APTIV PLC (APTV) 2023 Q3 法說會逐字稿

Good day, and welcome to the Aptiv Q3 2023 Earnings Call. Today's conference is being recorded.

各位好，歡迎參加 Aptiv 2023 年第三季財報電話會議。今天的會議將進行錄音。

At this time, I'd like to turn the conference over to Jane Wu, Vice President, Investor Relations and Corporate Development. Please go ahead.

此刻，我想將會議交給投資人關係與企業發展副總裁 Jane Wu。請開始。

Thank you, Madri. Good morning, and thank you for joining Aptiv's Third Quarter 2023 Earnings Conference Call. The press release and related tables, along with the slide presentation, can be found on the Investor Relations portion of our website at aptiv.com.

謝謝你，Madri。各位早安，感謝各位參加 Aptiv 2023 年第三季財報電話會議。新聞稿與相關表格，以及簡報投影片，可於我們網站 aptiv.com 的投資人關係專區查閱。

Today's review of our financials exclude amortization, restructuring and other special items, and will address the continuing operations of Aptiv. The reconciliations between GAAP and non-GAAP measures for our third quarter financials as well as our full year 2023 outlook, are included at the back of the slide presentation and the earnings press release.

今天對財務表現的檢視將排除攤銷、重整以及其他特殊項目，並將聚焦於 Aptiv 的持續營運。第三季財務以及 2023 全年展望之 GAAP 與非 GAAP 指標之間的調節表，已收錄於簡報投影片末頁及財報新聞稿中。

During today's call, we will be providing certain forward-looking information that reflects Aptiv's current view of future financial performance, and may be materially different for reasons that we cite in our Form 10-K and other SEC filings.

在今天的電話會議中，我們將提供若干前瞻性資訊，反映 Aptiv 目前對未來財務表現的看法；由於我們在 Form 10-K 及其他向 SEC 提交的文件中所述原因，實際結果可能會有重大差異。

Joining us today will be Kevin Clark, Aptiv's Chairman and CEO; and Joe Massaro, CFO and Senior Vice President of Business Operations. Kevin will provide a strategic update on the business, and Joe will cover the financial results in more detail before we open the call to Q&A.

今天與會者包括 Aptiv 董事長兼執行長 Kevin Clark，以及財務長暨營運資深副總裁 Joe Massaro。Kevin 將就業務提供策略更新，Joe 將更詳細說明財務結果，之後我們將開放問答。

With that, I'd like to turn the call over to Kevin Clark.

接下來，我想把電話會議交給 Kevin Clark。

Thanks, Jane. Thanks, everyone, for joining us this morning. Let's begin on Slide 3.

謝謝你，Jane。也謝謝各位今天早上加入我們。讓我們從投影片第 3 頁開始。

We delivered another strong quarter, exceeding our expectations despite some headwinds. Touching on a few of the highlights. New business bookings totaled $6.6 billion, bringing the year-to-date total to a record $27 billion. Revenues increased 7% to $5.1 billion, 2 points over the growth and vehicle production, reflecting double-digit growth in AS&UX revenues and S&PS revenue growth in line with global vehicle production, the impact of UAW strike in North America as well as customer mix.

我們再度交出強勁的一季，儘管面臨一些逆風，仍超出我們的預期。先談幾項重點：新業務訂單金額合計 66 億美元，使年初至今累計達到創紀錄的 270 億美元。營收成長 7% 至 51 億美元，較成長與車輛產量高出 2 個百分點，反映 AS&UX 營收達雙位數成長，以及 S&PS 營收成長與全球車輛產量一致；同時也反映北美 UAW 罷工的影響以及客戶組合因素。

EBITDA and operating income were both records totaling $727 million and $560 million, respectively, reflecting solid flow-through on volume growth and ongoing operating performance initiatives, partially offset by unfavorable FX, timing related to customer recoveries and the impact of the UAW strike. We expect continued sequential margin expansion as the headwinds related to supply chain disruptions continue to dissipate, customer recoveries are closed and the benefits from further cost structure actions take hold. The team remains laser focused on continuing this trend in the fourth quarter and into 2024 and beyond.

EBITDA 與營業利益皆創新高，分別為 7.27 億美元與 5.60 億美元，反映在出貨量成長下良好的利潤轉換，以及持續推動的營運績效改善措施；但部分被不利匯率、與客戶補償回收相關的時點因素，以及 UAW 罷工的影響所抵銷。隨著供應鏈中斷相關逆風持續消退、客戶補償回收結案，以及進一步成本結構行動的效益逐步顯現，我們預期利潤率將持續呈現逐季擴張。團隊仍高度聚焦於在第四季以及 2024 年及之後延續此一趨勢。

Turning to Slide 4. Touching on the key themes and macro trends that have had an impact on our operations this year. Our customer relationships and new business bookings are stronger than ever, driven by robust demand for smart vehicle compute and software, high-voltage electrification and ADAS solutions.

接著看投影片第 4 頁，談談今年影響我們營運的關鍵主題與總體趨勢。我們的客戶關係與新業務訂單比以往任何時候都更強勁，主要受智慧車用運算與軟體、高壓電動化，以及 ADAS 解決方案的強勁需求所帶動。

As automotive OEMs continue on the path toward fully electrified software-defined vehicles. We are their partner of choice, delivering unique full system solutions that provide enhanced features and greater flexibility, all at lower cost. We're also benefiting from the transition to the software-defined future across several other industries with opportunities in the commercial vehicle, telecom, A&D and industrial markets.

隨著汽車 OEM 持續邁向全面電動化、軟體定義車輛的道路，我們成為其首選合作夥伴，提供獨特的全系統解決方案，以更低成本帶來更強功能與更高彈性。我們也正受惠於跨多個產業邁向軟體定義未來的轉型，在商用車、電信、航太與國防（A&D）以及工業市場皆有機會。

Global automotive vehicle production has been stronger than we initially forecasted as easing supply chain constraints have led to fewer disruptions enabling increased production. Our strong year-to-date results had put us well on our way to reach the top end of the full year guidance we laid out in early August. However, the UAW strike, which affected the production schedules of our top 3 North American OEM customers has had an impact on both our third and fourth quarter results.

全球汽車產量表現強於我們最初的預測，因供應鏈限制緩解帶來較少的中斷，使產量得以提升。我們年初至今的強勁成果，使我們朝著 8 月初提出的全年財測區間上緣穩步前進。然而，UAW 罷工影響了我們北美前三大 OEM 客戶的生產排程，對第三季與第四季的結果皆造成影響。

While tentative agreements have been reached with all 3 North American OEMs, there remains some uncertainty on vehicle build schedules as the OEMs work to finalize their plans to ramp up production during the balance of the fourth quarter. Our operating teams in North America are working closely with our customers and supply chain partners to help accelerate the ramp-up of production and minimize any potential disruptions.

儘管北美三大 OEM 均已達成暫定協議，但在 OEM 著手完成第四季剩餘期間的增產計畫之際，車輛生產排程仍存在一些不確定性。我們北美的營運團隊正與客戶及供應鏈夥伴密切合作，以協助加速增產並將任何潛在干擾降至最低。

Moving to Slide 5. As already mentioned, new business bookings during the quarter were $6.6 billion, bringing our year-to-date total to a record $27 billion, on track for our target of $32 billion for the full year. Advanced Safety and User Experience bookings totaled $2.2 billion, driven by over $1 billion in active safety awards. Signal and Power Solutions bookings reached $4.4 billion, including $1.1 billion in bookings for our high-voltage electrification solutions split across geographies, bringing the year-to-date total to $4.3 billion, already surpassing last year's record of $4.2 billion.

來到投影片第 5 頁。如先前所述，本季新業務訂單為 66 億美元，使年初至今累計達到創紀錄的 270 億美元，並朝全年 320 億美元目標邁進。先進安全與使用者體驗（Advanced Safety and User Experience）訂單合計 22 億美元，其中超過 10 億美元來自主動安全得標。訊號與電力解決方案（Signal and Power Solutions）訂單達 44 億美元，其中包含 11 億美元的高壓電動化解決方案訂單、分布於不同地區，使年初至今累計達 43 億美元，已超越去年 42 億美元的歷史新高。

As OEM strategies around their vehicle architecture platforms evolve, 1 constant will be the need for solutions that deliver improved performance at a lower cost. And Aptiv is perfectly positioned to leverage our full system capabilities to enable a fully electrified software-defined vehicle.

隨著 OEM 對車輛架構平台的策略持續演進，有一項不變的需求是：能以更低成本提供更佳效能的解決方案。而 Aptiv 具備絕佳定位，可運用我們的全系統能力，促成全面電動化的軟體定義車輛。

Turning to Slide 6 to review our Advanced Safety and User Experience segment's third quarter highlights. Revenues increased 13%, 8 points above vehicle production, the result of a 30% increase in active safety revenues reflecting strength across all regions as a launch of our Level 2 and Level 2+ ADAS solutions continue to ramp.

接著看投影片第 6 頁，回顧先進安全與使用者體驗事業部第三季重點。營收成長 13%，較車輛產量高出 8 個百分點，主因主動安全營收成長 30%，反映各區域皆表現強勁，且我們 Level 2 與 Level 2+ ADAS 解決方案的量產導入持續爬坡。

Operating income totaled $109 million, reflecting a 7.6% operating margin, an increase over the prior period, but sequentially lower than the second quarter due to the seasonality of Wind River revenues and the timing of customer recoveries. New business bookings totaled $2.2 billion and included $1.2 billion of active safety customer awards, including a major award with a large German truck manufacturer, underscoring the strength of our high-performance radar technologies and their applications outside of the automotive industry.

營業利益為 1.09 億美元，營業利益率 7.6%，較前期提升，但較第二季呈現季減，原因在於 Wind River 營收的季節性，以及客戶補償回收的時點。新業務訂單合計 22 億美元，其中包含 12 億美元的主動安全客戶得標；包括與一家大型德國卡車製造商的重要得標，凸顯我們高效能雷達技術的實力，以及其在汽車產業以外的應用。

As demand continues to increase for more advanced Aptiv safety solutions, our unique insights, improved domain expertise position Aptiv to deliver differentiated value to our customers. To that end, we're excited to have recently launched our automated parking solution, an additional feature to our AI/ML enhanced Gen 6 ADAS platform to address complex parking scenarios.

隨著市場對更先進的 Aptiv 安全解決方案需求持續提升，我們獨特的洞察與更深的領域專業，使 Aptiv 能為客戶提供差異化價值。為此，我們很高興近期已推出自動停車解決方案，作為我們以 AI/ML 強化的第六代 ADAS 平台的新增功能，用以應對複雜的停車情境。

Aptiv's unique solution enables fully modularized automated parking features that scale from Level 2 to Level 4, from auto parking assist and memory parking all the way to auto part relay. Automated parking is just 1 of the many features that we have under development in our Gen 6 ADAS technology road map which will scale to a full Level 3 ADAS platform in 2026.

Aptiv 的獨特解決方案可提供完全模組化的自動停車功能，並可從 Level 2 擴展至 Level 4，涵蓋自動停車輔助與記憶停車，一直到自動代客泊車（auto park relay）。自動停車只是我們第六代 ADAS 技術藍圖中眾多開發中的功能之一，該藍圖將在 2026 年擴展至完整的 Level 3 ADAS 平台。

Turning to the Signal & Power Solutions segment on Slide 7. The Third quarter revenues increased 5%, in line with global vehicle production. High voltage revenues increased 13%, reflecting strong growth across all product lines, partially offset by customer mix in Europe and Asia, and the impact of the UAW strike in North America. The $4.4 billion in S&PS bookings that I mentioned previously included a low-voltage architecture award with a Chinese OEM and demonstrating the progress we're making further penetrating the local Chinese OEMs.

接著看投影片第 7 頁的訊號與電力解決方案（Signal & Power Solutions）事業部。第三季營收成長 5%，與全球車輛產量一致。高壓營收成長 13%，反映各產品線皆有強勁成長，但部分被歐洲與亞洲的客戶組合，以及北美 UAW 罷工的影響所抵銷。我先前提到的 44 億美元 S&PS 訂單中，包含一項來自中國 OEM 的低壓架構得標，顯示我們在進一步滲透中國本土 OEM 方面所取得的進展。

Another strong quarter for Intercable Automotive with $400 million in new business awards, including a major award with a global customer in North America reflecting continued strong commercial traction and a high-voltage system award with a European OEM that includes products across our electrical distribution, connection systems and Intercable Automotive portfolios, demonstrating how our full system approach sets us apart from the competition.

Intercable Automotive 再度交出強勁的一季，新業務得標 4 億美元，其中包括與北美一位全球客戶的重要得標，反映持續強勁的商業動能；以及與一家歐洲 OEM 的高壓系統得標，涵蓋我們電力分配、連接系統與 Intercable Automotive 產品組合的多項產品，展現我們的全系統方法如何使我們有別於競爭對手。

Lastly, we're proud to announce that Aptiv has once again been recognized as an automotive PACE Award finalist. A Rapid Power Reserve solution is a groundbreaking technology that provides a highly reliable, redundant power source for a variety of critical functions, eliminating the need for a low-voltage battery in the vehicle significantly reducing weight, mass and costs. This recognition validates Aptiv's industry-leading technology as well as the value and impact our continuous innovation, provides our customers.

最後，我們很自豪地宣布，Aptiv 再次獲選為汽車 PACE Award 決選入圍者。Rapid Power Reserve 解決方案是一項突破性技術，可為多種關鍵功能提供高度可靠、具備冗餘的電力來源，免除車輛對低壓電池的需求，並大幅降低重量、體積與成本。此項肯定驗證了 Aptiv 的產業領先技術，以及我們持續創新為客戶帶來的價值與影響。

Turning to Slide 8. We're excited to showcase many of our new innovations at the Consumer Electronics Show in Las Vegas in early January next year. We'll bring our vision of the future to reality, including vehicles with Aptiv smart vehicle architecture, running applications for next-generation ADAS and in-cabin user experience. Vehicles with our complete portfolio of optimized electrical vehicle solutions purpose-built for demanding power requirements and Wind River's edge to cloud platforms, supporting the latest safe, green and connected applications from Aptiv. We'll be providing live demonstrations of how we're leveraging our deep insights into the brain and nervous system of the vehicle, along with Wind River's proven software technology to develop optimized and scalable solutions that meet OEM needs for performance, flexibility and lower costs.

接著看第 8 頁投影片。我們很高興在明年 1 月初於拉斯維加斯舉行的消費性電子展（CES）上展示我們多項最新創新。我們將把對未來的願景化為現實，包括採用 Aptiv 智慧車輛架構的車輛，運行用於下一代 ADAS 與座艙內使用者體驗的應用程式。這些車輛將搭載我們完整的、經最佳化的電氣化車輛解決方案產品組合，專為嚴苛的電力需求而打造，並結合 Wind River 的邊緣到雲端平台，支援來自 Aptiv 的最新安全、綠色與互聯應用。我們將進行現場示範，展示我們如何運用對車輛「大腦與神經系統」的深度洞察，結合 Wind River 經驗證的軟體技術，開發最佳化且可擴展的解決方案，以滿足 OEM 在效能、彈性與降低成本方面的需求。

Moving to Slide 9. In recognition of our strong commitment to innovation, operational excellence and sustainability, Aptiv was recently named by Newsweek as 1 of America's Greenest companies. At Aptiv, our business strategy is directly aligned with our sustainability goals. We provide solutions of the highest quality, designed, developed and manufactured responsibly that enable a safer, greener and more connected world. In doing so, we take care of our people and our communities while minimizing our carbon footprint. Sustainability is an enterprise-wide commitment, and I'm proud of our entire team for helping us to achieve our goals and ensuring that our company, our customers and our planet continue to thrive.

接著看第 9 頁投影片。為表彰我們對創新、營運卓越與永續發展的堅定承諾，Aptiv 近期獲《Newsweek》評選為「美國最綠色公司」之一。在 Aptiv，我們的商業策略與永續目標直接一致。我們提供最高品質的解決方案，以負責任的方式設計、開發與製造，促成更安全、更綠色且更互聯的世界。在此過程中，我們照顧員工與社區，同時將碳足跡降至最低。永續是全企業的承諾，我為整個團隊感到自豪，因為大家協助我們達成目標，並確保公司、客戶與地球都能持續繁榮。

Moving to Slide 10. Before I turn the call over to Joe to walk through the financials, I wanted to touch on our current view of 2024. Building on the solid foundation we've established in 2023, we're well positioned for continued strong revenue growth and margin expansion despite the macro headwinds. Our safe, green and connected product portfolio is perfectly aligned to the demand for feature-rich electric vehicles as well as the acceleration of the software-defined future in adjacent markets. Our advanced technologies and capabilities will continue to drive strong performance across multiple industries.

接著看第 10 頁投影片。在我把電話會議交給 Joe 進一步說明財務之前，我想先談談我們目前對 2024 年的看法。在 2023 年建立的穩固基礎之上，儘管面臨總體環境逆風，我們仍處於有利位置，可望持續實現強勁的營收成長與利潤率擴張。我們安全、綠色與互聯的產品組合，與市場對功能豐富的電動車需求，以及相鄰市場加速邁向軟體定義未來的趨勢高度契合。我們的先進技術與能力將持續推動多個產業的強勁表現。

While some macro uncertainties remain, we're confident in our ability to execute policy in a dynamic environment.

儘管仍存在一些總體不確定性，我們對於在動態環境中執行政策的能力充滿信心。

With that, I'll now turn the call over to Joe to go through the numbers in more detail.

接下來，我將把電話會議交給 Joe，請他更詳細地說明各項數字。

Thanks, Kevin, and good morning, everyone. Starting on Slide 11.

謝謝你，Kevin，各位早安。從第 11 頁投影片開始。

As Kevin highlighted, Aptiv reported another quarter of strong financial results, exceeding our expectations despite the impact of the UAW strike in North America. Revenue was up 7% to $5.1 billion or 2% above underlying vehicle production, excluding the impact of acquisitions.

如 Kevin 所強調，Aptiv 再次繳出一季強勁的財務表現，儘管北美 UAW 罷工帶來影響，我們的結果仍超出預期。營收成長 7% 至 51 億美元；若排除併購影響，營收較基礎車輛產量高出 2%。

As I will discuss shortly, our growth over market was negatively impacted by the UAW strike in North America as well as customer mix and program timing in Europe and China. Active safety and high-voltage electrification reported strong double-digit growth of 30% and 13%, respectively, and the UAW strike had a negative impact on revenue in the quarter of approximately $80 million.

如我稍後將說明，我們相對於市場的成長受到北美 UAW 罷工影響而承壓，同時也受到歐洲與中國的客戶組合與專案時程影響。主動安全與高壓電氣化分別實現 30% 與 13% 的強勁雙位數成長；UAW 罷工對本季營收造成約 8,000 萬美元的負面影響。

Adjusted EBITDA and operating income were $727 million and $560 million, respectively, reflecting strong flow-through on increased volumes, continued progress on our ongoing performance initiatives including reductions in supply chain disruption costs that more than offset higher labor costs. The UAW strike had a negative impact of approximately $30 million and foreign exchange was a headwind versus last year.

調整後 EBITDA 與營業利益分別為 7.27 億美元與 5.60 億美元，反映在出貨量增加下的強勁利潤流入（flow-through），以及我們持續推進的績效改善措施，包括供應鏈中斷成本下降，且其降幅足以抵消較高的勞動成本。UAW 罷工帶來約 3,000 萬美元的負面影響，外匯相較去年亦形成逆風。

Earnings per share in the quarter were $1.30, an increase of $0.02 from the prior year, primarily driven by the higher operating income, partially offset by higher interest expense. Operating cash was $746 million, a significant increase over prior year, primarily driven by higher earnings and improved working capital levels. Capital expenditures were flat to prior year at $212 million.

本季每股盈餘為 1.30 美元，較去年同期增加 0.02 美元，主要由較高的營業利益帶動，但部分被較高的利息費用抵消。營運現金流為 7.46 億美元，較去年同期大幅增加，主要受惠於獲利提升與營運資金水位改善。資本支出為 2.12 億美元，與去年同期持平。

Looking at revenue in more detail on Slide 12. Revenue in the third quarter was $5.1 billion, reflecting sales growth of $299 million, representing adjusted growth of 7%. The Wind River and Intercable acquisitions add at the $153 million of revenue and net price in commodities as well as foreign exchange were slightly positive in the quarter. From a regional perspective, North America revenues was up 10%, reflecting 2 points of growth over market at the UAW strike negatively impacted D3 customer volumes relative to overall North American vehicle production in the quarter.

在第 12 頁投影片更詳細地看營收。第三季營收為 51 億美元，銷售增加 2.99 億美元，代表調整後成長 7%。Wind River 與 Intercable 併購合計貢獻 1.53 億美元營收；本季商品淨價格與外匯影響略為正向。以區域來看，北美營收成長 10%，較市場高出 2 個百分點；但 UAW 罷工使 D3 客戶的出貨量相對於本季北美整體車輛產量受到負面影響。

In Europe, revenue grew 10% or 4 points above underlying vehicle production, driven by strong growth in active safety, partially offset by program timing and slowing growth for certain BEV platforms.

在歐洲，營收成長 10%，或較基礎車輛產量高出 4 個百分點，主要由主動安全的強勁成長帶動，但部分被專案時程因素以及部分 BEV 平台成長放緩所抵消。

In China, revenue was in line with underlying vehicle production due to our customer mix and slowing BEV growth.

在中國，營收與基礎車輛產量大致一致，原因在於我們的客戶組合以及 BEV 成長放緩。

As noted earlier, despite the lower growth over market, our Q3 adjusted growth and revenue were in line with our expectations. The lower growth over market in North America is consistent with the strike impact we experienced in 2019. And as we have said in the past, growth over market will be lumpy given customer mix and program timing.

如先前所述，儘管相對市場的成長較低，我們第三季調整後成長與營收仍符合預期。北美相對市場成長較低，與我們在 2019 年罷工期間所經歷的影響一致。而且如我們過去所說，相對市場的成長會因客戶組合與專案時程而呈現波動。

Moving to the AS&UX segment on the next slide. Revenue rose 13% in the quarter or 8 points over vehicle production. The outperformance was driven by strength in active safety, where revenue was up 30%. User Experience was down 5% in the quarter, reflecting the timing of certain customer programs and a more difficult year-over-year comparison. Price downs in the quarter were less than 1%.

接著看下一頁的 AS&UX 事業部。本季營收成長 13%，或較車輛產量高出 8 個百分點。優於市場主要由主動安全的強勁表現帶動，其營收成長 30%。使用者體驗本季下滑 5%，反映部分客戶專案時程以及較具挑戰的年對年比較。本季降價（price downs）低於 1%。

Segment adjusted operating income was $109 million, up 35% when compared to the same period last year. Year-over-year AS&UX margins in the quarter were negatively impacted by the timing of certain material inflation recoveries from customers, which partially offset the flow-through on incremental volumes and improved performance. Also, AS&UX margins were lower on a sequential basis versus Q2 2023 due to expected seasonality in Wind River's Q3 results. We had noted the seasonality at the start of the year. The Q3 impact of this UAW strike on AS&UX was relatively minimal, reflecting approximately $10 million of revenue and $5 million of operating income.

事業部調整後營業利益為 1.09 億美元，較去年同期成長 35%。本季 AS&UX 利潤率年對年受到部分材料通膨向客戶回收（recoveries）時點影響而承壓，部分抵消了增量出貨量帶來的利潤流入以及績效改善。此外，AS&UX 利潤率相較 2023 年第二季呈現季減，原因在於 Wind River 第三季業績的預期季節性。我們在年初已提及此季節性。本季 UAW 罷工對 AS&UX 的影響相對有限，約影響 1,000 萬美元營收與 500 萬美元營業利益。

Turning to Signal & Power on Slide 14. Performance in the quarter was strong despite a challenging operating environment. Revenue in the quarter was $3.7 million, an increase of 5%, in line with vehicle production despite a negative strike impact of approximately $70 million of revenue or 2 points of growth. High-voltage electrification grew 13% in the quarter, reflecting a slowdown in growth rate from prior quarters.

接著看第 14 頁投影片的 Signal & Power。本季在具挑戰的營運環境下仍表現強勁。本季營收為 3.7 百萬美元，成長 5%，與車輛產量一致；其中包含罷工造成約 7,000 萬美元營收的負面影響，約相當於 2 個百分點的成長。高壓電氣化本季成長 13%，反映相較前幾季成長率有所放緩。

Despite the slowing of EV production, we continue to expect our high-voltage business to have a strong double-digit growth in 2023.

儘管電動車產量成長放緩，我們仍預期 2023 年高壓業務將維持強勁的雙位數成長。

Price downs in the quarter were less than 1%. Segment adjusted operating income was $451 million in the quarter, up 2% from prior year, including a $25 million negative strike impact.

本季降價低於 1%。事業部調整後營業利益為 4.51 億美元，較去年同期成長 2%，其中包含罷工造成 2,500 萬美元的負面影響。

Operating performance, including lower supply chain disruption costs were positive in the quarter and offset the negative impact of higher labor costs. Customer recoveries offset material inflation and the negative commodity impact in the quarter, while foreign exchange, primarily the peso and RMB continue to present a headwind on a year-over-year basis. However, the FX impact is in line with the updated guidance we provided in August.

本季營運表現（包括供應鏈中斷成本下降）帶來正向貢獻，並抵消較高勞動成本的負面影響。客戶回收抵消了材料通膨與本季商品價格的不利影響；而外匯（主要為披索與人民幣）相較去年同期仍持續構成逆風。不過，外匯影響與我們 8 月提供的更新指引一致。

Adjusting for the impact of FX and the strike, adjusted EBIT margins for Signal & Power Solutions were 13.3% in the quarter.

若調整外匯與罷工影響，Signal & Power Solutions 本季調整後 EBIT 利潤率為 13.3%。

Moving to cash generation and the strength of Aptiv's balance sheet on Slide 15. As we have discussed in the past, our focus on cash flow generation and cash conversion is as disciplined as our operational improvement efforts. The past quarter was a clear example of that as we saw the results of our efforts to reduce the higher working capital levels we maintained during the recent supply chain disruptions. Despite the operating challenges in North America, we were able to improve operating cash flow by over $300 million versus prior year resulting in cash flow conversion of 200% in the quarter and an ending cash balance of $1.8 billion.

接著看第 15 頁投影片的現金創造能力與 Aptiv 資產負債表的強勁程度。如我們過去所討論，我們對現金流創造與現金轉換的重視與紀律性，與我們推動營運改善的努力同樣嚴謹。過去一季清楚展現了這一點：我們看到了降低近期供應鏈中斷期間所維持的較高營運資金水位之努力成果。儘管北美營運面臨挑戰，我們仍能將營運現金流較去年同期提升逾 3 億美元，使本季現金流轉換率達 200%，期末現金餘額為 18 億美元。

Given this strong performance in October, we opportunistically paid down our $300 million term loan, Aptiv's most expensive borrowing, increasing our average tenure from 15 to 16 years.

鑑於10月的強勁表現，我們把握時機償還了3億美元的定期貸款（Aptiv 成本最高的借款），使我們的平均到期年限由15年提高至16年。

As we have discussed in the past, our sustainable business model is enabling us to convert more income to cash, and we believe there is no shortage of attractive deployment opportunities as we continue to maintain a well-balanced approach to capital allocation, including prioritizing organic investment in the business to support our portfolio of advanced technologies and record new business awards, executing our M&A strategy by focusing on transactions that enhance our scalability, accelerate our speed to market with relevant technologies and access new markets, maintaining our current financial policy as it relates to our leverage profile and opportunistically returning cash to shareholders.

如同我們過去所討論的，我們可持續的商業模式正使我們能將更多收益轉化為現金；同時，我們相信在持續維持均衡的資本配置方式下，並不缺乏具吸引力的資金運用機會。這包括：優先投入業務的有機投資，以支持我們的先進技術組合與創紀錄的新業務訂單；執行我們的併購（M&A）策略，聚焦於能提升規模化能力、以相關技術加速上市速度並進入新市場的交易；維持與槓桿水準相關的現行財務政策；以及把握時機向股東返還現金。

I will wrap up with our full year outlook on Slide 16. Given our continued strong performance and a higher outlook for global vehicle production, we are maintaining our full year outlook for 2023 despite the impact of the North American strike. Key assumptions now underpinning our outlook include global vehicle production up 6% plus for the year versus a prior estimate of 4% driven by higher expected production levels in Europe and China. No significant strike impact beyond October 2023.

我將在第16頁投影片總結我們的全年展望。鑑於我們持續的強勁表現以及全球汽車產量展望上修，儘管北美罷工帶來影響，我們仍維持2023年全年展望不變。支撐我們展望的關鍵假設包括：今年全球汽車產量年增6%以上（先前估計為4%），主要由歐洲與中國預期產量水準提高所帶動。除2023年10月外，不預期有顯著的罷工影響。

During the month of October, we experienced a negative strike impact of $100 million in revenue and $50 million in operating income. Our outlook assumes a restart of customer production and a return to pre-strike production levels over the coming couple of weeks and no further meaningful disruptions.

在10月份，我們受到罷工的負面影響，營收減少1億美元、營業利益減少5,000萬美元。我們的展望假設客戶產線將重啟，並在未來幾週內回到罷工前的生產水準，且不再出現其他重大干擾。

Accordingly, we expect revenue in the range of $19.95 billion to $20.25 billion, including the impact of total loss strike revenue of $180 million. I would note that while our revenue and adjusted growth rate remain unchanged, given the Q4 strike impact, we are forecasting our growth over market for 2023 to be below our long-term forecast range of 8% to 10%. EBITDA and operating income are still expected to be approximately $2.8 billion and $2.1 billion at the midpoint, respectively, including total loss strike earnings of $80 million. No change to adjusted earnings per share of $4.75 at the midpoint and operating cash flow of approximately $2 billion.

因此，我們預期營收將介於199.5億至202.5億美元之間，包含罷工造成的營收總損失1.8億美元。我想指出，雖然我們的營收與調整後成長率維持不變，但考量第四季罷工影響，我們預估2023年「超越市場成長」（growth over market）將低於我們長期預測區間8%至10%。在中位數下，EBITDA 與營業利益仍預期分別約為28億美元與21億美元，包含罷工造成的獲利總損失8,000萬美元。調整後每股盈餘中位數4.75美元與營運現金流約20億美元亦維持不變。

As Kevin will discuss further in his closing remarks, despite the macro challenges of the North American strike and the significant foreign exchange headwinds, our relentless focus on improving operating performance and cash flow generation has allowed us to continue to deliver in a difficult operating environment.

正如 Kevin 將在結語中進一步說明，儘管面臨北美罷工等總體環境挑戰以及顯著的外匯逆風，我們對提升營運表現與現金流創造的持續專注，使我們得以在艱難的營運環境中持續交出成果。

With that, I'll hand the call back to Kevin for his closing remarks.

接下來，我把電話交回給 Kevin，請他做結語。

Thanks, Joe. I'll wrap up on Slide 17 before we open the line for questions. As Joe and I have discussed, we experienced strong underlying business performance in the third quarter, driven by further easing of supply chain constraints, which partially offset lingering headwinds related to material and labor inflation, unfavorable FX rates and the UAW strike in North America. We continue to see tremendous momentum in new business awards and are well on our way to reaching our bookings target of roughly $32 billion by year-end.

謝謝，Joe。我將在第17頁投影片做總結，之後我們會開放提問。如同我和 Joe 所討論的，我們第三季的基礎業務表現強勁，主要受惠於供應鏈限制進一步緩解，部分抵銷了原物料與勞動力通膨、外匯匯率不利，以及北美 UAW 罷工所帶來的持續逆風。我們持續看到新業務訂單的強勁動能，並正穩步朝年底約320億美元的接單（bookings）目標邁進。

While our teams continue to work tirelessly to mitigate the impact of the UAW strike in North America, including the ramp-up of North American production, we're executing on further cost structure actions to enhance our operational resiliency. Our portfolio of advanced technologies and strong operating execution gives us confidence in our ability to further strengthen our competitive position and deliver sustainable value creation for our shareholders.

儘管我們的團隊仍不懈努力以降低北美 UAW 罷工的影響（包括北美產能爬坡），我們也正在推動進一步的成本結構措施，以提升營運韌性。我們的先進技術組合與強勁的營運執行力，使我們對進一步強化競爭地位並為股東創造可持續價值充滿信心。

Operator, let's now open the line for questions.

接線員，現在請開放提問。

(Operator Instructions) While we build that queue, we'll take our first question from Joe Spak from UBS.

（接線員指示）在我們建立提問隊列的同時，我們先接聽來自 UBS 的 Joe Spak 的第一個問題。

Kevin, Joe, just first on the growth over market for the quarter, and I guess, the outlook. I know you said it was in part driven by the UAW strike. I think it went from 9% to 5%. But that's -- that $180 million is like 1 point, I think, year-over-year. And part of that is obviously just the industry, not just your sort of growth over market. So can you sort of detail some of the other factors that are driving some of the lower growth over market for the year and in the fourth quarter?

Kevin、Joe，首先想問本季的「超越市場成長」，以及我想也包括展望。我知道你們說部分原因是 UAW 罷工。我想它從9%降到5%。但那1.8億美元大概只相當於年增的1個百分點左右。而其中一部分顯然是產業因素，不只是你們自身的「超越市場成長」。所以你們能否說明一下，還有哪些其他因素導致今年以及第四季「超越市場成長」較低？

Yes. Yes, Joe, that's a good question. So you're right. You're right. There is the sort of numerator effect of what we're doing. The bigger impact is the denominator, right? That's a calculation sort of that comes in after the fact relative to everything else that happened in the markets. So not only do we have the slowing of D3, where we do have about 65% of our North American business, but you have folks like Japanese manufacturers that we don't have a lot of content on in North America going up significantly. So you get the compounding effect of numerator coming down and the denominator going up. For instance, just the growth in the Japanese OEMs had a very strong Q3. That growth -- that impact was about 4.5, 5 points against our growth over market cap.

是的。是的，Joe，這是個好問題。你說得對。確實有我們自身表現（分子）的影響；但更大的影響在於分母，對吧？這個計算是在事後、相對於市場上其他所有事情發生後才得出的。所以不僅 D3（底特律三大）放緩，而我們在北美約65%的業務與其相關；同時，像日本車廠這些我們在北美內容量不多的廠商卻大幅成長。於是就出現分子下降、分母上升的疊加效應。舉例來說，日本 OEM 在第三季成長非常強勁；這個成長帶來的影響，對我們的「超越市場成長」大約造成4.5到5個百分點的壓力。

One of the things we look at to double check this math is sort of how did we do against the D3 stand-alone, where we were up about 14% with the D3 relative to their production. So definitely feel like, particularly in North America, it's more a market mix at the moment. I did caution on full year because we got to see how quickly that sort of unwinds.

我們用來再次驗證這個計算的方法之一，是看我們相對於單獨的 D3 表現如何；我們相對 D3 的產量成長約14%。因此我們確實覺得，特別是在北美，目前更多是市場組合的因素。我在談全年時也提醒過，因為我們還得觀察這種情況會多快消退。

The other places to look at, if you looked at Europe and China, I mentioned just high voltage is growing more slowly. That was probably worth about a point of growth to us on a growth over market basis. We're still -- it's still contributing to growth over market, but less than the prior quarters by about 1 point. And then some program mix, particularly in Europe, just infotainment is down a bit in the quarter, that's some program timing. We expect infotainment to finish the year mid-single-digit growth. So again, it was more of a quarterly impact. But you are right, the relative market component of that drives that growth over market calculation as well.

另外可以看的地方是歐洲和中國。我提到過，高壓（high voltage）成長放緩；以「超越市場成長」的角度來看，這大概對我們少了約1個百分點的貢獻。它仍在貢獻「超越市場成長」，但相較前幾季少了約1個百分點。再來是一些專案組合因素，特別是在歐洲，車載資訊娛樂（infotainment）本季略有下滑，這與部分專案時程有關。我們預期資訊娛樂全年將以中個位數成長收尾，所以這更多是單季影響。不過你說得對，相對市場的組成也會影響「超越市場成長」的計算。

Okay. And then I guess just to follow up, as we think about some of your midterm targets and you pointed out some of the slowing BEV penetration in the U.S. and Europe, and I think this has been pretty well documented right now. Does that at all -- I know you've taken a more conservative view of that penetration, maybe than some third parties over the mid- to long term. So is this -- how does sort of the more recent trends, I guess, compare versus what you laid out back in the February Analyst Day?

好的。接著追問一下，當我們思考你們的中期目標時，你提到美國與歐洲 BEV 滲透率放緩，我想這點目前也有相當多的報導。這是否會帶來任何影響——我知道你們對中長期滲透率的看法可能比一些第三方更保守。所以，近期趨勢與你們在2月分析師日所提出的內容相比，情況如何？

Yes, Joe, it's Kevin. Listen, I think, as Joe highlighted and walked through the numbers. Q3 has a lot of unique circumstances in it as it relates to growth over market. And as we look at providing perspective on -- more precise perspective on our growth over market in the out years, we need to see how Q3 settles.

是的，Joe，我是 Kevin。聽著，我認為如同 Joe 所強調並帶大家走過的數字，第三季在「超越市場成長」方面包含許多特殊情況。而當我們要對未來幾年提供——更精準的「超越市場成長」觀點時，我們需要先看看第三季的情況如何落定。

Having said that, we still strongly believe we're very well positioned as it relates to growth over market, given where we operate. Electrification and ADAS solutions are 2 of our higher growth areas, which we believe will continue to be high growth, understand the questions in and around high-voltage electrification and future growth rates. Certainly, Q3 was down relative to Q2 and Q1 this year. I think we would say that is largely related or a significant portion of that impact is the strike issue and some of the other items that Joe talked about.

話雖如此，我們仍堅信，考量我們所處的領域，我們在「超越市場成長」方面的位置非常有利。電動化與 ADAS 解決方案是我們兩個較高成長的領域，我們相信它們仍將維持高成長；也理解市場對高壓電動化及未來成長率的疑問。確實，今年第三季相較第二季與第一季有所下滑。我想我們會說，這在很大程度上——或相當一部分——與罷工問題以及 Joe 提到的其他事項有關。

And then as you highlighted, just a reminder, as we developed our electrification strategy, we very much focused on a select group of customers and had a much more conservative view on the overall market of electrification and the pace of penetration. So long-winded way of saying it's too early to answer your question more precisely, but certainly to say we feel very, very good about where we sit from a growth over market standpoint.

另外如你所提到的，再提醒一下，當我們制定電動化策略時，我們非常聚焦於一小部分客戶，並且對整體電動化市場及滲透速度採取更保守的看法。用比較冗長的方式來說，現在要更精準回答你的問題還太早；但可以肯定的是，從「超越市場成長」的角度來看，我們對自身所處位置感到非常、非常有信心。

Next, we'll go to Rod Lache with Wolfe Research.

接下來，我們請 Wolfe Research 的 Rod Lache 提問。

Just following up on Joe's question. I know you've been a lot more conservative on high voltage and BEVs than just about everybody in the market. You had a 35% penetration by 2030. But can you just give us a little bit of maybe additional color on what your customer mix looks like within that backlog that was propelling the 30% annual growth just to get a sense of -- is it -- are you more exposed to the companies that are slowing down a bit? Or are you sort of more dispersed amongst the faster growers?

我想接續 Joe 的問題。我知道你們在高電壓與 BEV（純電動車）方面的看法，比市場上幾乎所有人都更保守。你們預估到 2030 年滲透率為 35%。但你能否再多補充一些細節，談談在推動 30% 年成長的那個在手訂單（backlog）裡，你們的客戶組合大概長什麼樣子？我們想了解的是——你們是否更曝險於那些正在放緩一點的公司？還是你們的曝險更分散在成長較快的客戶之間？

Yes. So I'll start, Rod, and Joe can fill in any blanks. So when you look at where the majority of our exposure is, it's with the European and the Chinese OEMs. That's where the bulk of our battery electric vehicle exposure is. When we look at kind of nearer term and where we have those exposures, are by and large on platforms that are BEV platforms, those are dedicated BEV platforms.

是的。我先回答，Rod，Joe 也可以補充任何遺漏之處。當你看我們主要的曝險在哪裡時，主要是在歐洲與中國的 OEM（原廠）。我們在純電動車方面的大部分曝險都在那裡。再看比較近的期間以及我們的曝險所在，基本上都在 BEV 平台上，也就是專屬的 BEV 平台。

When we look out into the fourth quarter and into early next year, we're seeing very stable schedules as it relates to production. There's 1 exception with a North American OEM who I think has been pretty public about their plan for electrification. So that will have some impact nearer term. But offsetting that are a number of OEMs who are in the midst of launching BEV programs that we're on.

當我們看到第四季以及明年年初，我們看到與生產相關的排程非常穩定。有 1 個例外，是一家北美 OEM，我想他們對電動化的計畫已經相當公開了。因此短期內會有一些影響。但同時也有多家 OEM 正在推出我們有參與的 BEV 專案，這些將抵銷部分影響。

So high level, Kevin, when you look at this in its totality, do you feel like there's a material change to that original 30% that you were looking at? Or is it -- I guess our question is not that specific, but how are you kind of viewing the expectation?

所以從高層次來看，Kevin，當你把整體情況放在一起看，你覺得相較於你們原先預期的 30% 年成長，有沒有出現實質性的變化？或者——我想我們的問題不一定那麼精準，但你們目前是怎麼看待這個預期的？

Yes, listen, Yes. No, it's a great. Yes, we feel really good about it. I think there's an element of -- I don't think we ever guided 30% forever. So there's a lot of large numbers, right, that we need to keep in mind. We'll do just under $2 billion of high-voltage electrification revenues this year, I think $1.8 billion or $1.9 billion. So that business has grown significantly. Q3 obviously was impacted by some of the dynamics that Joe talked about. Without a doubt we will see some impact in Q4 and early next year related to the OEM that I referenced to is reducing that schedules. On the flip side, we have a number of OEMs where we look at current production schedules, what they have in place for Q4 and early next year where those schedules remain strong.

是的，聽著，是的。不，這是個很好的問題。是的，我們對此感覺非常好。我想其中有一個因素是——我不認為我們曾經指引 30% 會永遠持續。因為有很多大數字，對吧，我們需要記在心上。今年我們的高電壓電動化營收將接近 20 億美元，我想是 18 億或 19 億美元。所以這個業務已經顯著成長。第三季顯然受到 Joe 提到的一些動態影響。毫無疑問，第四季以及明年年初，我們會因我剛提到的那家 OEM 下修排程而受到一些影響。另一方面，我們也有多家 OEM，從目前的生產排程來看，他們在第四季與明年年初的排程仍然強勁。

And then in addition to that, we have a number of programs that are coming online during 2024. And the bulk of that activity is in China and is in Europe, 2 areas where we don't view any easing on CO2 emission regulations and customers really focused on how do they continue to launch new BEV platforms.

此外，我們在 2024 年還有多個專案將上線。而其中大部分活動在中國與歐洲——這兩個地區我們不認為 CO2 排放法規會有任何放鬆，而且客戶非常專注於如何持續推出新的 BEV 平台。

Okay. And just lastly, obviously, a lot of controversy around autonomous right now with crews slowing down. Just hoping if you can give us any updated thoughts on your investment plans there with Motional, whether that's influencing your thinking on that business at all? And then if Joe could just update us, you originally had a like a $1.7 billion performance and lower supply disruption kind of element to your 2022 to 2025 bridge. How much of that are you seeing this year?

好的。最後一個問題，顯然目前自動駕駛爭議很多，像是 Cruise 放慢了步伐。想請你們分享一下對 Motional 在那邊的投資計畫是否有任何更新想法，這是否會影響你們對該業務的看法？另外也請 Joe 更新一下：你們原先在 2022 到 2025 的橋接（bridge）中，提到大約 17 億美元的績效提升與供應中斷降低的因素。今年你們看到了其中多少？

Yes. So I'll start. So nothing new to report out. We're actively engaged with our partner, Hyundai, in terms of future funding. As it relates to Motional, as we said in the past, they're on track from a tech standpoint and a commercial standpoint. But we're engaged in discussions at this point in time, certainly well aware of what we're reading about and we're seeing in the market. Those are certainly things that we'll consider as we make our ultimate decision. Again, if we were to fund, we would fund half of their cash needs. We haven't determined our plan or finalized our plan at this point in time. We'll be in a position to report that out when we announce earnings in February of next year.

是的，我先回答。沒有新的事項可以對外報告。我們正與合作夥伴 Hyundai 積極就未來資金投入進行溝通。就 Motional 而言，如同我們過去所說，他們在技術面與商業面都按計畫推進。但我們目前正在進行討論，當然也充分注意到我們在市場上讀到、看到的情況。這些都會是我們在做最終決策時會納入考量的因素。再次強調，如果我們要出資，我們會負擔他們現金需求的一半。我們目前尚未決定或定案我們的計畫。我們會在明年二月公布財報時，屆時再對外說明。

Rod, it's Joe. Just to answer your question, I think we're tracking well. If you recall, we had that on that walk. I think you're referring to in the Investor Day from the end of '22 to '25. We had a $1.7 billion of performance that was going to work to offset $900 million of labor inflation. We talked about that being fairly ratable over the 3 years. That wasn't sort of a 2025 thing. We were going to make progress on that through the year. I'd say '23 is tracking very much to that sort of ratable approach on both the cost side as well as the performance, the price recovery side. So things are tracking well. Obviously, as we sit here today, and it's sort of stated, obviously, within the comments I made, right. We do have some higher volumes helping offset the strike impact. But for the most part, those performance initiatives are coming through as planned, and we're seeing that particularly on the offset of the labor expense.

Rod，我是 Joe。回答你的問題，我認為我們進度追蹤得很好。如果你記得，我們在那次——我想你指的是 2022 年底到 2025 年的投資人日——我們提到有 17 億美元的績效改善，將用來抵銷 9 億美元的勞動成本通膨。我們談到這在 3 年間會相對平均地實現，並不是到 2025 年才發生。我們會在每一年都推進。我會說 2023 年在成本面以及績效、價格回收面，都非常符合那種平均推進的節奏。所以進展良好。當然，就我們今天所處的位置，以及我剛才的評論也提到的，我們確實有一些較高的產量在幫助抵銷罷工的影響。但大致上，這些績效改善措施都如計畫落地，我們特別看到它們在抵銷勞動費用方面的效果。

Next, we'll go to John Murphy with Bank of America.

接下來，我們請美國銀行（Bank of America）的 John Murphy 提問。

I have another follow-up on this toggle on EVs and the penetration rate maybe being a little slower than people had expected. Kevin, as you look at this -- Kevin and Joe, I mean as you look at this, an optimist could say, hey, listen, your EVs are taking a little bit longer, and we're going to run our programs as they exist right now, get better margins and returns in the interim, generate more cash and be able to fund the future more robustly, might make gross over market a little bit, but our earnings and cash flow might be a bit better. Is that potentially true here? And as you're making these capital commitments to these programs, do you have the ability to kind of toggle down reasonably quickly? So it wouldn't dent your returns and you get that benefit of maybe a slower role.

我還有一個追問，關於 EV 的切換（toggle）以及滲透率可能比大家預期稍慢。Kevin，當你看這件事——我是說 Kevin 和 Joe，當你們看這件事時，一個樂觀的看法可能是：聽著，你們的 EV 進展只是花更久時間，而我們會照目前既有的專案去跑，在這段期間取得更好的毛利與報酬、產生更多現金，並能更有力地資助未來；可能會在市場成長上稍微落後，但我們的獲利與現金流可能會更好。這在這裡是否可能成立？另外，當你們對這些專案做資本承諾時，你們是否有能力相對快速地把投入往下調？這樣就不會傷到你們的報酬，並且能享受到滲透較慢帶來的好處。

Yes. It's a great question, John, and I'll start. Listen, we still are believers in electrification. And just want to remind everybody in the second quarter of this year, our high-voltage revenue growth on a year-over-year basis was 48%. And this quarter, it was 13%. And on a go-forward basis, we think it more normalizes relative to where we were in the third quarter.

是的，這是個很好的問題，John，我先回答。聽著，我們仍然相信電動化。也想提醒大家，今年第二季我們的高電壓營收年增率是 48%。而這一季是 13%。往後看，我們認為它會更趨於正常化，接近我們第三季所看到的水準。

Having said that, as we stated, we've been very focused on having an EV strategy that focuses on principally Europe and Asia Pacific, China, principally OEMs that have built BEV up platforms. Those OEMs who are taking global platforms from 1 region to another region and focusing our investment in those areas, which in reality allows us to scale. I mean that was 1 of our objectives, John, is to make sure that, to the extent we're putting in capital that it scales so we get significant revenue. On the bulk of those programs we have scaling price relative to volume. So to the extent an OEM does not achieve their particular targets we have the ability to adjust prices and that's contractual. So we've protected ourselves that way.

話雖如此，如同我們所說，我們一直非常專注於一個以歐洲與亞太（尤其是中國）為主的 EV 策略，主要鎖定那些已建立 BEV 平台的 OEM。這些 OEM 會把全球平台從一個區域帶到另一個區域，而我們把投資聚焦在這些領域，實際上讓我們能夠擴大規模。我的意思是，John，這是我們的目標之一：確保我們投入資本時能夠擴張，從而帶來可觀的營收。在我們大多數專案上，我們的定價會隨著量而調整。因此，如果某家 OEM 未達成其特定目標，我們有能力調整價格，而且這是合約條款。我們用這種方式保護了自己。

And then to the point you made, our baseline outlook has never been that 50% of the vehicles manufactured in 2030 were going to be battery electric vehicles. We had a much lower outlook. So we think we have it ring-fenced and balanced. Listen, there may be a couple of quarters where I mentioned there's 1 OEM who is backing off their original schedules where we'll see an impact on our growth rate. But as things normalize, we're still optimistic about our competitive position here and the growth opportunity and the margin opportunity it presents.

再回到你提到的點，我們的基準展望從來不是 2030 年製造的車輛有 50% 會是純電動車。我們的展望低得多。所以我們認為我們已把它圈定（ring-fenced）並取得平衡。聽著，可能會有幾個季度——我提到有 1 家 OEM 正在回撤其原先排程——我們會看到對成長率的影響。但當情況回歸正常，我們仍對我們在這裡的競爭地位、成長機會以及它所帶來的毛利機會保持樂觀。

John, it's Joe. The only thing I'd add to, and we've talked about this for a while, right, particularly with the Electrical Architecture business. We were able to leverage existing facilities, existing equipment, existing supply chain, existing engineers, low voltage, high voltage, the products are different, but they're very complementary. So for us, and we've got obviously a very large architecture business. So I think leveraging that over the last couple of years has helped that product line get to segment accretive margins very quickly. But it's also held from a return perspective, right, because we had a lot of that capital and plant equipment in the ground.

John，我是 Joe。我唯一想補充的是，而且我們已經談了一段時間了，對吧，特別是在電氣架構（Electrical Architecture）業務方面。我們能夠運用既有的廠房、既有的設備、既有的供應鏈、既有的工程師資源；低壓、高壓，產品雖然不同，但彼此非常互補。所以對我們而言，而且我們顯然擁有非常龐大的架構業務。我認為過去幾年把這些資源槓桿化，幫助那條產品線很快達到對該事業部具增益（segment accretive）的利潤率。但從報酬率角度來看也有幫助，對吧，因為我們有很多資本與廠房設備早就已經投入並落地了。

Super helpful. Just 1 follow-up on the Wind River seasonality because it did seem to, we may have missed this in the quarter in our model and our estimates. Could you just -- Joe, just kind of run through the -- how do you think about seasonality for Wind River. I know you talked about it earlier in the year, but just if you can remind us?

非常有幫助。關於 Wind River 的季節性我再追問 1 個問題，因為看起來確實是——我們可能在本季的模型與預估中漏掉了。Joe，你能不能再帶我們快速過一遍——你如何看待 Wind River 的季節性？我知道你今年稍早有提過，但如果可以的話，請再提醒我們一下？

Yes. We -- I mentioned it in passing on the guide. They are -- and it's in their business. I think it's somewhat of a software business phenomenon. Q3 is just a very slow quarter for them. Q2, Q4 tend to be the highest. It's a highly leveraged model like a software business would be, right? So software renewals, licenses, new instances tend to drop, it's an 80% gross margin business. So they tend to drop at pretty high incremental rates. So we had seen this. We've seen this in the prior years. That's why we cautioned in February and don't -- we're not surprised by this. So I think as you look at this and we talk about just the quarterly progression over the next couple of years, I think this will be something that we see as recurring.

可以。我——我在指引（guide）時順帶提過。他們——這是他們業務本身的特性。我覺得這多少算是一種軟體業常見現象。對他們來說，Q3 就是一個非常慢的季度；Q2、Q4 通常是最高的。這是一個高度槓桿的模型，就像軟體業一樣，對吧？所以軟體續約、授權、新的部署實例往往會下滑；這是一個毛利率 80% 的業務。因此它們往往會以相當高的增量幅度下滑。我們以前就看過這種情況，過去幾年也看過。這也是為什麼我們在 2 月就提醒過，而且——我們對此並不意外。所以我認為，當你看這件事、以及我們談到未來幾年的季度走勢時，我覺得這會是我們反覆看到的現象。

We'll next go to Adam Jonas with Morgan Stanley.

接下來我們請 Morgan Stanley 的 Adam Jonas。

So just look and follow up to Joe's and Rod's and Murphy's question, I'm going to hit on this team as well. This EV journey for legacy OEMs has just been an unmitigated disaster so far. I don't think you need to be pragmatic Bostonians to see that -- to see through that. With respect to like the inability to generate anything close to a reasonable return on capital, and I don't see a path to it. So just speaking for myself here, guys, but it wouldn't surprise me, and I suppose a lot of people on this call, if GM Ford and the Germans pulled back their EV spending a lot. I mean a lot.

我想延續並追問 Joe、Rod 和 Murphy 的問題，我也要在這個主題上再問一下。傳統 OEM 的這段電動車（EV）旅程到目前為止簡直是一場徹底的災難。我覺得你不需要是務實的波士頓人也看得出來——看得穿這一點。就無法產生任何接近合理的資本報酬率而言，而且我看不到一條可行的路徑。所以我只代表我自己說，各位，但如果 GM、Ford 和德國車廠大幅縮減他們的 EV 支出，我不會意外；我想在這通電話上的很多人也不會意外。我是說，大幅。

And I know you're not going to -- you're not in a position to answer the exact impact yet. So I'll phrase the question this way. If they did, if in a world where the undisputed leader, Tesla is dialing back and barely profitable themselves and others follow and really just to reset because they can't sell, negative 100% margins forever. Can you tell us how much your -- those -- the 14.5% mid-decade operating margin target or the over 17% longer-term target, and I realize there won't be a straight path there, but how much of those targets really depend on the pace of EV adoption to continue the way you outlined, even conservatively outlined in February 14?

我知道你們目前——你們還不在能回答確切影響的狀態。所以我換個方式問：如果他們真的這麼做，如果在一個無可爭議的領導者 Tesla 正在縮手、而且他們自己也幾乎沒什麼獲利，其他人跟進，基本上只是為了重置，因為他們賣不動，不可能永遠承受負 100% 的毛利率。你們能否告訴我們，你們——那些——你們在本十年中期的 14.5% 營業利益率目標，或更長期超過 17% 的目標，我知道不會是一條直線，但這些目標有多少其實取決於 EV 採用速度要持續像你們所描述的那樣推進——即便是你們在 2 月 14 日相對保守地描述的那種推進？

Yes. I'll take -- I'll start, Adam. Listen, I -- we can take a look at the scenario like that, just kind of peeling it back. This year, we'll do $1.8 billion in high voltage or EV revenues out of our roughly $21 billion in revenues. And clearly, the growth rate that we've attached to high-voltage electrification is higher than our overall average growth rate. So certainly, it would have some impact there.

是的。我先開始回答，Adam。聽著，我——我們可以看看那樣的情境，稍微把它拆開來看。今年，我們在約 210 億美元的營收中，高壓或 EV 相關營收大約會是 18 億美元。而且很明顯，我們賦予高壓電動化的成長率高於我們整體的平均成長率。所以當然，那會在成長面帶來一些影響。

I think as we've said, a lot of these EVs are replacing vehicles with internal combustion engines, most of which -- most of those OEMs where we actually have the vehicle architecture content. So the trade-off isn't dollar for dollar. The high-voltage content or margins related to the S&PS base margins is accretive by a couple of points from a margin rate standpoint. But it's not a matter where it's 2x.

我想如同我們說過的，很多 EV 是在替換內燃機車款，而其中多數——多數 OEM 我們其實在其車輛架構上都有內容（vehicle architecture content）。所以這個取捨不是一美元換一美元。從利潤率角度來看，高壓內容或相對於 S&PS 基礎利潤率的相關毛利率，大概有幾個百分點的增益（accretive）。但這不是那種會變成 2 倍的情況。

So it's something that I think we would manage through. It would have an impact from a profit standpoint, I don't think it would have a huge impact just given what the margins look like, and we would be going again, if these OEMs aren't achieving their targets, their prices are going up to the extent they're significantly reducing. There are onetime payments from the OEM as it relates to us reducing our capacity to produce the product. So that's how I think about it.

所以我認為這是我們可以管理並度過的事情。從獲利角度會有影響，但我不認為影響會非常巨大，考量到目前的利潤率水準；而且如果這些 OEM 沒有達成他們的目標，他們的價格會上升；若他們大幅縮減，我們也會有來自 OEM 的一次性補償款，與我們降低生產該產品的產能相關。所以我大概是這樣看。

Yes. I might agree with that, assuming unit production, total unit production stays in line, right? It would be -- we'd be swapping back to content on the low-voltage platforms, we've got content on 1 out of every 3.5 vehicles manufactured. And to Kevin's point, you're looking at 1 point or 2 of sort of accretive high voltage that we'd have to work through. But there are going to be dollars that replace that, assuming the world continues to build the total number.

是的。我可能同意這點，前提是總產量、整體單位產量仍維持一致，對吧？那會是——我們會換回到低壓平台上的內容；我們在每 3.5 輛製造出來的車中就有 1 輛有我們的內容。就像 Kevin 說的，你看到的是高壓大概多 1 到 2 個點的增益，我們需要去消化。但只要世界仍持續生產同樣的總量，就會有其他金額來替代那一塊。

Yes. And Adam, aside, I kind of -- I understand your question, and it's a fair one. It's a good one. I do wrestle with the industrial policies and they can always change of Europe, principally maybe U.S. secondarily and that can change. China, from an environmental standpoint, but from a national security standpoint, technology standpoint, the push for EVs and the impact on OEM profitability there's a question I would ask for a scenario that I would throw out where that the OEMs are going to be going to the governments wherever they are for support to continue the roll out so that they can achieve the industrial policies that those particular governments have, right?

是的。而且 Adam，題外話，我大概——我理解你的問題，這是個合理的問題，也是個好問題。我確實會糾結於產業政策，而且它們隨時可能改變——歐洲，主要可能是歐洲；美國其次——這些都可能改變。中國，從環境角度，但也從國安、科技角度來看，推動 EV 的力道，以及對 OEM 獲利能力的影響，這裡面有一個我會問的問題：在某種情境下，我會提出一個假設——OEM 最終會去向各自所在的政府尋求支持，以便能持續推進導入（roll out），讓他們能達成那些政府所設定的產業政策，對吧？

Because all of this is tied to CO2 emission targets or national security. And if OEMs are uncomfortable or if the investment required is beyond which they can absorb and be profitable, ultimately, I think they're going to look for some support not too different from the semiconductor industry in the U.S. and Europe.

因為這一切都與 CO2 排放目標或國家安全綁在一起。如果 OEM 感到不安，或所需投資超出他們能吸收且仍能獲利的範圍，最終我認為他們會尋求某種支持，這與美國和歐洲的半導體產業並沒有太大不同。

Appreciate that, Kevin and Joe. Just 1 quick follow-up, if I may. Just want to confirm that out of the $1.8 billion or almost $2 billion of high voltage -- sorry, electric portion of the -- was it $2 billion? Sorry, of the $2 billion number that you noted.

謝謝你們，Kevin 和 Joe。我可以再追問 1 個很快的問題嗎？我只是想確認一下，在你提到的 18 億美元、或接近 20 億美元的高壓——抱歉，電動部分的——是 20 億美元嗎？抱歉，就是你剛剛提到的 20 億美元那個數字裡面。

$1.8 billion. So Adam, $1.8 billion. I used round numbers.

18 億美元。所以 Adam，是 18 億美元。我用的是四捨五入的數字。

Thank you. I just want to confirm that. Tesla is the single largest component of that? I want to confirm that. And then labor, remind us how much of your sales is labor and what rate of inflation you're seeing in real time?

謝謝。我只是想確認一下。Tesla 是其中單一最大組成嗎？我想確認這點。然後關於勞動力，請提醒我們你們的銷售中有多少是勞動力相關，以及你們在即時看到的通膨率大概是多少？

Yes. On the customer piece, listen, we can't talk about -- speak about specific customers. So that's a question we're not going to respond to. As it relates to labor, I think I would focus on labor within the overall business. Joe?

是的。關於客戶那一塊，聽著，我們不能談——不能針對特定客戶發言。所以這個問題我們不會回應。至於勞動力，我想我會把重點放在整體業務中的勞動力。Joe？

Yes. We've talked about Adam, we had in the Investor Day $900 million of dollar increase this between -- evenly split over the 3 years, that was about 10% to 11% increase, and that's what we're seeing.

是的。我們之前談過，Adam，在投資人日（Investor Day）我們提到三年合計增加 9 億美元，這在——三年期間平均分攤，約等於 10% 到 11% 的增幅，而我們目前看到的就是這樣。

Next, we'll go to Chris McNally from Evercore.

接下來我們請 Evercore 的 Chris McNally。

If maybe we could just do a little housekeeping. Kevin and Joe, maybe I'm missing something, but the $1.8 billion in high voltage, what's the number you're using for '22? Maybe I -- maybe it's been restated, but I think you had $1.2 billion in some of your old slides. Could you just update those for '22 and '23?

如果可以的話，我們做一點例行確認（housekeeping）。Kevin 和 Joe，也許是我漏了什麼，但 18 億美元的高壓，你們用的 2022 年數字是多少？也許——也許已經重述過，但我記得你們在一些舊投影片上是 12 億美元。你們能否把 2022 年和 2023 年的數字更新一下？

Yes, that's obviously. (inaudible)

是的，那很明顯。（聽不清楚）

Okay. And so that's actually -- is that an increase? I mean because I think the previous number guided to on Q2 was maybe a 30% increase. So it looks more like a 50% increase for high voltage for this year?

好的。所以那其實——那算是增加嗎？我的意思是，因為我記得之前對第二季（Q2）的指引可能是增加 30%。所以看起來今年高壓業務更像是增加 50%？

Chris, it depends on what you're doing with Intercable, right? We closed Intercable end of last year. So it wasn't in last year, call that a little north of $200 million of revenue. So just thought -- if you pro forma for it, yes, it's growing, but if you didn't, you got very little that Intercable [has grown.]

Chris，這取決於你怎麼看待 Intercable，對吧？我們在去年年底完成了 Intercable 的併購。所以它不在去年的數字裡，這部分營收略高於 2 億美元。所以我只是想——如果你把它做成備考（pro forma），是的，它是在成長；但如果你不把它納入，那 Intercable（帶來的）成長就很少。

That's exactly. Okay. Thank you, Joe. Intercable was exactly what I was asking for. And the second one, just a follow-up on Adam's. You forget about talking about the customer. But the $1.8 billion is only high voltage, right? So if there was a large EV player that you mostly did low voltage for that low voltage revenue, even though it goes to an EV would not be in the $1.8 billion. Is that correct?

沒錯。好的。謝謝你，Joe。Intercable 正是我想問的。第二個問題，接續 Adam 的問題追問一下。你先別談客戶。但那 18 億美元只包含高壓，對吧？所以如果有一家大型電動車（EV）業者，你們主要供應的是低壓，那些低壓營收即使是用在 EV 上，也不會算進這 18 億美元裡。這樣理解正確嗎？

Yes, that's right. We talked about that. We really wanted to focus on just the high-voltage product line, and that's when we started providing that guidance a few years back. So that's just high voltage. So the -- in the low voltages it's going in EV vehicle, right? So you don't really see a big difference.

是的，沒錯。我們之前有談到。我們確實想把焦點放在高壓產品線上，這也是我們幾年前開始提供那個指引時的出發點。所以那只包含高壓。至於低壓部分，它也會用在 EV 車上，對吧？所以你其實不會看到很大的差異。

Yes, absolutely. And then the last 1 for Q4 because, obviously, there's a lot of moving currents in Q3. On AS&UX, I think you talked about 8% to 9% rough margins for the year. It sounds like from the commentary, some of the recoveries were pushed from Q3 to Q4. The first, is that 8% to 9% still pretty good, even if it's the low end because it points to a nice material pickup in the AS&UX margins. And I think we've been sort of looking for that because that's a large portion of the drive towards the 2025 goals.

是的，完全同意。那最後一個關於第四季（Q4）的问题，因為顯然第三季（Q3）有很多變動因素。就 AS&UX 而言，我記得你們提到全年大約 8% 到 9% 的毛利率。從你們的評論聽起來，有些回收（recoveries）從 Q3 延後到 Q4。第一，8% 到 9% 這個區間即使落在低端，仍然算不錯，因為這意味著 AS&UX 毛利率有不錯的實質回升。我想我們一直在等這個，因為這是推動 2025 目標的一大部分。

Yes. Full year, the current guide would have AS&UX at 8 and S&PS at [11.6.]

是的。以全年來看，目前的指引是 AS&UX 為 8%，S&PS 為 [11.6。]

Next, we'll go to Itay Michaeli from Citi.

接下來我們請 Citi 的 Itay Michaeli。

Just a couple of follow-ups for me. First, going back to the Q4 margin outlook. I was hoping you could just kind of dimension the seasonality factors in there. It looks like you'll be exiting closer to 13% ex strike. Just kind of curious how to think about the baseline as we look to bridge into 2024? And then second question, just about hoping to talk more about the ADAS wins you had in Q3, maybe content per vehicle? And also any updated discussions with customers for Gen 6?

我這邊有兩個追問。第一，回到第四季毛利率展望，我希望你們能稍微說明一下其中的季節性因素。看起來你們在扣除罷工影響後，期末會更接近 13%。想請教我們在銜接到 2024 年時，該如何看待這個基準？第二個問題，想請你們多談談第三季拿到的 ADAS 訂單，可能每車內容價值（content per vehicle）是多少？以及與客戶就第六代（Gen 6）的討論是否有更新？

Yes. Itay, I think as you look at -- and we'll obviously stay away from 2024 at this point. But I think if you looked at -- I'd sort of give our standard cautions, right? I'd focus more on versus H2 versus Q4 because Q4 can be heavy with things like engineering recovery. So I think it's more H2 adjusted for strike. But listen, as I -- as you just go through the progression here, and as I mentioned to Rod, we clearly have got the benefit of some volume increases offsetting strike. But our margin rates at the segments as well as total coal or total company are tracking to the original guide, and that's tracking to that Investor Day model. And as I mentioned to Rod, there's $1.7 billion of performance, the $900 million of labor are falling in. So if you go -- so I think we're on track. If you're going to start to look at back half, I would -- I think H2 is a better proxy than just Q4 and then you obviously have to adjust for the strike.

是的，Itay，我想當你看——而且我們此刻顯然會避免談 2024 年。但我認為如果你看——我會先給出我們一貫的提醒，對吧？我會更聚焦在下半年（H2）相對於第四季（Q4），因為 Q4 可能會因為像工程回收（engineering recovery）這類項目而偏重。所以我認為更應該看經過罷工調整後的 H2。不過你看，當我——當你一路看這個進展，如同我跟 Rod 提到的，我們很清楚有一些出貨量增加的效益在抵消罷工影響。但我們各事業部以及整體——或整家公司——的毛利率水準都在跟原先指引一致，也與投資人日（Investor Day）的模型一致。如同我跟 Rod 提到的，17 億美元的績效改善、9 億美元的勞動相關項目正在落地。所以如果你——所以我認為我們在軌道上。如果你要開始看下半年，我會——我認為 H2 是比單看 Q4 更好的代理指標，然後你當然還需要調整罷工的影響。

On conversation with customers about Gen 6 ADAS platform, I would say we're in active dialogue with roughly a dozen Asian, European and North American. So interaction there and strategic dialogue is very, very strong, going very well. As it relates to the Q3 bookings, the bulk of those bookings we're in and around radar solutions that were being -- that will be plugged into existing ADAS platforms with OEMs in Europe and in China.

至於與客戶就第六代 ADAS 平台的對話，我會說我們正與大約一打的亞洲、歐洲與北美客戶保持積極對話。因此互動與策略性對話非常、非常強，進展也很順利。至於第三季的接單（bookings），其中大部分是在雷達解決方案周邊，這些方案先前一直在——並且將會——被導入歐洲與中國 OEM 的既有 ADAS 平台。

Next, we'll go to Emmanuel Rosner.

接下來我們請 Emmanuel Rosner。

I was hoping if you can help us frame and quantify the exposure to electric vehicles, either in terms of current revenue or more importantly, actually, in terms of future growth of a market or percentage of backlog, not just within high voltage, but generally speaking, because to your earlier point, you're selling low voltage components to like a very large EV manufacturer and obviously, a lot of the new programs over the next few years which probably have been on new EV platform. So any way to maybe quantify when you sort of like look at this outgrowth expected over the next few years, how much of that would have landed on EV platform?

我希望你們能幫我們界定並量化對電動車的曝險，不論是以目前營收來看，或更重要的是，以未來市場成長或在手訂單（backlog）占比來看；而且不只是高壓產品，還包括整體，因為如你先前所說，你們也會向一家非常大的 EV 製造商銷售低壓零組件，而且未來幾年的許多新專案可能都會在新的 EV 平台上。所以有沒有任何方式可以量化：當你們看未來幾年的預期成長時，其中有多少會落在 EV 平台上？

Yes. Emmanuel, it's Joe. Listen, I think Kevin frame sort of how we're thinking about long term, right? We were conservative. I think we didn't sort of follow everybody down the path that is going to be 50% in the next couple of years. So -- from what we see now, remain confident in that outlook. We do expect growth to slow. We just get to the law of larger numbers, you get almost a $2 billion business. You're going to see growth rates slow over time.

是的，Emmanuel，我是 Joe。聽著，我想 Kevin 已經說明了我們對長期的看法，對吧？我們採取較保守的假設。我想我們沒有像其他人那樣一路跟著走到「未來幾年會到 50%」那條路上。所以——就我們目前看到的情況而言，我們仍然對那個展望有信心。我們確實預期成長會放緩。因為基數變大了，你做到接近 20 億美元的業務規模後，成長率自然會隨時間放慢。

As I mentioned earlier, if you look just over the past, call it, 8-plus quarters, high voltage has typically provided 2 points of growth over market, round numbers, a little bit higher in certain quarters, up to 2.5%, 3%. But on average, to this quarter, it provided a point of growth over market. So meaningful, but not -- certainly not all of it. And then 80% of the business at this point, including revenue and bookings is with the European and the Chinese OEMs. So we had not historically gone down the path of the North American products, at least the initial products, I think, were very niche, right? They were the high-end SUVs, as sort of more of the unique type vehicles. We have some content on them, but they were by no means the bulk of the business. So I think from -- I think that should help frame it at this point.

如我先前提到的，如果你只看過去大概 8 個以上季度，高壓業務通常能比市場多貢獻約 2 個百分點的成長，粗略來說；在某些季度會更高，達到 2.5%、3%。但平均到本季，它比市場多貢獻了 1 個百分點。所以很有意義，但並不是——當然不是全部。另外，目前約 80% 的業務（包含營收與接單）來自歐洲與中國的 OEM。因此我們過去並沒有走北美產品那條路，至少最初的產品我認為非常利基，對吧？主要是高端 SUV 這類較獨特的車型。我們在上面有一些內容價值，但絕不是業務的主體。所以我想——我想這應該能幫助你在此刻建立框架。

I appreciate it. Joe, the reason I'm asking for EV exposure outside of high voltage, there's a large seating supplier. That would be ideally the most powertrain agnostic product you could possibly sell, slashing their backlog by 20% because all these new seats are going to go on new EV platforms, basically, which are either being pushed out or at sort of like lower volume.

了解。Joe，我之所以問高壓以外的 EV 曝險，是因為有一家大型座椅供應商——那應該是你能賣的最不受動力系統影響（powertrain agnostic）的產品——卻把他們的在手訂單砍了 20%，因為這些新座椅都會用在新的 EV 平台上，而那些平台基本上不是被延後，就是量產規模較低。

Yes. I can't speak to the seating business. Obviously, like I said, we're 80% European and Chinese concentration. I'm not sure who you're talking about or what their portfolio looks like.

是的。我無法評論座椅業務。顯然，如我所說，我們 80% 集中在歐洲與中國。我不確定你指的是哪一家，或他們的產品組合長什麼樣子。

No, no. My comment was EV exposure outside of high voltage and any way to frame that?

不不。我是在說高壓以外的 EV 曝險，有沒有任何方式可以幫忙框架化？

No. I think we've provided what we're going to provide, Emmanuel.

沒有。我想我們已經提供了我們會提供的內容，Emmanuel。

Yes. Emmanuel, from our perspective, vehicle architecture, just given the fact that we're in 1 of every 3 vehicles globally, if they're not building a BEV, they're building a vehicle with an internal combustion engine and more likely than that, we're on that vehicle. So with that low voltage vehicle architecture. So for us, I would say there's virtually no impact.

是的，Emmanuel，從我們的角度來看，車輛架構方面，考量到我們在全球每 3 輛車就有 1 輛車上有我們的產品，如果他們不生產純電（BEV），他們就會生產內燃機車，而更可能的是，我們也會在那台車上。因此就低壓車輛架構而言，對我們來說，我會說幾乎沒有影響。

That's helpful. My follow-up is on -- I think you were mentioning your mix impact, there's sort of like a little bit of a headwind in the quarter outside of just the strike, obviously, in North America. Can you just elaborate a little bit more on the other region? Was it sort of like, I mean, customer mix, specifically and which region?

這很有幫助。我接著想追問的是——我想你剛才提到你們的組合影響，除了北美顯而易見的罷工之外，本季似乎還有一些逆風。你能否再多說一點其他地區的情況？是類似於——我是說，特別是客戶組合，具體是哪個地區？

Yes. It was customer mix across really all regions and some examples where kind of outsized growth of the Japanese OEMs across North America, across Europe as well as some significant growth in parts of Eastern Europe that are either products manufactured in Eastern Europe or in places like China that are exported. So areas where we have less customer exposure. So a lot of that, we think, is related to semiconductor rebound and availability of chips for select OEMs and the other piece is the impact of -- or the opportunity as it relates to the UAW strike in North America for select OEMs to potentially gain share.

是的。這是幾乎所有地區的客戶組合所致。舉幾個例子：日本OEM在北美、歐洲的成長相對突出；另外在東歐部分地區也有顯著成長，這些要嘛是東歐製造的產品，要嘛是在中國等地製造後出口的產品。這些都是我們客戶曝險較低的領域。因此，我們認為其中很大一部分與半導體回補、以及特定OEM的晶片供應改善有關；另一部分則是——或說機會——與北美UAW罷工相關，讓部分OEM可能有機會取得市占。

And we'll go to our last question from Dan Levy from Barclays.

接下來我們進入最後一個問題，由巴克萊的Dan Levy提問。

I wanted to start with your Slide 10, just the perspectives on 2024 here. And in the bottom half of the slide says continued inflationary environment, geopolitical uncertainty. Maybe if you could just unpack the inflationary comment a bit. What is it that you're seeing that's incrementally worse? How does potential recovery on semiconductor cost factor in? And maybe you could just talk about the potential for better stability in production schedules to be a potential tailwind next year?

我想先從你們的第10頁投影片談起，也就是對2024年的觀點。投影片下半部提到通膨環境持續、地緣政治不確定性。能否請你把通膨這點再拆解說明一下？你們看到哪些情況是邊際上變得更糟的？半導體成本可能回落會如何影響？另外，你也能談談若明年生產排程更穩定，是否可能成為一個順風嗎？

Yes. So it's Kevin. Listen, as it relates to stability in production schedules, we're seeing that now. I mean, there's some element of disruption in COVID that remains, but we've seen a significant improvement throughout the year, would expect availability to continue, obviously, into 2024. So should see some benefit there.

是的，我是Kevin。關於生產排程的穩定性，我們現在就已經看到了。我是說，COVID造成的干擾仍有一些殘留，但我們在今年整體看到顯著改善，也預期供應可用性會持續——當然——延續到2024年。所以那方面應該會帶來一些好處。

Material inflation was significant in 2023. We expect in some areas including semiconductors that will remain significant in 2024. We're doing a number of things to address that. One, changing semiconductor partners really across all of the semi categories from core semis, like SoCs, Analog Power, PMICs, to peripheral semis. So a lot of work being done by our engineering and sourcing teams establishing commercial agreements or partnership with the Chinese semiconductor space, which is ramping up capabilities very, very aggressively. And we're deep into that and are going to take advantage of that opportunity, both to serve the China market as well as to bring some of these into the 9 China market. So that will free up lower-cost alternatives for ourselves and our customers.

材料通膨在2023年相當顯著。我們預期在某些領域（包括半導體）在2024年仍會維持顯著。我們正在採取多項措施來因應。第一，是在幾乎所有半導體類別上更換半導體合作夥伴，從核心半導體（例如SoC、類比電源、PMIC）到周邊半導體。我們的工程與採購團隊正在做大量工作，與中國半導體領域建立商業協議或合作關係；該領域正非常、非常積極地提升能力。我們已深度投入，並將把握這個機會，一方面服務中國市場，另一方面也把其中一些導入到中國以外的市場。如此一來，將為我們與客戶釋出更低成本的替代方案。

As it relates to customer recoveries, listen, those are always challenging discussions. But given where we have contracts, given where we are from a financial standpoint, we are passing 100% of those costs on to the customer. Again, it's not a simple discussion. It's not an easy discussion. But that's with the commercial team or how the operating team is operating. And that's something that will continue. To the extent, they're interested in some of these lower cost alternatives, there's an opportunity for us to jointly benefit, and we'll put those in front of them. But as of now, that's kind of the state. So the material inflation is relatively high. And then we're very focused on labor inflation in places like Mexico, Eastern Europe, North Africa. So those are areas that we're watching very, very closely.

至於客戶端的成本回收，坦白說，那些討論一向都很具挑戰。但就我們有合約的部分、以及以我們的財務立場而言，我們正把這些成本的100%轉嫁給客戶。再次強調，這不是簡單的討論，也不是容易的討論。但這就是商務團隊、或營運團隊目前的運作方式，而且會持續下去。若客戶對這些較低成本的替代方案有興趣，我們就有機會共同受益，我們也會把這些方案提供給他們。但就目前而言，大致就是這樣的狀態。因此材料通膨仍相對偏高。然後我們也非常關注墨西哥、東歐、北非等地的勞動通膨；這些都是我們非常、非常密切觀察的區域。

And then last item, I should say, it's not related to the specific inflation on material or direct labor. We're very focused on continuing to prune our cost structure to provide additional room and ultimately, additional margin.

最後一點我想補充，這不一定與材料或直接人工的特定通膨相關。我們非常專注於持續精簡我們的成本結構，以創造更多空間，並最終帶來更多的利潤率。

Great. And then just as a follow-up on the EV side, just 2 quick ones there. Can you just confirm -- I know you said you are overweight to the European and Chinese. China, we've obviously seen a lot of uptake, especially from BYD. How should we think about the mix impact if we see outsized exposure from the Chinese? And then can you just confirm that on SVA that, that is powertrain agnostic?

了解。接著在電動車（EV）方面再追問兩個很快的問題。你能否確認一下——我知道你說過你們在歐洲與中國的比重偏高。中國方面，我們顯然看到採用率很高，尤其是比亞迪（BYD）。如果我們看到來自中國的曝險特別高，我們應該如何看待組合影響？另外也請你確認一下，SVA是否與動力總成無關（powertrain agnostic）？

Yes, SVA is powertrain agnostic. It makes more sense if an OEM is rethinking and moving to a BEV platform that is the time to really -- it's an easier time to implement and make that architecture change. But it would be power train overall powertrain agnostic. As it relates to mix of BEV customers, I think it's relatively a wash, margins might be a little bit higher on our China OEM partners given we tend to do more system solutions there. So are able to kind of connect a broader portion of our overall portfolio, but it wouldn't be significantly different.

是的，SVA與動力總成無關（powertrain agnostic）。如果某家OEM正在重新思考並轉向BEV平台，那確實是——更容易導入並完成架構變更的時點。但整體而言，它對動力總成是中立的。至於BEV客戶的組合，我認為大致上影響不大；我們在中國OEM合作夥伴上的毛利可能會略高一些，因為我們在那邊通常提供更多系統解決方案，因此能把我們整體產品組合中更廣的部分串接起來，但差異不會很大。

Yes. Dan, just current revenues, and it's gotten -- it's changed over the last few years. We're about 60-40 in global versus local OEs from a revenue perspective today, that would have been north of 75% global back in the 2018, 2019 time frame. Bookings are running 50-50. So we'd expect that to increase in favor of the locals. And obviously, just given what's being made over there, a lot of that EV.

是的，Dan，就目前營收而言——而且這在過去幾年已經有所變化——以今天的營收來看，我們在全球型OEM與本地OEM之間大約是60-40；在2018、2019年那個時間點，全球型的占比會高於75%。訂單（bookings）目前是50-50。因此我們預期未來會往本地OEM那邊增加占比。而且很明顯，考量那邊正在生產的產品，其中很大一部分是電動車。

Yes. I think actually, if you look at our revenue mix, I think 2024, it's almost 50-50 from a local multinational.

是的。我想其實如果你看我們的營收組合，我認為到2024年，來自本地與跨國（multinational）的比例幾乎是50-50。

I'd like to turn the call back to Mr. Clark for any final remarks.

我想把電話會議交回給Clark先生，請他做最後的結語。

Okay. Thank you, operator. Thank you, everyone. We appreciate you taking your time this morning. Please let us know if you have any further questions. Thank you.

好的。謝謝接線員。也謝謝各位。我們感謝大家今天早上撥冗參與。如有任何進一步問題，請告訴我們。謝謝。

Thank you, ladies and gentlemen. That does conclude today's conference. We appreciate your participation. Have a wonderful day.

謝謝各位女士、先生。今天的電話會議到此結束。感謝各位的參與。祝各位有美好的一天。