Adient PLC (ADNT) 2025 Q2 法說會逐字稿

Welcome and thank you for standing by. (Operator Instructions) Today's conference is being recorded.(Operator Instructions)

歡迎您並感謝您的支持。（操作員指示）今天的會議正在錄音。 （操作員指示）

I will now turn the meeting over to Michael Heifler. Thank you, sir. You may begin.

現在我將會議交給麥可·海夫勒。謝謝您，先生。你可以開始了。

Thank you, Denise. 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. 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，丹尼斯。大家早安，感謝大家的收看。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，我與 Adient 總裁兼執行長 Jerome Dorlack 一起出席了會議；以及我們的執行副總裁兼財務長 Mark Oswald。

On today's call, Jerome will provide an update on the business. Mark will then review our Q2 financial results and our outlook for the second half of our fiscal year. After our prepared remarks, we will open the call to your questions. 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.

在今天的電話會議上，傑羅姆將提供有關業務的最新進展。然後，馬克將回顧我們的第二季財務業績以及我們對財政年度下半年的展望。在我們準備好發言之後，我們將開始回答您的問題。在我將電話轉給傑羅姆和馬克之前，我想談幾點。首先，今天的電話會議將包括前瞻性陳述。

These statements are based on the environment as we see it today and therefore, involve risks and uncertainties. We I would caution you that our actual results could differ materially from these forward-looking statements made on the call. Please refer to slide 2 of the presentation for our complete Safe Harbor Statement.

這些聲明是基於我們今天所看到的環境，因此涉及風險和不確定性。我們要提醒您，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。請參閱簡報的第 2 張投影片，以了解我們的完整安全港聲明。

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

除了按照 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 指標的對帳可以在我們完整的收益報告附錄中找到。

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 today. We will review our strong second quarter results, share our perspectives and analysis on tariffs and explain how we are addressing the situation through leveraging our global footprint and working with our customers to add value.

謝謝，麥克。大家早安，感謝大家今天加入我們。我們將回顧我們強勁的第二季業績，分享我們對關稅的看法和分析，並解釋我們如何透過利用我們的全球影響力並與客戶合作來增加價值來應對這種情況。

High level, the Adient business model is strong and resilient, and our team has built positive momentum going into the second half of fiscal 2025. I will walk you through these topics in more detail and then turn it over to Mark to review the Q2 financials and dynamics for the balance of the year.

總體而言，Adient 的業務模式強大且富有彈性，我們的團隊已經為 2025 財年下半年建立了積極的勢頭。我將向您更詳細地介紹這些主題，然後將其交給馬克來審查今年第二季的財務狀況和動態。

Turning now to slide 4. Our positive momentum accelerated in Q2 with improved business performance versus a year ago across all regions, allowing us to mitigate ongoing customer volume and mix headwinds in EMEA and Asia.

現在翻到幻燈片 4。我們第二季的積極動能加速，所有地區的業務表現均比去年同期有所改善，這使我們能夠緩解歐洲、中東和非洲地區以及亞洲持續的客戶量和混合不利因素。

In Americas, we outperformed industry volumes and saw strong year over year margin improvement as we drove additional efficiencies and had favorable comparisons with last year's heavy launch calendar. As a result, we were able to improve total company adjusted EBITDA margins by 40 basis points. We achieved $233 million of adjusted EBITDA.

在美洲，我們的業績超出了行業平均水平，利潤率同比大幅提升，因為我們提高了效率，而且與去年的大量新品發布日程相比，我們的業績表現也十分出色。結果，我們能夠將公司調整後的 EBITDA 利潤率提高 40 個基點。我們實現了 2.33 億美元的調整後 EBITDA。

Importantly, Q2 results underscore the Adient team's deep commitment to operational excellence and solid execution and demonstrate the resilience of our operating model during times of volume pressure and macro volatility.

重要的是，第二季的業績凸顯了 Adient 團隊對卓越營運和穩健執行的堅定承諾，並展示了我們的營運模式在銷售壓力和宏觀波動時期的彈性。

In fact, looking at our Q2 performance over a three year period, our EBITDA results have improved by $18 million and our margins have expanded 90 basis points on $300 million of lower sales. While lower customer volumes have played a significant role, we have also made a conscious decision to focus on more profitable business and to invest in innovation, automation, modularity and other efficiency measures. This strategy is paying off with a stronger, more profitable business that is well positioned to take advantage of future volume improvements.

事實上，回顧我們三年來第二季的業績，我們的 EBITDA 結果提高了 1800 萬美元，利潤率在銷售額下降 3 億美元的情況下擴大了 90 個基點。雖然客戶數量減少是造成這一現象的主要原因，但我們也做出了明智的決定，專注於更有利可圖的業務，並投資於創新、自動化、模組化和其他效率措施。這項策略已取得成效，公司業務更加強大，獲利能力更強，並且能夠充分利用未來銷量的成長。

Free cash flow in Q2 was in line with internal expectations, reflecting normal seasonality and timing differences between Q1 and in Q2. Importantly, we ended the quarter with a strong cash balance of $754 million and $1.6 billion of liquidity.

第二季的自由現金流符合內部預期，反映了第一季和第二季之間的正常季節性和時間差異。重要的是，我們在本季結束時擁有 7.54 億美元的強勁現金餘額和 16 億美元的流動資金。

The company's ongoing operational excellence combined with innovative seat solutions are helping us win significant new business across all regions. I'll walk you through some of our new business wins in a few slides.

該公司持續的卓越營運與創新的座椅解決方案相結合，幫助我們在所有地區贏得了重要的新業務。我將透過幾張投影片向您介紹我們所取得的一些新業務成果。

External validation of the value we provide and how we operate the business speaks volumes, and I'm proud that our team continues to win broad-based customer and industry recognition. We are focused on delivering best-in-class quality, value and service to our customers. Notably, we have earned our fourth consecutive GM Supplier of the Year award with GM recognizing our transparency and clear communications.

外部對我們提供的價值以及我們經營業務的方式的認可說明了一切，我很自豪我們的團隊繼續贏得廣泛的客戶和行業的認可。我們致力於為客戶提供一流的品質、價值和服務。值得注意的是，我們連續第四次獲得通用汽車年度供應商獎，通用汽車對我們的透明度和清晰的溝通表示認可。

We also won the excellent VA Achievement Award from Toyota Motor North America for excellence in optimizing value by improving performance and reducing costs. Hyundai Motor Group awarded Adient the Best Supplier Award for ESG management. Also Adient China won 11 J.D. Power's Seat Quality awards.

我們也因在透過提高性能和降低成本來優化價值方面的出色表現而榮獲豐田汽車北美公司頒發的卓越 VA 成就獎。現代汽車集團授予 Adient ESG 管理最佳供應商獎。安道拓中國也榮獲了 11 項 J.D. Power 座椅品質獎。

Mark will get into our outlook in more detail in a few minutes. Given our positive momentum and mitigating actions we are taking around tariffs, we are reiterating our fiscal year '25 guidance for revenue and adjusted EBITDA, excluding potential tariff-related volume impacts.

幾分鐘後，馬克將更詳細地介紹我們的展望。鑑於我們在關稅方面的積極勢頭和緩解措施，我們重申 25 財年的收入和調整後 EBITDA 指導，不包括潛在的關稅相關數量影響。

That said, let's discuss the tariff landscape. Adient's exposure and our action plan. Beginning on slide 5, tariff rules and values continue to be fluid. But based on our current interpretation Adient has multiple degrees of freedom to media impacts through resourcing components, engaging with customers to find lower cost alternatives and where there is no alternative negotiating a resolution. We are targeting 100% cost offsets or recoveries with all customers.

話雖如此，讓我們來討論一下關稅情況。Adient 的曝光度和我們的行動計劃。從第 5 張投影片開始，關稅規則和價值繼續改變。但根據我們目前的解讀，安道拓可以透過資源組件、與客戶合作尋找更低成本的替代方案以及在沒有替代方案的情況下協商解決方案來對媒體影響擁有多種自由度。我們的目標是為所有客戶實現 100% 的成本抵銷或回收。

As we begin to look at our exposure, I appreciate that we do not ship complete seats into the US that would fall under Annex 1. Our exposure arises from parts such as recliners, seat transmissions, headrests, electrical components, et cetera. Importantly, nearly 95% of Adient's parts produced in Mexico and Canada and shipped to the US, our USMCA compliant, and nearly all of those parts are not listed in Annex 1 and therefore, not subject to those tariffs.

當我們開始考慮我們的風險敞口時，我很慶幸我們不會將屬於附件 1 的完整座椅運送到美國。我們的接觸點來自躺椅、座椅傳動裝置、頭枕、電氣元件等零件。重要的是，Adient 近 95% 的零件是在墨西哥和加拿大生產並運往美國的，符合 USMCA 的規定，幾乎所有這些零件都沒有列在附件 1 中，因此不受這些關稅的約束。

Adient's key advantage is our unmatched global footprint, which provides us enormous value for our customers in these circumstances. As we were able to quickly resource parts from different locations to significantly reduce tariff exposure. As you can see in the chart on the upper right-hand side, our largest exposure are from goods coming from China and Mexico.

Adient 的核心優勢在於我們無與倫比的全球影響力，這在當前情況下為我們的客戶提供了巨大的價值。因為我們能夠從不同地點快速取得零件，從而顯著降低關稅風險。正如您在右上角的圖表中所看到的，我們最大的風險敞口來自來自中國和墨西哥的商品。

We believe based on current tariff interpretation, our gross monthly tariff exposure is approximately $12 million, $9 million, excluding purchases that are directed by our customers. We have already resolved 75% of our gross position and a roadmap the remaining 25% and are working closely with our customers to close that gap.

我們認為，根據目前的關稅解釋，我們的每月總關稅風險約為 1,200 萬美元，900 萬美元，不包括客戶直接購買的金額。我們已經解決了 75% 的總問題，並製定了剩餘 25% 的路線圖，並且正在與客戶密切合作以彌補這一差距。

Turning now to slide 6. As I mentioned earlier, we are targeting 100% resolution. Our objective is to work with all our customers to create value for them and to reduce overall tariff exposure. In addition to providing long-term sustainable solutions.

現在翻到幻燈片 6。正如我之前提到的，我們的目標是 100% 的分辨率。我們的目標是與所有客戶合作，為他們創造價值並降低整體關稅風險。除了提供長期可持續的解決方案。

Our general view is that historical shocks like the great financial crisis, COVID, supply chain shortages, et cetera, were acute crises as the industry collectively worked through to get back to normal, but tariffs could drive a fundamental reset with definitive winners and losers.

我們總體上認為，歷史上發生的諸如金融危機、新冠疫情、供應鏈短缺等衝擊都是業界共同努力恢復正常的嚴重危機，但關稅可能會引發根本性的重置，最終產生贏家和輸家。

We see Adient as a winner through these changes and are looking for opportunities to grow our business. I would point you to our strengths, including our resourcefulness as scrappy problem solvers, best-in-class global manufacturing footprint our diversified customer relationships, our joint venture network that allows us to quickly help our customers pivot.

我們認為 Adient 是這些變革中的贏家，並且正在尋找發展業務的機會。我想向你們指出我們的優勢，包括我們作為頑強解決問題的足智多謀、一流的全球製造足跡、多樣化的客戶關係、以及使我們能夠快速幫助客戶轉型的合資網絡。

By leveraging our global footprint, utilizing modularity and adding more value in the USMCA zone, we are significantly lowering our tariff exposure. For example, we are assembling a front seat back frame made in Mexico with an imported recliner mechanism. And by adding to that a seat cushion frame produced within the USMCA zone, we are driving a favorable outcome for our customers.

透過利用我們的全球影響力、利用模組化並在 USMCA 區域增加更多價值，我們正在大幅降低關稅風險。例如，我們正在組裝墨西哥製造的前座椅背框架和進口的傾斜機構。透過增加在 USMCA 區域內生產的座墊框架，我們正在為客戶帶來有利的結果。

Some other examples of opportunities we are currently working on with customers include localizing headrest mechanisms currently coming from China, sourcing those into the US and resource and recliner mechanisms from China to either Mexico or Germany. We are also in a strong position to support complete seats for certain of our Japan and German customers who are localizing production into the US.

我們目前正在與客戶合作的其他一些機會包括將目前來自中國的頭枕機製本地化，將其採購到美國，以及將資源和躺椅機制從中國運往墨西哥或德國。我們也能夠為某些正在美國本地化生產的日本和德國客戶提供完整的座椅支援。

In summary, our tariff exposure appears to be manageable. The biggest uncertainty is the magnitude of the tariff impact on volumes. I'll talk more about that later.

總而言之，我們的關稅風險似乎是可控的。最大的不確定性是關稅對產量的影響程度。我稍後會詳細談論這一點。

Next, let me walk you through some of the regional dynamics on slide 7. First, in the Americas, we continue to expand margins and benefit from strong business performance. Our volume mix performance relative to the industry has been strong as key launches in 2024 are now at full run rate.

接下來，讓我在第 7 張投影片上向大家介紹一些區域動態。首先，在美洲，我們的利潤率持續擴大，並受益於強勁的業務表現。由於 2024 年的關鍵產品發布現已全面啟動，因此我們的產量組合表現相對於行業而言一直很強勁。

As mentioned earlier, we are focused on navigating tariff dynamics and driving value for our customers. By doing so, we believe we will capitalize on growth opportunities. We are already seeing certain customers onshoring production.

如前所述，我們專注於引導關稅動態並為客戶創造價值。透過這樣做，我們相信我們將利用成長機會。我們已經看到某些客戶將生產轉移到國內。

Finally, we are realizing benefits from low margin business rolling off such as certain metal platforms, and we expect further margin improvements in the future. In EMEA, we are gaining momentum and seeing improving business performance including realization of restructuring benefits.

最後，我們從某些金屬平台等低利潤業務的推出中獲得了收益，我們預計未來利潤率將進一步提高。在歐洲、中東和非洲地區，我們正在獲得發展動力並看到業務績效的提高，包括重組效益的實現。

The region is winning key programs with European customers as well as developing opportunities with China-based OEMs as they localize. With regards to FX, we have seen some headwinds from cross-currency exposures primarily related to the Polish zloty.

該地區正在贏得歐洲客戶的關鍵項目，並在中國原始設備製造商在地化過程中創造發展機會。就外匯而言，我們看到了交叉貨幣風險帶來的一些阻力，主要與波蘭茲羅提有關。

While production volumes in the quarter were lower, we are seeing more stable production schedules overall. As we have shared in previous quarters, we have been monitoring the situation closely in the region. Given industry headwinds in Europe, combined with the decline in our share price, we have determined a triggering event has occurred and we have recorded a $333 million noncash goodwill impairment this quarter.

雖然本季的產量較低，但總體而言，我們看到生產計劃更加穩定。正如我們在前幾個季度所分享的，我們一直在密切關注該地區的局勢。鑑於歐洲的行業逆風，加上我們股價的下跌，我們確定已經發生了觸發事件，並且本季度我們記錄了 3.33 億美元的非現金商譽減值。

In Asia, the team continues to drive strong business performance while we expect near-term pressure on China revenue, we believe this to be temporary as new business with local China OEMs are expected to drive growth. Our strong relationships and footprint in China are helping us win more business this year, and we expect to capitalize on China OEM growth broad. In short, we see strong business performance, mitigating near-term volume mix and headwinds as well as macro uncertainty.

在亞洲，該團隊繼續推動強勁的業務表現，儘管我們預計中國收入短期內將面臨壓力，但我們認為這只是暫時的，因為與中國本土原始設備製造商的新業務預計將推動成長。我們在中國建立的牢固關係和影響力將幫助我們今年贏得更多業務，我們希望充分利用中國 OEM 成長的機會。簡而言之，我們看到強勁的業務表現，緩解近期的交易量組合和不利因素以及宏觀不確定性。

Next, let me turn to new business wins and launches on slide 8. We continue to prioritize winning the right business and executing successful launches. Our business awards this quarter demonstrate further growth with China local OEMs and an enhancement to our global customer relationships.

接下來，讓我轉到投影片 8 上的新業務勝利和發布。我們繼續優先考慮贏得正確的業務並成功發布產品。本季我們榮獲的業務獎項顯示我們與中國本土原始設備製造商的關係進一步成長，全球客戶關係也得到加強。

I would like to highlight the new business with FAW Hongqi H5, which is a complete seat system as well as the replacement complete seats for the Kia K5 midsized sedan and the replacement business on the Ram 1500 for metals and foam.

我想重點介紹與一汽紅旗H5的新業務，這是一套完整的座椅系統，以及起亞K5中型轎車的替換完整座椅和Ram 1500的金屬和泡沫替換業務。

As you can see on the right-hand side of the slide, we are launching on several key platforms around the globe. 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.

正如您在幻燈片右側看到的，我們正在全球幾個主要平台上推出。我們在多項新產品發布中表現出的高水準執行力是我們贏得新業務的基礎。我們將繼續為客戶提供安全、品質和準時交貨的指標。

Turning to slide 9. We are leveraging our emphasis on product innovation and automation to support our customers. This is a large enabler of growth with China OEMs globally. Our recent expansion of Adient's China technical center in Chongqing reinforces our leadership in electrification and smartification driving developments on innovation and automotive seating solutions.

翻到第 9 張投影片。我們正在利用對產品創新和自動化的重視來支持我們的客戶。這對中國原始設備製造商在全球範圍內的成長起到了巨大的推動作用。我們最近擴建了位於重慶的安道拓中國技術中心，鞏固了我們在電氣化和智慧化領域的領導地位，推動了創新和汽車座椅解決方案的發展。

We are developing cutting-edge automation equipment and processes utilized at Adient operations around the world, including automated cobots, AI visual inspection, automated steaming and sowing and more. This is a key differentiator for Adient to support local China OEMs as they expand their footprint outside of China.

我們正在開發 Adient 在世界各地的營運中使用的尖端自動化設備和流程，包括自動化協作機器人、AI 視覺檢查、自動化蒸煮和播種等。這是安道拓支持中國本土汽車製造商拓展海外業務的關鍵優勢。

Additionally, Adient's first mechanical massage system was successfully launched with GAC's Trumpchi's new PHEV model M8 during the 2025 Shanghai Auto Show. The mechanical massage system is a first of its kind, innovative product that more effectively relieves occupant fatigue versus traditional pneumatic message.

此外，安道拓首款機械按摩系統在2025上海車展上搭載廣汽傳祺全新PHEV車型M8成功上市。機械按摩系統是同類產品中的首創，與傳統氣動按摩相比，它能更有效地緩解乘客的疲勞。

We have a video embedded in our earnings deck that I would encourage you to watch. We believe these investments will strengthen our growth momentum with China-based OEMs and enable business wins beyond China and Southeast Asia and European markets. We are also seeing significant BYD and export growth through our KIEPER joint venture today. We continue to win business with domestic and China OEMs, which represent approximately three quarters of our new book of business in China.

我們的收益報告中嵌入了一段視頻，我鼓勵您觀看。我們相信，這些投資將增強我們與中國原始設備製造商的成長勢頭，並使我們在中國、東南亞和歐洲市場以外贏得業務。目前，我們也看到比亞迪和出口透過我們的 KIEPER 合資企業實現了顯著成長。我們繼續贏得國內和中國原始設備製造商的業務，這些業務約占我們在中國新業務的四分之三。

And finally, moving to our key takeaways on slide 10. The Adient team achieved strong Q2 results, and we are seeing positive momentum though there is significant certainty around volumes in H2 due to tariff policies, which I will speak to later. Tariff headwinds appear manageable, and we have a comprehensive action plan to mitigate those headwinds with more than 75% already achieved.

最後，我們來看看第 10 張投影片上的重點內容。Adient 團隊在第二季度取得了強勁的業績，我們看到了積極的勢頭，儘管由於關稅政策，下半年的銷量具有很大的確定性，我稍後會談到這一點。關稅阻力似乎是可控的，我們有一個全面的行動計畫來緩解這些阻力，目前已達到 75% 以上的目標。

We are executing plans to drive value to our customers and capitalize on opportunities. We remain committed to driving higher levels of business performance, to mitigate those headwinds and Adient has a solid track record of successfully managing through turbulent times and has a strong balance sheet and liquidity with no near-term debt maturities. We intend to capitalize on opportunities arising from changing industry dynamics.

我們正在實施計劃，為客戶創造價值並利用機會。我們將繼續致力於推動更高水準的業務績效，以減輕這些不利因素，而 Adient 在成功度過動盪時期方面有著良好的記錄，並且擁有強大的資產負債表和流動性，沒有短期債務到期。我們打算利用不斷變化的行業動態所帶來的機會。

Now I'd like to turn it over to Mark to take you through our financials and our outlook.

現在我想讓馬克向大家介紹我們的財務狀況和前景。

Thanks, Jerome. Let's jump into the financials on Slide 12. 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 excludes special items that we view as either onetime in nature or otherwise skew important trends in underlying performance.

謝謝，傑羅姆。讓我們看看第 12 張投影片上的財務狀況。依照我們的典型格式，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。這不包括我們認為是一次性的或扭曲基本業績重要趨勢的特殊項目。

One item to note, as Jerome mentioned earlier, was a triggering event, which occurred during the quarter, which required a quantitative impairment analysis, primarily due to the significant decline in the market value of Adient shares, resulting from uncertainties surrounding vehicle production volumes amongst other factors.

正如傑羅姆之前提到的，需要注意的一點是本季度發生的觸發事件，需要進行定量減值分析，這主要是由於安道拓股票的市值大幅下跌，而這主要是由於圍繞汽車產量的不確定性等因素造成的。

As a result of the quantitative assessment, a $333 million noncash goodwill impairment was recorded in the EMEA reporting unit. Details of all adjustments for the quarter are included in the appendix of the presentation. Moving on, high level for the quarter. Adjusted EBITDA for the quarter was $233 million, up 3% year on year. We expanded EBITDA margins 40 basis points year over year to 6.5%. This improvement reflected outstanding business performance in the quarter despite a $139 million decrease in revenue from lower customer volumes and FX versus a year ago.

定量評估的結果顯示，EMEA 報告單位記錄了 3.33 億美元的非現金商譽減損。本季度所有調整的詳細資訊均包含在簡報的附錄中。繼續前進，本季的水平很高。本季調整後EBITDA為2.33億美元，年增3%。我們將 EBITDA 利潤率年增 40 個基點，達到 6.5%。儘管由於客戶數量和外匯減少，收入與去年同期相比減少了 1.39 億美元，但這一改善反映了本季出色的業務表現。

As Jerome mentioned, we continue to demonstrate the resilience of the Adient operating model and ability to mitigate external pressures. Worth noting that our underlying equity income remains quite strong, particularly in our Asia Pacific segment despite this quarter's results being negatively impacted by $6 million from the same period a year ago due to the restructured pricing agreement with an Adient's KEIPER joint venture.

正如傑羅姆所提到的，我們繼續展示安道拓營運模式的彈性和緩解外部壓力的能力。值得注意的是，儘管由於與 Adient 的 KEIPER 合資企業調整了定價協議，本季度的業績較去年同期受到了 600 萬美元的負面影響，但我們的基礎股權收入仍然相當強勁，特別是在亞太地區。

Adient reported adjusted net income of $58 million or $0.69 per share. I'll cover the next few slides rather quickly, since details for the results are included on the slide. This should ensure we have adequate time for Q&A.

Adient 報告調整後淨收入為 5,800 萬美元，即每股 0.69 美元。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問答。

Starting with revenue on slide 13. We reported consolidated sales of approximately $3.6 billion, a decrease of $139 million compared with Q2 fiscal year '24. The primary driver of the year on year decrease was lower volumes of $90 million, resulting from lower customer production, FX was also a $49 million headwind in the quarter. Focusing on the right-hand side of the slide, Adient's consolidated sales were higher in Americas and lower in EMEA and Asia year on year.

從第 13 張投影片的收入開始。我們報告的綜合銷售額約為 36 億美元，與 24 財年第二季相比減少了 1.39 億美元。年比下降的主要原因是客戶產量下降導致交易量減少 9,000 萬美元，外匯也是本季 4,900 萬美元的阻力。著眼於幻燈片的右側，安道拓的綜合銷售額在美洲同比增長，而在 EMEA 和亞洲則下降。

In the Americas, higher sales versus industry were driven by favorable comparisons with a year ago when many of our key customer programs we're launching at low volumes, such as GM's large three road crossover in the Toyota Tacoma.

在美洲，與行業相比，銷售額有所增長，這是由於與一年前相比情況良好，當時我們推出的許多主要客戶項目都是低產量的，例如通用汽車的豐田塔科馬大型三路跨界車。

In Europe, we were negatively impacted by overall weaker market demand. Sales were in line with the market. And in our APAC region, sales in China underperformed industry production, primarily due to lower volumes from our traditional luxury OEM customers, including Volvo and GAC. We continue to outperform the industry in Asia outside of China due to new customer launches, which occurred in the second half of 2024, which are now reaching full run rate volumes. Regarding Adient's unconsolidated seating revenue, year on year results were down 6% adjusted for FX.

在歐洲，我們受到整體市場需求疲軟的負面影響。銷售額與市場一致。在我們的亞太地區，中國的銷售不及行業產量，主要原因是我們的傳統豪華汽車 OEM 客戶（包括沃爾沃和廣汽）的銷售下降。由於 2024 年下半年新客戶的加入，我們在中國以外的亞洲地區持續表現優於產業，目前新客戶的產量已達到滿載運轉。就 Adient 的非合併座椅收入而言，經外匯調整後，年比業績下降了 6%。

Revenue in North America was lower due to a joint venture rationalization which was partially offset by growth in Europe of our Diniz joint venture in Turkey. Sales in China were up year on year, mainly due to growth with BYD and exports through our KIEPER joint venture as well as increased sales within the CFA joint venture.

由於合資企業合理化，北美地區的收入有所下降，但這一下降被我們位於土耳其的 Diniz 合資企業在歐洲的成長所部分抵消。中國市場的銷售額年增，主要得益於比亞迪的成長、透過我們的 KIEPER 合資企業出口以及 CFA 合資企業銷售額的成長。

Moving to slide 14. We provided a bridge of adjusted EBITDA to show the performance of our segments between periods. Adjusted EBITDA was up 3% at $233 million. The primary driver of the year on year comparison are detailed on the page.

移至投影片 14。我們提供了調整後的 EBITDA 橋樑來展示我們各部門在不同時期的表現。調整後的 EBITDA 成長 3%，達到 2.33 億美元。同比的主要驅動因素已在頁面上詳細說明。

The Adient team drove improved business performance of $37 million primarily resulting from better net material margin and reduced operating costs, including lower launch costs. The improved business performance was partially offset by volume and mix which was a $6 million headwind driven by lower customer vehicle production in EMEA and the Asia region, specifically in China.

Adient 團隊推動業務績效提高 3,700 萬美元，這主要得益於淨材料利潤率的提高和營運成本的降低，包括發射成本的降低。業務業績的改善被銷量和產品組合部分抵消，這是由於歐洲、中東和非洲地區以及亞洲地區（特別是中國）的客戶汽車產量下降造成的 600 萬美元的不利因素。

FX was a $10 million headwind, mostly from transactional impacts in EMEA and Americas. And finally, we incurred a net commodity headwind of $15 million in Q2, primarily driven by the timing of recoveries. 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 $15 million in Q2 was primarily driven by favorable commercial actions, lower input costs and lower launch costs.

外匯造成了 1000 萬美元的不利影響，主要來自歐洲、中東和非洲地區以及美洲的交易影響。最後，我們在第二季遭遇了 1500 萬美元的淨商品逆風，主要原因是復甦時機不佳。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。高水平，美洲第二季業務業績改善 1500 萬美元，主要得益於有利的商業行動、較低的投入成本和較低的發射成本。

Tariffs were a $9 million headwind during the quarter which we expect to mostly recover in the second half of 2025. nonrecurrence of certain discretionary compensation measures, which occurred in fiscal year '24 adversely impacted the year on year comparison.

本季度，關稅造成了 900 萬美元的不利影響，我們預計該影響將在 2025 年下半年基本恢復。 24 財年未採取某些自由裁量補償措施，對年比產生了不利影響。

Volume and mix was a tailwind of $13 million, benefiting from a stronger production of high content programs during the quarter, consistent to what we saw in Q1 of this year. Production tracked is expected as we entered the quarter. Notably, we did not see any meaningful overtime or additional shifts added by our customers in our products that would point to the pull forward of production. Commodities were a $9 million headwind driven by the timing of recoveries.

數量和組合是 1300 萬美元的順風，受益於本季度高內容節目的更強勁製作，與我們今年第一季看到的情況一致。進入本季後，預計產量將有所回升。值得注意的是，我們並未看到客戶在我們的產品上增加任何有意義的加班或額外輪班，這表明生產提前了。由於復甦時機的緣故，大宗商品價格遭遇了 900 萬美元的逆風。

Specifically, lower absolute costs in '25 resulted in less recoveries in Q2 of this year versus Q2 2024. In EMEA, year over year results were influenced by lower volume mix, which negatively impacted the quarter by $9 million. FX was a $7 million headwind, primarily driven by transactional exposure from the Polish zloty, and commodities were a $6 million headwind due to the timing of recoveries.

具體而言，25 年絕對成本較低，導致今年第二季的回收額低於 2024 年第二季。在歐洲、中東和非洲地區，年比業績受到銷售組合較低影響，對本季造成 900 萬美元的負面影響。特效是 700 萬美元的逆風，主要受波蘭茲羅提的交易風險影響，而大宗商品則因復甦時機而造成 600 萬美元的逆風。

Business performance accelerated to $16 million in Q2, partially offsetting the headwinds and was driven by better net material margin and operating performance, including the benefits of restructuring actions. As we have previously outlined, we are taking significant steps to adjust our costs in Europe, and are studying opportunities to pull forward some rationalization actions in a prudent manner.

第二季業務業績加速至 1,600 萬美元，部分抵消了不利因素，並受到更好的淨材料利潤率和營運業績（包括重組行動帶來的好處）的推動。正如我們之前所概述的，我們正在採取重大措施調整我們在歐洲的成本，並正在研究以審慎的方式推進一些合理化行動的機會。

In EMEA, we continue to focus on driving additional operating efficiencies, restructuring and executing our plan, which includes the roll-off of lower-performing metals business and the start of production of better margin new business. which we believe will inflect positively in 2026.

在歐洲、中東和非洲地區，我們繼續專注於提高營運效率、重組和執行我們的計劃，其中包括淘汰業績較差的金屬業務並啟動利潤率更高的新業務。我們相信這將在 2026 年產生積極影響。

Moving on in Asia. Our results were generally flat year on year, with positive business performance being offset by lower volumes and mix. In summary, the company continues to drive improved business performance across all regions, which we expect to continue in the second half of 2025.

在亞洲繼續前進。我們的業績與去年同期基本持平，積極的業務表現被銷售和產品組合的下降所抵消。總而言之，公司繼續推動所有地區業務績效的提升，我們預計這種勢頭將在 2025 年下半年持續下去。

Let me now shift to our cash, liquidity and capital structure on slides 15 and 16. Starting with cash on slide 15. For the quarter, free cash flow defined as operating cash flow less CapEx, was an outflow of $90 million. As Jerome mentioned earlier, this was in line with our expectations and reflects timing and normal first half seasonality as we typically have first half outflows and are cash generative in the second half of the year.

現在讓我轉到第 15 和 16 張投影片上的現金、流動性和資本結構。從幻燈片 15 上的現金開始。本季度，自由現金流（定義為經營現金流減去資本支出）流出 9,000 萬美元。正如傑羅姆之前提到的，這符合我們的預期，反映了時間和正常的上半年季節性，因為我們通常上半年有資金流出，下半年有現金產生。

H1 cash performance is consistent year over year after considering restructuring cash costs, particularly in Europe. In Q2, we incurred $33 million of cash restructuring. During the quarter, we also spent $8 million in consulting fees associated with strategic planning related to optimizing our business portfolio as we continue to consider actions to create shareholder value.

考慮重組現金成本後，上半年現金表現與去年同期持平，尤其是在歐洲。第二季度，我們進行了 3,300 萬美元的現金重組。本季度，我們也花了 800 萬美元與優化業務組合相關的策略規劃諮詢費，我們將繼續考慮採取行動來創造股東價值。

I would note that while these fees are included in our cash flow, they are excluded from our adjusted EBITDA. We continue to expect solid free cash conversion in fiscal 2025. One last point and called out on the slide, Adient continues to utilize various factoring programs as a low-cost source of liquidity. At March 31, 2025, we had $170 million of factor receivables, consistent with last year's second quarter.

我要指出的是，雖然這些費用包含在我們的現金流量中，但它們不包含在我們的調整後 EBITDA 中。我們繼續預計 2025 財年將實現穩健的自由現金轉換。最後一點，在投影片中提到，Adient 持續利用各種保理計畫作為低成本的流動資金來源。截至 2025 年 3 月 31 日，我們的應收帳款總額為 1.7 億美元，與去年第二季持平。

Flipping to slide 16. As noted on the right-hand side of the slide, in continues to proactively manage its debt maturity profile with no near-term maturities. We successfully refinanced $795 million senior unsecured notes due 2026 during the quarter, issuing new notes with a 2033 maturity, therefore, extending our average maturity profile from four years to just over six years. Adient is committed to being good stewards of capital while maintaining a strong balance sheet, ensuring efficient allocation of resources and ample liquidity.

翻到幻燈片 16。如幻燈片右側所示，該公司繼續積極管理其債務到期狀況，沒有短期到期債務。我們在本季成功為 2026 年到期的 7.95 億美元優先無擔保票據進行再融資，發行了 2033 年到期的新票據，因此將我們的平均到期期限從 4 年延長至 6 年多一點。Adient 致力於成為優秀的資本管理者，同時保持強勁的資產負債表，確保高效配置資源和充足的流動性。

Turning to our balance sheet. Adient's debt and net debt position totaled about $2.4 billion and $1.6 billion, respectively, at March 31, 2025. The company's net leverage at March 31 was 1.9 times, within our targeted range of 1.5 times to 2 times. Total liquidity for the company was about $1.6 billion at March 31, comprised of $754 million of cash on hand and $843 million of undrawn capacity under Adient's revolving line of credit.

轉向我們的資產負債表。截至 2025 年 3 月 31 日，安道拓的債務和淨債務總額分別約為 24 億美元和 16 億美元。該公司3月31日的淨槓桿率為1.9倍，在我們設定的1.5倍至2倍的目標範圍內。截至 3 月 31 日，該公司的總流動資金約為 16 億美元，其中包括 7.54 億美元的庫存現金和 Adient 循環信貸額度下 8.43 億美元的未動用額度。

Moving to slide 17. Let's review our first half performance and expectations for the second half of fiscal 2025. In the first half, we exhibited strong momentum with only 5% decremental margins. While market volumes have been lower, we saw more stability than last year, which helped us from an efficiency standpoint.

移至投影片 17。讓我們回顧一下我們上半年的業績以及對2025財年下半年的預期。上半年，我們表現強勁，利潤率僅下降了5%。雖然市場交易量較低，但我們看到了比去年更高的穩定性，這對我們提高效率有幫助。

I would note that the onset of tariffs, we incurred $9 million of gross expense which we expect to mostly recover in H2 of this year. The takeaway for Adient's first half is strong business performance significantly offset ongoing volume headwinds and resulting in solid results in line with internal expectations.

我想指出的是，自關稅開始實施以來，我們的總支出為 900 萬美元，預計今年下半年將基本恢復。Adient 上半年的亮點是強勁的業務表現顯著抵消了持續的銷售阻力，並取得了符合內部預期的穩健業績。

Looking into the second half of this year, while the impact of tariffs on market volumes remains uncertain, the company is committed to strong business performance and has solid momentum. Absent significant impacts from tariffs, we would expect H2 performance to be similar to H1.

展望今年下半年，儘管關稅對市場銷售的影響仍不確定，但該公司致力於強勁的業務表現，並擁有強勁的發展勢頭。如果沒有關稅的重大影響，我們預計下半年的表現將與上半年相似。

Assuming no significant incremental step down in global volumes, we expect volume headwinds to be manageable and mitigated by ongoing business performance and efficiencies. We expect tariff expenses to be offset by actions we are taking with our customers.

假設全球貿易量沒有明顯的下降，我們預期貿易量逆風將可控，並且可以透過持續的業務績效和效率來緩解。我們預計，我們針對客戶採取的行動將抵消關稅支出。

And finally, with regard to our 2025 outlook on slide 18, given our strong momentum going into the second half of the year, we are reaffirming our previous fiscal year 2025 revenue and adjusted EBITDA outlook. Importantly, our guidance assumes no change to current tariff policies. Most tariff costs are resolved and no meaningful decline in previously forecasted volumes from tariffs.

最後，關於第 18 張幻燈片上的 2025 年展望，鑑於我們進入下半年的強勁勢頭，我們重申我們之前的 2025 財年收入和調整後的 EBITDA 展望。重要的是，我們的指導假設當前的關稅政策不會改變。大多數關稅成本已解決，先前預測的關稅銷售並未明顯下降。

While we see some upside to our adjusted EBITDA in the second half of this year, it may be offset by timing of tariff-related customer recoveries. Year over year, volume headwinds are being offset by ongoing business performance and efficiencies. We expect this business performance to continue to mitigate macro headwinds and offset decremental margins on lower volumes.

雖然我們預計今年下半年調整後的 EBITDA 將有所上升，但這可能會被與關稅相關的客戶恢復的時間所抵消。與去年同期相比，銷售逆風正被持續的業務表現和效率所抵消。我們預期這項業務表現將持續緩解宏觀不利因素，並抵銷銷售下降造成的利潤率下降。

Our interest expense is now expected to be slightly higher, call it $190 million versus the previous forecast of $185 million due to the recent refinancing and maturity extension of our senior unsecured notes. On cash flow, we see potentially accelerated European cash restructuring costs as well as some uncertainty around timing of customer recoveries at year-end.

由於我們最近對優先無擔保票據進行了再融資並延長了到期日，因此我們的利息支出現在預計會略高，為 1.9 億美元，而之前預測為 1.85 億美元。在現金流方面，我們預期歐洲現金重組成本可能會加速，且年底客戶回收時間也存在一些不確定性。

Leading us to adjust our free cash flow forecast to a range of between $150 million and $170 million from our previous guide of $180 million. To sum it up, based on Adient's solid performance throughout the first half of 2025, the company is well positioned to weather the macro challenges and the team continues to execute at a very high level.

這讓我們將自由現金流預測從先前的 1.8 億美元調整至 1.5 億美元至 1.7 億美元之間。總而言之，基於安道拓在 2025 年上半年的穩健表現，該公司已做好準備應對宏觀挑戰，並且團隊將繼續以非常高的水平執行。

We remain focused on managing the business controllables, such as delivering excellent results for our customers, lowering costs and generating free cash flow for the owners of our business while maintaining a strong and flexible balance sheet.

我們仍然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自由現金流，同時保持強勁且靈活的資產負債表。

With that, I'll turn it back to Jerome for a few additional comments.

說完這些，我將把話題轉回給傑羅姆，讓他發表一些補充評論。

Thanks, Mark. With that, I wanted to give just a little bit of additional color on the guide and why we handled the guidance the way we did. First, it was really enabled by a strong start to the year, which is driven by our 70,000 associates around the world, our customers and suppliers. So I want to thank them for allowing us to do that.

謝謝，馬克。有了這些，我想對指南做一點補充說明，並解釋我們為什麼要以這種方式處理指南。首先，這得益於今年的強勁開局，這得益於我們遍布全球的 70,000 名員工、客戶和供應商。所以我要感謝他們允許我們這樣做。

Secondly, I think it's important to understand how Adient views the tariffs and how we break that down. And it's really, I'd say, three orders of magnitude or three buckets. The first order is the direct impact that we see. And I think we've tried to lay out for you today with a level of transparency how that direct impact is flowing through to us, both in terms of where we see it coming in terms of the regions and how it's managing through Annex 1, where we see Annex 1 exposure, where we have USMCA exposure, the fact that we're 95% covered out where we see recovery, the fact we're already 75% recovery. We have 25% roadmap. And then the fact that we can move through the rest of the year with action plans and drive that recovery.

其次，我認為了解 Adient 如何看待關稅以及我們如何分解關稅非常重要。我想說，這實際上是三個數量級或三個桶。第一個順序是我們看到的直接影響。我認為，我們今天已嘗試以透明的方式向你們說明這種直接影響是如何對我們產生的，包括我們看到它在各個地區產生的影響，以及如何透過附件 1 進行管理，我們看到附件 1 的暴露情況，我們看到 USMCA 的暴露情況，事實上我們已經覆蓋了 95% 的區域，我們看到了復甦，事實上我們已經復甦了 75%。我們有 25% 的路線圖。事實上，我們可以製定行動計劃度過今年剩餘的時間並推動經濟復甦。

The second order then being what it means to our customers and how our customers have to manage that. They've gone through made their announcements this week, so we won't cover that off. But there is an element, whether that be through the 2.5% MSRP discount.

第二個順序是這對我們的客戶意味著什麼以及我們的客戶如何管理它。他們本週已經發布了公告，因此我們不再贅述。但有一個因素，無論是透過 2.5% 的建議零售價折扣。

We have to see what that means to us then in the midterm, as they start to reshore production, we're already engaged with certain Japanese customers in a German OE and there will be, I think, announcements to come. We just don't have anything today that allow Adient to leverage our best-in-class footprint to potentially see some net volume upside. And that, I think, is enabled by, as we talk a lot about JIT being close to our customers and providing solutions to them.

我們必須看看這對我們意味著什麼，然後在中期，當他們開始將生產轉移回國內時，我們已經與德國原始設備製造商的某些日本客戶進行了接觸，我認為，將會有公告發布。我們目前還沒有任何可以讓 Adient 利用我們一流的足跡來潛在地實現淨銷量上升的東西。我認為，這是因為我們經常談論 JIT 貼近客戶並為他們提供解決方案。

And then the third order is what does it mean to the consumer and the macro economy and how resilient the consumer is. And that I think because we're a September filer, we already have six months behind us. We're operating on three months of EDI, and we have some amount of visibility into that. And then you have kind of the last three months after I we're running on March S&P right now. Mark already talked about, we've assumed no meaningful change in our volume outlook.

第三點是，這對消費者和宏觀經濟意味著什麼，以及消費者的適應力如何。我認為，由於我們是九月提交申報表的，因此已經過去了六個月的時間。我們正在執行三個月的 EDI 操作，並且對此有一定的了解。接下來是最近三個月，我們現在正在運行三月的標準普爾指數。馬克已經談到，我們假設我們的銷售前景不會有任何有意義的變化。

And we don't have anything today on EDI that would say there is any meaningful change to come. And I think we've tried to provide visibility into that. I think there's another thing to note, if you think about outside of the US, how dependent are we on export volume.

目前，我們還沒有關於 EDI 的任何消息表明未來將發生任何有意義的變化。我認為我們已經盡力讓大家看到這一點。我認為還有另一件事要注意，如果你考慮美國以外，我們對出口量的依賴程度有多高。

So to give a little color on that, on an annualized basis. Our European business has somewhere will range it between $350 million to $450 million of export volume and their annualized sales figures. And our Asia Pacific business has somewhere between $150 million to $200 million of annualized volume in their business that they're dependent upon. So as you think on an annualized basis, how dependent would we be if those experts were cut off, that kind of gives you a little bit of flavor there. But again, we're already six months into our year.

因此，從年度化角度來對此進行一些說明。我們的歐洲業務的出口額和年銷售額大約在 3.5 億美元至 4.5 億美元之間。他們所依賴的亞太地區的業務年交易額在 1.5 億至 2 億美元之間。因此，當您以年化為基礎思考時，如果這些專家被切斷，我們的依賴程度會有多高，這可以為您帶來一點啟發。但話說回來，今年已經過了六個月。

And when you put all those factors and you kind of combine them, that's what's allowed us the confidence to kind of say, given six months are behind, we've done a good job mitigating tariffs. We're 95% USMCA compliant. We have this footprint that allows us to quickly rotate out of China, leveraging our KIEPER JV that has a footprint in Mexico or we can use Rockenhausen, our footprint in Germany, we can do things with our customers or we can drive recovery has given us the confidence to say, here's our guide for the rest of the year.

當你把所有這些因素綜合起來考慮時，我們就有信心說，考慮到已經過去了六個月，我們在降低關稅方面做得很好。我們已 95% 遵守 USMCA。我們擁有這樣的業務足跡，使我們能夠迅速地從中國轉移出去，利用我們在墨西哥的 KIEPER JV，或者我們可以利用我們在德國的 Rockenhausen 的業務足跡，我們可以與我們的客戶合作，或者我們可以推動復甦，這讓我們有信心說，這是我們今年剩餘時間的指南。

And so I just wanted to provide additional color on that before we turn it over to the Q&A segment of the call. And with that, we'll open it up to Q&A.

因此，在我們進入電話會議的問答環節之前，我只是想對此提供更多說明。接下來，我們將開始問答環節。

Denise, can we please start the Q&A?

丹尼斯，我們可以開始問答了嗎？

(Operator Instructions)

（操作員指示）

Joe Spak, UBS.

瑞銀的喬·斯帕克。

Can you hear?

你聽得見嗎？

Hi Joe, yes.

嗨，喬，是的。

Thanks for all the additional color there. I guess just one quick one on tariffs. You've made good progress here, right, the resolved versus the 75%, roadmap 25%. I'm assuming resolved means you basically have agreements for price recoveries or that's the majority of that. Is the roadmap portion more what you were talking about, about finding some cost offsets or resourcing? Or are there still some potential price negotiations involved in the roadmap portion as well?

感謝那裡所有的額外色彩。我想就關稅問題簡單問一下。您在這裡取得了很好的進展，對吧，已解決的問題佔 75%，路線圖佔 25%。我認為解決意味著你們基本上已經達成了價格恢復協議，或者這是其中的大部分。路線圖部分是否更多地是您所談論的，關於尋找一些成本抵消或資源？或者路線圖部分仍涉及一些潛在的價格談判？

Yeah, I'd say it's a mix of both, Joe, from that standpoint. So there's still ongoing price negotiations. There are certain customers have systems that require us to submit documentation given there still are things on both coming over from China, bill of ladings haven't been delivered yet.

是的，喬，從這個角度來看，我想說這是兩者的混合。因此價格談判仍在進行中。有些客戶的系統要求我們提交文件，因為還有一些東西從中國過來，提單還沒送達。

So we need to be in systems for recoveries without getting into too much minutiae from that standpoint. So there's things that need to be submitted and negotiated and just need to be rolled through. And so it's a mix of both, still resourcing that needs to occur and also negotiations that need to be concluded.

因此，從這個角度來看，我們需要建立恢復系統，而不必陷入太多細節。因此有些事情需要提交、協商並完成。因此，這是兩者的結合，仍需要提供資源，也需要完成談判。

Okay. That's helpful. And then just in EMEA, I think it was -- I know there's still some challenges there, but it looks like there was -- it was a pretty good quarter, at least relative to some expectations and with some -- still some volume headwinds. And I know you called out some business performance. Is there anything unusual in that sort of drove the quarter a little bit better, especially relative to maybe quarter over quarter?

好的。這很有幫助。然後就歐洲、中東和非洲地區而言，我認為——我知道那裡仍然存在一些挑戰，但看起來——這是一個相當不錯的季度，至少相對於一些預期而言，並且仍然存在一些銷量阻力。我知道您提到了一些業務表現。有什麼不尋常的事情導致本季業績略有好轉，特別是與上一季相比嗎？

Yeah, Joe, good question, good observation. I'd say one quarter does not make a trend right? So I wouldn't take that number and annualize it. I'd say that we are encouraged because we are seeing, obviously, business performance turned positive over there. We're getting the benefits of certain of the restructuring actions we've taken.

是的，喬，問得好，觀察得也很好。我想說一個季度並不能形成一種趨勢，對嗎？所以我不會把這個數字拿來按年化。我想說，我們感到鼓舞，因為我們明顯看到那裡的業務表現變得積極。我們從所採取的某些重組行動中獲得了益處。

But again, things are lumpy, especially as you think about commercial actions and recoveries with customers. So again, that lumpiness, I wouldn't peanut butter that 4% margin that we just printed across third or fourth quarter, right? So it's going to be some variability as we go through the rest of the year.

但同樣，事情並不穩定，特別是當你考慮商業行動和與客戶的恢復時。所以，再說一次，我不會對我們剛剛在第三季或第四季印刷的 4% 的利潤率感到失望，對吧？因此，在今年剩餘的時間裡，情況將會發生一些變化。

But I -- Mark, I think you did mention last year that you thought the first half of this fiscal year would be sort of a bottoming event for profitability in that region. Is that still the case? So if you average the you're saying the first half is a little bit over 3%. Should we expect that it improves off that level from here?

但我——馬克，我想你去年確實提到過，你認為本財年上半年將是該地區盈利能力的觸底事件。現在還是這樣嗎？因此，如果取平均值，你會說上半年略高於 3%。我們是否應該期待它從現在起會有所改善？

Yeah, I wouldn't say that, Joe, I'd say that you're right, 3% was the average over the first half of the year, right? If you just remember, last year, I think we did about 3%, just over 3%. And when we came into this year, we said, hey, listen, this year is going to be pretty much similar to that, right? You really don't see that inflection point until we get into '26, which is when we start to see certain of the underperforming the metals business roll off. We see the new business roll on. So I'd still frame it up in that piece.

是的，喬，我不會這麼說，我會說你是對的，3% 是今年上半年的平均值，對嗎？如果你還記得的話，去年，我認為我們的成長率約為 3%，略高於 3%。當我們進入今年時，我們說，嘿，聽著，今年的情況將與此非常相似，對嗎？直到進入 26 年，你才會真正看到這個拐點，那時我們開始看到某些表現不佳的金屬業務開始下滑。我們看到新業務正在蓬勃發展。所以我仍然會把它框在那件作品裡。

Okay. Thank you.

好的。謝謝。

Emmanuel Rosner, Wolfe Research.

伊曼紐爾·羅斯納（Emmanuel Rosner），沃爾夫研究公司。

Great. Thank you so much. First question is really around just making sure I understand your direct tariff exposure. So 95% of what you produced in Mexico is USMCA compliance. So that stuff would technically have tariffs. But I guess for now USMCA parts are not being tariffed. And then when you mentioned the add-ins parts that are not listed in Annex 1, this would relate to in what geographies?

偉大的。太感謝了。第一個問題實際上只是為了確保我了解您的直接關稅風險。因此，墨西哥生產的 95% 都符合 USMCA 標準。因此從技術上來說，這些東西都需要繳納關稅。但我猜測目前 USMCA 部分還沒有被徵收關稅。然後，當您提到附件 1 中未列出的插件部分時，這與哪些地區有關？

So I think what we've said is roughly 95%, so don't hold us to exactly 95% of our parts that we import or move across the border from Canada in Mexico into the US are USMCA compliant. And so under current policy, that's correct. They're not subject to the 25% tariff rule. And if that were to change, then obviously, we'd have to deal with the issue.

所以我認為我們所說的大約是 95%，所以不要要求我們從加拿大和墨西哥進口或跨境運輸到美國的零件中 95% 都符合 USMCA 標準。因此，根據現行政策，這是正確的。它們不受25%關稅規則的約束。如果情況發生變化，那麼顯然我們必須處理這個問題。

And then Annex 1, the way Annex 1 is scoped out, Annex 1 basically carves out those parts and says, even if they are USMCA compliant, they are subject to a 25% tariff. However, we don't have any parts that fall under that Annex 1 that we produce today. And we have very little controlled material that would fall under Annex 1. It's almost all directed.

然後是附件 1，附件 1 的範圍規定方式是，附件 1 基本上將這些部分剔除出來，並規定，即使它們符合 USMCA 規定，也要繳納 25% 的關稅。然而，我們目前生產的零件並不屬於附件 1。我們擁有的屬於附件 1 的受控材料非常少。幾乎都是有導演的。

And so we would be covered off due to the directed nature and the nature of just the way seating is actually constructed from that standpoint. It is worth noting, though, Emmanuel, that the Annex 1 tariffs that were supposed to go into effect May 3 actually have been delayed as the system is not studied at this point.

因此，從這個角度來看，我們會因為座位的定向性和實際構造方式的性質而受到困擾。不過，伊曼紐爾，值得注意的是，原定於 5 月 3 日生效的附件 1 關稅實際上已被推遲，因為目前尚未對該系統進行研究。

Now I will say the disadvantage of having your components not falling under Annex 1 is then they're subject to the stacking effect of IEEPA and the reciprocal tariff, which is why we get hit with the 145% tariff out of China. And that's why China is our largest exposure region at the moment. and that's really why we try to provide that visibility into our exposures.

現在我要說的是，如果你的零件不屬於附件 1 的範疇，那麼它們的缺點就是它們會受到 IEEPA 和互惠關稅的疊加效應的影響，這就是為什麼我們會受到來自中國的 145% 關稅的打擊。這就是為什麼中國目前是我們最大的曝光地區。這就是我們試圖讓我們的風險敞口變得透明的原因。

And you can see that monthly run rate on the graph of China being our largest exposure region. And again, we're not trying to overwhelm you with detail, but I do think it's important to understand that differentiation into just what is Annex 1 what's USMCA? What's IEEPA, what's 232? and reciprocal? And all of that so.

您可以從圖表上看到，中國是我們最大的投資地區，其每月運行率也是如此。再說一次，我們並不是想用細節來淹沒你，但我確實認為，了解附件 1 和 USMCA 之間的差異很重要。什麼是 IEEPA，什麼是 232？和互惠的？一切皆是如此。

Yeah. I appreciate all the detail. Then I guess taking a step back in terms of your margin outlook and then where it fits within the longer-term goals and progression. Can you maybe just remind us how much more opportunity there is for some of these cost and efficiency actions? And how do you think about, I guess, the self-help and the part that you control and timing of further benefits?

是的。我感謝所有的細節。然後我想從你的利潤前景方面退一步考慮，然後看看它如何適應長期目標和發展。您能否提醒我們，這些成本和效率行動還有多少機會？我想，您如何看待自助以及您控制的部分和進一步受益的時間？

Yeah. So good question, Emmanuel. So we printed 6% last year total company. We said there's going to be puts and takes this year, right? We see Americas continuing to improve their margin profile. We just spoke about Europe for the next year or so kind of in that, call it, 3%, which we printed yesterday.

是的。這個問題問得好，伊曼紐爾。因此，我們去年的利潤總額為公司總利潤的 6%。我們說過今年會有得有失，對吧？我們看到美洲地區的利潤率持續改善。我們剛剛談到了歐洲未來一年左右的成長率，也就是 3%，這是我們昨天公佈的數據。

And then obviously, our APAC region continues to bring to double-digit margins. We expect that to continue. When we look at what we're benchmarking and what we're targeting, right, clearly, we think there is significant opportunity in front of us.

顯然，我們的亞太地區繼續實現兩位數的利潤率。我們預計這種情況將會持續下去。當我們審視我們的基準和目標時，顯然，我們認為我們面前存在著巨大的機會。

We've said in the past, whether or not that's 7.5%, 8%. That's typically what people are looking at. That's what we think we could achieve. Clearly, there is a lot that we could do to get there. Some of it is what we spoke about before, whether it's restructuring over in Europe, getting the benefits of that.

我們過去曾說過，這個數字是 7.5% 還是 8%。這通常就是人們所關注的。我們認為我們能夠實現這一目標。顯然，為了實現這一目標我們還有很多事情要做。其中一些是我們之前談到的，無論是歐洲的重組，還是從中獲得好處。

I would caution people that the dollars that we spend over in Europe is not a one-for-one in terms of accretive to our EBITDA as certain of that just goes against lower volumes in the region. We do have the positive impact of balance and balance out, especially with the lower margin metals business rolling out over there.

我要提醒大家，我們在歐洲花費的資金並不是對我們的 EBITDA 一對一的增加，因為這肯定會抵消該地區較低的銷售量。我們確實受到了平衡和抵消的積極影響，特別是隨著利潤率較低的金屬業務在那裡開展。

We've got new products, new wins that are coming on over there that have higher margins. So when you add that all up, do I think that there's a couple of 100 basis points of opportunity versus where we were in 2024? Absolutely. And you could see that within our business performance so far in the first half of this year, and so that's really what the team is targeting in marching towards.

我們在那裡推出了新產品、新勝利，它們具有更高的利潤率。因此，當你把所有這些加起來時，我是否認為與 2024 年相比，現在有幾百個基點的機會？絕對地。您可以從我們今年上半年迄今的業務表現中看到這一點，這也是團隊真正努力的目標。

Great. Thank you.

偉大的。謝謝。

Thank you.

謝謝。

James Picariello, BNP Paribas.

詹姆斯·皮卡里洛，法國巴黎銀行。

Hey, guys. Sorry if I missed this, but have you quantified the change in FX assumptions with your guidance and just what you are assuming for the market and just the implied core sales relative to your market assumptions?

嘿，大家好。抱歉，如果我錯過了這一點，但您是否已經根據您的指導量化了外匯假設的變化以及您對市場的假設以及相對於您的市場假設的隱含核心銷售額？

Yeah. So good question, James. So for FX, right, basically, there's been a lot of volatility around FX, obviously, over the last month, six weeks, et cetera. So what we did is we looked at our prior outlook, and I think for the which is one of the bigger ones for us.

是的。詹姆斯，這個問題問得真好。因此，對於外匯而言，基本上，在過去一個月、六週等時間內，外匯市場顯然有很大的波動。因此，我們所做的就是審視我們先前的展望，我認為這對我們來說是更重要的展望之一。

We assume somewhere. We kept that constant somewhere in that [106, which is where we were guide. Clearly, with the euro trading around that 108] now, there could be some upside translational upside if we go through in rates hold. We just felt with the volatility around the rates at this point. It was prudent to keep it consistent with our prior guide list.

我們假設某處。我們將這個常數保持在[106]的某個地方，這就是我們的指南。顯然，目前歐元兌美元匯率在 108 左右，如果我們維持利率不變，可能會出現一些上行的平移優勢。我們只是感覺到此時利率的波動。保持與我們之前的指南清單一致是明智的。

Got it. That's helpful. And then just I think we probably have too many factors to focus on given the environment. But it wasn't too long ago, we were asking Adient about capital allocation. whether it's share buybacks or participating in some form of industry consolidation. Just wondering what the mindset is at this point, understanding that I think we all have a lot of macro uncertainty to navigate very near to. Thanks.

知道了。這很有幫助。然後我認為考慮到環境，我們可能需要關注的因素太多了。但不久前，我們還在向 Adient 詢問資本配置問題。無論是股票回購還是參與某種形式的產業整合。我只是想知道此時的心態是什麼樣的，我的理解是，我們都面臨著許多宏觀的不確定性。謝謝。

Yeah. So again, nothing has changed from our perspective just in terms of how we view capital allocation, right? We're going to take a measured approach. Clearly, we're going to continue to invest in the business. Certain of that capital is going to have to be allocated towards restructuring Europe. We've been very transparent about that.

是的。所以，從我們的角度來看，就我們如何看待資本配置而言，什麼都沒有改變，對嗎？我們將採取慎重的態度。顯然，我們將繼續投資該業務。其中一部分資金將用於重組歐洲。我們對此一直非常透明。

Clearly, we generate free cash flow. So we said that we'll return value to our shareholders through share repurchases. Obviously, when we think about share repurchases, right, we've said all along that we'd look at a couple of elements to see whether or not it makes sense. We look at the overall macros to see whether or not we had clarity and certainty there.

顯然，我們產生了自由現金流。因此我們說我們將透過股票回購為股東帶來價值回報。顯然，當我們考慮股票回購時，我們一直說我們會考慮幾個因素來看看它是否有意義。我們觀察整體宏觀情況，看看是否清楚、確定。

Clearly, this past quarter, right, there was a lot of uncertainty with vehicle builds what could happen to vehicle builds in the future. And we also said that we look at Adient's cash generation, right? And so as I indicated in my prepared remarks, our cash typically comes in the second half of the year. And so again, as we go through the second half of this year, I think we'll look at the overall macros, we'll see whether or not there's any more clarity just in terms of vehicle demand production.

顯然，在過去的一個季度中，汽車製造領域存在著許多不確定性，未來汽車製造領域會發生什麼。我們也說過，我們會關注 Adient 的現金創造能力，對嗎？正如我在準備好的發言中指出的那樣，我們的現金通常在下半年到達。因此，當我們進入今年下半年時，我認為我們將專注於整體宏觀因素，看看在汽車需求生產方面是否會更加明朗。

We'll look at our cash generation and then we'll make the determination in terms of timing of repurchases and the magnitude of repurchases. But overall, nothing has changed with our philosophy when it comes to capital allocation.

我們將考慮我們的現金產生情況，然後決定回購的時間和回購的規模。但整體而言，我們的資本配置理念並沒有任何改變。

Yeah. And just to follow on Mark's comments, I think as it pertains to capital allocation. And with the additional color given just on how Adient's what I call, platform mix and regional mix stacks up that allows us greater clarity when it comes to that capital allocation, just given our lesser dependency on export volume out of Europe and Asia, our USMCA compliance, the large amount of directed content we have lessened some of our dependency on customer recoveries. If we can reach a trade settlement with China, just it helps us add certainty in some of those capital allocation decisions we have to make. Hopefully, that answers your question, James.

是的。順便說一下馬克的評論，我認為這與資本配置有關。並且透過 Adient 的平台組合和區域組合如何疊加給出的額外說明，讓我們在資本配置方面更加清晰，考慮到我們對歐洲和亞洲出口量的依賴較小，我們的 USMCA 合規性，大量的定向內容，我們減少了對客戶恢復的一些依賴。如果我們能夠與中國達成貿易協議，這將有助於我們在必須做出的一些資本配置決策中增加確定性。希望這能回答你的問題，詹姆斯。

Yeah. Much appreciated. Thank you.

是的。非常感謝。謝謝。

Yeah. Thank you for the questions.

是的。謝謝您的提問。

Colin Langan, Wells Fargo.

富國銀行的科林·蘭根。

Oh great, thanks for taking my questions. Just a follow-up on the -- there was about a month ago media reports that you were considering acquiring ZF LIFETEC business or at least a bidder. I mean I don't know what you could comment on that. Any comment on that will be welcome. But just in general, do you think something like that passive safety does have strategic overlap? Would you be at this point given the market uncertainty willing to buy to do a larger deal? Any color there?

哦，太好了，感謝您回答我的問題。只是一個後續問題——大約一個月前有媒體報告稱，您正在考慮收購 ZF LIFETEC 業務或至少是收購一個競標者。我的意思是我不知道你對此有何評論。歡迎對此發表任何評論。但總的來說，您認為類似被動安全的東西確實具有戰略重疊嗎？鑑於目前的市場不確定性，您是否願意購買以進行更大規模的交易？有顏色嗎？

Yeah. I mean so we can't comment, obviously, on ongoing M&A transactions just wouldn't be prudent to do so. In terms of the strategic overlap between seating and safety, a large amount of safety content we're responsible for integrating today into our products.

是的。我的意思是，我們顯然不能對正在進行的併購交易發表評論，這樣做並不明智。就座椅和安全之間的策略重疊而言，我們今天負責將大量安全內容整合到我們的產品中。

And certainly, the trends between the two we see migrating together in the future. That said, we have to see how the market develops and our main goal is to add value for our shareholders and for our customers. And that's what we're singularly focused on from that standpoint.

當然，我們可以看到，未來兩者的趨勢將會同步轉變。也就是說，我們必須觀察市場如何發展，我們的主要目標是為股東和客戶增加價值。從這個角度來看，這正是我們特別關注的。

And that's how we view any potential acquisition is through that lens. Does it add value for our shareholders and does it add value for our customers? And that's how we look at things.

我們正是透過這種視角來看待任何潛在的收購。它是否為我們的股東增加了價值？它是否為我們的客戶增加了價值？這就是我們看待事物的方式。

Got it. And just circling back on the tariffs, and I was a little surprised by the comment on Annex 1. I mean, what does that mean for your parts I think the slide says that you pay 145% on China. If you're not in Annex 1, you -- what kind of tariff are you then looking at for parts coming out of Mexico. And why -- what is a supplier like you not fit in to the qualification?

知道了。回到關稅問題，附件 1 中的評論讓我有點驚訝。我的意思是，這對您的零件意味著什麼？我認為幻燈片上說您為中國支付了 145%。如果您不在附件 1 中，那麼您—對於來自墨西哥的零件，您將要考慮什麼樣的關稅。為什麼—像您這樣的供應商不符合資格？

So it's -- this is really some of the detail that I think it's lost if you just read some of the high-level summaries and I'm not -- keep mind implying that the homework isn't being done. I just think it's some of the reports by some of the consulting firms necessarily aren't at the level of detail they need to be.

所以，如果你只是閱讀一些高層次的總結，我認為這些細節確實會被忽略，而我並沒有——請記住，這意味著家庭作業沒有完成。我只是認為一些顧問公司的報告不一定達到應有的詳細程度。

So with Annex 1, it lists out all of the different HS codes that are subject to as one part. And in there, there's things that are covered off that Adient just simply doesn't ship across the border, which means that you're not subject to the Annex 1 tariffs then.

因此，附件 1 列出了所有受其約束的不同 HS 代碼。其中有些產品是 Adient 不跨境運輸的，這意味著您不受附件 1 關稅的約束。

So complete seats, as an example, are Annex 1. They're covered off in Annex 1 but we don't actually ship complete seats across the border. As you know, our business model is we have our JITs close to our customers. So we don't actually ship complete seats across the border.

因此，完整座位的範例請參閱附件 1。附件 1 中已介紹過這些內容，但實際上我們並沒有將完整的座椅運送過境。如您所知，我們的商業模式是讓 JIT 靠近我們的客戶。因此我們實際上並不會將完整的座椅運送過境。

We build seats. If we're shipping seats to, I'll take as an example, Toyota in Kentucky, we build our seats by Toyota in Kentucky. And we're not shipping seats out of Mexico to Toyota and Kentucky. And so as a result, we're not shipping parts that are on Annex 1. Some of the components that we may procure or Annex 1, but they're largely directed from that standpoint. So we would get 100% recovery due to the directed nature of them.

我們建造座椅。如果我們將座椅運送到肯塔基州的豐田公司，我們將由肯塔基州的豐田公司製造座椅。我們不會將座椅從墨西哥運送到豐田和肯塔基州。因此，我們不會運送附件 1 中的零件。我們可能會採購一些組件或附件 1，但它們主要是從這個角度出發的。因此，由於它們的定向性，我們將獲得 100% 的恢復。

And what that means then is that recliners, as an example, the parts in the seat structure are not on Annex 1. And those parts come from China. And if you're not on Annex 1 you're then subject to the stacking effect which means you get hit with the IEEPA tariff, which is a fentanyl tariff, and you get hit with the reciprocal tariff, which is the 125% tariff or the 120% over that stacks up. So then you're hit with immediately 145% tariff. And that's why China is our largest exposure because, as you know, we have our joint venture with KIEPER and a couple of legacy parts there.

這意味著，以躺椅為例，其座椅結構中的零件不在附件 1 中。這些零件來自中國。如果你不在附件 1 中，那麼你將受到疊加效應的影響，這意味著你會受到 IEEPA 關稅的打擊，即芬太尼關稅，並且你還會受到互惠關稅的打擊，即 125% 的關稅或超過 120% 的關稅。那麼你將立即面臨 145% 的關稅。這就是為什麼中國是我們最大的市場，因為如你所知，我們與 KIEPER 在那裡建立了合資企業，並在那裡擁有一些遺留部件。

And so prior to all of these tariffs being laid in, we had about somewhere between just roughly a $60 million buyout of China. If you think about our Americas business, our Americas business procures about $5 billion worth of stuff I mean, $60 million on a $5 billion buy, it's not significant.

因此，在徵收所有這些關稅之前，我們大約以 6000 萬美元的價格收購了中國產品。如果你考慮我們的美洲業務，我們的美洲業務採購了價值約 50 億美元的東西，我的意思是，50 億美元的採購中只有 6000 萬美元，這並不多。

But when you put a 145% tariff on it, it becomes an issue that the Americas team needs to deal with, and they're dealing with it in a very effective manner, but it becomes a number that needs to be dealt with from that standpoint. And that's the nuance between Annex 1, not Annex 1 and then the stacking effect of IEEPA with the reciprocal tariff. And you really need to go with HS code by HS code.

但是當對其徵收 145% 的關稅時，它就成為美洲團隊需要處理的問題，他們正在以非常有效的方式處理這個問題，但從這個角度來看，它變成了一個需要處理的數字。這就是附件 1 與附件 1 之間的細微差別，而不是 IEEPA 與互惠關稅的疊加效應。您確實需要逐一查看 HS 代碼。

Got it. And then for your parts coming out of Mexico, is -- the IEEPA then Section 232 are pretty similar. Is it the same tariff anyway? Or is it actually higher because of some of the stacking.

知道了。然後對於來自墨西哥的部分，IEEPA 與第 232 條非常相似。無論如何，關稅是一樣的嗎？或者由於一些堆疊，它實際上更高。

No, they've largely removed the stacking effect now. There was -- I think last week, they got rid of the stacking effect. So our parts coming out of Mexico now would just largely be 232 from that standpoint. But given our USMCA compliance, we're generally free and clear of that now. Which is why USMCA is so critical.

不，他們現在已經基本消除了堆疊效應。我認為上週他們已經消除了堆疊效應。因此，從這個角度來看，我們現在從墨西哥出口的零件基本上就是 232 個。但鑑於我們對 USMCA 的遵守，我們現在基本上可以擺脫這一困境。這就是為什麼 USMCA 如此重要。

Okay. So your Annex 1 is mostly China, that's your -- that is where you're seeing the impact.

好的。因此，附件 1 主要是中國，這就是您看到的影響。

Not Annex 1. Yes.

不是附件 1。是的。

Not. All right. Well, thank you very much.

不是。好的。嗯，非常感謝。

Dan Levy, Barclays.

巴克萊銀行的丹·利維。

Hi, good morning. Thanks for taking the questions. I just want to follow up on that. And I think you made some references on the China tariffs you are incurring. How easily can you make rotation? Is it just these mechanisms from recliners, headrest, sourcing opportunity elsewhere. And then do you have a sense of how your competitors stack up on this? Is this something that others are incurring as far as importing these different mechanisms from China?

嗨，早安。感謝您回答這些問題。我只是想跟進一下這一點。我認為您已經提到了您所徵收的中國關稅。您可以輕鬆地進行旋轉嗎？這些機制是否只是來自躺椅、頭枕、其他地方的採購機會。那麼，您是否知道您的競爭對手在這方面表現如何？其他國家從中國進口這些不同的機制時也會遇到同樣的問題嗎？

I mean, I would say if you break down our spend from China, there's about, for better or worse, 40 part numbers that make up about 80% of that exposure. And of those 40 part numbers, call it, 20 of them, we have tangible plans that we're working through at the moment. The other 20 we will drive customer recovery or we have customer recovery on. And the time line to deal with those 20 that we're moving is a call it, a six to nine month window, maybe it prolongates to a year.

我的意思是，如果你細分一下我們在中國的支出，你會發現大約有 40 個零件編號，無論好壞，它們佔據了總支出的 80% 左右。對於這 40 個零件編號，其中有 20 個，我們目前正在製定切實可行的計劃。其餘 20 個我們將推動客戶恢復，或者我們已經在進行客戶恢復。處理這 20 個遷移任務的時間表大概為六到九個月，也可能延長至一年。

And in the interim, there will be customer recovery agreements. And then some of those actually die out, Dan, in the September time frame as some programs expire. So there's a bleed down window just naturally as some programs die off.

在此期間，我們將與客戶簽訂恢復協議。丹，隨著一些項目到期，其中一些實際上會在 9 月期間消失。因此，當一些程式消失時，自然就會出現一個流失視窗。

In terms of other customers, I can't really comment on that. I don't know what their exposure is. Some of them may have comfort systems, some of them may have wire harnesses, some of them may have tubes that -- I just don't know.

對於其他顧客，我實在無法對此發表評論。我不知道他們的曝光度是多少。有些可能有舒適系統，有些可能有線束，有些可能有管子——我只是不知道。

Okay. Thank you. Second question is on restructuring. And I just wanted to ask if you could provide an update on the European restructuring, it sounds like you're getting some benefits. I think some time ago, you had said you're still talking -- you were talking about net savings of $50 million a year. Is that still intact?

好的。謝謝。第二個問題是關於重組。我只是想問您是否可以提供有關歐洲重組的最新情況，聽起來您獲得了一些好處。我想不久前您曾說過您仍在談論——您談論的是每年 5000 萬美元的淨節省。它還完好無損嗎？

And I think you're referencing here the opportunity to accelerate some of the restructuring. Maybe you could give us a sense of how much deeper you can go, you're willing to go? Because clearly, it seems like there is more opportunity on the European front.

我認為您在這裡提到的是加速部分重組的機會。也許您可以讓我們了解您願意深入到什麼程度，還能深入到什麼程度？因為顯然，歐洲方面似乎有更多的機會。

Yeah, Dan, I'll start, and then Jerome, you could jump in if needed. Do we think there's opportunity to accelerate. We're looking at it from a very prudent manner, Dan, we want to make sure we recognize that there is a cost of those [are dollars] that we're spending over there, right?

是的，丹，我先開始，然後傑羅姆，如果需要的話你可以加入。我們是否認為有加速的機會？丹，我們正在以非常謹慎的方式看待這個問題，我們要確保我們認識到我們在那裡花的那些錢是有成本的，對嗎？

And so we have to spend it in a prudent manner. If there is an opportunity for us to pull something ahead if we think that it's going to give us benefit right within a couple of year payback, we're going to take a look at that and do that. At this time, there is nothing to announce.

因此我們必須謹慎地花錢。如果我們有機會推進某件事，如果我們認為它將在幾年內為我們帶來利益，我們就會考慮並去做。目前還沒有任何消息可以宣布。

We've indicated, obviously, what the restructuring charge that we took last year was we've indicated cash restructuring this year is going to be north of $100 million. Most of that is in Europe. It could be slightly higher now that we're looking at accelerating certain of that. So does it go up to like [$125 million] this year? Possibly, but we'll continue to look at that as we go through the back half of this year.

顯然，我們已經表明，我們去年承擔的重組費用是多少，我們已經表明今年的現金重組將達到 1 億美元以上。其中大部分位於歐洲。由於我們正在考慮加速某些進程，因此現在這個數字可能會略高一些。那麼今年會漲到 1.25 億美元嗎？有可能，但我們會在今年下半年繼續關注這個問題。

And again, just remind you of the comments I made earlier is even though we take a charge, right, roughly about a third of that would be accretive to our EBITDA going forward. The other half, two-third is really just holding [CERB] with the lost volume over there, right? So that's really the way that we're looking at Europe right now in terms of restructuring dollars.

再次提醒您，我之前說過，即使我們收取費用，其中大約三分之一將會增加我們未來的 EBITDA。另一半，三分之二實際上只是用那邊丟失的數量來持有 [CERB]，對嗎？這就是我們現在從美元重組的角度看待歐洲的方式。

Yeah. I think Mark, that's a very good summary. I mean there's just -- I think you just have to constantly look at Europe from the lens of you used to build 20 million vehicles actually was an exporter. Now, if you look 14.8 million, 15 million next year is importing vehicles. There's going to be just some amount of restructuring we have to put into that business that's just there to hold serve. It's just the reality of that business from that standpoint.

是的。我認為馬克，這是一個非常好的總結。我的意思是——我認為你必須不斷從歐洲的角度來看待它，因為歐洲曾經生產了 2000 萬輛汽車，而它實際上是一個出口國。現在，如果你看1480萬輛，明年就有1500萬輛是進口車。我們必須對這項業務進行一定程度的重組，以維持其服務。從這個角度來看，這就是該業務的現實情況。

Great. Thank you.

偉大的。謝謝。

Edison Yu, Deutsche Bank.

德意志銀行的 Edison Yu。

Hey, good morning. Thanks for speaking to me Just wanted to check two things real quick. One, on the China local OE mix, I know you're targeting 60% exiting fiscal. Did you disclose what it is for the current quarter?

嘿，早安。感謝您與我交談，我只是想快速檢查兩件事。首先，關於中國本土 OE 組合，我知道您的目標是 60% 的退出財政年度。您是否透露了本季的情況？

Yeah. We didn't break it out for the current quarter, we can get back to you. But literally, we were like, call it, around [40%, 60% at the end of last year. overall, it doesn't move by several basis points from quarter-to-quarter. So I'd say that we're still in that, call it, 40%, 45%] split local versus foreign.

是的。我們尚未公佈本季度的具體數據，稍後我們將回覆您。但實際上，截至去年年底，我們的成長率大約是 [40%、60%]。整體而言，季度間變化幅度並不大。所以我想說我們仍然處於本土客戶和外國客戶各佔 40%、45% 的局面。

Okay. And just second quick clarification. On the -- I guess, on the walk, there was -- I think you said there was $9 million tariffs in the quarter. Is that basically just one month? Or is that a full representative a full quarter impact? I know it's getting recovered later, but I just want to check if that's the full impact or is it actually going to increase for the full --

好的。再次快速澄清一下。我想，在散步時，有——我想你說過本季的關稅為 900 萬美元。基本上就一個月嗎？或者這是否代表了整個季度的影響？我知道它稍後會恢復，但我只是想檢查這是否是全部影響，還是實際上會增加全部影響--

That was a full impact for Q2. As we indicated on the slides, our gross exposure now on a monthly basis is $12 million.

這對第二季度產生了全面影響。正如我們在幻燈片上所指出的，我們現在每月的總風險敞口為 1200 萬美元。

Okay. Got you. Thank you.

好的。明白了。謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

Okay, Denise, I think we're going to close the call at this point.

好的，丹尼斯，我想我們現在可以結束通話了。

All right. Thank you.

好的。謝謝。

Well, I want to thank everyone for joining us, and appreciate your interest in Adient.

好吧，我要感謝大家的加入我們，並感謝你們對 Adient 的關注。

Great. Thank you.

偉大的。謝謝。

Thank you

謝謝

Thanks everyone.

謝謝大家。

Thank you, everyone, for dialing in for the conference today. We appreciate your participation. Have a great rest of your day, and you may disconnect.

感謝大家今天撥電話參加會議。感謝您的參與。好好享受這一天剩下的時間，然後你就可以斷開連接了。