Aptiv PLC (APTV) 2024 Q2 法說會逐字稿

Good day and welcome to the Aptiv Q2 2024 Earnings Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Jane Wu, Vice President of Investor Relations and Corporate Development. Please go ahead.

美好的一天，歡迎參加安波福 2024 年第二季財報電話會議。今天的會議正在錄製中。現在，我想把會議交給投資人關係和企業發展副總裁吳簡。請繼續。

Thank you, Jess. Good morning, and thank you for joining us Aptiv's second quarter 2024 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，傑西。早安，感謝您參加安波福 2024 年第二季財報電話會議。新聞稿和相關表格以及幻燈片簡報可以在我們網站 aptiv.com 的投資者關係部分找到。

Today's review of our financials exclude amortization, restructuring and other special items, and we'll address yes, the continuing operations of Aptiv. The reconciliations between GAAP and non-GAAP measures for our second quarter results as well as our 2024 outlook are included at the back of the slide presentation and the earnings press release.

今天對我們財務狀況的審查不包括攤銷、重組和其他特殊項目，我們將解決安波福的持續經營問題。我們第二季業績的 GAAP 和非 GAAP 指標之間的調節以及 2024 年的展望包含在幻燈片演示和收益新聞稿的後面。

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，我們將提供某些前瞻性信息，這些信息反映了安波福當前對未來財務業績的看法，並且可能由於我們在10-K 表格和其他SEC 文件中引用的原因而存在重大差異。

Joining us today will be Kevin Clark, Aptiv's Chairman and CEO; and Joe Massaro, Vice Chair and Chief Financial Officer. 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.

今天加入我們的是 Aptiv 董事長兼執行長 Kevin Clark；喬‧馬薩羅 (Joe Massaro)，副主席兼財務長。凱文將提供有關業務的策略更新，喬將在我們開始問答電話之前更詳細地介紹財務業績。

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

說到這裡，我想把電話轉給凱文克拉克。

Thanks, Jane and thanks, everyone, for joining us this morning. Let's begin on slide 3. But looking at the second quarter, we delivered record earnings and EPS, reflecting solid execution across the company as well as lower supply chain disruption costs, completion of the restructuring of the motion joint venture and lower share count.

謝謝簡，謝謝大家今天早上加入我們。讓我們從幻燈片 3 開始。但從第二季度來看，我們實現了創紀錄的盈利和每股收益，反映出整個公司的穩健執行力以及較低的供應鏈中斷成本、完成了動議合資企業的重組以及較低的股份數量。

The strong earnings, 180 basis points of operating margin expansion and 26% EPS growth was in spite of significant revenue headwinds from smaller customers, which Joe will provide more detail on later. These headwinds were partially offset by strong ADAS revenue growth in North America and Europe, as well as double digit revenue growth with the Chinese local OEMs.

儘管小客戶帶來了巨大的收入阻力，但盈利強勁、營業利潤率擴大了 180 個基點，每股收益增長了 26%，喬將在稍後提供更多細節。這些不利因素被北美和歐洲 ADAS 收入的強勁增長以及中國本土 OEM 廠商兩位數的收入成長所部分抵消。

Our cash flow prints continued to be strong position, positioning us to repurchase over $400 billion of stock during the quarter. Building on that momentum this morning, we announced a new $5 billion share repurchase authorization, which includes an accelerated share repurchase plan. Reflecting our view are significant market opportunities. Joe and I will provide more detail on the announcement later in the presentation.

我們的現金流繼續保持強勢，使我們能夠在本季度回購超過 4000 億美元的股票。在此基礎上，今天上午，我們宣布了一項新的 50 億美元股票回購授權，其中包括加速股票回購計畫。重要的市場機會反映了我們的觀點。喬和我將在稍後的演示中提供有關該公告的更多詳細資訊。

And lastly, we released our annual sustainability report, which provides an update on Aptiv commitment to not only achieving our sustainability goals but assisting our customers in achieving their goals as well.

最後，我們發布了年度永續發展報告，其中提供了安波福承諾的最新信息，即不僅實現我們的永續發展目標，而且還幫助我們的客戶實現他們的目標。

Moving to slide 4. During the second quarter, we booked $4.3 billion of new business awards, bringing the year-to-date total to over $17 billion, putting us on track to achieve our full year target of $35 billion.

轉到投影片 4。第二季度，我們預訂了 43 億美元的新業務獎勵，使年初至今的總額超過 170 億美元，使我們有望實現 350 億美元的全年目標。

Advanced Safety and User Experience. Bookings in the quarter totaled $900 million, driven by continued strong momentum in ADAS as well as awards across Wind River's product portfolio in the A&D, telco, industrial, and automotive markets, bringing year-to-date bookings to nearly $3.5 billion.

先進的安全性和使用者體驗。受 ADAS 持續強勁勢頭以及風河產品組合在 A&D、電信、工業和汽車市場獲獎的推動，本季度的預訂總額達到 9 億美元，使年初至今的預訂額達到近 35 億美元。

Signal & Power Solutions new business bookings totaled $3.4 billion in the quarter and included in the electrical architecture award with a leading Chinese local OEM on an export vehicle platform as well as our program extension with the global European-based commercial vehicle OEM bringing year to date bookings to almost $14 billion.

信號與電源解決方案本季的新業務訂單總額為34 億美元，並被納入與一家領先的中國本土OEM 在出口車輛平台上的電氣架構獎，以及我們與全球歐洲商用車OEM 的項目擴展，帶來了今年迄今的成果預訂量接近 140 億美元。

New business bookings in China across both segments continue to track to the changing customer landscape in market share gains made by the local OEMs use a bookings with the Chinese local OEMs totals over $1.8 billion, an increase of 27% over last year.

中國兩個細分市場的新業務預訂繼續追蹤不斷變化的客戶格局，本地 OEM 廠商獲得的市場份額不斷增長，中國本地 OEM 廠商的預訂總額超過 18 億美元，比去年增長 27%。

Turning to our Advanced Safety and User Experience segment on slide 5. The segment achieved record revenues and earnings during the quarter, reflecting the strength of our product portfolio as well as the efficiency of our operations. We continue to broaden our customer mix by leveraging our industry-leading ADAS portfolio.

轉向投影片 5 上的進階安全性和使用者體驗部分。該部門在本季度實現了創紀錄的收入和收益，反映了我們產品組合的實力以及營運效率。我們利用業界領先的 ADAS 產品組合繼續擴大客戶群。

We booked a new way to ask program with a Chinese local OEM that utilizes a local SOC solution, which customers in the China market are increasingly requiring as well as a radar award with the global Japanese OEM represents the fifth RADAR program we've been awarded by Japanese customer over the last 12 months segments to almost $1.1 billion.

我們與中國本土OEM 預訂了一種新的詢問方式項目，該項目採用本地SOC 解決方案，中國市場的客戶越來越需要這種解決方案，並且與全球日本OEM 簽訂的雷達獎是我們獲得的第五個雷達專案過去 12 個月，日本客戶的銷售額接近 11 億美元。

Revenue increased 2% to over $1.5 billion in the quarter as Aptiv's safety revenues increase mid-teens, partially offset by User Experience revenues, which were impacted by rising significantly lower multinational OEM production in China. Operating income totaled a record $170 million, representing margins of 10.9%.

本季營收成長 2%，超過 15 億美元，安波福的安全收入成長了 15 %左右，部分被用戶體驗收入所抵消，而用戶體驗收入受到中國跨國 OEM 產量大幅下降的影響。營業收入總計創紀錄的 1.7 億美元，利潤率為 10.9%。

As discussed during our last earnings call, supply chains have stabilized, which has led to a significant reduction in disruption costs. And as I mentioned, our China semiconductor sourcing initiative continues to gain traction with Chinese local OEMs and more global OEMs are requesting that we present them with similar options for both current and future programs, providing incremental savings opportunities for our customers while also reducing our material costs and improving our profitability.

正如我們在上次財報電話會議中所討論的那樣，供應鏈已經穩定，這導致中斷成本大幅降低。正如我所提到的，我們的中國半導體採購計劃繼續受到中國本土原始設備製造商的關注，更多的全球原始設備製造商要求我們為他們提供當前和未來計劃的類似選項，為我們的客戶提供增量節省機會，同時減少我們的材料成本並提高我們的獲利能力。

Engineering expense also declined during the quarter of almost $20 million versus the same period last year, bringing the ratio of engineering to sales down 20 basis points, a trend that we're confident will continue.

本季的工程費用也比去年同期下降了近 2,000 萬美元，使工程與銷售的比率下降了 20 個基點，我們有信心這一趨勢將持續下去。

This has been the result of several efficiency initiatives, including the adoption of Wind River studio for software development on new OEM programs, the rotation of software engineering activities to our tech centers and best cost countries, and a reduction in an advanced development activities to reflect changing market conditions.

這是多項效率措施的結果，包括採用風河工作室進行新 OEM 專案的軟體開發、將軟體工程活動輪流到我們的技術中心和最佳成本國家，以及減少高級開發活動以反映不斷變化的市場條件。

Moving to the next slide for an update on Wind River. As we discussed at our recent Wind River and software teachings, the digital transformation that reshape the consumer ecosystem is now job driving change across other end markets. The strength of Wind River solutions to support that transformation is evident in our recent commercial awards across multiple end markets, totaling nearly $200 million year-to-date.

前往下一張投影片，了解 Wind River 的最新情況。正如我們在最近的風河和軟體教學中所討論的那樣，重塑消費者生態系統的數位轉型現在正在推動其他終端市場的變革。風河解決方案支持這項轉型的實力從我們最近在多個終端市場獲得的商業獎項中可見一斑，今年迄今總金額近 2 億美元。

This includes $90 million of aerospace and defense bookings were the need for certified mixed criticality. Software is driving demand for solutions such as VxWorks and Wind River Helix. In telco, the adoption of vRAN and O-RAN favors our open cloud native solutions, resulting in $50 million bookings year to date.

其中包括 9,000 萬美元的航空航太和國防預訂，這些訂單需要經過認證的混合關鍵性。軟體正在推動對 VxWorks 和 Wind River Helix 等解決方案的需求。在電信領域，vRAN 和 O-RAN 的採用有利於我們的開放式雲端原生解決方案，今年迄今已實現 5,000 萬美元的預訂。

And in industrial and automotive, the growth in Connected Software Defined devices, which are increasingly deploying AI at the edge, continues to present opportunities for Wind River's full portfolio as reflected in over $55 million in bookings year to date. To support the development. Deployment and operation of these intelligent edge solutions are gaining commercial traction with Wind River Studio developer.

在工業和汽車領域，連網軟體定義設備的成長（越來越多地在邊緣部署人工智慧）繼續為風河的整個產品組合帶來機遇，今年迄今的預訂量已超過 5500 萬美元。以支持發展。這些智慧邊緣解決方案的部署和營運正在獲得 Wind River Studio 開發商的商業關注。

During the quarter, we announced at three of the world's leading software engineering service providers are adopting Sue developer. And as I mentioned Aptiv's own adoption has meaningfully improved our soft our quality and increase the efficiency of our software development process.

在本季度，我們宣布三家全球領先的軟體工程服務供應商正在採用 Sue 開發人員。正如我所提到的，安波福自己的採用極大地提高了我們的軟體品質並提高了我們軟體開發過程的效率。

Lastly, Wind River just announced, it is the prime sponsor of the Elixir project in open source, Debian-based enterprise-grade Linux solution for the intelligent edge. AWS, Intel, Capgemini, Super Micro and SAIC have joined Wind River as project supporters and we will share more regarding the commercial opportunities associated with us in coming months.

最後，風河剛剛宣布，它是 Elixir 專案的主要贊助商，該專案是基於 Debian 的開源企業級 Linux 智慧邊緣解決方案。AWS、英特爾、凱捷、超微和上汽已加入風河作為專案支持者，我們將在未來幾個月分享更多與我們相關的商業機會。

Turning to our Signal and Power Solutions segment on slide 7. Revenues in the segment declined 3% during the quarter, principally the result of the reduction in production scheduled by select customers significantly impacting our electrical distribution systems business, which had revenues declined high single digits.

轉向幻燈片 7 上的訊號和電源解決方案部分。本季度該部門的收入下降了 3%，主要是由於部分客戶計劃的產量減少，對我們的配電系統業務產生了重大影響，該業務的收入下降了高個位數。

Engineered Components grew low single digits in the quarter with solid revenue growth for tradition of might and strong growth in the A&D and space markets, which was partially offset by a slowdown in orders from automotive Tier 1.

工程零件在本季度實現低個位數成長，傳統的收入穩健成長，航空與國防和航太市場強勁成長，但汽車一級訂單放緩部分抵消了這一成長。

As I mentioned previously, Signal and Power Solutions booked approximately $3.4 billion in customer awards. We continue to diversify future revenues with Conquest Awards, including multiple engineered component awards for high-speed cable assemblies, high and low voltage interconnects and power distribution units with a Korean OEM.

正如我之前提到的，訊號和電源解決方案獲得了約 34 億美元的客戶獎勵。我們繼續透過 Conquest Awards 實現未來收入多元化，其中包括與韓國 OEM 合作的高速電纜組件、高低壓互連和配電裝置的多個工程組件獎項。

A high-voltage charging award with a Japanese OEM in North America. Our fourth award to date that meets the Northeast American and charging standard. And lastly, our first grid energy energy storage award. And although relatively small, we believe that this is just the start and that the energy storage systems represent an attractive end market for a signal and power business.

北美一家日本整車廠獲得的高壓充電獎。迄今為止，我們的第四個獎項符合東北美洲和充電標準。最後，我們的第一個電網能源儲存獎。儘管規模相對較小，但我們相信這只是一個開始，儲能係統對於訊號和電力業務來說代表著一個有吸引力的終端市場。

Operating income totaled $436 million, representing margins of 12.4%, reflecting strong operating performance resulting from lower supply chain disruption costs as well as manufacturing and engineering performance. We're aligning our manufacturing capacity in this segment across all regions to due to lower OEM vehicle production schedules and continue to work closely with our OEM customers address the labor situation in Mexico.

營業收入總計 4.36 億美元，利潤率為 12.4%，反映出供應鏈中斷成本降低以及製造業和工程績效帶來的強勁營業業績。由於原始設備製造商汽車生產計劃的減少，我們正在調整所有地區該領域的製造能力，並繼續與我們的原始設備製造商客戶密切合作，以解決墨西哥的勞動力狀況。

Looking at Signal and Power more detail, I wanted to provide an update on our engineered component product line on slide 8. Aptiv is a market leader in providing highly engineered ruggedized mission, critical interconnect, cable management and fastening solutions for automotive and industrial end markets.

更詳細地了解訊號和電源，我想在幻燈片 8 上提供有關我們的工程組件產品線的更新資訊。Aptiv 是為汽車和工業終端市場提供精心設計的加固任務、關鍵互連、電纜管理和緊固解決方案的市場領導者。

These solutions have a low cost relative to the overall bill of materials, but a high cost of failure and are integral to the safe and efficient distribution of power and data. Breaking it down further. Aptiv's connection systems business, which will have over $4 billion in revenue this year is the number two global provider of automotive and commercial vehicle interconnect solutions.

這些解決方案相對於整體物料清單成本較低，但故障成本較高，並且是安全且高效的電力和資料分配不可或缺的一部分。進一步分解它。Aptiv 的連接系統業務今年的收入將超過 40 億美元，是全球第二大汽車和商用車互連解決方案提供商。

HellermannTyton is the number one provider of cable management and fastening solutions globally and is now almost a $2 billion business. Half of their revenues is automotive and the other half of the business serves non-automotive end markets.

海爾曼太通 (HellermannTyton) 是全球排名第一的電纜管理和緊固解決方案提供商，目前業務價值近 20 億美元。他們一半的收入來自汽車，另一半業務服務於非汽車終端市場。

Lastly, Winchester Interconnect provides highly specialized advanced interconnect and cable assemblies for A&D, commercial space and other industrial end markets. Both HellermannTyton and Winchester provide access to growing markets benefiting from the same industry megatrends, and they're key to both our growth and diversification strategies, reducing our exposure to light vehicle production while strengthening through-cycle resiliency.

最後，Winchester Interconnect 為 A&D、商業空間和其他工業終端市場提供高度專業化的先進互連和電纜組件。海爾曼太通和溫徹斯特都提供了進入受益於同一行業大趨勢的不斷增長的市場的機會，它們是我們成長和多元化策略的關鍵，減少了我們對輕型汽車生產的敞口，同時增強了整個週期的彈性。

Moving to slide 9, the global trends that include the transition to electric power edge to cloud connectivity. In the past, the higher levels of software and automation continue with some regions evolving faster than others. And these macro themes of the tailwind from the safe, green and connected trends that have skipped the automotive industry over the last decade.

轉到幻燈片 9，全球趨勢包括從電力邊緣到雲端連接的過渡。過去，軟體和自動化水準不斷提高，有些地區的發展速度比其他地區更快。這些宏觀主題是安全、綠色和互聯趨勢的順風車，這些趨勢在過去十年中跳過了汽車行業。

And we strongly believe Aptiv remains well positioned to benefit from these trends. While the pace of EV adoption maybe slower than recently anticipated, demand for electrified vehicles that generate lower CO2 emissions continues to grow. Consumer demand for advanced safety solutions that meet Global Regulatory Affairs rating agency Standard remains strong and demand for edge to cloud connectivity that enables more intelligent solutions continues to grow.

我們堅信安波福仍能從這些趨勢中受益。儘管電動車的採用速度可能比最近預期的要慢，但對二氧化碳排放量較低的電動車的需求仍在持續成長。消費者對符合全球監管事務評級機構標準的先進安全解決方案的需求仍然強勁，並且對支援更智慧解決方案的邊緣到雲端連接的需求持續增長。

Despite some near-term challenges, our customers remain committed to making vehicles more safe, more grain and more connected and require our expertise in assistance to develop optimized solutions. The balance, the trade-off between performance and cost. And in cases where customers have are considering delaying their original next-gen technology, adoption plans were being presented with several incremental near term near and mid-term opportunities to enhance existing solutions.

儘管近期面臨一些挑戰，我們的客戶仍致力於讓車輛更安全、更耐用、更互聯，並且需要我們的專業知識來協助開發優化的解決方案。平衡，性能和成本之間的權衡。如果客戶正在考慮推遲他們原來的下一代技術，那麼採用計劃中就會提出一些增量的近期和中期機會，以增強現有的解決方案。

So OEM's can remain competitive in the market by addressing consumer demand for new features and applications that are more efficient cost effective in compliance with regulations.

因此，OEM 可以透過滿足消費者對新功能和應用程式的需求來保持市場競爭力，這些功能和應用程式在符合法規的情況下更具成本效益。

Moving to slide 10. As world continues to become more electrified and software defined. We're uniquely positioned to enable this transition for our customers and are confident in our ability to meaningfully grow earnings and cash flow strongly believe that Aptiv shares are an attractive investment opportunity.

轉到投影片 10。隨著世界繼續變得更加電氣化和軟體定義。我們擁有獨特的優勢，能夠為客戶實現這一轉變，並對我們有意義地增加收益和現金流的能力充滿信心，並堅信安波福股票是一個有吸引力的投資機會。

Accordingly, our Board has approved a $5 billion share repurchase authorization, including a $3 billion accelerated share repurchase program. The total authorization represents over 25% of our current market cap is incremental to the almost $9 billion we returned to shareholders since our IPO in 2011.

因此，我們的董事會已批准 50 億美元的股票回購授權，其中包括 30 億美元的加速股票回購計畫。授權總額占我們目前市值的 25% 以上，自 2011 年 IPO 以來我們已向股東返還近 90 億美元。

We're very excited about Aptiv's long-term growth prospects and believe that repurchasing our stock is a great investment. And given the strength of our financial performance, we can execute this repurchase program while continuing to invest in our portfolio of advanced technologies.

我們對安波福的長期成長前景感到非常興奮，並相信回購我們的股票是一項很好的投資。鑑於我們的財務表現強勁，我們可以執行此回購計劃，同時繼續投資於我們的先進技術組合。

With that, I'll now turn the call over to Joe.

這樣，我現在就把電話轉給喬。

Thanks, Kevin, and good morning, everyone. Starting with the second quarter on slide 11, Aptiv delivered strong operating performance in the quarter, reflecting execution of our performance initiatives as well as our continued focus on costs, resulting in operating margin improvement of 180 basis points over the prior year. Revenue was $5.1 billion, down 2% or 1% below underlying global vehicle production, which was down 1% in the quarter.

謝謝，凱文，大家早安。從幻燈片11 中的第二季度開始，安波福在本季度實現了強勁的營運業績，反映出我們績效計劃的執行以及我們對成本的持續關注，導致營運利潤率比上一年提高了180 個基點。營收為 51 億美元，比本季下降 1% 的全球汽車產量下降 2% 或 1%。

Revenue growth was primarily impacted by lower production volumes at select customers, including a European OEM with a large truck and SUV presence in North America on global EV only OEM and to multinational OEMs in China that are experiencing significantly lower production volumes.

收入成長主要受到特定客戶產量下降的影響，包括在北美生產大型卡車和SUV的歐洲原始設備製造商（在全球純電動汽車原始設備製造商）以及中國的跨國原始設備製造商（其產量大幅下降） 。

These customers represented the majority of the revenue shortfall in the second quarter and those who will discuss shortly. We are lowering our full year revenue outlook. Despite the top line pressure, adjusted EBITDA and operating income were both quarterly records at $788 million and $606 million, respectively. EBITDA margins expanded 220 basis points over prior year. The dental impact of lower revenues.

這些客戶代表了第二季收入缺口的大部分以及即將討論的客戶。我們正在降低全年收入預期。儘管面臨營收壓力，調整後的 EBITDA 和營業收入仍分別創下季度紀錄，分別為 7.88 億美元和 6.06 億美元。EBITDA 利潤率比上年增長 220 個基點。收入減少對牙科的影響。

FX and commodities were $17 million headwind in the quarter. Earnings per share in the quarter was $1.58, an increase of 26% from the prior year, including the benefit of higher earnings completion of the Motional JV transaction, a $0.12 benefit in the quarter, as well as the benefit of a lower share count, partially offset by higher tech. Operating cash flow was strong totaling $643 million, capital expenditures were $226 million and share repurchases totaled $434 million.

本季外匯和大宗商品面臨 1700 萬美元的逆風。本季每股收益為 1.58 美元，較上年增長 26%，其中包括完成 Motional JV 交易的收益增加、本季收益 0.12 美元以及股份數量減少帶來的收益，部分被高科技所抵消。營運現金流強勁，總計 6.43 億美元，資本支出為 2.26 億美元，股票回購總計 4.34 億美元。

Moving to slide 12, revenue of $5.1 billion was down 2%. As mentioned, revenue was negatively impacted by vehicle production headwinds and select customers primarily impacting our electrical distribution and user experience product lines, including customer schedule reductions in both electrified an internal combustion vehicles.

轉到投影片 12，收入 51 億美元下降了 2%。如上所述，收入受到汽車生產不利因素的負面影響，部分客戶主要影響我們的配電和用戶體驗產品線，包括電動車和內燃機汽車的客戶計畫減少。

This was partially offset by growth in our active safety and Engineered Components product lines. Net price and commodities were a positive to the top line, offsetting the negative impact of foreign exchange. Moving to the right, our regional revenue performance in North America and Europe reflects the previously mentioned customer and product line dynamics. In China, we grew 16% in the quarter with local OEMs are effectively offsetting the negative impact from lower production at the multinational OEMs.

我們的主動安全和工程零件產品線的成長部分抵消了這一影響。淨價格和大宗商品對營收有正面影響，抵銷了外匯的負面影響。向右看，我們在北美和歐洲的區域收入表現反映了前面提到的客戶和產品線動態。在中國，我們本季成長了 16%，本土 OEM 有效抵消了跨國 OEM 產量下降的負面影響。

As Kevin discussed, we continue to expand our business with the local Chinese OEMs as we see strong double digit growth in both new business bookings and revenues. With this customer segments.

正如 Kevin 所討論的，我們將繼續擴大與中國本土原始設備製造商的業務，因為我們看到新業務預訂和收入均出現兩位數的強勁增長。有了這個客戶群。

Moving to slide 13. Our ASUX segment achieved record quarter of safety more than offset the impact of lower user experience revenues. Active Safety was up 15% in the quarter with continued strength across North America and Europe. User experience, which has impacted by the slowdown and multinational OEMs in China was down 10% in the quarter. Segment. Adjusted income in the quarter was $170 million or 10.9%, driven by strong flow through on active safety volumes as well as the ongoing initiatives to improve manufacturing and engineering efficiency.

轉到投影片 13。我們的 ASUX 部門實現了創紀錄的季度安全性，足以抵消用戶體驗收入下降的影響。本季主動安全性成長了 15%，北美和歐洲持續強勁。受中國經濟放緩和跨國 OEM 廠商影響，本季用戶體驗下降了 10%。部分。本季調整後營收為 1.7 億美元，即 10.9%，這得益於主動安全產量的強勁流入以及持續採取的提高製造和工程效率的舉措。

Turning the signal and power on slide 14. Revenue in the second quarter was just over $3.5 billion, a decrease of 3% or 2% below vehicle production, reflecting growth in the Engineered Components product line, excluding high voltage of 3%, offset by declines in the electrical distribution product line, primarily driven by the lower volumes and select customers and high voltage revenues were down 19% in the quarter.

開啟幻燈片 14 上的訊號和電源。第二季營收略高於35 億美元，比汽車產量下降3% 或2%，反映出工程零件產品線（不包括高壓）的成長3%，但被配電產品線的下降所抵消，主要是受銷售量和特定客戶減少的推動，本季高壓收入下降了 19%。

Segment adjusted operating income was $436 million or 12.4%, driven by operating performance initiatives and cost reduction actions that price and commodities were a positive offsetting the negative impact of foreign exchange.

部門調整後營業收入為 4.36 億美元，即 12.4%，這主要得益於經營業績舉措和成本削減行動，價格和大宗商品積極抵消了外匯的負面影響。

Moving to slide 15 and our updated macro outlook. Based on changes in customer schedules, we now assume global vehicle production will be down 3% in 2024 from our prior outlook of down 1%. Expected production volume is down across all regions with North America and now expect that to be down 1%. Europe, down 5%, kind of flat on a year-over-year basis, driven by lower production at multinational OEMs in China.

轉到幻燈片 15 和我們更新的宏觀展望。根據客戶計畫的變化，我們現在假設 2024 年全球汽車產量將下降 3%，而我們先前的預測是下降 1%。北美所有地區的預期產量均下降，目前預計將下降 1%。歐洲下降 5%，與去年同期持平，原因是跨國 OEM 廠商在中國的產量下降。

In addition of vehicle production reductions across regions, we are also seeing reductions across powertrains, including both BEV and internal combustion platforms. For FX and commodity rates, our outlook assumes copper at $4.25, Mexican peso at $17.40, and the Chinese RMB at $7.15.

除了各地區的汽車產量減少外，我們還看到動力系統的產量減少，包括純電動車和內燃平台。對於外匯和大宗商品匯率，我們的前景假設銅價為 4.25 美元，墨西哥比索為 17.40 美元，人民幣為 7.15 美元。

Slide 16 has our full year outlook. As we look out at the balance of the year, we do expect continued pressure on vehicle production, particularly from the select customers we noted. However, we remain confident that the actions we've taken to improve performance and reduce costs will continue to drive strong operating performance.

第 16 張幻燈片介紹了我們的全年展望。展望今年剩餘時間，我們確實預期汽車生產將繼續面臨壓力，特別是來自我們注意到的精選客戶。然而，我們仍然相信，我們為提高業績和降低成本而採取的行動將繼續推動強勁的營運績效。

Our outlook includes revenues in the range of $20.1 billion to $20.4 billion, down from the prior midpoint of $21.2 billion, representing adjusted revenue growth of 1%. I would note that we've incorporated both customer schedule reductions as well as an additional judgmental reduction in revenues and our updated outlook. We assume global vehicle production is down 3%, resulting growth over market of 4%.

我們的預期營收範圍為 201 億美元至 204 億美元，低於先前 212 億美元的中位數，調整後營收成長 1%。我要指出的是，我們已將客戶計劃的減少以及收入的額外判斷性減少和我們更新的前景納入考慮。我們假設全球汽車產量下降 3%，導致市場成長 4%。

At the segment level, ASUX growth over market remains strong at 10% with SPS at 1%, operating income of $2.4 billion, which is an increase in operating margin to 12%, reflecting continued strong operating performance that partially offsets the decremental impact of the lower revenues.

在細分市場層面，ASUX 相對於市場的成長依然強勁，達到 10%，SPS 為 1%，營業收入為 24 億美元，營業利潤率增加至 12%，反映出持續強勁的營業業績，部分抵銷了收入較低。

There are also increasing our EPS estimate to $6.30 at the midpoint, an increase of $0.25 from prior guide, resulting from the early completion of the Motional JV transaction as well as lower share count, which offsets the impact from lower earnings. Operating cash is expected to be $2.15 billion, up 13% from the prior year. The outlook also reflects the impact of the $3 billion accelerated share repurchase plan, which will cover in more detail on the next slide. $5 share repurchase authorization, which will include an accelerated share repurchase plan, or ASR totaling $3 billion that will commence tomorrow.

由於 Motional JV 交易的提前完成以及股份數量的減少，我們還將每股收益預估上調至中點 6.30 美元，比之前的指導增加了 0.25 美元，這抵消了收益下降的影響。營運現金預估為 21.5 億美元，比上年成長 13%。該前景也反映了 30 億美元加速股票回購計畫的影響，下一張投影片將詳細介紹該計畫。 5 美元的股票回購授權，其中包括將於明天開始的總計 30 億美元的加速股票回購計畫或 ASR。

Our confidence in the long term mega trends combined with our operating performance and the strength of our balance sheet, affords us the opportunity to acquire a significant amount of Aptiv common stock. The ASR be funded through a combination of available liquidity and debt. We believe the ASR continues.

我們對長期大趨勢的信心，加上我們的經營業績和資產負債表的實力，使我們有機會收購大量的安波福普通股。ASR 的資金來源是可用流動性和債務的結合。我們相信 ASR 將會持續下去。

Our long-standing practice of balanced capital allocation and our strong financial position allows us to continue to invest in the business while accelerating capital return to shareholders. The remaining authorization will be available for future purposes once the ASR is completed.

我們平衡資本配置的長期實踐和強大的財務狀況使我們能夠繼續投資於業務，同時加速向股東回報資本。ASR 完成後​​，剩餘的授權將可用於將來的目的。

Moving to my final slide on 18. With our consistent focus on improving and maintaining after a strong financial position has provided us the ability to accelerate the return of capital to shareholders while maintaining our financial policy and balanced track record of capital deployment.

前往 18 日的最後一張投影片。我們始終致力於改善和維持強大的財務狀況，這使我們有能力加快向股東的資本回報，同時保持我們的財務政策和資本部署的平衡記錄。

Performance improvement initiatives across the business and the elimination of the significant disruption costs experienced over the last few years have return margins to pre-COVID levels, and the completion of the Motional transaction provides additional funds for capital deployment with an Aptiv.

整個業務的績效改進舉措以及消除過去幾年經歷的重大中斷成本使利潤率恢復到了新冠疫情之前的水平，而Motional交易的完成為Aptiv的資本部署提供了額外的資金。

Our capital allocation plans, including the acceleration of capital returned to shareholders fits within our financial policy as we maintain the ability to invest in the business and delever over the coming year.

我們的資本配置計劃，包括加速向股東返還資本，符合我們的財務政策，因為我們維持了來年投資業務和去槓桿化的能力。

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

接下來，我將把電話轉回給凱文，讓他作結束語。

And thank you, Joe. I'll make some final remarks on slide 20 before opening the line for questions. We executed well in the second quarter despite the revenue headwinds with record earnings and strong cash flow from, we're well positioned to continue our solid operating performance through the remainder of the year.

謝謝你，喬。在開始提問之前，我將在幻燈片 20 上做一些最後的評論。儘管收入逆風，創紀錄的盈利和強勁的現金流，但我們在第二季度的表現良好，我們有能力在今年剩餘時間內繼續保持穩健的經營業績。

We believe our revised financial outlook is prudent, reflecting the lower OEM production schedules, plus an overlay of incremental management conservatism that Joe mentioned. And we're confident that our strong operating performance will translate into increased operating margins as reflected in our updated outlook.

我們認為，我們修訂後的財務前景是審慎的，反映了原始設備製造商生產計劃的減少，以及喬提到的增量管理安全主義的疊加。我們相信，我們強勁的經營業績將轉化為營業利潤率的增加，正如我們最新的展望所反映的那樣。

As the automotive industry navigates the near-term headwinds, we remain confident that the trends towards greater levels of electrification, connectivity and digitization will continue. Aptiv portfolio is well positioned to help our cut from a more electrified connected and software-defined world, which we're confident we're on result in strong earnings and cash flow growth that will translate into significant value creation for our shareholders.

隨著汽車產業克服近期的逆風，我們仍然相信，更高水準的電氣化、互聯性和數位化的趨勢將持續下去。安波福投資組合處於有利地位，可以幫助我們擺脫更電氣化的互聯和軟體定義的世界，我們相信我們將帶來強勁的獲利和現金流成長，為我們的股東創造巨大的價值。

Our conviction around the medium to long term trend, and our strong operating performance has positioned us to take advantage of the market dislocation in our stock price and allows us to increase our capital return to shareholders.

我們對中長期趨勢的信念以及強勁的經營業績使我們能夠利用股價的市場錯位，並提高股東的資本回報。

Our management team remains focused on flawless execution and creating shareholder value, and we will continue to drive the business forward focus on developing our portfolio of advanced technologies, strong operating execution, returning cash to shareholders and maximizing the value of our portfolio of businesses.

我們的管理團隊仍然專注於完美的執行和創造股東價值，我們將繼續推動業務向前發展，重點是開發我們的先進技術組合、強大的營運執行力、向股東返還現金以及最大化我們業務組合的價值。

Operator, let's now open the lines up for questions.

接線員，現在讓我們開始提問。

(Operator Instructions) Joe Spak, UBS.

（操作員說明）Joe Spak，UBS。

Thanks. Good morning everyone. Kevin, just to start on the buyback, clearly, a strong signal from you and the management team, I know you as a leadership team, have been very focused on shareholder value. So can you just talk a little bit more about, how you came to this decision to sort of lever up versus maybe some other options?

謝謝。大家，早安。凱文，剛開始回購，顯然，你和管理團隊發出了強烈的信號，我知道你作為一個領導團隊，一直非常關注股東價值。那麼，您能多談談您是如何做出這個決定的，以提高槓桿率而不是其他選擇嗎？

And then on the debt, you've historically also been pretty conservative. So is this just confidence in the next few years' cash flow to sort of bring this down? Or are there other some potential ways to maybe get some cash out of the business by like looking at some slower growth assets or something like that?

然後在債務問題上，你們歷來也相當保守。那麼，這僅僅是對未來幾年現金流的信心就能降低這種情況嗎？或者是否還有其他一些潛在的方法可以透過專注於一些成長較慢的資產或類似的東西來從業務中獲取一些現金？

Yes. Thanks, Joe. will listen, I think I'd start with our general view from a management standpoint is we remain we remain conservative on our outlook for the video have been very strong over the last couple of years. Clearly as it relates to the transition from COVID to supply to supply changes, disruption and some of the costs and inefficiencies that we had to absorb had to work through over a period of time.

是的。謝謝，喬。會聽，我想我會從管理角度的總體觀點開始，我們仍然對視頻的前景保持保守，因為過去幾年視頻的前景非常強勁。顯然，因為它涉及從新冠疫情到供應的轉變，我們必須在一段時間內解決供應變化、中斷以及一些成本和低效率問題。

That took a little time and we've gotten through it. The reality is we've gotten we've gotten through that and inflected in our results last quarter from an operating performance standpoint this quarter from an operating performance standpoint. And then as we look at the balance of the year, we have we have really strong strong comp confidence in our ability to continue to execute and deliver margin expansion.

這花了一點時間，我們已經完成了。現實情況是，我們已經度過了這個難關，並且從經營業績的角度來看，我們上季度的業績有所改變，本季從經營業績的角度來看。然後，當我們審視今年的餘額時，我們對繼續執行和實現利潤擴張的能力充滿信心。

Now setting that aside, we look at the opportunities that are in front of us where whether it's electrification, which clearly had slowed a bit, whether it's areas in and around our active safety or user experience or on our Engineered Components portfolio, we're very optimistic.

現在把這個放在一邊，我們看看擺在我們面前的機會，無論是電氣化（顯然已經放緩了一點），無論是我們的主動安全或用戶體驗內部或周圍的領域，還是我們的工程組件產品組合，我們都在非常樂觀。

We have significant opportunities in front of us in front of us in the automotive and automotive and non-automotive space. And relative to those to those opportunities relative to on how we're executing in the operating performance that we're delivering on our share prices, clearly, it's clearly undervalued. And we look at at no trade-offs various investments. It's the most attractive investment that we have in front of us.

在汽車、汽車和非汽車領域，我們面臨著巨大的機會。顯然，相對於那些機會，相對於我們如何執行我們的股價所提供的經營業績，它顯然被低估了。我們不考慮各種投資的權衡。這是我們面前最有吸引力的投資。

And given the performance of our business in our view, our outlook for the future, we feel as though we can do this while at the same time continuing to invest in the business and as it relates to other opportunities to increase value on that, something that we as we always do, we'll continue to look at will continue to evaluate.

考慮到我們業務的表現以及我們對未來的展望，我們覺得我們可以做到這一點，同時繼續投資該業務，因為它與其他增加業務價值的機會有關，我們將一如既往地繼續關注、繼續評估。

And to the extent we need to adjust our portfolio to certain market trends are market dynamics. Those are things we'll consider.

我們需要根據某些市場趨勢調整我們的投資組合，這就是市場動態。這些是我們會考慮的事情。

Joe, it's Joe. Just to follow up from a delever perspective, not assuming any cash from sort of one-off sources. We've built a plan here that allow us to delever over the course of 2025 and maintain the same view on financial policy that we've had before.

喬，是喬。只是從去槓桿化的角度進行跟進，而不是假設來自一次性來源的任何現金。我們在這裡制定了一項計劃，使我們能夠在 2025 年期間去槓桿化，並保持與之前相同的金融政策觀點。

Okay. Thank you. And just the second question on China. Obviously sort of this has been an area of a lot of focus for investors, not just for Aptiv, but the entire industry and the growth under market now of 4% for the year doesn't seem like the dynamics of some of those foreign players are changing anytime soon.

好的。謝謝。關於中國的第二個問題。顯然，這一直是投資者關注的一個領域，不僅僅是安波福，而且整個行業以及今年 4% 的市場成長率似乎不像一些外國參與者的動態很快就會改變。

I know you showed some decent metrics with some of the domestic players, but I think in the past you've said your backlogs moving to a 50-50. But if you look the domestics are already 60%, maybe 65% share and some of the more recent months. So, I know you don't recast your past bookings, but like how much of that should investors think is that is at risk? Because clearly some It would seem that some business that way it has been awarded is just not going to materialize in the volumes?

我知道你們在一些國內玩家身上表現出了一些不錯的指標，但我想你們過去曾說過你們的積壓訂單已達到 50-50。但如果你看一下，國產產品的份額已經達到 60%，也許是 65%，而且是最近幾個月的情況。所以，我知道你不會重新調整過去的預訂，但投資人應該認為其中有多少有風險？因為很明顯，某些以這種方式獲得的業務似乎不會大量實現？

Yes, Joe, it's Joe. I'll let me start. I mean, our revenues are over 50% at the point local Chinese OEM and growing quickly. We're clearly growing into that market. Share shift of bookings are 60 plus percent and have been for the last couple of years of the Chinese locals.

是的，喬，是喬。讓我開始吧。我的意思是，我們的收入超過中國本土 OEM 的 50%，而且成長很快。我們顯然正在進入這個市場。過去幾年中國當地人的預訂份額轉移超過 60%。

So it's something I don't have exact sort of bookings headwind number for you, but it's clearly something we're watching closely. That's something the team has been on for a while now. This isn't something we just started doing in the last couple of quarters.

因此，我沒有為您提供確切的預訂逆風數字，但這顯然是我們正在密切關注的事情。這是該團隊已經進行了一段時間的事情。這不是我們在過去幾個季度才開始做的事情。

At one point that business, as was 70% global, 30% local. So we continue to see good transition. I think the challenge a couple of multinationals are at actually dropping off more than on a concerned about how well are growing with the local side. If it's something we're working with those customers on and obviously watching closely.

曾幾何時，該業務的 70% 是全球性的，30% 是本地化的。因此，我們繼續看到良好的過渡。我認為，一些跨國公司面臨的挑戰實際上是下降，而不是擔心與本土企業的成長。如果這是我們正在與這些客戶合作並且顯然正在密切關注的事情。

Yes, I can add, Joe, I think important, um, in the China market, with a local OEMs on on of the period between award in actual launch tends to be on nine to 12 months. So the ability to gain traction and deliver revenue growth. And it's reflected in the growth numbers that Joe talked about with China, local OEMs, its niche rapid.

是的，我可以補充一點，喬，我認為重要的是，嗯，在中國市場，當地 OEM 廠商從授予到實際發布的時間間隔往往是 9 到 12 個月。因此能夠獲得吸引力並實現收入成長。這反映在喬談到的中國本土原始設備製造商及其利基市場的快速成長數字。

And I would say the challenge that we have in China right now is really from a multinational standpoint, is unique to two customers, Tom, and this past quarter, we saw a significant reduction on in their volumes in their schedules. And part of the judgment that Joe was referring to were Joe referred to from a schedule standpoint that continues during the balance of this year or so.

我想說，我們現在在中國面臨的挑戰實際上是從跨國公司的角度來看，對於湯姆這兩位客戶來說是獨一無二的，在過去的一個季度，我們看到他們的日程安排數量大幅減少。喬所指的部分判斷是從計劃的角度來看的，該計劃將在今年左右的時間裡持續下去。

As Joe said on changing our mix has been a priority for the last for the last three years, we have made traction will continue to make traction, and we think we're we're going to we're addressing the challenge there. And on the market change.

正如喬所說，改變我們的組合一直是過去三年的首要任務，我們已經取得了進展，並將繼續取得進展，我們認為我們將解決那裡的挑戰。以及市場的變化。

Thank you, guys.

感謝你們。

Thanks Joe.

謝謝喬。

John Murphy, Bank of America.

約翰‧墨菲，美國銀行。

Good morning, guys. Kevin, just maybe in Joe, maybe just give a sort of a strategy and philosophical follow up to sort of there's some cap reallocation as you think about either that's up a bit in buybacks. Could you kind of alluding to the with a good ROI from which I also agree with. But it does suggest that you maybe shifting capital away from R&D, product development and growth going forward.

早上好傢伙。凱文，也許在喬，也許只是給出一種策略和哲學後續行動，當你想到回購中的任何一個時，都會有一些上限重新分配。您能否暗示一下具有良好的投資報酬率，我也同意這一點。但這確實表明您可能會將資金從研發、產品開發和未來的成長中轉移出來。

Is that the suggestion here that there's kind of a potential little bit of a slowdown here in into product development and you guys are often way out way ahead of the curve often on SBA and stuff like that is really advanced stuff that is taking time to come to fruition that you might be able to sort of structurally slowdown your R&D and product development?

這裡的建議是，產品開發可能會稍微放緩，而你們經常在 SBA 上遠遠領先，而類似的東西是真正先進的東西，需要時間來實現是否能夠在結構上減緩研發和產品開發？

And then lean back on some of the ice and other core products and generate more cash than we might be looking at an even better return of value to shareholders over time. I'm just curious you how this balances out sort of back into the core business?

然後依靠一些冰和其他核心產品，產生比我們想像的更多的現金，隨著時間的推移，為股東帶來更好的價值回報。我只是好奇你如何平衡回到核心業務？

Yes. So I agree with your first comment on stock price share price is significantly undervalued. With respect to to priorities at listen, it's important. We position ourselves for the trends on in our in our industry and the challenges that are that our customers are dealing with on.

是的。所以我同意你對股價的第一個評論，股價被嚴重低估。關於聆聽的優先順序，這一點很重要。我們根據行業趨勢和客戶面臨的挑戰來定位自己。

Obviously, some of those have slowed a bit of, as we look at at some of that, some of those slowed slowdowns, we have scaled back investment in certain areas in areas like high-voltage electrification, some aspects of that in areas like smart vehicle architecture, we scaled that we haven't completely stopped but slowed, and that's freed up additional engineering dollars.

顯然，其中一些已經放緩了一些，正如我們所看到的，其中一些放緩了，我們縮減了在高壓電氣化等某些領域的投資，在智能等領域的某些方面的投資。方面，我們的規模並未完全停止，而是放慢了速度，這釋放了額外的工程資金。

At the same time, John, our engineering factory on both in the ASUX segment in the SPS segment is really executing extremely well. A number of the efficient efficiency initiatives that we've put in place from an operational standpoint as well as a rotation, our footprint to best cost countries is certainly generated, um, benefits. And from an outlook standpoint from will reduce engineering spend year over year by $75 million to $100 million this year. So on the significant level of productivity.

同時，約翰，我們的工程工廠在 ASUX 領域和 SPS 領域都執行得非常好。我們從營運和輪調的角度實施了許多高效舉措，我們在最佳成本國家的足跡肯定會產生，嗯，效益。從展望的角度來看，今年的工程支出將年減 7,500 萬美元至 1 億美元。因此，生產力水準顯著提高。

Got it. And then just a follow-up. I mean you mentioned HellermannTyton was about $2 billion in revenue right now. I think you acquired it in 2015. It was about $500 million roughly give or take back then. So that's a 15% CAGR. So that's been not a double or triple, I argue maybe a home run.

知道了。然後只是後續行動。我的意思是，您提到海爾曼太通目前的收入約為 20 億美元。我想你是在 2015 年買的。當時的捐贈或收回金額約為 5 億美元。所以複合年增長率為 15%。所以這不是一個二壘安打或三壘安打，我認為也許是一個全壘打。

Are there other acquisitions that could create even greater extension in adjacencies for your core business that might make sense that you guys are looking at right now? I mean, because that, I mean that's a great example of an add on.

是否有其他收購可以為您的核心業務創造更大的鄰接範圍擴展，這可能是您現在正在考慮的有意義的事情？我的意思是，因為那是一個很好的附加範例。

So I'm not sure I fully understand your question. So when we bought on home and tight, nor was it was just under $1 billion of revenues. So it's effectively doubled on over the timeframe. On from an M&A standpoint, it's been an absolute home run, integrate businesses.

所以我不確定我是否完全理解你的問題。因此，當我們在國內和緊縮時購買時，它的收入也不是略低於 10 億美元。因此，在一段時間內，它實際上翻了一番。從併購的角度來看，這絕對是一次全壘打、整合的事業。

It's global. Margins have expanded significantly on. We've seen a similar sort of on a growth rates over an extended period of time in the Winchester business. From an engineered components standpoint. And the reality is when you look at our connection systems business, over the next decade plus I've been here, John, those revenues have increased roughly fourfold.

這是全球性的。利潤率顯著擴大。我們在溫徹斯特業務的較長一段時間內看到了類似的成長率。從工程組件的角度來看。現實是，當你看看我們的連結系統業務時，在接下來的十年裡，再加上我一直在這裡，約翰，這些收入增加了大約四倍。

Now some of that acquisition related, some of that's organic. Clearly, there are strategically important important businesses. As they have high margin profiles which which which makes them very attractive in. Those are areas that we're really focused on on investing in on taking those businesses.

現在有些收購相關，有些是有機的。顯然，有一些具有戰略意義的重要業務。由於它們具有高利潤率，這使得它們非常有吸引力。這些是我們真正專注於投資並收購這些業務的領域。

And those products are in the auto modem market into the non-automotive markets, and for those that are in the non automotive, our automotive markets, if it makes sense, leveraging our automotive business that we tend to cross-pollinate product portfolios. So it's certainly a big area of focus for us.

這些產品從汽車調變解調器市場進入非汽車市場，對於非汽車市場的產品，我們的汽車市場，如果有意義的話，利用我們的汽車業務，我們傾向於交叉授粉產品組合。因此，這無疑是我們關注的一個重點領域。

Okay. Thank you very much.

好的。非常感謝。

Itay Michaeli, Citigroup.

伊泰‧米凱利，花旗集團。

First question, just given the volatility in the top line this year and of course, the resilient margin, just curious how we should be thinking more broadly in the medium term around the Company's organic growth, our growth of the market as well as just the incremental margin path from here?

第一個問題，考慮到今年營收的波動，當然還有彈性利潤率，只是好奇我們應該如何在中期更廣泛地思考公司的有機成長、我們的市場成長以及從這裡開始增量保證金路徑？

And then just secondly, on the bookings, I know it can be very lumpy quarter to quarter, but just curious how Q2 compared with internal expectations. I think in the past, you may suggest that there was maybe on the size of the $35 billion for the full year. Curious, but that still is potential for the year? Thank you.

其次，在預訂方面，我知道每季的預訂情況可能會非常不穩定，但只是好奇第二季與內部預期相比如何。我想過去你可能會說全年的規模可能是350億美元。很好奇，但今年還有潛力嗎？謝謝。

Yes, how do we start with the bookings question? It is lumpy. We're on track for the $35 billion on. So it and again, we just end, if you looked at, does it look at the chart in the deck, right? You'll see the quarters just tend to move around based on size of awards, and we've had a couple of large awards and what a given quarter.

是的，我們如何從預訂問題開始呢？它是塊狀的。我們預計將實現 350 億美元的目標。如此反复，我們就結束了，如果你看的話，它會看甲板上的圖表嗎？你會發現季度往往會根據獎項的大小而變化，我們已經獲得了幾個大獎項以及特定的季度。

So nothing nothing more than that normal lumpiness there and remain. I am confident in the $35 billion at this point. As it relates to revenue was in very early, obviously, days to to be going into next year. As we think about early planning assumptions, we're certainly targeting mid single digit growth, really assuming no help from the market at this point.

所以什麼都沒有，只是那裡存在並保留正常的塊狀物。我目前對 350 億美元充滿信心。因為它與收入相關，顯然距離明年還很早。當我們考慮早期規劃假設時，我們的目標當然是中等個位數成長，實際上假設目前市場沒有提供任何幫助。

So flat vehicle production, but a lot a lot to work through on, particularly just given the mix and platforms, the mix of powertrains, those types of things. And obviously, China.

車輛的生產是扁平化的，但還有很多工作要做，特別是考慮到組合和平台、動力系統的組合等。顯然，中國。

if I can augment that and I listened to a joke, I think it's important because Joe articulated this in his prepared comments that it really when you look at on the second quarter, it was for customers that impacted our revenue on in a negative way significantly.

如果我可以增強這一點並且我聽了一個笑話，我認為這很重要，因為喬在他準備好的評論中闡明了這一點，當你看到第二季度時，確實是客戶對我們的收入產生了顯著的負面影響。

So that dynamic had a big impact on us for Q2, we believe they'll have consistent impacts and for the balance of the year, but we'll see how that plays out. When you look at the broader mix of OEMs, listen, summer up, some are down, but but the net is with those four, and I think it's important to keep that keep that in context.

因此，這種動態對我們第二季產生了重大影響，我們相信它們將在今年剩餘時間內產生持續的影響，但我們將看看效果如何。當你觀察更廣泛的原始設備製造商組合時，聽著，夏季起來，有些已經下降，但是網路是在這四個人身上，我認為重要的是要保持這一點。

Absolutely. That's very helpful. Thank you.

絕對地。這非常有幫助。謝謝。

Adam Jonas, Morgan Stanley.

亞當‧喬納斯，摩根士丹利。

Hey. This is William Tackett on for Adam Jonas. I'm curious, maybe expanding on Itay's question to go with how fast the trends are shifting in the industry? Do you reiterate that long-term growth over market assumption of 6% to 8% I guess, even with the new aggressive capital return strategy? Thanks.

嘿。這是亞當喬納斯的威廉塔克特。我很好奇，也許可以擴展 Itay 的問題，看看該行業的趨勢變化有多快？您是否重申，即使採用新的積極資本回報策略，我認為長期成長仍將超過市場假設的 6% 至 8%？謝謝。

Was and we'll look at customer mix, market dynamics and evaluate. I think as Joe said, next year, we're looking at on kind of mid-single digit sort of growth on flat market. We needed to do more work on that to determine whether that's the longer term outlook or it translates to what we're seeing more near term.

我們將研究客戶組合、市場動態並進行評估。我認為，正如喬所說，明年，我們將在平坦市場上實現中個位數的成長。我們需要在這方面做更多的工作，以確定這是否是長期前景，或者是否可以轉化為我們近期看到的情況。

Got it. And that makes a lot of sense. I guess next question, do you expect to see your OEM customers fit in more advanced L2-plus systems on non-software defined vehicles, non-TV architectures with any material volume? I guess, if so, is this something that's relatively easy for the customers do? Thanks.

知道了。這很有意義。我想下一個問題是，您是否希望看到您的 OEM 客戶在非軟體定義的車輛、具有任何材料體積的非電視架構上安裝更先進的 L2+ 系統？我想，如果是的話，這對客戶來說是不是比較容易做的事情？謝謝。

Yes, I think and we get asked questions about that impact of some of the year delays of technology adoption, whether it be the transition to EV server, possible transition due to smart vehicle architecture and on where you need to keep in mind is on OEMs need to be constantly upgrading and enhancing vehicles to meet consumer demands, regardless of whether they're adopting SCA or on their launching EV platforms.

是的，我認為我們會被問到有關技術採用一年中的一些延遲的影響的問題，無論是向電動汽車伺服器的過渡，由於智能汽車架構而可能發生的過渡，以及您需要記住的對原始設備製造商的影響需要不斷升級和增強車輛以滿足消費者的需求，無論他們是採用 SCA 還是推出電動車平台。

So we would tell you during during this calendar year, we've seen incremental what I call bridge programs on that relate to legacy ADAS or user experience solutions that are in the billions of dollars. So significant opportunities to enhance and upgrade existing solutions that we feel like we're very well positioned for summer with existing customers, some are with new customers. So that progress, those opportunities, the OEMs desire to continue to enhance the technology, put more technology in the car will continue.

因此，我們可以告訴您，在今年，我們已經看到了與傳統 ADAS 或用戶體驗解決方案相關的增量項目（我稱之為橋接項目），價值數十億美元。增強和升級現有解決方案的機會如此之大，我們覺得我們在夏季與現有客戶以及一些新客戶的關係非常好。所以說進步，那些機會，原始設備製造商渴望繼續提昇技術，把更多的技術應用到汽車上將會繼續下去。

Got it. Thank you, guys.

知道了。感謝你們。

Dan Levy, Barclays.

丹·利維，巴克萊銀行。

Hi, good morning. Thank you for taking the question. I wanted to just unpack the margins a bit more. And maybe you can just talk to on that trajectory? And how much is inflation dissipation playing a role here, getting more price formulas release reversing some of the headwinds that we saw in past years versus other things like engineering or footprint reductions? I'm just trying to disaggregate sort of the margin strength from here?

早安.感謝您提出問題。我想把邊距稍微打開一點。也許你可以就這個軌跡進行交談？通貨膨脹消散在這裡發揮了多大作用，發布更多價格公式來扭轉我們在過去幾年中看到的一些逆風，而不是工程或減少足跡等其他方面？我只是想從這裡分解某種利潤強度？

Yes. Dan, it's Joe. I mean, it's actually pretty balanced. I mean, I'd go back to sort of some of that discussion we had at Investor Day on just how we thought margins would improve over the next coming years, right? You obviously have the COVID and supply chain disruption costs coming out on.

是的。丹，是喬。我的意思是，它實際上非常平衡。我的意思是，我想回顧一下我們在投資者日進行的一些討論，討論我們認為未來幾年利潤率將如何改善，對吧？顯然，新冠疫情和供應鏈中斷的成本已經顯現出來。

Those were $160 million last year with the majority of in the first half. So we're seeing those come out. That's been helpful. But then to Kevin's prepared remarks, if you look at where engineering as a percent of sales armed very much in line with those targets as it comes back down to sort of that 6% to 7% range.

去年這一數字為 1.6 億美元，其中大部分是在上半年。所以我們看到它們的出現。這很有幫助。但對於凱文準備好的講話，如果你看看工程佔銷售額的百分比與這些目標非常一致，因為它回落到了 6% 到 7% 的範圍。

So it's fairly balanced really across those across those initiatives on that price and commodities continues to be a contributor, but it's not it's by no means as large as it was a couple of years ago.

因此，在這些舉措中，價格和大宗商品仍然是一個貢獻者，實際上是相當平衡的，但它絕不像幾年前那麼大。

And the price recoveries from customers, is that continuing to play a role here?

客戶的價格回收是否會繼續發揮作用？

Yes, that's in that net price comment. That's obviously come down. We've seen the direct material inflation come down. And as a result, we've seen less recoveries. And at this point, the vast majority has been included over the past four plus quarters has been included in piece price.

是的，這在淨價評論中。這顯然是下來了。我們已經看到直接物質通膨下降。結果，我們看到康復率較低。至此，過去四個多季度以來的絕大多數已包含在計件價格中。

Great. Thank you. Second question is just on SBA and your presence with customers. Obviously, I think we're hoping for just some sort of an update on where the SBA discussions are with your customers. You had mentioned over the quarter that there was a $2 billion cancellation. Maybe you could just talk about the line of sight on the remaining $8 billion, I think coming through market share. Anything you've talked about.

偉大的。謝謝。第二個問題是關於 SBA 以及您與客戶的互動。顯然，我認為我們只是希望獲得有關 SBA 與客戶的討論情況的某種最新資訊。您曾提到本季取消了 20 億美元。也許你可以只談談剩下的 80 億美元的視線，我認為是透過市場份額來實現的。任何你談論過的事情。

And then even if you're getting -- if some of these programs are going away, can you just talk about the other content that still have that shows that even if that you've lost that content, there is still some offset on the high voltage or other pieces of the architecture?

然後，即使您得到 - 如果其中一些程式正在消失，您能否談談仍然存在的其他內容，表明即使您已經丟失了該內容，仍然存在一些抵消高電壓或架構的其他部分？

Yes. Let me take a shot at it. So listen, pretty pretty good line. Linus line of sight on as it relates to Pet Smart Vehicle Architecture on to put to start with the French was just the underlying trend. More and more OEMs are headed in this direction. So I would say that the recognition to get to where they want to get from a hardware architecture, software architecture to be more software defined, they need to rearchitect both the hardware as well as software.

是的。讓我來嘗試一下。聽著，非常不錯的台詞。Linus 的視線與寵物智慧車輛架構有關，從法國開始只是潛在的趨勢。越來越多的 OEM 廠商正在朝這個方向發展。所以我想說，要認識到從硬體架構、軟體架構到更多的軟體定義，他們需要重新架構硬體和軟體。

So I would say global recognition that that that needs to be done on executing that can be difficult. You're seeing there, the rights to certain were certain OEMs on and that's impacting timing ought to put it in perspective, our two years ago, at this point in time, we had a pipeline for smart vehicle architecture that included on for OEMs.

因此，我想說的是，全球都認識到，這需要在執行過程中完成，這可能很困難。你可以看到，某些原始設備製造商擁有某些權利，這會影響時機，我們應該正確地看待這一點，兩年前，此時，我們有一個智慧汽車架構的管道，其中包括原始設備製造商的管道。

Today, we have a pipeline for smart vehicle architecture that includes on over 20 OEMs on across the globe. So the pipe pipeline is actually larger in the number of OEMs had in this direction is actually larger. To the extent on our approach to smart vehicle architecture is obviously we've talked about that.

如今，我們擁有一個智慧汽車架構管道，其中包括全球 20 多家 OEM。所以管道管道實際上是更大的，在這個方向上的主機廠數量實際上是更大的。就我們的智慧汽車架構方法而言，我們顯然已經討論過這一點。

We've developed a system solution, but we sell components that go into that system solution, please, our complete solution, they can buy parts of it, which puts us in a in a great business and great position to serve either demand from the customer on as it relates to any delays or push off of programs, they have existing play platforms that as I mentioned, they need to be upgraded and enhanced on. They can't be static.

我們開發了一個系統解決方案，但我們銷售該系統解決方案中的組件，我們的完整解決方案，他們可以購買其中的一部分，這使我們處於有利的業務和有利的地位，可以滿足來自客戶，因為它涉及任何延遲或推遲節目，他們有現有的遊戲平台，正如我所提到的，他們需要升級和增強。它們不可能是靜態的。

And that's especially in areas like ADAS or user experience. And on yield this year alone we have in our pipeline and we won't win all of these. And some of these, quite frankly, we're probably less interested in, but we have opportunities that are over $10 billion. So there is significant opportunity out there for us to help OEMs bridge the gap and on. And those opportunities are on both ICE as well as EV platforms or electrified platforms.

尤其是在 ADAS 或使用者體驗等領域。僅就今年的產量而言，我們的管道中我們不會贏得所有這些。坦白說，我們可能對其中一些不太感興趣，但我們擁有超過 100 億美元的機會。因此，我們有很大的機會幫助原始設備製造商彌補差距。這些機會既存在於內燃機上，也存在於電動車平台或電氣化平台上。

So in areas like active safety, your user experience, it's very agnostic as it relates to what the what the powerplant architectures. So I hope that answers your question.

因此，在主動安全、使用者體驗等領域，它是非常不可知的，因為它與動力裝置架構有關。所以我希望這能回答你的問題。

And maybe you could give just anything on the on the share dynamic competitively, how you think you're stacking up versus others on SVA?

也許你可以在股票動態上提供任何競爭性的東西，你認為你在 SVA 上與其他人相比如何？

Yes. Listen, we again, I we started down the SVA past and what 2017, 2018. So our solutions are very strong. We're doing some work with select OEMs. We're very selective in terms of the business we pursue there. There are at times desires for OEMs to to have fairly customized solutions.

是的。聽著，我們再一次，我們開始回顧 SVA 的過去以及 2017 年、2018 年。所以我們的解決方案非常強大。我們正在與選定的原始設備製造商進行一些合作。我們對在那裡開展的業務非常有選擇性。有時，原始設備製造商希望擁有相當客製化的解決方案。

We've productized our system and components that go into smart vehicle architecture. So we're not we're looking for standardization and technologies that we can bring across multiple OEMs versus develop customized solutions for a given OEM. So I'm not sure share is the right way to look at it at this point in time. But we sit we're very well positioned just given our portfolio of products and our experience in this area.

我們已經將智慧車輛架構中的系統和組件產品化。因此，我們並不是在尋找可以跨多個 OEM 廠商引入的標準化和技術，而不是為特定 OEM 開發客製化解決方案。所以我不確定分享是目前看待這個問題的正確方法。但鑑於我們的產品組合和我們在該領域的經驗，我們處於非常有利的位置。

Great. Thank you. That's very helpful.

偉大的。謝謝。這非常有幫助。

Mark Delaney, Goldman Sachs.

馬克·德萊尼，高盛。

Good morning. Thanks very much for taking my questions. At the company. Had several launches that were supposed to occur in the second half of 2024 that allowed for an acceleration in growth over market, which are down 4% growth over market assumption for '24.

早安.非常感謝您回答我的問題。在公司。預計在 2024 年下半年推出的幾款產品將加速市場成長，但與 2024 年的市場假設相比下降了 4%。

And still does require a meaningful step-up relative to what you reported for the first half. So maybe you can help invest. There's better understand your confidence and visibility into those launches occurring. And to what extent that's been a piece of the conservatism you mentioned comparative schedules?

相對於您上半年報告的內容，仍然需要有意義的進步。所以也許你可以幫忙投資。可以更好地了解您對這些發布的信心和可見度。這在多大程度上是你提到的比較時間表的保守主義的一部分？

Yes, I would say from a launch standpoint, it partly depends on mix. So I'd be careful on on first half second half as it relates to revenue because the reality is you need to start to launch and there's a ramp up in. It takes a period of time for come to it to come to full revenue.

是的，我想說，從發布的角度來看，這部分取決於組合。因此，我會謹慎對待上半年和下半年，因為這與收入有關，因為現實是你需要開始啟動，並且會出現成長。需要一段時間才能實現全額收入。

So I would say, as you look at 2024 calendar, you prefer to have a heavier weighting in the back half of Q. three, which we had in the first half of the back half of 2023. I'm sorry. And then the first half of 2024, right, that would be your preference so that you're hitting the revenue on inflection point in the back half of 2024.

所以我想說，當你查看 2024 年日曆時，你更喜歡在第三季的後半部分擁有更大的權重，就像我們在 2023 年後半部分的前半部分所做的那樣。對不起。然後是 2024 年上半年，對吧，這將是你的偏好，這樣你就能在 2024 年下半年達到收入轉折點。

And that's how our launches on on the power of our launches are timed. We watch this by region by business unit by product line. And that's what's reflected in our guidance for the back half of the year from a revenue standpoint. And it takes into account what Joe shared from up our outlook from a from a vehicle way of incremental management conservatism.

這就是我們利用我們的發布能力進行發布的時間表。我們按地區、業務部門、產品線來觀察這種情況。從收入的角度來看，這也反映在我們今年下半年的指導下。它考慮到了喬從漸進管理保守主義的媒介方式分享的觀點。

Yes, Mark, I'd say it's the launches themselves and we haven't seen any cancellations to Kevin's point. A lot of these have started at lower volumes earlier in the year. So they're impacted maybe by vehicle production, total schedules from customers, but generally, from a launch perspective, remain on track.

是的，馬克，我想說的是發布本身，我們還沒有看到凱文所說的任何取消。其中許多產品在今年稍早開始產量較低。因此，它們可能會受到車輛產量、客戶總計劃的影響，但總體而言，從發布的角度來看，它們仍處於正軌。

I'll go back to Ken's earlier comment. I mean, the select customers that we called out there, roughly 70% of the revenue reduction in the back half of the year, right? And then we have the conservatism of overlay on top of that. So this really is a very acute situation with those for customers.

我將回到肯之前的評論。我的意思是，我們召集的精選客戶，下半年收入減少了大約 70%，對吧？然後我們還有疊加的保守主義。因此，對於客戶來說，這確實是一個非常嚴峻的情況。

And we're really there's some schedules moving up and down a bit with other customers. But for us, it's really those four customers that we called out that where we're seeing. They were the vast majority of the shortfall and well over 70% of the full year takedown.

我們確實有一些時間表與其他客戶有一些上下浮動。但對我們來說，我們所看到的其實是我們所提到的四位客戶。它們佔了缺口的絕大多數，佔全年拆除量的 70% 以上。

Okay. That's helpful. Thanks. My other question was on Wind River. I believe, you assumed mid-teens growth for Wind River revenue this year. Can you give an update on where that's tracking? And maybe as you think about Wind River longer term, can you talk about the momentum with customers, especially in the automotive space and the prospect for any additional wins? Thanks

好的。這很有幫助。謝謝。我的另一個問題是關於風河的。我相信，您假設今年風河的收入將實現十幾歲左右的成長。您能提供有關追蹤位置的最新資訊嗎？也許當您考慮風河的長期發展時，您能否與客戶談談這種勢頭，特別是在汽車領域以及任何額外勝利的前景？謝謝

Yes. So second half weighted from an overall growth rate, just given revenues last year were timed stronger in the first half of the year. So when you look at it from a year-over-year standpoint, strong opportunities and launches in Aerospace and Defense and Telecommunications and Industrial and Automotive.

是的。因此，考慮到去年上半年的營收表現強勁，下半年的權重取決於整體成長率。因此，當你從逐年的角度來看時，航空航太、國防、電信、工業和汽車領域存在著巨大的機會和發布。

Growth opportunities in Automotive, we've had significant success in the China market, just given the nature of the new platform introductions. So it's easier to introduce a solution like the Wind River VxWorks Solutions or Helix Hypervisor on a platform that you are launching a new platform versus an existing platform.

汽車領域的成長機會，考慮到新平台推出的性質，我們在中國市場取得了巨大的成功。因此，與現有平台相比，在您要啟動新平台的平台上引入像 Wind River VxWorks 解決方案或 Helix Hypervisor 這樣的解決方案會更容易。

So largely on track from an automotive standpoint, we would say the opportunities remain solid. Gaining traction on Wind River Studio developer, especially in the automotive space and I would say that's across regions, just given the challenges that OEM customers are having with software development, the productivity that they're looking for, the fact that for the last few quarters, we've been using studio developer on our new program launches.

從汽車的角度來看，基本上已經步入正軌，我們可以說機會仍然很大。風河工作室開發人員越來越受關注，特別是在汽車領域，我想說這是跨地區的，考慮到 OEM 客戶在軟體開發方面面臨的挑戰、他們所尋求的生產力以及過去幾年的事實幾個季度以來，我們一直在使用Studio Developer 來發布新專案。

So that integrates into the engineering organization, organizations of both Sows as well as OEMs, so they're seeing the benefits from a quality and efficiency standpoint. So the growth profile remains intact, and to-date, most of our progress in the automotive space has really been in China.

這樣就可以融入工程組織、母豬組織以及原始設備製造商的組織中，這樣他們就可以從品質和效率的角度看到好處。因此，成長狀況保持不變，迄今為止，我們在汽車領域的大部分進展實際上都在中國。

Thank you.

謝謝。

Shreyas Patil, Wolfe Research.

施雷亞斯·帕蒂爾，沃爾夫研究中心。

Hey, thanks a lot for taking my question. I'm wondering if you could just provide more details on some of the cost tailwinds in the quarter. I guess you've met you mentioned the elimination of supply chain and COVID costs that might have been maybe $40 million to $50 million. But on my math, you're probably achieving something closer to $175 million and net performance and productivity.

嘿，非常感謝您提出我的問題。我想知道您是否可以提供有關本季度一些成本推動因素的更多詳細資訊。我想您已經看過您提到消除供應鏈和新冠疫情的成本可能高達 4000 萬至 5000 萬美元。但根據我的計算，您可能會實現接近 1.75 億美元的淨績效和生產力。

You mentioned that the engineering was a tailwind as well. And just big picture that you've talked before about incremental margins in 18% to 22% range with these cost actions, do you see that trending higher as we look out?

您提到工程技術也是一種順風。就您之前談到的整體情況而言，透過這些成本行動，利潤率將在 18% 至 22% 範圍內增加，您是否認為我們觀察到這一趨勢會上升？

Yes. Listen, I think we're continuing to project less away from long-term sort of margin projections. We've obviously talked about where we thought 2025 looks and I think we're on that at 12.5%. I think we continue to track towards that if you look at where we'll be in the back half of the year.

是的。聽著，我認為我們將繼續減少長期利潤預測。我們顯然已經討論過 2025 年的前景，我認為我們的預測是 12.5%。我認為，如果你看看我們今年下半年的情況，我們將繼續朝著這個目標前進。

As I mentioned earlier, Shreyas, it's really a balance, right, where we're seeing really strong manufacturing performance, I agree with your COVID supply cost chain numbers coming - the disruption costs coming out, engineering coming back in line and we're seeing really strong performance coming out of the operations of the business as well.

正如我之前提到的，Shreyas，這確實是一種平衡，對吧，我們看到了非常強勁的製造績效，我同意您即將發布的新冠供應成本鏈數據——中斷成本出現，工程恢復正常，我們正在業務運作也取得了非常強勁的業績。

So it's really if you go back to sort of how we thought about margin enhancement over - back at Investor Day, we had that $1.7 billion of what we thought was going to be in performance over three years. About $300 million of that was the supply chain disruption coming out. The remainder, we talked about being sort of equal improvements over the course of the three years across manufacturing, logistics, engineering and SG&A and that's really what we're seeing.

所以，如果你回顧我們在投資者日對利潤率提高的看法，你會發現，我們認為三年內的業績將達到 17 億美元。其中約 3 億美元是供應鏈中斷造成的。剩下的，我們談到了在三年的時間裡在製造、物流、工程和銷售管理方面的同等改進，這確實是我們所看到的。

So it's fairly balanced. There's no big one-off items in there. It's really the business operating well. As we talked we talked about it at the end of last year, took a made a decision on what I'll call overhead costs and took out a significant amount of overhead costs. We about a $50 million number. We're seeing that come in. as well. So it's fairly well balanced.

所以還是比較平衡的。裡面沒有什麼大的一次性物品。確實是生意經營得好。正如我們在去年年底討論的那樣，我們就我所說的管理費用做出了決定，並扣除了大量的管理費用。我們的數字約為 5000 萬美元。我們也看到了這種情況的出現。所以它的平衡性相當好。

And I think it puts us if you look at where run rate margin or sort of back half H2 EBIT margins will be in sort of those mid-twelve's, that sets us up, I think, pretty well for the 12.5% we were talking about 2025.

我認為，如果你看看運行率利潤率或下半年的息稅前利潤率將在十二分之一左右，我認為這對我們所說的 12.5% 來說是相當不錯的2025 年。

Okay, great. And just one last one following up on David's question earlier on SVA. Just trying to think about the trade-off here between the reduction that you would that you see in SVA architectures in terms of wiring content. I know that's low and margin business for you, but it in a situation where you may not be winning as much in specific SBA products, whether zonal controllers or CDCs or anything like that.

好的，太好了。最後一個是對 David 早些時候在 SVA 上提出的問題的後續回答。只是想考慮一下您在 SVA 架構中看到的佈線內容減少之間的權衡。我知道這對您來說是低利潤業務，但在這樣的情況下，您可能無法在特定的 SBA 產品中贏得那麼多，無論是區域控制器還是 CDC 或類似的產品。

Just how to think about the what are the what are the positives that are still there besides those in our components are high-voltage connectors are just trying to think about those those architectures as we look ahead?

只是如何思考除了我們的組件中的高壓連接器之外仍然存在哪些積極因素，我們在展望未來時只是試圖考慮那些架構？

That will do the math we used to do to make sure I understand your question. As it relates to SBA versus traditional architecture. And our product portfolio is effectively from if we had a full system right on $3 would go in and roughly a $150 would go out like that was said the net and most of that would be in and around the wire harness assets. That's where you see you would see the net change on as it relates to on incremental opportunities.

這將進行我們過去所做的數學計算，以確保我理解你的問題。因為它涉及 SBA 與傳統架構。如果我們有一個完整的系統，我們的產品組合實際上是 3 美元投入，大約 150 美元出去，就像網上所說的那樣，其中大部分將在線束資產內部和周圍。在那裡你會看到淨變化，因為它與增量機會有關。

Again, our customers don't remains data. So to the extent there they are pausing on something delaying or stopping, there are certain things that they need to do with that vehicle and vehicle lineup. And that can translate into incremental vehicle architecture or let's call it a step change in vehicle architecture, not all the way to SVA, where on the wire harness is changed on a mass is taking out to replace with things like high-speed cable assemblies and other other items like that, that reduce weight, mass, improved performance and translate into more content for Aptiv.

同樣，我們的客戶不保留資料。因此，如果他們暫停或停止某些事情，他們需要對車輛和車輛陣容做某些事情。這可以轉化為增量車輛架構，或者讓我們稱之為車輛架構的階躍變化，而不是一直到 SVA，其中線束上的質量被更換，以替換為高速電纜組件和其他類似的項目，可以減輕重量、品質、提高性能並為Aptiv 轉化為更多內容。

To the extent they're delaying a particular architecture like a zonal controller or a CBC, they are going to have to enhance and upgrade their ADAS, user experience and other solutions that's what I was referencing in the $10 billion opportunity that I talked about in this particular calendar year.

在某種程度上，他們推遲了區域控制器或 CBC 等特定架構，他們將不得不增強和升級他們的 ADAS、用戶體驗和其他解決方案，這就是我在 100 億美元機會中提到的內容。這個特定的日曆年。

So there are opportunities in and around those spaces that didn't exist previously, right, that weren't there for ourselves. So that's an incremental revenue opportunity as well.

因此，在這些空間內部和周圍存在著以前不存在的機會，對吧，我們自己也不存在這些機會。所以這也是一個增加收入的機會。

Okay, thanks.

好的謝謝。

Tom Narayan, RBC.

湯姆·納拉揚，加拿大皇家銀行。

Hey. Thanks for taking the question. Only if I could do this as a follow-up, if necessary, but just getting this question. The leverage that you guys are at, I guess, when you do the ASR and kind of what level of cash do you need just for operation? Just love any kind of numbers associated with that.

嘿。感謝您提出問題。除非我可以在必要時將其作為後續行動，但只是提出這個問題。我想，當你們進行 ASR 時，你們的槓桿水平以及你們需要多少現金來進行營運？只是喜歡與此相關的任何類型的數字。

Yes. Cash. Hey, Tom, it's Joe. Cash from operations is, call it, $600 million to $800 million, we finished the quarter with $1.4 billion of cash. We have another EUR700 million actually of market like securities. So we're in a good position as we ended the quarter, adjusted debt to EBITDA, call it, right around 2 times net debt obviously lower.

是的。現金。嘿，湯姆，我是喬。營運產生的現金為 6 億至 8 億美元，本季末我們的現金為 14 億美元。我們實際上還有另外 7 億歐元的市場類證券。因此，在本季結束時，我們處於有利的位置，調整後的債務與 EBITDA 相當，約為淨債務的 2 倍，明顯較低。

So, we're in a really good position. I mean we've really kept that balance sheet in really good shape over the last few years, right? We managed it well through COVID, in my view. We're generating a lot of cash. So we're in a really good position to do this from an ASR and putting on the debt to repurchase the stock, and we've talked to the rating agencies, intent is to maintain investment grade and work over the course of next year to when we do the final debt offering support the ASR.

所以，我們處於一個非常好的位置。我的意思是，過去幾年我們的資產負債表確實保持在良好的狀態，對吧？在我看來，我們很好地度過了新冠疫情。我們正在產生大量現金。因此，我們處於非常有利的位置，可以從 ASR 中做到這一點，並舉債回購股票，我們已經與評級機構進行了交談，目的是維持投資評級，並在明年努力實現這一目標。進行最終的債務發行時，會支持ASR。

We're going to include some prepayable debt, but it will allow us, in our view, to get back to effectively where we are today by the end of next year are certainly very early 2026.

我們將包括一些可提前償還的債務，但我們認為，這將使我們能夠在明年年底（當然是 2026 年初）有效地恢復到今天的水平。

Got it. And then a quick follow up on on SVA. I know we talked about that, but one thing we've been hearing from some of the OEMs mostly on the premium side is what appears to be at least their public statements, their desire to do as much as possible kind of on their own or it may be utilized that the Tier 1 less.

知道了。然後是 SVA 的快速跟進。我知道我們討論過這一點，但我們從一些主要在高端領域的原始設備製造商那裡聽到的一件事是，至少他們的公開聲明，他們希望自己做盡可能多的事情，或者可以使用Tier 1 更少。

Is it a dynamic where the differentiation between mainly premium OEMs wanting to differentiate for their own brand, whereas maybe mass market audience where that's not necessarily the case? Or because you mentioned you have the optionality to sell components, if not the whole system. How do you think the market is turning out in this context? We like our mass market versus premium thing? Or is it just kind of scattered?

這是一種動態，主要是高端原始設備製造商希望使自己的品牌脫穎而出，而大眾市場受眾則不一定如此？或者因為您提到您可以選擇出售組件（即使不是整個系統）。您認為在這種背景下的市場表現如何？我們喜歡大眾市場而不是高端市場？還是只是有點分散？

Yes, yes. So we would say it's really OEM by OEM. when I comment like that. The question is I wanted to do more on their own, not quite sure what that means that it might mean kind of on design of the particular smart vehicle architecture that that maybe touch on the point we're I talked about it. We don't view this is particularly differentiating for a unique OEM.

是的是的。所以我們可以說它實際上是 OEM by OEM。當我這樣評論的時候。問題是我想自己做更多的事情，不太確定這意味著什麼，這可能意味著特定智慧車輛架構的設計，這可能觸及我們正在談論的點。我們認為這對於一家獨特的 OEM 來說並沒有什麼特別的差異化。

Our focus, just given our years of history in and around power and data distribution is just how do you how do you do it effectively, efficiently at lowest cost, how you reduce weight and mass. So, we feel like, obviously, our solution is the best solution if a particular OEM wants to go down the path that you talked about, they certainly can.

鑑於我們在電力和數據分配方面的多年歷史，我們的重點是如何以最低的成本有效、有效率地做到這一點，如何減輕重量和品質。因此，我們認為，顯然，如果特定 OEM 想要走您談論的道路，他們當然可以，我們的解決方案是最佳解決方案。

We're focused on avoiding customized solutions for OEMs. So, that's that business we have pursued or we would pursue. So, I'm not sure I'm not sure that at the end of the day, it's that differentiating or important for an OEM to own, but if they elect to do it and if we have a product that meets their needs that we can sell profitably, that's certainly something we'll do.

我們致力於避免為 OEM 提供客製化解決方案。所以，這就是我們已經追求或將要追求的業務。所以，我不確定我不確定，歸根結底，對於原始設備製造商來說，擁有它是否具有差異化或重要意義，但如果他們選擇這樣做，並且如果我們擁有滿足他們需求的產品，我們就會可以有利可圖地出售，這肯定是我們會做的事情。

If not, it's something we'll do we won't do, we'll move on to the next OEM. As I mentioned, our pipeline today includes programs with 20 different OEMs versus two years ago four. So there's plenty of opportunity that's out there.

如果沒有，我們會做但不會做的事情，我們將轉向下一個 OEM。正如我所提到的，我們今天的產品線包括與 20 家不同 OEM 合作的項目，而兩年前只有 4 家。所以那裡有很多機會。

Got it. Thank you.

知道了。謝謝。

I will now turn the conference back to Kevin Clark for any additional or closing remarks.

現在我將把會議轉回凱文克拉克（Kevin Clark）發表補充或結束語。

All right. Thank you, everybody, for joining our call today. We really appreciate your time. Thank you.

好的。謝謝大家今天加入我們的電話會議。我們非常感謝您的寶貴時間。謝謝。

Thank you. Ladies and gentlemen, that will conclude today's call. We thank you for your participation. You may disconnect at this time.

謝謝。女士們、先生們，今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開連線。