Adient PLC (ADNT) 2025 Q3 法說會逐字稿

Welcome to today's conference call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

歡迎參加今天的電話會議。（操作員指示）今天的會議正在錄音。如果您有任何異議，您可以立即斷開連接。

I will now turn today's meeting over to Mike Heifler. Thank you. You may begin.

現在我將今天的會議交給 Mike Heifler。謝謝。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.

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。

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. Mark will then review our Q3 financial results and our outlook for the remainder 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.

今天上午，與我一起參加會議的還有 Adient 總裁兼執行長 Jerome Dorlack 和執行副總裁兼財務長 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。然後，馬克將回顧我們第三季的財務業績以及我們對本財年剩餘時間的展望。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。

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

首先，今天的電話會議將包括前瞻性陳述。這些聲明是基於我們今天所看到的環境，因此涉及風險和不確定性。我要提醒您，我們的實際結果可能與電話會議中所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。

Thank you, Mike. Good morning, everyone, and thank you for joining us today. Today, we will review our strong third quarter results, which demonstrate the Adient team's commitment to continuous business performance improvement and the strength of our operating model. Before we get into results, I want to share our perspectives on the current tariff climate.

謝謝你，麥克。大家早安，感謝大家今天加入我們。今天，我們將回顧我們強勁的第三季業績，這反映了 Adient 團隊對持續改善業務績效的承諾以及我們營運模式的實力。在我們討論結果之前，我想分享我們對當前關稅環境的看法。

As I have mentioned previously, we saw the industry work together to overcome historical shocks like the great financial crisis, COVID and supply chain shortages. In our view, tariffs are different, and we believe they will result in a reset of the competitive landscape with definitive winners and losers.

正如我之前提到的，我們看到整個產業齊心協力克服了金融危機、新冠疫情和供應鏈短缺等歷史性衝擊。我們認為，關稅是不同的，我們相信它們將導致競爭格局的重新調整，最終產生贏家和輸家。

We see Adient as a winner and net beneficiary from the current tariff policies and onshoring dynamics. In a few minutes, I will share additional thoughts and proof points on how we are approaching and capitalizing on these growth opportunities arising from US onshoring.

我們認為安道拓是當前關稅政策和在岸化動態的贏家和淨受益者。幾分鐘後，我將分享更多想法和論點，說明我們如何掌握和利用美國在岸業務帶來的成長機會。

As we began to discuss in last quarter's call, we are focused on leveraging our unmatched footprint and capabilities and are working collaboratively and proactively with our customers to add value. Our approach is paying off as customers are increasingly awarding new business to Adient. I will walk you through new business wins, including net new business from our customers' US onshoring initiatives.

正如我們在上個季度的電話會議中開始討論的那樣，我們專注於利用我們無與倫比的足跡和能力，並與我們的客戶積極合作以增加價值。隨著客戶越來越多地將新業務交給 Adient，我們的方法正在取得成效。我將向您介紹新的業務成果，包括來自我們客戶美國在岸計劃的淨新業務。

We also remain dedicated to being good stewards of capital and continue to execute our balanced capital allocation plan. I will walk you through these topics in more detail and then turn it over to Mark to review Q3 financials and our updated guidance for the fiscal year.

我們也將繼續致力於做好資本管理，並持續執行平衡的資本配置計畫。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第三季度的財務狀況和我們對財政年度的最新指導。

Moving on to Slide 4. As we expected, our positive first half momentum continued into Q3 with improved business performance versus a year ago across all regions, allowing us to more than offset ongoing customer volume and mix headwinds in EMEA and Asia as well as net commodity headwinds.

轉到投影片 4。正如我們預期的那樣，我們上半年的積極勢頭延續到了第三季度，所有地區的業務表現均較去年同期有所改善，這使我們能夠抵消歐洲、中東和非洲地區以及亞洲持續的客戶量和產品組合逆風以及淨商品逆風。

In the 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 60 basis points and grew adjusted EBITDA by $24 million to $226 million.

在美洲，我們的業績超過了行業平均水平，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，我們的業績表現也更加出色。結果，我們能夠將公司調整後的 EBITDA 利潤率提高 60 個基點，並將調整後的 EBITDA 增加 2,400 萬美元，達到 2.26 億美元。

Tariff rules and values continue to be fluid. As we have worked through our second quarter of new tariffs, we continue to believe that Adient has ample degrees of freedom to mitigate impacts through resourcing of components and customer negotiations. Last earnings call, we shared that our gross monthly exposure to incremental tariffs at that time was approximately $12 million.

關稅規則和價值持續變化。隨著我們第二季新關稅的實施，我們仍然相信，安道拓擁有足夠的自由度，可以透過零件資源和客戶談判來減輕影響。在上次財報電話會議上，我們透露當時我們每月面臨的增量關稅總額約為 1,200 萬美元。

Given policy changes in recent weeks, today, that figure is closer to $4 million. In short, we believe the tariff expense is manageable, and we continue to find solutions proactively working through the issue with our customer base. The company's ongoing operational excellence combined with innovative seat solutions are helping us win significant new business across all regions, including new business driven by US onshoring. I'll walk you through some of our new business wins in a few slides in more detail.

考慮到最近幾週的政策變化，如今這一數字已接近 400 萬美元。簡而言之，我們相信關稅費用是可控的，我們會繼續積極尋找解決方案，與我們的客戶一起解決這個問題。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重要的新業務，包括由美國在岸業務推動的新業務。我將在幾張投影片中向您更詳細地介紹我們的一些新業務成果。

Before we go there, I want to acknowledge the Adient team for their dedication, leading to multiple awards recognizing Adient's effort to drive outstanding quality, efficiency and customer service. Some examples of recent awards include GAC Toyota's Quality Collaboration Award, multiple GM Supplier Quality Excellence Awards at our sites globally and Ford Supplier of the Year.

在此之前，我想先感謝 Adient 團隊的奉獻精神，他們獲得了多個獎項，以表彰 Adient 為推動卓越品質、效率和客戶服務所做的努力。最近獲得的一些獎項包括廣汽豐田的品質合作獎、我們在全球各地的多個工廠獲得的通用汽車供應商品質卓越獎以及福特年度供應商獎。

As I've commented before, external validation of the value we provide and how we operate the business speaks volumes. I am proud that our team continues to win broad-based customer and industry recognition. And I'd also like to thank our customers for their continued trust in Adient. Without you, the business would not be possible.

正如我之前評論的那樣，外部對我們提供的價值以及我們如何經營業務的驗證說明了一切。我很自豪我們的團隊繼續贏得廣泛的客戶和業界的認可。我還要感謝我們的客戶對 Adient 的持續信任。如果沒有你，這項業務就不可能實現。

We are focused on delivering best-in-class quality, value and service to our customers. It is this type of behavior and execution that is allowing us to win onshoring net new business with some of our Asia-based OEMs, including the Nissan Rogue, which we will supply additional volumes coming from Japan to our Murfreesboro, Tennessee facility as well as another Asia OEM that is moving production from Canada to the US.

我們致力於為客戶提供一流的品質、價值和服務。正是這種行為和執行使我們能夠與一些亞洲原始設備製造商 (OEM) 贏得在岸淨新業務，包括日產 Rogue，我們將從日本向其位於田納西州默弗里斯伯勒的工廠供應更多產品，以及另一家將生產從加拿大轉移到美國的亞洲原始設備製造商。

In addition to these onshoring wins, we have won significant new conquest business in Europe and the US with the Mercedes VAN C-Large. In Asia, we continue to grow with the likes of BYD and other EV leaders. The company generated strong free cash flow of $115 million in Q3, in line with internal expectations.

除了這些在岸銷售的成功之外，我們還憑藉 Mercedes VAN C-Large 在歐洲和美國贏得了重要的新業務。在亞洲，我們繼續與比亞迪等電動車領先企業共同成長。該公司第三季產生了 1.15 億美元的強勁自由現金流，符合內部預期。

As we have previously commented, we typically generate positive free cash flow in the second half of the year. Importantly, we have maintained a strong cash balance of $860 million and ample liquidity of $1.7 billion. Our free cash flow supported $50 million of additional share repurchases in the quarter, bringing our total repurchases so far this fiscal year to $75 million or approximately 4% of our outstanding shares.

正如我們之前所說，我們通常會在下半年產生正的自由現金流。重要的是，我們保持了 8.6 億美元的強勁現金餘額和 17 億美元的充足流動資金。我們的自由現金流支持了本季 5,000 萬美元的額外股票回購，使我們本財年迄今的總回購額達到 7,500 萬美元，約占我們流通股的 4%。

Mark will get into our outlook in more detail in a few minutes. Given our positive momentum and mitigating actions we are jointly taking with our customers around tariffs, we expect a strong finish to fiscal year '25 and are increasing our guidance for revenue and adjusted EBITDA to $14.4 billion and $875 million, respectively.

幾分鐘後，馬克將更詳細地介紹我們的展望。鑑於我們的積極勢頭以及我們與客戶共同採取的關稅緩解措施，我們預計 25 財年將取得強勁收官，並將收入和調整後 EBITDA 預期分別提高至 144 億美元和 8.75 億美元。

Now let's discuss how the Adient business is progressing at a high level from a regional perspective on Slide 5. As a general comment, while we remain intensely focused on business performance and efficiency, we have been deliberately pursuing profitable new business by leveraging our competitive advantage of an innovation, consistently strong operational execution and a world-class footprint.

現在讓我們從投影片 5 中的區域角度來討論 Adient 業務在高層次上的進展。整體而言，雖然我們仍然高度關注業務績效和效率，但我們一直在利用創新、持續強勁的營運執行力和世界級的影響力等競爭優勢，刻意追求獲利性新業務。

In the Americas, we continue to benefit from strong business performance and margins continue to expand through incremental efficiencies driven by automation, innovation, continuous improvement and engineering cost out. As I mentioned earlier, we are focused on navigating tariff dynamics and driving value for our customers. By doing so, we are beginning to realize growth opportunities.

在美洲，我們持續受益於強勁的業務表現，利潤率透過自動化、創新、持續改善和工程成本降低所推動的增量效率不斷擴大。正如我之前提到的，我們專注於引導關稅動態並為客戶創造價值。透過這樣做，我們開始意識到成長機會。

From an expense perspective, we believe the tariff impact is manageable. In Q3, if you recall, we experienced a net headwind of approximately $4 million in the quarter, down from $9 million in Q2 when tariffs began to go in effect at the end of the second quarter. We believe tariff expenses are manageable based on our understanding of the current tariff policies. Our objective going forward continues to be to mitigate most of these expenses.

從費用角度來看，我們認為關稅影響是可控的。如果你還記得的話，在第三季度，我們遭遇了約 400 萬美元的淨逆風，低於第二季末關稅開始生效時的 900 萬美元。根據我們對當前關稅政策的理解，我們認為關稅費用是可控的。我們未來的目標仍然是減少大部分此類開支。

In EMEA, we are seeing improving business performance and strong execution, including restructuring benefits, combined with the expiration of underperforming metals contracts beginning in fiscal '26 into '27 as significant self-help tailwinds. Importantly, we believe we have ring-fenced cash restructuring costs in the region over the next two to three years.

在歐洲、中東和非洲地區，我們看到業務表現不斷改善、執行力強勁，包括重組效益，再加上 26 財年開始至 27 財年表現不佳的金屬合約到期，這些都是重要的自助順風。重要的是，我們相信，我們已經在未來兩到三年內控制了該地區的現金重組成本。

We are starting to see some signs of industry volume stabilizing in the region. And given our self-help measures over the next few years, we believe we can achieve mid-single-digit EBITDA margins in EMEA. We are also seeing several new key business awards in the region that will strengthen our top line performance in the out years.

我們開始看到該地區工業規模趨於穩定的一些跡象。考慮到我們未來幾年的自助措施，我們相信我們可以在歐洲、中東和非洲地區實現中等個位數的 EBITDA 利潤率。我們還在該地區獲得了幾項新的關鍵業務獎項，這將增強我們未來幾年的營收表現。

In Asia, the team continues to execute at very high levels and drive strong business performance. Margins have expanded this year and growth in the rest of Asia nearly offset lower sales volumes in China in the quarter. While we continue to experience near-term pressure on China revenue, we believe this to be temporary as new business with local China OEMs is 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 abroad.

在亞洲，該團隊繼續以非常高的水平執行並推動強勁的業務表現。今年利潤率有所擴大，亞洲其他地區的成長幾乎抵消了本季中國銷量的下降。雖然我們在中國的收入在短期內仍面臨壓力，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足跡將幫助我們今年贏得更多業務，並且我們期望利用中國海外 OEM 的成長。

Rapid adoption of innovative seating solutions such as zero gravity and mechanical massage seats, and mega mobility trends such as smartification and electrification are driving content growth. Our Asia business remains profitable and cash generative. In short, Adient continues to consistently execute while demonstrating agility to our customers. We are capitalizing on emerging growth opportunities.

零重力和機械按摩座椅等創新座椅解決方案的快速採用以及智慧化和電氣化等大型移動趨勢正在推動內容成長。我們的亞洲業務仍然盈利且產生現金。簡而言之，Adient 在向客戶展示敏捷性的同時，繼續始終如一地執行。我們正在利用新興的成長機會。

Now let us turn to Slide 6 and talk about onshoring growth opportunities in the US. Earlier this year, as tariff policy rose to prominence, the Adient team proactively performed a deep dive analysis of our customers' US footprint and compared that to our facilities, differentiating between new-to-body and body-on-frame capacity. We identified overlapping footprints and proactively approached our customers with solutions to support their onshoring needs. These proposals are in various stages of consideration by our customers.

現在讓我們翻到投影片 6，討論美國的岸成長機會。今年早些時候，隨著關稅政策的日益突出，安道拓團隊主動對客戶的美國足跡進行了深入分析，並將其與我們的設施進行了比較，區分了新車身和車身框架產能。我們確定了重疊的足跡，並主動向客戶提供解決方案以支援他們的在岸需求。這些建議正處於我們的客戶考慮的不同階段。

The key takeaway is we are leveraging our competitive advantages to win new business. Our strategically advantaged footprint allows us to service our customers and align as opportunities emerge. Our customers appreciate our track record of execution and strong quality. And lastly, we are being recognized for our customers for our solutions-orientated leadership and our partnership approach on the issue.

關鍵在於我們正在利用我們的競爭優勢來贏得新業務。我們具有策略優勢的足跡使我們能夠為客戶提供服務並隨著機會的出現而調整。我們的客戶欣賞我們的執行記錄和卓越的品質。最後，我們以解決方案為導向的領導力和問題上的合作方式得到了客戶的認可。

Adient's US presence is an enabler for future growth. As I will get into on the next slide, we have proof points that we are announcing today with our new onshoring wins with our Asia-based customers. Adient is competitively advantaged with a US production footprint of 75% of total North American production compared to our nearest competitor with approximately 55%. From what we know today, we estimate approximately 600,000 units of annual vehicles could be onshore to the US. We expect to get more than our fair share of this opportunity with minimal incremental investment.

Adient 在美國的業務是其未來成長的動力。正如我將在下一張投影片中提到的，我們今天宣布的與亞洲客戶在岸合作方面取得的新勝利就是有力的證據。安道拓在美國的生產足跡佔北美總產量的 75%，而我們最接近的競爭對手的比例約為 55%，因此安道拓具有競爭優勢。據我們目前所知，我們估計每年大約有 60 萬輛汽車可以進入美國境內。我們希望以最少的增量投資獲得更多的機會。

Moving on to Slide 7. We continue to prioritize winning the right business and executing successful launches. Our business awards this quarter demonstrate tangible growth from US onshoring, significant new conquest wins in EMEA underpinning stabilization in the region and growth in China, including new business with BYD and other EV leaders. I want to take a moment to highlight new business with one of our Asia-based OEMs that I mentioned earlier. This business is currently produced in Canada.

轉到投影片 7。我們繼續優先考慮贏得正確的業務並成功發布產品。我們本季的業務獎項表明，美國本土業務取得了實際成長，歐洲、中東和非洲地區取得了重大的新勝利，鞏固了該地區的穩定，中國也取得了成長，包括與比亞迪和其他電動車領導者達成的新業務。我想花點時間重點介紹一下我們與之前提到的一家亞洲原始設備製造商開展的新業務。該業務目前在加拿大生產。

Production will be moving to the US and includes JIT foam and trim. And with Nissan, we are currently supplying seating for the rogue from our Murfreesboro, Tennessee facility, and the customer will be moving incremental volume from Japan to the US. I want to thank both of these customers for their trust in Adient with an accelerated launch time line. We expect additional customer onshoring announcements will be coming, which will open up more opportunities for Adient.

生產將轉移到美國，包括 JIT 泡沫和裝飾。我們目前與日產合作，從位於田納西州默弗里斯伯勒的工廠為 Rogue 供應座椅，客戶將把增量產量從日本轉移到美國。我要感謝這兩位客戶對 Adient 的信任，並加快了發佈時間表。我們預計將會有更多客戶在岸公告發布，這將為 Adient 帶來更多機會。

In EMEA, we are very excited about supplying the Mercedes VAN C-Large seat. This is a conquest win and represents stable, high volume and a program which will start production in fiscal year '28 and will be additive to our volumes in the region. This is also a full value chain win, which includes JIT foam, trim and metals. This win also includes production in the US, highlighting our ability to provide global solutions to our customers. Also in EMEA, we recently won new complete seat business on the Volvo EX40. In Asia, we have won significant trim business with BYD on the Denza D9.

在 EMEA 地區，我們非常高興能夠供應 Mercedes VAN C-Large 座椅。這是一場征服性的勝利，代表著穩定、高產量，該計劃將於 28 財年開始生產，並將增加我們在該地區的產量。這也是一次完整的價值鏈勝利，其中包括 JIT 泡沫、裝飾和金屬。此次勝利還包括在美國進行生產，凸顯了我們為客戶提供全球解決方案的能力。此外，在歐洲、中東和非洲地區，我們最近贏得了沃爾沃 EX40 的新整套座椅業務。在亞洲，我們贏得了比亞迪騰勢 D9 的重要裝飾業務。

We continue to cultivate our relationship with this fast-growing China-based OEM. We have also won complete seat business with Toyota on the 560B, which is a seven-seat multipurpose vehicle expected to launch in the India market. This is another example of how we are helping our Asia-based customers globalize.

我們將繼續培養與這家快速發展的中國 OEM 的關係。我們還贏得了豐田 560B 的完整座椅業務，這是一款七人座多用途汽車，預計將在印度市場推出。這是我們幫助亞洲客戶全球化的另一個例子。

As you can see on the right-hand side of the slide, we are launching several key platforms around the globe. These programs are a testament to our high level of execution on multiple launches and our ability 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，我們正在全球推出幾個關鍵平台。這些項目證明了我們在多次發布中的高水準執行力以及我們為客戶實現安全、品質和準時交付指標的能力。

Finally, moving on to key factors we, as a management team, want you to come away with that differentiate Adient from other suppliers on Slide 8. The Adient team achieved strong momentum in Q3, and we expect this to continue into Q4. The team is committed to consistently strong execution in support of our customers while demonstrating their resiliency and the ability to quickly pivot and overcome macro challenges.

最後，我們作為管理團隊，希望您能夠了解 Adient 與幻燈片 8 上其他供應商之間的區別，並了解其中的關鍵因素。Adient 團隊在第三季取得了強勁的發展勢頭，我們預計這種勢頭將持續到第四季度。團隊致力於始終如一地強力執行以支持我們的客戶，同時展示他們的韌性以及快速轉變和克服宏觀挑戰的能力。

Adient possesses a world-class global footprint and continues to drive value to our customers wherever they do business around the world. We see significant US onshoring opportunities requiring minimal capital investment, and we are starting to see those opportunities come to fruition. We are winning new business in Europe and Asia. We believe we have tremendous runway for earnings growth and free cash flow generation.

Adient 擁有世界一流的全球影響力，並持續為世界各地的客戶創造價值。我們看到了巨大的美國本土化機會，只需要極少的資本投資，我們開始看到這些機會取得成果。我們正在歐洲和亞洲贏得新業務。我們相信，我們在獲利成長和自由現金流產生方面擁有巨大的發展空間。

Lastly, Adient has also demonstrated a balanced approach to capital allocation. In Q3, Adient repurchased 4% of its shares and has nearly acquired 15% of its total shares outstanding since our buyback program began a couple of years ago. And we are committed to continue to be good stewards of capital.

最後，安道拓也展示了一種平衡的資本配置方法。第三季度，安道拓回購了 4% 的股份，自幾年前我們開始回購計畫以來，幾乎收購了其總流通股數的 15%。我們致力於持續做好資本的管理。

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

現在我想讓馬克向大家介紹我們的財務前景。

Thanks, Jerome. Let's jump into the financials on Slide 10. 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 onetime in nature or otherwise skew important trends in underlying performance. Details of all adjustments for the quarter are in the appendix of the presentation.

謝謝，傑羅姆。讓我們看看第 10 張投影片上的財務狀況。遵循我們的典型格式，頁面左側顯示我們的報告結果，右側顯示我們的調整結果。我們的評論將集中在調整後的結果上，這些結果不包括我們認為是一次性的或以其他方式扭曲基礎績效重要趨勢的特殊項目。本季度所有調整的詳細資訊均在簡報的附錄中。

High level for the quarter, adjusted EBITDA was $226 million, up 12% year-on-year. We expanded EBITDA margins 60 basis points year-over-year to 6.0%. The improvement reflected outstanding business performance in the quarter despite lower customer volumes and the negative impact of tariffs. As Jerome mentioned, we continue to demonstrate the resilience of the Adient operating model and ability to mitigate external pressures.

本季調整後的EBITDA為2.26億美元，年增12%，處於高水準。我們將 EBITDA 利潤率年增 60 個基點，達到 6.0%。儘管客戶數量減少且受到關稅的負面影響，但這一改善反映了本季出色的業務表現。正如傑羅姆所提到的，我們繼續展示 Adient 營運模式的彈性和緩解外部壓力的能力。

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 restructuring of a pricing agreement within Adient's [Keiper] Joint Venture. At the bottom line, Adient reported adjusted net income of $38 million or $0.45 per share.

值得注意的是，儘管由於 Adient [Keiper] 合資企業內部定價協議的重組，本季業績較去年同期受到 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。最終，Adient 報告調整後的淨收入為 3,800 萬美元，即每股 0.45 美元。

I'll cover the next few slides rather quickly since details of the results are included on the slides. This should ensure we have adequate time for Q&A. Starting with revenue on Slide 11. We reported consolidated sales of approximately $3.7 billion, an increase of $25 million compared with Q3 fiscal year '24.

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。從幻燈片 11 上的收入開始。我們報告的綜合銷售額約為 37 億美元，與 24 財年第三季相比增加了 2,500 萬美元。

The year-on-year increase was driven by $84 million of favorable FX, partially offset by lower customer production volumes. Focusing on the right side of the slide, Adient's consolidated sales on an FX-adjusted basis were higher in the Americas and lower in EMEA and Asia year-on-year.

年比成長主要得益於 8,400 萬美元的有利外匯收入，但部分被客戶產量下降所抵銷。關注幻燈片的右側，經外匯調整後，Adient 的綜合銷售額在美洲地區同比有所增加，而在 EMEA 和亞洲地區同比有所減少。

In the Americas, higher sales versus industry were driven by a favorable comparison versus a year ago when many of our key customer programs were launching at low volumes, such as GM's large 3-row crossovers and the Toyota's 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有利，當時我們的許多主要客戶項目的推出量都很低，例如通用汽車的大型 3 排跨界車和豐田的 Tacoma。

In Europe, we were negatively impacted by overall weaker market demand. Additionally, we underperformed the market due to planned portfolio actions and adverse customer mix. And in our APAC region, sales in China underperformed industry production, primarily due to lower volumes from our traditional luxury OEM customers.

在歐洲，我們受到整體市場需求疲軟的負面影響。此外，由於計劃的投資組合行動和不利的客戶組合，我們的表現不如市場。在我們的亞太地區，中國的銷售額低於行業產量，這主要是由於我們傳統豪華 OEM 客戶的銷售量較低。

Longer term, we see growth over market improving given our numerous wins with key China OEMs. 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 at full run rate volumes.

從長遠來看，鑑於我們與中國主要原始設備製造商的多次合作，我們預計市場成長將會改善。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狀態。

Regarding Adient's unconsolidated seating revenue, year-on-year results are down about 9% adjusted for FX. Revenue in North America was lower due to a JV portfolio rationalization, which was partially offset by growth in Europe of our Diniz joint venture in Turkey. Sales in China were down year-on-year, mainly due to lower sales within our CFAA joint venture, partially offset by growth with BYD and exports through our Keiper joint venture.

就安道拓的非合併座椅收入而言，經外匯調整後，年比業績下降了約 9%。由於合資企業組合合理化，北美地區的收入有所下降，但我們在土耳其的 Diniz 合資企業在歐洲的成長部分抵消了這一影響。中國市場的銷售額年減，主要原因是我們的 CFAA 合資企業銷售額下降，但比亞迪的成長以及透過我們的 Keiper 合資企業出口的銷售額部分抵消了這一影響。

Moving on to Slide 12. We've provided a bridge of our adjusted EBITDA to show the performance of our segments between the periods. Adjusted EBITDA, as indicated, was up 12% at $226 million. The primary drivers of the year-on-year comparison are detailed on the page. The Adient team drove improved business performance of $33 million, primarily resulting from better net material margin and reduced operating costs, including lower launch costs.

轉到投影片 12。我們提供了調整後的 EBITDA 橋樑來展示各時期各部門的表現。調整後的 EBITDA 成長 12%，達到 2.26 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升 3,300 萬美元，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。

Worth mentioning, this quarter's performance results include $4 million of net tariff expenses. The improved business performance was partially offset by net commodities, which was a headwind of $7 million, largely resulting from timing of customer reimbursements. Volume mix was a $4 million headwind driven by lower customer vehicle production in EMEA and China. FX was a $3 million tailwind, mostly from favorable transactional impacts in Asia.

值得一提的是，本季的業績結果包括400萬美元的淨關稅支出。業務績效的改善被淨商品收入部分抵消，淨商品收入為 700 萬美元，主要是由於客戶償還時間造成的。由於歐洲、中東和非洲地區以及中國的客戶汽車產量下降，銷售組合面臨 400 萬美元的逆風。外匯帶來了 300 萬美元的順風，主要來自亞洲有利的交易影響。

As in past quarters, we've provided our detailed segment performance slides in the appendix of the presentation. High level, for the Americas, improved business performance of $20 million in Q3 was primarily driven by favorable commercial actions, lower input costs and lower launch costs, partially offset by lower net engineering recoveries.

與前幾季一樣，我們在簡報的附錄中提供了詳細的細分績效幻燈片。在高水準方面，對於美洲而言，第三季業務業績改善了 2,000 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，但淨工程回收率的下降部分抵消了這一影響。

Tariffs were a $4 million headwind during the quarter. Assuming no changes to current policy, we expect our net tariff expenses to be lower in Q4. We expect to recover or offset through business performance, the majority of tariff expenses going forward.

本季度，關稅造成了 400 萬美元的不利影響。假設當前政策沒有變化，我們預期第四季的淨關稅支出將會降低。我們預計未來大部分關稅支出將透過業務表現收回或抵銷。

Volume and mix was a slight tailwind of $2 million, benefiting from stronger production volumes. And finally, commodities, a $4 million headwind driven by the timing of recoveries. In EMEA, the year-over-year results were influenced by positive business performance, call it, $6 million in Q3, partially offsetting the improved business performance was lower volume and mix of $5 million, FX was a $2 million headwind, primarily driven by transactional exposure from the zloty and commodities were a $3 million headwind due to timing of recoveries.

得益於產量增加，銷售量和產品組合略有成長，達到 200 萬美元。最後，大宗商品方面，復甦時機帶來的不利影響高達 400 萬美元。在 EMEA 地區，年比業績受到正面業務表現的影響，例如第三季的 600 萬美元，部分抵銷了業務表現的改善，因為交易量和產品組合較低，為 500 萬美元，外匯造成 200 萬美元的逆風，主要受茲羅提交易風險的影響，大宗逆風因復甦時機造成 300 萬美元的逆風時機。

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，其中包括淘汰表現較差的金屬業務並開始生產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 improved year-on-year by $12 million, and our EBITDA margin expanded 150 basis points, driven by positive business performance and favorable FX more than offsetting somewhat lower volumes and mix. In summary, the company continues to drive improved business performance across all regions, which we expect to continue in Q4.

在亞洲繼續前進。我們的業績年增 1,200 萬美元，EBITDA 利潤率擴大 150 個基點，這得益於積極的業務表現和有利的外匯因素，足以抵消銷量和產品組合略有下降的影響。總而言之，公司繼續推動所有地區的業務業績改善，我們預計這種勢頭將在第四季度繼續保持。

Let me now shift to our cash, liquidity and capital structure on Slides 13 and 14. Starting with cash on Slide 13. For the quarter, free cash flow, defined as operating cash flow less CapEx was $115 million. Year-to-date, which smooths out working capital timing, we generated $70 million of free cash flow. Change versus last year is more than explained by the higher cash restructuring, particularly in Europe. As Jerome mentioned earlier, this was in line with our internal expectations.

現在讓我轉到投影片 13 和 14 上的現金、流動性和資本結構。從幻燈片 13 上的現金開始。本季自由現金流（定義為經營現金流減去資本支出）為1.15億美元。年初至今，透過平滑營運資本時間，我們產生了 7,000 萬美元的自由現金流。與去年相比的變化主要是因為現金重組增加，尤其是在歐洲。正如傑羅姆之前提到的，這符合我們的內部預期。

In Q3, we incurred $34 million of cash restructuring, in line with prior quarters. We continue to expect solid free cash conversion in fiscal 2025. One last point and called out at the bottom of the slide, Adient continues to utilize various factoring programs as a low-cost source of liquidity. At June 30, 2025, we had $168 million of factored receivables, about flat with where we started the year and quarter.

第三季度，我們進行了 3,400 萬美元的現金重組，與前幾季持平。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，在幻燈片底部指出，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 2025 年 6 月 30 日，我們的應收帳款為 1.68 億美元，與年初和本季的水平基本持平。

Flipping to Slide 14. Adient is committed to being good stewards of capital while maintaining a strong and flexible balance sheet, ensuring efficient allocation of resources and ample liquidity.

翻到幻燈片 14。Adient 致力於成為優秀的資本管理者，同時保持強大且靈活的資產負債表，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 $1.5 billion, respectively, at June 30. The company's net leverage at June 30 was 1.7 times within the targeted range of 1.5 times to 2 times. Total liquidity for the company was approximately $1.7 billion at June 30, comprised of $860 million of cash on hand and $872 million of undrawn capacity under Adient's revolving line of credit.

轉向我們的資產負債表。截至 6 月 30 日，安道拓的債務和淨債務總額分別約為 24 億美元和 15 億美元。該公司6月30日的淨槓桿率為1.7倍，在1.5倍至2倍的目標範圍內。截至 6 月 30 日，該公司的總流動資金約為 17 億美元，其中包括 8.6 億美元的庫存現金和 Adient 循環信貸額度下 8.72 億美元的未動用額度。

During Q3, we repurchased $50 million of our stock. We retired approximately 2.8 million shares. Year-to-date, we've repurchased $75 million of stock and reduced our shares outstanding by approximately 4%. We have $185 million remaining on our current share repurchase authorization.

第三季度，我們回購了價值 5,000 萬美元的股票。我們回購了約 280 萬股股票。年初至今，我們已回購了價值 7,500 萬美元的股票，並將流通股數量減少了約 4%。我們目前的股票回購授權還剩餘 1.85 億美元。

Lastly, turning to Slide 15. Given our strong year-to-date financial performance, current exchange rates and visibility that we have into production schedules for Adient's Q4, we are raising our fiscal year '25 revenue and EBITDA guidance to approximately $14.4 billion and approximately $875 million, respectively.

最後，翻到投影片 15。鑑於我們今年迄今為止強勁的財務表現、當前的匯率以及我們對 Adient 第四季度生產計劃的了解，我們將 25 財年的收入和 EBITDA 預期分別提高至約 144 億美元和約 8.75 億美元。

It's important to emphasize that this outlook doesn't contemplate policy changes or additional tariffs to what we know as of today. It's worth noting that this outlook is quite similar to where we thought we would be when we started the year last November, adjusted for FX and tariffs.

需要強調的是，這個前景並不考慮我們今天所知的政策變化或額外的關稅。值得注意的是，這一前景與我們去年 11 月年初根據外匯和關稅調整後的預期非常相似。

On free cash flow, we are maintaining our guidance of $150 million to $170 million, while we have been able to drive favorability in adjusted EBITDA and our improved outlook with regard to CapEx and cash taxes, we still face uncertainty and timing delays related to tariff recoveries.

在自由現金流方面，我們維持 1.5 億至 1.7 億美元的預期，雖然我們能夠推動調整後 EBITDA 的有利增長，並且改善資本支出和現金稅方面的前景，但我們仍然面臨與關稅回收相關的不確定性和時間延遲。

I'd also point out that we are expecting elevated levels of cash restructuring this year due to timing of cash payments related to previously announced actions close to $130 million. I know many of you will be looking past our Q4 and contemplating our setup in 2026. We feel confident in our ability to manage the controllables in our business and believe our strong 2025 financial performance will be a positive starting point going into 2026. We will have more specifics to share about our 2026 outlook when we report next in November.

我還要指出的是，由於與先前宣布的接近 1.3 億美元的行動相關的現金支付時間，我們預計今年的現金重組水準將會提高。我知道你們中的許多人都會回顧我們的第四季並思考我們在 2026 年的安排。我們對自己管理業務可控因素的能力充滿信心，並相信我們強勁的 2025 年財務業績將成為 2026 年的一個積極起點。我們將在 11 月的下一份報告中分享更多關於 2026 年展望的具體資訊。

To sum it up, Adient is demonstrating consistently strong execution and is well positioned to weather macro challenges. We remain focused on delivering excellent product and value for our customers and meeting or exceeding our financial commitments to our shareholders while maintaining a strong and flexible balance sheet.

總而言之，安道拓始終展現出強大的執行力，並有能力應對宏觀挑戰。我們始終致力於為客戶提供優質的產品和價值，並履行或超越對股東的財務承諾，同時保持強勁且靈活的資產負債表。

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，讓我們進入電話會議的問答部分。接線員，我們可以問第一個問題嗎？

Joe Spak, UBS.

瑞銀的喬·斯帕克。

Good morning, everyone. Jerome, some interesting data points on the onshoring opportunity with some early wins and the future opportunities. I guess a couple of things here. The Nissan business you talked about, I just want to confirm that you had that business, but you just think there's higher volume with the US and then the Asian OEM one is purely incremental.

大家早安。傑羅姆，關於在岸外包機會，有一些有趣的數據點，包括一些早期的成功和未來的機會。我猜這裡有幾件事。您談到的日產業務，我只是想確認您有這項業務，但您認為美國的銷量更高，而亞洲 OEM 的銷量純粹是增量。

And then on the bigger opportunity where you talked about 600,000 units potentially coming back to the US and your advantaged footprint there, how -- what do you think the net opportunity for Adient is? Because presumably, you already have some of that business in other parts of the world.

然後，關於您提到的更大的機會，即 60 萬輛汽車可能重返美國，以及您在美國的優勢足跡，您認為 Adient 的淨機會是什麼？因為據推測，您已經在世界其他地區開展了一些業務。

And if you don't win that business, even if you do have the footprint, what happens typically in that case? Is there an opportunity to sell assets or facilities? I just want to sort of better understand how you're thinking about this opportunity.

如果您沒有贏得該項業務，即使您確實擁有足跡，通常會發生什麼情況？是否有機會出售資產或設施？我只是想更了解您對這個機會的看法。

Yes. So thanks for the question, Joe. I think -- so just a couple of points on that. So on the Nissan business, the way we view that, I mean, that's a net positive for us. So that business today is produced in Japan by one of our competitors. They're bringing that over into their Serna facility. That will represent incremental revenues for us. We'll run that on existing capital. The other piece of business that you referenced that we referenced on our call that's coming from Canada into the US for us.

是的。謝謝你的提問，喬。我想——關於這個問題我只想提幾點。因此，就日產業務而言，我們的看法是，這對我們來說是淨利好。因此，今天的業務是由我們的一個競爭對手在日本開展的。他們將其帶入了 Serna 工廠。這對我們來說意味著增量收入。我們將利用現有資本來實現這一目標。您提到的另一項業務，我們在電話中也提到過，是從加拿大到美國的業務。

The sum total of those two pieces you can think of it somewhere between $150 million to $200 million of incremental revenue for us that will start really flowing in, in '26. It will hit full run rate by the time we get into '27, just based on as our customers fully ramp up from that standpoint. And that is truly new incremental revenues.

你可以認為，這兩部分的總和將為我們帶來 1.5 億至 2 億美元的增量收入，這些收入將在 2026 年開始真正流入我們的口袋。當我們進入 27 年時，它將達到滿載運行率，這僅基於我們的客戶從這個角度全面提升。這確實是新的增量收入。

The way we think about the $600 million, that $600 million is business that we do not have today. So that doesn't exist in our portfolio today. It would really be at the expense of our competitor base. And that's why we really called out our footprint today is largely 75% US-based compared to our next largest competitor who sits at 55%.

我們認為這 6 億美元是我們今天沒有的生意。所以這在我們今天的投資組合中並不存在。這實際上會損害我們的競爭對手的利益。這就是為什麼我們今天真正呼籲的是我們的業務範圍主要在美國，而我們的第二大競爭對手在美國的業務範圍為 55%。

Others in the market have different footprints. And so when we think about that 600, that's based on already existing announcements that are in the market today. You would have seen the announcement of General Motors, what they want to rotate through with their footprint. Other customers have approached us already looking to rotate other volumes out of whether that's Mexico or potentially Canada as well, also Japan, some other regions into the US. And again, that would be net positive.

市場上的其他公司則有不同的足跡。因此，當我們考慮這 600 時，這是基於目前市場上已有的公告。您可能已經看到了通用汽車的公告，他們希望透過自己的足跡來實現這一目標。其他客戶已經與我們聯繫，希望將其他產量從墨西哥或加拿大、日本和其他一些地區轉移到美國。再說一遍，這將是淨收益。

Now are we going to get all 600 of that? No, I don't think that's a realistic way to look at it. Is there going to be other incremental volume that comes in? I think we feel that. We feel that we will be a beneficiary of it. It's just a question of timing and where does that land in the US and at which one of our sites, again, with very little net investment. So we don't see any of that 600 winding down facilities elsewhere in the world, and we don't see us having to shutter assets in Mexico.

現在我們要得到全部 600 個嗎？不，我認為這不是一個現實的看待問題的方式。還會有其他增量進來嗎？我想我們也有這種感覺。我們覺得我們將從中受益。這只是一個時間問題，以及在美國哪裡實施以及在我們的哪個站點實施，同樣，淨投資很少。因此，我們看不到世界其他地方有 600 個資產被關閉，我們也不認為我們必須關閉墨西哥的資產。

We have no footprint in Canada today. And so it would be a net positive for us with very little downside, almost no downside from that standpoint. Do that helps to answer the second part?

如今，我們在加拿大已無任何足跡。因此，從這個角度來看，這對我們來說是淨利，幾乎沒有負面影響。這有助於回答第二部分嗎？

Yeah. No, that -- yeah, that's super helpful. So I guess just to quickly summarize, that's sort of the $600,000 is sort of your -- you think your addressable opportunity on a net basis.

是的。不，那——是的，那非常有幫助。所以我想簡單總結一下，這 60 萬美元就是你的——你認為你在淨基礎上可獲得的機會。

Okay. And then, Mark, just -- I know you sort of touched on a little bit views into '26. And the business performance was pretty strong this quarter. You're pointing to positive business performance in the fourth quarter. You talked about the underperforming business sort of rolling off.

好的。然後，馬克，我知道你稍微觸及了 26 年的一些觀點。本季的業務表現相當強勁。您指出第四季的業務表現良好。您談到了業績不佳的業務的下滑。

And obviously, volume is still sort of a key variable with some levels of uncertainty. But are you sort of suggesting that even exclusive of sort of how volume plays out, you'd expect that business performance to be a tailwind into '26? And like is there any sense of magnitude as to sort of how much that could help next year?

顯然，交易量仍然是一個具有一定不確定性的關鍵變數。但是，您是否認為，即使不考慮銷售量的影響，您也預期業務表現會成為 26 年的順風？那麼，這對於明年的幫助有多大呢？

We do, Joe. We do think that business performance will be a positive heading into '26. You're exactly right. The big unknown and the big driver, obviously, for us and for the industry is production volumes. So we'll be obviously, watching that closely as we go through the next couple of months. We're right now just in the final stages of finalizing the '26 plan. We'll do that with the management team, with our Board.

是的，喬。我們確實認為，2026年的業務表現將會是正面的。你說得完全正確。顯然，對我們和整個產業來說，最大的未知數和最大的驅動力是產量。因此，在接下來的幾個月裡，我們顯然會密切關注這一點。我們現在正處於完成 26 計畫的最後階段。我們將與管理團隊和董事會一起完成這項工作。

So again, premature for me to comment on specifics about it other than to say that we think the momentum that we're establishing here in '25 continues into '26 and business performance will be a tailwind.

因此，我現在就具體細節發表評論還為時過早，只能說，我們認為我們在 25 年建立的勢頭將持續到 26 年，業務表現將成為順風。

Okay, thank you.

好的，謝謝。

Colin Langan, Wells Fargo.

富國銀行的科林·蘭根。

Oh great, Thanks for taking my questions. Just on the guidance, guidance for sales rose by $500 million, adjusted EBITDA by only $25 million. Any color on the low conversion? Is that because most of the increase is FX related on the sales side? Just any color there?

哦，太好了，感謝您回答我的問題。僅在指導價上，銷售額預期上漲了 5 億美元，調整後的 EBITDA 僅上漲了 2,500 萬美元。低轉換率上有任何顏色嗎？這是因為大部分成長與銷售方面的外匯有關嗎？那裡有任意顏色嗎？

That's right, Colin. It's -- if you think about it, if I look at my translational impact in terms of the top line, that's the majority. Obviously, certain of that pulls through at very low margins over in Europe, for example. And so that explains the difference there between the sales and the actual impact on EBITDA.

沒錯，科林。如果你仔細想想，如果我從頂線的角度來看我的翻譯影響，那就是大多數。顯然，例如在歐洲，某些產品的利潤率非常低。這解釋了銷售額和對 EBITDA 的實際影響之間的差異。

Got it. That makes sense. And one of your competitors just announced they won the structures business on the F-Series and flagged that the F-Series is ongoing for bid. I believe the F-150 JIT is your largest platform. I mean, do you think having the structures would be an advantage to winning the JIT? And any color that you could provide on the bid process? Is the F-150 and the Super Duty up for bid, so maybe there's even opportunity for you actually. Any color there that you could provide?

知道了。這很有道理。您的一個競爭對手剛剛宣布他們贏得了 F 系列的結構業務，並表示 F 系列正在進行招標。我相信 F-150 JIT 是您最大的平台。我的意思是，您是否認為擁有這些結構對於贏得 JIT 有優勢？您能提供任何關於投標過程的資訊嗎？F-150 和 Super Duty 是否可以競標，所以也許實際上您還有機會。您能提供什麼顏色嗎？

Yes. This is Jerome. So thanks for the question. I think I don't want to comment in terms of how Ford sources or in terms of what they have out for bid and what they don't have out for bid. I think maybe taking the question the second half and then I'll go to the first half. What we're focused on is providing solutions for our customers.

是的。這是傑羅姆。感謝您的提問。我想我不想評論福特的採購方式，或者他們競標什麼和不競標什麼。我想也許先回答後半部的問題，然後再回答前半部。我們專注於為客戶提供解決方案。

When it comes to the F-150, that's a very important platform for us. And what we want to do is always be laser-focused on providing solutions for Ford Motor Company and for Ford's customers that provide value for them and ensure that we're giving them the best product for the world's best-selling truck for a significant number of years running. And that's what we're laser-focused on doing, and we're going to continue to do, and we think that gives us a favorable opportunity to win that business and retain that platform.

對 F-150 來說，這是一個非常重要的平台。我們想要做的就是始終專注於為福特汽車公司和福特客戶提供解決方案，為他們提供價值，並確保我們連續多年為他們提供全球最暢銷卡車的最佳產品。這就是我們專注於做的事情，我們將繼續做下去，我們認為這為我們贏得了這項業務並保留該平台提供了有利的機會。

And I think we feel good about where we stand in the bid process with them. And that's what we're focused on doing. We're not going to speculate on where it stands and what Ford is going to do from that standpoint. I do think it's worth correcting there was an article that was published by one of the analysts that said the F-150 metals is part of Adient's crown jewel. That's just simply not true.

我認為我們對在競標過程中所處的位置感到滿意。這正是我們重點要做的事。我們不會猜測它的立場以及福特將從這個角度採取什麼行動。我確實認為值得糾正的是，有一篇文章由一位分析師發表，稱 F-150 金屬是 Adient 的皇冠上的寶石之一。這根本就不是事實。

We haven't had the F-150 metals since the last cycle. And so we haven't produced that now for almost, I think, going on six years, seven years. And so it's worth noting that the loss of the F-150 metals does not impact Adient. It's not a loss of market share. It's not a shift of market share from that standpoint. And in terms of does having the metals enable you to win the JIT the way our customers source certain customers at the benefit, certain customers, it's not.

自從上一個週期以來，我們就沒有再使用過 F-150 金屬了。所以我想我們已經六年、七年沒有生產出這種產品了。因此值得注意的是，F-150 金屬的損失不會影響 Adient。這並不是市場佔有率的損失。從這個角度來看，這並不是市場佔有率的轉變。至於擁有金屬是否能讓您贏得 JIT，就像我們的客戶以利益的方式從某些客戶那裡獲得某些客戶一樣，事實並非如此。

Again, I won't go into how Ford sources their patterns, but I think Ford views those as independent sourcing events. And that's how we provide value to Ford. We view JIT, trim and foam and our ability to engineer that as an individual event, and that's how we provide value to them without metals. And that's how we provide the product today, and we were able to win the product today without having the metals. And we think we're very confident we can do that in the future.

再次重申，我不會深入探討福特如何購買他們的模式，但我認為福特將這些視為獨立的採購事件。這就是我們為福特提供價值的方式。我們將 JIT、修整和泡沫以及我們將其設計為單獨事件的能力視為，這就是我們如何在不使用金屬的情況下為他們提供價值。這就是我們今天提供產品的方式，而且我們今天能夠在沒有金屬的情況下贏得產品。我們認為我們非常有信心將來能夠做到這一點。

Got it. All right, thanks for taking my questions.

知道了。好的，感謝您回答我的問題。

Edison Yu, Deutsche Bank.

德意志銀行的 Edison Yu。

Hey, good morning. Thanks for your questions. One on the housekeeping. I think the equity income you took it down a little bit. Can you maybe just go over what's driving that to the guidance, the volume?

嘿，早安。感謝您的提問。一個是關於家務的。我認為你的股權收益有所下降。您能否簡單介紹一下推動這項指導和數量的原因？

Some of the equity income, obviously, Edison is impacted. Again, we've mentioned a couple of times throughout the year on our quarterly calls that we have renegotiated the pricing agreement with Keiper, right? So that would impact our equity income. There's just what I'd call FX that would impact certain pieces of that, right? So it's just -- I'd say little things throughout. But again, when I look at the total piece for equity income, still very strong.

顯然，愛迪生的部分股權收入受到了影響。再次，我們在全年的季度電話會議上提到過幾次，我們已經與 Keiper 重新協商了定價協議，對嗎？這會影響我們的股權收益。我所說的 FX 會對其中的某些部分產生影響，對嗎？所以這只是——我會一直說一些小事。但是，當我再次查看股權收益總額時，仍然非常強勁。

Got you. And then just on the, I guess, the performance versus the industry, I know you mentioned you have several China wins coming. Any sense on when we can kind of get to parity in the China market as some of the new business launches with BYD and other Chinese customers?

明白了。然後，我想，就業績與行業表現而言，我知道您提到您將在中國取得幾項勝利。隨著與比亞迪和其他中國客戶開展一些新業務，我們何時能在中國市場達到同等水平？

Yeah. I mean I think the last part of your question really highlights that. A lot of it is going to come down to how does BYD perform in the market. I think we've been very transparent in terms of what our market share is with BYD. Today, we announced the win on the Denza D9 trim. We've been very focused in terms of going after component wins with BYD.

是的。我的意思是，我認為你問題的最後一部分確實強調了這一點。這很大程度上取決於比亞迪在市場上的表現。我認為我們在比亞迪的市場份額方面非常透明。今天，我們宣布了 Denza D9 裝飾的勝利。我們一直非常專注於爭取比亞迪的零件供應。

The makeup of our business and where we see profit and cash generation, we do very well on components, and we've been doing very well with BYD on components. That obviously doesn't have the top line say, revenue generation as a JIT piece of business would. So a lot of it will come down to customer mix and how BYD continues to grow there.

我們的業務組成以及我們看到的利潤和現金產生情況是，我們在零件方面做得很好，而且我們與比亞迪在零件方面的合作也很好。這顯然不具備 JIT 業務所能達到的最高收入水準。因此，很大程度上取決於客戶結構以及比亞迪如何繼續在那裡發展。

That said, I think if you look at our win profile where we've been winning this year, we would expect to see as we get into '26, back half and then '27 when we see significant launches, we'll get back to more of kind of a parity type of run rate. Now again, a lot of that will be contingent upon if BYD continues to outpace the market there as they've done, it will be hard to have parity just given our mix. That said, we don't necessarily see that continuing moving forward.

話雖如此，我認為如果你看看我們今年的勝利概況，我們預計當我們進入 26 年、下半年，然後是 27 年，當我們看到重大發射時，我們將回到更平價的運行率。現在，這在很大程度上取決於比亞迪是否能繼續像以前那樣領先於市場，僅憑我們的組合就很難達到同等水平。話雖如此，我們並不認為這種情況會繼續發展。

Understood. Thank you. Thank you for the question.

明白了。謝謝。謝謝你的提問。

Emmanuel Rosner, Wolfe Research.

羅斯納 (Emmanuel Rosner)，沃爾夫研究公司。

Great, thank you so much. Just wanted to follow up on the reshoring, onshoring opportunity. Can you help us understand or how to quantify the competitive advantage you have from having the local footprint. So maybe just some sense of how much does the JIT plant cost, like if someone had the business elsewhere but had to build it in the US, how much would that cost them? Or how much of a competitive advantage you have from not having to do it?

太好了，非常感謝。只是想跟進回流、在岸運作的機會。您能否幫助我們理解或量化您在本地業務中擁有的競爭優勢？因此，也許只是對 JIT 工廠的成本有一些概念，例如，如果有人在其他地方開展業務但必須在美國建立，那麼他們需要花費多少錢？或者說，不這樣做能帶給你多大的競爭優勢？

Yes. I think it's cost, but it's also intimacy with your customer. So the cost is one aspect. And a JIT plant, when you think about investment, whether that's brownfield or greenfield, the lines that you have to put in, you're somewhere between $20 million and $30 million, give or take of it. the cost is one thing, but there's the intimacy that you have with your customer.

是的。我認為這是成本問題，但也是與客戶的親密關係問題。所以成本是一個面向。對於 JIT 工廠，當您考慮投資時，無論是棕地還是綠地，您必須投入的生產線，大約在 2000 萬美元到 3000 萬美元之間，大約如此。成本是一回事，但還有您與客戶的親密關係。

When you think about servicing that vehicle assembly plant, the fact that you have this track record of delivery, we've talked a lot about the fact that you have a broadcast window of between 120 to 180 minutes where you're having to manage the complexity associated with it.

當您考慮為該汽車組裝廠提供服務時，事實上您有這樣的交付記錄，我們已經討論過很多這樣的事實，即您的廣播窗口在 120 到 180 分鐘之間，您必須管理與之相關的複雜性。

If you look at Adient's delivery track record, the fact that we are a supplier of choice to our customers, we've demonstrated our ability to meet those windows of delivery 100% on time, 100% successful launch rate and the fact that we are a supplier of choice to them, the switching costs then really becomes significantly more than just that capital expenditure when you think about running it through amortization.

如果你看 Adient 的交付記錄，你會發現我們是客戶的首選供應商，我們已證明我們有能力按時 100% 滿足交付要求，100% 成功啟動，而且我們是他們的首選供應商，那麼當你考慮透過攤銷來計算時，轉換成本實際上會遠遠超過資本支出。

And it's more than just the incremental piece of it when you have to think about that. There's the engineering that will then go along with it. There's the rebuilding of the relationship. There's the fact that they would have 2 points of inducement for a seating supplier then, which is a big tariff for a vehicle assembly plant.

當你考慮這一點時，它不僅僅是增量部分。還有隨之而來的工程。雙方關係正在重建。事實上，他們會對座椅供應商提供 2 個誘因，這對汽車組裝廠來說是一筆很大的關稅。

So when you have a seating plant that's next to a vehicle assembly plant, that's a significant competitive advantage when you're performing. And that's why we talk a lot about focus on performance. So much of this business is doing 1,000 things right every minute, every day in a JIT plant.

因此，當您的座椅廠毗鄰汽車組裝廠時，這對您的經營來說是一個顯著的競爭優勢。這就是我們為什麼如此關注性能的原因。在 JIT 工廠中，很多業務都是每分鐘、每天正確地完成 1,000 件事情。

And that's what our model really comes down to. So it's just -- it's so much more than just that capital investment. It's the level of service we provide for our customer, that relationship between our seating plants and the vehicle assembly plant.

這就是我們的模型的真正意義。所以，這不僅僅是資本投資。這是我們為客戶提供的服務水平，也是我們的座椅廠和汽車組裝廠之間的關係。

Got it. Thank you. And then focusing on your cost performance, can you just put back into context where Adient is now in terms of current margin and how much more cost performance is there or cost opportunities there compared to your initial plan to improve margins?

知道了。謝謝。然後專注於您的成本績效，您能否重新回顧 Adient 目前的利潤率情況，以及與您最初提高利潤率的計劃相比，成本績效或成本機會有多少提高？

Yes. When I look at it, Emmanuel, I look at it this way, right? If I look at -- I'll go by the regions, right? If I look at total company, for example, we've given directional commentary that we'd like to be somewhere around an 8% EBITDA margin company, right, give or take, timing, et cetera, volumes. But that's the target, right?

是的。當我看著它時，伊曼紐爾，我是這樣看待它的，對嗎？如果我看——我會按照地區來，對嗎？例如，如果我看一下整個公司，我們給了方向性評論，我們希望公司的 EBITDA 利潤率在 8% 左右，對吧，大概是時間，等等，數量。但這就是目標，對吧？

And so then when I look at it from a geographical perspective, Americas printing somewhere in that 6%-ish range this year, right? We're 10 months through the 12-month fiscal year, right? So they're going to come in somewhere around that 6%. I think if you look at the APAC region, right, they continue to print double-digit margins. I look at them as being able to continue to print double-digit margins will continue to grow the top line.

那麼，當我從地理角度來看時，美洲今年的印刷量將在 6% 左右，對嗎？12 個月的財政年度已經過去 10 個月了，對嗎？因此他們的佔比將會達到 6% 左右。我認為，如果你看一下亞太地區，你會發現他們的利潤率繼續保持兩位數。我認為，如果能夠持續維持兩位數的利潤率，他們的收入就會繼續成長。

Europe, obviously, it's going to be troughing. We've indicated a couple of times on our quarterly calls this year that we expect the Europe performance to trough in 2025, right? Next year, business performance should be a tailwind as I think about some of the restructuring that comes on. We should get some positive mix as I think about the balance in balance out of programs.

顯然，歐洲將會陷入低谷。我們在今年的季度電話會議上已經多次表示，我們預計歐洲的表現將在 2025 年觸底，對嗎？考慮到明年將要進行的一些重組，業務表現應該會順風順水。當我考慮計劃之間的平衡時，我們應該會得到一些積極的結果。

So total company, can I see us moving from that 6%-ish range up towards 8%? Yes. I do think that, that means that America continues to grow their margins. I think that you'll see sustainability within APAC double digits. And then obviously, that would mean Europe has to go from, call it, that 2.5% to 3% margin probably to somewhere 5% or 6%, right? And that's sort of what you should think of in terms of opportunity by region to get total company, call it, a couple of hundred basis points more of margin growth.

那麼整個公司，我能看到我們的成長率從 6% 左右上升到 8% 嗎？是的。我確實認為，這意味著美國的利潤率將繼續成長。我認為你會看到亞太地區兩位數的可持續性。那麼顯然，這意味著歐洲必須從所謂的 2.5% 到 3% 的利潤率提高到 5% 或 6% 左右，對嗎？這就是您應該考慮的按地區劃分的機會，以使整個公司的利潤率增長數百個基點。

And I think what's important is along the way is just the free cash flow generation potential of the company. We continue to remain that CapEx number somewhere between $260 million to $300 million. We talked today about the European restructuring. We think we've got it kind of ring-fenced over the next two to three years line of sight. Our cash tax profile is attractive. And so we are laser-focused on cash generation and how we deploy that cash that we're generating in a balanced manner.

我認為，在這個過程中，重要的是公司的自由現金流生成潛力。我們繼續將資本支出數字維持在 2.6 億美元至 3 億美元之間。我們今天討論了歐洲重組問題。我們認為，在未來兩到三年內，我們已經對此有所保障。我們的現金稅收狀況很有吸引力。因此，我們專注於現金產生以及如何平衡地部署我們產生的現金。

Great. Thank You.

偉大的。謝謝。

James Picariello, BNP Paribas.

詹姆斯·皮卡里洛，法國巴黎銀行。

Hi, good morning, everybody. Just on tariffs and commodities and I guess, starting with commodities. I believe the previous guidance had assumed neutral impacts for both. And on the commodity side, the year-to-date headwind is $30 million.

大家好，早安。僅討論關稅和商品，我想，從商品開始。我相信之前的指導意見認為這兩者都是中性影響。而在商品方面，今年迄今的逆風為 3,000 萬美元。

Are you reporting that number on a net of recovery basis, meaning that the commodities bucket is trending worse than what you previously had anticipated? Or was it the guidance always assuming that this net commodities headwind gets offset by performance savings as is taking place? Just wondering.

您報告的數字是否是基於淨復甦基礎的，這是否意味著大宗商品市場的趨勢比您之前預期的要糟糕？或者指導方針是否總是假設這種淨商品逆風會被正在發生的績效節省所抵消？只是好奇。

Yes. So James, when we talk about commodities, it's net, right? But again, important to note that when we do get recoveries and whether it's recoveries for commodities or recoveries for tariffs, for example, you are going to get it within a basket of goods, right? So you are going to get what I would say, a mixed bag of where the recoveries come from. But on a net basis, that's the way you should be thinking about that.

是的。那麼詹姆斯，當我們談論商品時，它是淨值，對嗎？但再次強調，重要的是要注意，當我們確實獲得復甦時，無論是大宗商品的復甦還是關稅的複蘇，你都會在一籃子商品中獲得它，對嗎？所以，正如我所說，你們將會了解到復甦的來源有好有壞。但從淨基礎來看，你應該這樣思考。

Okay. So it's -- in terms of -- I mean, based on what your FX assumptions are, it seems as though the full year core sales are running like 1.5 points better than your original or your prior guidance. And the weaker flow-through on the better revenue is due to these lingering commodities and tariff headwinds. Is that --

好的。因此，就這一點而言，我的意思是，根據您的外匯假設，全年核心銷售額似乎比您最初或之前的預期高出 1.5 個百分點。而較好收入的流動較弱是由於這些揮之不去的大宗商品和關稅阻力。那是嗎--

The way I look at it is this way, James. When we gave our guidance back in November, right, and we were walking from the $880 million to the midpoint of $875 million, we said volume mix was going to be a negative for us, call it, somewhere around that $80 million-ish range.

我是這樣看待這件事的，詹姆斯。當我們在 11 月給出指引時，當時我們的目標從 8.8 億美元走向 8.75 億美元的中點，我們說過交易量組合對我們來說是負面的，大概在 8000 萬美元左右的範圍內。

E-com was going to be a net negative for us. Again, broad brush numbers, call it, around $20 million headwind. And then business performance was going to be the positive driver, call it, close to $100 million, right? With our new guide, right, and again, we're walking, as I indicated, it's fairly close to what we guided to.

電子商務對我們來說將是一個負面影響。再一次，粗略地算一下，逆風損失約 2000 萬美元。那麼業務表現將成為積極的推動力，接近 1 億美元，對嗎？有了我們的新指南，對的，我們再一次行走，正如我指出的那樣，它與我們引導到的地方相當接近。

I mean, we're coming out to 875 point. Since then, FX, I'd say, is a slight negative. Volume and mix is pretty much flat with where we thought it would be. And then business performance has actually improved because now we're actually picking up about $15 million of what I'd call tariff impact for the full year. So those are your big primary buckets that you should be thinking of.

我的意思是，我們的得分是 875 分。自那時起，我認為外匯就略有負面。音量和混合與我們想像的差不多。然後業務績效實際上已經改善，因為現在我們實際上已經獲得了約 1500 萬美元的全年關稅影響。所以這些就是您應該考慮的主要內容。

Got it. Okay. That's very helpful. And then just touching back on core sales and your positioning in China for the Asia Pac region and your JVs. Is there better line of sight to stability for next year on the top line with the company set up for growth? Or is it more of a focus on driving strong profitability, which we are seeing in the Asia Pac region this year?

知道了。好的。這非常有幫助。然後回顧核心銷售以及您在中國在亞太地區和合資企業的定位。在公司做好成長準備的情況下，明年的營收是否有更好的穩定性？或者更注重推動強勁的獲利能力，就像我們今年在亞太地區看到的？

Yes, I think it's -- I mean, thanks for the question. It's one that we're going through right now as we're looking and trying to set up our '26 plan. A lot of it will come down to launch cadence of the local China OEs. And there were certain launches that weren't even supposed to take place this year that were delayed as they looked at their software stack and we're trying to keep their software stack, in particular, ADAS competitive. And so they pushed some of those out into '26.

是的，我認為——我的意思是，謝謝你的提問。我們現在正在經歷這個過程，我們正在研究並嘗試制定我們的 26 計劃。這在很大程度上取決於中國本土汽車企業的上市節奏。還有一些原本不應該在今年發布的產品被推遲了，因為他們正在考慮他們的軟體堆棧，而我們正努力保持他們的軟體堆棧，特別是 ADAS 的競爭力。因此他們將其中一些推遲到了 26 年。

If those launches hit and the timing flows through, we'll return to, as we talked about earlier, I think from -- it was Edison's question, somewhere around parity, depending again what BYD does from a growth standpoint. But if those launches get delayed, it could be a year that will be, I wouldn't say down like this year was, maybe a year that slightly contracted versus market, still growth relative year-over-year.

如果這些產品的發布順利進行並且時機成熟，我們將回到我們之前談到的，我認為這是愛迪生提出的問題，大約在平價左右，這又取決於比亞迪從增長的角度所做的事情。但如果這些產品的發布被推遲，那麼今年的銷量可能不會像今年那樣下滑，或許會比市場銷量略有萎縮，但同比仍會有所增長。

So a lot of it will just come down to launch cadence of the local China OEs. And a lot of that, I think, again, will probably be driven from their software stack readiness, in particular, ADAS.

因此，很大程度取決於中國本土廠商的上市節奏。我認為，其中很大一部分可能將由他們的軟體堆疊準備情況驅動，特別是 ADAS。

Thank you. Thanks for taking the questions.

謝謝。感謝您回答這些問題。

(Operator Instructions)

（操作員指示）

Dan Levy, Barclays.

巴克萊銀行的丹·利維。

Hi, good morning. Thank you for taking the questions. I wanted to first double-click -- earlier -- on the response you gave earlier, Mark, on the margin side and specifically on Europe. And I think -- earlier in the call, Jerome, you mentioned that you think Europe can get to mid-single-digit EBITDA margins. Can you just unpack what specifically needs to play out to achieve that? What's a reasonable timing? How much more restructuring do you think you need to do to get that cost structure in line?

嗨，早安。感謝您回答這些問題。我想先雙擊——早些時候——關於你之前給出的回應，馬克，關於邊際方面，特別是關於歐洲。我認為——傑羅姆，在早些時候的電話會議中，您提到您認為歐洲的 EBITDA 利潤率可以達到中等個位數。您能否解釋一下要實現這一目標需要具體做些什麼嗎？合理的時間是怎樣的？您認為還需要進行多少重組才能讓成本結構符合要求？

Yes. Great question, Dan, and thanks. When I look at going into '26, right, and as I indicated, we're still going through the final plan there, but I do still see the balance in balance out as being a key driver as I go from '25 to '26. right? We're getting some positive traction on the restructuring that we've already announced and that we're executing. Clearly, the biggest driver there is having stability in production, right?

是的。很好的問題，丹，謝謝。當我展望 26 年時，正如我所指出的，我們仍在執行最終計劃，但我仍然認為平衡進出是我從 25 年到 26 年的關鍵驅動力。對吧？我們已經宣布並正在執行的重組取得了一些積極的進展。顯然，最大的驅動力是生產的穩定性，對嗎？

So as we continue to see production stabilize, which we have recently, as we continue to win new business, right, and Jerome mentioned a couple of new platforms this morning in terms of that we won, when those start to roll on, right, those are all drivers that provide a tailwind as we get into EMEA.

因此，隨著我們繼續看到生產趨於穩定（最近也是如此），隨著我們繼續贏得新業務，對吧，傑羅姆今天早上提到了我們贏得的幾個新平台，當這些平台開始滾動時，對吧，這些都是為我們進入 EMEA 提供順風的驅動力。

So again, those are the, what I'd say, the elements or the levers that actually give us confidence that we can go from, call it, that 2.5% to 3% trough, which we're facing this year to somewhere in that, call it, 5%, 5.5% range over the next -- it's not going to happen overnight. Restructuring is a multiyear restructuring plan. So when you start looking at incrementally you're probably talking two or three years out before you can get to something that would resemble those type of margins.

所以，我想說的是，這些因素或槓桿實際上給了我們信心，讓我們能夠從今年面臨的 2.5% 到 3% 的低谷，上升到明年 5% 或 5.5% 左右的區間——這不會在一夜之間發生。重組是一項多年的重組計劃。因此，當您開始逐步觀察時，您可能會說需要兩三年的時間才能達到類似的利潤率。

With -- for your last question, just in terms of how much restructuring is left, we have indicated that we would expect 2026 to be another heavy restructuring year. We haven't announced anything other than what we've announced this year, but we do know that certain programs are rolling off. We do know there's going to have to be some capacity alignments there. So something probably in the same ZIP code as what we're facing this year.

對於您的最後一個問題，就剩餘的重組量而言，我們已經表示，我們預計 2026 年將是另一個重大重組年。除了今年已經宣布的內容外，我們還沒有宣布任何其他內容，但我們確實知道某些項目正在陸續啟動。我們確實知道那裡必須進行一些產能調整。因此，某些情況可能與我們今年面臨的情況屬於同一郵遞區號。

Okay. That's helpful color. Second question is, I want to go back to the reshoring theme. And to blend that with the question you frequently faced on vertical integration. And with automakers now doing reshoring or pursuing some reshoring, how much more are they looking at vertical integration, if at all, perhaps to get better cost dynamics because they have additional costs on their end that they need to get. So does the vertical integration play into this at all? And where are you positioned on that?

好的。這是很有幫助的顏色。第二個問題是，我想回到回流主題。並將其與您在垂直整合方面經常遇到的問題結合起來。現在，汽車製造商正在進行回流或尋求某種程度的回流，他們在多大程度上考慮垂直整合，如果有的話，也許是為了獲得更好的成本動態，因為他們需要承擔額外的成本。那麼垂直整合對此有作用嗎？您對此持什麼立場？

Yes. I think if anything, it's become slightly dis-synergistic because they're looking to possibly disaggregate value chains more depending on which onshoring opportunity it takes. I think our core products, JIT, trim and foam, that really lends itself well to be vertically integrated.

是的。我認為，如果有什麼不同的話，那就是它變得有點不協同，因為他們希望根據所採取的在岸機會進一步分解價值鏈。我認為我們的核心產品 JIT、裝飾和泡沫非常適合垂直整合。

And we pour more foam than anyone does in the US market, in the North American market, and we sell more trim than anyone does in the North American market. And when you can bring that together with your JIT footprint and you can be extremely agile and be extremely nimble, that's where we're seeing, I think, significant momentum.

我們在美國市場、在北美市場注入的泡沫比任何人都多，我們銷售的裝飾物也比北美市場上的任何人都多。當你能夠將其與 JIT 足跡結合起來，你就會變得非常敏捷和靈活時，我認為，這就是我們看到的顯著勢頭。

When you try to bring into that things such as whether it's the comfort systems or things along those lines, you start to run into some challenges because the customers now are looking to see where they can disaggregate those things. You saw going back to the F-150, the announcement, I think, during it would have been Gentherm's earnings call on what they announced with their win.

當您嘗試將諸如舒適系統或類似的東西納入其中時，您會開始遇到一些挑戰，因為客戶現在正在尋找可以分解這些東西的地方。您看到回到 F-150，我認為，在 Gentherm 的收益電話會議上，他們宣布了他們的勝利。

Again, I don't want to talk about forward sourcing pattern, but that announcement has already been made. They fully disaggregated that. And our customers want to move fast. And I think if you try to box them in with a fully integrated value chain on things that they don't traditionally source fully aggregated, they just -- they look at it and go, that's not how I want to do it. I want to move fast. I want to move in a more efficient way.

再說一次，我不想談論前向採購模式，但該公告已經發布。他們將其完全分解。我們的客戶希望快速行動。我認為，如果你試圖用一個完全整合的價值鏈來限制他們，而這些價值鍊是他們傳統上無法完全聚合的，那麼他們只會——他們看著它然後離開，這不是我想要做的。我想快速行動。我想以更有效的方式行動。

They may give you sourcing control over it. But if you have sourcing control, they then just want, I think, what will be at the end, the quickest solution to get there. And if you don't have the footprint where you don't have a solution to give them, they're not going to let you force on to them a fully integrated one just because it's fully integrated.

他們可能會將採購控制權交給你。但如果你擁有採購控制權，那麼我認為他們只想要最終能找到的最快解決方案。如果你沒有提供解決方案，他們就不會允許你強迫他們接受一個完全整合的解決方案，只是因為它是完全整合的。

JIT, trim and foam, yes, and we've seen success in our metals footprint. We talked about that on the last call, where we've been able to utilize some of our global metals footprint, but not necessarily on the other components have we seen a big play.

是的，JIT、修整和泡沫，我們在金屬足跡方面已經取得了成功。我們在上次電話會議上談到了這一點，我們已經能夠利用我們的部分全球金屬足跡，但不一定在其他組件上我們看到了巨大的發展。

Thank you, that's helpful color.

謝謝，這很有幫助。

Okay. Thanks, Dan. I want to thank everyone once again for your interest in Adient. And if you have any follow-up questions, please feel free to reach out to me today. Also, I'd like to acknowledge that we will be in New York City next week participating at the JPMorgan Autos Conference and hope to see many of you then.

好的。謝謝，丹。我想再次感謝大家對 Adient 的關注。如果您有任何後續問題，請隨時與我聯絡。另外，我想告知大家，我們下週將前往紐約參加摩根大通汽車會議，希望屆時能見到大家。

And with that, Denise, we can close out the call.

丹尼斯，就這樣，我們就可以結束通話了。

Thank you. That does conclude today's conference. Thank you for your participation. Have a great day, and you may disconnect.

謝謝。今天的會議到此結束。感謝您的參與。祝您度過愉快的一天，然後您就可以斷開連接了。