Aptiv PLC (APTV) 2025 Q3 法說會逐字稿

Good day, and welcome to the Aptiv Q3 2025 earnings call. Today's conference is being recorded. At this time, I would like to turn the conference over to Betsy Frank, Vice President, Investor Relations. Please go ahead.

大家好，歡迎參加 Aptiv 2025 年第三季財報電話會議。今天的會議正在錄影。此時，我謹將會議交給投資人關係副總裁貝齊‧弗蘭克。請繼續。

Thank you, Jess. Good morning, and thank you for joining Aptiv's third-quarter 2025 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. The reconciliations between GAAP and non-GAAP measures are included at the back of the slide presentation and the earnings press release.

謝謝你，傑西。早安，感謝各位參加 Aptiv 2025 年第三季財報電話會議。新聞稿及相關表格，以及投影片簡報，皆可在aptiv.com網站的投資人關係頁面找到。今天的財務分析不包括攤銷、重組和其他特殊項目，並將重點放在Aptiv的持續經營業務。GAAP 和非 GAAP 指標之間的調整表包含在投影片簡報和獲利新聞稿的末尾。

Unless stated otherwise, all references to growth rates are on an adjusted year-over-year basis. 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.

除非另有說明，所有成長率均以同比調整後的數據計算。在今天的電話會議中，我們將提供一些前瞻性信息，這些信息反映了安波福目前對未來財務業績的看法，但由於我們在 10-K 表格和其他提交給美國證券交易委員會的文件中列舉的原因，這些信息可能與實際情況存在重大差異。

Joining us today will be Kevin Clark, Aptiv's Chair and Chief Executive Officer; and Varun Laroyia, Executive Vice President and Chief Financial Officer. 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.

今天與我們一同出席的有 Aptiv 董事長兼執行長 Kevin Clark，以及執行副總裁兼財務長 Varun Laroyia。Kevin 將提供公司策略的最新進展，Varun 將更詳細地介紹財務業績，之後我們將開放問答環節。

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

接下來，我想把電話交給凱文。

Thank you, Betsy, and thanks, everyone, for joining us this morning. Starting on slide 3. We had another strong quarter. We capitalized on the underlying growth in vehicle production in North America and Asia Pacific while also continuing to experience strong revenue growth in nonautomotive markets. Our resilient operating model has allowed us to proactively respond to shifting global trade policies, allowing us to keep our customers connected, with minimal impact to our operations and profitability, thanks to our in-region, for-region integrated supply chain network, underpinned by the end-to-end global visibility provided by our comprehensive supply chain digital twin.

謝謝貝齊，也謝謝大家今天早上收看我們的節目。從第3張投影片開始。我們又迎來了一個強勁的季度。我們充分利用了北美和亞太地區汽車生產的潛在成長，同時在非汽車市場也持續保持強勁的收入成長。我們靈活的營運模式使我們能夠積極應對不斷變化的全球貿易政策，從而在最大限度減少對自身營運和盈利能力的影響的同時，保持與客戶的聯繫。這得歸功於我們區域內、區域內一體化的供應鏈網絡，以及我們全面的供應鏈數位孿生所提供的端到端全球可視性。

Our robust operating model has been validated by the Supplier Quality Excellence awards we've received from Volkswagen and General Motors this year, underscoring how Aptiv is trusted by our customers to consistently deliver high-quality solutions on time. And when combined with our unique full system solutions, we're able to provide our customers with flexibility and cost savings, which expands our competitive moat and which we've leveraged to accelerate our penetration of other end markets. Lastly, with our focus on further maximizing shareholder value, we're progressing as planned with the separation of our electrical distribution systems business by the end of the first quarter of 2026.

我們穩健的營運模式已透過今年大眾汽車和通用汽車頒發的「供應商品質卓越獎」得到驗證，這凸顯了安波福如何贏得客戶的信任，並持續按時交付高品質的解決方案。結合我們獨特的全系統解決方案，我們能夠為客戶提供靈活性和成本節約，從而擴大我們的競爭優勢，並利用這一優勢加速滲透到其他終端市場。最後，為了進一步提高股東價值，我們正按計畫推進電力分配系統業務的分拆工作，預計 2026 年第一季末完成。

Moving on to our third quarter financial performance. The strength of our product portfolio and operating execution translated into another quarter of record financial results, including revenue, operating income and earnings per share. Our third quarter bookings of $8.4 billion validate customer confidence and strong market demand for our portfolio of advanced technologies. Revenues increased 6% to $5.2 billion, reflecting strength across multiple areas of our business as well as stronger-than-expected vehicle production in North America and China.

接下來來看看我們第三季的財務表現。我們強大的產品組合和高效的營運執行力轉化為另一個季度創紀錄的財務業績，包括收入、營業收入和每股盈餘。第三季84億美元的訂單金額證明了客戶對我們先進技術組合的信心和強勁的市場需求。營收成長 6% 至 52 億美元，反映出我們業務多個領域的強勁表現，以及北美和中國汽車產量超乎預期。

Operating income increased 10% to $654 million, reflecting the flow-through on volume growth and continued strong operating performance, increased operating earnings and lower share count drove record earnings per share of $2.17. And lastly, we generated $584 million of operating cash flow and deployed $250 million for share repurchases and debt paydown. Varun will discuss each of these in more detail later.

營業收入成長10%至6.54億美元，這主要得益於銷售成長及持續強勁的營運表現；營業利潤成長及流通股數量減少推動每股盈餘創下2.17美元的歷史新高。最後，我們產生了5.84億美元的營運現金流，並將其中2.5億美元用於股票回購和償還債務。Varun稍後會更詳細地討論這些問題。

Moving to slide 4 to review our third quarter business bookings. As expected, customer awards accelerated in the quarter. Our portfolio of advanced technologies and track record of flawless customer service led to $8.4 billion of new business awards, including $1.6 billion in our Advanced Safety and User Experience segment, $2.1 billion in our Engineered Components Group and $4.7 billion in electrical distribution systems, bringing our year-to-date new business bookings to roughly $19 billion.

接下來請看第 4 張投影片，回顧我們第三季的業務預訂。如預期，本季客戶獎勵數量加速成長。我們先進的技術組合和無可挑剔的客戶服務記錄為我們贏得了 84 億美元的新業務訂單，其中包括先進安全和用戶體驗部門的 16 億美元、工程組件集團的 21 億美元以及配電系統的 47 億美元，使我們今年迄今為止的新業務訂單總額達到約 190 億美元。

We exited the third quarter with momentum, and our customer award pipeline remains large and is growing. We continue to expect roughly $31 billion in new business bookings for the year, although timing of some program awards slated for the fourth quarter could shift into 2026.

第三季末，我們維持了強勁的發展勢頭，客戶訂單儲備依然龐大且不斷成長。我們仍然預計今年將有約 310 億美元的新業務預訂，儘管一些原定於第四季度授予的項目可能會推遲到 2026 年。

Let's move on to review each segment in more detail. Moving to slide 5 to review the third quarter highlights for our Advanced Safety and User Experience segment. Revenue was flat year over year, reflecting the launch of new programs and continued strong growth for Wind River. Over 20% in the quarter, partially offset by the ongoing headwinds related to the roll-off of a legacy infotainment program and the cancellation of certain programs with two Chinese local OEMs, both of which we discussed last quarter.

接下來，我們將更詳細地回顧每個部分。接下來請看第 5 張投影片，回顧我們先進安全與使用者體驗部門第三季的亮點。營收與上年持平，反映出新項目的推出以及 Wind River 的持續強勁成長。本季成長超過 20%，但部分被與傳統資訊娛樂項目下線以及與兩家中國本土 OEM 廠商取消某些項目相關的持續不利因素所抵消，這兩個問題我們在上個季度都討論過。

Third quarter program launches reflect the breadth of our product offering. Highlights include the launch of Aptiv's New Gen 8 Radar product, which unlocks new possibilities for hands-free driving in complex urban environments with improved cost and efficiency for our customers. The first high-performance cockpit controller launch from Mahindra's market-leading BE 6 and XEV 9e high-volume electric SUVs, further underscoring Aptiv's ability to support different configurations based on customer needs and several launches for ADAS controllers with leading Chinese local OEMs including Changan, incorporating an increased percentage of locally sourced components.

第三季專案發布體現了我們產品系列的廣泛性。亮點包括 Aptiv 推出的新一代 8 代雷達產品，該產品為我們的客戶在複雜的城市環境中實現免手持駕駛開闢了新的可能性，同時提高了成本和效率。首款高性能駕駛艙控制器應用於 Mahindra 市場領先的 BE 6 和 XEV 9e 大批量電動 SUV，進一步凸顯了 Aptiv 根據客戶需求支持不同配置的能力，以及與長安汽車等領先的中國本土 OEM 合作推出的多款 ADAS 控制器，其中本地採購的零部件比例不斷提高。

Moving to new business bookings. We continue to experience strong demand for our active safety products, as well as our next-generation user experience solutions, evidenced by multiple awards with global OEMs, extending their L2 and L2+ ADAS programs, a full-stack cross-platform, next-generation in-cabin sensing solution for a major Korean OEM and awards with leading Chinese local OEMs, including Geely, Chery and Changan across numerous product lines, including advanced active safety. Wind River was awarded new business across multiple end markets, including enterprise cloud offerings for Black Box, a global leader in digital infrastructure solutions, software application and VX work RTOS on mission-critical systems for an aerospace and defense prime and real-time operating system software for industrial market applications.

轉向新的業務預訂。我們持續感受到市場對主動安全產品以及下一代用戶體驗解決方案的強勁需求，這體現在我們與多家全球 OEM 廠商的合作中，這些合作擴展了他們的 L2 和 L2+ ADAS 項目；我們還為一家韓國大型 OEM 廠商提供了全棧式跨平台安車內傳感解決方案；Wind River 在多個終端市場獲得了新業務，包括為全球領先的數位基礎設施解決方案提供商 Black Box 提供企業雲端產品，為一家航空航太和國防主要企業提供用於關鍵任務系統的軟體應用程式和 VX 工作即時作業系統，以及為工業市場應用提供即時作業系統軟體。

Efforts to expand Wind River's Edge AI ecosystem continue with three new strategic AI partnerships for this quarter, including with LatentAI to bring AI capabilities to real-time edge platforms, for mission-critical infrastructure, TORADEX to advance innovation for aerospace and defense, by uniting certifiable reliability with rapid development. And SOCE integrating its time-sensitive networking solution with VxWorks RTOS to create a scalable, secure and certifiable foundation for mission-critical applications.

Wind River 繼續努力擴展其邊緣 AI 生態系統，本季新增三項戰略性 AI 合作夥伴關係，包括與 LatentAI 合作，將 AI 功能引入實時邊緣平台，用於關鍵任務基礎設施；與 TORADEX 合作，透過將可認證的可靠性與快速開發相結合，推進航空航天和國防領域的創新。SOCE 將其時間敏感型網路解決方案與 VxWorks RTOS 集成，為關鍵任務型應用創建可擴展、安全且可認證的基礎。

Moving to slide 6 to review the highlights for our Engineered Components Group. Our new business awards and program launches validate the strength of our product portfolio and established position across multiple end markets. Notable program launches include high-speed connector assemblies for an all-new fully electric midsized SUV for a global OEM. High-voltage solutions for multiple Asia Pacific OEMs including connectors for a mass market electric vehicle platform with a Japanese OEM and an electrical center for Voya, Dongfeng's luxury electric vehicle brand.

接下來請看第 6 張投影片，回顧我們工程組件組的亮點。我們新獲得的業務獎項和新項目的推出，證明了我們產品組合的實力以及在多個終端市場中確立的地位。值得關注的項目包括為全球 OEM 廠商的全新全電動中型 SUV 提供高速連接器組件。為亞太地區多家汽車製造商提供高壓解決方案，包括為一家日本汽車製造商的大眾市場電動車平台提供連接器，以及為東風汽車旗下豪華電動車品牌 Voya 提供電氣中心。

During the quarter, new business bookings included a cross-platform award for a large European OEM, integrating our connectors and cables into our Intercable automotive bus fare application, enabling DC fast charging. High-voltage connector awards with multiple global OEMs, including a conquest award for next-generation EV platforms, customer awards for high-speed connector assemblies across nearly a dozen OEMs, including BYD, Chery and Changan interconnects and assemblies for Alstom, Transportation, a global leader of high-end passenger rail vehicles and equipment. And interconnects across energy, data centers and A&D applications.

本季度新增業務訂單包括為一家大型歐洲 OEM 廠商提供的跨平台合同，該合約將我們的連接器和電纜整合到我們的 Intercable 汽車公車票價應用程式中，從而實現直流快速充電。獲得多家全球 OEM 廠商的高壓連接器獎項，包括下一代電動車平台的競標獎項；獲得近十家 OEM 廠商的高速連接器組件客戶獎項，包括比亞迪、奇瑞和長安的互連組件；以及為全球領先的高端客運軌道車輛和設備製造商阿爾斯通交通運輸部門提供的組件。並可與其他能源、資料中心和航空航太及國防應用領域互聯互通。

Turning to slide 7 to review our Electrical Distribution Systems business, which delivered double-digit revenue growth, reflecting solid business performance and an easier year-over-year comp. New program launches reflected the pace of new business awards, including incremental content on a major SUV platform from a large North American OEM. Multiple launches with select Chinese local OEMs that are focused on increasing their penetration of global markets, including (inaudible) motor and SAIC. And the launch of our first program in the energy storage sector, demonstrating a market where automotive expertise easily translates.

翻到第 7 張投影片，回顧我們的配電系統業務，該業務實現了兩位數的收入成長，反映了穩健的業務表現和相對較低的同比基數。新項目的推出反映了新業務授予的速度，其中包括來自北美大型 OEM 的主要 SUV 平台的增量內容。與多家專注於提高其在全球市場滲透率的中國本土汽車製造商合作推出多款產品，其中包括（聽不清楚）汽車和上汽集團。我們推出了首個儲能項目，這表明汽車行業的專業知識可以輕鬆應用於儲能市場。

Moving to new business awards. We continue to book programs across low- and high-voltage architectures as well as geographic regions. During the quarter, we were awarded incremental volume for a global OEM's top-selling North American truck platform, as well as low- and high-voltage architectures for US-based global EV manufacturers autonomous mobility program. We also booked over $1 billion of new business in China, a significant portion of which was with local OEMs, including Chery, Great Wall Motor, Changan and Xiaomi.

轉向新的商業獎項。我們繼續在低壓和高壓架構以及地理區域內預訂專案。本季度，我們獲得了全球 OEM 最暢銷的北美卡車平台的增量訂單，以及美國全球電動車製造商自動駕駛出行計畫的低壓和高壓架構訂單。我們還在中國獲得了超過 10 億美元的新業務，其中很大一部分來自當地的汽車製造商，包括奇瑞、長城汽車、長安和小米。

Turning to slide 8. Before I pass the call to Varun to take you through our financials in more detail, I'd like to briefly discuss our updated 2025 outlook and the setup heading into next year. As Varun will discuss, we're raising our full year 2025 guidance, reflecting the strength of our third quarter results, partially offset by recent customer-specific production disruptions and an outlook for the fourth quarter that prudently incorporates an element of conservatism to reflect the amplified trade tensions beginning to impact semiconductor supply chains. Although it's early in terms of providing explicit guidance for 2026, as we sit here today, we're confident that our revenue growth will accelerate next year, driven by new automotive program launches and continued double-digit revenue growth in the other end markets we serve.

翻到第8張幻燈片。在將電話交給 Varun 更詳細地向大家介紹我們的財務狀況之前，我想先簡單討論一下我們更新後的 2025 年展望以及明年的安排。正如Varun將要討論的那樣，我們提高了2025年全年業績預期，這反映了我們第三季度業績的強勁表現，但部分被近期客戶特定的生產中斷所抵消。此外，我們對第四季度的展望謹慎地納入了保守因素，以反映日益加劇的貿易緊張局勢開始影響半導體供應鏈。儘管現在就對 2026 年做出明確預測還為時過早，但就目前而言，我們有信心，在新的汽車項目推出以及我們所服務的其他終端市場持續兩位數的收入增長的推動下，我們明年的收入增長將會加速。

However, the macro environment remains very dynamic with changing geopolitical trends, regulations and trade policies as well as customer-specific challenges, all of which are difficult to precisely forecast. Regardless, our team remains relentlessly focused on navigating the challenges in the current environment, policy serving our customers and delivering strong financial results that increase shareholder value. And we'll continue to provide you with as much visibility as possible into the macro dynamics we're facing.

然而，宏觀環境仍然非常動態，地緣政治趨勢、法規和貿易政策不斷變化，客戶面臨的挑戰也各不相同，所有這些都難以準確預測。儘管如此，我們的團隊仍將不懈地專注於應對當前環境下的挑戰，制定服務於客戶的政策，並取得強勁的財務業績，從而提升股東價值。我們將繼續盡可能讓您了解我們面臨的宏觀動態。

Lastly, the separation of our EDS business, which we'll talk more about at our Investor Day in a few weeks, will result in two independent companies that are well positioned to pursue their unique market opportunities and capital allocation strategies and will unlock incremental value for shareholders.

最後，我們將在幾週後的投資者日上詳細介紹 EDS 業務的拆分，這將使公司分裂成兩家獨立的公司，這兩家公司將能夠更好地掌握各自獨特的市場機會和資本配置策略，並為股東釋放更多價值。

I'll now turn the call over to Varun to go through our financial results and our full year and fourth quarter guidance in more detail.

現在我將把電話交給Varun，讓他更詳細地介紹我們的財務表現以及全年和第四季度的業績預期。

Thanks, Kevin, and good morning, everyone. Starting with our third quarter financials on slide 9. Aptiv delivered record financial results in the third quarter, reflecting strong execution in a better-than-expected vehicle production environment, double-digit growth in non-auto end markets, the timing of certain customer settlements as well as the benefits of ongoing capital allocation initiatives.

謝謝你，凱文，大家早安。首先請看第9頁的第三季財務數據。Aptiv 第三季度取得了創紀錄的財務業績，這反映了在好於預期的汽車生產環境下強勁的執行力、非汽車終端市場兩位數的增長、某些客戶和解的時機以及持續資本配置計劃帶來的益處。

Revenues were a record $5.2 billion, up 6% on an adjusted basis. Adjusted EBITDA and operating income grew 9% and 10%, respectively, also reaching record levels. And operating income margin expanded 30 basis points, primarily driven by strong volume flow-through, manufacturing performance and the benefits from our ongoing cost initiatives. These efforts helped offset the unfavorable impact of FX and commodities, a 130 basis point headwind to margin on a consolidated basis, largely driven by the impact of the Mexican peso and (inaudible).

營收達到創紀錄的 52 億美元，經調整後成長 6%。調整後的 EBITDA 和營業收入分別成長了 9% 和 10%，也達到了創紀錄的水平。營業利潤率成長了 30 個基點，主要得益於強勁的銷售成長、生產性能的提升以及我們持續的成本控制措施帶來的效益。這些努力有助於抵消外匯和大宗商品的不利影響，這些不利影響對合併利潤率造成了130個基點的阻力，主要原因是墨西哥比索和美元匯率的波動。（聽不清楚）

Earnings per share totaled $2.17, an increase of 19%, reflecting the flow-through of higher operating income and the benefit of share repurchases and lower interest expense, partially offset by higher tax expense versus the prior year due to the timing of certain discrete items. Operating cash flow was also strong in the quarter, totaling $584 million and capital expenditures were $143 million.

每股收益總計 2.17 美元，成長 19%，這反映了營業收入增加、股票回購和利息支出減少帶來的收益，但部分被上年因某些特殊項目的時間安排而導致的較高稅收支出所抵消。本季經營現金流也十分強勁，總計 5.84 億美元，資本支出為 1.43 億美元。

Before we go into details on the quarter and our updated outlook for the year, I wanted to discuss the noncash goodwill impairment charge that we recorded in the third quarter and is excluded from our adjusted results. The impairment charge of $648 million for Wind River is the result of our regular impairment testing of our reporting units. The charge reflects slower than originally expected growth in the business over 2023 and 2024 going to delays in 5G adoption and the launch of software-defined vehicles. That being said, this impairment does not change our expectation for the long-term structural growth and value that Wind River represents for our business overall as evidenced by solid double-digit growth year-to-date and our expectation to deliver mid-teens growth in 2025.

在詳細介紹本季業績和我們更新後的年度展望之前，我想先討論一下我們在第三季確認的非現金商譽減損費用，該費用已從我們調整後的業績中剔除。Wind River 6.48 億美元的減損費用是我們對報告單位進行定期減損測試的結果。該支出反映出，由於 5G 普及和軟體定義汽車的推出有所延遲，導致 2023 年和 2024 年的業務成長速度低於預期。儘管如此，此次減損並未改變我們對 Wind River 為我們整體業務帶來的長期結構性增長和價值的預期，這已從今年迄今為止穩健的兩位數增長以及我們預計在 2025 年實現兩位數中段增長得到證明。

Turning to the next slide and looking more closely at third quarter adjusted revenue growth on a regional basis. In North America, revenue grew 14%, driven by double-digit growth in AS and UX, primarily within Active Safety and Wind River, while EDS also grew double digits. In Europe, revenue was down 3%, driven largely by AS and UX, while both ECG and EDS grew low-single digits. And in China, revenue was flat, which reflected the impact of unfavorable customer mix in the AS & UX segment that we discussed last quarter, offset by strong growth in ECG.

接下來請看下一張投影片，更仔細地看一下第三季按地區劃分的調整後營收成長。在北美，營收成長了 14%，這主要得益於 AS 和 UX 的兩位數成長，尤其是主動安全和 Wind River 業務的成長，而 EDS 也實現了兩位數成長。在歐洲，營收下降了 3%，主要受 AS 和 UX 的影響，而 ECG 和 EDS 均實現了個位數低成長。在中國，營收持平，這反映了我們上個季度討論過的AS & UX領域不利的客戶組合的影響，但被ECG的強勁增長所抵消。

Moving on to our segment performance on slide 11. And again, I'll refer to revenue growth on an adjusted basis. Starting with AS & UX, revenue of approximately $1.4 billion was in line with the prior year with strong growth in Wind River up over 20% and strength in our North America business, which was offset by the roll-off of legacy infotainment program and customer mix in China, headwinds we discussed last quarter. As a reminder, we expect these dynamics to continue through the end of this year before abating into next year.

接下來，請看第 11 頁投影片，了解我們的業務板塊表現。再次強調，我將以調整後的數據來指涉收入成長。從應用軟體與使用者體驗（AS & UX）業務來看，營收約 14 億美元，與上年持平，Wind River 業務成長強勁，成長超過 20%，北美業務也表現強勁。但傳統資訊娛樂項目的退出以及中國客戶群的變化抵消了這些成長，這些都是我們在上個季度討論過的不利因素。需要提醒的是，我們預計這種趨勢將持續到今年年底，然後逐漸減弱，並延續到明年。

AS & UX adjusted operating income was down 16%, which reflected a $21 million headwind associated with lapping of a customer settlement from a year ago, which I discussed last quarter. Excluding this item, an unfavorable FX of 80 basis points, margin would have been essentially flat in the segment.

AS & UX 調整後的營業收入下降了 16%，這反映了與一年前客戶和解協議到期相關的 2,100 萬美元的不利影響，我在上個季度討論過這個問題。如果排除此因素（不利的匯率變動為 80 個基點），則該業務板塊的利潤率將基本持平。

For ECG, revenue of $1.7 billion increased 6% and was driven principally by growth in China, more specifically, nearly 30% growth with local OEMs and continued strong growth in the non-auto end markets. ECG adjusted operating income grew 10% and margin expanded by 20 basis points, driven by flow-through from stronger volumes, which was partially offset by a 120 basis point impact of unfavorable FX and commodities.

ECG 業務收入達 17 億美元，成長 6%，主要得益於中國市場的成長，更具體地說，是本地 OEM 廠商近 30% 的成長以及非汽車終端市場的持續強勁成長。ECG 調整後的營業收入成長了 10%，利潤率提高了 20 個基點，這主要得益於銷售成長帶來的正面影響，但部分被不利的匯率和商品價格帶來的 120 個基點的影響所抵銷。

Lastly, for our EDS business, revenue of $2.3 billion increased 11%. This was driven by growth across all regions, though principally North America, which benefited from an easier comparison as one of our major customers took substantial production downtime in the third quarter of last year. In addition to benefiting from strong EV production ahead of the EV tax credit phaseout, EDS adjusted operating income grew by 54% with over 200 basis points of margin expansion. This was driven by favorable volume flow-through, performance in manufacturing and timing of a $15 million customer recovery, all of which more than offset a 150 basis points impact of unfavorable FX and commodities.

最後，我們的 EDS 業務收入為 23 億美元，成長了 11%。這主要得益於所有地區的成長，尤其是北美地區的成長。由於我們的一位主要客戶在去年第三季停產，北美地區的業績更容易與去年同期進行比較。除了受益於電動車稅收抵免逐步取消前強勁的電動車產量外，EDS 調整後的營業收入成長了 54%，利潤率提高了 200 多個基點。這主要得益於銷售成長、生產表現良好以及 1,500 萬美元客戶款項及時到賬，所有這些都抵消了不利的匯率和商品價格帶來的 150 個基點的影響。

Now let's review our balance sheet on the next slide. We generated $584 million of operating cash flow in the third quarter with the increase versus the prior year, owing primarily to higher earnings and also lower net working capital. We ended the third quarter with over $1.6 billion of cash and $4.2 billion in total liquidity. This is net of nearly $250 million in proactive capital allocation in the quarter, including $96 million of share repurchases and $148 million of debt pay down. Since the beginning of the third quarter of last year, we have deployed approximately $3.2 billion in cash towards share repurchases, including our ESR program.

現在讓我們在下一頁投影片上查看資產負債表。第三季度，我們實現了 5.84 億美元的營運現金流，較上年同期有所成長，這主要歸功於更高的收益和更低的淨營運資本。第三季末，我們擁有超過 16 億美元的現金和 42 億美元的總流動資金。這扣除了本季近 2.5 億美元的主動資本配置，其中包括 9,600 萬美元的股票回購和 1.48 億美元的債務償還。自去年第三季初以來，我們已投入約 32 億美元現金用於股票回購，包括我們的 ESR 計畫。

Additionally, we have paid down roughly $1.2 billion of debt on an LTM basis, net of $700 million of refinanced euro notes. Given the strength of our operating model and our balance sheet, we expect to continue these efforts through the end of the year. With gross leverage now at 2.4 times and net leverage at 1.8 times, our net leverage is now consistent with the levels prior to our ASR program.

此外，我們已償還了近 12 億美元的債務（以過去 12 個月計算），並扣除 7 億美元的再融資歐元票據。鑑於我們穩健的營運模式和良好的資產負債表，我們預計將繼續這些努力直到年底。目前總槓桿率為 2.4 倍，淨槓桿率為 1.8 倍，我們的淨槓桿率與 ASR 計畫實施前的水準一致。

Turning now to our guidance, which we are raising for the full year. Starting with our growth outlook on slide 13. We now forecast active weighted global vehicle production to be approximately flat for full year 2025, equating to approximately 95 million units, and this is consistent with the industry's performance year-to-date. Relative to our prior 2025 outlook, this reflects stronger volumes in China and North America. Based on our vehicle production assumptions, we expect full year adjusted revenue growth at the midpoint of our guidance to be up 2% on a global basis, including North America up 5%, Europe down 3% and China down 1%.

現在來說說我們的指導意見，我們提高了全年的指導意見。首先從第 13 頁的成長展望開始。我們現在預測，2025 年全年全球活躍加權汽車產量將基本持平，約 9,500 萬輛，這與該產業今年迄今的表現一致。與我們先前 2025 年的展望相比，這反映出中國和北美的銷量有所成長。根據我們對汽車生產的假設，我們預計全年調整後的收入成長（以我們預期的中位數計算）在全球範圍內將成長 2%，其中北美成長 5%，歐洲下降 3%，中國下降 1%。

For the fourth quarter specifically, we forecast Aptiv weighted global vehicle production to be down 3%. Within this production backdrop, we expect fourth quarter adjusted revenue growth in North America to be up 7% driven by growth in AS & UX as a result of new product launches, continued growth at Wind River as well as growth in EDS. Europe, down 4%, driven by low to mid-single-digit declines across all segments and China down 4%, reflecting customer mix in the AS & UX segment.

具體到第四季度，我們預測 Aptiv 加權全球汽車產量將下降 3%。在此生產背景下，我們預計北美第四季度調整後營收成長將達到 7%，這主要得益於 AS & UX 的新產品發布帶來的成長、Wind River 的持續成長以及 EDS 的成長。歐洲市場下降 4%，主要受各細分市場個位數低至中等幅度下滑的影響；中國市場下降 4%，反映 AS & UX 細分市場的客戶組成變化。

Moving on to other components of our guidance. Our full year revenue outlook of $20.3 billion at the midpoint continues to reflect an adjusted growth rate of 2%. The higher midpoint is largely the result of FX, primarily the Euro, as well as stronger vehicle production offset by recent supply chain disruptions and production adjustments at some of our OEM customers in North America and Europe. Adjusted EBITDA and operating income are expected to be approximately $3.22 billion with $2.45 billion at the midpoint, each up 4% versus the prior year. The higher midpoints largely reflect the stronger third quarter performance, offset by lower expectations for the fourth quarter, which I'll talk more about in a moment.

接下來，我們將介紹指南的其他組成部分。我們全年營收預期中位數為 203 億美元，調整後成長率為 2%。中間價走高主要是由於外匯市場（主要是歐元）以及汽車產量走強所致，但近期供應鏈中斷和我們在北美和歐洲的一些 OEM 客戶的生產調整抵消了這一影響。調整後的 EBITDA 和營業收入預計約為 32.2 億美元，中間值為 24.5 億美元，均比上年增長 4%。較高的中點數值主要反映了第三季的強勁表現，但被對第四季度較低的預期所抵消，我稍後會詳細討論這一點。

Adjusted earnings per share is estimated to be in the range of $7.55 and $7.85, up 23% at the midpoint. This is $0.25 higher than our prior range, reflecting the higher operating income as well as the benefits of our capital allocation actions. And lastly, we continue to expect operating cash flow of approximately $2 billion and capital expenditures of roughly 4% of revenue.

調整後每股盈餘預計在 7.55 美元至 7.85 美元之間，中位數較上年同期成長 23%。這比我們先前的預期高出 0.25 美元，反映了更高的營業收入以及我們資本配置措施的益處。最後，我們仍然預期營運現金流約為 20 億美元，資本支出約為收入的 4%。

Our fourth quarter guidance implies a revenue growth of 1% on an adjusted basis at the midpoint. This is slightly below what was implied by our full year and third quarter guidance provided in July, which primarily reflects the impact of recent developments at certain customers and within the broader supply chain. Specifically, based on our current visibility into customer schedules, we estimate recent known disruptions and production adjustments at a few of our OEMs in North America and Europe creates a revenue headwind of approximately $80 million.

我們第四季業績預期中位數（經調整後）為營收成長1%。這略低於我們在 7 月提供的全年和第三季業績指引，主要反映了某些客戶和更廣泛的供應鏈中近期發展的影響。具體來說，根據我們目前對客戶計畫的了解，我們估計最近北美和歐洲幾家原始設備製造商 (OEM) 已知的生產中斷和調整，將造成約 8,000 萬美元的收入損失。

Beyond this, our guidance has contemplated an element of conservatism related to amplified trade tensions impacting semiconductor supply chains. Our fourth quarter guidance implies operating income margin of 11.8% at the midpoint. Relative to our prior guidance, the margin reflects the impact of the flow-through of the known customer disruptions I just mentioned, elevated copper prices and the timing of certain customer settlements that were realized in the third quarter rather than fourth. Lastly, we forecast fourth quarter adjusted EPS to be in the range of $1.60 to $1.90.

除此之外，我們的指導方針也考慮了貿易緊張局勢加劇對半導體供應鏈的影響，並體現了一定的保守主義因素。我們第四季業績預期中位數對應的營業利益率為 11.8%。相對於我們先前的預期，利潤率反映了我剛才提到的已知客戶中斷的影響、銅價上漲以及某些客戶結算在第三季度而不是第四季度實現的時間安排。最後，我們預測第四季度調整後每股收益將在 1.60 美元至 1.90 美元之間。

As with prior updates, our current guidance reflects our exposure to tariffs based on trade policy as it currently stands and does not include the impact of tariffs that have not yet been implemented. As a reminder, our direct exposure to tariffs is minimal in large part because of a high compliance with USMCA and our low level of non-USMCA imports into the United States. In the limited areas where we have exposure and cannot change sourcing going to the industry setup, we have largely been able to pass on the incremental costs. That said, with our resilient business model and relentless focus on optimizing performance, we remain confident in our ability to drive strong execution and financial results.

與先前的更新一樣，我們目前的指引反映了我們根據當前貿易政策所面臨的關稅風險，但不包括尚未實施的關稅的影響。再次提醒大家，我們直接受到的關稅影響很小，這主要是因為我們高度遵守美墨加協定，而且我們對美國的非美墨加協定進口量很低。在我們有限的業務領域，由於無法改變採購方式，我們只能轉向行業現有模式，因此我們基本上能夠將增加的成本轉嫁出去。儘管如此，憑藉我們穩健的商業模式和對優化業績的不懈追求，我們仍然有信心實現強勁的執行力和財務表現。

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

接下來，我想把電話交還給凱文，請他做總結發言。

Thanks, Varun. I'll wrap up on slide 15 before we open the call to Q&A. We exceeded expectations in the third quarter, delivering record revenue, operating income and earnings per share, and we're well positioned to continue our strong operating performance heading into next year. Our continued strong execution despite ongoing uncertainty in the macro environment is a function of our robust business model and our proactive efforts to continually enhance our product portfolio and improve our cost structure.

謝謝你，瓦倫。在正式開始問答環節之前，我將在第 15 張投影片上做最後的總結。第三季度，我們超越了預期，實現了創紀錄的收入、營業收入和每股盈餘，我們已做好充分準備，在明年繼續保持強勁的經營業績。儘管宏觀環境持續存在不確定性，但我們仍然保持強勁的業績，這得益於我們穩健的商業模式以及我們積極主動地不斷改進產品組合和優化成本結構。

We continue to experience strong demand for our portfolio of industry-leading products and remain uniquely positioned to benefit from the acceleration towards a more automated, electrified and digitalized feature that's happening across multiple end markets. We remain vigilant on positioning Aptiv for long-term success through proactive portfolio management and cost structure optimization with the separation of EDS being a great example of our commitment to increasing value for shareholders. We look forward to updating you more at our Investor Day in a few weeks.

我們持續感受到市場對我們行業領先產品組合的強勁需求，並且憑藉獨特的優勢，能夠從多個終端市場加速向自動化、電氣化和數位化轉型中獲益。我們始終保持警惕，透過積極的投資組合管理和成本結構優化，為 Aptiv 的長期成功奠定基礎。 EDS 的分拆就是我們致力於為股東創造更多價值的一個很好的例子。我們期待在幾週後的投資者日上向您提供更多資訊。

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

接線員，現在我們開始接受提問。

(Operator Instructions) Chris McNally, Evercore.

（操作說明）克里斯·麥克納利，Evercore。

Thanks so much, team. Kevin, thanks so much for all the detail on the many headwinds on Q4. So if we could just break that down, I think you said $80 million known and then obviously, an added uncertainty because I think the NextEra is really just starting. I was wondering if we could call out as (inaudible) as part of the $80 million? Because obviously, your North America was raised while it looked like our Europe brought down 2%. So it seems like it's focused on Europe. And so I just wanted to see if we can rank kind of where we saw the weakness. And then I'll follow up on the chip issue.

非常感謝團隊。凱文，非常感謝你詳細解釋了第四季面臨的諸多不利因素。所以如果我們能把它分解一下，我想你說過已知的金額是 8000 萬美元，但顯然，還有一個不確定因素，因為我認為 NextEra 真的才剛剛開始。我想知道我們是否可以把這 8000 萬美元的一部分（聽不清楚）也算進去？很明顯，你們的北美地區發展壯大，而我們的歐洲地區卻下降了 2%。所以看來它主要關注歐洲市場。所以我想看看我們能否對我們發現的弱點進行排名。然後我會跟進晶片問題。

Sure. Thanks, Chris. So as you look at that $80 million, it does encompass some volume impact associated with the facility issue or the facility firing in (inaudible). So that is contemplated as a part of that $80 million. There are other, as you're aware of, there are other kind of unique customer-specific situations with OEMs, including OEMs in Europe that are impacting our outlook for European production. And then again, there's an element of not customer-specific, but an element of conservatism that we've overlaid in the European market, North America market as it relates to principally supply chain issues, tied to some of the geopolitics and trade tensions going on.

當然。謝謝你，克里斯。所以，當你審視這8000萬美元時，它確實包含了與該設施問題或設施故障相關的產量影響。（聽不清楚）所以這筆費用被計入了那8000萬美元的預算中。如您所知，還有其他一些獨特的客戶特定情況，包括歐洲的 OEM 廠商的情況，這些情況正在影響我們對歐洲生產的前景。此外，我們在歐洲市場和北美市場也融入了一些保守主義因素，並非針對特定客戶，而是與供應鏈問題有關，並與當前的一些地緣政治和貿易緊張局勢有關。

Okay. Absolutely makes sense. So essentially probably getting into $100 million plus in Q4, which is a 2% headwind. So that makes sense.

好的。完全合理。所以第四季營收大概會超過 1 億美元，相當於 2% 的不利因素。這說得通。

Without speaking about customer specific, could you just -- what is your knowledge of what's going on with NextEra? I mean, it seems like it's so much more of a political issue at this point. Obviously, we can resource over time. But there seems like there must be something where the Dutch government and trying to come to some near-term remedy or we're going to have a larger -- I think it's an 80% of European chips. Can you just -- how you are framing the issue because it seems like it's something that could be pretty bad over the next couple of weeks?

撇開具體客戶的情況不談，您能否簡單介紹一下您對 NextEra 目前的情況了解多少？我的意思是，現在看來這似乎更多的是政治問題。顯然，我們可以隨著時間的推移獲得資源。但荷蘭政府似乎正在努力尋找一些短期解決辦法，否則我們將面臨更大的損失——我認為是歐洲晶片的 80%。您能否簡單說明一下您是如何看待這個問題的？因為看起來未來幾週情況可能會變得相當糟糕。

So you're right in framing it. It is a political issue, and it is a political issue between the Dutch government in China. So I think it's important to understand the parties involved. As it relates to the situation, we can tell you, product is flowing in China. So as we sit here today, it does not -- we're certainly not being impacted. We would not expect production in China to be impacted.

所以你的表述是正確的。這是一個政治問題，是荷蘭政府與中國之間的政治問題。所以我認為了解相關各方的情況很重要。就目前情況而言，我們可以告訴你，產品正在中國流通。所以就目前而言，情況並非如此——我們當然沒有受到影響。我們預計中國的生產不會受到影響。

I would say it's a product area where by and large, the industry has alternative sources and there are players like us that have already validated where we have solutions where we have risk. I think that is likely a similar situation across the supply base. Some suppliers like ourselves may be further ahead versus others. But I think this is something that the industry has been contemplating.

我認為這是一個產品領域，總的來說，這個行業有替代來源，像我們這樣的企業已經驗證了我們在哪些方面擁有解決方案，在哪些方面有風險。我認為整個供應鏈可能都存在類似的情況。像我們這樣的一些供應商可能比其他供應商領先一步。但我認為這是業界一直在思考的問題。

It appears as though the issue in terms of a noise standpoint, seems to be a bigger issue in Europe than it is in North America at this point in time. I can't give you a great explanation as to why that's the case, Chris. But just based on what we're hearing in terms of suppliers that are being impacted and how they're impacting OEMs, if there's a resolution politically, it's something that will get fixed very, very quickly. If it's not resolved, it's something that will take some time to resolve, but is resolvable.

就噪音問題而言，目前看來，歐洲的問題似乎比北美的問題更嚴重。克里斯，我無法給你一個令人滿意的解釋來說明為什麼會這樣。但僅從我們聽到的供應商受到影響以及他們如何影響原始設備製造商的情況來看，如果政治上能夠找到解決方案，這個問題很快就會解決。如果問題無法解決，那也需要一些時間才能解決，但最終是可以解決的。

And sitting here in our shoes, it's impossible to predict exactly between those two bookends, where things fall out, which is one of the reasons we overlaid some of the conservatism into our outlook for Q4. For us, we have roughly three months of inventory. We were confident we won't impact any OEMs in the fourth quarter. And as I said, we have second alternatives that have been validated across most of our product portfolio that falls -- that matches with (inaudible).

站在我們的角度來看，我們無法準確預測在這兩個極端之間事情會如何發展，這也是我們在對第四季的展望中採取保守態度的原因之一。我們目前大約有三個月的庫存。我們有信心在第四季度不會對任何原始設備製造商造成影響。正如我所說，我們還有其他備選方案，這些方案已經過驗證，適用於我們的大部分產品組合，並且與…相匹配。（聽不清楚）

Joe Spak, UBS.

喬·斯帕克，瑞銀集團。

Thanks. Good morning, everyone. I want to follow along that conversation and maybe some of the impact to the margin guidance, specifically for the fourth quarter. I know there's a ton of moving parts here is Kevin and team, as you just sort of went through. But the midpoint of fourth quarter is 11.8%, even the high end is 12.4%. You just did 12.5%. I know it sounds like that third quarter number, if you adjust for that recovery is maybe 20 bps, so it's a little bit lower.

謝謝。各位早安。我想繼續關注這場討論，以及它可能對利潤率預期，特別是第四季度的利潤率預期，產生的影響。我知道凱文和他的團隊有很多事情要處理，就像你剛才提到的那樣。但第四季的中點是 11.8%，即使是上限也是 12.4%。你剛剛完成了12.5%。我知道這聽起來像是第三季的數字，但如果你考慮到復甦可能只有 20 個基點，所以實際數字會略低一些。

And then you're talking about some conservatism in the revenue for fourth quarter, but even that seems like it would only add like 10, 20 bps, if my math is correct. So I'm just wondering, is there anything else going on, on the cost side or on the margin side in the fourth quarter? Because historically, there's been a bigger sequential improvement, if you will, given engineering recoveries, et cetera?

然後你提到第四季營收方面會採取一些保守策略，但如果我的計算沒錯的話，即使這樣似乎也只會增加 10 到 20 個基點。所以我想知道，第四季在成本方面或利潤率方面還有其他情況嗎？因為從歷史角度來看，考慮到工程恢復等因素，通常會有更大的持續改善？

Hey, Joe, it's Varun. Let me try and answer that one. Great question. Listen, I'd say three key pieces to think about. One is just the flow-through on the weaker volumes that Kevin just referenced, right, that $80 million to $100 million of kind of lower revenue coming through. So the flow-through on that, as you rightly pointed out, the one customer recovery that I called out of (inaudible) that we had anticipated in the fourth quarter, but that came in, in the third quarter.

嘿，喬，我是瓦倫。讓我試著回答這個問題。問得好。聽著，我認為有三個關鍵點需要考慮。一是凱文剛才提到的銷售下滑帶來的直接影響，對吧，也就是收入減少 8,000 萬到 1 億美元。所以，正如您所指出的，我提到的那筆客戶恢復交易（聽不清楚）原本是我們預計在第四季度完成的，但實際上在第三季就完成了。

And then the final one I'd like to highlight is just the elevated copper prices. I'd say the first two items. So this is the flow-through on weaker volumes and the elevated copper prices, those are marginally higher than the kind of 20-plus bps that you calculated from the recovery timing. So think of it from that perspective. Those are the kind of three key drivers in terms of kind of where we're guiding towards for fourth quarter margin rate.

最後我想重點強調的是銅價高企的問題。我認為是前兩項。所以這是成交量疲軟和銅價高企的直接影響，比你根據復甦時間計算出的 20 多個基點略高一些。所以，不妨從這個角度來考慮。以上是我們對第四季利潤率的三大主要預測因子。

Joe, I think -- so I would say you have volume, you have timing on that customer recovery. And then the year-over-year impact from an FX commodity standpoint is significant on a year-over-year basis. And it's both FX, principally the peso and copper. And that impact, at least based on our math, is north of 100 basis points on a year over year. So that might be the piece when you look at operating income and margin rate, you don't have the full visibility to.

喬，我認為——所以我想說，你們在客戶恢復方面既有規模優勢，也有時間優勢。從外匯商品角度來看，年比影響也相當顯著。而且它既是外匯，主要是比索和銅。根據我們的計算，這種影響至少比去年同期高出 100 個基點以上。所以，當你查看營業收入和利潤率時，這可能是你無法完全了解的部分。

Super helpful. And then just on copper, I just want to make sure I get that right. That's a margin impact, but not but less of a dollar impact. Correct because it's passed through?

非常有用。然後，關於銅，我只想確保我理解正確。這會對利潤率產生影響，但對美元金額的影響較小。因為它被傳遞過去了，所以才是正確的嗎？

Well, there's some dollar impact. It's timing. It ends up being timing. You're right. You're typically right. But depending on how quick the movement is from a copper price standpoint, it can have more or less of an impact on the earnings number.

嗯，美元確實受到了一些影響。關鍵在於時機。最終還是時機問題。你說得對。你通常是對的。但銅價波動的速度決定了其對獲利數據的影響程度。

Okay. Maybe just a bigger picture and maybe we'll hear more about this at the Analyst Day in a couple of weeks. But non-auto, you highlighted grew 14%. I know smaller numbers, but you're starting to sort of show some of these other areas, the EDS energy storage. Any way to sort of contextualize how big an opportunity you think that is? And is there any opportunity in that -- in, let's say, an energy storage business for the ECG business out there?

好的。或許我們需要從更宏觀的角度來看待這個問題，或許我們會在幾週後的分析師日聽到更多相關資訊。但你提到的非汽車產業成長了 14%。我知道一些較小的數字，但你開始展示一些其他領域，例如 EDS 儲能。有什麼辦法能大致說明一下你認為這是一個多大的機會嗎？那麼，在例如心電圖（ECG）產業的儲能業務中，是否存在任何機會？

Yes. So the opportunity is very -- so one, we will talk about at the Investor Day across each of the businesses. So we'll share more to the opportunity is very big, especially around areas like energy storage, like robotics, like drones, as an example, from a market standpoint. There's incremental focus across each one of our business units in terms of where we have existing product and the right to play, and we'll talk about opportunities maybe to make some incremental investment in certain product areas to leverage our existing base, both from a product standpoint as well as a market standpoint to actually grow in those markets.

是的。所以機會非常多——我們將在投資者日上逐一討論各個業務領域的情況。因此，我們將分享更多訊息，因為機會非常大，尤其是在儲能、機器人、無人機等領域，從市場角度來看更是如此。我們會逐步關注各個業務部門，重點關注我們現有的產品和市場地位，並探討在某些產品領域進行一些增量投資的機會，以利用我們現有的基礎，從產品和市場兩個角度來看，實現這些市場的實際成長。

And the opportunity is big. I mean, today -- today, when you think about nonautomotive revenues, we're approaching over $3 billion of total revenues. During the quarter, we grew mid-single digit or mid double -- mid-teens sort of growth rate in that particular area, and it's being driven across the ECG, the ASUX and the EDS portfolio.

機會很大。我的意思是，今天——今天，當你想到非汽車業務的收入時，我們的總收入已經接近 30 億美元。本季度，我們在該特定領域實現了中等個位數或中等兩位數的成長——大約十幾個百分點的成長率，這主要得益於心電圖、ASUX 和 EDS 產品組合的推動。

And we'll talk a bit about when you look at ASUX and I know the growth right now this year has not been outstanding. But when you look at the software portfolio, the Gap software portfolio were up north of $600 million in revenues, and that's growing north of 20%. And we have bookings and plans to continue to grow that particular area as well.

我們再來談談ASUX，我知道它今年的成長並不突出。但從軟體產品組合來看，Gap 的軟體產品組合收入已超過 6 億美元，並且以超過 20% 的速度成長。我們也有預訂計劃，並打算繼續拓展該領域。

It's a good sneak peek for a couple of weeks. Thanks.

這可以提前預覽幾週。謝謝。

Dan Levy, Barclays.

丹·利維，巴克萊銀行。

Hi. Good morning. Thanks for taking questions. I wanted to drill down on some of the growth dynamics in the quarter. Because I think you had given us maybe some parameters early on, some of the customer issues that were going on in China that on the flip side, are some launch activities. So maybe you could just help us decompose within the 3Q regional results where we saw North America do really well?

你好。早安.謝謝回答問題。我想深入分析本季的一些成長動態。因為我認為您可能已經為我們提供了一些參數，一些在中國發生的客戶問題，另一方面，也包括一些發布活動。所以，您能否幫我們分析一下第三季各地區的業績，看看北美地區的表現如何？

Europe underperformed, China underperformed. How much of that was the launch activity coming through versus maybe things like JLR or this (inaudible) issues that are maybe more temporary. So maybe just help us decompose and the line of sight to just growth in aggregate being better and specifically in China?

歐洲表現不佳，中國表現不佳。其中有多少是新車上市活動帶來的，又有多少是像捷豹路虎或這種（聽不清楚）問題之類的暫時性問題帶來的？所以，或許我們可以幫您分析一下，看看整體成長情況，特別是中國的成長情況會如何？

Maybe I'll start with -- at a high level and then Varun can go through some numbers by regions, Dan. So right now, we're actually seeing very little push out of program launches. There's one or two here or there, but it's not -- we've not seen a significant trend. We have seen launches at lower volumes or the curve, the slope of the curve from a volume standpoint being somewhat lower. So that has had some impact.

丹，或許我可以先從宏觀層面入手，然後瓦倫可以根據地區具體分析一些數據。所以目前來看，我們其實很少看到專案啟動方面的推動。偶爾會有一兩例，但並沒有——我們沒有看到明顯的趨勢。我們看到一些產品上市量較低，或者說，從銷售角度來看，曲線的斜率略低。所以這確實產生了一定的影響。

The bigger impacts for us in Europe and China tend to be tied to specific OEM volume issues in Europe as it relates to European volume, it tends to be a large German OEM who has impacted both our ASUX and EDS business. As well as our French global OEM that we've seen reductions in existing production schedules for the European market.

對我們在歐洲和中國的影響較大的因素往往與歐洲特定 OEM 廠商的銷售問題有關，就歐洲銷售而言，往往是一家大型德國 OEM 廠商對我們的 ASUX 和 EDS 業務都產生了影響。除了我們的法國全球 OEM 合作夥伴之外，我們還發現歐洲市場的現有生產計劃有所減少。

In China, the big impact for us this year were those three program cancellations that we talked about for (inaudible) in the second quarter. There is some slight, I would say, headwind growth from a growth rate standpoint when you look at, for example, our EDS mix versus overall market mix, but that business is closing the gap. So it tends to be, for us, significant sort of impacts by discrete customer situations, and they vary a little bit by region, and they vary a bit by customer.

今年在中國，對我們影響最大的就是我們在第二季提到的三個項目取消（聽不清楚）。從成長率的角度來看，例如，當我們觀察我們的 EDS 產品組合與整體市場組合時，我認為存在一些輕微的逆風成長，但這項業務正在縮小差距。因此，對我們來說，這往往是受具體客戶狀況影響較大的情況，而且這些情況會因地區和客戶的不同而略有不同。

Kevin, the only piece of kind of -- just to get more context with when we kind of gave guidance in July for the third quarter is North America production, what we had anticipated going into the third quarter was roughly about down (inaudible) and that has, we all know, came through very strongly at almost 4 points above. So we certainly benefited from the stronger vehicle production that Kevin also mentioned previously, and so sales growth was the big aspect.

凱文，唯一需要補充的是——為了更好地理解我們在7月份給出的第三季度業績指引——北美產量，我們當時預計第三季產量將下降（聽不清楚），但我們都知道，實際情況比預期高出近4個百分點。因此，我們確實受益於凱文之前提到的更強勁的汽車生產，所以銷售成長是主要方面。

And as I mentioned, also North America delivered and performed incredibly well. EDS was double digits. AS & UX also was double digits. But that really is the big piece, which came through in the third quarter. And then obviously, the flow-through on OI that comes on the back of the sales growth side of things.

正如我之前提到的，北美地區也表現出色。EDS值為兩位數。AS & UX 也達到了兩位數。但那才是真正關鍵的一環，在第三節比賽中發揮了作用。然後，很顯然，銷售成長帶來的 OI 也會隨之成長。

Great. Thank you. As a follow-up, I wanted to maybe follow up to Joe's prior question. And as far as the growth opportunity in some of these adjacent areas, inorganically, and I'm sure you're going to double click on this at your Investor Day in a couple of weeks. But just the rough M&A framework and specifically how you look at the willingness to do deals when reality is maybe some of the assets you might be pursuing are going to be at multiples that are higher than where you are, what is the willingness deals that maybe on the surface appear dilutive and what the framework is in approaching that?

偉大的。謝謝。作為後續，我想就喬之前提出的問題做個補充。至於這些相鄰領域的一些成長機會，特別是非有機成長方面，我相信您會在幾週後的投資者日上對此進行深入探討。但就併購框架的大致框架而言，特別是當現實情況是，你可能正在追求的一些資產的估值倍數可能高於你目前的估值倍數時，你如何看待進行交易的意願？對於那些表面上看起來會稀釋股權的交易，你的意願是什麼？以及在處理這類交易時，你的框架是什麼？

No, that's a great question. I'd start with each situation is unique. We can certainly do the math with respect to our multiple versus the multiples on some of those assets. We think the general view is in order to diversify meaningfully from a revenue market standpoint, revenue standpoint, M&A is going to have to be a part of that. When you think about that, that means that those transactions will have to have meaningful synergies from a cost and maybe in some cases, a revenue standpoint, and we'll need to think about the framework in terms of size, multiple synergies, ease of integration and ultimately, how does that position us for future growth in markets outside of automotive.

不，這是一個很好的問題。首先，我認為每種情況都是獨一無二的。我們當然可以計算一下我們的倍數與其中一些資產的倍數之間的關係。我們認為，從收入市場角度來看，要實現有意義的多元化，併購是不可或缺的一部分。仔細想想，這意味著這些交易必須在成本方面產生有意義的綜效，在某些情況下，還必須在收入方面產生綜效。我們需要從規模、多重協同效應、整合的難易程度以及最終如何使我們在汽車以外的市場實現未來成長的角度來考慮這個框架。

So I don't think there's -- Dan, there's a one answer. I think it really depends on each unique situation. I would say we are committed to grow in other markets. A part of that is M&A related, and we have a large funnel of potential opportunities out there that we continue to evaluate and consider and understand the parameters or kind of the current dynamics with respect to our multiple versus some other market multiples.

所以我覺得──丹，沒有唯一的答案。我認為這真的取決於具體情況。我認為我們致力於在其他市場實現成長。其中一部分與併購有關，我們有很多潛在的機會，我們會繼續評估和考慮這些機會，並了解我們的倍數與其他一些市場倍數相比的參數或當前動態。

Great Thank you.

非常感謝。

James Picariello, BNP Paribas.

詹姆斯·皮卡里洛，法國巴黎銀行。

Hey, everybody. Can you speak to how back to safety growth performed in the quarter and just how you're thinking about the second half. I believe you guys referenced challenges, temporary challenges in China. So curious on the progress and the outlook there. And then also for user experience, I thought the communication was that there's some stabilization on the near-term horizon. So curious what the assessment is there as well. Thanks.

大家好。您能否談談本季安全成長情況，以及您對下半年的展望？我相信你們指的是中國面臨的挑戰，暫時的挑戰。非常想了解那裡的進展和前景。此外，就使用者體驗而言，我認為傳達的訊息是，在不久的將來情況會趨於穩定。我也很好奇那裡的評估標準是什麼。謝謝。

So when you look at active safety growth in the quarter and back half of the year, we would expect that to be low-single digits versus first half of the year kind of high-single digits. That is specifically the driver of those three programs that we mentioned, those were active -- had significant active safety content. So those two OEMs are three programs, that's what's impacting growth rates in the back half of the year.

因此，當我們觀察本季和下半年的主動安全成長時，我們預期其成長率將為個位數低段，而上半年的成長率則為個位數高段。這正是我們提到的三個項目的驅動因素，它們都是正面的——具有重要的主動安全內容。所以，這兩家原始設備製造商的三個項目，就是影響下半年成長率的因素。

Listen, over the last couple of years, we've had solid bookings in active safety. This year, year-to-date bookings are close to $3 billion. So close to the size of our ADAS revenues today will book more in the fourth quarter. We're making progress in China, just given the nature of that market and the shorter time frame between program award and launches. So we think that's something where you'll see solid return to growth in 2026.

聽著，在過去的幾年裡，我們在主動安全方面的預訂量一直很穩定。今年迄今的預訂金額已接近 30 億美元。目前我們的ADAS營收規模接近目前的水平，預計第四季將實現更多成長。鑑於中國市場的特殊性以及專案授予和啟動之間較短的時間，我們在中國已經取得了進展。所以我們認為，到 2026 年，這方面將會迎來穩健的成長。

Understood. And then I know this one is...

明白了。然後我知道這是…

In the US, there was a second piece. I'm sorry to interrupt you, but you asked about -- also on the user experience side. So impact or growth on a year-over-year basis, back half of the year will be down low-double digits. We were down 10% in the third quarter. That's the specific rollout of the program that we talked about. That will annualize into the fourth quarter.

在美國，還有第二塊碎片。很抱歉打斷您，但您也問到了用戶體驗方面的問題。因此，與去年同期相比，下半年的影響或成長將出現兩位數的下滑。第三季我們下降了10%。這就是我們之前討論的該計劃的具體實施方案。這將按年計算，並在第四季度實現。

So as we head into next year, we would expect to see user experience begin to return to a growth mode. We similarly had program, awards and other proceeds that are out there. So we'd expect that product line as well return to growth mode in 2026.

因此，展望明年，我們預期用戶體驗將開始恢復成長動能。我們也有類似的節目、獎項和其他收益。因此，我們預計該產品線也將在 2026 年恢復成長。

Understood. And then, yeah, I realize this is a sensitive question, but is the company potentially pursuing alternatives beyond just the spin-off of EDS, concerning a potential asset sale? Or should we be squarely thinking about the spin-off in the first quarter?

明白了。是的，我知道這是一個敏感問題，但該公司是否可能在分拆 EDS 之外，尋求其他替代方案，例如潛在的資產出售？或者我們應該把注意力集中在第一季的分拆上？

Listen, we control the spin, right? At the end of the day, that's something that we have total control of on the path that we announced back in January. We're focused on driving shareholder value. So whatever outcome generates the best return, that's what the Board obviously will evaluate and ultimately make decisions on.

聽著，我們掌控著輿論走向，對吧？歸根結底，這是我們在1月宣布的道路上完全可以掌控的事情。我們專注於提升股東價值。因此，無論哪種結果能帶來最佳回報，顯然都是董事會評估並最終做出決定的依據。

Thank you.

謝謝。

Itay Michaeli, TD Cowen.

Itay Michaeli，TD Cowen。

Hi. Great. Thanks. Good morning, everyone. Just wanted to revisit, good to hear the commentary on revenue growth potentially accelerating into 2026. I was hoping you could just share a bit more detail on some of the underlying assumptions for LVP, maybe mix, EV, anything you can share as well as if there are any puts and takes which you think of in terms of the kind of OI margin next year?

你好。偉大的。謝謝。各位早安。想再次強調一下，很高興聽到關於營收成長可能在 2026 年加速成長的評論。我希望您能更詳細地分享LVP的一些基本假設，例如產品組合、企業價值等等，以及您認為明年未償付收入利潤率方面有哪些需要考慮的因素？

Those are the last specific questions about 2026 as we sit here in October, and wrestle with some of the market dynamics. I guess at a very high level, Itay, as we think about the overall market, sitting here today, I think we would view the market as is basically likely flat to maybe slightly down. Part of that is how we plan to be transparent. We tend to, in terms of managing our cost structure and where we're making investments, we try to be conservative on the vehicle production side. So as we're -- Varun and team are going through the planning process now based -- that's kind of where we're baselining.

以上就是關於 2026 年的最後幾個具體問題，現在是 10 月，我們正在努力應對一些市場動態。伊泰，我想從宏觀層面來看，就我們今天在這裡討論的整體市場而言，我認為我們會認為市場基本上可能持平，甚至略有下降。這其中一部分就是我們計劃如何透明。在成本結構管理和投資方向方面，我們傾向於在車輛生產方面保持保守。所以，Varun 和他的團隊現在正在進行規劃，這就是我們目前的基準。

Having said that, we've had strong last couple of years of bookings. We are seeing -- we've had very strong launch activity during 2024 in the first half of 2025, which will translate into higher revenue. We've annualized on the electrification headwinds that we had last year and earlier this year. So those headwinds are by and large, we feel like behind us at this point in time.

話雖如此，我們近兩年的預訂量一直都很強勁。我們看到，2024 年到 2025 年上半年，我們的產品發布活動非常強勁，這將轉化為更高的收入。我們已經將去年和今年稍早遇到的電氣化逆風因素按年計算。所以，總的來說，我們感覺這些逆風已經過去了。

And at the same time, we're seeing significant growth in China, strong growth or solid growth, I should say in Europe. So that should prove to be a tailwind. We continue to see demand for things like active safety. We're having very strong growth outside of the automotive space in adjacent markets that's running double digits. So as we look at all of those sort of factors, we think the setup is a reasonably good setup, and we'll caveat that with the geopolitics and potential changes to trade policy and tariffs that we're not -- we don't have full visibility to at this point in time.

同時，我們看到中國市場出現了顯著成長，歐洲市場也出現了強勁成長或穩健成長。所以這應該會是個有利因素。我們持續看到對主動安全等產品的需求。我們在汽車領域以外的鄰近市場也實現了非常強勁的成長，成長率達到兩位數。因此，綜合考慮所有這些因素，我們認為目前的情況相當不錯，但我們也要指出，地緣政治以及貿易政策和關稅的潛在變化，我們目前還無法完全預見。

From a margin expansion standpoint, obviously, we're always focused on our cost structure. With that revenue growth, we'll deliver margin expansion. Not prepared to sit here and kind of walk through that today. We'll talk more about that during our Investor Day and the path on how we get there. But I guess, suffice it to say, even with all the macro trends that we've been wrestling with, the business has done a great job growing and increasing profitability on a year-over-year basis.

從利潤率提升的角度來看，我們顯然始終關注成本結構。隨著營收成長，我們將實現利潤率提升。今天我還沒準備好坐在這裡慢慢討論這件事。我們將在投資者日上詳細討論這一點以及我們如何實現目標。但我想，總而言之，即使我們一直在努力應對各種宏觀趨勢，公司在逐年成長和提高獲利能力方面也做得非常出色。

You look at what we've done this year with FX headwinds on a year-over-year basis. And listen, you take a step back in reality, we'll end up on an FX-adjusted basis, we'll end up expanding margins by -- help me out -- sorry, by 120 basis points. And that's with all of the trade and other issues going on at this point in time. So a business model has been set up pretty well, and we feel good about the momentum we have as we leave 2025, and we head into 2026.

看看我們今年在外匯逆風環境下所取得的成績，與去年同期相比如何。聽著，如果你退後一步，回到現實，我們最終會以匯率調整後的價格，將利潤率提高——幫我一下——抱歉，提高 120 個基點。而且，目前還存在著各種貿易和其他問題。因此，我們的商業模式已經建立得相當不錯，我們對2025年即將結束、2026年即將到來之際的發展勢頭感到樂觀。

Kevin, if I can, I just going to add one more item. As you think about, and we've talked about this, our continued growth in the non-auto sites. This includes commercial vehicles, but also end markets such as AMD, IT, data, telco, other industrial markets. That business is in the high $3 billion rapidly approaching almost 4%. And that entire set of businesses, that's kind of growing high-single digits, almost double digits, right?

凱文，如果可以的話，我想再加一項。正如你所想，我們也討論過，我們在非汽車網站的持續成長。這包括商用車，也包括 AMD、IT、數據、電信和其他工業市場等終端市場。該業務規模已接近 30 億美元，正迅速逼近 4%。而所有這些企業，它們的成長率都達到了接近兩位數，對吧？

So as you kind of roll the tape forward on that, into 2026, we expect that growth to be significantly in line with where we are currently. So obviously, significantly faster than the auto side. And then also, as you think of the product and services within that set of end markets such as Wind River, a higher margin profile. Again, listen, we provide more details, but I just want to make sure that, Itay, we give you a comprehensive response on both the non-auto, but also the big push into non-auto-end markets.

因此，展望未來，到 2026 年，我們預計成長將與目前的情況基本持平。顯然，速度比自動擋快得多。此外，考慮到 Wind River 等終端市場中的產品和服務，利潤率也更高。再說一遍，我們會提供更多細節，但我只想確保，伊泰，我們能就非汽車領域以及大力進軍非汽車終端市場的問題，給你一個全面的答复。

Yes. That's incredibly helpful. Thanks so much. As a super quick follow-up. I'm curious how you frame the opportunity within the Gen 8 Radar products, if you think you might be able to gain share from other Tier 1s? Is it more of a CPV? Or is there an opportunity to displace ultrasonics for surround sensing?

是的。這真是太有幫助了。非常感謝。作為快速後續。我很想知道，如果您認為有可能從其他一級供應商那裡獲得市場份額，您會如何看待第八代雷達產品帶來的機會？它更像是CPV嗎？或者，是否存在以超音波取代環境感知技術的機會？

So the Gen 8 Radar, we're confident as industry-leading versus any of our competitors. So there certainly is an opportunity to grow and to take share across all the regions that we operate in. We have other products, I think, part of which you're referring to product referred to as Pulse that leverages our radar capabilities and allows OEMs to actually eliminate ultrasonics, replace those with radar and enhanced parking systems and a bunch of other things that in addition to it -- to additional performance, it reduces OEM costs pretty significantly. So that's a separate product where we're getting significant amount of (inaudible).

因此，我們有信心，第八代雷達在業界領先所有競爭對手。因此，在我們運營的所有地區，肯定存在著發展壯大並擴大市場份額的機會。我想我們還有其他產品，其中一部分您指的是名為 Pulse 的產品，它利用了我們的雷達技術，使 OEM 能夠真正消除超音波，用雷達和增強型停車系統以及其他許多功能來取代它們，除了提高性能外，它還能顯著降低 OEM 的成本。所以這是一個獨立的產品，我們從中獲得了大量的…（聽不清楚）

Terrific. That's very helpful. Thank you.

了不起。那很有幫助。謝謝。

Mark Delaney, Goldman Sachs.

馬克‧德萊尼，高盛集團。

Hey, guys. Good morning. Thank you very much for taking questions. First, I was hoping to better understand the degree of conservatism assumed in guidance from (inaudible) as well as broader trade tensions that you referred to for 4Q guidance. It looks like sequentially, 4Q revenue is guided down roughly $160 million. About half of that you said is from customer-specific downtime. So when I look at typical seasonality tends to be flat to up, so it seemed to imply there's maybe $80 million or a little bit more than $80 million from some of these trade factors that's conservatism. But if I'm misunderstanding are there other ways to better frame that, it would be helpful.

嘿，夥計們。早安.非常感謝您回答問題。首先，我希望更了解您在第四季度業績指引中提到的（聽不清楚）以及更廣泛的貿易緊張局勢中所假設的保守程度。看起來，第四季營收預計將季減約 1.6 億美元。你提到的其中大約一半是由於客戶特定的停機時間所造成的。所以，當我觀察典型的季節性變化時，發現往往是平穩或上升的，這似乎意味著，從某些貿易因素來看，可能會有 8000 萬美元或略多於 8000 萬美元，這還是保守估計。但如果我理解有誤，是否有其他更好的表達方式？如果可以的話，請不吝賜教。

I think to be honest, and it's a fair question. I think it's impossible to give you a specific answer to that. So we've looked at schedules. We've reduced our outlook for schedules. And that's what's translated into our outlook for the fourth quarter. I think Varun gave you the direct visibility to what we have seen from a schedule adjustment standpoint to date as it relates to some of those specific customer supplier issues that you guys are all very well aware of. The range of the (inaudible) outcomes are so broad, right, that it's really tough to give you a precise number. So it's one where we just overlaid some incremental conservatism into our estimate.

我覺得坦誠地說，這是一個很合理的問題。我覺得這個問題無法給出具體答案。我們已經查看了日程安排。我們降低了對行程安排的預期。這就是我們對第四季的展望。我認為 Varun 已經讓你們直接了解了我們迄今為止在進度調整方面所看到的情況，因為這涉及到你們都非常清楚的一些具體的客戶供應商問題。結果的範圍非常廣泛，對吧？所以很難給你一個確切的數字。所以，我們只是在估算中增加了一些保守因素。

Understood, Kevin. Thank you. And then my other question was just around bookings. Your guidance for the year, roughly $31 billion implies a meaningful pickup in the fourth quarter. Maybe if you could talk about what areas you're seeing the most momentum as you look into the fourth quarter bookings. And then also, you did say that potentially some awards may move into '26. Any context as to why that may be occurring? Thank you.

明白了，凱文。謝謝。然後我的另一個問題是關於預訂方面的。您給出的全年預期約為 310 億美元，這意味著第四季度將顯著增長。或許您可以談談在分析第四季預訂情況時，您認為哪些領域發展勢頭最強勁。而且，您也說過，有些獎項可能會延到 2026 年頒發。是否有任何背景資訊可以解釋這種情況發生的原因？謝謝。

Yeah, I would say the movement is just timing. I just -- nothing more than OEMs making decisions. I think there's an element of certainly the disruption that we're -- potential disruption that we see as it relates to trade policy doesn't help things from a decision-making standpoint. I would say there are a number of large ASUX awards that are in the fourth quarter that are in and around or currently timed for the fourth quarter. Discussions with OEMs are progressing very well. So they're moving along at this point in time. They tend to be around, as you can imagine, ADAS, user experience as well as some SCA sort of opportunities in North America, Europe as well as China.

是的，我認為這種改變只是時機把握的問題。我只是——沒什麼特別的，只不過是原始設備製造商在做決定而已。我認為，我們所看到的與貿易政策相關的潛在幹擾因素，肯定對決策沒有幫助。我認為有很多大型 ASUX 獎項將在第四季度頒發，有的獎項的頒發時間安排在第四季度，有的則計劃在第四季度頒發。與原始設備製造商的洽談進展非常順利。所以他們目前進展順利。正如你所想，他們往往關注北美、歐洲和中國的ADAS、用戶體驗以及SCA之類的機會。

Thank you.

謝謝。

Edison Yu, Deutsche Bank.

餘生愛迪生，德意志銀行。

Hi. Thank you so much. This is Winnie Dong for Edison. I wanted to throw a little bit on the China mix. How much was it as a headwind to your growth over market for the full year? And then maybe just based on your bookings and what you might be seeing in the pipeline for next year, what you might be expecting for China mix into 2026?

你好。太感謝了。這是愛迪生的溫妮·董。我想在菜餚中加入一些中國元素。全年來看，這對您相對於市場的成長造成了多大的不利影響？然後，或許可以根據您的預訂情況以及您明年可能看到的專案計劃，您對 2026 年中國市場的組合有何預期？

Yeah, I'll start with your last and then I'm not sure we'll give you an exact dollar amount on the headwind for a couple of reasons. But on the mix, this year, 85% of our bookings are with China local OEMs. Our focus with the locals is pretty limited to the top 10 with incremental focus on those who are focused on export as well as manufacturing outside of the China market. Growth in that category for this year, I believe, is in those particular -- those particular sort of programs is up like 84% on a year-over-year basis. So very, very strong growth across each one of our segments.

是的，我會先回答你最後一個問題，然後由於一些原因，我不確定我們能否給你一個關於逆風造成的具體金額。但就整體而言，今年我們 85% 的訂單都來自中國本土 OEM 廠商。我們對本地企業的關注點主要集中在前 10 名，並逐步關注那些專注於出口以及在中國市場以外進行生產的企業。我認為，今年該類別的成長主要體現在這些特定類型的項目中，這些特定類型的項目比去年同期成長了約 84%。我們各個業務板塊都實現了非常強勁的成長。

And again, I'm referring to export revenues. So our focus for China is how do we make sure that we're with the winners that we can support and serve them profitably. And that we can work with them to take their products into international markets where we can add the most value. So I'm not sure we'll ever perfectly match the revenue mix with production mix given there are 76 OEMs in China today based on at least my last count. And there's a large portion of those that aren't strategically ideal for us to be supporting and serving.

我再次強調，我指的是出口收入。因此，我們對中國的關注點在於，如何確保我們與那些能夠獲利地支持和服務於他們的贏家合作。我們可以與他們合作，將他們的產品推向國際市場，在那裡我們可以創造最大的價值。因此，鑑於目前中國有 76 家 OEM 廠商（至少根據我上次的統計數據），我不確定我們是否能夠完全使收入結構與生產結構相符。其中很大一部分在策略上並不適合我們去支持和服務。

Got it. Thank you so much. And then my follow-up is on SCA specifically. I was wondering if you can give us maybe related update on the book gains you have in place? And then just as you're engaging with your customers, how they are thinking about this particular solution, anything in the market right now where we're seeing maybe a mixture of in-house developments versus outsourcing? So just curious what you're saying there. Thanks.

知道了。太感謝了。接下來，我將專門討論 SCA（鐮狀細胞貧血症）。我想問一下，您能否提供一些關於您目前圖書收益方面的相關最新資訊？然後，當你與客戶互動時，了解他們對這個特定解決方案的看法，以及目前市場上是否有內部開發與外包結合的情況？我只是好奇你那句話是什麼意思。謝謝。

Yes, it's a mix. Today, we have active engagements with roughly 20 OEMs across all regions, I would say, real focused engagement with 10. If I were to dollarize today, the bookings opportunities over the next couple of years, it's in the range of $5 billion-plus that we're really focused on in terms of real opportunities. It tends to be focused in and around solo controllers at this point in time. And I would say, today, we see much more activity in China. So a lot of our activity is there than we do in North America or Europe, but there are a few OEMs in North America and Europe that we're working with at this point in time.

是的，是混合的。目前，我們與各地區的大約 20 家 OEM 廠商保持著積極的合作關係，其中有 10 家是真正有針對性的合作。如果我今天把這些機會換算成美元，那麼未來幾年的預訂機會，我們真正關注的重點是超過 50 億美元的實際機會。目前來看，它主要集中在單人控制器領域。而且我認為，如今我們看到中國的活動更加活躍。因此，我們在那裡的業務活動比在北美或歐洲的業務活動要多得多，但目前我們也與北美和歐洲的一些原始設備製造商 (OEM) 開展合作。

From a revenue standpoint, sitting year-to-date, 2025 revenues from smart vehicle architecture will be about $150 million to $200 million and growing at about a 10% sort of growth rate into the out years. So I think Varun in his comments talked about a bit of a pushout on the software-defined vehicle. Obviously, that's reflected in some of the SCA activity.

從營收角度來看，截至目前，2025 年智慧汽車架構的收入將達到 1.5 億至 2 億美元，並且在未來幾年將以約 10% 的成長率成長。所以我認為Varun在他的評論中談到了對軟體定義汽車的某種推廣。顯然，這反映在一些SCA活動中。

I would say it's not slowed at all in China. It's accelerated. Europe and North America has slowed a bit. But again, we're seeing a pickup in the activity and continue to have a lot of dialogues with OEMs and a number of pursuits that are out there.

我認為在中國，這種趨勢絲毫沒有放緩。速度加快了。歐洲和北美地區的成長速度有所放緩。但是，我們看到相關活動正在增加，並且繼續與原始設備製造商進行大量對話，以及進行許多相關項目。

Very helpful. Thank you so much.

很有幫助。太感謝了。

That will conclude today's question-and-answer session. I will now turn the call back to Mr. Kevin Clark for any additional or closing remarks.

今天的問答環節到此結束。現在我將把電話轉回給凱文克拉克先生，請他作補充或總結發言。

Great. Thank you, operator. Thanks, everybody, for joining us today. We look forward to seeing you on November 18 in New York City. Have a great day and a great rest of the week. Thanks.

偉大的。謝謝接線生。謝謝大家今天收看我們的節目。我們期待11月18日在紐約市與您相見。祝你今天過得愉快，也祝福你本週剩下的日子一切順利。謝謝。

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

謝謝。女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。