Aptiv PLC (APTV) 2024 Q3 法說會逐字稿

Please standby, we're about to begin. Good day, and welcome to the Aptiv Q3 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.

請稍候，我們即將開始。美好的一天，歡迎參加安波福 2024 年第三季財報電話會議。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 Aptiv's third-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. Today's review of our financials exclude amortization, restructuring and other special items and will address the continuing operations of Aptiv.

謝謝你，傑西。早安，感謝您參加安波福 2024 年第三季財報電話會議。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。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，並將討論安波福的持續營運問題。

The reconciliations between GAAP and non-GAAP measures for our third quarter results as well as our 2024 outlook are included at the back of the slide presentation and the earnings press release. 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.

我們第三季業績的 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。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. With that, I'd like to turn the call over to Kevin Clark.

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。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. During the quarter, we were busy executing on a record number of year-to-date vehicle program launches, which were more than offset by further weakness in production schedules from the D3 in North America, especially with a large European-based OEM and from select global OEMs in Europe and continued weakness in production schedules with the multinational JVs in China.

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。本季度，我們忙於執行創紀錄數量的年初至今車輛計劃發布，但北美 D3 生產計劃的進一步疲軟，尤其是一家大型歐洲 OEM 和歐洲選擇全球原始設備製造商，中國跨國合資企業的生產計劃持續疲軟。

As a result, third quarter revenues declined 6% as we experienced more headwinds than previously anticipated weighted more towards our electrical distribution product line. Despite the dynamic market environment, we delivered record third quarter operating income and margin as well as an all-time record for quarterly earnings per share, reflecting our continued strong operating performance.

結果，第三季收入下降了 6%，因為我們遇到的阻力比之前預期的更多，對我們的配電產品線的影響更大。儘管市場環境充滿活力，我們第三季的營業收入和利潤率仍創歷史新高，季度每股收益也創下歷史新高，反映出我們持續強勁的經營業績。

EBITDA and operating margins expanded 180 basis points and 120 basis points, respectively, and EPS increased 41% versus the prior year, benefiting from strong operating performance as well as completion of emotional restructuring and a lower share count.

由於強勁的經營業績、情緒重組的完成和股份數量的減少，EBITDA 和營業利潤率分別增長了 180 個基點和 120 個基點，每股收益比上年增長了 41%。

Moving to slide 4. Although we're encouraged by our strong year-to-date operating execution, we're updating our 2024 outlook to reflect a weaker industry backdrop that includes an incremental slowdown in EV adoption and an overall reduction in global vehicle production further impacted by our customer mix. Joe will cover our updated outlook later.

轉到投影片 4。儘管我們對今年迄今強勁的營運執行力感到鼓舞，但我們正在更新 2024 年展望，以反映行業疲軟的背景，其中包括電動車採用逐漸放緩以及受客戶進一步影響的全球汽車產量總體下降混合。喬稍後將介紹我們最新的展望。

However, we remain confident that the long-term trends towards a software-defined electrified future will continue. And as a result of the resilient business model we've built, our revenue growth will reaccelerate once industry and customer dynamics have stabilized. In the meantime, we've implemented additional profit improvement actions including prioritizing investments in productized solutions, both on flexible open platforms, which enable higher performance at lower cost, proactively diversifying our customer and end market exposure, and consolidating our manufacturing footprint and reducing direct and indirect labor across each of our regions. We remain confident that our portfolio of advanced technologies, coupled with our optimized cost structure, positions us to deliver long-term value to our customers and to our shareholders.

然而，我們仍然相信軟體定義的電氣化未來的長期趨勢將持續下去。由於我們建立了彈性業務模式，一旦產業和客戶動態穩定下來，我們的營收成長將重新加速。同時，我們實施了額外的利潤改善措施，包括優先投資於靈活的開放平台上的產品化解決方案，以更低的成本實現更高的性能，主動使我們的客戶和終端市場多元化，鞏固我們的製造足跡並減少直接投資。我們仍然相信，我們的先進技術組合加上最佳化的成本結構將使我們能夠為客戶和股東創造長期價值。

Moving to slide 5. During the third quarter, we booked $3.6 billion of new business awards, bringing the year-to-date total to just under $21 billion. Advanced safety and user experience bookings totaled $3.8 billion year-to-date, driven by continued strong momentum in active safety bookings in the quarter. Signal and power solutions new business bookings totaled just under $17 billion year-to-date, including new program awards across the automotive, commercial vehicle, aerospace and defense and industrial end markets.

轉到投影片 5。第三季度，我們預訂了 36 億美元的新業務獎項，使年初至今的總額接近 210 億美元。受本季主動安全預訂持續強勁勢頭的推動，高級安全和用戶體驗預訂總額今年迄今已達 38 億美元。訊號和電源解決方案今年迄今的新業務預訂總額接近 170 億美元，其中包括汽車、商用車、航空航太、國防和工業終端市場的新項目獎項。

While our pipeline of new business opportunities continues to expand, we've seen some delays in customer program awards, causing shifting time lines across our business. These delays do not represent program losses or cancellations but do impact our expectations for timing related to new business bookings, which is reflected in our updated 2024 bookings target of $30 billion. Our industry-leading portfolio of cost-effective full system solutions and global scale continues to position us to win new business and support our customers in navigating both the near- and long-term market dynamics.

雖然我們的新商機管道不斷擴大，但我們發現客戶計劃授予出現了一些延遲，導致我們整個業務的時間線發生了變化。這些延誤並不代表計畫損失或取消，但確實影響了我們對新業務預訂相關時間的預期，這反映在我們更新的 2024 年 300 億美元預訂目標中。我們行業領先的經濟高效的全系統解決方案組合和全球規模繼續使我們能夠贏得新業務並支持我們的客戶應對近期和長期的市場動態。

Turning to our advanced safety and user experience segment on slide 6. The segment achieved record earnings and margin during the quarter, underscoring the strength of our product portfolio and benefits associated with our productivity initiatives. Revenues declined 1% to $1.4 billion in the quarter, reflecting growth over vehicle production across our major regions. Active safety revenues increased mid-teens, partially offset by a decline in user experience revenues.

轉向幻燈片 6 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益和利潤，突顯了我們產品組合的實力以及與我們的生產力計劃相關的優勢。本季營收下降 1% 至 14 億美元，反映出我們主要地區汽車產量的成長。主動安全收入成長了十幾歲，部分被使用者體驗收入的下降所抵消。

Operating income totaled a record $196 million, representing margins of 13.7%, reflecting benefits from manufacturing and engineering productivity initiatives. We continue to build strategic supplier partnerships and further localize our vendor base to both increase supply chain resiliency and lower cost.

營業收入總計達到創紀錄的 1.96 億美元，利潤率為 13.7%，反映了製造和工程生產力計劃帶來的收益。我們繼續建立策略供應商合作夥伴關係，並進一步在地化我們的供應商基礎，以提高供應鏈彈性並降低成本。

This is demonstrated by our investment in Max CI during the quarter, a China-based vision software supplier that provides a local perception alternative for our ADAS platform. Recent commercial highlights include a new radar award with a local OEM in India, a smart camera solution with Geely that utilizes an SoC provided by China-based (inaudible) and a vision solution provided by Maxi, underscoring the benefits of the open abstracted architecture of our Gen 6 ADAS solution and how we're leveraging this in the China market.

我們本季對 Max CI 的投資證明了這一點，Max CI 是一家中國視覺軟體供應商，為我們的 ADAS 平台提供本地感知替代方案。最近的商業亮點包括與印度當地OEM 獲得的新雷達獎、與吉利合作的智慧攝影機解決方案，該解決方案利用中國提供的SoC（聽不清楚）以及Maxi 提供的視覺解決方案，強調了開放式抽象架構的優勢我們的第六代 ADAS 解決方案以及我們如何在中國市場利用解決方案。

And the extension of an existing ADAS program with a large North American-based OEM and which, as a reflection of our strong performance includes increased content and will be launched across additional vehicle programs. During the quarter, we also launched multiple new vehicle programs including our ADAS solution for Geely, which incorporates our Gen 7 radar, the industry's first base-level forward-facing radar with 4D capability.

與一家大型北美 OEM 一起擴展現有的 ADAS 計劃，這反映了我們強勁的業績，包括增加內容並將在其他車輛計劃中推出。本季度，我們還推出了多個新車項目，包括為吉利提供的 ADAS 解決方案，該解決方案採用了我們的第 7 代雷達，這是業界首款具有 4D 功能的基礎級前向雷達。

Our user experience solution from Hinge's SUV which will be followed by additional vehicle program launches early next year that utilize our integrated cockpit controller, which consolidates multiple ECUs into a single compute platform, capable of supplying higher levels of performance and scalability. A significant ADAS program for a large multinational OEM that is fully scalable up to Level 2+.

我們來自Hinge SUV 的使用者體驗解決方案將於明年初推出更多車輛項目，這些項目利用我們的整合式駕駛艙控制器，將多個ECU 整合到一個運算平台中，能夠提供更高水準的性能和可擴展性。針對大型跨國 OEM 的重要 ADAS 計劃，可完全擴展到 2+ 級。

And lastly, the successful launch of Wind River's Elixir Pro, the first enterprise-grade Linux solution for the cloud edge continuum. This solution expands the open source Linux ecosystem and enables the deployment of mission-critical and data-intensive workloads, including AI, ML and computer vision. Customer engagement for Elixir has been promising, and we're planning further expansion of Wind River's portfolio to drive growth.

最後，成功推出了 Wind River 的 Elixir Pro，這是第一個針對雲端邊緣連續體的企業級 Linux 解決方案。該解決方案擴展了開源 Linux 生態系統，並支援部署關鍵任務和資料密集型工作負載，包括人工智慧、機器學習和電腦視覺。Elixir 的客戶參與度一直很有希望，我們正計劃進一步擴展 Wind River 的產品組合以推動成長。

Moving to the next slide. We recently held an ADAS investor roundtable to dive deeper into our ADAS technology stack, which delivers high-performing scalable solutions at a very competitive cost. The foundation of our solution is the services-based architecture and cloud native tool chain that support modular software running on abstracted hardware. This approach enables our OEM customers to accelerate software development, streamline deployment and optimize life cycle management. Our full system solution efficiently scales from compliance, up to hands-free urban driving, and even Level 3 autonomy, enabling greater flexibility at a much lower cost.

轉到下一張投影片。我們最近舉辦了一次 ADAS 投資者圓桌會議，深入探討我們的 ADAS 技術堆棧，該技術堆疊以極具競爭力的成本提供高效能的可擴展解決方案。我們解決方案的基礎是基於服務的架構和雲端原生工具鏈，支援在抽象硬體上運行的模組化軟體。這種方法使我們的 OEM 客戶能夠加速軟體開發、簡化部署並優化生命週期管理。我們的完整系統解決方案可有效地從合規性擴展到免持城市駕駛，甚至 3 級自動駕駛，從而以更低的成本實現更大的靈活性。

Turning to our signal and power solutions segment on slide 8. Revenues in the segment were down 8% during the quarter, reflecting declining revenues in our electrical distribution system and engineered component product lines of 12% and 4%, respectively.

轉向幻燈片 8 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 8%，反映出我們的配電系統和工程組件產品線的收入分別下降了 12% 和 4%。

EDS revenues were impacted by customer schedule reductions, particularly from select OEMs in North America and Europe, while engineered component revenues benefited from strong growth in nonautomotive end markets, including continued traction in aerospace and industrials. Operating income totaled $397 million, representing a margin of 11.5%, reflecting the impact of lower production volumes partially offset by savings related to operating performance initiatives.

EDS 收入受到客戶計畫減少的影響，特別是北美和歐洲部分 OEM 廠商的計畫減少，而工程零件收入則受益於非汽車終端市場的強勁成長，包括航空航太和工業領域的持續成長。營業收入總計 3.97 億美元，利潤率為 11.5%，反映出產量下降的影響被與營運績效計畫相關的節省部分抵消。

Signal and power solutions booked approximately $3.2 billion in new customer awards in the quarter, including program extensions with two major global OEMs for the North American market and Conquest awards with the largest Chinese local EV manufacturer across low- and high-voltage electrical architecture solutions. As mentioned, we also delivered a record number of vehicle program launches year-to-date, including major EV launches for both the Chinese OEM and a Korean OEM, as well as several programs across our portfolios for OEMs in North America and in Europe.

訊號和電源解決方案在本季獲得了約32 億美元的新客戶獎項，包括與北美市場兩大全球OEM 廠商的專案擴展以及與中國最大的本土電動車製造商在低壓和高壓電氣架構解決方案方面的征服獎項。如前所述，我們今年迄今推出的車輛項目數量創下了紀錄，包括為中國OEM 廠商和韓國OEM 廠商推出的主要電動車，以及我們為北美和歐洲OEM 廠商提供的產品組合中的多個項目。

Turning to slide 9. Looking beyond the quarter, I'd like to highlight a few of our recent technology showcases, which are a great opportunity for us to display our cost-effective solutions and engage with the engineering, purchasing and executive teams across a broad range of customers, regions and markets. At each of these events, Aptiv hosted hundreds of customers presenting tailored content, live demonstrations and technical lead (inaudible) resulting in new commercial opportunities across our entire portfolio.

轉到投影片 9。展望本季之後，我想重點介紹我們最近的一些技術展示，這是我們展示具有成本效益的解決方案並與廣泛客戶的工程、採購和執行團隊互動的絕佳機會，地區和市場。在每次活動中，安波福都會接待數百名客戶，展示客製化內容、現場演示和技術指導（聽不清楚），為我們的整個產品組合帶來新的商業機會。

In China, we hosted numerous technology showcases with fast-growing local OEMs, including BYD, Changan and Great Wall Motor. And we just returned from ICB and Wolfsburg, created the opportunity to host the Volkswagen Group's executive leadership team in our vehicles on the road and in our booth as well as engage with partners and customers across the broader supply chain.

在中國，我們與比亞迪、長安和長城汽車等快速發展的本土整車廠舉辦了許多技術展示會。我們剛從 ICB 和沃爾夫斯堡回來，創造了機會在我們的車輛中和我們的展位上招待大眾汽車集團的執行領導團隊，並與更廣泛的供應鏈中的合作夥伴和客戶進行交流。

In addition to the automotive market, we're also pursuing opportunities in other markets. Our presence at EI Transportation was well received and spark interest from many major commercial vehicle customers. As industry landscapes evolve, these technology showcases are increasingly important and are one of the levers we use to further solidify our position as a partner of choice with leading customers.

除了汽車市場之外，我們還在其他市場尋求機會。我們在 EI Transportation 的亮相受到了好評，並引起了許多主要商用車客戶的興趣。隨著產業格局的發展，這些技術展示變得越來越重要，也是我們用來進一步鞏固我們作為領先客戶首選合作夥伴地位的槓桿之一。

Moving to slide 10. Before I turn it over to Joe, I'd like to remind everyone that consistent with prior years, we'll be unveiling our newest innovations at the Consumer Electronics Show in Las Vegas this coming January. We'll be showcasing solutions at the intersection of software and hardware and functional fully integrated vehicles on the roads of Las Vegas, demonstrating how we can partner with our customers to build a software-defined, cloud-native and electrified vehicles of the future.

轉到投影片 10。在我把它交給喬之前，我想提醒大家，與往年一樣，我們將在今年一月的拉斯維加斯消費電子展上推出我們的最​​新創新產品。我們將在拉斯維加斯的道路上展示軟體和硬體交叉點以及功能完全整合的車輛的解決方案，展示我們如何與客戶合作建立未來的軟體定義、雲端原生和電動車。

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

這樣，我現在會把電話轉給喬。

Thanks, Kevin, and good morning, everyone. Starting with the third quarter on slide 11. Tight lower revenues, Aptiv delivered strong earnings growth in the quarter as we continue to drive operating performance improvements across the business. Revenue was $4.9 billion, down 6% or down 1% compared to underlying global vehicle production.

謝謝，凱文，大家早安。從投影片 11 的第三節開始。由於收入下降，安波福在本季度實現了強勁的獲利成長，我們繼續推動整個業務的營運績效改善。營收為 49 億美元，下降 6%，與全球汽車產量相比下降 1%。

Consistent with the second quarter, revenue growth was impacted by lower vehicle production at select customers including a European OEM with a large North American presence as well as multinational customers in China. In certain cases, the reductions in vehicle production did exceed our prior expectations.

與第二季一致，營收成長受到特定客戶汽車產量下降的影響，其中包括在北美擁有大量業務的歐洲原始設備製造商以及中國的跨國客戶。在某些情況下，汽車產量的減少確實超出了我們先前的預期。

And as I will discuss in more detail shortly, these schedule reductions as well as the continued slowdown in electric vehicle production impacted certain key product lines more than others. Third quarter adjusted EBITDA and operating income were $778 million and $593 million, respectively. Improved operating performance across both segments, combined with the cost reduction steps we took at the end of 2023 and proactive management of current year expenses, increased operating margin by 120 basis points over the prior year.

正如我稍後將更詳細討論的那樣，這些計劃的減少以及電動車生產的持續放緩對某些關鍵產品線的影響比其他產品線更大。第三季調整後 EBITDA 和營業收入分別為 7.78 億美元和 5.93 億美元。兩個部門的營運表現均有所改善，再加上我們在 2023 年底採取的成本削減措施以及對本年度費用的積極管理，營運利潤率比上一年增加了 120 個基點。

FX and commodities were a $12 million headwind in the quarter. We delivered record quarterly earnings per share of $1.83 and an increase of 41% from the prior year, which reflects the flow-through of earnings as well as the benefits of share repurchases and the restructuring of the motional joint venture earlier this year.

外匯和大宗商品在本季度帶來了 1200 萬美元的阻力。我們實現了創紀錄的季度每股收益 1.83 美元，比上年增長 41%，這反映了收益的流通以及今年早些時候股份回購和動態合資企業重組的好處。

Operating cash flow totaled $499 million and capital expenditures were $173 million. And finally, during the quarter, we also invested $80 million in two vision technology providers including a company focused on the China market as well as repaying $700 million of debt.

營運現金流總計 4.99 億美元，資本支出為 1.73 億美元。最後，在本季度，我們還向兩家視覺技術提供商（其中一家專注於中國市場的公司）投資了 8,000 萬美元，並償還了 7 億美元的債務。

Moving to slide 12. Revenue of $4.9 billion was down 6%, negatively impacted by lower vehicle production in the quarter, offset by secular growth in key product lines. Net price in commodities were positive in the quarter and the net FX impact was minimal.

轉到投影片 12。營收為 49 億美元，下降 6%，受到本季汽車產量下降的負面影響，但被主要產品線的長期成長所抵消。本季大宗商品淨價為正，外匯淨影響很小。

Revenue performance was generally consistent across regions, with North America down 7% and Europe and China both down 6%. North America was driven by lower production, partially offset by 20% growth in active safety. European performance was driven by double-digit growth in active safety, offset by lower production volumes. And in China, sales to local OEMs grew 3% in the quarter and represented approximately 54% of total China revenues.

各地區的收入表現基本一致，北美下降 7%，歐洲和中國均下降 6%。北美地區產量下降，但部分被主動安全產量 20% 的成長所抵銷。歐洲業績受到主動安全領域兩位數成長的推動，但被產量下降所抵銷。在中國，本季對當地 OEM 廠商的銷售額成長了 3%，約佔中國總收入的 54%。

Moving to slide 13. Within our ASUX segment, year-over-year revenues were down by 1% or 4% above global vehicle production. The active safety product line grew 14% in the quarter or 19% above vehicle production with growth across all regions. Growth in active safety in China was 26% as we ramped several new program launches with Chinese local OEMs, more than offsetting the impact of lower multinational volumes on the product line.

轉到投影片 13。在我們的 ASUX 細分市場中，營收年減 1% 或比全球汽車產量下降 4%。主動安全產品線在本季成長了 14%，比所有地區的汽車產量增加了 19%。隨著我們與中國本土 OEM 廠商合作推出多個新項目，中國的主動安全業務成長了 26%，足以抵銷跨國公司銷售下降對產品線的影響。

Smart vehicle compute and software product lines grew 3% in the quarter or 8% above market, benefiting from new program launches. This growth was offset by user experience, which was down 17% in the quarter, reflecting a wind down of a legacy program as well as lower Chinese multinational vehicle production.

受惠於新項目的推出，智慧汽車運算和軟體產品線在本季成長了 3%，比市場高出 8%。這一成長被用戶體驗所抵消，用戶體驗在本季度下降了 17%，反映出遺留項目的結束以及中國跨國汽車產量的下降。

Segment adjusted operating income and margin in the quarter were a record $196 million and 13.7%, respectively, resulting from significant year-over-year improvement in operating performance consistent with our expectations and our continued focus on cost containment and improvement initiatives, including the rotation of engineering resources to best cost locations.

本季經部門調整後的營業收入和利潤率分別達到創紀錄的 1.96 億美元和 13.7%，這是由於營業業績同比大幅改善符合我們的預期，以及我們持續關注成本控制和改進舉措（包括輪換）將工程資源轉移到最佳成本地點。

Turning to signal and power on slide 14. Revenue in the quarter was $3.4 billion, a decrease of 8% or 3% below vehicle production. Within signal and power solutions, vehicle production headwinds and a significant decrease in EV volumes have impacted growth over the past several quarters. However, this negative impact has been much more concentrated within the electrical distribution systems product line.

轉到幻燈片 14 上的訊號和電源。該季度營收為 34 億美元，下降 8%，比汽車產量下降 3%。在號誌和電源解決方案中，汽車生產的不利因素和電動車銷量的大幅下降影響了過去幾季的成長。然而，這種負面影響更集中在配電系統產品線。

Electrical Distribution was down 12% in the quarter or 7% below market, including the impact of lower EV volumes, which was down 20%. The Electrical Distribution was also negatively impacted by lower production at select customers, including one of the product lines largest OEMs, whose Q3 global vehicle production was down by over 20% in the quarter and down 35% in North America.

本季配電業務下降 ​​12%，比市場水準低 7%，其中包括電動車銷量下降（下降 20%）的影響。配電部門也受到特定客戶產量下降的負面影響，其中包括產品線最大的原始設備製造商之一，第三季全球汽車產量下降了 20% 以上，北美地區下降了 35%。

The engineered components product line was down 4% in the quarter as lower production at select automotive customers was partially offset by 9% growth in our aerospace and industrial interconnect product lines.

本季工程零件產品線下降了 4%，因為部分汽車客戶的產量下降被我們的航空航太和工業互連產品線 9% 的成長所部分抵銷。

Segment adjusted operating income was $397 million or 11.5%, reflecting the flow through on lower revenues, partially offset by improved operating performance as well as net price and commodities. The year-over-year FX impact was not significant.

部門調整後的營業收入為 3.97 億美元，即 11.5%，反映出收入下降，但部分被經營業績以及淨價和商品的改善所抵消。同比匯率影響並不顯著。

Moving to slide 16. Turning to our full year outlook. As we continue -- as we look at the remainder of the year, we expect continued pressure on global vehicle production and customer schedules. However, we remain confident that the actions we have taken to improve performance and reduce costs will continue to drive strong operating performance and cash flow generation.

轉到投影片 16。轉向我們的全年展望。當我們繼續展望今年剩餘時間時，我們預計全球汽車生產和客戶計畫將繼續面臨壓力。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和現金流產生。

Our outlook includes revenues in the range of $19.6 billion to $19.9 billion, down from the prior midpoint of $20.25 billion, representing adjusted revenue growth of 2%. We are assuming global vehicle production will be down 4% in 2024 versus our prior outlook of down 3%.

我們的預期營收範圍為 196 億美元至 199 億美元，低於先前的中點 202.5 億美元，調整後的營收成長為 2%。我們假設 2024 年全球汽車產量將下降 4%，而我們先前的預期是下降 3%。

China vehicle production is expected to be up 1% while North America and Europe were down 3% and 6%, respectively. Operating income of $2.35 billion and operating margin of 11.9% at the midpoint reflecting margin expansion of 130 basis points over prior year. We are also revising our EPS estimates to $6.15 at the midpoint, a decrease of $0.15 from prior guide driven by lower earnings.

中國汽車產量預計將成長 1%，而北美和歐洲則分別下降 3% 和 6%。營業收入為 23.5 億美元，營業利益率為中位數 11.9%，反映出利潤率較上年增長 130 個基點。由於獲利下降，我們也將 EPS 預測中位數修正為 6.15 美元，較先前的指引減少了 0.15 美元。

We are holding our operating cash forecast at $2.15 billion, up 13% from the prior year as we continue to drive improvements in working capital and adjust capital spending for current market conditions. Before handing the call back to Kevin, I would like to touch upon our continued strong performance as it relates to cash flow generation and capital allocation.

我們將營運現金預測維持在 21.5 億美元，比上年增長 13%，因為我們將繼續推動營運資本的改善並根據當前市場狀況調整資本支出。在將電話轉回凱文之前，我想談談我們在現金流產生和資本配置方面持續強勁的表現。

Year to date, we have generated almost $1.4 billion in operating cash flow, an increase of 9% over last year. This has allowed APU to continue to invest in the business, both organically and inorganically, including investments in two vision software partners during the quarter, significantly increase our return of capital to shareholders while maintaining our financial policy.

今年迄今為止，我們已產生近 14 億美元的營運現金流，比去年增長 9%。這使得 APU 能夠繼續對業務進行有機和無機投資，包括本季對兩個視覺軟體合作夥伴的投資，顯著提高了我們對股東的資本回報，同時維持了我們的財務政策。

Our strong operating performance and relentless focus on optimizing our cost structure enables us to convert more income to cash, allowing us to maintain a well-balanced approach to capital allocation that we believe helps drive shareholder value. And with that, I'll turn the call back to Kevin for his closing remarks.

我們強勁的經營業績和對優化成本結構的不懈關注使我們能夠將更多收入轉化為現金，使我們能夠保持平衡的資本配置方法，我們相信這有助於提高股東價值。接下來，我將把電話轉回給凱文，讓他作結束語。

Thanks, Joe. I'll make some final remarks on slide 17 before opening the line up for questions. We executed well in the third quarter despite continued near-term revenue headwinds with record third quarter earnings, margins and EPS. While our updated financial outlook reflects a revised forecast for global vehicle production, we're well positioned to deliver strong earnings growth and margin expansion during the balance of the year and into 2025.

謝謝，喬。在開始提問之前，我將在投影片 17 上做一些最後的評論。儘管近期營收持續面臨阻力，但我們第三季的業績表現良好，第三季獲利、利潤率和每股盈餘均創歷史新高。雖然我們更新的財務前景反映了對全球汽車產量的修訂預測，但我們有能力在今年餘下時間和 2025 年實現強勁的獲利成長和利潤率擴張。

We've actively shaped our business model and portfolio solutions to provide our customers with better performance and greater flexibility at a lower cost. And the resulting strong competitive position we've staked out, combined with our industry-leading cost structure, ensures that we're well positioned to deliver strong financial results, and shareholder returns even in this dynamic environment.

我們積極塑造我們的業務模式和產品組合解決方案，以更低的成本為我們的客戶提供更好的效能和更大的靈活性。由此產生的強大競爭地位，再加上我們行業領先的成本結構，確保我們即使在這種動態環境下也能實現強勁的財務業績和股東回報。

Operator, let's open the line for questions.

接線員，讓我們打開提問線。

(Operator Instructions) Chris McNally, Evercore.

（操作員說明）Chris McNally，Evercore。

Look, the operating environment is extremely tough, but clearly, the decrementals, Joe, as you mentioned, are managing. I mean our quick calc as from the beginning of the year, you've had almost a $1.9 billion revenue guide reduction, but only roughly $200 million in related EBIT. So that's almost 11% decrementals. You obviously typically when revenue falls your decrementals are much higher.

看，營運環境極其艱難，但顯然，正如您所提到的，喬正在管理減量。我的意思是，根據我們的快速計算，從今年年初開始，您的收入指引減少了近 19 億美元，但相關息稅前利潤僅約 2 億美元。所以這幾乎減少了 11%。顯然，當收入下降時，您的減額通常會更高。

So my question is how to think about the EBIT walk from this period of second half, I think in 2025, a low 12% margin. Second half, that's probably, I don't know, 11.5%, maybe a little bit better on a recurring basis, ex the R&D reimbursement. Can we think about that 11.5% to 12% as a starting point for 2025? And I know -- I'm not trying to to have you give a guide. But just curiously underlying how much of this momentum we're seeing in margin execution can be carried forward into 2025?

所以我的問題是如何看待下半年這段時期的息稅前利潤，我認為到 2025 年，利潤率將達到 12% 的低水平。下半年，我不知道，可能是 11.5%，在經常性基礎上可能會好一點，除去研發報銷。我們能否將 11.5% 至 12% 作為 2025 年的起點？我知道——我並不是想讓你給我指導。但令人好奇的是，我們在保證金執行中看到的這種勢頭有多少可以延續到 2025 年？

Chris, it's Joe. Let me start and then Kevin can jump in. We have to be very cautious at this point with 2025. I think we've -- I think as you've seen, our customers have been very, very cautious for 2025. So we're going to stay away from that.

克里斯，是喬。讓我開始，然後凱文可以加入。面對 2025 年，我們現在必須非常謹慎。我認為，正如您所看到的，我們的客戶對於 2025 年一直非常非常謹慎。所以我們要遠離這一點。

We're obviously very focused on margin margin expansion. We took a number of initiatives all the way back to 2023, including what we discussed at that Investor Day, to get the cost structure and the margin performance of the business back to where it was before all of the disruptions of the prior year. So the initiatives will continue, but I would just caution it is a challenging environment.

顯然，我們非常關注利潤率的擴張。早在 2023 年，我們就採取了一系列舉措，包括我們在投資者日討論的內容，以使業務的成本結構和利潤表現恢復到上一年發生所有乾擾之前的水平。因此，這些舉措將繼續下去，但我只是想提醒大家，這是一個充滿挑戰的環境。

As I mentioned in my prepared remarks, we have one large customer that dropped production 35% in the third quarter from the schedules we had the last time we were on these earnings -- on an earnings call. And we'll -- I think we'll react as best we can in the organization.

正如我在準備好的演講中提到的，我們有一個大客戶，第三季的產量比我們上次在收益電話會議上製定的計劃下降了 35%。我想我們會在組織中盡最大努力做出反應。

We're very focused on it. We're proactive on the cost side. And coming to jump in, I would not underestimate the volatility in the market at the moment.

我們非常關注它。我們在成本方面積極主動。加入進來，我不會低估目前市場的波動性。

And then maybe my follow-up is for both Kevin and Joe. Can we think about in preparing for what will be -- I think we all agree that 2025 is going to be continued volatility, particularly from some of those customers that you called out a way to think about cost buckets, either what you're doing incremental or maybe what has been done in the second half that we can think about carrying over into 2025. Any way to think about proactively what you're doing now to get ahead of some of the issues?

也許我的後續行動是針對凱文和喬的。我們是否可以考慮為即將發生的事情做準備 - 我想我們都同意 2025 年將是持續的波動，特別是對於您提出的一些考慮成本桶的客戶，無論您正在做什麼增量或者下半年已經完成的工作，我們可以考慮延續到2025 年。有什麼方法可以主動思考您現在正在做什麼來解決某些問題？

Yes. So Chris, it's a great question. And listen, I think what we're trying to make sure -- start from a baseline standpoint. I think the premise and the baseline that you talked about is a reasonable one. For us, sitting here as operators though, when we see third quarter production by an OEM, one of our larger OEMs dropped by 35%.

是的。克里斯，這是一個很好的問題。聽著，我認為我們正在努力確保——從基線的角度開始。我認為你所說的前提和底線是合理的。對於我們來說，作為營運商，當我們看到 OEM 的第三季產量時，我們較大的 OEM 之一下降了 35%。

It obviously creates a level of consternation and concern, right? We've been in front of it. All year last year, we reduced overall salaried headcount by 10%. We're in the process of taking another large reduction as it relates to salaried headcount. In addition, we're in the midst of in consolidating manufacturing facilities, in China and in North America.

這顯然會造成一定程度的驚愕和擔憂，對吧？我們一直在它前面。去年全年，我們的受薪員工總數減少了 10%。我們正在再次大幅裁員，因為這與受薪員工人數有關。此外，我們正在整合中國和北美的製造設施。

And as a part of that, we're taking out a direct and indirect labor. And now we're very focused on in addition to those opportunities, how do we optimize engineering. I made comments to focusing investments on productizing solutions as well as what we can do from a material cost standpoint. For the last couple of years, we've been talking about building up our capabilities from a China SoC semiconductor sourcing standpoint. We have several OEMs in China that are now adopting those technologies.

作為其中的一部分，我們正在取消直接和間接勞動力。現在，除了這些機會之外，我們還非常關注如何優化工程。我對將投資重點放在產品化解決方案以及我們從材料成本的角度可以做的事情發表了評論。在過去的幾年裡，我們一直在談論從中國 SoC 半導體採購的角度來增強我們的能力。我們在中國有幾家原始設備製造商正在採用這些技術。

I referred to it in my prepared remarks relative to Western alternatives. Those are delivering cost savings of anywhere between 10% and 30% relative to the Western SoC and semiconductor suppliers. And now we have a number of principally European-based OEMs that are evaluating those alternatives as well. So we're focused on every one of those levers to improve profitability and to be honest, we were in front of it before we saw this last step down in vehicle production in the third quarter and rolling into the fourth quarter.

我在準備好的有關西方替代方案的發言中提到了這一點。相對於西方 SoC 和半導體供應商，這些公司可節省 10% 到 30% 的成本。現在，我們有許多主要位於歐洲的原始設備製造商也在評估這些替代方案。因此，我們專注於提高盈利能力的每一個槓桿，說實話，在我們看到第三季度汽車產量最後一次下降並進入第四季度之前，我們就已經領先了。

John Murphy, Bank of America.

約翰‧墨菲，美國銀行。

Not surprising, I probably want to follow up on the line of question that Chris just had. Just Kevin, as you think about what's going on here at that one large customer, I think we all know that is, which is basically 2x peak to trough decline in the cycle. So that's kind of amazing that something like that happens in the quarter. You're getting a rebasing of some of your sort of incumbent and traditional customers sort of to the downside, particularly around EVs. At the same time, you're now overexposed to the Chinese domestics and you said 54% in the quarter.

毫不奇怪，我可能想跟進克里斯剛才提出的問題。凱文，當你想到那個大客戶正在發生的事情時，我想我們都知道，這基本上是周期中峰谷下降的兩倍。因此，本季發生類似的事情真是令人驚訝。您正在對某些現有客戶和傳統客戶進行重新定位，特別是在電動車方面。同時，您現在對中國國內的投資過度，您說本季為 54%。

And at the Tesla robo taxi day, I think there were sneak peaks in a lot of your technology, particularly the wireless charging that kind of crept up and Tesla is a big customer. So if you think about it, you're waiting and your products as we go forward seem to be set up to recreate an acceleration of growth above market, even in what might be a choppy market. Is that a correct characterization? And how do you think about that without getting into '25 guide, but it does seem like a there's a reacceleration going.

在特斯拉機器人計程車日，我認為你們的許多技術都出現了高峰，特別是無線充電技術的悄悄興起，而特斯拉則是個大客戶。因此，如果你仔細想想，你會發現，你正在等待，而且你的產品隨著我們的前進，似乎會重新創造高於市場的加速成長，即使是在一個可能波動的市場中。這是正確的表徵嗎？在不進入 25 指南的情況下，你如何看待這一點，但看起來確實有一個重新加速的過程。

Yes. No. So if you look at baseline, we would sit here and say, in a normalized environment, absolutely. When we look at the amount of revenue that has come out of our forecast, and come out of certain product lines from the beginning of the year towards where we sit today, we would say normalize, we're in a great position for strong growth in 2025 and beyond. We would say that.

是的。不。因此，如果你看看基線，我們會坐在這裡說，在正常化的環境中，絕對是如此。當我們查看我們的預測以及從年初到今天的某些產品線的收入金額時，我們會說正常化，我們處於強勁增長的有利位置2025 年及以後。我們會這麼說。

I think what you -- so I'd start with that one. Two, Joe and I and the team feel very good about our ability to control costs and manage margin. we do that very, very well. And we work real hard to be in front of things. And we have a number of initiatives over the last three years in and around our cost structure, in around our supply chain that Joe has led that are starting to pay dividends, and we feel will pay dividends in 2025 and beyond.

我想你——所以我會從那個開始。第二，喬和我以及團隊對我們控製成本和管理利潤的能力感到非常滿意。我們在這方面做得非常非常好。我們非常努力地工作以領先於事物。過去三年來，我們在成本結構、喬領導的供應鏈方面採取了許多舉措，這些舉措已開始帶來紅利，我們認為將在 2025 年及以後獲得紅利。

What we're concerned about is when we see the level of volatility in schedules from our OEMs, it's tough to predict quarter-to-quarter. How that lost volume plays out, right? And for us, to deliver earnings, it's certainly helpful to have revenue growth, although this year, our outlook is a 2% decline in revenue growth and a almost 11% increase in operating income, almost a 30% increase in EPS. But doing that year in, year out quarter-to-quarter, we just want to alert our investors that, that's a challenge to do. And we're well positioned in our product portfolio.

我們擔心的是，當我們看到原始設備製造商的時間表波動程度時，很難按季度進行預測。損失的音量如何發揮作用，對吧？對我們來說，要實現獲利，營收成長肯定是有幫助的，儘管今年我們的預期是營收成長下降 2%，營業收入成長近 11%，每股盈餘成長近 30%。但年復一年、年復一年地逐季進行，我們只是想提醒我們的投資者，這是一個挑戰。我們在產品組合中處於有利地位。

Our mix of customers and in China. We've made significant progress. So when you break down, you look at our mix, roughly 33% today are the traditional global and the balance are the local Chinese OEMs and a US-based global EV manufacturer. And we're booking several opportunities with those local OEMs out in China and outside of China. So we feel good about where we are. What we don't feel good about is the volatility in the schedules from our OEM customers.

我們的客戶組合在中國。我們已經取得了重大進展。因此，當你分解時，你會看到我們的組合，今天大約 33% 是傳統的全球製造商，其餘的是中國本土 OEM 和一家總部位於美國的全球電動車製造商。我們正在與中國和中國以外的當地原始設備製造商預訂一些機會。所以我們對自己所處的位置感覺良好。我們對 OEM 客戶的時間表的波動感到不滿意。

That's incredibly helpful. And then just a follow-up on the portfolio. You've been a master as a team in portfolio rebalancing. We've seen it with Motional in and out, Delphi span and other things. And we're hearing this comment a number of times through the call of the investment in these two vision software partners and this reduction in SOC.

這非常有幫助。然後只是投資組合的後續行動。作為一個團隊，你們一直是投資組合再平衡的大師。我們已經透過 Motional in and out、Delphi span 和其他東西看到了它。透過這兩個視覺軟體合作夥伴的投資以及 SOC 的減少，我們多次聽到這樣的評論。

Is there something that might change in the portfolio more in that direction and kind of becoming a more holistic supplier with that SoC -- those SoC partners or are there even other things in the portfolio, Kevin, that you might consider those actions have created a lot of shareholder value over time. Just curious if there's anything there.

是否有一些東西可能會在這個方向上改變產品組合，並成為該SoC 的更全面的供應商- 那些SoC 合作夥伴，或者產品組合中是否還有其他東西，Kevin，您可能會認為這些行動已經創造了一個隨著時間的推移，股東價值會增加。只是好奇那裡有什麼東西。

Yes, we're -- John, we're always looking at how do we optimize value through changes in our portfolio. And that's something that we'll continue to look at. And to the extent we see opportunities to drive incremental shareholder value, those are things that we'll move forward with. We have two great businesses and two great segments. The ASUX business, we're -- it's playing out as we plan.

是的，我們—約翰，我們一直在研究如何透過改變我們的投資組合來優化價值。我們將繼續關注這一點。只要我們看到了推動股東價值增量的機會，我們就會繼續推進這些事情。我們擁有兩個偉大的業務和兩個偉大的細分市場。我們的 ASUX 業務正在按照我們的計劃進行。

We're building a much more of a software business with advanced software technologies. Within the SPS business, we have the industry-leading power and data distribution business that unfortunately is being hit with the headwinds associated with EV adoption compounded with customer mix.

我們正在利用先進的軟體技術建立更多的軟體業務。在 SPS 業務中，我們擁有領先業界的電力和數據分發業務，不幸的是，該業務受到了電動車採用以及客戶組合帶來的不利因素的打擊。

And then we have an engineered components business that is growing over market within that segment that has very strong 20%-plus sort of operating margins. So we have a great portfolio. We'll continue to evaluate what we do in terms of maximizing value.

然後，我們的工程零件業務在該細分市場的市場中不斷成長，營業利潤率高達 20% 以上。所以我們有一個很棒的產品組合。我們將繼續評估我們在價值最大化方面所做的事情。

Kevin, is there anything specific on those vision -- the vision software side of things that might be going on?

凱文，這些願景（可能發生的事情的視覺軟體方面）有什麼具體的內容嗎？

Well, we're -- the Gen 6 solution is a vision agnostic solution. So we're very focused on open architecture that allows the integration of any vision solution that our OEM customers desire. Those two investments are what we would call reference vision solutions. One is a Korean-based company that has very, very strong AIML capabilities and mirroring that with our very strong radar capabilities.

嗯，我們的第六代解決方案是與視覺無關的解決方案。因此，我們非常關注開放式架構，該架構允許整合 OEM 客戶所需的任何視覺解決方案。這兩項投資就是我們所說的參考視覺解決方案。其中一家是一家韓國公司，擁有非常非常強大的 AIML 能力，我們也擁有非常強大的雷達能力。

We can deliver better performance relative to what we're seeing in the market today and what's going to be introduced in the future at lower cost. So we're in an environment where our customers are really screaming for better solutions with a real emphasis, though, on lower cost, and that's what we're trying to do.

相對於我們今天在市場上看到的以及未來將推出的產品，我們可以以更低的成本提供更好的性能。因此，在我們所處的環境中，我們的客戶確實迫切需要更好的解決方案，同時真正強調降低成本，而這正是我們正在努力做的。

China market, our view of the China market is we've been building out a localizing our supply chain that it's more than likely at some point in time, our Chinese customers are demanding only Chinese sourced product. Whether that be SoC, whether that be vision solutions, whether that be software solutions. And that's the capability that we've built out for those customers.

中國市場，我們對中國市場的看法是，我們一直在建立本地化的供應鏈，很可能在某個時候，我們的中國客戶只需要中國採購的產品。無論是 SoC、視覺解決方案或軟體解決方案。這就是我們為這些客戶打造的功能。

Joe Spak, UBS.

喬·斯帕克，瑞銀集團。

Look, you guys have clearly done a good job on the cost side in a difficult operating environment. I guess I just want to better understand one dynamic and sort of how you deal with some of this volatility, and I'll use sort of the SPS margins in this quarter as an example because we saw sequentially like a $39 million drop in OI versus $69 million drop in revenue. So I think that's because of that high -- higher labor intensity in that segment. But I just want to make sure that that's what that is, if there's anything else going on. And then what -- since -- if that is the case, like what are some other actions you could do if you think schedules are going to remain pretty volatile here over the near term?

看，在困難的營運環境中，你們顯然在成本方面做得很好。我想我只是想更好地了解一種動態以及如何應對這種波動性，我將使用本季度的 SPS 利潤率作為例子，因為我們看到 OI 與收入減少 6900 萬美元。所以我認為這是因為該領域的勞動強度較高。但我只是想確保情況就是這樣，如果還有其他事情發生的話。那麼，如果是這樣的話，如果您認為短期內日程安排將保持相當不穩定，那麼您可以採取哪些其他行動？

Yes. The big challenge there, and Joe can walk through the numbers, Joe, as you think about it. When we see late changes in schedules, we have massive amounts of labor sitting idle and no revenue, right, to effectively pay for that. When we have advanced notice, we have the ability to more quickly recalibrate our manning tables and our labor in the plant and do layoffs or reductions or whatever the case may be. But based on what we saw, especially in North America, this third quarter, schedules for dropping with a couple of OEMs literally on a day-to-day basis.

是的。這是一個巨大的挑戰，喬可以通過這些數字，喬，正如你所想的那樣。當我們看到時間表的後期變化時，我們有大量的勞動力閒置，並且沒有收入，對吧，可以有效地支付這些費用。當我們提前收到通知時，我們就有能力更快地重新調整我們的人員配置表和工廠的勞動力，並進行裁員或裁員或任何可能的情況。但根據我們所看到的情況，尤其是在北美，第三季度，幾家原始設備製造商的計畫實際上每天都在下降。

So reacting to that was impossible. What have we done on a go-forward basis transparently. We've taken the current run rate of those customer schedules, and we've reduced capacity in line with what we're seeing now. So there may be a pinch on the upside if production schedules increase rapidly but we'll deal with that. But the challenge in terms of the costs associated with supporting their volatility, it's just too expensive.

所以對此做出反應是不可能的。我們在透明的基礎上做了哪些事情。我們採用了這些客戶計劃的當前運行率，並根據我們現在所看到的情況減少了產能。因此，如果生產計劃迅速增加，上行可能會受到壓力，但我們會處理這個問題。但就支持其波動性相關的成本而言，挑戰是太昂貴了。

And when we were last on the earnings call, we talked about schedules coming down in an incremental significant layer of conservatism that we overlaid in manning that more conservative level. The reality, it ended a more volatile and even lower.

當我們上次參加財報電話會議時，我們談到了日程安排在一個漸進的顯著保守主義層中下降，我們在人員配置上涵蓋了更保守的水平。現實情況是，它的結局更加波動甚至更低。

So our -- Joe, myself and the team decided we're taking the labor out now. We're going to start rotating footprint and consolidating facilities. And we'll manage to the extent there's upside. It will be less efficient, but we won't be left holding the bag on the downside.

所以我們的——喬、我自己和團隊決定我們現在就取消勞動力。我們將開始輪換足跡並整合設施。我們將盡力做到有上行空間。這會降低效率，但我們不會因此而承擔後果。

But it's fair to say that lower efficiency on the upside given how you're planning now is still lower than the inefficiency you've seen in that sharp declines like you experienced this quarter? Correct?

但可以公平地說，考慮到您現在的計劃，上行效率較低仍然低於您在本季度經歷的急劇下降中看到的低效率？正確的？

Yes. I think that's a very fair point.

是的。我認為這是一個非常公平的觀點。

And I agree that come just said, Joe, I think as a little bit of its timing, right, reacting to a 35% reduction in a top three customer in a quarter. We're not just going to get it all done in that quarter, right? It's just it's hard to pivot that quickly we're moving. You're just not going to see it in the results of the quarter where that volume comes down, right?

我同意剛才所說的，喬，我認為這是一個時機，對，對一個季度內前三名客戶減少 35% 的反應。我們不會僅在該季度完成所有工作，對嗎？只是我們的行動很難快速轉變。你不會在銷量下降的季度業績中看到這一點，對嗎？

Okay. And then just as a second question on the bookings. I mean, you're not the only ones that we've heard from OEMs doing some decisions. I think given all this uncertainty we just talked about. Presumably, though, that's with the legacy players.

好的。然後是關於預訂的第二個問題。我的意思是，您並不是我們從 OEM 那裡聽到的唯一做出某些決定的人。我認為考慮到我們剛才談到的所有這些不確定性。不過，據推測，這是老玩家的問題。

I'm wondering if it's just -- if it's across all types of products you serve or specific products? And then you did talk about some positives on the China front, and they seem to move faster. So is there some maybe potential offset there as you continue to make progress in that region.

我想知道這是否只是 - 是否涵蓋您所服務的所有類型的產品或特定產品？然後你確實談到了中國方面的一些積極因素，而且它們似乎進展得更快。那麼，當你在該地區繼續取得進展時，是否存在一些潛在的抵消作用？

Yes. From a China standpoint, just given the nature of the programs and how many new introductions or enhancements, we -- you typically see on a vehicle program. That's an area where actually bookings are very strong this year on a year-over-year basis. I don't have the numbers in front of me, but they're stronger than what we're seeing in other regions and it's across our broader portfolio. I think as it relates to North America, in Europe, Joe, listen, we have a number of opportunities in the funnel that we think decisions are going to be made between now and year-end.

是的。從中國的角度來看，考慮到項目的性質以及有多少新的引入或增強，我們通常會在車輛項目上看到。實際上，今年該領域的預訂量比去年同期非常強勁。我面前沒有具體的數字，但它們比我們在其他地區看到的要強，而且涉及我們更廣泛的投資組合。我認為，因為這與北美、歐洲有關，喬，聽著，我們在通路中有很多機會，我們認為決策將在現在到年底之間做出。

We do -- there's a couple that we decided in terms of outlook for investors. We should assume those happen in the first quarter of next year just to be prudent. It's possible that could happen before year-end and provide an upside surprise, but just just in terms of trying to be prudent a little bit conservative, we just assume those good pushed out. But OEM customers are still working on advanced ADAS solutions. The funnel for SVA opportunities are significant.

我們確實如此——我們根據投資者的前景決定了一些。為了謹慎起見，我們應該假設這些發生在明年第一季。這有可能在年底前發生，並帶來上行驚喜，但只是為了謹慎一點保守，我們只是假設那些好的東西被淘汰了。但 OEM 客戶仍在開發先進的 ADAS 解決方案。SVA 機會的漏斗非常重要。

The funnel for quite frankly, whether it's EV or plug-in hybrid opportunities is significant as well, and we'll start seeing the benefit of those from a booking standpoint and to a certain extent, revenue standpoint as we head into 2025 and beyond.

坦白說，無論是電動車還是插電式混合動力機會的漏斗也很重要，當我們進入2025 年及以後時，我們將開始從預訂角度以及在一定程度上從收入角度看到這些機會的好處。

Emmanuel Rosner, Wolfe Research.

伊曼紐爾‧羅斯納，沃爾夫研究中心。

So that's back on the very challenging environment and the production cuts being done on a very short notice. It seems like obviously a big impact on Q3, but backing into, I guess, implied Q4, I think maybe you expect a bit of a reacceleration certainly over like market expectations. So I guess what gives you that that level of confidence into the current quarter in light of how quickly some of these decisions are made.

因此，這又回到了非常具有挑戰性的環境，減產是在很短的時間內完成的。這似乎顯然對第三季度產生了很大的影響，但我想，回到隱含的第四季度，我認為也許您預計會比市場預期有所重新加速。因此，我猜想是什麼讓您對當前季度充滿信心，因為其中一些決策的製定速度有多快。

Obviously, I think we've taken -- Manuel, it's Joe. I'll start. We're obviously taking down full year, right? That's in addition to just what we had for is. I will tell you, vehicle production, those customers that we've highlighted continue to be challenged.

顯然，我認為我們已經採取了——曼努埃爾，是喬。我開始吧。我們顯然要取消全年，對吧？這不只是我們要做的事。我會告訴你，在汽車生產方面，我們強調的那些客戶繼續面臨挑戰。

I think offsetting that, we talked over the course of this year about what we expected to be some meaningful launch activity in the back half of the year. Those launches, as Kevin talked about, are happening. They're at slightly lower volumes because the world is building for cars, obviously, but the launches themselves are happening.

我認為抵消了這一點，我們在今年的過程中討論了我們預計在今年下半年進行的一些有意義的發布活動。正如凱文所說，這些發射正在發生。它們的銷量略低，因為世界正在為汽車而建造，但發布本身正在發生。

And then as I talked about just in my prepared comments, we're dealing with vehicle production coming out. There's still some great secular growth in the active safety business, including active safety business in China, that was up 26% (inaudible) in Q3. So we still have product lines that are growing and launching new products that's giving us a mix, but it's just obviously not enough to offset the drops in global vehicle order.

然後，正如我在準備好的評論中談到的那樣，我們正在處理即將推出的車輛生產問題。主動安全業務仍存在一些巨大的長期成長，包括中國的主動安全業務，第三季成長了 26%（聽不清楚）。因此，我們的產品線仍在成長並推出了新產品，這使我們的產品組合更加多樣化，但這顯然不足以抵消全球汽車訂單的下降。

Okay. And I guess just shifting with a focus on the --

好的。我想只是轉移焦點--

Emmanuel, can I interrupt you? I want to just -- and the other thing when you think about year-over-year growth -- just remember last year on an apples-to-apples basis, there was a strike in North America. So when you look at year-over-year growth, it's impacted to some extent by that.

伊曼紐爾，我可以打斷你嗎？我只想——當你考慮逐年增長時的另一件事——記住去年在同類基礎上，北美發生了一次罷工。因此，當你觀察同比增長時，你會發現它在某種程度上受到了影響。

And I think when you look at the sequential to Q4. The incremental revenue is it's less than $100 million, right? I think it's roughly $80 million of revenues coming off of what we consider to be a fairly low base.

我認為當你看看第四季度的連續情況時。增量收入不到1億美元吧？我認為大約 8000 萬美元的收入來自我們認為相當低的基數。

Yes. No, that's helpful context. And with an IO next week, US election, I think there's a bit of investor concerns around potential depending on the outcome, potential feature rhetoric on maybe duties and tariffs and in particular, on things being shipped from Mexico. Can you maybe just remind us in terms of your exposure, how much actually sort of like crosses the border. And then just holistically, how you would think about managing that risk environment depending on the scenario and outcome.

是的。不，這是有用的背景。下週將舉行美國大選，我認為投資者對取決於結果的潛力、可能涉及關稅和關稅的潛在專題言論、特別是從墨西哥運來的物品有一些擔憂。您能否提醒我們一下您的暴露程度，實際上有多少是跨越邊界的。然後從整體上看，您將如何根據情況和結果考慮管理風險環境。

Yes. Back in 2016, given all the noise and all the challenges, we went through a very active kind of regionalization push from a supply chain standpoint, and Joe actually led that activity. When you look at manufacturing, we manufacture 90% of what we sell in region for region. When you look at supply chain, so what we source and and what we move around, it's roughly 80% of what we source is in region for region. And those areas that were we're sure tend to be areas in around some electronics, some semiconductor products.

是的。早在 2016 年，考慮到所有的噪音和挑戰，我們從供應鏈的角度經歷了非常積極的區域化推動，而喬實際上領導了這項活動。從製造業來看，我們銷售的產品 90% 都是在一個地區生產的。當你觀察供應鏈時，我們採購的東西以及我們移動的東西，我們採購的東西大約有 80% 是在一個地區一個地區進行的。我們確信這些領域往往是一些電子產品、一些半導體產品周圍的領域。

So we've done a lot. We feel like we're way in front of it. And to the extent, and we'll see ultimately what happens. That we see tariffs that it's pretty manageable for us relative to others. Joe, should add to my comments.

所以我們做了很多。我們感覺自己已經走在前面了。在某種程度上，我們最終會看到會發生什麼。我們認為相對於其他國家來說，我們的關稅是相當容易管理的。喬，應該添加我的評論。

No, I agree with that. And again, we've been through a version of this before. We may permanent changes to Kevin's point, to our supply chain and our product flows that are still in place the current administration did not significantly change some of those tariff regimes as well, right? So we'll obviously need to react to what happens, but I think the team is well versed in what to do and ready to react.

不，我同意這一點。再說一次，我們之前已經經歷過這樣的一個版本。我們可能會永久改變凱文的觀點，我們的供應鏈和產品流仍然存在，現任政府也沒有顯著改變其中一些關稅制度，對嗎？因此，我們顯然需要對發生的情況做出反應，但我認為團隊非常熟悉該做什麼並準備好做出反應。

Mark Delaney, Goldman Sachs.

馬克·德萊尼，高盛。

I was hoping to better understand how pricing negotiations with OEMs for 2025 are tracking relative to the historical low single-digit declines that have been traditional in the industry. And do you think Aptiv will be able to secure economics that better reflect the volatility the company is dealing with?

我希望更好地了解 2025 年與 OEM 的定價談判相對於行業傳統的歷史低位個位數下降的情況如何。您認為 Aptiv 是否能夠確保經濟狀況能更好地反映公司正在應對的波動性？

It's a good question. So we're constantly in discussions with our customers about price. I mean, it's an ongoing activity. I would say as we look in -- as we head into 2025, the discussions aren't really any different. I would say with one caveat, I think with most of our we're spending a lot more time on how do we together strategically figure out ways to lower costs.

這是一個好問題。因此，我們不斷與客戶討論價格。我的意思是，這是一項持續的活動。我想說，當我們展望 2025 年時，討論實際上並沒有什麼不同。我想說，有一點要注意的是，我認為我們大多數人都花了更多的時間來研究如何從策略上共同找出降低成本的方法。

And I think that's certainly true in North America. It's true with some of our customers in Europe and then in Asia. So how do we look at full system solutions how do we take out unnecessary content from a full system design standpoint. That's one of the big benefits of what we've done from an ASUX standpoint in terms of our productized solutions. It's one of the things we've done when you think about our vehicle architecture solutions.

我認為這在北美確實如此。我們在歐洲和亞洲的一些客戶都是如此。那我們如何看待完整的系統解決方案，如何從完整的系統設計角度剔除不必要的內容。從 ASUX 的角度來看，這是我們在產品化解決方案方面所做的最大好處之一。當您考慮我們的車輛架構解決方案時，這是我們所做的事情之一。

So we're seeing more traction there and more focus from OEMs in terms of how do we identify those sorts of engineered in savings, which is helpful. From a footprint standpoint, we've talked about labor costs in Mexico with you in the past. They remain high and there are several OEMs in North America that we're working with on rotating footprint as we head into 2025 and 2026. So I'd say, to a certain extent, more collaborative, although the time it's a bit more of a challenging time for them.

因此，我們看到了更多的關注，以及原始設備製造商更多地關注我們如何識別這些類型的節省工程，這是有幫助的。從足跡的角度來看，我們過去曾與您討論過墨西哥的勞動成本。它們仍然很高，隨著我們進入 2025 年和 2026 年，我們正在與北美的幾家原始設備製造商合作旋轉足跡。所以我想說，在某種程度上，更有協作，儘管這對他們來說更具挑戰性。

My second question was around the connectors and engineered components. Earlier this week, a leading North America EV OEM and so plan to simplify its connector use announced and the low voltage connector standard, I believe targeted at 48 volts. I realize Aptiv has been quite active in helping its OEM customers to be more efficient with their electrical and electronic architectures and you've got SBA, but hoping to better understand how news like that may affect Aptiv.

我的第二個問題是關於連接器和工程組件。本週早些時候，一家領先的北美電動車 OEM 宣布計劃簡化其連接器使用，並製定了低壓連接器標準，我相信目標是 48 伏特。我意識到 Aptiv 一直非常積極地幫助其 OEM 客戶提高電氣和電子架構的效率，並且您已經有了 SBA，但希望更好地了解此類新聞可能會如何影響 Aptiv。

No. That particular customer, we've made a lot of progress with over the years across vehicle lines and regions. We're very active in terms of always how do we take out costs and part of that is standardization and working with them. It's translated into more content and more revenue opportunities, both on the vehicle as well as off the vehicle. We would expect that to continue to happen. It's an important customer that we're certainly well -- we're certainly invested in from a commitment from an engineering standpoint. So we see opportunities there.

不。多年來，我們在整個汽車生產線和地區與該特定客戶取得了巨大進展。我們在如何降低成本方面非常積極，其中一部分是標準化並與他們合作。它轉化為更多的內容和更多的收入機會，無論是在車上還是車外。我們預計這種情況會繼續發生。這是一個重要的客戶，我們當然很好——從工程的角度來看，我們肯定是出於承諾而對其進行了投資。所以我們在那裡看到了機會。

Dan Levy, Barclays.

丹·利維，巴克萊銀行。

Wanted to start with ASUX, pretty material year-over-year increase in margins from what we thought was supposed to be a seasonally weaker period. Maybe you could just explain the move, which I think says in the DEC engineering manufacturing performance initiatives. Is this the right starting point for ASUX? Was there something unique about timing of recoveries?

首先要從 ASUX 開始，與我們認為的季節性疲軟時期相比，利潤率較去年同期大幅成長。也許您可以解釋一下這一舉措，我認為這在 DEC 工程製造績效計劃中有所提及。這是 ASUX 的正確起點嗎？恢復時間有什麼獨特之處嗎？

Yes. I don't -- listen, overall, there's nothing unique, right? We talked about it even going back to the Investor Day at 2023. February 2023. And I realized a lot has changed from a volume perspective.

是的。我不——聽著，總的來說，沒有什麼獨特的，對吧？我們甚至可以追溯到 2023 年的投資者日。2023 年 2 月。我意識到從數量角度來看發生了很多變化。

But as we talked about, there were a number of initiatives in place to get them -- to restore effectively where that margin was in that business pre supply chain disruptions. And you've heard us talk a lot about what we've done from a supplier perspective, the China to some extent, even if you don't have China SoCs in hand at the moment, it just helps with a little bit of cost dynamic, and we continue to work the manufacturing side of that business.

但正如我們所討論的，已經採取了許多措施來實現這些目標，以有效恢復供應鏈中斷前業務的利潤率。你已經聽到我們從供應商的角度談論了很多我們所做的事情，在某種程度上，中國，即使你目前手頭沒有中國的SoC，它也只是幫助降低一點成本充滿活力，我們將繼續致力於於該業務的製造業方面。

So we talked about in February of '23 of the material performance, the engineering performance, the rotation of ESCOs countries, the material performance and despite volume headwinds where the team is delivering on a lot of those. So I think it's very consistent with what we've seen.

因此，我們在 23 年 2 月討論了材料性能、工程性能、ESCO 國家/地區的輪換、材料性能，儘管存在數量上的阻力，但團隊仍在實現其中的許多目標。所以我認為這與我們所看到的非常一致。

To our comments about volatility, could you see it bounce around a little bit quarter-to-quarter just depending on what happens from a customer volatility perspective. But long term, we talked about this business getting to low teen margins in the 2025, 2026 time period, and that's what you're seeing. Kevin, if I missed something.

對於我們關於波動性的評論，您是否可以看到它每個季度都會有一點反彈，這取決於從客戶波動性角度來看會發生什麼。但從長遠來看，我們談到該業務在 2025 年、2026 年期間的利潤率將達到較低水平，這就是您所看到的。凱文，如果我錯過了什麼。

Okay. Great. And then as a follow-up, I wanted to just ask something along the lines of what Mark was asking, but a bit more just post a lot of the programs that you booked in the past. We look at the bookings, was obviously very high numbers in the past and clear delays. Volume is not coming in as expected. You've incurred already a lot of the validation expense, maybe some of the tooling for these programs. Maybe you could just talk about the process of incremental recoveries, what opportunity may exist given clearly the program that you booked, the volumes aren't coming in as planned.

好的。偉大的。然後作為後續行動，我只想問一些與馬克所問的內容類似的問題，但更多的是發布你過去預訂的許多項目。我們查看了預訂情況，過去的預訂量顯然非常高，並且明顯出現延誤。成交量沒有達到預期。您已經承擔了大量的驗證費用，也許還包括這些程式的一些工具。也許您可以只談論增量恢復的過程，考慮到您預訂的計劃，可能存在哪些機會，但數量沒有按計劃到達。

Yes. So what tends to happen -- it's a great question. What tends to happen, and it varies a little bit by OEM. Some have a very formulaic process. Others, it's a mix of that negotiation.

是的。那麼接下來會發生什麼事——這是一個很好的問題。往往會發生什麼，並且因 OEM 的不同而略有不同。有些有非常公式化的過程。其他人則認為這是談判的混合體。

What tends to happen, Dan, is recruitment of investment recognition to some extent of lost profitability and then a discussion about replacement programs. That tends to be how it works with a view that the supplier is made whole from an investment standpoint, negotiation about kind of that lost profitability.

丹，通常會發生的情況是招募投資承認在一定程度上損失的盈利能力，然後討論替代計劃。從投資的角度來看，供應商是完整的，就盈利能力損失進行談判，這往往就是它的運作方式。

And then more often than not, other commercial opportunities to fill what you'd consider to be a revenue hole. So as you can imagine, just given the environment today, we're having those sorts of discussions with customers, I'd say, by and large, they're going relatively well. It's just a matter of sitting down and walking through those and just getting them over the goal on.

然後，通常會出現其他商業機會來填補您認為的收入缺口。因此，正如您可以想像的那樣，鑑於今天的環境，我們正在與客戶進行此類討論，我想說，總的來說，他們進展得相對順利。只要坐下來，逐步完成這些任務，然後讓它們超越目標即可。

And maybe you can just remind us of the resource outlay that you've had on these booked but not yet launched programs. Is this mostly CapEx? Or is this stuff that would have appeared in OpEx, just validation expense to start to --

也許您可以提醒我們您在這些已預訂但尚未啟動的計劃上所花費的資源支出。這主要是資本支出嗎？或者這個東西本來會出現在營運支出中，只是驗證費用開始--

Yes. No, great question. It's a mix. I don't -- and it would vary a little bit. It would vary bit by program and very bit about how close you were to launch, right?

是的。不，很好的問題。這是一個混合。我不知道——而且情況會略有不同。每個專案都會有所不同，而且距離啟動的時間也會有所不同，對吧？

So first phase would be advanced engineering. Starting three years ago, as we mentioned previously, and it's in our prepared remarks, we really focused our investment -- our engineering investment on productized solutions so that we're not providing engineering services that are, to some extent, reusable, and that varies a little bit by business and by program. So that would be the first phase, so call it advanced engineering.

因此，第一階段將是高級工程。從三年前開始，正如我們之前提到的，在我們準備好的發言中，我們真正將我們的投資——我們的工程投資集中在產品化解決方案上，這樣我們就不會提供在某種程度上可重複使用的工程服務，而且因業務和專案的不同而略有不同。這將是第一階段，所以稱之為高級工程。

The second phase would be basically development of the actual solution or introduction of the actual solution, which is all about, as you highlighted, integration testing, validation. And then late in that process, you're investing in equipment tooling, maybe manufacturing floor space depending upon what it is, and that would be the last phase prior to launch.

第二階段基本上是實際解決方案的開發或實際解決方案的引入，正如您所強調的那樣，這一切都是關於整合測試和驗證。然後在這個過程的後期，您將投資於設備工具，可能還會投資於製造佔地面積，這取決於它是什麼，這將是啟動前的最後一個階段。

Tom Narayan, RBC Capital Markets.

湯姆‧納拉揚 (Tom Narayan)，加拿大皇家銀行資本市場部。

Apologies if you've already answered this in a couple of other calls going on, including the customer that cut production 35%. The growth over market expectations for the full year, Joe, have you revised that post 3Q?

如果您已經在其他幾通電話中回答過這個問題，包括削減產量 35% 的客戶，我們深表歉意。全年的成長超出市場預期，喬，您是否修改了第三季後的預期？

Yes. You look at -- if you follow through the numbers, you're looking at revenue growth, and I referenced this in my prepared remarks, revenue growth is 2% down in a market that we view as 4% down.

是的。你看——如果你關注這些數字，你會看到收入成長，我在準備好的演講中提到了這一點，在我們認為下降 4% 的市場中，收入成長下降了 2%。

Okay. And then the peso was down -- and the Mexican peso was down quite a bit in in the quarter, in the past, that appreciation has hurt your margins. Was that a meaningful contribution margin wise, the weakening peso?

好的。然後比索下跌 - 墨西哥比索在本季度下跌了很多，在過去，升值損害了你的利潤。比索疲軟，這是一個有意義的邊際貢獻嗎？

FX overall was fairly neutral from a quarter perspective. Just there were some movements. A weaker peso is helpful, but it's not particularly material in the quarter.

從季度角度來看，外匯整體相當中性。只是有一些動靜。比索走弱是有幫助的，但在本季並不是特別重要。

Okay. And then my last one. As you think about Europe, there's a large European OEM commented on their call yesterday that on one hand, they're expecting kind of like a 14 million production number for Europe and used to be 16 million or sales number. But on the flip side, there is this expectation that the EV push has to be a lot bigger next year because of CO2 compliance.

好的。然後是我的最後一個。當你想到歐洲時，昨天有一家大型歐洲 OEM 在他們的電話會議上評論說，一方面，他們預計歐洲的產量約為 1400 萬輛，而過去的銷量為 1600 萬輛。但另一方面，由於二氧化碳排放合規性，人們預計明年電動車的推廣力道必須更大。

In a world with -- in Europe, let's say, with much lower overall production, but much stronger EV production, I know it's hard to kind of net that out. But I would think you guys could be a net beneficiary of that on SPS. Is that fair to say?

比如說，在歐洲，整體產量要低得多，但電動車產量卻強得多，我知道很難消除。但我認為你們可能成為 SPS 的淨受益者。這麼說公平嗎？

Yes. If you -- and Tom, it's Kevin. It depends on customer and program mix, right? And I know you know that. But if you were to normalize, you would say if it's about, it's 2x the content opportunity, if it's a plug-in hybrid, it's a little bit less than that, if it's a hybrid, it's a 1.5. So you're right, there's a net incremental sort of revenue opportunity that should be out there. But again, it's dependent on platform and OEM mix.

是的。如果你──還有湯姆，那就是凱文。這取決於客戶和專案組合，對吧？我知道你知道這一點。但如果你要標準化，你會說，如果它是大約，它是內容機會的 2 倍，如果它是插電式混合動力，它會比這個少一點，如果它是混合動力，它是 1.5。所以你是對的，應該存在一種淨增量的收入機會。但同樣，它取決於平台和 OEM 組合。

James Picariello, BNP Paribas.

詹姆斯·皮卡里洛，法國巴黎銀行。

So my question, can you just speak to the 18% stake in Maxi and how that unlocks opportunities for Aptiv in China? Any additional color on that because I know you did reference that. And then there was an announcement yesterday by Siemens, I believe it was yesterday to acquire Altair in a $10 billion deal. Can you just shed any light on just where all therapy plays within the automotive software stack, assuming you might be familiar and whether this could have any competitive influence in the areas that Aptiv and Wind River play in.

那麼我的問題是，您能否談談 Maxi 18% 的股份以及這如何為 Aptiv 在中國帶來機會？任何額外的顏色，因為我知道你確實提到了這一點。然後昨天西門子宣布，我相信昨天就以 100 億美元的交易收購了 Altair。假設您可能很熟悉，您能否介紹一下所有療法在汽車軟體堆疊中的作用，以及這是否會對 Aptiv 和 Wind River 所在的領域產生任何競爭影響。

I'll take Maxi, and then Kevin can speak to all there. So look, I think as everyone knows, right, development of active safety in China requires a significant local presence, right? There's regulatory requirements around where you do mapping, where the data stored, those types of things. there's obviously, as we're seeing a customer bias to China tech first in China among the local OEMs. We see that with SoC.

我會帶馬克西來，然後凱文可以和那裡的所有人說話。所以你看，我想眾所周知，在中國主動安全的發展需要大量的本土存在，對吧？關於繪製地圖的位置、資料儲存的位置以及這些類型的事情都有監管要求。顯然，我們發現中國本土原始設備製造商對中國技術有偏見。我們在 SoC 上看到了這一點。

We've been talking about it. So from a -- having a vision agnostic Gen 6 active safety system. For us, it makes perfect sense to have a China vision solution that plugs into that system because you then have the ability to sell and develop systems within China that are -- look very consistent with the local Chinese OEMs have.

我們一直在談論它。因此，擁有一個與視覺無關的第六代主動安全系統。對我們來說，擁有一個插入該系統的中國視覺解決方案是非常有意義的，因為這樣您就可以在中國境內銷售和開發與中國本土原始設備製造商非常一致的系統。

So Max has a great company. We've gotten to know them over the last couple of years and for us. And you've seen us do this in the past, making some smart investments in these types of businesses that have a clear path to helping us from a commercial perspective is as I said, really something we've done from the past.

所以麥克斯有一家很棒的公司。在過去的幾年裡，我們已經了解了他們，也了解了他們。您過去已經看到我們這樣做了，對這些類型的企業進行了一些明智的投資，這些投資有明確的途徑從商業角度幫助我們，正如我所說，這確實是我們過去所做的事情。

Kevin, if you want to --

凱文，如果你願意的話--

Yes. Yes. So Alter, they play in kind of the, call it, the systems engineering, engineering tool chain simulation space. That's a small part of the engineering tool chain is a part of what Wind River delivers and is launching within the automotive industry. I'm not aware of Altair having a real strong position in that particular space.

是的。是的。因此，改變，他們在所謂的系統工程、工程工具鏈模擬空間中發揮作用。這只是工程工具鏈的一小部分，是風河在汽車產業提供和推出的產品的一部分。我不知道 Altair 在該特定領域擁有真正的強勢地位。

So I wouldn't view them as an overall competitor, but it's really about how do you make -- they're really about how do you make software development, a much more efficient process -- that's a small part of what Wind River does today. We're hoping to make it a bigger part. I'd say we're more focused on the automotive space. They're more focused on the kind of the industrial landscape, broader industrial landscape.

因此，我不會將他們視為整體競爭對手，但這實際上是關於你如何進行開發——他們實際上是關於如何進行軟體開發，這是一個更有效率的流程——這只是風河所做的一小部分今天。我們希望讓它發揮更大的作用。我想說我們更關注汽車領域。他們更關注什麼樣的產業格局，更廣大的產業格局。

Colin Langan, Wells Fargo.

柯林‧蘭根，富國銀行。

Great. Just wanted to follow up to the very beginning question, to make sure I understand what you're trying to indicate. I think in the past, you talked about sort of mid-single growth over market next year. And I think you've talked about trying to get to a 12.5% margin. You seem a bit more cautious on it now.

偉大的。只是想跟進一開始的問題，以確保我理解您想要表明的內容。我想在過去，您談到了明年市場的中單成長。我想您已經談到了要努力達到 12.5% 的利潤率。看來你現在對此更加謹慎了。

Are we interpreting and it's just there's so much volatility that if we don't see that volatility, those sort of targets are on track and it's just there's a lot of skepticism given all we've seen in Q3 clearing about in terms of mix or whatever?

我們是否在解釋，波動太大了，如果我們沒有看到波動，這些目標就步入正軌，只是考慮到我們在第三季度在混合或清理方面看到的所有內容，存在很多懷疑任何？

Yes, Colin, just to be clear, yes, if we don't see that level of volatility, we're comfortable with that sort of performance. Just the volatility we're seeing right now, with no clear line of site as to when that potentially goes away. Obviously, it makes us cautious. So the underlying business, as you see in the numbers, is is performing extremely well. I mean, again, underscoring for investors, and I know we know revenue growth is really important.

是的，科林，要明確的是，是的，如果我們沒有看到這種程度的波動，我們就會對這種表現感到滿意。只是我們現在看到的波動，沒有明確的界線來說明這種波動何時可能消失。顯然，這讓我們變得謹慎。因此，正如您在數字中看到的那樣，基礎業務的表現非常好。我的意思是，再次向投資者強調，我知道我們知道收入成長非常重要。

But we have a business that's going to -- revenues are going to decline 2% and earnings are going to grow 10%. EPS is going to grow almost 30%. So we feel really good about the business. What we feel concerned about is our visibility to the production schedules of our customers. And they're much more volatile in a much shorter sort of time frame now than what the management team here is accustomed to. So that's what you should read into our comments.

但我們的業務將會－營收將下降 2%，而獲利將成長 10%。EPS 將成長近 30%。所以我們對這項業務感覺非常好。我們擔心的是我們對客戶生產計劃的可見性。現在，它們在比這裡的管理團隊習慣的更短的時間內更加不穩定。這就是您應該閱讀我們的評論的內容。

And then touching on earlier, someone asked about EV growth. And can you remind us how has that business done this year? And then shouldn't that actually start to turn the corner next year because you do have -- assuming the regulations get a forced in Europe and then the EPA standards get tougher in the US. Is that still like almost locked good news because of the regulatory push into next year?

然後談到早些時候，有人問及電動車的成長。您能否提醒我們今年該業務的表現如何？那麼，這種情況不應該在明年真正開始出現轉機嗎？由於明年的監管推進，這仍然是幾乎鎖定的好消息嗎？

Yes, I'll let Joe go through the numbers. Listen, I think in theory, you're absolutely right, but our customers need to build the cars. And that's been very choppy this year.

是的，我會讓喬看一下這些數字。聽著，我認為從理論上講，你是絕對正確的，但我們的客戶需要製造汽車。今年的情況非常不穩定。

Yes. Colin, as I mentioned in my prepared comments, was that EV product line or the EV business was down 20% in the quarter, you're likely to see something like that for the full year number, maybe a little bit lower, but it's in that range of 15% to 20% down. And to Kevin's point, we have the technology. We -- but they have to build the cars. And we're obviously in a very strong position in China.

是的。正如我在準備好的評論中提到的那樣，科林表示，電動車產品線或電動車業務在本季度下降了20%，您可能會看到全年數字類似的情況，也許會低一點，但它是下降 15% 到 20% 的範圍內。對凱文來說，我們擁有技術。我們——但他們必須製造汽車。我們顯然在中國處於非常有利的地位。

That market is, as we've talked about, is fully going EV. But you have some headwinds in -- certainly in Europe and North America is obviously taking a big step back down this year. So very well positioned. We've got the right tech for full EV. We got the right tech for the hybrids. Plug-in or the straight hybrid, but it's really just when do we see that production meaningfully return.

正如我們所討論的，這個市場正在全面轉向電動車。但你也遇到了一些阻力——當然，歐洲和北美今年顯然出現了很大的後退。所以位置非常好。我們擁有適合全電動汽車的技術。我們為混合動力車提供了合適的技術。插電式或直接混合動力，但實際上我們什麼時候才能看到生產有意義地回歸。

That will conclude the Q&A session. I would now like to turn the conference back to Kevin Clark for any additional or closing remarks.

問答環節到此結束。現在我想將會議轉回凱文克拉克（Kevin Clark）發表任何補充或結束語。

Thank you very much, operator. Listen, to wrap up, maybe the way I would -- or we would kind of leave investors in terms of how we're thinking about things. It's really, for us, it's about controlling what we can control, and that's what we're very much focused on. And I'd say the there are two prongs to that strategy. Their prong one is delivering to our customers solutions that lower their total cost of ownership.

非常感謝您，接線生。聽著，總結一下，也許就像我會做的那樣——或者我們會在我們如何思考事情方面離開投資者。對我們來說，這實際上是關於控制我們可以控制的事情，這也是我們非常關注的。我想說，該策略有兩個面向。他們的第一個目標是向我們的客戶提供降低其總擁有成本的解決方案。

We are very focused on how to deliver solutions that lower their cost and lower them over the life cycle of the vehicle, which we believe is attractive to our customers, and we'll see more interest in and more adoption, especially in light of the environment we're in.

我們非常關注如何提供能夠降低成本並在車輛生命週期內降低成本的解決方案，我們相信這對我們的客戶有吸引力，我們將看到更多的興趣和更多的採用，特別是考慮到我們所處的環境。

The second is we're taking several cost actions off of the baseline that we're operating at today. So to the extent we do see upside from an electrification standpoint or a schedule standpoint, we will see some benefits. There may be some inefficiencies that we need to deal with. But those inefficiencies will be less than what we're absorbing today with excess capacity and excess resources. So that's really what the team is very much focused on.

第二個是我們正在根據目前的營運基準採取多項成本行動。因此，如果我們確實從電氣化的角度或時間表的角度看到了好處，我們就會看到一些好處。我們可能需要處理一些效率低的問題。但這些低效率的情況將比我們今天吸收的產能過剩和資源過剩的情況要少。所以這確實是團隊非常關注的事情。

Again, we feel very good about how the business is operating. We feel very good about the robustness of the business model. We feel very concerned about just the volatility that sits in the environment today and the need to react to it. And as a result, we're nearing our focus to those simple things. So listen, we appreciate your time today for taking the time to listen to our call. We appreciate you as investors. And if you have any further questions, please let us know, we'll follow up with you.

再次，我們對業務的運作方式感到非常滿意。我們對商業模式的穩健性感到非常滿意。我們非常擔心當今環境的波動性以及對此做出反應的必要性。因此，我們即將把注意力集中在那些簡單的事情上。因此，請聽著，我們感謝您今天抽出時間來聆聽我們的電話。我們感謝您作為投資者。如果您還有任何其他問題，請告訴我們，我們將與您聯繫。

And ladies and gentlemen, this concludes today's call. Thank you for your participation. You may now disconnect, and have a great day.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。現在您可以斷開連接，祝您有美好的一天。