APTIV PLC (APTV) 2026 Q1 法說會逐字稿

Good day, and welcome to the Aptiv Q1 2026 earnings call. Today's conference is being recorded.

大家好，歡迎參加 Aptiv 2026 年第一季財報電話會議。今天的會議將進行錄音。

At this time, I would like to turn the conference over to Betsy Frank, Vice President, Investor Relations. Please go ahead.

此刻，我想將會議交給投資人關係副總裁 Betsy Frank。請開始。

Thank you, Cynthia. Good morning, and thanks for joining Aptiv's first-quarter 2026 earnings conference call. The press release, slide presentation, and an updated New Aptiv pro forma financials can be found on the Investor Relations portion of our website at aptiv.com.

謝謝你，Cynthia。各位早安，感謝各位參加 Aptiv 2026 年第一季財報電話會議。新聞稿、簡報投影片，以及更新後的新 Aptiv 擬制（pro forma）財務資訊，可在我們網站 aptiv.com 的投資人關係專區找到。

Today's review of our financials exclude amortization, restructuring, and other special items and will address the continuing operations of Aptiv as of March 31. The reconciliations between GAAP and non-GAAP measures are included at the back of the slide presentation and the earnings press release. Unless stated otherwise, all references to growth rates are on an adjusted year-over-year basis.

今天對我們財務的回顧將排除攤銷、重組及其他特殊項目，並將聚焦於截至 3 月 31 日 Aptiv 的持續營運。GAAP 與非 GAAP 指標之間的調節表，已收錄於投影片簡報與財報新聞稿的末頁。除非另有說明，所有成長率的提及皆以調整後的年對年基礎計算。

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

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

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

今天與會者包括 Aptiv 董事長兼執行長 Kevin Clark，以及執行副總裁兼財務長 Varun Laroyia。

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

接下來，我想把電話交給 Kevin。

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

謝謝你，Betsy，也謝謝各位今天早上加入我們。

Starting on slide 3. The first quarter concluded with the successful completion of the separation of our Electrical Distribution Systems business into a new independent public company, Versigent, which you'll hear more about following their earnings release and conference call after the market closes later today. This step in our portfolio of evolution better positions Aptiv to enhance our advanced software and hardware tech stack, further diversify our end market mix, and accelerate our revenue and earnings growth.

從投影片第 3 頁開始。第一季以成功完成將我們的電氣配電系統（Electrical Distribution Systems）業務分拆為新的獨立上市公司 Versigent 作結；你們將在今天稍晚收盤後，於其財報發布與電話會議中聽到更多相關內容。這一步的投資組合演進，使 Aptiv 更能強化我們先進的軟硬體技術堆疊，進一步多元化終端市場組合，並加速營收與獲利成長。

I'll start by covering our first-quarter total Aptiv results. We continued to flawlessly execute for our customers in an increasingly dynamic environment, further amplified by the conflict in the Middle East, enabled by our operating rigor and the resilience of our business model.

我先說明 Aptiv 第一季整體表現。在日益動態的環境中——且中東衝突使情勢更為複雜——我們憑藉嚴謹的營運紀律與具韌性的商業模式，持續為客戶完美執行。

We secured $7 billion of new business awards while also delivering solid financial results, including revenue of over $5 billion, an increase of 1% versus the prior year, despite a deterioration in underlying vehicle production, adjusted EBITDA of over $750 million, driven by flow-through on volume growth, and strong operating performance, which helped to offset significant year-over-year headwinds from FX and commodities, and, when combined with lower net interest expense and a lower share count, resulted in record earnings per share of $1.71. Varun will review our financial results in more detail later.

我們取得 70 億美元的新業務得標，同時交出穩健的財務成果，包括營收超過 50 億美元，較去年成長 1%，儘管基礎車輛產量走弱；調整後 EBITDA 超過 7.5 億美元，受惠於量增帶來的流量貢獻（flow-through）與強勁的營運表現，協助抵銷外匯與大宗商品帶來顯著的年對年逆風；再加上淨利息費用下降與流通股數減少，使每股盈餘創下 1.71 美元的歷史新高。稍後 Varun 將更詳細檢視我們的財務結果。

Turning to slide 4. My remaining prepared remarks will be focused exclusively on New Aptiv, a leading provider of advanced software and optimized hardware solutions across multiple end markets that are being shaped by the acceleration of automation, electrification, and digitalization. Our deep domain expertise and experience providing OEMs with our technology stack to enable their vehicles to sense, think, act, and continually optimize increasingly can be utilized for applications in other end markets, which I'll talk more about in a moment.

接著看投影片第 4 頁。我接下來的預先準備發言將完全聚焦於新 Aptiv——一家在多個終端市場提供先進軟體與最佳化硬體解決方案的領先供應商；這些市場正受到自動化、電動化與數位化加速的形塑。我們深厚的領域專業與為 OEM 提供技術堆疊的經驗，使其車輛能夠感知、思考、行動並持續最佳化；而這些能力也愈來愈能用於其他終端市場的應用，我稍後會再多談。

Competitively, we're well positioned with content on all market-leading platforms across automotive, commercial aerospace, and telecom. And roughly 25% of our business is in markets outside of automotive, and we have several strategic priorities underway to further increase our penetration of those markets. And we maintain a diversified regional revenue mix and have significant momentum gaining share with the leading local China OEMs on vehicle platforms sold in China, as well as exported to or manufactured in overseas markets. In addition, we've made significant progress further penetrating the leading OEMs serving the markets in Japan, Korea, and India.

在競爭面上，我們在汽車、商用航太與電信等領先平台上皆具備內容配置，定位良好。約有 25% 的業務來自汽車以外的市場，我們也正推動多項策略重點，以進一步提升在這些市場的滲透率。同時，我們維持多元化的區域營收組合，並在中國市場的車輛平台上——無論是在中國銷售，或出口至海外市場、或在海外市場製造——持續在領先的中國本土 OEM 客戶中取得市占成長的顯著動能。此外，我們在進一步滲透服務日本、韓國與印度市場的領先 OEM 方面，也取得了顯著進展。

Turning to slide 5 to spend a moment discussing New Aptiv's investment thesis. First, we've built a comprehensive portfolio that collectively powers intelligence at the edge by enabling devices and systems to sense, think, act, and continually optimize.

接著看投影片第 5 頁，花點時間談談新 Aptiv 的投資論點。第一，我們建立了完整的產品組合，整體可在邊緣端（edge）驅動智慧，讓裝置與系統能夠感知、思考、行動並持續最佳化。

Second, we deliver our unique product portfolio through a robust operating model that leverages our global engineering, supply chain, manufacturing, and commercial capabilities, enabling us to provide high-performance, cost-optimized solutions backed by a resilient supply chain on a global scale, ensuring flawless execution in a dynamic environment.

第二，我們透過強健的營運模式交付獨特的產品組合，該模式整合我們全球的工程、供應鏈、製造與商務能力，使我們能在全球規模上提供高效能、成本最佳化的解決方案，並以具韌性的供應鏈作為後盾，確保在動態環境中完美執行。

Third, our unique product portfolio and robust operating model are leveraged to create an attractive financial profile that includes more diversified, higher-margin revenues, and lastly, generates a significant amount of free cash flow that can be allocated both organically and inorganically to enhance the earnings power of our business while also returning capital to shareholders.

第三，我們運用獨特的產品組合與強健的營運模式，打造具吸引力的財務輪廓，包括更為多元且毛利率更高的營收；最後，也能產生可觀的自由現金流，可用於內生成長與外部併購，以提升公司獲利能力，同時回饋股東資本。

We made solid progress across each of these pillars in the first quarter, continued product innovation supporting new and emerging use cases across diverse end markets, including two that were showcased at last week's Beijing Auto Show, the advancement of our next-generation end-to-end AI-powered ADAS platform designed to deliver safer and more enhanced hands-free L2++ autonomy in both highway and urban environments. And in robotics, we partnered to enhance the functionality and performance of both an AI-powered collaborative robot and an autonomous mobile robot for material handling, each of which integrates our award-winning PULSE Sensor and Advanced Compute solutions.

第一季我們在上述各支柱均取得紮實進展，持續進行產品創新，以支援多元終端市場中新興與新型使用情境；其中包括兩項在上週北京車展展示的成果：我們下一代端到端、AI 驅動的 ADAS 平台之推進，旨在於高速公路與都會環境中提供更安全、體驗更佳的免手持 L2++ 自動駕駛。在機器人領域，我們也透過合作夥伴關係，提升一款 AI 驅動的協作機器人與一款用於物料搬運的自主移動機器人之功能與效能；兩者皆整合了我們獲獎的 PULSE 感測器與先進運算解決方案。

We successfully navigated ongoing geopolitical dynamics in the evolving macro environment by leveraging our resilient operating model to manage through changing vehicle production schedules and increasing headwinds associated with rising input costs, including resins and metals, enabling us to deliver strong operating performance in the quarter, more than offsetting ongoing headwinds while continuing to invest in key strategic initiatives.

在演變中的總體環境下，我們成功因應持續的地緣政治動態，運用具韌性的營運模式來管理不斷變動的車輛生產排程，以及與投入成本上升（包括樹脂與金屬）相關的逆風加劇，使我們在本季交出強勁的營運表現，不僅充分抵銷持續逆風，同時也持續投資於關鍵策略性計畫。

Our financial results reflected continued momentum advancing our strategic priorities, including high-single-digit revenue growth in non-automotive markets and double-digit revenue growth across our Software & Services product portfolio, as well as margin expansion of 30 basis points, excluding FX and commodities, a measure more reflective of the results of our business given we pass the majority of input cost inflation on to our customers.

我們的財務結果反映出推進策略重點的持續動能，包括非汽車市場營收達到高個位數成長，以及我們軟體與服務（Software & Services）產品組合營收達到雙位數成長；同時，在排除外匯與大宗商品影響後，毛利率擴張 30 個基點。由於我們將大部分投入成本通膨轉嫁給客戶，該指標更能反映我們業務的實際成果。

And lastly, we work diligently through the Versigent separation to position both companies for success with strong operating models, resilient supply chains, and solid balance sheets. However, there's still more for us to do, and I'm confident that we'll continue to make progress further strengthening our value proposition and creating shareholder value.

最後，我們在推動 Versigent 分拆的過程中持續努力，讓兩家公司都能以強健的營運模式、具韌性的供應鏈與穩健的資產負債表邁向成功。不過，我們仍有更多工作要做；我有信心我們將持續取得進展，進一步強化價值主張並創造股東價值。

Moving to slide 6. Customer awards were strong in the first quarter, totaling $4.6 billion, an increase of approximately 15% from the 2025 quarterly average, and included roughly $900 million of bookings with non-automotive customers. Both business segments posted solid results with approximately $2.4 billion in awards for Intelligent Systems and $2.2 billion for Engineered Components. I'll talk more about some of the key customer rewards across each segment in a moment, but would also note that we have a large and growing pipeline of commercial opportunities and expect 2026 bookings of more than $20 billion.

接著看投影片第 6 頁。第一季客戶得標表現強勁，合計 46 億美元，較 2025 年單季平均水準增加約 15%，其中約 9 億美元來自非汽車客戶的訂單（bookings）。兩大業務部門皆交出穩健成果：智慧系統（Intelligent Systems）得標約 24 億美元，工程化元件（Engineered Components）得標約 22 億美元。我稍後會再談各部門的一些關鍵客戶得標，但也要指出，我們擁有龐大且持續成長的商機管線，並預期 2026 年的訂單將超過 200 億美元。

Let's now review each segment in more detail, starting with Intelligent Systems on slide 7. Our tech stack, which first enabled intelligence at the edge for automotive applications, is now gaining momentum for applications in other markets, such as drones within aerospace and defense and robotics within diversified industrials.

現在讓我們更詳細檢視各部門，先從投影片第 7 頁的智慧系統開始。我們的技術堆疊最初用於汽車應用以實現邊緣端智慧，如今也正加速在其他市場的應用動能，例如航太與國防領域的無人機，以及多元工業領域的機器人。

During the quarter, there were a number of new program and product launches, a few of strategic importance include the launch of an intelligent interior camera that incorporates our entire software and hardware stack, enabling enhanced interior sensing functionality, including driver monitoring and driver view features for the flagship sedan vehicle platform of a luxury German OEM; and the launch of an integrated high-performance cockpit controller for the high-volume mid-level variant of an Indian OEM's electric SUV lineup, which follows a successful launch last year of an entry-level model.

在本季度期間，我們推出了多項新方案與產品，其中幾項具策略重要性者包括：推出一款智慧車內攝影機，整合我們完整的軟硬體堆疊，強化車內感測功能（包含駕駛監控與駕駛視角功能），用於一家德國豪華車OEM的旗艦轎車平台；以及為一家印度OEM的電動SUV產品線之高銷量中階車型推出整合式高效能座艙控制器，該產品延續去年入門車型成功上市的成果。

We also secured several important new business bookings in the quarter, including active safety awards from a large North American OEM that integrates our full tech stack, from sensors to compute to software, for incremental large truck and SUV platforms, underscoring the flexibility of our solutions and deep technology partnerships with several customers; and sensors and advanced compute awards for a leading China local OEM for their next-generation EV platform, which support production for both the China market and export volumes.

我們在本季度亦取得數項重要的新業務訂單，包括：來自一家大型北美OEM的主動安全獎項，該專案整合我們從感測器、運算到軟體的完整技術堆疊，用於其新增的大型卡車與SUV平台，凸顯我們解決方案的彈性以及與多家客戶之深厚技術合作關係；以及為一家中國領先本土OEM取得感測器與先進運算相關獎項，用於其下一代電動車平台，支援中國市場量產及出口量。

We also secured several notable software and service awards, including a VxWorks RTOS and a Helix Virtualization software award for a leading defense prime, building upon an established long-term partnership with this customer; and a software toolchain award for a large North American OEM that will be used to optimize -- which will be used to build optimized deterministic software for mission-critical and safety-critical embedded systems. This award supports this OEM's software factory initiative to move towards cloud-based development and software-defined solutions.

我們也取得數項值得關注的軟體與服務獎項，包括：為一家領先的國防主承包商取得VxWorks RTOS與Helix Virtualization虛擬化軟體獎項，延續我們與該客戶既有的長期合作關係；以及為一家大型北美OEM取得軟體工具鏈獎項，將用於最佳化——將用於打造經最佳化、具確定性的軟體，以應用於任務關鍵與安全關鍵的嵌入式系統。此獎項支援該OEM的「軟體工廠」倡議，推動其朝向雲端式開發與軟體定義解決方案邁進。

Lastly, our commercial momentum has also accelerated in the robotics and drone markets. In addition to our partnership with Robust.AI and Vecna Robotics, this quarter, we secured another partnership agreement with Comau, a top 10 industrial robotics company. In addition, we've been executing several proofs of concept and pilots in both the robotics and drone markets that we're confident will translate to commercial agreements, and we plan to share further progress on these efforts in the near future.

最後，我們在機器人與無人機市場的商業動能也加速提升。除與Robust.AI及Vecna Robotics的合作夥伴關係外，本季度我們另與Comau（全球前10大工業機器人公司之一）簽訂新的合作協議。此外，我們也在機器人與無人機市場執行多項概念驗證與試點專案，我們有信心這些將轉化為商業協議，並計畫在不久的將來分享這些工作的進一步進展。

Moving on to slide 8 to cover Engineered Components. Notable new program launches during the quarter included a broad array of high-speed interconnect launches, including Mini Coax, Ethernet, and other flexible and modular assemblies, across more than two dozen nameplates and OEMs, ranging from North America to Europe to China, powering next-generation software-defined vehicle architectures; high-voltage electrical centers for two major local China OEMs, which will support production for both the China market and export volumes, continued proof points of the progress we're making in growing in the China market, specifically with the top 10 local OEMs that are growing both domestically and overseas; and terminals across numerous models within the portfolio and across regions for a North American-based global EV automaker.

接著請看投影片8，介紹工程元件（Engineered Components）。本季度值得注意的新專案上市涵蓋多項高速互連產品的推出，包括Mini Coax、乙太網路以及其他具彈性與模組化的組件，橫跨超過二十多個車系（nameplates）與OEM，範圍從北美、歐洲到中國，為下一代軟體定義車輛架構提供動力；為兩家中國主要本土OEM推出高壓電氣中心，將支援中國市場量產及出口量，持續驗證我們在拓展中國市場、特別是與同時在國內與海外成長的前10大本土OEM合作方面所取得的進展；以及為一家北美總部的全球電動車製造商，在其產品組合內多個車型與跨區域推出端子產品。

Moving on to new business awards. We secured a high-voltage inverter award from a major Korean OEM that combines high performance at a competitive cost, supporting its next-generation, multi-powertrain, software-defined vehicle platform; high-speed interconnects and components for multiple aerospace and defense primes, including for low-earth orbit satellite and subsea applications; and a low-voltage connection system award for an integrated high-power energy storage solution from a North American-based global EV OEM that scales to support grid-level performance and resilience. Collectively, these awards reflect the breadth of our solutions, meeting demanding performance and reliability requirements in automotive, which also translate across a range of other end markets.

接著談新業務獎項。我們取得一家韓國主要OEM的高壓逆變器獎項，該方案以具競爭力的成本提供高效能，支援其下一代、多動力系統、軟體定義車輛平台；為多家航太與國防主承包商取得高速互連與元件獎項，包含用於低地球軌道衛星與海底應用；以及為一家北美總部的全球電動車OEM取得低壓連接系統獎項，用於可擴充的整合式高功率儲能解決方案，以支援電網等級的效能與韌性。整體而言，這些獎項反映我們解決方案的廣度，能滿足汽車領域嚴苛的效能與可靠度要求，而這些能力亦可延伸至其他多元終端市場。

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

接下來我把電話會議交給Varun，請他更詳細說明我們的財務結果，以及全年與第二季的指引。

Thanks, Kevin, and good morning, everyone.

謝謝你，Kevin，各位早安。

Starting with first quarter on slide 9, total Aptiv, including our EDS segment, delivered solid financial results in the quarter, reflecting robust execution amidst a dynamic market backdrop, where we once again navigated industry-wide and OEM-specific production disruptions and macro-driven input cost inflation. Revenues of $5.1 billion grew at an adjusted rate of 1%, driven by strength at EDS, while New Aptiv absorbed certain customer mix headwinds, but importantly progressed in diversifying revenues, with 9% growth in non-automotive and 10% growth in Software & Services.

先從投影片9的第一季開始。Aptiv整體（包含我們的EDS事業部）在本季度交出穩健的財務表現，反映在動態市場環境下的強勁執行力；我們再次成功因應全產業及特定OEM的生產中斷，以及宏觀因素帶動的投入成本通膨。營收為51億美元，按調整後口徑成長1%，主要由EDS的強勁表現帶動；而New Aptiv承受部分客戶組合不利因素，但重要的是在營收多元化方面持續推進，非汽車業務成長9%，軟體與服務（Software & Services）成長10%。

Adjusted EBITDA was $752 million. EBITDA margin declined 90 basis points year over year, driven by FX and commodity headwinds of 180 basis points, well above the 120 basis points we had forecasted for the quarter. It should be noted that the year-over-year impact for New Aptiv was lower. Earnings per share was $1.71, an increase of $0.02 from the prior year, reflecting the benefit of lower interest expense and lower share count, partially offset by a higher tax rate.

調整後EBITDA為7.52億美元。EBITDA利潤率年減90個基點，主要受外匯與大宗商品不利因素影響達180個基點，明顯高於我們對本季度預估的120個基點。需要指出的是，New Aptiv的年對年影響較小。每股盈餘為1.71美元，較去年增加0.02美元，反映利息費用下降與流通股數減少的效益，但部分被較高的稅率所抵銷。

Free cash flow for the quarter was negative $362 million, and this included approximately $260 million in transaction payments across New Aptiv and Versigent, consistent with our guidance for the year. It should be noted that we anticipate approximately $100 million in separation costs for New Aptiv in Q2. However, we will recoup approximately $80 million of transaction payments which were tax-related later in the year.

本季度自由現金流為負3.62億美元，其中包含New Aptiv與Versigent合計約2.6億美元的交易相關付款，符合我們對全年指引。需要指出的是，我們預期New Aptiv在第二季將產生約1億美元的分拆成本。不過，我們將在今年稍晚收回約8,000萬美元與稅務相關的交易付款。

Turning to the next slide and looking at first-quarter adjusted revenue growth on a regional basis for both total Aptiv and New Aptiv. For total Aptiv, revenue growth of 1% on an adjusted basis was driven by growth in North America and Asia-Pacific, which was partially offset by a decline in Europe. New Aptiv, as I mentioned earlier, faced some customer mix headwinds in the quarter, most of which are transitory, while generating strong results in strategically important areas.

接著看下一張投影片，按地區檢視Aptiv整體與New Aptiv在第一季的調整後營收成長。就Aptiv整體而言，調整後營收成長1%，主要由北美與亞太地區成長帶動，但部分被歐洲下滑所抵銷。如我先前提到，New Aptiv本季度面臨一些客戶組合不利因素，其中多數屬暫時性，同時在具策略重要性的領域仍取得強勁成果。

Looking at revenue growth by region for New Aptiv. In North America, revenue grew 7%, driven by double-digit growth in Intelligent Systems and strength in non-automotive markets. In Europe, revenue was down 5%, largely reflecting unfavorable customer mix, specifically with one of our largest customers in Intelligent Systems, due in part to a slower-than-expected ramp-up of next-gen programs. In Asia-Pacific, revenue was down 5%, essentially in line with vehicle production, reflecting continued improvement in our business mix in China with local OEMs and growth with ex-China Asian OEMs.

再看New Aptiv按地區的營收成長。北美營收成長7%，主要由智慧系統（Intelligent Systems）兩位數成長及非汽車市場的強勁表現帶動。歐洲營收下滑5%，主要反映不利的客戶組合，特別是我們智慧系統業務中最大客戶之一，部分原因是下一代專案爬坡速度低於預期。亞太營收下滑5%，基本與整體車輛產量一致，反映我們在中國與本土OEM的業務組合持續改善，以及在中國以外的亞洲OEM客戶成長。

Moving on to our results on a segment level on slide 11, and starting with Intelligent Systems. Revenue of $1.4 billion decreased 1% versus the prior year, which reflects two discrete factors: as we have discussed previously, the cancellation of certain programs from local China OEMs in 2025, which will anniversary mid-year; and a greater-than-anticipated headwind from lower production at one of our largest North American customers owing to supply chain constraints following a supplier fire, although this should be partially recovered in the second half of the year. Cumulatively, these two factors amounted to approximately 250 basis points of headwinds to Intelligent Systems' revenue growth in the quarter, and these were largely offset by strength in other areas, including double-digit growth in Software & Services.

接著看投影片11的分部層級表現，先從智慧系統開始。營收為14億美元，較去年下滑1%，主要反映兩項明確因素：如先前所述，部分中國本土OEM於2025年取消若干專案，將於年中進入同比基期；以及由於供應商火災後的供應鏈限制，導致我們北美最大客戶之一的產量低於預期，雖然預計下半年可部分回補。合計而言，這兩項因素在本季度對智慧系統營收成長造成約250個基點的不利影響，而其他領域的強勁表現（包括軟體與服務兩位數成長）大致抵銷了這些影響。

Intelligent Systems' adjusted EBITDA margin declined 90 basis points, primarily owing to a 60-basis-point headwind related to FX and commodities, as well as incremental investments across product engineering and go-to-market to continue diversifying towards non-automotive markets. These were partially offset by performance improvements.

智慧系統的調整後EBITDA利潤率下滑90個基點，主要因外匯與大宗商品帶來60個基點的不利影響，以及我們在產品工程與市場拓展（go-to-market）方面的增量投資，以持續朝非汽車市場多元化。上述影響部分被績效改善所抵銷。

Moving to Engineered Components. Revenue of $1.7 billion was flat on an adjusted basis. This reflects 6% growth in non-automotive, including double-digit growth in diversified industrials markets, offset by a 2% decline in automotive, which reflects some customer mix headwinds in China attributable to broad-based production volume declines there, including with the largest local OEM.

接著談工程化元件（Engineered Components）。營收為17億美元，按調整後口徑持平。這反映非汽車業務成長6%，其中多元化工業市場達到雙位數成長；但汽車業務下滑2%抵銷了部分增長，主要因中國客戶組合不利因素，源於當地整體產量普遍下滑，包括最大本土OEM亦然。

Engineered Components' adjusted EBITDA margin declined 90 basis points, which was entirely the function of a 140-basis-point headwind related to commodities and FX. Excluding this impact, margin expansion was driven by performance initiatives.

工程化元件的調整後EBITDA利潤率下降90個基點，完全是由與大宗商品及外匯（FX）相關的140個基點不利因素所致。若排除此影響，利潤率擴張主要由績效改善措施所帶動。

And lastly, I'll briefly comment on our EDS business, which will move to discontinued operations starting in Q2. Revenue of $2.2 billion increased 3% on an adjusted basis, driven by strength in Asia-Pacific, both in China via export volumes and in APAC ex-China countries, and favorable customer mix in North America, which offset broader production declines globally. EDS adjusted EBITDA margin declined 70 basis points versus the prior year, and this reflects a 260-basis-point headwind related to FX and commodities, which was largely offset by the timing of certain recoveries and flow-through on volume growth.

最後，我簡要評論我們的EDS業務，該業務將自第二季起轉列為終止經營。營收為22億美元，按調整後口徑成長3%，主要受亞太地區強勁表現帶動，包括中國的出口量，以及亞太（不含中國）國家的成長；同時北美有利的客戶組合亦抵銷了全球更廣泛的產量下滑。EDS調整後EBITDA利潤率較去年下降70個基點，反映外匯與大宗商品帶來260個基點的不利因素，但多數被部分回收項目的時點因素以及量增帶來的利潤傳導所抵銷。

Moving to slide 12 to discuss our balance sheet before I discuss guidance. We ended the quarter with $3.2 billion of cash. This was temporarily inflated as it included $2.1 billion of gross debt raised by our EDS subsidiaries, which was assumed by Versigent on April 1. In conjunction with the spin-off, year to date, Aptiv has paid down $2.1 billion of debt, including $300 million in the first quarter and $1.8 billion in early April. This was funded by a $1.65 billion dividend on a net basis from Versigent upon the spin-off and $400 million from cash on hand.

在我談指引之前，先看投影片12，討論資產負債表。本季末我們持有32億美元現金。該數字暫時偏高，因其中包含我們EDS子公司籌措的21億美元總債務，該債務已於4月1日由Versigent承接。配合分拆，截至目前為止，Aptiv已償還21億美元債務，其中第一季償還3億美元，4月初再償還18億美元。資金來源為分拆時Versigent以淨額基礎支付的16.5億美元股利，以及4億美元的手頭現金。

Pro forma for the spin-off mechanics, New Aptiv gross leverage for the first quarter was 2.3 times and net leverage 1.9 times, both of which are consistent with our leverage levels prior to the ESR program that was launched in Q3 of 2024. We also deployed $75 million towards share repurchases in the quarter and plan to remain active on this front through the remainder of the year. Looking forward, we remain committed to a balanced approach to capital allocation, focusing on bolt-on acquisitions and investments, as well as continued return of excess cash to shareholders.

按分拆機制進行備考（pro forma）後，新Aptiv第一季總槓桿倍數為2.3倍、淨槓桿倍數為1.9倍，兩者均與我們在2024年第三季啟動ESR計畫之前的槓桿水準一致。本季我們亦投入7,500萬美元進行庫藏股回購，並計畫在今年剩餘期間持續積極進行。展望未來，我們仍致力於採取均衡的資本配置策略，聚焦於補強型併購與投資，同時持續將多餘現金回饋股東。

Moving on to our 2026 financial guidance on the following slide. We are maintaining our full-year 2026 financial guidance, which is presented on a pro forma basis to exclude our EDS segment in the first quarter.

接著看下一張投影片，說明我們2026年財務指引。我們維持2026年全年財務指引不變；該指引以備考基礎呈列，以排除第一季的EDS部門。

We continue to expect adjusted revenue growth of 4% at the midpoint, and this implies an acceleration through the course of the year, which is driven by the following factors, first half to second half: first, approximately 100 basis points from an improvement in vehicle production; second, approximately 150 basis points from the abatement of certain headwinds mentioned earlier, which are specific to our business and include the production impact at one of our customers related to a supplier fire in North America and select program cancellations in China in 2025; and third, approximately 300 basis points from the anticipated timing of program launches and ramps.

我們仍預期調整後營收在中位數成長4%，這意味著全年成長將逐季加速，主要由以下因素推動（上半年到下半年）：第一，車輛產量改善帶來約100個基點；第二，先前提及、屬於我們業務特定的不利因素消退帶來約150個基點，包括北美某客戶因供應商火災造成的生產影響，以及2025年中國部分專案取消；第三，預期專案導入與爬坡時點帶來約300個基點。

We continue to expect adjusted EBITDA, an EBITDA margin of $2.4 billion and 18.6% at the midpoint.

我們仍預期調整後EBITDA在中位數為24億美元，EBITDA利潤率中位數為18.6%。

I would call out that we are starting to see incremental inflationary pressures on materials as a result of the conflict in the Middle East. And relative to our prior guidance, we now anticipate higher input costs, primarily in commodities, some of which that occurred in the first quarter. However, as in the first quarter and through last year, we expect to continue offsetting these macro headwinds through performance initiatives and, where appropriate, customer pass-throughs.

我想特別指出，受中東衝突影響，我們開始看到材料端出現額外的通膨壓力。相較於先前指引，我們目前預期投入成本將更高，主要來自大宗商品，其中部分已在第一季發生。然而，如同第一季以及去年以來，我們預期將持續透過績效改善措施，以及在適當情況下的客戶轉嫁機制，來抵銷這些宏觀逆風。

We continue to expect adjusted earnings per share in the range of $5.70 to $6.10, which assumes an effective tax rate of 18.5% and does not incorporate any meaningful incremental benefit from share repurchases.

我們仍預期調整後每股盈餘介於5.70至6.10美元，假設有效稅率為18.5%，且未納入庫藏股回購帶來的任何顯著增量效益。

Free cash flow is expected to be $750 million at the midpoint, which is inclusive of transaction costs associated with the EDS separation, the majority of which are being incurred in the first half, as well as continued investments in supply chain resiliency for semiconductors.

自由現金流中位數預期為7.5億美元，其中包含與EDS分離相關的交易成本（多數將在上半年發生），以及持續投資於半導體供應鏈韌性。

For the second quarter specifically, we expect adjusted revenue growth of 2% at the midpoint, adjusted EBITDA and EBITDA margin of $580 million and 17.6% at the midpoint, and lastly, we expect earnings per share of $1.40 at the midpoint.

就第二季而言，我們預期調整後營收中位數成長2%；調整後EBITDA與EBITDA利潤率中位數分別為5.8億美元與17.6%；最後，每股盈餘中位數預期為1.40美元。

Just as a reminder for everyone, on day one of the EDS separation, New Aptiv is burdened by $70 million in annualized transit costs, which we are working to completely eliminate from our cost structure by the end of 2027. And finally, I'll close by reiterating that our robust business model and relentless focus on optimizing performance, we remain confident in our ability to drive strong execution and financial results, as well as enhance shareholder value.

提醒大家，在EDS分離的第一天，新Aptiv將承擔年化7,000萬美元的過渡成本，我們正努力在2027年底前將其從成本結構中完全消除。最後，我重申，憑藉我們強健的商業模式以及對績效最佳化的持續專注，我們仍有信心推動強勁的執行與財務成果，並提升股東價值。

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

接下來，我把電話交回給Kevin，請他做結語。

Thanks, Varun.

謝謝你，Varun。

Before I wrap up on slide 14, let me provide some additional context on our outlook. We continue to see significant long-term opportunity for our portfolio of products and solutions, while in the shorter term, we do see challenges that our industry will have to contend with.

在我於投影片14做總結之前，我先補充一些對我們展望的背景說明。我們仍看到產品與解決方案組合具備顯著的長期機會；但在較短期內，我們也確實看到產業必須面對的挑戰。

As Varun alluded to, the macroeconomic environment remains very dynamic. At present, and as reflected in our first-quarter results and full-year guide, we're experiencing a meaningful increase in input costs, broadly related to the ongoing conflict in the Middle East. However, as evidenced by 2025, we have a resilient business model with an ability to mitigate and offset these pressures through performance initiatives and through commercial recoveries.

如Varun所提到，宏觀經濟環境仍非常動態。目前，且如我們第一季結果與全年指引所反映，我們正經歷投入成本的明顯上升，廣泛與中東持續衝突相關。然而，正如2025年的表現所證明，我們擁有具韌性的商業模式，能透過績效改善措施與商務回收（commercial recoveries）來緩解並抵銷這些壓力。

That being said, should the current situation persist, it could amplify these pressures from a macroeconomic perspective, which are difficult to precisely forecast at this point. And this uncertainty could present a challenge to the value chain across the markets we serve, which is a risk, but it's also an opportunity for Aptiv to demonstrate our value proposition to our customers, providing high-performance, cost-optimized, market-relevant system solutions at global scale and with industry-leading service levels.

話雖如此，若目前情勢持續，可能從宏觀角度進一步放大這些壓力，而在此時點要精準預測並不容易。這種不確定性可能對我們所服務市場的整體價值鏈帶來挑戰；這既是風險，也是Aptiv向客戶展現價值主張的機會——以全球規模提供高效能、成本最佳化、符合市場需求的系統解決方案，並提供業界領先的服務水準。

Now, to wrap up, after reporting our final quarter as total Aptiv, we're positioned to benefit from the sharper focus resulting from the completion of our strategic portfolio evolution. For the New Aptiv, we're now better positioned to accelerate our product development and enhance go-to-market activities to further penetrate multiple high-growth end markets.

最後總結一下，在我們以「整體Aptiv」身分完成最後一個季度的財報後，隨著策略性投資組合演進完成所帶來的更聚焦定位，我們已具備受益條件。對新Aptiv而言，我們現在更有利於加速產品開發並強化市場推進（go-to-market）活動，以進一步滲透多個高成長終端市場。

The number of high-quality opportunities we're actively engaged in is growing, and our momentum is accelerating. I'm confident these opportunities will result in incremental customer rewards and strong financial results, and we'll continue to remain relentlessly focused on delivering value for our shareholders.

我們正積極投入的高品質機會數量持續增加，動能也在加速。我有信心這些機會將帶來更多客戶獎項與強勁的財務成果，而我們也將持續不懈地專注於為股東創造價值。

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

接線員，現在我們開放提問。

(Operator Instructions) Colin Langan, Wells Fargo.

(接線員指示) Wells Fargo 的 Colin Langan。

Oh, great. Thanks for taking my questions. Any color -- you kind of talked about some of the puts and takes, but the sales and margin guidance are at the midpoint held, but we know FX is different, commodities are different. Any puts and takes in terms of -- as FX now a little bit more of a tailwind, is commodity now part of your -- a bigger part of your sales and is production now down? Any color on the sort of the sort of recomposition of guidance given a lot of the changes in the quarter?

喔，太好了。謝謝讓我提問。想請教一些補充說明——你們談到了一些利多利空因素，但銷售與毛利率指引在中位數維持不變，不過我們知道匯率不同了、商品價格也不同了。就利多利空而言能否多談一些——既然匯率現在稍微變成順風，商品是否已成為你們銷售中更大的一部分？而產量現在是否下修？在本季有這麼多變化的情況下，能否談談指引重新組成（recomposition）的情況？

Yeah. It's Kevin, Colin. So that's a great question. So thanks for asking it. I think I'll start at a high level, and then Varun will walk you through the pieces.

好的。Colin，我是 Kevin。這是個很好的問題。謝謝你提出。我先從較高層次說明，接著 Varun 會帶你看各個細項。

We're in a dynamic environment. I wouldn't say -- you made the comment or asked the question, is FX and commodities a bigger item for Aptiv, the New Aptiv? From a commodity standpoint, it certainly isn't. What's going on as you follow the markets is we've had tremendous spikes in commodity prices over the last few months. And we do have product like copper, like silver, even to some extent gold, that impacts -- that is included in our product and we get impacted by those changes in commodity prices.

我們處在一個動態的環境中。我不會說——你提到或問到匯率與商品是否對 Aptiv、也就是「新 Aptiv」而言是更大的項目。就商品而言，確實不是。如你所見，過去幾個月商品價格大幅飆升。而我們的產品中包含像銅、銀，甚至某種程度的黃金，這些都會影響——也就是說，商品價格變動會影響到我們。

Clearly, what's going on in the Middle East from a price of oil standpoint impacts resins. So those input costs -- the spikes in those input costs have significantly impacted us in the first quarter and we believe for the foreseeable future. Relative to our traditional business pre-spin, I would say those are actually less from an overall buy and exposure standpoint.

顯然，中東局勢在油價方面的變化會影響樹脂。因此，這些投入成本——投入成本的飆升在第一季對我們造成了顯著影響，而且我們認為在可預見的未來仍會如此。相較於分拆前我們傳統業務，我會說從整體採購與曝險角度來看，這些其實占比更小。

Varun, if you want to walk through --

Varun，你要不要帶大家看一下——

Yeah. I'm just going to paraphrase some of the stuff that Kevin just mentioned.

好的。我先把 Kevin 剛剛提到的一些內容做個概述。

But Colin, first of all, from a commodities perspective, copper, gold, silver, oil-based products such as resin, as Kevin mentioned, yes, we are seeing inflationary pressures. Those are up versus our guidance from three months ago. So that is one aspect which is kind of weighing on overall updated guidance. Overall, FX remained positive for us on a year-over-year basis. So just wanted to share that with you.

不過 Colin，首先從商品角度來看，銅、黃金、白銀、以石油為基礎的產品（例如樹脂），如 Kevin 所說，是的，我們正面臨通膨壓力。這些相較於三個月前我們的指引水準更高。因此，這是拖累我們整體更新後指引的一個面向。整體而言，匯率對我們來說在年對年基礎上仍然是正面因素。想先跟你分享這點。

And then I think your final point was underlying vehicle production assumptions. Yes, so from our perspective, first half to second half, we see activated vehicle production down two in the first half and down one in the second half of the year. So we do expect to see an improvement underlying vehicle production first half to second half.

另外我想你最後一點是關於基礎車輛產量假設。是的，從我們的角度來看，上半年到下半年，我們看到已啟動（activated）的車輛產量上半年下降 2、下半年下降 1。因此，我們確實預期基礎車輛產量會在上半年到下半年之間有所改善。

And that would imply what for the year-end production? Is that in line with S&P of down two?

那這對年底的產量意味著什麼？這是否與 S&P 預估的下降 2 一致？

Yeah, it's roughly in line with S&P.

是的，大致上與 S&P 一致。

Got it. And then just secondly, if we look first half to second half, I look at the midpoint of Q2 and the midpoint of full-year guidance, you did explain pretty well the expected improvement in sales growth. There's pretty high conversion as well on margins. I think it's something like a 60% conversion on higher sales, half over half. What's driving that? I know there's normally -- is that just normal seasonal recoveries or is that kind of skewed a little bit extra because of the commodity recoveries as well?

了解。第二點，如果看上半年到下半年，我把第二季中位數與全年指引中位數相比，你們確實已很清楚說明預期銷售成長的改善。毛利率也有相當高的轉換率。我想大概是上半年到下半年在銷售增加下，約 60% 的轉換率。這是由什麼驅動？我知道通常——這只是正常的季節性回升，還是也因為商品回收（recoveries）而額外偏高？

Yeah, I'd say a couple items. As you know, the mix of our business, first half to second half, traditionally, we experience higher margin or higher flow-throughs given engineering -- timing of engineering recoveries and items like that. There may be a small amount of commercial recovery that's back half-loaded, but I think that's fairly balanced, Colin, for the full calendar year.

是的，我會說有幾個因素。如你所知，我們業務的組合從上半年到下半年，傳統上因工程——工程回收的時點等因素，我們會出現較高的毛利率或較高的流量轉換（flow-through）。可能有少量商務回收（commercial recovery）偏向下半年入帳，但我認為就整個曆年而言相當均衡，Colin。

I think the margin profile of the business ex our traditional EDS business is higher, so flow-through on volume growth. Just given where our gross margins are now, you should expect that to be actually higher. So I don't have the numbers right in front of me, but I don't think there's anything unique relative to second-half profitability versus first half, other than things like engineering recoveries.

我認為，扣除我們傳統 EDS 業務後，該業務的毛利率結構更高，因此在量增下的流量轉換也會更高。就我們目前的毛利率水準而言，你應該預期這會更高。我手邊沒有精確數字，但我不認為下半年相對上半年的獲利能力有任何特殊之處，除了像工程回收這類因素。

Got it. All right. Thanks for taking my questions.

了解。好。謝謝讓我提問。

James Picariello, BNP Paribas.

BNP Paribas 的 James Picariello。

Hey. Good morning, everybody. Can you speak to the active safety growth in the quarter and what your full-year expectations are there, and then as well as separately for user experience? And then -- yeah, I know Colin just hit on this, but just on the margin front, what differs this year in that first half, second half split on the year's margin cadence where we saw a more balanced split last year? Thanks.

嗨。各位早安。能否談談本季主動安全（active safety）的成長，以及你們對全年在這部分的預期；另外也請分開談談使用者體驗（user experience）？然後——是的，我知道 Colin 剛剛提到，但就毛利率而言，今年上半年、下半年在全年毛利率節奏（cadence）的拆分上有何不同？因為去年我們看到的拆分更為均衡。謝謝。

I'm sorry. Can you repeat the second half of your question? Not quite sure I understood it.

不好意思。你可以重複一下問題的後半段嗎？我不太確定我理解了你的意思。

Yeah. Just on the margins, as we look at New Aptiv, so last year, the first half, second half split in profitability, just the margin was pretty balanced, first half, second half, and then this year's guidance has a more significant second half step-up on the margin front.

可以。就是毛利率方面，當我們看新 Aptiv，去年上半年、下半年在獲利能力的拆分上——毛利率在上半年與下半年相當均衡；但今年的指引在毛利率方面，下半年有更顯著的跳升。

Okay. I'll let Varun walk through that.

好的。我讓 Varun 來說明。

As it relates to ADAS UX growth, as we -- as reflected in our disclosures in our presentations, we're starting to see conversions between different domains, UX and ADAS. So when you think about things like in-cabin sensing, is that an ADAS product or a user experience product, when you see domain consolidation and some element of use of fusion chips where the ADAS controller or the UX controller consolidating, it's going to continue to get fuzzier and fuzzier. So that's why we're trying to give a more clear visibility and transparency to investors as you think about sensors and compute software and services breakdown.

就 ADAS 與 UX 的成長而言，正如我們在簡報揭露中所反映的，我們開始看到不同領域之間的轉換，UX 與 ADAS 之間會互相交疊。因此當你思考像座艙內感測（in-cabin sensing）這類功能時，它算是 ADAS 產品還是使用者體驗產品？當你看到領域整合，以及某種程度上使用融合晶片（fusion chips），使 ADAS 控制器或 UX 控制器進行整合時，界線會越來越模糊。因此我們才嘗試在你們思考感測器、運算、軟體與服務的拆分時，提供更清楚的能見度與透明度。

ADAS in Q1 was basically flat though, having said that. That's principally driven because of that large North American OEM that had significant supply disruption given the fire at their aluminum supplier. As we look at the back half of the year, we see a significant ramp-up related to that particular customer in ADAS growth. So we'd expect ADAS to be in line with kind of the mid-single-digit sort of growth rate.

不過話說回來，第一季 ADAS 基本上是持平。這主要是因為某家大型北美 OEM 由於其鋁材供應商發生火災，導致供應嚴重中斷。展望下半年，我們看到與該特定客戶相關的 ADAS 成長將顯著爬坡。因此我們預期 ADAS 會大致符合中個位數（mid-single-digit）的成長率。

With respect to user experience, it's consistent with what we've talked about in the past as we introduce new -- as new programs get launched. Principally in China today, that's an area where we'll see second half more significant growth. It was impacted to some extent in the first quarter just given small delays and launches in China as well as some soft production with a European OEM in the UX sector.

至於使用者體驗，與我們過去談到的一致，隨著新——隨著新專案陸續導入與量產啟動。目前主要在中國，這是我們會在下半年看到更顯著成長的領域。第一季在某種程度上受到影響，主要是因為中國有些小幅延遲與上市時程推遲，以及在 UX 領域某家歐洲 OEM 的產量偏弱。

Varun, do you want to talk about second half?

Varun，你想談談下半年嗎？

I will, yes. James, good question, and thanks for raising it.

我會的，是的。James，問得很好，謝謝你提出來。

So the question was specifically in terms of first half versus second-half profitability. There are three key items I would highlight. The first, as Kevin mentioned, is just a second half, third quarter, fourth quarter, true-up associated with engineering credits, and that's something that we've seen in the years gone by also. That's kind of point number one; no change from that perspective.

所以這個問題是特別針對上半年相較於下半年的獲利能力。我會強調三個關鍵項目。第一個，如 Kevin 提到的，就是下半年、第三季、第四季，與工程抵減（engineering credits）相關的調整（true-up），這也是我們過去幾年都看過的。這算是第一點；從這個角度來看沒有變化。

The second one I'd call out is just kind of recovery on commodities, and there's something that we've always talked about, there is a timing lag. The recoveries that we have the higher commodity prices currently, there is a timing lag, three, four months is what we've typically talked about, we expect those to kind of come through in the second half as a second one.

第二點我想指出的是大宗商品的回收（recovery），而這也是我們一直在談的：存在時間落差。我們目前面臨較高的大宗商品價格，其回收會有時間落差；我們通常談的是三到四個月，我們預期這些會在下半年逐步反映出來，這是第二點。

And the final point I'd kind of raise is we are happy with the way our Software & Services business has grown double digits in Q1. And that's an industry which continues to kind of have seasonality weight more toward the second half of the year. So the margin profile associated with that product line also kind of adds to the overall profitability first half relative to the second half.

最後一點我想提的是，我們對軟體與服務（Software & Services）業務在第一季以雙位數成長的表現感到滿意。而這個產業仍然具有季節性，權重更偏向年度下半年。因此，與該產品線相關的毛利結構，也會影響整體獲利能力，使上半年相對於下半年的表現有所差異。

Great. No, that's really helpful. I appreciate all that color. And then I know Versigent will host its conference call after the close today. But just on EDS, if you're willing to discuss this business at a high level, a competitor recently announced a major conquest wiring award. Would just be interested in, again, any color on that competitor program announcement and any perspective on the broader bookings backdrop as it pertains to wiring systems. Thank you.

很好。不，這真的很有幫助。我很感謝你提供這些補充說明。另外我知道 Versigent 會在今天收盤後主持他們的電話會議。但就 EDS 而言，如果你願意在高層次談談這項業務，某位競爭對手最近宣布拿下一個重大的「攻城掠地」（conquest）線束得標案。我想再請教一下，對於該競爭對手的專案公告，你是否能提供一些看法，以及就線束系統而言，對更廣泛的接單（bookings）環境有何觀點。謝謝。

Sure. Thanks for asking this question. I typically wouldn't comment on an individual OEM program award, and I certainly wouldn't speculate on the relationship between another supplier and an OEM customer. I find it inappropriate and, to be very transparent, unprofessional. However, given the nature of the comments made and the inaccurate message that's in the marketplace, I think I have to comment on this particular matter and in line with kind of standards for the -- that should be upheld by our industry.

當然。謝謝你問這個問題。我通常不會評論單一 OEM 的專案得標情況，我當然也不會臆測其他供應商與 OEM 客戶之間的關係。我認為那不恰當，而且坦白說不專業。不過，鑑於相關評論的性質以及市場上存在的不正確訊息，我認為我必須就此特定事項做出回應，並符合我們產業應該遵守的標準。

My comments, I want to make sure everyone knows, have been approved by General Motors' leadership. I think that's important for you to know. I'll confirm, GM did award a very small portion of the wire harness content on the T1 program to another supplier. This portion represents a simpler portion of the harness. It's a build-to-print portion of the harness. GM actually refers to it as the simple harnesses.

我想先確保大家知道，我的評論已獲得通用汽車（General Motors）管理層的核准。我認為這點很重要，你們需要知道。我可以確認，GM 確實將 T1 專案中線束內容的一小部分授予了另一家供應商。這部分代表的是較簡單的線束區塊。它是依圖製造（build-to-print）的線束部分。GM 實際上把它稱為簡易線束（simple harnesses）。

We remain the supplier for the most complex portion of the program's wire harness content, firmly aligned with where our core strengths are. This is where most of the actual wire harness content is. The bulk of our EDS business is more complex; full-service wire harnesses where we design, we develop, we assemble the harness to bring more value to the OEM. And this is the business we've been strategically focused on, I think, as all of you know.

我們仍然是該專案中最複雜線束內容的供應商，這與我們的核心優勢高度一致。這也是實際線束內容的大部分所在。我們 EDS 業務的大宗是更複雜的全方位服務線束（full-service wire harnesses）：我們負責設計、開發與組裝線束，為 OEM 創造更高價值。而這正是我們一直以來策略性聚焦的業務，我想各位都知道。

And this is, quite frankly, the area where it's the highest margin and it's growing the fastest, and it's least exposed to changes in vehicle architecture and the transition to things like zonal controllers. Build-to-print, it's a much smaller portion of the EDS segment that's, I don't know, 20% of total revenues, maybe 25% of total revenues, much less complex, it's much lower margin. And for that reason, it's not as a strategic area of focus for us.

坦白說，這個領域的毛利最高、成長最快，而且受車輛架構變更以及向區域控制器（zonal controllers）等轉型的影響最小。依圖製造（build-to-print）在 EDS 部門中只占較小部分，我不知道，大概占總營收的 20%，也許 25%；複雜度低很多、毛利也低很多。因此，這並不是我們策略上最聚焦的領域。

Now having said that, we want all of an OEM's wire harness business, and General Motors is a very important customer to us, and this is an important program. Regarding comments related to our relationship with GM, which for me is the most disturbing, it in fact remains very healthy. And given the comments made, I've personally reconfirmed with GM leadership, and I can share with you some comments that were made by GM leadership.

話雖如此，我們希望取得 OEM 的所有線束業務；通用汽車對我們而言是非常重要的客戶，而這也是一個重要的專案。至於外界對我們與 GM 關係的評論——對我來說這是最令人不安的部分——事實上我們的關係仍然非常健康。而且鑑於這些評論，我已親自與 GM 管理層再次確認，我也可以與各位分享 GM 管理層所說的一些話。

There have been zero service -- these are quotes. There have been zero service-level issues. That is never a problem with EDS. EDS is the gold standard for wire harnesses, and EDS is our strategic wire harness supplier. And there'll be incremental full-service wire harness opportunities for the EDS business with GM in the future. So I hope these comments put these rumors and factually incorrect comments to bed. The EDS business is the leader in the wire harness space. It's a great business, and I'm sure Joe and team will make some comments during their earnings call early evening.

「服務層級問題為零」——這些是引述。「服務層級問題為零。」「這對 EDS 來說從來不是問題。」「EDS 是線束的黃金標準，而 EDS 是我們的策略性線束供應商。」「未來 GM 也會為 EDS 業務提供更多全方位服務線束的增量機會。」所以我希望這些評論能讓這些謠言以及與事實不符的說法就此打住。EDS 業務是線束領域的領導者。這是一門很棒的業務，我相信 Joe 和團隊會在傍晚較早時的財報電話會議中做一些說明。

Thank you very much, Kevin. Appreciate it.

非常感謝你，Kevin。感謝。

Thank you.

謝謝。

Chris McNally, Evercore.

Chris McNally，Evercore。

Thanks so much, team. Kevin, on the call, I thought you sounded the most positive about some of these sort of additional areas of growing the active TAM that you've been in a long time. And I think a lot of times, we always discuss sort of M&A, bolt-on opportunities in industrial. But just looking at the ECG highlights on slide 8, I mean, the awards now are in naval, space, energy storage.

非常感謝，各位。Kevin，在這通電話會議上，我覺得你對於一些你們長期耕耘、用來擴大可服務市場（active TAM）的額外成長領域，聽起來是最正面的。而且我想很多時候，我們總是在討論工業領域的併購（M&A）、補強型（bolt-on）機會。但看看第 8 頁投影片上 ECG 的重點，我是說，現在的得標案是在海軍、太空、儲能等領域。

And so my question here is, on some of the exciting opportunities that the world is all seeing in AI and data centers and that some of your competitors have strong business opportunities in, could you just talk about what would have to happen organically for you to start to invest? Automotive is one of the harshest environments. Could you get into those businesses over the next year or two from an organic greenfield, brownfield perspective? Because it seems like a pretty big TAM opportunity.

所以我的問題是，針對目前全世界都在看到的 AI 與資料中心等令人振奮的機會、以及你們某些競爭對手在其中擁有強勁商機的領域，你能否談談：若要以有機方式開始投資，你們需要具備哪些條件？汽車是最嚴苛的環境之一。你們是否能在未來一到兩年內，從有機的綠地（greenfield）、棕地（brownfield）角度切入那些業務？因為看起來那是一個相當大的 TAM 機會。

No, Chris, it's a great question. And I should start with it's a great question, it's a great opportunity. The team is making significant progress, quite frankly, across each of our businesses.

不，Chris，這是個很好的問題。我應該先說，這是個很好的問題，也是個很好的機會。坦白說，團隊在我們各項業務上都取得了顯著進展。

As it relates specific to the Engineered Components business, we've been very active over the last 1.5, 2 years, leveraging what we have in our Winchester product portfolio, which is principally targeted on non-automotive business with a very strong position in areas like A&D, like diversified industrials, developing solutions from that product portfolio with our traditional interconnect solutions and bringing those to non-automotive customers more as systems. So we've made a lot of progress. That's an area we have been investing in, both from a product standpoint as well as from a go-to-market standpoint.

就工程元件（Engineered Components）業務而言，過去 1.5 到 2 年我們非常積極，運用我們 Winchester 產品組合中既有的能力——該組合主要鎖定非汽車業務，並在航太與國防（A&D）、多元化工業等領域具備非常強的地位——以該產品組合為基礎，結合我們傳統的互連（interconnect）解決方案，開發解決方案，並以更偏系統的方式提供給非汽車客戶。所以我們已經取得了很大進展。這是我們一直在投資的領域，包含產品面以及市場推進（go-to-market）面。

We've been leveraging our customer relationships in the US, as well as in China, where there are strong OEM relationships that span across industries, so leveraging our capabilities and our relationships in those automotive businesses to take solutions into things like aerospace, into areas like data centers. We have a very focused initiative as it relates to building out our data center product portfolio, certainly our space product portfolio.

我們一直在運用我們在美國以及中國的客戶關係；在中國，我們與跨產業的 OEM 之間有著強勁的合作關係。因此，我們正把在汽車業務中的能力與關係加以延伸，將解決方案帶入例如航太、以及資料中心等領域。就擴充我們的資料中心產品組合而言，我們有一項非常聚焦的計畫；同樣地，我們的太空產品組合也確實是重點。

So there's been a great deal of focus in that space, and we're gaining real traction. To meaningfully move it, as we've talked about in the past, that really requires M&A. We have a long funnel of bolt-on M&A opportunities that the team is executing on that, hopefully, during the calendar year 2026, we're looking to close on.

因此在那個領域我們投入了大量心力，而且正取得實質進展。要有意義地推動它，如同我們過去談過的，確實需要透過併購（M&A）。我們有一長串可進行補強型併購（bolt-on M&A）的機會漏斗，團隊正在執行中；希望在 2026 曆年期間，我們能完成交割。

And to wrap up, quite frankly, we're very excited and feel like we're very well positioned to pursue these opportunities, but we're very excited about our opportunities within automotive and the trends that are headed there. Near term, we're wrestling with a few customer mix issues and industry mix issues that we think as we move on through the year, you'll see improvements on.

最後總結，坦白說，我們非常興奮，也覺得自己具備很好的條件去追求這些機會；同時，我們也對汽車領域內的機會以及相關趨勢走向感到非常振奮。短期內，我們正面對一些客戶組合與產業組合的問題；我們認為隨著今年進展，你們會看到改善。

That's great, Kevin. So I mean, almost to paraphrase, some of the small bolt-on acquisitions could go a long way to some of the internal initiatives that you've been working for. But with some of these bolt-on acquisitions comes the sales force and these relationships that then you may have a lot, so a one plus one equal three.

太好了，Kevin。所以我大概轉述一下，你提到的一些小型補強型收購，可能會對你們正在推動的一些內部計畫帶來很大的助益。但這些補強型收購也會帶來銷售團隊與這些關係，然後你們可能就會有很大的加乘效果，也就是一加一等於三。

Exactly. It's not just the product portfolio piece; it's the industry positioning piece and building up sales organization and product organizations that have years of experience in a particular sector that we can leverage across a broader product portfolio, absolutely.

沒錯。不只是產品組合的部分；也包括產業定位，以及建立具備多年特定產業經驗的銷售組織與產品組織，讓我們能把這些能力運用到更廣泛的產品組合上，絕對是如此。

And then just the last follow-on, I mean, I kind of focus on AI and data centers, but energy storage actually should be very easy given some of the customers now, obviously, with a lot of battery -- excess battery capacity in the US, the customer set is almost the same for a good portion of that business. Is that one that could be done a little bit more organically?

最後再追問一下：我知道我比較聚焦在 AI 和資料中心，但其實能源儲存應該會很容易，因為以目前的一些客戶來看——顯然美國有大量電池——過剩的電池產能，那部分業務的客戶群有相當大一部分幾乎是相同的。這一塊是否可以更偏向有機成長來完成？

Yeah, that's one that is being done very organically now. So that's a focused effort with a focused product portfolio with a focused sales team. So there are a significant number of business awards we received. They tend to be smaller relative to large OEM program awards, but we're gaining a significant amount of traction across multiple OEMs. So that is certainly a tailwind.

是的，這一塊目前就是以非常有機的方式在推進。所以這是一個聚焦的投入：聚焦的產品組合、聚焦的銷售團隊。因此我們拿到了相當多的業務授予（business awards）。相較於大型 OEM 專案授予，這些通常規模較小，但我們在多家 OEM 之間正取得顯著的進展。所以這確實是一股順風。

As it relates -- you made a comment about AI, and this is true in the Interconnect portfolio as well as in our Software & Services portfolio. As AI accelerates, it provides a structural tailwind for both of our businesses, whether that be some of the products that we have in Intelligent Systems or in Engineered Components.

至於——你提到 AI 的評論，這在互連（Interconnect）產品組合以及我們的軟體與服務（Software & Services）產品組合中也同樣成立。隨著 AI 加速，它為我們兩項業務都帶來結構性的順風，不論是我們在智慧系統（Intelligent Systems）或工程化元件（Engineered Components）中的某些產品。

As more and more is driven to the edge -- AI is driven to the edge, they need high-speed interconnects, high-speed cable assemblies, we need RTOS solutions or Linux solutions to enable performance at the edge. And those are areas that, within automotive, we've been enabling for a very long period of time. And that's an area that we're confident we'll continue to get more traction.

當越來越多的運算被推向邊緣端——AI 被推向邊緣端時，就需要高速互連、高速線纜組件；我們也需要 RTOS 解決方案或 Linux 解決方案來支援邊緣端的效能。而這些領域在汽車產業中，我們已經支援了很長一段時間。我們也有信心在這方面會持續取得更多進展。

Thanks so much, team.

非常感謝，各位團隊。

Joe Spak, UBS.

Joe Spak，瑞銀（UBS）。

Thank you. Good morning, everyone. First question is, Varun, you mentioned, and I appreciate all the -- some of the margin drivers, half over half. I think I counted like 550 basis points. Your guidance is about 180 basis points half over half. So I just want to maybe understand if we could sort of talk through some of the offsets and sort of what exactly is baked in. Is some of the commodities and higher input costs, is that sort of what's sort of weighting that back down or maybe we could sort of complete that bridge?

謝謝。各位早安。第一個問題是，Varun，你提到——也謝謝你把一些利潤率驅動因素、以半年對半年（half over half）拆解出來。我算了一下大概有 550 個基點。但你們的指引大約是半年對半年 180 個基點。所以我想了解一下，能否談談其中一些抵銷因素，以及到底有哪些內容已經反映在指引裡。是不是部分大宗商品與更高的投入成本，正在把改善幅度拉回來？或者我們能否把這個橋接（bridge）補完整？

Yeah. Joe, it's Varun. It's a great question.

是的。Joe，我是 Varun。這是個很好的問題。

Yes, you're right. I think in terms of the half-over-half walk on revenue, the 100 bps, as I mentioned, improvement in the underlying vehicle production, half versus half. But 150 basis points specific to us with regards to the production impact at one of our customers related to supplier fire in North America and then obviously select program cancellations in China in 2025 that will anniversary mid-year. And the final one, as I mentioned, was just the 300 basis points of anticipated timing of program launches and ramps. So that's the 550 basis points that you mentioned.

是的，你說得對。我想就營收的半年對半年變動拆解來看，正如我提到的，基礎車輛產量在下半年相較上半年改善 100 個基點。但有 150 個基點是我們自身特定因素：北美某位客戶因供應商火災造成的生產影響；以及 2025 年中國部分專案取消，將在年中形成同比基期效應（anniversary）。最後一項，如我提到的，是預期專案導入與爬坡時點帶來的 300 個基點。所以合計就是你提到的 550 個基點。

With regards to the commodity side of things, yes, as I mentioned previously, we are seeing incremental inflationary pressures on input costs. Over the last 90 days since we initially gave guidance for pro forma New Aptiv to now, there is an uptick of about 60 basis points. On the commodities and FX side of it, as I mentioned, basically, it's commodities. FX remains a net positive on a year-over-year basis.

至於大宗商品方面，是的，如我先前提到的，我們看到投入成本出現額外的通膨壓力。從我們最初給出「備考（pro forma）New Aptiv」指引到現在的過去 90 天，約上升了 60 個基點。在大宗商品與匯率（FX）方面，如我提到的，主要是大宗商品。匯率在年對年基礎上仍然是淨正面因素。

And it's -- again, it's the same things with regards to based on where copper is trading, and while overall exposure levels to copper pre-spin to post-spin are markedly down, we still have some of those. Some of those are contractual pass-throughs. The remainder of it is commercial negotiations, but then also we have exposure to gold and silver. And if you see as to where those have been trading on a year-over-year basis, that's the other aspect of it.

而且——同樣地，這取決於銅目前的交易水準；雖然我們在分拆前到分拆後對銅的整體曝險水準已明顯下降，但仍然有一些曝險。其中一部分是合約性的轉嫁（pass-through）。其餘則透過商務談判處理；此外我們也曝險於黃金與白銀。如果你看它們年對年的交易水準，這就是另一個面向。

And then finally, our Connection Systems and the HellermannTyton business as part of the Engineered Components portfolio does have a significant level of resin purchases. Clearly, a key input cost into resin is oil, but that's the other aspect that we're seeing come through that we expect to kind of ramp up.

最後，我們在工程化元件（Engineered Components）產品組合中的連接系統（Connection Systems）以及 HellermannTyton 業務，樹脂採購量相當可觀。很明顯，樹脂的一項關鍵投入成本是石油；這也是我們看到正在反映出來、且預期會逐步上升的另一個面向。

I'm sorry, I may have misunderstood. So that half of that was the top line, and then we should think about the flow through on that top line, and then some of the commodity inputs is sort of the offset to the -- when we think of the margins.

抱歉，我可能誤會了。所以其中一半是營收端，然後我們應該去思考這些營收對利潤率的流入（flow-through），再加上部分大宗商品投入成本，作為利潤率的抵銷因素，是這樣理解嗎？

Yeah. No, that's right.

是的。沒錯。

Okay. And then, Kevin, just maybe to follow up of your last conversation with Chris. The non-auto awards in EC and space, energy storage, naval, $500 million, I think we're all familiar with auto lead times, but maybe you could give us a sense for these businesses. How quick do some of these business comes on? What's the sales process like? And when can that convert to revenue, and maybe the same thing for IS, if you don't mind, in the non-auto?

好的。然後 Kevin，再接續你剛才和 Chris 的對話追問一下。工程化元件（EC）與太空、能源儲存、海軍等非汽車領域的訂單授予（awards）有 5 億美元；我們都很熟悉汽車的導入時程，但你能否讓我們了解一下這些業務的情況？其中一些業務大概多快會開始貢獻？銷售流程大概是什麼樣子？何時能轉化為營收？如果不介意的話，也請談談智慧系統（IS）在非汽車領域的情況。

Yeah, that's a good question. So the sales cadence -- in both segments, the sales organization is a separate distinct sales organization. So we have separate teams and separate product teams, so commercial teams as well as product teams that support the go-to-market.

是的，這是個好問題。關於銷售節奏——在兩個事業部門中，銷售組織都是各自獨立、區隔明確的銷售組織。因此我們有不同的團隊與不同的產品團隊，也就是商務團隊以及支援市場導入（go-to-market）的產品團隊。

The programs tend to, between award and actual revenue, can range as short as a few months to as fast -- as short as a few months to, I think at the far end, you're talking under a year, so call it nine months in those sort of typical areas. So much shorter from a long lead standpoint than what we have in our traditional business, automotive or in commercial vehicle.

這些專案從得標到實際認列營收，時間通常介於幾個月到更快——最短可能幾個月；我想在較長的一端，也是在一年以內，大概可視為九個月，屬於較典型的區間。因此就長前置期而言，這比我們傳統業務（乘用車或商用車）要短得多。

Okay. Thank you.

好的。謝謝。

Mark Delaney, Goldman Sachs.

高盛的 Mark Delaney。

Yes, good morning. Thank you very much for taking the question. The company spoke already about the pickup in growth from the roughly flat year-over-year organic in 1Q to the 4% outlook for the full year for New Aptiv. A couple of those drivers you spoke about were timing related to new product launches and an assumption that auto production is more stable in 2H. I'm hoping you could share more on whether there's any conservatism in those assumptions relative to customer schedules, given that new launches can sometimes be delayed and the potential for macro headwinds to weigh on demand.

是的，早安。非常感謝讓我提問。公司先前已談到 New Aptiv 的成長動能，從第一季有機成長大致年對年持平，提升到全年 4% 的展望。你們提到的幾個驅動因素包括：與新產品上市時點相關，以及假設下半年汽車產量更為穩定。我想請你們多分享一些：相較於客戶時程，這些假設是否帶有保守性？畢竟新車/新產品上市有時會延後，且宏觀逆風也可能壓抑需求。

Yeah, there's an element of conservatism we always place in our outlook. So we always incorporate some element of what we refer to as hedged, and we rely upon both third-party sources as well as our customer EDIs or schedules. There are some areas like China where schedules are a bit more fluid and changes are more -- can happen more quickly. That's less the case in places like Europe and in North America.

是的，我們在展望中一向會納入一定程度的保守性。因此我們總會加入一些我們所稱的「避險」因素，並同時依據第三方來源以及客戶的 EDI 或排程。有些地區例如中國，排程較為彈性，變動也更——可能更快發生。在歐洲與北美等地，這種情況就比較少見。

I think as Varun talked about, our outlook right now based on what we're seeing from a schedule standpoint and then triangulating with IHS with some amount of overlay is the 100-basis-point improvement first half to second-half from a vehicle production standpoint. There are some specific customer headwinds that we're aware of.

我想如 Varun 所說，我們目前的展望是基於我們從排程面看到的情況，並與 IHS 的數據交叉驗證，再加上一些調整；就整體車輛產量而言，上半年到下半年的改善約為 100 個基點。我們也確實知道有一些特定客戶層面的逆風。

I mentioned the North American OEM, who we were impacted more than we originally forecasted in Q1, given a further reduction in their schedules as it relates to addressing the issues with their supplier. We pick up a benefit in the back half of the year as things become -- that gets addressed and they come online.

我提到過一家北美 OEM，我們在第一季受到的影響比原先預估更大，因為他們為了處理供應商問題而進一步下修排程。隨著問題逐步——被解決並恢復上線，我們在下半年會獲得一些正面效益。

And then we talked about -- we've been talking about since last year three China program cancellations that impacted us in the ADAS area and the user experience area. We can size those annualized at the end of the second quarter. Those two together are worth roughly 150 basis points. And then there's roughly 300 basis points of program launches first half to second half from a growth standpoint.

另外我們也談到——自去年以來我們一直在談的，中國有三個專案取消，影響到 ADAS 領域以及使用者體驗領域。到第二季末，我們可以把這些影響換算成年化規模。這兩項合計大約相當於 150 個基點。此外，從成長角度來看，上半年到下半年約有 300 個基點來自專案上市（launch）。

That's the area where we tend to overlay the most conservatism because things can shift. Some of that is in China. We did see some small delays as it related to Q1. But we're starting to see those programs launch now. That's what gives us confidence in the back half of this year and the revenue ramp first half to the second half.

這一塊我們通常會加上最多的保守性，因為時程可能會變動。其中一部分在中國。第一季確實看到一些小幅延遲。但我們現在開始看到這些專案陸續上市。這也是我們對今年下半年以及營收由上半年到下半年的爬坡更有信心的原因。

Very helpful details and color, Kevin. Thank you for that. And my other question was another one around the commodity and inflationary environment. Could you give me a little bit more specific around to what extent Aptiv is seeing incremental headwinds tied to inflation in 2Q that you haven't been able to offset yet?

這些細節與補充說明非常有幫助，Kevin。謝謝你。我另一個問題是關於大宗商品與通膨環境。你能否更具體說明：Aptiv 在第二季看到與通膨相關、但目前尚未能完全抵銷的新增逆風，程度大概到什麼範圍？

And then for your full-year outlook, you spoke about getting recoveries, but you also mentioned that can come through on a lag. So I was a little unclear, do you assume that you're able to recapture all of the recent inflation in your full-year outlook? Or does some spill out to you next year? Thanks.

另外，針對全年展望，你提到會取得價格回收（recoveries），但也提到可能會有時間落後。所以我有點不太確定：在你們的全年展望中，是否假設能把近期通膨全部收回？還是有一部分會延後到明年才反映？謝謝。

So I think, and Varun will correct me, as it relates to the prior guide versus this guide, there's effectively roughly 50 basis points of FX in commodities that is in our -- that's come into our system. It's principally resin and commodity prices. And commodities would be copper -- I mentioned them, copper, aluminum, areas like that. We expect to fully offset that, most of that, a significant portion of which will be operational.

我想——Varun 也會糾正我——就先前指引與這次指引的差異而言，大致上約有 50 個基點的匯率與大宗商品因素進入了我們的——也就是已反映在我們的系統中。主要是樹脂與大宗商品價格。而大宗商品包括銅——我提過——銅、鋁等這些領域。我們預期能完全抵銷其中大部分，而且相當大一部分會透過營運面來達成。

So performance initiatives that we have underway that we're able to offset the overall cost of the increased cost of those commodity prices. And there will be some amount that we will push through to our customers. So we're not relying on customer recoveries to achieve our full-year outlook. Those are things that we have a high level of confidence that we can manage through internally and, at the same time, go back to our customers in areas where it's more challenging and pursue recoveries.

也就是我們正在推動的績效改善措施，能夠抵銷這些大宗商品價格上升所帶來的整體成本增加。同時也會有一部分會轉嫁給客戶。因此，我們達成全年展望並不依賴向客戶取得回收。這些是我們非常有信心能在內部消化與管理的事項；同時，在較具挑戰的領域，我們也會回到客戶端去爭取回收。

If you look at our past track record from a recovery standpoint, we've collected 95% to 100% of what we pursue with our OEM customers because we do that operationally, we've performed extremely well. And we do that while we're presenting them with additional cost reduction opportunities to help support the recovery that we're asking for.

如果你看我們過去在回收方面的紀錄，對 OEM 客戶我們所爭取的回收金額，實際收回比例約為 95% 到 100%，因為我們在營運執行上表現非常好。而且我們在提出回收要求的同時，也會提供額外的降本機會，來協助支撐我們所要求的回收。

Thank you.

謝謝。

Itay Michaeli, TD Cowen.

TD Cowen 的 Itay Michaeli。

Great. Thanks. Good morning, everyone. Just wanted to focus in on the strong -- good morning -- new business bookings, the $5 billion and the $20 billion outlook. I'm curious what's happening there on the auto side. Are we finally seeing major sourcing decisions being made for next-gen architectures? Are you perhaps also winning some market share? I'm just curious sort of what is driving for the inflection?

很好。謝謝。各位早安。我想聚焦在強勁——早安——的新業務訂單（bookings），也就是 50 億美元以及 200 億美元的展望。我很好奇汽車端發生了什麼。我們是否終於看到針對下一代架構的重大採購/定點（sourcing）決策正在做出？你們是否也可能正在取得一些市占？我想了解這個轉折點背後的驅動因素是什麼？

Yeah, it's a great question. I would say first quarter, relative to last year, we started to see programs that we've been working on for a period of time, freed up in decisions are made. We're starting to see OEMs look at next-generation ADAS solutions, user experience solutions, vehicle architecture solutions, including what we refer to as smart vehicle architecture. So we're seeing more of those opportunities.

是的，這是個很好的問題。我會說第一季相較去年，我們開始看到一些我們投入一段時間的專案，在決策被釋出、拍板後開始落地。我們也開始看到 OEM 在評估下一代 ADAS 解決方案、使用者體驗解決方案、車輛架構解決方案，包括我們所稱的智慧車輛架構（smart vehicle architecture）。因此我們看到更多這類機會。

Itay, we have a high level of confidence in the $20 billion of bookings for New Aptiv for the calendar year 2026, just given our funnel. I think that's to some extent dependent upon things stabilizing a little bit as it relates to the situation in the Middle East or not deteriorating, maybe that's a better way to describe it. But we're seeing a significant amount of opportunities in and around the areas that's our sweet spot.

Itay，基於我們的機會漏斗（funnel），我們對 New Aptiv 在 2026 曆年達成 200 億美元訂單（bookings）有很高的信心。我想這在某種程度上取決於中東局勢能稍微穩定一些，或至少不要惡化——也許這樣形容更貼切。但我們在我們的強項領域周邊，確實看到大量機會。

Terrific. And a quick follow-up, Kevin, I think earlier you mentioned, of course, supply chain risks due to the Middle East, but also potential opportunities that can come out of that. Hoping that you can kind of comment a bit more on that. Could you actually end up seeing or leverage your supply chain capabilities better with OEMs, maybe kind of win more business going forward? Just kind of curious a bit on that comment.

太好了。再追問一個，Kevin，我想你先前提到，當然中東情勢帶來供應鏈風險，但也可能帶來一些機會。希望你能再多評論一下。你們是否可能因此在 OEM 客戶端更好地展現或運用你們的供應鏈能力，進而在未來贏得更多業務？我對你那段話的意思有點好奇。

Yeah. We are today, Itay. I would say over the last two years, the job the team has done from a supply chain management standpoint, both from a service level standpoint as well as from a visibility and transparency, has created a lot of goodwill, and there are a number of OEMs that we're partnering with now in terms of regular supply updates. We're now at a point where we're informing OEMs of where their particular pinch points are.

是的。我們今天就是這樣，Itay。我想說，在過去兩年裡，團隊從供應鏈管理的角度所做的工作，無論是在服務水準方面，還是在可視性與透明度方面，都建立了大量的善意；目前我們正與多家 OEM 合作，定期提供供應更新。我們現在也到了能夠告知 OEM 他們各自瓶頸點所在的位置的階段。

As we look at areas like memory and other areas where there's concern about inflation, availability, or constraints, those are areas that we've been focused on for the last -- been aware of, anticipating focus on for the last couple of years. So we've been bringing them alternatives as it relates to a part standpoint. It's also presented us with opportunities to bring to them solutions that include more Aptiv content, displacing some of their traditional suppliers, and they're all very focused on it and listening.

當我們看像記憶體等領域，以及其他對通膨、可得性或供應限制有所疑慮的領域時，這些都是我們在過去——其實是過去幾年一直關注、也一直預判並提前聚焦的方向。因此，就零組件的角度而言，我們一直在為他們提供替代方案。這也為我們帶來機會，向他們提供包含更多 Aptiv 內容的解決方案，取代他們部分傳統供應商；而他們都非常專注於此並願意傾聽。

When we're able to say we're confident in memory supply for '26 and also '27, given the relationships and agreements we have with our suppliers, and we have actually multiple alternatives that we validated, that's very differentiating with our customers. So it positions us extremely well. And when we take that supply chain capability outside of automotive to some of the areas like robotics, like drones, that is one of the big selling points we have in terms of supply chain visibility, knowing source down to multiple levels, being able to provide multiple solutions depending upon where the application takes place or is actually used, that's been one of the big areas that's been differentiated -- differentiating, for example, for us in the drone space.

當我們能夠說，基於我們與供應商之間的關係與協議，我們對 26 年以及 27 年的記憶體供應有信心，而且我們實際上已驗證了多個替代方案時，這對客戶而言是非常具差異化的。因此，這讓我們處於極佳的位置。而當我們把這種供應鏈能力從汽車領域延伸到機器人、無人機等領域時，供應鏈可視性、能夠追溯到多層級來源、並能依應用發生或實際使用地點提供多種解決方案，這些都是我們的重要賣點；例如在無人機領域，這一直是我們的主要差異化優勢之一。

That's very helpful. Thank you.

這非常有幫助。謝謝。

Emmanuel Rosner, Wolfe Research.

Emmanuel Rosner，Wolfe Research。

Great. Thanks for squeezing me in. I was hoping to ask if you could just put this year's revenue growth in the context of the longer-term targets. And so you're expecting some level of acceleration over the next couple of years for the 2028 targets, 47% this year will be around 4%. Can you just remind us holistically what are some of the drivers of revenue acceleration as we move past this year and toward the next couple of years of the plan?

很好。謝謝讓我插個問題。我想請你們把今年的營收成長放在較長期目標的脈絡下說明一下。也就是說，為了達成 2028 年目標，你們預期未來幾年會有某種程度的加速；今年 47% 會在 4% 左右。能否整體提醒我們，當我們走過今年、邁向計畫接下來幾年時，推動營收加速的一些驅動因素是什麼？

Yeah. Thanks, Emmanuel. That's a great question and appreciate you asking it.

是的。謝謝你，Emmanuel。這是個很好的問題，也謝謝你提出。

It's a mix of two things. One, it's improved customer mix. So in our prepared comments, Varun and I were talking about progress we're making with the China local OEMs focused on the top 10 OEMs for the China market. One of the fastest-growing areas for us is on export platforms, as well as with several OEMs now, we're very much focused on supporting their initiatives to manufacture overseas. So we're supporting several of them in terms of evaluation and with some of them in terms of actual programs.

這是兩個因素的組合。第一，是客戶組合改善。在我們事先準備的發言中，Varun 和我談到我們在中國本土 OEM 方面的進展，聚焦於中國市場前 10 大 OEM。我們成長最快的領域之一是出口平台；此外，現在也有多家 OEM，我們非常專注於支持他們的海外製造計畫。因此，我們在評估方面支持其中幾家，並且對其中一些已進入實際專案。

We're working with European OEMs as well as Chinese OEMs as it relates to China sources for European products. So we've been very engaged there. So that's an area where we expect to see a pickup.

就歐洲產品的中國來源而言，我們同時與歐洲 OEM 以及中國 OEM 合作。因此我們在那裡投入非常深。所以這是我們預期會看到回升的一個領域。

As it relates to APAC non-China, that's been a particular focus area. And as we've talked about in the past, that's one of the fastest areas of bookings growth for us. So that's Japan, Korea, and India. So we're seeing a benefit from that.

至於亞太（不含中國），那一直是我們特別聚焦的領域。而且如同我們過去提到的，這也是我們訂單成長最快的區域之一。也就是日本、韓國與印度。因此我們正從中受益。

And then lastly, when you look at the non-automotive space, we're growing very strong non-automotive growth, which based on bookings and potential bookings we have in front of us, we're very, very confident. And then when you look at the software space, both in automotive as well as outside of automotive, that's an area where bookings are strong and we're seeing solid and strong revenue growth that will drive us to the midpoint or higher in that 4% to 7% growth range.

最後，當你看非汽車領域時，我們的非汽車成長非常強勁；基於目前的訂單以及我們眼前的潛在訂單，我們非常、非常有信心。再看軟體領域，無論是在汽車內或汽車外，訂單都很強，我們也看到穩健且強勁的營收成長，這將推動我們達到 4% 到 7% 成長區間的中位數或更高。

That's very helpful. And then I guess I was hoping to follow up on China. So in the quarter, the New Aptiv China growth was down 14%. You've mentioned some of the factors, including still the ongoing impact from cancellation of programs. What is sort of like your estimate of when you believe China would sort of like become more neutral and then eventually positive to your growth?

這非常有幫助。另外我想追問一下中國。本季 New Aptiv China 的成長下滑了 14%。你們提到了一些因素，包括專案取消仍在持續影響。你們大概預估何時中國會變得比較中性，然後最終對你們的成長轉為正向？

Yeah, great. So actually positive to growth you'll see in Q2, and that's a result of a couple things. The launch of new programs and we see the benefit from that. Two, in Q1, we were affected principally in our Engineered Components business by our exposure to the top OEM in China and their vehicle production reduction. So I would say disproportionately, given their year-over-year comp, that normalizes in Q2 and is not as big of a headwind.

好的，很好。其實在第二季你就會看到對成長轉為正向，這是幾個因素造成的。第一，新專案的導入，我們會看到由此帶來的效益。第二，在第一季，我們主要在工程零組件（Engineered Components）業務受到影響，原因是我們對中國最大 OEM 的曝險，以及他們的整車產量下調。因此我會說，考量他們的年對年比較基期，這個影響在第二季會正常化，不再是那麼大的逆風。

And then lastly, as you get in the back half of the year, talked about those three programs that were canceled in the second quarter of last year from a comparison standpoint, we won't have to be dealing with that. So we're expecting very strong growth in China and for the calendar year 2026.

最後，到了下半年，從比較基期的角度來看，去年第二季取消的那三個專案，我們就不需要再面對其影響。因此我們預期中國在 2026 曆年將有非常強勁的成長。

Great. Thank you. I appreciate the color.

很好。謝謝。感謝你提供的補充說明。

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

今天的問答環節到此結束。接下來我將把電話交回給 Kevin Clark 先生，請他做任何補充或結語。

Great. Thank you, everybody, for your time. We really appreciate you participating in our earnings call. Have a great day.

很好。謝謝各位撥冗。我們非常感謝各位參與本次法說會。祝各位有美好的一天。

The call is now complete, and thank you for joining.

本次電話會議到此結束，感謝各位加入。