APTIV PLC (APTV) 2026 Q2 法說會逐字稿

Welcome to the Aptiv Q2 2026 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.

歡迎參加 Aptiv 2026 年第二季財報電話會議。今天的會議將進行錄音。此刻，我想將會議交給投資人關係副總裁 Betsy Frank。請開始。

Thank you, Shelley. Good morning, thank you for joining Aptiv's second quarter 2026 earnings conference call. The press release and slide presentation can be found on the investor relations portion of our website at aptiv.com.

謝謝你，Shelley。各位早安，感謝各位參加 Aptiv 2026 年第二季財報電話會議。新聞稿與簡報可於我們網站 aptiv.com 的投資人關係專區查閱。

Today's review of our financials exclude amortization, restructuring, and other special items, reflect the continuing operations of Aptiv as of June 30, reflecting the treatment of our EDS segment as a discontinued operation for the second quarter 2025.

今天對財務表現的檢視不包含攤銷、重組及其他特殊項目，並反映截至 6 月 30 日 Aptiv 的持續營運；同時也反映我們將 EDS 事業部於 2025 年第二季視為停業單位的會計處理。

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 a pro forma adjusted year-over-year basis.

GAAP 與非 GAAP 指標之間的調節表，已收錄於簡報末頁以及財報新聞稿中。除非另有說明，所有成長率的提及皆以調整後的備考（pro forma）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 SEC 申報文件中所述原因而出現重大差異。

Joining us today are Kevin Clark, Chair and Chief Executive Officer, Varun Laroyia, Executive Vice President and Chief Financial Officer. With that, I'll turn the call over to Kevin.

今天與會者包括董事長兼執行長 Kevin Clark、執行副總裁兼財務長 Varun Laroyia。接下來我把電話交給 Kevin。

Thank you, Betsy, thanks, everyone, for joining us this morning. Starting on slide three, during the second quarter, we generated 2% revenue growth and 10 basis points of EBITDA margin expansion.

謝謝你，Betsy，也謝謝各位今天早上加入我們。從第 3 張投影片開始，第二季我們實現營收成長 2%，EBITDA 利潤率擴張 10 個基點。

We continued to demonstrate progress diversifying our business, evidenced by double-digit non-auto revenue growth in the quarter and new business awards in attractive high-growth markets that present expansion opportunities for Aptiv.

我們持續展現業務多元化的進展，體現在本季非汽車業務營收達到雙位數成長，以及在具吸引力的高成長市場取得新業務獎項，為 Aptiv 帶來擴張機會。

While we're increasingly optimistic about the long-term opportunities presented in these areas, in the near term, we continue to contend with challenges in our traditional automotive market, which are leading us to lower our 2026 guidance.

雖然我們對這些領域所帶來的長期機會愈發樂觀，但短期內我們仍需面對傳統汽車市場的挑戰，因此我們決定下調 2026 年指引。

Including prolonged sales weakness in the domestic China market, which is causing local OEMs to reduce second half production on vehicle platforms for the domestic market, also leading to a further reduction in schedules from luxury European OEMs for vehicles exported to the China market.

其中包括中國國內市場銷售疲弱且持續時間較長，導致本土 OEM 下調下半年面向國內市場之車型平台的產量；同時也使豪華歐洲 OEM 針對出口至中國市場的車款進一步下修排產。

Varun is going to walk you through how these dynamics and other factors are impacting our guidance for the remainder of the year and what specifically has changed since we last spoke to you.

Varun 將帶各位了解這些動態與其他因素如何影響我們今年剩餘期間的指引，以及自上次與各位溝通以來具體有哪些變化。

I'll spend a bit more time discussing the actions we're taking, including how we're working to evolve our business mix in and outside of the automotive market to mitigate the challenges we're experiencing today.

我會花一些時間進一步說明我們正在採取的行動，包括我們如何在汽車市場內外調整業務組合，以緩解目前所面臨的挑戰。

Now that the separation of EDS is complete, we'll continue to evaluate additional opportunities to maximize value for shareholders over the long term.

隨著 EDS 分拆已完成，我們將持續評估其他機會，以在長期內為股東創造並最大化價值。

Let's begin by reviewing our second quarter progress against our strategic priorities. During the second quarter, we continued the momentum we'd established, leveraging our product portfolio and operating capabilities across diverse end markets, including product innovations, where we secured our first Gen 8 Radar award, an important component of our ADAS platform.

首先回顧第二季我們在策略優先事項上的進展。第二季我們延續既有動能，運用產品組合與營運能力跨足多元終端市場；在產品創新方面，我們取得首個第 8 代雷達（Gen 8 Radar）獎項，這是我們 ADAS 平台的重要組成。

Penetration into new end markets, where the products we've developed for automotive have applications in other markets, reflected in the award from Robust.AI, which I'll talk more about later.

在切入新終端市場方面，我們為汽車所開發的產品也可應用於其他市場；這點反映在 Robust.AI 的獎項上，我稍後會再多談。

An expansion of our software partnership ecosystem with leading-edge AI players, including most recently with NVIDIA.

我們也與領先的 AI 業者擴大軟體合作夥伴生態系，最近的合作對象包括 NVIDIA。

This list represents a small portion of the $5 billion of new business awards during the second quarter, bringing our year-to-date total to $10 billion, putting us on track for our $20 billion full-year target.

這份清單僅代表第二季 50 億美元新業務獎項中的一小部分，使我們年初至今累計達 100 億美元，正朝全年 200 億美元目標邁進。

We also continue to increase the resiliency of our business model by leveraging our digital twin and end-tier tracking capabilities to provide our automotive and adjacent market customers with a step change in supply chain visibility. Reaching long-term supply agreements is part of our supply chain resiliency efforts.

我們也持續透過數位分身（digital twin）與端到端（end-tier）追蹤能力，為汽車及相鄰市場客戶提供供應鏈可視性的大幅提升，以強化商業模式的韌性。達成長期供應協議也是我們供應鏈韌性工作的一部分。

These are both great examples of the actions we've taken to enhance the robustness of our operating model that are enabling us to keep our customers connected in this dynamic environment.

這兩者都是我們為強化營運模式穩健性所採取行動的良好例證，使我們能在這個多變的環境中協助客戶保持連結。

It is one of the reasons we were recently recognized as Supplier of the Year by Ford in the supply chain category.

這也是我們近期在供應鏈類別獲 Ford 評選為「年度供應商」的原因之一。

On capital allocation, we repurchased $250 million of our shares in the second quarter, bringing our year-to-date total to $325 million, with an intention to repurchase a similar amount in the second half of the year and bring the full-year total to over $600 million.

在資本配置方面，我們於第二季回購 2.5 億美元股票，使年初至今累計達 3.25 億美元；我們計畫在下半年回購相近金額，讓全年回購總額超過 6 億美元。

Over the next few years, we're committed to returning approximately half of our free cash flow to shareholders through share repurchases while simultaneously pursuing smaller bolt-on M&A transactions to diversify the business and better position us for the long term.

未來幾年，我們承諾透過股票回購將約一半的自由現金流回饋給股東，同時也會進行較小型的補強式併購（bolt-on M&A），以多元化業務並讓我們在長期更具優勢。

Turning to review our business segments through the lens of the automotive and non-automotive end markets we serve.

接著，我們將從所服務的汽車與非汽車終端市場角度，檢視各業務部門。

Starting with the automotive market highlights during the quarter. We made some meaningful progress expanding our business with leading OEMs in Asia Pacific and driving growth in new business bookings across next-generation technology areas, including our full-stack Gen six ADAS system and in-cabin solutions like driver and cabin monitoring.

先從本季汽車市場的重點開始。我們在擴大與亞太地區領先 OEM 的合作方面取得實質進展，並在次世代技術領域推動新業務訂單成長，包括我們全棧式第 6 代 ADAS 系統，以及如駕駛監控與座艙監控等車內解決方案。

Notable program launches in the quarter included within the Intelligent Systems segment, a full tech stack ADAS award across additional vehicle lines of a large European OEM, demonstrating the flexibility and scalability of our solutions and continued strength of our technology partnership.

本季值得注意的專案量產導入包括：在智慧系統（Intelligent Systems）事業部，我們在某大型歐洲 OEM 的更多車系上取得全技術棧 ADAS 獎項，展現我們解決方案的彈性與可擴展性，以及技術合作夥伴關係的持續強勁。

The launch of our next generation digital cockpit for a luxury European OEM, incorporating software-enabled functionality via over-the-air updates and lifecycle management capabilities.

我們也為一家豪華歐洲 OEM 推出下一代數位座艙，透過 OTA（無線）更新與全生命週期管理能力，導入軟體賦能功能。

Within the Engineered Components segment, the integration of our high-voltage interconnects on a European OEM's next-gen high-powered 800 V architecture program.

在工程元件（Engineered Components）事業部，我們將高壓互連產品整合至某歐洲 OEM 下一代高功率 800V 架構專案。

We also continue to innovate across our product portfolio, evidenced by the introduction of our advanced occupancy classification system, which is the industry's first occupant detection system that utilizes AI ML-based computer vision software and is powered entirely by an in-cabin camera, streamlining vehicle systems architecture as well as lowering cost.

我們也持續在產品組合上創新，例如推出先進乘員分類系統；這是業界首個採用 AI/ML（機器學習）電腦視覺軟體的乘員偵測系統，且完全由座艙內攝影機驅動，可簡化車輛系統架構並降低成本。

We also secured several important new business awards in the quarter. Within Intelligent Systems, these include a Gen 8 Radar award by Volvo Cars for its next-gen software-defined vehicle platform, where we will enable robust perception across increasingly complex environments and driving scenarios.

本季我們也取得數個重要的新業務獎項。在智慧系統方面，包括 Volvo Cars 針對其下一代軟體定義車輛平台授予的第 8 代雷達（Gen 8 Radar）獎項；我們將在日益複雜的環境與駕駛情境中提供強健的感知能力。

As well as an award from a large North American OEM's next-generation software-defined vehicle architecture, a critical milestone in the transition to more centralized vehicle architectures.

此外，我們也獲得一家大型北美 OEM 下一代軟體定義車輛架構的獎項，這是邁向更集中式車輛架構轉型的關鍵里程碑。

Within Engineered Components, these include high-voltage bus bars across the North America and China markets for battery pack and charging applications, demonstrating continued penetration of both existing and new OEM customers on their next-generation EV platforms.

在工程元件方面，包括在北美與中國市場用於電池包與充電應用的高壓匯流排（bus bars），展現我們在下一代電動車平台上，對既有與新 OEM 客戶的持續滲透。

The continued expansion of our business with the leading China local OEMs across our key product lines, including high-speed cable assemblies and high-voltage inlets across platforms for both the domestic and the overseas markets.

我們也持續擴大與中國本土領先 OEM 的合作，涵蓋我們的關鍵產品線，包括高速線束組件與高壓進電口（inlets），並跨足面向國內與海外市場的平台。

Moving to slide six to discuss our progress in non-automotive markets, which reflects the applicability of our technologies across a diverse set of end markets, and the strong operating execution by our team.

接著看第 6 張投影片，討論我們在非汽車市場的進展；這反映我們技術在多元終端市場的適用性，以及團隊強勁的營運執行力。

Starting with program launches during the quarter. In Engineered Components, we launched a new program providing high-performance interconnects for a utility-scale energy storage provider that leverages the same technology we're already delivering in automotive.

先從本季的專案量產導入開始。在工程元件方面，我們啟動一項新專案，為一家公用事業級（utility-scale）儲能供應商提供高效能互連產品，所採用的技術與我們目前在汽車領域交付的技術相同。

In Intelligent Systems, we launched our integrated cockpit controller for one of the industry-leading commercial vehicle OEMs.

在智慧系統方面，我們為一家業界領先的商用車 OEM 推出了整合式座艙控制器。

In terms of product development in the second quarter, this included expanding our high-performance interconnect product lines for complex aerospace and defense platforms, where space-efficient, high-density solutions are critical for customers.

就第二季的產品開發而言，這包括擴展我們用於複雜航太與國防平台的高效能互連產品線；在這些平台上，具備節省空間的高密度解決方案對客戶至關重要。

Collaborating on an optimized power solutions for 800 V DC architectures with a leading developer of power electronics for next-generation infrastructures, including data centers, a market where we experience strong commercial momentum and see very meaningful growth opportunities over the next few years that will further accelerate with the transition to 800 V architectures.

我們與一家領先的電力電子開發商合作，針對 800 V 直流（DC）架構開發最佳化電源解決方案，應用於下一代基礎設施（包括資料中心）。在資料中心這個市場，我們正經歷強勁的商業動能，並在未來幾年看到非常可觀的成長機會；隨著向 800 V 架構轉型，這些機會將進一步加速。

Lastly, achieving a key software milestone in cybersecurity rating for our enterprise Linux operating system, which will expand our potential opportunities in the government and the defense markets.

最後，我們的企業級 Linux 作業系統在資安評等方面達成一項關鍵軟體里程碑，將擴大我們在政府與國防市場的潛在機會。

A few notable business awards in the second quarter included Robust.AI selection of our intelligent perception solutions and compute, including AI and ML-based sensor fusion powered by our innovative PULSE Sensor for its Gen 3 Carter Cobot, which I'll talk more about on the next slide.

第二季幾項值得一提的業務獎項包括：Robust.AI 為其第三代 Carter 協作機器人（Gen 3 Carter Cobot）選用我們的智慧感知解決方案與運算平台，其中包含以我們創新的 PULSE 感測器驅動、基於 AI 與 ML 的感測器融合；我會在下一張投影片進一步說明。

In Engineered Components, an award for our high-performance cable management and protection solutions for large-scale solar energy and battery storage projects in the US market.

在工程元件方面，我們的高效能電纜管理與防護解決方案獲獎，該方案用於美國市場的大型太陽能與電池儲能專案。

Lastly, we continue to expand our commercial presence in non-auto markets through our partnership ecosystem.

最後，我們持續透過合作夥伴生態系，擴大在非汽車市場的商業版圖。

First with NVIDIA, where we extended our partnership to provide Aptiv's production-grade software to edge AI customers using NVIDIA Compute.

首先是與 NVIDIA 的合作，我們延伸夥伴關係，為使用 NVIDIA 運算的邊緣 AI 客戶提供 Aptiv 的量產級軟體。

Second with Kyndryl, which is an important extension of our enterprise partner ecosystem, where Kyndryl will deploy our Wind River software as part of its mission-critical solutions portfolio.

其次是與 Kyndryl 的合作，這是我們企業合作夥伴生態系的重要延伸；Kyndryl 將把我們的 Wind River 軟體納入其關鍵任務解決方案產品組合並加以部署。

Together, they enable customers to more easily deploy and operate mission critical systems while accelerating adoption through joint go-to-market initiatives and integrated offerings.

雙方共同協助客戶更容易部署與運行關鍵任務系統，並透過聯合市場推進（go-to-market）計畫與整合式產品方案，加速採用。

Turning to slide seven.

接著看第七張投影片。

I want to spend a few minutes providing an overview of our progress capturing opportunities in new end markets, which we're confident will meaningfully diversify our non-automotive revenue mix over the next few years.

我想花幾分鐘概述我們在新終端市場把握機會的進展；我們有信心在未來幾年，這將有意義地分散我們的非汽車營收組合。

The robotics and drone markets are higher growth, higher margin sectors where opportunity has materialized much faster than we previously anticipated, driven by the same demands for autonomous solutions that have been transforming automotive over the past decade.

機器人與無人機市場屬於高成長、高毛利的領域；在過去十年推動汽車產業變革的同樣「自主化解決方案」需求帶動下，這些機會的實現速度遠快於我們先前的預期。

Since initially outlining our addressable market opportunity and growth targets for non-automotive markets, we've achieved the following.

自我們最初提出非汽車市場的可服務市場機會與成長目標以來，我們已達成以下成果。

In robotics, we secured partnerships with three leading robotics manufacturers, and one of those partnerships has advanced to a meaningful commercial agreement, and we expect to be making additional commercial announcements during the balance of the year. In drones, in July, we secured our first commercial award from a leading drone manufacturer with total lifetime revenues of over $500 million over a five-year program.

在機器人領域，我們與三家領先的機器人製造商建立合作夥伴關係，其中一項合作已推進至具實質意義的商業協議；我們預期在今年剩餘期間還會發布更多商業公告。在無人機領域，我們於 7 月自一家領先的無人機製造商取得首個商業訂單，該五年期專案的全生命週期營收總額超過 5 億美元。

This award will be included in our third quarter bookings numbers. We're actively engaged in discussions with several drone manufacturers that we expect to translate into commercial agreements during the balance of the year. The content per device opportunity in the robotics and drone markets are significant. Our initial awards represent a large portion of that total content opportunity. Both of these markets present time-to-market advantages versus our experience in automotive.

此項訂單將計入我們第三季的接單數據。我們正與多家無人機製造商積極洽談，預期在今年剩餘期間可轉化為商業協議。在機器人與無人機市場中，每台設備的內容價值（content per device）機會相當可觀。我們的初始訂單已代表該總內容機會中的很大一部分。相較於我們在汽車領域的經驗，這兩個市場在上市時程（time-to-market）方面具備優勢。

In summary, we're increasingly confident in the broad relevance of our product portfolio across multiple end markets, which will significantly change our business mix.

總結而言，我們對產品組合在多個終端市場的廣泛適用性愈發有信心，這將顯著改變我們的業務組合。

We have a high degree of confidence in achieving annual revenues from the robotics and drone markets of about $300 million over the next few years. We believe we're also uniquely positioned to benefit from growth opportunities in the space, energy storage, and data center markets, which we'll talk more about in the future.

我們對於在未來幾年自機器人與無人機市場達成年營收約 3 億美元，具有高度信心。我們也相信，我們具備獨特優勢，可受惠於太空、儲能與資料中心市場的成長機會；未來我們會再進一步說明。

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

接下來我把電話會議交給 Varun，由他更詳細說明我們的財務結果與指引。

Thanks, Kevin, and good morning, everyone. Starting on slide eight with our second quarter financial results. We delivered revenues of $3.3 billion, which grew at an adjusted rate of 2% and were just shy of the midpoint of our guidance.

謝謝，Kevin，各位早安。從第八張投影片開始，先看我們第二季的財務結果。我們實現營收 33 億美元，按調整後口徑成長 2%，略低於我們指引區間的中點。

Looking at revenue growth by region, North America grew 10%, driven by strength across both segments. In Europe, revenue was down 8%, primarily reflecting volume pressures with select luxury OEMs, predominantly in Intelligent Systems.

按地區來看營收成長，北美成長 10%，主要受兩大事業部門全面走強所帶動。歐洲營收下滑 8%，主要反映部分豪華車 OEM 的產量壓力，且多集中於智慧系統業務。

In Asia Pacific, revenue increased 6%, including 5% growth in China, driven by improved mix with local OEMs, partially offset by a slowdown in production for the domestic market.

亞太地區營收成長 6%，其中中國成長 5%，主要受惠於與本土 OEM 的產品組合改善，但部分被國內市場產量放緩所抵銷。

Adjusted EBITDA totaled $613 million, and adjusted EBITDA margin increased 10 basis points. This came in ahead of our guidance due to the timing of recoveries and operating performance.

調整後 EBITDA 為 6.13 億美元，調整後 EBITDA 利潤率提升 10 個基點。由於回收款項入帳時點與營運表現，結果優於我們的指引。

FX and commodities amounted to a 30 basis points headwind to margin in line with our expectations.

匯率與大宗商品因素對利潤率造成 30 個基點的不利影響，符合我們的預期。

Earnings per share was $1.63, an increase of $0.12 from the New Aptiv pro forma results in Q2 2025, reflecting higher operating income, the benefit of share repurchases, and interest other income, partially offset by higher tax expense.

每股盈餘為 1.63 美元，較 2025 年第二季 New Aptiv 擬制（pro forma）結果增加 0.12 美元，反映營業利益提升、庫藏股回購效益，以及利息與其他收入；但部分被較高的稅負費用所抵銷。

Free cash flow for the quarter was an outflow of $33 million and included approximately $70 million in cash separation costs associated with the Versigent spinoff, which we highlighted last quarter. Moving to slide nine and starting with highlights on the consolidated business.

本季自由現金流為流出 3,300 萬美元，其中包含約 7,000 萬美元與 Versigent 分拆相關的現金分離成本；我們在上季已提及。接著看第九張投影片，先從合併業務重點開始。

We generated strong results in strategically important non-automotive revenues with 12% growth, while absorbing some customer mix headwinds in our automotive business in the second quarter, where revenues declined 1%.

我們在策略上重要的非汽車營收方面取得強勁表現，成長 12%；同時在第二季汽車業務吸收部分客戶組合不利因素，汽車營收下滑 1%。

Adjusted EBITDA margin increased 10 basis points, driven by flow-through on revenue growth, strong performance across material and manufacturing, and a benefit in timing of certain recoveries.

調整後 EBITDA 利潤率提升 10 個基點，主要受惠於營收成長的利潤傳導（flow-through）、材料與製造端的強勁表現，以及部分回收款項時點帶來的效益。

More than offsetting the impact of stranded costs following the Versigent spin, which we are aggressively working to eliminate.

上述因素已足以抵銷 Versigent 分拆後的閒置成本（stranded costs）影響；我們正積極推動消除這些成本。

Turning to Intelligent Systems.

接著看智慧系統（Intelligent Systems）。

Revenue of $1.5 billion was flat versus the prior year, which reflects strength in the non-auto, which was driven by software and services.

營收 15 億美元，與去年同期持平，反映非汽車業務的強勁表現，主要由軟體與服務所帶動。

This was offset by automotive revenues, which were impacted by weakness with certain European OEMs and a lower production at a North American OEM impacted by a supplier fire. Intelligent Systems adjusted EBITDA margin declined 120 basis points, primarily driven by investments in non-auto markets and the impact of stranded costs.

上述表現被汽車營收所抵銷；汽車營收受到部分歐洲 OEM 需求疲弱影響，且一家北美 OEM 因供應商火災導致產量下降。智慧系統調整後 EBITDA 利潤率下滑 120 個基點，主要由於對非汽車市場的投資以及閒置成本的影響。

Moving to Engineered Components.

接著看工程元件（Engineered Components）。

Revenue of $1.8 billion grew 3% versus the prior year, driven by double-digit growth in non-auto markets and most specifically in diversified industrials and aerospace and defense. While automotive revenues were essentially flat.

營收 18 億美元，較去年同期成長 3%，主要由非汽車市場的兩位數成長所帶動，尤其是多元化工業與航太及國防領域。汽車營收則基本持平。

Adjusted EBITDA margin increased 100 basis points and reflects flow-through on volume growth, favorable timing of the previously mentioned recoveries, and performance initiatives partially offset by stranded costs. Turning to our full-year 2026 financial guidance on slide 10.

調整後 EBITDA 利潤率提升 100 個基點，反映產量成長帶來的利潤傳導、前述回收款項的有利時點，以及績效改善措施；但部分被閒置成本所抵銷。接著看第 10 張投影片的 2026 全年財務指引。

As a reminder, historical New Aptiv pro forma financials are on the investor relations website under the quarterly financial section.

提醒一下，New Aptiv 歷史擬制（pro forma）財務資料已公布於投資人關係網站的季度財務專區。

Those correspond to our guidance that treats Q1 as New Aptiv pro forma. Starting with the full-year, we now expect revenue in the range of $12.6 billion to $12.8 billion, which implies adjusted growth of 2% at the midpoint. I'll discuss the changes here in detail on the next slide.

這些資料對應我們的指引口徑，即將第一季視為 New Aptiv 擬制（pro forma）。先看全年，我們目前預期營收介於 126 億至 128 億美元，按中點計算意味著調整後成長 2%。我將在下一張投影片詳細說明此處的變動。

We expect adjusted EBITDA in the range of $2.31 billion to $2.37 billion and an EBITDA margin of 18.4% at the midpoint, reflecting the impact of lower revenue growth, which is partially offset by performance.

我們預期調整後 EBITDA 將落在 23.1 億美元至 23.7 億美元之間，中點的 EBITDA 利潤率為 18.4%，反映營收成長較低的影響，部分由營運表現所抵銷。

We now expect adjusted earnings per share in the range of $5.60 to $5.80, with a midpoint of $5.70 reflecting lower operating earnings, partially offset by a slightly lower effective tax rate and a lower share count.

我們目前預期調整後每股盈餘將落在 5.60 美元至 5.80 美元之間，中點 5.70 美元反映營運獲利較低，部分由略低的有效稅率與較低的流通股數所抵銷。

This also includes the projected impact of an additional $300 million in share repurchases through the remainder of the year, as Kevin mentioned.

這也包含如 Kevin 所提到的，於今年剩餘期間額外 3 億美元股票回購的預估影響。

Lastly, free cash flow is expected to be in the range of $625 million to $725 million, reflecting the reduction in EBITDA

最後，自由現金流預期將落在 6.25 億美元至 7.25 億美元之間，反映 EBITDA 的下滑。

As a reminder, this includes the one-time cash separation costs associated with the Versigent spin-off, which have already been largely incurred year-to-date, and the continued investments in supply chain resiliency for semiconductors.

提醒一下，這包含與 Versigent 分拆相關的一次性現金分離成本（截至目前年度大多已發生），以及持續投入於半導體供應鏈韌性。

For the third quarter specifically, we expect adjusted revenue growth of 1% at the midpoint, adjusted EBITDA and EBITDA margin of $560 million and 17.7% at the midpoint, and earnings per share of $1.30 at the midpoint.

就第三季而言，我們預期調整後營收成長中點為 1%；調整後 EBITDA 與 EBITDA 利潤率中點分別為 5.60 億美元與 17.7%；每股盈餘中點為 1.30 美元。

Turning back to our full-year guidance to discuss the key changes to revenue in further detail.

接著回到我們的全年指引，進一步更詳細說明營收的關鍵變動。

We are reducing full-year revenue guidance at the midpoint by $300 million, which reflects the following. First, approximately $150 million related to changes in customer production schedules.

我們將全年營收指引中點下調 3 億美元，反映以下因素。第一，約 1.5 億美元與客戶生產排程變更相關。

These schedule revisions are primarily related to weakness in the domestic China market, with both local China OEMs and European OEMs that export to China. Second, $100 million related to delays in program launches and ramps.

這些排程修訂主要與中國國內市場疲弱有關，影響到中國本土 OEM，以及出口至中國的歐洲 OEM。第二，1 億美元與專案導入與爬坡延遲相關。

Specifically, delayed ramp in production volumes on certain programs in China and the launch with a European OEM where the launch is delayed by the OEM, we did not benefit from the expansion to additional car lines as we originally anticipated.

具體而言，中國某些專案的產量爬坡延後，以及與一家歐洲 OEM 的導入（由該 OEM 延後）使得我們未能如原先預期受惠於擴展至更多車系。

Finally, approximately $50 million related to the timing of enterprise sales in software and services. While these items have impacted both business segments, the Intelligent Systems business is disproportionately impacted by the above factors.

最後，約 5,000 萬美元與軟體與服務的企業銷售時點相關。雖然這些項目影響了兩個事業部門，但智慧系統（Intelligent Systems）業務受到上述因素的影響相對更大。

Now translating this to the implied ramp in year-over-year revenue growth from the first half to the second half that we outlined last quarter. As a result of what I just described, the following have changed.

現在把這些因素對應到我們上季所提到、從上半年到下半年年增營收成長的隱含爬坡幅度。基於我剛才的說明，以下項目有所變化。

First, the 150 basis points improvement in growth from lapping of previously identified headwinds, specifically the lower production with a major North American customer due to a supplier fire and program cancellations with local China OEMs is unchanged.

第一，因先前已辨識逆風因素消退所帶來的 150 個基點成長改善（具體為：因供應商火災導致北美一大型客戶產量較低，以及中國本土 OEM 的專案取消）維持不變。

Second, launches and ramps are now expected to contribute 200 basis points to revenue growth in the second half of the year. This is lower by 100 basis points than initially anticipated, reflecting the programs I previously described.

第二，導入與爬坡目前預期將在下半年對營收成長貢獻 200 個基點。這比原先預期低 100 個基點，反映我先前描述的那些專案。

Beyond that, the outlook for vehicle production in the second half has turned from a tailwind to a headwind.

除此之外，下半年車輛產量的展望已從順風轉為逆風。

This is further amplified by our customer and program mix due to the schedule changes I outlined earlier, which are cumulatively now a 150 basis points headwind to revenue growth in the second half. I want to wrap up with some closing comments on these revisions.

由於我先前提到的排程變更，並受到我們客戶與專案組合的影響而進一步放大；累計而言，這些因素目前對下半年營收成長造成 150 個基點的逆風。我想以一些結語來總結這些修訂。

First, the China domestic market, which has and continues to be a more volatile region, has clearly deteriorated relative to when we last updated you.

第一，中國國內市場一直是、且仍然是波動較大的區域，相較於我們上次更新時，情況顯然已惡化。

Second, we were not conservative enough in certain assumptions, particularly around launches and ramps. To that end, we have incorporated an additional element of conservatism in the second half of this year.

第二，我們在某些假設上不夠保守，特別是在導入與爬坡方面。因此，我們已在今年下半年納入額外的保守性。

I'll close by noting that we continue to see long-term opportunity across a diverse set of end markets and across regions where we are delivering solid progress, as evidenced by our revenues, bookings, and commercial awards.

最後我想指出，我們仍在多元終端市場與各區域看到長期機會，且我們正持續取得扎實進展，從我們的營收、接單（bookings）與商業得標（commercial awards）可見一斑。

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

接下來，我把電話交回 Kevin，請他做結語。

Thanks, Varun. I'll wrap up on slide 12. Excuse me. In summary, we remain confident in the significant long-term opportunity resulting from secular trends that are demanding solutions that can sense, think, act, and optimize, and the customer needs they introduce for high performance and cost-optimized solutions.

謝謝，Varun。我將在第 12 張投影片做總結。不好意思。總而言之，我們仍對由長期結構性趨勢所帶來的重大長期機會充滿信心；這些趨勢需要能夠感知、思考、行動並最佳化的解決方案，也帶來客戶對高效能且成本最佳化解決方案的需求。

We also acknowledge the more near-term challenges to our business, driven by ongoing volatility in the domestic China market and the related impact on our broader automotive customer mix. To be clear, our customer mix in China has improved and dramatically moved towards the local OEMs.

我們也認知到較近期的業務挑戰，主要來自中國國內市場持續波動，以及其對我們更廣泛汽車客戶組合的相關影響。需要說清楚的是，我們在中國的客戶組合已改善，並且大幅轉向本土 OEM。

This improvement has not been enough to offset the rapid shift of local OEMs business toward export platforms, as well as the reduction of European vehicle exports into the China market. Holistically, we continue to focus on improving the revenue mix of our business both inside and outside of automotive.

然而，這項改善仍不足以抵銷本土 OEM 業務快速轉向出口平台，以及歐洲車輛出口至中國市場的縮減。整體而言，我們持續聚焦於改善本公司在汽車領域內外的營收組合。

We also remain laser-focused on execution, delivering margin expansion, earnings growth, and strong free cash flow generation across a variety of different macro backdrops.

我們也持續高度聚焦於執行力，在各種不同的總體環境背景下，推動利潤率擴張、獲利成長，以及強勁的自由現金流創造。

We're keenly aware that these efforts need to translate into increased shareholder value. Based on the significant value opportunity we see in our stock, combined with the strength of our cash flow generation and balance sheet, we intend to remain active buyers of our shares, utilizing approximately 50% of our expected free cash flow on a more regular basis over the next few years to repurchase our shares.

我們非常清楚，這些努力需要轉化為股東價值的提升。基於我們在公司股票中看到的顯著價值機會，加上我們強勁的現金流創造能力與資產負債表實力，我們打算持續積極回購自家股票；未來幾年將以更常態化的方式，運用約 50% 的預期自由現金流來回購股份。

In 2026, our repurchases will be materially above this level. We're also committed to continually evaluating our business portfolio in light of changes in the macro environment to maximize shareholder value. We're confident that we'll continue to deliver value for our customers, drive profitable growth, and create sustainable long-term value for our shareholders.

在 2026 年，我們的回購規模將顯著高於此水準。我們也承諾將持續根據總體環境的變化評估我們的業務組合，以最大化股東價值。我們有信心將持續為客戶創造價值、推動獲利性成長，並為股東創造可持續的長期價值。

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

接線員，現在請開放提問。

(Operator Instructions) Itay Michaeli, TD Cowan.

(接線員指示) Itay Michaeli，TD Cowan。

Great. Thank you. Good morning, everyone. I know it's a little bit early to talk about 2027, but I'm just curious how some of the changes you're seeing in the second half of the year kind of inform you in terms of just the prior 4%-7% growth rate and look into 2027 and beyond and how we should think about that, just given some of these changes here in the second half.

很好。謝謝。各位早安。我知道現在談 2027 年可能稍早，但我想了解一下，你們在今年下半年看到的一些變化，如何影響你們對先前 4%–7% 成長率的看法，以及對 2027 年及之後的展望；考量到下半年這些變化，我們應該如何思考？

Yeah, sure. Thanks, Itay. Listen, our long-term view of what the business is capable of remains intact. Clearly, drivers of growth are constantly changing, especially in an environment that is dynamic as this environment is. When you look at the automotive sector, IHS has brought down the growth outlook for future vehicle production.

好的，當然。謝謝你，Itay。聽著，我們對公司長期可達成能力的看法仍然不變。很明顯，成長驅動因素一直在變，尤其是在像目前這樣動態的環境中。就汽車產業而言，IHS 已下調未來車輛產量的成長展望。

Clearly, material cost inflation is increasing in light of various macroeconomic factors. Having said that, within the automotive sector, for the second straight year, we're running with very strong bookings across both of our businesses with the leading automotive OEMs inside and outside of China. On the non-auto side, opportunities are materializing much faster than we had initially expected, and that's across both of our business segments. We've had a tremendous amount of success leveraging our automotive portfolio into these new markets. That's an area that we're very optimistic.

顯然，在各種總體經濟因素影響下，材料成本通膨正在上升。話雖如此，在汽車領域，我們連續第二年在兩個事業部門、且在中國境內外的主要汽車 OEM 客戶中，都取得非常強勁的接單表現。在非汽車領域，機會正以遠快於我們最初預期的速度浮現，而且涵蓋我們兩個事業部門。我們在將汽車產品組合延伸至這些新市場方面取得了巨大的成功。這是我們非常樂觀的一個領域。

The environment certainly is dynamic. I won't get specifically into 2027 at this point in time. As we move later into the year, that's something that we'll certainly provide incremental information about and updates on.

環境確實是動態的。我目前不會特別談到 2027 年。隨著我們在今年稍晚時點推進，這部分我們肯定會提供更多增量資訊與更新。

Great. That's helpful, Kevin. As a quick follow-up, good to hear a bit more conservatism in the second half guidance. I think the Q4 revenue guide still implies a pretty healthy uptick versus Q3. Maybe just talk about some of the drivers, inputs, and takes, and degree of visibility into that Q4 ramp. Thank you.

很好。這很有幫助，Kevin。快速追問一下，很高興聽到你們在下半年指引上更保守一些。我認為第四季營收指引仍暗示相較第三季會有相當健康的上升。能否談談一些驅動因素、假設與考量，以及對第四季放量爬坡的可見度有多高。謝謝。

Itay, hi, good morning. It's Varun Laroyia out here. Listen, yes, in terms of when you think about the year-over-year second half and also Q4 in particular, essentially it's a couple of points, right? The first is the year-over-year uptick in the production with the North America customer, which had a fire at their supplier a year ago.

Itay，你好，早安。我是 Varun Laroyia。聽著，是的，當你思考下半年年對年以及特別是第四季時，基本上有幾點，對吧？第一點是北美客戶的產量年對年上升；該客戶一年前其供應商發生火災。

That unwinds from a comp perspective. The second is growth in our software and services business. As I mentioned, the $50 million reduction in software enterprise bookings is from a timing perspective. We expect Q3 to be softer, but again, return to high single, double-digit levels in the fourth quarter, and then just growth in our Engineered Components business.

從比較基期的角度來看，這個影響會消退。第二點是我們軟體與服務業務的成長。如我提到的，軟體企業端訂單（bookings）減少 5,000 萬美元是時間點的因素。我們預期第三季會較疲弱，但同樣地，第四季會回到高個位數到雙位數的水準，另外還有我們工程零組件（Engineered Components）業務的成長。

Great. That's very helpful. Thank you.

很好。這非常有幫助。謝謝。

Mark Delaney, Goldman Sachs.

Mark Delaney，高盛。

Good morning, and thank you very much for taking the questions. Kevin, you mentioned that even though Aptiv has been making good progress with its bookings for the Chinese domestic OEMs, not enough of those were on the export vehicles.

早安，也非常感謝讓我提問。Kevin，你提到儘管 Aptiv 在中國本土 OEM 的接單方面取得不錯進展，但其中落在出口車型上的還不夠多。

Maybe you could talk a bit more on that. I would have thought Aptiv was very well-positioned for exports, given the global nature of Aptiv and your strength in other regions. Maybe talk a little bit more on what's happening and what Aptiv is going to do on that front going forward.

也許你可以再多談一點。我原本以為以 Aptiv 的全球化布局以及你們在其他地區的優勢，Aptiv 在出口方面應該很有利。能否再多談談目前發生了什麼，以及 Aptiv 接下來打算如何推進這一塊。

Mark, that's a great question and a very fair one. We are very well-positioned. I would say over the last couple of years, the real focus was on how do we get a stronger mix with the leading local OEMs. When you take a look at our revenues today in China on export platforms, it's about 10% of total revenues.

Mark，這是個很好的問題，也非常合理。我們的確處於很有利的位置。我會說過去幾年真正的重點在於：我們如何在領先的本土 OEM 中取得更強的組合占比。如果你看我們目前在中國、用於出口平台的營收，大約占總營收的 10%。

The mix is more heavily weighted for the domestic platforms. As you look at our bookings over the last two years, that percentage has significantly increased. The benefit of our product portfolio and our capabilities outside of the China market are certainly coming into play.

組合更偏向本土平台。但你看我們過去兩年的接單，這個百分比已顯著提高。我們的產品組合優勢，以及在中國市場以外的能力，確實正在發揮作用。

Right now, our revenues don't match the bookings mix over the last two years. That's something we're working on, and that's something, quite frankly, we've been making progress on over the last year or so.

目前我們的營收結構還沒有反映過去兩年接單的組合。這是我們正在努力的方向，坦白說，過去一年左右我們也在這方面取得進展。

Okay. Thank you. I also wanted to ask about the non-automotive opportunities and nice to see the solid growth the last couple quarters there. You mentioned specific progress in drones and robotics. I think you said that business could approach $300 million of revenue in the next few years.

了解。謝謝。我也想問非汽車領域的機會，很高興看到過去幾季那邊有穩健成長。你提到在無人機與機器人方面有具體進展。我想你說過那塊業務在未來幾年營收可能接近 3 億美元。

What does that mean in terms of profitability? I know non-auto can be higher margin, but maybe there's also a number of investments you're making. If you could speak a bit more on what you're seeing there and how to think about the profit implications.

那在獲利能力方面代表什麼？我知道非汽車可能有較高毛利，但也可能你們正在進行一些投資。如果你能再多談談你們看到的情況，以及該如何看待對獲利的影響。

Yeah.

是的。

Thanks.

謝謝。

From a run rate standpoint, margin profile, as you can imagine, is much higher than when it's in automotive. We're investing in non-automotive capabilities today from a product and go-to-market standpoint that we talked about.

以目前的運行水準（run rate）來看，利潤率結構如你所想，會比汽車業務高得多。我們目前正從產品與市場進入（go-to-market）的角度，投資我們先前談到的非汽車能力。

There's minimal capital investment because we're using existing facilities, existing machinery and equipment. From a capital standpoint, that's less of an upfront cost and initial drag. Both markets are much higher margin profiles than what we experience in the automotive industry.

資本支出很少，因為我們使用既有廠房、既有機器與設備。從資本角度來看，這降低了前期成本與初期拖累。這兩個市場的利潤率結構都遠高於我們在汽車產業所經歷的水準。

Thank you.

謝謝。

Emmanuel Rosner, Wolf Research.

Emmanuel Rosner，Wolf Research。

Great. Thank you so much. One quick question on the change in guidance. I understand some of the revenue drivers, it seems that the EBITDA line, maybe the implied incremental would be pretty high, like around maybe 40%, which seems maybe a little bit above the normal. Can you maybe just talk about the change in the EBITDA guidance?

很好。非常感謝。關於指引變動有個快速問題。我理解部分營收驅動因素，但看起來 EBITDA 那一行，隱含的增量利潤率可能很高，大約 40% 左右，似乎有點高於常態。你能否談談 EBITDA 指引的變動？

Yeah. Emmanuel, it's Varun Laroyia out here. Listen, the specific one really is the software timing item that I mentioned. That really is to do with product mix. That's the one which kind of leads to the second half. The $50 million reduction that I'm talking about, that really is what impacts that.

好的。Emmanuel，我是 Varun Laroyia。聽著，主要就是我提到的軟體時間點因素。那主要與產品組合有關。這就是導致下半年表現的那個因素。我提到的 5,000 萬美元下調，確實就是影響那部分的原因。

Okay. This is a very high incremental, therefore, on average, the total is around that 40%?

了解。因此這會帶來非常高的增量，所以平均來看總體大約是 40%？

Yeah, I think typically the mix would be, the decremental would be less than that. I think just given the size of the software revenue reduction was roughly $50 million in the back half, the flow-through on that tends to be higher, therefore the overall decremental in that particular period is higher.

是的，我認為通常在組合上，減量利潤率（decremental）會低於那個水準。但考量到軟體營收下調的規模在下半年約 5,000 萬美元，這部分的利潤傳導（flow-through）往往較高，因此該期間的整體減量利潤率就會更高。

Understood.

明白。

Okay.

好的。

I understand the software revenue change is timing. Can you maybe just give a little bit more color around what's going on the ground, and just sort of like how to think about growth in software on a go-forward basis?

我理解軟體營收的變動是時間點因素。你能否再多提供一些現場情況的細節，以及未來該如何看待軟體成長？

Yeah. Growth in software, we've been growing high- single- digit, low- double- digits over the last several quarters in the software business.

好的。軟體成長方面，過去幾季我們的軟體業務一直維持在高個位數、低雙位數的成長。

Our software business is kind of twofold when you break it down: embedded solutions, which I would say tend to be less lumpy, then enterprise solutions that go into markets like telco and industrial markets, which tend to be larger in terms of their overall size, Emmanuel. At times they can shift for various reasons, and when they shift, it has a more pronounced impact on a particular quarter's growth, right?

我們的軟體業務拆開來看大致有兩部分：嵌入式解決方案，我會說波動較小；以及企業級解決方案，會進入電信與工業等市場，整體規模通常更大，Emmanuel。有時候它們會因各種原因而延後或移動；一旦移動，對某一季的成長影響就會更明顯，對吧？

Okay. On a go-forward basis, what sort of like growth rate would you expect?

了解。往前看，你們預期大概會是什麼樣的成長率？

Yeah, I think our growth rate will continue in the double-digit sort of growth rate, with a target to getting to that mid-teen sort of growth rate. We've been a bit below that over the last few quarters.

是的，我認為我們的成長率將持續維持在雙位數成長，並以達到中十位數（mid-teen）的成長率為目標。過去幾季我們略低於那個水準。

Got it. Thank you.

了解。謝謝。

Joe Spak, UBS.

Joe Spak，瑞銀（UBS）。

Thanks. Good morning, everyone. Look, I appreciate sort of the coming clean on not being conservative enough. You think you've built in more of a cushion going forward. We've been here before. Maybe you could just sort of walk through how or what you're doing to sort of changing your planning process for some of this uncertainty.

謝謝。各位早安。我想我很感謝你們坦承先前不夠保守。你們認為未來已經納入更多緩衝。我們以前也遇過這種情況。也許你可以說明一下，你們打算如何、或正在做什麼，來調整你們的規劃流程以因應這些不確定性。

I know it's schedule changes and ramps, but really it's all sort of the same, right? It's all one and the same. It's volume. How are you thinking about, one, planning the business and two, sort of communicating that on a go-forward basis? Like, what's changing from here?

我知道這涉及排程變更與爬坡，但其實本質上都差不多，對吧？都是同一回事。就是量。你們如何思考：第一，如何規劃業務；第二，未來要如何對外溝通？也就是說，從現在開始有什麼改變？

Yeah. I think, Joe, that's a fair question. I think as it relates to as China becomes a bigger part of our overall revenue base, as the China local OEMs become a bigger part of our overall mix. You know as well as I do, China OEMs have a number of different nameplates or a higher mix of nameplates relative to the Western OEMs. Just a more significant haircut from an overall conservatism stamp.

是。我想，Joe，這是個合理的問題。我認為，隨著中國在我們整體營收基礎中占比提高、以及中國本土OEM在我們整體組合中的占比提高。你我都知道，相較於西方OEM，中國OEM有更多不同的車系／品牌（nameplates），或是車系組合更為多元。因此在整體保守性上，需要更大幅度的折扣。

I think that is the major change in terms of our process, in terms of how we operate internally, and how we forecast externally. To date, we've had a process where we've discounted those schedules, obviously have not discounted them enough. I would say the China domestic market is significantly weaker at this point in time than what it's been over a number of years, with domestic retail sales down 20%.

我認為這是我們流程上的主要改變，包括我們內部運作方式，以及我們對外的預測方式。截至目前，我們的流程是會對那些排程做折扣，顯然折扣幅度還不夠。我會說，目前中國國內市場明顯比過去多年來都要疲弱，國內零售銷售下滑20%。

I think most people in our industry would have expected that the China government would have stepped in to provide some element of support as it relates to the industry. It hasn't yet. Assuming that they would provide some support, obviously near term, was a mistake. I think it's just an overlay of significantly more conservatism.

我想我們產業裡大多數人原本會預期中國政府會介入，對產業提供某種程度的支持。但目前還沒有。假設他們會提供支持、尤其是短期內會提供支持，這個判斷是錯的。我認為就是在此基礎上，疊加顯著更高的保守性。

Okay. Thanks for that, Kevin. Then maybe just some quick hitters on some of the non-auto things. One, how quick can sort of the drone business come into sales?

好的。謝謝你，Kevin。接著想快速問幾個非汽車相關的問題。第一，無人機業務大概多快可以開始貢獻銷售？

I noticed you said you're collaborating on 800 VDC. Can you just describe that a little more? Is that something you're licensing and building, or are you creating your own solution? Then the optical M&A, is that a tech buy and something you need to commercialize, or is there a book of business there?

我注意到你提到你們正在就800 VDC進行合作。你能再多描述一下嗎？這是你們授權後自行建置，還是你們在打造自有解決方案？另外，光學的併購，是買技術、之後需要商業化，還是本身就帶有既有客戶／業務量？

Yeah. There's a couple layers to that. As it relates to whether it's drone robotics or energy storage, depending on the customer, the path to market is much faster. On the robotics and drone awards this year, we'll have revenues in 2027.

是。這裡有幾個層面。不論是無人機機器人或儲能，視客戶而定，上市路徑會快得多。今年在機器人與無人機拿到的案子，我們會在2027年開始有營收。

I would expect typically roughly six months path to revenue. On the energy storage/data center side, most of our product portfolio is in and around power side. Transition to 800 V, given our existing portfolio in 800 V present incremental opportunities. We're working with several players.

一般而言，我預期從案子到營收通常大約需要六個月。在儲能／資料中心方面，我們的大多數產品組合都集中在電力（power）端。轉向800V，鑑於我們既有的800V產品組合，會帶來額外的增量機會。我們正與幾家業者合作。

We'll be talking about more commercial awards, I'm sure, over the next couple months. Today, in that space, we have under $50 million in revenues. We expect that to grow at a very rapid rate, Joe, over the next three years.

接下來幾個月，我相信我們會談到更多商業化得標。目前在那個領域，我們的營收不到5,000萬美元。Joe，我們預期未來三年會以非常快的速度成長。

Again, most of that is in and around power, both to the rack and now with some capabilities in the rack. The M&A acquisition is just building out our portfolio as it relates to products that we can take, quite frankly, across multiple markets.

同樣地，其中大部分都圍繞在電力端，包括到機櫃（rack）的供電，以及現在也具備一些機櫃內（in the rack）的能力。這次的併購只是用來擴充我們的產品組合，坦白說，讓我們能把這些產品帶到多個市場。

Thanks, Kevin.

謝謝，Kevin。

Colin Langan, Wells Fargo.

Colin Langan，富國銀行（Wells Fargo）。

Great. Thanks for taking my questions. I'm not sure if I'm looking at slide eight wrong, you actually, looks like you outperformed in China. According to that slide, you were up five and the market down three.

很好。謝謝回答我的問題。我不確定是不是我看錯第八頁投影片，你們其實看起來在中國表現優於市場。依照那張投影片，你們成長5%，而市場下滑3%。

Yeah.

是。

It was pretty weak in Europe. Is that really the bigger issue, or because I think you mentioned also in comments about European exports to China weakening?

歐洲看起來相當疲弱。這才是真正更大的問題嗎？因為我記得你在評論中也提到，歐洲對中國的出口在走弱？

Is that the bigger factor that's causing a headwind here? Is that possibly why we've seen other suppliers haven't cut guidance, do you have higher exposure to some of those players and that's having a bigger impact?

這是不是造成逆風的更大因素？這是否也可能解釋為什麼我們看到其他供應商沒有下修指引——你們對其中一些業者的曝險更高，因此影響更大？

No. There's a couple aspects. We talked about traction in commercial awards in China with the local OEMs. We have made significant progress, and that is what's reflected in our overall year-over-year growth. Having said that year-over-year growth was not as strong as we had initially forecasted and included in our guidance.

不是。這裡有幾個面向。我們談到在中國與本土OEM在商業化得標方面的進展。我們確實取得了顯著進展，這也反映在我們整體的年增成長上。但話說回來，年增成長並沒有像我們一開始預測並納入指引的那麼強。

Yep, we showed strong growth, strong outgrowth, but not where we expected it to be. As it relates to the impact of China, the domestic market, the decline in the domestic market, the reduction in schedules impacted the local OEMs, impacting both our EC business as well as our IS business.

是的，我們呈現了強勁成長、也明顯跑贏市場，但沒有達到我們原先預期的水準。就中國的影響而言，國內市場下滑、排程縮減影響了本土OEM，進而同時影響我們的EC業務以及IS業務。

Our IS business was disproportionately impacted by the number two player in the China market, who we were launching several active safety programs with.

我們的IS業務受到的影響不成比例，主要來自中國市場第二大業者；我們原本正與其啟動多個主動安全（active safety）專案。

From a European standpoint, it really is principally the export of vehicles into the China market from two luxury European OEMs that we saw a significant reduction in their schedules, depending on the OEM, late June or July. I think they're the OEMs that have been the most public about their challenges in the China market, so you can identify who those are. That's where the biggest impact, quite frankly, is.

從歐洲的角度來看，主要是兩家歐洲豪華車OEM出口到中國市場的車輛，我們看到他們的排程大幅下修；視不同OEM而定，時間點在6月底或7月。我想他們也是在中國市場挑戰方面最公開的OEM，所以你可以辨識出是哪些。坦白說，最大的影響就在那裡。

Got it. Just to follow up on our earlier questions, the margins seem to kind of the quarterly cadence here is a little odd. It's like there's a pretty negative decremental sequentially and then a big incremental into Q4.

了解。再追問一下先前的問題，毛利率看起來季度節奏有點奇怪。好像是連續季度出現相當負向的遞減，然後到第四季又大幅回升。

Yeah.

是。

Is this all recovery-driven? Is there some cost headwinds in Q3?

這全部都是由回收（recovery）所驅動嗎？第三季是否有一些成本逆風？

There are three things. Here's how I would look at it. One is just volume flow through Q2 to Q3. The incremental impact of a piece of that being software, so higher margins. Going from Q3 to Q4, bounce back in software, higher margin, volume pick up, just underlying volume and flow-through on that volume.

有三件事。我會這樣看。第一，就是第二季到第三季的量的傳導效應。其中一部分是軟體，因此增量影響是較高毛利。從第三季到第四季，軟體回升、毛利較高，量也回升——就是基本的量增加以及該量的傳導效應。

Third, as you know, engineering credits, recoveries, things like that tend to be stronger in the fourth quarter than they are in other quarters. That's the walk.

第三，如你所知，工程抵減（engineering credits）、回收款（recoveries）之類的項目，第四季通常會比其他季度更強。以上就是拆解。

There is an element of Q3 margin that's impacted by, Varun mentioned in his comments, timing on recovery. Normally that would have shown up in Q3. Q3 is a little bit, let's call it artificially lower than what we would have expected. That has some general impact.

第三季毛利率有一個受到影響的因素，正如 Varun 在他的評論中提到的，是回收時點的影響。通常那會在第三季反映出來。第三季有點——我們姑且稱之為——相較於我們原先預期被「人為地」壓低了一些。這對整體有一些影響。

My comments about the walk as it relates to volume software recoveries, that's the biggest piece.

我先前提到的、關於那個橋接（walk）中與按量計費軟體回收相關的部分，那是最大的一塊。

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

了解。好。謝謝回答我的問題。

James Picariello, BNP Pariba.

James Picariello，法國巴黎銀行（BNP Paribas）。

Hi, everyone. Kevin, can you share some thoughts behind the portfolio changes you had indicated at the tail end of your prepared remarks?

各位好。Kevin，你能分享一下你在事先準備的發言最後提到的投資組合變動背後的一些想法嗎？

Listen, I don't have any specific comments I would make at this point in time. Clearly, we're operating in a very dynamic market, right? That's across regions and across technologies. As we always do, we're evaluating that mix of products, that portfolio, and how we optimize and drive shareholder value. I would just leave it at that.

聽著，我目前沒有任何具體評論可以在這個時間點提出。很明顯地，我們正處於一個非常動態的市場環境，對吧？這涵蓋各個地區以及各種技術。一如既往，我們會評估產品組合、投資組合，以及我們如何最佳化並提升股東價值。我就先說到這裡。

Yeah. Understood. Then just, can you share segment-level color on the updated guide here for the full-year? What's embedded for each segment's non-auto growth in the outlook? Thanks.

好的。了解。那麼，你能就這次更新後的全年指引，提供各事業部層級的一些補充說明嗎？在展望中，各事業部的非車用成長各自隱含了什麼？謝謝。

Yeah. I think non-auto growth for both for the full-year are relatively strong. Third quarter in the Intelligent Systems segment, it'll be weaker given that software adjustment that I talked about.

好的。我認為兩個事業在全年層面的非車用成長都相對強勁。第三季在智慧系統（Intelligent Systems）事業部會比較弱，原因是我提到的那項軟體調整。

We see a strong bounce back in the fourth quarter. Non-automotive revenue growth across both of the businesses has been very strong and in line with our 8% to 10% sort of framework that we've provided previously.

我們看到第四季會強勁反彈。兩個事業的非車用營收成長一直都非常強勁，並且符合我們先前提供的 8% 到 10% 的框架。

Just like revenue core growth and margins by segment or just directionally would be great. Thank you.

如果能提供各事業部的營收核心成長與利潤率（或至少方向性）就很棒了。謝謝。

So.

所以。

Yeah.

嗯。

Yeah, just to be sure, are you asking that for the full year or?

嗯，我確認一下，你問的是全年還是？

Yeah. Full year.

對。全年。

Yeah. Listen, in terms of both businesses, based on the latest updates that we've mentioned, as I mentioned, the revision in guidance is largely impacting the Intelligent Systems business, right? We kind of gave you the puts and takes associated with that.

好的。聽著，就兩個事業而言，根據我們剛提到的最新更新，如我所說，指引的修正主要影響的是智慧系統事業，對吧？我們也大致說明了其中的利多與利空因素。

From an Intelligent Systems perspective, we would expect the business at this point of time to be approximately flat on a year-over-year basis on a revenue basis, with Engineered Components growing in the low to mid single digits. That's point number one.

從智慧系統的角度來看，以目前這個時間點，我們預期該事業在營收上年對年大致持平；而工程化元件（Engineered Components）則會有低到中個位數的成長。這是第一點。

With regards to margins, essentially what we've kind of talked about previously, solid margins coming through both businesses with EBITDA margins in Intelligent Systems, call it at the mid-teens level. With regards to on a full-year basis, on our Engineered Components business in the, call it, low twenties.

至於利潤率，基本上如同我們先前談到的，兩個事業都會有穩健的利潤率表現；智慧系統的 EBITDA 利潤率大約在十幾%的中段。至於工程化元件事業，全年大約在二十出頭%。

Call it roughly about 22 points of margin for the full-year.

全年利潤率大約 22 個百分點左右。

Thank you.

謝謝。

Tom Narayan, RBC.

Tom Narayan，RBC。

Hi good morning, Kevin, Varun, and Betsy. Just one more question on this three buckets of this change, if that's okay.

早安，Kevin、Varun 和 Betsy。如果可以的話，我還有一個關於這次變動三個「桶」（three buckets）的問題。

Sure.

當然。

It looks like, yeah, look, the scheduled change, you have, I think, the European OEMs, the Chinese market, the delayed programs,

看起來，是的，你看，排程變更那一塊，你有——我想——歐洲 OEM、中國市場、延後的專案，

Yeah

對。

The timing one coming back in Q4. The timing one's fairly obvious. Just curious on the other two, I guess, do you have any level of confidence that those other two buckets? You clearly gave those buckets distinctly for a reason. Potentially coming back in 2027, is this what's reliant on the Chinese government coming back with stimulus, or are some of those like you know you're getting back? I have a follow-up.

時點那一塊會在第四季回來。時點那一塊相當明顯。我只是好奇另外兩塊，我想問的是，你對另外兩個桶有多大程度的信心？你們很明確地把它們分成不同桶，顯然是有原因的。它們可能在 2027 年回來嗎？這是否取決於中國政府再度推出刺激措施，還是其中有些是你們知道會回來的？我還有一個追問。

Tom, you're speaking to all three buckets, or are you speaking to the reduction in H2 customer schedules?

Tom，你是在講三個桶全部，還是你在講下半年客戶排程下修這件事？

The timing one we already know. It's coming back in Q4. You had two other items, right? Schedule changing and delayed program. Just curious of those two buckets potentially coming back in 2027.

時點那一塊我們已經知道了。它會在第四季回來。你們還有另外兩項，對吧？排程變更和延後的專案。我只是好奇這兩個桶是否可能在 2027 年回來。

Yeah. There's two aspects to the China local market. Aspect one is domestic China market with domestic local OEMs, and how that plays out during 2027.

對。中國本地市場有兩個面向。第一個面向是中國國內市場、面向本土在地 OEM，並且看它在 2027 年會如何發展。

It's, at least for us, difficult to envision another year where the China local market is down 20% and production schedules are therefore adjusted to that point. It's difficult to envision that, but those are some of the things that we're working through.

至少對我們而言，很難想像中國本地市場還會再有一年下滑 20%，因此生產排程也被調整到那種程度。很難想像會那樣，但這些就是我們正在推演與釐清的一些事情。

There's a second piece as it relates to within that. The bulk of that 150 that Varun talked about is China local OEMs. There's a part that is effectively European exports into China. I think it's possible that those European exports into China, we don't see a bounce back during 2027 in light of the competitiveness of the China market.

第二個部分與此相關。Varun 提到的那 150（的多數）是中國本地 OEM。其中有一部分實際上是歐洲出口到中國。我認為，考量中國市場的競爭態勢，這些歐洲出口到中國的部分，可能在 2027 年不會看到反彈。

As it relates to the program delays and launch ramps, listen, the local China OEMs, I'm confident that you'll continue to see their launches ramp at a lower slope than what was originally forecasted.

至於專案延後與上市爬坡（launch ramps），聽著，對中國本地 OEM 而言，我有信心你會持續看到他們的新車上市爬坡斜率低於原先預測。

There's one program from BYD that we're confident will be launched, just was shifted, and that's an export vehicle program.

有一個來自比亞迪（BYD）的專案，我們有信心會上市，只是時程往後移了，而那是一個出口車型專案。

There is the program that Varun talked about that was a European OEM, that was a delayed launch from a European OEM, that had initially the view was it was going to be rolled across multiple programs. That program is launching as we speak, so that will be a tailwind from a revenue standpoint as we head into 2027.

另外還有 Varun 提到的那個歐洲 OEM 專案，是歐洲 OEM 的延後上市；起初的看法是它會擴展到多個專案。那個專案目前正在上市中，因此從營收角度來看，當我們邁向 2027 年時，這將會是一個順風（tailwind）。

That's very helpful. Doesn't sound as bad as -- the non automotive question I have, you mentioned this is coming in ahead of expectations.

這非常有幫助。聽起來沒有——那麼糟——我有一個關於非車用的問題，你提到這部分進度超出預期。

I know you discussed this at the Investor Day, and these are all very different verticals, but just curious what you're seeing on the competitive side here that you're able to win so much here. I would've thought that there'd be incumbents in these verticals. Is this simply just lack of competitors and kind of a rising tide lifts all boats? How have you guys been so successful in capturing these new business wins here?

我知道你們在投資人日談過這個，而且這些都是非常不同的垂直領域，但我只是好奇，在競爭面你們看到了什麼，讓你們能在這裡贏得這麼多？我原本以為這些垂直領域會有既有的領導廠商（incumbents）。這只是因為競爭者不足、以及「水漲船高」的效應嗎？你們是如何在這些新業務贏單上如此成功的？

Yeah. I put them into two buckets. I would put the drone and robotics buckets, where we're playing, and our principal focus on the drone and robotics here is in and around autonomy.

對。我把它們分成兩個桶。我會把我們所參與的無人機與機器人這一桶歸為一類，而我們在無人機與機器人領域的主要聚焦點是在自主化（autonomy）相關的部分。

Robotics, it tends to be AMRs. Although we have commercial opportunities with a few of the humanoid players, our view on significant volume is likely to more come from players like AMRs.

機器人領域通常會是 AMR（自主移動機器人）。雖然我們與少數人形機器人業者也有商業機會，但我們認為顯著的出貨量更可能來自像 AMR 這類的業者。

It tends to be more of a nascent industry. I know there's a lot of talk about the size and growth, but it's a bit more nascent. It's not only our technology where we bring opportunity, but it's also our capability as it relates to systems engineering, bill of material, supply chain, and manufacturing that is differentiated from the typical players in a nascent industry. On the drone side, that's even more so the case.

這通常仍屬於較為新興的產業。我知道外界對其規模與成長有很多討論，但它確實還比較新。不僅是我們的技術能帶來機會，我們在系統工程、物料清單（BOM）、供應鏈與製造方面的能力，也與新興產業中典型的參與者有所差異。在無人機端，這點更為明顯。

There's significant demand for reasons that you're aware of. There is a requirement of a non-China supply chain for a number of different technologies.

基於你所了解的原因，市場需求相當強勁。對多種不同技術而言，市場要求建立「非中國」的供應鏈。

That's something that we have visibility to and we can provide. Our perception systems and compute and ability to take bill of material costs out is unique relative to what their current supply base, which isn't very mature and isn't quite as organized as what we're accustomed to.

這是我們能掌握能見度、也能提供的。相較於他們目前的供應基礎（成熟度不高、組織化程度也不如我們所習慣的），我們的感知系統、運算能力，以及降低物料清單（BOM）成本的能力都相當獨特。

I would say it's a mix of bringing our technical capabilities, but there's an equal part of what we do day in and day out from an automotive standpoint, so that there aren't really the traditional competitors, if I could say. It's an area that we're moving very fast in. We've invested in capabilities, as Varun talked about.

我會說這是結合我們的技術能力，但同時也同等仰賴我們在汽車領域日常所做的事情，因此如果要說的話，這裡其實沒有傳統意義上的競爭對手。這是我們推進非常快速的一個領域。我們也已投入相關能力建置，正如 Varun 所提到的。

We're going to continue to invest and actually ramp up our investment in this area because the potential opportunity near term is significant. As I said, the margin profile pricing here is more value-based than cost-based. The nature of those two markets are very good. I should now go to, if I can, just to the energy storage/data center. Listen, our sweet spot is power. That's what it is.

我們會持續投資，並且實際上會加大在這個領域的投資，因為短期的潛在機會相當可觀。如我所說，這裡的毛利結構與定價更偏向價值導向，而非成本導向。這兩個市場的特性都非常好。如果可以的話，我接著談一下儲能／資料中心。坦白說，我們的強項就在電力。就是這樣。

We've put a team very focused on those two specific markets based on our backgrounds in power distribution. We are working with players who are well-known in the automotive space for energy storage, including now Texas-based global OEM, as well as the leading China OEM as it relates to leveraging our automotive relationship. We're working with several players that I alluded to who support those markets today for incremental opportunities.

基於我們在配電方面的背景，我們成立了一個團隊，專注於這兩個特定市場。在儲能方面，我們正與汽車領域知名的業者合作，其中包括一家位於德州的全球 OEM，以及一家中國領先的 OEM，這也與我們的汽車合作關係相互延伸。此外，我們也正與我先前提到的、目前支援這些市場的多家業者合作，以尋求增量機會。

Today, again, our revenues are relatively small, but the size of the commercial pursuits and bookings, we're confident will ramp up revenues certainly much faster than what we experienced in the automotive market.

目前同樣地，我們的營收相對較小，但就商業開發與訂單（bookings）的規模而言，我們有信心營收將會加速成長，速度肯定會遠快於我們在汽車市場的經驗。

Thanks a lot.

非常感謝。

Rajat Gupta, JP Morgan.

JP Morgan 的 Rajat Gupta。

Great. Thanks for taking the question. Just wanted to start with one clarification on the first quarter restatement. If I look at the press release and take the six-month EBITDA number, it implies a lower 1Q than what was provided in the 1Q deck and the financials on the website. Just want to make sure if that is just an accounting nuance that we need to be aware of?

很好。謝謝讓我提問。我想先就第一季重編（restatement）做一點釐清。如果我看新聞稿並採用六個月的 EBITDA 數字來推算，會顯示第一季比第一季簡報（deck）以及網站財務資料所提供的數字更低。我想確認一下，這是否只是我們需要留意的會計處理細節？

Hey, Rajat. Yeah as a matter of follow-up. Thanks. Rajat, it's Varun out here. Listen, that's all CODO associated with the Versigent spin. What you need to look at is the Q1 pro forma on our investor relations portal.

嗨，Rajat。是的，作為後續補充。謝謝。Rajat，我是 Varun。聽著，那全部都是與 Versigent 分拆（spin）相關的 CODO。你需要看的，是我們投資人關係網站上的第一季擬制（pro forma）數字。

Understood. That's the right number. Okay. Got it.

了解。那個才是正確的數字。好。明白了。

Yeah.

對。

Just to follow up, just in the bookings mix, within the Intelligent Systems, year-to-date bookings or just get to second quarter bookings, are you able to share any more detail in terms of how much is full stack ADAS including software versus modular? I'm curious if that mix has changed at all over the last few months as a lot of manufacturers try to build more internal capability. Thanks.

再追問一下，就訂單（bookings）組合而言，在智慧系統（Intelligent Systems）之內，無論是年初至今的訂單或僅看第二季訂單，你們能否提供更多細節：完整堆疊（full stack）的 ADAS（含軟體）相較於模組化（modular）各占多少？我也好奇，過去幾個月這個組合是否有任何變化，因為許多車廠正嘗試建立更多內部能力。謝謝。

Yeah. The trend that we're seeing, and I want to make sure, I think you're talking about the Intelligent Systems and tech stack?

可以。我們看到的趨勢是——我想先確認一下，我理解你是在問智慧系統與技術堆疊（tech stack）對嗎？

Yeah

對。

Is more of a separation of software and hardware, and quite frankly, more software opportunities. I referenced the full tech stack award from a Gen 6 ADAS standpoint.

趨勢更偏向軟體與硬體的分離，而且坦白說，軟體機會更多。我先前提到過，從第六代 ADAS 的角度，我們拿到了一個完整技術堆疊的案子（award）。

We're seeing or experience a significant portion of our bookings in 2026 will be ADAS, Gen 6 ADAS solutions, the bulk of which will include our hardware and our software. We're seeing more momentum there.

我們看到、也預期 2026 年我們的訂單中有相當大一部分會是 ADAS，尤其是第六代 ADAS 解決方案，其中大多數會同時包含我們的硬體與軟體。我們在那方面看到更強的動能。

We're seeing more OEMs come to us as they work on their path to software defined vehicles, asking us to do some of that software development in and around areas like middleware and other portions of their software tech stack.

我們也看到更多 OEM 在推進軟體定義汽車（software-defined vehicles）的路徑時來找我們，請我們在中介軟體（middleware）以及其軟體技術堆疊的其他部分，協助進行部分軟體開發。

I know we often get asked that question about insourcing from an OEM standpoint, and it varies a bit by OEM, but we would tell you our experience has been the overall trend, we've not seen that.

我知道我們常被問到 OEM 是否會把工作內製（insourcing），而這會因 OEM 而異；但就我們的經驗而言，整體趨勢上我們並沒有看到那樣的情況。

In fact, we've seen several OEMs who have attempted to do broad based software that have decided to go down a different path and to be more reliant on suppliers.

事實上，我們看到有幾家 OEM 曾嘗試自行做大範圍的軟體，後來決定改走不同路徑，並更依賴供應商。

Got it. That's helpful. Yeah, thanks for that color, and good luck.

了解。這很有幫助。謝謝你提供的補充說明，也祝順利。

That was our last question. This will now 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.

以上是我們最後一個問題。今天的問答環節到此結束。接下來我會把電話交回給 Kevin Clark 先生，請他做任何補充或結語。

Thank you everyone for joining us today. Have a great day.

感謝各位今天加入我們。祝各位有美好的一天。

This call is now complete, and thank you so much for joining.

本次電話會議到此結束，非常感謝各位參與。