Allison Transmission Holdings Inc (ALSN) 2025 Q1 法說會逐字稿

Good afternoon. Thank you for standing by. Welcome to the Allison Transmission first-quarter 2025 earnings conference Call.

午安.感謝您的支持。歡迎參加艾里遜變速箱 2025 年第一季財報電話會議。

My name is Matt. I'll be your conference operator today.

我的名字是馬特。今天我將擔任您的會議主持人。

(Operator Instructions) As a reminder, this conference call is being recorded.

（操作員指示）提醒一下，本次電話會議正在錄音。

I'd now like to turn the conference over to Jackie Bolles, Executive Director of Treasury and Investor Relations. Please go ahead.

現在，我想將會議交給財務和投資者關係執行董事 Jackie Bolles。請繼續。

Thank you, Matt. Good afternoon. Thank you for joining us for our first-quarter 2025 earnings conference call.

謝謝你，馬特。午安.感謝您參加我們的 2025 年第一季財報電話會議。

With me this afternoon are Dave Graziosi, our Chair and Chief Executive Officer; Fred Bohley, our Chief Operating Officer; and Scott Mell, our newly appointed Chief Financial Officer and Treasurer.

今天下午與我一起的有我們的董事長兼執行長 Dave Graziosi；我們的營運長 Fred Bohley；以及我們新任命的財務長兼財務主管 Scott Mell。

As a reminder, this conference call, webcast, and this afternoon's presentation are available on the Investor Relations section of allisontransmission.com. A replay of this call will be available through May 15.

提醒一下，本次電話會議、網路廣播和今天下午的簡報可在 allisontransmission.com 的投資者關係部分找到。這次通話的重播將持續到 5 月 15 日。

As noted on slide 2 of the presentation, many of our remarks today contain forward-looking statements, based on current expectations. These forward-looking statements are subject to known and unknown risks, including those set forth in our first-quarter 2025 earnings press release and our annual report on Form 10-K for the year ended December 31, 2024.

正如簡報的第二張投影片中所述，我們今天的許多評論都包含基於當前預期的前瞻性陳述。這些前瞻性陳述受已知和未知風險的影響，包括我們 2025 年第一季財報新聞稿和截至 2024 年 12 月 31 日的 10-K 表年度報告中所述風險。

Should one or more of these risks or uncertainties materialize; or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those that we express today.

如果其中一個或多個風險或不確定性成為現實；或者如果基本假設或估計被證明是錯誤的，實際結果可能與我們今天表達的結果有重大差異。

In addition, as noted on slide 3 of the presentation, some of our remarks today contain non-GAAP financial measures, as defined by the SEC. You can find reconciliations of the non-GAAP financial measures to the most comparable GAAP measures attached as an appendix to the presentation and to our first-quarter 2025 earnings press release.

此外，正如簡報第 3 張幻燈片中所述，我們今天的一些發言包含美國證券交易委員會 (SEC) 定義的非 GAAP 財務指標。您可以在簡報的附錄和我們的 2025 年第一季財報新聞稿中找到非 GAAP 財務指標與最具可比性的 GAAP 指標的對帳表。

Today's call is set to end at 5:45 PM Eastern Time. In order to maximize participation opportunities on the call, we'll take just one question from each analyst.

今天的電話會議將於美國東部時間下午 5:45 結束。為了最大限度地增加電話會議的參與機會，我們只會回答每位分析師的一個問題。

Please turn to slide 4 of the presentation for the call agenda. During today's call, Dave Graziosi will provide an update on recent announcements across our business, including a brief introduction and remarks from Scott Mell. Fred Bohley will, then, review our first-quarter 2025 financial performance and full-year 2025 guidance, prior to commencing the Q&A.

請翻到簡報的第 4 張投影片查看通話議程。在今天的電話會議中，Dave Graziosi 將介紹我們業務的最新公告，包括 Scott Mell 的簡短介紹和演講。然後，在開始問答環節之前，Fred Bohley 將回顧我們 2025 年第一季的財務業績和 2025 年全年指引。

Now, I'll turn the call over to Dave.

現在，我將把電話轉給戴夫。

Thank you, Jackie. Good afternoon. Thank you for joining us.

謝謝你，傑基。午安.感謝您加入我們。

First, I would like to welcome Scott Mell to the Allison executive team, serving as our newly appointed Chief Financial Officer and Treasurer. Scott joins us with almost 30 years of diverse experience, providing strategic and financial leadership, with an established and impressive track record.

首先，我歡迎 Scott Mell 加入艾里遜管理團隊，擔任我們新任命的財務長兼財務主管。斯科特加入我們，擁有近 30 年的多元化經驗，提供策略和財務領導，並擁有良好而令人印象深刻的業績記錄。

We are excited to welcome Scott and look forward to working with him, as we continue to drive our vision and values and realize new opportunities that lie ahead. Scott, if you'd like to say a few words?

我們很高興歡迎斯科特，並期待與他合作，我們將繼續推動我們的願景和價值觀，並實現未來的新機會。史考特，你想說幾句話嗎？

Thank you, Dave. Good afternoon, everyone.

謝謝你，戴夫。大家下午好。

I am thrilled to be stepping into the role of Chief Financial Officer and Treasurer, here, at Allison and delighted to be working with such an experienced management team led by Dave and Fred.

我很高興能夠在 Allison 擔任財務長兼財務主管，並且很高興能與 Dave 和 Fred 領導的經驗豐富的管理團隊合作。

Needless to say, it is a very interesting time for the company, given current end market dynamics. But I am highly energized by the opportunity to help shape the future of our business, strategically guiding Allison through the next phase of our growth and development, while continuing to deliver exceptional financial results for our shareholders.

毋庸置疑，考慮到當前終端市場的動態，對於該公司來說這是一個非常有趣的時刻。但我對有機會幫助塑造我們業務的未來感到非常興奮，策略性地指導艾莉森度過我們下一階段的成長和發展，同時繼續為我們的股東提供卓越的財務業績。

As a long-time resident of Greater Detroit, I'm eager to get back to my roots of operating within the always-interesting commercial vehicle industry and, specifically, working with an icon of the industry, Allison Transmission.

作為大底特律地區的長期居民，我渴望回到我始終感興趣的商用車行業的本源，特別是與該行業的標誌性企業艾里遜變速箱公司合作。

As I get up to speed, I look forward to further engagement with the broader investment community and helping guide Allison through the next phase of our growth and development.

隨著我逐漸熟悉情況，我期待與更廣泛的投資界進一步接觸，並幫助指導艾莉森度過我們成長和發展的下一階段。

Dave?

戴夫？

Thank you, Scott.

謝謝你，斯科特。

Moving on with other announcements during the quarter. Late last month, we were pleased to announce that Allison's 3040 MX medium-weight cross-drive transmission was selected as the propulsion solution of choice across all OEMs competing for India's Future Infantry Combat Vehicle or FICV prototype.

本季將繼續發布其他公告。上個月底，我們很高興地宣布，艾里遜 3040 MX 中型交叉傳動變速箱被所有參與印度未來步兵戰車或 FICV 原型競爭的 OEM 選為首選推進解決方案。

The FICV program aims to modernize the Indian Army's fleet of aging inventory fighting vehicles, with intention to procure approximately 1,750 FICVs. The total revenue opportunity for Allison could represent several hundred million dollars over the next 2 decades.

FICV 計畫旨在對印度陸軍老舊庫存戰車隊進行現代化改造，計畫採購約 1,750 輛 FICV。未來 20 年，艾利森的總收入機會可能達到數億美元。

Being selected by all OEMs competing in the FICV program is a testament to the superior durability, reliability, and performance of our 3040 MX transmission and underscores Allison's commitment to growth in international defense markets.

被所有參與 FICV 計畫的 OEM 選中，證明了我們的 3040 MX 變速箱卓越的耐用性、可靠性和性能，並彰顯了艾里遜對國際國防市場成長的承諾。

In March, we announced that Daimler Truck North America, or DTNA, has standardized Allison's FuelSense 2.0 Neutral at Stop technology for their Freightliner and Western Star trucks.

今年 3 月，我們宣布戴姆勒北美卡車公司 (DTNA) 已為其 Freightliner 和 Western Star 卡車標準化了 Allison 的 FuelSense 2.0 空檔停車技術。

Allison's Neutral at Stop technology reduces engine load at stops and reduces unnecessary fuel consumption when vehicles are at idle. Our technology ensures that fuel is used for movement, not idling, enhancing overall fuel efficiency.

艾里遜的「停車空檔」技術可以降低車輛停車時的引擎負荷，並減少車輛怠速時不必要的燃油消耗。我們的技術確保燃料用於行駛，而不是空轉，從而提高整體燃油效率。

We are pleased to partner with DTNA to make this innovative solution a standard offering for our customers, supporting fleets in their goals to reduce fuel consumption and vehicle emissions.

我們很高興與 DTNA 合作，將這項創新解決方案作為客戶的標準產品，以支持車隊實現降低燃料消耗和車輛排放的目標。

During the quarter, we also announced the expansion of our global service network across Japan and West Africa, bolstering our current network comprised of 1,600 independent dealer and distributor locations.

本季度，我們也宣布將我們的全球服務網絡擴展到日本和西非，從而增強我們目前由 1,600 個獨立經銷商和分銷商組成的網路。

And underscoring Allison's commitment to delivering global customer support and service accessibility, we have entered into service dealer agreements and formed strategic partnerships to strengthen service capabilities in key regions.

為了強調艾里遜對提供全球客戶支援和服務的承諾，我們簽訂了服務經銷商協議並建立了策略合作夥伴關係，以加強關鍵地區的服務能力。

As we continue to see significant growth in the preference for fully-automatic transmissions outside North America, strengthening our service network is key to supporting our growing global customer base.

隨著我們繼續看到北美以外地區對全自動變速箱的偏好顯著增長，加強我們的服務網絡對於支持我們不斷增長的全球客戶群至關重要。

Before passing it to Fred for a review of our financial performance, I would like to take a moment to share some perspective on the broader environment in which we are currently operating.

在將其交給弗雷德審查我們的財務表現之前，我想花點時間分享一些關於我們當前營運的更廣泛環境的看法。

Although ongoing geopolitical tensions and shifting trade policies are creating uncertainty across our end markets, Allison's strategic advantages provide us with the flexibility to tolerate the current environment.

儘管持續的地緣政治緊張局勢和不斷變化的貿易政策為我們的終端市場帶來了不確定性，但艾里遜的戰略優勢為我們提供了適應當前環境的靈活性。

Utilizing our global footprint, Allison can provide our North American customers with Made in USA products and supply our Outside North America customers with on-highway products produced outside North America.

利用我們的全球影響力，艾里遜可以為我們的北美客戶提供美國製造的產品，並向我們的北美以外地區客戶提供北美以外生產的公路產品。

In addition, over 85% of our direct material spend is with suppliers based in North America. A majority are located in the United States, with those located in Canada and Mexico currently under USMCA exemptions.

此外，我們 85% 以上的直接材料支出來自北美的供應商。大多數位於美國，位於加拿大和墨西哥的目前享有 USMCA 豁免。

Importantly, Allison's sourcing from China is minimal, regarding the number of components and spend.

重要的是，就零件數量和成本而言，艾里遜從中國採購的零件數量很少。

Also, through our long-term supply agreements with customers, we pass through approximately two-thirds of steel and 80% of aluminum cost.

此外，透過與客戶簽訂的長期供應協議，我們轉嫁了約三分之二的鋼材成本和 80% 的鋁成本。

Finally, 30% to 40% of our North America On-Highway business is with municipal customers. As we have demonstrated through previous economic cycles, this portion of our business is insulated from the macro environment, with municipalities continuing to buy amidst uncertainty.

最後，我們 30% 至 40% 的北美公路業務來自市政客戶。正如我們在以往的經濟週期中所證明的那樣，我們的這部分業務不受宏觀環境的影響，市政當局在充滿不確定性的情況下繼續購買。

When taken together, we believe Allison is well positioned to continue supply our end markets, while maintaining strong financial performance, while remaining focused on our growth initiatives and operational efficiency, executing on both our near-term and longer-term strategic initiatives and proactively addressing changing market dynamics.

綜合起來，我們相信艾里遜完全有能力繼續供應我們的終端市場，同時保持強勁的財務業績，同時繼續專注於我們的成長計劃和營運效率，執行我們的短期和長期戰略計劃，並積極應對不斷變化的市場動態。

We appreciate your support, as we move through this period with resilience, maintaining our commitment to delivering long-term sustainable growth.

我們感謝您的支持，我們將以堅韌的意志度過這段時期，並堅持實現長期可持續增長的承諾。

Thank you. I'll now turn the call over to Fred.

謝謝。我現在將電話轉給弗雷德。

Thank you, Dave.

謝謝你，戴夫。

Following Dave's business update, I'll review our third-quarter financial performance and our full-year 2025 guidance.

在戴夫更新業務狀況後，我將回顧我們第三季的財務表現和 2025 年全年的預期。

Please turn to slide 5 of the presentation for the Q1 2025 performance summary.

請翻到簡報的第 5 張投影片，查看 2025 年第一季的業績摘要。

Year-over-year net sales decreased 3% from the same period in 2024 to $766 million. Year-over-year results were driven by a 4% increase in the North America On-Highway end market, principally driven by price increases on certain products and continued strength in Class 8 vocational trucks, partially offset by lower demand for medium-duty trucks. Year-over-year net sales were also driven by a 10% increase in net sales in the defense end market, principally driven by price increases on certain products.

與 2024 年同期相比，淨銷售額年減 3% 至 7.66 億美元。同比業績成長主要得益於北美公路終端市場 4% 的成長，這主要得益於某些產品的價格上漲以及 8 級職業卡車的持續強勁成長，但中型卡車需求的下降部分抵消了這一成長。國防終端市場淨銷售額年增 10%，這主要得益於某些產品的價格上漲。

Gross profit for the quarter was $378 million, an increase of $12 million from $366 million for the same period in 2024. The increase in gross profit was principally driven by price increases on certain products and UAW contract-signing incentives recognized in the first quarter of 2024 that did not reoccur in 2025.

本季毛利為 3.78 億美元，較 2024 年同期的 3.66 億美元增加 1,200 萬美元。毛利的成長主要得益於某些產品的價格上漲以及 2024 年第一季確認的 UAW 合約簽約激勵措施，這些激勵措施在 2025 年沒有再次出現。

Net income for the quarter was $192 million, an increase of $23 million from $169 million for the same period in 2024. The increase was principally driven by higher gross profit and unrealized mark-to-market adjustments for marketable securities.

本季淨收入為 1.92 億美元，較 2024 年同期的 1.69 億美元增加 2,300 萬美元。成長的主要原因是毛利增加以及有價證券未實現的市價調整。

Diluted earnings per share increased 17% year over year to $2.23. The increase was principally driven by higher net income and lower total diluted shares outstanding.

每股攤薄收益年增 17% 至 2.23 美元。成長的主要原因是淨收入增加和流通在外稀釋股份總數減少。

Adjusted EBITDA margin for the quarter was 37.5%, an increase of 90 basis points year over year.

本季調整後的 EBITDA 利潤率為 37.5%，較去年同期成長 90 個基點。

A detailed overview of our net sales by end market and Q1 2025 financial performance can be found on slides 6 and 7 of the presentation.

簡報的第 6 張和第 7 張投影片中可以找到我們按終端市場劃分的淨銷售額和 2025 年第一季財務業績的詳細概述。

Please turn to slide 8 of the presentation for the Q1 2025 cash flow performance summary.

請翻到簡報的第 8 張投影片，查看 2025 年第一季現金流績效摘要。

Net cash provided by operating activities for the quarter was $181 million, compared to $173 million for the same period in 2024. The increase was principally driven by UAW contract-signing incentives paid in the first quarter of 2024 that did not reoccur in 2025.

本季經營活動提供的淨現金為 1.81 億美元，而 2024 年同期為 1.73 億美元。這一增長主要是由於 2024 年第一季支付的 UAW 簽約獎勵在 2025 年沒有再次發生。

We ended the first quarter with a net leverage ratio of 1.43x times, $753 million of cash, and $744 million of available revolving credit facility commitments. We continue to maintain a flexible, long-dated, and covenant-light debt structure with our earliest maturity due in October 2027.

我們第一季結束時的淨槓桿率為 1.43 倍，現金為 7.53 億美元，可用循環信貸額度承諾為 7.44 億美元。我們持續維持靈活、長期、輕契約的債務結構，最早到期日為 2027 年 10 月。

Allison remains committed to prudent balance sheet management and shareholder-friendly capital allocation priorities, as demonstrated by the sixth consecutive annual increase to our quarterly dividend. Our quarterly dividend has increased over 80% since 2019.

艾利森仍然致力於審慎的資產負債表管理和股東友好的資本配置優先事項，這從我們連續第六年增加季度股息就可以看出。自 2019 年以來，我們的季度股息成長了 80% 以上。

Also in the quarter, we announced a $1 billion increase in our authorization under our stock repurchase program. During the first quarter, we repurchased over $150 million of our common stock, representing nearly 2% of outstanding shares. We ended the first quarter with nearly $1.4 billion of authorization remaining.

本季我們也宣布將股票回購計畫的授權金額增加 10 億美元。第一季度，我們回購了超過 1.5 億美元的普通股，佔流通股的近 2%。截至第一季末，我們還剩下近 14 億美元的授權資金。

Please turn to Slide 9 of the presentation for our 2025 guidance.

請翻到簡報的第 9 張投影片，了解我們的 2025 年指導。

While our supply chain and manufacturing footprint minimizes our exposure to global trade uncertainties, we continue to monitor the tariff environment and plan to offset the impact.

雖然我們的供應鏈和製造足跡最大限度地減少了我們受到的全球貿易不確定性的影響，但我們仍將繼續監測關稅環境併計劃抵消其影響。

Consistent with our previous assumptions, including continued strength in demand for Class 8 vocational trucks and defense vehicles, we are reaffirming our full-year 2025 guidance provided to the market on February 11.

與我們先前的假設一致，包括對 8 級職業卡車和國防車輛的需求持續強勁，我們重申 2 月 11 日向市場提供的 2025 年全年指引。

Allison expects net sales to be in the range of $3.2 billion to $3.3 billion. In addition to Allison's 2025 net sales guidance, we anticipate net income in the range of $735 million to $785 million, adjusted EBITDA in the range of $1.170 billion to $1.230 billion, net cash provided by operating activities in the range of $800 million to $860 million, capital expenditures in the range of $165 million to $175 million, and adjusted free cash flow in the range of $635 million to $685 million.

艾利森預計淨銷售額將在 32 億美元至 33 億美元之間。除了艾里遜 2025 年淨銷售額指引外，我們還預期淨收入在 7.35 億美元至 7.85 億美元之間，調整後 EBITDA 在 11.7 億美元至 12.3 億美元之間，經營活動提供的淨現金在 8 億美元至 8.6 億美元之間，資本支出在 1.65 億美元之間在 1.5 億美元之間6.85 億美元之間。

This concludes our prepared remarks. Matt, please open the call for questions.

我們的準備好的演講到此結束。馬特，請開始提問。

(Operator Instructions)

（操作員指示）

Kyle Menges, Citigroup.

花旗集團的凱爾孟格斯 (Kyle Menges)。

I thought it was a nice margin performance in the quarter. Margins increased 270 basis points year over year in the quarter versus the full-year guide, implying 80 basis points, at least, for the full-year margin expansion.

我認為本季的利潤表現不錯。與全年指引相比，本季利潤率年增 270 個基點，這意味著全年利潤率至少將增加 80 個基點。

So could we unpack that a little bit? What drove the really solid margin results in the quarter, especially considering that the higher-margin parts business was down about 7.5% year over year?

那我們可以稍微解釋一下嗎？是什麼推動了本季利潤率的穩定成長，特別是考慮到利潤率較高的零件業務年減了約 7.5%？

Yeah. Kyle, thank you. This is Fred.

是的。凱爾，謝謝你。這是弗雷德。

I'm really looking at the margins on a year-over-year basis, as you mentioned, certainly expanded.

我確實在關注同比利潤率，正如您所說，利潤率肯定在擴大。

And specifically looking at gross margins and walking that through first quarter: last year, we were 46.4%; coming in at 49.3%; and then, dropping down to EBITDA margins, as you mentioned, 90 basis points of expansion.

具體來看毛利率，並回顧第一季：去年，我們的毛利率為 46.4%；達到 49.3%；然後，正如您所說，EBITDA 利潤率下降了 90 個基點。

Relative to the gross margin expansion, price was meaningful, $39 million in price in the quarter.

相對於毛利率的擴張，價格是有意義的，本季的價格為 3,900 萬美元。

We did have the one-time UAW signing incentives in gross profit last year that was excluded from EBITDA.

去年，我們的毛利中確實有一次性 UAW 簽約獎勵，但未計入 EBITDA。

But relative to gross profit, $13 million of lower expense there.

但相對於毛利，那裡的支出較低，為 1,300 萬美元。

And then, obviously, net sales was down after price, which impacted us $37 million, with material costs unfavorable, $6 million. So that will basically bridge you to the $12 million, from a gross profit standpoint.

然後，顯然，價格因素後的淨銷售額下降了，影響了 3,700 萬美元，材料成本不利，影響了 600 萬美元。因此，從毛利的角度來看，這基本上可以幫助您實現 1200 萬美元的目標。

And that all be disclosed when we publish the (inaudible) tomorrow.

當我們明天發布（聽不清楚）時，所有這些都會披露。

Relative to EBITDA margin, that 90 basis points: net sales, down $20 million, unfavorable volume mix -- really offset by the price, the $39 million in price or roughly 500 basis points of price recognized on a year-over-year basis.

相對於 EBITDA 利潤率，這 90 個基點：淨銷售額下降 2000 萬美元，銷量組合不利 - 實際上被價格所抵消，3900 萬美元的價格或同比確認的價格約 500 個基點。

Ian Zaffino, Oppenheimer.

伊恩·扎菲諾，奧本海默。

This is Isaac Sellhausen, on for Ian.

這是艾薩克‧塞爾豪森 (Isaac Sellhausen)，取代伊恩 (Ian)。

I just have one: Could you provide some high-level thoughts on the vocational demand environment, maybe where, specifically, strength is coming from?

我只有一個想法：您能否就職業需求環境提供一些高層次的想法，具體來說，力量來自哪裡？

And are you not seeing any weakness, at all, from customers or within the useful spending or funding, et cetera?

您是否沒有看到客戶、有用支出或資金等方面有任何弱點？

This is Dave. A couple of things there.

這是戴夫。那裡有幾件事。

As we talked about and I'm sure you recall back, both the -- most of our calls last year and followed by our call in February, in terms of North America, vocational continues to be what our expectation was entering this year; continued to be a relatively robust and strong market.

正如我們所討論的，我相信你們還記得，我們​​去年的大部分電話會議以及 2 月份的電話會議都表明，就北美而言，職業教育仍然是我們今年的預期；繼續保持相對強勁的市場。

I would certainly point you to the comments of, certainly, the North America OEMs and what they're seeing from a vocational perspective. Again, I would not disagree with their comments.

我當然會向您指出北美原始設備製造商的評論以及他們從職業角度所看到的情況。再次強調，我不會不同意他們的評論。

We continue to enjoy significant market position there and demand for our product. As you know, we've made some investments over the last number of years to increase capacity.

我們繼續在那裡享有重要的市場地位並且我們的產品受到廣泛歡迎。如您所知，過去幾年我們進行了一些投資來提高產能。

So we're certainly well positioned to supply the level of this market, which, more or less, relatively flat on a year-over-year basis, consistent with what we had mentioned in February.

因此，我們完全有能力滿足這一市場的供應需求，這一市場水準與去年同期相比基本持平，與我們 2 月提到的情況一致。

As we discussed or mentioned in the prepared comments: again, with the underlying fundamentals, even with our portfolio around municipalities, they continue to be very present in the market for vocational vehicles.

正如我們在準備好的評論中討論或提到的那樣：再次強調，鑑於基本面，即使我們的投資組合圍繞市政當局，它們仍然在專業車輛市場中佔據重要地位。

And I'm sure you're aware of other -- the OEM comments that have vocational exposure to a number of the subsegments there. So we're benefiting from that, as well.

我相信您已經意識到其他的東西——OEM 評論對那裡的許多子領域都有職業影響。因此我們也從中受益。

From the support perspective, as we've discussed, a fair bit of investment happening out in the marketplace that dates back several years. I would also mention the more recent announcements with the new administration in Washington -- continues to be supportive of investment in the US.

從支持的角度來看，正如我們所討論的，市場上已經有相當多的投資可以追溯到幾年前。我還要提到華盛頓新政府最近宣布的繼續支持對美國投資的舉措。

So the team, here, is well positioned to supply market demand and meet customer expectations.

因此，這裡的團隊完全有能力滿足市場需求和客戶期望。

Tim Thein, Raymond James.

提姆泰恩、雷蒙詹姆斯。

Scott, welcome. Good to work with you.

斯科特，歡迎光臨。很高興和你一起工作。

Dave, just with respect to looking at the cash balance and what looks to be another strong year of cash generation per usual. How are you thinking about capital allocation, especially with respect to M&A?

戴夫，就現金餘額而言，今年看起來又是一個現金產生強勁的年份。您如何考慮資本配置，特別是在併購方面？

Obviously, it hasn't been a central part of the strategy, historically. But just curious of any updated thoughts, in terms of how you're thinking about M&A and other potential avenues to deploying capital.

顯然，從歷史上看，它並不是該戰略的核心部分。但我只是好奇您對併購和其他潛在的資本部署途徑有何新想法。

You're welcome, Tim. Thank you for that question. I'll start. And then, Fred will finish here.

別客氣，提姆。謝謝你的提問。我先開始。然後，弗雷德就在這裡結束。

But I would just say: consistent with our shareholder-friendly position with capital allocation, we increased our dividend earlier this year.

但我只想說：根據我們對股東友善的資本配置立場，我們在今年稍早增加了股利。

We continued on the path of share repurchases. I'm sure you noticed from our results. And, most importantly, beyond the two items that I mentioned, we're certainly fully funding our business, at this point, from an organic growth perspective, as well as product variance, as well as new products.

我們繼續進行股票回購。我相信您已經注意到了我們的結果。而且，最重要的是，除了我提到的兩項之外，從有機成長的角度，以及產品差異和新產品的角度，我們肯定會為我們的業務提供充足的資金。

Completely new products. I think the team is executing well, there, overall and really driving towards that.

全新產品。我認為團隊整體表現良好，並且正在朝著這個目標努力。

So beyond that, as we've talked about, a number of different options out there for growth.

除此之外，正如我們所討論的，還有許多不同的成長選擇。

I'll let Fred comment on that.

我會讓弗雷德對此發表評論。

Sure. Thanks, Dave.

當然。謝謝，戴夫。

As Dave walked through, definitely, we are sticking to our capital allocation priorities: first and foremost, funding the business, organic revenue growth, capacity, the activities we're taking in India. But we're always looking at what could be better inside of Allison than out.

正如戴夫所說，我們肯定會堅持我們的資本配置優先事項：首先，為業務、有機收入成長、產能以及我們在印度開展的活動提供資金。但我們總是在尋找艾利森內在比外在更好的地方。

So we're certainly spending time, proactively looking at different opportunities. Obviously, a little bit of a tough market back, right now.

因此，我們肯定會花時間積極尋找不同的機會。顯然，現在市場情勢有點難。

But we obviously sit here in a position of strength, with strong balance sheet and a company that is able to generate meaningful cash in just about any market environment.

但我們顯然處於優勢地位，擁有強大的資產負債表，並且公司能夠在幾乎任何市場環境下產生可觀的現金。

We've actively mitigated the risk really proactively, relative to our footprint and supply chain.

相對於我們的足跡和供應鏈，我們已經積極主動地降低了風險。

But what we're seeing, right now: while everybody is exposed to tariffs, the impact to us, we feel very confident we can offset.

但我們現在看到的情況是：雖然每個人都受到關稅的影響，但我們非常有信心能夠抵消其對我們的影響。

So sitting here, from a strong financial profile, we'll continue to proactively look at what might be out there that would be a good fit, as you would expect.

因此，正如您所期望的那樣，從強大的財務狀況來看，我們將繼續積極尋找可能合適的選擇。

Rob Wertheimer, Melius.

羅伯·沃特海默（Rob Wertheimer），Melius。

There's a Trump administration-led Section 232 Investigation into truck supply chains and so forth. And I'm not fully up to speed on where everybody makes transmissions.

川普政府牽頭對卡車供應鏈等進行了第 232 條調查。我還不完全了解每個人的傳輸位置。

I know you, guys, have obviously extraordinarily high share in fully automatic transmissions. But maybe it would be a good moment to check in on regional haul as well, just to see if -- I don't know if there's any mismatch basically in the supply base that could advantage you, if things come down in that direction?

我知道你們在全自動變速箱領域佔有極高的份額。但也許這也是檢查區域運輸情況的好時機，只是為了看看——我不知道如果事情朝著這個方向發展，供應基礎是否存在任何可能對您有利的不匹配現象？

Rob, it's Dave. Thank you for that question.

羅布，我是戴夫。謝謝你的提問。

Back to our prepared remarks: as we've laid out, I think we're well positioned, given our footprint in North America, more specifically the US, to supply the North America On-Highway market with a high level of localized content, if you will; at the same time, relatively well aligned with our Outside North America On-Highway customers and demand by region.

回到我們準備好的發言：正如我們已經闡述的那樣，我認為，鑑於我們在北美，更具體地說是美國的業務，我們處於有利地位，可以為北美公路市場提供高水平的本地化內容，如果你願意的話；同時，與我們北美以外公路客戶和各地區的需求相對一致。

To your point on regional, the haul series or, basically, the day cab tractor market, as I'm sure you're aware, that forecast or forecasts that are out there for that particular market are relatively soft this year. So we're pursuing our market share position there, in terms of our regional haul series product.

關於您提到的區域性、運輸系列或基本上是日間駕駛室拖拉機市場，我相信您知道，今年針對該特定市場的預測相對較弱。因此，就我們的區域運輸系列產品而言，我們正在爭取那裡的市場份額。

We don't, at this point, anticipate significant dislocation issues, to your question on other suppliers' positions there. I think it's a market that's very well established.

對於您關於其他供應商的立場的問題，我們目前預計不會出現重大混亂問題。我認為這是一個非常成熟的市場。

Having said that, I would say the tariff issue, in general, as everybody knows, still, it remains highly uncertain. I would also offer: there can be and I would expect will be intended and unintended consequences of those that everybody is still trying to digest and understand.

話雖如此，我想說的是，總的來說，眾所周知，關稅問題仍然存在很大的不確定性。我還要指出的是：這些後果可能存在，而且我預期也會出現，而每個人仍在努力消化和理解這些後果。

So that's how we see things currently, given what's been communicated.

根據已傳達的訊息，這就是我們目前對事情的看法。

Your comment in terms of this 232 Investigation, I guess public comments are due on that, I believe the middle of this month-ish. So it will be, again, something we'll keep an eye on and be responsive to.

關於您對這項 232 調查的評論，我想公眾應該會對此發表評論，我認為會在本月中旬左右。因此，我們會繼續關注此事並做出回應。

(inaudible) comments. Perfect.

（聽不清楚）評論。完美的。

And then, you mentioned the stability in Class 8. Any comments on medium-duty and the dynamics in that market?

然後，您提到了 8 班的穩定性。對中型車市場及其市場動態有何評論？

It's already corrected, somewhat. I wonder where you see it and what the drivers up and down are?

它已經得到某種程度的糾正。我想知道您在哪裡看到它以及其上下的驅動因素是什麼？

I'll stop there. Thank you.

我就到此為止。謝謝。

Sure. The medium-duty North America -- I believe, is your question -- we had mentioned back on the February 11 call, our expectation and I believe the broader market was medium-duty to be down on a year-over-year basis.

當然。中型北美——我相信這是您的問題——我們在 2 月 11 日的電話會議上提到過，我們的預期以及我相信更廣泛的市場是中型北美將同比下降。

The market has, in fact, played out that way. I would say the most recent OEM comments are consistent with that, as well.

事實上，市場已經呈現出這樣的趨勢。我想說最近的 OEM 評論也與此一致。

As we talked about in February, we saw the medium-duty market well supplied, from an inventory perspective. And I do not believe, at this stage, we're expecting anything different than consistency with the guide that we had back in February.

正如我們在二月所討論的那樣，從庫存角度來看，中型市場供應充足。我認為，在現階段，我們所期待的結果與我們 2 月的指導方針一致。

Tami Zakaria, J.P. Morgan.

摩根大通的塔米·扎卡里亞 (Tami Zakaria)。

It seems like pricing was up about 4.9%-ish in the quarter, which stepped up from about 3% in the fourth quarter. So is a mid-single-digit percent price realization a good proxy for the rest of the year? Or could it accelerate, as the year progresses?

本季價格似乎上漲了約 4.9%，高於第四季的 3% 左右。那麼，中等個位數百分比的價格實現率是否可以作為今年剩餘時間的良好代表？或者隨著時間的推移，這種成長會加速嗎？

Tami, this is Fred.

塔米，這是弗雷德。

Your numbers are fairly accurate. We initially guided -- we talked about 400 basis points of price. We secured a little more price in the first quarter, closer to 500 basis points. As we look for the balance of the year, I think, at this point, we'll probably come in a little north of the 400 basis points.

您的數字相當準確。我們最初的指導價是——我們談論的是 400 個基點。我們在第一季獲得了稍高的價格，接近 500 個基點。當我們展望今年的平衡時，我認為，此時，我們可能會略高於 400 個基點。

So to your point, is a mid-single digit possible? I think the answer is yes.

那麼按照你的觀點，中位數個位數有可能嗎？我認為答案是肯定的。

Angel Castillo, Morgan Stanley.

摩根士丹利的安吉爾‧卡斯蒂略 (Angel Castillo)。

Just wanted to go back to some of the regulatory or administration-related dynamics. There's also the EPA '27 regulation being under review and, then, some recent votes in the House targeting [carb] a little bit more.

只是想回顧一些與監管或管理相關的動態。此外，EPA '27 法規正在接受審查，而且眾議院最近進行了一些投票，針對[碳水化合物]進行了更多限制。

Just curious if there's any implications on your broader business, as you think about what's embedded in your outlook and what you're seeing in terms of demand, as some of these emissions regulations may become under pressure or maybe get pushed out?

我只是好奇，當您思考您的前景中包含的內容以及您在需求方面看到的內容時，這是否會對您的整體業務產生任何影響，因為其中一些排放法規可能會面臨壓力或被推遲？

Sure. Thank you for that question.

當然。謝謝你的提問。

We certainly continue to monitor discussions of modifications to EPA '27 from the new administration and the executive orders, et cetera -- also, responses from the individual states.

我們當然會繼續關注新政府對 EPA '27 的修改討論和行政命令等——以及各州的回應。

As we've talked about, I believe, before, our product does not require significant modification in order to pair with these new engines. So with the proposed emissions reg, the short story there is, largely, our work is done.

正如我們之前談到的，我相信，我們的產品不需要進行重大修改即可與這些新引擎相匹配。因此，根據擬議的排放法規，簡而言之，我們的工作基本上已經完成了。

We've also announced a number of changes with our product line-up to align with the new engines and their ratings. That being said, there's quite a bit of uncertainty surrounding what could happen, what will happen.

我們還宣布了產品系列的一系列變化，以適應新引擎及其額定功率。話雖如此，對於可能發生的事情和將要發生的事情仍然存在相當大的不確定性。

In that regard, you can, then, get to the next question: around potential impact on pre-buys, et cetera. We believe the industry has largely pivoted from a supply-based perspective to align with the new emissions regulations that would be effective for 2027.

在這方面，您可以進入下一個問題：對預購等的潛在影響。我們認為，該行業已從供應角度進行了很大程度的轉變，以適應將於 2027 年生效的新排放法規。

The real question there is what the overall final regs -- we believe, will drive requirements. And thus, the cost of the vehicle. So that's really the underlying issue, we believe, at this stage, relative to any type of outsized demand or non-normal demand.

真正的問題是，我們相信，最終的整體法規將推動哪些要求。因此，車輛的成本也隨之增加。因此，我們認為，在現階段，這確實是與任何類型的超額需求或非正常需求相關的根本問題。

I would also offer, given these announcements by the new administration, there continues to be a fairly high level of interest from OEMs in our conventional fuel efficiency features.

我還想說，鑑於新政府的這些聲明，原始設備製造商對我們的傳統燃油效率功能仍然保持相當高的興趣。

As we mentioned in the prepared remarks, with DTNA's adoption of FuelSense and Neutral at Stop, amongst a number of other technologies we deployed, we feel very well positioned in terms of the new emissions, the push for more efficient, more fuel efficiency, as well as alternate fuels across the board.

正如我們在準備好的發言中提到的那樣，隨著 DTNA 採用了 FuelSense 和 Neutral at Stop 等多項技術，我們在應對新排放、推動更有效率、更高燃油效率以及全面使用替代燃料方面處於非常有利的地位。

So we're pretty confident, in terms of where we sit. I think, now, it's just a question back to your question, which is what are the final answer is going to be there?

因此，就我們目前的處境而言，我們非常有信心。我認為，現在，這只是回到你的問題，即最終答案是什麼？

And that's something we're staying close to and we'll maintain very focused on, as we get further into the year.

這是我們一直密切關注的事情，隨著今年的進一步推進，我們將繼續高度關注這個問題。

Luke Junk, Baird.

盧克·簡克，貝爾德。

Yeah. Just a quick one for me. Hoping you just comment on the step-down in the parts business sequentially. Just anything in there that would be sticky or conversely one-time in nature?

是的。對我來說只是一個快速的步驟。希望您只是對零件業務的逐步下滑進行評論。那裡面有什麼東西是黏性的或反過來說是一次性的嗎？

I'm just trying to square it with the full-year view, which was, I think, flattish?

我只是想將其與全年展望相一致，我認為全年展望是持平的？

Yeah, Luke. This is Fred.

是的，盧克。這是弗雷德。

There really isn't anything I'd say, specifically, I would call out. It was -- year-over-year unit sales were down. So you had lower support equipment for the initial installation of those units.

我真的沒有什麼好說的，具體來說，沒有什麼好喊的。與去年同期相比，銷量有所下降。因此，初始安裝這些設備時所需的支援設備較少。

But we also saw just, I'd say, general weakness across the global service parts. So nothing that I'd necessarily highlight.

但我想說，我們也看到全球服務領域普遍存在疲軟現象。因此我沒有什麼需要特別強調的。

We're coming off of two really strong years in '23 and '24, fairly robust out there. But I do think a lot of vehicles have been replaced.

我們剛剛經歷了 2023 年和 2024 年兩個非常強勁的年份，表現相當強勁。但我確實認為很多車輛已經被替換了。

And, also, we've got vehicles that are coming into service, during some low-volume years. When I say that, think about 2020 vehicles, when volumes were down -- are now coming out of warranty and going into availability for retail sale parts.

此外，我們還有一些車輛在銷售較低的年份投入使用。當我這麼說的時候，想想 2020 年的汽車，當時銷量下降——現在已經過了保固期，可以零售零件了。

So they're displacing some higher-volume years, which is why our initial guide on that end market was, I think, 1% down.

因此，它們正在取代一些產量較高的年份，這就是為什麼我們對該終端市場的初步預期是下降 1%。

Jerry Revich, Goldman Sachs.

高盛的傑瑞·雷維奇。

Scott, congratulations.

斯科特，恭喜你。

I wanted to ask, in terms of the production plan over the next couple of quarters, if truck demand does slow on the vocational side, as we've seen in medium-duty.

我想問的是，就未來幾季的生產計劃而言，卡車需求在職業方面是否會放緩，就像我們在中型卡車中看到的那樣。

And on the sleeper side, how much room do you have to reduce over time? I know you, folks, have been sprinting hard. So presumably, whenever that does happen, that first production cut, I believe, can likely be not super painful for margins. But, maybe, you can expand on that?

而在臥舖方面，隨著時間的推移，您可以減少多少空間？我知道大家一直在努力衝刺。因此，無論何時發生這種情況，我相信第一次減產可能不會對利潤率造成太大影響。但是，也許您可以進一步闡述？

And can you also comment on the level of inventories that you, folks, are at? Did you bring up inventories because of the uncertainty around tariffs? Any other moving pieces we should be aware of?

您能否評論一下你們的庫存水準？您是否因為關稅的不確定性而提出庫存問題？我們還應該注意其他什麼活動部件嗎？

Jerry, it's Fred.

傑瑞，我是弗雷德。

Relative to overtime and thinking about how we run our manufacturing facilities, for the medium-duty demand, we run that in a separate plant than we do for the severe service. So we're already in a situation with the softening of the medium-duty demand, where we've taken down some overtime, reset line rates.

相對於加班和思考我們如何運作我們的製造設施，對於中等負荷需求，我們在與嚴苛服務不同的工廠中運作。因此，我們已經處於中型需求疲軟的境地，我們減少了一些加班時間，重新設定了生產線費率。

Relative to our larger on-highway products, they're still running very robust.

相對於我們較大的公路產品而言，它們仍然運行得非常強勁。

But to your question: if there was to be softening, yes, that's the first lever that we would pull, which is to roll back that significant overtime that we've been running.

但對於你的問題：如果要放鬆，是的，這是我們要採取的第一個措施，即減少我們一直在進行的大量加班。

And then, on inventories, a lot of the inventory that we've ramped up -- as you've seen, it's elevated -- is really to support the ramp-up of our defense volume. We've got the second half ramping up pretty aggressively off of first half.

然後，關於庫存，我們增加的許多庫存（如你所見，庫存有所增加）實際上是為了支持我們國防需求量的增加。與上半場相比，下半場我們的勢頭更為強勁。

So we've got a lot of parts in and in process, relative to that.

因此，與此相關的是，我們已經有許多部分正在進行中。

Looking at, just, the general on-highway plants, the inventories are, I'd say, fairly optimal levels there.

僅從一般的公路工廠來看，我認為那裡的庫存處於相當理想的水平。

This concludes the question-and-answer session.

問答環節到此結束。

I'd like to turn the floor back to management for any closing comments.

我想將發言權交還給管理階層，請他們發表最後的評論。

Thank you, Matt. Thank you for your continued interest in Allison and for participating on today's call.

謝謝你，馬特。感謝您對 Allison 的持續關注以及參加今天的電話會議。

Enjoy your evening.

祝您晚上愉快。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines, at this time.

此時您可以斷開線路。

Thank you, again, for your participation.

再次感謝您的參與。