Aptiv PLC (APTV) 2025 Q1 法說會逐字稿

Good day and welcome to the Aptiv Q1 2025 earnings call.

大家好，歡迎參加 Aptiv 2025 年第一季財報電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

At this time, I would like to turn the conference over to Betsy Frank, Vice President, Investor relations.

現在，我想將會議交給投資人關係副總裁 Betsy Frank。

Please go ahead.

請繼續。

Thank you, Jess.

謝謝你，傑西。

Good morning and thank you for joining Aptiv's first-quarter 2025 earnings conference call.

早安，感謝您參加 Aptiv 2025 年第一季財報電話會議。

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 we'll address the continuing operations of Aptiv. The reconciliations between GAAP and non-GAAP measures for our first quarter results, as well as our financial 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.

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。今天的財務審查不包括攤銷、重組和其他特殊項目，我們將討論 Aptiv 的持續經營。我們第一季業績的 GAAP 和非 GAAP 指標之間的對帳以及我們的財務展望均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 Aptiv 對未來財務業績的當前看法，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 Chair and CEO; and Varun Laroyia, EVP and CFO. Kevin will provide a strategic update on the business, and Varun will cover the financial results in more detail before we open the call to Q&A.

今天與我們一起出席的還有 Aptiv 董事長兼執行長 Kevin Clark；瓦倫·拉羅亞 (Varun Laroyia)，執行副總裁兼財務長。在我們開始問答環節之前，Kevin 將提供業務的策略更新，而 Varun 將更詳細地介紹財務結果。

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

說完這些，我想把電話轉給凱文。

Thank you, Betsy, and thanks, everyone for joining us this morning.

謝謝你，貝琪，也謝謝大家今天早上加入我們。

Let's begin on slide 3.

我們從投影片 3 開始。

Aptiv started the year strong with first quarter results exceeding our guidance range due to higher than expected vehicle production volumes, principally in China, and solid growth in non-automotive end markets, as well as strong operating performance, demonstrating our ability to adapt to a dynamic market environment while continuing to execute on our strategy, including the separation of our EDS business, which remains on track.

Aptiv 今年開局強勁，第一季業績超出我們的預期範圍，這得益於汽車產量高於預期（主要在中國）、非汽車終端市場穩健增長以及強勁的運營業績，證明了我們有能力適應動態的市場環境，同時繼續執行我們的戰略，包括分離我們的 EDS 業務，該業務仍在按計劃進行。

Touching on a few of the first quarter highlights. Revenue totaled $4.8 billion, down 1%, a result of lower vehicle production in North America and Europe, and negative customer mix. Operating income reached a first quarter record of $572 million, an increase of over 5%, reflecting strong operating execution and the benefit of ongoing cost reduction initiatives, which along with share count reductions drove earnings per share to a first quarter record of $1.69.

談談第一季的一些亮點。總收入為 48 億美元，下降 1%，原因是北美和歐洲的汽車產量下降，以及客戶結構不佳。營業收入達到第一季創紀錄的 5.72 億美元，成長超過 5%，反映了強勁的營運執行力和持續的成本削減舉措帶來的好處，再加上股份數量的減少，推動每股收益達到第一季創紀錄的 1.69 美元。

And, lastly, operating cash flow totaled $273 million, positioning us to accelerate our original deleveraging plan. We completed our $3 billion accelerated share repurchase program on April 1 which reduced our share count by 18%, bringing the percentage of shares retired over the last 12 months to 20%.

最後，經營現金流總計 2.73 億美元，使我們能夠加速實施原先的去槓桿計畫。我們於 4 月 1 日完成了 30 億美元的加速股票回購計劃，這使我們的股票數量減少了 18%，使過去 12 個月內回購股票的比例達到 20%。

In summary, our team continues to do an excellent job executing on what we can control while also addressing the evolving needs of our customers and increasing the robustness of our business model.

總而言之，我們的團隊繼續出色地執行我們能夠控制的工作，同時滿足客戶不斷變化的需求並提高我們業務模式的穩健性。

Turning to slide 4. We're confident that the long-term growth drivers of our business remain fully intact. The future is electrified, software defined, and connected. And Aptiv is well-positioned to enable this transition across multiple end markets.

翻到幻燈片 4。我們相信，我們業務的長期成長動力依然完好無損。未來是電氣化的、軟體定義的、互聯的。Aptiv 已做好準備，在多個終端市場實現此轉變。

However, we're currently in a period of uncertainty due to rapid changes in global trade policies and their impact on demand in the markets we serve, particularly in the automotive market. We've not experienced major changes to underlying demand in our business to date.

然而，由於全球貿易政策的快速變化及其對我們所服務市場（尤其是汽車市場）的需求的影響，我們目前正處於不確定時期。到目前為止，我們業務的潛在需求尚未發生重大變化。

We delivered strong first quarter results, and our second quarter is tracking well, with limited changes to OEM production schedules. However, it's difficult to determine how the changing market dynamics will impact the second half of the year.

我們第一季的業績表現強勁，第二季的進展也十分順利，OEM 生產計畫的變化有限。然而，很難確定不斷變化的市場動態將如何影響下半年。

Given the situation, while we remain confident in our initial full year outlook that excluded the impact of tariffs, we'll continue to closely monitor any demand changes in the markets we serve, and we'll provide an update to our full year outlook when visibility improves, hopefully later this quarter.

鑑於這種情況，雖然我們對排除關稅影響的初步全年展望仍然充滿信心，但我們將繼續密切關注我們所服務市場的需求變化，並在可見性改善時（希望是在本季度晚些時候）對全年展望進行更新。

In the meantime, we're proactively adapting our business to the evolving landscape of trade policies, customer mix, and EV adoption. Our resilient business model enables us to remain agile and responsive, leveraging our in-region, for-region, commercial and supply chain strategy, flexible cost structure, and comprehensive portfolio of advanced technology solutions to adapt to the dynamic environment while also addressing the needs of our customers.

同時，我們正在積極調整我們的業務以適應不斷變化的貿易政策、客戶結構和電動車採用。我們具有彈性的業務模式使我們能夠保持敏捷和響應能力，利用我們的區域內、區域內商業和供應鏈策略、靈活的成本結構以及全面的先進技術解決方案組合來適應動態環境，同時滿足客戶的需求。

Turning to slide 5 to provide you with additional detail on our exposure to the recent tariff announcements and the actions we're taking to mitigate any impacts on our business. We prioritize being close to our customers.

翻到幻燈片 5，向您提供有關我們對最近的關稅公告的影響的更多詳細信息，以及我們為減輕對我們業務的影響而採取的行動。我們優先考慮貼近客戶。

And over the last several years, we've worked to establish a localized supply chain and cost effective manufacturing footprint. As a result, our cross-regional trade exposures between the US and China and the US and Europe, for example, are minimal with activities ongoing to further reduce any exposures.

在過去的幾年裡，我們一直致力於建立在地化的供應鏈和具有成本效益的製造足跡。因此，我們在美國和中國以及美國和歐洲之間的跨區域貿易風險敞口很小，並且我們正在採取行動進一步降低任何風險敞口。

As we've discussed, our principal trade exposure is within North America, with more than 95% of our US trade flows actually between the US and Mexico. We import just under $5 billion of product annually from Mexico, of which over 99% is USMCA compliant.

正如我們所討論的，我們的主要貿易活動在北美，其中 95% 以上的美國貿易流量實際上是在美國和墨西哥之間。我們每年從墨西哥進口近 50 億美元的產品，其中 99% 以上符合 USMCA 規定。

We're working to mitigate the tariff impact by further optimizing our supply chain and identifying additional localization opportunities, shifting our manufacturing footprint, including the possibility of relocating certain high-value production to the US, strategically building inventory of select products to ensure flawless execution on current programs and new launches while also preserving balance sheet flexibility.

我們正在努力透過進一步優化我們的供應鏈和尋找更多的在地化機會來減輕關稅的影響，轉移我們的製造足跡，包括將某些高價值生產轉移到美國的可能性，策略性地建立精選產品的庫存，以確保完美執行當前計劃和新產品的發布，同時保持資產負債表的靈活性。

And any remaining tariff amount that cannot be mitigated will continue to be passed on to our customers. Our team is doing a great job navigating the dynamic environment while continuing to serve our customers, maximize our operating performance, and deliver value to our shareholders.

任何無法減輕的剩餘關稅金額將繼續轉嫁給我們的客戶。我們的團隊在應對動態環境方面做得非常出色，同時繼續服務我們的客戶、最大限度地提高我們的經營業績並為我們的股東創造價值。

Moving to slide 6 to review our new business awards. Bookings for the first quarter were nearly $5 billion. Advanced safety and user experience bookings totaled $1.3 billion driven by active safety bookings of $800 million.

前往投影片 6 回顧我們的新業務獎項。第一季的訂單金額接近50億美元。先進安全和用戶體驗的預訂總額達到 13 億美元，其中主動安全預訂額達 8 億美元。

Bookings in the engineer components group reached $2.1 billion, ranging across the segment's full product portfolio and multiple end markets, and electrical distribution systems bookings totaled $1.5 billion including $1 billion in electrified vehicle platforms.

工程零件集團的訂單金額達 21 億美元，涵蓋該部門的全部產品組合和多個終端市場，配電系統訂單總額達 15 億美元，其中包括 10 億美元的電動車平台訂單。

We also continue our strong bookings traction in China, reaching over $1.4 billion, with over $1.2 billion of new business awards across each of our segments with local Chinese OEMs. While demand for our portfolio solution remains strong, the uncertainty related to trade policy and regulatory changes have led to delays in customer program awards, causing shifting timelines across our business.

我們也繼續在中國保持強勁的訂單成長勢頭，訂單額超過 14 億美元，其中我們與中國本土 OEM 在每個細分市場都簽訂了超過 12 億美元的新業務合約。儘管對我們的投資組合解決方案的需求仍然強勁，但與貿易政策和監管變化相關的不確定性導致客戶計劃授予延遲，從而導致我們整個業務的時間表發生變化。

Despite these dynamics, we continue to collaborate with our customers on delivering high performance, cost-effective solutions and remain confident in reaching our target of over $31 billion in new business awards this year.

儘管有這些動態，我們仍將繼續與客戶合作，提供高效能、高性價比的解決方案，並有信心在今年實現超過 310 億美元的新業務獎勵目標。

Turning to slide 7 to review the first quarter highlights for our advanced safety and user experience segment, revenues were flat driven by high single digit growth from customers in North America, and over 20% growth from non-automotive customers.

翻到幻燈片 7，回顧我們先進安全和用戶體驗部門第一季的亮點，收入持平，這得益於北美客戶的高個位數增長以及非汽車客戶超過 20% 的增長。

Active safety revenues increased 9%, and revenues for smart vehicle compute and software grew double digits, driven by strong growth in Wind River revenues. We're proud to announce that during the quarter, Aptiv won the Automotive News PACE Pilot Innovation award for our radar-based AIML and ML behavior planner.

主動安全收入成長了 9%，智慧汽車運算和軟體收入成長了兩位數，這得益於 Wind River 收入的強勁成長。我們很自豪地宣布，在本季度，Aptiv 憑藉基於雷達的 AIML 和 ML 行為規劃器贏得了《汽車新聞 PACE 試點創新獎》。

These integrated solutions offer significant advancements over conventional software for vehicle safety, including 99% better classification rate in all-weather conditions and 80% better object size estimation. In addition, Wind River was ranked number one in edge operating systems by VDC Research, retaining its long-standing position as a global market leader in real-time operating systems and Embedded Linux.

這些整合解決方案比傳統的車輛安全軟體有了顯著的進步，包括全天候條件下分類率提高 99% 和物體尺寸估計提高 80%。此外，風河在VDC Research的邊緣作業系統排名中位居第一，並繼續保持其在即時作業系統和嵌入式Linux領域的全球市場領先地位。

And last week, we showcased a broad range of fully localized solutions for the China market at the Shanghai Auto Show, which garnered tremendous interest from local Chinese OEMs and has expanded our pipeline of new business opportunities in the region.

上週，我們在上海車展上展示了一系列針對中國市場的完全本地化解決方案，引起了中國本土汽車製造商的極大興趣，並擴大了我們在該地區的新商機。

Further underscoring the strength of our portfolio, bookings during the quarter included multiple awards with leading local Chinese OEMs in active safety and smart vehicle compute where our unique ability to leverage the local ecosystem has enabled us to provide solutions that meet our customers' needs at a competitive cost, an in-cabin sensing solution for a leading global OEM and Wind River software platform awards from several customers in the A&D and industrial markets.

進一步凸顯了我們產品組合的實力，本季度的訂單包括與中國本地領先 OEM 在主動安全和智慧汽車運算方面獲得的多個獎項，我們利用本地生態系統的獨特能力使我們能夠以具有競爭力的成本提供滿足客戶需求的解決方案，為全球領先的 OEM 提供的座艙內感測解決方案以及來自 A&D 和工業市場的多家客戶獎的 River Wind 軟體解決方案以及來自 A&D 和工業市場的多家客戶獎平台。

These commercial awards validate Aptiv's industry-leading technologies, as well as the value that our innovation provides to our customers.

這些商業獎項證明了 Aptiv 的行業領先技術以及我們的創新為客戶帶來的價值。

Turning to slide 8 for an update on our engineered components group during the first quarter. Revenues increased 1%, reflecting strong growth of Chinese local OEMs and mid single digit growth in traditional interconnect and specialty product revenues for the non-auto markets.

請翻到投影片 8，了解第一季我們工程零件組的最新情況。營收成長 1%，反映了中國本土原始設備製造商的強勁成長以及非汽車市場傳統互連和特種產品收入的中等個位數成長。

ECG's ability to further penetrate new customers and markets is supported by continuous product innovation, including highly engineered solutions focused on increasing performance while reducing weight and cost, as reflected in the recently launched mini-coax, a smaller, lighter, and more flexible version of the traditional coaxial cable connectors widely used in a variety of high-speed data applications.

ECG 進一步滲透新客戶和新市場的能力得益於持續的產品創新，包括專注於提高性能同時降低重量和成本的高度工程化解決方案，正如最近推出的微型同軸電纜所體現的那樣，微型同軸電纜是傳統同軸電纜連接器的更小、更輕、更靈活的版本，廣泛用於各種高速數據應用。

As I mentioned, ECG booked approximately $2.1 billion in new business across product lines in end markets, including a high-speed cable assembly award for ethernet applications from a global OEM, which enables seamless data transmission for connected vehicles, an electrical center award with a luxury European OEM that will help accelerate its transition to a next gen 48 volt architecture across multiple vehicle lines.

正如我所提到的，ECG 在終端市場的產品線上獲得了約 21 億美元的新業務，其中包括來自一家全球 OEM 的以太網應用高速電纜組件合同，這可實現聯網汽車的無縫數據傳輸，以及來自一家歐洲豪華 OEM 的電氣中心合同，這將有助於加速其在多條汽車生產線上向下一代 48 伏架構的過渡。

And multiple awards in the semi-fab equipment, mass transit, medical, and general industrial markets.

並在半晶圓廠設備、公共交通、醫療和一般工業市場獲得多個獎項。

Turning to slide 9 to review electrical distribution systems first quarter highlights. Revenues declined 3%, principally the result of lower light vehicle production. We executed on our footprint strategy during the quarter, completing the closure of two additional manufacturing sites in China.

翻到投影片 9 回顧配電系統第一季的亮點。收入下降 3%，主要原因是輕型汽車產量下降。我們在本季執行了我們的足跡策略，完成了在中國另外兩個製造工廠的關閉。

We also continue to leverage our proprietary internally developed engineering software toolchain, [iHarness]. We engage with several customers on advanced development programs targeting vehicle architecture design optimization and manufacturing automation.

我們也將繼續利用我們專有的內部開發的工程軟體工具鏈，[iHarness]。我們與多家客戶合作進行針對車輛架構設計最佳化和製造自動化的先進開發專案。

In addition, we demonstrated strong commercial momentum as reflected in our bookings, which included over $1 billion of new business awards with leading Asia Pacific OEMs, including bookings with Xiaomi and JC Motors in China and our first grid energy storage award in North America.

此外，我們展現出強勁的商業勢頭，這反映在我們的訂單上，其中包括與亞太地區領先的原始設備製造商簽訂的超過 10 億美元的新業務合同，包括與中國小米和 JC Motors 簽訂的訂單以及我們在北美簽訂的首個電網儲能合約。

Lastly, we've made progress executing our plan to position EDS as a standalone company. As I mentioned, we remain on track for completion of the separation by the end of the first quarter next year.

最後，我們在執行將 EDS 定位為獨立公司的計劃方面取得了進展。正如我所提到的，我們仍有望在明年第一季末完成分離。

Moving to slide 10. Before I hand the call over to Varun, I'd like to highlight a recently announced strategic partnership with ServiceNow, which demonstrates our progress commercializing our edge to cloud offerings in the enterprise space.

移至投影片 10。在我將電話交給 Varun 之前，我想強調最近宣布的與 ServiceNow 的策略合作夥伴關係，這表明我們在企業領域將邊緣到雲端產品商業化方面取得了進展。

The integration of ServiceNow's AI-powered platform and CRM workflows with Wind River's cloud platform, which is a cloud-native on-premises private cloud solution, and eLxr Pro, Wind River's enterprise Linux offering for AI and mission-critical workloads, will drive intelligent automation and operational resilience across industries.

ServiceNow 的 AI 驅動平台和 CRM 工作流程與 Wind River 的雲端平台（一種雲端原生的內部部署私有雲解決方案）以及 eLxr Pro（Wind River 為 AI 和關鍵任務工作負載提供的企業 Linux 產品）的集成，將推動整個產業的智慧自動化和營運彈性。

The strategic partnership includes a joint go-to-market plan across our sales teams, targeting the telco, automotive, enterprise, and industrial sectors. We also announced yesterday an expanded partnership with Capgemini to deliver next-generation private cloud solutions for the enterprise sector.

此策略合作夥伴關係包括我們銷售團隊的聯合市場進入計劃，目標是電信、汽車、企業和工業領域。我們昨天也宣布擴大與凱捷的合作關係，為企業部門提供下一代私有雲解決方案。

Our joint solution combines Wind River's cloud platform and eLxr Pro with Capgemini Systems integration, transformation, and application modernization capabilities. These partnership will not only expand our global reach and extend our footprint in the enterprise space, but also drive faster adoption and deployment of our technology across industries where security, performance, and reliability are critical.

我們的聯合解決方案將 Wind River 的雲端平台和 eLxr Pro 與 Capgemini Systems 的整合、轉換和應用程式現代化功能相結合。這些合作不僅將擴大我們的全球影響力和在企業領域的影響力，而且還將推動我們的技術在安全性、性能和可靠性至關重要的行業中更快地採用和部署。

I'll now turn the call over to Varun to go through the numbers in more detail.

我現在將把電話轉給 Varun，讓他更詳細地介紹這些數字。

Thanks, Kevin, and good morning, everyone.

謝謝，凱文，大家早安。

Starting with the first quarter on slide 11. Aptiv delivered strong financial results in the quarter, reflecting robust execution across all three segments with continued progress on cost savings and marginal improvement actions and cash flow generation in a backdrop of a dynamic market environment.

從幻燈片 11 上的第一季開始。Aptiv 本季取得了強勁的財務業績，反映了三個部門的強勁執行力，在動態市場環境下，成本節約、邊際改進行動和現金流創造方面繼續取得進展。

Revenues were $4.8 billion, down 1% versus the prior year. And growth was impacted by lower vehicle production in North America and Europe, as well as customer mix in China, in particular for our EDS business.

營收為 48 億美元，較上年下降 1%。北美和歐洲汽車產量下降以及中國客戶結構的變化也影響了成長，尤其是我們的 EDS 業務。

Adjusted EBITDA and operating income was $758 million and $572 million respectively. Operating income margin expanded 80 basis points versus prior year, primarily driven by strong execution of our operating performance initiatives, including the continued rotation of our engineering and manufacturing footprints to best cost locations.

調整後的 EBITDA 和營業收入分別為 7.58 億美元和 5.72 億美元。營業利潤率較上年擴大了 80 個基點，這主要得益於我們強勁執行的營運績效計劃，包括繼續將我們的工程和製造足跡轉移到最佳成本地點。

These actions more than offset the impact of FX and commodities, which was a 50 basis point headwind on margin. Earnings per share was $1.69, an increase of 46% from the prior year, reflecting the flow through of higher operating income, as well as the benefits of share repurchases net of higher interest expense and the restructuring of the Motional joint venture.

這些措施足以抵銷外匯和大宗商品對保證金造成 50 個基點的不利影響。每股收益為 1.69 美元，比上年增長 46%，反映了更高的營業收入流入，以及扣除更高利息支出和 Motional 合資企業重組後的股票回購收益。

Operating cash flow was strong, totaling $273 million and capital expenditures were $197 million in the quarter.

本季經營現金流強勁，總計 2.73 億美元，資本支出為 1.97 億美元。

Looking at first quarter revenues on slide 12. Revenue of $4.8 billion was driven by lower vehicle production levels, partially offset by growth from new program launches, and strong growth in adjacent markets, which were up mid single digits.

查看投影片 12 上的第一季收入。48 億美元的營收主要受汽車產量下降的影響，但新項目推出帶來的成長以及鄰近市場的強勁成長（增幅達到中個位數）部分抵消了這一成長。

Net price and commodities were a positive to the top line, while foreign exchange was a headwind of $64 million, primarily related to the euro, China renminbi, and the Korean won. Moving to the right panel of the slide, despite a weaker production environment in North America, revenues were only down 2%, supported by strong growth in active safety.

淨價格和商品對營業收入有正面影響，而外匯則帶來 6,400 萬美元的不利影響，主要與歐元、人民幣和韓元有關。移至幻燈片的右側面板，儘管北美的生產環境較弱，但由於主動安全性的強勁增長，收入僅下降了 2%。

In Europe, revenues were down 4% year over year, driven by volumes on select EV platforms. And in China, revenues grew 2% year over year driven by growth with several local OEMs partially offsetting significant production volume declines with a specific EV customer.

在歐洲，由於部分電動車平台銷量下降，營收年減 4%。在中國，營收年增 2%，這得益於幾家本地原始設備製造商的成長，這部分抵消了特定電動車客戶的產量大幅下降。

Moving to the ASUX segment on the next slide. Revenue was flat in the quarter. Active safety was up 9%, benefiting from new program launches and ongoing proliferation across platforms, as well as continued strong take rates in North America and Europe.

移至下一張投影片上的 ASUX 部分。本季營收持平。主動安全性上升了 9%，得益於新項目的推出和跨平台的持續擴散，以及北美和歐洲持續強勁的採用率。

User experience was down 14%, primarily driven by the roll off of legacy programs that we have previously highlighted and were in line with expectations. We expect this trend to continue through the back end of the year before new launches related to software-defined in-cabin sensing and integrated cockpit controllers begin to ramp.

使用者體驗下降了 14%，主要是因為我們之前強調過的、符合預期的遺留程序的推出。我們預計這一趨勢將持續到今年年底，之後與軟體定義的座艙感測和整合駕駛艙控制器相關的新產品將開始大量推出。

SV compute and software revenue grew 12% due to strong commercial traction of Wind River solutions, particularly in the aerospace and defense and industrial markets. Segment adjusted operating income was $155 million with a record first quarter margin of 10.9%, up 10 basis points over the prior year going to ongoing performance initiatives and strong flow through on Wind River volume growth.

由於 Wind River 解決方案強大的商業吸引力，尤其是在航空航太、國防和工業市場，SV 運算和軟體收入成長了 12%。分部調整後的營業收入為 1.55 億美元，第一季利潤率創歷史新高，達到 10.9%，比上年同期增長 10 個基點，這得益於持續的績效計劃以及 Wind River 銷量增長帶來的強勁增長。

And the continued rotation of our engineering footprint to best cost locations. These actions offset an 80 basis point margin headwind going to FX and commodities in the quarter.

而我們的工程足跡不斷轉向最具成本優勢的地點。這些舉措抵銷了本季外匯和大宗商品 80 個基點的利潤率逆風。

Turning to the ECG segment on slide 14. Revenue in the first quarter was approximately $1.6 billion, an increase of 1%, driven by China revenues up 24% as a result of significant traction with local OEMs, which more than offset vehicle production in both North America and Europe.

前往投影片 14 上的 ECG 部分。第一季營收約 16 億美元，成長 1%，其中中國市場收入成長 24%，這得益於當地原始設備製造商的大力推動，超過了北美和歐洲汽車產量的成長。

Segment adjusted operating income was $274 million or 17.3%, up 140 basis points over prior year due to operating performance initiatives across manufacturing and supply chain, including strategic sourcing, which more than offset a 90 basis point headwind from FX and commodities.

分部調整後營業收入為 2.74 億美元，增幅為 17.3%，較上年增長 140 個基點，這得益於製造和供應鏈（包括戰略採購）的運營績效舉措，這些舉措抵消了外匯和大宗商品帶來的 90 個基點的不利影響。

Turning to the EDS segment on slide 15. Revenue in the first quarter was approximately $2 billion, a decrease of 3%, driven by strong growth in commercial vehicles of 14%, offset by lower production schedules of select customers primarily in North America and Europe.

轉到投影片 15 上的 EDS 部分。第一季營收約 20 億美元，下降 3%，主要由於商用車強勁成長 14%，但主要由於北美和歐洲部分客戶的生產計畫減少。

China revenues were down 3%, representing single digit growth with local China OEMs and multinational joint ventures, offset by a global ED manufacturer that experienced significant volume reductions in the quarter.

中國區收入下降 3%，其中中國本土 OEM 和跨國合資企業的收入均呈個位數增長，但被本季度全球 ED 製造商銷量大幅下降所抵消。

Segment adjusted operating income was $143 million or 7.1%, up 60 basis points over prior year, with strong execution on footprint optimization to enhance manufacturing efficiency and to align to customer production levels, including site closures in China and ongoing footprint rotation from Eastern Europe to Northern Africa.

分部調整後營業收入為 1.43 億美元，即 7.1%，比上年增長 60 個基點，主要得益於公司大力實施佈局優化以提高製造效率並與客戶生產水平保持一致，包括關閉中國工廠以及持續從東歐向北非轉移佈局。

And significant improvement in labor productivity, particularly in North America and Europe. Foreign exchange was a slight positive, primarily due to the Mexican peso.

勞動生產力顯著提高，特別是北美和歐洲。外匯表現略有積極，主要由於墨西哥比索。

Turning to slide 16. Building on a strong operating performance in the first quarter and visibility to customer schedules through April, we are comfortable providing guidance for the current quarter and expect second quarter revenue to be in the range of $4.92 billion to $5.12 billion, down 1% year over year at the midpoint.

翻到第 16 張投影片。基於第一季強勁的營運業績和截至四月份的客戶計畫的可預見性，我們可以為本季提供指導，並預計第二季營收將在 49.2 億美元至 51.2 億美元之間，中位數年減 1%。

Operating income and adjusted EPS are expected to be $575 million and $1.80, at the midpoint of the range respectively. As Kevin mentioned, given the strength of our first quarter performance and second quarter outlook I just provided, we are confident that excluding the impact of tariffs, we would be above the midpoint of our previously issued full year guidance range.

預計營業收入和調整後每股收益分別為 5.75 億美元和 1.80 美元，處於區間中間值。正如凱文所提到的，鑑於我們第一季的強勁表現以及我剛才提供的第二季度展望，我們有信心，排除關稅的影響，我們的業績將高於我們之前發布的全年指引範圍的中點。

However, we acknowledge the uncertainty related to global tariff policies and intend to update our full year guidance as we get further visibility. For further context, I'd like to provide a framework. The midpoint of our full year guidance range we provided in February excluded any tariff-related impact and reflected active weighted global vehicle production down approximately 3% for the year while the lower end of our range reflected production down approximately 5%, which based on our first quarter results and second quarter outlook, would imply second half volumes down 7% year over year.

然而，我們承認全球關稅政策存在不確定性，並打算在獲得進一步的了解後更新我們的全年指導。為了進一步說明背景，我想提供一個框架。我們在二月提供的全年預期範圍的中點排除了任何關稅相關影響，反映出全年全球主動加權汽車產量下降約 3%，而預期範圍的下限反映出產量下降約 5%，根據我們第一季的業績和第二季度的展望，這意味著下半年產量將同比下降 7%。

We hope you find this information useful. With our robust business model and relentless focus on optimizing performance, we remain confident in our ability to deliver best in class performance regardless of the environment.

我們希望這些資訊對您有用。憑藉我們強大的業務模式和對優化性能的不懈關注，我們始終有信心無論在何種環境下都能提供一流的性能。

Before handing the call back to Kevin, I wanted to highlight a strong cash flow generation and strength of our balance sheet on slide 17. Our focus on operational improvement and disciplined approach to working capital management resulted in a record first quarter operating cash flow of $273 million and strong ending cash balance of $1.1 billion for the quarter, despite paying down approximately $530 million of debt, including the outstanding balance on our term loan A.

在將電話交還給凱文之前，我想在第 17 張投影片上強調我們強勁的現金流產生和資產負債表的實力。我們專注於營運改善和嚴格的營運資本管理方法，儘管償還了約 5.3 億美元的債務（包括定期貸款 A 的未償餘額），但第一季的營運現金流仍創下 2.73 億美元的新高，本季期末現金餘額仍高達 11 億美元。

We further accelerated our debt payout schedule and in April retired the remaining balance of approximately $175 million of our pan-European factoring facility. In total, since the start of the year, we have paid down approximately $700 million of debt, putting us almost three quarters ahead of our original deleveraging plans.

我們進一步加快了債務償還計劃，並在 4 月份償還了泛歐保理融資餘額約 1.75 億美元。總體而言，自今年年初以來，我們已經償還了約 7 億美元的債務，這比我們最初的去槓桿計劃提前了近四分之三。

With liquidity of over $3.4 billion and net leverage at 2.2 times, our strong balance sheet provides us with the flexibility to continue to execute on our strategic initiatives while selectively pursuing growth opportunities.

憑藉超過 34 億美元的流動性和 2.2 倍的淨槓桿率，我們強勁的資產負債表為我們提供了靈活性，可以繼續執行我們的戰略計劃，同時有選擇地尋求成長機會。

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

說完這些，我會把電話轉回給凱文，請他作最後發言。

Thanks, Varun.

謝謝，瓦倫。

I'll wrap up on slide 18 before opening the line for questions.

在開始回答問題之前，我將結束第 18 張投影片的講解。

We exceeded expectations in the first quarter, driving strong operating execution despite a dynamic market with record first quarter earnings and cash flow, and we're well-positioned to continue our strong operating performance through the balance of the year.

我們在第一季的表現超出了預期，儘管市場充滿活力，但我們仍保持強勁的營運執行力，第一季度的收益和現金流創下了歷史新高，並且我們有能力在今年餘下時間裡繼續保持強勁的營運表現。

As Varun and I have reviewed, we're confident in our second quarter guidance, as well as our initial full year outlook, which excluded the impact of tariffs. And we'll update our full year outlook once we have greater visibility to customer demand for the second half of the year.

正如瓦倫和我所回顧的那樣，我們對第二季度的業績指引以及排除關稅影響的全年初步展望充滿信心。一旦我們對下半年的客戶需求有了更深入的了解，我們就會更新全年展望。

In the meantime, we hope that the added visibility we've provided to our tariff exposure and the actions we're taking to mitigate the impact, as well as the framework we've provided to consider different vehicle production scenarios and the corresponding impact on earnings and cash flows, has been helpful.

同時，我們希望，我們對關稅風險的更多了解、我們為減輕影響而採取的行動，以及我們提供的考慮不同汽車生產情景及其對收益和現金流的相應影響的框架，能夠有所幫助。

With our resilient business model and the proactive cost structure actions and supply chain measures we're taking to position the company for continued success, we're confident in our ability to deliver operational efficiencies while executing our long-term strategy.

憑藉我們富有彈性的商業模式以及為使公司持續取得成功而採取的積極主動的成本結構行動和供應鏈措施，我們有信心在執行長期策略的同時實現營運效率。

With our solid business foundation, we believe that Aptiv's approach to innovation will drive continued penetration of our electrified, software defined, and connected solutions across industries, further accelerated by the separation of EDF, which will create two independent public companies, each with its own unique product portfolio and financial profile, with greater flexibility to pursue their own market opportunities and capital allocation strategies.

憑藉我們堅實的業務基礎，我們相信 Aptiv 的創新方法將推動我們的電氣化、軟體定義和連接解決方案在各個行業的持續滲透，而 EDF 的分離將進一步加速這一進程，EDF 將創建兩家獨立的上市公司，每家公司都有自己獨特的產品組合和財務狀況，可以更靈活地尋求自己的市場機會和資本配置。

And Aptiv is positioned to address customers' needs while accelerating value creation for shareholders.

Aptiv 致力於滿足客戶需求，同時加速為股東創造價值。

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

接線員，現在讓我們開始回答問題。

(Operator Instructions)

（操作員指示）

Joe Spak, UBS.

瑞銀的喬·斯帕克（Joe Spak）。

Kevin, just want to sort of go over the outlook and the messaging and make sure I understand. So is it fair to assume that for the second quarter, everything is based on what you're seeing now including any tariff impact and mitigation?

凱文，我只是想大致介紹一下觀點和訊息，確保我理解。那麼，是否可以公平地假設，對於第二季度，一切都基於您現在看到的情況，包括任何關稅影響和緩解措施？

And in the second half, taking a little bit of a wait and see approach, but it's really the volume part you don't have visibility on, not the tariff impact? And if that's the case, I guess what markers are you really looking for to give you some more confidence to provide an update for that back half?

而在下半年，我們會採取一些觀望態度，但實際上您無法預見的是產量部分，而不是關稅的影響？如果是這樣的話，我想您真正尋找的標記是什麼，以便讓您更有信心為後半部分提供更新？

Is it what your customers do with the pricing? Is it some economic markers? Just want to understand how you're thinking about it.

您的客戶是如何定價的？是一些經濟指標嗎？只是想了解您對此的看法。

No. And Joe, I think you did a pretty good job kind of encapsulating our view on things.

不。喬，我認為你很好地概括了我們對事物的看法。

We have -- the business is operating extremely well. We're executing well. And that's reflected in our first quarter results. And we have visibility obviously to April production, May production schedules and through June.

我們的業務運作得非常好。我們執行得很好。這反映在我們的第一季業績。我們顯然可以了解四月的生產情況、五月的生產計劃以及六月的生產計劃。

And we feel fairly confident in those. We clearly have our arms around tariffs and tariff impact. As we try to highlight in our comments, for us, they're very manageable given the guidance that's been given from the administration with respect to their plan as it relates to USMCA and where we actually have tariff exposure.

我們對此非常有信心。我們顯然已經掌握了關稅及其影響。正如我們在評論中試圖強調的那樣，對於我們來說，考慮到政府就與 USMCA 相關的計劃以及我們實際面臨的關稅風險給出的指導，這些措施非常易於管理。

So there are things that we're doing working with our customers in terms of obviously minimizing those tariffs, and to the extent, we're unable to, we will continue to pass those costs on to our customers and they'll pass those costs on as price increases to their end customers.

因此，我們正在與客戶合作，盡量減少這些關稅，如果我們無法做到這一點，我們將繼續把這些成本轉嫁給客戶，而客戶則會以價格上漲的形式將這些成本轉嫁給他們的最終客戶。

As it relates to the back half of the year, we're really -- want to give it some time to see how longer term schedules play out. So the question for us is really vehicle production which hinges on consumer demand, what the pricing strategies will be for our OEM customers.

就今年下半年而言，我們真的想花一些時間來觀察長期計畫的進展。因此，我們面臨的問題實際上是汽車生產取決於消費者需求，而針對我們的 OEM 客戶的定價策略是什麼。

And again, how that translates to schedules and what that means for us from a vehicle production standpoint. As it relates to direct tariff impact, the reality is our absolute exposure is actually pretty small. It's something we can manage through.

再次，從汽車生產的角度來看，這對我們意味著什麼。就直接關稅影響而言，事實上我們的絕對風險敞口實際上非常小。這是我們可以解決的事情。

And to the extent we can't. We've been working with our customers to push that through to them.

而就我們無法做到的程度而言。我們一直在與客戶合作，向他們推廣這項理念。

Maybe just one more big picture question on sort of some of the more recent developments. I think in your prepared remarks, you mentioned the possibility to look to move high value production back to the US. I understand this is probably like very early stage.

也許這只是關於一些最新事態發展的另一個宏觀問題。我認為您在準備好的演講中提到了將高價值生產轉移回美國的可能性。我知道這可能還處於非常早期的階段。

But in the context of thinking about the different parts of your business, I don't think that means the harness business, maybe you can just provide some indication of sort of what type of manufacturing you think could move back.

但在考慮您業務的不同部分時，我認為這並不意味著線束業務，也許您可以提供一些跡象，表明您認為哪種類型的製造業可以回歸。

And if there's any rule of thumb to sort of think about some of the capital cost to relocate a facility.

如果有任何經驗法則可以考慮搬遷設施的一些資本成本。

Sure. Yeah, it is early days. It definitely does not include the wire harness business. That's not a business that would fit or make sense to do production in the United States. So it -- may be certain parts of our portfolio within ASUX or ECG business where we can highly automate the manufacturing process and working with our OEM customers, we can increase US manufacturing, do it in a cost effective way.

當然。是的，現在還為時過早。這肯定不包括線束業務。這種業務不適合在美國生產，或者說在美國生產也沒有意義。因此，可能是我們在 ASUX 或 ECG 業務中的某些產品組合，我們可以高度自動化製造流程，並與我們的 OEM 客戶合作，以經濟高效的方式增加美國製造業。

We do have a open today in the US. I would presume early days, we would leverage that existing manufacturing footprint for at least early steps or the initial steps in terms of increasing manufacturing. But we haven't finalized or gotten to a point where I could provide you with capital investment or overall impact or percentage of our manufacturing that we would move here.

我們今天在美國有開放。我認為，在早期階段，我們會利用現有的製造足跡，至少在早期階段或初始階段增加製造能力。但我們還沒有最終確定或達到可以向您提供資本投資或整體影響或我們將轉移到這裡的製造業百分比的程度。

Dan Levy, Barclays.

巴克萊銀行的丹·利維。

Kevin, I'm wondering if you could first just talk to perhaps real time, what are you seeing on advanced content, bidding launches. Has any of them that been impacted or delayed given some of the macro uncertainty?

凱文，我想知道您是否可以先即時地談談，您對高級內容、競標發布有何看法。由於宏觀不確定性，其中是否有任何舉措受到影響或推遲？

Yeah. I would say the activity is as robust as it has been for a long time. I would say OEM settling on an ultimate path forward and ultimately -- and translating that to customer award, Dan, that has dragged out. We've seen that drag out for the last couple quarters.

是的。我想說的是，這項活動一如既往地活躍。我想說的是，OEM 最終確定了一條前進的道路，並最終將其轉化為客戶獎勵，Dan，這已經拖延了。我們已經看到過去幾季的拖延。

If you recall, it's actually not too dissimilar to last year when earlier in the year, booking awards were a bit lower. And then we had stronger awards in the back half of the year. I think we're in a situation where it will play out similarly this year.

如果你還記得的話，實際上與去年並沒有什麼不同，去年早些時候，預訂獎勵有點低。我們在下半年獲得了更豐厚的獎勵。我認為今年我們面臨的情況也會出現類似的情況。

But the amount of activity, engagements and dialogue with our OEM customers I would say is at prior levels or quite frankly, even higher.

但我想說，我們與 OEM 客戶的活動、互動和對話的數量已達到之前的水平，或者坦率地說，甚至更高。

And then the second question is perhaps, you can just update us on the EDS spin. With all of the macro uncertainty and given the heavy footprint in Mexico, does any of what's happening change or make you rethink parts of the plan or is that hey, you can still -- you're going to maintain your footprint there.

然後第二個問題可能是，您能否向我們介紹一下 EDS 的旋轉情況。考慮到所有的宏觀不確定性以及在墨西哥的巨大影響力，正在發生的事情是否會改變或讓您重新考慮計劃的某些部分，或者您仍然可以——您將在那裡保持影響力。

There's still a presence. You can pass through all the tariffs. It doesn't change any of this. So how does this change EDS?

仍然存在。您可以轉嫁所有關稅。這並沒有改變任何事。那麼這會如何改變 EDS？

Yeah. As it relates to the -- if the question is around our plan to separate the EDS business, it doesn't change it at all. Our real focus with EDS is how do we continue to grow the business? How do we accelerate the standardization of the wire harness so that we can accelerate manufacturing automation and assembly automation in our customers' plants.

是的。就其相關性而言——如果問題在於我們分離 EDS 業務的計劃，那麼它根本不會改變它。我們對 EDS 的真正關注點是如何繼續發展業務？我們如何加速線束的標準化，以便加速客戶工廠的製造自動化和組裝自動化。

How do we minimize overall cost, be labor or material? And then how do we continue to not only grow in automotive but grow outside of automotive. And we think with the separation, it positions that business to more efficiently, more effectively, more rapidly, quite frankly, be able to do that.

我們如何最大限度地降低整體成本（無論是勞動力還是材料）？那麼我們如何不僅在汽車領域繼續發展，而且在汽車領域之外繼續發展呢？我們認為，透過分離，企業可以更有效率、更有效、更快速地做到這一點。

So it's a great business. It's the industry lead across all the regions that it operates in. And there's obviously tremendous opportunity out there for that business to grow.

所以這是一筆偉大的生意。在其開展業務的所有地區，它都是行業領導者。顯然，該業務存在巨大的成長機會。

Shreyas Patil, Wolfe Research.

Shreyas Patil，沃爾夫研究公司。

Maybe just to start with I'm curious how to interpret the volume decline that would be implied in the guide in the back half because I think Varun, you're mentioning the low end of the guide would employ a 7% year over year decline if I'm just looking at IHS, which had incorporated the latest cuts due to tariffs.

也許只是首先，我很好奇如何解讀指南後半部分暗示的銷量下降，因為我認為 Varun，你提到的指南的低端將採用 7% 的同比下降，如果我只看 IHS，它已經考慮到了由於關稅而導致的最新削減。

I believe they're only assuming production would be down roughly 3%. So is the message that it's just there's just not enough visibility to have confidence on a number or do you feel like third-party forecasts still don't accurately reflect the potential risks here to volume even after incorporating tariffs?

我相信他們只是假設產量會下降約 3%。那麼，這個訊息是不是說，只是因為沒有足夠的透明度來對數字產生信心，或者您是否覺得即使納入關稅後，第三方預測仍然不能準確反映出這裡的潛在風險？

Yeah. I'll start and then Varun should add to it.

是的。我先開始，然後 Varun 再補充。

Listen, we use multiple sources. But we principally rely on customer schedule and our schedules and our experience with customers as it relates to schedules and actuarial production. And as you guys know, IHS is a useful baseline. It's a useful baseline, especially for folks that don't have direct access to vehicle production schedules.

聽著，我們使用多種來源。但我們主要依賴客戶的時間表、我們的時間表以及與時間表和精算生產相關的客戶經驗。如你們所知，IHS 是一個有用的基準。這是一個有用的基準，特別是對於那些無法直接了解汽車生產計劃的人來說。

But it's not what we build our plans and forecasts off of. And the full year outlook really is we try to make clear that is not guidance. What we tried to provide is a baseline of our initial assumption back in February. And then if you were to look at that range from the midpoint to the bottom end of the range, what our assumption was for vehicle production.

但這並不是我們制定計畫和預測的依據。我們試圖明確表示，全年展望並非指導。我們試圖提供的是我們二月最初假設的基準。然後，如果您查看從中點到底端的範圍，我們對汽車生產的假設是什麼。

And then I think what Varun was trying to provide you with at that lower level of production, if you took our outlook for Q1 and Q2, what would vehicle production need to be to be at that level? And that's the framework from which you guys can run whatever sort of vehicle production scenarios you would like to run to come up with your view on how does the business model perform in various volume environments.

然後我認為 Varun 試圖向您提供的是，在較低的生產水平下，如果您參考我們對第一季和第二季的展望，那麼汽車產量需要達到什麼水平才能達到這一水平？這是一個框架，你們可以在此框架內運行任何你們想要運行的車輛生產場景，從而得出關於商業模式在各種批量環境中如何表現的看法。

Varun, do you want to --

Varun，你想--

No. Just to kind of reiterate a couple of points that Kevin mentioned, Shreyas, the Q1 actuals were -- active weighted market was down 2%. What we're guiding for Q2 is down 4%. When you take those two pieces into account to get to the bottom end of our previously provided guidance range, that gets you to the down 7% in the second half.

不。只是為了重申 Kevin 提到的幾點，Shreyas，第一季的實際情況是 - 活躍加權市場下跌了 2%。我們預計第二季的銷售額將下降 4%。如果將這兩點考慮進去，以達到我們先前提供的指導範圍的底端，那麼下半年的跌幅將達到 7%。

That's the framework to just build into your model.

這就是要建立到您的模型中的框架。

And just to -- and that's really the crux of the -- that's really the focus I guess is what I'm saying, right? In other words, it's really just a volume question in the back half and there's still uncertainty around that.

而只是為了——這才是真正的關鍵——我想這才是我所說的真正的重點，對吧？換句話說，這實際上只是後半部分的數量問題，並且仍然存在不確定性。

Just to be clear, so the direct impact of tariffs, we have our arms around that. We have high level of confidence in that. We will not be impacted. What we don't have control of is the impact of tariffs ultimately on vehicle production.

需要明確的是，關稅的直接影響我們已經掌握。我們對此充滿信心。我們不會受到影響。我們無法控制關稅最終對汽車生產的影響。

And obviously, as we get further out, we feel less comfortable and have less visibility there. The numbers that we walk to -- walk through both the midpoint of our initial guidance as well as the bottom end of the range, we're not trying to steer you anywhere.

顯然，隨著我們走得越來越遠，我們感覺越來越不舒服，能見度也越來越低。我們所達到的數字——既經過了我們最初指導的中點，也經過了範圍的底端，我們並不是想引導你去任何地方。

It's not guidance. We're trying to provide you with data points that you can use to run scenarios based on what your views are.

這不是指導。我們正在嘗試為您提供數據點，您可以使用這些數據點根據您的觀點來運行場景。

Maybe just a really quick one. Just what you're seeing on the ground in China at the moment. You highlighted a number of new awards with Chinese OEMs, including Xiaomi. But when I looked at the quarter, it looked like production was up about 10%, and revenues were up too for you.

也許只是非常快速的一個。這正是您目前在中國所看到的情況。您重點介紹了包括小米在內的中國原始設備製造商獲得的多項新獎項。但當我查看本季時，似乎產量增加了約 10%，而且收入也增加了。

So just curious how you're seeing that market.

所以我很好奇你是如何看待這個市場的。

Market remains strong. As Varun was talking about, we were significantly impacted by a global EV manufacturer that from a production standpoint was down significantly on a year over year basis. So that impacted our growth in that particular region.

市場依然強勁。正如瓦倫所說，我們受到了一家全球電動車製造商的嚴重影響，從產量的角度來看，其產量比去年同期大幅下降。這影響了我們在該地區的成長。

But it's still -- we're still seeing strong growth. We're still seeing rapid adoption of advanced technologies. We're still seeing a push towards electrification. So the trends we've been seeing over the last couple of years certainly remain intact.

但我們仍然看到強勁的成長。我們仍然看到先進技術的快速應用。我們仍然看到電氣化的推動力。因此，過去幾年我們看到的趨勢肯定保持不變。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

First, on the auto production environment. I'm hoping to better understand how you arrived at the assumption for 4% lower production in 2Q. To what extent have customer schedules for April and May shown softening due to tariffs, and to what extent are you including your expectation that tariffs will lead to lower schedules this coming quarter beyond what customers are currently indicating?

第一，關於汽車生產環境。我希望能更好地理解您是如何得出第二季度產量下降 4% 的假設的。受關稅影響，4 月和 5 月客戶的班次安排在多大程度上出現疲軟？您預期關稅將在多大程度上導致下一季的班次安排低於客戶目前的預期？

Yeah. So we -- I'll start. So again, we base our forecast on what we see from our customers as it relates to vehicle production schedules. They're more reliant the closer they are to production date as you all know. OEM by OEM, platform by platform on a regular basis we go through.

是的。那我們——我先開始了。因此，我們再次根據從客戶那裡看到的與汽車生產計劃相關的情況做出預測。眾所周知，越接近生產日期，它們的依賴性就越強。我們定期逐一檢查 OEM 和平台。

And based on past experience and our outlook for the market, we adjust those schedules as it relates to our financial forecasts and what we communicate externally. So that's what's reflected in our Q2 guidance. We haven't seen a significant swing in schedules at this point in time.

根據過去的經驗和對市場的展望，我們會根據財務預測和對外溝通的內容調整這些時間表。這就是我們第二季指引所反映的內容。目前我們還沒有看到時間表有明顯變化。

It would be difficult for us to identify what's directly tied to tariffs and what is not as you can imagine. But we would say that schedules are largely in line with what we had anticipated back in February with slight movement between OEMs and between platforms.

正如您所想像的，我們很難確定哪些因素與關稅直接相關，哪些因素不直接相關。但我們會說，時間表與我們 2 月的預期基本一致，原始設備製造商之間和平台之間略有變動。

My other question was on EBITDA margins. The 1Q EBITDA margin was quite strong and better than I had expected, I think above your guidance as well. You talked about some cost actions as one of the drivers, but can you elaborate a little bit more on the different pieces and how impactful they were to the 1Q margin?

我的另一個問題是關於 EBITDA 利潤率。第一季的 EBITDA 利潤率相當強勁，優於我的預期，我認為也高於您的預期。您談到了一些成本行動作為驅動因素之一，但您能否詳細說明不同的部分以及它們對第一季利潤率的影響有多大？

Then if I look at the 2Q implied margin, it's down obviously off of a very good 1Q level, but maybe just help us understand the walk on margins from 1Q to to 2Q, please.

然後，如果我看一下第二季度的隱含利潤率，它顯然比第一季的非常好的水平有所下降，但也許這有助於我們了解從第一季到第二季的利潤率變化。

Mark, let me take that.

馬克，讓我來接手。

So yes, Q1, the team just operationally performed incredibly well, whether it was material cost, strategic sourcing, engineering, each of those elements came through strongly. And so on the flip side of it, more than offset any of the FX commodity side of things.

所以是的，第一季度，團隊的營運表現非常出色，無論是材料成本、策略採購還是工程，每個要素都發揮了強勁作用。從另一方面來看，這足以抵銷外匯商品方面的影響。

And then clearly, basis the guide that we had provided, we saw volume upside. And the flow through on volume was strong also. So those are kind of the key underpinnings of the better Q1 performance coming through all the way from actual adjusted OI all the way up to the margin level.

然後顯然，根據我們提供的指南，我們看到了交易量上升。而且流量也非常強勁。因此，這些都是第一季業績更好的關鍵基礎，從實際調整後的 OI 一直到保證金水準。

And then with regards to Q2, again, it's essentially in line with what we've been doing. So a lot of those activities obviously continue. But again, with regards to certain elements associated with engineering, for example, we have -- we kind of doing some work on that front.

關於第二季度，這基本上與我們一直在做的事情一致。因此，許多此類活動顯然仍在繼續。但是，就與工程相關的某些要素而言，我們在這方面已經做了一些工作。

And then FX is the other piece that we see will be a headwind. Again, this goes back to some of the hedges we have specifically on the Mexican peso which were a good flow for us a year ago on a year over year basis as we think about that that will be impacting.

我們認為 FX 是另一個不利因素。再次，這又回到了我們對墨西哥比索進行的一些對沖，這些對沖對我們來說在一年前與去年同期相比是一筆不錯的流量，我們認為這將會產生影響。

So we really won't get any of the upside till the time we don't get past the 20, 75 level. And then obviously, with the weakening of the US dollar against major currencies such as the euro and the Chinese renminbi, that's the other element which impacts Q2.

因此，如果我們沒有超過 20、75 的水平，我們實際上就不會獲得任何好處。顯然，美元兌歐元和人民幣等主要貨幣的走弱是影響第二季的另一個因素。

But otherwise, operationally, the teams are doing just an outstanding job in delivering margin all the way to the bottom line.

但除此之外，從營運角度來看，這些團隊在實現利潤方面做得非常出色。

If I can just add to it just without going through numbers. Just to remind everybody, in 2024, we reduced our SG&A cost by over 10%. And in 2025, entering the year, we mapped out a plan and we're executing on it to further reduce our SG&A expense by another 5%.

如果我可以直接添加它而不需要經過數字。需要提醒大家的是，2024 年，我們將銷售、一般及行政費用 (SG&A) 成本降低了 10% 以上。進入 2025 年，我們制定了一項計劃並正在執行，以進一步將銷售、一般及行政費用 (SG&A) 降低 5%。

And in light of just concern about the macro environment have been more aggressive in terms of looking for opportunities to further reduce costs. So behind all of this is a concerted effort across the business to really focus on how do we drive overhead and SG&A costs out.

鑑於對宏觀環境的擔憂，我們更積極地尋找進一步降低成本的機會。因此，所有這一切的背後是整個企業的共同努力，真正專注於如何降低管理費用和銷售、一般及行政費用。

And the team with under Varun's leadership has done a great job across our functions and across our business units doing that.

在 Varun 的領導下，團隊在各個職能部門和業務部門都做出了出色的工作。

Colin Langan, Wells Fargo.

富國銀行的科林·蘭根。

Maybe I just want to make sure I understand the tariff commentary. So you have $5 billion of goods being imported. You said 99% is USMCA compliance. So that would imply almost no tariff cost if I'm right. And any thoughts on the the new rules?

也許我只是想確保我理解關稅評論。因此，你們進口了價值 50 億美元的商品。你說 99% 是符合 USMCA 的。如果我是對的，那就意味著幾乎沒有關稅成本。對於新規則有什麼看法？

It sounded like based on the wording of The White House release that it's switching to USMCAs might be permanent. So the only risk for you would be really if it goes to a US sourcing rule. Is that the right way to think about your exposure there?

根據白宮新聞稿的措辭，這聽起來像是轉向 USMCA 可能是永久性的。因此，對您來說，唯一的風險就是是否符合美國的採購規則。這是思考您在那裡的曝光度的正確方式嗎？

Yeah. I think that's a fair way to think about it. Yeah. We would say as it relates to at least current guidance and where we believe things are headed, exposure on the flows between Mexico and the US, at least at this point in time is de minimis, right?

是的。我認為這是一種公平的思考方式。是的。我們會說，至少就目前的指導方針和我們認為的事態發展而言，墨西哥和美國之間的資金流動風險至少在目前是微不足道的，對嗎？

So it's over 99% is USMCA is USMCA compliant. And when you look at trade flows outside of Mexico as a partner, it's a relatively small number and it's -- most of that relates to directed by from our OEM customers and those are areas where we're working with them quite frankly to relocate manufacturing or move to other supply base suppliers.

因此，超過 99% 的 USMCA 都符合 USMCA 標準。當您將墨西哥作為合作夥伴來看待其以外的貿易流量時，您會發現這個數字相對較少，而且大部分都與我們的 OEM 客戶有關，坦率地說，我們正在與他們合作遷移製造基地或轉移到其他供應基地供應商。

And if I look at the sales guidance, the way it is, it's -- looks like you're down maybe 1% in the first half of the midpoint of Q2. And then I believe that implies you're up sort of 4% year-over-year in the second half. You're talking about markets actually getting worse.

如果我看一下銷售指引，就目前的情況來看，第二季中期前半段的銷售額可能下降了 1%。我相信這意味著下半年的銷售額將年增 4%。您說的是市場實際上正在變得更糟。

So is that implying like a pretty major step up in growth over market in the second half, and what kind of visibility do you have there? How's that acceleration?

那麼這是否意味著下半年市場成長將大幅加快，您對此有何預見？加速度怎麼樣？

Well, again, we're not providing guidance for the second half. So I think that's the clear point. We try to again provide you with a framework of scenarios to walk through for you folks to consider. At this point in time, Colin, we're not -- we don't have the visibility to forecast revenue for Q3 and Q4.

好吧，再說一次，我們不會為下半年提供指導。所以我認為這點很明確。我們再次嘗試為您提供一個場景框架，供大家參考。科林，目前我們還無法預測第三季和第四季的營收。

And as soon as we feel like we have the visibility, we'll update our output for the back half and provide full year guidance.

一旦我們感覺有了清晰的認識，我們就會更新下半年的產出並提供全年指引。

Edison Yu, Deutsche Bank.

德意志銀行的 Edison Yu。

This is Winnie for Edison.

這是愛迪生的溫妮。

I was wondering if you can provide an update to that 400 performance number that you have provided back in February. It seems that you are boosting some performance actions. So how should we think about maybe some of the incremental performance benefits for this year or something within your control?

我想知道您是否可以提供二月提供的 400 個效能資料的更新資訊。看起來您正在推動一些績效行動。那麼，我們應該如何考慮今年的一些增量績效效益或一些在您控制範圍內的效益呢？

Let me take that from Kevin.

讓我從凱文那裡得到答案。

Listen, with regards to our performance number, clearly, in the first quarter, the team did an outstanding job in going a long way in that number that you just mentioned. Q2 also we see moving in the right direction. Again, it's the material, the manufacturing side of things, offsetting labor economics.

聽著，關於我們的績效數字，顯然，在第一季度，團隊在您剛才提到的數字上做得非常出色。我們也看到 Q2 正朝著正確的方向發展。再次強調，這是材料、製造方面抵銷勞動經濟的影響。

We've talked about labor economics being a headwind in certain inflation related to labor in certain markets such as Mexico. While it has come down some in the previous years, it's been running close to 20%. Even in this year, we see it to be mid-teens.

我們已經討論過，勞動力經濟學是墨西哥等某些市場與勞動力相關的某些通貨膨脹的阻力。雖然前幾年有所下降，但目前仍接近 20%。即使在今年，我們也看到它處於十幾歲的水平。

So again, the material manufacturing, engineering in Q1 also performed better. And then the final piece, which I know Kevin gave me credit, but it takes a village to deliver these pieces is just a relentless focus on our cost structure.

因此，第一季的材料製造和工程表現也較好。最後一點，我知道凱文給了我讚揚，但要完成這些部分需要一個團隊的努力，那就是持續關注我們的成本結構。

And so SG&A also is kind of coming through. But overall, the first half with regards to Q1 and what we're forecasting for Q2, the performance numbers are intact. We made tremendous traction. And again, as of now, for the second half of the year, a lot of it really depends in terms of what consumer sentiment will be, what production numbers will be.

因此銷售、一般及行政費用 (SG&A) 也開始顯現。但總體而言，就第一季而言以及我們對第二季的預測而言，上半年的業績數據是完好無損的。我們取得了巨大的進展。而且，截至目前，對於下半年而言，很大程度上取決於消費者情緒和生產數據。

But needless to say, this is the management team that has time and time again risen to the challenge to deliver whatever the market environment may be. And I have no doubt that we'll do the same thing again for the second half also as soon as we get more clarity.

但毋庸置疑，無論市場環境如何，這支管理團隊都一再迎接挑戰，實現目標。而且我毫不懷疑，一旦我們獲得更清晰的認識，我們也會在下半場再次做同樣的事情。

Yeah. I would just add. The biggest components of that are really manufacturing, engineering and SG&A. Those are the big components as it relates to performance.

是的。我只是想補充一下。其中最大的組成部分實際上是製造、工程和銷售、一般及行政費用。這些是與性能相關的重要組成部分。

My second question is on China mix. Can you remind us of the strategy there? Again, in Q1, we see that market grew by 10% versus 2% for active. Just for that market, how should we think about growth for the year?

我的第二個問題是關於中國混合的。您能提醒我們一下那裡的策略嗎？再次，在第一季度，我們看到市場成長了 10%，而活躍市場成長了 2%。僅針對那個市場，我們該如何考慮全年的成長？

And then you mentioned Q1 being mainly impacted by the easy customer. I believe for the full year, you have previously mentioned that you're only up single digits for that EV customer. So I'm wondering if you can help us frame the impact for the year for China specifically.

然後您提到第一季主要受到輕鬆客戶的影響。我相信，就全年而言，正如您之前提到的，對於該電動車客戶而言，您的銷售額僅增長了個位數。所以我想知道您是否可以幫助我們具體描述今年對中國的影響。

Well, we're not -- again, we're not going to give full year guidance. I think what we've previously said is in quarter to quarter just based on some customer mix matters. And their decisions on production, it can swing which is it did this quarter.

嗯，我們不會——再說一次，我們不會提供全年指導。我認為我們之前所說的只是基於一些客戶組合問題而按季度進行的。他們在生產方面的決定可能會發生變化，本季就是如此。

And we mentioned that single OEM that impacted our overall mix. When you look at our bookings, right, over the last couple of years, we've been moving at a level across each of the three segments, that is, should bring us more in line with kind of the forecasted mix of China local OEMs relative to the non-local including multinationals, and that large EV manufacturer that I was referring to.

我們提到了影響我們整體組合的單一 OEM。當你查看我們的訂單時，你會發現，在過去幾年中，我們在三個細分市場中一直在保持一定水平的移動，也就是說，這應該使我們更符合中國本土原始設備製造商相對於非本土製造商（包括跨國公司）以及我提到的大型電動汽車製造商的預測組合。

So by the end of the year, you should expect that our revenues or mix are roughly 70% with the China locals and 30% with the balance of the customers operating in or OEMs operating in that market.

因此，到今年年底，我們的收入或組合大約有 70% 來自中國本土客戶，30% 來自在該市場營運的客戶或 OEM。

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

現在我想將會議交還給凱文克拉克 (Kevin Clark)，請他發表補充演講或結束語。

Great. Thank you, everybody, for joining us today. We really appreciate your time. Take care.

偉大的。感謝大家今天加入我們。我們非常感謝您抽出時間。小心。

This does conclude the Aptiv Q1 2025 earnings call. We thank you for your participation. You may now disconnect and have a great day.

這確實結束了 Aptiv 2025 年第一季財報電話會議。我們感謝您的參與。現在您可以斷開連接並享受美好的一天。