Adient PLC (ADNT) 2024 Q1 法說會逐字稿

Welcome to the Adient first-quarter financial results conference call. (Operator Instructions) Today's conference is being recorded. Now I'll turn the conference over to Eric Deighton. Sir, you may begin.

歡迎參加安道拓第一季財務業績電話會議。（操作員指示）今天的會議正在錄音。現在我將把會議交給 Eric Deighton。先生，您可以開始了。

Thank you, Shirley. Good morning, and thank you for joining us as we review Adient's results for first quarter of fiscal 2024. The press release and presentation slides for our call today have been posted to the Investors section of our website at adient.com. This morning, I'm joined by Jerome Dorlack, Adient's President and Chief Executive Officer; and Mark Oswald, our Executive Vice President and Chief Financial Officer.

謝謝你，雪莉。早安，感謝您與我們一起回顧 Adient 2024 財年第一季的業績。我們今天電話會議的新聞稿和簡報幻燈片已發佈到我們網站 adient.com 的投資者部分。今天上午，Adient 總裁兼執行長 Jerome Dorlack 也加入了我的行列。以及我們的執行副總裁兼財務長馬克·奧斯瓦爾德。

On today's call, Jerome will provide an update on the business, followed by Mark, who will review our Q1 financial results and outlook for the remainder of fiscal 2024. After our prepared remarks, we will open the call to your questions.

在今天的電話會議上，傑羅姆將介紹業務最新情況，馬克將回顧我們第一季的財務業績和 2024 財年剩餘時間的前景。在我們準備好發言後，我們將開始電話詢問您的問題。

Before I turn the call over to Jerome and Mark, 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 a complete Safe Harbor statement.

在將電話轉給傑羅姆和馬克之前，我想先介紹一些內容。首先，今天的電話會議將包括前瞻性陳述。這些陳述是基於我們今天所看到的環境，因此涉及風險和不確定性。我想提醒您，我們的實際結果可能與電話會議中所做的前瞻性陳述有重大差異。請參閱簡報的投影片 2，以了解完整的安全港聲明。

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 基礎呈現的財務業績外，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 同等指標的對帳可以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 Jerome Dorlack.

我的評論到此結束。我現在將把電話轉給傑羅姆·多拉克。

Thanks, Eric. Good morning. Thank you to our investors, prospective investors, and analysts joining the call as we review our first-quarter results for fiscal year 2024. Turning to slide 4, let me begin with a few comments related to the quarter.

謝謝，埃里克。早安.感謝我們的投資者、潛在投資者和分析師在我們審查 2024 財年第一季業績時加入電話會議。轉向投影片 4，讓我先發表一些與本季相關的評論。

As we began fiscal 2024, the company maintained its laser focus on business performance, including launch, execution, and continuous improvement. The team navigated challenges from strike-related production disruptions while maintaining focus on the day-to-day operational execution that is driving the business forward. Despite the challenges in the beginning of the quarter, the focus on operational execution and cash management actions allowed us to successfully navigate any short-term impacts.

2024 財年伊始，本公司持續高度專注於業務績效，包括發布、執行和持續改善。該團隊應對了與罷工相關的生產中斷所帶來的挑戰，同時繼續專注於推動業務發展的日常營運執行。儘管本季度初面臨挑戰，但對營運執行和現金管理行動的關注使我們能夠成功應對任何短期影響。

Turning to Adient's key financial metrics for the quarter, which are shown on the right-hand side of the slide. Revenue for the quarter, which totaled $3.7 billion, was down about 1% compared to last year's fiscal quarter -- first quarter. Adjusted EBITDA for the quarter totaled $216 million, up 2%. The UAW strike at certain of our North American customers ultimately impacted Adient by approximately $125 million in sales and $25 million in EBITDA. Adient ended the quarter with a strong cash balance and total liquidity of $990 million and $1.9 billion, respectively.

轉向安道拓本季的主要財務指標，這些指標顯示在投影片的右側。該季度的營收總計 37 億美元，與去年財季（第一季）相比下降了約 1%。該季度調整後 EBITDA 總計 2.16 億美元，成長 2%。UAW 對我們某些北美客戶的罷工最終影響了 Adient 約 1.25 億美元的銷售額和 2,500 萬美元的 EBITDA。安道拓本季末現金餘額強勁，流動性總額分別為 9.9 億美元及 19 億美元。

We continue to drive the business forward winning both new and replacement business with customers that are expected to drive continued margin improvement in the coming years. We're demonstrating our ability to add value to customers through our engineering capabilities, manufacturing footprint, and process discipline.

我們繼續推動業務向前發展，贏得客戶的新業務和替換業務，預計將在未來幾年推動利潤率持續提高。我們正在展示我們透過我們的工程能力、製造足跡和工藝規程為客戶增加價值的能力。

At the bottom of the slide, we've highlighted a number of customers and industry awards received in each of our regions in Q1 as proof points of our commitment to delivering excellence. Both the business we have been awarded and the recognition we've received show that our strong business performance, operational excellence, and mindfulness towards sustainability are driving value to Adient's stakeholders and shareholders, including customers, suppliers, and employees.

在幻燈片底部，我們重點介紹了第一季在每個地區獲得的許多客戶和行業獎項，作為我們致力於提供卓越服務的證明。我們獲得的業務和所獲得的認可都表明，我們強勁的業務績效、卓越的運營以及對可持續發展的關注正在為安道拓的利益相關者和股東（包括客戶、供應商和員工）帶來價值。

As the production environment became clear following the resolution of strike-related production disruptions, the company resumed its return of capital to shareholders through its balanced capital allocation strategy. We deployed $100 million towards share repurchases within the quarter, which Mark will talk more about in a moment. Again, our commitment to return capital to shareholders is an important part of our balanced capital allocation strategy.

隨著罷工相關生產中斷的解決，生產環境變得清晰，公司透過平衡的資本配置策略恢復了向股東的資本返還。我們在本季內部署了 1 億美元用於股票回購，馬克稍後將詳細討論這一點。同樣，我們向股東返還資本的承諾是我們平衡資本配置策略的重要組成部分。

The last point on the slide shows we've released our 2023 sustainability report, highlighting a number of accomplishments and commitments, marking our path toward a long-term, sustainable transformation. I'll discuss this in more detail on the next slide, but the achievements that we highlight demonstrate that Adient has firmly integrated sustainability into the core of our business.

投影片的最後一點顯示我們已經發布了 2023 年永續發展報告，強調了多項成就和承諾，標誌著我們邁向長期永續轉型的道路。我將在下一張投影片中更詳細地討論這一點，但我們強調的成就表明安道拓已將永續發展堅定地融入我們業務的核心。

Turning to slide 5 and further on that point. Since we began publishing our annual sustainability report four years ago, a lot has changed. As both the environment in which we operate and our ESG development has evolved, our goals have evolved as well. One thing that has not changed is our commitment to have a long-term sustainable transformation focused on limiting our negative environmental impacts on the planet and focusing on social and economic changes to create a better environment for everyone.

轉到幻燈片 5 並進一步討論這一點。自從我們四年前開始發布年度永續發展報告以來，發生了許多變化。隨著我們的營運環境和 ESG 發展的不斷變化，我們的目標也不斷變化。沒有改變的一件事是我們致力於長期永續轉型，重點是限制我們對地球的負面環境影響，並專注於社會和經濟變革，為每個人創造更好的環境。

The sustainability report outlines how we are aligning our strategic priorities to where our sustainability activities can deliver the greatest impact. This includes our ongoing focus on product design to support not only our own sustainability goals, but those of our customers as well.

永續發展報告概述了我們如何調整我們的策略重點，使我們的永續發展活動能夠產生最大的影響。這包括我們持續專注於產品設計，不僅支持我們自己的永續發展目標，也支持我們客戶的永續發展目標。

You can see on this slide a number of highlights and accomplishments achieved in fiscal year 2023. I won't read each of these, and there are more highlights within the report, but these examples reflect the milestones as we advance our sustainability mission focused on products, processes, and people. We've included a link to the full report. Please take a few minutes to see the progress we've made in our sustainability journey and the commitments we intend to deliver on in the future.

您可以在這張投影片上看到 2023 財年的一些亮點和成就。我不會逐一閱讀這些內容，報告中還有更多亮點，但這些範例反映了我們推進專注於產品、流程和人員的可持續發展使命時的里程碑。我們提供了完整報告的連結。請花幾分鐘時間了解我們在永續發展之旅中取得的進展以及我們打算在未來兌現的承諾。

Now turning to slide 6. Let's take a look at our business wins and launch performance. As you can see on slide 6, we highlight several of the important recent and ongoing launches. Although the production environment in the Americas was disrupted in the quarter, our process discipline and execution enabled us to effectively execute on launches, including launches in our JIT, foam, trim, and metals business that support the deepening levels of vertical integration and business that we are winning.

現在轉到投影片 6。讓我們來看看我們的業務勝利和發布績效。正如您在投影片 6 中看到的，我們重點介紹了最近和正在進行的幾個重要發布。儘管本季度美洲的生產環境受到干擾，但我們的流程紀律和執行力使我們能夠有效地執行發布，包括 JIT、泡沫、裝飾和金屬業務的發布，這些業務支持垂直整合和業務的深化水平我們正在獲勝。

We are able to successfully navigate the delays caused by strike-related production stoppages at our customers that caused certain program starts to be delayed. The team continues to maintain process discipline, which is key to managing the number and complexity of launches scheduled for this fiscal year.

我們能夠成功地解決客戶因罷工導致的生產停工導致某些專案開始延遲的問題。團隊繼續維持流程紀律，這是管理本財年計畫發布的數量和複雜性的關鍵。

Now turning to slide 7. As usual, several recent new business awards are highlighted here. These new business awards once again represent a strong mix of customers, geographies, various levels of electric hybrid and ICE platforms.

現在轉到投影片 7。像往常一樣，這裡重點介紹了最近的幾個新商業獎項。這些新的商業獎項再次代表了客戶、地區、不同級別的電動混合動力和內燃機平台的強大組合。

Important to also note our deepening levels of vertical integration in recent wins. More than 90% of business awarded by sales volume in the last fiscal year contains some level of vertical integration in foam, trim and/or metals. This continues and advances a trend starting in fiscal year '22 driven by our deep expertise in engineering, logistics, purchasing, and operational execution that allows us to drive value for Adient and our customers when we control a greater portion of the seating value chain.

另外值得注意的是，我們在最近的勝利中不斷深化垂直整合。上一財年按銷量計算的超過 90% 的業務包含一定程度的泡沫、裝飾和/或金屬垂直整合。這種趨勢在我們在工程、物流、採購和營運執行方面深厚的專業知識的推動下，從22 財年開始延續並推進了這一趨勢，這使我們能夠在控制座椅價值鏈的大部分時為Adient 和我們的客戶創造價值。

I'd like to especially highlight a new business sourcing on a BEV program that is supported by our Bridgewater Interiors joint venture. As a reminder, BWI is a successful diverse joint venture that we have been involved in for more than 25 years. We're particularly proud of this partnership and the competitive advantage that it brings to Adient, along with our Avanzar joint venture, which is also a diverse JV. We'll provide more details on this win at a later time.

我想特別強調 BEV 專案的新業務採購，該專案由我們的 Bridgewater Interiors 合資企業支援。謹此提醒您，BWI 是一家成功的多元化合資企業，我們參與該企業超過 25 年。我們對這種合作關係以及它為 Adient 以及我們的 Avanzar 合資企業（也是一家多元化的合資企業）帶來的競爭優勢感到特別自豪。我們稍後將提供有關此次勝利的更多詳細資訊。

Flipping to slide 8. We've talked about the emerging trend that we're seeing in increased seating content as an opportunity recently. Customers in China specifically have reimagined the vehicle interior around creature comforts like deep recline, long rails, massage, and sound and seat to name a few.

翻轉到投影片 8。我們討論了最近出現的新興趨勢，即增加座位數量是一個機會。中國的客戶特別圍繞著生物舒適度重新設計了汽車內飾，例如深度傾斜、長導軌、按摩、音響和座椅等。

Safety features like belt to seat and pelvic crash management are becoming increasingly relevant as the comfort features change the cabin interior configuration. And sustainable innovations like non-leather seating surface materials and low-carbon steel are driven by both ESG goals and cost reduction efforts. These trends represent an opportunity for Adient, but also increase a level of complexity that we will have to manage.

隨著舒適功能改變車艙內部配置，座椅安全帶和骨盆碰撞管理等安全功能變得越來越重要。非皮革座椅表面材料和低碳鋼等永續創新是由 ESG 目標和降低成本努力推動的。這些趨勢對 Adient 來說是一個機遇，但也增加了我們必須管理的複雜性。

As content increases, we see that the JIT assembly environment can become increasingly complicated unless properly managed. We have the engineering capability and manufacturing footprint to take the increasing content features and industrialize them in a way that is cost effective, driving win-win solutions for Adient and our customers. This is especially relevant as our customers look to offset increasing labor costs at their assembly plants.

隨著內容的增加，我們發現，除非管理得當，否則 JIT 組裝環境可能會變得越來越複雜。我們擁有工程能力和製造足跡，能夠利用不斷增加的內容功能，並以經濟有效的方式將其工業化，從而為安道拓和我們的客戶提供雙贏的解決方案。當我們的客戶希望抵消其組裝廠不斷增加的勞動成本時，這一點尤其重要。

We demonstrated a few of our strategies for driving process efficiencies to investors recently at our Plymouth Tech Campus as well as at a recent conference. Our ES3 process leverages available knowledge to create opportunities and value for our customers. We can identify opportunities for reducing operational waste, engineering simplification, and network optimization.

我們最近在普利茅斯科技園區以及最近的會議上向投資者展示了一些提高流程效率的策略。我們的 ES3 流程利用現有知識為客戶創造機會和價值。我們可以找到減少營運浪費、簡化工程和優化網路的機會。

We use value stream mapping to identify manufacturing processes improvements that we can bring to our customers and industrialize. We're able to leverage our world-class manufacturing footprint capabilities to engineer and execute solutions like modular assembly. By leveraging the metals business that we own, we can assemble seat, back frame, and cushion pan modules in our existing footprint and enable labor, freight, and inventory efficiencies that not only reduce carbon footprint but also cost.

我們使用價值流圖來確定可以為客戶帶來並實現工業化的製造流程改善。我們能夠利用我們世界一流的製造足跡能力來設計和執行模組化組裝等解決方案。透過利用我們擁有的金屬業務，我們可以在現有的佔地面積內組裝座椅、靠背框架和坐墊盤模組，並提高勞動力、貨運和庫存效率，不僅減少碳足跡，還降低成本。

It's essential that we own the metals real estate to execute on this particular opportunity. We're able to share these efficiencies with our customer in order to manage the increasing complexity while driving financial benefits.

我們必須擁有金屬房地產才能抓住這個特殊的機會。我們能夠與客戶分享這些效率，以便管理日益增加的複雜性，同時提高經濟效益。

It's important to note that we have modular assembly processes planned to go into production during this fiscal year. We're continually evaluating and improving how we operate the business. The key takeaway is that ES3 encompasses a range of benchmarking, continuous improvement, and VA/VE practices that give us the ability to demonstrate opportunities for both our customers and Adient that enable us to deliver our commitments on business performance.

值得注意的是，我們計劃在本財年投入生產模組化組裝流程。我們不斷評估和改進我們的業務運作方式。關鍵要點是 ES3 包含一系列基準測試、持續改進和 VA/VE 實踐，使我們能夠向我們的客戶和 Adient 展示機會，使我們能夠兌現對業務績效的承諾。

Turning to slide 9 now. Heading into the end of fiscal year '23, there were reasons to be cautious and conserve cash. With the strike looming at the time, our strategy was to prepare our balance sheet for a longer-term production disruption in the Americas. As the uncertainty around the length and breadth of production disruption was resolved, we're able to get clear line of sight on our ability to generate cash.

現在轉到投影片 9。進入 23 財年末，我們有理由保持謹慎並節省現金。當時罷工迫在眉睫，我們的策略是為美洲的長期生產中斷做好資產負債表準備。隨著生產中斷的長度和廣度的不確定性得到解決，我們能夠清楚地了解我們產生現金的能力。

With cash in the balance sheet and good clarity around free cash flow for the year, the company returned $100 million to shareholders via repurchases totaling approximately 3 million shares. Our capital allocation plan remains balanced. We're committed to returning capital to shareholders while also balancing the cash needs of the business. I'll also point out that our ability to improve margins, generate cash, and prudently manage our balance sheet was recognized by both S&P Global and Moody's recently.

憑藉著資產負債表中的現金以及今年自由現金流的清晰明晰，該公司透過回購總計約 300 萬股股票向股東返還 1 億美元。我們的資本配置計劃保持平衡。我們致力於向股東返還資本，同時平衡業務的現金需求。我還要指出的是，我們提高利潤率、產生現金和審慎管理資產負債表的能力最近得到了標準普爾全球和穆迪的認可。

The company's corporate credit ratings were upgraded by both in recent months. Our balance sheet's strength and financial performance also enabled us to amend and extend our term loan B subsequent to the quarter. Safe to say that our confidence in the company's ability to generate cash, along with the flexibility we have built into the capital structure, is expected to underpin significant returns to our shareholders.

近幾個月來，該公司的企業信用評級均上調。我們的資產負債表實力和財務表現也使我們能夠在本季之後修改和延長定期貸款 B。可以肯定地說，我們對公司產生現金的能力的信心，以及我們在資本結構中建立的靈活性，預計將為我們的股東帶來可觀的回報。

With that, I will turn it over to Mark to cover the financials.

這樣，我會將其交給馬克來負責財務事宜。

Thanks, Jerome. Let's jump into the financials on slide 11. Adhering to our typical format, the page is formatted with our reported results on the left side and our adjusted results on the right side. We will focus our commentary on the adjusted results, which exclude special items that we view as either one-time in nature or otherwise skew important trends in the underlying performance.

謝謝，傑羅姆。讓我們來看看幻燈片 11 上的財務狀況。遵循我們的典型格式，該頁面的格式為左側為我們報告的結果，右側為我們調整後的結果。我們的評論將集中在調整後的結果上，其中不包括我們認為是一次性的或以其他方式扭曲基本業績重要趨勢的特殊項目。

For the quarter, the biggest drivers of the difference between our reported and adjusted results were related to purchase accounting amortization and restructuring and impairment costs. Details of all adjustments for the quarter or in the appendix of the presentation.

本季度，我們報告的業績和調整後的業績之間差異的最大驅動因素與購買會計攤銷、重組和減值成本有關。該季度所有調整的詳細資訊或在簡報的附錄中。

High level for the quarter, sales were approximately $3.7 billion, down about 1% compared to our first-quarter results last year. Lower volumes primarily in the Americas resulting from strike-related production stoppages at our customers were partially offset with positive FX movements between the two periods.

本季銷售額約 37 億美元，處於較高水平，與去年第一季業績相比下降約 1%。主要是美洲地區因客戶罷工而停產導致銷售下降，但兩個時期之間的匯率積極走勢部分抵消了這一影響。

Adjusted EBITDA for the quarter was $216 million, up 2% year on year. The increase was primarily attributed to benefits associated with improved business performance. These benefits were partially offset by the impact of lower volume and mix and to a lesser extent, the negative impact of currency movements between the periods in timing of material economics. I'll spend on these drivers in just a minute.

該季度調整後 EBITDA 為 2.16 億美元，年增 2%。這一增長主要歸因於與業務績效改善相關的收益。這些好處部分被數量和組合減少的影響所抵消，並且在較小程度上被物質經濟時期之間貨幣變動的負面影響所抵消。我一會兒就會在這些驅動程式上花錢。

Finally, at the bottom line, Adient reported adjusted net income of $29 million, or $0.31 per share.

最後，Adient 公佈的調整後淨利潤為 2,900 萬美元，即每股 0.31 美元。

Let's break down our first-quarter results in more detail. I'll cover the next few slides rather quickly as details for the results are included on the slides. This should ensure we have adequate time for the Q&A portion of the call.

讓我們更詳細地分析第一季的業績。我將很快介紹接下來的幾張投影片，因為幻燈片中包含了結果的詳細資訊。這應該可以確保我們有足夠的時間進行電話的問答部分。

Starting with the revenue on slide 12, reported consolidated sales of approximately $3.7 billion, a decrease of $39 million compared with Q1 fiscal year '23. The primary driver of the year-on-year decrease was lower volume and pricing, call it $95 million, including about $36 million of lower commodity recoveries. The favorable impact of FX movements between the two periods benefited the quarter by $56 million.

從投影片 12 的收入開始，報告的綜合銷售額約為 37 億美元，與 23 財年第一季相比減少了 3,900 萬美元。年比下降的主要驅動因素是銷量和價格下降，即 9,500 萬美元，其中包括約 3,600 萬美元的商品回收率下降。兩個時期之間外匯波動的有利影響為本季度帶來了 5,600 萬美元的收益。

Focusing on the table on the right-hand side of this slide, Adient's consolidated sales were lower in the Americas and Asia Pacific, while sales in EMEA grew by about 1%. Americas market performance was primarily driven by key platforms that were impacted by strike-related production stoppages like the Ram, Wrangler, and GM's mid-size SUVs, as well as program launches that were taking place in the quarter, such as the Tacoma.

關注這張投影片右側的表格，Adient 在美洲和亞太地區的綜合銷售額較低，而 EMEA 的銷售額成長了約 1%。美洲市場表現主要受到關鍵平台的推動，這些平台受到與罷工相關的停產影響，例如 Ram、Wrangler 和通用汽車的中型 SUV，以及本季推出的項目（例如 Tacoma）。

In Europe, the top line benefited from new program launches and favorable program mix, which was offset by certain planned program exits. In China, end of production of certain programs in model year changeovers resulted in lower year-on-year sales. Important to note, we still expect to outpace regional production in China on a full-year basis.

在歐洲，收入受益於新項目的推出和有利的項目組合，但被某些計劃退出的項目所抵消。在中國，某些車型換型項目的停產導致銷量較去年同期下降。值得注意的是，我們仍然預計全年產量將超過中國地區產量。

With regard to adding unconsolidated seating revenue, year-on-year results were up about 10% adjusted for FX. In China, where a large majority of Adient's unconsolidated sales are derived, the strong increase in sales was driven by customers like FVW and Toyota. Additionally, our KEIPER joint venture benefited from production growth with domestic Chinese customers, including FAIC, Cherry, and BYD.

在增加未合併的座位收入方面，經外匯調整後，年比業績成長了約 10%。安道拓大部分非合併銷售額來自中國，銷售額的強勁成長是由 FVW 和豐田等客戶推動的。此外，我們的 KEIPER 合資企業受惠於與中國國內客戶（包括 FAIC、Cherry 和 BYD）的產量成長。

Moving to slide 13, we've provided a bridge of adjusted EBITDA to show the performance of our segments between periods. Big picture adjusted EBITDA was $216 million in the current quarter versus $212 million reported a year ago. The primary drivers of the year-on-year comparison are detailed on the page and are consistent with what we expected heading into the quarter.

轉到投影片 13，我們提供了調整後 EBITDA 的橋樑，以顯示各個時期之間各部門的績效。本季整體調整後 EBITDA 為 2.16 億美元，去年同期為 2.12 億美元。頁面上詳細介紹了同比比較的主要驅動因素，並且與我們對本季的預期一致。

Improved business performance was the primary driver of the results, benefiting the quarter by $39 million. Looking deeper within that bucket, the biggest positive driver was improved net material margin of $30 million. In addition, freight costs were $23 million improved year on year, as well as improvements we saw in labor and overhead.

業務績效的改善是業績的主要動力，該季度收益達 3,900 萬美元。更深入地觀察，最大的正面推動因素是淨材料利潤率提高了 3000 萬美元。此外，貨運成本年減了 2,300 萬美元，勞動力和管理費用也有所改善。

Partial offsets within business performance were launching tooling costs as we manage increased launch volume and complexity, as well as the timing of engineering spend and other one-time SG&A costs. I'll note that SG&A cost comparison is driven in part by certain asset sales in the year-ago period that do not repeat.

業務績效的部分抵銷是啟動工具成本，因為我們管理著不斷增加的啟動量和複雜性，以及工程支出的時間表和其他一次性 SG&A 成本。我要指出的是，SG&A 成本比較部分是由去年同期某些不重複的資產銷售所推動的。

Headwinds, partially offsetting the business performance, included volume and mix impacts of about $18 million. Adient's program mix in the Americas was influenced by the UAW strike-related production stoppages. Outside of the strike, Toyota Tacoma volumes were impacted as the program moved through the launch curve. In APAC, certain programs reached year-end production or model year changeovers, resulting in lower Adient production volumes.

逆風部分抵消了業務績效，其中包括約 1800 萬美元的銷售和組合影響。安道拓在美洲的計劃組合受到了 UAW 罷工導致的生產停頓的影響。在罷工之外，豐田塔科馬的銷量隨著該項目的啟動曲線而受到影響。在亞太地區，某些計畫已達到年底生產或車型年份轉換，導致安道拓產量下降。

The timing of commodity-related recoveries drove the lower net commodities, call it $8 million for the quarter. The negative impact of currency movements between the two periods was $7 million. Note that the favorable translation impacts on our sales, primarily driven by the euro, were more than offset by transactional FX headwinds in the Americas and Asia.

與大宗商品相關的復甦時機推動了大宗商品淨值下降，本季為 800 萬美元。兩個時期之間貨幣變動的負面影響為 700 萬美元。請注意，主要由歐元推動的對我們銷售的有利換算影響被美洲和亞洲的交易外匯逆風所抵消。

As we indicated in November, we expect FX to be a headwind for the quarter, and we expect the FX pressures to intensify as we move through the fiscal year. I'll have additional commentary on what we can expect for the remainder of the year in just a few minutes.

正如我們在 11 月所表示的那樣，我們預計外匯將成為本季的阻力，我們預計隨著本財年的推進，外匯壓力將加劇。我將在幾分鐘內對今年剩餘時間的預期進行補充評論。

And finally, equity income was lower by $2 million. This was a result of certain one-time benefits in the prior period that did not repeat, and to a lesser extent, the restructured pricing agreement within Adient-KEIPER joint venture. Important to note, the improved net material margin within the business performance bucket was aided by that change.

最後，股權收入減少了 200 萬美元。這是由於上一期間的某些一次性收益並未重複，並且在較小程度上是由於 Adient-KEIPER 合資企業內的重組定價協議所致。值得注意的是，這項變更有助於提高業務績效範圍內的淨材料利潤率。

All in all, a quarter very much in line with our internal expectations, driven by continued strong execution. Similar to past quarters, we've provided our detailed segment performance slides in the appendix of the presentation. High level for the Americas, improved business performance was the primary factor driving positive results. Business performance was driven by increased net material margin inclusive of the benefit of the restructured pricing agreement at our KEIPER joint venture, lower freight costs, improved labor and overhead performance. And partially offsetting these benefits were increased launch and tooling.

總而言之，在持續強勁的執行力推動下，這個季度非常符合我們的內部預期。與過去幾季類似，我們在簡報的附錄中提供了詳細的部門績效幻燈片。對美洲地區而言，業務績效的改善是推動正向績效的主要因素。業務績效的推動因素包括淨材料利潤率的提高，其中包括我們的 KEIPER 合資企業重組定價協議帶來的好處、貨運成本的降低、勞動力和管理費用績效的改善。發布和工具的增加部分抵消了這些好處。

In EMEA, the year-on-year comparison was influenced by several factors such as improved net commodities, favorable currency movements, improved business performance. Partial offsets within business performance were higher SG&A costs as certain one-time benefits recognized last year did not repeat, as well as the timing of customer launches, which drove engineering and launch spend. Volume and mix was a slight headwind resulting from program mix.

在歐洲、中東和非洲地區，較去年同期比較受到多種因素的影響，例如淨商品改善、有利的貨幣走勢、業務績效改善等。業務績效的部分抵銷因素是SG&A成本上升，因為去年確認的某些一次性效益沒有重複，以及客戶啟動的時間，這推動了工程和啟動支出。節目組合導致音量和混音略有阻力。

In Asia, business performance reflected the negative impact of lower year-on-year commercial recoveries as well as the timing of launch activity, which drove increased engineering and launch spend. These headwinds, which we view as temporary, more than offset the efficiencies in labor and overhead.

在亞洲，業務表現反映了商業復甦年減以及發射活動時機的負面影響，這推動了工程和發射支出的增加。我們認為這些不利因素是暫時的，但它們足以抵消勞動力和管理費用的效率。

Equity income was driven lower by the revised pricing agreement between the joint venture partners at our KEIPER JV. Again, our consolidated Americas business benefited from the revised pricing agreement. Currency movements between the periods resulted in a $4 million headwind, primarily related to the Japanese yen and the Thai baht.

我們的 KEIPER 合資公司的合資夥伴之間修訂的定價協議導致股權收入下降。我們的合併美洲業務再次受惠於修訂後的定價協議。各時期之間的貨幣變動導致了 400 萬美元的逆風，主要與日圓和泰銖有關。

And finally, volume and mix was a modest headwind. As I mentioned on the previous slide, Adient's program mix in that region was impacted by certain model year changeovers and end of production of other markets. We continue to expect strong regional performance in volume and mix for the balance of the year.

最後，數量和組合是一個溫和的阻力。正如我在上一張投影片中提到的，安道拓在該地區的計畫組合受到某些車型年份轉換和其他市場停產的影響。我們繼續預計今年剩餘時間的區域銷售和產品組合將表現強勁。

Let me now shift to our cash liquidity and capital structure on slide 14 and 15. Starting with cash on slide 14, adjusted free cash flow, defined as operating cash flow less CapEx, was an outflow of $14 million This compares to an outflow of $17 million in last year's first quarter. The relative improvement despite the UAW strike impact for the quarter is a testament to the cash management actions the team was able to execute within the quarter.

現在讓我談談投影片 14 和 15 上的現金流動性和資本結構。從幻燈片 14 中的現金開始，調整後的自由現金流（定義為營運現金流減去資本支出）為 1,400 萬美元的流出，而去年第一季的流出為 1,700 萬美元。儘管本季受到 UAW 罷工影響，但相對改善證明了團隊在本季能夠執行的現金管理行動。

The primary drivers of the year-on-year improvement are listed on the right-hand side of the slide. I won't read each, but important to point out that the modest cash outflow in the quarter is in line with our internal expectations.

幻燈片右側列出了同比改善的主要驅動因素。我不會逐一閱讀，但重要的是要指出，本季適度的現金流出符合我們的內部預期。

One last point, as we called out on the slide, Adient continues to utilize various factoring programs as a low-cost source of liquidity. At December 31, 2023, we had $85 million of factored receivables versus $171 million at fiscal yearend.

最後一點，正如我們在幻燈片中指出的那樣，Adient 繼續利用各種保理計劃作為低成本流動性來源。截至 2023 年 12 月 31 日，我們的保理應收帳款為 8,500 萬美元，而財年末為 1.71 億美元。

Flipping to slide 15. As noted on the right-hand side of this slide, we ended the quarter with about $1.9 billion total liquidity, comprised of cash on hand of $990 million in $938 million of undrawn capacity under Adient's revolving line of credit. Adient's debt and net debt position totaled about $2.5 billion and $1.6 billion, respectively, at December 31, 2023.

翻到幻燈片 15。如本投影片右側所示，本季結束時，我們的流動資金總額約為 19 億美元，其中包括 9.9 億美元的手頭現金以及 Adient 循環信貸額度下的 9.38 億美元的未動用能力。截至2023年12月31日，安道拓的債務和淨債務部位總額分別約為25億美元和16億美元。

On the lower right-hand side of the page, we have noted several important highlights with respect to our debt and capital structure. First, as Jerome discussed earlier, we returned $100 million to our shareholders in the quarter. As we indicated previously, the cash on the balance sheet, combined with our confidence in our ability to generate cash, underpins the company's ability to execute our share repurchase program. As a reminder, we have $435 million remaining on our share repurchase authorization.

在頁面的右下角，我們注意到了有關我們的債務和資本結構的幾個重要亮點。首先，正如傑羅姆之前討論的那樣，我們在本季向股東返還了 1 億美元。正如我們先前指出的，資產負債表上的現金，加上我們對產生現金能力的信心，支撐了公司執行股票回購計畫的能力。提醒一下，我們的股票回購授權還剩 4.35 億美元。

Our commitment to execute opportunistically and share repurchases is an important part of the capital allocation strategy. Both S&P Global and Moody's recognize the company's earnings growth, the ability to generate cash, and the flexibility of our capital structure, with upgrades to the company's corporate credit ratings in December and January, respectively. This is a good external validation of the progress we've made in reshaping our balance sheet over the past couple of years as well as the company's positive trend in earnings and cash generation.

我們對執行機會主義和股票回購的承諾是資本配置策略的重要組成部分。標準普爾全球公司和穆迪公司均認可該公司的獲利成長、產生現金的能力以及資本結構的靈活性，並分別於 12 月和 1 月上調了該公司的企業信用評級。這是對過去幾年我們在重塑資產負債表方面取得的進展以及公司在盈利和現金生成方面的積極趨勢的良好外部驗證。

The recent amend and extend to our term loan B demonstrates we're not sitting still. The amendment improves our pricing to [SOFR plus 275] of 50-basis-point improvement as well as extended the maturity to 2031. The average tenor of our outstanding debt after the deal increased from 4.2 to 4.8 years.

最近對我們定期貸款 B 的修改和延期表明我們並沒有坐以待斃。該修正案將我們的定價提高至 [SOFR plus 275] 50 個基點，並將期限延長至 2031 年。交易後，我們的未償債務平均期限從 4.2 年增加到 4.8 年。

We ended the quarter with a net leverage ratio of 1.65 times, well within our targeted range of 1.5 to 2 times. The team will continue to evaluate and execute actions that will further enhance the strength and flexibility of our capital structure.

本季末，我們的淨槓桿率為 1.65 倍，完全在我們 1.5 至 2 倍的目標範圍內。團隊將繼續評估和執行行動，以進一步增強我們資本結構的實力和靈活性。

With that, let's flip to slide 16 and review our outlook for the remainder of fiscal 2024.

接下來，讓我們翻到投影片 16，回顧我們對 2024 財年剩餘時間的展望。

Adient's fiscal year '24 guidance has been updated to reflect our Q1 results in current market conditions, including revised production assumptions in current FX rates. Adient's consolidated sales are expected to land between $15.4 billion and $15.5 billion. We've seen currency movements, particularly the euro, favorably impact our top-line forecast. That said, while S&P production forecasts have increased, catching up to what we already were aware of based on customer releases, certain of Adient's programs are moving in the opposite direction, driven primarily by launch delays and alignment with customer demand.

安道拓的 24 財年指引已更新，以反映我們在當前市場條件下第一季的業績，包括以當前匯率修正的生產假設。Adient 的綜合銷售額預計將在 154 億美元至 155 億美元之間。我們已經看到貨幣走勢，尤其是歐元，對我們的營收預測產生了有利影響。也就是說，雖然標準普爾的產量預測有所增加，趕上了我們根據客戶發布的情況已經了解的情況，但安道拓的某些計劃正在朝著相反的方向發展，這主要是由於發布延遲和與客戶需求的一致性所致。

In China, the recent upward revisions to production forecasts are weighted towards a select group of local manufacturers with limited Adient content, such as BYD, FAIC, and Geely. The net result is revenue outlook that is more heavily weighted towards H2 versus H1.

在中國，最近對產量預測的上調主要針對的是比亞迪、FAIC 和吉利等安道拓含量有限的精選本地製造商。最終結果是下半年的收入前景比上半年更重要。

For adjusted EBITDA, we're reaffirming our previous guide at $985 million. Business performance is expected to be a significant driver of the year-on-year earnings and margin growth. Based on the current guide, the implied all-in EBITDA margin of 6.4% represents an FX-adjusted 70 basis points of margin expansion over fiscal year 2023. Important to note, given the revenue outlook just discussed, as well as the normal seasonality of our equity income, we expect Adient's second-half EBITDA to outpace the first half as business performance continues to improve for the second half volume's pull through.

對於調整後 EBITDA，我們重申先前的指引值為 9.85 億美元。預計業務表現將成為年比獲利和利潤成長的重要推動力。根據目前指南，隱含的 EBITDA 總利潤率為 6.4%，相當於 2023 財年經匯率調整後的利潤率擴張 70 個基點。值得注意的是，考慮到剛剛討論的收入前景，以及我們股權收入的正常季節性，我們預計安道拓下半年的 EBITDA 將超過上半年，因為下半年銷量的拉動下業務業績將繼續改善。

With regard to equity income, consistent with prior years, it's common to see a significant decrease as you move sequentially from our first quarter into Q2, driven of course by the China New Year. Last year, for example, Adient's equity income was $15 million lower in Q2 versus Q1. I anticipate a similar decrease this year. One last point on the cadence of our earnings. The timing of commercial settlements is also a key driver of lumpiness between quarters.

就股權收入而言，與往年一樣，隨著從第一季進入第二季度，通常會顯著下降，當然這是受到中國新年的推動。例如，去年第二季安道拓的股本收入比第一季減少了 1,500 萬美元。我預計今年也會出現類似的下降。關於我們獲利節奏的最後一點。商業結算的時間也是季度之間波動的關鍵驅動因素。

Moving on, interest expense is still expected at about $185 million given our expected debt and cash balances, as well as interest rate expectations. Note that the recently completed term loan B actions were planned and contemplated within our previous guidance. Cash taxes continue to be forecast at about $105 million. For modeling purposes, tax expense is estimated at $115 million.

考慮到我們的預期債務和現金餘額以及利率預期，預計利息支出仍約為 1.85 億美元。請注意，最近完成的定期貸款 B 行動是在我們先前的指導範圍內規劃和考慮的。現金稅預計仍約 1.05 億美元。出於建模目的，稅收費用估計為 1.15 億美元。

CapEx, largely based on customer launch schedules, is forecast at $310 million; no change from the November guide. And finally, our free cash flow is expected at $300 million as the calls for cash remained stable, again, no change from November.

資本支出（主要基於客戶發佈時間表）預計為 3.1 億美元；與 11 月指南相比沒有變化。最後，由於現金需求保持穩定，我們的自由現金流預計為 3 億美元，與 11 月相比沒有變化。

With that, let's move to the question-and-answer portion of the call. Operator, can we have our first question, please?

接下來，讓我們進入通話的問答部分。接線員，我們可以問第一個問題嗎？

(Operator Instructions) Rod Lache, Wolfe Research.

（操作員說明）Rod Lache，Wolfe Research。

Good morning, everybody. A couple of questions. It's really nice to see the acceleration in share repurchases. Can you just remind us, is your minimum cash position still $700 million, which would imply maybe $300 -- almost $300 million of excess cash now? And if you do achieve the $300 million of free cash flow, can you remind us how much you would earmark towards share repurchases versus debt? Because it looks like you could actually complete your $430 million remaining authorization while still staying in the leverage targets.

大家早安。有幾個問題。很高興看到股票回購的加速。您能否提醒我們，您的最低現金部位是否仍為 7 億美元，這意味著現在可能有 300 美元——近 3 億美元的多餘現金？如果您確實實現了 3 億美元的自由現金流，您能否提醒我們，您將撥出多少資金用於股票回購而不是債務？因為看起來您實際上可以完成 4.3 億美元的剩餘授權，同時仍保持槓桿目標。

Yeah. Thanks for the question, Rod. Yes, I do think that we could run the company with, call it $700 million of cash. That said, we also look at the overall macro environment to see whether or not -- there's certain times that we want to run with a little extra cash on there.

是的。謝謝你的提問，羅德。是的，我確實認為我們可以用 7 億美元的現金來經營公司。也就是說，我們也會關注整體宏觀環境，看看是否在某些時候我們希望用一點額外的現金來運作。

The way I think about the capital allocation this year, Rod, is we're off to a strong start with the share repurchases. We expect to generate more cash. We do have to balance that, though. We do have some 3.5% notes that we have to take care of this year, call it about $130 million, right? There could be an opportunity to take down a little bit of our higher priced debt, right? So again, I'd look at it as a balanced approach there. And as we move through the year, clearly we'll be looking at where adding stock is trading and the pacing of that measured approach as we go through 2024.

羅德，我對今年資本配置的看法是，我們的股票回購有了一個好的開始。我們預計會產生更多現金。不過，我們確實必須平衡這一點。今年我們確實有一些 3.5% 的票據需要處理，大約 1.3 億美元，對吧？可能有機會減少我們的一些高價債務，對嗎？因此，我再次將其視為一種平衡的方法。隨著這一年的推移，顯然我們將關注 2024 年增加庫存的情況以及這種謹慎方法的節奏。

Thanks for that. It does look like something like this pace is achievable even with the $130 million for what it's worth. The margins are improving despite labor headwinds, transactional headwinds. And you, in fact, mentioned that performance is a net positive. Could you just remind us of the impact of labor and transactional headwinds and what actually is mitigating that to actually achieve the positive performance?

感謝那。看起來，即使花費 1.3 億美元，這個速度也是可以實現的。儘管存在勞動力逆風和交易逆風，但利潤率仍在改善。事實上，您提到績效是淨正面因素。您能否提醒我們勞動力和交易逆風的影響以及實際上是什麼在緩解這種影響以真正實現積極的業績？

Yeah. So let me start, and then, Jerome, feel free to jump in. So you're absolutely right. Business performance continues to improve. And we said all along, Rod, that that business performance continues to be positive, or it needs to be positive to offset the challenges or the macro external headwinds such as labor, inflation, et cetera, right?

是的。那麼，讓我開始吧，然後，傑羅姆，請隨意加入。所以你是完全正確的。經營績效持續改善。羅德，我們一直說，業務表現繼續保持積極，或者需要保持積極的狀態來抵消勞動力、通膨等挑戰或宏觀外部阻力，對嗎？

So we had indicated before that we thought FX was going to be about a $60 million headwind this year. We're still in that camp where we sit today, which means we have to get better in terms of our continuous improvement. We have to -- basically our balance in balance out continues to improve. That helps lower freight costs, right? It's just what I'd say, just core operating efficiencies that we have to pull through.

因此，我們先前曾表示，我們認為今年外匯市場將面臨約 6,000 萬美元的逆風。我們仍然處於今天所處的陣營，這意味著我們必須在持續改進方面變得更好。我們必須—基本上我們的平衡平衡繼續改善。這有助於降低運費，對嗎？這就是我想說的，我們必須提高核心營運效率。

And with respect to your question, Rod, on what's kind of enabling some of that, I'd say it's -- it really is when we talk about things related to ES3 and some of the things we'll highlight next week when we're actually with you around modularity, looking at activities like long-distance JIT, remapping our supply chains in concert with our customer, and not just what I would call the standard blocking and tackling, but really redesigning the way we conduct some of our core business and taking large chunks of labor swath and relocating them and displacing them to lower-cost countries or eliminating them altogether, so that we can really start to kind of leapfrog and get out of the day-to-day trench warfare and actually take big chunks out. It's what's enabling some of these changes.

關於你的問題，Rod，關於如何實現其中的一些問題，我想說的是——當我們談論與 ES3 相關的事情以及我們下週將強調的一些事情時，確實是這樣。實際上，我們正​​在與您一起圍繞模組化，研究諸如遠程JIT 之類的活動，與客戶一起重新規劃我們的供應鏈，不僅僅是我所說的標準阻止和處理，而是真正重新設計我們進行某些核心業務的方式業務，奪取大量勞動力，將他們重新安置到成本較低的國家或完全消除他們，這樣我們才能真正開始跨越式發展，擺脫日常的陣地戰，真正獲得巨大的利益。塊出來。這就是促成其中一些變化的原因。

And then the other piece of that would be, and we've talked about it, as we roll on and roll off some of the legacy programs and make progress in rolling into some of this business that's, I'd say priced correctly for the market. We've started down that journey in '23, '24. We see more of that, and we'll continue as we get into '25 and '26. And we've been very vocal. There are some metals projects in particular when we get into '26 and '27 now that we expect to continue to roll out of our portfolio. And that's what -- we just continue to make progress on that front.

然後，另一部分是，我們已經討論過，當我們滾動和滾動一些遺留程序並在滾動到某些業務方面取得進展時，我想說的是，定價是正確的市場。我們在 23 年、24 年開始了這段旅程。我們會看到更多這樣的情況，並且在進入 25 和 26 年時我們將繼續這樣做。我們一直非常直言不諱。特別是當我們進入 26 和 27 年時，我們預計將繼續推出我們的投資組合，其中有一些金屬項目。就是這樣——我們只是繼續在這方面取得進展。

John Murphy, Bank of America.

約翰‧墨菲，美國銀行。

Good morning, guys. Obviously, there's been an all-out melee that's broken out around ICE versus EV and what's going to happen as far as penetration rates and volumes here. Jerome, I just wonder if you could run through it as simply as you can, what your relative exposure or content potential is on ICE versus an EV and how much it impacts, how you think about cap allocation and the business in general.

早上好傢伙。顯然，圍繞內燃機與電動車以及滲透率和銷量方面將會發生什麼，已經爆發了一場全面的混戰。傑羅姆，我只是想知道您是否可以盡可能簡單地介紹一下，您在 ICE 與 EV 上的相對曝光度或內容潛力是什麼，它的影響有多大，您如何看待上限分配和整體業務。

Yeah. I think when we think about content between ICE and EV, that really varies by region, I would say. In the Americas, when we think ICE versus EV, it's generally a push for us if we just look at our platforms and which platforms we have, ICE versus EV.

是的。我認為，當我們考慮 ICE 和 EV 之間的內容時，我想說，這確實因地區而異。在美洲，當我們考慮內燃機與電動車時，如果我們只看我們的平台以及我們擁有哪些平台，內燃機與電動車，這通常會對我們產生推動作用。

Really where we see an acceleration is in China. China, when we go to market on the EV side of the house, especially with NIO and Xiaoping, whereon they're very highly contented EVs, the NIO high-end and Xiaoping high-end EVs, and you compare that to an average content per vehicle level in China and we see kind of almost a 2x or 3x multiplier there.

我們真正看到加速的地方是在中國。中國，當我們進入電動車市場時，尤其是蔚來和小平，他們對電動車的滿意度非常高，蔚來高端電動車和小平高端電動車，你可以將其與平均水平進行比較在中國，我們看到每輛車的乘數幾乎是2 倍或3 倍。

And that's why if you look at our by segment, what I would call penetration, it's almost 2x if you compare that to by dollar penetration in the EV market in China. And that's just because the content per vehicle there. So that's where we really see this multiplier effect is in China when you look at content per vehicle.

這就是為什麼如果你看一下我們的細分市場，我稱之為滲透率，如果你將其與中國電動車市場的美元滲透率進行比較，它幾乎是兩倍。這只是因為每輛車的內容。因此，當你查看每輛車的內容時，我們確實看到了中國的乘數效應。

And we've talked a lot about -- when you think pelvic crash management, belts to seats, massage systems, sound in seat, and those things are now being right across into Europe and into the Americas. So that's where you see this really big accelerator of content per vehicle.

我們已經討論了很多——當你想到骨盆碰撞管理、座椅安全帶、按摩系統、座椅聲音時，這些東西現在正在進入歐洲和美洲。這就是每輛車內容加速器的真正所在。

To your second question, exposure and risk of capital and capital deployment. We've been, I think, very good stewards of capital when it comes to leveraging an existing brick-and-mortar from an EV versus ICE deployment. And really looking at things like long-distance JIT, particularly in the Americas and where we went after an EV platform, we haven't installed new brick-and-mortar. We've really leveraged existing asset footprints. We've leveraged where we can existing lines, run those programs side by side with their EV counterparts -- or with their ICE counterparts, sorry, such that we're somewhat agnostic. If the EV platform doesn't hit, we've got the ICE platform, and we can run the two side by side and play off on the volume. Where we don't have the ICE counterpart, we at least have the building, we have the brick-and-mortar. And so we're not stranded with a bunch of fixed costs. We're able to offset that with either more trim volume or put trim or foam or metals capacity end of the building or other JIT platforms into the building and utilize that labor. So we don't have a lot of stranded costs. And we've been able to do that really in Europe and the Americas pretty effectively. So we don't have this big fixed cost overhang on the business right now.

關於你的第二個問題，資本和資本配置的曝險和風險。我認為，在利用電動車與內燃機部署的現有實體方面，我們一直是非常好的資本管理者。真正專注於長途 JIT 之類的事情，特別是在美洲以及我們追求電動車平台的地方，我們還沒有安裝新的實體設施。我們確實利用了現有的資產足跡。我們已經充分利用現有線路，與電動車同行或與 ICE 同行並行運行這些程序，抱歉，因此我們有些不可知論。如果 EV 平台沒有成功，我們有 ICE 平台，我們可以並排運行這兩個平台並發揮作用。在我們沒有 ICE 的地方，我們至少有建築物，我們有實體。因此，我們不會因大量固定成本而陷入困境。我們能夠透過增加裝飾量來抵消這一影響，或將建築物或其他 JIT 平台的裝飾或泡沫或金屬容量末端放入建築物中並利用該勞動力。所以我們沒有太多的滯留成本。我們在歐洲和美洲已經非常有效地做到了這一點。因此，我們目前的業務沒有這麼大的固定成本懸而未決。

Yeah, that's incredibly helpful. And then just the second question, with the JVs being rebalanced and repriced, can you just remind us your exposure in totality for the consolidated and unconsolidated business, your exposure to the Chinese domestic manufacturers?

是的，這非常有幫助。然後是第二個問題，隨著合資企業的重新平衡和重新定價，您能否提醒我們您對合併和非合併業務的總體敞口，以及對中國國內製造商的敞口？

Yeah. Right now, it's about 40-60, John. So about 40% exposed to domestics, 60% foreign. What we've indicated, though, is if you go out over the next three years, that flips. And so based on our business wins, based on what we see launching over the next two to three years, it becomes 60% exposed to local domestics, 40% to foreign.

是的。現在，大約是 40-60，約翰。因此，約 40% 接觸國內企業，60% 接觸國外企業。不過，我們已經證明，如果你在未來三年內外出，情況就會逆轉。因此，根據我們所取得的業務成果，根據我們預計未來兩到三年推出的產品，它的 60% 會面向國內企業，40% 會面向國外企業。

Emmanuel Rosner, Deutsche Bank.

伊曼紐‧羅斯納，德意志銀行。

Hi, thank you very much. My first question is around the expectation or the outlook for growth of the market this year. In your slide discussing the fourth-quarter performance, there is obviously a lot of volatility around it and puts and takes around program launches and some platform mix. I'm curious, could you just discuss at a high level, how do you think about this for the balance of fiscal '24?

你好，非常感謝你。我的第一個問題是關於今年市場成長的預期或前景。在討論第四季度業績的幻燈片中，顯然存在很大的波動性，並且圍繞著專案啟動和一些平台組合進行了調整和調整。我很好奇，您能否在高層討論一下，您如何看待 24 財年的餘額？

Yeah, I'll start with that and then I'll hand it over to Mark to kind of finish it. We still expect for the entire year to be, I'd say, flattish from a growth over market standpoint, just looking at how we balance between the regions. China, as we've said, we still expect China to be significantly positive to overall growth over market despite where we were at in Q1.

是的，我將從這個開始，然後將其交給馬克來完成。我想說，從市場成長的角度來看，我們仍然預計全年將持平，只要看看我們如何平衡各地區之間的關係。中國，正如我們所說，儘管我們在第一季處於這種情況，但我們仍然預期中國將對市場整體成長產生顯著的正面影響。

If you then go through the other regions, the Americas will be down versus market, Europe down versus market, and Asia really kind of flattish versus market. And that's just an effect of where we have certain launches and certain platforms in those markets, especially in the Americas, really looking at launches within the year, in particular, Toyota Tacoma and then certain -- at our customers with Wrangler taking out shifts. There are certain launches on Ram this year that will be impacted by another things.

如果你再看看其他地區，美洲將低於市場，歐洲將低於市場，而亞洲則與市場持平。這只是我們在這些市場上推出某些產品和某些平台的結果，特別是在美洲，真正著眼於年內推出產品，特別是豐田塔科馬，然後是我們的客戶，牧馬人輪班。今年 Ram 的某些發布將受到其他事情的影響。

So it's an impact of launches in the Americas along with other shift reductions that will drive that. And then in Europe, we've always said there are certain programs there that we've wound off and it's just the continuing of those wind off programs with non-profitable customers.

因此，這是美洲產品發布以及其他輪班減少的影響，這將推動這一趨勢。然後在歐洲，我們總是說我們已經結束了某些項目，而這只是與非營利客戶的那些結束項目的繼續。

I don't know, Mark, if you want to add any additional color.

我不知道，馬克，你是否想添加任何額外的顏色。

No. I think that was a good summary. The only -- I'd just reiterate, China is the growth engine for us, right? And so, we're still expecting, call it 500, 600 basis points of growth over market there. So a good-news story there.

不。我認為這是一個很好的總結。唯一的——我想重申一下，中國是我們的成長引擎，對嗎？因此，我們仍然預計，比那裡的市場成長 500、600 個基點。這是一個好消息。

Yeah, that's really helpful. the margin outlook, so about 70 bps of improvement. Obviously, your framework over a number of years, let's say three years, was for about, call it 3 points of improvement. To get the balance of it beyond what you're guiding for 2024, is there like a specific timeline on this? Do some of the actions take specific time, like unwinding of programs? Or is there an opportunity to accelerate? This would be my question.

是的，這真的很有幫助。利潤率前景改善約 70 個基點。顯然，你的框架經過多年（假設是三年）大約有 3 個改進點。為了在 2024 年指導之外實現平衡，是否有具體的時間表？某些操作是否需要特定的時間，例如程式的展開？或是有加速的機會嗎？這是我的問題。

So I think when we look at this business, Mark and I, we still firmly believe, Emmanuel, this business is an 8% business, and that's the potential of our portfolio and our business and where it should be at. What I would say is, as Mark and I are into the business now and we continue to evaluate it and we go through our strategic plan, with the extension of certain ICE platforms, the extension of certain metals programs and where those sit, we have to go through, look at our strategic plan, look at the layout.

所以我認為，當我們看到這個業務時，馬克和我，我們仍然堅信，伊曼紐爾，這個業務是一個8% 的業務，這就是我們的投資組合和業務的潛力以及它應該處於的位置。我想說的是，隨著馬克和我現在進入這個行業，我們將繼續對其進行評估，並透過我們的策略計劃，透過擴展某些ICE 平台、擴展某些金屬項目以及這些項目的位置，我們已經去走過，看我們的策略規劃，看佈局。

And as we go through that, we go through our strategic planning cycle, we'll come back to you with what that looks like and a timeline to achieve and the levers to pull to get to that 8% margin target and what that looks like.

當我們經歷這個過程時，我們會經歷我們的策略規劃週期，我們將向您反饋具體情況、要實現的時間表以及實現 8% 利潤率目標的槓桿手段以及具體情況。

Colin Langan, Wells Fargo.

柯林‧蘭根，富國銀行。

Oh, great. Thanks for taking my questions. Just a follow up on the comment I was actually going to ask about the metals business. In the past, you've mentioned, I guess, about a $500 million-ish of unprofitable business that needed to roll off. So is that the business that's now delayed? And is that going to be now instead of '25, '26, more like '26, '27?

哦，太好了。感謝您回答我的問題。只是對我實際上要問有關金屬業務的評論的跟進。我想，您過去曾提到過一項價值 5 億美元左右的無利可圖業務需要剝離。那麼這就是現在延後的業務嗎？那會是現在而不是“25”、“26”，更像是“26”、“27”嗎？

And also in your overall comments, you actually sounded a little more positive on metals talking about how -- when you're doing the whole system integration, having metals is important. So is your long-term view of that business becoming a little bit more optimistic?

而且在您的整體評論中，您實際上對金屬聽起來更加積極，談論如何 - 當您進行整個系統整合時，擁有金屬很重要。那麼您對該業務的長期看法是否變得更加樂觀了？

Yeah, I'll start and then Jerome could jump in. But you're absolutely right. Certain of that metals business that we were planning and rolling off in '25, '26, as our customers have expended certain of their ICE programs, clearly, they want us to continue to run those. And so we have to evaluate how long they want to run this. Obviously, there'll be some commercial discussions with them, et cetera.

是的，我先開始，然後傑羅姆可以加入。但你是絕對正確的。我們計劃在 25 年、26 年推出某些金屬業務，因為我們的客戶已經消耗了他們的某些 ICE 計劃，顯然，他們希望我們繼續經營這些業務。所以我們必須評估他們想要運行多久。顯然，將會與他們進行一些商業討論等等。

And that's what Jerome was talking about earlier. We have to go through the strategic plan now and understand what those levers are and what we want to do with that. And you're absolutely right. There are certain parts of that business because we've been very strategic and very targeted over the past, call it two or three years in terms of which business we wanted to win in metals and which ones added no value, right?

這就是傑羅姆之前所說的。我們現在必須仔細研究戰略計劃，了解這些槓桿是什麼以及我們想用它做什麼。你是完全正確的。該業務的某些部分是因為我們過去一直非常具有戰略性和針對性，就我們希望贏得金屬業務以及哪些業務沒有增加價值而言，稱其為兩三年，對嗎？

So as we've gone through that process, we are now left with what I'd call a good chunk of that metals business that is very favorable for us to do things like the modularity that Jerome was talking about. Jerome?

因此，當我們完成這個過程時，我們現在剩下了我所說的金屬業務的很大一部分，這對於我們做傑羅姆所說的模組化之類的事情非常有利。傑羅姆？

Yeah. Yeah, just building off of what Mark said, there's portions of that business in particular, certain assembly sequences, if you can imagine on the cushion pan, where to really drive modular assembly solutions that we're putting into production this year. That real estate is proving to be extremely precious.

是的。是的，根據馬克所說，該業務的某些部分特別是某些裝配順序，如果你能在墊盤上想像一下，在哪裡真正驅動我們今年投入生產的模組化裝配解決方案。事實證明，該房地產極為寶貴。

And just based on how you have to route certain wire harnesses, occupant detection sensors, and calibration sequences, and fan routing and things like that, in order to really drive this modular assembly sequence and concept, you need that real estate. And that real estate is proving to be very precious.

僅基於您必須如何佈線某些線束、乘員檢測感測器、校準序列以及風扇佈線等，為了真正驅動這種模組化裝配序列和概念，您需要這樣的空間。事實證明，這些房地產非常寶貴。

And what we've seen with certain customers, where we have design authority and sourcing authority, we're really able to drive this concept and quickly accelerate it. And it's proven to be extremely beneficial to them. And we're seeing a rapid acceleration on that front.

我們在某些​​客戶身上看到的情況，我們擁有設計權威和採購權威，我們確實能夠推動這個概念並快速加速它。事實證明，這對他們來說非常有益。我們看到這方面正在迅速加速。

So it is, with those customers, our metals business is proving to be an asset and a real accelerator. That said, yes, there are going to be certain metals programs that we were anticipating to roll off that are now lingering that we need to, again, go back and revisit in either commercial agreements or certain of our footprints and really look at what impact does that have on our strategic plan.

因此，對於這些客戶來說，我們的金屬業務被證明是一項資產和真正的加速器。也就是說，是的，我們預計會推出的某些金屬項目現在仍在徘徊，我們需要再次回顧並重新審視商業協議或我們的某些足跡，並真正看看會產生什麼影響這對我們的策略計劃有影響嗎？

Got it. And then just going back to the puts and takes within guidance, just to be clear, are there any recoveries in guidance? It feels like most suppliers have been expecting some level of recovery. Is that driving some of the performance? And any update on commodities? I thought the initial guidance had $10 million of [headwind] or something like that, and I think this quarter had almost $10 million of headwinds.

知道了。然後回到指導範圍內的看漲期權，需要明確的是，指導範圍內是否有任何復甦？感覺大多數供應商都在期待一定程度的復甦。這會推動一些性能嗎？商品有什麼更新嗎？我認為最初的指導有 1000 萬美元的[逆風] 或類似的東西，我認為本季度有近 1000 萬美元的逆風。

Yeah, absolutely. We're expecting recoveries included in the business performance is recoveries, commercial recoveries as we go through there. Now again, as I indicated during the prepared marks, Colin, those are lumpy as we go through the different quarters, right? So they tend to smooth out over the course of the year, but going from Q1, for example, into Q2 will be lumpy, right? You'll get a little bit smoother as I go from H1 into H2, right? But there is just that element in there.

是的，絕對是。我們預期業務績效中包含的復甦是我們經歷的商業復甦。現在，正如我在準備標記時指出的那樣，科林，當我們穿過不同的區域時，這些標記是凹凸不平的，對吧？因此，它們往往會在一年中趨於平穩，但例如從第一季到第二季會很不穩定，對嗎？當我從 H1 進入 H2 時，你會變得更順暢一點，對嗎？但那裡就只有這個元素。

From the commodities aspect, you're right. There was about a $10 million benefit that we saw as we went into the fiscal year. As I looked at Q1 results, though, clearly timing of those recoveries versus the overall price, the gross price coming down, right? So again, I look at that as more timing related than anything else at this point.

從商品方面來看，你是對的。當我們進入本財年時，我們看到了大約 1000 萬美元的收益。不過，當我查看第一季的結果時，很明顯，這些復甦的時間與總體價格相比，總價格下降了，對嗎？所以，我再次認為，此時此刻，這比其他任何事情都更與時間相關。

Joseph Spak, UBS.

約瑟夫‧斯帕克，瑞銀集團。

Thanks. Good morning, everyone. Maybe just picking up there because obviously in North America, the results in the quarter or the margin was really strong, even stronger ex-strike, closer to 6%. But it does seem like that the timing of those recoveries did help a little bit. So I guess how much of that was out of period or unusual with the lumpiness and what should we expect that sequential maybe decline to occur?

謝謝。大家，早安。也許只是在那裡有所回升，因為顯然在北美，本季的業績或利潤率非常強勁，甚至在罷工前更為強勁，接近 6%。但這些復甦的時機似乎確實有幫助。所以我猜其中有多少是過時的或異常的塊狀，我們應該期望什麼會連續下降？

And then just more broadly, it sounds like there's a bunch of moving parts in North America with the peso and the KEIPER JV benefit. I think previously, you hinted that the North American margin for the year ex-strike could show some expansion, but given the performance to date, can we even see expansion with the strike? Or is there really going to be some puts and takes that knock that back down over the course of the year?

更廣泛地說，聽起來北美有很多隨著比索和 KEIPER 合資企業的好處而變化的部分。我想您之前曾暗示，罷工前的北美利潤率可能會擴大，但考慮到迄今為止的表現，我們甚至可以看到罷工帶來的擴大嗎？或者真的會出現一些看跌期權和看跌期權，從而在這一年中將其拉低嗎？

Yeah. Clearly, there's going to be timing with the commercial recoveries, right? So I wouldn't take my first quarter and just lay that out in terms of expectations for commercial recoveries. They could be lower in Q2, et cetera, as I indicated. We do expect margin expansion as we go through the year, year on year, even next strike, Colin -- or Joe. And so I do expect that as I -- consistent with our prior comments, were around the margins.

是的。顯然，商業復甦是有時機的，對吧？因此，我不會僅根據對商業復甦的預期來闡述第一季的情況。正如我所指出的，第二季的價格可能會較低，等等。我們確實預計，隨著年復一年，甚至下一次罷工，科林或喬，利潤率會擴大。因此，我確實預計，與我們之前的評論一致，我處於邊緣狀態。

Yeah. And just a couple comments on the Americas, just the Americas business in general and really why -- it's a good example of -- this business is really, I'd say, difficult to run on a quarter-to-quarter basis. It's one reason why we don't really provide quarter-to-quarter guidance anymore just because of that reason. We don't want to drive quarter-to-quarter behavior. And there was a lot of lumpiness in that first quarter in the Americas, especially associated to timing of some of the commercial recoveries that were out there.

是的。關於美洲的一些評論，只是美洲業務的總體情況以及真正的原因 - 這是一個很好的例子 - 我想說，這項業務確實很難按季度運營。這就是我們不再真正提供季度指導的原因之一。我們不想推動逐季度的行為。美洲第一季出現了很多波動，特別是與一些商業復甦的時機有關。

But really what's key for us is when we look at the Americas or any one of our segments, we expect the Americas, even with the strike impact, to be expanding operating margins year over year driven by business performance within that segment. And that's what we expect to see there.

但對我們來說真正關鍵的是，當我們審視美洲或我們的任何一個細分市場時，我們預計，即使受到罷工影響，美洲也將在該細分市場業務績效的推動下逐年擴大營業利潤。這就是我們期望在那裡看到的。

Okay, thank you. And then just getting back to some of the growth over market commentary. I just want to -- it seemed like there were a couple statements at odds, because you mentioned obviously there was -- in China, there was meaningful underperformance in the first quarter, but you still expect meaningful outperformance for the year, I think last quarter when you showed it, it was almost 11%.

好的謝謝。然後回到市場評論中的一些成長。我只是想 - 似乎有一些說法不一致，因為你顯然提到過 - 在中國，第一季度的表現明顯不佳，但我認為最後你仍然預計今年會表現出色當你展示這個季度時，它幾乎是11%。

But then in your prepared comments, you talked about how some of the production uplift was from players that you don't have a lot of content with. So what really drives that acceleration in the outgrowth over the balance of the year?

但在你準備好的評論中，你談到了一些製作的提升是如何來自於你沒有太多內容的玩家的。那麼，到底是什麼推動了今年剩餘時間的經濟成長加速呢？

I think it's the launches, right, and the pacing and cadence of those launches. So for example, in our first quarter, that's the fourth quarter of the calendar year, certain of those customers that we mentioned, whether it's the BYDs, the FAICs, obviously they're performing very strong to hit their year-end targets, right? We know that we are going through certain launches in our Q1.

我認為問題在於發布，對吧，以及這些發布的節奏和節奏。例如，在我們的第一季度，即日曆年的第四季度，我們提到的某些客戶，無論是比亞迪還是 FAIC，顯然他們的表現都非常強勁，以實現年終目標，對吧？我們知道我們將在第一季進行某些發布。

We also understand where we're going to be on those launch curves as we go through Q2, Q3, right? So again, that's all predicated or based on our guidance. So we expect that to improve and progress as we go through 2024, ultimately, outperforming by the 500, 600 basis points that I've indicated.

我們也了解當我們經歷第二季、第三季時，我們將處於這些發布曲線的哪個位置，對吧？再說一遍，這都是基於我們的指導的。因此，我們預計，隨著 2024 年的到來，這種情況將得到改善和進步，最終表現超出我所指出的 500、600 個基點。

(Operator Instructions) Dan Levy, Barclays.

（操作員指示）Dan Levy，巴克萊銀行。

Hi, great. Good morning. Thank you for taking the questions. I wanted to just go to a slide in which you talked about some of your new wins. And specifically, I don't think you've talked in the past about BYD. This is I think the first time we've seen a BYD one for you. So I know you generally don't talk much about specific customers, but given the amount that BYD is responsible for some of the positive revisions in China, maybe you could just talk about this particular win and what you might be expecting with BYD going forward.

嗨，太好了。早安.感謝您提出問題。我只想看一張幻燈片，您在其中談到了一些新的勝利。具體來說，我認為您過去沒有談論過比亞迪。我想這是我們第一次為您看到比亞迪汽車。所以我知道您通常不會過多談論特定客戶，但考慮到比亞迪對中國的一些積極修訂負責的金額，也許您可以只談論這一特殊的勝利以及您對比亞迪未來的期望。

Yeah. I mean, just a couple of words on that win for us. It's one where I think it shows the ability of our team to really demonstrate value for our customer on our components segment. And without going into a lot of details, in particular on BYD and their total supply chain, I think it is known they have a portion of seeding they do in-house and a portion of seeding that they outsource.

是的。我的意思是，就我們的這場勝利簡單說幾句話。我認為這顯示了我們團隊在組件領域中真正為客戶展示價值的能力。在不涉及很多細節的情況下，特別是比亞迪及其整個供應鏈，我認為眾所周知，他們有一部分是內部進行的播種，一部分是外包的。

And for us to really go in with our team, very deep expertise on the component side and demonstrate to their in-house seeding company that they have, how we can provide value on the components piece of that -- through that foam and trim was a very important, what I would call conquest, for us. And to show we don't have to be just a JIT type of supplier and we're willing to play on the component side. We're willing to demonstrate our expertise and really drive a significant amount of value for the customer there.

對我們來說，真正與我們的團隊合作，在組件方面擁有非常深厚的專業知識，並向他們的內部播種公司展示他們擁有的知識，我們如何能夠透過泡沫和裝飾為組件提供價值對我們來說非常重要，我稱之為征服。為了表明我們不必只是 JIT 類型的供應商，我們願意在組件方面發揮作用。我們願意展示我們的專業知識，並真正為那裡的客戶帶來巨大的價值。

And so for us, it's really a way to dip our toe in the water there and add a tremendous amount of value. And this is our real first foray directly into BYD. We did have, in a prior call through one of BYD's joint ventures, a win on the complete seat side that included JIT foam, trim, and metals that we had announced in our Q3 of FY23 earnings call through another joint venture they had. That wasn't directly with BYD. It was through a joint venture.

因此，對我們來說，這確實是一種嘗試並增加巨大價值的方法。這是我們真正第一次直接涉足比亞迪。在之前透過比亞迪一家合資企業舉行的電話會議中，我們確實在整個座椅方面取得了勝利，其中包括JIT 泡沫、裝飾和金屬，我們在2023 財年第三季度的財報電話會議上透過他們擁有的另一家合資企業宣布了這一點。這與比亞迪沒有直接關係。這是透過一家合資企業進行的。

And I think it is also important to point out that through our KEIPER joint venture, where we're a 50-50 holder in that, BYD is a very significant customer to them through the mechanism side, that we don't always break out the customer breakdown, obviously, of that joint venture. But we do get a significant amount of, call it JV income, indirectly through BYD, through the KEIPER side of the house as well. So there's been growth there. We've been enjoying that growth through KEIPER and then through the equity income side as well.

我認為還需要指出的是，透過我們的 KEIPER 合資企業，我們擁有 50-50 的股份，比亞迪透過機制方面對他們來說是非常重要的客戶，我們並不總是能夠突破這一點。顯然，該合資企業的客戶細分。但我們確實透過比亞迪以及凱珀方面間接獲得了大量的合資收入。所以那裡一直在成長。我們一直透過 KEIPER 以及股權收入方面享受這種成長。

Great, thank you. As a follow-up, I want to ask about mix and specifically in North America, I think we know obviously from a mix perspective, you benefit tremendously from three-row SUVs, larger vehicles. I think one of the questions out there right now is with prices, where they are and potential for negative mix shift in the industry.

太好了謝謝。作為後續，我想問一下有關混合的問題，特別是在北美，我認為從混合的角度來看，我們顯然知道，您可以從三排 SUV 和大型車輛中受益匪淺。我認為現在的問題之一是價格、價格以及該行業出現負面組合變化的可能性。

What would be the impact to you and to what extent, if there is maybe some slightly negative mix in the industry, could you still hold your path to 8%? How critical is mix in the path to getting to 8% margin?

如果產業中可能存在一些輕微的負面影響，這會對您產生什麼影響？您還能維持 8% 的發展嗎？混合對於達到 8% 利潤率有多重要？

Yeah. Dan, it's de minimis, right? It's a very small piece as we've indicated before. It's all about volumes and the stability of those volumes. Mix, again, is not going to be, what I would say the enabler for us to achieve that 8%.

是的。丹，這是微不足道的，對吧？正如我們之前指出的，這是一個非常小的部分。這一切都與數量和這些數量的穩定性有關。我想說，混合不會成為我們實現 8% 目標的推動者。

Yeah. Nothing more to add. I agree with Mark. It certainly isn't mix between high-end to low-end vehicles, and it's nothing along those lines, I think.

是的。沒什麼好補充的了。我同意馬克的觀點。它當然不是高端車輛和低端車輛的混合體，我認為也不是這樣的。

Great, thank you. Thank you.

太好了謝謝。謝謝。

Thank you.

謝謝。

Thank you. At this time, I'm showing no further questions. I'll turn the call back over to the speakers.

謝謝。目前，我沒有再提出任何問題。我會將通話轉回揚聲器。

Thanks, everyone, for joining the call. Appreciate it. We'll be available for follow-ups as necessary throughout the day or afterwards. Reach out to me or Mark. We'll be happy to take any other questions. That's all we have today. Thank you very much.

感謝大家加入通話。欣賞它。我們將在全天或之後根據需要進行跟進。聯絡我或馬克。我們很樂意回答任何其他問題。這就是我們今天所擁有的一切。非常感謝。

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

謝謝。今天的會議到此結束。我們感謝您的參與。此時，您可以斷開線路。