Adient PLC (ADNT) 2024 Q4 法說會逐字稿

Welcome to the Adient's Fourth Quarter 2024 Earnings Call. Parties will be in a listen-only mode until the question-and-answer session of today’s call. I'd like to inform all parties that today’s call is being recorded. (Operator Instructions)

歡迎參加 Adient 2024 年第四季財報電話會議。在今天電話會議的問答環節之前，各方將處於只聽模式。我想告知各方，今天的通話正在錄音。（操作員指令）

I'd now like to turn the call over to Mike Heifler. Thank you. You may begin.

現在我想將電話轉給 Mike Heifler。謝謝。你可以開始了。

Thank you, Amenda. Good morning, everyone and thank you for joining us. 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，阿門達。大家早安，感謝大家的參與。我們今天電話會議的新聞稿和簡報幻燈片已發佈至我們網站 adient.com 的投資者部分。

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. On today's call, Jerome will provide an update on the business.

今天上午，我與 Adient 總裁兼執行長 Jerome Dorlack 一起參加了此次會議；以及我們的執行副總裁兼財務長馬克·奧斯瓦爾德（Mark Oswald）。在今天的電話會議上，傑羅姆將提供有關業務的最新進展。

Based on feedback from our investors, we have spotlighted our efforts in the EMEA and APAC regions, as well as how we are driving overall future positive performance. Mark will then review our Q4 financial results and outlook for fiscal 2025. After our prepared remarks, we will open the call to your questions.

根據我們投資者的回饋，我們重點關注了歐洲、中東和非洲地區以及亞太地區的努力，以及我們如何推動未來整體的正面表現。然後，馬克將回顧我們第四季的財務表現和 2025 財年的展望。在我們發表完準備好的發言後，我們將開始回答大家的提問。

Before I turn the call over to Jerome and Mark, there are 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.

在我將電話轉給傑羅姆和馬克之前，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。

I would caution you that our actual results could differ materially from these forward-looking statements made on the call. Please refer to slide two of the presentation for our complete Safe Harbor statement.

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。請參閱簡報的第二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。

And with that, it’s my pleasure to turn the call over to Jerome.

現在，我很高興將電話轉給傑羅姆。

Thanks, Mike. Good morning, everyone and thank you for joining us to review our fourth quarter and full year results. We'll also discuss our fiscal year '25 outlook and share additional information on actions we are taking in the EMEA region to set us up for long-term success, provide more details and perspective on our leading and growing business in China, and talk about recent developments in our use of automation and artificial intelligence to drive efficiencies.

謝謝，麥克。大家早安，感謝大家加入我們，回顧我們的第四季和全年業績。我們還將討論 25 財年的展望，並分享我們在歐洲、中東和非洲地區採取的行動的更多信息，以便為我們的長期成功做好準備，提供有關我們在中國領先且不斷增長的業務的更多細節和觀點，並討論我們在使用自動化和人工智能來提高效率方面的最新發展。

Turning to slide 4, which summarizes the fourth quarter and full year results. Adient's Q4 results were solid against the difficult macro environment, the Adient team drove strong business performance that offset customer volume headwinds. As a result, we were able to expand margins 30 basis points despite a 4% year-over-year decline in revenue.

轉到投影片 4，它總結了第四季和全年的業績。儘管宏觀環境艱難，但 Adient 第四季度業績表現穩健，Adient 團隊推動的強勁業務表現抵消了客戶量逆風的影響。因此，儘管收入年減了 4%，但我們仍將利潤率提高了 30 個基點。

We held adjusted EBITDA flat at $235 million and generated over $190 million in free cash flow. We also continue to allocate capital in a disciplined manner and bought back another 50 million in stock in Q4, bringing total share repurchases in fiscal year '24 to 275 million, which allowed us to repurchase approximately 10% of our outstanding share count compared to the start of the year.

我們的調整後 EBITDA 維持在 2.35 億美元不變，並產生了超過 1.9 億美元的自由現金流。我們也繼續以有紀律的方式分配資本，並在第四季回購了 5,000 萬股股票，使 24 財年的總回購量達到 2.75 億股，與年初相比，這使我們能夠回購約 10% 的流通股。

To put that into context, nearly 100% of Adient's '24 free cash flow was returned to shareholders. With the strong fourth quarter, we finished the year slightly ahead of our revised guidance.

具體來說，Adient 24 年的自由現金流幾乎 100% 都回饋給了股東。由於第四季業績強勁，我們今年的業績略超預期。

Moving to slide 5. At the beginning of fiscal '24, we in the industry were expecting volumes to be a modest tailwind for the full year. We were also forecasting strong business performance items that we can influence of a positive $100 million.

移至投影片 5。在24財年伊始，我們業內人士預計全年銷售量將會溫和成長。我們也預測強勁的業務績效項目將帶來 1 億美元的正收益。

In fact, what occurred was much weaker than expected customer volumes, which was a $200 million impact to the adjusted EBITDA compared to our initial guidance a year ago. The Adient team was able to mitigate this contribution margin headwind with nearly $70 million of additional business performance.

事實上，客戶數量遠低於預期，與我們一年前的初步預期相比，這對調整後的 EBITDA 產生了 2 億美元的影響。Adient 團隊成功透過近 7,000 萬美元的額外業務績效緩解了這項貢獻利潤率逆風。

While we are not satisfied with our 6% total company EBITDA margins, I believe we are demonstrating the resilience of the Adient business model and our ability to find offsets in the face of industry headwinds.

雖然我們對公司 6% 的總 EBITDA 利潤率並不滿意，但我相信我們正在展示 Adient 商業模式的韌性，以及我們在行業逆風中找到彌補措施的能力。

Turning to the next slide. Mark will get into the details shortly, but the key takeaway for our fiscal year '25 outlook is that we expect continued strong company performance to offset lower industry volumes. Our outlook calls for roughly flat earnings in fiscal year '25 with solid free cash flow conversion.

翻到下一張投影片。馬克很快就會詳細介紹，但我們對 25 財年的展望的關鍵點是，我們預計公司業績將繼續保持強勁，以抵消行業銷量的下降。我們預計25財年的獲利將大致持平，自由現金流轉換將保持穩健。

Our company performance are as follows, Adient continues to win new business with China domestic OEMs, underpinning solid growth in the Asia-Pacific region and this growth is accretive to overall company margins as we've discussed in previous calls.

我們的公司業績如下，安道拓繼續贏得中國國內原始設備製造商的新業務，支撐亞太地區的穩健增長，而且正如我們在之前的電話會議中討論的那樣，這種增長有利於提高公司的整體利潤率。

We are also driving significant cost savings through automation and modularity. I will expand on this in the next few slides.

我們也透過自動化和模組化大幅節省了成本。我將在接下來的幾張投影片中詳細闡述這一點。

The team is focused on executing restructuring in Europe and finding additional efficiencies in the region. We have already announced actions and we continue to develop our plans around improving our business in that region.

該團隊專注於在歐洲實施重組並在該地區尋找額外的效率。我們已經宣布了行動，並將繼續制定計劃以改善我們在該地區的業務。

In '25, we expect the Americas to continue to expand margins and we'll start to see the benefit in the Americas from favorable balance in and balance out. This is expected to become a meaningful contributor to EMEA's regional performance as well in fiscal year '26.

在25年，我們預計美洲地區的利潤率將繼續擴大，我們將開始看到美洲地區從有利的收支平衡中獲益。預計這也將對 26 財年 EMEA 地區的業績產生重大影響。

On slide 7, we frame the current conditions in the European market, which is exhibiting intensifying cyclical and secular headwinds. Key takeaways here are that S&P industry forecast calls for an additional 5% contraction in light vehicle production in fiscal '25.

在投影片 7 中，我們描述了歐洲市場的當前狀況，即週期性和長期性逆風正在不斷加劇。這裡的關鍵點是，標準普爾產業預測 25 財年輕型汽車產量將進一步萎縮 5%。

As we look out over the next few years, European volumes are not expected to return to pre-COVID levels due to lower exports, growing China imports as well as reduced total addressable market for seating systems as certain customers selectively insource.

展望未來幾年，由於出口下降、中國進口成長以及某些客戶選擇性採購導致座椅系統總目標市場減少，預計歐洲的銷售不會恢復到疫情之前的水平。

Our eyes are wide open to the challenging and changing realities in Europe and we have been aggressively taking action and will continue to do so.

我們密切關注歐洲面臨的挑戰和變化，並一直在積極採取行動，並將繼續這樣做。

Turning to slide 8, let's walk through the margin progression path for our EMEA business. In fiscal year '24, we took restructuring actions focused on rightsizing engineering and SG&A expenses as well as improving plant efficiencies.

翻到第 8 張投影片，讓我們來看看 EMEA 業務的利潤成長路徑。在24財年，我們採取了重組措施，重點是調整工程和銷售、一般及行政開支以及提高工廠效率。

During the year, we booked total charges of approximately $145 million in EMEA, with expected net savings benefits of approximately $60 million annually by the end of 2027. As the situation in Europe continues to evolve, future restructuring will be aligned with customer production plans.

本年度，我們在歐洲、中東和非洲地區計入了總計約 1.45 億美元的費用，預計到 2027 年底每年的淨節約收益約為 6,000 萬美元。隨著歐洲局勢的不斷發展，未來的重組將與客戶的生產計畫保持一致。

While we have no specific additional restructuring to announce today, we do believe there's the potential for additional restructuring of a similar magnitude to what we booked in fiscal year '24 in total over the next few years.

雖然我們今天沒有具體的額外重組要宣布，但我們確實相信，在未來幾年內，有可能進行與我們在 24 財年總共預定的規模類似的額外重組。

We are undertaking other near term efficiency actions in Europe, including continuous improvement activities on the manufacturing floor, as well as negotiating commercial margin improvements with customers and suppliers.

我們正在歐洲採取其他近期效率行動，包括在生產車間持續改善活動，以及與客戶和供應商協商商業利潤的提高。

We've also been conducting a strategic review of our portfolio including pairing of non-strategic businesses and focusing on reduced capital expenditures in the region. We will be consequential with both capital deployment in the region and the pairing of non-core assets.

我們也對我們的投資組合進行了策略性審查，包括非策略性業務的配對以及專注於減少該地區的資本支出。我們將對該地區的資本部署和非核心資產的配對產生重大影響。

Lastly, we are leveraging our presence in customer relationships in China to target growth with Chinese OEMs as they localize into the EMEA region.

最後，我們將利用我們在中國的客戶關係，瞄準中國 OEM 廠商在歐洲、中東和非洲地區在地化過程中的成長。

Looking out to '25 and '26, we see weak market conditions persisting, and in fiscal year '25, we expect lower profitability in EMEA from volume and mix headwinds to only be partially offset by positive business performance from restructuring and other actions. The first half of fiscal year '25 is likely to be the low point of our margin recovery plan within the region.

展望2025年和2026年，我們看到疲軟的市場狀況將持續存在，並且在2025財年，我們預計歐洲、中東和非洲地區因銷量和產品組合不利因素導致的盈利能力下降只能透過重組和其他舉措帶來的積極業務表現得到部分抵消。25財年上半年很可能是我們在該地區利潤恢復計畫的最低點。

We expect the picture in Europe to strengthen in fiscal year '26 as we incur positive balance in and balance out, providing margin tailwinds as large underperforming common seat programs roll off and we achieve additional positive business performance including greater restructuring benefits.

我們預計，隨著我們實現正收支平衡，歐洲的情況將在26財年加強，隨著大型表現不佳的普通席位項目的推出，我們將獲得額外的積極業務表現，包括更大的重組收益，從而為利潤率帶來順風。

For additional perspective and to help your modeling, we expect our self-help in '26 from balance in, balance out and restructuring to be a tailwind, all else equal of 50 to 100 basis points. Bottom line, the company continues to execute actions designed to improve profitability within the EMEA theater.

為了增加視角並幫助您建模，我們預計，在26年，透過平衡輸入、平衡輸出和重組，我們的自助將成為一個順風，其他所有條件均為50到100個基點。最重要的是，該公司將繼續執行旨在提高歐洲、中東和非洲地區獲利能力的行動。

Turning to our China business on slide nine. We received a lot of interest from investors in better understanding our China business. We view our China business as the growth engine for the company. It is a center of excellence for innovation where we are developing cutting edge high features seating systems which we are cross-selling to customers in other regions and a competitive advantage in terms of future growth outside of China given our strong relationships with China-based OEMs as they localize into other regions. Given our highly vertically integrated and operationally efficient business in China, growth in China will provide a natural tailwind for Adient overall.

第九張投影片介紹我們的中國業務。很多投資者對我們更了解中國業務感興趣。我們將中國業務視為公司的成長引擎。它是一個卓越的創新中心，我們在這裡開發尖端的高性能座椅系統，並將其交叉銷售給其他地區的客戶，並且由於我們與中國原始設備製造商在其他地區進行本地化時建立了牢固的關係，因此在中國以外的未來增長方面具有競爭優勢。鑑於我們在中國的高度垂直整合和經營高效的業務，中國市場的成長將為 Adient 的整體發展提供自然的順風。

When looking at Adient's China business, it is important to understand that we have taken several key transformational growth actions in recent years to position the business for success and ongoing growth. We divested our remaining interiors business to Yanfeng in 2020 and dissolved a significant JV and reconfigured other business ventures with Yanfeng in 2021. These transactions unlocked $1.7 billion in cash proceeds which allowed us to delever our balance sheet.

在回顧安道拓的中國業務時，重要的是要了解我們近年來採取了幾項關鍵的轉型成長舉措，為業務的成功和持續成長奠定基礎。我們於 2020 年將剩餘的內裝業務出售給延鋒，並於 2021 年解散了一家重要合資企業，並與延鋒重組了其他業務。這些交易解鎖了 17 億美元的現金收益，使我們能夠降低資產負債表的槓桿率。

Importantly, they enabled us to shift course in China to focus on seating growth with local OEMs which we believe we would gain share. Since these transactions occurred, we've seen meaningful growth cumulatively 30% received significant dividends from our unconsolidated JVs of just under $200 million in total and generated strong free cash flow.

重要的是，他們使我們能夠改變中國市場的方向，專注於與當地原始設備製造商合作實現座椅成長，我們相信我們將獲得市場份額。自從這些交易發生以來，我們累積實現了 30% 的有意義的成長，從我們的非合併合資企業獲得了總額近 2 億美元的可觀股息，並產生了強勁的自由現金流。

Turning to slide 10, we show our unmatched footprint in China including 37 plants and three state-of-the-art technical centers. We've expanded our footprint in recent years to address growth opportunities with local OEMs, for example, Wuhan and Xinji. We're growing with Geely, Nio, Leapmotor, BYD and many others.

第 10 頁，我們展示了我們在中國無與倫比的足跡，包括 37 家工廠和 3 個最先進的技術中心。近年來，我們擴大了業務範圍，以抓住與武漢和辛集等當地原始設備製造商共同發展的機會。我們與吉利、蔚來、零跑車、比亞迪等許多企業共同成長。

As outlined on slide 11, we've won business from six new customers in fiscal year '24 and expect approximately double-digit annual growth between fiscal year '24 and fiscal year '27. Last year, China generated $4.2 billion of consolidated and unconsolidated revenue.

正如投影片 11 中所概述的那樣，我們在 24 財年贏得了 6 個新客戶的業務，預計 24 財年和 27 財年之間的年增長率將達到約兩位數。去年，中國市場的合併和非合併收入達 42 億美元。

Similarly, we have growth with local Chinese OEMs across our businesses and expect our mix of revenue from Chinese OEMs to reach 60% of total revenue by the end of 2027, up from 40% last year.

同樣，我們與中國本土 OEM 廠商的業務也實現了成長，預計到 2027 年底，來自中國 OEM 廠商的收入結構將達到總收入的 60%，高於去年的 40%。

Turning to slide 12. We are prioritizing winning the right business and executing successful launches. Our business awards this quarter demonstrate further market share growth in China and enhancement to our global customer relationships.

翻到第 12 張投影片。我們的首要任務是贏得正確的業務並成功發布產品。我們本季所獲獎項顯示我們在中國的市佔率進一步成長，並且我們的全球客戶關係得到加強。

I would like to point out the win with Xiaomi which resulted in part from our innovative capabilities to drive an outstanding consumer experience, while also maintaining a competitive business case. As you can see on the chart, these wins are vertically integrated to include complete seat systems that include JIT, trim, foam and in some cases metals where it's accretive to the business case. This is a key enabler to improving margins.

我想指出的是，小米的成功在某種程度上得益於我們的創新能力，能夠帶來卓越的消費者體驗，同時保持良好的商業競爭力。正如您在圖表中所看到的，這些勝利是垂直整合的，包括完整的座椅系統，其中包括JIT、裝飾、泡沫，在某些情況下還包括金屬，這些都對商業案例有所貢獻。這是提高利潤率的關鍵推動因素。

We've also won a complete seat program excluding metals in the US with the US-based SUV, electric SUV and pickup truck manufacture. We've also won the new Chevrolet Bolt complete seat system that represents a conquest win. In EMEA, we won the popular Volvo EX30 complete seat system as it's localized in the region. Underpinning our new business wins is our high level of execution on multiple launches. We continue to perform on safety, quality and on time delivery metrics for our customers.

我們還與美國的SUV、電動SUV和皮卡車製造商贏得了不含金屬的完整座椅項目。我們還贏得了新雪佛蘭 Bolt 完整座椅系統，這代表著一場征服的勝利。在歐洲、中東和非洲地區，我們贏得了廣受歡迎的沃爾沃 EX30 整套座椅系統，因為該產品在該地區實現本地化。我們贏得新業務的基礎是我們在多項產品發布中表現出的高水準執行力。我們將繼續為客戶提供安全、品質和準時交貨的保障。

Turning now to slide 13. In keeping with our core principles of operational excellence, customer portfolio management and accelerating automation to improve business performance, we announced this morning two key developments that we believe will strengthen our efforts around automation and AI.

現在翻到第 13 張投影片。為了遵循卓越營運、客戶組合管理和加速自動化以提高業務績效的核心原則，我們今天早上宣布了兩項關鍵發展，我們相信這將有助於加強我們在自動化和人工智慧方面的努力。

First, Adient has launched an AI welding inspection tool with Mindtrace aimed at significantly improving efficiencies. Adient plans to expand these efforts globally. As part of our collaboration with Mindtrace, Adient made an investment with them in October.

首先，Adient 與 Mindtrace 合作推出了一款 AI 焊接檢測工具，旨在顯著提高效率。Adient 計劃在全球擴大這些努力。作為與 Mindtrace 合作的一部分，Adient 在十月對他們進行了投資。

Adient has also executed a joint development agreement with PASLIN to develop automated sewing cells with advanced technology to reduce labor and increase accuracy of joining patterns, specifically focused on 3D. We are creating an automated assembly process as well for our new portfolio of non-traditional bonding of cut patterns.

Adient 也與 PASLIN 簽署了聯合開發協議，開發採用先進技術的自動縫紉單元，以減少勞動力並提高連接圖案的準確性，特別側重於 3D。我們正在為我們新的非傳統切割圖案黏合產品組合建立自動化組裝流程。

Automation continues to transform our operations by reducing costs where we see an opportunity in both direct and indirect labor savings, improving quality and accuracy, enhancing safety in ergonomics, increasing speed of operation and achieving repeatable and reproducible results.

自動化透過降低成本不斷改變我們的營運方式，我們看到了節省直接和間接勞動力、提高品質和準確性、增強人體工學安全性、提高操作速度和實現可重複和可再現結果的機會。

Wrapping up now on slide 14. While we are not satisfied with our total company margin result and our goal remains to achieve 8% EBITDA margins, the Adient team delivered strong execution in fiscal year '24 from an operational and commercial performance standpoint against its challenging volume and macro backdrop. In fiscal year '24, we prudently balanced debt reduction and share buybacks via disciplined capital allocation plan.

現在結束投影片 14 的討論。雖然我們對公司整體利潤率結果並不滿意，而且我們的目標仍然是實現 8% 的 EBITDA 利潤率，但 Adient 團隊在充滿挑戰的銷售和宏觀背景下，從營運和商業績效的角度來看，在 24 財年表現強勁。在24財年，我們透過嚴謹的資本配置計劃，審慎地平衡債務削減和股票回購。

Looking into fiscal year '25, we expect continued positive business performance and strong earnings in a lower customer production environment aided by restructuring, balance in, balance out, modularity and automation. We continue to expect growth in APAC in China and more focused on partnering with strategic customers.

展望25財年，我們預計，在重組、平衡進、平衡出、模組化和自動化的幫助下，在較低的客戶生產環境下，業務將繼續保持積極的表現和強勁的盈利。我們繼續期待中國亞太地區的成長，並更加重視與戰略客戶的合作。

We have a strong free cash flow conversion business model featuring efficient capital expenditures and ongoing low cash taxes, and we expect to generate significant free cash flow in fiscal year '25.

我們擁有強大的自由現金流轉換業務模式，具有高效的資本支出和持續的低現金稅，我們預計將在 25 財年產生大量自由現金流。

And finally, we are committed to being good stewards of capital and executing a balanced capital allocation plan with a focus on return of capital to our shareholders.

最後，我們致力於做好資本管理者，執行平衡的資本配置計劃，重點是向股東返還資本。

With that, I'd now like to turn it over to Mark to walk through our fiscal year '25 outlook and our financials for fiscal year '24.

現在，我想讓馬克來介紹我們 25 財年的展望和 24 財年的財務狀況。

Thanks, Jerome. Let's jump into the financials on slide 16. Adhering to our typical format, the page shows 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 few important trends in underlying performance. Details of all adjustments for the quarter are in the appendix of the presentation.

謝謝，傑羅姆。讓我們來看看第 16 張投影片上的財務狀況。依照我們的典型格式，該頁面左側顯示我們的報告結果，右側顯示我們的調整結果。我們的評論將重點放在調整後的結果，這些結果不包括我們認為是一次性現像或其他一些對基本表現至關重要的趨勢的特殊項目。本季度所有調整的詳細資訊請參閱簡報的附錄。

High level for the quarter, adjusted EBITDA was $235 million flat year on year. This is a solid performance as we ensured $167 million decrease in revenue from a year ago, which speaks to the resilience and ability to drive business performance to mitigate external pressures. Adient reported adjusted net income of $59 million or $0.68 per share.

本季調整後的 EBITDA 達到高水平，與去年同期持平，為 2.35 億美元。這是一個穩健的表現，因為我們的收入比一年前減少了 1.67 億美元，這體現了我們的韌性和推動業​​務績效以緩解外部壓力的能力。Adient 報告調整後淨收入為 5,900 萬美元，即每股 0.68 美元。

Next, our full year results are highlighted on slide 17. As Jerome noted earlier, fiscal year '24 was characterized by a challenging customer volume environment where we took steps to mitigate lower than expected volume and mix contribution dollars with incremental cost savings in commercial recoveries.

接下來，我們的全年業績在第 17 頁上重點展示。正如傑羅姆先前提到的，24財年的特點是客戶量環境充滿挑戰，我們採取措施緩解低於預期的客戶量，並將貢獻資金與商業回收的增量成本節省相結合。

Full year sales were approximately $14.7 billion, down about 5%. Lower customer volumes and negative FX drove the year-over-year sales decline. Adjusted EBITDA was $880 million, down 6% from full year 2023. Importantly, we were able to manage our decremental margins on lost volume to 8% compared to our typical high-teens conversion percentage through positive business performance. For the year, we reported adjusted net income of $166 million or $1.84 per share.

全年銷售額約147億美元，下降約5%。客戶數量下降和外匯負面影響導致銷售額年減。調整後 EBITDA 為 8.8 億美元，較 2023 年全年下降 6%。重要的是，透過積極的業務表現，我們能夠將因銷售量損失而減少的利潤率控制在 8% 左右，而我們的轉換率通常處於高位。我們報告稱，今年調整後的淨收入為 1.66 億美元，即每股 1.84 美元。

I'll cover the next few slides rather quickly since details for the results are included on the slides. This should ensure we have adequate time for Q&A.

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。這可以確保我們有足夠的時間進行問答。

Starting with revenue on slide 18. We reported consolidated sales of approximately $3.6 billion, a decrease of $167 million compared with Q4 fiscal year '23. The primary driver of the year-on-year decrease was lower volumes and pricing of $177 million, resulting from lower customer production. FX was a slight tailwind of $10 million in the quarter.

從第 18 張投影片上的收入開始。我們報告的綜合銷售額約為 36 億美元，與 23 財年第四季相比減少 1.67 億美元。年比下降的主要原因是客戶產量下降導致銷售和價格下降 1.77 億美元。本季度，外匯收入略有順風，達到 1,000 萬美元。

Focusing on the right-hand side of the slide, Adient's consolidated sales were lower in Americas and EMEA, while sales in Asia grew by 2%, driven by an approximate 5% year-on-year growth in China. In the Americas, lower sales were driven by lower volumes and a weaker program mix.

聚焦投影片的右側，Adient 的綜合銷售額在美洲和歐洲、中東和非洲地區較低，而在亞洲的銷售額成長了 2%，其中中國市場的年成長約為 5%。在美洲，銷售額下降是由於銷量下降和項目組合較弱造成的。

While we have seen improvement in volumes from our year-to-date customer launches, this was offset by a few of Adient's high volume programs such as Ram and Jeep Wrangler, which experienced significant downtime as our customer managed inventory levels.

雖然我們看到今年迄今為止客戶發布的銷量有所改善，但這被 Adient 的一些高銷量項目（如 Ram 和 Jeep Wrangler）所抵消，由於我們的客戶管理庫存水平，這些項目經歷了嚴重的停機時間。

In Europe, we were negatively impacted by overall weaker market demand. Sales were generally in line with the market. In our APAC region, China continues to be the company's growth engine with sales outpacing industry production from new program launches, achieving full year production rates. In Asia, outside of China, our sales also outperformed the industry from new program launches and commercial recoveries.

在歐洲，我們受到整體市場需求疲軟的負面影響。銷量基本上與市場一致。在我們的亞太地區，中國繼續成為公司的成長引擎，其銷售成長速度超過新項目推出後的行業產量，實現了全年生產力。在中國以外的亞洲，由於新項目的推出和商業復甦，我們的銷售表現也優於產業。

Regarding Adient's unconsolidated seating revenue, year-on-year results declined about 9% adjusted for FX. Results were impacted by end of production of certain programs in Europe and APAC.

就 Adient 的非合併座椅收入而言，經外匯調整後的年比業績下降了約 9%。結果受到歐洲和亞太地區某些節目停止製作的影響。

Moving to slide 19, we provided a bridge of adjusted EBITDA to show the performance of our segments between the periods. Adjusted EBITDA was flat at $235 million. The primary drivers of the year-on-year comparison are detailed on the page. The Adient team drove improved business performance of $72 million, primarily resulting from better net material margin and reduced operating costs including freight, engineering and admin costs.

轉到投影片 19，我們提供了調整後的 EBITDA 橋樑來展示我們各部門在各個期間的表現。調整後 EBITDA 持平於 2.35 億美元。頁面上詳細說明了同比比較的主要驅動因素。Adient 團隊推動業務績效提高 7,200 萬美元，主要得益於淨材料利潤率提高以及包括運費、工程和管理費用在內的營運成本降低。

The improved business performance offset volume and mix, which was a $46 million headwind driven by lower vehicle production on key platforms across all regions. We incurred a net commodity headwind of approximately $24 million in Q4, primarily resulting from the timing of recoveries.

業務績效的改善抵消了銷售和產品組合方面的不利影響，後者因各地區主要平台的汽車產量下降而造成 4,600 萬美元的損失。我們在第四季遭受了約 2,400 萬美元的淨商品逆風，主要原因是復甦時機不當。

The team has done a commendable job throughout the year at managing business performance in a tough market. The improvements in the Americas and APAC partially offset the lower volumes and business performance headwinds in EMEA. The result in Q4 is a 30 basis point margin expansion in a challenging macro environment.

該團隊在全年艱難的市場環境中管理業務績效方面做出了令人稱讚的工作。美洲和亞太地區的改善部分抵消了歐洲、中東和非洲地區銷售下降和業務績效不佳的影響。第四季的結果是，在充滿挑戰的宏觀環境下，利潤率擴大了 30 個基點。

As in past quarters, we provided our detailed segment performance slides in the appendix of the presentation. High level, for the Americas, improved business performance of $52 million in Q4 was primarily a result of net material margin performance driven by customer recoveries, reduced input costs and improved launch performance.

與前幾季一樣，我們在簡報的附錄中提供了詳細的分部績效幻燈片。高層面上，對於美洲地區而言，第四季度業務業績改善了 5,200 萬美元，這主要得益於客戶回收、投入成本降低和發布業績改善所推動的淨材料利潤率表現。

Volume and mix was a headwind of $15 million, impacted by lower customer production, including inventory management downtime with certain customers. Commodities and FX combined were a $21 million headwind, driven by the timing of contractual pass-throughs and transactional impacts from the Mexican peso.

產量和產品組合面臨 1500 萬美元的阻力，主要受到客戶產量下降（包括某些客戶的庫存管理停工）的影響。大宗商品和外匯合計造成了 2,100 萬美元的逆風，主要原因是合約傳遞的時間安排和墨西哥比索的交易影響。

In EMEA, year-on-year results were influenced by weak volume and mix, which negatively impacted the quarter by $16 million from lower customer production. Business performance, which was positive $7 million in the quarter was driven by better net material margin, partially offset by increased labor costs.

在 EMEA 地區，年比業績受到銷售和產品組合疲軟的影響，由於客戶產量下降，對本季產生了 1,600 萬美元的負面影響。本季業務業績為正 700 萬美元，主要得益於淨材料利潤率提高，但部分被勞動成本的增加所抵銷。

However, business performance for full year fiscal year '24 was negative as we incurred inefficiencies and weaker net material margin. As Jerome indicated, we are not satisfied with EMEA segment performance, and we are taking steps to address the situation.

然而，由於效率低下和淨材料利潤率下降，24 財年全年業務表現為負值。正如傑羅姆所說，我們對 EMEA 部門的表現並不滿意，我們正在採取措施解決這個問題。

Before leaving EMEA, I'll mention that our team conducted its normal course assessment of recoverability of long-lived assets, including goodwill as part of our year-end closing process. No impairment was recorded. That said, due to the recent trend in EMEA's results, EMEA is under a heightened risk of impairment, and thus, we are including impairment warning language in the 2024 Form 10-K.

在離開歐洲、中東和非洲地區之前，我想提一下，我們的團隊對包括商譽在內的長期資產的可回收性進行了正常的評估，這是我們年度終結帳流程的一部分。並無記錄減損。也就是說，由於 EMEA 績效的近期趨勢，EMEA 面臨較高的減損風險，因此，我們在 2024 年 10-K 表中加入了減損警告語言。

As Jerome discussed earlier, we are taking steps to adjust our costs in Europe. We continue to assess additional efficiency actions in the region. We expect cash restructuring costs to increase to approximately $100 million in fiscal year 2025, primarily related to European restructuring charges taken in 2024.

正如傑羅姆之前所討論的，我們正在採取措施調整我們在歐洲的成本。我們將繼續評估該地區的其他效率行動。我們預計 2025 財年的現金重組成本將增加至約 1 億美元，主要與 2024 年發生的歐洲重組費用有關。

Moving on in Asia. We generated positive business performance of $12 million from improved net material margin. Volume mix was negatively impacted the quarter by $15 million. In addition to the Q4 regional bridges, we have also included a full year bridge.

在亞洲繼續前進。我們透過提高淨材料利潤率創造了 1,200 萬美元的正業務業績。本季銷售組合受到負面影響，金額達 1,500 萬美元。除了第四季的區域橋樑之外，我們還加入了全年橋樑。

In summary, the company continues to drive improved business performance in the Americas and Asia, which we expect to continue into 2025. In EMEA, as previously mentioned, we are focusing on driving additional operating efficiencies, restructuring and executing on our plan, which includes the roll-off of lower performing metals business in the start of production of better margin new business, which we believe will positively have an inflection point in 2026.

總而言之，公司繼續推動美洲和亞洲業務表現的提升，我們預計這種勢頭將持續到 2025 年。如同前面所提到的，在歐洲、中東和非洲地區，我們專注於提高營運效率、重組和執行我們的計劃，其中包括關閉表現較差的金屬業務，開始生產利潤率更高的新業務，我們相信這將在 2026 年出現積極的轉折點。

Let me now shift to our cash, liquidity and capital structures on slide 20 and 21. Starting with cash on slide 20. On the right-hand side of the slide highlights the full year results, which smooth out quarterly differences. For the quarter, free cash flow, defined as operating cash flow less CapEx, was $191 million. For the full year, the company generated $277 million of free cash flow.

現在我來談談第 20 和 21 頁的現金、流動性和資本結構。從幻燈片 20 上的現金開始。幻燈片右側重點展示的是全年業績，消除了季度差異。本季度，自由現金流（定義為經營現金流減去資本支出）為 1.91 億美元。全年該公司產生了 2.77 億美元的自由現金流。

The primary drivers of the year-on-year results for full year are listed on the right-hand side of the slide. We continue to expect strong free cash conversion in fiscal 2025.

幻燈片右側列出了全年同比業績的主要驅動因素。我們繼續預計 2025 財年將出現強勁的自由現金轉換。

One last point and called out on the right-hand side of the slide, Adient continues to utilize various factoring programs as a low-cost source of liquidity. At September 30, 2024, we had $170 million of factored receivables versus $171 million at fiscal year-end 2023.

最後一點，在投影片的右側指出，Adient 繼續利用各種保理計畫作為低成本的流動資金來源。截至 2024 年 9 月 30 日，我們的保理應收帳款為 1.7 億美元，而 2023 財年末為 1.71 億美元。

Flipping to slide 21. As noted on the right-hand side of the slide, the company returned $275 million to shareholders in fiscal 2024 through share repurchases. This represents approximately 10% of our shares that were outstanding at the beginning of the period.

翻到第 21 張投影片。正如幻燈片右側所示，該公司在 2024 財年透過股票回購向股東返還了 2.75 億美元。這約占我們本期初流通股數的 10%。

We also retired approximately $130 million of debt in the quarter. These moves demonstrate Adient's commitment to being good stewards of capital while maintaining a strong balance sheet, ensuring efficient allocation of resources and flexibility.

我們還在本季償還了約 1.3 億美元的債務。這些措施表明，安道拓致力於做好資本管理，同時保持強勁的資產負債表，確保高效率配置資源和靈活性。

Turning to our balance sheet. Adient's debt and net debt position totaled about $2.4 billion and $1.5 billion, respectively, at September 30, 2024. The company's net leverage at September 30 was just under 1.7 times within the targeted range of 1.5 to 2 times. Total liquidity for the company was $1.7 billion, comprised of $945 million of cash on hand and $779 million of undrawn capacity under Adient's revolving line of credit.

轉向我們的資產負債表。截至 2024 年 9 月 30 日，Adient 的債務和淨債務總額分別約為 24 億美元和 15 億美元。截至 9 月 30 日，該公司的淨槓桿率略低於 1.7 倍，處於 1.5 至 2 倍的目標範圍內。該公司的總流動資金為 17 億美元，包括 9.45 億美元的庫存現金和 Adient 循環信用額度下 7.79 億美元的未動用容量。

Moving to slide 23. Let's review some underlying key assumptions to our fiscal '25 outlook. As we enter fiscal year 2025, we are seeing ongoing customer volume pressures in Europe and the Americas as customers continue to adjust inventories to more closely match consumer demand.

移至投影片 23。讓我們回顧一下 2025 財年展望的一些基本關鍵假設。隨著我們進入 2025 財年，我們看到歐洲和美洲的客戶數量壓力持續存在，因為客戶不斷調整庫存以更緊密地滿足消費者需求。

For the full year, we expect sales to be approximately 3% lower on an FX adjusted basis. Important to note, we are seeing these dynamics play out in Q1 as our customers are reducing inventory levels to close out the 2024 calendar year.

我們預計，以外匯調整後計算，全年銷售額將下降約 3%。值得注意的是，我們看到這些動態在第一季發揮作用，因為我們的客戶正在減少庫存水準以結束 2024 日曆年。

We expect Q1 to be the low point for sales and earnings in fiscal year 2025. Our volume plan incorporates the latest S&P October estimates, customer production schedules and our internal estimates on a program level.

我們預計第一季將是 2025 財年銷售額和收益的最低點。我們的數量計劃結合了標準普爾十月份的最新估計、客戶生產計劃以及我們在專案層面的內部估計。

In China for the upcoming year, we expect our new business will enable us to outperform the market. We expect to offset top line pressures through additional business performance next year through incremental efficiencies, leveraging automation, modularity and maintaining net material margins.

在未來一年的中國市場，我們預期新業務將使我們的表現超越市場。我們預計，透過提高效率、利用自動化、模組化和維持淨材料利潤率，明年可以透過額外的業務業績來抵消營收壓力。

From an adjusted EBITDA perspective, we expect to be flat year-over-year at the midpoint of our guidance, which encompasses a negative 2% to 4% range for year-over-year Adient program volumes. Regarding currencies, we have posted assumed exchange rates on the euro, RMB and Mexican peso.

從調整後的 EBITDA 角度來看，我們預計將與去年同期持平，處於指導值的中位數，這意味著 Adient 專案銷售量將年減 2% 至 4%。關於貨幣，我們發布了歐元、人民幣和墨西哥比索的假設匯率。

As a reminder, we hedge our Mexican peso transactional exposure 18 months forward. Consequently, it will be -- take several quarters for the recent weakening in the peso to fully flow through our results.

提醒一下，我們對未來 18 個月的墨西哥比索交易風險進行了對沖。因此，最近比索的貶值需要幾個季度才能完全影響我們的業績。

Moving to slide 24. Sales are expected to be in the $14.1 billion to $14.4 billion range, driven by lower expected production volumes. Obviously, there are always ins and outs that impact volumes year-to-year. I would note a few items affecting volumes in fiscal year '25.

移至投影片 24。由於預期產量下降，預計銷售額將在 141 億美元至 144 億美元之間。顯然，每年都會有一些影響銷量的因素。我要指出一些影響25財年銷售的因素。

In the Americas, our business on the Dodge Ram Classic is sunsetting this quarter. The remaining Dodge Ram program has been split into two. We retained the ICE and our competitor has picked up the JIT portion on the BEV variant. These developments are expected to be a $300 million headwind versus fiscal year '24.

在美洲，我們的道奇公羊經典賽業務將在本季結束。剩餘的道奇公羊（Dodge Ram）項目被一分為二。我們保留了 ICE，而我們的競爭對手已在 BEV 變體上選擇了 JIT 部分。與 24 財年相比，這些發展預計將帶來 3 億美元的逆風。

Additionally, our exit of the BMW business in Europe is expected to be $100 million headwind. We expect to offset these headwinds with growth in the Americas on key programs such as the GM large three-row crossovers in the Toyota Tacoma.

此外，我們退出歐洲寶馬業務預計將帶來 1 億美元的損失。我們期望透過美洲地區關鍵項目的成長（例如豐田 Tacoma 的通用大型三排跨界車）來抵消這些不利因素。

Our adjusted EBITDA outlook is $850 million to $900 million. Equity income is expected at $80 million, down slightly year-on-year due to changes in the operating agreement between the partners at our Kuiper joint venture. Interest expense is expected to be at $185 million, generally in line with fiscal year '24. Cash taxes are forecast at $105 million.

我們調整後的 EBITDA 預期為 8.5 億美元至 9 億美元。預計股權收入為 8000 萬美元，由於我們 Kuiper 合資企業合作夥伴之間的營運協議發生變化，同比略有下降。利息支出預計為 1.85 億美元，與 24 財年基本一致。現金稅預計為 1.05 億美元。

For modeling purposes, important to note, tax expense is estimated at $125 million. CapEx is forecast at $285 million, which reflects alignment with our customer launch plans and our focus on efficiencies and reuse.

為了建模目的，值得注意的是，稅費估計為 1.25 億美元。預計資本支出為 2.85 億美元，這反映了與我們的客戶發布計劃的一致性以及我們對效率和重用的關注。

And finally, our free cash flow is expected at $200 million, down year-on-year, driven by higher restructuring, approximately $100 million in fiscal year '25 versus $55 million last year, modestly higher CapEx and cash taxes.

最後，我們的自由現金流預計為 2 億美元，年減，主要是由於重組力度加大，25 財年約為 1 億美元，而去年為 5,500 萬美元，資本支出和現金稅略有增加。

With respect to capital returns, we have $260 million remaining on our share repurchase authorization. In terms of cadence, we expect to more closely match returns of capital to cash generation. Our typical seasonal pattern for earnings and cash flow is second half weighted due to production schedules and working capital flows.

關於資本回報，我們的股票回購授權剩餘 2.6 億美元。在節奏方面，我們希望將資本回報與現金創造更加緊密地結合。由於生產計劃和營運資金流動，我們的獲利和現金流的典型季節性模式是下半年加權。

Lastly, turning to slide 25. We have provided a high-level bridge from our fiscal year '24 results to our fiscal year '25 outlook midpoint. We expect positive business performance of $100 million to offset lower volume mix of $80 million. Equity income will be somewhat lower year-on-year, primarily due to restructuring of the Kuiper agreement. FX and net commodities are expected to be a modest headwind of approximately $15 million.

最後，翻到第 25 張投影片。我們為 24 財年業績與 25 財年展望中點提供了高層橋樑。我們預計 1 億美元的正業務業績將抵銷 8,000 萬美元的銷售下降。股權收入比去年同期將略有下降，主要原因是 Kuiper 協議重組。預計外匯和淨商品將帶來約 1500 萬美元的適度逆風。

To sum it up, our message is consistent. We are focused on managing the business controllables such as delivering excellent results for our customers, lowering costs and generating strong free cash flow for the owners of our business, while maintaining flexibility with a strong balance sheet.

總而言之，我們的訊息是一致的。我們專注於管理業務可控因素，例如為客戶提供卓越的成果、降低成本並為企業所有者創造強勁的自由現金流，同時透過強勁的資產負債表保持靈活性。

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？

Thank you. We will now begin our question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指令）

John Murphy, Bank of America.

美國銀行的約翰‧墨菲。

Good morning, guys. A few questions. I'll try to be quick here. First, Jerome, as you think about the operating environment and these volume forecasts, obviously, they're a bit more of a guessing game than they have been historically. If the industry were to come in lighter on volumes and your program specifically, what kind of actions do you think you can take here in the short run on a micro basis?

大家早安。幾個問題。我會盡量快一點。首先，傑羅姆，當你考慮營運環境和這些數量預測時，顯然它們比歷史上任何時候都更像一場猜謎遊戲。如果產業規模和您的計畫規模都下降，您認為您可以在短期內從微觀角度採取哪些行動？

And also, maybe if you could talk about sort of the context of recoveries and commercial settlements with your customers, if there would be anything you might be able to get on that side and how that is actually working right now, because that seems to be a reasonably more collaborative discussion than it has been historically?

另外，您是否可以和您客戶談談追償和商業結算的背景，您是否能就此獲得一些信息，以及目前實際運作情況如何，因為這似乎比歷史上任何一次討論都更具協作性？

Yes. Maybe just a couple of comments on that. Thanks for the question. I think if you look at our track record and what we're able to demonstrate in fiscal year '24, running at a volume environment that was significantly more difficult than what we anticipated going into the year, I mean we managed to an 8% decremental versus maybe a more typical 17%, 18% decremental in what we would see in the business.

是的。或許我對此只有幾點評論。謝謝你的提問。我認為，如果你看看我們的過往記錄以及我們在 24 財年所能夠展示的情況，我們會發現，在比我們預期的要困難得多的批量環境中運行，我們設法實現了 8% 的遞減，而我們在業務中看到的更典型的遞減率為 17%、18%。

And I think that demonstrates our ability to really get into the business and take things, austerity measures that we can see in the short-term, working with our customers also on commercial recoveries, basket of goods discussions, managing through contractual or delaying of contractual LTAs, delaying of other contractual agreements, offsetting VAVEs.

我認為這證明了我們真正涉足業務並採取行動的能力，我們可以在短期內看到緊縮措施，與我們的客戶合作進行商業復甦，討論一籃子商品，通過合同或推遲合同長期協議進行管理，推遲其他合同協議，抵消VAVE。

We've talked a lot in the past with you about what we call the Adient ES3 program, where we really get into the trenches with our customers and work to find what we would call engineering savings, driving non-value added waste out of the system where our customers have design features that maybe the end customer isn't willing to pay for, taking that out of the product and taking that waste out and often that saves money for us, can save money for them. There's a share associated with that. And so that was some of the things we're really able to go after in '24. A lot of that waste is still in the system.

我們過去曾與您多次討論過所謂的 Adient ES3 計劃，在該計劃中，我們與客戶緊密合作，努力尋找所謂的工程節約，將不增值的浪費從系統中剔除，我們的客戶擁有一些最終客戶可能不願意支付的設計特性，將其從產品中剔除，消除浪費，這通常可以為我們節省資金，也可以為他們節省資金。其中有一個與之相關的份額。這就是我們在 24 年真正能夠追求的一些事情。很多廢物仍然留在系統中。

So, if we see these volumes and as they decline, our customers realize they have to protect their margin. They come to us. It really opens up the field to be able to accelerate some of the savings that maybe when you're in a 91 build environment, the customers aren't as willing to engage.

因此，如果我們看到這些數量並且它們下降，我們的客戶就會意識到他們必須保護他們的利潤。他們來找我們。它確實開闢了能夠加速一些節省的領域，也許當你處於 91 建置環境中時，客戶並不那麼願意參與。

But when you get down into the Americas, a 16, a 15.5 into Europe, where we're at today and a 15.4 build, they're more hungry because they have to protect their margins, and they're really looking for suppliers that can deliver that value and deliver these types of win-win solutions to them.

但是當你進入美洲，這個數字是 16，歐洲是 15.5，我們現在所處的位置和 15.4 的建設，他們更加渴望，因為他們必須保護他們的利潤，他們真正尋找的是能夠提供這種價值並為他們提供這種雙贏解決方案的供應商。

So, it's not always just a battering ram type of discussion, straight contract renegotiation. It's really looking for how can you deliver accretive value to them, but also accretive value to us. And that's how you get to maybe an 8% decremental margin level. So, while the discussions are tough, I think we've demonstrated ways to deliver value for both of us in those types of discussions through our ESG process.

所以，它並不總是一種攻城槌式的討論，而是直接的合約重新談判。這確實關乎如何為他們帶來增值，同時也為我們帶來增值。這就是您可能獲得 8% 遞減保證金水準的方法。因此，雖然討論很艱難，但我認為我們已經展示了透過 ESG 流程在這些類型的討論中為我們雙方創造價值的方法。

That’s helpful.

這很有幫助。

To your first question just on scheduling, I mean, I would say, particularly given our set of customers, and I think you know what our customer breakdown is, it has been certainly in the last two quarters, a much more dynamic scheduling process. With some of the inventory burn down announcements of our customer group, in particular, it has been a very, very dynamic scheduling process in the Americas and in particular, in Europe with a particular customer set out there.

對於您關於時間安排的第一個問題，我的意思是，我想說，特別是考慮到我們的客戶群，我想您知道我們的客戶細分情況，在過去兩個季度中，時間安排過程肯定更加動態。隨著我們客戶群宣布部分庫存消耗，尤其是在美洲，尤其是歐洲，對於特定的客戶來說，這是一個非常非常動態的調度過程。

I don't know, Mark, if you have anything you want to add?

我不知道，馬克，你還有什麼要補充的嗎？

No, that's true. And John, that's -- hence, the range, right? If I look at our sales, right, from 14.1% to 14.4%, right, clearly, we're looking at production, because it has been what I would say, more dynamic over the last couple of quarters. So, we're trying to hedge that. You've seen some recent news reports in terms of certain shifts going out of the system, et cetera. So again, very dynamic that we'll continue to adjust to.

不，確實如此。約翰，這就是──範圍，對嗎？如果我看我們的銷售額，從 14.1％ 到 14.4％，顯然，我們正在關注產量，因為我想說，過去幾個季度產量更加活躍。因此，我們正在嘗試對此進行規避。您最近已經看到了一些關於系統外某些轉變等等的新聞報導。所以，我們將繼續適應這種非常動態的變化。

Dynamic is applied way of saying what's going on right now. Just on the underperforming contracts, it just seems like it's kind of like time ticking into the future. These keep coming up. I'm just curious, particularly in Europe, Jerome, as you're saying that, that starts to turn in FY26, what comfort level you have there that these underperforming contracts roll-off and more normal economic contracts roll-on? And could this could be kind of a persistent issue sort of over time. It's maybe something you think is a '26 event, but it just keeps slipping.

動態是用一種方式來表達正在發生的事情。僅就表現不佳的合約而言，這看起來就像是時間在向未來滴答作響。這些情況不斷出現。我只是好奇，特別是在歐洲，傑羅姆，正如你所說的那樣，這種情況在 2026 財年開始出現轉變，你對這些表現不佳的合約的終止和更正常的經濟合約的延續感到多麼放心？這可能會成為一個長期存在的持續性問題。你也許認為這是 26 年的盛事，但它卻一直在不斷滑落。

What I would say is we -- I mean, we have clear sunsetting now on, I'd say, probably two-thirds of those contracts where we have clear end of production dates. Customers have either engine programs that die or there's other plant closure dates. There's actual hard stops that are out there.

我想說的是，我們 - 我的意思是，我們現在有明確的終止日期，我想說，大概三分之二的合約都有明確的生產結束日期。客戶的引擎專案要么終止，要么有其他工廠關閉日期。確實存在硬停止的情況。

On the other a third of those contracts, we have windows where we've been able to renegotiate some type of an extension that's associated with them. So, if there is extensions or delays in some of the sunsetting, I think we have the ability to go out there and reprice some of them.

對於另外三分之一的合同，我們有時間重新協商與之相關的某種延期事宜。因此，如果部分日落條款出現延長或延遲，我認為我們有能力對其中一些條款進行重新定價。

Is there a risk on that first two-thirds that they do extend? I mean, there's always going to be some risk associated with it. But I think we have more visibility, more clarity as '26 comes and there's still roll-off in '27. I think we said the first wave of real sunsetting that starts to occur in '26. That's when we see the first tailwind. I think we have much more confidence sitting here today than we did when we sat here with you last year, just given the visibility into that European production scheduling now.

他們延長的前三分之二是否有風險？我的意思是，它總是會存在一些風險。但我認為，隨著 26 年的到來，我們將擁有更高的可見度和更清晰的視野，並且 27 年仍會出現下滑。我認為我們說過，第一波真正的日落將在 26 年開始發生。那時我們就看到了第一陣順風。我認為，考慮到現在歐洲生產計劃的透明度，我們今天坐在這裡比去年和你們坐在這裡時更有信心。

I've got a bunch more, but I'll get back in the queue. Thank you very much, guys.

我還有很多，但我會回到隊列中。非常感謝你們。

Thank you.

謝謝。

Thanks John.

謝謝約翰。

Colin Langan, Wells Fargo.

富國銀行的科林·蘭根。

Great. Thanks for taking my questions. Maybe just to start, I mean, Q4 is actually particularly strong. If I annualize your adjusted EBIT, it's better than the 2025 guide and sales actually annualizes in line with the '25 guide. What's so strong in this quarter? And why should it kind of soften from here? Is that all just sort of Europe headwinds? Or how should we think about Q4? Is there something abnormally strong here that is keeping it at a better annualized rate?

偉大的。感謝您回答我的問題。也許只是開始，我的意思是，Q4 實際上特別強勁。如果我將您的調整後息稅前利潤按年化計算，它會比 2025 年的指南要好，而且銷售額實際上按年化計算與 '25 年指南一致。本季有何強勁表現？為什麼從這裡開始它會變得軟化呢？這些就都是歐洲的逆風嗎？或者我們應該如何看待Q4？這裡是否存在某種異常強勁的因素，使其保持較好的年化率？

Yes. Colin, I'll start there. I'd say that it generally played out as we expected to roll-off this year, right, just in terms of timing of certain commercial recoveries, right, that could be kind of variable as you go through the course of the year.

是的。科林，我就從那裡開始。我想說的是，它總體上按照我們預期今年會順利展開，對吧，就某些商業復甦的時間而言，對吧，隨著一年的推移，這可能會有所變化。

So the commercial recoveries were strong in the quarter. We did a good job at the business performance just in terms of what we were able to do from an operational perspective, right, whether it was freight, whether it was launch, et cetera. So those played out.

因此本季商業復甦強勁。僅從營運角度來看我們能夠做的事情而言，我們的業務表現很好，無論是貨運、發射等等。所以這些都發生了。

I think the problem with trying to annualize that or spread that out into 2025, obviously, volume is going to be another, what I'd say, a slug down for us. We're going to be able to offset a lot of that with business performance.

我認為，如果試圖將其年度化或延長至 2025 年，顯然，銷量將是另一個問題，我想說，這對我們來說是一個下滑。我們將能夠透過業務績效來抵消其中的大部分損失。

But again, it's going to be timing of commercial recoveries that come in there. It's going to be FX. We've got a little bit of that equity income that comes down. So, it's a combination of those. But overall message is business performance continues to improve as I go into '25. It's again, that volume story as I look across the various regions.

但同樣，這將取決於商業復甦的時機。這將是 FX。我們的股權收益有所下降。所以，它就是這些的組合。但整體情況是，隨著我進入25年，業務績效持續改善。當我放眼各地區時，這又是那個數量故事。

Got it. Okay. And then, you've been talking about Europe was clearly much weaker in the second half and is already the weakest of the regions. Why the delay in taking more actions? I mean, are you waiting for certain programs to roll-off? Are you waiting for customers to make certain decisions? And how competitive is your footprint today? I mean, do you have facilities in higher cost parts of Europe that you'd want to sort of relocate?

知道了。好的。然後，您一直在談論歐洲在下半年明顯表現疲軟，並且已經是各地區中最弱的地區。為何延遲採取更多行動？我的意思是，您是否正在等待某些計劃的實施？您是否正在等待客戶做出某些決定？您的足跡如今有多具競爭力？我的意思是，您是否想將一些工廠搬遷到歐洲成本較高的地區？

Yes. So, I think in terms of why not more faster, to your question, there is a number of programs that we see rolling off '26, '27 and then begin to then balance back in with more profitable business in that '26, '27, '28 timeframe. And that's one of the reasons why we're trying to be and we will be good stewards of capital.

是的。所以，我認為關於為什麼不更快地做到這一點，對於你的問題，我們看到許多項目將在 26、27 年推出，然後在 26、27、28 年的時間範圍內開始恢復平衡，實現更有利可圖的業務。這就是我們努力成為並將成為優秀資本管家的原因之一。

And so, versus going out and putting immediately another, call it, $160 million, $200 million of restructuring, and there's a measured approach to this when we can see the additional contribution margin flowing into those sites, the additional profitability coming into the region and being measured in the approach there.

因此，與立即投入另一筆 1.6 億美元或 2 億美元的重組資金相比，我們採取了一種有節制的方法，我們可以看到額外的貢獻利潤流入這些站點，額外的盈利能力流入該地區，並在當地進行衡量。

So that's why when we look at it and we look at it in the long-term, we can see how the region starts to transform itself and those programs come on and the additional customer business with the profitable customers comes into play, and that's why we're being very measured in how we look at it.

所以，當我們從長遠角度看待這個問題時，我們可以看到這個地區如何開始自我轉型，這些項目如何啟動，以及來自盈利客戶的額外客戶業務如何發揮作用，這就是為什麼我們在看待這個問題時非常謹慎。

While at the same time, looking at noncore assets, looking at non-core customers and working through the disposal of those, and there'll be more to come on that front as we work through that. And that's really what we spent the back half of the last year doing is saying which assets are we going to pare back, not necessarily through restructuring, but through a disposal of those. And there'll be more to come as we work through this year.

同時，我們也會關注非核心資產、非核心客戶並處理這些資產，隨著我們在這方面開展工作，還會有更多工作要做。我們去年下半年確實在做同樣的事情，那就是決定要削減哪些資產，不一定是透過重組，而是透過處置這些資產。隨著我們今年的工作進展，還會有更多事情發生。

What I would say on the footprint that we have within the region, our footprint is, I'd say, in line with that of our peers in terms of when we look at our chip footprint, when we look at our component footprint, where we're located, where we need to be located.

關於我們在該地區的足跡，我想說的是，無論是晶片足跡、組件足跡、我們所在的位置，還是我們需要位於的位置，我們的足跡與同行是一致的。

When we think about the future restructuring, what we have talked about today in terms of the potential of it to be over the next few years, in line with what we've previously announced, it's really tied to as we look at the overall capacity in the region and what will be taken out, the potential for additional site closures, not necessarily due to competitiveness, but just as overall capacity in the region comes down.

當我們考慮未來的重組時，我們今天談論的是未來幾年重組的可能性，與我們之前宣布的一致，這實際上與我們對該地區的總體產能以及將被淘汰的產能有關，關閉更多工廠的可能性不一定是由於競爭力，而是因為該地區的整體產能下降了。

Our footprint itself isn't vastly different or vastly uncompetitive versus our peer set. It's just the region itself used to be a 20 million unit JIT consumption region. If you look out over the next three to five years, it's down to 15 million units of seating consumption.

我們的足跡本身與同行相比並沒有太大差異或競爭力。該地區本身曾經是一個2000萬單位的JIT消費區域。如果展望未來三到五年，座椅消費量將下降到1500萬個。

So there's just massive overcapacity in the region that needs to be pared back, and it needs to be pared back in line with our customers and their footprint. So, it's not a competitiveness of the footprint. It's an overcapacity action that needs to be taken.

因此，該地區存在大量需要削減的產能過剩問題，並且需要根據我們的客戶及其足跡進行削減。所以，這不是足跡的競爭力。這是需要採取的產能過剩行動。

Got it. All right. Thanks for all the color.

知道了。好的。感謝所有的色彩。

Joe Spak, UBS.

瑞銀的喬·斯帕克（Joe Spak）

Thanks, everyone. Maybe just to follow up there on Europe. I just want to confirm, I think I heard you mention cash restructuring of $100 million this year, but that's related to what you take in '24. And I think in the opening comments, you said you're going to book another $145 million this year.

謝謝大家。或許只是為了跟進歐洲的狀況。我只是想確認一下，我想我聽到您提到今年 1 億美元的現金重組，但這與您在 24 年的收入有關。我記得您在開場白中說過，今年您將再收入 1.45 億美元。

Should the savings be of a similar magnitude as well? So, I think if you originally you were saying $60 million from the first one by '27, then this is another $60 million by '28. So, we're talking about like a $120 million lower run rate '28 versus '24. Is that roughly how we should think about it?

節省的金額也應該類似嗎？因此，我認為，如果您最初說的是到 27 年第一筆收入為 6,000 萬美元，那麼到 28 年這筆收入又是 6,000 萬美元。因此，我們談論的是 28 年的運行率比 24 年低 1.2 億美元。我們大概該這樣思考嗎？

Yes. Joe, just to clarify, you're right on the $100 million of cash restructuring this year, the comments related to the $145 million is what we'd expect over the next few years, right? It's not a 2025 charge.

是的。喬，只是為了澄清一下，你對今年 1 億美元現金重組的看法是正確的，與 1.45 億美元相關的評論是我們預計未來幾年的金額，對嗎？這不是2025年的費用。

Okay.

好的。

And just for clarity, I mean, that's -- if we look at customer production schedules, Joe, that's what we're saying there's a potential out there. So, we're not announcing today another $140 million in terms of a restructuring charge or anything.

為了清楚起見，我的意思是，喬，如果我們看一下客戶的生產計劃，我們就會說那裡有潛力。所以，我們今天不會宣布另外 1.4 億美元的重組費用或任何費用。

What we're saying is if we look out there, going back to my comments on the Europe -- the region used to be $20 million of JIT capacity.

我們所說的是，如果我們放眼那裡，回顧我對歐洲的評論——該地區的 JIT 產能曾經達到 2000 萬美元。

It's now $15 million of JIT capacity. If we look at the total European theater, we see that potential out there. We're not taking a charge today of $140 million or $145 million. We're more just saying this is what the potential is out there.

現在它的 JIT 產能為 1500 萬美元。如果我們放眼整個歐洲戰場，我們會看到那裡的潛力。我們今天不會收取 1.4 億美元或 1.45 億美元的費用。我們只是想說，這就是存在的潛力。

In terms of a net savings, it's too early to declare any kind of net savings or anything associated with it. Again, because a lot of that is just going to be taking capacity out.

就淨儲蓄而言，現在宣布任何類型的淨儲蓄或與之相關的任何事物還為時過早。再說一遍，因為這很大程度上只是會消耗產能。

So it's -- a lot of it, unfortunately, is just keeping par with overall cost structure in the region and not necessarily you shouldn't be looked at as a net savings as much as it is just a run rate with capacity management in the region in order to hold from that standpoint, it will go to margin improvement because we're going to take fixed cost out, but not from necessarily a net savings calc standpoint when you think about modeling.

因此，不幸的是，其中很大一部分只是與該地區的整體成本結構保持一致，而不一定不應該被視為淨節省，而只是該地區產能管理的運行率，為了從這個角度保持，它將用於利潤率的提高，因為我們要扣除固定成本，但從淨節省計算的角度來看，當您考慮建模時，這不一定是這樣做。

Okay. Thank you. On slide 11, I appreciate all the color on your China operations. I guess, if I look specifically at some of your unconsolidated ventures there, I think probably many of us on this call would argue that some of the customers you support through those are still going to be challenged in that region over the coming years. So, what's the plan for the facilities and the JVs?

好的。謝謝。在第 11 張投影片上，我很欣賞你們對中國業務的詳細闡述。我想，如果我特別看一下你們在那裡的一些未合併企業，我想我們中的許多人可能會認為，你們透過這些企業支持的一些客戶在未來幾年仍將在該地區面臨挑戰。那麼，對於設施和合資企業的計劃是什麼？

And then, I know you mentioned you want to leverage China and those relationships as they localize. When that does occur, is that going to be through some of the existing JV structure you localized with them? Or would that become more wholly-owned if they localize?

然後，我知道您提到您想利用中國和這些關係來實現本地化。當這種情況發生時，是否會透過您與他們在地化的一些現有合資結構來實現？或者如果他們進行本地化，其是否會變得更加全資擁有？

Yes. I think as we look into our growth in China, and we forecast and we said on today's call again, we really view China growing kind of double-digits from our fiscal year '24 to our fiscal year '27. We believe that to largely come from our consolidated activities within the region.

是的。我認為，當我們研究我們在中國的成長情況時，我們進行了預測，並且在今天的電話會議上再次表示，我們確實看到中國市場從 24 財年到 27 財年將實現兩位數的增長。我們相信這主要源自於我們在該地區的綜合活動。

And a lot of that comes from, as you rightly highlighted, the customer mix there. We have what we believe to be a more favorable customer mix driven from our wholly-owned and consolidated activities.

正如您所正確強調的，其中許多來自於那裡的客戶組合。我們相信，由於我們的全資和合併業務，我們擁有更有利的客戶組合。

And that's one of the reasons why turning to the actions we took in 2020 and 2021, we took the action to divest ourselves of the Yanfeng joint venture, because we firmly believe we could go out on our own and really attack the local Chinese domestic OEMs. And that's what you see in that customer mix and that customer breakdown there. And that's why we did that.

這就是我們在 2020 年和 2021 年採取行動的原因之一，我們採取行動剝離延鋒合資企業，因為我們堅信我們可以獨自走出去，真正攻擊中國本土的原始設備製造商。這就是您在客戶組合和客戶細分中所看到的。這就是我們這麼做的原因。

And then in terms of when we go out and we leverage in Europe, when the people -- when these customers go into the region, it will be through our wholly-owned and our consolidated joint ventures. It won't be through necessarily the JV partners just given who's breaking out into the region, into Europe, into Malaysia, into Thailand and into those other regions. It really will be through our wholly-owned and our consolidated activities from that standpoint.

然後，當我們走出去並利用歐洲的優勢時，當這些客戶進入該地區時，我們將透過我們的全資和合併合資企業進行。不一定要透過合資夥伴，因為誰都在打入該地區、歐洲、馬來西亞、泰國和其他地區。從這個角度來看，這確實將透過我們的全資和合併活動來實現。

And to your first question, what is the plan with our unconsolidated, we continue to view our unconsolidated as a strong partner. They continue to spin-off very favorable equity income to us. They're strong partners within the region. We view them as very valuable assets to us.

對於您的第一個問題，我們對非合併業務的計劃是什麼，我們繼續將非合併業務視為強大的合作夥伴。他們繼續為我們帶來非常有利的股權收益。他們是該地區強大的合作夥伴。我們將他們視為我們非常寶貴的財富。

We leverage, we partner with them, and we see that as a uniquely Adient asset that we continue to drive value from. I mean, especially Kuiper from that standpoint, and that's $45 million in equity income every year that we get a very unique window in the BYD from where BYD is a significant customer to them.

我們利用這些優勢，與他們合作，並將其視為 Adient 獨有的資產，我們將繼續從中獲取價值。我的意思是，特別是從這個角度來看 Kuiper，每年有 4500 萬美元的股權收入，我們在比亞迪獲得了一個非常獨特的窗口，比亞迪是他們的重要客戶。

Thank you.

謝謝。

Emmanuel Rosner, Wolf Research.

伊曼紐‧羅斯納 (Emmanuel Rosner)，沃爾夫研究公司。

Thank you so much. My first question is on the customer mix headwinds for fiscal year 2025 and the growth on the market in the Americas and in Europe. Do you see these mix headwinds as a timing issue, the destocking, for example? Or is there also a secular component?

太感謝了。我的第一個問題是關於 2025 財年的客戶組合阻力以及美洲和歐洲市場的成長。您是否認為這些混合逆風是一個時機問題，例如去庫存問題？或其中也存在世俗成分？

I'm trying to think to what extent some of the actions you're taking are essentially adjusting to the current level of demand, but essentially -- if there is a time down the line where your growth will be more in line with the overall industry production.

我試著思考，你們所採取的一些行動在多大程度上是為了適應當前的需求水平，但本質上——未來有一天，你們的成長將與整個產業的生產更加一致。

Yes. I think, Emmanuel, and I'll start and Jerome, if you want to add on. But I think it's a mix, Emmanuel, right? So, if I look at Americas, for example, right, I do think the inventory destocking is timing, right? And once they get the inventories aligned, they'll be running. I think we called out a couple of examples like with Ram, right, where the Classic Ram is sunsetting. That's a program that's going away. So that's an Adient specific.

是的。我想，伊曼紐爾，我會開始，還有傑羅姆，如果你想補充的話。但我認為這是一種混合，伊曼紐爾，對嗎？因此，如果我以美洲為例，我確實認為庫存去庫存的時機已經成熟，對嗎？一旦他們整理好庫存，他們就可以開始運作了。我想我們已經舉了幾個例子，像是 Ram，Classic Ram 正在走向衰退。該計劃即將終止。這是 Adient 獨有的。

I'd say the offset to that is if you look at GM's three large crossovers, right, they're going to be running at rate this year where they didn't run at rate last year, right? So, it's a combination. And then I look into the future, and Jerome alluded to a new business that we won with an electric manufacturer here in the Americas, right?

我想說的是，如果你看看通用汽車的三款大型跨界車，你會發現今年它們的銷售量將達到去年沒有達到的水平，對嗎？因此，這是一個組合。然後我展望未來，傑羅姆提到我們與美洲的一家電力製造商達成了一項新業務，對嗎？

So that's going to help the backlog in the out years, right? So, it's really a mix of timing program specific. But yes, over time, I would think that we would gravitate towards what I'd say, a more regional view where we'd be performing with market.

那麼這將有助於解決未來幾年的積壓問題，對嗎？因此，它實際上是特定計時程序的混合。但是的，隨著時間的推移，我認為我們會傾向於我所說的更區域化的視角，即我們會與市場一起表現。

I'd also mention that we do extremely well with the Japanese OEMs, right? So again, that's another benefit for us, right, when I look at our customer mix within the Americas. So really a mix there. But over the long-term, we still see continued business performance for the region going irrespective of where the volumes are going. And I think what you saw in '24 was a good example of that where volumes came down, but business performance continued to improve. And again, we're expecting that again in '25 for the region.

我還想說一下，我們與日本 OEM 的合作非常好，對嗎？所以，當我查看我們在美洲的客戶組合時，這對我們來說是另一個好處。因此，那裡確實存在混合體。但從長遠來看，無論銷量如何，我們仍然看到該地區的業務表現持續成長。我認為您在 24 年看到的情況就是一個很好的例子，雖然銷量下降了，但業務績效卻持續改善。我們再次預計該地區在25年將再次出現這種情況。

And the other thing I would say for the Americas, and then we'll touch on Europe a little bit. For the Americas, we've been very transparent, Emmanuel, is that we will continue to wind down third-party metals. So, this year, there's the wind off of the large metals program in the Americas associated with a contract there that was supposed to sunset last year.

我想說的另一件事是有關美洲，然後我們稍微談談歐洲。對於美洲，我們已經非常透明了，伊曼紐爾，我們將繼續減少第三方金屬。因此，今年，美洲大型金屬計畫受到當地一份合約的拖累，而該合約原本應該在去年到期。

It will finally sunset this year. So, there is between now and call it, 2028 or so, there's about, call it, $300 million to $400 million of third-party metals that will wind off in the Americas. That is -- in that sales line that is purposely being wound off that actually will be incremental in terms of margin profile for the region. And we've always been very transparent about that, and we expect that to happen, and that will be a good thing for the Americas region.

它終於將於今年落幕。因此，從現在到 2028 年左右，美洲將有價值約 3 億至 4 億美元的第三方金屬被淘汰。也就是說，有意取消的銷售線實際上會對該地區的利潤率產生增量作用。我們對此一直非常透明，我們期待這種情況發生，這對美洲地區來說是一件好事。

With respect to Europe, and Europe's underperformance versus the broader S&P, some of that is secular in nature. It's given there's some launches within the region as one of our customers, in particular, is winding off their small vehicle architecture.

就歐洲而言，以及歐洲相對於標準普爾指數的表現不佳，其中有些是長期性的。由於我們的一位客戶正在逐步淘汰其小型車架構，因此該地區有一些產品發布。

There's a lull that they then wind down the next vehicle in Germany and in Hungary. Some of that is also -- we talked about divestitures of non-core assets. There's the planning of some of those divestitures baked into that number this year as we're winding some of those off that lead to the underperformance that's shown there. So, it's a mix.

在他們暫停生產後，下一輛汽車將在德國和匈牙利停產。其中有些也是──我們談到了非核心資產的剝離。今年，我們將計劃剝離一些資產，這些資產剝離已經包含在該數字中，因為我們正在逐步剝離一些導致業績不佳的資產。因此，這是一種混合。

I mean, we would expect Europe, as Mark said, to also return to kind of in line from that standpoint as we look out into the longer term. So, some of that within Europe is one driven from a large launch this year, where there's a lull in the program in the B&C segment, but then also some of the divestiture within the region that we're planning for one of the sites.

我的意思是，正如馬克所說，從長遠來看，我們預計歐洲也將從這個角度回歸到一致。因此，歐洲境內的部分業務成長是由今年的一次大規模發布所推動的，B＆C 部門的計劃暫時處於停滯狀態，但同時也與我們計劃在其中一個站點進行的該地區的部分業務剝離有關。

That's a lot of great color. Thank you. And then as a follow-up, as I look at your cost performance for next year, $100 million. Would you be able to give some rough breakdown of what buckets would be part of it? Specifically, you just mentioned, again, the roll-off of some metals business. What portion of it this accounts for?

那些顏色真漂亮。謝謝。然後作為後續問題，當我查看您明年的成本績效時，是 1 億美元。您能否粗略地分解哪些儲存桶是其中的一部分？具體來說，您剛才再次提到了一些金屬業務的退出。這佔了多少比例？

Yes. I think when I look at that overall, obviously, when I look at our business performance, there's a lot of things that go in that bucket, Emmanuel. Obviously, there's freight, there's continuous improvement. There's what we're doing on the launch and tooling aspect, right, ops waste.

是的。我認為，當我從整體上看時，顯然，當我看我們的業務表現時，有很多事情都歸於這一類，伊曼紐爾。顯然，有貨運，有持續改進。這就是我們在發布和工具方面所做的工作，對的，操作浪費。

Those are all the positive, but I would say what we control. In addition to that, you will have an impact of, let's just say, the metals -- lower performing metals business in Americas rolling off this year, which helps.

這些都是正面的，但我想說什麼是我們能控制的。除此之外，你還會受到金屬業務的影響——比如說，美洲表現較差的金屬業務今年將停止運營，這會有所幫助。

I won't break each of those buckets out. But again, I look at it as pretty much what we were able to do in '24 continues into '25, more of the same, just as we're focused on the cost environment and then getting the tailwind from certain of those underperforming platforms rolling off.

我不會把這些桶子都打破。但是，我再次認為，我們在24年所做的事情基本上會延續到25年，情況會大致相同，就像我們專注於成本環境，然後從某些表現不佳的平台的退出中獲得順風一樣。

Got it. Thank you.

知道了。謝謝。

Thank you.

謝謝。

James Picariello, BNP Paribas.

法國巴黎銀行的詹姆斯·皮卡里洛（James Picariello）。

Hi, everybody. Just on the EMEA margins for the year representing trough. Can you just help dimension, the magnitude on this and particularly for the first half, which sounds to be the most challenged on a year-over-year basis, just how to be thinking about the margin degradation? Thanks.

大家好。今年 EMEA 地區的利潤率恰好處於低谷。您能否幫助衡量一下這個問題的嚴重程度，特別是對於上半年而言，這聽起來是年比來看最具挑戰性的，您如何看待利潤率的下降？謝謝。

Yes. So James, obviously, volume is going to be another impact for EMEA as we look out into 2025. We did indicate that we do expect to have positive business performance in the region. So again, the team is working hard just in terms of launch, what we're doing, continuous improvement, clearly certain of what I'd say, the customer-driven costs that impacted us in '24.

是的。因此，詹姆斯，顯然，展望 2025 年，銷量將對 EMEA 產生另一個影響。我們確實表示過，我們確實期望在該地區取得積極的業務表現。所以再說一次，團隊正在努力工作，只是在發布、我們正在做的事情、持續改進方面，顯然我所說的客戶驅動的成本在'24年對我們產生了影響。

So as customers didn't run at rate as they stopped production, right, we had trapped labor. Those improve as we get into '25. So, I think that becomes a tailwind in '25. But again, the impact from the lower volumes over there, and we've called that out, call it, about a 5% reduction in overall production. Clearly, the volume impact on the EBITDA is going to be the biggest driver.

因此，當客戶停止生產時，沒有按時生產，我們就陷入了勞動力困境。當我們進入 25 年後，這些情況會得到改善。所以，我認為這將成為25年的順風。但是，我們再次指出，那邊的產量較低造成了影響，我們已經指出，總產量大約減少了 5%。顯然，銷量對 EBITDA 的影響將成為最大的驅動因素。

Okay. And on your China Asia-Pac sales outlook, it looks like you're calling for 6 points of outgrowth. Just curious what drives the confidence on this? Because if we do look back to last year's guidance at the beginning of the year, I believe Asia-Pac was supposed to outperform the market by mid single digits thereabout, which didn't necessarily play out.

好的。關於中國亞太地區的銷售前景，您預計將實現 6 個百分點的成長。只是好奇是什麼推動了這種信心？因為如果我們回顧去年年初的指引，我相信亞太地區的表現應該比市場高出中等個位數，但這不一定能實現。

I think we all can appreciate the severe industry volatility over the last 12 months, no question about that. But can you just speak to what the downside surprises were last year for Asia growth, if you agree with that assessment? And what's set up to be different this time around? Thanks.

我想我們都能體會過去 12 個月產業的劇烈波動，這是毫無疑問的。但是，如果您同意這項評估，您能否談談去年亞洲經濟成長的意外下行趨勢是什麼？那麼這次有什麼不同呢？謝謝。

Yes. I mean, I think what played out differently last year versus what we thought, and very fair question is imports versus exports. When -- last year, a lot of the growth that occurred in the region or a lot of the production because there wasn't much growth, a lot of the production in the region came from exports versus pure domestic production.

是的。我的意思是，我認為去年的情況與我們想像的不同，一個非常合理的問題是進口與出口。去年，該地區的許多增長或許多生產由於沒有太多增長，該地區的許多生產來自出口，而不是純粹的國內生產。

We weren't very strong on some of the export vehicle lines, especially from BYD who is exporting significantly. We get that through our equity income partners, as I mentioned earlier, and some of the Geely platforms.

我們在一些出口汽車產品線上的表現並不十分強勁，尤其是出口量很大的比亞迪。正如我之前提到的，我們透過股權收益合作夥伴和一些吉利平台獲得這些收益。

This year, when we look at that 7% outgrowth, we're 100% booked in the region. We've already considered what we saw last year, that mix between domestic versus exports. So a lot of that's now baked into both the S&P forecast and our own market intelligence that we have in there.

今年，我們看到 7% 的成長率，我們在該地區的預訂率是 100%。我們已經考慮了去年看到的情況，即國內與出口的組合。因此，其中許多內容現在都已融入標準普爾預測和我們自己的市場情報中。

So I think we're smarter going into this year when we've looked at that mix between domestic versus internal consumption within the region, the mix of customers. So I think we just have more market intelligence going into this year than we did last year and the natural mix that we expect to see.

因此，我認為，當我們考慮今年該地區的國內消費和內部消費的組合以及客戶組合時，我們會更加明智。因此，我認為，今年我們擁有的市場情報比去年更多，我們預計會看到更多的自然組合。

That's not to say we can't be surprised. There may be another dynamic that comes up. I think as everyone is aware, China is pushing through a stimulus package. We haven't seen exactly what that will be. They released one about two months ago, didn't necessarily have a significant effect.

但這並不是說我們不能感到驚訝。可能還會出現另一種動態情況。我想大家都知道，中國正在推行經濟刺激計畫。我們還沒看到究竟會發生什麼事。他們大約兩個月前發布了一個版本，但不一定會產生顯著的效果。

They're readying another one. That may have an impact on what that mix could be or will be. So there could be some changes around the edges. But based on the latest intelligence we have, considering the dynamics that took place last year, I think we have a good deal of confidence in that 6% outgrowth of market.

他們正在準備另一個。這可能會對混合物的現狀或未來產生影響。因此邊緣可能會發生一些變化。但根據我們掌握的最新情報，考慮到去年的動態，我認為我們對市場 6% 的成長率非常有信心。

Appreciate it. Thanks.

非常感謝。謝謝。

Thank you.

謝謝。

Operator, we are going to end the call now. I know there's a couple of people still in queue. Please feel free to reach out to me, and we will follow up after the call. I want to thank everybody for their participation on this call.

接線員，我們現在要結束通話。我知道還有幾個人在排隊。請隨時與我聯繫，我們將在通話後進行跟進。我要感謝大家參加本次電話會議。

Jerome, any closing remarks you want to add?

傑羅姆，您還有什麼要補充的嗎？

No. I mean, first of all, for the Adient team that's on the call, I want to thank everyone for a very hard-fought fiscal year '24. It wasn't easy in the face of all the volume challenges. To all of our shareholders, thank you very much for your confidence and participation with the Adient team and the Adient shares. And then to all the analysts, thank you for all the questions today.

不。我的意思是，首先，對於參加電話會議的 Adient 團隊，我要感謝大家度過了非常艱苦的 24 財年。面對所有數量挑戰，這並不容易。致我們所有的股東，非常感謝你們對 Adient 團隊和 Adient 股份的信任和參與。最後，感謝所有分析師今天提出的所有問題。

And as Mike said, please feel free to reach out to Mike or Mark. And if you have any follow-on questions, certainly feel free to set time, and we're always glad to walk you through Adient and articulate what makes us special. Thank you very much.

正如麥克所說，請隨時聯繫麥克或馬克。如果您有任何後續問題，請隨時安排時間，我們非常樂意帶您了解 Adient 並闡明我們的特殊之處。非常感謝。

Thanks, everyone.

謝謝大家。

That concludes today's conference. Thank you for participating. You may disconnect at this time.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線。