--

--

Yeah, yeah no -- yeah, Michael, I mean, I think you're thinking about that right.

是的，是的，不——是的，邁克爾，我的意思是，我認為你正在考慮這個問題。

Again, within the year, on a gross debt we intend to pay down $700 million, of which $500 million-plus comes from India and then $200 million comes from free cash flow.

再一次，在今年內，我們打算償還 7 億美元的總債務，其中 5 億多美元來自印度，2 億美元來自自由現金流。

If you want to look at that on a net debt impact because we will deconsolidate India at that time, you will reduce the cash balances that we have of $300 million.

如果您想從淨債務影響的角度來看待這一點，因為我們屆時將拆分印度業務，那麼您將減少我們 3 億美元的現金餘額。

Now to point out on that $300 million of cash that sits within India, it's always been with the significant minority shareholder base there. our ability to use that to pay down debt of Whirlpool Corporation was very limited and very short term in nature.

現在要指出的是，印度境內的 3 億美元現金一直由那裡的重要少數股東持有。我們利用該筆款項償還惠而浦公司債務的能力非常有限，而且期限非常短。

And so that's again where I think while it comes out of the calculation, we never really had the ability to use that cash for those purposes.

因此，我再次認為，儘管經過計算，我們實際上從來沒有能力將這些現金用於這些目的。

What we use that cash for historically was to help that business grow and to invest in that business there, and we did acquisitions of like Elica there with that cash.

我們過去使用這些現金是為了幫助該業務發展並在那裡投資該業務，我們用這些現金收購了 Elica 之類的公司。

So that is the correct math, but the real situation is that's not cash we could have used anyway.

這是正確的計算，但實際情況是，無論如何我們都無法使用現金。

Eric Bosshard, Cleveland Research.

克利夫蘭研究公司的埃里克·博薩德（Eric Bosshard）。

And this will be our final question.

這是我們的最後一個問題。

Two things.

兩件事。

First of all, Jim, I appreciate your comments on the 100 basis point North American margin progress.

首先，吉姆，我很感謝您對 100 個基點的北美利潤率進展的評論。

It is still below what previously was expected.

這仍低於先前的預期。

And so I guess I'm curious what's different?

所以我很好奇有什麼不同？

You indicated that the 4Q North America margin was a onetime event.

您指出第四季北美利潤率是一次性事件。

You've got an incremental price increase.

價格已經逐步上漲。

Like what is on the other side of that, that limits the '25 margin relative to what was previously expected or potential?

那麼另一方面，相對於先前的預期或潛力，這限制了'25 的利潤率嗎？

Yeah.

是的。

I mean, Eric, I think part of what the expectations that people had started to build into that was that a recovery in the discretionary segment would probably at least be coming in, in a late '24, early '25.

我的意思是，埃里克，我認為人們開始建立的部分預期是，可自由支配支出領域的復甦可能至少會在 2024 年底或 2025 年初到來。

And what -- as Marc said, we've really built into here right now, as we've said, listen, we're not going to put in an anticipated recovery in the marketplace.

而且正如馬克所說，我們現在真的已經考慮到了這一點，聽著，我們不會在市場上預期會出現復甦。

We don't know what's going to happen with the tariff situations yet.

我們還不知道關稅情況將如何發展。

So let's make sure that the guidance that we put out really reflects what we know, what we see in front of us and it's something that we believe we can achieve.

因此，讓我們確保我們發布的指導確實反映了我們所知、所見以及我們相信可以實現的目標。

And then if some of these other dynamics occur, we will throughout the period adjust accordingly.

然後，如果出現其他一些動態情況，我們將在整個期間進行相應的調整。

I think the other thing to highlight is, yes, we are taking pricing right now.

我認為另一件需要強調的事情是，是的，我們現在正在定價。

And again, we expect that to drive some benefits throughout the year.

我們再次預計這將在全年帶來一些好處。

And we've talked about incremental costs we're going to look for as we go throughout the year.

我們已經討論了全年要尋找的增量成本。

So I think the opportunities are there to strengthen the margins.

因此我認為有機會提高利潤率。

But right now, what we see in front of us would say that 7.5% is the right starting point for the year.

但目前我們看到的情況是，7.5%是今年的正確起點。

Okay.

好的。

And then secondly, on the pricing, the December price increase, the four, five-month benefit from last year, the big new product contribution to price mix and then the 4Q negative impact you indicated came from price mix.

其次，關於定價，12月份的價格上漲，與去年同期相比，四五個月的價格上漲，新產品對價格組合的巨大貢獻，以及您指出的第四季度的負面影響都來自於價格組合。

Why does it not add up to more than 75 basis points for '25?

為什麼對於'25來說加起來不超過75個基點呢？

It seems like there would be a pathway to better than that.

似乎還有一條比這更好的路。

Is there something on the other side of this?

這另一邊還有什麼事嗎？

Here's what I'd say.

這就是我要說的。

Again, as I mentioned kind of in the last answer that we have, yes, we do -- if you take the benefit that you get of a carryover, and that is only about four months of a benefit that makes up a small portion of it.

再一次，正如我在上一個回答中提到的那樣，是的，我們會這樣做——如果你拿走你從結轉中獲得的福利，那隻是大約四個月的福利，佔了它。

The new pricing that we're taking will be offset partially by some of these transition costs that we have talked about because that does flow through the same line of the P&L.

我們採用的新定價將被我們討論過的部分過渡成本所部分抵消，因為這些成本確實流經損益表的同一條線。

So again, we do feel good about the pricing we're taking, but we know that we will have some just cost to transition product throughout the year.

所以，我們確實對我們採取的定價感到滿意，但我們知道全年產品轉型都會產生一些成本。

So I think that's probably the biggest driver on it.

所以我認為這可能是最大的驅動因素。

The other thing on the mix, as Marc talked about earlier, it comes ratably throughout the year as you ramp up these new products and the KitchenAid launches being later in the year, that's your biggest driver one of your biggest drivers of mix.

關於產品組合的另一件事，正如馬克之前談到的，隨著你推出這些新產品，以及KitchenAid 將於今年晚些時候推出，它將在全年按比例出現，這是你最大的驅動力，也是你產品組合的最大驅動力之一。

So we do anticipate a continued benefit into 2026 with that.

因此，我們確實預計這一優勢將持續到 2026 年。

But also, as I mentioned, the discretionary segment, recovers at some point.

但正如我所提到的那樣，可自由支配的部分在某個時候也會恢復。

I think that will be amplified and it will be something that we'll see even more of on a go-forward basis.

我認為這種現象將會進一步加劇，未來我們會看到更多這樣的現象。

So I think this was the last question.

所以我認為這是最後一個問題。

So let me maybe just close and also recognize we're almost running over time.

因此，讓我就此結束，並且我也意識到我們幾乎已經超時了。

So first of all, thanks for joining us today.

首先感謝您今天的參與。

I mean obviously, as you saw when we talked about '25, we gave you guidance, first of all, which I want to emphasize, has a more normalized tax rate in there.

我的意思是，顯然，正如你在我們談論‘25’時看到的，我們首先給了你指導，我想強調的是，其中有一個更規範化的稅率。

So it's underlying operational EBIT.

所以這是基礎營運息稅前利潤。

We're planning for quite an expansion.

我們正計劃進行大規模擴張。

You also noted that we didn't bake in a lot of tailwinds, either on raw material, on tariffs, or an immediate recovery in housing.

您也指出，我們並沒有考慮到許多有利因素，無論是原材料、關稅或房屋市場的立即復甦。

So we assume it remains a kind of a not overly helpful market environment, and we focus on what we can control.

因此，我們假設這仍然是一種不太有利的市場環境，我們專注於我們能夠控制的事情。

The reason why we -- and we talked about these building blocks, but we're very confident about it is, it starts with product launches.

我們之所以—並且我們談論這些建置模組，我們對此非常有信心，是因為它始於產品發布。

We invested these product launches.

我們投資了這些產品的發布。

We invested in engineering from these launches already in the last two years.

我們在過去兩年中已經對這些發射的工程進行了投資。

So we know we're coming, and we feel good about it.

所以我們知道我們會來，並且我們對此感到很高興。

But pricing, which we announced in North America and also we announced something in Latin America.

但是定價，我們在北美宣布了，我們也在拉丁美洲宣布了一些價格。

We already announced.

我們已經宣布了。

We know how to execute it, will require discipline and we know how to do it.

我們知道如何執行它，需要紀律，我們也知道如何做。

And I would say, based on largely success, we will be successful.

我想說，基於大量成功，我們將會成功。

And on the cost side, the $200 million, which we talked about, they don't build on raw material, they both build on actions which are now control.

在成本方面，我們談到的 2 億美元不是建立在原材料上，而是建立在目前可控制的行動上。

And as Jim alluded to earlier remarks, we're aiming actually for more, and we will give you more update end of Q1.

正如吉姆在之前的言論中提到的，我們實際上的目標是更多，我們將在第一季末為您提供更多更新。

So we think we have all the right building blocks in place to absolutely deliver on the guidance.

因此，我們認為我們已經具備了所有正確的基礎，可以完全實現指導目標。

And if, for whatever reason, the environment around us becomes more favorable, then we can talk about it, but it's not baked within this

如果出於某種原因，我們周圍的環境變得更加有利，那麼我們可以談論它，但它並不包含在這個

[launch].

[發射]。

So again, thank you for joining me and I wish you all a wonderful day.

再次感謝大家的參與，祝福大家有美好的一天。

Thanks a lot.

多謝。

Ladies and gentlemen, that concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。