Adient PLC (ADNT) 2023 Q4 法說會逐字稿

Welcome to the Adient Fourth Quarter Financial Results Conference Call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

歡迎參加 Adient 第四季財務業績電話會議。 （操作員指示）今天的會議正在錄音。如果您有任何異議，此時您可以斷開連接。

I now turn the call over to Mark Oswald. Sir, you may begin.

現在我將電話轉給馬克·奧斯瓦爾德。先生，您可以開始啦。

Thank you, Shirley. Good morning, and thank you for joining us as we review Adient's results for the fourth quarter and full year fiscal 2023. The press release and presentation slides for our call today have been posted to the Investors section of our website at adient.com.

謝謝你，雪莉。早安，感謝您加入我們，共同回顧 Adient 2023 財年第四季和全年業績。

This morning, I'm joined by Doug Del Grosso, Adient's President and Chief Executive Officer; and Jerome Dorlack, our Executive Vice President and Chief Financial Officer. On today's call, Doug will provide an update on the business, followed by Jerome, who will review our Q4 and full year financial results. In addition, Jerome will provide you with the company's initial outlook for fiscal 2024. After our prepared remarks, we will open the call to your questions.

今天上午，我與 Adient 總裁兼執行長 Doug Del Grosso 一起參加了這場會議；以及我們的執行副總裁兼財務長 Jerome Dorlack。在今天的電話會議上，道格將介紹業務的最新進展，隨後傑羅姆將回顧我們的第四季和全年財務表現。此外，傑羅姆將為您提供公司對 2024 財年的初步展望。

Before I turn the call over to Doug and Jerome, there are a few items I'd like to cover. First, today's conference call will include forward-looking statements. These statements are based on the environment as we see it today and therefore, involve risks and uncertainties. I would caution you that our actual results could differ materially from these forward-looking statements made on the call. Please refer to Slide 2 of the presentation for our complete safe harbor statement.

在我將電話轉給 Doug 和 Jerome 之前，我想談談一些事情。首先，今天的電話會議將包括前瞻性陳述。這些聲明是基於我們今天所看到的環境，因此涉及風險和不確定性。我要提醒您，我們的實際結果可能與電話會議中所作的前瞻性陳述有重大差異。請參閱簡報的第 2 張投影片，以了解我們的完整安全港聲明。

In addition to the financial results presented on a GAAP basis, we will be discussing non-GAAP information that we believe is useful in evaluating the company's operating performance. Reconciliations for these non-GAAP measures to the closest GAAP equivalent can be found in the appendix of our full earnings release.

除了以 GAAP 呈現的財務結果外，我們還將討論我們認為有助於評估公司經營業績的非 GAAP 資訊。這些非 GAAP 指標與最接近的 GAAP 指標的對帳表可在我們完整收益報告的附錄中找到。

This concludes my comments. I'll now turn the call over to Doug. Doug?

我的評論到此結束。我現在將電話轉給 Doug。道格？

Great. Thanks, Mark. Good morning. Thanks to our investors, prospective investors and analysts joining the call this morning, as we review our fourth quarter and full year results for fiscal 2023.

偉大的。謝謝，馬克。早安.感謝我們的投資者、潛在投資者和分析師今天上午參加電話會議，我們將回顧 2023 財年第四季和全年業績。

Turning to Slide 4. Let me begin with a few comments related to the quarter and a few about Adient's full year successes. Starting with the numbers.

前往投影片 4。從數字開始。

You can see Adient financial performance as highlighted by certain key financial metrics in the box on the right-hand side of the slide. Adient finished the year strong, delivered improved year-over-year earnings growth in Q4 fiscal '23, underpinned by the relentless focus on execution, operational excellence and better-than-expected production volumes versus internal expectations at the beginning of the quarter. And despite labor-related work stoppages at certain customers.

您可以在投影片右側的方塊中看到 Adient 的財務業績，正如某些關鍵財務指標所強調的那樣。 Adient 以強勁的業績結束了這一年度，23 財年第四季度的盈利同比增長有所提高，這得益於對執行力、卓越運營的不懈關注以及好於季度初內部預期的生產量。儘管某些客戶因勞工問題而出現停工。

Adient's fourth quarter results continued to build on positive momentum established earlier this year. For the most recent quarter revenue, which totaled $3.7 billion, was up $79 million compared to last year's fourth quarter. Adjusted EBITDA totaled $235 million, up $8 million year-over-year.

Adient 第四季度的業績延續了今年早些時候形成的積極勢頭。最近一個季度的收入總計 37 億美元，比去年第四季增加了 7,900 萬美元。調整後 EBITDA 總計 2.35 億美元，較上年同期增加 800 萬美元。

And finally, Adient ended the quarter with a strong cash balance and total liquidity of $1.1 billion and $2.0 billion, respectively.

最後，Adient 在本季結束時擁有強勁的現金餘額和總流動資金，分別為 11 億美元和 20 億美元。

Given the uncertainty surrounding the timing and magnitude of the lost production due to the strike-related work stoppages, Adient executed actions to preserve cash and liquidity as we progress through the quarter.

鑑於罷工相關停工造成的生產損失的時間和程度存在不確定性，安道拓在本季度採取措施保留現金和流動性。

For the full year, Adient delivered on its commitment to increase earnings, margin and free cash flow versus fiscal '22. Jerome will expand on the full year 2023 fiscal year results in just a moment.

全年來看，安道拓履行了其承諾，即較 22 財年增加收益、利潤率和自由現金流。傑羅姆稍後將詳細介紹 2023 財年全年業績。

Adient's successes in 2023 extended beyond our strong financial performance. A few examples include, the team's execution of day-to-day processes that enabled world-class launch execution, continuous operational improvements and thoughtful cost reductions.

Adient 在 2023 年取得的成功不僅限於我們強勁的財務表現。舉幾個例子，該團隊執行日常流程，實現了世界一流的發布執行、持續的營運改進和深思熟慮的成本削減。

Winning new business across various regions, customers and platforms are expected over time to strengthen our leading market position, not to mention, support improved margins and earnings.

隨著時間的推移，我們希望在各個地區、客戶和平台上贏得新業務，從而鞏固我們領先的市場地位，更不用說支持提高利潤率和收益。

The team is also executing actions that provide value add to our Adient stakeholders every day, whether that's our customers, suppliers or employees.

團隊每天還在採取行動，為我們的 Adient 利害關係人（無論是我們的客戶、供應商或員工）提供增值。

A variety of customers' and automotive industry award reinforce Adient's commitment to excellence. The company and its employees were recognized with approximately 60 awards in fiscal '23. Highlights include, GM Supplier of the Year award, J.D. Power Award for seat satisfaction and many more, as you can see.

各種客戶和汽車行業獎項強化了 Adient 對卓越的承諾。該公司及其員工在 23 財年獲得了約 60 個獎項。如您所見，亮點包括通用汽車年度供應商獎、J.D. Power 座椅滿意度獎等等。

I mentioned these awards as proof points that the team is operating at very high levels across the company. The accomplishments in fiscal '23, both financial and operational, are even more impressive considering the challenging external headwinds that impacted the industry and Adient, including labor inflation and availability, the strengthening dollar and still fragile supply chains. The company's unwavering focus on our strategy enabled us to successfully navigate these challenges and position Adient for future success.

我提到這些獎項是為了證明整個公司的團隊運作水準非常高。考慮到影響產業和 Adient 的外部不利因素（包括勞動力通膨和可用性、美元走強以及仍然脆弱的供應鏈），23 財年在財務和營運方面的成就更加令人印象深刻。公司堅定不移地專注於我們的策略，這使得我們能夠成功應對這些挑戰，並為 Adient 未來的成功做好準備。

Speaking of challenges, and turning to Slide 5, I wanted to provide a quick update on how the UAW strike here in North America and its impact on Adient. To begin with, we look at production disruptions through 2 lenses, the near-term impact and the potential longer-term negative effects the strike could have on the industry. Near term, the strike has impacted Adient's just-in-time operations as well as our component plants.

說到挑戰，翻到投影片 5，我想簡單介紹一下北美 UAW 罷工的情況及其對 Adient 的影響。首先，我們從兩個角度來看生產中斷，即罷工對產業造成的近期影響和潛在的長期負面影響。短期內，罷工已經對 Adient 的準時運作以及我們的零件工廠產生了影響。

With the strike beginning late in our fiscal year, the negative impact was limited in fiscal '23, call it around $30 million in sales and under $5 million in EBITDA as the strike extended and began to impact other Adient facilities, including jet and other component plants, the impact increased.

由於罷工在我們財政年度結束時開始，對 23 財年的負面影響有限，銷售額約為 3,000 萬美元，EBITDA 低於 500 萬美元，隨著罷工延長並開始影響其他 Adient 工廠，包括噴射機和其他零件工廠，影響加劇。

We're encouraged progress has been made over the past week to 10 days to settle the strike. That said, given the timing of Adient's new fiscal year, the work stoppages through October and early November, have undoubtedly had a bigger impact on fiscal '24 compared to the limited impact on Adient's fiscal '23 results.

我們很高興看到過去一周到十天內解決罷工問題取得了進展。儘管如此，考慮到 Adient 新財年的時機，10月和11月初的停工無疑對 Adient 24財年產生了更大的影響，而對 Adient 23財年業績的影響則有限。

Through early November, we estimate the impact on our 2024 sales and EBITDA have been approximately $125 million and $25 million, respectively. Jerome will have additional commentary related to the impact that the strikes had on fiscal '24 with his prepared remarks.

截至 11 月初，我們估計對我們 2024 年銷售額和 EBITDA 的影響分別約為 1.25 億美元和 2,500 萬美元。傑羅姆將在其準備好的評論中就襲擊對2024財年的影響發表進一步評論。

As you would expect, the company moved quickly to lessen the negative impact. We've listed a few of the actions on the right-hand side of the slide. I won't read through the list, other than to point out the company went into cash conservation mode and reduced or eliminated nondiscretionary spending early in Q4.

正如您所料，該公司迅速採取行動，減輕負面影響。我們在投影片的右側列出了一些操作。我不會仔細閱讀這份名單，只是想指出該公司在第四季初進入了現金節約模式，減少或取消了非自由支配支出。

Given the duration of the strike, we are concerned about lingering downstream impacts to the industry, especially related to supply chain and its ability to run production at rate when called upon. The financial health of lower-tier suppliers and labor availability are just a few.

考慮到罷工的持續時間，我們擔心罷工將對產業產生持續的下游影響，尤其是對供應鏈及其在需要時按速度運行生產的能力的影響。較低層級供應商的財務狀況和勞動力可用性只是其中的一部分。

In addition, risks or repercussions related to the increased labor costs at D3 such as the typical playbook to extract value from the supply base, the ability to maintain existing and future product plans and the ability to compete against lower cost manufacturers, especially Chinese manufacturers that not only have a lower cost base, but new products that are extremely well contented and desired by consumers.

此外，D3 的勞動力成本增加還會帶來風險或影響，例如從供應基地獲取價值的典型策略、維持現有和未來產品計劃的能力以及與低成本製造商競爭的能力，尤其是中國製造商，他們不僅擁有較低的成本基礎，而且其新產品也非常受消費者滿意和青睞。

No doubt, concerning on many levels, that said, any similar to prior external headwinds has and will continue to execute actions to lessen the impact of these negative pressures.

毫無疑問，在許多層面上都令人擔憂，也就是說，任何類似於以前的外部逆風都已經並將繼續採取行動來減輕這些負面壓力的影響。

Turning to Slide 6. You've heard us mention on several occasions that Adient's focus strategy is a key enabler to our success at driving the business forward and navigating through external challenges.

前往投影片 6。

The key tenets of the strategy are laid out on the left-hand side of the slide. As a reminder, the top 4 tenets has helped drive strong business and financial performance in both fiscal 2022 and '23. At the bottom of the slide, you'll see a fifth tenet embracing and leveraging a shift in industry dynamics.

該策略的關鍵原則在幻燈片的左側列出。提醒一下，四大原則幫助推動了 2022 財年和 2023 財年強勁的業務和財務表現。在投影片的底部，你會看到第五個原則，即擁抱和利用產業動態的轉變。

When looking ahead, we feel it's imperative that Adient adapt to the evolving auto industry, an industry that is being influenced by a number of factors, including the pricing and affordability of EVs versus traditional ICE platforms, which is clearly impacting the pace of EV adoption here in North America.

展望未來，我們認為安道拓必須適應不斷發展的汽車產業，該產業受到多種因素的影響，其中包括電動車與傳統內燃機汽車平台的定價和可負擔性，這顯然影響了北美採用電動車的速度。

In fact, as you're aware, certain traditional manufacturers have recently announced various re-timing of EV launches to align with demand. Adient's processes, which focus on acid reuse and flexibility enabled the company to meet the EV or ICE production requirements.

事實上，正如您所知，某些傳統製造商最近已宣布重新安排電動車的發佈時間以滿足需求。 Adient 的製程注重酸的再利用和靈活性，使公司能夠滿足 EV 或 ICE 的生產要求。

In other regions, namely China, the industry is being reshaped by the growth and influence of the Chinese domestic auto manufacturers. In addition, access to technology and innovation is taking place through global partnerships versus in-house capabilities. The one constant, the importance of being cost competitive.

在其他地區，尤其是中國，汽車產業正因中國本土汽車製造商的成長和影響力而重塑。此外，技術和創新的獲取是透過全球合作夥伴關係而非內部能力進行的。唯一不變的是，成本競爭力非常重要。

Recognizing these shifts, resulted in us fine-tuning the company's strategy going forward to ensure that we have the right vision to create additional value to Adient's stakeholders.

認識到這些轉變，促使我們對公司的未來策略進行微調，以確保我們擁有正確的願景，為安道拓的利害關係人創造額外的價值。

Speaking of value creation and turning to Slide 7, one exciting trend that has begun to emerge, especially in China, is added content within seating. Presently, China is bringing a vehicle concept to the market that is very different from traditional auto manufacturers with a focus on electronics, functionality, ADAS and interior configurations around feature comfort.

說到價值創造，我們來看第 7 張投影片，一個令人興奮的趨勢已經開始出現，尤其是在中國，那就是在座位中增加內容。目前，中國正在向市場推出與傳統汽車製造商截然不同的汽車概念，該概念注重電子、功能、ADAS 和圍繞功能舒適性的內部配置。

Adient's zero gravity seat, built to balance the ultimate and comfort by keeping safety in mind, is an example of the kind of innovation that these new players are generating.

Adient 的零重力座椅在設計時充分考慮了安全性，在極限和舒適度之間取得了平衡，這就是這些新參與者所創造的創新類型的一個例子。

Longer term as advanced driver assist systems and comfort features become more prevalent and as seating solutions intersect with passive safety systems, seating content is expected to outpace vehicle production as OEMs adopt this innovative new interior configuration and features.

從長遠來看，隨著高級駕駛輔助系統和舒適功能變得越來越普遍，並且座椅解決方案與被動安全系統相互交叉，隨著原始設備製造商採用這種創新的新型內部配置和功能，座椅內容預計將超過汽車產量。

Although, green shoots of this added content are primarily in China, today, we're optimistic that the trend will cascade into other regions. Important to note, Adient's ability to provide innovative seat solutions for our customers in China with speed and world-class execution are critical to our past and future business wins with this customer group.

儘管這項新增內容的萌芽主要在中國，但今天我們樂觀地認為，這一趨勢將蔓延到其他地區。值得注意的是，安道拓能夠以快速和世界一流的執行力為中國客戶提供創新的座椅解決方案，這對於我們過去和未來與該客戶群的業務合作至關重要。

Turning to Slides 8 and 9. Now let's take a look at our launch performance and new business wins. As you can see, Slide 8 highlights a few of Adient's in process and upcoming launches. Adient continues to execute at a high level on launch performance.

轉到投影片 8 和 9。如您所見，投影片 8 重點介紹了 Adient 的一些正在進行和即將推出的產品。 Adient 在發布會表現上持續保持高水準。

The programs highlighted represent a good mix of wins across EV powertrains and ICE powertrains and are diversified across a number of segments, including SUVs, luxury mass market and contain a high level of vertical integration across complete seat foam, trim and metals.

重點介紹的項目代表了電動車動力系統和內燃機動力系統的良好組合，並涉及多個領域，包括 SUV、豪華大眾市場，並且涵蓋了整個座椅泡棉、裝飾和金屬的高度垂直整合。

I'd also like to point out that these launches include a number of Adient innovative technologies that are being well received by our customers, including our zero gravity seat, which increases ergonomic comfort and body pressure distribution and Changan's E12 in China.

我還想指出的是，這些發布包括了多項安道拓創新技術，受到了客戶的一致好評，其中包括我們的零重力座椅，它可以提高人體工學的舒適度和身體壓力分佈，以及中國長安的E12。

As you can see at the bottom of the slide, we've provided some commentary on what you can expect for fiscal 2024 with respect to volume and complexity of launches.

正如您在幻燈片底部看到的，我們對 2024 財年的發射量和複雜性方面的預期提供了一些評論。

Generally speaking, volume and complexity are up in the Americas, Europe and Asia, outside of China versus last year. Despite that fact, I'm confident we'll maintain our focus and process discipline across launch readiness, driving similar results or better versus 2023.

總體而言，與去年同期相比，美洲、歐洲和亞洲（中國除外）的交易量和複雜性都有所上升。儘管如此，我相信我們將在發布準備過程中保持專注和流程紀律，取得與 2023 年類似或更好的結果。

Flipping to Slide 9, the strong operational execution and launch performance, as well as innovation I just talked about, are foundational for new business wins. A few program awards are highlighted on the slide, and it's noteworthy that these programs include a high level of vertical integration in both foam, trim and metal components as well as the JIT business.

翻到第 9 張投影片，強大的營運執行力和發布表現，以及我剛才談到的創新，是贏得新業務的基礎。幻燈片上重點介紹了一些項目獎項，值得注意的是，這些項目包括泡沫、裝飾和金屬部件以及 JIT 業務的高度垂直整合。

We continue to secure our replacement business. We're winning our fair share of new business, leveraging our existing footprint. And we're having success winning business while navigating the difficult macro conditions and related commercial discussions.

我們將繼續確保我們的替換業務。我們正在利用現有的業務優勢，贏得公平份額的新業務。我們在應對困難的宏觀環境和相關商業討論的同時，成功贏得了業務。

Before handing the call over to Jerome with Slide 10, let me conclude with a few comments related to our initial thoughts on 2024. To begin, Adient's focus strategy continues to drive the business forward, our fiscal 2023 financial and operational results, in addition to our year-to-date results provide positive proof points.

在將電話交給使用第 10 張幻燈片的傑羅姆之前，讓我最後談幾點與我們對 2024 年的初步想法相關的評論。

The team delivered many accomplishments last year that were hard fought, especially considering the external operating environment. Although, we're confident that positive momentum will continue into 2024, we're also aware the New Year will likely bring a unique set of challenges and obstacles to navigate.

去年，團隊取得了許多成績，這些成績來得並不容易，尤其是考慮到外部營運環境。儘管我們相信積極的勢頭將持續到 2024 年，但我們也意​​識到新的一年可能會帶來一系列獨特的挑戰和障礙。

The view that most of you have commented on include temporary production disruptions that are nearing resolution, concerns related to supply chain and the ability to run at rate, restart of production in the Americas, the impact of FX movements, stubbornly high interest rates that are likely to be in place through the midterm and uncertainties around consumer demand.

大多數人評論的觀點包括即將解決的暫時生產中斷、與供應鏈和按比例運行的能力相關的擔憂、美洲生產的重啟、外匯變動的影響、可能持續到中期的持續高利率以及消費需求的不確定性。

Similar to prior years, Adient has and will continue to develop and execute contingency plans to help mitigate unless any potential impact. I'm confident combining a resolve of the unwavering commitment to the company's focused strategy, we will continue to drive the business forward in 2024, further positioning Adient for sustained success, ultimately driving increased value to all of our stakeholders.

與前幾年類似，安道拓已經並將繼續制定和執行應急計劃，以幫助減輕任何潛在影響。我相信，憑藉對公司重點策略堅定不移的承諾和決心，我們將在 2024 年繼續推動業務發展，進一步定位 Adient 的持續成功，最終為所有利害關係人創造更高的價值。

With that, I'll turn the call over to Jerome to take us through Adient's fourth quarter and full year 2023 financial performance and outlook for 2024.

接下來，我將把電話交給傑羅姆，帶我們了解 Adient 2023 年第四季和全年的財務業績以及 2024 年展望。

Thanks, Doug. Let's jump into the financials on Slide 12. Adhering to our typical format, the page is formatted with our reported results on the left and our adjusted results on the right side. I'll focus my commentary on the adjusted results, which exclude special items that we view as either onetime in nature or otherwise skew important trends in underlying performance.

謝謝，道格。讓我們看看第 12 張投影片上的財務資料。我將重點放在評論調整後的結果，這些結果不包括我們認為是一次性的或以其他方式扭曲基本表現重要趨勢的特殊項目。

For the quarter, the biggest driver of the difference between our reported and adjusted results relate to a noncash valuation allowance release, pension mark-to-market, restructuring and impairment costs and purchasing accounting amortization. Details of all adjustments for the quarter and the full year are in the appendix of the presentation.

就本季而言，造成我們報告結果與調整後結果差異的最大因素與非現金估值準備金釋放、退休金按市價計價、重組和減值成本以及採購會計攤銷有關。本季度和全年所有調整的詳細資訊請參閱本報告的附錄。

High level for the quarter, sales were approximately $3.7 billion, up 2% compared to our fourth quarter results last year. Improving vehicle production in the Americas combined with positive impact of currency movements were the primary driver of the year-over-year increase.

本季銷售額達到高水平，約為 37 億美元，比去年第四季的業績成長 2%。美洲汽車產量提高和貨幣變動的正面影響是年成長的主要動力。

Adjusted EBITDA for the quarter was $235 million, up $8 million year-on-year. The increase is primarily attributed to the benefits associated with improved business performance and higher volume and mix. These benefits were partially offset by the adverse impact of net commodities driven by recovery timing, primarily in the Americas. I'll expand on these key drivers in a minute.

本季調整後的 EBITDA 為 2.35 億美元，年增 800 萬美元。成長主要歸因於業務績效提高以及銷售和產品組合增加的好處。但這些好處被復甦時機（主要是在美洲地區）帶來的淨商品不利影響部分抵消。我稍後將詳細闡述這些關鍵驅動因素。

Finally, at the bottom line, Adient reported an adjusted net income of $48 million or $0.51 a share.

最後，Adient 報告的最終調整後淨收入為 4,800 萬美元，即每股 0.51 美元。

Slide 13 provides a similar high-level summary of Adient's full year financial metrics. For the year, sales were $15.4 billion, up 9% compared to fiscal 2022. Improved volume and mix across all 3 regions was the primary driver of the year-over-year increase.

幻燈片 13 提供了 Adient 全年財務指標的類似高級摘要。全年銷售額為 154 億美元，較 2022 財年增長 9%。

Adjusted EBITDA was $938 million, up $263 million year-on-year. The increase is primarily attributed to benefits associated with improved business performance and higher volumes, partially offset by increased net commodities.

調整後EBITDA為9.38億美元，較上年同期增加2.63億美元。成長主要歸因於業務績效提高和銷售增加的好處，但被淨商品增加部分抵銷。

Just a reminder, the $938 million includes $30 million of insurance recoveries that are considered onetime in nature and therefore should be backed out of the run rate going forward.

需要提醒的是，9.38 億美元中包括 3000 萬美元的保險賠付，這些賠付屬於一次性性質，因此應該從今後的運行率中扣除。

At the bottom line for fiscal 2023, Adient reported net income of $205 million or $2.15 per share.

2023 財年的底線是，Adient 報告的淨收入為 2.05 億美元，即每股 2.15 美元。

Moving on, let's break down our fourth quarter results in more detail. I'll cover the next few slides rather quickly as the detail for the results are included on the slides, and this should ensure we have an adequate amount of time set aside for the Q&A portion of the call.

接下來，讓我們更詳細地分析第四季的業績。我很快就會介紹接下來的幾張幻燈片，因為幻燈片中包含了結果的詳細信息，這應該確保我們有足夠的時間用於通話的問答部分。

Starting with revenue on Slide 14. We reported consolidated sales of approximately $3.7 billion, an increase of $79 million compared with Q4 FY '22. The primary drivers of the year-over-year increase included positive impact of currency movements between the 2 periods of $49 million and the positive contribution from improved volumes and pricing of $30 million.

從幻燈片 14 上的收入開始。同比成長的主要驅動因素包括兩個時期之間貨幣變動的正面影響（4,900 萬美元）以及銷售和定價改善的正面貢獻（3,000 萬美元）。

Focusing on the table on the right-hand side of the slide, Adient's consolidated sales across the regions were impacted by adverse customer mix in the quarter, which we view as temporary as well as the negative impact of non-reoccurrence of material econ recoveries in FY '22.

關注投影片右側的表格，安道拓各地區的綜合銷售額受到本季不利的客戶結構的影響，我們認為這種影響是暫時的，同時也受到了 22 財年物質經濟復甦未再次出現的負面影響。

For the full year, Adient's overall sales outpaced production by about 300 basis points when adjusting for FX. Asia demonstrated strong growth over market, outpacing production gains by 2x. No surprise, this was led by China, where consolidated sales were up 8% versus production in the region, which was up approximately 2%.

就全年而言，經外匯調整後，Adient 的整體銷售量比產量高出約 300 個基點。亞洲市場成長強勁，產量增加2倍。毫不奇怪，其中中國是主要推動力，其綜合銷售額增長 8%，而該地區產量僅增長約 2%。

Americas ended the year generally in line with production and EMEA was modestly lower, driven by our planned exit of certain low-profit platforms.

美洲地區年底的產量與去年基本持平，而歐洲、中東和非洲地區的產量則略有下降，這主要是由於我們計劃退出某些低利潤平台。

As Doug mentioned earlier, given the favorable trends that we're seeing in China related to Adient -- added seating content, we'd expect growth over market to continue as we look to the future.

正如道格之前提到的，鑑於我們在中國看到的與 Adient 相關的有利趨勢（增加了座椅內容），我們預計未來市場將繼續成長。

With regard to Adient's unconsolidated seating revenue, year-over-year results were up about 3% adjusted for FX. Increased production volume at our unconsolidated joint ventures, primarily in China, supported this increase.

就 Adient 的非合併座椅收入而言，經外匯調整後的年成長率約為 3%。我們的非合併合資企業（主要位於中國）的產量增加支持了這一成長。

Moving to Slide 15. We've provided a bridge of adjusted EBITDA to show the performance of our segments between periods. The bucket labeled corporate represents central costs that are not allocated back to the operation, such as executive office, communications, corporate finance and legal.

轉到投影片 15。標有「公司」的桶代表未分配回營運的中央成本，例如行政辦公室、通訊、公司財務和法律。

Big picture, adjusted EBITDA was $235 million in the current quarter versus $227 million reported a year ago. Primary drivers of the year-on-year comparison are detailed on the page. Positive influences include $9 million associated with improved business performance. The business performance bucket includes items such as improved material margin and lower year-over-year input costs, freight, for example.

整體來看，本季調整後的 EBITDA 為 2.35 億美元，去年同期為 2.27 億美元。頁面上詳細說明了同比比較的主要驅動因素。正面影響包括與業務績效改善相關的 900 萬美元。業務績效包括提高材料利潤率和降低年比投入成本（例如運費）等項目。

In addition, volume and mix and increased equity income benefited the quarter by $7 million and $5 million, respectively. Partially offsetting these positive influences was a net commodity headwind of $12 million within the Americas, primarily driven by the timing of contractual true-ups. Similar to past quarters, we've provided the detail of our segment performance in the slides in the appendix of the presentation.

此外，銷售和產品組合以及股權收入的增加分別使本季受益 700 萬美元和 500 萬美元。部分抵消了這些正面影響的是美洲地區 1,200 萬美元的淨大宗商品逆風，這主要是由於合約調整的時間安排所致。與前幾季類似，我們在簡報附錄中的幻燈片中提供了各部門表現的詳細資訊。

Let me now shift to our cash, liquidity and capital structure on Slide 16 and 17. Starting with cash on Slide 16. I'll focus on the full year results as the longer time frame helps smooth some of the volatility in working capital movements.

現在，讓我轉到投影片 16 和 17 的現金、流動性和資本結構。

Free cash flow, defined as operating cash flow less CapEx, was $415 million. This compares to $47 million in fiscal 2022. Key drivers impacting the comparison include the higher level of consolidated earnings driven by improved volumes and better overall operating environment, lower interest paid, driven by the reduced level of debt and the deferral of interest related to the March 2023 debt refinancing and typical month-to-month working capital movements.

自由現金流（定義為經營現金流減去資本支出）為 4.15 億美元。相較之下，2022 財年為 4,700 萬美元。

I'd also point out, as seen in the middle of the chart, timing and temporary compensation-related benefits provided a significant positive benefit to the year-over-year comparison. Given the nature of the drivers within this line item, such as the day of the week the quarter closes, year-over-year bonus, accruals and the impact of compensation-related changes between the 2 periods, the net impact tends to smooth over the long term, very similar to working capital. In fact, the benefit experienced in 2023 are largely expected to reverse in 2024, more on Adient's fiscal 2024 expectations in just a few moments.

我還要指出的是，如圖表中間所示，時間和臨時薪資相關福利為年比帶來了顯著的正面效益。鑑於該專案中驅動因素的性質，例如季度結束的星期幾、同比獎金、應計費用以及兩個期間之間與薪酬相關的變化的影響，淨影響往往會在長期內趨於平穩，與營運資本非常相似。事實上，2023 年獲得的好處預計會在 2024 年大幅逆轉，稍後我們將詳細介紹 Adient 的 2024 財年預期。

These benefits were partially offset by the timing of tooling recoveries, VAT deferral payments and increased engineering in support of customer launch activities. One last point, Adient continues to utilize various factoring programs as a low-cost source of liquidity. At September 30, 2023, we had $170 million of factored receivables versus $269 million at the end of fiscal 2022.

這些收益被工具回收的時間、增值稅延期支付和為支持客戶發布活動而增加的工程設計所部分抵消。最後一點，Adient 持續利用各種保理計畫作為低成本的流動資金來源。截至 2023 年 9 月 30 日，我們的保理應收帳款為 1.7 億美元，而 2022 財年末為 2.69 億美元。

Flipping to Slide 17. As noted on the right-hand side of the slide, we ended the year with about $2 billion in total liquidity comprised of cash on hand of $1.1 billion and roughly $900 million of undrawn capacity under Adient's revolving line of credit.

翻到第 17 張幻燈片。

The elevated level of cash reflects the company's cash conservation efforts executed during the quarter to ensure Adient's balance sheet remains strong and flexible, given the uncertainty related to the timing and duration of the work stoppages at certain of our customers as a result of the UAW negotiations. Recent news related to the tentative agreements at our customers should enable the company to resume its balanced capital allocation plan.

現金水準上升反映了公司本季實施的現金節約措施，以確保 Adient 的資產負債表保持強勁和靈活，因為由於 UAW 談判導致某些客戶停工的時間和持續時間存在不確定性。與我們客戶的臨時協議相關的最新消息應該能夠使公司恢復其平衡的資本配置計劃。

As a reminder, for the year, shares repurchased and cash deployed totaled approximately $1.8 million and $65 million, respectively. And as a reminder, during the March 2023 debt tender, $100 million of cash on hand was used towards voluntary debt repayments.

提醒一下，今年回購的股票和部署的現金總額分別約為 180 萬美元和 6,500 萬美元。需要提醒的是，在 2023 年 3 月的債務招標期間，1 億美元現金被用於自願償還債務。

Looking forward, cash available for future returns and share repurchases will be based not only on fiscal 2024 free cash flow, but also inclusive of the cash from the balance sheet considering we ended FY '23 with an elevated level of cash.

展望未來，可用於未來回報和股票回購的現金不僅將基於 2024 財年的自由現金流，而且還包括資產負債表中的現金，因為我們在 23 財年結束時現金水準較高。

Adient's debt and net debt position at year-end totaled about $2.5 billion and $1.4 billion, respectively. One important point to call out, the strong financial performance achieved during 2023, combined with our focus on deleveraging has driven our net leverage ratio on a trailing 12-month basis to 1.5x within our target range of 1.5x to 2x. This is no doubt a very good result.

截至年底，Adient 的債務和淨債務總額分別約為 25 億美元和 14 億美元。需要指出的一點是，2023 年取得的強勁財務業績，加上我們對去槓桿的重視，推動我們過去 12 個月的淨槓桿率達到 1.5 倍，處於我們 1.5 倍至 2 倍的目標範圍內。這無疑是一個非常好的結果。

With that, let's flip to Slide 19, 20 and 21 and review our outlook for fiscal 2024. Starting on Slide 19. As Doug noted earlier, Adient enters 2024 from a position of strength. We successfully navigated through a challenging 2023 and drove the business forward, as evidenced by the operational and financial accomplishments just discussed.

接下來，讓我們翻到投影片 19、20 和 21，回顧一下 2024 財年的展望。我們成功度過了充滿挑戰的 2023 年，並推動業務向前發展，剛才討論的營運和財務成就就證明了這一點。

That said, 2024 began with a new set of obstacles that the team is presently navigating. The guidance provided today is based on the current operating environment.

話雖如此，2024 年伊始，球隊仍面臨一系列新的障礙，目前正在努力克服。今天提供的指導是基於當前的營運環境。

On the right-hand side of this slide, we've laid out our planning assumptions for production and FX compared with FY '23. The foundation of our FY '24 plan is generally aligned with October's S&P estimates.

在這張投影片的右側，我們列出了與 23 財年相比的生產和外匯規劃假設。我們的24財年計畫基礎與10月份的標準普爾估計基本一致。

To the far right of the chart, we've highlighted our expected sales performance by region. When adjusting for FX, we expect our sales to be slightly favorable to the industry in North America, in line with the market in Europe and significantly better versus the market in China. China's outperformance is primarily attributed to the roll-on of various new business and Adient's favorable customer mix.

在圖表最右邊，我們重點介紹了各地區的預期銷售表現。經過外匯調整後，我們預期我們的銷售額將略微有利於北美產業，與歐洲市場保持一致，並明顯優於中國市場。中國市場的優異表現主要歸功於各項新業務的陸續開展，以及安道拓良好的客戶結構。

In the lower right-hand corner, we've provided our FX assumptions, which, as many of you have commented on in your recent reports, is expected to be a significant headwind year-on-year. In fact, based on our current assumptions, we estimate the year-on-year impact 2023 to 2024 for Adient's top line and EBITDA to be about $180 million and $60 million, respectively.

在右下角，我們提供了外匯假設，正如你們許多人在最近的報告中所評論的那樣，預計這將對去年同期造成重大阻力。事實上，根據我們目前的假設，我們估計 2023 年至 2024 年 Adient 的營業收入和 EBITDA 的年比影響分別約為 1.8 億美元和 6,000 萬美元。

Outside of production and FX, other factors that are on our radar include labor availability and cost, elevated interest rates, which are forecast to remain higher for longer, consumer demand and geopolitical concerns. With that said, taking these factors into consideration and based on current market conditions, we expect to deliver earnings and margin growth in '24 versus '23.

除生產和外匯之外，我們關注的其他因素包括勞動力的可用性和成本、預計在較長時間內維持較高的利率、消費者需求和地緣政治問題。話雖如此，考慮到這些因素並基於當前的市場狀況，我們預計 2024 年的盈利和利潤率將較 2023 年有所增長。

Let's flip to Slide 20 and review key influences on Adient's FY '24 revenue and EBITDA, excluding the impact of the UAW strike, which has already had an impact on the company's 2024 performance.

讓我們翻到第 20 張幻燈片，回顧一下影響 Adient 24 財年收入和 EBITDA 的關鍵因素，不包括 UAW 罷工的影響，該罷工已經對公司 2024 年的業績產生了影響。

First, on revenue. High-level volume and mix are expected to drive a year-over-year increase in sales, call it, about 2%, which is generally in line with S&P's October forecast. From an FX standpoint, based on assumptions outlined on Slide 19, it is expected to partially offset the benefit of higher volumes, call it, an approximate $180 million headwind. The Chinese RMB is expected to be a substantial driver of the headwind and the euro to a lesser degree.

第一，關於收入。預計高銷量和高組合將推動銷售額年增約 2%，這與標準普爾 10 月的預測基本一致。從外匯的角度來看，根據投影片 19 中概述的假設，預計它將部分抵消更高交易量帶來的好處，即約 1.8 億美元的逆風。預計人民幣將成為推動這一逆風的重要因素，而歐元的影響程度則較小。

In total, Adient's 2024 plan for revenue, excluding the impact of the UAW work stoppages at our customers was expected to land between $15.6 billion and $15.7 billion. Based on the environment today, we estimate the strike related disruptions and production stoppages at our customers through November 3, negatively impacted Adient's top line by approximately $125 million.

總體而言，不包括 UAW 對客戶停工的影響，Adient 2024 年的收入計畫預計將達到 156 億美元至 157 億美元之間。根據今天的環境，我們估計，截至 11 月 3 日，罷工導致的客戶生產中斷和停產對 Adient 的營業收入造成了約 1.25 億美元的負面影響。

Although it's realistic to assume certain of the lost production will be made up, it's premature to quantify at this time. As you would expect, the company will provide updates as fiscal year '24 progresses with regard to the strike-related volume recovery.

儘管可以現實地假設一定程度的產量損失將會得到彌補，但目前進行量化還為時過早。正如您所期望的，該公司將在 24 財年期間提供有關罷工相關銷售恢復的最新消息。

The bridge for EBITDA has a few more components. First, the positive influences, which include the benefits of improved business performance, volume and to a lesser extent, a $10 million benefit from net material economics.

EBITDA 橋樑還有其他幾個組成部分。首先是正面的影響，包括業務績效提高、銷售量增加，以及在較小程度上從淨物質經濟學中獲得的 1,000 萬美元收益。

On the topic of net material economics, some of you might question the magnitude of the material econ benefit. Let me remind you of several factors that can influence that. First is the timing of recoveries. Second is the fact that commercial negotiations are often settled as a basket of goods and cannot always be directly linked to specific items.

關於淨物質經濟學這個主題，有些人可能會質疑物質經濟效益的大小。讓我提醒你一下可能影響這情況的幾個因素。首先是復甦的時機。二是商業談判往往以一籃子商品來達成，並非總是直接與具體商品掛鉤。

And third, the company is yet to finalize its 2024 steel contracts in Europe. The important takeaway is that Adient continues to be successful with its commercial negotiations to mitigate inflationary pressures.

第三，該公司尚未完成在歐洲的2024年鋼鐵合約。重要的一點是，安道拓在商業談判中繼續取得成功，以緩解通膨壓力。

Moving on to the headwinds. FX, which is expected to pressure earnings by approximately $60 million or 30 basis points FY '24 versus FY '23. The $60 million headwind includes a translational impact of about $20 million. Although the Mexican peso is driving the majority of the transactional headwind, various currencies within Europe, such as the Polish zloty are also contributing to the pressure.

迎著逆風前進。預計外匯將導致24財年的收益較23財年下降約6,000萬美元，即30個基點。 6,000 萬美元的逆風包括約 2,000 萬美元的翻譯影響。雖然墨西哥比索是造成交易逆風的主要原因，但波蘭茲羅提等歐洲各種貨幣也帶來了壓力。

Equity income is about $20 million lower in FY '24 versus last year. The primary driver is an additional pricing agreement revision between Keiper's JV partners, which reduces equity income, but improves Adient's consolidated EBITDA primarily in the Americas.

與去年相比，24財年的股權收入下降了約2,000萬美元。主要驅動因素是 Keiper 合資夥伴之間的額外定價協議修訂，這減少了股權收入，但主要提高了 Adient 在美洲的綜合 EBITDA。

And finally, minor footprint actions in Europe and further fine-tuning of the company's operations will impact the year-over-year comparison. In total, Adient's 2024 plan for EBITDA, excluding the impact of UAW work stoppages at our customers, was expected to land north of $1 billion (sic)[$1.01 billion].

最後，公司在歐洲的小型足跡行動和營運的進一步微調將影響同比對比。總體而言，Adient 的 2024 年 EBITDA 計畫（不包括 UAW 在我們客戶處停工的影響）預計將達到 10 億美元以上 [10.1 億美元]。

Based on the environment today, we estimate the strike-related disruptions and production stoppages at our customers through November 3 negatively impacted Adient's adjusted EBITDA by approximately $25 million.

根據目前的環境，我們估計，截至 11 月 3 日，與罷工相關的客戶中斷和生產停工對 Adient 的調整後 EBITDA 產生了約 2500 萬美元的負面影響。

Consistent with my comments related to sales, although it's realistic to assume certain of the lost production and earnings will be made up, it's premature to quantify. We'll provide updates as fiscal year '24 progresses with regard to strike-related recoveries.

與我對銷售的評論一致，儘管可以現實地假設一定程度的生產和收益損失將得到彌補，但現在量化還為時過早。隨著 24 財年的進展，我們將提供罷工相關復甦的最新消息。

Turning to Slide 21. We've provided our fiscal 2024 guidance for all of the -- for all of Adient's key financial metrics, including the impact of the strike-related production stoppages through November 3. Having just covered revenue and adjusted EBITDA and equity income, I'll begin with interest expense.

轉到第 21 張投影片。我們為 Adient 的所有關鍵財務指標提供了 2024 財年指引，包括截至 11 月 3 日罷工相關停產的影響。

For fiscal year '24, we forecast interest expense to be about $185 million given our expected debt and cash balances. Cash interest is expected to be slightly higher, call it $195 million resulting from the deferral of the March 2023 refinancing.

對於 24 財年，根據預期的債務和現金餘額，我們預測利息支出約為 1.85 億美元。預計現金利息將略高，由於 2023 年 3 月再融資的推遲，預計為 1.95 億美元。

Given expectations for improved profitability year-over-year, cash taxes are forecasted to be $105 million. For modeling purposes, you can assume between $115 million to $125 million of adjusted tax expense.

鑑於預期獲利能力將年增，預計現金稅將達到 1.05 億美元。為了建模目的，您可以假設調整後的稅費在 1.15 億美元到 1.25 億美元之間。

CapEx is expected to trend back to a more normalized level, call it, approximately $310 million. Again, 2023 was depressed given the delay of certain launches at our customers. And finally, free cash flow is projected to be approximately $300 million. Key drivers impacting the year-over-year comparison include the higher level of cash interest, CapEx returning to a more normalized level and the modest increase in cash taxes.

預計資本支出將回歸到更正常的水平，約 3.1 億美元。再次，由於我們客戶的某些產品發布延遲，2023 年的業績也受到抑制。最後，自由現金流預計約 3 億美元。影響年比比較的主要驅動因素包括現金利息水準上升、資本支出回歸較正常水準、現金稅適度增加。

Also, as mentioned in my 2023 cash commentary earlier, the timing benefits recognized in fiscal '23 related to certain accrued compensation are expected to reverse. Adjusting for fiscal 2023's outperformance or smoothing FY '23, FY '24 should provide a clearer view of Adient's run rate cash generation.

此外，正如我之前在 2023 年現金評論中提到的那樣，23 財年確認的與某些應計薪酬相關的定時收益預計會逆轉。透過調整 2023 財年的優異表現或平滑 23 財年，24 財年應該可以更清楚地了解 Adient 的運行率現金產生。

With that, let's move on to the Q&A portion of the call.

接下來，讓我們進入通話的問答部分。

(Operator Instructions) Our first question comes from Colin Langan with Wells Fargo.

（操作員指示）我們的第一個問題來自富國銀行的科林·蘭根。

Doug, any color on why leaving by the end of the year, it seems like you guys have been making pretty phenomenal progress on sort of your multiyear plan. Why not sort of stay it out until you fully close the margin gap to the targets you've been talking about?

道格，為什麼你會在年底前離開，看起來你們在多年計劃上已經取得了相當驚人的進展。為什麼不堅持下去，直到完全縮小與你所談論的目標之間的差距呢？

Sure. Thanks for the question, Colin. As you would imagine, there's certainly personal reasons I won't discuss on the call. But from a professional perspective, I've been here 5 years. The focus over those 5 years was really to get the company back to basics, focused on operational excellence, change the culture around that. And I think we've successfully done that.

當然。謝謝你的提問，科林。正如你所想的，由於個人原因我肯定不會在電話中討論。但從專業角度來看，我在這裡已經五年了。這五年來的重點實際上是讓公司回歸根本，專注於卓越運營，並改變相關文化。我認為我們已經成功地做到了這一點。

We've spent time on the call today talking about the dynamics and the shifting dynamics and where we need to go in the future from a technology perspective in shifting customer perspective.

我們今天花了一些時間在電話會議上討論了動態和不斷變化的動態，以及從技術角度轉變客戶視角我們未來需要走在哪裡。

And I just felt that this time, it was a good exit point for me. My operational background got the culture on the execution side back. And with the team that transitions, we can really focus on how we shift from a technology and customer perspective. I just think, generally speaking, 5 years is a good time line for a CEO and -- in refocusing on our energies on where we move in the future will be well served under Jerome's leadership.

我只是覺得這次對我來說是一個很好的退出點。我的營運背景讓我重新獲得了執行方面的文化。隨著團隊的轉型，我們可以真正專注於如何從技術和客戶角度進行轉變。我只是認為，一般來說，5 年對 CEO 來說是一個很好的時間線，並且在傑羅姆的領導下，我們將重新集中精力考慮未來的發展方向，這將會有很大的幫助。

Got it. Congrats on leaving. Congrats Jerome. Maybe if we just switch to the guidance. I think in the past, you've talked about 100 basis points of margin performance over -- per year over the next 3 years. I think you outperformed last year. What is offsetting? Is that all just the FX kind of washing out some of that performance that you have executed in the pipeline is kind of keeping that year-over-year margin expansion a bit more muted?

知道了。恭喜你離開。恭喜傑羅姆。也許，如果我們只是轉向指導的話。我想，過去您曾談到未來 3 年內每年 100 個基點的利潤率表現。我認為你去年的表現很出色。什麼是抵消？這是否只是外匯因素抵銷了你們已執行的部分業績，從而使年比利潤率成長顯得較為溫和？

Yes. So I think your commentary in terms of if you look at '23, we executed around about 130 basis points of margin expansion. If you look at '24, net of FX, it's around that kind of 70 basis points. So the -- over the 2 years, it's still a combined 200 basis points, and it's really the FX piece of it on the transaction side in '24 that's muting really kind of that performance piece of it, and especially the Mexican peso piece.

是的。因此，我認為您的評論是，如果您看一下'23，我們執行了約 130 個基點的利潤率擴張。如果你看一下24年，扣除外匯後，它大約是70個基點。因此，在兩年內，它仍然是總計 200 個基點，而 24 年交易方面的外匯部分實際上抑制了它的表現部分，尤其是墨西哥比索部分。

And the teams are aggressively working with the customers and working to claw that back. They're going to be very difficult discussions that we'll work through and work to pursue. But it is, say, an unwelcome development on our path at the moment.

並且團隊正在積極與客戶合作並努力恢復損失。這將是一次非常艱難的討論，我們將努力解決並努力實現。但可以說，這是我們目前道路上不受歡迎的發展。

Our next question comes from Rod Lache with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Rod Lache。

A couple of questions. First, I want to say congrats, Doug, on your retirement. You've done a lot at this company in your career, and I wish you the best in your next adventure.

幾個問題。首先，我要祝賀道格退休。您在職涯中為這家公司做出了許多貢獻，我祝福您在接下來的冒險中一切順利。

Appreciate it, Rod. Thanks.

非常感謝，羅德。謝謝。

I wanted to ask you just, firstly, on this FX impact, specifically, it was $1 million on your EBITDA in the fourth quarter. And we're just looking back in the zloty, the RMB and especially the peso looked like they were pretty significant headwinds all year. Can you maybe just elaborate a little bit on what's driving the acceleration of the $60 million?

首先我想問外匯的影響，具體來說，它對你們第四季的 EBITDA 造成了 100 萬美元的影響。回顧茲羅提、人民幣，尤其是比索，看起來它們全年都面臨相當大的阻力。您能否稍微詳細說明一下推動這 6,000 萬美元加速流入的因素有哪些？

Yes. And so it really comes down to, Rod, our hedging strategies and how our hedging strategies execute. And that we were in a position where we were able to protect or smooth the company, and as a result, their end customers throughout the '23 fiscal year. Obviously, that's temporary. You can't hedge things forever.

是的。所以，羅德，這實際上歸結為我們的對沖策略以及我們的對沖策略如何執行。而且我們能夠保護或平穩公司運營，從而在整個 23 財年保護他們的最終客戶。顯然，這只是暫時的。你不可能永遠對沖一切。

And so as some of those hedges roll off in '24, we're now exposed to the market movements and the dynamics and the shifts of the peso. And so it's really getting to where the peso settles in at now, and that's why you're seeing these movements occurring and you're seeing this big shift or headwind year-over-year.

因此，隨著一些對沖在 24 年結束，我們現在面臨市場動向以及比索的動態和變化。所以現在比索的匯率確實處於穩定水平，這就是為什麼你會看到這些變動發生，並且你會看到逐年的巨大轉變或逆風。

Okay. And then also just another maybe housekeeping thing. I'm only seeing -- I think you referenced $10 million of reversal on commodities. You absorbed something like $120 million commodity headwind this year. Can you talk a little bit about what -- whether that's just conservatism or whether there's something else that's happening there that's changing what you have to absorb versus pass along?

好的。然後也許只是另一件家務事。我只是看到——我認為您提到了大宗商品的 1000 萬美元逆轉。今年你們承受了大約 1.2 億美元的商品逆風。您能否稍微談一談——這是否只是保守主義，或者是否存在其他正在發生的事情，從而改變了您必須吸收而不是傳遞的東西？

And maybe just remind us of that bridge to the 8% from here from what we saw, I guess, ex the -- that $30 million gain, you did like $5.3 million in 2023. How do you see that coming through from volume, your performance and contract rollovers?

也許只是提醒我們，從我們看到的情況來看，從現在到 8% 的橋樑，我想，除開那 3000 萬美元的收益，你在 2023 年確實獲得了 530 萬美元。

Yes. So I'll take the material question first and then go to the second question after that. So on the material question, if you recall, the just call it, $120 million, about almost half of that is an inventory reval topic, which is just a true-up on the balance sheet of our inventory that we have. And then there was another significant portion of that, less than 1/3 of it, which was really a nonrecurring benefit that we had in '22 from a customer settlement that did not repeat in '23 and that caused us an issue.

是的。因此我將先回答實質問題，然後再回答第二個問題。因此，關於實質問題，如果您還記得的話，就稱之為 1.2 億美元，其中約一半是庫存重估主題，這只是我們庫存資產負債表上的真實數據。然後還有另外很大一部分，不到 1/3，實際上是我們在 22 年從客戶和解中獲得的非經常性收益，但在 23 年沒有重複，這給我們帶來了問題。

And so then the remaining amount that we have to really go and get in our '24 is -- there's a couple of factors on the material side. One is we have $10 million of benefit, but then also, we haven't cut our '24 European steel contracts yet. So we're in the process of working through those.

那麼，我們在 24 小時內真正需要獲得的剩餘金額是 — — 在物質方面有幾個因素。一是我們有 1000 萬美元的收益，但另一方面，我們還沒有終止我們的 24 份歐洲鋼鐵合約。所以我們正在解決這些問題。

And then the last piece I would say is, when we think about recovering some of these material econ deals, it's not always going to be a straight flow through on that net commodity line. It's really a basket of goods discussion with some of our customers which really don't have a perfect recovery mechanism.

我想說的最後一點是，當我們考慮恢復一些物質經濟交易時，它並不總是直接流經淨商品線。這實際上是與我們的一些客戶進行的一籃子商品討論，這些客戶確實沒有完善的恢復機制。

And I think we've always said it's -- we're somewhere between 70% to 80% on steel, and then it's a 12- to 18-month lag on the window. And so we don't have these perfect recovery mechanisms. It's going to be a basket of goods discussion.

我認為我們一直都是這麼說的——鋼材的佔比在 70% 到 80% 之間，而窗戶的佔比則為 12 到 18 個月。所以我們沒有這些完美的恢復機制。這將是一籃子商品的討論。

And I think the way to think about it is, if you look at '22 to '23 and kind of that flow-through margin, we expanded our margins by, call it -- if our normal flow through is 16%, we actually expanded by almost 200 basis points in spite of all that commodity headwind that came at us, really because we were able to negotiate baskets of goods with our customers in spite of all that commodity headwind.

我認為思考這個問題的方式是，如果您看一下 22 年到 23 年的流通利潤率，我們將利潤率擴大了，如果我們的正常流通率為 16%，那麼儘管面臨所有這些大宗商品逆風，我們實際上還是擴大了近 200 個基點，這主要是因為我們能夠與客戶面對一子商品，儘管面臨所有這些大宗商品，儘管面臨所有這些大宗商品，儘管客戶面臨一攬大宗商品，儘管面臨所有這些大宗商品，儘管面臨所有這些大宗商品，儘管客戶面臨一攬大宗商品，儘管面臨所有這些大宗。

And that's how I really think about those commodities and how they flow through. And then same thing in '24, if you look at kind of the standard volume flow-through, we're actually greatly exceeding kind of a normal 16% or 17% contribution margin on the volume, because we're getting some of those commodities back and other basket of goods, is the first piece on the commodity side.

這就是我對這些商品以及它們如何流通的真實看法。然後在 24 年也是同樣的事情，如果你看一下標準的交易量流通，我們實際上大大超過了正常的 16% 或 17% 的交易量貢獻利潤率，因為我們收回了其中一些商品，而其他一籃子商品是商品方面的第一部分。

And then on the topic of how to think about the progression of the margin, the pathway to an 8% margin target. There's still the other volume piece that we have to get back up to a $90 million run rate within the industry. That's still, call it, roughly 1/3 of the piece of the story that we have to get there.

然後討論如何思考利潤率的成長，實現 8% 利潤率目標的途徑。我們還必須解決另一個問題，即使銷售量再次達到業界 9,000 萬美元的營業額。這仍然只是我們需要講完的故事的大約 1/3。

We'll end this year now at, call it, that 6.4, so still about 1/3 to get there. It's no longer 100 basis points, 100 basis points, 100 basis points. But it's about 1/3 of that remaining gap that's out there.

今年的收官目標將定在 6.4，距離目標還有 1/3 左右。它不再是 100 個基點、100 個基點、100 個基點。但剩餘缺口約佔 1/3。

The other big piece that's still out there now is really this roll on, roll off of some of these contracts that we have in our network. And we've said a lot of those start to roll off in earnest in the back half of '25 and '26. And we really hit full run rate on that in kind of the '26 time frame on those roll off. And that's the other, I'd say, big chunk. And then whatever remains is the business performance piece of it to make up that gap.

現在仍然存在的另一個重要問題是我們網路中某些合約的滾動執行。我們已經說過，很多事情將在 2025 年和 2026 年下半年開始認真展開。我們在 26 年左右的時間範圍內確實達到了滿載運行。我想說，這是另一大塊。然後剩下的就是業務績效部分來彌補這個差距。

Our next question comes from John Murphy with Bank of America.

下一個問題來自美國銀行的約翰‧墨菲。

Congratulations to all of you on sort of a hard fought, next steps in your lives and careers. It's impressive.

恭喜你們所有人經過艱苦奮鬥，在生活和事業上邁出了新的一步。這令人印象深刻。

Just a first question on cash conversion, Jerome. I mean, the numbers, obviously, to finish the year were very strong, given the focus on cash conservation. The number for '24 looks pretty good. I'm just curious, is there any kind of swing factor to the negative in '24 because there was such a strong performance at the end of '23? And how do you think about cash conversion over the mid- to long term in the business?

傑羅姆，這是我關於現金轉換的第一個問題。我的意思是，考慮到對現金節約的關注，今年年底的數字顯然非常強勁。 '24 的數字看起來相當不錯。我只是好奇，由於 23 年末的表現如此強勁，是否存在對 24 年產生負面影響的因素？您如何看待公司中長期的現金轉換？

Yes. I mean in terms of a swing factor, I think there's a couple of things. One is, if you look at CapEx as an example. CapEx, we ended '23 at, call it a $260 million run rate, and we'll go into '24 at kind of $310 million level. There was a lot of these cash conservation activities that we had in the business, really driven by Doug and the team, as we knew with the UAW strike we really had to kind of batten down the hatches and get aggressive from a cash conversion standpoint. So there's that element of normalization.

是的。我的意思是，就波動因素而言，我認為有幾件事。一是，如果你以 CapEx 為例。資本支出，我們在23年結束時的運行率為2.6億美元，而進入24年時將達到3.1億美元的水平。我們在業務中開展了許多此類現金節約活動，這些活動實際上是由道格和團隊推動的，因為我們知道，隨著 UAW 罷工的發生，我們確實必須做好準備，並從現金轉換的角度採取積極措施。因此，存在著正常化的因素。

We also had from a couple of customers actually just ARAP timing. Nothing we did. They actually timed it out a bit differently. So there is a swing in there that occurred. We won't necessarily quantify, but there is a level of swing. So when you think about long-term cash conversion, I'd look at that number that we have in '24 kind of the $300 million on $985 is the long-term cash conversion rate for the business going forward.

我們也從一些客戶那裡了解到了 ARAP 時間安排。我們什麼也沒做。他們的實際計時方式略有不同。因此，那裡出現了波動。我們不一定量化，但存在一定程度的波動。因此，當您考慮長期現金轉換時，我會看看我們在 24 年得到的數字，即 3 億美元對 9.85 億美元是未來業務的長期現金轉換率。

I don't know, Mark, if there's anything you want to add.

我不知道，馬克，您是否還有什麼要補充。

Yes. The only other thing I'd say, John, when I think about longer-term cash conversion, right, our calls for cash going forward are pretty stable, right? So if you just think about what the drivers for cash is going to be, it's going to be EBITDA growth, right? Because I know what my interest is going to be, I know my restructuring is down to a normalized level. My cash taxes, right, things to our plumbing that we've set up is very favorable. So really, with the calls for cash stabilized, I'd really look at EBITDA growth and use that as a proxy for where you see free cash flow going forward.

是的。約翰，我想說的另一件事是，當我考慮長期現金轉換時，對吧，我們未來對現金的需求相當穩定，對吧？因此，如果您只考慮現金的驅動因素是什麼，那就是 EBITDA 成長，對嗎？因為我知道我的興趣是什麼，我知道我的重組已經降到了正常化的程度。我的現金稅，對的，對於我們安裝的管道來說非常優惠。因此，實際上，隨著現金需求的穩定，我會真正關注 EBITDA 成長，並將其作為未來自由現金流的代表。

Okay. That's very helpful. And then just a second question. You guys stuck this in one of your slides that, that in China, you're going to swing. I mean, you have a leading position in China already, but from 40% Chinese domestic mix in China to 60%. But you didn't give a time frame on when that was going to happen. I was wondering if you can maybe talk to that.

好的。這非常有幫助。還有第二個問題。你們把這個貼在了你們的一張幻燈片上，在中國，你們要搖擺。我的意思是，你們在中國已經處於領先地位，但中國國內產品的份額從 40% 上升到了 60%。但你沒有給出這件事發生的具體時間。我想知道您是否可以談一談這個問題。

And then also, if you've got a handle on -- at this point and where this will go over time, sort of the mix of your vehicles that stay in country versus those that get exported, because obviously, it's China swung to a major export hub in a way over the last 2 years. So as you're increasing that mix to the Chinese domestics that might be helpful in the market, but might even be more helpful on the export basis. I don't know if you can give us some color on that.

而且，如果您已經掌握了目前的情況以及隨著時間的推移這種情況會如何發展，那麼您會知道留在國內的汽車與出口的汽車的比例是多少，因為很明顯，中國在過去兩年裡在某種程度上已經成為一個主要的出口中心。因此，當你將這種組合擴展到中國國內產品時，這可能對市場有幫助，但對出口甚至可能更有幫助。我不知道您是否能就此給出一些解釋。

Yes. So first of all, I appreciate your comments on the leadership transition. With regard to that mix of customer change, we're anticipating that's going to happen over -- definitely in our 5-year planning period, probably along a 3-year time line and we're fairly confident in that. Because when you look 3 years out, the bookings are -- if not done, are clearly visible, and we view that with a high level of confidence.

是的。首先，我很感謝您對領導層變動的評論。關於客戶變化的組合，我們預計這將會發生——肯定在我們的 5 年規劃期內，可能是 3 年的時間範圍內，我們對此非常有信心。因為當你展望三年之後，你會發現，即使沒有完成，預訂也是清晰可見的，我們對此充滿信心。

With regard to the amount of vehicles China is exporting right now, as you know, those are lower level vehicles. It have not necessarily been on our radar. Our focus certainly has been on the Chinese domestics, certainly the ones that are growing, outgrowing the market. We're still focused on the luxury segment and still paying attention to our traditional customer base that we clearly see the mix changing.

就中國目前出口的汽車數量而言，如你所知，那些都是低端汽車。它不一定在我們的關注範圍內。我們的重點當然是中國國內市場，尤其是那些正在成長、超越市場規模的市場。我們仍然專注於奢侈品領域，仍然關注我們的傳統客戶群，我們清楚地看到客戶結構正在改變。

I don't think it's crystal clear what's going to play out over the course of the next 5 years. Certainly, there's indications that Europe is going to put up some level of resistance that's probably going to drive domestic Chinese and they've already signaled that to reshore in the European market, in Eastern Europe.

我認為未來五年將會發生什麼事還不十分清楚。當然，有跡象顯示歐洲將採取一定程度的抵制措施，這可能會迫使中國國內企業重返歐洲市場和東歐市場。

But if it continues to be an export market and those vehicles shift into the higher-end vehicles, we think we're well positioned there. If they move and reshore into the European market, we think our infrastructure capability there in Europe, particularly in Eastern Europe, puts us in a pretty good position.

但如果它繼續是一個出口市場並且這些汽車轉向高端汽車，我們認為我們在那裡處於有利地位。如果他們轉向並重新進入歐洲市場，我們認為我們在歐洲，特別是東歐的基礎設施能力將使我們處於相當有利的地位。

So we're pretty confident the way that is going to play out. But as you know, it's -- like I said, it's not crystal clear how that's all going to come together. But we do understand the competitive advantages that the Chinese have and that's a compelling case for them to continue to grow market share.

因此，我們對事情的進展非常有信心。但正如你所知，就像我說的，目前還不清楚這一切將如何結合在一起。但我們確實了解中國企業的競爭優勢，這也是他們持續擴大市場佔有率的有力理由。

Our next question comes from Emmanuel Rosner with Deutsche Bank.

下一個問題來自德意志銀行的 Emmanuel Rosner。

So, I appreciate your assessment of the shift in industry dynamics that is now taking place. And I wanted to hone in a little bit on electric vehicles in particular. So as you mentioned in the slides and in the prepared remarks, there's a little bit of a push out of some of these launches or reduction of some of the near-term EV volumes, especially in North America. Can you comment to what extent, if any, this is impacting your business, this is impacting your backlog? Does it have an impact on your growth of the market in the near term?

因此，我很欣賞您對目前正在發生的行業動態轉變的評估。我想特別深入探討電動車。因此，正如您在幻燈片和準備好的發言中提到的那樣，一些電動車的發布會有所推遲，或者近期電動車的銷量有所減少，尤其是在北美。您能否評論一下這對您的業務和您的積壓訂單有何影響（如果有的話）？這對您近期的市場成長有影響嗎？

And specifically, and maybe second part of this question, when I look at the growth of the market guided for 2024, which seems to be about 1 point, maybe a little bit below average when it seems like you were heading in above-average type of direction. I'm wondering if EV push out is a factor within that.

具體來說，也許是這個問題的第二部分，當我查看 2024 年市場的成長預期時，似乎約為 1 個百分點，可能略低於平均水平，而看起來你正朝著高於平均水平的方向前進。我想知道 EV 推出是否是其中的一個因素。

Yes. I mean what's happening on the EV front, as you correctly point out, is primarily a North America related issue. I think maybe to a lesser degree the European issue. But if you look at where the penetration is at right now, it's not really having a huge impact on us as a company when we look at our backlog and outlook. Characteristic what happens with our customers, if they pull back on one, they extend the -- a nice platform to offset that. So we still see relatively stable level of production.

是的。我的意思是，正如您正確指出的那樣，電動車領域發生的事情主要是與北美相關的問題。我認為也許歐洲問題的影響程度較小。但如果你看看現在的滲透率，當我們看著我們的積壓訂單和前景時，它並沒有對我們公司產生很大的影響。我們的客戶的特點是，如果他們退縮，他們會擴展 - 一個很好的平台來抵消這一點。因此我們仍然看到相對穩定的生產水準。

In China, we're not seeing any pullback. I think we've got 8 significant launches scheduled for China this fiscal year, no indication at all that our customers are pulling back on those launches. So I'd characterize it as a North America issue, and I just look at EV penetration rates as they exist today, being relatively small, not hugely disruptive to how we look at our outlook in the region.

在中國，我們沒有看到任何回調。我認為我們本財年在中國計劃了 8 次重大發布，沒有跡象表明我們的客戶正在減少這些發布。因此，我將其描述為北美問題，而且我只關注當今的電動車普及率，相對較小，不會對我們看待該地區的前景造成巨大干擾。

And I guess, the second part of the question around this year's growth of the market, about 1 point. You've been running at 1.5% on average for the last 3 years. I think your comments on the last earnings call suggested that with this success in China, maybe you could run a little bit above average. This seems to be maybe a little bit less than planned. So can you maybe just discuss the factors in that?

我想，問題的第二部分圍繞著今年的市場成長，大約 1 點。過去 3 年，您的運行速度平均為 1.5%。我認為您在上次收益電話會議上的評論表明，憑藉在中國取得的成功，您的業績可能略高於平均水平。這似乎可能比計劃的少一點。那你能討論一下其中的因素嗎？

Well, I think one is -- I mean, one is there's a significant FX way because of the RMB and our China growth. So the growth is still significantly there in China, but you're seeing a really big FX impact on that. Just a comment.

嗯，我認為一個是——我的意思是，一個是由於人民幣和中國經濟成長，外匯市場出現了顯著的變化。因此，中國的成長動能仍然顯著，但外匯對其的影響非常大。只是一則評論。

And then two, if you look at what we said last call versus this call or even for the last year, I think it's -- really we've said our Europe market will kind of grow at or even slightly below because of planned exits in Europe. That's still holding. North America is kind of at market. That's still really where it's running at. And China is significantly outpacing and we still expect China to significantly outpace. So there's no -- I really don't see any change from that standpoint, Emmanuel, if you would.

其次，如果你看一下我們上次與這次，甚至去年的預測，我認為——我們確實說過，由於計劃退出歐洲，我們的歐洲市場將會成長，甚至略低於這個數字。這仍然有效。北美市場有點熱鬧。它實際上仍在那兒運行。中國的發展速度明顯領先，我們預計中國仍將大幅領先。所以沒有——從這個角度來看，我真的沒有看到任何變化，伊曼紐爾，如果你願意的話。

Our next question comes from Joe Spak with UBS.

下一個問題來自瑞銀的 Joe Spak。

Many congrats to the 3 of you on the call as well. Maybe just to pick up there, if we -- if North America or Americas is roughly flat, Europe could be down, you have growth in China. And then we think about the -- some of the detailed EBITDA impacts, you talked about, right, the transaction impact in Americas, some of these footprint actions in Europe and China.

我也向你們三人表示祝賀。也許只是為了說明一下，如果我們——如果北美或美洲基本上持平，歐洲可能會下降，那麼中國就會成長。然後我們考慮一些詳細的 EBITDA 影響，您談到的，對的，美洲的交易影響，以及歐洲和中國的一些足跡行動。

I mean, maybe you could just help us understand by region where you still have greater room to drive that business performance because -- and maybe a little bit of color by the regions. Because it does seem like -- at least from a top line perspective and with some of the cost issues you talked about, it almost seems like most of that margin performance has to come out of Asia, unless we're thinking about that incorrectly.

我的意思是，也許你可以幫助我們了解，在哪個地區，你仍然有更大的空間來推動業務績效，因為——也許可以按地區劃分一點顏色。因為至少從營收角度來看，考慮到您所談到的一些成本問題，似乎大部分利潤表現都來自亞洲，除非我們對此有誤解。

Yes. I'll start out now and Jerome and Mark can make additional comments. I think, first and foremost, what I would point to in Americas and in EMEA is it's still been a very volatile volume market. And as we pointed to in the past, every time volume stabilizes that means the overall environment is relatively stable. So we get the benefit of volume.

是的。我現在就開始，傑羅姆和馬克可以做進一步的評論。我認為，首先，我想指出的是，美洲、歐洲、中東和非洲地區仍然是一個非常不穩定的市場。正如我們過去指出的那樣，每次成交量穩定都意味著整體環境相對穩定。因此我們獲得了數量上的好處。

But what we get added to that is business performance, because we can really drive productivity in our plants and get incremental variable margin out of the business. So when we think about on a go-forward basis, if we can see some stabilization in volume in those 2 regions, there's added benefit there.

但我們獲得的是業務績效，因為我們可以真正提高工廠的生產力，並從業務中獲得增量可變利潤。因此，當我們考慮未來時，如果我們能夠看到這兩個地區的交易量有所穩定，那麼就會帶來額外的好處。

With regard to China, I would characterize that as a market that's clearly developing faster than the other markets relative to our product segment. If we just look at the content per vehicle that's being driven in China right now, it's fairly significant to the point where historically it's operated at a lower level of content per vehicle. And as we go out a few years in our planning horizon, we're seeing with EV adoption in the way Chinese automakers are contenting their vehicle from an interior standpoint, we see significant content add.

就中國而言，我認為相對於我們的產品領域而言，中國市場的發展速度明顯快於其他市場。如果我們只看目前中國行駛的每輛車的含量，它是相當重要的，而從歷史上看，中國每輛車的含量水平較低。隨著我們規劃期的展望未來幾年，我們看到中國汽車製造商在電動車領域的應用，從內裝角度來看，其汽車內容的豐富程度顯著提高。

And then if we look at this whole concept of vertical integration as kind of a final piece, and the way we've really targeted our new business wins, we're getting a much better vertical integration profile on our business definitely in the Americas. It is really the way China continues, Asia continues to operate and even true, albeit maybe to a lesser degree, in Europe. And as we look at that improved integration that's historically been just a better profitability profile on our business.

然後，如果我們將整個垂直整合概念視為最後一部分，以及我們真正瞄準新業務成功的方式，那麼我們在美洲的業務肯定會獲得更好的垂直整合概況。事實上，中國和亞洲的運作方式依然如此，歐洲的情況也是如此（儘管程度可能較輕）。當我們看到整合程度的提高時，從歷史上看，這只會為我們的業務帶來更好的獲利狀況。

And again, just a reminder, that vertical integration doesn't necessarily mean that we're going to produce all that material because that, as I think about our business, one of the things we're staying true to is kind of the fundamentals of this business can operate with relatively low margins. But if we're good asset managers, we can generate a lot of cash. So we're looking -- it's vertical integration in terms of our ability to control the supply chain.

再次提醒一下，垂直整合並不一定意味著我們要生產所有這些材料，因為當我考慮我們的業務時，我們堅持的事情之一就是這項業務的基本原則可以以相對較低的利潤率運作。但如果我們是優秀的資產管理者，我們就可以產生大量現金。因此，我們正在尋找—就我們控制供應鏈的能力而言的垂直整合。

So when we kind of look at it from those different parameters, if you will, I think we're pretty optimistic that stabilization helps us the way our new business comes on and what we're not winning from a supply chain control. And then just what's happening in China with the amount of content being driven into vehicles, we think that's particularly positive. So we should see performance improvements out of all 3 regions and not just being dependent on Asia to continue to drive the profitability in the business.

因此，當我們從不同的參數來看時，如果你願意的話，我認為我們非常樂觀地認為穩定有助於我們開展新業務，以及我們沒有從供應鏈控制中獲得的好處。至於在中國發生的事情，隨著大量內容被植入汽車，我們認為這是特別積極的。因此，我們應該看到所有三個地區的業績都有所改善，而不僅僅依賴亞洲來繼續推動業務獲利能力。

And our last question comes from James Picariello with BNP Paribas.

我們的最後一個問題來自法國巴黎銀行的詹姆斯·皮卡里洛 (James Picariello)。

Congrats Doug on the news. Just 2 housekeeping ones. Regarding the equity income outlook, the $20 million year-over-year downside. Can you just quantify what portion of that attributes to the Keiper JV [reporting]. My apologies if I had missed that. And does that benefit the Americas segment?

恭喜 Doug 獲得這個消息。只有 2 個家務事。就股權收益前景而言，年減 2,000 萬美元。您能否量化其中有多少部分歸因於 Keiper JV [報告]？如果我錯過了這個，我很抱歉。這對美洲地區有好處嗎？

Yes. I mean we didn't provide the breakdown between how much of that's the, call it, the Keiper JV versus how much of it is other JVs within the region. Yes, at this time, I don't think we will provide the breakdown of it. I'd say -- yes, I would just -- as we get further on in the year, and we see how the equity income starts to flow in, we'll start to provide the breakdown. But it will benefit the Americas is how to think of it. Yes.

是的。我的意思是，我們沒有提供其中有多少是凱珀合資企業 (Keiper JV) 以及有多少是該地區其他合資企業的詳細情況。是的，目前，我認為我們不會提供其細目分類。我想說 - 是的，我只是 - 隨著我們在今年進一步發展，我們看到股權收入如何開始流入，我們將開始提供細目分類。但這將使美洲受益，這是可以想像的。是的。

Okay. Understood. And then on the footprint actions is -- in that one slide with all the detail impact around the guide, is the net EBITDA impact $20 million positive or negative to the, I think, the '24 bridge?

好的。明白了。然後關於足跡行動 - 在那張幻燈片中，有關於指南的所有詳細影響，我認為，淨 EBITDA 2000 萬美元對 24 橋來說是正面的還是負面的？

Yes. So it's a negative $20 million. And the largest -- I mean, the largest one on that $20 million, the vast majority of it was in 2023, we had the opportunity to really go through and deconsolidate one of our operations in China. It was a unique opportunity.

是的。所以是負2000萬美元。其中最大的一筆——我的意思是，那 2000 萬美元中最大的一筆，絕大部分是在 2023 年，我們有機會真正地梳理並拆分我們在中國的一項業務。這是一個獨特的機會。

Looking forward, we have the ability to harvest some cash out of it. It had a de minimis return going forward. So we took advantage of that. It has a -- yes, obviously, a net year-over-year impact on EBITDA for us. But from a cash standpoint, it was the right thing to do, but it does present a year-over-year headwind for us from an EBITDA -- consolidated EBITDA standpoint, so.

展望未來，我們有能力從中獲取一些現金。它未來的回報微乎其微。因此我們利用了這一點。是的，這顯然對我們的 EBITDA 產生了年淨影響。但從現金角度來看，這是正確的做法，但從 EBITDA（合併 EBITDA）角度來看，這確實為我們帶來了同比阻力。

Is there associated revenue impact as well since you're deconsolidating it or no?

由於您將其拆分，這是否也會對收入產生相關影響？

Yes. Yes, there's the associated revenue impact, but it's more than made up by the increasing sales that we see from our other operations in China.

是的。是的，這對收入有影響，但我們在中國其他業務的銷售成長足以彌補這一損失。

Great. And surely, it looks like we're at the bottom of the hour. So with that, we'll move to conclude the call. If there's anybody that has additional questions, please feel free to reach out throughout the day. Thank you.

偉大的。確實，看起來我們已經到了最晚的時刻。因此，我們將結束本次通話。如果有人有其他問題，請隨時與我們聯繫。謝謝。

Thank you. This does conclude today's call. We thank you for your participation. At this time, you may disconnect your lines.

謝謝。今天的電話會議到此結束。我們感謝您的參與。這時，你可以斷開你的線路。